v3.25.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Assets    
Cash and cash equivalents $ 395,940 $ 788,422
Restricted cash 305,520 187,841
Loans (at fair value) [1] 1,019,504 806,304
Property, equipment, and software, net 43,942 39,013
Operating lease right of use assets 37,620 43,455
Beneficial interest assets (at fair value) 266,761 176,848
Non-marketable equity securities 41,250 41,250
Goodwill 67,062 67,062
Other assets (includes $107,627 and $195,100 at fair value as of December 31, 2024 and June 30, 2025, respectively) 300,269 216,763
Total assets [2] 2,477,868 2,366,958
Liabilities:    
Payable to investors 91,669 60,173
Borrowings 1,428,479 1,402,168
Payable to securitization note holders (at fair value) 65,152 87,321
Accrued expenses and other liabilities (includes $15,883 and $17,240 at fair value as of December 31, 2024 and June 30, 2025, respectively) 126,725 133,800
Operating lease liabilities 43,833 50,278
Total liabilities [2] 1,755,858 1,733,740
Commitments and Contingencies (Note 11)
Stockholders’ equity:    
Common stock, $0.0001 par value; 700,000,000 shares authorized; 93,469,721 and 96,091,343 shares issued and outstanding as of December 31, 2024 and June 30, 2025, respectively 10 9
Additional paid-in capital 1,129,997 1,044,366
Accumulated deficit (407,997) (411,157)
Total stockholders’ equity 722,010 633,218
Total liabilities and stockholders’ equity $ 2,477,868 $ 2,366,958
[1] Includes $102.9 million and $75.9 million of loans, at fair value, contributed as collateral for the consolidated securitization as of December 31, 2024 and June 30, 2025, respectively. Refer to “Note 5. Fair Value Measurement” for details.
[2] The following table presents information on assets and liabilities related to variable interest entities (“VIEs”) that are consolidated by Upstart Holdings, Inc. at December 31, 2024 and June 30, 2025, respectively. The liabilities of each VIE can only be settled using the assets of the corresponding VIE and creditors of these entities do not have recourse to the general credit of Upstart Holdings, Inc. The assets and liabilities in the table below exclude intercompany balances that eliminate in consolidation.
December 31,June 30,
20242025
Assets
Cash and cash equivalents
$1,312 $340 
Restricted cash47,642 86,497 
Loans (at fair value)750,184 882,345 
Other assets (includes $1,864 and $493 at fair value as of December 31, 2024 and June 30, 2025, respectively)
12,971 6,978 
Total assets$812,109 $976,160 
Liabilities
Payable to investors$154 $154 
Borrowings195,606 189,540 
Payable to securitization note holders (at fair value)87,321 65,152 
Accrued expenses and other liabilities4,493 4,250 
Total liabilities287,574 259,096 
Total net assets$524,535 $717,064