v3.25.2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Other assets at fair value $ 195,100 $ 107,627
Accrued expenses and other liabilities at fair value $ 17,240 $ 15,883
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, authorized (in shares) 700,000,000 700,000,000
Common stock, issued (in shares) 96,091,343 93,469,721
Common stock, outstanding (in shares) 96,091,343 93,469,721
Loans held in consolidated securitization $ 75,900 $ 102,900
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
Other assets (includes $1,864 and $493 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 126,725 133,800
Total liabilities [2] 1,755,858 1,733,740
Total stockholders’ equity 722,010 633,218
Variable Interest Entity, Primary Beneficiary    
Other assets at fair value 493 1,864
Assets    
Cash and cash equivalents 340 1,312
Restricted cash 86,497 47,642
Loans (at fair value) 882,345 750,184
Other assets (includes $1,864 and $493 at fair value as of December 31, 2024 and June 30, 2025, respectively) 6,978 12,971
Total assets 976,160 812,109
Liabilities    
Payable to investors 154 154
Borrowings 189,540 195,606
Payable to securitization note holders (at fair value) 65,152 87,321
Accrued expenses and other liabilities 4,250 4,493
Total liabilities 259,096 287,574
Total stockholders’ equity $ 717,064 $ 524,535
[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