v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Assets    
Cash and cash equivalents $ 472,934 $ 652,388
Restricted cash 458,400 404,624
Loans (at fair value) [1] 1,014,089 984,552
Property, equipment, and software, net 48,002 44,174
Operating lease right of use assets 13,605 16,410
Beneficial interest assets (at fair value) 474,796 396,216
Line of credit receivable (at fair value) 111,916 112,742
Notes receivable and residual certificates (at fair value) 105,066 97,416
Non-marketable equity securities 41,250 41,250
Goodwill 67,062 67,062
Other assets (includes $41,166 and $45,546 at fair value as of December 31, 2025 and March 31, 2026, respectively) 154,561 157,971
Total assets [2] 2,961,681 2,974,805
Liabilities:    
Payable to investors 125,523 107,659
Borrowings 1,921,665 1,829,145
Payable to securitization note holders (at fair value) 39,188 46,542
Accrued expenses and other liabilities (includes $15,219 and $15,861 at fair value as of December 31, 2025 and March 31, 2026, respectively) 124,591 171,495
Operating lease liabilities 17,548 21,149
Total liabilities [2] 2,228,515 2,175,990
Commitments and Contingencies (Note 11)
Stockholders’ equity:    
Common stock, $0.0001 par value; 700,000,000 shares authorized; 98,033,361 and 95,708,872 shares issued and outstanding as of December 31, 2025 and March 31, 2026, respectively 10 10
Additional paid-in capital 1,097,358 1,156,361
Accumulated deficit (364,202) (357,556)
Total stockholders’ equity 733,166 798,815
Total liabilities and stockholders’ equity $ 2,961,681 $ 2,974,805
[1] Includes $53.8 million and $44.9 million of loans, at fair value, contributed as collateral for the consolidated securitization as of December 31, 2025 and March 31, 2026, 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, 2025 and March 31, 2026, 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,March 31,
20252026
Assets
Cash and cash equivalents
$1,183 $1,636 
Restricted cash89,088 81,603 
Loans (at fair value)819,344 823,005 
Other assets (includes $225 and $109 at fair value as of December 31, 2025 and March 31, 2026, respectively)
6,340 6,298 
Total assets$915,955 $912,542 
Liabilities
Payable to investors$154 $154 
Borrowings97,333 183,307 
Payable to securitization note holders (at fair value)46,542 39,188 
Accrued expenses and other liabilities23,415 3,995 
Total liabilities167,444 226,644 
Total net assets$748,511 $685,898