v3.26.1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Other assets at fair value $ 45,546 $ 41,166
Accrued expenses and other liabilities at fair value $ 15,861 $ 15,219
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) 95,708,872 98,033,361
Common stock, outstanding (in shares) 95,708,872 98,033,361
Loans held in consolidated securitization $ 44,900 $ 53,800
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
Other assets (includes $225 and $109 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 124,591 171,495
Total liabilities [2] 2,228,515 2,175,990
Total stockholders’ equity 733,166 798,815
Variable Interest Entity, Primary Beneficiary    
Other assets at fair value 109 225
Assets    
Cash and cash equivalents 1,636 1,183
Restricted cash 81,603 89,088
Loans (at fair value) 823,005 819,344
Other assets (includes $225 and $109 at fair value as of December 31, 2025 and March 31, 2026, respectively) 6,298 6,340
Total assets 912,542 915,955
Liabilities    
Payable to investors 154 154
Borrowings 183,307 97,333
Payable to securitization note holders (at fair value) 39,188 46,542
Accrued expenses and other liabilities 3,995 23,415
Total liabilities 226,644 167,444
Total stockholders’ equity $ 685,898 $ 748,511
[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