v3.26.1
Variable Interest Entities - Schedule of Financial Assets and Liabilities from Variable Interest Entities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Variable Interest Entity [Line Items]        
Total assets [1] $ 2,961,681 $ 2,974,805    
Liabilities [1] 2,228,515 2,175,990    
Net Assets 733,166 798,815 $ 676,642 $ 633,218
Variable Interest Entity, Primary Beneficiary        
Variable Interest Entity [Line Items]        
Total assets 912,542 915,955    
Liabilities 226,644 167,444    
Net Assets 685,898 748,511    
Variable Interest Entity, Primary Beneficiary | Consolidated securitization        
Variable Interest Entity [Line Items]        
Total assets 49,368 58,275    
Liabilities 39,188 46,542    
Net Assets 10,180 11,733    
Variable Interest Entity, Primary Beneficiary | Consolidated warehouse entities        
Variable Interest Entity [Line Items]        
Total assets 311,825 167,158    
Liabilities 184,174 101,791    
Net Assets 127,651 65,367    
Variable Interest Entity, Primary Beneficiary | Other consolidated VIEs        
Variable Interest Entity [Line Items]        
Total assets 551,349 690,522    
Liabilities 3,282 19,111    
Net Assets 548,067 671,411    
Variable Interest Entity, Not Primary Beneficiary | Securitizations        
Variable Interest Entity [Line Items]        
Total assets 2,157,588 2,016,813    
Liabilities 1,516,388 1,426,987    
Net Assets 641,200 589,826    
Maximum Exposure to Losses $ 105,918 $ 101,670    
[1] 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