v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Assets    
Cash and cash equivalents $ 455,957 $ 652,388
Restricted cash 526,320 404,624
Loans (at fair value) [1] 1,064,239 984,552
Property, equipment, and software, net 49,421 44,174
Operating lease right of use assets 18,783 16,410
Beneficial interest assets (at fair value) 545,938 396,216
Line of credit receivable (at fair value) 111,772 112,742
Notes receivable and residual certificates (at fair value) 120,375 97,416
Non-marketable equity securities 41,000 41,250
Goodwill 67,062 67,062
Other assets (includes $41,166 and $54,946 at fair value as of December 31, 2025 and June 30, 2026, respectively) 170,406 157,971
Total assets [2] 3,171,273 2,974,805
Liabilities:    
Payable to investors 145,208 107,659
Borrowings 2,003,129 1,829,145
Payable to securitization note holders (at fair value) 32,122 46,542
Accrued expenses and other liabilities (includes $15,219 and $24,967 at fair value as of December 31, 2025 and June 30, 2026, respectively) 170,974 171,495
Operating lease liabilities 22,352 21,149
Total liabilities [2] 2,373,785 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 97,306,813 shares issued and outstanding as of December 31, 2025 and June 30, 2026, respectively 10 10
Additional paid-in capital 1,145,141 1,156,361
Accumulated deficit (347,663) (357,556)
Total stockholders’ equity 797,488 798,815
Total liabilities and stockholders’ equity $ 3,171,273 $ 2,974,805
[1] Includes $53.8 million and $36.3 million of loans, at fair value, contributed as collateral for the consolidated securitization as of December 31, 2025 and June 30, 2026, respectively. Refer to “Note 5. Fair Value Measurement” for details.
[2] The following table presents information on assets and liabilities related to VIEs that are consolidated by Upstart Holdings, Inc. at December 31, 2025 and June 30, 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,June 30,
20252026
Assets
Cash and cash equivalents
$1,183 $2,850 
Restricted cash89,088 70,555 
Loans (at fair value)819,344 805,564 
Other assets (includes $225 and $104 at fair value as of December 31, 2025 and June 30, 2026, respectively)
6,340 6,516 
Total assets$915,955 $885,485 
Liabilities
Payable to investors$154 $— 
Borrowings97,333 251,758 
Payable to securitization note holders (at fair value)46,542 32,122 
Accrued expenses and other liabilities23,415 9,193 
Total liabilities167,444 293,073 
Total net assets$748,511 $592,412