v3.26.1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Other assets at fair value $ 54,946 $ 41,166
Accrued expenses and other liabilities at fair value $ 24,967 $ 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) 97,306,813 98,033,361
Common stock, outstanding (in shares) 97,306,813 98,033,361
Loans held in consolidated securitization $ 36,300 $ 53,800
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
Other assets (includes $225 and $104 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 170,974 171,495
Total liabilities [2] 2,373,785 2,175,990
Total stockholders’ equity 797,488 798,815
Variable Interest Entity, Primary Beneficiary    
Other assets at fair value 104 225
Assets    
Cash and cash equivalents 2,850 1,183
Restricted cash 70,555 89,088
Loans (at fair value) 805,564 819,344
Other assets (includes $225 and $104 at fair value as of December 31, 2025 and June 30, 2026, respectively) 6,516 6,340
Total assets 885,485 915,955
Liabilities    
Payable to investors 0 154
Borrowings 251,758 97,333
Payable to securitization note holders (at fair value) 32,122 46,542
Accrued expenses and other liabilities 9,193 23,415
Total liabilities 293,073 167,444
Total stockholders’ equity $ 592,412 $ 748,511
[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