v3.26.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Assets    
Cash and cash equivalents $ 461,484 $ 652,388
Restricted cash 666,984 404,624
Loans (at fair value) [1] 940,747 984,552
Property, equipment, and software, net 51,127 44,174
Operating lease right of use assets 56,921 16,410
Beneficial interest assets (at fair value) 613,652 396,216
Line of credit receivable (at fair value) 110,110 112,742
Notes receivable and residual certificates (at fair value) 144,613 97,416
Non-marketable equity securities 41,000 41,250
Goodwill 67,062 67,062
Other assets (includes $41,166 and $68,051 at fair value as of December 31, 2025 and September 30, 2026, respectively) 185,342 157,971
Total assets [2] 3,339,042 2,974,805
Liabilities:    
Payable to investors 166,729 107,659
Borrowings 2,027,322 1,829,145
Payable to securitization note holders (at fair value) 25,505 46,542
Accrued expenses and other liabilities (includes $15,219 and $34,506 at fair value as of December 31, 2025 and September 30, 2026, respectively) 171,075 171,495
Operating lease liabilities 60,991 21,149
Total liabilities [2] 2,451,622 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 98,906,930 shares issued and outstanding as of December 31, 2025 and September 30, 2026, respectively 10 10
Additional paid-in capital 1,198,495 1,156,361
Accumulated deficit (311,085) (357,556)
Total stockholders’ equity 887,420 798,815
Total liabilities and stockholders’ equity $ 3,339,042 $ 2,974,805
[1] Includes $53.8 million and $28.9 million of loans, at fair value, contributed as collateral for the consolidated securitization as of December 31, 2025 and September 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 September 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,September 30,
20252026
Assets
Cash and cash equivalents
$1,183 $2,099 
Restricted cash89,088 76,878 
Loans (at fair value)819,344 760,061 
Other assets (includes $225 and $78 at fair value as of December 31, 2025 and September 30, 2026, respectively)
6,340 6,622 
Total assets$915,955 $845,660 
Liabilities
Payable to investors$154 $— 
Borrowings97,333 327,604 
Payable to securitization note holders (at fair value)46,542 25,505 
Accrued expenses and other liabilities23,415 8,609 
Total liabilities167,444 361,718 
Total net assets$748,511 $483,942