v3.26.3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Other assets at fair value $ 68,051 $ 41,166
Accrued expenses and other liabilities at fair value $ 34,506 $ 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) 98,906,930 98,033,361
Common stock, outstanding (in shares) 98,906,930 98,033,361
Loans held in consolidated securitization $ 28,900 $ 53,800
Assets    
Cash and cash equivalents 461,484 652,388
Restricted cash 666,984 404,624
Loans (at fair value) [1] 940,747 984,552
Other assets (includes $225 and $78 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 171,075 171,495
Total liabilities [2] 2,451,622 2,175,990
Total stockholders’ equity 887,420 798,815
Variable Interest Entity, Primary Beneficiary    
Other assets at fair value 78 225
Assets    
Cash and cash equivalents 2,099 1,183
Restricted cash 76,878 89,088
Loans (at fair value) 760,061 819,344
Other assets (includes $225 and $78 at fair value as of December 31, 2025 and September 30, 2026, respectively) 6,622 6,340
Total assets 845,660 915,955
Liabilities    
Payable to investors 0 154
Borrowings 327,604 97,333
Payable to securitization note holders (at fair value) 25,505 46,542
Accrued expenses and other liabilities 8,609 23,415
Total liabilities 361,718 167,444
Total stockholders’ equity $ 483,942 $ 748,511
[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