Upstart Holdings, Inc.
For the period ended Jun 30, 2025. Filed Aug 5, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 5, 2025
UPST$20.41-8.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 1. Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows
(In thousands)
| Six Months Ended June 30, | ||
|---|---|---|
| 2024 | 2025 | |
| Cash flows from operating activities | ||
| Net income (loss) | $(119,068) | $3,160 |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
| Change in fair value of loans | 103,778 | (21,064) |
| Change in fair value of servicing assets | 8,201 | 8,640 |
| Change in fair value of servicing liabilities | (817) | (623) |
| Change in fair value of beneficial interest assets | (1,067) | (23,484) |
| Change in fair value of beneficial interest liabilities | 9,344 | 12,107 |
| Change in fair value of other financial instruments | (4,316) | (2,384) |
| Stock-based compensation | 69,986 | 65,342 |
| Gain on loan servicing rights, net | (5,897) | (12,451) |
| Depreciation and amortization | 10,460 | 12,243 |
| Loan premium amortization | (6,084) | (19,176) |
| Non-cash interest expense and other | 1,541 | 3,003 |
| Net changes in operating assets and liabilities: | ||
| Purchases of loans held-for-sale | (1,570,013) | (3,969,799) |
| Proceeds from sale of loans held-for-sale | 1,491,994 | 3,723,733 |
| Principal payments received for loans held-for-sale | 115,335 | 83,138 |
| Principal payments received for loans held by consolidated securitization | 24,714 | 19,933 |
| Settlements of beneficial interest liabilities | (2,367) | (11,664) |
| Proceeds from beneficial interest assets (derivatives) | — | 806 |
| Settlements of beneficial interest assets (derivatives) | — | (1,023) |
| Other assets | 5,722 | 4,064 |
| Operating lease liability and right-of-use asset | (400) | (610) |
| Accrued expenses and other liabilities | (13,129) | (7,539) |
| Net cash provided by (used in) operating activities | 117,917 | (133,648) |
| Cash flows from investing activities | ||
| Purchases and originations of loans held-for-investment | (110,941) | (377,940) |
| Proceeds from sale of loans held-for-investment | — | 20,247 |
| Principal payments received for loans held-for-investment | 60,207 | 129,941 |
| Principal payments received for notes receivable and repayments of residual certificates | 2,681 | 6,521 |
| Acquisition of beneficial interest assets | (63,246) | (305) |
| Proceeds from beneficial interest assets (hybrid instruments) | 1,729 | 44,929 |
| Settlements of beneficial interest assets (hybrid instruments) | — | (1,271) |
| Purchases of property and equipment | (721) | (115) |
| Capitalized software costs | (3,356) | (10,410) |
| Net cash used in investing activities | (113,647) | (188,403) |
Condensed Consolidated Statements of Cash Flows (Continued)
(In thousands)
| Six Months Ended June 30, | ||
|---|---|---|
| 2024 | 2025 | |
| Cash flows from financing activities | ||
| Proceeds from borrowings | 247,510 | 176,356 |
| Payment of debt issuance costs to third party | — | (443) |
| Repayments of borrowings | (154,999) | (152,691) |
| Principal payments made on securitization notes | (28,446) | (22,021) |
| Payable to investors | 17,714 | 31,496 |
| Proceeds from issuance of common stock under employee stock purchase plan | 4,565 | 4,692 |
| Proceeds from exercise of stock options | 2,219 | 9,866 |
| Taxes paid related to net share settlement of equity awards | (2) | (7) |
| Net cash provided by financing activities | 88,561 | 47,248 |
| Change in cash, cash equivalents and restricted cash | 92,831 | (274,803) |
| Cash, cash equivalents and restricted cash | ||
| Cash, cash equivalents and restricted cash at beginning of period | 467,787 | 976,263 |
| Cash, cash equivalents and restricted cash at end of period | $560,618 | $701,460 |
| Supplemental disclosures of cash flow information | ||
| Cash paid for interest | $24,510 | $22,110 |
| Cash paid for income taxes, net | 213 | 550 |
| Supplemental disclosures of non-cash investing and financing activities | ||
| Beneficial interests obtained in connection with loan sale | $13,555 | $109,564 |
| Issuance of line of credit receivable | 8,261 | 49,839 |
| Securities retained under unconsolidated securitization transactions | — | 38,355 |
| Capitalized stock-based compensation expense | 1,705 | 5,739 |
| Settlement of borrowings in connection with loan sale | 221,749 | — |
The following presents cash, cash equivalents and restricted cash by category within the unaudited condensed consolidated balance sheets:
| December 31, | June 30, | |
|---|---|---|
| 2024 | 2025 | |
| Cash and cash equivalents | $788,422 | $395,940 |
| Restricted cash | 187,841 | 305,520 |
| Total cash, cash equivalents and restricted cash | $976,263 | $701,460 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.