Upstart Holdings, Inc.
For the period ended Dec 31, 2025. Filed Feb 10, 2026.
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FY2025 · Filed Feb 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Balance Sheets
| December 31, | December 31, | |
|---|---|---|
| 2024 | 2025 | |
| Assets | ||
| Cash and cash equivalents | $788,422 | $652,388 |
| Restricted cash | 187,841 | 404,624 |
| Loans (at fair value)(1) | 806,304 | 984,552 |
| Property, equipment, and software, net | 39,013 | 44,174 |
| Operating lease right of use assets | 43,455 | 16,410 |
| Beneficial interest assets (at fair value) | 176,848 | 396,216 |
| Line of credit receivable (at fair value) | 56,269 | 112,742 |
| Non-marketable equity securities | 41,250 | 41,250 |
| Goodwill | 67,062 | 67,062 |
| Other assets (includes $51,358 and $138,582 at fair value as of December 31, 2024 and December 31, 2025, respectively) | 160,494 | 255,387 |
| Total assets(2) | $2,366,958 | $2,974,805 |
| Liabilities and Stockholders’ Equity | ||
| Liabilities: | ||
| Payable to investors | $60,173 | $107,659 |
| Borrowings | 1,402,168 | 1,829,145 |
| Payable to securitization note holders (at fair value) | 87,321 | 46,542 |
| Accrued expenses and other liabilities (includes $15,883 and $15,219 at fair value as of December 31, 2024 and December 31, 2025, respectively) | 133,800 | 171,495 |
| Operating lease liabilities | 50,278 | 21,149 |
| Total liabilities(2) | 1,733,740 | 2,175,990 |
| Commitments and Contingencies (Note 11) | ||
| Stockholders’ equity: | ||
| Common stock, $0.0001 par value; 700,000,000 shares authorized; 93,469,721 and 98,033,361 shares issued and outstanding as of December 31, 2024 and December 31, 2025, respectively | 9 | 10 |
| Additional paid-in capital | 1,044,366 | 1,156,361 |
| Accumulated deficit | (411,157) | (357,556) |
| Total stockholders’ equity | 633,218 | 798,815 |
| Total liabilities and stockholders’ equity | $2,366,958 | $2,974,805 |
(1)Includes $102.9 million and $53.8 million of loans, at fair value, contributed as collateral for the consolidated securitization as of December 31, 2024 and 2025, respectively. Refer to “Note 5. Fair Value Measurement” for details.
(2)The following table presents information on assets and liabilities related to variable interest entities (“VIEs”) that are consolidated by Upstart Holdings, Inc. at December 31, 2024 and 2025, 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.
Consolidated Balance Sheets (Continued)
| December 31, | December 31, | |
|---|---|---|
| 2024 | 2025 | |
| Assets | ||
| Cash and cash equivalents | $1,312 | $1,183 |
| Restricted cash | 47,642 | 89,088 |
| Loans (at fair value) | 750,184 | 819,344 |
| Other assets (includes $1,864 and $225 at fair value as of December 31, 2024 and December 31, 2025, respectively) | 12,971 | 6,340 |
| Total assets | $812,109 | $915,955 |
| Liabilities | ||
| Payable to investors | $154 | $154 |
| Borrowings | 195,606 | 97,333 |
| Payable to securitization note holders (at fair value) | 87,321 | 46,542 |
| Accrued expenses and other liabilities | 4,493 | 23,415 |
| Total liabilities | 287,574 | 167,444 |
| Total net assets | $524,535 | $748,511 |
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