Upstart Holdings, Inc.
For the period ended Sep 30, 2026. Filed Nov 3, 2026.
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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.
Sep 30, 2026 · Filed Nov 3, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Financial Statements Condensed Consolidated Balance Sheets
| December 31, | September 30, | |
|---|---|---|
| 2025 | 2026 | |
| Assets | ||
| Cash and cash equivalents | $652,388 | $461,484 |
| Restricted cash | 404,624 | 666,984 |
| Loans (at fair value)(1) | 984,552 | 940,747 |
| Property, equipment, and software, net | 44,174 | 51,127 |
| Operating lease right of use assets | 16,410 | 56,921 |
| Beneficial interest assets (at fair value) | 396,216 | 613,652 |
| Line of credit receivable (at fair value) | 112,742 | 110,110 |
| Notes receivable and residual certificates (at fair value) | 97,416 | 144,613 |
| Non-marketable equity securities | 41,250 | 41,000 |
| 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) | 157,971 | 185,342 |
| Total assets(2) | $2,974,805 | $3,339,042 |
| Liabilities and Stockholders’ Equity | ||
| Liabilities: | ||
| Payable to investors | $107,659 | $166,729 |
| Borrowings | 1,829,145 | 2,027,322 |
| Payable to securitization note holders (at fair value) | 46,542 | 25,505 |
| Accrued expenses and other liabilities (includes $15,219 and $34,506 at fair value as of December 31, 2025 and September 30, 2026, respectively) | 171,495 | 171,075 |
| Operating lease liabilities | 21,149 | 60,991 |
| Total liabilities(2) | 2,175,990 | 2,451,622 |
| 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 | 1,156,361 | 1,198,495 |
| Accumulated deficit | (357,556) | (311,085) |
| Total stockholders’ equity | 798,815 | 887,420 |
| Total liabilities and stockholders’ equity | $2,974,805 | $3,339,042 |
(1)Includes $53.8 million and $28.9 millionof 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.
Condensed Consolidated Balance Sheets (Continued)
| December 31, | September 30, | |
|---|---|---|
| 2025 | 2026 | |
| Assets | ||
| Cash and cash equivalents | $1,183 | $2,099 |
| Restricted cash | 89,088 | 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 | $— |
| Borrowings | 97,333 | 327,604 |
| Payable to securitization note holders (at fair value) | 46,542 | 25,505 |
| Accrued expenses and other liabilities | 23,415 | 8,609 |
| Total liabilities | 167,444 | 361,718 |
| Total net assets | $748,511 | $483,942 |
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