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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________

FORM 10-Q


(Mark One)
☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2025
OR
☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from_________to ________

Commission File Number: 001-39797

Upstart Holdings, Inc.

(Exact name of registrant as specified in its charter)

_________________________


Delaware (State or other jurisdiction of incorporation or organization)						46-4332431 (I.R.S. Employer Identification No.)

Upstart Holdings, Inc.

2950 S. Delaware Street, Suite 410

San Mateo, CA 94403

(Address of principal executive offices, including zip code)

(833) 212-2461

(Registrant’s telephone number, including area code)

_________________________

Securities registered pursuant to Section 12(b) of the Act:


Title of each class:	Trading Symbol	Name of each exchange on which registered:
Common Stock, par value $0.0001 per share	UPST	Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of October 28, 2025 there were 97,286,484 shares of the registrant’s common stock outstanding.

Upstart Holdings, Inc.

FORM 10-Q

TABLE OF CONTENTS


		Page
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS		4

PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements	7
	Condensed Consolidated Balance Sheets	7
	Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)	9
	Condensed Consolidated Statements of Stockholders’ Equity	10
	Condensed Consolidated Statements of Cash Flows	12
	Notes to the Condensed Consolidated Financial Statements	15
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	66
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	86
Item 4.	Controls and Procedures	89

PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	90
Item 1A.	Risk Factors	91
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	154
Item 3.	Defaults Upon Senior Securities	154
Item 4.	Mine Safety Disclosures	154
Item 5.	Other Information	155
Item 6.	Exhibits	156
Signatures		157

Table of Contents

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “seek,” “could,” “would,” “intend,” “target,” “aim,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” or “continue,” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:

•our future financial performance, including our expectations regarding our revenue, operating expenses, and our ability to determine reserves and achieve and maintain profitability;

•our ability to improve the effectiveness and predictiveness of our AI models and our expectations that improvements in our AI models can lead to higher approval rates and lower interest rates;

•our ability to increase the volume of loans facilitated through our AI lending marketplace;

•our ability to successfully maintain a diversified and resilient loan funding strategy, including lending partnerships, whole loan sales, committed capital, and other co-investment arrangements and securitization transactions;

•our capital allocation plans, including expectations regarding funding loans through our balance sheet and allocations of cash and timing for any share repurchases and other investments;

•our ability to maintain competitive interest rates offered to borrowers on our platform, while enabling our lending partners and institutional investors to achieve an adequate return over their cost of funding;

•our ability to successfully build our brand and protect our reputation from negative publicity;

•our ability to increase the effectiveness of our marketing strategies, including our direct consumer marketing initiatives;

•our expectations regarding macroeconomic events, including inflation and related changes in interest rates and monetary policy;

•our expectations regarding the credit performance of Upstart-powered loans;

•the impact of disruption in the banking industry, and any associated effects on our business and industry;

•our expectations and management of future growth, including expanding the number of potential borrowers;

•our ability to successfully adjust our proprietary AI models, products, and services, and provide up-to-date information to our lending partners, in a timely manner in response to changing macroeconomic conditions and fluctuations in the credit market;

•our compliance with applicable local, state, and federal laws;

•our ability to comply with and successfully adapt to complex and evolving regulatory environments, including regulation of artificial intelligence and machine learning technology;

•our expectations regarding regulatory support of our approach to AI-based lending;

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•our expectations regarding the success of our strategic investments and acquisitions, including the integration of acquired operations, products, technology, internal controls, and personnel;

•our expectations regarding new and evolving markets and our ability to enter into new markets and introduce new products and services;

•our expectations concerning relationships with third parties;

•our ability to protect against increasingly sophisticated fraudulent borrowing and online theft;

•our ability to service our loans and pursue collection of delinquent and defaulted loans;

•our ability to successfully compete with companies that are currently in, or may in the future enter, the markets in which we operate;

•our ability to effectively secure and maintain the confidentiality of the information received, accessed, stored, provided, and used across our systems;

•our ability to successfully obtain and maintain corporate funding and liquidity to support continued growth and for general corporate purposes, which includes our ability to manage existing and future indebtedness;

•our ability to attract, integrate, and retain qualified employees;

•our ability to maintain an effective system of disclosure controls and internal control over financial reporting and operations;

•our ability to effectively manage and expand the capabilities of our operations teams, outsourcing relationships, and other business operations;

•our ability to maintain, protect, and enhance our intellectual property;

•our expectations regarding outstanding litigation and regulatory investigations; and

•our ability to manage the increased expenses associated with being a public company.

We caution you that the foregoing list may not contain all of the forward-looking statements made in this report.

Forward-looking statements should not be relied upon as predictions of future events. We have based the forward-looking statements contained in this report primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations, and prospects. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors, including those described in the section titled “Risk Factors” and elsewhere in this report. Readers are urged to carefully review and consider the various disclosures made in this report and in other documents we file from time to time with the Securities and Exchange Commission (the “SEC”) that disclose risks and uncertainties that may affect our business. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this report. We cannot assure you that the results, events, and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements.

Neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. Moreover, the forward-looking statements made in this report relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this report to reflect events or circumstances after the date of this report or to reflect new information or the occurrence of unanticipated events, except as required by law. Undue reliance should not be placed on our forward-looking statements as we may not actually achieve the plans, intentions, or expectations disclosed in our forward-

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looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments we may make.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this report, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.

Each of the terms the “Company,” “we,” “our,” “us,” and similar terms used herein refer collectively to Upstart Holdings, Inc., a Delaware corporation, and its consolidated subsidiaries, unless otherwise stated.

AVAILABLE INFORMATION

Our website is located at www.upstart.com and our investor relations website at ir.upstart.com. Copies of our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to these reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, are available free of charge on our investor relations website as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC. The SEC also maintains a website that contains our SEC filings at www.sec.gov. The content of our websites and information that can be accessed through our websites is not incorporated by reference into this Quarterly Report on Form 10-Q or in any other report or document we file with the SEC, and any references to our websites are intended to be inactive textual references only.

We announce material information to the public about us, our products and services and other matters through a variety of means, including SEC filings, press releases, public conference calls, webcasts, the investor relations (ir.upstart.com) and newsroom (upstart.com/news) sections of our website, and our X (formerly known as Twitter) account @Upstart, in order to achieve broad, non-exclusionary distribution of information to the public and for complying with our disclosure obligations under Regulation FD.

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Upstart Holdings, Inc.

Condensed Consolidated Balance Sheets

(In thousands, except share and per share data)

(Unaudited)


	December 31,		September 30,
	2024		2025
Assets
Cash and cash equivalents	$	788,422	$	489,784
Restricted cash	187,841		347,121
Loans (at fair value)(1)	806,304		1,229,976

Property, equipment, and software, net	39,013		44,259
Operating lease right of use assets	43,455		34,646
Beneficial interest assets (at fair value)	176,848		316,199
Non-marketable equity securities	41,250		41,250
Goodwill	67,062		67,062

Other assets (includes $107,627 and $229,214 at fair value as of December 31, 2024 and September 30, 2025, respectively)	216,763		334,551
Total assets(2)	$	2,366,958	$	2,904,848
Liabilities and Stockholders’ Equity
Liabilities:

Payable to investors	$	60,173	$	93,400
Borrowings	1,402,168		1,855,754

Payable to securitization note holders (at fair value)	87,321		55,175
Accrued expenses and other liabilities (includes $15,883 and $20,492 at fair value as of December 31, 2024 and September 30, 2025, respectively)	133,800		116,250
Operating lease liabilities	50,278		40,551
Total liabilities(2)	1,733,740		2,161,130
Commitments and Contingencies (Note 11)

Stockholders’ equity:
Common stock, $0.0001 par value; 700,000,000 shares authorized; 93,469,721 and 97,275,544 shares issued and outstanding as of December 31, 2024 and September 30, 2025, respectively	9		10
Additional paid-in capital	1,044,366		1,119,900
Accumulated deficit	(411,157)		(376,192)


Total stockholders’ equity	633,218		743,718
Total liabilities and stockholders’ equity	$	2,366,958	$	2,904,848

____________

(1)Includes $102.9 million and $64.1 million of loans, at fair value, contributed as collateral for the consolidated securitization as of December 31, 2024 and September 30, 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 September 30, 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.

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Upstart Holdings, Inc.

Condensed Consolidated Balance Sheets (Continued)

(In thousands, except share data)

(Unaudited)


	December 31,		September 30,
	2024		2025
Assets
Cash and cash equivalents	$	1,312	$	871
Restricted cash	47,642		90,563
Loans (at fair value)	750,184		1,052,786


Other assets (includes $1,864 and $824 at fair value as of December 31, 2024 and September 30, 2025, respectively)	12,971		7,033
Total assets	$	812,109	$	1,151,253

Liabilities

Payable to investors	$	154	$	154
Borrowings	195,606		140,522

Payable to securitization note holders (at fair value)	87,321		55,175
Accrued expenses and other liabilities	4,493		2,338
Total liabilities	287,574		198,189
Total net assets	$	524,535	$	953,064

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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Upstart Holdings, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

(In thousands, except share and per share data)

(Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2025		2024		2025
Revenue:
Revenue from fees, net	$	167,590	$	258,539	$	436,190	$	684,791
Interest income, interest expense, and fair value adjustments, net:
Interest income(1)	40,845		57,203		144,899		143,394
Interest expense(1)	(10,818)		(8,794)		(33,002)		(23,586)
Fair value and other adjustments(1)	(35,477)		(29,843)		(130,523)		(56,832)
Total interest income, interest expense, and fair value adjustments, net	(5,450)		18,566		(18,626)		62,976
Total revenue	162,140		277,105		417,564		747,767
Operating expenses:
Sales and marketing	43,229		78,844		111,337		210,919
Customer operations	39,302		49,790		117,394		136,537
Engineering and product development	64,887		64,026		186,431		190,689
General, administrative, and other	59,874		60,779		170,508		185,910
Total operating expenses	207,292		253,439		585,670		724,055
Income (loss) from operations	(45,152)		23,666		(168,106)		23,712
Other income, net	5,078		1,017		8,993		4,209

Gain on debt extinguishment	33,361		7,246		33,361		7,246
Net income (loss) before income taxes	(6,713)		31,929		(125,752)		35,167
Provision for income taxes	45		124		74		202
Net income (loss)	$	(6,758)	$	31,805	$	(125,826)	$	34,965



Net income (loss) per share, basic	$	(0.07)	$	0.33	$	(1.42)	$	0.37
Net income (loss) per share, diluted	$	(0.07)	$	0.23	$	(1.42)	$	0.28
Weighted-average number of shares outstanding used in computing net income (loss) per share, basic	90,119,481		96,682,774		88,534,495		95,503,380
Weighted-average number of shares outstanding used in computing net income (loss) per share, diluted	90,119,481		109,724,669		88,534,495		105,921,585

____________

(1)Balances for the three and nine months ended September 30, 2024 and 2025 include amounts related to the consolidated securitization. Refer to “Note 2. Revenue” for details.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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Upstart Holdings, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(In thousands, except share and per share data)

(Unaudited)


		Three Months Ended September 30, 2024
	Common Stock		Additional Paid-in Capital			Accumulated Deficit				Total Stockholders’ Equity
		Shares			Amount
Balance as of June 30, 2024		89,084,180	$	9		$	996,345	$	(401,644)		$	594,710
Issuance of common stock upon exercise of stock options		867,016	—			10,062		—			10,062
Issuance of common stock upon settlement of restricted stock units		912,103	—			—		—			—
Shares withheld related to net share settlement of restricted stock units		(475)	—			(17)		—			(17)



Stock-based compensation expense		—	—			34,722		—			34,722
Issuance of common stock under employee stock purchase plan		135,431	—			3,120		—			3,120
Purchase of capped calls		—	—			(40,883)		—			(40,883)
Settlement of capped calls		—	—			580		—			580
Net loss		—	—			—		(6,758)			(6,758)
Balance as of September 30, 2024		90,998,255	$	9		$	1,003,929	$	(408,402)		$	595,536


		Nine Months Ended September 30, 2024
	Common Stock		Additional Paid-in Capital			Accumulated Deficit				Total Stockholders’ Equity
		Shares			Amount
Balance as of December 31, 2023		86,330,303	$	9		$	917,872	$	(282,576)		$	635,305
Issuance of common stock upon exercise of stock options		1,488,118	—			12,281		—			12,281
Issuance of common stock upon settlement of restricted stock units		2,846,811	—			—		—			—
Shares withheld related to net share settlement of restricted stock units		(541)	—			(19)		—			(19)
Stock-based compensation expense		—	—			106,413		—			106,413
Issuance of common stock under employee stock purchase plan		333,564	—			7,685		—			7,685
Purchase of capped calls		—	—			(40,883)		—			(40,883)
Settlement of capped calls		—	—			580		—			580
Net loss		—	—			—		(125,826)			(125,826)
Balance as of September 30, 2024		90,998,255	$	9		$	1,003,929	$	(408,402)		$	595,536

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Upstart Holdings, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(In thousands, except share and per share data)

(Unaudited)


		Three Months Ended September 30, 2025
	Common Stock		Additional Paid-in Capital			Accumulated Deficit				Total Stockholders’ Equity
		Shares			Amount
Balance as of June 30, 2025		96,091,343	$	10		$	1,129,997	$	(407,997)		$	722,010
Issuance of common stock upon exercise of stock options		461,859	—			4,628		—			4,628
Issuance of common stock upon settlement of restricted stock units		653,395	—			—		—			—
Shares withheld related to net share settlement of restricted stock units		(18)	—			(2)		—			(2)

Stock-based compensation expense		—	—			36,156		—			36,156


Issuance of common stock under employee stock purchase plan		68,965	—			3,757		—			3,757
Purchase of capped calls		—	—			(55,200)		—			(55,200)
Settlement of capped calls		—	—			564		—			564


Net income		—	—			—		31,805			31,805
Balance as of September 30, 2025		97,275,544	$	10		$	1,119,900	$	(376,192)		$	743,718


		Nine Months Ended September 30, 2025
	Common Stock		Additional Paid-in Capital			Accumulated Deficit				Total Stockholders’ Equity
		Shares			Amount
Balance as of December 31, 2024		93,469,721	$	9		$	1,044,366	$	(411,157)		$	633,218
Issuance of common stock upon exercise of stock options		1,406,301	1			14,493		—			14,494
Issuance of common stock upon settlement of restricted stock units		2,179,822	—			—		—			—
Shares withheld related to net share settlement of restricted stock units		(118)	—			(9)		—			(9)

Stock-based compensation expense		—	—			107,237		—			107,237


Issuance of common stock under employee stock purchase plan		219,818	—			8,449		—			8,449
Purchase of capped calls		—	—			(55,200)		—			(55,200)
Settlement of capped calls		—	—			564		—			564


Net income		—	—			—		34,965			34,965
Balance as of September 30, 2025		97,275,544	$	10		$	1,119,900	$	(376,192)		$	743,718

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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Upstart Holdings, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)


	Nine Months Ended September 30,
	2024		2025
Cash flows from operating activities
Net income (loss)	$	(125,826)	$	34,965
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Change in fair value of loans	167,545		(83,448)
Change in fair value of servicing assets	12,838		12,795
Change in fair value of servicing liabilities	(877)		(1,009)
Change in fair value of beneficial interest assets	(35,825)		(16,205)
Change in fair value of beneficial interest liabilities	12,633		18,813

Change in fair value of other financial instruments	8,263		(5,529)
Stock-based compensation	103,604		99,497
Gain on loan servicing rights, net	(11,448)		(20,376)
Gain on debt extinguishment	(33,361)		(7,246)
Depreciation and amortization	15,850		18,374

Loan premium amortization	(10,874)		(33,560)
Non-cash interest expense and other	2,156		5,219
Net changes in operating assets and liabilities:


Purchases of loans held-for-sale	(2,626,246)		(6,410,254)
Proceeds from sale of loans held-for-sale	2,613,039		5,994,691
Principal payments received for loans held-for-sale	157,010		138,545
Principal payments received for loans held by consolidated securitization	36,532		29,772
Settlements of beneficial interest liabilities	(3,692)		(15,716)
Proceeds from beneficial interest assets (derivatives)	—		4,096
Settlements of beneficial interest assets (derivatives)	—		(1,659)
Other assets	(2,110)		3,825
Operating lease liability and right-of-use asset	(600)		(918)


Accrued expenses and other liabilities	18,646		(20,949)
Net cash provided by (used in) operating activities	297,257		(256,277)

Cash flows from investing activities

Purchases and originations of loans held-for-investment	(196,580)		(666,049)
Proceeds from sale of loans held-for-investment	—		51,195
Principal payments received for loans held-for-investment	99,768		221,996
Principal payments received for notes receivable and repayments of residual certificates	4,004		12,895
Acquisition and settlements of beneficial interest assets (hybrid instruments)	(63,246)		(1,608)
Proceeds from beneficial interest assets (hybrid instruments)	2,808		94,229

Issuance of line of credit receivable	—		(7,862)
Repayments of line of credit receivable	—		783
Purchases of property and equipment	(837)		(190)

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Upstart Holdings, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)


	Nine Months Ended September 30,
	2024		2025
Capitalized software costs	(5,734)		(14,298)







Net cash used in investing activities	(159,817)		(308,909)

Cash flows from financing activities

Proceeds from borrowings	297,587		212,848
Proceeds from convertible notes issuance, net of debt issuance costs paid to lender	423,002		678,270
Payment of debt issuance costs to third parties	(1,455)		(3,144)
Repayments of borrowings	(293,179)		(207,494)
Payments for repurchases of convertible notes	(325,344)		(224,154)
Purchase of capped calls	(40,883)		(55,200)
Settlement of capped calls	580		564
Principal payments made on securitization notes	(42,705)		(32,023)
Payable to investors	12,990		33,227







Proceeds from issuance of common stock under employee stock purchase plan	7,685		8,449
Proceeds from exercise of stock options	12,281		14,494
Taxes paid related to net share settlement of equity awards	(19)		(9)

Net cash provided by financing activities	50,540		425,828
Change in cash, cash equivalents and restricted cash	187,980		(139,358)
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	$	655,767	$	836,905

Supplemental disclosures of cash flow information
Cash paid for interest	$	34,795	$	34,514
Cash paid for income taxes, net	250		572




Supplemental disclosures of non-cash investing and financing activities
Beneficial interests obtained in connection with loan sale	$	45,971	$	218,204
Securities retained under unconsolidated securitization transactions	—		65,880
Issuance of line of credit receivable	30,907		51,430
Capitalized stock-based compensation expense	2,809		7,740
Repayments of line of credit receivable	—		1,592

Settlement of borrowings in connection with loan sale	221,749		—

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Upstart Holdings, Inc.

Condensed Consolidated Statements of Cash Flows (Continued)

(In thousands)

(Unaudited)

The following presents cash, cash equivalents and restricted cash by category within the unaudited condensed consolidated balance sheets:


	December 31,		September 30,
	2024		2025
Cash and cash equivalents	$	788,422	$	489,784
Restricted cash	187,841		347,121
Total cash, cash equivalents and restricted cash	$	976,263	$	836,905

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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Upstart Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

(Unaudited)

1. Description of Business and Significant Accounting Policies

Description of Business

Upstart Holdings, Inc. and its subsidiaries (together “Upstart,” the “Company,” “we,” or “our”) apply artificial intelligence models and cloud applications to the process of underwriting consumer credit. The Company helps originate credit by providing lending partners with access to a proprietary, cloud-based, artificial intelligence lending marketplace. As the Company’s technology continues to improve and additional lending partners adopt the Upstart platform, consumers benefit from improved access to affordable and frictionless credit. The Company currently operates in the United States and is headquartered in San Mateo, California. The Company’s fiscal year ends on December 31.

Basis of Presentation and Consolidation

The accompanying unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements included in our Annual Report on Form 10-K. Certain prior period amounts have been reclassified where appropriate to conform to the current period presentation of such amounts. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the Company’s financial position, results of operations, comprehensive income (loss) and cash flows for the periods presented, but are not necessarily indicative of the results of operations to be anticipated of any future annual or interim periods.

Certain information and disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted pursuant to rules and regulations of the SEC. Accordingly, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2024.

Use of Estimates

The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires that management make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods.

Significant estimates and assumptions made in the accompanying condensed consolidated financial statements, which management believes are critical in understanding and evaluating the Company’s reported financial results include: (i) fair value determinations; (ii) stock-based compensation; (iii) consolidation of VIEs; and (iv) the evaluation for impairment of goodwill. The Company bases its estimates on various factors it believes to be reasonable under the circumstances. Actual results could differ from those estimates and such differences could affect the results of operations reported in future periods.

Recently Adopted Accounting Pronouncements

On January 1, 2025, the Company adopted Accounting Standards Update (“ASU”) 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets. The new guidance requires certain crypto assets to be measured at fair value with changes in fair value recorded in net income, and additional disclosures about the holdings of certain crypto assets. The adoption of the new standard did not have an impact on the Company’s condensed consolidated financial statements or related disclosures.

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Upstart Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

(Unaudited)

Recently Issued Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update require entities to disclose specific categories in the effective tax rate reconciliation and provide additional information for reconciling items where the effect of those reconciling items is equal to or greater than 5% of the amount computed by multiplying pretax income/loss by the applicable statutory income tax rate. In addition, entities are required to disclose the year-to-date amount of income taxes paid (net of refunds received) disaggregated by jurisdictions. This ASU is effective for annual periods beginning after December 15, 2024 with early adoption permitted. The Company is currently evaluating the impact of these amendments to its condensed consolidated financial statements and related disclosures and plans to include the additional required disclosures relating to income taxes beginning in our Annual Report on Form 10-K for the fiscal year ending December 31, 2025.

In November 2024, the FASB issued ASU 2024-03 and subsequently ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in this update require disaggregated disclosures in the notes to the financial statements for certain expenses such as employee compensation, depreciation, and intangible asset amortization, which are commonly presented in aggregate. This ASU is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027 with early adoption permitted. The Company is currently evaluating the impact of these amendments to its condensed consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments. The amendments in this update clarify the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. This ASU is effective for annual reporting periods beginning after December 15, 2025 with early adoption permitted. The Company expects to adopt the ASU prospectively and as such, does not expect an impact to its condensed consolidated financial statements upon adoption.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments in this update remove references to software development project stages and introduce a “probable-to-complete” threshold to determine when software development costs should be capitalized. This ASU is effective for annual reporting periods beginning after December 15, 2027 with early adoption permitted. The Company is currently evaluating the impact of these amendments to its condensed consolidated financial statements and related disclosures.

2. Revenue

Revenue from Fees, Net

The Company disaggregates revenue from fees by type of service for the periods presented as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2025		2024		2025
Revenue from fees, net:
Platform and referral fees, net	$	134,199	$	216,882	$	336,653	$	570,702
Servicing and other fees, net	33,391		41,657		99,537		114,089
Total revenue from fees, net	$	167,590	$	258,539	$	436,190	$	684,791

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Upstart Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

(Unaudited)

Platform and Referral Fees, Net

Lending Partners. The Company enters into contracts with its lending partner customers, to provide access to a cloud-based artificial intelligence lending marketplace developed by the Company (the “Upstart platform”) to enable lending partners to originate unsecured personal and secured auto refinance loans. The Upstart platform includes a cloud-based application (through Upstart.com) for submitting loan applications, verifying information provided within submitted applications, risk underwriting (through a series of proprietary technology solutions), delivery of electronic loan offers, and if the offer is accepted by the borrower, electronic loan documentation signed by the borrower. Lending partners can specify certain parameters of loans they are willing to originate. Under these contracts, lending partners can choose to use Upstart’s referral services, which allow them to access new borrowers through Upstart’s marketing channels.

After origination, Upstart-powered loans are either retained by lending partners, purchased by the Company for immediate resale to institutional investors under loan sale agreements, or purchased and held by the Company. For loans not retained by the lending partners, the Company pays the lending partners a one-time loan premium fee upon completion of the minimum contractual holding period and a monthly loan trailing fee based on the amount and timing of principal and interest payments made by the borrowers of the underlying loans. Both the loan premium fees and loan trailing fees are consideration payable to customers, which are our lending partners, and are recorded as a reduction to platform and referral fees, net, which is part of revenue from fees, net, in the condensed consolidated statements of operations and comprehensive income (loss). The Company recognized $3.1 million and $7.5 million of loan premium fees and loan trailing fees as contra-revenue within platform and referral fees, net during the three and nine months ended September 30, 2024, respectively, and an immaterial amount and $12.9 million during the three and nine months ended September 30, 2025, respectively.

As of December 31, 2024 and September 30, 2025, the Company recognized $4.6 million and an immaterial amount of loan trailing fee liability, respectively, which is recorded at fair value and included within accrued expenses and other liabilities on the Company’s condensed consolidated balance sheets. Refer to “Note 5. Fair Value Measurement” for additional information on changes in fair value associated with trailing fee liabilities.

The Company’s arrangements for platform and referral services typically consist of an obligation to provide one or both of these services to customers, on a when and if needed basis (a stand-ready obligation), and revenue is recognized as such services are performed. Additionally, the services have the same pattern and period of transfer, and when provided individually or together, are accounted for as a single combined performance obligation representing a series of distinct services.

Platform and referral services are typically provided under a fixed or variable price per unit based on a percentage of the value of loans originated each period with certain lending partners subject to minimum fees; however, pricing for these services may also be based on usage fees, calculated as a percentage of each loan originated. The nature of the Company’s promise is to stand-ready and provide continuous access to and process transactions through the platform. Platform and referral fees represent variable consideration as loan origination volume is not known at contract inception. These fees are determined each time a loan is originated. Fees for platform and referral services are generally billed and paid on a monthly basis, or settled on a daily basis. As such, the Company’s contracts with customers do not include a significant financing component.

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Upstart Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

(Unaudited)

Auto Dealerships. The Company enters into subscription agreements with auto dealerships to access Upstart Auto Finance software, a cloud-based solution that facilitates dealership operations and enables them to provide consumers with access to Upstart-powered auto loans. Subscription agreements generally have a contractual term of one to six months with evergreen monthly renewals. The Company bills these customers on a monthly basis. Subscription fees are recognized over the contract term as the performance obligation is satisfied, and is included within platform and referral fees, net in the condensed consolidated statements of operations and comprehensive income (loss). The Company recognized an immaterial amount and $4.1 million of subscription fee revenue for the three and nine months ended September 30, 2024, respectively, and an immaterial amount of subscription fee revenue for both the three and nine months ended September 30, 2025.

The Company had $19.0 million and $22.6 million of accounts receivable, excluding those that are settled on a daily basis, that are included in other assets on the condensed consolidated balance sheets related to contracts with customers as of December 31, 2024 and September 30, 2025, respectively. The standard payment terms on accounts receivable are 30 days. The Company’s allowance for bad debt and bad debt expense were immaterial for the periods presented.

The Company capitalizes incremental costs of obtaining a contract with a customer, which are certain sales commissions paid to employees in connection with the acquisition of lending partners. Capitalized costs are amortized over the expected period of benefit, which we have determined, based on an analysis, to be three years. The Company applies the practical expedient to expense costs to obtain contracts with customers if the amortization period is one year or less. As of December 31, 2024 and September 30, 2025, the Company had $2.5 million and an immaterial amount, respectively, of contract costs capitalized within other assets on the condensed consolidated balance sheets. The Company amortized immaterial amounts of capitalized contracts costs to sales and marketing in the condensed consolidated statements of operations and comprehensive income (loss) for the periods presented.

Customers accounting for greater than 10% of total revenue were as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2025	2024	2025
Customer A	*	37%	*	33%
Customer B	31%	16%	27%	20%
Customer C	29%	11%	34%	10%
Customer D	*	*	10%	*

__________

* Less than 10%

Customers accounting for greater than 10% of accounts receivable were as follows:

December 31, 2024

September 30, 2025

Customer D

13%

Customer E

15%

20%

__________

* Less than 10%

Table of Contents

Upstart Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

(Unaudited)

Servicing and Other Fees, Net

The Company also enters into contracts with lending partners and institutional investors to provide loan servicing for the life of Upstart-powered loans. These services commence upon origination of these loans by lending partners and include collection, processing and reconciliations of payments received, institutional investor reporting and borrower customer support as well as distribution of funds to the holders of the loans. The Company charges the loan holder a monthly servicing fee calculated based on a predetermined percentage of the outstanding principal balance. Servicing fees also include certain ancillary fees charged on a per transaction basis for processing late payments and payments declined due to insufficient funds. Servicing fees are recognized in the period the services are provided.

The Company charges lending partners and institutional investors for collection agency fees related to their outstanding loan portfolio. The Company either performs borrower collection activities in-house, or outsources to third-party collection agencies, including for loans that are charged off. The Company has discretion in hiring the collection agencies and determining the scope of their work. As the principal in the arrangement, the Company recognizes gross revenue from collection agency fees in the period that the services are provided. Upstart also receives certain ancillary borrower fees inclusive of late payment fees and ACH fail fees. The total fees charged by collection agencies are recognized in the period incurred and reported as part of customer operations expenses.

Servicing and other fees, net also includes gains and losses on assets and liabilities recognized under loan servicing arrangements for loans retained by lending partners or loans sold to institutional investors. Such gains or losses are recognized based on whether the benefits of servicing are expected to be more or less than adequate compensation for servicing obligations performed by the Company. Servicing fees also include changes in fair value of loan servicing assets and liabilities. Refer to “Note 5. Fair Value Measurement” for additional information on changes in fair value associated with servicing assets and liabilities.

The following table presents the components of servicing and other fees, net as part of revenue from fees, net in the Company’s condensed consolidated statements of operations and comprehensive income (loss):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2025		2024		2025
Servicing fees	$	21,782	$	25,780	$	66,975	$	72,018
Borrower fees	6,582		7,601		20,097		20,925
Collection agency fees	3,964		3,508		12,677		11,014
Other fees	88		612		301		1,542
Net gain (loss) on servicing rights and fair value adjustments	975		4,156		(513)		8,590
Total servicing and other fees, net	$	33,391	$	41,657	$	99,537	$	114,089

Interest Income, Interest Expense, and Fair Value Adjustments, Net

Interest income, interest expense, and fair value adjustments, net is comprised of interest income, interest expense and net changes in the fair value of financial instruments held in the Company’s normal course of business at fair value, including loans, derivatives, beneficial interests, notes receivable and residual certificates, trailing fee liabilities, payable to securitization note holders, and line of credit receivable.

The following table presents components of the interest income, interest expense, and fair value adjustments, net presented in the Company’s condensed consolidated statements of operations and comprehensive income (loss):

Table of Contents

Upstart Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

(Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2025		2024		2025

Interest income(1)	$	40,845	$	57,203	$	144,899	$	143,394
Interest expense(1)	(10,818)		(8,794)		(33,002)		(23,586)
Fair value and other adjustments, net:
Unrealized loss on loans, loan charge-offs, and other fair value adjustments, net(1)	(31,579)		(15,545)		(92,800)		(55,749)
Realized gain (loss) on sale of loans, net	(2,950)		(313)		(14,565)		1,525
Fair value adjustments and realized losses on beneficial interests, net	(948)		(13,985)		(23,158)		(2,608)
Total fair value and other adjustments, net	(35,477)		(29,843)		(130,523)		(56,832)

Total interest income, interest expense, and fair value adjustments, net	$	(5,450)	$	18,566	$	(18,626)	$	62,976

__________

(1) Includes interest income, interest expense and unrealized loss on loans, loan charge-offs, and other fair value adjustments, net related to the consolidated securitization as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2025		2024		2025
Interest income, interest expense, and fair value adjustments, net related to consolidated securitization:
Interest income	$	6,748	$	3,876	$	23,086	$	13,453
Interest expense	(2,272)		(1,489)		(7,546)		(5,006)

Unrealized loss on loans, loan charge-offs, and other fair value adjustments, net	(5,726)		(1,970)		(25,643)		(8,988)



Total interest income, interest expense, and fair value adjustments, net	$	(1,250)	$	417	$	(10,103)	$	(541)

Interest Income

Interest income is recognized based on the terms of the underlying agreements with borrowers for loans and line of credit receivable held on the Company’s condensed consolidated balance sheets and is earned over the life of a loan or a line of credit receivable.

Interest income also includes accrued interest earned on outstanding loans and line of credit receivable but not collected. Generally, home equity lines of credit (“HELOCs”) that have reached a delinquency over 180 days and all other loans and line of credit receivable that have reached a delinquency over 120 days are charged off and do not accrue interest. The Company does not record an allowance for credit losses on accrued interest receivable. As of December 31, 2024 and September 30, 2025, the Company has recorded $8.2 million and $10.3 million of accrued interest income in loans on the condensed consolidated balance sheets, respectively. Accrued interest income on the line of credit receivable was immaterial as of both December 31, 2024 and September 30, 2025.

Table of Contents

Upstart Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

(Unaudited)

Interest Expense

Interest expense is primarily related to interest recorded on the Company’s borrowings on warehouse credit facilities and interest expense related to the consolidated securitization. Interest expense includes accrued interest incurred but not paid. Interest expense also includes changes in fair value of the interest rate caps. Accrued interest expenses for the warehouses were immaterial as of December 31, 2024 and September 30, 2025.

Fair Value and Other Adjustments, Net

Fair value and other adjustments, net include changes in fair value of financial instruments, other than loan servicing assets and liabilities and interest rate caps. These adjustments are recorded in the Company’s condensed consolidated statements of operations and comprehensive income (loss) and include both realized and unrealized changes to the value of related assets and liabilities. Refer to “Note 5. Fair Value Measurement” for additional information.

Fair value and other adjustments, net also includes amounts received from borrowers for previously charged-off loans held on the Company’s condensed consolidated balance sheets. These amounts are recognized in the period when amounts are received. Amounts received from borrowers for previously charged-off loans were $3.7 million and $10.8 million for the three and nine months ended September 30, 2024, respectively, and were immaterial and $13.0 million for the three and nine months ended September 30, 2025, respectively.

3. Variable Interest Entities

Consolidated VIEs

The Company consolidates VIEs in which the Company has a variable interest and is determined to be the primary beneficiary. This determination is based on whether the Company has a variable interest (or combination of variable interests) that provides the Company with both (a) the power to direct the activities that most significantly impact the VIE’s economic performance and (b) the obligation to absorb losses or right to receive benefits that could be potentially significant to the VIE. The Company continually reassesses whether it is the primary beneficiary of a VIE throughout the entire period the Company is involved with the VIE.

The Company also determines whether decision-maker or service-provider fees are variable interests. Decision-maker or service-provider fees are not considered variable interests when the arrangement does not expose the Company to risks of loss that a potential VIE was designed to pass on to its variable interest holders, the fees are commensurate, the arrangement is at market, and the Company does not have any other interests (including direct interests and certain indirect interests held through related parties) that absorb more than an insignificant amount of a VIE’s potential variability. This determination can have a significant impact on the Company’s consolidation analysis, as it could affect whether a legal entity is a VIE and whether the Company is the primary beneficiary of a VIE. When the Company’s decision-maker or service-provider fee is not a variable interest, the Company is viewed as acting as a fiduciary for the potential VIE.

Table of Contents

Upstart Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

(Unaudited)

The following tables present a summary of financial assets and liabilities from the Company’s involvement with consolidated VIEs:


	December 31, 2024
	Assets		Liabilities		Net Assets
Consolidated securitization	$	109,739	$	87,322	$	22,417
Consolidated warehouse entities	430,887		196,982		233,905

Other consolidated VIEs	271,483		3,270		268,213
Total consolidated VIEs	$	812,109	$	287,574	$	524,535


	September 30, 2025
	Assets		Liabilities		Net Assets
Consolidated securitization	$	69,418	$	55,175	$	14,243
Consolidated warehouse entities	232,888		142,088		90,800

Other consolidated VIEs	848,947		926		848,021
Total consolidated VIEs	$	1,151,253	$	198,189	$	953,064

Consolidated Securitization

On July 6, 2023, the Company completed a private securitization securities offering (“UPST 2023-2”). As a retaining sponsor of the transaction, under risk retention requirements in Title 17 U.S. Code of Federal Regulations Part 246, Credit Risk Retention, promulgated by the SEC, the Company is required to retain at least 5% of the economic risk in UPST 2023-2. The Company elected to satisfy the risk retention requirements by holding eligible vertical retained interests in the form of a combination of securitization notes and residual certificates. The Company has also retained the remainder of the residual certificates issued as part of the transaction. The Company was the sole contributor of the collateral, which included $204.7 million outstanding principal balance of Upstart-powered loans held by the Company. The weighted-average coupon of the securitization notes issued was approximately 9.2%, and their sale generated approximately $165.3 million in gross cash proceeds. These proceeds and payments made on securitization notes are classified as financing activities in the condensed consolidated statement of cash flows.

The retained interests in UPST 2023-2 held by the Company were deemed to potentially absorb more than an insignificant amount of expected losses or expected returns at the inception of the securitization transaction. The Company, as servicer, also has the power to direct the activities that most significantly impact the economics of the entities associated with the UPST 2023-2 securitization, and as such, the Company determined it was the primary beneficiary and consolidated the entities associated with UPST 2023-2.

The loans held in the consolidated securitization trust are classified as held-for-sale and included in loans, at fair value, and the notes sold to third-party investors are recorded at fair value as payable to securitization note holders on the condensed consolidated balance sheets. Refer to “Note 5. Fair Value Measurement” for additional information on determination of fair value of these assets and liabilities. The value of the residual certificates issued as part of the securitization and retained by the Company was eliminated as part of the consolidation.

Table of Contents

Upstart Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

(Unaudited)

Warehouse Entities

The Company established various entities deemed to be VIEs to enter into warehouse credit facilities for the purpose of purchasing Upstart-powered loans. Refer to “Note 8. Borrowings” for additional information. These entities are Delaware statutory trusts that are structured to be bankruptcy-remote, with third-party banks operating as trustees.

Other Consolidated VIE

The Company has formed a number of VIEs for the purpose of holding Upstart-powered loans that are not pledged or eligible to be pledged to the Company’s warehouse credit facilities. In addition, the Company has formed consolidated VIEs for the purpose of holding restricted cash or loans as collateral in connection with committed capital and other co-investment arrangements.

Unconsolidated VIEs

The Company’s transactions with unconsolidated VIEs include securitizations of unsecured personal whole loans and sales of whole loans to VIEs, including loan sales under its committed capital and other co-investment arrangements. Refer to “Note 4. Beneficial Interests” for additional information on unconsolidated VIEs related to committed capital and other co-investment arrangements.

Securitizations

While the Company continues to be involved with the unconsolidated VIEs in its role as the sponsor and the servicer of securitization transactions, the Company has determined that it is not the primary beneficiary of these entities. The Company’s unconsolidated VIEs include entities established as the issuers and grantor trusts for various securitization transactions.

In cases where the VIEs are not consolidated and the transfer of the loans from the Company to the securitization trust meets sale accounting criteria, the Company recognizes a gain or loss on sales of loans. The net proceeds of the sale represent the fair value of any assets obtained or liabilities incurred as part of the transaction. The assets are transferred into a trust such that the assets are legally isolated from the creditors of the Company and are not available to satisfy obligations of the Company. These assets can only be used to settle obligations of the underlying securitization trusts.

During the nine months ended September 30, 2024, the Company exercised clean up calls related to two historical unconsolidated securitizations and subsequently liquidated the associated entities. As part of the clean up calls, the Company, as servicer, repurchased the remaining collateral and received the cash reserve amounts held by the related entities. The clean up calls had no material impact on the condensed consolidated financial statements of the Company.

The following tables summarize the aggregate value of assets and liabilities of unconsolidated VIEs associated with securitizations in which the Company holds a variable interest but is not the primary beneficiary:

Table of Contents

Upstart Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

(Unaudited)


	December 31, 2024
	Assets(1)		Liabilities		Net Assets		Maximum Exposure to Losses
Securitizations	$	507,666	$	363,890	$	143,776	$	25,774

_________

(1) Represents cash and the unpaid principal balance of loans held by the unconsolidated VIEs.


	September 30, 2025
	Assets(1)		Liabilities		Net Assets		Maximum Exposure to Losses
Securitizations	$	1,591,304	$	1,140,636	$	450,668	$	80,865

_________

(1) Represents cash and the unpaid principal balance of loans held by the unconsolidated VIEs.

The Company’s maximum exposure to loss from its involvement with unconsolidated VIEs represents the value of securities retained and cash deposits made under the risk retention requirements for the related securitizations and estimates the loss that would be incurred under severe, hypothetical circumstances, for which the Company believes the possibility is remote. The carrying value of assets that relate to variable interests in unconsolidated VIEs consists of $22.1 million and $76.8 million of securitization notes and residual certificates that are carried at fair value and included in other assets on the condensed consolidated balance sheets as of December 31, 2024 and September 30, 2025, respectively. The Company also had $3.7 million and an immaterial amount of cash deposits held as reserve accounts for related securitizations, included in other assets on the condensed consolidated balance sheets as of December 31, 2024 and September 30, 2025.

For securitization transactions where the Company is not the risk retaining sponsor, and servicing is the only form of continuing involvement, the Company would only experience a loss if it were required to repurchase a loan due to a breach in representations and warranties and is not able to collect all repayments, refer to “Note 11. Commitments and Contingencies” for further information.

The investors and the securitization trusts have no direct recourse to the Company’s assets, and holders of the securities issued by the securitization trusts can look only to the assets of the securitization trusts that issued their securities for payment. The interests held by the Company and its affiliates are subject principally to the credit and prepayment risk stemming from the underlying unsecured personal whole loans.

4. Beneficial Interests

The Company’s beneficial interests are associated with committed capital and other co-investment arrangements with a number of third-party institutional investors and lending partners, in which the Company puts certain amounts of assets at risk. The risk is subject to a dollar cap, which represents the Company’s maximum exposure to losses in each particular arrangement.

In certain arrangements, the Company is obligated to make payments to these third-parties or is entitled to receive payments from them if credit performance of the loans sold or originated under the arrangements deviates from initial expectations set at the time of loan sale or origination. These arrangements meet the definition of derivatives under ASC 815 and produce an asset or a liability depending on the credit performance of the underlying loan portfolio as of the reporting date, which are settled periodically in cash based on contractual terms. Under other arrangements, the Company makes an initial investment and is entitled to a portion of cash flows from repayments received over time on the underlying loan portfolios sold under these arrangements. These cash flows vary

Table of Contents

Upstart Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

(Unaudited)

depending on the demonstrated credit performance relative to our expectations. These arrangements are debt-like financial instruments with embedded derivatives related to the variability of demonstrated credit performance of underlying loan portfolios against initial expectations. The Company accounts for these derivatives and hybrid instruments at fair value under ASC 815 and ASC 825, respectively. Refer to “Note 5. Fair Value Measurement” for additional information.

Beneficial interests represent the value of the future cash flows based on expected performance, discounted to the present value. The following table presents the aggregate outstanding principal balance of the underlying loan portfolios as well as the fair value of beneficial interest assets, by type, which collectively are presented as a separate asset line item on the condensed consolidated balance sheets, and beneficial interest liabilities, which are presented in accrued expenses and other liabilities on the condensed consolidated balance sheets.


	December 31, 2024				September 30, 2025
	Outstanding Principal Balance		Fair Value		Outstanding Principal Balance		Fair Value

Beneficial interest assets (hybrid instruments)	$	2,214,535	$	168,091	$	3,736,312	$	304,510
Beneficial interest assets (derivatives)	1,943,215		8,757		2,567,729		11,689
Total beneficial interest assets	$	4,157,750	$	176,848	$	6,304,041	$	316,199

Beneficial interest liabilities (derivatives)	$	1,091,538	$	10,089	$	2,000,860	$	13,186

The Company recognizes beneficial interests at fair value with changes reported as part of the fair value and other adjustments on the condensed consolidated statements of operations and comprehensive income (loss). The table below presents losses recognized on beneficial interests during the following periods:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2025		2024		2025
Fair value adjustments and realized losses on beneficial interests, net	$	(948)	$	(13,985)	$	(23,158)	$	(2,608)

The Company’s beneficial interests are associated with entities that meet the definition of a VIE or are evaluated under the voting interest model. The Company has variable interests in certain entities established in relation to its committed capital and co-investment arrangements, including purchaser trusts, which are unconsolidated VIEs. While the Company holds variable interests in these unconsolidated VIEs through committed capital and co-investment arrangements and as the servicer of the loans sold, the Company does not have the power to direct the activities that most significantly impact the VIE’s economic performance and has determined that it is not the primary beneficiary of these entities. The Company additionally holds loans as collateral in connection with committed capital and other co-investment arrangements in a consolidated VIE. Refer to “Note 3. Variable Interest Entities” for additional information. While held as collateral, these loans are ineligible to be sold and are classified as held-for-investment on the Company’s condensed consolidated balance sheets.

The contractual terms of committed capital and other co-investment arrangements also determine the Company’s maximum exposure to losses and dictate types of assets the Company puts at risk. The Company’s maximum exposure to losses from its involvement with these arrangements are estimated under severe, hypothetical circumstances, for which the Company believes the possibility is remote. The following table presents the Company’s aggregate maximum exposure to losses by asset type:

Table of Contents

Upstart Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

(Unaudited)


	December 31, 2024		September 30, 2025

Cash and cash equivalents	$	85,105	$	132,337
Restricted cash	84,065		173,117
Beneficial interests	204,814		330,073
Other assets - Line of credit receivable(1)	54,780		111,696
Loans(1)	30,579		50,061
Total	$	459,343	$	797,284

__________

(1) Represents the unpaid principal balance

As of December 31, 2024 and September 30, 2025, $137.4 million and $194.3 million, respectively, of the Company’s cash was held by one of our institutional investors in the form of the line of credit receivable and part of the beneficial interest asset balance. We mitigate our risk exposure through corporate guarantees provided by the investor.

5. Fair Value Measurement

The following table presents assets and liabilities measured at fair value and categorized in accordance with the fair value hierarchy:



	Level	December 31, 2024		September 30, 2025
Assets
Loans	3	$	806,304	$	1,229,976
Beneficial interest assets	3	176,848		316,199
Line of credit receivable	3	56,269		114,846
Loan servicing assets	3	27,439		36,783
Notes receivable and residual certificates	3	22,055		76,761
Interest rate caps(1)	2	1,864		824
Total assets		$	1,090,779	$	1,775,389
Liabilities
Payable to securitization note holders	3	$	87,321	$	55,175
Beneficial interest liabilities	3	10,089		13,186
Trailing fee liabilities	3	4,614		5,372
Loan servicing liabilities	3	1,180		1,934
Total liabilities		$	103,204	$	75,667

__________

(1) The fair value of interest rate caps is determined based on the present value of the estimated future cash flows over the contract term using observable market-based inputs as of the valuation date, including implied interest rates.

Financial instruments are categorized in the fair value hierarchy based on the significance of unobservable inputs and assumptions in the overall fair value measurement. Financial instruments classified as Level 3 within the fair value hierarchy do not trade in an active market with readily observable prices. The Company uses significant unobservable inputs to measure the fair value of these assets and liabilities. There were no transfers between Level 1, Level 2 or Level 3 of the fair value hierarchy during the periods presented.

Table of Contents

Upstart Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

(Unaudited)

Loans

Loans included in the Company’s condensed consolidated balance sheets are classified as either held-for-sale or held-for-investment based on the Company’s intent and ability to sell the loans prior to maturity. From time to time, the Company transfers loans between the classification categories based on changes in the Company’s intent and ability. Loans held in the consolidated securitization include loans contributed as collateral to and held in the consolidated securitization (UPST 2023-2) and are classified as held-for-sale.

The following table presents the fair value of classes of loans included in the Company’s condensed consolidated balance sheets as of December 31, 2024 and September 30, 2025:


	December 31, 2024		September 30, 2025

Loans held-for-sale	$	405,812	$	521,743
Loans held-for-investment	297,543		644,168
Loans held in consolidated securitization	102,949		64,065
Total	$	806,304	$	1,229,976

Valuation Methodology

Loans held-for-sale and held-for-investment are measured at estimated fair value using a discounted cash flow model. The fair valuation methodology considers projected prepayments and historical defaults, losses and recoveries to project future losses and net cash flows on loans. Net cash flows are discounted using an estimate of market rates of return. The fair value of these loans also includes accrued interest.

The Company elected the measurement alternative under Topic 810, Consolidation, and maximizes the use of observable inputs to estimate the fair value of the financial assets and liabilities of UPST 2023-2. Under the measurement alternative, the Company determined that inputs and market data used to determine the value of UPST 2023-2 liabilities, which consist of securitization notes and residual certificates issued as part of this securitization, are more observable than those used to measure fair value of UPST 2023-2 financial assets, which consist of held-for-sale loans contributed as collateral. Thus, the loans are measured based on the sum of the fair value of the UPST 2023-2 securitization notes and residual certificates, with changes in fair value included in the condensed consolidated statements of operations and comprehensive income (loss). The fair value is also corroborated with discounted cash flow that considers projected prepayments and historical defaults, losses and recoveries to project future losses and net cash flows on loans, discounted using an estimate of market rates of return as disclosed below in the Significant Inputs and Assumptions section. The fair value of loans in consolidated securitization also includes accrued interest.

Significant Inputs and Assumptions

The following table presents quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements for loans held-for-investment and held-for-sale, excluding loans held in consolidated securitization:

Table of Contents

Upstart Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

(Unaudited)


	December 31, 2024						September 30, 2025
	Minimum		Maximum		Weighted-Average (1)		Minimum		Maximum		Weighted-Average (1)
Discount rate	9.75	%	22.37	%	11.91	%	5.05	%	14.47	%	9.46	%
Credit risk rate	0.01	%	93.12	%	17.87	%	0.01	%	91.50	%	14.18	%
Prepayment rate	0.45	%	89.07	%	33.07	%	0.45	%	99.61	%	42.05	%

_________

(1) Unobservable inputs were weighted by relative fair value.

The following table presents quantitative information about the significant unobservable inputs implied for the Company’s Level 3 fair value measurements for loans held in consolidated securitization, which is determined by the sum of the fair value of the related securitization notes and residual certificates, and corroborated with a discounted cash flow model, similar to the one used for other loans held on the condensed consolidated balance sheet:


	December 31, 2024						September 30, 2025
	Minimum		Maximum		Weighted-Average (1)		Minimum		Maximum		Weighted-Average (1)
Discount rate	5.96	%	15.25	%	9.59	%	7.28	%	15.00	%	10.28	%
Credit risk rate	0.67	%	37.70	%	15.66	%	0.67	%	37.70	%	15.99	%
Prepayment rate	6.73	%	89.84	%	41.51	%	6.73	%	89.84	%	40.66	%

_________

(1) Unobservable inputs were weighted by relative fair value.

Credit risk rates–The credit risk rates are an estimate of the net cumulative principal payments that will not be repaid over the entire life of a financial instrument. The credit risk rates are expressed as a percentage of the original principal amount of the instrument. The estimated net cumulative loss represents the sum of the net losses estimated to occur each month of the life of the instrument, net of the average recovery expected to be received.

Prepayment rates–Prepayment rates are an estimate of the cumulative principal prepayments that will occur over the entire life of a loan as a percentage of the original principal amount of the loan. The assumption regarding cumulative prepayments impacts the projected balances and expected terms of the loans.

Significant Recurring Level 3 Fair Value Input Sensitivity

The following table presents the sensitivity of the fair value of loans held-for-sale and held-for-investment, excluding the loans in consolidated securitization, to adverse changes in key assumptions used in the valuation model as of December 31, 2024 and September 30, 2025:

Table of Contents

Upstart Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

(Unaudited)


	December 31, 2024		September 30, 2025

Fair value of loans held-for-sale and held-for-investment	$	703,355	$	1,165,911
Discount rates
100 basis point increase	(9,048)		(14,034)
200 basis point increase	(17,881)		(27,643)
Expected credit loss rates on underlying loans
10% adverse change	(9,135)		(13,090)
20% adverse change	(18,129)		(25,634)
Expected prepayment rates
10% adverse change	(1,899)		*
20% adverse change	(3,783)		*

_________

* Immaterial

The table below presents the fair value sensitivity of loans in consolidated securitization to adverse changes in key assumptions. The fair value of loans in consolidated securitization is not sensitive to adverse changes in discount rates and prepayment rates as such changes do not result in a material impact on the fair value as of December 31, 2024 and September 30, 2025.


	December 31, 2024		September 30, 2025

Fair value of loans held in consolidated securitization	$	102,949	$	64,065



Expected credit loss rates on underlying loans
10% adverse change	(1,799)		*
20% adverse change	(3,577)		*

_________

* Immaterial

Rollforward of Level 3 Fair Values

The following tables include a rollforward of the loans classified within Level 3 of the fair value hierarchy:


	Loans Held-for-Sale		Loans Held-for-Investment		Loans Held in Consolidated Securitization		Total
Fair value at June 30, 2024	$	497,922	$	187,586	$	135,120	$	820,628

Purchases and originations of loans(1)	475,176		85,639		—		560,815
Sale of loans(1)	(590,403)		—		—		(590,403)
Purchase of loans for immediate resale(1)	581,057		—		—		581,057
Immediate resale of loans(1)	(581,057)		—		—		(581,057)
Repayments received(1)	(43,633)		(37,603)		(11,818)		(93,054)
Charge-offs and changes in fair value recorded in earnings	(25,270)		(14,207)		(4,782)		(44,259)
Other changes	(2,493)		4,886		—		2,393

Fair value at September 30, 2024	$	311,299	$	226,301	$	118,520	$	656,120

_________

(1) Represents the principal balance.

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Upstart Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

(Unaudited)


	Loans Held-for-Sale		Loans Held-for-Investment		Loans Held in Consolidated Securitization		Total
Fair value at December 31, 2023	$	830,574	$	146,768	$	179,071	$	1,156,413
Reclassification of loans(1)	(3,189)		3,189		—		—


Purchases and originations of loans(1)(2)	1,558,844		196,580		—		1,755,424
Sale of loans(1)	(1,826,066)		—		—		(1,826,066)
Purchase of loans for immediate resale(1)	1,067,402		—		—		1,067,402
Immediate resale of loans(1)	(1,067,402)		—		—		(1,067,402)
Repayments received(1)	(163,606)		(93,172)		(36,532)		(293,310)
Charge-offs and changes in fair value recorded in earnings	(77,943)		(37,810)		(24,019)		(139,772)
Other changes	(7,315)		10,746		—		3,431
Fair value at September 30, 2024	$	311,299	$	226,301	$	118,520	$	656,120

_________

(1) Represents the principal balance.

(2) Purchase activity includes an immaterial unpaid principal balance related to securitization clean-up calls during the nine months ended September 30, 2024.


	Loans Held-for-Sale		Loans Held-for-Investment		Loans Held in Consolidated Securitization		Total
Fair value at June 30, 2025	$	445,787	$	497,867	$	75,850	$	1,019,504


Purchases and originations of loans (1)	560,563		288,100		—		848,663
Sale of loans(1)	(421,618)		(29,945)		—		(451,563)
Purchase of loans for immediate resale(1)	1,885,786		—		—		1,885,786
Immediate resale of loans(1)	(1,885,786)		—		—		(1,885,786)
Repayments received(1)	(56,756)		(90,705)		(9,840)		(157,301)
Charge-offs and changes in fair value recorded in earnings	(7,354)		(36,514)		(1,945)		(45,813)
Other changes	1,121		15,365		—		16,486

Fair value at September 30, 2025	$	521,743	$	644,168	$	64,065	$	1,229,976

_________

(1) Represents the principal balance.

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Upstart Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

(Unaudited)


	Loans Held-for-Sale		Loans Held-for-Investment		Loans Held in Consolidated Securitization		Total
Fair value at December 31, 2024	$	405,812	$	297,543	$	102,949	$	806,304


Purchases and originations of loans (1)	1,832,372		665,998		—		2,498,370
Sale of loans(1)	(1,541,321)		(49,633)		—		(1,590,954)
Purchase of loans for immediate resale(1)	4,594,319		—		—		4,594,319
Immediate resale of loans(1)	(4,594,319)		—		—		(4,594,319)
Repayments received(1)	(143,058)		(217,483)		(29,772)		(390,313)
Charge-offs and changes in fair value recorded in earnings	(32,037)		(87,916)		(9,112)		(129,065)
Other changes	(25)		35,659		—		35,634
Fair value at September 30, 2025	$	521,743	$	644,168	$	64,065	$	1,229,976

_________

(1) Represents the principal balance.

The following table presents the aggregate fair value and aggregate principal outstanding of all loans and loans that were 90 days or more past due included in the condensed consolidated balance sheets:


	Loans				Loans > 90 Days Past Due
	December 31,		September 30,		December 31,		September 30,
	2024		2025		2024		2025
Outstanding principal balance	$	858,440	$	1,299,782	$	11,236	$	13,212
Net fair value and accrued interest adjustments	(52,136)		(69,806)		(9,638)		(9,553)
Fair value(1)(2)	$	806,304	$	1,229,976	$	1,598	$	3,659

_________

(1) Includes $285.5 million and $468.2 million of auto loans at fair value as of December 31, 2024 and September 30, 2025, respectively, of which an immaterial amount are 90 days or more past due as of December 31, 2024 and September 30, 2025. Also includes $54.3 million and $168.9 million of HELOCs at fair value as of December 31, 2024 and September 30, 2025, respectively, of which immaterial amounts are 90 days or more past due as of December 31, 2024 and September 30, 2025, respectively.

(2) The fair value of loans in nonaccrual status was immaterial as of December 31, 2024 and September 30, 2025.

Line of Credit Receivable

In connection with one of its committed capital and other co-investment arrangements, the Company issued a revolving line of credit receivable to a third-party, which is classified as held-for-investment and presented within other assets on the Company’s condensed consolidated balance sheets. The fair value of the line of credit receivable as of December 31, 2024 and September 30, 2025 was $56.3 million and $114.8 million, respectively.

Valuation Methodology

The line of credit receivable is measured at estimated fair value using a discounted cash flow model. The model is based on the expected monthly outstanding balance of the line of credit receivable over the life of the agreement and considers the present creditworthiness of the counterparty and the difference between the current

Table of Contents

Upstart Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

(Unaudited)

interest rate and the stated interest rate. Cash flows are discounted using an estimate of market rates of return. The fair value of the line of credit receivable also includes accrued interest.

Significant Inputs and Assumptions

The following table presents quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements related to the line of credit receivable:


	December 31, 2024			September 30, 2025
	Minimum	Maximum	Weighted-Average	Minimum		Maximum		Weighted-Average
Discount rate	6.75%	6.75%	6.75%	6.75	%	6.75	%	6.75	%

Discount rate–The discount rate is the rate of return used to discount future expected cash flows to arrive at a present value, which represents the fair value. The discount rate used for the projected net cash flows are the Company’s estimate of the rate of return that market participants would require when investing in this financial instrument with cash flows dependent on credit quality of the counterparty. A risk premium component is implicitly included in the discount rate to reflect the amount of compensation market participants require due to the uncertainty inherent in the instrument’s cash flows resulting from risks such as credit and liquidity of the counterparty.

Significant Recurring Level 3 Fair Value Input Sensitivity

The fair value sensitivity of the line of credit receivable to adverse changes in key assumptions do not result in a material impact to the fair value of the line of credit receivable as of December 31, 2024 and September 30, 2025.

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Upstart Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

(Unaudited)

Rollforward of Level 3 Fair Values

The following tables present a rollforward of the line of credit receivable classified by the Company within Level 3 of the fair value hierarchy:


	Line of Credit Receivable
Fair value at June 30, 2024	$	8,305
Issuances	22,646
Changes in fair value recorded in earnings	403
Changes in accrued interest	160
Fair value at September 30, 2024	$	31,514


	Line of Credit Receivable
Fair value at December 31, 2023	$	—
Issuances	30,907
Changes in fair value recorded in earnings	447
Changes in accrued interest	160
Fair value at September 30, 2024	$	31,514


	Line of Credit Receivable
Fair value at June 30, 2025	$	107,456
Issuances	9,453
Repayments	(2,375)
Changes in fair value recorded in earnings	236
Changes in accrued interest	76
Fair value at September 30, 2025	$	114,846


	Line of Credit Receivable
Fair value at December 31, 2024	$	56,269
Issuances	59,292
Repayments	(2,375)
Changes in fair value recorded in earnings	1,299
Changes in accrued interest	361
Fair value at September 30, 2025	$	114,846

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Upstart Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

(Unaudited)

Assets and Liabilities related to Securitization Transactions

As of December 31, 2024 and September 30, 2025, the Company held notes receivable and residual certificates with an aggregate fair value of $22.1 million and $76.8 million, respectively, within other assets on the Company’s condensed consolidated balance sheets. The balances consist of securitization notes and residual certificates retained from unconsolidated securitization transactions. As of September 30, 2025, the fair value of securitization notes the Company pledged as collateral in connection with the Company’s risk retention financing facility was $60.7 million, refer to “Note 8. Borrowings” for further information. As of December 31, 2024, no securitization notes were pledged as collateral.

As of December 31, 2024 and September 30, 2025, the Company recognized payables to securitization note holders of $87.3 million and $55.2 million at fair value, respectively. The balance represents the value of the securitization notes issued and owned by third-party investors in connection with UPST 2023-2. The value of the UPST 2023-2 securitization notes and residual certificates retained by the Company is eliminated in the consolidation process.

Valuation Methodology

The Company prioritizes the use of observable inputs in estimating the fair value of notes receivable and residual certificates and payable to securitization note holders when available. When market activity for these financial instruments is not observable, the fair value is determined using a discounted cash flow methodology. This approach uses assumptions of projected cash flows of the underlying collateral loan pools adjusted for features of these securities, which reflect the Company’s best estimates of the assumptions a market participant would use to determine fair value.

Significant Inputs and Assumptions

The following table presents quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements related to note receivable, residual certificates, and payable to securitization note holders:


	December 31, 2024						September 30, 2025
	Minimum		Maximum		Weighted-Average (1)		Minimum		Maximum		Weighted-Average (1)
Notes receivable and residual certificates
Discount rate	9.60	%	22.37	%	12.59	%	6.40	%	12.47	%	11.27	%
Credit risk rate	0.54	%	50.28	%	19.00	%	0.48	%	50.28	%	20.60	%
Prepayment rate	4.61	%	94.53	%	35.72	%	4.11	%	95.96	%	32.08	%
Payable to securitization note holders
Discount rate	5.96	%	10.98	%	8.52	%	7.28	%	10.57	%	9.44	%
Credit risk rate	0.67	%	37.70	%	15.66	%	0.67	%	37.70	%	15.99	%
Prepayment rate	6.73	%	89.84	%	41.51	%	6.73	%	89.84	%	40.66	%

_________

(1)Unobservable inputs were weighted by relative fair value.

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Upstart Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

(Unaudited)

Significant Recurring Level 3 Fair Value Input Sensitivity

Notes Receivable and Residual Certificates

Adverse changes in discount rates, credit risk rates, or prepayment rates do not result in a material impact to the fair value of notes receivable and residual certificates as of December 31, 2024 and September 30, 2025.

Payable to Securitization Note Holders

Adverse changes in discount rates, credit risk rates, and expected prepayment rates do not result in a material impact to the fair value of payable to securitization note holders as of December 31, 2024 and September 30, 2025.

Rollforward of Level 3 Fair Values

The following tables include a rollforward of the notes receivable and residual certificates and payables to securitization note holders related to securitization transactions classified by the Company within Level 3 of the fair value hierarchy:


	Notes Receivable and Residual Certificates		Payable to Securitization Note Holders
Fair value at June 30, 2024	$	11,642	$	113,652

Repayments and settlements	(1,323)		(14,259)
Changes in fair value recorded in earnings	(1)		942

Fair value at September 30, 2024	$	10,318	$	100,335


	Notes Receivable and Residual Certificates		Payable to Securitization Note Holders
Fair value at December 31, 2023	$	14,847	$	141,416

Repayments and settlements	(4,004)		(42,705)
Changes in fair value recorded in earnings	(525)		1,624

Fair value at September 30, 2024	$	10,318	$	100,335


	Notes Receivable and Residual Certificates		Payable to Securitization Note Holders
Fair value at June 30, 2025	$	54,708	$	65,152
Additions	27,525		—
Repayments and settlements	(6,374)		(10,002)
Changes in fair value recorded in earnings	902		25

Fair value at September 30, 2025	$	76,761	$	55,175

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Upstart Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

(Unaudited)


	Notes Receivable and Residual Certificates		Payable to Securitization Note Holders





Fair value at December 31, 2024	$	22,055	$	87,321
Additions	65,880		—
Repayments and settlements	(12,895)		(32,023)
Changes in fair value recorded in earnings	1,721		(123)
Fair value at September 30, 2025	$	76,761	$	55,175

Loan Servicing Assets and Liabilities

As of December 31, 2024 and September 30, 2025, the Company’s loan servicing assets had a fair value of $27.4 million and $36.8 million, respectively, recorded within other assets on the condensed consolidated balance sheets. As of December 31, 2024 and September 30, 2025, the Company’s loan servicing liabilities had a fair value of $1.2 million and $1.9 million, respectively, recorded within accrued expenses and other liabilities on the condensed consolidated balance sheets.

Valuation Methodology

Loan servicing assets and liabilities are measured at estimated fair value using a discounted cash flow model. The cash flows in the valuation model represent the difference between the contractual servicing fees charged to institutional investors and an estimated market servicing fee. Since contractual servicing fees are generally based on the monthly outstanding principal balance of the underlying loans, the expected cash flows in the model incorporate estimates of net losses and prepayments.

Significant Inputs and Assumptions

The following table presents quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements for loan servicing assets and liabilities:


	December 31, 2024						September 30, 2025
	Minimum		Maximum		Weighted-Average (1)		Minimum		Maximum		Weighted-Average (1)
Discount rate	13.00	%	20.00	%	17.14	%	13.00	%	20.00	%	17.33	%
Credit risk rate	0.08	%	61.96	%	16.05	%	0.09	%	61.96	%	16.87	%
Market-servicing rate (2)(3)	0.62	%	3.70	%	0.62	%	0.62	%	3.70	%	0.62	%
Prepayment rate	2.17	%	96.90	%	36.43	%	2.59	%	96.90	%	36.14	%

_________

(1)Unobservable inputs were weighted by relative fair value.

(2)Excludes ancillary fees that would be passed on to a third-party servicer.

(3)Expressed as a percentage of the outstanding principal balance for auto loans of 3.70% as of both December 31, 2024 and September 30, 2025, and 0.62% for personal loans as of both December 31, 2024 and September 30, 2025.

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Upstart Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

(Unaudited)

Discount rates–The discount rates are the Company’s estimate of the rates of return that market participants in servicing rights would require when investing in similar servicing rights. Discount rates for servicing rights on existing loans are adjusted to reflect the time value of money and a risk premium intended to reflect the amount of compensation market participants would require due to the uncertainty associated with these instruments’ cash flows.

Credit risk rates–The credit risk rates are the Company’s estimate of the net cumulative principal payments that will not be repaid over the entire life of a loan expressed as a percentage of the original principal amount of the loan. The assumption regarding net cumulative losses impacts the projected balances and expected terms of the loans, which are used to project future servicing revenues.

Market-servicing rates–Market-servicing rate is an estimated measure of adequate compensation for a market participant, if one was required. The rate is expressed as a fixed percentage of outstanding principal balance per annum. The estimate considers the profit that would be demanded in the marketplace to service the portfolio of outstanding loans subject to the Company’s servicing agreements.

Prepayment rates–Prepayment rates are the Company’s estimate of the cumulative principal prepayments that will occur over the entire life of a loan as a percentage of the original principal amount of the loan. The assumption regarding cumulative prepayments impacts the projected balances and expected terms of the loans, which are used to project future servicing revenues.

Significant Recurring Level 3 Fair Value Input Sensitivity

The table below presents the fair value sensitivity of loan servicing assets to adverse changes in market-servicing rates. The fair value of loan servicing assets and liabilities are not sensitive to adverse changes in discount rates, credit risk rates, and prepayment rates as such changes do not result in a material impact on the fair value as of December 31, 2024 and September 30, 2025. Adverse changes in market-servicing rates do not result in a material impact to the fair value of loan servicing liabilities as of December 31, 2024 and September 30, 2025.



	December 31, 2024		September 30, 2025
Fair value of loan servicing assets	$	27,439	$	36,783
Expected market-servicing rates
10% market-servicing rates increase	(6,931)		(7,909)
20% market-servicing rates increase	(14,098)		(15,807)

Rollforward of Level 3 Fair Values

The following tables present a rollforward of the loan servicing assets and liabilities classified by the Company within Level 3 of the fair value hierarchy:


	Loan Servicing Assets		Loan Servicing Liabilities
Fair value at June 30, 2024	$	25,790	$	1,223
Sale of loans	5,552		1
Changes in fair value recorded in earnings	(4,637)		(60)
Fair value at September 30, 2024	$	26,705	$	1,164

Table of Contents

Upstart Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

(Unaudited)


	Loan Servicing Assets		Loan Servicing Liabilities
Fair value at December 31, 2023	$	28,092	$	2,038
Sale of loans	11,451		3
Changes in fair value recorded in earnings	(12,838)		(877)
Fair value at September 30, 2024	$	26,705	$	1,164


	Loan Servicing Assets		Loan Servicing Liabilities
Fair value at June 30, 2025	$	32,443	$	1,750
Sale of loans	8,495		570
Changes in fair value recorded in earnings	(4,155)		(386)
Fair value at September 30, 2025	$	36,783	$	1,934


	Loan Servicing Assets		Loan Servicing Liabilities
Fair value at December 31, 2024	$	27,439	$	1,180
Sale of loans	22,139		1,763
Changes in fair value recorded in earnings	(12,795)		(1,009)
Fair value at September 30, 2025	$	36,783	$	1,934

Beneficial Interests

In connection with the committed capital and other co-investment arrangements that meet a definition of derivatives (derivative beneficial interests), the Company is obligated to make payments to the third-party or is entitled to receive payments from the third-party if credit performance on the underlying loans deviates from initial expectations set at the time of loan sale or origination, subject to a dollar cap. In the arrangements that are associated with debt-like securities with embedded derivative features, the Company makes an initial investment and is entitled to a portion of cash flows from repayments received over time on the underlying loan portfolios. These cash flows vary depending on the demonstrated credit performance relative to our expectations.

As of December 31, 2024 and September 30, 2025, the fair value of the beneficial interest assets related to these arrangements was $176.8 million and $316.2 million, respectively. As of the same dates, the fair value of the beneficial interest liabilities was $10.1 million and $13.2 million, respectively.

Valuation Methodology

Beneficial interests are measured at estimated fair value using a discounted cash flow model. The discounted cash flow model sets expectations for cash flows to be received by the Company under each arrangement based on contractually-defined terms, such as total return, portfolio composition, frequency of cash distribution, and others and calculates net cash flows to be received by the Company. These net cash flows are then discounted using an estimate of market rates of return that reflect the risk premium related to those cash flows. As credit performance is demonstrated by the underlying loan portfolios, each discounted cash flow model is periodically updated to determine future cash inflows and outflows based on the latest estimated performance for the duration of each arrangement. The discounted cash flow model uses inputs discussed below that are inherently judgmental and reflect

Table of Contents

Upstart Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

(Unaudited)

the Company’s best estimates of the assumptions a market participant would use to determine fair value of our beneficial interests.

Significant Inputs and Assumptions

The following table presents quantitative information about the significant unobservable inputs used for the Company’s fair value measurements of beneficial interests as of December 31, 2024 and September 30, 2025:


	December 31, 2024						September 30, 2025
	Minimum		Maximum		Weighted-Average(1)		Minimum		Maximum		Weighted-Average(1)
Beneficial interest assets
Discount rate	6.75	%	13.75	%	13.53	%	6.75	%	13.75	%	13.32	%
Credit risk rate spread(2)	(4.00)	%	12.60	%	1.32	%	(5.36)	%	12.50	%	2.29	%
Prepayment rate spread(3)	*		*		*		(6.37)	%	14.25	%	4.27	%
Beneficial interest liabilities
Discount rate	13.75	%	13.75	%	13.75	%	13.75	%	13.75	%	13.75	%
Credit risk rate spread(2)	(0.24)	%	18.68	%	9.78	%	(3.25)	%	9.70	%	3.71	%

_________

(1) Unobservable inputs were weighted by relative fair value.

(2) Expressed as a percentage of cumulative net loss expectations as of the valuation date compared to the initial expectations as of the origination date or date of loan sale.

(3) Expressed as a percentage of cumulative principal prepayment expectations as of the valuation date compared to the initial expectations as of the origination date or date of loan sale.

* Prepayment rate spread was not a significant input as of December 31, 2024.

Discount rates–The discount rates are rates of return used to discount future expected cash flows to arrive at a present value, which represents the fair value. The discount rates used for the projected net cash flows are the Company’s estimates of the rates of return that market participants would require when investing in these financial instruments with cash flows dependent on credit performance of the underlying loan portfolio. A risk premium component is implicitly included in the discount rates to reflect the amount of compensation market participants require due to the uncertainty inherent in the instruments’ cash flows resulting from risks such as credit and liquidity. The Company uses two different discount rates for expected cash flows associated with demonstrated to-date credit performance and those associated with future credit performance. The difference in these rates reflects the level of uncertainty and, as a result, risk premium that would be required by market participants when investing in these instruments.

Credit risk rate spreads–Credit risk rate spreads are the measurement of estimated credit performance of underlying loan portfolios as of the reporting date in comparison to the Company’s estimates at the time of origination or sale of loans under these arrangements (“initial expectation”). More specifically, credit risk rate spreads are the difference between the initial expectation of the cumulative principal of a loan portfolio, net of average recoveries, that is estimated to not be repaid over the life of a beneficial interest (“cumulative net loss”) and the same estimate as of the reporting date. A positive credit risk rate spread indicates that the estimated cumulative net loss as of the reporting period is higher than the initial expectation for a particular portfolio. A negative credit risk rate spread indicates the opposite – the estimated cumulative net loss as of the reporting period is lower than the initial expectation. Credit risk rate spreads are expressed as a percentage of the initial expectation of the cumulative total net losses. The difference between the initial and current expectation of estimated cumulative net losses impacts the amount and the timing of cash flows the Company expects to receive on beneficial interest assets or to pay for beneficial interest liabilities.

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Upstart Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

(Unaudited)

Prepayment rate spreads– Prepayment rate spreads are the measurement of estimated prepayments on the underlying loan portfolios as of the reporting date in comparison to the Company’s initial expectation. More specifically, prepayment rate spreads are the difference between the initial expectation of cumulative principal prepayments that will occur over the life of a beneficial interest (“cumulative prepayment”) and the same estimate as of the reporting date. A positive prepayment rate spread indicates that the estimated cumulative prepayments as of the reporting period is higher than the initial expectation for a particular portfolio. A negative prepayment rate spread indicates the opposite – the estimated cumulative prepayments as of the reporting period is lower than the initial expectation. Prepayment rate spreads are expressed as a percentage of the initial expectation of the cumulative total prepayments. The difference between the initial and current expectation of estimated cumulative prepayment impacts the amount and the timing of cash flows the Company expects to receive on beneficial interest assets or to pay for beneficial interest liabilities.

The following table presents the sensitivity of beneficial interest assets and liabilities to adverse changes in key assumptions used in the valuation model as of December 31, 2024 and September 30, 2025. Adverse changes in discount rates and prepayment rates do not result in a material impact to the fair value of beneficial interest liabilities as of December 31, 2024 and September 30, 2025.

Significant Recurring Level 3 Fair Value Input Sensitivity



	December 31, 2024		September 30, 2025
Fair value of beneficial interest assets	$	176,848	$	316,199
Discount rate
100 basis point increase	(3,247)		(4,610)
200 basis point increase	(6,384)		(9,076)
Expected credit risk rate spreads on underlying loans
10% adverse change	(44,356)		(71,379)
20% adverse change	(89,605)		(142,267)
Expected prepayment rate spreads on underlying loans
10% adverse change	*		(6,219)
20% adverse change	*		(12,834)

Fair value of beneficial interest liabilities	$	10,089	$	13,186



Expected credit risk rate spreads on underlying loans
10% adverse change	4,720		19,151
20% adverse change	10,259		37,879

_________

* Immaterial

Rollforward of Level 3 Fair Values

The following tables presents a rollforward of beneficial interest assets and liabilities:

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Upstart Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

(Unaudited)


	Beneficial Interest Assets		Beneficial Interest Liabilities
Fair value at June 30, 2024	$	97,804	$	11,198
Acquisition of beneficial interests	32,416		—
Settlement of beneficial interests	(1,079)		(1,325)

Changes in fair value recorded in earnings	2,342		3,289
Fair value at September 30, 2024	$	131,483	$	13,162


	Beneficial Interest Assets		Beneficial Interest Liabilities
Fair value at December 31, 2023	$	41,012	$	4,221
Acquisition of beneficial interests	103,817		—
Settlement of beneficial interests	(2,808)		(3,692)

Changes in fair value recorded in earnings	(10,538)		12,633
Fair value at September 30, 2024	$	131,483	$	13,162


	Beneficial Interest Assets		Beneficial Interest Liabilities
Fair value at June 30, 2025	$	266,761	$	10,532
Acquisition of beneficial interests	109,529		—
Settlement of beneficial interests, net	(52,812)		(4,052)
Changes in fair value recorded in earnings	(7,279)		6,706
Fair value at September 30, 2025	$	316,199	$	13,186


	Beneficial Interest Assets		Beneficial Interest Liabilities
Fair value at December 31, 2024	$	176,848	$	10,089
Acquisition of beneficial interests	219,399		—
Settlement of beneficial interests, net	(96,253)		(15,716)
Changes in fair value recorded in earnings	16,205		18,813
Fair value at September 30, 2025	$	316,199	$	13,186

Table of Contents

Upstart Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

(Unaudited)

Trailing Fee Liabilities

The Company pays certain bank partners monthly trailing fees based on the amount and timing of principal and interest payments made by borrowers of the underlying loans. The Company held trailing fee liabilities of $4.6 million and $5.4 million as of December 31, 2024 and September 30, 2025, respectively.

Valuation Methodology

The discounted cash flow methodology, which is used to estimate the fair value of trailing fee liabilities, uses the same projected net cash flows as the underlying loans. The fair valuation methodology considers projected prepayments and historical defaults, losses and recoveries to project future losses and net cash flows of the underlying loans. Net cash flows are discounted using an estimate of market rates of return.

Significant Inputs and Assumptions

The following table presents quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements for trailing fee liabilities:


	December 31, 2024						September 30, 2025
	Minimum		Maximum		Weighted-Average (1)		Minimum		Maximum		Weighted-Average (1)
Discount rate	9.55	%	22.37	%	12.54	%	5.05	%	14.47	%	10.79	%
Credit risk rate	0.02	%	88.53	%	18.97	%	0.03	%	67.59	%	19.54	%
Prepayment rate	1.51	%	95.80	%	35.50	%	1.52	%	95.96	%	34.55	%

_________

(1) Unobservable inputs were weighted by relative fair value.

Significant Recurring Level 3 Fair Value Input Sensitivity

The fair value sensitivity of trailing fee liabilities to adverse changes in key assumptions do not result in a material impact to the fair value of trailing fee liabilities as of December 31, 2024 and September 30, 2025.

Rollforward of Level 3 Fair Values

The following tables include a rollforward of trailing fee liabilities classified by the Company within Level 3 of the fair value hierarchy:


	Trailing Fee Liabilities
Fair value at June 30, 2024	$	4,242
Issuances	912
Repayments and settlements	(834)
Changes in fair value recorded in earnings	25
Fair value at September 30, 2024	$	4,345

Table of Contents

Upstart Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

(Unaudited)


	Trailing Fee Liabilities
Fair value at December 31, 2023	$	4,251
Issuances	2,101
Repayments and settlements	(2,145)
Changes in fair value recorded in earnings	138
Fair value at September 30, 2024	$	4,345


	Trailing Fee Liabilities
Fair value at June 30, 2025	$	4,958
Issuances	1,103
Repayments and settlements	(750)
Changes in fair value recorded in earnings	61

Fair value at September 30, 2025	$	5,372


	Trailing Fee Liabilities
Fair value at December 31, 2024	$	4,614
Issuances	2,889
Repayments and settlements	(2,086)
Changes in fair value recorded in earnings	(45)

Fair value at September 30, 2025	$	5,372

6. Goodwill and Intangible Assets

Goodwill

During the nine months ended September 30, 2024 and 2025, there were no changes in the carrying amount of goodwill of $67.1 million on the Company’s condensed consolidated balance sheets.

Intangible Assets

Acquired intangible assets subject to amortization consist of customer relationships, and are recorded net of amortization and included within other assets on the condensed consolidated balance sheets. The gross and net carrying values and accumulated amortization are as follows:


	December 31, 2024						September 30, 2025
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value

Customer relationships	$	13,700	$	(4,281)	$	9,419	$	13,700	$	(5,138)	$	8,562

Amortization expense was immaterial for the three and nine months ended September 30, 2024 and 2025.

Table of Contents

Upstart Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

(Unaudited)

Expected future amortization expense for intangible assets is as follows:


	September 30, 2025
Remaining 2025	$	285
2026	1,142
2027	1,142
2028	1,142
2029	1,142
Thereafter	3,709
Total	$	8,562

7. Balance Sheet Components

Other Assets

Other assets consisted of the following:


	December 31, 2024		September 30, 2025

Line of credit receivable (at fair value)(1)	$	56,269	$	114,846
Notes receivable and residual certificates (at fair value)(1)(3)	22,055		76,761
Receivables	48,233		43,519
Loan servicing assets (at fair value)(1)	27,439		36,783
Prepaid expenses	28,830		30,555
Other assets	19,321		18,409
Intangible assets, net(2)	9,431		8,575
Deposits	5,185		5,103

Total other assets	$	216,763	$	334,551

_________

(1)Refer to “Note 5. Fair Value Measurement” for further information.

(2)Refer to “Note 6. Goodwill and Intangible Assets” for further information.

(3)Refer to “Note 8. Borrowings” for further information on securitization notes pledged as collateral as part of the risk retention financing facility.

Receivables represent amounts recognized as revenue but not yet collected in relation to servicing and other agreements with institutional investors and lending partners.

Table of Contents

Upstart Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

(Unaudited)

Property, Equipment, and Software, Net

Property, equipment, and software, net consisted of the following:


	December 31, 2024		September 30, 2025
Internally developed software	$	68,481	$	90,519
Leasehold improvements	15,069		15,244
Computer and networking equipment	6,069		6,115
Furniture and fixtures	4,795		4,795
Total property, equipment, and software	94,414		116,673
Accumulated depreciation and amortization	(55,401)		(72,414)
Total property, equipment, and software, net	$	39,013	$	44,259

For the three and nine months ended September 30, 2024, depreciation and amortization expense on property, equipment, and software was $5.1 million and $14.2 million, respectively and immaterial and $17.5 million for the three and nine months ended September 30, 2025, respectively.

Capitalized internally developed software balances, net of accumulated amortization, were $31.0 million and $38.4 million as of December 31, 2024 and September 30, 2025, respectively. The Company recognized immaterial impairment charges to internally developed software during the three and nine months ended September 30, 2024, and the nine months ended September 30, 2025. No impairment charges were recognized to internally developed software during the three months ended September 30, 2025.

Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consisted of the following:


	December 31, 2024		September 30, 2025
Accrued expenses	$	37,781	$	40,035
Accrued payroll	64,514		36,849
Beneficial interest liabilities (at fair value)	10,089		13,186
Accounts payable	12,381		11,781



Other liabilities	3,241		7,093


Trailing fee liability (at fair value)	4,614		5,372
Loan servicing liabilities (at fair value)	1,180		1,934
Total accrued expenses and other liabilities	$	133,800	$	116,250

Table of Contents

Upstart Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

(Unaudited)

8. Borrowings

The following table presents the aggregate principal outstanding of all borrowings that are included in the condensed consolidated balance sheets:


	December 31, 2024		September 30, 2025

Warehouse credit facilities	$	195,605	$	140,522
Risk retention financing facility	—		60,689

Convertible senior notes	1,230,379		1,687,794
Total payments due	1,425,984		1,889,005
Unamortized debt discount	(23,816)		(33,251)
Total borrowings	$	1,402,168	$	1,855,754

The following table summarizes the aggregate amount of maturities of all borrowings:


	September 30, 2025


Remaining 2025	$	—
2026	66,544
2027	—
2028	140,522
2029	431,250
2030	500,000
Thereafter	750,689
Total	$	1,889,005

Table of Contents

Upstart Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

(Unaudited)

Warehouse Credit Facilities

The following table presents the details of the Company’s revolving warehouse credit facilities:


					December 31, 2024				September 30, 2025
	Stated Interest Rate(1)	Termination and Maturity(2)	Total Borrowing Capacity(3)		Collateral(4)		Outstanding Borrowings		Collateral(4)		Outstanding Borrowings
Upstart Auto Warehouse Trust	Benchmark rate + 3.0%	April 2025	$	—	$	167,166	$	23,228	$	—	$	—
Upstart Auto Warehouse Trust 2	Benchmark rate + 0% - 4.0%	August 2026 and August 2027	150,000		19,396		11,353		6		—
Upstart Loan Trust	Benchmark rate + 2.4% - 3.8%	June 2027 and June 2028	325,000		74,541		34,217		122,161		66,215

Upstart Holdings, Inc. 10-Q