Upstart Holdings(NASDAQ:UPST) 
Upstart Holdings, Inc. operates a cloud- based artificial intelligence (AI) lending platform. The company's platform aggregates consumer demand for loans and connects it to its network of the company's AI- enabled bank partners. Its platform connects consumers, banks, and institutional investors thr...
Website: https://www.upstart.com/
Founded: 2012
IPO Price: $20 (Dec 16, 2020)
Full Time Employees: 1,460 (Feb 2023)
Founder: Dave Girouard, Paul Gu, Anna Counselman
CEO: Dave Girouard
Sector: Financial Services
Industry: Credit Services
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At a glance:
- Loan Origination Volumes Rebounded, but Remain Rate- and Credit-Sensitive: Upstart’s revenue is highly tied to platform transaction volume and conversion rates, which can improve as funding capacity returns but typically remain sensitive to interest rates, borrower demand, and credit performance.
- Funding & Liquidity Access Is a Core Swing Factor: The company’s growth trajectory depends on the depth and stability of its funding partners (banks, credit unions, and capital markets). Any tightening in warehouse lines or securitization markets can constrain originations and pressure results.
- Credit Performance and Model Calibration Drive Partner Confidence: Investor and bank appetite hinges on delinquency/charge-off trends and Upstart’s ability to recalibrate underwriting models through the credit cycle, influencing approvals, pricing, and retention of funding partners.
- Path to Sustainable Profitability Hinges on Operating Leverage: Management’s ability to scale volumes without proportionally increasing costs—while maintaining healthy unit economics—remains key to improving margins and reaching consistent GAAP profitability.
- Regulatory and Litigation Risk Remains a Persistent Overhang: As an AI-driven lending platform, Upstart faces ongoing scrutiny around fair lending, model transparency, and consumer protection, which can increase compliance costs and limit product expansion.
Bull Thesis:
- Superior AI Underwriting Model: Upstart's proprietary AI/ML models analyze over 1,600 data points, enabling more accurate risk assessment than traditional FICO scores. This allows them to approve more borrowers at lower interest rates for their bank partners, leading to higher conversion and potentially lower default rates over time.
- Expanding Total Addressable Market (TAM): Upstart is actively expanding beyond personal loans into massive new markets like auto lending and mortgage origination. Successfully penetrating these segments would significantly increase their potential revenue and growth runway, diversifying their loan portfolio and reducing reliance on a single product category.
- Highly Scalable Platform Business Model: As a platform provider, Upstart can onboard new bank and credit union partners and integrate new loan products with relatively low marginal costs. This scalability allows for rapid growth in loan origination volume without a proportional increase in operational expenses, driving future operating leverage and profitability.
- Growing Network of Bank Partners: The increasing number of banks and credit unions adopting Upstart's platform validates the effectiveness of their AI model and expands their distribution network. A larger partner base reduces concentration risk and provides a more robust and diversified source of loan funding and origination volume.
Bear Thesis:
- High Sensitivity to Interest Rates and Economic Downturns: Upstart's business model is highly susceptible to macroeconomic conditions, particularly rising interest rates and economic slowdowns. Higher rates increase the cost of capital for lenders and borrowers, reducing demand for loans and increasing default risk, which can cause bank partners to pull back from lending.
- Volatility in Funding and Capital Markets: A significant portion of Upstart's loan originations relies on third-party funding from banks and institutional investors. During periods of economic uncertainty or tightening credit markets, these funding sources can become scarce or more expensive, directly impacting Upstart's ability to originate loans and grow revenue.
- Unproven Model Performance in Severe Stress: While Upstart's AI model has performed well in certain economic cycles, its long-term efficacy and resilience during a prolonged, severe recession or credit crisis remain largely untested. There's a risk that default rates could surge beyond model predictions in extreme economic conditions, leading to significant losses for lenders.
- Persistent Profitability and Free Cash Flow Challenges: Despite its growth potential, Upstart has struggled to achieve consistent profitability and positive free cash flow, especially during periods of market volatility. The need to sometimes hold loans on its balance sheet to facilitate funding, coupled with high operating expenses, raises concerns about its long-term financial stability and capital efficiency.
Main Competitors:
- SoFi Technologies ($SOFI) (Personal Loans, Student Loan Refinancing, Mortgages, Investing, Banking), SoFi is a vertically integrated fintech company that offers a wide range of financial products, including personal loans, directly to consumers. They compete with Upstart by using their own proprietary underwriting models and technology to assess creditworthiness and originate loans, often targeting a similar demographic of creditworthy borrowers seeking competitive rates and a streamlined digital experience.
- LendingClub ($LC) (Personal Loans, Patient Solutions, Small Business Loans), LendingClub, originally a peer-to-peer lending platform, now operates as a full-spectrum digital bank. They directly originate personal loans using their own data-driven underwriting models, competing with Upstart for borrowers seeking unsecured personal loans and offering a fully digital application process.
- Avant (Personal Loans, Credit Cards), Avant is an online lending platform that provides personal loans and credit cards to consumers, often those with fair-to-good credit. They compete with Upstart by using their own proprietary technology and data analytics to underwrite loans and offer a quick, digital application process, serving a segment of the market that Upstart also targets or could expand into.
- LightStream (a division of Truist Bank) ($TFC) (Unsecured Personal Loans (for various purposes like home improvement, auto, debt consolidation)), LightStream is the online lending division of Truist Bank, offering unsecured personal loans with competitive rates to highly qualified borrowers. They compete by leveraging the backing of a large traditional bank while providing a fully digital, fast, and transparent lending experience, challenging Upstart's value proposition of speed and efficiency for prime borrowers.
Moat:
Upstart's primary competitive advantage lies in its AI-driven underwriting model, which aims to identify more creditworthy borrowers than traditional FICO-based systems, potentially leading to lower default rates and better interest rates. Its moat is built on the proprietary nature and continuous improvement of its AI, which benefits from more data. However, competition is fierce from other fintech lenders (like SoFi, LendingClub, and Avant) that also leverage technology and alternative data for underwriting, as well as traditional banks (such as Truist via LightStream) that are increasingly digitizing their lending processes and have vast balance sheets. Upstart's unique position as a platform enabling banks, rather than solely a direct lender, offers a distinct competitive angle, but it still vies for the same pool of borrowers and bank partnerships.
Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue: | ||||||||||||||||||||||
revenue from fees | 277,063,000 | 265,220,000 | 258,539,000 | 240,777,000 | 185,475,000 | 199,276,000 | 167,590,000 | 130,532,000 | 138,068,000 | 152,846,000 | 146,755,000 | 143,689,000 | 117,141,000 | 155,597,000 | 179,348,000 | 258,345,000 | 313,982,000 | 287,387,000 | 210,421,000 | 187,297,000 | 116,170,000 | |
interest income, interest expense, and fair value adjustments, net: | ||||||||||||||||||||||
interest income | 56,061,000 | 60,836,000 | 57,203,000 | 45,623,000 | 40,568,000 | 41,461,000 | 40,845,000 | 52,883,000 | 51,171,000 | 52,073,000 | 37,692,000 | 33,916,000 | 45,315,000 | |||||||||
interest expense | -10,370,000 | -8,078,000 | -8,794,000 | -7,772,000 | -7,020,000 | -7,431,000 | -10,818,000 | -11,470,000 | -10,714,000 | -14,066,000 | -9,414,000 | -4,282,000 | -7,132,000 | |||||||||
fair value and other adjustments | -14,540,000 | -21,888,000 | -29,843,000 | -21,337,000 | -5,652,000 | -14,342,000 | -35,477,000 | -44,315,000 | -50,731,000 | -50,541,000 | -40,476,000 | -37,557,000 | -52,397,000 | |||||||||
total interest income, interest expense, and fair value adjustments | 31,151,000 | 30,870,000 | 18,566,000 | 16,514,000 | 27,896,000 | 19,688,000 | -5,450,000 | -2,902,000 | -10,274,000 | |||||||||||||
total revenue | 308,214,000 | 296,090,000 | 277,105,000 | 257,291,000 | 213,371,000 | 218,964,000 | 162,140,000 | 127,630,000 | 127,794,000 | 140,312,000 | 134,557,000 | 135,766,000 | 102,927,000 | 146,913,000 | 157,233,000 | 228,162,000 | 310,136,000 | 304,848,000 | 228,450,000 | 193,946,000 | 121,345,000 | |
yoy | 44.45% | 35.22% | 70.90% | 101.59% | 66.96% | 56.06% | 20.50% | -5.99% | 24.16% | -4.49% | -14.42% | -40.50% | -66.81% | -51.81% | -31.17% | 17.64% | 155.58% | |||||
qoq | 4.09% | 6.85% | 7.70% | 20.58% | -2.55% | 35.05% | 27.04% | -0.13% | -8.92% | 4.28% | -0.89% | 31.91% | -29.94% | -6.56% | -31.09% | -26.43% | 1.73% | 33.44% | 17.79% | 59.83% | ||
operating expenses: | ||||||||||||||||||||||
sales and marketing | 104,455,000 | 90,588,000 | 78,844,000 | 73,105,000 | 58,970,000 | 55,463,000 | 43,229,000 | 32,958,000 | 35,150,000 | 38,772,000 | 33,042,000 | 23,891,000 | 31,438,000 | 50,753,000 | 56,362,000 | 105,212,000 | 133,449,000 | 114,815,000 | 93,346,000 | 75,916,000 | 49,376,000 | |
customer operations | 55,095,000 | 51,840,000 | 49,790,000 | 46,246,000 | 40,501,000 | 40,602,000 | 39,302,000 | 38,684,000 | 39,408,000 | 36,117,000 | 36,914,000 | 36,797,000 | 40,590,000 | 43,487,000 | 45,028,000 | 51,072,000 | 48,407,000 | 41,049,000 | 34,978,000 | 24,164,000 | 17,388,000 | |
engineering and product development | 80,112,000 | 66,913,000 | 64,026,000 | 68,825,000 | 57,838,000 | 67,222,000 | 64,887,000 | 58,453,000 | 63,091,000 | 57,152,000 | 54,941,000 | 57,974,000 | 110,071,000 | 64,029,000 | 66,182,000 | 57,045,000 | 49,991,000 | 46,495,000 | 37,085,000 | 31,431,000 | 18,988,000 | |
general, administrative, and other | 76,070,000 | 67,830,000 | 60,779,000 | 64,573,000 | 60,558,000 | 60,427,000 | 59,874,000 | 53,021,000 | 57,613,000 | 55,772,000 | 53,505,000 | 50,448,000 | 52,663,000 | 47,142,000 | 47,752,000 | 46,940,000 | 43,456,000 | 42,075,000 | 34,442,000 | 26,141,000 | 20,019,000 | |
total operating expenses | 315,732,000 | 277,171,000 | 253,439,000 | 252,749,000 | 217,867,000 | 223,714,000 | 207,292,000 | 183,116,000 | 195,262,000 | 187,813,000 | 178,402,000 | 169,110,000 | 234,762,000 | 205,411,000 | 215,324,000 | 260,269,000 | 275,303,000 | 244,434,000 | 199,851,000 | 157,652,000 | 105,771,000 | |
income from operations | -7,518,000 | 18,919,000 | 23,666,000 | 4,542,000 | -4,496,000 | -4,750,000 | -45,152,000 | -55,486,000 | -67,468,000 | -47,501,000 | -43,845,000 | -33,344,000 | -131,835,000 | -58,498,000 | -58,091,000 | -32,107,000 | 34,833,000 | 60,414,000 | 28,599,000 | 36,294,000 | 15,574,000 | |
yoy | 67.22% | -498.29% | -152.41% | -108.19% | -93.34% | -90.00% | 2.98% | 66.40% | -48.82% | -18.80% | -24.52% | 3.85% | -478.48% | -196.83% | -303.12% | -188.46% | 123.66% | |||||
qoq | -139.74% | -20.06% | 421.05% | -201.02% | -5.35% | -89.48% | -18.62% | -17.76% | 42.03% | 8.34% | 31.49% | -74.71% | 125.37% | 0.70% | 80.93% | -192.17% | -42.34% | 111.25% | -21.20% | 133.04% | ||
operating margin % | -2.44% | 6.39% | 8.54% | 1.77% | -2.11% | -2.17% | -27.85% | -43.47% | -52.79% | -33.85% | -32.58% | -24.56% | -128.09% | -39.82% | -36.95% | -14.07% | 11.23% | 19.82% | 12.52% | 18.71% | 12.83% | |
other income | 956,000 | 20,115,000 | 1,017,000 | 1,114,000 | 2,078,000 | 9,800,000 | 5,078,000 | 1,031,000 | 2,884,000 | 9,872,000 | 3,540,000 | 5,197,000 | 2,597,000 | 7,455,000 | 1,880,000 | 2,260,000 | 22,000 | 22,000 | 15,000 | -5,233,000 | ||
net loss before income taxes | -6,562,000 | -2,418,000 | -2,644,000 | -6,713,000 | -54,455,000 | -64,584,000 | -49,422,500 | -40,305,000 | ||||||||||||||
provision for income taxes | 84,000 | 526,000 | 124,000 | 49,000 | 29,000 | 111,000 | 45,000 | 15,000 | 14,000 | 63,000 | 10,000 | 18,000 | 16,000 | -464,000 | 12,000 | 24,000 | 19,000 | -988,000 | 221,000 | |||
net income | -6,646,000 | 18,636,000 | 31,805,000 | 5,607,000 | -2,447,000 | -2,755,000 | -6,758,000 | -54,470,000 | -64,598,000 | -42,398,000 | -40,315,000 | -28,165,000 | -129,254,000 | -13,350,500 | -56,223,000 | -29,871,000 | 32,692,000 | |||||
yoy | 171.60% | -776.44% | -570.63% | -110.29% | -96.21% | -93.50% | -83.24% | 93.40% | -50.02% | 217.58% | -28.29% | -5.71% | -495.37% | |||||||||
qoq | -135.66% | -41.41% | 467.24% | -329.14% | -11.18% | -59.23% | -87.59% | -15.68% | 52.36% | 5.17% | 43.14% | -78.21% | 868.16% | -76.25% | 88.22% | -191.37% | ||||||
net income margin % | -2.16% | 6.29% | 11.48% | 2.18% | -1.15% | -1.26% | -4.17% | -42.68% | -50.55% | -30.22% | -29.96% | -20.75% | -125.58% | -9.09% | -35.76% | -13.09% | 10.54% | 0% | 0% | 0% | 0% | |
net income per share | -0.07 | 0.19 | 0.33 | 0.06 | -0.03 | -0.02 | -0.07 | -0.62 | -0.74 | -0.49 | -0.48 | -0.34 | -1.58 | -0.16 | -0.69 | -0.36 | 0.39 | 0.73 | 0.37 | 0.49 | 0.14 | |
weighted-average number of shares outstanding used in computing net loss per share, basic | 96,901,974 | 94,274,538 | 89,450,038 | 90,119,481 | 88,435,893 | 87,030,695 | 84,404,966 | |||||||||||||||
weighted-average number of shares outstanding used in computing net loss per share, diluted | 96,901,974 | 94,274,538 | 89,450,038 | 90,119,481 | 88,435,893 | 87,030,695 | 84,404,966 | |||||||||||||||
gain on debt extinguishment | 7,246,000 | 33,361,000 | ||||||||||||||||||||
net income before income taxes | 19,162,000 | 31,929,000 | 5,656,000 | -28,147,000 | -129,238,000 | -55,727,000 | -56,211,000 | -29,847,000 | 32,711,000 | 59,267,000 | 27,845,000 | 36,296,000 | 10,323,000 | |||||||||
weighted-average number of shares outstanding used in computing net income per share, basic | 96,030,558 | 96,682,774 | 95,526,364 | 83,765,896 | 83,130,638 | 81,911,433 | 81,672,099 | 83,833,963 | 84,230,445 | |||||||||||||
weighted-average number of shares outstanding used in computing net income per share, diluted | 107,492,735 | 109,724,669 | 102,852,284 | 83,765,896 | 83,130,638 | 81,911,433 | 81,672,099 | 83,833,963 | 95,457,776 | |||||||||||||
interest income and fair value adjustments, net: | ||||||||||||||||||||||
total interest income and fair value adjustments | -8,583,750 | -12,198,000 | -7,923,000 | -14,214,000 | ||||||||||||||||||
interest income and fair value adjustments | -14,036,000 | -22,115,000 | -30,183,000 | -3,846,000 | 17,461,000 | 18,029,000 | 6,649,000 | 5,175,000 | ||||||||||||||
other expense | -2,122,000 | |||||||||||||||||||||
expense on warrants and convertible notes | -1,169,000 | -776,000 | ||||||||||||||||||||
benefit for income taxes | -508,750 | -1,268,000 | ||||||||||||||||||||
net income before attribution to noncontrolling interests | 58,944,000 | 29,113,000 | 37,284,000 | 10,102,000 | ||||||||||||||||||
net loss attributable to noncontrolling interests | ||||||||||||||||||||||
net income attributable to upstart holdings, inc. common stockholders | 58,944,000 | 29,113,000 | 37,284,000 | 10,102,000 | ||||||||||||||||||
weighted-average number of shares outstanding used in computing net income per share attributable to upstart holdings, inc. common stockholders, basic | 79,392,600 | 76,674,129 | 73,629,122 | |||||||||||||||||||
weighted-average number of shares outstanding used in computing net income per share attributable to upstart holdings, inc. common stockholders, diluted | 82,771,268 | 94,772,641 | 96,057,210 | 94,802,123 | 91,449,571 | |||||||||||||||||
income on warrants and other non-operating expenses | -13,000 | -18,000 | ||||||||||||||||||||
net income attributable to noncontrolling interests |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 |
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assets | ||||||||||||||||||||||
cash and cash equivalents | 472,934,000 | 652,388,000 | 489,784,000 | 395,940,000 | 599,778,000 | 788,422,000 | 445,274,000 | 374,791,000 | 300,529,000 | 368,405,000 | 516,581,000 | 443,672,000 | 386,942,000 | 422,411,000 | 683,970,000 | 790,431,000 | 757,828,000 | 986,608,000 | 1,041,460,000 | 506,287,000 | 257,017,000 | 250,819,000 |
restricted cash | 458,400,000 | 404,624,000 | 347,121,000 | 305,520,000 | 239,750,000 | 187,841,000 | 210,493,000 | 185,827,000 | 138,622,000 | 99,382,000 | 98,447,000 | 66,221,000 | 64,917,000 | 110,056,000 | 145,956,000 | 123,990,000 | 254,866,000 | 204,633,000 | 130,301,000 | 111,246,000 | 79,049,000 | 60,514,000 |
loans | 1,014,089,000 | 984,552,000 | 1,229,976,000 | 1,019,504,000 | 814,677,000 | 806,304,000 | 656,120,000 | 820,628,000 | 1,080,865,000 | 1,156,413,000 | 972,336,000 | 837,565,000 | 982,229,000 | 1,010,421,000 | 700,455,000 | 623,763,000 | 597,981,000 | 252,477,000 | 129,625,000 | 82,311,000 | 57,189,000 | 78,460,000 |
property, equipment, and software | 48,002,000 | 44,174,000 | 44,259,000 | 43,942,000 | 42,407,000 | 39,013,000 | 38,328,000 | 39,728,000 | 40,555,000 | 42,655,000 | 48,010,000 | 47,010,000 | 46,977,000 | 44,168,000 | 40,990,000 | 36,054,000 | 29,816,000 | 24,259,000 | 18,898,000 | 13,549,000 | 10,098,000 | 10,032,000 |
operating lease right of use assets | 13,605,000 | 16,410,000 | 34,646,000 | 37,620,000 | 40,557,000 | 43,455,000 | 46,318,000 | 49,144,000 | 51,936,000 | 54,694,000 | 77,339,000 | 80,349,000 | 83,382,000 | 86,335,000 | 87,475,000 | 90,352,000 | 93,219,000 | 96,118,000 | 70,025,000 | 16,208,000 | 17,265,000 | 18,310,000 |
beneficial interest assets | 474,796,000 | 396,216,000 | 316,199,000 | 266,761,000 | 216,578,000 | 176,848,000 | 131,483,000 | 97,804,000 | 62,214,000 | 41,012,000 | ||||||||||||
line of credit receivable | 111,916,000 | 112,742,000 | ||||||||||||||||||||
notes receivable and residual certificates | 105,066,000 | 8,288,000 | 10,489,000 | 12,995,000 | 16,033,000 | 19,074,000 | ||||||||||||||||
non-marketable equity securities | 41,250,000 | 41,250,000 | 41,250,000 | 41,250,000 | 41,250,000 | 41,250,000 | 41,250,000 | 41,250,000 | 41,250,000 | 41,250,000 | 41,250,000 | 41,250,000 | 41,250,000 | 41,250,000 | 41,000,000 | 41,000,000 | 41,000,000 | 40,000,000 | ||||
goodwill | 67,062,000 | 67,062,000 | 67,062,000 | 67,062,000 | 67,062,000 | 67,062,000 | 67,062,000 | 67,062,000 | 67,062,000 | 67,062,000 | 67,062,000 | 67,062,000 | 67,062,000 | 67,062,000 | 67,062,000 | 67,062,000 | 67,062,000 | 67,062,000 | 66,866,000 | 66,866,000 | ||
other assets | 154,561,000 | 255,387,000 | 334,551,000 | 300,269,000 | 234,218,000 | 216,763,000 | 172,652,000 | 143,990,000 | 144,634,000 | 146,227,000 | 143,780,000 | 151,919,000 | 134,399,000 | 138,720,000 | 131,702,000 | 126,598,000 | 126,982,000 | 121,104,000 | 77,491,000 | 72,990,000 | 51,937,000 | 40,046,000 |
total assets | 2,961,681,000 | 2,974,805,000 | 2,904,848,000 | 2,477,868,000 | 2,296,277,000 | 2,366,958,000 | 1,808,980,000 | 1,820,224,000 | 1,927,667,000 | 2,017,100,000 | 2,001,779,000 | 1,763,712,000 | 1,821,720,000 | 1,936,054,000 | 1,915,310,000 | 1,917,018,000 | 1,987,591,000 | 1,820,455,000 | 1,606,130,000 | 904,583,000 | 488,588,000 | 477,255,000 |
liabilities and stockholders’ equity | ||||||||||||||||||||||
liabilities: | ||||||||||||||||||||||
payable to investors | 125,523,000 | 107,659,000 | 93,400,000 | 91,669,000 | 83,114,000 | 60,173,000 | 60,778,000 | 65,502,000 | 59,081,000 | 53,580,000 | 51,607,000 | 44,049,000 | 41,047,000 | 90,777,000 | 93,844,000 | 105,712,000 | 139,802,000 | 107,598,000 | 84,312,000 | 76,947,000 | 56,490,000 | 45,501,000 |
borrowings | 1,921,665,000 | 1,829,145,000 | 1,855,754,000 | 1,428,479,000 | 1,334,863,000 | 1,402,168,000 | 887,367,000 | 912,727,000 | 1,005,277,000 | 1,040,424,000 | 1,003,392,000 | 930,653,000 | 1,000,871,000 | 986,394,000 | 918,917,000 | 856,555,000 | 769,222,000 | 695,432,000 | 649,222,000 | 6,057,000 | 41,891,000 | 62,626,000 |
payable to securitization note holders | 39,188,000 | 46,542,000 | 55,175,000 | 65,152,000 | 75,904,000 | 87,321,000 | 100,335,000 | 113,652,000 | 129,092,000 | 141,416,000 | 153,782,000 | |||||||||||
accrued expenses and other liabilities | 124,591,000 | 171,495,000 | 116,250,000 | 126,725,000 | 78,680,000 | 133,800,000 | 111,616,000 | 77,259,000 | 62,055,000 | 71,438,000 | 51,853,000 | 47,689,000 | 46,991,000 | 66,946,000 | 73,647,000 | 75,785,000 | 91,723,000 | 103,418,000 | 71,951,000 | 70,379,000 | 42,869,000 | 35,669,000 |
operating lease liabilities | 17,548,000 | 21,149,000 | 40,551,000 | 43,833,000 | 47,074,000 | 50,278,000 | 53,348,000 | 56,374,000 | 59,364,000 | 62,324,000 | 93,354,000 | 96,239,000 | 99,050,000 | 100,787,000 | 99,418,000 | 99,865,000 | 100,051,000 | 100,366,000 | 72,175,000 | 17,778,000 | 18,621,000 | 19,432,000 |
total liabilities | 2,228,515,000 | 2,175,990,000 | 2,161,130,000 | 1,755,858,000 | 1,619,635,000 | 1,733,740,000 | 1,213,444,000 | 1,225,514,000 | 1,314,869,000 | 1,381,795,000 | 1,361,015,000 | 1,125,567,000 | 1,194,512,000 | 1,263,619,000 | 1,196,742,000 | 1,159,947,000 | 1,111,087,000 | 1,013,377,000 | 887,041,000 | 188,487,000 | 167,998,000 | 177,003,000 |
commitments and contingencies | ||||||||||||||||||||||
stockholders’ equity: | ||||||||||||||||||||||
common stock, 0.0001 par value... | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 9,000 | 9,000 | 9,000 | 9,000 | 9,000 | 9,000 | 8,000 | 8,000 | 8,000 | 8,000 | 8,000 | 9,000 | 8,000 | 8,000 | 8,000 | 7,000 | 7,000 |
additional paid-in capital | 1,097,358,000 | 1,156,361,000 | 1,119,900,000 | 1,129,997,000 | 1,090,236,000 | 1,044,366,000 | 1,003,929,000 | 996,345,000 | 959,963,000 | 917,872,000 | 880,933,000 | 838,000,000 | 798,898,000 | 714,871,000 | 705,741,000 | 688,021,000 | 777,582,000 | 740,849,000 | 711,804,000 | 737,924,000 | 379,703,000 | 369,467,000 |
accumulated deficit | -364,202,000 | -357,556,000 | -376,192,000 | -407,997,000 | -413,604,000 | -411,157,000 | -408,402,000 | -401,644,000 | -347,174,000 | -282,576,000 | -240,178,000 | -199,863,000 | -171,698,000 | -21,836,000 | -59,120,000 | -69,222,000 | ||||||
total stockholders’ equity | 733,166,000 | 798,815,000 | 743,718,000 | 722,010,000 | 676,642,000 | 633,218,000 | 595,536,000 | 594,710,000 | 612,798,000 | 635,305,000 | 640,764,000 | 638,145,000 | 627,208,000 | 672,435,000 | 718,568,000 | 757,071,000 | 876,504,000 | 807,078,000 | 719,089,000 | 716,096,000 | 320,590,000 | 300,252,000 |
total liabilities and stockholders’ equity | 2,961,681,000 | 2,974,805,000 | 2,904,848,000 | 2,477,868,000 | 2,296,277,000 | 2,366,958,000 | 1,808,980,000 | 1,820,224,000 | 1,927,667,000 | 2,017,100,000 | 2,001,779,000 | 1,763,712,000 | 1,821,720,000 | 1,936,054,000 | 1,915,310,000 | 1,917,018,000 | 1,987,591,000 | 1,820,455,000 | 1,606,130,000 | 904,583,000 | 488,588,000 | |
accounts payable | 12,613,000 | 7,027,000 | 6,937,000 | 6,553,000 | 18,715,000 | 10,916,000 | 22,030,000 | 10,289,000 | 6,563,000 | 9,381,000 | 17,326,000 | 8,127,000 | 13,775,000 | |||||||||
beneficial interests | 36,974,000 | 28,664,000 | ||||||||||||||||||||
intangible assets | 14,562,000 | 15,631,000 | 16,700,000 | 17,768,000 | 18,837,000 | 19,906,000 | 20,975,000 | 22,131,000 | ||||||||||||||
retained earnings | -42,444,000 | 12,819,000 | 69,042,000 | 98,913,000 | 66,221,000 | 7,277,000 | ||||||||||||||||
non-marketable equity security | 40,000,000 | |||||||||||||||||||||
liabilities, convertible preferred stock, and stockholders’ equity | ||||||||||||||||||||||
payable to securitization note holders and residual certificate holders | ||||||||||||||||||||||
convertible preferred stock 0.0001 par value... | ||||||||||||||||||||||
stockholders’ equity | ||||||||||||||||||||||
total upstart holdings, inc. stockholders’ equity | 300,252,000 | |||||||||||||||||||||
noncontrolling interests | ||||||||||||||||||||||
total liabilities, convertible preferred stock, and stockholders’ equity | 477,255,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities | ||||||||||||||||||||
net income | 18,636,000 | 31,805,000 | -28,165,000 | -129,254,000 | -56,223,000 | -29,871,000 | 32,692,000 | |||||||||||||
adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||||||||
change in fair value of loans | -30,224,000 | -62,384,000 | -28,126,000 | 7,062,000 | -42,543,000 | 63,767,000 | 49,761,000 | 54,017,000 | ||||||||||||
change in fair value of servicing assets | 5,851,000 | 4,155,000 | 4,550,000 | 4,090,000 | 3,652,000 | 4,637,000 | 3,915,000 | 4,286,000 | ||||||||||||
change in fair value of servicing liabilities | 67,000 | -386,000 | -338,000 | -285,000 | -369,000 | -60,000 | -363,000 | -454,000 | ||||||||||||
change in fair value of beneficial interest assets | -16,979,000 | 7,279,000 | -5,884,000 | -17,600,000 | 40,976,000 | -34,758,000 | 3,414,000 | -4,481,000 | ||||||||||||
change in fair value of beneficial interest liabilities | -2,234,000 | 6,706,000 | 12,172,000 | -65,000 | -65,000 | 3,289,000 | 4,371,000 | 4,973,000 | ||||||||||||
change in fair value of other financial instruments | -1,392,000 | -3,145,000 | -2,351,000 | -33,000 | -4,133,000 | 12,579,000 | -5,867,000 | 1,551,000 | ||||||||||||
stock-based compensation | 32,453,000 | 34,155,000 | 35,511,000 | 29,831,000 | 29,796,000 | 33,618,000 | 34,209,000 | 35,777,000 | 32,766,000 | 35,568,000 | 32,596,000 | 74,109,000 | 33,910,000 | 36,656,000 | 30,329,000 | 25,050,000 | 23,061,000 | 20,317,000 | 21,186,000 | 8,622,000 |
gain on loan servicing rights | -7,627,000 | -7,925,000 | -7,506,000 | -4,945,000 | -4,001,000 | -5,551,000 | -2,951,000 | -2,946,000 | ||||||||||||
gain on debt extinguishment | 0 | 0 | ||||||||||||||||||
depreciation and amortization | 6,461,000 | 6,131,000 | 5,843,000 | 6,400,000 | 4,699,000 | 5,390,000 | 4,828,000 | 5,632,000 | 9,103,000 | 4,934,000 | 4,425,000 | 6,441,000 | 3,654,000 | 3,724,000 | 3,354,000 | 2,781,000 | 2,557,000 | 2,185,000 | 1,983,000 | 816,000 |
loan premium amortization | -15,589,000 | -14,384,000 | -10,824,000 | -8,352,000 | ||||||||||||||||
non-cash interest expense and other | 3,388,000 | 2,216,000 | 1,678,000 | 1,325,000 | ||||||||||||||||
net changes in operating assets and liabilities: | ||||||||||||||||||||
purchases of loans held-for-sale | -2,662,651,000 | -2,440,455,000 | -2,624,546,000 | -1,345,253,000 | -1,683,022,000 | -1,056,233,000 | -773,470,000 | -796,543,000 | ||||||||||||
proceeds from sale of loans held-for-sale | 2,684,771,000 | 2,270,958,000 | 2,407,037,000 | 1,316,696,000 | 1,488,898,000 | 1,121,045,000 | 719,304,000 | 772,690,000 | 639,269,000 | 608,754,000 | 817,265,000 | 449,339,000 | 5,973,626,000 | 220,392,000 | 583,835,000 | 50,764,000 | ||||
principal payments received for loans held-for-sale | 49,115,000 | 55,407,000 | 44,886,000 | 38,252,000 | 35,879,000 | 41,675,000 | 62,494,000 | 52,841,000 | 50,164,000 | 37,753,000 | 43,880,000 | 57,949,000 | 47,969,000 | 37,259,000 | 46,462,000 | 20,328,000 | 4,261,000 | 722,000 | 1,039,000 | 2,637,000 |
principal payments received for loans held by consolidated securitization | 8,113,000 | 9,839,000 | 9,653,000 | 10,280,000 | 11,465,000 | 11,818,000 | 12,376,000 | 12,338,000 | 12,530,000 | |||||||||||
settlements of beneficial interest liabilities | -5,882,000 | -4,052,000 | -5,672,000 | -5,992,000 | ||||||||||||||||
proceeds from beneficial interest assets | 506,000 | 3,290,000 | 75,000 | 731,000 | 9,122,000 | 1,079,000 | ||||||||||||||
settlements of beneficial interest assets | -2,916,000 | -636,000 | -538,000 | -485,000 | ||||||||||||||||
other assets | -14,656,000 | -239,000 | -2,373,000 | 6,437,000 | -6,580,000 | -7,832,000 | 6,547,000 | -825,000 | -8,959,000 | 3,853,000 | -4,132,000 | 306,000 | -4,546,000 | -4,477,000 | 5,909,000 | 7,287,000 | -39,236,000 | -3,155,000 | -9,663,000 | -9,988,000 |
operating lease liability and right-of-use asset | -1,166,000 | -308,000 | -304,000 | -306,000 | -207,000 | -200,000 | -198,000 | -202,000 | -8,385,000 | 125,000 | 222,000 | 1,216,000 | 2,509,000 | 2,430,000 | 2,681,000 | 2,584,000 | 2,098,000 | 580,000 | 214,000 | 234,000 |
payable to investors for beneficial interest assets | ||||||||||||||||||||
accrued expenses and other liabilities | 60,507,000 | -13,410,000 | 41,288,000 | -48,827,000 | 25,478,000 | 31,775,000 | 12,717,000 | -25,846,000 | 15,692,000 | 4,350,000 | 1,284,000 | -19,155,000 | -5,806,000 | -535,000 | -13,866,000 | -11,093,000 | 29,722,000 | 6,069,000 | 19,184,000 | 4,601,000 |
net cash from operating activities | 108,552,000 | -122,629,000 | -120,162,000 | -13,486,000 | -110,926,000 | 179,340,000 | 65,295,000 | 52,622,000 | -143,712,000 | -103,433,000 | 162,379,000 | -75,727,000 | -252,877,000 | -101,366,000 | -53,643,000 | -266,795,000 | -11,144,000 | 43,601,000 | 92,804,000 | 43,092,000 |
capital expenditures | -3,919,000 | -3,963,000 | -4,251,000 | -3,419,000 | -2,494,000 | -2,328,000 | -1,749,000 | -1,424,000 | -2,946,000 | -2,016,000 | -5,458,000 | -4,983,000 | -5,523,000 | -7,120,000 | -5,287,000 | -5,683,000 | -5,287,000 | -3,544,000 | -601,000 | |
free cash flows | 104,633,000 | -126,592,000 | -124,413,000 | -114,345,000 | 176,846,000 | 62,967,000 | 50,873,000 | -145,136,000 | -106,379,000 | 160,363,000 | -81,185,000 | -257,860,000 | -106,889,000 | -60,763,000 | -272,082,000 | -16,827,000 | 38,314,000 | 89,260,000 | 42,491,000 | |
cash flows from investing activities | ||||||||||||||||||||
purchases and originations of loans held-for-investment | -366,978,000 | -288,109,000 | -228,024,000 | -149,916,000 | -126,516,000 | -85,639,000 | -64,789,000 | -46,152,000 | ||||||||||||
proceeds from sale of loans held-for-investment | 344,536,000 | 30,948,000 | 18,600,000 | 1,647,000 | 198,000 | 2,296,000 | 11,910,000 | |||||||||||||
principal payments received for loans held-for-investment | 98,368,000 | 92,055,000 | 72,524,000 | 57,417,000 | 45,498,000 | 39,561,000 | 32,965,000 | 27,242,000 | 24,119,000 | 27,900,000 | 26,005,000 | 24,422,000 | 15,600,000 | 9,187,000 | 9,127,000 | 9,397,000 | 9,810,000 | 7,234,000 | 4,486,000 | 3,002,000 |
principal payments received for notes receivable and repayments of residual certificates | 10,156,000 | 6,374,000 | 3,836,000 | 2,685,000 | 1,913,000 | 1,323,000 | 1,456,000 | 1,225,000 | 772,000 | 560,000 | 1,430,000 | 1,566,000 | 1,228,000 | 1,596,000 | 1,845,000 | 2,067,000 | 2,343,000 | 2,766,000 | 3,230,000 | 3,119,000 |
acquisition and settlements of beneficial interest assets | -1,830,000 | |||||||||||||||||||
issuance of line of credit receivable | 0 | -57,701,000 | 24,983,000 | 24,856,000 | -23,873,000 | -22,646,000 | ||||||||||||||
repayments of line of credit receivable | 2,732,000 | |||||||||||||||||||
purchases of property and equipment | -157,000 | -75,000 | 0 | -116,000 | -37,000 | -684,000 | ||||||||||||||
capitalized software costs | -3,762,000 | -3,888,000 | -4,251,000 | -6,159,000 | -3,419,000 | -2,378,000 | -2,291,000 | -1,065,000 | -1,424,000 | -2,811,000 | -1,977,000 | -4,347,000 | -3,246,000 | -4,013,000 | -3,171,000 | -3,658,000 | -2,212,000 | -2,328,000 | -1,814,000 | -334,000 |
net cash from investing activities | 131,738,000 | -120,506,000 | -109,834,000 | -78,569,000 | -77,909,000 | -46,170,000 | -76,100,000 | -37,547,000 | -29,893,000 | -24,216,000 | -38,494,000 | -25,852,000 | -85,113,000 | -24,248,000 | -9,941,000 | 5,177,000 | -19,776,000 | -84,402,000 | -40,601,000 | 902,000 |
cash flows from financing activities | ||||||||||||||||||||
proceeds from borrowings | 81,370,000 | 36,492,000 | 173,250,000 | 74,260,000 | 97,416,000 | 189,124,000 | 279,697,000 | 60,673,000 | 258,543,000 | 169,071,000 | 181,195,000 | 80,004,000 | 712,591,000 | 0 | 0 | 5,831,000 | ||||
proceeds from convertible notes issuance, net of debt issuance costs paid to lender | 0 | 490,438,000 | ||||||||||||||||||
payment of debt issuance costs to third parties | -6,000 | |||||||||||||||||||
repayments of borrowings | -109,603,000 | -54,803,000 | -44,824,000 | -110,175,000 | -61,145,000 | -117,148,000 | -350,682,000 | -46,962,000 | -191,819,000 | -107,466,000 | -94,623,000 | -6,990,000 | -5,904,000 | -2,957,000 | -35,871,000 | -26,584,000 | ||||
payments for repurchases of convertible notes | 0 | 0 | ||||||||||||||||||
purchase of capped calls | 0 | 0 | 0 | |||||||||||||||||
settlement of capped calls | 0 | 0 | ||||||||||||||||||
principal payments made on securitization notes | -8,569,000 | -10,002,000 | -10,577,000 | -11,444,000 | -12,663,000 | -14,259,000 | -14,882,000 | -13,564,000 | ||||||||||||
payable to investors | 14,259,000 | 1,731,000 | 8,555,000 | 22,941,000 | -605,000 | -4,724,000 | 10,821,000 | 6,893,000 | 1,930,000 | 5,917,000 | -1,106,000 | -49,730,000 | -3,067,000 | -11,868,000 | -34,090,000 | 32,204,000 | 23,286,000 | 7,365,000 | 20,457,000 | 10,989,000 |
proceeds from issuance of securitization notes | 0 | |||||||||||||||||||
net proceeds related to stock-based award activities | ||||||||||||||||||||
net cash from financing activities | -20,183,000 | 378,580,000 | 91,928,000 | -44,680,000 | 509,331,000 | -38,021,000 | 132,272,000 | -43,711,000 | 26,364,000 | 232,784,000 | -65,851,000 | 20,971,000 | 40,531,000 | 41,119,000 | -34,689,000 | 83,071,000 | 50,400,000 | 595,029,000 | 229,264,000 | -19,261,000 |
change in cash, cash equivalents and restricted cash | 220,107,000 | 135,445,000 | -138,068,000 | -136,735,000 | ||||||||||||||||
cash, cash equivalents and restricted cash | ||||||||||||||||||||
cash, cash equivalents and restricted cash at beginning of year | ||||||||||||||||||||
cash, cash equivalents and restricted cash at end of year | ||||||||||||||||||||
supplemental disclosures of cash flow information | ||||||||||||||||||||
cash paid for interest | 8,969,000 | 12,404,000 | 14,732,000 | 7,378,000 | 8,324,000 | 10,285,000 | 12,047,000 | 12,463,000 | 14,066,000 | 10,241,000 | 4,521,000 | 3,876,000 | 2,313,000 | 1,763,000 | 478,000 | 269,000 | 1,497,000 | 1,030,000 | ||
cash paid for income taxes | 18,000 | 22,000 | 454,000 | 96,000 | 8,000 | 37,000 | 125,000 | 88,000 | 324,000 | 7,000 | 122,000 | 154,000 | 34,000 | 18,000 | 53,000 | 680,000 | ||||
supplemental disclosures of non-cash investing and financing activities | ||||||||||||||||||||
beneficial interests obtained in connection with loan sales | ||||||||||||||||||||
securities retained under unconsolidated securitization transactions | 30,000,000 | 27,525,000 | ||||||||||||||||||
capitalized stock-based compensation expense | 1,642,000 | 2,001,000 | 2,595,000 | 3,144,000 | 1,511,000 | 1,104,000 | 1,159,000 | 546,000 | 776,000 | 1,860,000 | 1,413,000 | 1,550,000 | 1,021,000 | 1,100,000 | 898,000 | 122,000 | ||||
settlement of borrowings in connection with loan sale | 0 | 0 | ||||||||||||||||||
securities retained under consolidated securitization transaction | 0 | |||||||||||||||||||
beneficial interest assets included in payable to investors | 4,400,000 | |||||||||||||||||||
proceeds from issuance of common stock under employee stock purchase plan | 3,757,000 | 0 | 4,692,000 | 0 | 3,120,000 | 0 | 4,565,000 | 0 | 2,703,000 | 0 | 5,728,000 | 0 | 3,231,000 | 0 | 4,431,000 | 0 | ||||
proceeds from exercise of stock options | 4,628,000 | 1,657,000 | 8,209,000 | 9,133,000 | 10,062,000 | 1,015,000 | 1,204,000 | 3,406,000 | 2,803,000 | 5,135,000 | 1,537,000 | 1,628,000 | 1,319,000 | 3,781,000 | 5,626,000 | 4,963,000 | 6,841,000 | 1,440,000 | 1,492,000 | |
taxes paid related to net share settlement of equity awards | -2,000 | -2,000 | -5,000 | -3,000 | -17,000 | -1,000 | -1,000 | -9,000 | 0 | -1,000 | -5,000 | -8,000 | 0 | 0 | ||||||
cash, cash equivalents and restricted cash at beginning of period | 0 | 0 | 976,263,000 | |||||||||||||||||
cash, cash equivalents and restricted cash at end of period | 135,445,000 | -138,068,000 | 839,528,000 | |||||||||||||||||
beneficial interests obtained in connection with loan sale | 108,640,000 | 71,431,000 | 38,133,000 | 44,594,000 | 32,416,000 | 0 | 13,555,000 | |||||||||||||
acquisition of beneficial interest assets | 0 | -305,000 | -38,000 | 0 | -46,306,000 | -16,940,000 | ||||||||||||||
payment of debt issuance costs to third party | 0 | -443,000 | -2,490,000 | |||||||||||||||||
net loss | -2,447,000 | -2,755,000 | -6,758,000 | -54,470,000 | -64,598,000 | |||||||||||||||
adjustments to reconcile net loss to net cash from operating activities: | ||||||||||||||||||||
proceeds from warehouse borrowings | 53,655,000 | 89,694,000 | ||||||||||||||||||
repayments of warehouse borrowings | -122,285,000 | -64,173,000 | ||||||||||||||||||
payments on beneficial interest liabilities | -3,008,000 | -1,325,000 | -1,657,000 | -710,000 | ||||||||||||||||
purchases of non-marketable equity securities | ||||||||||||||||||||
purchase of certificates of deposit | ||||||||||||||||||||
repurchases of common stock | -27,813,000 | -25,028,000 | ||||||||||||||||||
securities retained under unconsolidated securitization transaction | ||||||||||||||||||||
issuance costs of new convertible notes | 271,000 | |||||||||||||||||||
non-cash interest expense | 615,000 | 773,000 | 768,000 | 761,000 | 763,000 | 767,000 | 766,000 | 753,000 | 757,000 | 761,000 | 776,000 | |||||||||
other | -4,790,000 | -3,545,000 | -2,539,000 | -1,609,000 | -343,000 | -943,000 | -974,000 | |||||||||||||
change in cash and restricted cash | 95,149,000 | 121,467,000 | -28,636,000 | -147,241,000 | 105,135,000 | 58,034,000 | -80,608,000 | -297,459,000 | -84,495,000 | |||||||||||
cash and restricted cash | ||||||||||||||||||||
cash and restricted cash at beginning of period | 0 | 0 | 467,787,000 | 0 | 0 | 532,467,000 | 0 | 0 | 1,191,241,000 | 0 | ||||||||||
cash and restricted cash at end of period | 95,149,000 | 121,467,000 | 439,151,000 | 105,135,000 | 58,034,000 | 451,859,000 | -84,495,000 | -98,273,000 | 1,012,694,000 | 554,228,000 | ||||||||||
payments on beneficial interest assets | -1,173,000 | |||||||||||||||||||
change in fair value of financial instruments | 83,505,000 | 52,679,000 | 39,592,000 | 59,046,000 | 97,822,000 | 21,953,000 | 30,747,000 | 18,356,000 | 5,611,000 | -1,672,000 | -5,068,000 | 901,000 | ||||||||
accounts payable | 5,572,000 | 87,000 | 384,000 | -12,170,000 | 8,432,000 | -11,633,000 | 11,708,000 | 3,371,000 | -2,957,000 | -7,936,000 | 9,187,000 | -5,807,000 | ||||||||
acquisition, net of cash acquired | -196,000 | 0 | ||||||||||||||||||
proceeds from secondary offering, net of underwriting discounts, commissions, and offering costs | 0 | 0 | ||||||||||||||||||
payment of debt issuance costs | 0 | |||||||||||||||||||
cash and restricted cash at beginning of year | ||||||||||||||||||||
cash and restricted cash at end of year | ||||||||||||||||||||
residual certificates retained under unconsolidated securitization | ||||||||||||||||||||
issuance of common stock in connection with acquisition | 0 | 0 | ||||||||||||||||||
gain on loan servicing arrangement | -3,472,000 | -3,347,000 | -3,613,000 | -4,969,000 | -6,038,000 | |||||||||||||||
purchase of loans held-for-sale | -826,388,000 | -740,343,000 | -510,003,000 | -6,347,901,000 | -333,763,000 | -682,575,000 | -443,190,000 | -138,823,000 | -41,994,000 | -20,071,000 | -18,240,000 | |||||||||
purchase of loans held-for-investment | -37,426,000 | -37,486,000 | -46,382,000 | -94,004,000 | -41,418,000 | -66,660,000 | -50,190,000 | -29,601,000 | -12,947,000 | |||||||||||
acquisition of beneficial interests | -13,078,000 | |||||||||||||||||||
purchase of non-marketable equity securities | ||||||||||||||||||||
purchase of property and equipment | -135,000 | -39,000 | -1,111,000 | -1,737,000 | -1,510,000 | -3,949,000 | -1,629,000 | -3,471,000 | -2,959,000 | -1,730,000 | -267,000 | |||||||||
payments made on securitization notes | ||||||||||||||||||||
beneficial interests included in payable to investors | 1,641,000 | |||||||||||||||||||
net income before attribution to noncontrolling interests | 58,944,000 | 29,113,000 | 37,284,000 | 10,102,000 | ||||||||||||||||
incentive share expense | ||||||||||||||||||||
principal payments received for loans held by consolidated securitizations | ||||||||||||||||||||
purchase of notes receivable and residual certificates | ||||||||||||||||||||
proceeds from initial public offering, net of underwriting discounts and offering costs | ||||||||||||||||||||
payments made on securitization notes and certificates | ||||||||||||||||||||
distributions made to noncontrolling interests | ||||||||||||||||||||
proceeds from exercise of convertible preferred stock warrants | ||||||||||||||||||||
cash paid for amounts included in the measurement of lease liabilities | 3,117,000 | 3,197,000 | ||||||||||||||||||
reclassification of common stock warrant liability related to cashless exercise | ||||||||||||||||||||
reclassification of preferred stock warrant liability related to cash exercise | ||||||||||||||||||||
reclassification of common stock warrant liability to equity upon termination of repurchase option | ||||||||||||||||||||
purchase of loans for immediate resale | -722,080,000 | -1,782,442,000 | -3,014,594,000 | -2,840,488,000 | -2,458,757,000 | |||||||||||||||
proceeds from immediate resale of loans | 722,080,000 | 1,782,442,000 | 3,014,594,000 | 2,840,488,000 | 2,458,757,000 | |||||||||||||||
purchase of non-marketable equity security | 0 | 0 | -1,000,000 | |||||||||||||||||
loss on loan servicing arrangement | -8,705,000 | |||||||||||||||||||
net increase in cash and restricted cash | -178,547,000 | 19,480,000 | 554,228,000 | 281,467,000 | 24,733,000 | |||||||||||||||
loss on loan servicing arrangements and sale of noncontrolling interests | ||||||||||||||||||||
gain on repurchased and retired convertible preferred stock warrants | ||||||||||||||||||||
net proceeds from sale of loans held-for-sale | 22,032,000 | 33,354,000 | 19,043,000 | 38,140,000 | ||||||||||||||||
net proceeds from sale of loans held-for-investment | 40,610,000 | 1,075,000 | 1,389,000 | 8,329,000 | ||||||||||||||||
repayments of notes payable | ||||||||||||||||||||
repurchase and retirement of convertible preferred stock warrants | ||||||||||||||||||||
repurchase and retirement of convertible preferred stock | ||||||||||||||||||||
proceeds from issuance of notes payable | ||||||||||||||||||||
proceeds from issuance of convertible preferred stock, net of issuance costs | ||||||||||||||||||||
derecognition of loans held-for-investment in consolidated vie | ||||||||||||||||||||
derecognition of payable to securitization note holders and residual certificate holders | ||||||||||||||||||||
derecognition of notes payable held in consolidated vie | ||||||||||||||||||||
transfer of notes receivable and residual certificate on deconsolidation of vie | ||||||||||||||||||||
gain on loan servicing arrangements | -2,121,000 | |||||||||||||||||||
noncash interest expense | 18,000 | |||||||||||||||||||
proceeds from issuance of convertible debt | ||||||||||||||||||||
supplemental disclosures of non-cash operating activities | ||||||||||||||||||||
total right-of-use assets capitalized | ||||||||||||||||||||
gain on loan servicing arrangements and sale of noncontrolling interests | 67,000 | |||||||||||||||||||
purchase of loans for immediate resale to investors | -1,294,634,000 | |||||||||||||||||||
proceeds from immediate resale of loans to investors | 1,294,634,000 | |||||||||||||||||||
beginning of period | 311,333,000 | |||||||||||||||||||
end of period | 336,066,000 | |||||||||||||||||||
accrued interest on convertible notes | ||||||||||||||||||||
purchase of loans held by consolidated securitizations | ||||||||||||||||||||
proceeds from the issuance of securitization notes and certificates | ||||||||||||||||||||
proceeds from sale of noncontrolling interests | ||||||||||||||||||||
beginning of year | ||||||||||||||||||||
end of year |