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Not a forecast; no side."},"schema":"company_file.v1","thesis":{"view":"The central test is whether fee growth can translate into cash after funding loans. The model separates profitable unsecured contribution from the newer secured products and retains balance-sheet credit exposure.","scenario_ranges":"Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.","what_changes_it":"Watch monthly activity, contribution margins, fair-value marks and net loan investment together; a funding commitment is not corporate cash."},"no_side":true,"sources":[{"url":"https://www.sec.gov/Archives/edgar/data/1647639/000164763926000063/upst-20260630.htm","title":"Q2 filing and loan funding cash classifications","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/1647639/000164763926000062/upst991prq22026.htm","title":"Q2 results and annual outlook","retrieved":"2026-09-19"},{"url":"https://ir.upstart.com/news-releases/news-release-details/upstart-publishes-august-2026-originations-and-latest-umi","title":"September 3 August volume and credit update","retrieved":"2026-09-19"},{"url":"https://ir.upstart.com/news-releases/news-release-details/upstart-publishes-july-2026-originations-and-latest-umi","title":"August 3 July volume update","retrieved":"2026-09-19"},{"url":"https://ir.upstart.com/news-releases/news-release-details/upstart-announces-multi-year-4-billion-forward-flow-agreement","title":"Castlelake forward-flow terms","retrieved":"2026-09-19"}],"business":{"drivers":["Originations, mixed fee realization and secured-product contribution","Credit performance and loan funding availability","HFS settlement, investing assets and debt repayment"],"description":"Upstart earns referral, platform, servicing and loan-sale fees from a lending marketplace while retaining some credit and funding exposure on its balance sheet. Origination activity and product contribution determine fee profit; fair values, loan settlement and financing determine retained cash."},"earnings":{"source":"estimated from 10-Q/A filed 2026-08-05 plus 90 days","next_report_date":"2026-11-03"},"identity":{"cik":1647639,"sic":"6199","name":"Upstart Holdings, Inc.","symbol":"UPST","cluster":"Financials & fintech","exchange":"Nasdaq"},"research":{"risks":["Funding partners can reduce purchases or change terms.","Fee mix and credit performance can worsen together.","Secured growth may consume contribution before scale.","Loan-settlement and fair-value timing can dominate CFO.","Bank approvals and post-maturity settlement remain verification items."],"title":"Fee growth must survive the loan-funding cash bridge","question":"Can marketplace contribution support growth without persistent balance-sheet funding needs?","economics":"H1 fee revenue was $625.1M and contribution $330.4M; adjusted EBITDA was $117.4M versus GAAP operating income $7.1M. Reported CFO was negative $269.9M, including $407.0M net operating loan-settlement funding. Excluding those lines gives an analytical $137.0M, before $13.2M PP&E/software and investing loan assets. June unrestricted cash was $456.0M, separately from $526.3M restricted cash. FY2026 outlook is approximately $1.4B revenue, $1.3B fees and $294M adjusted EBITDA. July/August facilitated principal was $1.397B/$1.342B; September remains a forecast. Castlelake funding supports platform loans, while conditional bank approval does not yet establish funded bank operations.","change_note":"Added monthly-volume informed scenarios, product contribution and separate operating/investing loan cash.","checkpoints":[{"event":"Monthly volume and credit","watch":"Compare funded principal, origination days and UMI; do not turn volume directly into revenue.","timing":"Next monthly release","date_status":"estimated"},{"event":"Loan funding bridge","watch":"Reconcile HFS/HFI cash, beneficial assets, restrictions and borrowing.","timing":"Q3 results; date unconfirmed","date_status":"estimated"},{"event":"August debt settlement","watch":"Confirm actual treatment of the scheduled August 15 convertible maturity.","timing":"Q3 filing","date_status":"estimated"}],"countercase":"Higher approval volumes can coexist with weaker fees, negative secured contribution, adverse credit marks and cash tied up in loans. Adjusted profitability alone does not resolve liquidity or dilution.","limitations":["The unsecured activity index uses total facilitated principal as a proxy. Servicing and loan-sale fees are included in the unsecured fee baseline; the yield factor is not a pure contractual origination take rate. Secured fees are a separate sensitivity, not an invented GAAP segment.","July/August originations are preliminary company operating metrics, not revenue. September volume, product mix and all FY2027 assumptions are desk estimates. UMI 1.50 is an Upstart-specific credit-risk indicator, not a forecast of the economy or a company loss provision.","Castlelake agreed to purchase up to $4B of platform loans over up to 24 months. This is third-party loan funding, not $4B corporate cash, revenue or guaranteed immediate purchases.","OCC bank approval is conditional; deposit-insurance and holding-company approvals remained pending in the reviewed filing. No bank funding benefit is included.","HFS purchases, sales and principal receipts are already inside reported CFO. They are deducted once; investing HFI and beneficial assets follow below CFO. Analytical cash before settlement is not company FCF.","CFO is a proxy: fair-value/noncash timing and settlements can differ significantly. Future loan-asset proceeds are assumptions, not a liquidation promise. No complete restricted-cash, investor-payable or warehouse borrowing waterfall is modeled.","The $66.544M 2026 convertible was scheduled to mature August 15. Q3 assumes cash settlement; the reviewed pre-maturity filing does not confirm the actual settlement. Other modeled principal is an amortization sensitivity.","No EPS, fully diluted ownership or bank regulatory capital forecast. Negative cash after claims is a pre-financing funding need, not a projected cash balance."],"reviewed_at":"2026-09-19"},"estimates":{"rows":[{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2026Q3","revenue":354000000.00000006},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2026Q4","revenue":373078000.00000006},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q1","revenue":383000000.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q2","revenue":420000000.0}],"basis":"Desk base scenario from the operating model; not consensus. Revenue basis: Total revenue ($M).","consensus":null,"revisions":[]},"scorecard":{"inside_5d":null,"notes_scored":0,"band_coverage_5d":null},"disclosure":"All positions in the Research Model Portfolio are simulated. No real money is invested in this model. Our research is free and is not tailored to any reader's financial circumstances.","operating_model":{"cells":[{"id":"h1_revenue","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 revenue","value":672.922,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1647639/000164763926000063/upst-20260630.htm","source_date":"2026-08-04"},{"id":"h1_fees","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 fees","value":625.082,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1647639/000164763926000063/upst-20260630.htm","source_date":"2026-08-04"},{"id":"h1_contribution","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 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