If I am not mistaken, these cash flow calculations are for cash flow from operations. The key number, for me, is "the incoming $80 million loans on balance sheet per month = $900 million per year. Upstart got that $800 million cash on its balance sheet from borrowings. Why are they and we so confident that UPST will have access to borrow a $ billion a year to fund the purchase of these loans. What am I missing?
KC