In celebration of the survival, a brief note re UPST securitizations.

I am worried. I expected/hoped/made burnt offerings in support of seeing new $0.5 billion issues to fund the massive growth in UPST enabled loans. I am not seeing it. Not that many trading days left before next earnings. I need someone to hold my hand or kick me in the butt.

I did place another order yesterday at $77.77 which has not yet been triggered. I have a sell order in at $97.77.

Hoping to be able to make some small profit on trading positions but clock is ticking.

KC Hope is not a strategy…


The numbers I have are very lumpy, but I thought I should provide what I have. In 2021, up to and including 4/28, the securitizations totaled $833,877,000. Up to today in 2022, the total is $1,098,195,000, up 31.7%. The securitizations have been of two sizes, roughly $100,000,000 and $400,000,000. If we get another one of $400,000,000 in the next week or two, then we would be +80% year over year.

On the other hand, if we take those just in first quarters exactly, then 2021 was $282,859,019 and 2022 was $579,331,000 which is an increase of 105%.

So pick your number and place your bet, or size your position accordingly. I was just hoping for some data easier to interpret. You can imagine the stock reaction if loans are up 32%, 80%, or 105%.

KC, uncomfortably long UPST