Upstart has announced that they have begun to repurchase some of there stock in there annual shareholder meeting.
The replay of their shareholder meeting will be available tomorrow.
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The CFO in today’s discussion with Barclays: we were surprised by visceral reaction to holding non-R&D loans and don’t plan to do so going forward.
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The CFO also mentioned they held only about $150M non-R&D loans out of the $4.5B loans orignated in this Q which amounts to only 3.3%. Reiterated that this was not a change in the business model.
They have always held loans on their balance sheet for a period of time. I went back and checked. In Q14 19 they originated $1.04B in loans and had $266M or 25% on their balance sheet. This Q the total loan on their balance sheet is at 13% out of which the R&D part is 9.7%.
Loans On Balance sheet %
Q419 1.044 266 25%
Q120 1.123 227.5 20%
Q220 0.164 148.1 90%
Q320 0.909 144.8 16%
Q420 1.249 97.5 8%
Q121 1.729 73.2 4%
Q221 2.795 95.3 3%
Q321 3.13 140.1 4%
Q421 4.10 260.8 6%
Q122 4.54 604.4 13%
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