Monitor for regulatory approval updates on Upstart Bank charter — the revolver is explicitly a bridge facility tied to the bank's opening. If approvals are delayed beyond 364 days, the facility must be repaid from loan sales, creating refinancing pressure. The $100M minimum liquidity covenant provides a floor but also signals the company is managing a tight liquidity position during the bank buildout.
Price Chart
Executive Summary
Upstart's wholly-owned subsidiary entered into a $200M senior secured revolving credit facility with MUFG Bank to provide financing flexibility during the establishment and initial capitalization of Upstart Bank, N.A. The facility is short-term (364 days max), must be repaid from affiliate loan sales to Upstart Bank, and carries SOFR+3.00% interest with leverage-based pricing. The opening of Upstart Bank remains subject to regulatory approvals, creating execution risk.
Key Financial Metrics
Key Facts
- Up to $200M senior secured revolving credit facility from MUFG Bank, Ltd.
- Facility matures on earliest of: 364 days after closing, 45 days after Upstart Bank capitalization, or full repayment.
- Interest at Term SOFR + 3.00% initial margin, with leverage-based grid of 2.75% to 3.25%.
- Proceeds used for general corporate purposes and initial capitalization of Upstart Bank.
- Covenants require minimum liquidity of $100M, consolidated eligible assets plus excess liquidity of at least $300M, and max secured gross leverage of 2.50x.
- Upstart Bank opening remains subject to required regulatory approvals.
- Revolver is guaranteed by Upstart Holdings and certain subsidiaries, secured by first-priority liens on substantially all assets of borrower and guarantors (excluding Upstart Bank).
Financial Impact
$200M revolving credit facility established; interest at SOFR + 3.00% with grid 2.75%-3.25%
Risk Factors
- Regulatory approval risk for Upstart Bank — delays could trigger early repayment of the revolver.
- Leverage covenant (2.50x max secured gross leverage) may constrain borrowing capacity if asset values decline.
- Short-term nature (364 days) creates refinancing risk if bank opening is delayed.
- Secured by substantially all assets of borrower and guarantors, increasing creditor priority.
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001647639-26-000071 |
| Document: 0001647639-26-000071-index-headers.html | 0001647639-26-000071 |
| Document: 0001647639-26-000071-index.html | 0001647639-26-000071 |
| Document: 0001647639-26-000071.txt | 0001647639-26-000071 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 7d ago | 8-K | $23.66 | awaiting T+20 | — | $23.71 (+0.21%) |
Sep 10, 2026 6w ago | Insider Cluster | $25.59 $24.10 | ▼ −5.82% | ▼ −7.69% | $23.71 (−7.35%) |
Aug 27, 2026 8w ago | Insider Cluster | $29.08 $23.03 | ▼ −20.80% | ▼ −21.06% | $23.71 (−18.47%) |
Aug 21, 2026 9w ago | Insider Cluster | $29.89 $25.97 | ▲ +13.11% | ▲ +14.43% | $23.71 (+20.68%) |
Aug 19, 2026 9w ago | Insider Cluster | $28.86 $25.00 | ▼ −13.37% | ▼ −13.50% | $23.71 (−17.84%) |
May 27, 2026 21w ago | Insider Cluster | $32.69 $33.66 | ▲ +2.97% | ▲ +6.11% | $23.71 (−27.47%) |
May 20, 2026 22w ago | 144 | $28.85 $31.36 | ▲ +8.70% | ▲ +8.37% | $23.71 (−17.82%) |
May 19, 2026 23w ago | 8-K | $28.08 $30.46 | ▲ +8.48% | ▲ +7.49% | $23.71 (−15.56%) |
May 18, 2026 23w ago | Insider Cluster | $28.08 $30.46 | ▲ +8.48% | ▲ +7.49% | $23.71 (−15.56%) |
May 15, 2026 23w ago | 144 | $27.94 $32.24 | ▲ +15.39% | ▲ +13.81% | $23.71 (−15.14%) |
US Market Status
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