UPST 最新10-Q变化
将 UPST 最新的定期申报(10-K/10-Q)与上一份同类型申报逐章节对比:每个章节新增/删除的段落数与原文摘录。全部为确定性文本对比——无相似度评分、无方向判断、非投资建议。
对比:10-Q · 2026-11-03 与上一份 10-Q · 2026-08-04
| 章节 | 结果 | 新增 | 删除 | 微调 | 未变 |
|---|---|---|---|---|---|
| 管理层讨论与分析 | 文字有新增/删除 | +43 | −41 | ~26 | 88 |
| 市场风险(第3项) | 文字有新增/删除 | 0 | 0 | ~12 | 6 |
| 控制与程序 | 文字有新增/删除 | 0 | 0 | ~3 | 1 |
| 法律诉讼 | 无段落级文字变化 | 0 | 0 | 0 | 1 |
| 风险因素 | 文字有新增/删除 | 0 | −2 | ~15 | 240 |
| 其他信息 | 文字有新增/删除 | +3 | −9 | ~2 | 2 |
计数单位为段落;"新增/删除"指相对上一份文件新增/删除的文字,不含方向或好坏判断。
代表性摘录
每个章节最多 5 条、每条约 300 字符的原文摘录,直接来自两份 SEC 文件。
管理层讨论与分析
相对上期新增的文字 · 来源:10-Q · 2026-11-03
1 Beginning in the second quarter of 2026, auto refinance loans are no longer offered on our platform.
We retain certain loans on our balance sheet for R&D purposes, including to test and evaluate our AI models for newer products and to aid in price discovery. As of September 30, 2026, 51% of loans held on our balance sheet were for R&D purposes, primarily related to our seasoned auto refinance, auto…
First, credit performance impacts the value of our assets and liabilities as well as our results of operations. For example, changes in credit performance affect the fair value of the loans held on our balance sheet, as well as the related adjustments and interest income recognized in our results of…
Second, our expectations for future credit performance inform the interest rates offered to borrowers on our marketplace and affect the number of loans we can approve on competitive terms. Because we have historically limited the maximum annual percentage rates offered on Upstart-powered loans, chan…
Third, the returns earned by our lending partners and institutional investors on Upstart-powered loans may affect their willingness to continue to provide capital to our marketplace. Capital providers generally evaluate these returns relative to alternative investment opportunities. As of September …
相对上期删除的文字 · 来源:10-Q · 2026-08-04
We retain certain loans on our balance sheet for R&D purposes, including to test and evaluate our AI models for newer products and to aid in price discovery. As of June 30, 2026, 51% of loans held on our balance sheet were for R&D purposes, primarily related to our seasoned auto refinance, auto reta…
achieve market fit, we no longer consider them as R&D. For example, during the quarter ended June 30, 2026, newly originated auto refinance, auto retail loans and HELOCs were no longer classified as R&D.
We evaluate the credit performance of our loans by comparing the target returns expected at the time of origination to the returns received by our lending partners, institutional investors, or us. The target return, a critical component of our loan pricing, is calculated using estimated cash flows, …
An equal investment in all vintages of Upstart-powered personal loans originated in the second quarter of 2023 through the first quarter of 2026 is currently expected to deliver annual returns in line with a blended target of approximately 10.8% after servicing fees.
At a more granular level, the quarterly vintages originated in the second quarter of 2023 through the first quarter of 2024 and in the fourth quarter of 2024 are currently forecasted to underperform relative to their target returns. Quarterly vintages originated in the second and third quarter of 20…
风险因素
相对上期删除的文字 · 来源:10-Q · 2026-08-04
unreliable, or if our access to key data sources is terminated or interrupted, our models may not perform as expected and our ability to evaluate credit risk or price loans may be adversely affected.
performance have in the past and could in the future result in fewer borrowers being approved for loans on our platform.
其他信息
相对上期新增的文字 · 来源:10-Q · 2026-11-03
Name and title of director and officer: Dave Girouard, Former Chief Executive Officer, Executive Chairman
Aggregate number of securities to be sold from time to time: up to 1,490,596 shares of common stock, including up to 1,356,704 shares issuable upon the exercise of outstanding options and up to 133,892 founder shares held through two trusts.
None of the Company’s other officers or directors adopted, modified, or terminated a “Rule 10b5-1 trading arrangement” or adopted, modified, or terminated a “non-Rule 10b5-1 trading arrangement” (as defined under Item 408(a) of Regulation S-K) during the quarter ended September 30, 2026.
相对上期删除的文字 · 来源:10-Q · 2026-08-04
Name and title of officer: Andrea Blankmeyer, Chief Financial Officer
Aggregate number of securities to be sold from time to time: up to 43,784 shares, including shares to be received upon the vesting of RSUs (including any RSU grants awarded during the duration of the trading arrangement), net of shares withheld to cover tax obligations upon the vesting.
Name and title of officer: Scott Darling, Chief Legal Officer and Secretary
Duration of the trading arrangement: Through February 28, 2027 or earlier if all transactions under the trading arrangement are completed
Aggregate number of securities to be sold from time to time: up to 260,344 shares, including shares issuable upon the exercise of outstanding options upon reaching the pricing targets defined in the trading arrangement, plus any additional shares to be received upon the vesting of RSUs to occur on v…
如何读 10-Q 的风险因素(第 1A 项)
10-Q 的风险因素章节有三种常见形态,本页按其一分类展示:
- 指向(pointer) — 公司仅声明"无重大变化"并指向年度 10-K 的完整风险因素;本季没有自己的风险文本可对比。
- 部分更新(partial) — 公司写明"除下述外无重大变化",只更新部分风险;摘录展示的正是本季新增的内容。
- 全文重述(restated) — 本季重新给出完整风险因素。若上一季只是"指向",则无法逐段对比,本页会将其标为"本季全文重述"。
这只是对文件结构的客观描述,不构成对风险高低的判断。
数据来自 SEC EDGAR 两份申报文件的文本级对比 · 确定性计算(无 AI 生成内容)· 仅供参考 · 非投资建议