HIGHOutside partyCustomer
61%
top three lending partners
“10-K Item 1: 'our top three lending partners collectively originated 83% of the loans ... accounted for 61% of our total revenue'”
UPST · Concentration risk · 10-K extracted
Upstart Holdings (UPST) concentration risks
Updated
The most significant concentration Upstart Holdings discloses is top three lending partners at 61%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Upstart Holdings’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 2 disclosed concentrations
HIGH1
MEDIUM1
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMBuilt-inProduct / Revenue mix
single loan product
“10-K Item 1A: 'A significant portion of our business has historically depended on a single loan product'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's disclosed concentrations are dependency-heavy and high by disclosed size. Its top three lending partners are the dominant exposure: measured against both revenue and loan originations, they accounted for 61% and 83%, respectively — a high-share dependency that ties the business to a small set of funding relationships. A loss, repricing, or pullback by any one of them would remove a large slice of the business. Layered on that is a product concentration: a significant portion of the business has historically depended on a single loan product, a medium-share, structural reliance on one credit category. Netting these out, the funding-partner concentration is the most consequential risk — both high-share and idiosyncratic, resting on a handful of counterparties — while the single-product dependence compounds it by tying growth to one lending category. The retention and terms of the largest lending partners are the variables most worth monitoring.
For the engine’s reasoning on UPST’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Credit Services
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| AGM | Federal Agricultural Mortgage C | 3 | 0 | 0 | 3 |
| AGM-A | Federal Agricultural Mortgage C | 3 | 0 | 0 | 3 |
| AFRM | Affirm Holdings, Inc. | 2 | 1 | 0 | 3 |
| UPST● | Upstart Holdings, Inc. | 1 | 1 | 0 | 2 |
| AXP | American Express Company | 0 | 3 | 1 | 4 |
| ALLY | Ally Financial Inc. | 0 | 1 | 0 | 1 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.