Upstart Announces Multi-Year $1.2B Forward-Flow Agreement with Centerbridge Partners, L.P.

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Key Terms

forward-flow commitment financial

A forward-flow commitment is a standing agreement in which one party promises to buy batches of future financial assets — such as loans, mortgages, or receivables — from another party on an ongoing basis at pre-set terms. For investors it matters because it creates a predictable stream of new assets and cash flows (like a subscription that guarantees future deliveries), which can smooth revenue, affect credit and liquidity risk, and influence the value and stability of investment vehicles tied to those assets.

asset-based finance financial

Asset-based finance is a type of lending where a company borrows money using tangible assets—such as accounts receivable (invoices), inventory, or equipment—as security, similar to using a valuable item as collateral at a pawn shop. Investors care because it affects a firm's access to cash and its risk profile: more asset-backed borrowing can provide quick funding but also ties borrowing limits to the value and liquidity of those assets.

artificial intelligence (ai) technical

Artificial intelligence (AI) is the development of computer systems that can perform tasks typically requiring human intelligence, such as understanding language, recognizing patterns, and making decisions. For investors, AI can enhance how businesses analyze data, automate processes, and innovate, potentially leading to increased efficiency and new opportunities in the market.

04/22/2026 - 08:45 AM

SAN MATEO, Calif.--(BUSINESS WIRE)-- Upstart Holdings, Inc. (NASDAQ: UPST), the leading artificial intelligence (AI) lending marketplace, today announced a forward-flow commitment from funds managed by Centerbridge Partners, L.P., an alternative investment manager specializing in private equity, private credit and real estate investing. Centerbridge has agreed to purchase up to $1.2 billion of consumer loans originated through the Upstart platform.

“We’re excited to collaborate with the Upstart team to identify and fund U.S. consumers through a standout, technology-first lending platform,” said Aaron Fink, Senior Managing Director and Head of Asset-Based Finance at Centerbridge. “This partnership demonstrates our shared ability to deliver innovative solutions and provides a scalable channel for capital deployment and consistent access to high-quality consumer credit assets.”

The agreement consists of a 24-month forward flow arrangement and follows an initial transaction between Upstart and Centerbridge in 2024.

“We’re thrilled to deepen our partnership with Centerbridge and for the vote of confidence that this multi-year agreement conveys,” said Sanjay Datta, President, Capital & Enterprise at Upstart. “This partnership broadens our funding capabilities and enables Upstart to sustainably and resiliently deliver smarter, faster credit solutions across the lending ecosystem.”

About Upstart

Upstart (NASDAQ: UPST) is the leading AI lending marketplace, connecting millions of consumers to more than 100 banks and credit unions that leverage Upstart’s AI models and cloud applications to deliver superior credit products. With Upstart AI, lenders can approve more borrowers at lower rates while delivering the exceptional digital-first experience customers demand. More than 90% of loans are fully automated, with no human intervention by Upstart. Founded in 2012, Upstart’s platform includes personal loans, automotive retail and refinance loans, home equity lines of credit, and Upstart’s new Cash Line product, a revolving line of credit. Upstart is based in San Mateo, California.

About Centerbridge

Centerbridge Partners, L.P. is a private investment management firm employing a flexible approach across investment disciplines — Private Equity, Private Credit and Real Estate — in an effort to develop the most attractive opportunities for our investors. The Firm was founded in 2005 and, as of December 31, 2025, has approximately $46 billion in assets under management with offices in New York and London. Centerbridge is dedicated to partnering with world-class management teams across targeted industry sectors and geographies.

Centerbridge has been an active investor in asset-based finance (ABF) since inception. The ABF team is core to the firm’s platform, investing across the capital structure in both private and public ABF opportunities. Working closely with sector specialists, the team originates, underwrites, and executes transactions from unrated to investment grade across a range of sectors including consumer, commercial, mortgage, fund finance, and esoteric ABS. Centerbridge applies its collaborative approach and technical experience to deliver tailored solutions and differentiated value.

For more information, please visit www.centerbridge.com | LinkedIn.