Jericho Capital Asset Management L.P. and Josh Resnick report a 5.2% beneficial stake in Upstart Holdings, Inc. They collectively report beneficial ownership of 5,011,809 shares of Upstart common stock as of 12/31/2025, with shared voting and dispositive power over all reported shares and no sole authority.
Jericho acts as investment adviser to certain funds and accounts that have the right to receive dividends and sale proceeds from these shares. The filers certify the position was acquired and is held in the ordinary course of business and not for the purpose of changing or influencing control of Upstart.
Positive
None.
Negative
None.
Insights
Jericho and its principal quietly disclose a 5.2% passive stake in Upstart.
This Schedule 13G shows Jericho Capital Asset Management L.P. and its managing member Josh Resnick jointly reporting beneficial ownership of 5,011,809 Upstart common shares, equal to 5.2% of the class as of 12/31/2025. All voting and dispositive power is shared, with no sole authority.
Jericho is described as investment adviser to funds and accounts that economically benefit from dividends and sale proceeds on these shares. The certification states the position is held in the ordinary course of business and not with the purpose or effect of influencing control, framing this as a passive institutional holding rather than an activist stake.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Upstart Holdings, INC.
(Name of Issuer)
Common Stock, par value $0.0001 per share
(Title of Class of Securities)
91680M107
(CUSIP Number)
12/31/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
91680M107
1
Names of Reporting Persons
Jericho Capital Asset Management L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
5,011,809.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
5,011,809.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
5,011,809.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.2 %
12
Type of Reporting Person (See Instructions)
IA, PN
SCHEDULE 13G
CUSIP No.
91680M107
1
Names of Reporting Persons
Josh Resnick
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
5,011,809.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
5,011,809.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
5,011,809.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.2 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Upstart Holdings, INC.
(b)
Address of issuer's principal executive offices:
2950 S. Delaware Street, Suite 410, San Mateo, CA 94403
Item 2.
(a)
Name of person filing:
Jericho Capital Asset Management L.P.
Josh Resnick
(b)
Address or principal business office or, if none, residence:
Jericho Capital Asset Management L.P. - 510 Madison Avenue, 27th Floor New York, NY 10022
Josh Resnick - c/o Jericho Capital Asset Management, L.P. 510 Madison Avenue, 27th Floor New York, NY 10022
(c)
Citizenship:
Please refer to Item 4 on each cover sheet for each reporting person.
(d)
Title of class of securities:
Common Stock, par value $0.0001 per share
(e)
CUSIP No.:
91680M107
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Jericho Capital Asset Management LP: 5,011,809
Josh Resnick: 5,011,809
(b)
Percent of class:
Jericho Capital Asset Management LP: 5.2%
Josh Resnick: 5.2%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Jericho Capital Asset Management LP: 0
Josh Resnick: 0
(ii) Shared power to vote or to direct the vote:
Jericho Capital Asset Management LP: 5,011,809
Josh Resnick: 5,011,809
(iii) Sole power to dispose or to direct the disposition of:
Jericho Capital Asset Management LP: 0
Josh Resnick: 0
(iv) Shared power to dispose or to direct the disposition of:
Jericho Capital Asset Management LP: 5,011,809
Josh Resnick: 5,011,809
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
Jericho Capital Asset Management LP is the investment adviser to certain investment funds and accounts which have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of Common Stock, reported herein.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
What stake in Upstart Holdings (UPST) does Jericho Capital report?
Jericho Capital Asset Management L.P. and Josh Resnick report beneficial ownership of 5,011,809 shares of Upstart common stock, representing 5.2% of the outstanding class as of December 31, 2025, giving them a significant but minority institutional stake.
Is Jericho Capital’s Upstart (UPST) position passive or activist?
The filing characterizes Jericho Capital’s Upstart stake as passive. The filers certify the shares were acquired and are held in the ordinary course of business and not for the purpose or effect of changing or influencing control of Upstart Holdings.
Who is Josh Resnick in relation to Jericho Capital and Upstart (UPST)?
Josh Resnick is identified as a managing member of Jericho Capital Asset Management L.P. and separately reports beneficial ownership of the same 5,011,809 Upstart shares, or 5.2% of the class, with shared voting and dispositive power, and no sole authority.
How much voting power over Upstart (UPST) shares does Jericho Capital have?
The filers report zero sole voting power and shared voting power over 5,011,809 shares of Upstart common stock. They also report the same amount of shared dispositive power, indicating all authority over these shares is shared rather than exercised individually.
Who benefits economically from Jericho Capital’s Upstart (UPST) shares?
Jericho Capital states it is the investment adviser to certain funds and accounts that hold the Upstart shares. Those funds and accounts have the right to receive dividends and proceeds from any sale of the 5,011,809 shares reported in the Schedule 13G.
Why did Jericho Capital and Josh Resnick file a Schedule 13G on Upstart (UPST)?
They filed Schedule 13G because their beneficial ownership exceeded 5% of Upstart’s common stock, reaching 5.2% as of December 31, 2025. The form is used for passive investors who are not seeking to influence or change control of the issuer.
