SCHEDULE: Susquehanna Group Discloses 5.7% Stake in Upstart

A group of affiliated entities, including G1 Execution Services, LLC and Susquehanna Securities, LLC, has disclosed a 5.7% beneficial ownership stake in Upstart Holdings, Inc. as of September 30, 2025.

Summary

• A group of affiliated entities, referred to as 'Reporting Persons,' has filed a Schedule 13G disclosing beneficial ownership of Upstart Holdings, Inc. common stock.
• The Reporting Persons include G1 Execution Services, LLC, SIG Brokerage, LP, Susquehanna Portfolio Strategies, LLC, and Susquehanna Securities, LLC.
• The aggregate amount beneficially owned by the group is 5,533,255 shares of Upstart Holdings, Inc. Common Stock.
• This ownership represents 5.7% of the class of securities outstanding.
• The shares beneficially owned by Susquehanna Securities, LLC include options to buy 4,529,400 shares.
• Upstart Holdings, Inc. had 97,275,544 shares outstanding as of September 30, 2025, according to its Quarterly Report on Form 10-Q filed on November 4, 2025.
• The Reporting Persons certified that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: Neutral, as this is a routine disclosure of a passive ownership stake, not an activist filing or a performance report. It provides transparency on institutional holdings but does not offer new fundamental insights into the company's operations or financial health.

Positives

• Significant institutional ownership by a group of affiliated entities, including broker-dealers and investment strategies firms, indicates a level of institutional interest in Upstart Holdings, Inc.
• The reporting persons explicitly state the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control, suggesting a passive, investment-oriented stake.

Future Outlook

This Schedule 13G filing does not contain any forward-looking statements or guidance regarding Upstart Holdings, Inc.'s future performance or outlook.

Industry Context

This filing indicates continued institutional interest in Upstart Holdings, Inc., a company operating in the fintech sector. The disclosure of a significant passive stake by a group of affiliated investment entities is a routine event that provides transparency into the ownership structure of publicly traded companies.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake by the Susquehanna group may be viewed as a positive signal of institutional confidence or interest in Upstart Holdings, Inc., potentially contributing to market stability.

Key Dates

Recommendation

This Schedule 13G filing is a routine disclosure of a passive ownership stake by a group of affiliated entities. It does not contain new financial performance data, strategic updates, or management guidance that would warrant a change in investment recommendation. The significant institutional ownership by the Susquehanna group indicates continued interest but does not provide a basis for a 'buy' or 'sell' decision based solely on this filing.

Keywords

Upstart Holdings, UPST, Schedule 13G, beneficial ownership, institutional ownership, G1 Execution Services, SIG Brokerage, Susquehanna Portfolio Strategies, Susquehanna Securities, common stock