Delinquency IncreaseAugust 30+ day delinquencies across the trusts now exceed 11.2%, up from 10.4% in July, both of which are well above the 6-8% range.
Guidance Concerns4Q guidance was also below BofAe/consensus and this will likely disappoint investors and could pressure shares near-term.
Revenue ShortfallUPST's revenue came in below expectations as the AI-powered underwriting model responded to the murky macro with reduced approval rates/raised pricing, resulting in lower conversion rates.