Q326 Earnings Deck

November 3, 2026

3

Originations

Total Revenue

Net Income

Adjusted EBITDA

$4.1B

+44% YoY

$371M

+34% YoY

$37M

10% margin

$89M

24% margin

Note: All figures are approximate.

Q3'26 results: strong year-over-year growth and profitability

Q3'26

Originations:

$4.1B

+44% YoY

Total originations were up 44% year-over-year

Q2'25

Q3'25

Q4'25

Q1'26

Q2'26

Q3'26

YoY Growth:

+80%

+52%

+61%

+50%

+44%

# loans:

428,056

455,788

425,356

558,014

574,089

Originations, Dollars ($M)

Q3'26

Revenue:

$371M

+34% YoY

Fees: platform & referral, servicing, loan sales

Net interest income & fair value adjustments

Q2'25

Q3'25

Q4'25

Q1'26

Q2'26

Q3'26

YoY Growth:

+71%

+35%

+44%

+42%

+34%

Total Revenue ($M)

Note: Totals may not sum due to rounding.

All-time high fee revenue drives total revenue higher

Q3'26

Contribution Profit:

$218M

+48% YoY

Q2'25

Q3'25

Q4'25

Q1'26

Q2'26

Q3'26

YoY Growth:

+44%

+15%

+34%

+37%

+48%

Contribution Margin:

57%

53%

50%

55%

60%

All-time high Contribution Profit

Contribution Profit ($M)

Q3'26

Net Income:

$37M

+15% YoY

GAAP profits move higher

Q2'25

Q3'25

Q4'25

Q1'26

Q2'26

Q3'26

Net Income Margin:

11%

6%

-2%

5%

10%

YoY Growth:

+571%

+776%

-172%

+195%

+15%

Net Income ($M)

Q3'26

Adjusted EBITDA:

$89M

+26% YoY

Q2'25

Q3'25

Q4'25

Q1'26

Q2'26

Q3'26

Adj. EBITDA Margin:

26%

22%

13%

21%

24%

YoY Growth:

NM

+64%

-5%

+45%

+26%

Adjusted EBITDA ($M)

Note: "NM" refers to growth rates that are >1000% and are therefore not meaningful.

Adjusted EBITDA growth with continued margin expansion

10

Revenue from fees

Prior: $1.3 billion

Total Revenue

$1.35 billion

Prior: $1.4 billion

Prior: $294 million (21% margin)

Adjusted EBITDA (Margin % of Total Revenue) $260 million (19% margin)

35%

2025 - 2028 Total Revenue Compound Annual Growth Rate

Note: Guidance figures are approximate.

2028 Adjusted EBITDA Margin (% of Total Revenue) 25%

Note: All guidance figures are approximate.

11

Updated 2026 guidance

Upstart Macro Index (UMI)

UMI: 1.53

Note: UMI estimates the impact of the macroeconomy on actual credit losses based on Upstart-powered unsecured personal loan data, see: https://www.upstart.com/umi. UMI data as of November 3, 2026. Beginning July 8, 2026, UMI values are named based on their publication

date rather than the month of payments they describe. Historical data has been relabeled to fit the new convention. 12

Macro-driven default risk has risen

November 3, 2026 UMI is 1.53

13

Q3'26 Unsecured Originations:

$3.5B

+33% YoY

Core (FICO <720)

Super prime (720+)

Small dollar + Cash Line

Q2'25

Q3'25

Q4'25

Q1'26

Q2'26

Q3'26

YoY Growth:

+73%

+41%

+50%

+38%

+33%

# Unsecured loans:

420,089

443,784

410,854

535,191

549,415

Unsecured Originations ($M)

Note: TransUnion data used for credit scoring. Totals may not sum due to rounding.

Core personal loans made up a larger share of Unsecured originations versus Q2

Breakout by borrower segment

Q3'26 Secured Originations:

$587M

+194% YoY

Auto YoY Growth

~3X

Home YoY Growth

~2X

Auto

Home

Q2'25

Q3'25

Q4'25

Q1'26

Q2'26

Q3'26

# Auto loans: 6,705

9,918

12,202

20,023

21,644

# Home loans: 1,262

2,086

2,300

2,800

3,030

Secured Originations ($M)

Note: Auto Refinance originations were sunset during Q2'26.

Secured originations were essentially flat QoQ, nearly triple YoY

Q3'26 Secured Contribution Margin:

17%

With Unsecured Contribution Margins also moving higher

Unsecured Contribution Margin

Secured Contribution Margin

Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26

Secured Contribution Margin positive a quarter ahead of target

Contribution Margin (%)

17

Q2'18: 92.30%

Traditional credit model inaccuracy gap = 95.40%

Q3'26: 87.27%

87.27%

Q3'26 predictive accuracy captured:

Upstart 12.73%

Traditional model 4.60%

Note: A model's "inaccuracy gap" represents its distance from perfect prediction. 0% = perfect; 100% = no predictive power; lower is better.

Our AI underwriting model is 2.77X as good as a traditional credit model

Eight years of steady gains - a compounding edge with significant runway ahead

Step 3

~488K

~9 of 10 applications converted to loans

90%

of 541K funded loans fully automated

in Q3'26, with no human intervention by Upstart

~53K

~3 of 10 applications converted to loans

Step 1 Step 2

683K

rate offers accepted and evaluated by our verification model in Q3'26

525K

applications (77%) approved automatically

158K

applications (23%) manually reviewed

Automated approvals converted at ~3x the rate of those reviewed manually

Note: Amounts presented in figures may not sum to totals due to rounding.

More automation can drive higher loan volumes

Breaking down the math - how we arrived at the Percentage of Loans Fully Automated in Q3'26

A record 555,000+ unique Americans took out loans in Q3.

Borrowers are more likely than ever to come back with 250,000+ people returning to Upstart for another loan.

Q3'26: 25.5M

Cumulative unique applicants

Note: "Cumulative unique applicants" refers to unique individuals who have applied for an Upstart-powered loan through the end of the reporting period, based on internal calculations.

More than 25 million unique Americans have applied for an Upstart-powered loan

21

2-Year Treasury Yield Expected cash flows Upside/downside range

The net annualized return from investing equally in our last 12 quarterly vintages would represent a

~660 basis point premium over the 2-Year Treasury.

Note: Cohorts are personal loans only and exclude Small Dollar Loans and Cash Line. Net annualized return includes assumed future cash flows, net of servicing fees. Data are as of September 30, 2026. "Upside," "expected," and "downside" reflect Upstart's internal return expectations for vintages since Q3'23. Q3'26 is excluded due to limited seasoning.

Upstart loans have consistently delivered attractive returns to third-party capital partners

Total loan balance outstanding ($M)

Committed capital partnerships

All other third-parties

Loans held on Upstart's balance sheet, at fair value

Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26

Note: Exhibit shows funding source as a percentage of total loan balance outstanding. "Total loan balance outstanding" is the unpaid principal balance of all loans originated on Upstart's platform since inception. "Committed capital partnerships" is the principal balance of loans underlying beneficial interests held by capital partners. "All other third-parties" is the remaining loan balance after excluding loans held on balance sheet at fair value and loans included in committed capital partnerships, and includes lending partners, non-committed investors, and unconsolidated securitizations. Percentages may not sum to 100% due to rounding.

Third-party partners funded >95% of the platform - 68% through commitments of up to two years

Total loan balance outstanding ($M)

Equity capital used (%)

Equity capital used as a % of total loan balance outstanding Total loan balance outstanding ($M)

Note: "Total loan balance outstanding" refers to the unpaid principal balance of loans originated on Upstart's platform since inception. Equity capital used is the sum of: (1) loans at fair value, less warehouse borrowings and amounts payable to securitization note holders at fair value; (2) beneficial interest assets and line of credit receivable at fair value, less beneficial interest liabilities at fair value, plus restricted cash associated with co-investments; and (3) notes receivable and residual certificates at fair value, less risk retention financing borrowings. Loans pledged as co-investment collateral are included in item (1). Unrestricted cash is excluded. See the appendix for a breakdown of the components.

Note: See appendix for the value of Upstart's committed capital and co-investment arrangements, including the aggregate maximum loss exposure, assessed value and range of outcomes.

Equity capital usage fell to 9.0% of total loans outstanding, from 11.6% a year ago

25

March 2026

We applied for a national bank charter

July 2026

The OCC granted conditional approval

Pending

FDIC and Federal Reserve approvals, and final OCC approval

Early 2027

Upstart Bank opens, subject to remaining approvals

What the bank charter unlocks:

Every product, in every state, with uniform rate caps

Eliminate originating partner bank fees and other economics

Deposits replace the warehouse facilities that fund loans held on our balance sheet today

Less operational complexity and faster technology velocity - we interface with regulators directly

We're a marketplace: we expect to continue to sell the vast majority of loans to third parties - the bank complements these partnerships

We expect the net financial impact to be positive and build over time: our 3-year financial outlook includes the Bank

Bank charter has significant strategic value

On track to open in early 2027, subject to remaining approvals

1. Capitalize Upstart Bank

   Funded from existing assets:

   • ~$350M of cash

   • ~$54M of servicing assets

2. Deposits fund the loan book purchase

   Bank raises brokered deposits shortly after launch and uses those funds to buy most of the existing loan book and begin to fund new loans.

   Minimums for the bank's first three years:

   • 12% tier 1 leverage ratio

   • 15% total risk-based capital ratio

3. Debt repaid, cash released

The equity that had been funding the loan book is released as cash. Repay the warehouse facilities.

We expect co-investments in committed capital partnerships to remain outside of the bank.

minimum opening capital

deposit target

warehouse balance as of 9/30/2026

Note: All figures are approximate.

We expect to stand up the bank without raising equity

Three phases - capital in, deposits raised, and cash released

Upstart Holdings consolidated cash and cash equivalents ($M)

+$941 −$328

$1,074

Illustrative - shown as if the entire loan book is sold.

$461

The Bank is expected to buy the majority of the loan book, not all of it, but for simplicity this illustration assumes the entire loan book is sold.

Cash at 9/30/26

Deposits fund the loan book

Warehouse facilities repaid

Pro forma cash

Note: This pro forma analysis applies the planned Upstart Bank launch mechanics to our 9/30/26 balance sheet and is solely for illustrative purposes; it is not guidance, a forecast, or an indication of our expected cash balance at any future date. Capitalizing the Bank is an intercompany transaction and does not reduce consolidated cash. All figures are approximate.

Illustrative pro forma - if these transactions had been executed against the 9/30/26 balance sheet

29

(1) Includes $75.9 million, $64.1 million, $53.8 million, $44.9 million, $36.3 million and $28.9 million of loans, at fair value, contributed as collateral for the consolidated securitization as of June 30, 2025, September 30, 2025, December 31, 2025, March 31, 2026, June 30, 2026, and September 30, 2026, respectively.

Condensed Consolidated Balance Sheet

(in thousands)

1. For fiscal year 2026, interest income and interest expense include dividend income earned on certain cash accounts and expense on convertible senior notes, respectively, which were previously included in other income, net. See "Note 1. Description of Business and Significant Accounting Policies" in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2026 for details.

Condensed Consolidated Statement of Operations and Comprehensive Income (Loss)

(in thousands, except share and per share data)

The following table presents revenue from fees disaggregated by type of service as follows:

The following table presents components of fair value and other adjustments, net as follows:

1. Represents fees we charge our third-party loan purchasers for facilitating certain forward-flow loan sales and that are recognized as part of the sales proceeds received. Beginning in the second quarter of 2026, loan sales fees, which were previously included within servicing and other fees, net, are presented as a separate component of revenue from fees, net. Prior-period amounts have been reclassified to conform to the current-period presentation.

   Revenue Breakout

   (in thousands)

   		Fiscal 2025			Fiscal 2026
   	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
   Cash flows from operating activities
   Net income (loss)	$ 5,607	$ 31,805	$ 18,636	$ (6,646)	$ 16,539	$ 36,578
   Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
   Change in fair value of loans	(28,126)	(62,384)	(30,224)	(62,225)	136,343	36,871
   Change in fair value of servicing assets	4,550	4,155	5,851	5,583	6,952	5,218
   Change in fair value of servicing liabilities	(338)	(386)	67	(342)	(1,224)	(2,948)
   Change in fair value of beneficial interest assets	(5,884)	7,279	(16,979)	(10,213)	927	(6,100)
   Change in fair value of beneficial interest liabilities	12,172	6,706	(2,234)	(2,921)	7,480	13,167
   Change in fair value of other financial instruments	(2,351)	(3,145)	(1,392)	(894)	(333)	754
   Stock-based compensation	35,511	34,155	32,453	34,811	44,466	39,955
   Gain on loan servicing rights, net	(7,506)	(7,925)	(7,627)	(7,474)	(13,370)	(16,637)
   Gain on debt extinguishment	-	(7,246)	-	-	-	-
   Depreciation and amortization	5,843	6,131	6,461	5,858	7,126	6,119
   Loan premium amortization	(10,824)	(14,384)	(15,589)	(11,963)	(11,163)	(9,707)
   Non-cash interest expense and other	1,678	2,216	3,388	3,713	4,504	3,765
   Net changes in operating assets and liabilities:
   Purchases and originations of loans held-for-sale	(2,624,546)	(2,440,455)	(2,662,651)	(2,459,444)	(3,590,431)	(3,671,555)
   Proceeds from sale of loans held-for-sale	2,407,037	2,270,958	2,684,771	2,371,308	3,160,836	3,505,954
   Principal payments received for loans held-for-sale	44,886	55,407	49,115	41,658	53,969	46,374
   Principal payments received for loans held by consolidated securitization	9,653	9,839	8,113	8,031	7,111	6,398
   Settlements of beneficial interest liabilities, net	(5,672)	(4,052)	(5,882)	1,081	(557)	(2,775)
   Proceeds from beneficial interest assets (derivatives)	75	3,290	506	3,154	7,382	3,631
   Settlements of beneficial interest assets (derivatives)	(538)	(636)	(2,916)	(1,500)	(1,623)	(2,208)
   Other assets	(2,373)	(239)	(14,656)	4,374	(9,457)	(4,339)
   Operating lease liability and right-of-use asset	(304)	(308)	(1,166)	(796)	(374)	501
   Accrued expenses and other liabilities	41,288	(13,410)	60,507	(48,450)	38,265	(8,768)
   Net cash provided by (used in) operating activities	$ (120,162)	$ (122,629)	$ 108,552	$ (133,297)	$ (136,632)	$ (19,752)

   Condensed Consolidated Statement of Cash Flows

   (in thousands)

   Fiscal 2025				Fiscal 2026
   Q2 2025		Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
   Cash flows from investing activities
   Purchases and originations of loans held-for-investment	(228,024)	(288,109)	(366,978)	(438,365)	(178,850)	(253,031)
   Proceeds from sale of loans held-for-investment	18,600	30,948	344,536	313,068	122,658	192,598
   Principal payments received for loans held-for-investment	72,524	92,055	98,368	76,443	81,576	86,296
   Principal payments received for notes receivable and repayments of residual certificates	3,836	6,374	10,156	11,743	15,311	18,402
   Acquisition and settlements of beneficial interest assets (hybrid instruments)	(959)	(32)	(1,830)	(1,734)	(1,463)	(6,941)
   Proceeds from beneficial interest assets (hybrid instruments)	28,555	49,300	48,673	45,344	61,821	83,873
   Issuance of line of credit receivable	-	(7,862)	-	-	(721)	-
   Repayments of line of credit receivable	-	783	2,732	1,369	-	1,422
   Purchases of property and equipment	(115)	(75)	(157)	(2,750)	(2,058)	(864)
   Capitalized software costs	(4,251)	(3,888)	(3,762)	(4,242)	(4,192)	(4,569)
   Net cash provided by (used in) investing activities	$ (109,834)	$ (120,506)	$ 131,738	$ 876	$ 94,082	$ 117,186
   Cash flows from financing activities
   Proceeds from borrowings	122,701	36,492	81,370	123,524	301,026	347,122
   Proceeds from convertible notes issuance, net of debt issuance costs paid to lender	-	678,270	-	-	-	-
   Payment of debt issuance costs to third parties	-	(2,701)	(6)	-	-	-
   Repayments of borrowings	(30,406)	(54,803)	(109,603)	(32,626)	(221,207)	(257,998)
   Repurchases and repayments of convertible notes	-	(224,154)	-	-	-	(66,544)
   Purchase of capped calls, net	-	(54,636)	-	-	-	-
   Principal payments made on securitization notes	(10,577)	(10,002)	(8,569)	(7,215)	(6,934)	(6,491)
   Payable to investors	8,555	1,731	14,259	17,864	19,685	21,521
   Net proceeds related to stock-based award activities	1,655	8,383	2,366	5,253	923	11,147
   Repurchases of stock	-	-	-	(100,057)	-	-
   Net cash provided by (used in) financing activities	$ 91,928	$ 378,580	$ (20,183)	$ 6,743	$ 93,493	$ 48,757
   Change in cash, cash equivalents and restricted cash	(138,068)	135,445	220,107	(125,678)	50,943	146,191
   Cash, cash equivalents and restricted cash
   Cash, cash equivalents and restricted cash at beginning of period	839,528	701,460	836,905	1,057,012	931,334	982,277
   Cash, cash equivalents and restricted cash at end of period	$ 701,460	$ 836,905	$ 1,057,012	$ 931,334	$ 982,277	$ 1,128,468

   Condensed Consolidated Statement of Cash Flows (cont.)

   (in thousands)

   		Fiscal 2025			Fiscal 2026
   	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
   Total revenue	$ 257,291	$ 277,105	$ 296,090	$ 308,214	$ 364,708	$ 370,522
   Net income (loss)	5,607	31,805	18,636	(6,646)	16,539	36,578
   Net Income (Loss) Margin	2%	11%	6%	(2%)	5%	10%
   Adjusted to exclude the following:
   Stock-based compensation and certain payroll tax expenses (1)	$ 36,641	$ 35,404	$ 33,015	$ 36,112	$ 45,881	$ 40,945
   Depreciation and amortization	5,843	6,131	6,461	5,858	7,126	6,119
   Reorganization expenses	-	-	-	-	1,678	-
   Expense on convertible notes	4,913	4,944	5,056	5,061	5,067	5,025
   Gain on debt extinguishment	-	(7,246)	-	-	-	-
   Provision for income taxes	49	124	526	84	614	665
   Adjusted EBITDA	$ 53,053	$ 71,162	$ 63,694	$ 40,469	$ 76,905	$ 89,332
   Adjusted EBITDA Margin	21%	26%	22%	13%	21%	24%
   Revenue from fees, net	$ 240,777	$ 258,539	$ 265,220	$ 277,063	$ 348,019	$ 364,030
   Income (loss) from operations	4,542	23,666	18,919	(7,518)	14,639	35,999
   Operating Margin	2%	9%	7%	(3%)	4%	10%
   Sales and marketing, net of borrower acquisition costs (2)	$ 12,170	$ 11,582	$ 11,110	$ 12,198	$ 12,228	$ 10,883
   Customer operations, net of borrower verification and servicing costs (3)	6,947	5,919	6,871	7,563	8,715	8,476
   Engineering and product development	68,825	64,026	66,913	80,112	93,860	92,652
   General, administrative, and other	64,573	60,779	67,830	76,070	80,378	76,452
   Interest income, interest expense, and fair value adjustments, net	(16,514)	(18,566)	(30,870)	(31,151)	(16,689)	(6,492)
   Contribution Profit	$ 140,543	$ 147,406	$ 140,773	$ 137,274	$ 193,131	$ 217,970
   Contribution Margin	58%	57%	53%	50%	55%	60%

   1. Payroll tax expenses include the employer payroll tax-related expense on employee stock transactions, as the amount is dependent on our stock price and other factors that are beyond our control and do not correlate to the operation of our business.

   2. Borrower acquisition costs were $60.9 million, $67.3 million, $79.5 million, $92.3 million, $102.3 million, and $91.2 million for the three months ended June 30, 2025, September 30, 2025, December 31, 2025, March 31, 2026, June 30, 2026, and September 30, 2026, respectively. Borrower acquisition costs consist of our sales and marketing expenses adjusted to exclude costs not directly attributable to attracting a new borrower, such as payroll-related expenses for our business development and marketing teams, as well as other operational, brand awareness and marketing activities. These costs do not include reorganization expenses.

   3. Borrower verification and servicing costs were $39.3 million, $43.9 million, $45.0 million, $47.5 million, $52.6 million, and $54.9 million for the three months ended June 30, 2025, September 30, 2025, December 31, 2025, March 31, 2026, June 30, 2026, and September 30, 2026, respectively. Borrower verification and servicing costs consist of payroll and other personnel-related expenses for personnel engaged in loan onboarding, verification and servicing, as well as servicing system costs. It excludes payroll and personnel-related expenses and stock-based compensation for certain members of our customer operations team whose work is not directly attributable to onboarding and servicing loans. These costs do not include reorganization expenses.

      Reconciliation of Non-GAAP Financial Measures

      (in thousands, except ratios)

      The following table presents financial information, including Contribution Profit, for our Unsecured Lending segment, which includes unsecured personal loans, small dollar loans, and cash lines:

      		Fiscal 2025			Fiscal 2026
      	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
      Unsecured Lending
      Revenue from fees, net	$ 236,935	$ 253,192	$ 256,964	$ 265,394	$ 326,301	$ 329,939
      Borrower acquisition costs (1)	(57,249)	(61,771)	(71,210)	(80,379)	(84,712)	(76,280)
      Borrower verification and servicing costs (2)	(32,366)	(34,445)	(34,199)	(36,581)	(40,821)	(41,522)
      Contribution Profit for Unsecured Lending	$ 147,320	$ 156,976	$ 151,555	$ 148,434	$ 200,768	$ 212,137
      The following table presents a reconciliation of total Contribution Profit to net income (loss) before income taxes:
      		Fiscal 2025			Fiscal 2026
      	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
      Contribution Profit - Unsecured Lending	$ 147,320	$ 156,976	$ 151,555	$ 148,434	$ 200,768	$ 212,137
      Reconciling items:
      Contribution Profit/(Loss) - Other Segments (3)	(6,777)	(9,570)	(10,782)	(11,160)	(7,637)	5,833
      Sales and marketing, net of borrower acquisition costs (1)	(12,170)	(11,582)	(11,110)	(12,198)	(12,228)	(10,883)
      Customer operations, net of borrower verification and servicing costs (2)	(6,947)	(5,919)	(6,871)	(7,563)	(8,715)	(8,476)
      Engineering and product development	(68,825)	(64,026)	(66,913)	(80,112)	(93,860)	(92,652)
      General, administrative, and other	(64,573)	(60,779)	(67,830)	(76,070)	(80,378)	(76,452)
      Interest income, interest expense, and fair value adjustment net	16,514	18,566	30,870	31,151	16,689	6,492
      Other income, net	1,114	1,017	243	956	2,514	1,244
      Gain on debt extinguishment	-	7,246	-	-	-	-
      Net income (loss) before income taxes	$ 5,656	$ 31,929	$ 19,162	$ (6,562)	$ 17,153	$ 37,243

      1. Borrower acquisition costs consist of our sales and marketing expenses adjusted to exclude costs not directly attributable to attracting a new borrower, such as payroll-related expenses for our business development and marketing teams, as well as other operational, brand awareness and marketing activities. These costs do not include reorganization expenses.

      2. Borrower verification and servicing costs consist of payroll and other personnel-related expenses for personnel engaged in loan onboarding, verification and servicing, as well as servicing system costs. It excludes payroll and

         personnel-related expenses and stock-based compensation for certain members of our customer operations team whose work is not directly attributable to onboarding and servicing loans. These costs do not include reorganization expenses.

      3. Includes Auto Lending and Other operating segments, which did not meet the separate reporting or aggregation criteria under GAAP.

   Segment Information

   (in thousands)

   We focus on several key operating and Non-GAAP financial metrics to measure the performance of our business and help determine strategic direction. The following presents our key operating and financial metrics:

   		Fiscal 2025			Fiscal 2026
   	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
   Originations, Dollars	$ 2,820,398	$ 2,854,296	$ 3,195,693	$ 3,445,142	$ 4,227,174	$ 4,117,800
   Originations, Number of Loans (1)	372,599	428,056	455,788	425,356	558,014	574,089
   Conversion Rate (2)	21.0%	19.4%	19.4%	18.5%	19.7%	18.6%
   Percentage of Loans Fully Automated	92%	91%	91%	91%	91%	90%
   Contribution Profit	$140,543	$147,406	$140,773	$137,274	$193,131	$217,970
   Contribution Margin	58%	57%	53%	50%	55%	60%
   Adjusted EBITDA	$53,053	$71,162	$63,694	$40,469	$76,905	$89,332
   Adjusted EBITDA Margin	21%	26%	22%	13%	21%	24%
   The following table provides disaggregated information for Originations, Dollars and Originations, Number of Loans for the periods presented:
   		Fiscal 2025			Fiscal 2026
   	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
   Originations, Dollars
   Unsecured Lending (3)	$2,635,470	$2,654,301	$2,873,125	$3,039,084	$3,638,446	$3,531,378

   Other (4)	184,928	199,995	322,568	406,058	588,728	586,422
   Total	$2,820,398	$2,854,296	$3,195,693	$3,445,142	$4,227,174	$4,117,800

   Originations, Number of Loans(1)
   Unsecured Lending	366,423	420,089	443,784	410,854	535,191	549,415
   Other	6,176	7,967	12,004	14,502	22,823	24,674
   Total	372,599	428,056	455,788	425,356	558,014	574,089
   (1) Originations, Number of Loans is shown in ones for the periods presented.

2. Beginning in the fourth quarter of 2025, we revised the definition and underlying calculation methodology of Conversion Rate. Prior period figures have been recast to conform to the new definition and methodology. In addition, we intend to discontinue reporting this metric beginning in the first quarter of 2027.

3. Beginning in the second quarter of 2026, we renamed our Personal Lending operating segment to Unsecured Lending. The name change was administrative in nature and had no impact to the segment results or our condensed consolidated financial statements.

4. Includes Auto Lending and Other operating segments, which did not meet the separate reporting or aggregation criteria under GAAP.

Key Operating and Non-GAAP Financial Metrics

(in thousands, except ratios or as noted)

(2) $187.2 million, $194.3 million, $191.6 million, $190.2 million, $190.0 million, and $181.0 million as of June 30, 2025, September 30, 2025, December 31, 2025, March 31, 2026, June 30, 2026, and September 30, 2026 respectively, is related to assets held by one institutional investor.

Aggregate Maximum Exposure to Losses by Asset Type Under Contractual Terms of Committed Capital and Other Co-Investment Arrangements

(in thousands)

(1) "Loans (at fair value), net of related financing" represents loans at fair value less warehouse borrowings and amounts payable to securitization note holders at fair value.

(2) "Total loan balance outstanding" refers to the unpaid principal balance of loans originated on Upstart's platform since inception.

Components of Equity Capital Used

(in thousands, except ratios or as noted)

• Beginning in the second quarter of 2026, we refer to the metrics "Transaction Volume, Dollars" and "Transaction Volume, Number of Loans" as "Originations, Dollars" and "Originations, Number of Loans," respectively, to reflect management's internal terminology. We define Originations, Dollars as the aggregate of: (i) the total principal of loan originations for personal loans, small dollar loans, and auto loans, (ii) committed amounts for HELOCs, and (iii) drawn amounts for unsecured revolving credit lines (Cash Line), in each case facilitated on our marketplace during the periods presented. We define Originations, Number of Loans as the total number of such originations, commitments, and draws, as applicable, facilitated on our marketplace during the periods presented. We believe these metrics are good proxies for our overall scale and reach as a marketplace.

• We define Conversion Rate as the Originations, Number of Loans in a period divided by the total number of rate inquiries received that we estimate to be legitimate, which we record when a borrower actively requests a loan offer on our platform. We track this metric to understand the impact of improvements to the efficiency of our borrower funnel on our overall growth. Cash Line is excluded because those borrowers may make multiple draws after the line has been initially approved, and those subsequent draws do not represent additional conversions. As our business and product portfolio have evolved, we have determined that Conversion Rate no longer meaningfully reflects the performance of our business, including our revenue and operating results. Accordingly, we plan to continue reporting Conversion Rate through fiscal 2026 as a transition period, and we do not intend to report this metric beginning with Q1'27.

• We define Percentage of Loans Fully Automated as the total number of loans in a given period originated end-to-end with no human involvement required by the Company divided by the Originations, Number of Loans in the same period. Cash Line is excluded because those borrowers may make multiple draws after the line has been initially approved, and those subsequent draws do not represent additional automation. Under this definition, "originated end-to-end" means (i) from initial rate request to final funding for personal loans, including small dollar loans, and

  (ii) from initial rate request to loan approval for auto loans and HELOCs, due to certain jurisdictions' local requirements and external dependencies that require human action prior to funding.

• Take rate is not one of our key operating metrics. However, the concept refers to revenue from fees, net as a percentage of Originations, Dollars.

• To derive Contribution Profit, we subtract the sum of borrower acquisition costs as well as borrower verification and servicing costs from revenue from fees, net. To calculate Contribution Margin we divide Contribution Profit by revenue from fees, net.

• We calculate Adjusted EBITDA as net income (loss) adjusted to exclude stock-based compensation expense and certain payroll tax expenses, depreciation and amortization, expense on convertible notes, provision for income taxes, gain on debt extinguishment, net gain on lease modification and reorganization expenses, as applicable. We calculate Adjusted EBITDA Margin as Adjusted EBITDA divided by total revenue. Adjusted EBITDA and Adjusted EBITDA Margin include interest expense from warehouse and risk retention facilities which is incurred in the course of earning corresponding interest income.

• In Q2'26, we renamed our sole reportable "Personal Lending" segment to "Unsecured Lending." The change was administrative and did not affect the underlying disclosures. "Secured" is not a reportable segment and is derived by subtracting Unsecured Lending from total Company results. Unsecured Lending includes personal loans, small-dollar loans, and Cash Line. Secured includes Auto and Home.

Glossary of Terms