As of Q4'25, UPST reported Cash & Short-term Investments of USD 694M and Debt of USD 1.90B. This marks a significant increase in both cash and debt compared to the previous quarter, with cash rising from USD 495M and debt from USD 1.95B in Q3'25. Over the period from Q1'23 to Q4'25, UPST's cash position has shown notable volatility, peaking at USD 794M in Q4'24 before declining and then rebounding in Q4'25. Debt levels have generally trended upward, with a sharp increase beginning in Q4'24 and reaching the highest point of USD 1.95B in Q3'25. The overall trend indicates growing leverage, with debt consistently outpacing cash throughout the observed quarters.