As of Q4'25, UPST's cash and short-term investments stood at $657M, reflecting a moderate increase from $495M in Q3'25 but remaining below the peak of $794M observed in Q4'24. In contrast, total debt reached $1.90B, up slightly from $1.95B in Q3'25 and indicative of ongoing leverage pressures amid fluctuating liquidity. Over the period from Q1'23 to Q4'25, cash and short-term investments exhibited volatility with an overall upward trend, rising from $387M to a high of $794M in Q4'24 before stabilizing around $600M-$700M in recent quarters, suggesting improved liquidity management despite periodic dips like the $307M low in Q1'24. Debt levels showed a general increase from $1.10B in Q1'23 to $1.90B in Q4'25, with notable spikes to $1.95B in Q3'25 and $1.54B in Q4'24, highlighting a widening net debt position that could impact financial flexibility if cash reserves continue to fluctuate without corresponding debt reduction.