Upstart Holdings, Inc.

Good afternoon, and welcome to the Upstart fourth quarter and full year 2025 earnings call. At this time, all participants are in a listen-only mode to prevent any background noise. Later, we will conduct a question-and-answer session, and instructions will be given at that time. As a reminder, this conference call is being recorded. I'd now like to turn the call over to Chelsea Williams, Investor Relations. Chelsea, please go ahead.

Thank you. Welcome to the Upstart Earnings Call for the fourth quarter and full year 2025.

With me on today's call are Dave Girard, our co-founder and CEO, Paul Gu, our co-founder and CTO, and Sanjay Dutta, our CFO. During today's call, we will make forward-looking statements, which include statements about our outlook and business strategy. These statements are based on our expectations and beliefs as of today. which are subject to a variety of risks, uncertainties, and assumptions, and should not be viewed as a guarantee of future performance. Actual results may differ materially as a result of various risk factors that have been described in our SEC filings. We assume no obligation to update any forward-looking statements as a result of new information or future events, except as required by law. Our discussion will include non-GAAP financial measures, which are not a substitute for our GAAP results. Reconciliations of our historical GAAP to non-GAAP results can be found in our earnings materials, which are available on our IR website. Before I turn the call over to Dave, please note that concurrent with today's earnings release, we also issued a press release regarding our leadership evolution. Management will address these plans during today's conference call.