UPSTART HLDGS INC

CUSIP: 91680MAB3 Class: US DOMESTIC

Holders for Q4 2025 Position Changes for Q4 2025

Note: Option positions (PUT/CALL) are excluded.

New Positions (5)

PIPER SANDLER & CO.

Value ($000) $4,811 Shares 5,044,000

Value ($000) $338 Shares 350,000

Value ($000) $3,202 Shares 3,327,000

Value ($000) $241 Shares 250,000

LAZARD ASSET MANAGEMENT LLC

Value ($000) $10 Shares 1,000,000

Institution	Shares	Value ($000)
PIPER SANDLER & CO.	5,044,000	$4,811
CSS LLC/IL	350,000	$338
UBS Group AG	3,327,000	$3,202
CITIGROUP INC	250,000	$241
LAZARD ASSET MANAGEMENT LLC	1,000,000	$10

Increased Positions (2)

PALISADE CAPITAL MANAGEMENT, LP

Value ($000) $5,843 (+35.6%) Shares 6,071,000 (+34.9%)

Russell Investments Group, Ltd.

Value ($000) $2,099 (+12.4%) Shares 2,181,000 (+11.7%)

Institution	Prev Shares	Curr Shares	Change
PALISADE CAPITAL MANAGEMENT, LP	4,500,000	6,071,000	+1,571,000 (+34.9%)
Russell Investments Group, Ltd.	1,953,000	2,181,000	+228,000 (+11.7%)

Decreased Positions (2)

OAKTREE CAPITAL MANAGEMENT LP

Value ($000) $6,965 (-36.1%) Shares 7,199,000 (-37.1%)

ROYAL BANK OF CANADA

Value ($000) $2,329 (-33.0%) Shares 2,420,000 (-34.1%)

Institution	Prev Shares	Curr Shares	Change
OAKTREE CAPITAL MANAGEMENT LP	11,443,000	7,199,000	-4,244,000 (-37.1%)
ROYAL BANK OF CANADA	3,670,000	2,420,000	-1,250,000 (-34.1%)

Exited Positions (3)

BNP PARIBAS ARBITRAGE, SA

Value ($000) $758 Shares 800,000

Bank of New York Mellon Corp

Value ($000) $192 Shares 200,000

LPL Financial LLC

Value ($000) $56 Shares 60,000

Institution	Prev Shares	Prev Value ($000)
BNP PARIBAS ARBITRAGE, SA	800,000	$758
Bank of New York Mellon Corp	200,000	$192
LPL Financial LLC	60,000	$56