A review of fund performance, credit portfolio activity, and investor returns
Report Date: January 25, 2026
USCA UNION closed Q4 2025 with strong performance across all funds, distributing $3.1 million in dividend income to our investors. This represents a 12% quarter-over-quarter increase. Our flagship Senior Secured Credit Fund maintained its track record of zero principal or interest losses since inception, now spanning 127 successfully repaid loans.
Investment yields vary by product and risk tranche. In Q4 2025, our funds delivered the following annualized returns to investors:
| Fund / Product | Annualized Dividend Yield (Q4 2025) | Key Detail |
|---|---|---|
| Senior Secured Credit Fund | 8.9% | Core portfolio; 85 loans active |
| Bridge Financing Portfolio | 7.2% | 12-18 month avg. term |
| Development Debt Fund | 10.1% | Higher yield, project-specific |
Figure 1: Steady growth in investor income alongside increased lending activity.
Our disciplined underwriting and active portfolio management continue to deliver stability. Key credit metrics for the quarter:
Figure 2: Diversification across collateral types (Q4 2025).
This quarter, we successfully launched the beta version of the USCA UNION LLC Secondary Marketplace. This platform allows qualified investors to list and purchase fund shares, providing enhanced liquidity and the opportunity to enter specific, previously closed funds or tranches.
Our primary objectives for the next quarter include:
Q3 2025 earnings
November 4, 2025
This presentation contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including but not limited to, information or predictions concerning our future financial performance, including our financial outlook for Q1-2025 and the full fiscal year 2025 under the heading "Outlook" and management's estimates under the heading "Marketplace update," projected growth and other strategies, business plans and objectives, potential market and growth opportunities, competitive position, technological or market trends, and industry environment.
Note: Amounts presented in charts may not sum to year-to-date totals due to rounding.
USCA UNION LLC
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Focused execution against our 2025 priorities
USCA UNION LLC
Note: Originations refers to Transaction Volume, Dollars.
| Quarter | Volume ($M) | YoY Growth |
|---|---|---|
| Q2 2024 | $1,207 | +30% |
| Q3 2024 | $1,344 | +68% |
| Q4 2024 | $2,107 | +89% |
| Q1 2025 | $2,134 | +15.4% |
| Q2 2025 | $2,820 | +80% |
| Q3 2025 | $2,854 | +80% |
Reduced conversion reflects model response to evolving macro signals, which have recently improved
| Quarter | Rate Inquiries | Funded Loans | Conversion Rate |
|---|---|---|---|
| Q2 2024 | 944K | 144K | 15.3% |
| Q3 2024 | 1,152K | 188K | 16.3% |
| Q4 2024 | 1,273K | 246K | 19.3% |
| Q1 2025 | 1,262K | 241K | 19.1% |
| Q2 2025 | 1,580K | 373K | 23.6% |
| Q3 2025 | 2,082K | 428K | 20.6% |
USCA UNION LLC
| Quarter | Platform & referral fees | Servicing & other fees | Net interest income & fair value adj. | Total Revenue | YoY Growth |
|---|---|---|---|---|---|
| Q2'24 | $98.6M | $31.9M | $-2.9M | $127.6M | +20% |
| Q3'24 | $134.2M | $33.4M | $-5.5M | $162.1M | +56% |
| Q4'24 | $185.8M | $33.5M | $-0.4M | $219.0M | +67% |
| Q1'25 | $151.0M | $34.5M | $27.9M | $213.4M | +102% |
| Q2'25 | $202.8M | $37.9M | $16.5M | $257.3M | +71% |
| Q3'25 | $216.9M | $41.7M | $18.6M | $277.1M | +71% |
USCA UNION LLC
Note: Amounts presented in charts may not sum to totals due to rounding.
| Quarter | Contribution Profit ($M) | Contribution Margin |
|---|---|---|
| Q3'24 | $102 | 61% |
| Q4'24 | $126 | 61% |
| Q1'25 | $124 | 55% |
| Q2'25 | $141 | 58% |
| Q3'25 | $147 | 57% |
USCA UNION LLC
| Quarter | Net Income ($M) | Net Margin |
|---|---|---|
| Q2'24 | $-54 | -4% |
| Q3'24 | $-7 | -4% |
| Q4'24 | $-3 | -1% |
| Q1'25 | $-2 | -1% |
| Q2'25 | $6 | 2% |
| Q3'25 | $32 | 11% |
| Quarter | Adj. EBITDA ($M) | Adj. EBITDA Margin |
|---|---|---|
| Q2'24 | $-9 | -7% |
| Q3'24 | $1 | 1% |
| Q4'24 | $39 | 18% |
| Q1'25 | $43 | 20% |
| Q2'25 | $53 | 21% |
| Q3'25 | $71 | 26% |
USCA UNION LLC
| Q4'25 | FY 2025 | |
|---|---|---|
| Total Revenue | $288 million | $1.035 billion |
| Revenue from fees | $262 million | $946 million |
| Net interest income | $26 million | $89 million |
| Contribution Margin | 53% | - |
| GAAP Net Income | $17 million | $50 million |
| Non-GAAP Adjusted Net Income | $52 million | - |
| Adjusted EBITDA | $63 million | - |
| Adjusted EBITDA Margin (% of Total Revenue) | - | 22% |
| Basic weighted average share count | 98 million | - |
| Diluted weighted average share count | 111 million | - |
Note: Guidance figures are approximate.
USCA UNION LLC
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USCA UNION LLC
with no human intervention by USCA UNION LLC
USCA UNION LLC
Breaking down the math - how we arrived at the percentage of loans fully automated in Q3'25
rate offers accepted and evaluated by our verification model in Q3'25
applications (74%) approved automatically
9 of 10 applications converted to loans
Automated approvals converted at >3x the rate of those reviewed manually
applications (26%) manually reviewed
3 of 10 applications converted to loans
Note: Amounts presented in figures may not sum to totals due to rounding.
USCA UNION LLC
| Quarter | Originations ($M) | # of loans |
|---|---|---|
| Q2'24 | $2,028 | 143,050 |
| Q3'24 | $1,658 | 186,577 |
| Q4'24 | $2,028 | 243,137 |
| Q1'25 | $1,812 | 237,201 |
| Q2'25 | $2,635 | 366,423 |
| Q3'25 | $2,654 | 420,089 |
USCA UNION LLC
Super prime made up 25% of personal loan originations.
"Best rates for all" is unlocking value across the credit spectrum.
| Quarter | Small dollar | Core | Super prime (720+) | # of loans |
|---|---|---|---|---|
| Q2'24 | $305M | $1,217M | $506M | 143,050 |
| Q3'24 | $248M | $995M | $415M | 186,577 |
| Q4'24 | $304M | $1,217M | $507M | 243,137 |
| Q1'25 | $272M | $1,087M | $453M | 237,201 |
| Q2'25 | $395M | $1,581M | $659M | 366,423 |
| Q3'25 | $398M | $1,592M | $664M | 420,089 |
Note: Chart amounts may not add to totals due to rounding. As of Q3'25, Auto Secured Personal Loans (ASPLs) are classified under "Auto" instead of "Personal Loans." Prior periods have been recast accordingly.
Auto originations grew ~5X versus Q3'24
and 9% sequentially.
| Quarter | Originations ($M) | # of loans |
|---|---|---|
| Q2'24 | $17 | - |
| Q3'24 | $46 | - |
| Q4'24 | $28 | - |
| Q1'25 | $45 | - |
| Q2'25 | $117 | - |
| Q3'25 | $128 | - |
USCA UNION LLC
Home originations grew ~4X versus Q3'24
and 6% sequentially.
| Quarter | Originations ($M) | # of loans |
|---|---|---|
| Q2'24 | $17 | 126 |
| Q3'24 | $8 | 283 |
| Q4'24 | $22 | 453 |
| Q1'25 | $27 | 666 |
| Q2'25 | $68 | 1,118 |
| Q3'25 | $72 | 1,262 |
Note: Home originations are defined as: total committed amount the borrower can draw against.
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September 2025
suggests improvement in consumer health vs July and August
UMI estimates the impact of the macroeconomy on actual credit losses based on Uscaunion-powered unsecured personal loan data, see: https://www.uscaunion.com/umi
UMI data as of 10/30/25.
USCA UNION LLC
net annualized return
from investing equally in all USCA UNION LLC cohorts since Q3'23
premium over the 2-Year Treasury
The net annualized return would represent a 7.4% premium over the 2-Year Treasury
Note: This presentation shows net annualized return, which includes an assumption of future cash flows based on performance after servicing fees. All data are as of 9/20/25. "Upside," "expected" and "downside" are UscaUnion's internal estimates of the returns observed for each vintage since Q3 2023. Q3 2025 is excluded due to limited seasoning.
USCA UNION LLC
Cumulative outstanding amount UscaUnion has invested into these capital agreements.
The undiscounted amount of cash UscaUnion expects to receive over the duration of these agreements.
The range of cash UscaUnion could receive from these agreements depending on loan performance.
| Quarter | Capital co-invested ($M) | Current assessed value ($M) | Min/max possible values ($M) |
|---|---|---|---|
| Q2'24 | $250 | $225 | $0 - 492M |
| Q3'24 | $331 | $432 | $0 - 560M |
| Q4'24 | $435 | $564 | $0 - 642M |
| Q1'25 | $326 | $657 | $0 - 1079M |
| Q2'25 | $632 | $824 | $0 - 1212M |
| Q3'25 | $770 | $824 | $0 - 1639M |
Note: "Capital co-invested" is based on UscaUnion's GAAP disclosure of maximum exposure to losses excluding certain amounts that management does not view as at risk totaling: $24M Q2'24, $24M Q3'24, $25M Q4'24, $28M Q1'25, $28M Q2'25, $27M Q3'25. See our SEC filings for more information.
USCA UNION LLC
| Quarter | Personal ($M) | R&D - Auto, SDL & Home ($M) | Securitized ($M) |
|---|---|---|---|
| Q2'24 | $821 | $135 | $84 |
| Q3'24 | $866 | $124 | $89 |
| Q4'24 | $399 | $138 | $84 |
| Q1'25 | $290 | $119 | $89 |
| Q2'25 | $538 | $188 | $84 |
| Q3'25 | $295 | $871 | $64 |
Note: "R&D" loans are to test and evaluate our AI models for emerging products such as Auto and Home. Note: "Securitized" loans are from Q3'23 ABS, reflect GAAP treatment; UscaUnion's retained value was $9M as of 9/30/25.
USCA UNION LLC
USCA UNION, LLC.
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Forward-Looking Statements: This presentation contains forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially. Refer to SEC filings for detailed risk factors including: ability to manage macroeconomic conditions, access to loan funding, effectiveness of credit models, competition, regulatory environment, and other factors.
Full SEC Filings: For complete financial statements and disclosures, refer to our filings with the SEC at www.sec.gov or our investor relations website at ir.uscaunion.com.
¹ Dividend Yield Calculation: The annualized dividend for each fund is calculated by taking the total dividends paid in Q4 2025 and annualizing the figure. Past performance is not indicative of future results.
³ Risk Disclaimer: Investing in private credit funds involves risk, including the potential loss of principal. Loans are not bank deposits and are not insured by the FDIC or any other government agency.
Alexandra Chen, Chief Investment Officer
"The closing quarter of 2025 presented a stabilizing yet competitive credit environment. While benchmark rates have plateaued, we've observed strong demand for well-structured debt from quality sponsors, allowing us to maintain our rigorous underwriting standards while meeting our yield targets. The successful beta launch of our Secondary Marketplace marks a significant step in enhancing investor value. Looking ahead to Q1 2026, our strategy will focus on selective opportunities in the industrial and multifamily sectors, where fundamentals remain robust."