• Stripe for auto lending: Just as Stripe provides the underlying technology and infrastructure for businesses to process payments, Open Lending provides the SaaS platform, analytics, and insurance solutions for lenders to originate auto loans more efficiently and safely.
• Black Knight for auto loans: Similar to how Black Knight provides specialized software, data, and analytics solutions for the mortgage industry, Open Lending does the same for the auto loan industry.

• Lenders Protection Program (LPP): A Software as a Service (SaaS) platform that provides lending enablement and risk analytics solutions, facilitating loan decision making, automated underwriting, and the issuance of credit default insurance.
• Loan Analytics: Services offered through the LPP platform that provide data analysis to inform lending decisions.
• Risk-Based Loan Pricing: Services offered through the LPP platform that assist lenders in pricing loans appropriately based on assessed risk.
• Risk Modeling: Services offered through the LPP platform that develop and apply models to evaluate and predict loan risk.
• Automated Decision Technology: Services offered through the LPP platform that automate the underwriting process and loan decision making for lenders.

Open Lending (LPRO) sells primarily to other companies, providing lending enablement and risk analytics solutions. The company's major customers are not typically disclosed as specific named entities, as their client base consists of numerous financial institutions. Instead, their customer base can be categorized by the types of institutions they serve:

• Credit Unions
• Regional Banks
• Non-bank Auto Finance Companies
• Captive Finance Companies of Original Equipment Manufacturers (OEMs)

American National Insurance Company

AmTrust Financial Services, Inc.

Jessica Buss Chief Executive Officer

• Jessica Buss was appointed Chief Executive Officer of Open Lending in March 2025.
• She has served on Open Lending's board of directors since August 2020 and as chairman since July 2023.
• Prior to joining Open Lending, Ms. Buss served as the Chief Executive Officer of Argo Group International Holdings, Ltd., and previously as President, U.S. Insurance, of Argo Group.
• She also held the role of President and Chief Executive Officer of GuideOne Insurance Company.
• Her experience includes senior leadership positions at State Auto Insurance Companies, where she served as Chief Operating Officer and Chief Financial Officer of its specialty subsidiary.
• Ms. Buss was part of a three-person team that raised capital for the formation and start-up operations of Rockhill Holdings, a niche property and casualty business that was later acquired by State Auto in 2009.
• She also served as Chief Financial Officer for Citizens Property Insurance Corporation.
• In 2016, she was recognized as one of Insurance Business' Elite Women of the Year.
• Ms. Buss holds a bachelor's degree in accounting from the University of Wisconsin and a Master of Business Administration from the University of Florida.

Massimo Monaco Chief Financial Officer

• Massimo Monaco assumed the role of Chief Financial Officer at Open Lending in August 2025.
• He brings over two decades of executive finance leadership experience from the residential mortgage lending and financial services sectors.
• Before joining Open Lending, Mr. Monaco was the Chief Financial Officer of Arc Home LLC, a residential mortgage lender, from 2018 to 2025.
• He also served as CFO at American Financial Resources, a national residential mortgage lender, from 2016 to 2018.
• His background includes various senior finance positions at PHH Corp., a public company specializing in residential mortgage and fleet leasing.
• Mr. Monaco earned a Bachelor of Arts degree and a Master of Business Administration degree from La Salle University.

Michelle Glasl Chief Operating Officer

• Michelle Glasl was appointed Chief Operating Officer of Open Lending in March 2025.
• She previously served as Head of Operations for Argo Group International Holdings, Ltd. from November 2023 to March 2025.
• From September 2022 to November 2023, Ms. Glasl was the Senior Vice President of Strategy and Business Development at Argo Group.
• Her prior experience includes serving as Chief Information Officer at GuideOne Insurance from June 2017 to June 2022.
• She also held the position of Vice President of Technology at State Auto from February 2009 to June 2017.
• Ms. Glasl holds a Bachelor of Science degree from the University of Wisconsin - Milwaukee.

Ben Massey General Counsel and Corporate Secretary

• Ben Massey was appointed General Counsel and Corporate Secretary of Open Lending, effective November 7, 2025.
• He previously served as Assistant General Counsel for the company starting in January 2024, and as Corporate Counsel – Securities and Governance from October 2022 to December 2023.
• Prior to joining Open Lending, Mr. Massey worked as an attorney with Simpson Thacher & Bartlett LLP from June 2019 until September 2022.
• He holds a Bachelor of Arts degree in Politics from Princeton University and a Juris Doctor (J.D.) from the University of Virginia School of Law.

Matt Sather Chief Underwriting Officer

• Matt Sather serves as the Chief Underwriting Officer at Open Lending.
• He is an experienced insurance executive with over 30 years in the industry, having led teams at CNA and AXIS Insurance.
• In his role, Mr. Sather is responsible for overseeing Open Lending's insurance operations, which include carrier partnerships, underwriting, claims handling, and actuarial services.
• He possesses a strong background in pricing, underwriting, and predictive modeling, contributing to strategic leadership, innovation, and growth.
• Mr. Sather is a graduate of Calvin University.

The key risks to Open Lending's (LPRO) business include its high sensitivity to macroeconomic conditions and the automotive lending market, the crucial accuracy of its risk models and the associated profit-share revenue, and its dependence on a concentrated group of lending and insurance partners.

1. Sensitivity to Macroeconomic Conditions and the Automotive Lending Market
   Open Lending's financial performance is highly susceptible to the overall health of the U.S. economy and the automotive industry, particularly within the near-prime and non-prime lending segments. Factors such as interest rates, inflation, unemployment, and consumer spending directly influence loan volumes and default rates for automotive loans, which in turn affect Open Lending's revenue. A downturn in these conditions can significantly reduce the demand for its lending enablement and risk analytics solutions, adversely impacting its financial results.
2. Accuracy of Risk Models and Profit Share Revenue
   Open Lending's core Lenders Protection Program (LPP) relies heavily on proprietary risk models to assess and price credit risk, project loan performance, and determine the appropriate insurance premiums and profit share for its third-party insurance partners. Inaccuracies in these models can lead to mispricing of risk, increased losses, and volatility in the profit-share revenue, which has historically resulted in significant write-downs and delayed financial reporting. There have been allegations of misrepresenting the capabilities of these models and issuing misleading statements regarding profit share revenue and the underperformance of past loan vintages.
3. Customer Concentration and Reliance on Key Partners
   A significant portion of Open Lending's loan volume is generated through a concentrated group of automotive lenders and a limited number of A.M. Best-rated insurance carriers. The loss of, or a material adverse change in the relationship with, any of these major lending partners or third-party insurance providers could severely impact the company's operations and financial results. Its business model depends on retaining these existing relationships and attracting new partners to sustain growth.

• U.S. Subprime Auto Lending Market (for LPP): In 2025, the total U.S. auto loan balances were approximately $1.66 trillion. Subprime consumers accounted for about 15% to 16% of all vehicle loans and originations. Based on these figures, the estimated addressable market for subprime auto lending in the U.S. is between approximately $249 billion and $265.6 billion annually (15-16% of $1.66 trillion). This market has shown a compound annual growth rate (CAGR) of 4.6% between 2020 and 2025.
• Expanded U.S. Auto Lending Market (with ApexOne Auto): With the introduction of the ApexOne Auto platform, which supports loans to prime borrowers and aims for the "full auto credit spectrum," Open Lending's addressable market effectively expands to include the broader U.S. auto lending market. This market had total balances of approximately $1.66 trillion in 2025.

Open Lending Corporation (LPRO) is expected to drive future revenue growth over the next two to three years through several key initiatives, primarily focusing on expanding its core Lenders Protection Program (LPP) and introducing new offerings to broaden its market reach.

Here are 3-5 expected drivers of future revenue growth for Open Lending:

1. Growth in Certified Loans through LPP Adoption and Volume
   Open Lending anticipates an increase in the volume of certified loans facilitated through its Lenders Protection Program (LPP). Management has provided guidance for 100,000 to 110,000 certified loans in 2026, implying a mid-single-digit to low-double-digit growth and a gradual quarterly ramp. This growth is expected to compound throughout the year, with a heavier weighting toward the latter quarters. The company's focus on refining its underwriting standards and pricing strategies is aimed at securing higher-quality growth and sustained performance, which should attract more lenders to utilize its platform.
2. Expansion into the Prime Credit Segment with Apex One Auto
   The launch of the Apex One Auto platform is a significant driver, positioning Open Lending as a full-credit-spectrum decisioning and dynamic pricing solution. This new subscription-based platform targets prime borrowers, expanding Open Lending's addressable market beyond its traditional near- and non-prime focus. The platform is designed to route declined prime loans into the core LPP product, thereby increasing overall application flow. Early traction shows applications in the mid-five figures, with the pipeline more than doubling since its launch.
3. Strategic Expansion of OEM Partnerships (OEM 3)
   Open Lending is actively working to expand its relationships with captive finance companies of original equipment manufacturers. The "OEM 3" initiative is explicitly identified as a driver for growth in 2026, with an emphasis on branded and non-branded dealer business and geographic expansion into areas like California and Texas. This focus on expanding existing and acquiring new OEM partners is expected to enhance market penetration and customer base.
4. Improved Credit Performance and Stabilized Profit-Share Economics
   The company has implemented tighter underwriting standards and made decisive changes in its risk management approach, leading to improved credit quality. The 2025 loan vintage shows over-60-day delinquencies at 12 months approximately 200 basis points better than the 2023 and 2024 cohorts. This enhanced credit performance and the associated stabilization of profit-share economics, booked conservatively at an implied 72.5% loss ratio with a target of mid-60%, are expected to reduce earnings volatility and support healthier overall economics, making the platform more attractive to lenders.
5. New Customer Acquisition and Deeper Penetration in the Credit Union Market
   Open Lending is focused on reorienting and expanding its sales team with additional "hunters" dedicated to new logo acquisition and deeper penetration within the credit union and regional bank markets. Given the improved capital positions of credit union partners, the company believes there is a significant opportunity for responsible growth by working with these partners to adjust ROA targets in response to potential interest rate declines.

Share Repurchases

• Open Lending authorized a $75 million share repurchase program in November 2022, which expired in November 2023.
• A new $25 million share repurchase program was authorized in May 2025, set to expire in May 2026.
• In the fourth quarter of 2025, the company repurchased approximately 564,000 shares for about $900,000, with $20.1 million remaining under the current buyback program as of March 2026.

Share Issuance

• As of March 6, 2026, Open Lending had 117,676,162 outstanding shares of common stock.
• The number of shares outstanding decreased by -0.48% in the year leading up to March 2026.

Inbound Investments

• Institutional investors hold a significant stake in Open Lending, owning 64% of the company's stock as of January 2026.
• Portolan Capital Management LLC acquired a new stake of 3,673,890 shares, valued at approximately $7.75 million, in the third quarter of 2025.
• In March 2026, Open Lending entered into a cooperation agreement with Palogic Value Management, L.P., which included the nomination of a new director and a commitment from Palogic not to acquire more than 9.9% of outstanding shares.

Outbound Investments

• Open Lending secured its third partnership with an automotive captive finance company in December 2024, with implementation of its Lenders Protection™ program scheduled for early 2025.
• The company launched its ApexOne Auto platform in November 2025, which expands auto lending decisioning to the full credit spectrum, including prime borrowers.

Capital Expenditures

• Capital expenditures for the last 12 months (as of March 2026) were -$56,000.
• In the most recent quarter (Q4 2025), capital expenditures totaled $0.000 million.
• Open Lending prioritizes investments that support organic growth and long-term shareholder value, focusing on its go-to-market sales strategy and research and development technology.