株探米国株
英語
エドガーで原本を確認する
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2025
Commission File Number: 001-36771
 
LendingClub Corporation
(Exact name of registrant as specified in its charter)
Delaware 51-0605731
(State or other jurisdiction of
incorporation or organization)		 (I.R.S. Employer
Identification No.)
595 Market Street, Suite 200,
San Francisco, CA 94105
(Address of principal executive offices and zip code)
Registrant’s telephone number, including area code: (415) 930-7440
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol Name of each exchange on which registered
Common stock, par value $0.01 per share LC New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes  ☒    No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer   ☒ Accelerated filer ☐
Non-accelerated filer   ☐ Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes  ☐    No  ☒
As of July 18, 2025, there were 114,740,147 shares of the registrant’s common stock outstanding.


LENDINGCLUB CORPORATION
TABLE OF CONTENTS

1

Glossary

The following is a list of common acronyms and terms LendingClub Corporation regularly uses in its financial reporting:
ACL
Allowance for Credit Losses (includes both the allowance for loan and lease losses, allowance for securities available for sale and the reserve for unfunded lending commitments)
AFS Available for Sale
ALLL Allowance for Loan and Lease Losses
Annual Report
Annual Report on Form 10-K for the year ended December 31, 2024
ASU Accounting Standards Update
AUM
Assets Under Management (outstanding balances of Loan Originations serviced by the Company including loans sold to investors as well as loans held for investment and held for sale by the Company)
Balance Sheet Condensed Consolidated Balance Sheets
CECL Current Expected Credit Losses (Accounting Standards Update 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments)
CET1 Common Equity Tier 1
CET1 Capital Ratio
Common Equity Tier 1 capital divided by total risk-weighted assets as defined under the Basel III capital framework
DCF Discounted Cash Flow
EPS Earnings Per Share
Exchange Act Securities Exchange Act of 1934, as amended
FRB or Federal Reserve Board of Governors of the Federal Reserve System and, as applicable, Federal Reserve Bank(s)
GAAP Accounting Principles Generally Accepted in the United States of America
HFI Loans which are retained by the Company and held for investment
HFS
Held for sale loans expected to be sold to investors
Income Statement Condensed Consolidated Statements of Income
LC Bank or LendingClub Bank LendingClub Bank, National Association
LendingClub, LC, the Company, we, us, or our LendingClub Corporation and its subsidiaries
Loan Originations
Unsecured personal loans and auto refinance loans originated by the Company or facilitated by third-party issuing banks
Marketplace Loans
Loan Originations designated as HFS
N/M Not meaningful
Parent
LendingClub Corporation (the Parent Company of LendingClub Bank, National Association and other subsidiaries)
PPNR or Pre-Provision Net Revenue
PPNR, or Pre-Provision Net Revenue, is a non-GAAP financial measure calculated by subtracting the provision for credit losses and income tax benefit/expense from net income.
SEC United States Securities and Exchange Commission
Securities Act Securities Act of 1933, as amended
Statement of Cash Flow
Condensed Consolidated Statements of Cash Flows
Structured Program transactions
Asset-backed securitization transactions where certain accredited investors and qualified institutional buyers have the opportunity to invest in securities backed by a pool of unsecured personal whole loans.
2

Tier 1 Capital Ratio Tier 1 capital, which includes Common Equity Tier 1 capital plus non-cumulative perpetual preferred equity that qualifies as additional tier 1 capital, divided by total risk-weighted assets as defined under the Basel III capital framework.
Tier 1 Leverage Ratio Tier 1 capital, which includes Common Equity Tier 1 capital plus non-cumulative perpetual preferred equity that qualifies as additional tier 1 capital, divided by quarterly adjusted average assets as defined under the Basel III capital framework.
Total Capital Ratio Total capital, which includes Common Equity Tier 1 capital, Tier 1 capital and allowance for credit losses and qualifying subordinated debt that qualifies as Tier 2 capital, divided by total risk-weighted assets as defined under the Basel III capital framework.
Unsecured personal loans Unsecured personal loans originated on the Company’s platforms, including an online direct to consumer platform and a platform connected with a network of education and patient finance providers.
VIE Variable Interest Entity
3

LENDINGCLUB CORPORATION

Except as the context requires otherwise, as used herein, “LendingClub,” “Company,” “we,” “us,” and “our,” refer to LendingClub Corporation, a Delaware corporation, and, where appropriate, its consolidated subsidiaries, including LendingClub Bank, National Association (LC Bank), and various entities established to facilitate loan sale transactions under LendingClub’s Structured Program.

Forward-looking Statements

This Quarterly Report on Form 10-Q (Report) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act). Forward-looking statements in this Report include, without limitation, statements regarding borrowers, credit scoring, our strategy, future operations, expected losses, future financial position, future revenue, projected costs, prospects, plans, objectives of management, expected market growth and the impact on our business. You can identify these forward-looking statements by words such as “anticipate,” “appear,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “intend,” “may,” “opportunity,” “plan,” “predict,” “project,” “should,” “strategy,” “target,” “will,” “would,” or similar expressions.

These forward-looking statements include, among other things, statements about:

•our compliance, and that of third-party partners or providers, with applicable local, state and federal laws, regulations and regulatory developments or court decisions affecting our business;
•the impact of accounting standards or policies, including the Current Expected Credit Losses (CECL) standard;
•the results of examinations of us by regulatory authorities and the possibility that any such regulatory authority may, among other things, require us to limit our business activities, increase our allowance for loan losses, increase our capital levels, or affect our ability to borrow funds or maintain or increase deposits;
•our ability to effectively manage capital or liquidity to support our evolving business or operational needs, while remaining compliant with regulatory or supervisory requirements and appropriate risk-management standards;
•the impact of changes to our deposit base;
•the impact of the continuation of, or changes in, the interest rate environment and economic climate;
•the ability and willingness of borrowers to repay loans;
•our belief that certain loans and leases in our commercial loan portfolio will be fully repaid in accordance with the contractual loan terms;
•our ability to maintain investor confidence in the operation of our platform;
•the performance of our loan products and expected rates of return for investors;
•the impact of, and our ability to resolve, pending litigation and governmental inquiries and investigations;
•the use of our own capital to purchase loans and the impact of holding loans on and our ability to sell loans off our balance sheet;
•our intention not to sell our available for sale (AFS) investment portfolio;
•our financial condition and performance, including the impact that management’s estimates have on our financial performance and the relationship between interim period and full year results;
•the inputs used in the fair value measurement of our financial instruments;
•our estimate of our interest rate sensitivity;
•our calculation of expected credit losses for our collateral-dependent loans;
•our estimated maximum exposure to losses;
•our expectation of loan servicing fee revenue based on forecasted prepayments and estimated market rate of servicing at the time of loan sale;
•capital expenditures;
•our compliance with contractual obligations or restrictions;
•our ability to develop and maintain effective internal controls;
•our ability to continue to realize the financial and strategic benefits of our digital marketplace bank business model;
•the timeline for occupying our recently acquired property in San Francisco;
4

LENDINGCLUB CORPORATION

•our tax profile, including our effective tax rate; and
•other risk factors listed from time to time in reports we file with the SEC.

We caution you that the foregoing list may not contain all of the forward-looking statements in this Report. We may not actually achieve the plans, intentions or expectations disclosed in forward-looking statements, and you should not place undue reliance on forward-looking statements. We have included important factors in the “Risk Factors” section of this Report and our Annual Report on Form 10-K for the year ended December 31, 2024, as well as in our condensed consolidated financial statements, related notes, and other information appearing elsewhere in this Report and our other filings with the SEC that could, among other things, cause actual results or events to differ materially from forward-looking statements contained in this Report. Forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may make.

You should read this Report carefully and completely and with the understanding that actual future results may be materially different from what we expect. We do not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, actual results, future events or otherwise, other than as required by law.

5

PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
LENDINGCLUB CORPORATION
Condensed Consolidated Balance Sheets
(In Thousands, Except Share and Per Share Amounts)
(Unaudited)
June 30,
2025		 December 31,
2024
Assets
Cash and due from banks $ 18,426  $ 15,524 
Interest-bearing deposits in banks 734,136  938,534 
Total cash and cash equivalents 752,562  954,058 
Restricted cash
 21,759  23,338 
Securities available for sale at fair value ($3,565,829 and $3,492,264 at amortized cost, respectively)
 3,527,142  3,452,648 
Loans held for sale at fair value 1,008,168  636,352 
Loans and leases held for investment 4,386,321  4,125,818 
Allowance for loan and lease losses (252,989) (236,734)
Loans and leases held for investment, net 4,133,332  3,889,084 
Loans held for investment at fair value
 631,736  1,027,798 
Property, equipment and software, net 246,284  167,532 
Goodwill 75,717  75,717 
Other assets
 378,633  403,982 
Total assets $ 10,775,333  $ 10,630,509 
Liabilities and Equity
Deposits:
Interest-bearing $ 8,785,727  $ 8,676,119 
Noninterest-bearing 350,397  392,118 
Total deposits 9,136,124  9,068,237 
Other liabilities
 233,174  220,541 
Total liabilities 9,369,298  9,288,778 
Equity
Common stock, $0.01 par value; 180,000,000 shares authorized; 114,740,147 and 113,383,917 shares issued and outstanding, respectively
 1,147  1,134 
Additional paid-in capital
1,718,520  1,702,316 
Accumulated deficit (287,627) (337,476)
Accumulated other comprehensive loss (26,005) (24,243)
Total equity 1,406,035  1,341,731 
Total liabilities and equity $ 10,775,333  $ 10,630,509 

See Notes to Condensed Consolidated Financial Statements.
6

LENDINGCLUB CORPORATION
Condensed Consolidated Statements of Income
(In Thousands, Except Share and Per Share Amounts)
(Unaudited)
Three Months Ended
June 30,		 Six Months Ended
June 30,
  2025 2024 2025 2024
Non-interest income:
Marketplace revenue $ 89,644  $ 56,353  $ 155,287  $ 112,244 
Other non-interest income 4,542  2,360  6,653  4,269 
Total non-interest income 94,186  58,713  161,940  116,513 
Interest income:
Interest on loans held for sale 32,489  26,721  54,303  41,420 
Interest and fees on loans and leases held for investment 122,395  124,819  241,344  257,212 
Interest on loans held for investment at fair value
 19,761  12,047  45,171  20,456 
Interest on securities available for sale 55,339  42,879  111,619  78,226 
Other interest income 7,113  13,168  16,719  29,671 
Total interest income 237,097  219,634  469,156  426,985 
Interest expense:
Interest on deposits 82,845  90,193  164,945  174,156 
Other interest expense
 3  913  5  1,413 
Total interest expense 82,848  91,106  164,950  175,569 
Net interest income 154,249  128,528  304,206  251,416 
Total net revenue 248,435  187,241  466,146  367,929 
Provision for credit losses 39,733  35,561  97,882  67,488 
Non-interest expense:
Compensation and benefits 61,989  56,540  120,378  116,094 
Marketing 33,580  26,665  62,819  50,801 
Equipment and software 14,495  12,360  29,139  25,044 
Depreciation and amortization 15,460  13,072  29,369  25,745 
Professional services 10,300  7,804  20,064  14,895 
Occupancy 4,787  3,941  9,132  7,802 
Other non-interest expense 14,107  11,876  27,684  24,110 
Total non-interest expense 154,718  132,258  298,585  264,491 
Income before income tax expense
 53,984  19,422  69,679  35,950 
Income tax expense
 (15,806) (4,519) (19,830) (8,797)
Net income $ 38,178  $ 14,903  $ 49,849  $ 27,153 
Earnings per share: (1)
Basic EPS $ 0.33  $ 0.13  $ 0.44  $ 0.24 
Diluted EPS $ 0.33  $ 0.13  $ 0.43  $ 0.24 
Weighted-average common shares – Basic 114,409,231  111,395,025  114,053,292  111,040,410 
Weighted-average common shares – Diluted 115,692,969  111,466,497  115,936,910  111,076,938 
(1)    See “Notes to Condensed Consolidated Financial Statements – Note 3. Earnings Per Share” for additional information.

See Notes to Condensed Consolidated Financial Statements.
7

LENDINGCLUB CORPORATION
Condensed Consolidated Statements of Comprehensive Income
(In Thousands)
(Unaudited)
Three Months Ended
June 30,		 Six Months Ended
June 30,
2025 2024 2025 2024
Net income $ 38,178  $ 14,903  $ 49,849  $ 27,153 
Other comprehensive loss:
Net unrealized loss on securities available for sale
 (4,294) (256) (811) (9,686)
Income tax effect 538  68  (951) 2,605 
Other comprehensive loss, net of tax
 (3,756) (188) (1,762) (7,081)
Total comprehensive income
 $ 34,422  $ 14,715  $ 48,087  $ 20,072 

See Notes to Condensed Consolidated Financial Statements.
8

LENDINGCLUB CORPORATION
Condensed Consolidated Statements of Changes in Equity
(In Thousands, Except Share Data)
(Unaudited)
Common Stock Additional
Paid-in
Capital		 Accumulated Other
Comprehensive
Loss		 Accumulated
Deficit		 Total
Equity
  Shares Amount
Balance at March 31, 2025
 114,199,832  $ 1,142  $ 1,711,429  $ (22,249) $ (325,805) $ 1,364,517 
Stock-based compensation —  —  10,506  —  —  10,506 
Net issuances under equity incentive plans 540,315  5  (3,415) —  —  (3,410)
Net unrealized loss on securities available for sale, net of tax
 —  —  —  (3,756) —  (3,756)
Net income —  —  —  —  38,178  38,178 
Balance at June 30, 2025
 114,740,147  $ 1,147  $ 1,718,520  $ (26,005) $ (287,627) $ 1,406,035 
Common Stock Additional
Paid-in
Capital
Accumulated Other
Comprehensive
Loss
 Accumulated
Deficit		 Total
Equity
Shares Amount
Balance at December 31, 2024
 113,383,917  $ 1,134  $ 1,702,316  $ (24,243) $ (337,476) $ 1,341,731 
Stock-based compensation —  —  20,427  —  —  20,427 
Net issuances under equity incentive plans 1,356,230  13  (4,223) —  —  (4,210)
Net unrealized loss on securities available for sale, net of tax
 —  —  —  (1,762) —  (1,762)
Net income
 —  —  —  —  49,849  49,849 
Balance at June 30, 2025
 114,740,147  $ 1,147  $ 1,718,520  $ (26,005) $ (287,627) $ 1,406,035 
Common Stock Additional
Paid-in
Capital
Accumulated Other
Comprehensive
Loss
 Accumulated
Deficit		 Total
Equity
Shares Amount
Balance at March 31, 2024
 111,120,415  $ 1,111  $ 1,678,928  $ (37,197) $ (376,556) $ 1,266,286 
Stock-based compensation —  —  11,315  —  —  11,315 
Net issuances under equity incentive plans 691,800  7  (4,378) —  —  (4,371)
Net unrealized loss on securities available for sale, net of tax
 —  —  —  (188) —  (188)
Net income —  —  —  —  14,903  14,903 
Balance at June 30, 2024
 111,812,215  $ 1,118  $ 1,685,865  $ (37,385) $ (361,653) $ 1,287,945 
  Common Stock Additional
Paid-in
Capital
Accumulated Other
Comprehensive
Loss
 Accumulated
Deficit		 Total
Equity
  Shares Amount
Balance at December 31, 2023
 110,410,602  $ 1,104  $ 1,669,828  $ (30,304) $ (388,806) $ 1,251,822 
Stock-based compensation —  —  24,914  —  —  24,914 
Net issuances under equity incentive plans 1,401,613  14  (8,877) —  —  (8,863)
Net unrealized loss on securities available for sale, net of tax
 —  —  —  (7,081) —  (7,081)
Net income —  —  —  —  27,153  27,153 
Balance at June 30, 2024
 111,812,215  $ 1,118  $ 1,685,865  $ (37,385) $ (361,653) $ 1,287,945 

See Notes to Condensed Consolidated Financial Statements.
9

LENDINGCLUB CORPORATION
Condensed Consolidated Statements of Cash Flows
(In Thousands)
(Unaudited)
Six Months Ended
June 30,
  2025 2024
Cash Flows from Operating Activities:
Net income $ 49,849  $ 27,153 
Adjustments to reconcile net income to net cash used for operating activities:
Net fair value adjustments 57,120  96,084 
Change in fair value of loan servicing assets 30,723  35,296 
Gain on sales of loans (25,742) (21,657)
Provision for credit losses 97,882  67,488 
Accretion of loan deferred fees and costs (31,547) (36,686)
Stock-based compensation, net 17,584  20,993 
Depreciation and amortization 29,369  25,745 
Other, net 5,893  1,258 
Net change to loans held for sale (1,317,153) (1,980,860)
Net change in operating assets and liabilities:
Other assets 24,077  8,257 
Other liabilities 9,595  (22,044)
Net cash used for operating activities
 (1,052,350) (1,778,973)
Cash Flows from Investing Activities:
Net change in loans and leases
 85,143  435,152 
Purchases of securities available for sale (6,202) (15,341)
Proceeds from maturities and paydowns of securities available for sale
 815,390  309,956 
Purchases of property, equipment and software, net (103,760) (24,646)
Other investing activities (3,088) (1,271)
Net cash provided by investing activities
 787,483  703,850 
Cash Flows from Financing Activities:
Net change in deposits 65,953  773,171 
Principal payments on borrowings
 —  (14,211)
Other financing activities (4,161) (8,534)
Net cash provided by financing activities
 61,792  750,426 
Net Decrease in Cash, Cash Equivalents and Restricted Cash
 $ (203,075) $ (324,697)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period $ 977,396  $ 1,294,148 
Cash, Cash Equivalents and Restricted Cash, End of Period $ 774,321  $ 969,451 
Supplemental Cash Flow Information:
Cash paid for interest $ 165,439  $ 178,261 
Cash paid for taxes $ 2,459  $ 52 
Cash paid for operating leases included in the measurement of lease liabilities $ 6,693  $ 6,360 
Supplemental Non-cash Investing Activity:
Net securities retained from Structured Program transactions $ 880,511  $ 1,498,125 


10

LENDINGCLUB CORPORATION
Condensed Consolidated Statements of Cash Flows (Continued)
(In Thousands)
(Unaudited)
The following presents cash, cash equivalents and restricted cash by category within the Balance Sheet:
  June 30,
2025		 December 31,
2024
Cash and cash equivalents $ 752,562  $ 954,058 
Restricted cash 21,759  23,338 
Total cash, cash equivalents and restricted cash
 $ 774,321  $ 977,396 

See Notes to Condensed Consolidated Financial Statements.

11

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)


1. Summary of Significant Accounting Policies

Basis of Presentation

LendingClub Corporation (LendingClub) was founded in 2006 and operates a leading, nationally chartered, digital marketplace bank that leverages data and technology to increase access to credit, lower borrowing costs, and improve returns on savings. LendingClub is registered as a bank holding company and operates the vast majority of its business through its wholly-owned subsidiary, LendingClub Bank, National Association (LC Bank).

All intercompany balances and transactions have been eliminated in consolidation. These condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and, in the opinion of management, contain all adjustments, including normal recurring adjustments, necessary for the fair statement of the results and financial position for the periods presented. These accounting principles require management to make certain estimates and assumptions that affect the amounts in the accompanying financial statements. These estimates and assumptions are inherently subjective in nature and actual results may differ from these estimates and assumptions, and the differences could be material. Results reported in interim periods are not necessarily indicative of results for the full year or any other interim period.

The accompanying interim condensed consolidated financial statements and these related notes should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (Annual Report) filed on February 13, 2025.

Significant Accounting Policies

The Company’s significant accounting policies are discussed in “Part II – Item 8. Financial Statements and Supplementary Data – Note 1. Summary of Significant Accounting Policies” in the Annual Report. There have been no changes to these significant accounting policies for the six months ended June 30, 2025, other than the updates described below in connection with the Company’s acquisition of an office building in April 2025.

Property, Equipment and Software, net

The office building’s purchase price was allocated between the building and the underlying land value. Both the building and land are included within Property, Equipment and Software, Net, on the Balance Sheet. The building is carried at cost and depreciated on a straight-line basis over its estimated useful life of 35 years. Land is carried at cost and not depreciated.

Lessor Accounting – Operating Leases

The Company leases space in its office building to third-party tenants under operating lease agreements. The Company earns rental income from such leases which is recorded within “Other non-interest income” on the Income Statement. Rental income is comprised of (i) a lease component, which includes fixed lease payments, recognized on a straight-line basis over the non-cancelable lease term, and (ii) a nonlease component, which includes variable lease payments, such as operating expense reimbursements, recognized in the period incurred. The Company has elected the lessor practical expedient under Accounting Standards Codification (“ASC”) 842, Leases, to account for the lease component and nonlease component associated with each lease as a single component.

12

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)

Adoption of New Accounting Standards

The Company did not adopt new accounting standards during the six months ended June 30, 2025.

New Accounting Standards Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement (Topic 220) – Reporting Comprehensive Income – Expense Disaggregation Disclosures, which improves income statement expense disclosure requirements, primarily through disaggregated disclosures of certain expense captions into specified categories within the footnotes to the financial statements. The new standard is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027. The amendments of this standard should be applied prospectively, with retrospective application permitted. Early adoption is also permitted. The Company is evaluating the impact of this ASU but does not expect it to be material.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures, which improves income tax disclosure requirements, primarily through enhanced disclosures surrounding rate reconciliation and income taxes paid. The new standard is effective for annual periods beginning after December 15, 2024. The amendments of this standard should be applied prospectively, with retrospective application permitted. Early adoption is also permitted. The Company is evaluating the impact of this ASU but does not expect it to be material.

2. Marketplace Revenue

Marketplace revenue consists of (i) origination fees, (ii) servicing fees, (iii) gain on sales of loans and (iv) net fair value adjustments, as described below.

Origination Fees: Origination fees are primarily fees earned related to originating and issuing unsecured personal loans that are held for sale (HFS).

Servicing Fees: The Company receives servicing fees to compensate it for servicing loans on behalf of investors, including managing payments and collections from borrowers and payments to those investors. The amount of servicing fee revenue earned is predominantly affected by the servicing rates paid by investors and the outstanding principal balance of loans serviced for investors. Servicing fee revenue related to loans sold also includes the associated change in the fair value of servicing assets.

Gain on Sales of Loans: In connection with loan sales, the Company recognizes a gain or loss on the sale of loans based on the level to which the contractual servicing fee is above or below an estimated market rate of servicing. Additionally, the Company recognizes transaction costs, if any, as a loss on sale of loans.

Net Fair Value Adjustments: The Company records fair value adjustments on loans that are recorded at fair value, which include gains or losses from sale prices in excess of or less than the loan principal amount sold and realized net charge-offs. In addition, as loans are held on the Balance Sheet, incremental fair value adjustments on the loans are recorded in “Net fair value adjustments” within “Marketplace revenue,” whereas the associated interest income is recorded within “Net interest income.”

13

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)

The following table presents components of marketplace revenue for the periods presented:
Three Months Ended
June 30,		 Six Months Ended
June 30,
2025 2024 2025 2024
Origination fees $ 87,578  $ 77,131  $ 157,522  $ 147,210 
Servicing fees 16,395  19,869  29,143  39,461 
Gain on sales of loans 13,540  10,748  25,742  21,657 
Net fair value adjustments (27,869) (51,395) (57,120) (96,084)
Total marketplace revenue $ 89,644  $ 56,353  $ 155,287  $ 112,244 

3. Earnings Per Share

The following table details the computation of the Company’s basic and diluted earnings per share (EPS):
Three Months Ended
June 30,		 Six Months Ended
June 30,
2025 2024 2025 2024
Basic EPS:
Net income attributable to stockholders $ 38,178  $ 14,903  $ 49,849  $ 27,153 
Weighted-average common shares – Basic 114,409,231  111,395,025  114,053,292  111,040,410 
Basic EPS $ 0.33  $ 0.13  $ 0.44  $ 0.24 
Diluted EPS:
Net income attributable to stockholders $ 38,178  $ 14,903  $ 49,849  $ 27,153 
Weighted-average common shares – Diluted 115,692,969  111,466,497  115,936,910  111,076,938 
Diluted EPS $ 0.33  $ 0.13  $ 0.43  $ 0.24 

14

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)

4. Securities Available for Sale

The amortized cost, gross unrealized gains and losses, and fair value of available for sale (AFS) securities were as follows:
June 30, 2025 Amortized
Cost		 Gross
Unrealized
Gains		 Gross
Unrealized
Losses
Allowance
for Credit Losses
 Fair
Value
Senior asset-backed securities related to Structured Program transactions (1)
 $ 2,940,007  $ 22,468  $ —  $ —  $ 2,962,475 
U.S. agency residential mortgage-backed securities 265,088  164  (37,635) —  227,617 
Other asset-backed securities related to Structured Program transactions (2)
 188,831  40  (810) (4,029) 184,032 
U.S. agency securities 87,461  —  (12,327) —  75,134 
Mortgage-backed securities 61,945  47  (5,439) —  56,553 
Other asset-backed securities 19,271  49  (449) —  18,871 
Municipal securities 3,226  —  (766) —  2,460 
Total securities available for sale
 $ 3,565,829  $ 22,768  $ (57,426) $ (4,029) $ 3,527,142 
December 31, 2024 Amortized
Cost		 Gross
Unrealized
Gains		 Gross
Unrealized
Losses
Allowance
for Credit Losses
 Fair
Value
Senior asset-backed securities related to Structured Program transactions (1)
 $ 2,870,071  $ 30,398  $ (645) $ —  $ 2,899,824 
U.S. agency residential mortgage-backed securities 270,120  48  (43,243) —  226,925 
Other asset-backed securities related to Structured Program transactions (2)
 174,132  —  (657) (3,527) 169,948 
U.S. agency securities 90,459  —  (14,513) —  75,946 
Mortgage-backed securities 62,882  8  (6,216) —  56,674 
Other asset-backed securities 21,364  15  (587) —  20,792 
Municipal securities 3,236  —  (697) —  2,539 
Total securities available for sale
 $ 3,492,264  $ 30,469  $ (66,558) $ (3,527) $ 3,452,648 
(1)    Excludes a $45 thousand and $(2.2) million cumulative basis adjustment for securities designated in active fair value hedge relationships at June 30, 2025 and December 31, 2024, respectively. See “Note 8. Derivative Instruments and Hedging Activities” for additional information.
(2)    As of June 30, 2025 and December 31, 2024, $181.3 million and $169.9 million, respectively, of the other asset-backed securities related to Structured Program transactions at fair value are subject to restrictions on transfer pursuant to the Company’s obligations as a “sponsor” under the U.S. Risk Retention Rules.

15

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)

A summary of AFS securities with unrealized losses, aggregated by period of continuous unrealized loss, is as follows:
Less than
12 months		 12 months
or longer		 Total
June 30, 2025 Fair
Value		 Unrealized
Losses		 Fair
Value		 Unrealized
Losses		 Fair
Value		 Unrealized
Losses
U.S. agency residential mortgage-backed securities $ 25,644  $ (409) $ 187,755  $ (37,226) $ 213,399  $ (37,635)
Other asset-backed securities related to Structured Program transactions 91,855  (792) 2,328  (18) 94,183  (810)
U.S. agency securities —  —  75,134  (12,327) 75,134  (12,327)
Mortgage-backed securities 12,396  (101) 32,113  (5,338) 44,509  (5,439)
Other asset-backed securities 1,135  (5) 10,815  (444) 11,950  (449)
Municipal securities —  —  2,460  (766) 2,460  (766)
Total securities with unrealized losses $ 131,030  $ (1,307) $ 310,605  $ (56,119) $ 441,635  $ (57,426)
Less than
12 months		 12 months
or longer		 Total
December 31, 2024 Fair
Value		 Unrealized
Losses		 Fair
Value		 Unrealized
Losses		 Fair
Value		 Unrealized
Losses
Senior asset-backed securities related to Structured Program transactions
 $ 334,564  $ (645) $ —  $ —  $ 334,564  $ (645)
U.S. agency residential mortgage-backed securities 34,168  (782) 185,405  (42,461) 219,573  (43,243)
Other asset-backed securities related to Structured Program transactions 72,251  (657) —  —  72,251  (657)
U.S. agency securities —  —  75,946  (14,513) 75,946  (14,513)
Mortgage-backed securities 21,970  (316) 32,298  (5,900) 54,268  (6,216)
Other asset-backed securities 1,638  (4) 11,668  (583) 13,306  (587)
Municipal securities —  —  2,539  (697) 2,539  (697)
Total securities with unrealized losses $ 464,591  $ (2,404) $ 307,856  $ (64,154) $ 772,447  $ (66,558)

The majority of securities in an unrealized loss position as of both June 30, 2025 and December 31, 2024 was comprised of U.S. agency-backed securities and mortgage-backed securities. Management considers these securities to be of the highest credit quality and rating given the guarantee of principal and interest by certain U.S. government agencies or government-sponsored agencies. Most of the remaining securities in an unrealized loss position in the Company’s AFS investment portfolio at June 30, 2025, were rated investment grade. Substantially all of these unrealized losses were caused by interest rate increases. Additionally, the Company does not intend to sell the securities in loss positions, nor is it more likely than not that it will be required to sell the securities prior to recovery of the amortized cost basis. For a description of management’s quarterly evaluation of AFS securities in an unrealized loss position, see “Part II – Item 8. Financial Statements and Supplementary Data – Note 1. Summary of Significant Accounting Policies” in our Annual Report.

16

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)

The following table presents the activity in the allowance for credit losses (ACL) for AFS securities, by security type:

 Three Months Ended
June 30,		 Six Months Ended
June 30,
2025 2024 2025 2024
Other asset-backed securities related to Structured Program transactions:
Allowance for credit losses, beginning of period
$ 4,848  $ 2,892  $ 3,527  $ — 
Credit loss (benefit) expense for securities available for sale
 (819) (809) 502  2,083 
Allowance for credit losses, end of period
 $ 4,029  $ 2,083  $ 4,029  $ 2,083 

The contractual maturities of AFS securities were as follows:
June 30, 2025 Amortized Cost Fair Value
Weighted-
average
Yield (1)
Due after 1 year through 5 years:
Senior asset-backed securities related to Structured Program transactions $ 2,940,007  $ 2,962,475 
Other asset-backed securities related to Structured Program transactions 188,831  184,032 
U.S. agency securities 7,850  7,729 
Mortgage-backed securities 2,648  2,452 
Municipal securities
 306  282 
Other asset-backed securities 116  115 
Total due after 1 year through 5 years 3,139,758  3,157,085  6.85  %
Due after 5 years through 10 years:
U.S. agency securities 29,997  27,174 
Other asset-backed securities 11,253  11,263 
U.S. agency residential mortgage-backed securities 3,325  3,209 
Mortgage-backed securities 898  781 
Municipal securities 309  275 
Total due after 5 years through 10 years 45,782  42,702  3.77  %
Due after 10 years:
U.S. agency residential mortgage-backed securities 261,763  224,408 
Mortgage-backed securities 58,399  53,320 
U.S. agency securities 49,614  40,231 
Other asset-backed securities 7,902  7,493 
Municipal securities 2,611  1,903 
Total due after 10 years 380,289  327,355  3.05  %
Total securities available for sale $ 3,565,829  $ 3,527,142  6.39  %
(1)    The weighted-average yield is computed using the average month-end amortized cost during the six months ended June 30, 2025.

There were no sales of AFS securities during the second quarters and first halves of 2025 and 2024.
17

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)


5. Loans and Leases Held for Investment at Amortized Cost, Net of Allowance for Loan and Lease Losses

LendingClub records certain loans and leases held for investment (HFI) at amortized cost. Other HFI and all HFS loans are recorded at fair value with the Company’s election of the fair value option. Accrued interest receivable is excluded from the amortized cost basis of loans and leases HFI and is reported within “Other assets” on the Balance Sheet. Net accrued interest receivable related to loans and leases HFI at amortized cost was $32.4 million and $30.4 million as of June 30, 2025 and December 31, 2024, respectively.

Loans and Leases Held for Investment at Amortized Cost

The Company defines its loans and leases HFI portfolio segments as (i) consumer and (ii) commercial. The following table presents the components of each portfolio segment by class of financing receivable:
June 30, 2025 December 31, 2024
Unsecured personal $ 3,314,978  $ 3,106,472 
Residential mortgages 166,568  172,711 
Secured consumer 242,517  230,232 
Total consumer loans held for investment 3,724,063  3,509,415 
Equipment finance (1)
 49,891  64,232 
Commercial real estate 449,604  373,785 
Commercial and industrial 162,763  178,386 
Total commercial loans and leases held for investment 662,258  616,403 
Total loans and leases held for investment 4,386,321  4,125,818 
Allowance for loan and lease losses (252,989) (236,734)
Loans and leases held for investment, net
 $ 4,133,332  $ 3,889,084 
(1)    Comprised of sales-type leases for equipment. See “Note 17. Leases” for additional information.

The following table presents the components of the allowance for loan and lease losses (ALLL):
June 30, 2025 December 31, 2024
Gross allowance for loan and lease losses (1)
 $ 293,707  $ 285,686 
Recovery asset value (2)
 (40,718) (48,952)
Allowance for loan and lease losses $ 252,989  $ 236,734 
(1)    Represents the allowance for future estimated net charge-offs on existing portfolio balances.
(2)    Represents the negative allowance for expected recoveries of amounts previously charged-off.

June 30, 2025 Consumer Commercial Total
Loans and leases held for investment $ 3,724,063  $ 662,258  $ 4,386,321 
Allowance for loan and lease losses $ 237,433  $ 15,556  $ 252,989 
Allowance ratio (1)
 6.4  % 2.3  % 5.8  %
Gross allowance for loan and lease losses $ 278,151  $ 15,556  $ 293,707 
Gross allowance ratio (1)
 7.5  % 2.3  % 6.7  %
18

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)

December 31, 2024 Consumer Commercial Total
Loans and leases held for investment
 $ 3,509,415  $ 616,403  $ 4,125,818 
Allowance for loan and lease losses
 $ 212,598  $ 24,136  $ 236,734 
Allowance ratio (1)
 6.1  % 3.9  % 5.7  %
Gross allowance for loan and lease losses
 $ 261,550  $ 24,136  $ 285,686 
Gross allowance ratio (1)
 7.5  % 3.9  % 6.9  %
(1)    Calculated as ALLL or gross ALLL, where applicable, to the corresponding portfolio segment balance of loans and leases held for investment at amortized cost.

The activity in the ACL by portfolio segment was as follows:
Three Months Ended June 30,
2025 2024
Consumer Commercial Total Consumer Commercial Total
Allowance for loan and lease losses:
Beginning of period
 $ 227,608  $ 16,585  $ 244,193  $ 246,280  $ 12,870  $ 259,150 
Credit loss expense (benefit)
 41,133  (537) 40,596  30,760  5,817  36,577 
Charge-offs
 (48,956) (898) (49,854) (77,494) (594) (78,088)
Recoveries 17,648  406  18,054  11,183  87  11,270 
End of period
 $ 237,433  $ 15,556  $ 252,989  $ 210,729  $ 18,180  $ 228,909 
Reserve for unfunded lending commitments:
Beginning of period
 $ —  $ 1,629  $ 1,629  $ —  $ 1,662  $ 1,662 
Credit loss benefit
 —  (44) (44) —  (207) (207)
End of period (1)
 $ —  $ 1,585  $ 1,585  $ —  $ 1,455  $ 1,455 

Six Months Ended June 30,
2025 2024
Consumer Commercial Total Consumer Commercial Total
Allowance for loan and lease losses:
Beginning of period
 $ 212,598  $ 24,136  $ 236,734  $ 298,061  $ 12,326  $ 310,387 
Credit loss expense (benefit)
 97,081  (103) 96,978  58,446  7,377  65,823 
Charge-offs (2)
 (107,300) (9,130) (116,430) (166,604) (1,826) (168,430)
Recoveries 35,054  653  35,707  20,826  303  21,129 
End of period
 $ 237,433  $ 15,556  $ 252,989  $ 210,729  $ 18,180  $ 228,909 
Reserve for unfunded lending commitments:
Beginning of period
 $ —  $ 1,183  $ 1,183  $ —  $ 1,873  $ 1,873 
Credit loss expense (benefit)
 —  402  402  —  (418) (418)
End of period (1)
 $ —  $ 1,585  $ 1,585  $ —  $ 1,455  $ 1,455 
(1)    Relates to $103.4 million and $91.5 million of unfunded commitments as of June 30, 2025 and 2024, respectively.
(2)    Includes an $8.0 million charge-off recorded in the first quarter of 2025 related to one office loan within the Company’s Commercial Real Estate portfolio, which was fully reserved for in prior periods.
19

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)

The following table presents charge-offs by origination year for the first half of 2025:
Gross Charge-Offs by Origination Year
2025 2024 2023 2022 2021 Prior Total
Unsecured personal (1)
 $ 1,232  $ 22,629  $ 36,217  $ 37,438  $ 8,718  $ —  $ 106,234 
Residential mortgages —  —  —  —  —  —  — 
Secured consumer —  114  533  295  124  —  1,066 
Total consumer loans held for investment 1,232  22,743  36,750  37,733  8,842  —  107,300 
Equipment finance —  —  —  —  —  —  — 
Commercial real estate —  —  —  —  —  8,597  8,597 
Commercial and industrial —  172  —  328  33  —  533 
Total commercial loans and leases held for investment —  172  —  328  33  8,597  9,130 
Total loans and leases held for investment $ 1,232  $ 22,915  $ 36,750  $ 38,061  $ 8,875  $ 8,597  $ 116,430 
(1)    Unsecured personal loans are generally charged-off when a borrower is contractually 120 days past due.

Consumer Lending Credit Quality Indicators

The Company evaluates the credit quality of its consumer loan portfolio based on the aging status of the loan and by payment activity. Loan delinquency reporting is based upon borrower payment activity relative to the contractual terms of the loan. The following tables present the classes of financing receivables within the consumer portfolio segment by credit quality indicator based on delinquency status and origination year:
June 30, 2025  Term Loans and Leases by Origination Year
2025 2024 2023 2022 2021 Prior Total
Unsecured personal
Current $ 1,150,427  $ 1,037,882  $ 523,442  $ 466,704  $ 83,440  $ —  $ 3,261,895 
30-59 days past due 2,102  5,780  5,163  4,507  1,105  —  18,657 
60-89 days past due 1,487  4,829  5,085  4,755  1,033  —  17,189 
90 or more days past due 617  4,527  4,389  4,828  1,157  —  15,518 
Total unsecured personal (1)
 1,154,633  1,053,018  538,079  480,794  86,735  —  3,313,259 
Residential mortgages
Current —  —  —  45,197  50,894  70,405  166,496 
30-59 days past due —  —  —  —  —  —  — 
60-89 days past due —  —  —  —  —  —  — 
90 or more days past due —  —  —  —  —  72  72 
Total residential mortgages —  —  —  45,197  50,894  70,477  166,568 
Secured consumer
Current 69,522  62,340  58,196  40,116  6,652  2,325  239,151 
30-59 days past due 2  307  764  884  230  —  2,187 
60-89 days past due 78  67  250  423  33  —  851 
90 or more days past due —  113  93  116  6  —  328 
Total secured consumer 69,602  62,827  59,303  41,539  6,921  2,325  242,517 
Total consumer loans held for investment $ 1,224,235  $ 1,115,845  $ 597,382  $ 567,530  $ 144,550  $ 72,802  $ 3,722,344 
(1)    Excludes cumulative basis adjustment for loans designated in fair value hedges under the portfolio layer method. As of June 30, 2025, the basis adjustment totaled $1.7 million and represents an increase to the amortized cost of the hedged loans. See “Note 8. Derivative Instruments and Hedging Activities” for additional information.
20

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)


December 31, 2024  Term Loans and Leases by Origination Year
2024 2023 2022 2021 2020 Prior Total
Unsecured personal
Current $ 1,347,685  $ 787,936  $ 762,223  $ 142,546  $ —  $ —  $ 3,040,390 
30-59 days past due 4,981  7,344  8,952  2,253  —  —  23,530 
60-89 days past due 2,448  6,933  7,920  1,992  —  —  19,293 
90 or more days past due 2,364  7,920  8,853  2,250  —  —  21,387 
Total unsecured personal (1)
 1,357,478  810,133  787,948  149,041  —  —  3,104,600 
Residential mortgages
Current —  —  45,828  52,679  28,176  45,789  172,472 
30-59 days past due —  —  —  —  —  151  151 
60-89 days past due —  —  —  —  —  88  88 
90 or more days past due —  —  —  —  —  —  — 
Total residential mortgages —  —  45,828  52,679  28,176  46,028  172,711 
Secured consumer
Current 79,161  78,081  56,766  10,573  —  2,372  226,953 
30-59 days past due 98  824  1,199  221  —  —  2,342 
60-89 days past due 11  147  338  104  —  —  600 
90 or more days past due 36  157  99  45  —  —  337 
Total secured consumer 79,306  79,209  58,402  10,943  —  2,372  230,232 
Total consumer loans held for investment $ 1,436,784  $ 889,342  $ 892,178  $ 212,663  $ 28,176  $ 48,400  $ 3,507,543 
(1)    Excludes cumulative basis adjustment for loans designated in fair value hedges under the portfolio layer method. As of December 31, 2024, the basis adjustment totaled $1.9 million and represents an increase to the amortized cost of the hedged loans. See “Note 8. Derivative Instruments and Hedging Activities” for additional information.

Commercial Lending Credit Quality Indicators

The Company evaluates the credit quality of its commercial loan portfolio based on regulatory risk ratings. The Company categorizes loans and leases into risk ratings based on relevant information about the quality and realizable value of collateral, if any, and the ability of obligors to service their debts, such as current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans and leases individually by classifying the loans and leases based on their associated credit risk and performs this analysis whenever credit is extended, renewed or modified, or when an observable event occurs indicating a potential decline in credit quality, and no less than annually for large balance loans. Risk rating classifications consist of the following:

Pass – Loans and leases that the Company believes will fully repay in accordance with the contractual loan terms.

Special Mention – Loans and leases with a potential weakness that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or the Company’s credit position at some future date.

Substandard – Loans and leases that are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans and leases so classified have a well-defined weakness or weaknesses that jeopardize the repayment and liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Normal payment from the borrower is in jeopardy, although loss of principal, while still possible, is not imminent.

21

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)

Doubtful – Loans and leases that have all the weaknesses inherent in those classified as Substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions, and values, highly questionable and improbable.

Loss – Loans and leases that are considered uncollectible and of little value.

The following tables present the classes of financing receivables within the commercial portfolio segment by risk rating and origination year:
June 30, 2025  Term Loans and Leases by Origination Year
2025 2024 2023 2022 2021 Prior Total
Guaranteed Amount (1)
Equipment finance
Pass $ —  $ —  $ 774  $ 28,073  $ 4,434  $ 11,458  $ 44,739  $ — 
Special mention —  —  —  254  416  —  670  — 
Substandard —  —  —  197  4,285  —  4,482  — 
Doubtful —  —  —  —  —  —  —  — 
Loss —  —  —  —  —  —  —  — 
Total equipment finance —  —  774  28,524  9,135  11,458  49,891  — 
Commercial real estate
Pass 50,805  38,178  75,608  97,608  32,920  125,765  420,884  36,397 
Special mention —  —  —  —  —  6,177  6,177  — 
Substandard —  —  —  433  8,439  11,767  20,639  7,238 
Doubtful —  —  —  —  —  63  63  — 
Loss —  —  —  1,121  271  449  1,841  1,543 
Total commercial real estate 50,805  38,178  75,608  99,162  41,630  144,221  449,604  45,178 
Commercial and industrial
Pass 6,143  33,356  25,317  17,935  23,286  13,110  119,147  77,117 
Special mention —  —  —  9,179  2,605  72  11,856  9,776 
Substandard —  —  6,028  7,967  2,631  2,223  18,849  12,875 
Doubtful —  —  —  3,646  1,431  508  5,585  4,660 
Loss —  744  1,914  4,661  —  7  7,326  7,326 
Total commercial and industrial 6,143  34,100  33,259  43,388  29,953  15,920  162,763  111,754 
Total commercial loans and leases held for investment $ 56,948  $ 72,278  $ 109,641  $ 171,074  $ 80,718  $ 171,599  $ 662,258  $ 156,932 
(1)    Represents loan balances guaranteed by the Small Business Association (SBA).

22

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)

December 31, 2024  Term Loans and Leases by Origination Year
2024 2023 2022 2021 2020 Prior Total
Guaranteed Amount (1)
Equipment finance
Pass $ —  $ 1,519  $ 32,544  $ 7,790  $ 9,101  $ 6,643  $ 57,597  $ — 
Special mention —  —  335  602  —  —  937  — 
Substandard —  —  776  4,922  —  —  5,698  — 
Doubtful —  —  —  —  —  —  —  — 
Loss —  —  —  —  —  —  —  — 
Total equipment finance —  1,519  33,655  13,314  9,101  6,643  64,232  — 
Commercial real estate
Pass 22,847  67,692  89,903  21,174  27,947  106,060  335,623  31,499 
Special mention —  —  —  —  252  6,276  6,528  — 
Substandard —  —  2,430  8,441  7,987  10,791  29,649  8,940 
Doubtful —  —  —  —  —  —  —  — 
Loss —  —  1,121  271  —  593  1,985  1,543 
Total commercial real estate 22,847  67,692  93,454  29,886  36,186  123,720  373,785  41,982 
Commercial and industrial
Pass 28,030  29,186  31,697  27,474  5,503  12,678  134,568  85,269 
Special mention 635  —  5,165  2,652  76  —  8,528  7,065 
Substandard —  4,071  13,110  2,311  1,399  1,670  22,561  14,879 
Doubtful —  —  3,279  1,477  506  285  5,547  4,671 
Loss 282  2,094  4,224  568  —  14  7,182  7,182 
Total commercial and industrial 28,947  35,351  57,475  34,482  7,484  14,647  178,386  119,066 
Total commercial loans and leases held for investment $ 51,794  $ 104,562  $ 184,584  $ 77,682  $ 52,771  $ 145,010  $ 616,403  $ 161,048 
(1)    Represents loan balances guaranteed by the SBA.

The following tables present an analysis of the past due loans and leases HFI at amortized cost within the commercial portfolio segment:
June 30, 2025 30-59
Days		 60-89
Days		 90 or More
Days
Total Days Past Due
Guaranteed Amount (1)
Equipment finance $ —  $ —  $ 4,042  $ 4,042  $ — 
Commercial real estate —  528  10,222  10,750  8,456 
Commercial and industrial
 1,057  672  18,215  19,944  16,825 
Total commercial loans and leases held for investment $ 1,057  $ 1,200  $ 32,479  $ 34,736  $ 25,281 
December 31, 2024 30-59
Days		 60-89
Days		 90 or More
Days
Total Days Past Due
Guaranteed Amount (1)
Equipment finance $ 67  $ —  $ 4,551  $ 4,618  $ — 
Commercial real estate 8,320  483  9,731  18,534  8,456 
Commercial and industrial
 6,257  1,182  15,971  23,410  18,512 
Total commercial loans and leases held for investment $ 14,644  $ 1,665  $ 30,253  $ 46,562  $ 26,968 
(1)    Represents loan balances guaranteed by the SBA.

23

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)

Loan Modifications

The Company has loan modification programs to assist borrowers experiencing financial difficulty and to mitigate losses and maximize collections for loans serviced by the Company. The table below presents the amortized cost of loans that were modified during the periods presented, by modification type:
Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
Short-term payment reduction
 $ 6,892  $ 10,926  $ 12,686  $ 22,445 
Permanent loan modification
 1,764  1,778  3,286  3,092 
Debt settlement
 2,859  6,153  2,903  6,264 
Total loan modifications – unsecured personal loans
 $ 11,515  $ 18,857  $ 18,875  $ 31,801 
% of unsecured personal loans at amortized cost as of period end
 0.3  % 0.6  % 0.6  % 1.0  %

The Company expanded its digital channels to enable borrowers experiencing financial difficulty to qualify for a short-term payment reduction modification program. Under this program, borrowers may receive a temporary payment reduction for three months. If the borrower meets the temporary payment reduction requirements during the first three-month term, they may qualify for a payment reduction for an additional three months. Receiving an additional three months of payment reduction is considered an other-than-insignificant payment delay and becomes a short-term payment reduction modification. The short-term payment reduction modification results in a term extension of five to eight months compared to the original maturity date of the loan and does not include any principal or interest forgiveness. At the time of receiving a payment reduction, a delinquent loan resets to current status. However, if a borrower fails to comply with the modified terms, the delinquency status returns to the original contractual terms of the loan. Borrowers who were in their first three months of temporary payment reduction had a total of $11.7 million of loan balances at amortized cost outstanding as of June 30, 2025, and may subsequently be eligible for a short-term payment reduction modification.

Permanent loan modifications include both a reduction in contractual interest rates and an extension to the contractual maturity date of up to twelve months and do not include any principal forgiveness. To qualify for this modification, borrowers must meet the Company’s debt-to-income ratio requirements. During the second quarter and first half of 2025, the weighted-average interest rate reduction under this program was approximately 8.0% and 8.1%, respectively. During the second quarter and first half of 2024, the weighted-average interest rate reduction under this program was approximately 7.5% and 7.9%, respectively. The weighted-average maturity date extension was approximately twelve months for all periods.

Debt settlement modifications, which include engaging with third-party debt settlement companies, reduce the principal and interest amounts owed by borrowers. The Company typically charges-off such loans within a few months following the modification, as payments under the modified agreement are less than the original contractual amounts.

24

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)

The following table presents the delinquency status of the amortized cost of loan modifications as of the periods presented below that were modified during the preceding twelve months:
June 30, 2025 June 30, 2024
Short-term Payment Reduction Permanent Loan Modification Debt Settlement Short-term Payment Reduction Permanent Loan Modification Debt Settlement
Unsecured personal loans
Current $ 17,743  $ 5,433  $ —  $ 21,215  $ 4,317  $ 161 
30-59 days 1,372  135  —  1,850  177  23 
60-89 days 1,240  242  535  1,526  281  616 
90 or more days 1,074  153  2,374  896  148  5,622 
Total loan modifications $ 21,429  $ 5,963  $ 2,909  $ 25,487  $ 4,923  $ 6,422 

A modified loan is generally charged-off in the event of a borrower defaulting at 120 days past due. The table below presents the total amount of charge-offs during the period for loan modifications that were entered into within the preceding twelve months of charge-off:
Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
Short-term payment reduction
 $ 2,132  $ 1,367  $ 4,718  $ 1,560 
Permanent loan modification
 381  489  903  928 
Debt settlement
 8,829  20,197  22,165  41,972 
Total loan modifications – unsecured personal loans
 $ 11,342  $ 22,053  $ 27,786  $ 44,460 

Nonaccrual Assets

Nonaccrual loans and leases are those for which accrual of interest has been suspended. Loans and leases are generally placed on nonaccrual status when contractually past due 90 days or more, or earlier if management believes that the probability of collection does not warrant further accrual.

Certain loans on nonaccrual status may be considered collateral-dependent loans if the borrower is experiencing financial difficulty and repayment of the loan is expected to be substantially through sale of the collateral. Such loans are secured by various types of collateral, including real estate, auto, equipment, among others. Expected credit losses for the Company’s collateral-dependent loans are calculated as the difference between the amortized cost basis and the fair value of the underlying collateral less costs to sell, if applicable. The fair value of the underlying collateral is generally based on third-party appraisals, which are updated on a case-by-case basis.
25

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)

The following table presents nonaccrual loans and leases:
June 30, 2025 December 31, 2024
Nonaccrual
Nonaccrual with no related ACL (1)
Nonaccrual
Nonaccrual with no related ACL (1)
Unsecured personal $ 15,518  $ —  $ 21,387  $ — 
Residential mortgages 358  358  295  295 
Secured consumer 328  —  337  — 
Total nonaccrual consumer loans held for investment 16,204  358  22,019  295 
Equipment finance 4,042  —  4,516  — 
Commercial real estate 10,809  5,896  18,280  5,345 
Commercial and industrial 25,909  9,197  27,489  7,501 
Total nonaccrual commercial loans and leases held for investment (2)
 40,760  15,093  50,285  12,846 
Total nonaccrual loans and leases held for investment $ 56,964  $ 15,451  $ 72,304  $ 13,141 
(1)     Subset of total nonaccrual loans and leases.
(2)     Includes $29.5 million and $31.2 million in loan balances guaranteed by the SBA as of June 30, 2025 and December 31, 2024, respectively.

June 30, 2025 December 31, 2024
Nonaccrual
Nonaccrual Ratios (1)
 Nonaccrual
Nonaccrual Ratios (1)
Total nonaccrual consumer loans held for investment $ 16,204  0.4  % $ 22,019  0.6  %
Total nonaccrual commercial loans and leases held for investment 40,760  6.2  % 50,285  8.2  %
Total nonaccrual loans and leases held for investment $ 56,964  1.3  % $ 72,304  1.8  %
(1)     Calculated as the ratio of non-accruing loans and leases to loans and leases HFI at amortized cost.

6. Securitizations and Variable Interest Entities

Unconsolidated VIEs

The Company’s transactions with unconsolidated VIEs were related to its Structured Program transactions. There is no direct recourse to the Company’s assets and, therefore, the holders of the securities can look only to those assets of the VIEs that issued the securities.

The following table presents the classifications of assets and liabilities on the Company’s Balance Sheet for its transactions with unconsolidated VIEs:
June 30, 2025 December 31, 2024
Assets
Securities available for sale at fair value $ 3,146,507  $ 3,069,771 
Other assets 46,883  46,269 
Total assets 3,193,390  3,116,040 
Liabilities
Other liabilities 3,748  6,313 
Total liabilities 3,748  6,313 
Total net assets (maximum loss exposure) $ 3,189,642  $ 3,109,727 

26

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)

Maximum loss exposure represents estimated loss that would be incurred under severe, hypothetical circumstances, for which the Company believes the possibility is extremely remote, such as where the value of interests declines to zero. Accordingly, this required disclosure is not an indication of expected losses.

The following table summarizes activity related to unconsolidated VIEs where the transfers were accounted for as a sale on the Company’s financial statements:
Three Months Ended
June 30,		 Six Months Ended
June 30,
2025 2024 2025 2024
Fair value of consideration received:
Cash $ 182,675  $ 97,246  $ 331,054  $ 190,890 
Net securities retained from Structured Program transactions
 531,509  759,149  880,511  1,498,125 
Other assets, net
 10,682  9,906  16,656  19,639 
Total consideration 724,866  866,301  1,228,221  1,708,654 
Fair value of loans sold (715,210) (857,434) (1,213,268) (1,691,210)
Gain on sales of loans (1)
 $ 9,656  $ 8,867  $ 14,953  $ 17,444 
Cash proceeds from continuing involvement:
Servicing and other administrative fees $ 8,850  $ 5,982  $ 17,746  $ 10,705 
Interest received on securities retained from Structured Program transactions
 $ 50,147  $ 37,390  $ 101,281  $ 67,053 
(1)    Consists primarily of servicing assets recognized at the time of loan sale, less any transaction costs, and excludes origination fees and fair value adjustments recognized prior to the sale.

As of June 30, 2025, the aggregate unpaid principal balance attributable to off-balance sheet loans held by unconsolidated VIEs was $3.7 billion, of which $51.7 million was 30 days or more past due. As of December 31, 2024, the aggregate unpaid principal balance attributable to off-balance sheet loans held by unconsolidated VIEs was $3.5 billion, of which $44.7 million was 30 days or more past due. For such loans, the Company would only experience a loss if it was required to repurchase a loan due to a breach in representations and warranties associated with its loan sale or servicing contracts.

7. Fair Value Measurements

For a description of the fair value hierarchy and the Company’s fair value methodologies, see “Part II – Item 8. Financial Statements and Supplementary Data – Note 1. Summary of Significant Accounting Policies” in the Annual Report. The Company records certain assets and liabilities at fair value as listed in the following tables.

27

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)

Recurring Fair Value Measurements

The following tables present, by level within the fair value hierarchy, the Company’s assets and liabilities measured at fair value on a recurring basis:
June 30, 2025
Level 1
Level 2
Level 3
 Balance at
Fair Value
Assets:
Loans held for sale at fair value $ —  $ —  $ 1,008,168  $ 1,008,168 
Loans held for investment at fair value
 —  —  631,736  631,736 
Securities available for sale:
Senior asset-backed securities related to Structured Program transactions —  —  2,962,475  2,962,475 
U.S. agency residential mortgage-backed securities —  227,617  —  227,617 
Other asset-backed securities related to Structured Program transactions —  —  184,032  184,032 
U.S. agency securities —  75,134  —  75,134 
Mortgage-backed securities —  56,553  —  56,553 
Other asset-backed securities —  18,871  —  18,871 
Municipal securities —  2,460  —  2,460 
Total securities available for sale —  380,635  3,146,507  3,527,142 
Servicing assets —  —  57,909  57,909 
Other assets —  1,968  —  1,968 
Total assets $ —  $ 382,603  $ 4,844,320  $ 5,226,923 
Liabilities:
Other liabilities $ —  $ 3,513  $ 5,851  $ 9,364 
Total liabilities $ —  $ 3,513  $ 5,851  $ 9,364 

28

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)

December 31, 2024
Level 1
Level 2
Level 3
 Balance at
Fair Value
Assets:
Loans held for sale at fair value $ —  $ —  $ 636,352  $ 636,352 
Loans held for investment at fair value
 —  —  1,027,798  1,027,798 
Securities available for sale:
Senior asset-backed securities related to Structured Program transactions —  —  2,899,824  2,899,824 
U.S. agency residential mortgage-backed securities —  226,925  —  226,925 
Other asset-backed securities related to Structured Program transactions
 —  —  169,948  169,948 
U.S. agency securities —  75,946  —  75,946 
Mortgage-backed securities
 —  56,674  —  56,674 
Other asset-backed securities —  20,792  —  20,792 
Municipal securities —  2,539  —  2,539 
Total securities available for sale —  382,876  3,069,772  3,452,648 
Servicing assets —  —  60,697  60,697 
Other assets —  5,820  —  5,820 
Total assets $ —  $ 388,696  $ 4,794,619  $ 5,183,315 
Liabilities:
Other liabilities $ —  $ 5,019  $ 11,799  $ 16,818 
Total liabilities $ —  $ 5,019  $ 11,799  $ 16,818 

Financial instruments are categorized in the valuation hierarchy based on the significance of observable or unobservable factors in the overall fair value measurement. For the financial instruments listed in the tables above that do not trade in an active market with readily observable prices, the Company uses significant unobservable inputs to measure the fair value of these assets and liabilities. The Company primarily uses a discounted cash flow (DCF) model to estimate the fair value of Level 3 instruments based on the present value of estimated future cash flows. This model uses inputs that are inherently judgmental and reflect the Company’s best estimates of the assumptions a market participant would use to calculate fair value. The Company did not transfer any assets or liabilities in or out of Level 3 during the second quarters and first halves of 2025 or 2024.

The following significant unobservable inputs, as applicable, were used in the fair value measurement of the Company’s Level 3 assets:
•Discount rate – The weighted-average rate at which the expected cash flows are discounted to arrive at the net present value of the loan. The discount rate is primarily determined based on marketplace investor return expectations.
•Annualized net charge-off rate – The annualized rate of average charge-offs, net of recoveries, expressed as a percentage of the average principal balance of loan pools with similar risk characteristics. The calculation of this annualized rate also incorporates a qualitative estimate of credit losses based on the Company’s current macroeconomic outlook.
•Annualized prepayment rate – The annualized rate of prepayments expressed as a percentage of the average principal balance of loan pools with similar risk characteristics.

An increase in each of the inputs above, in isolation, would result in a decrease in the fair value measurement.
29

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)


The sensitivity calculations are hypothetical and should not be considered to be predictive of future performance. The effect on fair value of a variation in assumptions generally cannot be determined because the relationship of the change in assumptions to the fair value may not be linear. Changes in one factor may lead to changes in other factors, which could impact the hypothetical results.

Loans Held for Sale at Fair Value

Significant Unobservable Inputs

The following significant unobservable inputs were used in the fair value measurement of loans HFS:
June 30, 2025 December 31, 2024
Minimum Maximum Weighted-
Average		 Minimum Maximum Weighted-
Average
Discount rate 6.8  % 13.9  % 7.8  % 7.1  % 11.9  % 7.9  %
Annualized net charge-off rate (1)
 1.5  % 17.3  % 4.9  % 1.8  % 21.2  % 5.4  %
Annualized prepayment rate (1)
 18.0  % 33.3  % 24.0  % 15.0  % 27.6  % 20.4  %
(1)    The weighted-average rate is calculated using the original principal balance of each loan pool.

Fair Value Sensitivity

The sensitivity of loans HFS at fair value to adverse changes in key assumptions was as follows:
June 30, 2025 December 31, 2024
Loans held for sale at fair value
 $ 1,008,168  $ 636,352 
Expected remaining weighted-average life (in years)
 1.3 1.4
Discount rate:
100 basis point increase $ (11,709) $ (7,663)
200 basis point increase $ (23,189) $ (15,174)
Annualized net charge-off rate:
10% increase $ (9,276) $ (6,436)
20% increase $ (18,585) $ (12,937)
Annualized prepayment rate:
10% increase $ (2,231) $ (1,274)
20% increase $ (4,058) $ (2,444)

30

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)

Fair Value Reconciliation

The following table presents loans HFS at fair value activity:
Three Months Ended
June 30,		 Six Months Ended
June 30,
2025 2024 2025 2024
Fair value at beginning of period $ 703,378  $ 550,415  $ 636,352  $ 407,773 
Originations and purchases 1,654,313  1,397,930  2,918,045  2,680,180 
Sales (1,217,166) (1,042,166) (2,314,095) (2,101,814)
Principal payments (101,107) (63,605) (169,662) (97,877)
Realized charge-offs, net of recoveries, recorded in earnings
 (4,663) (4,205) (11,367) (8,436)
Fair value adjustments recorded in earnings (26,587) (47,310) (51,105) (88,767)
Fair value at end of period $ 1,008,168  $ 791,059  $ 1,008,168  $ 791,059 

The following table summarizes the aggregate fair value of the Company’s HFS loans, as well as the amount that was 90 days or more past due:
June 30, 2025 December 31, 2024
Total 90 or more
days past due		 Total 90 or more
days past due
Aggregate unpaid principal balance $ 1,034,287  $ 1,758  $ 657,984  $ 3,719 
Cumulative fair value adjustments (26,119) (1,426) (21,632) (3,012)
Fair value of loans held for sale
 $ 1,008,168  $ 332  $ 636,352  $ 707 

Loans Held for Investment at Fair Value

Loans HFI at fair value consists primarily of purchased loan portfolios comprised of loans that the Company previously originated and sold. Due to the short remaining duration of the acquired loan portfolios, the Company has elected to account for them under the fair value option.

Significant Unobservable Inputs

The following significant unobservable inputs were used in the fair value measurement of loans HFI:
June 30, 2025 December 31, 2024
Minimum Maximum Weighted-
Average		 Minimum Maximum Weighted-
Average
Discount rate 10.1  % 12.8  % 10.6  % 7.2  % 21.8  % 10.5  %
Annualized net charge-off rate (1)
 2.0  % 19.8  % 6.6  % 3.0  % 20.2  % 6.6  %
Annualized prepayment rate (1)
 13.4  % 27.2  % 19.8  % 15.6  % 21.4  % 19.3  %
(1)    The weighted-average rate is calculated using the original principal balance of each loan pool.

31

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)

Fair Value Sensitivity

The sensitivity of loans HFI at fair value to adverse changes in key assumptions was as follows:
June 30, 2025 December 31, 2024
Loans held for investment at fair value $ 631,736  $ 1,027,798 
Expected remaining weighted-average life (in years)
 0.8 0.9
Discount rate:
100 basis point increase $ (4,137) $ (7,832)
200 basis point increase $ (8,224) $ (15,557)
Annualized net charge-off rate:
10% increase $ (6,350) $ (11,821)
20% increase $ (14,268) $ (25,428)
Annualized prepayment rate:
10% increase $ (2,700) $ (4,813)
20% increase $ (4,030) $ (9,854)

Fair Value Reconciliation

The following table presents loans HFI at fair value activity:
Three Months Ended
June 30,		 Six Months Ended
June 30,
2025 2024 2025 2024
Fair value at beginning of period $ 818,882  $ 420,393  $ 1,027,798  $ 262,190 
Purchases —  12,220  12,744  232,784 
Principal payments (184,327) (96,004) (402,787) (159,930)
Interest income accretion and fair value adjustments recorded in earnings
 (2,819) (1,967) (6,019) (402)
Fair value at end of period $ 631,736  $ 334,642  $ 631,736  $ 334,642 

The following table summarizes the aggregate fair value of the Company’s HFI loans held at fair value, as well as the amount that was 90 days or more past due:
June 30, 2025 December 31, 2024
Total 90 or more
days past due		 Total 90 or more
days past due
Aggregate unpaid principal balance $ 667,444  $ 8,411  $ 1,097,511  $ 14,616 
Cumulative fair value adjustments (35,708) (6,821) (69,713) (11,836)
Fair value of loans held for investment $ 631,736  $ 1,590  $ 1,027,798  $ 2,780 

32

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)

Asset-Backed Securities Related to Structured Program Transactions

Senior Asset-Backed Securities Related to Structured Program Transactions

Significant Unobservable Inputs

The following significant unobservable input, which includes credit spreads, was used in the fair value measurement of senior asset-backed securities related to Structured Program transactions:
June 30, 2025 December 31, 2024
Minimum Maximum Weighted-
Average		 Minimum Maximum Weighted-
Average
Discount rate 5.7  % 6.0  % 5.8  % 6.0  % 6.0  % 6.0  %

Fair Value Sensitivity

The sensitivity in the fair value of senior asset-backed securities related to Structured Program transactions to adverse changes in key assumptions was as follows:
June 30, 2025 December 31, 2024
Fair value of interests held $ 2,962,475  $ 2,899,824 
Expected remaining weighted-average life (in years)
 1.1 1.2
Discount rate:
100 basis point increase $ (32,798) $ (37,315)
200 basis point increase $ (65,597) $ (74,630)

Fair Value Reconciliation

The following table presents senior asset-backed securities related to Structured Program transactions activity:
Three Months Ended
June 30,		 Six Months Ended
June 30,
2025 2024 2025 2024
Fair value at beginning of period $ 2,869,281  $ 1,765,259  $ 2,899,824  $ 1,176,403 
Additions 495,771  716,299  819,887  1,413,646 
Cash received (398,286) (171,793) (749,951) (278,267)
Change in unrealized gain (loss)
 (4,291) 2,349  (7,285) 332 
Fair value at end of period $ 2,962,475  $ 2,312,114  $ 2,962,475  $ 2,312,114 

33

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)

Other Asset-Backed Securities Related to Structured Program Transactions

Significant Unobservable Inputs

The following significant unobservable inputs were used in the fair value measurement of other asset-backed securities related to Structured Program transactions:
June 30, 2025 December 31, 2024
Minimum Maximum Weighted-
Average		 Minimum Maximum Weighted-
Average
Discount rate 6.8  % 10.4  % 7.7  % 7.1  % 11.0  % 7.9  %
Annualized net charge-off rate (1)
 4.2  % 5.4  % 4.8  % 3.4  % 7.4  % 5.0  %
Annualized prepayment rate (1)
 22.8  % 24.8  % 24.2  % 18.7  % 20.9  % 20.5  %
(1)    The weighted-average rate is calculated using the original principal balance of each security.

Fair Value Sensitivity

The sensitivity in the fair value of other asset-backed securities related to Structured Program transactions to adverse changes in key assumptions was as follows:
June 30, 2025 December 31, 2024
Fair value of interests held $ 184,032  $ 169,948 
Expected remaining weighted-average life (in years)
 1.2 1.3
Discount rate:
100 basis point increase $ (1,924) $ (1,909)
200 basis point increase $ (3,812) $ (3,783)
Annualized net charge-off rate:
10% increase $ (1,633) $ (1,778)
20% increase $ (3,280) $ (3,567)
Annualized prepayment rate:
10% increase $ (494) $ (432)
20% increase $ (885) $ (835)

Fair Value Reconciliation

The following table presents other asset-backed securities related to Structured Program transactions activity:
Three Months Ended
June 30,		 Six Months Ended
June 30,
2025 2024 2025 2024
Fair value at beginning of period $ 172,544  $ 103,866  $ 169,948  $ 73,393 
Additions 35,738  43,887  60,624  86,625 
Cash received (24,622) (12,735) (45,925) (22,066)
Credit loss expense (benefit) for securities available for sale
 819  809  (502) (2,083)
Change in unrealized gain (loss)
 (447) (282) (113) (324)
Fair value at end of period $ 184,032  $ 135,545  $ 184,032  $ 135,545 

34

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)

Servicing Assets

Significant Unobservable Inputs

The following significant unobservable inputs were used in the fair value measurement for servicing assets related to loans sold to investors:
June 30, 2025 December 31, 2024
Minimum Maximum Weighted-
Average		 Minimum Maximum Weighted-
Average
Discount rate 8.7  % 17.3  % 10.7  % 8.7  % 17.3  % 10.8  %
Annualized net charge-off rate (1)
 1.5  % 20.1  % 6.7  % 1.8  % 21.2  % 8.2  %
Annualized prepayment rate (1)
 16.9  % 32.8  % 21.7  % 14.8  % 27.5  % 20.0  %
Market servicing rate (2)
 0.62  % 0.62  % 0.62  % 0.62  % 0.62  % 0.62  %
(1)    The weighted-average rate is calculated using the original principal balance of each loan pool.
(2)    The fees a willing market participant would require for the servicing of loans with similar characteristics as those in the Company’s serviced portfolio.

Fair Value Sensitivity

The sensitivity of the fair value of servicing assets to adverse changes in key assumptions was as follows:
June 30, 2025 December 31, 2024
Fair value of servicing assets $ 57,909  $ 60,697 
Expected remaining weighted-average life (in years)
 1.2 1.2
Discount rate:
100 basis point increase $ (546) $ (519)
200 basis point increase $ (1,092) $ (1,038)
Annualized net charge-off rate:
10% increase $ (504) $ (551)
20% increase $ (1,008) $ (1,102)
Annualized prepayment rate:
10% increase $ (1,612) $ (1,359)
20% increase $ (3,224) $ (2,718)

The Company’s selection of the most representative market servicing rates for servicing assets is inherently judgmental. The Company reviews third-party servicing rates for its loans, loans in similar credit sectors, and market servicing benchmarking analyses provided by third-party valuation firms, when available. The table below shows the impact on the estimated fair value of servicing assets, calculated using different market servicing rate assumptions:
June 30, 2025 December 31, 2024
Weighted-average market servicing rate assumptions
 0.62  % 0.62  %
Change in fair value from:
Market servicing rate increase by 0.10%
 $ (6,788) $ (6,940)
Market servicing rate decrease by 0.10%
 $ 6,788  $ 6,940 
35

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)


Fair Value Reconciliation

The following table presents servicing assets activity:
Three Months Ended
June 30,		 Six Months Ended
June 30,
2025 2024 2025 2024
Fair value at beginning of period $ 56,904  $ 71,830  $ 60,697  $ 77,680 
Issuances (1)
 14,670  13,759  27,935  27,337 
Change in fair value, included in Marketplace revenue (13,665) (15,868) (30,723) (35,296)
Other net changes —  (12) —  (12)
Fair value at end of period $ 57,909  $ 69,709  $ 57,909  $ 69,709 
(1)    Represents the servicing assets recorded when the loans are sold. Included in “Gain on sales of loans” within “Marketplace revenue” on the Income Statement.

Financial Instruments Not Recorded at Fair Value

The following tables present the carrying amount and estimated fair values, by level within the fair value hierarchy, of the Company’s assets, and liabilities that are not recorded at fair value on a recurring basis:
June 30, 2025 Carrying Amount
Level 1
Level 2
Level 3
 Balance at
Fair Value
Assets:
Loans and leases held for investment, net $ 4,133,332  $ —  $ —  $ 4,342,825  $ 4,342,825 
Other assets 42,299  —  42,077  541  42,618 
Total assets $ 4,175,631  $ —  $ 42,077  $ 4,343,366  $ 4,385,443 
Liabilities:
Deposits (1)
 $ 1,898,714  $ —  $ —  $ 1,898,699  $ 1,898,699 
Other liabilities 45,646  —  21,089  24,557  45,646 
Total liabilities $ 1,944,360  $ —  $ 21,089  $ 1,923,256  $ 1,944,345 
December 31, 2024 Carrying Amount
Level 1
Level 2
Level 3
 Balance at
Fair Value
Assets:
Loans and leases held for investment, net $ 3,889,084  $ —  $ —  $ 4,051,497  $ 4,051,497 
Other assets 40,466  —  40,143  661  40,804 
Total assets $ 3,929,550  $ —  $ 40,143  $ 4,052,158  $ 4,092,301 
Liabilities:
Deposits (1)
 $ 2,294,214  $ —  $ —  $ 2,306,373  $ 2,306,373 
Other liabilities 44,801  —  22,833  21,968  44,801 
Total liabilities $ 2,339,015  $ —  $ 22,833  $ 2,328,341  $ 2,351,174 
(1)    Excludes deposit liabilities with no defined or contractual maturities.

36

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)

8. Derivative Instruments and Hedging Activities

The Company uses derivative instruments, including interest rate swaps and interest rate caps, to manage exposure to interest rate risk associated with its fixed-rate assets. In addition, the Company provides credit support agreements to a limited number of strategic investors which are accounted for as credit derivative liabilities.

Derivatives Not Designated as Accounting Hedges

The table below presents the notional and gross fair value amounts of the Company’s derivatives that are not designated as accounting hedges:
June 30, 2025 December 31, 2024
Notional
Derivative Asset (1)
Derivative Liability (1)
Notional
Derivative Asset (1)
Derivative Liability (1)
Credit derivatives
 $ 8,360  $ —  $ (5,013) $ 12,484  $ —  $ (10,930)
Interest rate caps 200,000  2  —  200,000  72  — 
Total
 $ 208,360  $ 2  $ (5,013) $ 212,484  $ 72  $ (10,930)
(1)    Recorded in “Other assets” or “Other liabilities,” as applicable, on the Balance Sheet and in “Operating activities” on the Statement of Cash Flows.

Credit derivatives represent credit support agreements related to loan sales, whereby the Company is obligated to make payments to a limited number of strategic investors approximately 18 months after sale if credit losses exceed certain initial agreed-upon thresholds, subject to a maximum dollar amount. The notional amount represents the Company’s maximum dollar exposure. The fair value of the credit derivatives is based on the combined impact of both the quantitative and qualitative credit loss forecast.

The table below presents the gains (losses) recognized on the Company’s derivatives that are not designated as accounting hedges:
Three Months Ended
June 30,		 Six Months Ended
June 30,
2025 2024 2025 2024
Credit derivatives (1)
 $ 957  $ (2,008) $ 2,116  $ (3,442)
Interest rate caps (2)
 (10) (63) (70) (63)
Total gains (losses)
 $ 947  $ (2,071) $ 2,046  $ (3,505)
(1)    The initial fair value of the credit derivative liabilities is recorded in “Gain on sales of loans” with changes in the fair value recorded in “Net fair value adjustments,” both within “Marketplace revenue” on the Income Statement.
(2)    Changes in the fair value of the interest rate cap are recorded in “Net fair value adjustments” within “Marketplace revenue” on the Income Statement.

Derivatives Designated as Accounting Hedges

The Company is exposed to changes in the fair value of its fixed-rate assets due to changes in benchmark interest rates. The Company entered into interest rate swaps to manage its exposure to changes in fair value of these assets attributable to changes in the Secured Overnight Financing Rate (SOFR). The interest rate swaps qualify as fair value hedges and involve the payment of fixed-rate amounts to a counterparty in exchange for the receipt of variable-rate payments over the life of the agreements.

37

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)

The table below presents the notional and gross fair value amounts of the Company’s interest rate swaps used for hedging:
June 30, 2025 December 31, 2024
Notional
Derivative Asset (1)
Derivative Liability (1)
 Notional
Derivative Asset (1)
Derivative Liability (1)
Unsecured personal loans
 $ 825,000  $ 485  $ (2,068) $ 1,075,000  $ 1,323  $ (2,976)
Securities available for sale
 475,000  874  (838) 225,000  2,382  — 
Total interest rate swaps
 $ 1,300,000  $ 1,359  $ (2,906) $ 1,300,000  $ 3,705  $ (2,976)
(1)    Recorded in “Other assets” or “Other liabilities,” as applicable, on the Balance Sheet and in “Operating activities” on the Statement of Cash Flows.

The following table summarizes the gains (losses) recognized on the Company’s fair value hedges:
Three Months Ended
June 30,		 Six Months Ended
June 30,
2025 2024 2025 2024
Unsecured personal loans:
Hedged item
 $ (406) $ (1,785) $ (153) $ (10,457)
Derivatives used for hedging 348  1,563  70  9,915 
Interest settlement on derivative (1)
 147  1,396  (388) 2,769 
Total gains (losses) on hedged unsecured personal loans (2)
 89  1,174  (471) 2,227 
Securities available for sale:
Hedged item
 383  —  2,242  — 
Derivatives used for hedging
 (413) —  (2,346) — 
Interest settlement on derivative (1)
 699  —  1,315  — 
Total gains on hedged securities available for sale (3)
 669  —  1,211  — 
Total gains on fair value hedges
 $ 758  $ 1,174  $ 740  $ 2,227 
(1)    Includes accrued interest receivable and accrued interest payable.
(2)    Recorded in “Interest and fees on loans and leases held for investment” on the Income Statement.
(3)    Recorded in “Interest on securities available for sale” on the Income Statement.

The following table presents the cumulative basis adjustments for fair value hedges:
June 30, 2025 December 31, 2024
Balance Sheet Line Item
Carrying Amount of Closed Portfolio(1)
Cumulative Fair Value Adjustment Included in the Carrying Amount of the Hedged Items
Carrying Amount of Closed Portfolio(1)
Cumulative Fair Value Adjustment Included in the Carrying Amount of the Hedged Items
Loans and leases held for investment
 $ 1,982,012  $ 1,719  $ 1,388,222  $ 1,872 
Securities available for sale $ 1,646,792  $ 45  $ 2,255,848  $ (2,197)
(1)    Represents the total closed portfolio of assets (at amortized cost) designated in a portfolio method hedge relationship in which the hedged item is a stated layer that is expected to be remaining at the end of the hedging relationship. At June 30, 2025, the amortized cost of unsecured personal loans and AFS securities, designated as the hedged items in the portfolio layer hedging relationship, was $825 million and $475 million, respectively.
38

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)

At December 31, 2024, the amortized cost of unsecured personal loans and AFS securities, designated as the hedged items in the portfolio layer hedging relationship, was $1.075 billion and $225 million, respectively.

9. Property, Equipment and Software, Net

Property, equipment and software, net, consist of the following:
June 30, 2025 December 31, 2024
Software (1)
 $ 239,698  $ 222,000 
Land and building (2)
 75,573  — 
Leasehold improvements 30,699  30,699 
Computer equipment (3)
 5,713  22,216 
Furniture and fixtures 5,554  5,554 
Total property, equipment and software 357,237  280,469 
Accumulated depreciation and amortization (110,953) (112,937)
Total property, equipment and software, net $ 246,284  $ 167,532 
(1)    Includes $32.4 million and $43.4 million of development in progress for internally-developed software and $7.5 million and $7.1 million of development in progress to customize purchased software as of June 30, 2025 and December 31, 2024, respectively.
(2)    In April 2025, the Company acquired an office building which will be used as the Company’s headquarters beginning in the second quarter of 2026. See “Note 17. Leases” for additional information.
(3)    During the first quarter of 2025, the Company retired $16.8 million of fully depreciated computer equipment as part of its migration onto a cloud-based hosting platform.

Depreciation and amortization expense on property, equipment and software was $14.8 million and $27.9 million for the second quarter and first half of 2025, respectively. Depreciation and amortization expense on property, equipment and software was $12.2 million and $23.9 million for the second quarter and first half of 2024, respectively.

10. Goodwill and Intangible Assets

Goodwill

The Company’s goodwill balance was $75.7 million as of both June 30, 2025 and December 31, 2024. The Company did not record any goodwill impairment expense during the second quarters and first halves of 2025 and 2024. Goodwill is not amortized, but is subject to annual impairment tests that are performed in the fourth quarter of each calendar year. For additional detail, see “Part II – Item 8. Financial Statements and Supplementary Data – Note 1. Summary of Significant Accounting Policies” in the Annual Report.

39

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)

Intangible Assets

Intangible assets consist of customer relationships. Intangible assets, net of accumulated amortization, are included in “Other assets” on the Balance Sheet. The gross and net carrying values and accumulated amortization were as follows:
June 30, 2025 December 31, 2024
Gross carrying value $ 54,500  $ 54,500 
Accumulated amortization (47,432) (45,914)
Net carrying value $ 7,068  $ 8,586 

The customer relationship intangible assets are amortized on an accelerated basis from ten to fourteen years. Amortization expense associated with intangible assets for the second quarter and first half of 2025 was $0.7 million and $1.5 million, respectively. Amortization expense associated with intangible assets for the second quarter and first half of 2024 was $0.9 million and $1.8 million, respectively. There was no impairment loss for the second quarters and first halves of 2025 and 2024.

The expected future amortization expense for intangible assets as of June 30, 2025, is as follows:
2025 $ 1,383 
2026 2,252 
2027 1,603 
2028 945 
2029 568 
Thereafter 317 
Total $ 7,068 

11. Other Assets

Other assets consist of the following:
June 30, 2025 December 31, 2024
Deferred tax assets, net (1)
 $ 121,793  $ 137,155 
Servicing assets (2)
 58,131  61,020 
Nonmarketable equity investments 47,203  44,114 
Accrued interest receivable
 39,958  40,388 
Operating lease assets 17,194  21,304 
Intangible assets, net (3)
 7,068  8,586 
Other 87,286  91,415 
Total other assets $ 378,633  $ 403,982 
(1)    See “Note 16. Income Taxes” for additional detail.
(2)    Loans underlying servicing assets had a total outstanding principal balance of $7.2 billion and $7.3 billion as of June 30, 2025 and December 31, 2024, respectively.
(3)    See “Note 10. Goodwill and Intangible Assets” for additional detail.

40

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)

12. Deposits

Deposits consist of the following:
June 30, 2025 December 31, 2024
Interest-bearing deposits:
Savings and money market accounts $ 6,429,234  $ 5,903,869 
Certificates of deposit
 1,898,714  2,294,214 
Checking accounts 457,779  478,036 
Total 8,785,727  8,676,119 
Noninterest-bearing deposits 350,397  392,118 
Total deposits $ 9,136,124  $ 9,068,237 

Total certificates of deposit at June 30, 2025 are scheduled to mature as follows:
2025 $ 920,711 
2026 945,164 
2027 19,769 
2028 2,454 
2029 10,189 
Thereafter 427 
Total certificates of deposit (1)
 $ 1,898,714 
(1)    Certificates of deposit in excess of the FDIC insurance limit of $250 thousand per account holder totaled $99.2 million at June 30, 2025.

13. Borrowings

The Company did not have any debt outstanding as of June 30, 2025 or December 31, 2024.

Borrowing Capacity

The following table summarizes the Company’s available borrowing capacity and the related pledged collateral:
June 30, 2025 December 31, 2024
Available Borrowing Capacity
Pledged Collateral (1)
 Available Borrowing Capacity
Pledged Collateral (2)
FRB Discount Window $ 3,147,467  $ 4,040,978  $ 2,635,034  $ 3,245,547 
FHLB of Des Moines
 604,991  799,732  626,117  829,885 
Total
$ 3,752,458  $ 4,840,710  $ 3,261,151  $ 4,075,432 
(1)    As of June 30, 2025, the Company had $4.0 billion in loans pledged under the Federal Reserve System (FRB) Discount Window, and $428.3 million in loans and $371.5 million in securities available for sale at fair value pledged to the Federal Home Loan Bank (FHLB) of Des Moines.
(2)    As of December 31, 2024, the Company had $3.2 billion in loans pledged under the FRB Discount Window, and $456.4 million in loans and $373.5 million in securities available for sale at fair value pledged to the FHLB of Des Moines.

41

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)

14. Other Liabilities

Other liabilities consist of the following:
June 30, 2025 December 31, 2024
Accounts payable and accrued expenses $ 67,509  $ 78,131 
Due to borrowers (1)
 61,614  24,449 
Operating lease liabilities 22,389  28,502 
Payable to investors (2)
 21,089  22,833 
Other 60,573  66,626 
Total other liabilities $ 233,174  $ 220,541 
(1)    Represents originated loans for which disbursement of funds is pending to borrowers.
(2)    Represents principal and interest on loans collected by the Company and pending disbursement to investors.

15. Employee Incentive Plans

The Company’s equity incentive plans provide for granting awards, including restricted stock units (RSUs), performance-based restricted stock units (PBRSUs), cash awards and stock options to employees, officers and directors.

Stock-based Compensation

Stock-based compensation expense, included in “Compensation and benefits” expense on the Income Statement, was as follows for the periods presented:
Three Months Ended
June 30,		 Six Months Ended
June 30,
2025 2024 2025 2024
RSUs
 $ 9,236  $ 11,573  $ 18,310  $ 23,555 
PBRSUs 1,270  (258) 2,117  1,359 
Stock-based compensation expense, gross 10,506  11,315  20,427  24,914 
Less: Capitalized stock-based compensation expense 1,441  1,866  2,843  3,921 
Stock-based compensation expense, net $ 9,065  $ 9,449  $ 17,584  $ 20,993 

Restricted Stock Units

The following table summarizes the Company’s RSU activity:
Number
of Units		 Weighted-
Average
Grant Date
Fair Value
Unvested at December 31, 2024
 5,638,230  $ 8.78 
Granted 2,413,696  $ 11.50 
Vested (1,770,595) $ 9.21 
Forfeited/expired (285,168) $ 9.78 
Unvested at June 30, 2025
 5,996,163  $ 9.70 

42

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)

During the first half of 2025, the Company granted 2,413,696 RSUs with an aggregate fair value of $27.8 million.

As of June 30, 2025, there was $50.0 million of unrecognized compensation cost related to unvested RSUs, which is expected to be recognized over a weighted-average period of approximately 1.7 years, subject to any forfeitures.

Performance-based Restricted Stock Units

The Company’s outstanding PBRSU awards consist of awards with a market-based metric and awards with an operating-based metric, all with a three-year performance period, following which any earned portion is immediately vested. With respect to PBRSU awards with a market-based metric, the compensation expense of the award is fixed at the time of grant (incorporating the probability of achieving the market-based metric) and expensed over the performance period. With respect to PBRSU awards with an operating-based metric, the compensation expense of the award is set at the time of grant (assuming a target level of achievement), subsequently adjusted for actual performance during the performance period and expensed over the performance/vesting period.

The following table summarizes the Company’s PBRSU activity:
Number
of Units		 Weighted-
Average
Grant Date
Fair Value
Unvested at December 31, 2024
 1,212,209  $ 8.68 
Granted 325,472  $ 10.94 
Forfeited/expired (376,862) $ 10.09 
Unvested at June 30, 2025
 1,160,819  $ 8.86 

During the first half of 2025, the Company granted 325,472 PBRSUs with an aggregate fair value of $3.6 million.

As of June 30, 2025, there was $5.9 million of unrecognized compensation cost related to unvested PBRSUs, which is expected to be recognized over a weighted-average period of approximately 1.3 years, subject to any forfeitures.

16. Income Taxes

For the second quarter and first half of 2025, the Company recorded an income tax expense of $15.8 million and $19.8 million, respectively, representing an effective tax rate of 29.3% and 28.5%, respectively. For the second quarter and first half of 2024, the Company recorded an income tax expense of $4.5 million and $8.8 million, respectively, representing an effective tax rate of 23.3% and 24.5%, respectively. The effective tax rates differ from the federal statutory rate due to state taxes, the favorable impact of recurring items such as tax credits, the unfavorable impact of the non-deductible portions of executive compensation, and the net discrete impact of stock-based compensation. Additionally, on June 27, 2025, California Senate Bill 132 was signed into law, requiring that banks and financial companies transition from an equally weighted three-factor apportionment formula to a single-sales-factor apportionment formula, effective for tax years beginning in 2025. As a result, the Company’s 2025 state tax rate decreased, requiring a revaluation of its deferred tax assets. This revaluation resulted in the recognition of a discrete tax expense in the second quarter of 2025.

43

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)

The following table summarizes the Company’s net deferred tax assets:
June 30, 2025 December 31, 2024
Deferred tax assets, net of liabilities $ 168,118  $ 183,480 
Valuation allowance (46,325) (46,325)
Deferred tax assets, net of valuation allowance $ 121,793  $ 137,155 

17. Leases

Lessee Arrangements

The Company has various operating leases, including with respect to its headquarters in San Francisco, California, and office spaces in the Salt Lake City, Utah area, Boston, Massachusetts, and New York, New York. In April 2025, the Company acquired an office building located in San Francisco, California, which will be used as its headquarters beginning in the second quarter of 2026, following the expiration of its current San Francisco lease. As of June 30, 2025, the remaining leases have lease terms ranging from approximately three to four years. As of June 30, 2025, the Company pledged $0.5 million of cash and $1.1 million in letters of credit as security deposits in connection with its lease agreements.

Balance sheet information related to leases was as follows:
ROU Assets and Lease Liabilities Balance Sheet Classification June 30, 2025 December 31, 2024
Operating lease assets Other assets $ 17,194  $ 21,304 
Operating lease liabilities Other liabilities $ 22,389  $ 28,502 

Net lease costs were $2.7 million and $5.5 million during the second quarter and first half of 2025, respectively. Such costs are recorded within “Occupancy” expense on the Income Statement. Net lease costs were $2.7 million and $5.2 million during the second quarter and first half of 2024, respectively.

The Company’s future minimum undiscounted lease payments under operating leases as of June 30, 2025 were as follows:
2025 $ 6,989 
2026 7,973 
2027 5,010 
2028 4,046 
2029 909 
Total lease payments $ 24,927 
Discount effect (2,538)
Present value of future minimum lease payments $ 22,389 

The weighted-average remaining lease term and discount rate used in the calculation of the Company’s operating lease assets and liabilities were as follows:
Lease Term and Discount Rate June 30, 2025 December 31, 2024
Weighted-average remaining lease term (in years) 2.71 2.98
Weighted-average discount rate 4.76  % 4.87  %

44

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)

Lessor Arrangements

Operating Leases

The Company leases space in its office building to third-party tenants under operating lease agreements with initial term expiration dates ranging from 2025 to 2034. Some of the agreements include options to extend the lease term for an additional two to five years.

The Company earns rental income from such leases which is recorded within “Other non-interest income” on the Income Statement. For both the second quarter and first half of 2025, rental income totaled $1.9 million.

Future fixed lease payments to be received by the Company as of June 30, 2025, under non-cancelable operating leases, were as follows:
2025 $ 3,290 
2026 4,893 
2027 3,580 
2028 2,532 
2029 1,932 
Thereafter 8,205 
Total lease payments
 $ 24,432 

Sales-type Leases

The Company has sales-type leases for equipment (Equipment Finance). Such arrangements may include options to renew or to purchase the leased equipment at the end of the lease term. For the second quarter and first half of 2025, interest earned on Equipment Finance was $0.7 million and $1.6 million, respectively, and is included in “Interest and fees on loans and leases held for investment” on the Income Statement. For the second quarter and first half of 2024, interest earned on Equipment Finance was $1.4 million and $3.1 million, respectively.

The components of Equipment Finance assets are as follows:
June 30, 2025 December 31, 2024
Lease receivables $ 35,956  $ 49,290 
Unguaranteed residual asset values 18,416  20,728 
Unearned income (4,706) (6,125)
Deferred costs
 225  339 
Total $ 49,891  $ 64,232 

45

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)

Future minimum lease payments based on maturity of the Company’s sales-type leases as of June 30, 2025 were as follows:
2025 $ 10,308 
2026 13,540 
2027 7,800 
2028 3,843 
2029 1,583 
Total lease payments $ 37,074 
Discount effect (1,118)
Present value of future minimum lease payments $ 35,956 

18. Commitments and Contingencies

Operating Lease Commitments

For discussion regarding the Company’s operating lease commitments, see “Note 17. Leases.”

Loan Repurchase Obligations

The Company is generally required to repurchase loans or interests therein in the event of identity theft or certain other types of fraud on the part of the borrower or education and patient service providers. The Company may also repurchase loans or interests therein in connection with certain customer accommodations. In connection with certain loan sales, the Company agreed to repurchase loans if representations and warranties made with respect to such loans were breached under certain circumstances. The Company believes such provisions are customary and consistent with institutional loan and securitization market standards.

Unfunded Loan Commitments

As of June 30, 2025 and December 31, 2024, the contractual amount of unfunded loan commitments was $103.4 million and $105.0 million, respectively. See “Note 5. Loans and Leases Held for Investment at Amortized Cost, Net of Allowance for Loan and Lease Losses” for additional detail related to the reserve for unfunded lending commitments.

Legal

The Company is subject to various claims brought in a litigation or regulatory context. These include lawsuits and regulatory exams, investigations, or inquiries. In accordance with applicable accounting standards, the Company accrues for costs related to contingencies when a loss from such claims is probable and the amount of loss can be reasonably estimated. In determining whether a loss from a claim is probable and the loss can be reasonably estimated, the Company reviews and evaluates its litigation and regulatory matters on at least a quarterly basis in light of potentially relevant factual and legal developments. If the Company determines an unfavorable outcome is not probable or the amount of loss cannot be reasonably estimated, the Company does not accrue for a potential litigation loss. In those situations, the Company discloses an estimate or range of the reasonably possible losses, if such estimates can be made.

46

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)

Regulatory Examinations and Actions Relating to the Company’s Business Practices, and Compliance with Applicable Laws

The Company is and has been subject to periodic inquiries, exams and enforcement actions brought by federal and state regulatory agencies relating to the Company’s business practices, and operating in compliance with applicable laws.

In the past, the Company has successfully resolved such matters in a manner that was not material to its results of financial operations in any period and that did not materially limit the Company’s ability to conduct its business. However, no assurances can be given as to the timing, outcome or consequences of these matters or other similar matters if or as they arise.

19. Regulatory Requirements

LendingClub and LC Bank are subject to comprehensive supervision, examination and enforcement, and regulation by the FRB and the Office of the Comptroller of the Currency (OCC), respectively, including generally similar capital adequacy requirements adopted by both agencies.

These requirements establish required minimum ratios for Common Equity Tier 1 (CET1) risk-based capital, Tier 1 risk-based capital, total risk-based capital and a Tier 1 leverage ratio; set risk-weighting for assets and certain other items for purposes of the risk-based capital ratios; and define what qualifies as capital for purposes of meeting the capital requirements. Failure to meet minimum capital requirements can result in certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company. The minimum capital requirements under the Basel Committee on Banking Supervision standardized approach for U.S. banking organizations (Basel III) capital framework are: a CET1 risk-based capital ratio of 4.5%, a Tier 1 risk-based capital ratio of 6.0%, a total risk-based capital ratio of 8.0%, and a Tier 1 leverage ratio of 4.0%. Additionally, a capital conservation buffer of 2.5% must be maintained above the minimum risk-based capital requirements in order to avoid certain limitations on capital distributions, stock repurchases, and certain discretionary bonus payments. In addition to these guidelines, the regulators assess any particular institution’s capital adequacy based on numerous factors and may require a particular banking organization to maintain capital at levels higher than the generally applicable minimums prescribed under the Basel III capital framework.
The Federal Deposit Insurance Act provides for a system of “prompt corrective action” (PCA). The PCA regime provides for capitalization categories ranging from “well-capitalized” to “critically undercapitalized.” An institution’s PCA category is determined primarily by its regulatory capital ratios. The PCA requires remedial actions and imposes limitations that become increasingly stringent as its PCA capitalization category declines, including the ability to accept and/or rollover brokered deposits. At June 30, 2025 and December 31, 2024, the Company’s and LC Bank’s regulatory capital ratios exceeded the thresholds required to be regarded as “well-capitalized” institutions and met all capital adequacy requirements to which they are subject. There have been no events or conditions since June 30, 2025 that management believes would change the Company’s categorization.

47

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)

The following table presents the actual capital amounts and ratios of the Company and LC Bank as well as LC Bank’s regulatory minimum and “well capitalized” requirements (dollars in millions):
June 30, 2025 December 31, 2024
Required Minimum(1)
Well-Capitalized Minimum
Amount Ratio Amount Ratio
LendingClub Corporation:
CET1 capital (2)
 $ 1,268.1  17.5  % $ 1,188.6  17.3  % 7.0  % N/A
Tier 1 capital $ 1,268.1  17.5  % $ 1,188.6  17.3  % 8.5  % 6.0  %
Total capital $ 1,360.5  18.8  % $ 1,276.5  18.5  % 10.5  % 10.0  %
Tier 1 leverage $ 1,268.1  12.2  % $ 1,188.6  11.0  % 4.0  % N/A
Risk-weighted assets $ 7,230.3  N/A $ 6,887.1  N/A N/A N/A
Quarterly adjusted average assets $ 10,371.5  N/A $ 10,814.0  N/A N/A N/A
LendingClub Bank:
CET1 capital (2)
 $ 1,112.1  15.5  % $ 1,101.4  16.1  % 7.0  % 6.5  %
Tier 1 capital $ 1,112.1  15.5  % $ 1,101.4  16.1  % 8.5  % 8.0  %
Total capital $ 1,203.9  16.8  % $ 1,188.5  17.4  % 10.5  % 10.0  %
Tier 1 leverage $ 1,112.1  10.8  % $ 1,101.4  10.3  % 4.0  % 5.0  %
Risk-weighted assets $ 7,181.0  N/A $ 6,823.1  N/A N/A N/A
Quarterly adjusted average assets $ 10,272.1  N/A $ 10,696.7  N/A N/A N/A
N/A – Not applicable
(1)     Required minimums presented for risk-based capital ratios include the required capital conservation buffer of 2.5%.
(2)     CET1 capital consists of common stockholders’ equity as defined under U.S. GAAP and certain adjustments made in accordance with regulatory capital guidelines, including deductions for goodwill and other intangible assets.

Federal laws and regulations limit the ability of national banks, such as LC Bank, to pay dividends based upon, among other things, maintaining required levels of regulatory capital and retained net profits for the preceding two calendar years plus retained net profits up to the date of any dividend declaration in the current calendar year. Retained net profits, as defined by the OCC, consist of net income less dividends declared during the period. During the first quarter of 2025, LC Bank paid a $50 million cash dividend to LendingClub Corporation to return a capital contribution made by LendingClub Corporation to LC Bank in the second half of 2024. LC Bank has not otherwise declared any dividends.

Federal law restricts the amount and the terms of both credit and non-credit transactions between a bank and its nonbank affiliates. These covered transactions may not exceed 10% of the bank’s capital and surplus (which for this purpose represents tier 1 and tier 2 capital, as calculated under the risk-based capital rules, plus the balance of the ACL excluded from tier 2 capital) with any single nonbank affiliate and 20% of the bank’s capital and surplus with all its nonbank affiliates. Covered transactions that are extensions of credit may require collateral to be pledged to provide added security to the bank.

48

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)

20. Segment Reporting

Reportable Segments

The Company defines operating segments to be components of the Company for which discrete financial information is evaluated regularly by the Chief Operating Decision Maker (CODM) to allocate resources and evaluate financial performance. The measure of segment profit used by the CODM in this evaluation is net income. The CODM consists of the Company’s Chief Executive Officer and Chief Financial Officer. This information is reviewed according to the legal organizational structure of the Company’s operations with products and services presented separately for the parent bank holding company and its wholly-owned subsidiary, LC Bank, which are both considered reportable segments. Income taxes are recorded on a separate entity basis whereby each operating segment determines income tax expense or benefit as if it filed a separate tax return.

LendingClub Bank

The LC Bank operating segment represents the national bank legal entity and reflects operating activities after its formation. This segment provides a full complement of financial products and solutions, including loans and deposits. It originates loans to individuals and businesses, retains loans for investment, sells loans to investors and manages relationships with deposit holders.

LendingClub Corporation (Parent Only)

The LendingClub Corporation (Parent only) operating segment represents the holding company legal entity and predominately reflects the operations of the Company prior to the formation of LC Bank. This activity includes, but is not limited to, servicing fee revenue on purchased servicing assets, and interest income and interest expense related to the Retail Program and Structured Program transactions entered into prior to LC Bank’s formation.

49

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)

Financial information for the segments is presented in the following tables:
LendingClub
Bank
LendingClub
Corporation (Parent only)
Total Reportable Segments
Three Months Ended June 30, 2025 2024 2025 2024 2025 2024
Non-interest income:
Marketplace revenue $ 73,424  $ 39,533  $ 9,989  $ 10,946  $ 83,413  $ 50,479 
Other non-interest income 14,095  12,387  1,789  1,903  15,884  14,290 
Total non-interest income 87,519  51,920  11,778  12,849  99,297  64,769 
Interest income:
Interest income 236,958  217,814  139  1,820  237,097  219,634 
Interest expense (82,848) (90,888) —  (218) (82,848) (91,106)
Net interest income 154,110  126,926  139  1,602  154,249  128,528 
Total net revenue 241,629  178,846  11,917  14,451  253,546  193,297 
Provision for credit losses (39,733) (35,561) —  —  (39,733) (35,561)
Non-interest expense:
Compensation and benefits (60,207) (54,862) (1,782) (1,678) (61,989) (56,540)
Marketing (33,580) (26,665) —  —  (33,580) (26,665)
Equipment and software (14,474) (12,333) (21) (27) (14,495) (12,360)
Depreciation and amortization (14,251) (10,896) (1,209) (2,176) (15,460) (13,072)
Professional services (10,019) (7,520) (281) (284) (10,300) (7,804)
Occupancy (2,845) (1,894) (1,942) (2,047) (4,787) (3,941)
Other non-interest expense (15,557) (12,687) (3,661) (5,245) (19,218) (17,932)
Total non-interest expense
 (150,933) (126,857) (8,896) (11,457) (159,829) (138,314)
Income tax expense
 (13,534) (3,872) (2,272) (647) (15,806) (4,519)
Net income(1)
 $ 37,429  $ 12,556  $ 749  $ 2,347  $ 38,178  $ 14,903 
Capital expenditures $ 90,694  $ 12,865  $ —  $ —  $ 90,694  $ 12,865 
(1)    Total net income from reportable segments reflects net income on a consolidated basis.

50

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)

LendingClub
Bank
LendingClub
Corporation (Parent only)
Total Reportable Segments
Six Months Ended June 30, 2025 2024 2025 2024 2025 2024
Non-interest income:
Marketplace revenue $ 125,634  $ 78,048  $ 15,784  $ 20,774  $ 141,418  $ 98,822 
Other non-interest income 27,036  26,082  3,780  3,849  30,816  29,931 
Total non-interest income 152,670  104,130  19,564  24,623  172,234  128,753 
Interest income:
Interest income 468,713  422,621  443  4,364  469,156  426,985 
Interest expense (164,950) (175,011) —  (558) (164,950) (175,569)
Net interest income 303,763  247,610  443  3,806  304,206  251,416 
Total net revenue 456,433  351,740  20,007  28,429  476,440  380,169 
Provision for credit losses (97,882) (67,488) —  —  (97,882) (67,488)
Non-interest expense:
Compensation and benefits (117,070) (112,874) (3,308) (3,220) (120,378) (116,094)
Marketing (62,819) (50,801) —  —  (62,819) (50,801)
Equipment and software (29,093) (24,969) (46) (75) (29,139) (25,044)
Depreciation and amortization (26,794) (21,062) (2,575) (4,683) (29,369) (25,745)
Professional services (19,656) (14,506) (408) (389) (20,064) (14,895)
Occupancy (5,246) (3,690) (3,886) (4,112) (9,132) (7,802)
Other non-interest expense (30,004) (25,451) (7,974) (10,899) (37,978) (36,350)
Total non-interest expense (290,682) (253,353) (18,197) (23,378) (308,879) (276,731)
Income tax expense
 (18,406) (7,557) (1,424) (1,240) (19,830) (8,797)
Net income (1)
 $ 49,463  $ 23,342  $ 386  $ 3,811  $ 49,849  $ 27,153 
Capital expenditures $ 103,760  $ 24,646  $ —  $ —  $ 103,760  $ 24,646 
(1)    Total net income from reportable segments reflects net income on a consolidated basis.

Three Months Ended
June 30,		 Six Months Ended
June 30,
2025 2024 2025 2024
Total net revenue – reportable segments $ 253,546  $ 193,297  $ 476,440  $ 380,169 
Intercompany eliminations (5,111) (6,056) (10,294) (12,240)
Total net revenue – consolidated $ 248,435  $ 187,241  $ 466,146  $ 367,929 

Each expense item reported above represents the Company’s “significant segment expenses” as they are separately evaluated by the CODM, with the exception of “Other non-interest expense” which represents “other segment items” and encompasses various miscellaneous operating expenses.
51

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)


LendingClub Bank
LendingClub
Corporation (Parent only)
Total Reportable Segments
  June 30, 2025 December 31, 2024 June 30, 2025 December 31, 2024 June 30, 2025 December 31, 2024
Assets
Total cash and cash equivalents $ 731,078  $ 932,463  $ 136,588  $ 65,981  $ 867,666  $ 998,444 
Restricted cash —  —  28,911  27,536  28,911  27,536 
Securities available for sale at fair value 3,527,142  3,452,648  —  —  3,527,142  3,452,648 
Loans held for sale at fair value 1,008,168  636,352  —  —  1,008,168  636,352 
Loans and leases held for investment, net 4,133,332  3,889,084  —  —  4,133,332  3,889,084 
Loans held for investment at fair value
 629,615  1,023,226  2,121  4,572  631,736  1,027,798 
Property, equipment and software, net 240,322  158,995  5,962  8,537  246,284  167,532 
Investment in subsidiary —  —  892,303  910,544  892,303  910,544 
Goodwill 75,717  75,717  —  —  75,717  75,717 
Other assets 316,067  300,621  83,592  121,198  399,659  421,819 
Total assets 10,661,441  10,469,106  1,149,477  1,138,368  11,810,918  11,607,474 
Liabilities and Equity
Total deposits 9,258,380  9,116,821  —  —  9,258,380  9,116,821 
Other liabilities 198,473  177,711  55,727  60,667  254,200  238,378 
Total liabilities 9,456,853  9,294,532  55,727  60,667  9,512,580  9,355,199 
Total equity 1,204,588  1,174,574  1,093,750  1,077,701  2,298,338  2,252,275 
Total liabilities and equity $ 10,661,441  $ 10,469,106  $ 1,149,477  $ 1,138,368  $ 11,810,918  $ 11,607,474 

June 30, 2025 December 31, 2024
Total assets – reportable segments $ 11,810,918  $ 11,607,474 
Intercompany eliminations (1,035,585) (976,965)
Total assets – consolidated $ 10,775,333  $ 10,630,509 

June 30, 2025 December 31, 2024
Total liabilities and equity – reportable segments $ 11,810,918  $ 11,607,474 
Intercompany eliminations – liabilities (143,282) (66,421)
Intercompany eliminations – equity (892,303) (910,544)
Total liabilities and equity – consolidated $ 10,775,333  $ 10,630,509 

Concentration and Geographic Information

No individual borrower or marketplace investor accounted for 10% or more of total net revenue for any of the periods presented. All of the Company’s revenue is generated in the United States, and all of the long-lived assets are based in the United States.

52

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the condensed consolidated financial statements and related notes that appear in this Quarterly Report on Form 10-Q (Report). In addition to historical condensed consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Report, and in “Part I – Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (Annual Report) and, if applicable, as modified by “Part II – Item 1A. Risk Factors” in this Report. The forward-looking statements included in this Report are made only as of the date hereof and we do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

53

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
Overview

LendingClub operates a leading, nationally chartered, digital marketplace bank that aims to advantage our members with the information, tools, and guidance needed to achieve their own version of financial success. We do this through a smart, simple, and rewarding digital experience that leverages data and technology to increase access to credit, lower borrowing costs, and improve returns on savings.

Executive Summary

The following is a summary of our results for the second quarter of 2025 compared to the same period in 2024, reflecting growth in loan originations, total net revenue and net income:

•Loan originations: Loan originations for the second quarter of 2025 increased $578.6 million, or 32%, year over year. The increase was driven by an increase in unsecured personal loan origination volume.
◦Loan originations held for investment (HFI) at amortized cost for the second quarter of 2025 increased $353.6 million, or 105%, year over year. Loan originations HFI at amortized cost as a percentage of loan originations was 29% and 19% for the second quarters of 2025 and 2024, respectively.
◦Loan originations held for sale (HFS) for the second quarter of 2025 increased $225.0 million, or 15%, year over year, driven by an increase in marketplace investor demand and a higher retention of HFS loans into our Extended Seasoning program. Loan originations HFS as a percentage of loan originations was 71% and 81% for the second quarters of 2025 and 2024, respectively.

•Total net revenue: Total net revenue for the second quarter of 2025 increased $61.2 million, or 33%, year over year.
◦Marketplace revenue: Marketplace revenue for the second quarter of 2025 increased $33.3 million, or 59%, year over year. The increase was primarily due to higher origination volumes of marketplace loans, improved loan sales prices and lower fair value adjustments based on improved credit performance in the second quarter of 2025.
◦Net interest income: Net interest income for the second quarter of 2025 increased $25.7 million, or 20%, year over year primarily due to an increase in total interest-earning assets and a decrease in interest expense associated with a lower average rate on interest-bearing deposits.
◦Net interest margin: Net interest margin for the second quarter of 2025 was 6.14%, increasing from 5.75% in the second quarter of 2024.

•Provision for credit losses: Provision for credit losses for the second quarter of 2025 increased $4.2 million, or 12%, year over year. The increase was primarily driven by an increase in initial provision for credit losses from a higher volume of originated loans retained as HFI at amortized cost. The increase was offset by improved credit performance in the second quarter of 2025.

•Total non-interest expense: Total non-interest expense for the second quarter of 2025 increased $22.5 million, or 17%, year over year. The increase was primarily due to an increase in marketing expense based on higher origination volume and the resumption of certain marketing initiatives. The increase was also due to an increase in compensation and benefits expense based on higher variable compensation expense and an increase in headcount.

•Net income: Net income for the second quarter of 2025 increased $23.3 million, or 156%, year over year.

•Diluted earnings per share (EPS): Diluted EPS was $0.33, compared to $0.13 for the second quarter of 2024.

54

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
•Pre-provision net revenue (PPNR): PPNR for the second quarter of 2025 increased $38.7 million, or 70%, year over year, driven by an increase in total net revenue, partially offset by an increase in non-interest expense.

•Total assets: Total assets as of June 30, 2025 increased $1.2 billion, or 12%, year over year. The increase primarily reflects growth in securities related to our Structured Program transactions as well as in our loan portfolios.

•Deposits: Total deposits as of June 30, 2025 increased $1.0 billion, or 13%, year over year. The increase was primarily due to growth in our high-yield savings deposits. Federal Deposit Insurance Corporation (FDIC)-insured deposits represent approximately 86% of total deposits as of June 30, 2025.

The above summary should be read in conjunction with this Management’s Discussion and Analysis of Financial Condition and Results of Operations in its entirety. For additional discussion related to our operating segments, see “Segment Information.”

55

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
Financial Highlights
We regularly review several metrics to evaluate our business, measure our performance, identify trends, formulate financial projections and make strategic decisions. The following presents our select financial metrics for the periods presented:
As of and for the Three Months Ended
As of and for the Six Months Ended June 30,
June 30,
2025		 March 31,
2025		 June 30,
2024		 2025 2024
Non-interest income $ 94,186  $ 67,754  $ 58,713  $ 161,940  $ 116,513 
Net interest income 154,249  149,957  128,528  304,206  251,416 
Total net revenue 248,435  217,711  187,241  466,146  367,929 
Non-interest expense 154,718  143,867  132,258  298,585  264,491 
Pre-provision net revenue (1)
 93,717  73,844  54,983  167,561  103,438 
Provision for credit losses 39,733  58,149  35,561  97,882  67,488 
Income before income tax expense
 53,984  15,695  19,422  69,679  35,950 
Income tax expense
 (15,806) (4,024) (4,519) (19,830) (8,797)
Net income 38,178  11,671  14,903  49,849  27,153 
Basic EPS $ 0.33  $ 0.10  $ 0.13  $ 0.44  $ 0.24 
Diluted EPS $ 0.33  $ 0.10  $ 0.13  $ 0.43  $ 0.24 
LendingClub Corporation Performance Metrics:
Net interest margin 6.14  % 5.97  % 5.75  % 6.05  % 5.75  %
Efficiency ratio (2)
 62.3  % 66.1  % 70.6  % 64.1  % 71.9  %
Return on average equity (ROE) 11.1  % 3.5  % 4.7  % 7.3  % 4.3  %
Return on tangible common equity (ROTCE) (1)
 11.8  % 3.7  % 5.1  % 7.8  % 4.6  %
Return on average total assets (ROA) 1.5  % 0.4  % 0.6  % 1.0  % 0.6  %
Marketing as a % of loan originations 1.40  % 1.47  % 1.47  % 1.43  % 1.47  %
LendingClub Corporation Capital Metrics:
Common equity tier 1 capital ratio 17.5  % 17.8  % 17.9  %
Tier 1 leverage ratio 12.2  % 11.7  % 12.1  %
Book value per common share $ 12.25  $ 11.95  $ 11.52 
Tangible book value per common share (1)
 $ 11.53  $ 11.22  $ 10.75 
Loan Originations (in millions) (3):
Marketplace loans $ 1,702  $ 1,314  $ 1,477  $ 3,016  $ 2,838 
Loan originations held for investment 689  675  336  1,364  621 
Total loan originations $ 2,391  $ 1,989  $ 1,813  $ 4,380  $ 3,459 
Loan originations held for investment as a % of total loan originations
 29  % 34  % 19  % 31  % 18  %
Servicing Portfolio AUM (in millions) (4):
Total servicing portfolio $ 12,524  $ 12,241  $ 12,999 
Loans serviced for others $ 7,185  $ 7,130  $ 8,337 
(1)    Represents a non-GAAP financial measure. See “Non-GAAP Financial Measures” for additional information.
(2)    Calculated as the ratio of non-interest expense to total net revenue.
(3)    Includes unsecured personal loans and auto loans only.
(4)    Assets under management (AUM) reflects loans serviced on our platform, which includes outstanding balances of unsecured personal loans, auto refinance loans and education and patient finance loans serviced for others and retained by the Company.

56

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
As of and for the Three Months Ended
June 30,
2025		 March 31,
2025		 June 30,
2024
Balance Sheet Data:
Securities available for sale
 $ 3,527,142  $ 3,426,571  $ 2,814,383 
Loans held for sale at fair value
 $ 1,008,168  $ 703,378  $ 791,059 
Loans and leases held for investment at amortized cost
 $ 4,386,321  $ 4,215,449  $ 4,228,391 
Gross allowance for loan and lease losses (1)
 $ (293,707) $ (288,308) $ (285,368)
Recovery asset value (2)
 $ 40,718  $ 44,115  $ 56,459 
Allowance for loan and lease losses
 $ (252,989) $ (244,193) $ (228,909)
Loans and leases held for investment at amortized cost, net
 $ 4,133,332  $ 3,971,256  $ 3,999,482 
Loans held for investment at fair value
 $ 631,736  $ 818,882  $ 339,222 
Total loans and leases held for investment
 $ 4,765,068  $ 4,790,138  $ 4,338,704 
Total assets $ 10,775,333  $ 10,483,096  $ 9,586,050 
Total deposits $ 9,136,124  $ 8,905,902  $ 8,095,328 
Total liabilities $ 9,369,298  $ 9,118,579  $ 8,298,105 
Total equity $ 1,406,035  $ 1,364,517  $ 1,287,945 
Allowance Ratios (3):
ALLL to total loans and leases held for investment at amortized cost
 5.8  % 5.8  % 5.4  %
ALLL to commercial loans and leases held for investment at amortized cost
 2.3  % 2.7  % 2.7  %
ALLL to consumer loans and leases held for investment at amortized cost
 6.4  % 6.3  % 5.9  %
Gross ALLL to consumer loans and leases held for investment at amortized cost
 7.5  % 7.5  % 7.5  %
Net charge-offs $ 31,800  $ 48,923  $ 66,818 
Net charge-off ratio (4)
 3.0  % 4.8  % 6.2  %
(1)    Represents the allowance for future estimated net charge-offs on existing portfolio balances.
(2)    Represents the negative allowance for expected recoveries of amounts previously charged-off.
(3)    Calculated as ALLL or gross ALLL, where applicable, to the corresponding portfolio segment balance of loans and leases held for investment at amortized cost.
(4)    Calculated as annualized net charge-offs divided by average outstanding loans and leases HFI at amortized cost, net, during the period.
57

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
Results of Operations
The following table sets forth the Condensed Consolidated Statements of Income (Income Statement) data for each of the periods presented:
Three Months Ended Change (%)
June 30,
2025		 March 31,
2025		 June 30,
2024
Q2 2025
vs
Q1 2025
Q2 2025
vs
Q2 2024
Non-interest income:
Marketplace revenue $ 89,644  $ 65,643  $ 56,353  37  % 59  %
Other non-interest income 4,542  2,111  2,360  115  % 92  %
Total non-interest income 94,186  67,754  58,713  39  % 60  %
Interest income:
Interest on loans held for sale 32,489  21,814  26,721  49  % 22  %
Interest and fees on loans and leases held for investment 122,395  118,949  124,819  3  % (2) %
Interest on loans held for investment at fair value
 19,761  25,410  12,047  (22) % 64  %
Interest on securities available for sale 55,339  56,280  42,879  (2) % 29  %
Other interest income
 7,113  9,606  13,168  (26) % (46) %
Total interest income 237,097  232,059  219,634  2  % 8  %
Interest expense:
Interest on deposits 82,845  82,100  90,193  1  % (8) %
Other interest expense
 3  2  913  50  % (100) %
Total interest expense 82,848  82,102  91,106  1  % (9) %
Net interest income 154,249  149,957  128,528  3  % 20  %
Total net revenue 248,435  217,711  187,241  14  % 33  %
Provision for credit losses 39,733  58,149  35,561  (32) % 12  %
Non-interest expense:
Compensation and benefits 61,989  58,389  56,540  6  % 10  %
Marketing 33,580  29,239  26,665  15  % 26  %
Equipment and software 14,495  14,644  12,360  (1) % 17  %
Depreciation and amortization 15,460  13,909  13,072  11  % 18  %
Professional services 10,300  9,764  7,804  5  % 32  %
Occupancy 4,787  4,345  3,941  10  % 21  %
Other non-interest expense 14,107  13,577  11,876  4  % 19  %
Total non-interest expense 154,718  143,867  132,258  8  % 17  %
Income before income tax expense
 53,984  15,695  19,422  244  % 178  %
Income tax expense
 (15,806) (4,024) (4,519) 293  % 250  %
Net income $ 38,178  $ 11,671  $ 14,903  227  % 156  %

58

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
Six Months Ended June 30,
2025 2024 Change (%)
Non-interest income:
Marketplace revenue $ 155,287  $ 112,244  38  %
Other non-interest income 6,653  4,269  56  %
Total non-interest income 161,940  116,513  39  %
Interest income:
Interest on loans held for sale 54,303  41,420  31  %
Interest and fees on loans and leases held for investment 241,344  257,212  (6) %
Interest on loans held for investment at fair value
 45,171  20,456  121  %
Interest on securities available for sale 111,619  78,226  43  %
Other 16,719  29,671  (44) %
Total interest income 469,156  426,985  10  %
Interest expense:
Interest on deposits 164,945  174,156  (5) %
Other interest expense
 5  1,413  (100) %
Total interest expense 164,950  175,569  (6) %
Net interest income 304,206  251,416  21  %
Total net revenue 466,146  367,929  27  %
Provision for credit losses 97,882  67,488  45  %
Non-interest expense:
Compensation and benefits 120,378  116,094  4  %
Marketing 62,819  50,801  24  %
Equipment and software 29,139  25,044  16  %
Depreciation and amortization 29,369  25,745  14  %
Professional services 20,064  14,895  35  %
Occupancy 9,132  7,802  17  %
Other non-interest expense 27,684  24,110  15  %
Total non-interest expense 298,585  264,491  13  %
Income before income tax expense
 69,679  35,950  94  %
Income tax expense
 (19,830) (8,797) 125  %
Net income $ 49,849  $ 27,153  84  %

The analysis below is presented for the following periods: Second quarter of 2025 compared to the first quarter of 2025 (sequential), second quarter of 2025 compared to the second quarter of 2024 (year over year) and first half of 2025 compared to the first half of 2024 (six months over six months).

59

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
Marketplace Revenue

Marketplace revenue consists of the following:
Three Months Ended Change (%)
June 30,
2025		 March 31,
2025		 June 30,
2024
Q2 2025
vs
Q1 2025
Q2 2025
vs
Q2 2024
Origination fees $ 87,578  $ 69,944  $ 77,131  25  % 14  %
Servicing fees 16,395  12,748  19,869  29  % (17) %
Gain on sales of loans 13,540  12,202  10,748  11  % 26  %
Net fair value adjustments (27,869) (29,251) (51,395) 5  % 46  %
Total marketplace revenue $ 89,644  $ 65,643  $ 56,353  37  % 59  %

Six Months Ended June 30,
2025 2024 Change (%)
Origination fees $ 157,522  $ 147,210  7  %
Servicing fees 29,143  39,461  (26) %
Gain on sales of loans 25,742  21,657  19  %
Net fair value adjustments (57,120) (96,084) 41  %
Total marketplace revenue $ 155,287  $ 112,244  38  %

We elected to account for HFS loans under the fair value option. With the election of the fair value option, origination fees, net fair value adjustments prior to the sales of the loans, and servicing asset gains on the sales of the loans, are reported as separate components within “Marketplace revenue.”

Origination Fees

Origination fees recorded as a component of marketplace revenue are primarily fees earned related to originating and issuing unsecured personal loans that are HFS.

The following table presents loan origination volume during each of the periods set forth below:
Three Months Ended Change (%)
June 30,
2025		 March 31,
2025		 June 30,
2024
Q2 2025
vs
Q1 2025
Q2 2025
vs
Q2 2024
Marketplace loans $ 1,702,108  $ 1,314,264  $ 1,477,116  30  % 15  %
Loan originations held for investment 689,232  674,673 335,646  2  % 105  %
Total loan originations (1)
 $ 2,391,340  $ 1,988,937  $ 1,812,762  20  % 32  %

Six Months Ended June 30,
2025 2024 Change (%)
Marketplace loans $ 3,016,372  $ 2,838,293  6  %
Loan originations held for investment 1,363,905  620,968  120  %
Total loan originations (1)
 $ 4,380,277  $ 3,459,261  27  %
(1)    Includes unsecured personal loans and auto loans only.

60

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
Sequential: Origination fees were $87.6 million and $69.9 million for the second and first quarters of 2025, respectively, an increase of 25%.

Year Over Year: Origination fees were $87.6 million and $77.1 million for the second quarters of 2025 and 2024, respectively, an increase of 14%.

Six Months Over Six Months: Origination fees were $157.5 million and $147.2 million for the first halves of 2025 and 2024, respectively, an increase of 7%.

The increases in origination fees were primarily due to higher origination volumes of marketplace loans.

Servicing Fees

We receive servicing fees to compensate us for servicing loans on behalf of investors, including managing payments from borrowers, collections and payments to those investors. Servicing fee revenue related to loans sold also includes the change in fair value of servicing assets associated with the loans.

The table below illustrates AUM serviced on our platform by the method in which the loans were financed as of the periods presented. Loans sold and subsequently serviced on behalf of the investor represent a key driver of our servicing fee revenue.
As of the period ended
 Change (%)
June 30,
2025		 March 31,
2025		 June 30,
2024
Q2 2025
vs
Q1 2025
Q2 2025
vs
Q2 2024
AUM (in millions):
Loans sold $ 7,185  $ 7,130  $ 8,345  1  % (14) %
Loans held by LendingClub Bank 5,339  5,111  4,654  4  % 15  %
Total AUM
 $ 12,524  $ 12,241  $ 12,999  2  % (4) %

In addition to the loans serviced on our marketplace platform, we serviced $52.8 million, $93.1 million and $111.6 million in outstanding principal balance of commercial loans sold as of June 30, 2025, March 31, 2025 and June 30, 2024, respectively.

Sequential: Servicing fees were $16.4 million and $12.7 million for the second and first quarters of 2025, respectively, an increase of 29%. The increase was primarily due to the prior-quarter reduction in the fair value of the servicing asset, which was based on higher future expected borrower prepayments.

Year Over Year: Servicing fees were $16.4 million and $19.9 million for the second quarters of 2025 and 2024, respectively, a decrease of 17%. The decrease was primarily due to a lower principal balance of loans serviced and a reduction in servicing fees on delinquent loan collections.

Six Months Over Six Months: Servicing fees were $29.1 million and $39.5 million for the first halves of 2025 and 2024, respectively, a decrease of 26%. The decrease was primarily due to a lower principal balance of loans serviced and a reduction in servicing fees on delinquent loan collections. In addition, the decrease was also due to the prior-quarter reduction in the fair value of the servicing asset, which was based on higher future expected borrower prepayments.

61

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
Gain on Sales of Loans

In connection with loan sales, we recognize a gain or loss on the sale of loans based on the level to which the contractual servicing fee is above or below an estimated market rate of servicing at the time of sale. Additionally, we recognize transaction costs, if any, as a loss on sale of loans.

The following tables present the unpaid principal balance of the volume of marketplace loans sold, which is a key driver of our gain on sales revenue, during each of the periods set forth below:
Three Months Ended Change (%)
June 30,
2025		 March 31,
2025		 June 30,
2024
Q2 2025
vs
Q1 2025
Q2 2025
vs
Q2 2024
Marketplace loans sold (1)
 $ 1,242,740  $ 1,117,973  $ 1,078,288  11  % 15  %

Six Months Ended June 30,
2025 2024 Change (%)
Marketplace loans sold (1)
 $ 2,360,713  $ 2,176,731  8  %
(1)    Includes unsecured personal loans and auto loans only.

Sequential: Gain on sales of loans was $13.5 million and $12.2 million for the second and first quarters of 2025, respectively, an increase of 11%. The increase was primarily driven by the increase in the volume of marketplace loans sold.

Year Over Year: Gain on sales of loans was $13.5 million and $10.7 million for the second quarters of 2025 and 2024, respectively, an increase of 26%. The increase was primarily driven by the increase in the volume of marketplace loans sold as well as higher Structured Program transaction expenses in the second quarter of 2024.

Six Months Over Six Months: Gain on sales of loans was $25.7 million and $21.7 million for the first halves of 2025 and 2024, respectively, an increase of 19%. The increase was primarily driven by the increase in the volume of marketplace loans sold as well as higher Structured Program transaction expenses in the first half of 2024.

Net Fair Value Adjustments

We record fair value adjustments on loans that are recorded at fair value, which include gains or losses from sale prices in excess of or less than the loan principal amount sold and realized net charge-offs. In addition, as loans are held on the Balance Sheet, incremental fair value loss adjustments on the loans are recorded in “Net fair value adjustments” within “Marketplace revenue,” whereas the associated interest income is recorded within “Net interest income.”

Sequential: Net fair value adjustments were $(27.9) million and $(29.3) million for the second and first quarters of 2025, respectively, a decreased loss of $1.4 million.

Year Over Year: Net fair value adjustments were $(27.9) million and $(51.4) million for the second quarters of 2025 and 2024, respectively, a decreased loss of $23.5 million.

Six Months Over Six Months: Net fair value adjustments were $(57.1) million and $(96.1) million for the first halves of 2025 and 2024, respectively, a decreased loss of $39.0 million.

62

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
The reductions were primarily due to improved loan sale prices and lower fair value adjustments based on improved credit performance in the second quarter of 2025, partially offset by an increase in the origination volume of marketplace loans.

Net fair value adjustments primarily consist of fair value adjustments on our loans HFS portfolio. See “Notes to Condensed Consolidated Financial Statements – Note 7. Fair Value Measurements” for additional information related to the significant unobservable inputs used in the fair value measurement of loans HFS and activity within the loans HFS portfolio.

63

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
Net Interest Income

The table below presents net interest income information corresponding to interest-earning assets and interest-bearing funding sources. The average yield/rate is calculated by dividing the annualized period-end interest income/expense by the average balance.
Three Months Ended
June 30, 2025
Three Months Ended
March 31, 2025
Three Months Ended
June 30, 2024
Average
Balance		 Interest Income/
Expense		 Average Yield/
Rate		 Average
Balance		 Interest Income/
Expense		 Average Yield/
Rate		 Average
Balance		 Interest Income/
Expense		 Average Yield/
Rate
Interest-earning assets (1)
Cash, cash equivalents, restricted cash and other $ 679,603  $ 7,113  4.19  % $ 893,058  $ 9,606  4.30  % $ 976,330  $ 13,168  5.40  %
Securities available for sale at fair value 3,411,020  55,339  6.49  % 3,397,720  56,280  6.63  % 2,406,767  42,879  7.13  %
Loans held for sale at fair value 1,061,845  32,489  12.24  % 723,972  21,814  12.05  % 838,143  26,721  12.75  %
Loans and leases held for investment at amortized cost:
Unsecured personal loans
 3,177,439  107,829  13.57  % 3,097,136  104,722  13.53  % 3,243,161  108,425  13.37  %
Commercial and other consumer loans
 999,148  14,566  5.83  % 1,012,060  14,227  5.62  % 1,097,846  16,394  5.97  %
Loans and leases held for investment at amortized cost 4,176,587  122,395  11.72  % 4,109,196  118,949  11.58  % 4,341,007  124,819  11.50  %
Loans held for investment at fair value
 722,685  19,761  10.94  % 921,008  25,410  11.04  % 383,872  12,047  12.55  %
Total loans and leases held for investment
 4,899,272  142,156  11.61  % 5,030,204  144,359  11.48  % 4,724,879  136,866  11.59  %
Total interest-earning assets 10,051,740  237,097  9.44  % 10,044,954  232,059  9.24  % 8,946,119  219,634  9.82  %
Cash and due from banks and restricted cash 38,746  30,084  55,906 
Allowance for loan and lease losses (247,133) (239,608) (245,478)
Other non-interest earning assets 633,711  593,740  632,253 
Total assets $ 10,477,064  $ 10,429,170  $ 9,388,800 
Interest-bearing liabilities
Interest-bearing deposits:
Checking and money market accounts $ 558,506  $ 2,275  1.63  % $ 565,981  $ 2,317  1.66  % $ 1,097,696  $ 10,084  3.69  %
Savings accounts and certificates of deposit 8,018,517  80,570  4.03  % 7,954,562  79,783  4.07  % 6,449,061  80,109  5.00  %
Interest-bearing deposits
 8,577,023  82,845  3.87  % 8,520,543  82,100  3.91  % 7,546,757  90,193  4.81  %
Other interest-bearing liabilities
 220  3  4.54  % 222  2  4.47  % 56,628  913  6.45  %
Total interest-bearing liabilities 8,577,243  82,848  3.87  % 8,520,765  82,102  3.91  % 7,603,385  91,106  4.82  %
64

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
Three Months Ended
June 30, 2025
Three Months Ended
March 31, 2025
Three Months Ended
June 30, 2024
Average
Balance		 Interest Income/
Expense		 Average Yield/
Rate		 Average
Balance		 Interest Income/
Expense		 Average Yield/
Rate		 Average
Balance		 Interest Income/
Expense		 Average Yield/
Rate
Noninterest-bearing deposits
 282,113  321,777  303,199 
Other liabilities 236,509  237,155  215,608 
Total liabilities $ 9,095,865  $ 9,079,697  $ 8,122,192 
Total equity $ 1,381,199  $ 1,349,473  $ 1,266,608 
Total liabilities and equity $ 10,477,064  $ 10,429,170  $ 9,388,800 
Interest rate spread 5.57  % 5.33  % 5.00  %
Net interest income and net interest margin $ 154,249  6.14  % $ 149,957  5.97  % $ 128,528  5.75  %
(1)    Nonaccrual loans and any related income are included in their respective loan categories.

An analysis of the sequential and year-over-year changes in the categories of interest revenue and interest expense resulting from changes in volume and rate is as follows:
Three Months Ended June 30, 2025
Compared to
Three Months Ended March 31, 2025
Increase (Decrease) Due to Change in:
Average Volume(1)
Average
Yield/Rate(1)
 Total
Interest-earning assets
Cash, cash equivalents, restricted cash and other $ (2,241) $ (252) $ (2,493)
Securities available for sale at fair value 219  (1,160) (941)
Loans held for sale at fair value 10,333  342  10,675 
Loans and leases held for investment at amortized cost 1,965  1,481  3,446 
Loans held for investment at fair value
 (5,424) (225) (5,649)
Total increase in interest income on interest-earning assets
 $ 4,852  $ 186  $ 5,038 
Interest-bearing liabilities
Checking and money market accounts $ (18) $ (24) $ (42)
Savings accounts and certificates of deposit 1,060  (273) 787 
Interest-bearing deposits 1,042  (297) 745 
Other interest-bearing liabilities
 1  —  1 
Total increase (decrease) in interest expense on interest-bearing liabilities
 $ 1,043  $ (297) $ 746 
Increase in net interest income
 $ 3,809  $ 483  $ 4,292 
(1)    Volume and rate changes have been allocated on a consistent basis using the respective percentage changes in average balances and average rates.
65

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
Three Months Ended June 30, 2025
Compared to
Three Months Ended June 30, 2024
Increase (Decrease) Due to Change in:
Average Volume(1)
Average
Yield/Rate(1)
 Total
Interest-earning assets
Cash, cash equivalents, restricted cash and other $ (3,485) $ (2,570) $ (6,055)
Securities available for sale at fair value 16,575  (4,115) 12,460 
Loans held for sale at fair value 6,882  (1,114) 5,768 
Loans and leases held for investment at amortized cost (4,789) 2,365  (2,424)
Loans held for investment at fair value
 9,902  (2,188) 7,714 
Total increase (decrease) in interest income on interest-earning assets
 $ 25,085  $ (7,622) $ 17,463 
Interest-bearing liabilities
Checking and money market accounts $ (3,656) $ (4,153) $ (7,809)
Savings accounts and certificates of deposit 17,611  (17,150) 461 
Interest-bearing deposits 13,955  (21,303) (7,348)
Other interest-bearing liabilities
 (701) (209) (910)
Total increase (decrease) in interest expense on interest-bearing liabilities
 $ 13,254  $ (21,512) $ (8,258)
Increase in net interest income
 $ 11,831  $ 13,890  $ 25,721 
(1)    Volume and rate changes have been allocated on a consistent basis using the respective percentage changes in average balances and average rates.

66

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
An analysis of the six months over six months changes in the categories of interest revenue and interest expense resulting from changes in volume and rate is as follows:
Six Months Ended
June 30, 2025		 Six Months Ended
June 30, 2024
Average
Balance		 Interest Income/
Expense		 Average Yield/
Rate		 Average
Balance		 Interest Income/
Expense		 Average Yield/
Rate
Interest-earning assets (1)
Cash, cash equivalents, restricted cash and other $ 786,920  $ 16,719  4.25  % $ 1,096,862  $ 29,671  5.41  %
Securities available for sale at fair value 3,404,333  111,619  6.56  % 2,189,664  78,226  7.15  %
Loans held for sale at fair value 891,975  54,303  12.18  % 652,709  41,420  12.69  %
Loans and leases held for investment at amortized cost:
Unsecured personal loans
 3,137,066  212,552  13.55  % 3,380,631  224,480  13.28  %
Commercial and other consumer loans
 1,005,640  28,792  5.73  % 1,106,888  32,732  5.91  %
Loans and leases held for investment at amortized cost 4,142,706  241,344  11.65  % 4,487,519  257,212  11.46  %
Loans held for investment at fair value
 822,395  45,171  10.99  % 320,105  20,456  12.78  %
Total loans and leases held for investment
 4,965,101  286,515  11.54  % 4,807,624  277,668  11.55  %
Total interest-earning assets 10,048,329  469,156  9.34  % 8,746,859  426,985  9.76  %
Cash and due from banks and restricted cash 34,391  57,173 
Allowance for loan and lease losses (243,350) (268,323)
Other non-interest earning assets 613,615  631,860 
Total assets $ 10,452,985  $ 9,167,569 
Interest-bearing liabilities
Interest-bearing deposits:
Checking and money market accounts $ 562,265  $ 4,592  1.65  % $ 1,076,155  $ 19,494  3.64  %
Savings accounts and certificates of deposit 7,986,363  160,353  4.05  % 6,259,502  154,662  4.97  %
Interest-bearing deposits
 8,548,628  164,945  3.89  % 7,335,657  174,156  4.77  %
Other interest-bearing liabilities
 221  5  4.51  % 41,599  1,413  6.80  %
Total interest-bearing liabilities 8,548,849  164,950  3.89  % 7,377,256  175,569  4.79  %
Noninterest-bearing deposits
 302,055  310,315 
Other liabilities 236,833  218,076 
Total liabilities $ 9,087,737  $ 7,905,647 
Total equity $ 1,365,248  $ 1,261,922 
Total liabilities and equity $ 10,452,985  $ 9,167,569 
Interest rate spread 5.45  % 4.98  %
Net interest income and net interest margin $ 304,206  6.05  % $ 251,416  5.75  %
(1)    Nonaccrual loans and any related income are included in their respective loan categories.
67

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

Six Months Ended June 30, 2025
Compared to
Six Months Ended June 30, 2024
Increase (Decrease) Due to Change in:
Average Volume(1)
Average
Yield/Rate(1)
 Total
Interest-earning assets
Cash, cash equivalents, restricted cash and other $ (7,361) $ (5,591) $ (12,952)
Securities available for sale at fair value 40,287  (6,894) 33,393 
Loans held for sale at fair value 14,627  (1,744) 12,883 
Loans and leases held for investment at amortized cost (20,032) 4,164  (15,868)
Loans held for investment at fair value
 27,959  (3,244) 24,715 
Total increase (decrease) in interest income on interest-earning assets
 $ 55,480  $ (13,309) $ 42,171 
Interest-bearing liabilities
Checking and money market accounts $ (6,939) $ (7,963) $ (14,902)
Savings accounts and certificates of deposit 37,861  (32,170) 5,691 
Interest-bearing deposits 30,922  (40,133) (9,211)
Other interest-bearing liabilities
 (1,051) (357) (1,408)
Total increase (decrease) in interest expense on interest-bearing liabilities
 $ 29,871  $ (40,490) $ (10,619)
Increase in net interest income
 $ 25,609  $ 27,181  $ 52,790 
(1)    Volume and rate changes have been allocated on a consistent basis using the respective percentage changes in average balances and average rates.
68

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
Provision for Credit Losses

The allowance for loan and lease losses (ALLL) for lifetime expected losses under CECL on HFI loans and leases at amortized cost is initially recognized as “Provision for credit losses” at the time of origination. The ALLL is estimated using a discounted cash flow (DCF) approach, where effective interest rates are used to calculate the net present value (NPV) of expected cash flows. The effective interest rates are calculated based on the periodic interest income received from the loan’s contractual cash flows and the net investment in the loan, which includes deferred origination fees and costs, to provide a constant rate of return over the loan term. The NPV from the DCF approach is then compared to the amortized cost basis of the loans and leases to derive expected credit losses. Under the DCF approach, the provision for credit losses in subsequent periods includes a credit loss expense related to the discounting effect due to the passage of time after the initial recognition of ALLL on originated HFI loans at amortized cost.

The provision for credit losses includes the credit loss expense for HFI loans and leases at amortized cost, available for sale (AFS) securities and unfunded lending commitments. The table below illustrates the composition of the provision for credit losses for each period presented, as well as the loan originations held for investment in each period, which is a key driver for credit loss expense:
Three Months Ended Six Months Ended June 30,
June 30,
2025		 March 31,
2025		 June 30,
2024		 2025 2024
Credit loss expense for loans and leases held for investment $ 40,596  $ 56,382  $ 36,577  $ 96,978  $ 65,823 
Credit loss (benefit) expense for securities available for sale
 (819) 1,321  (809) 502  2,083 
Credit loss (benefit) expense for unfunded lending commitments
 (44) 446  (207) 402  (418)
Total provision for credit losses $ 39,733  $ 58,149  $ 35,561  $ 97,882  $ 67,488 
Loan originations held for investment $ 689,232  $ 674,673  $ 335,646  $ 1,363,905  $ 620,968 

Sequential: The provision for credit losses was $39.7 million and $58.1 million for the second and first quarters of 2025, respectively, a decrease of 32%. The decrease was primarily driven by improved credit performance in the second quarter of 2025. In addition, in the first quarter of 2025 we recorded an additional economic qualitative allowance to reflect macroeconomic uncertainty.

Year Over Year: The provision for credit losses was $39.7 million and $35.6 million for the second quarters of 2025 and 2024, respectively, an increase of 12%. The increase was primarily driven by an increase in the initial provision for credit losses from a higher volume of originated loans retained as HFI at amortized cost. The increase was offset by improved credit performance in the second quarter of 2025.

Six Months Over Six Months: The provision for credit losses was $97.9 million and $67.5 million for the first halves of 2025 and 2024, respectively, an increase of 45%. The increase was primarily driven by an increase in the initial provision for credit losses from a higher volume of originated loans retained as HFI at amortized cost as well as an additional economic qualitative allowance that was recorded in the first quarter of 2025 to reflect macroeconomic uncertainty. The increase was offset by improved credit performance in the second quarter of 2025.
69

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
Allowance for Credit Losses

The activity in the allowance for credit losses (ACL) was as follows:
Three Months Ended Six Months Ended June 30,
June 30,
2025		 March 31,
2025		 June 30,
2024		 2025 2024
Allowance for loan and lease losses:
Beginning of period
 $ 244,193  $ 236,734  $ 259,150  $ 236,734  $ 310,387 
Credit loss expense for loans and leases held for investment 40,596  56,382  36,577  96,978  65,823 
Charge-offs (1)
 (49,854) (66,576) (78,088) (116,430) (168,430)
Recoveries 18,054  17,653  11,270  35,707  21,129 
End of period
 $ 252,989  $ 244,193  $ 228,909  $ 252,989  $ 228,909 
Allowance for securities available for sale:
Beginning of period
 $ 4,848  $ 3,527  $ 2,892  $ 3,527  $ — 
Credit loss (benefit) expense for securities available for sale
 (819) 1,321  (809) 502  2,083 
End of period
 $ 4,029  $ 4,848  $ 2,083  $ 4,029  $ 2,083 
Reserve for unfunded lending commitments:
Beginning of period
 $ 1,629  $ 1,183  $ 1,662  $ 1,183  $ 1,873 
Credit loss (benefit) expense for unfunded lending commitments
(44) 446  (207) 402  (418)
End of period (2)
 $ 1,585  $ 1,629  $ 1,455  $ 1,585  $ 1,455 
(1)    The first quarter of 2025 included an $8.0 million charge-off related to one office loan within our CRE portfolio, which was fully reserved for in prior periods. The CRE office loan portfolio balance was under $35 million as of June 30, 2025.
(2)    Relates to $103.4 million, $96.3 million and $91.5 million of unfunded commitments as of June 30, 2025, March 31, 2025 and June 30, 2024, respectively.

The following table presents the components of the ALLL:
June 30,
2025		 March 31,
2025		 June 30,
2024
Gross allowance for loan and lease losses (1)
 $ 293,707  $ 288,308  $ 285,368 
Recovery asset value (2)
 (40,718) (44,115) (56,459)
Allowance for loan and lease losses $ 252,989  $ 244,193  $ 228,909 
(1)    Represents the allowance for future estimated net charge-offs on existing portfolio balances.
(2)    Represents a negative allowance for expected recoveries of amounts previously charged-off.

70

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
June 30,
2025		 March 31,
2025		 June 30,
2024
Total loans and leases held for investment $ 4,386,321  $ 4,215,449  $ 4,228,391 
Allowance for loan and lease losses $ 252,989  $ 244,193  $ 228,909 
Allowance ratio (1)
 5.8  % 5.8  % 5.4  %
Gross allowance for loan and lease losses $ 293,707  $ 288,308  $ 285,368 
Gross allowance ratio (1)
 6.7  % 6.8  % 6.7  %
(1)    Calculated as ALLL or gross ALLL, where applicable, to total loans and leases held for investment at amortized cost.

Net Charge-Offs

The following table presents information regarding average loan and lease balances, net charge-offs and the annualized ratio of net charge-offs to average outstanding loans and leases HFI at amortized cost, net, during the period. Net charge-offs are impacted by the expected timing of the charge-offs, anticipated recoveries and the age of the overall portfolio.
Three Months Ended Six Months Ended June 30,
June 30,
2025		 March 31,
2025		 June 30,
2024		 2025 2024
Average loans and leases held for investment at amortized cost $ 4,176,587 $ 4,109,196 $ 4,341,007 $ 4,142,706 $ 4,487,519
Net charge-offs $ 31,800 $ 48,923 $ 66,818 $ 80,723 $ 147,301
Net charge-off ratio 3.0  % 4.8  % 6.2  % 3.9  % 6.6  %

Nonaccrual

Loans and leases are generally placed on nonaccrual status when contractually past due 90 days or more, or earlier if management believes that the probability of collection does not warrant further accrual. Unsecured personal loans are generally charged-off when a borrower is contractually 120 days past due.

The following table presents nonaccrual loans and leases:
June 30,
2025		 March 31,
2025		 June 30,
2024
Nonaccrual loans and leases held for investment at amortized cost $ 56,964  $ 59,706  $ 65,146 
% of total loans and leases held for investment at amortized cost
 1.3  % 1.4  % 1.5  %

For additional information on the ACL and nonaccrual loans and leases, see “Item 8. Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements – Note 1. Summary of Significant Accounting Policies” in our Annual Report and “Note 5. Loans and Leases Held for Investment at Amortized Cost, Net of Allowance for Loan and Lease Losses” in this Report.

71

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
Non-Interest Expense

Non-interest expense primarily consists of (i) compensation and benefits, which include salaries and wages, benefits and stock-based compensation expense, (ii) marketing, which includes costs attributable to borrower and deposit customer acquisition efforts and building general brand awareness, (iii) equipment and software, (iv) depreciation and amortization, (v) professional services, which primarily consist of consulting fees, and (vi) occupancy, which includes rent expense and all other costs related to occupying our office spaces.
Three Months Ended Change (%)
June 30,
2025		 March 31,
2025		 June 30,
2024		 Q2 2025
vs
Q1 2025
Q2 2025
vs
Q2 2024
Non-interest expense:
Compensation and benefits $ 61,989  $ 58,389  $ 56,540  6  % 10  %
Marketing 33,580  29,239  26,665  15  % 26  %
Equipment and software 14,495  14,644  12,360  (1) % 17  %
Depreciation and amortization 15,460  13,909  13,072  11  % 18  %
Professional services 10,300  9,764  7,804  5  % 32  %
Occupancy 4,787  4,345  3,941  10  % 21  %
Other non-interest expense 14,107  13,577  11,876  4  % 19  %
Total non-interest expense $ 154,718  $ 143,867  $ 132,258  8  % 17  %

Six Months Ended June 30,
2025 2024 Change (%)
Non-interest expense:
Compensation and benefits $ 120,378  $ 116,094  4  %
Marketing 62,819  50,801  24  %
Equipment and software 29,139  25,044  16  %
Depreciation and amortization 29,369  25,745  14  %
Professional services 20,064  14,895  35  %
Occupancy 9,132  7,802  17  %
Other non-interest expense 27,684  24,110  15  %
Total non-interest expense $ 298,585  $ 264,491  13  %

Compensation and Benefits

Sequential: Compensation and benefits expense increased $3.6 million, or 6%, for the second quarter of 2025 compared to the first quarter of 2025. The increase in compensation and benefits expense was primarily due to an increase in variable compensation expense.

Year Over Year: Compensation and benefits expense increased $5.4 million, or 10%, for the second quarter of 2025 compared to the same period in 2024. The increase in compensation and benefits expense was primarily due to an increase in variable compensation expense and an increase in headcount.

Six Months Over Six Months: Compensation and benefits expense increased $4.3 million, or 4%, for the first half of 2025 compared to the same period in 2024. The increase was primarily due to an increase in headcount.

72

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
Marketing

Sequential: Marketing expense increased $4.3 million, or 15%, for the second quarter of 2025 compared to the first quarter of 2025.

Year Over Year: Marketing expense increased $6.9 million, or 26%, for the second quarter of 2025 compared to the same period in 2024.

Six Months Over Six Months: Marketing expense increased $12.0 million, or 24%, for the first half of 2025 compared to the same period in 2024.

The increases in marketing expense were primarily due to an increase in variable marketing expenses based on higher origination volume as well as the resumption of certain marketing initiatives.

Equipment and Software

Sequential: Equipment and software expense decreased $0.1 million, or 1%, for the second quarter of 2025 compared to the first quarter of 2025.

Year Over Year: Equipment and software expense increased $2.1 million, or 17%, for the second quarter of 2025 compared to the same period in 2024.

Six Months Over Six Months: Equipment and software expense increased $4.1 million, or 16%, for the first half of 2025 compared to the same period in 2024.

The increases in equipment and software expense were primarily due to an increase in software license expense and cloud services.

Depreciation and Amortization

Sequential: Depreciation and amortization expense increased $1.6 million, or 11%, for the second quarter of 2025 compared to the first quarter of 2025.

Year Over Year: Depreciation and amortization expense increased $2.4 million, or 18%, for the second quarter of 2025 compared to the same period in 2024.

Six Months Over Six Months: Depreciation and amortization expense increased $3.6 million, or 14%, for the first half of 2025 compared to the same period in 2024.

The increases in depreciation and amortization expense were primarily due to an increase in the amortization of internally-developed software.

Professional Services

Sequential: Professional services increased $0.5 million, or 5%, for the second quarter of 2025 compared to the first quarter of 2025.

Year Over Year: Professional services increased $2.5 million, or 32%, for the second quarter of 2025 compared to the same period in 2024.

73

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
Six Months Over Six Months: Professional services increased $5.2 million, or 35%, for the first half of 2025 compared to the same period in 2024.

The increases in professional services expense were primarily due to an increase in business consulting services.

Occupancy

Sequential: Occupancy expense increased $0.4 million, or 10%, for the second quarter of 2025 compared to the first quarter of 2025.

Year Over Year: Occupancy expense increased $0.8 million, or 21%, for the second quarter of 2025 compared to the same period in 2024.

Six Months Over Six Months: Occupancy expense increased $1.3 million, or 17%, for the first half of 2025 compared to the same period in 2024.

The increases in occupancy expense were primarily related to operating expenses associated with the office building we purchased in April 2025.

Other non-interest expense

Sequential: Other non-interest expense increased $0.5 million, or 4%, for the second quarter of 2025 compared to the first quarter of 2025.

Year Over Year: Other non-interest expense increased $2.2 million, or 19%, for the second quarter of 2025 compared to the same period in 2024.

Six Months Over Six Months: Other non-interest expense increased $3.6 million, or 15%, for the first half of 2025 compared to the same period in 2024.

The increases in other non-interest expense were primarily due to increases in miscellaneous operating expenses.

Income Taxes

For the second quarter and first half of 2025, we recorded an income tax expense of $15.8 million and $19.8 million, respectively, representing an effective tax rate of 29.3% and 28.5%, respectively. For the second quarter and first half of 2024, we recorded an income tax expense of $4.5 million and $8.8 million, respectively, representing an effective tax rate of 23.3% and 24.5%, respectively. The 2024 and 2025 effective tax rates differ from the federal statutory rate due to state taxes, the favorable impact of recurring items such as tax credits, the unfavorable impact of the non-deductible portions of executive compensation, and the net discrete impact of stock-based compensation. Additionally, on June 27, 2025, California Senate Bill 132 was signed into law, requiring that banks and financial companies transition from an equally weighted three-factor apportionment formula to a single-sales-factor apportionment formula, effective for tax years beginning in 2025. As a result, the Company’s 2025 state tax rate decreased, requiring a revaluation of its deferred tax assets. This revaluation resulted in the recognition of a discrete tax expense in the second quarter of 2025.

As of June 30, 2025, we maintained a valuation allowance of $46.3 million related to certain state net operating loss carryforwards (NOLs) and state tax credit carryforwards. The realization and timing of any remaining state NOLs and state tax credit carryforwards is uncertain and may expire before being utilized, based primarily on the allocation of taxable income constraints to the Parent and not related to the earnings of the Company. Changes to deferred tax asset valuation allowances and liabilities related to uncertain tax positions are recorded as current period income tax expense or benefit.
74

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

Income taxes are recorded on a separate entity basis whereby each operating segment determines income tax expense or benefit as if it filed a separate tax return. Differences between separate entity and consolidated tax returns are eliminated upon consolidation.

The Company is evaluating the impact of the One Big Beautiful Bill Act (OBBBA), which was signed into law on July 4, 2025. The OBBBA addresses key business tax provisions including the restoration of 100% bonus depreciation and domestic research cost expensing. The Company does not expect the OBBBA to have a significant impact on the effective tax rate but expects the updated tax provisions to reduce current taxes payable.

Segment Information

Reportable Segments

The Company defines operating segments to be components of the Company for which discrete financial information is evaluated regularly by the Chief Operating Decision Maker (CODM) to allocate resources and evaluate financial performance. The measure of segment profit used by the CODM in this evaluation is net income. The CODM consists of the Company’s Chief Executive Officer and Chief Financial Officer. This information is reviewed according to the legal organizational structure of the Company’s operations with products and services presented separately for the parent bank holding company and its wholly-owned subsidiary, LC Bank, which are both considered reportable segments. Income taxes are recorded on a separate entity basis whereby each operating segment determines income tax expense or benefit as if it filed a separate tax return.

LendingClub Bank

The LC Bank operating segment represents the national bank legal entity and reflects operating activities after its formation. This segment provides a full complement of financial products and solutions, including loans and deposits. It originates loans to individuals and businesses, retains loans for investment, sells loans to investors and manages relationships with deposit holders.

LendingClub Corporation (Parent Only)

The LendingClub Corporation (Parent only) operating segment represents the holding company legal entity and predominately reflects the operations of the Company prior to the formation of LC Bank. This activity includes, but is not limited to, servicing fee revenue on purchased servicing assets, and interest income and interest expense related to the Retail Program and Structured Program transactions entered into prior to LC Bank’s formation.

Financial information for the segments is presented in the following table:
75

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
LendingClub
Bank
LendingClub
Corporation (Parent only)
Total Reportable Segments
Three Months Ended June 30, 2025 2024 2025 2024 2025 2024
Non-interest income:
Marketplace revenue $ 73,424  $ 39,533  $ 9,989  $ 10,946  $ 83,413  $ 50,479 
Other non-interest income 14,095  12,387  1,789  1,903  15,884  14,290 
Total non-interest income 87,519  51,920  11,778  12,849  99,297  64,769 
Interest income:
Interest income 236,958  217,814  139  1,820  237,097  219,634 
Interest expense (82,848) (90,888) —  (218) (82,848) (91,106)
Net interest income 154,110  126,926  139  1,602  154,249  128,528 
Total net revenue 241,629  178,846  11,917  14,451  253,546  193,297 
Provision for credit losses (39,733) (35,561) —  —  (39,733) (35,561)
Non-interest expense:
Compensation and benefits (60,207) (54,862) (1,782) (1,678) (61,989) (56,540)
Marketing (33,580) (26,665) —  —  (33,580) (26,665)
Equipment and software
 (14,474) (12,333) (21) (27) (14,495) (12,360)
Depreciation and amortization
 (14,251) (10,896) (1,209) (2,176) (15,460) (13,072)
Professional services
 (10,019) (7,520) (281) (284) (10,300) (7,804)
Occupancy (2,845) (1,894) (1,942) (2,047) (4,787) (3,941)
Other non-interest expense
 (15,557) (12,687) (3,661) (5,245) (19,218) (17,932)
Total non-interest expense
 (150,933) (126,857) (8,896) (11,457) (159,829) (138,314)
Income tax expense
 (13,534) (3,872) (2,272) (647) (15,806) (4,519)
Net income (1)
 $ 37,429  $ 12,556  $ 749  $ 2,347  $ 38,178  $ 14,903 
Capital expenditures $ 90,694  $ 12,865  $ —  $ —  $ 90,694  $ 12,865 
(1)    Total net income from reportable segments reflects net income on a consolidated basis.
76

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
LendingClub
Bank		 LendingClub
Corporation (Parent only)		 Total Reportable Segments
Six Months Ended June 30, 2025 2024 2025 2024 2025 2024
Non-interest income:
Marketplace revenue $ 125,634  $ 78,048  $ 15,784  $ 20,774  $ 141,418  $ 98,822 
Other non-interest income 27,036  26,082  3,780  3,849  30,816  29,931 
Total non-interest income 152,670  104,130  19,564  24,623  172,234  128,753 
Interest income:
Interest income 468,713  422,621  443  4,364  469,156  426,985 
Interest expense (164,950) (175,011) —  (558) (164,950) (175,569)
Net interest income 303,763  247,610  443  3,806  304,206  251,416 
Total net revenue 456,433  351,740  20,007  28,429  476,440  380,169 
Provision for credit losses (97,882) (67,488) —  —  (97,882) (67,488)
Non-interest expense:
Compensation and benefits (117,070) (112,874) (3,308) (3,220) (120,378) (116,094)
Marketing (62,819) (50,801) —  —  (62,819) (50,801)
Equipment and software
 (29,093) (24,969) (46) (75) (29,139) (25,044)
Depreciation and amortization
 (26,794) (21,062) (2,575) (4,683) (29,369) (25,745)
Professional services
 (19,656) (14,506) (408) (389) (20,064) (14,895)
Occupancy (5,246) (3,690) (3,886) (4,112) (9,132) (7,802)
Other non-interest expense
 (30,004) (25,451) (7,974) (10,899) (37,978) (36,350)
Total non-interest expense
 (290,682) (253,353) (18,197) (23,378) (308,879) (276,731)
Income tax expense (18,406) (7,557) (1,424) (1,240) (19,830) (8,797)
Net income
 $ 49,463  $ 23,342  $ 386  $ 3,811  $ 49,849  $ 27,153 
Capital expenditures $ 103,760  $ 24,646  $ —  $ —  $ 103,760  $ 24,646 
(1)    Total net income from reportable segments reflects net income on a consolidated basis.

Three Months Ended
June 30,		 Six Months Ended
June 30,
2025 2024 2025 2024
Total net revenue – reportable segments $ 253,546  $ 193,297  $ 476,440  $ 380,169 
Intercompany eliminations (5,111) (6,056) (10,294) (12,240)
Total net revenue – consolidated $ 248,435  $ 187,241  $ 466,146  $ 367,929 

An analysis of the Company’s results of operations and material drivers and trends of the financial results of the segments presented above are consistent with those provided on a consolidated basis in "Results of Operations."

Non-GAAP Financial Measures

To supplement our financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: Pre-Provision Net Revenue (PPNR), Tangible Book Value (TBV) Per Common Share and Return on Tangible Common Equity (ROTCE). Our non-GAAP financial measures do have limitations as analytical tools and you should not consider them in isolation or as a substitute for an analysis of our results under GAAP.

We believe these non-GAAP financial measures provide management and investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and enable comparison of our financial results with other public companies.
77

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

We believe PPNR is an important measure because it reflects the underlying financial performance of our business operations. PPNR is a non-GAAP financial measure calculated by subtracting the provision for credit losses and income tax benefit/expense from net income.

We believe TBV Per Common Share is an important measure used to evaluate the Company’s use of equity. TBV Per Common Share is a non-GAAP financial measure representing tangible common equity for the period (common equity reduced by goodwill and customer relationship intangible assets), divided by the ending number of common shares issued and outstanding.

We believe ROTCE is an important measure because it reflects the Company's ability to generate income from its core assets. ROTCE is a non-GAAP financial measure calculated by dividing net income by the average tangible common equity for the applicable period.

The following tables provide a reconciliation of PPNR to the nearest GAAP measure:
Three Months Ended Six Months Ended
June 30, 2025 March 31, 2025 June 30, 2024 June 30, 2025 June 30, 2024
GAAP Net income $ 38,178  $ 11,671  $ 14,903  $ 49,849  $ 27,153 
Less: Provision for credit losses (39,733) (58,149) (35,561) (97,882) (67,488)
Less: Income tax expense
 (15,806) (4,024) (4,519) (19,830) (8,797)
Pre-provision net revenue $ 93,717  $ 73,844  $ 54,983  $ 167,561  $ 103,438 

Three Months Ended Six Months Ended
June 30, 2025 March 31, 2025 June 30, 2024 June 30, 2025 June 30, 2024
Non-interest income $ 94,186  $ 67,754  $ 58,713  $ 161,940  $ 116,513 
Net interest income 154,249  149,957  128,528  304,206  251,416 
Total net revenue 248,435  217,711  187,241  466,146  367,929 
Non-interest expense (154,718) (143,867) (132,258) (298,585) (264,491)
Pre-provision net revenue 93,717  73,844  54,983  167,561  103,438 
Provision for credit losses (39,733) (58,149) (35,561) (97,882) (67,488)
Income before income tax expense
 53,984  15,695  19,422  69,679  35,950 
Income tax expense
 (15,806) (4,024) (4,519) (19,830) (8,797)
GAAP Net income $ 38,178  $ 11,671  $ 14,903  $ 49,849  $ 27,153 

78

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
The following table provides a reconciliation of TBV Per Common Share to the nearest GAAP measure:
As of June 30,
2025		 March 31,
2025		 June 30,
2024
GAAP common equity $ 1,406,035  $ 1,364,517  $ 1,287,945 
Less: Goodwill (75,717) (75,717) (75,717)
Less: Customer relationship intangible assets
 (7,068) (7,778) (10,293)
Tangible common equity $ 1,323,250  $ 1,281,022  $ 1,201,935 
Book value per common share
GAAP common equity $ 1,406,035  $ 1,364,517  $ 1,287,945 
Common shares issued and outstanding 114,740,147  114,199,832  111,812,215 
Book value per common share $ 12.25  $ 11.95  $ 11.52 
Tangible book value per common share
Tangible common equity $ 1,323,250  $ 1,281,022  $ 1,201,935 
Common shares issued and outstanding 114,740,147  114,199,832  111,812,215 
Tangible book value per common share $ 11.53  $ 11.22  $ 10.75 

The following table provides a reconciliation of ROTCE to the nearest GAAP measure:
Three Months Ended Six Months Ended
June 30, 2025 March 31, 2025 June 30, 2024 June 30, 2025 June 30, 2024
Average GAAP common equity $ 1,381,199  $ 1,349,473  $ 1,266,608  $ 1,365,248  $ 1,261,922 
Less: Average goodwill (75,717) (75,717) (75,717) (75,717) (75,717)
Less: Average customer relationship intangible assets (7,423) (8,182) (10,729) (7,811) (11,198)
Average tangible common equity $ 1,298,059  $ 1,265,574  $ 1,180,162  $ 1,281,720  $ 1,175,007 
Return on average equity
Annualized GAAP net income
 $ 152,712  $ 46,684  $ 59,612  $ 99,698  $ 54,306 
Average GAAP common equity 1,381,199  1,349,473  1,266,608  1,365,248  1,261,922 
Return on average equity 11.1  % 3.5  % 4.7  % 7.3  % 4.3  %
Return on tangible common equity
Annualized GAAP net income
 $ 152,712  $ 46,684  $ 59,612  $ 99,698  $ 54,306 
Average tangible common equity 1,298,059  1,265,574  1,180,162  1,281,720  1,175,007 
Return on tangible common equity 11.8  % 3.7  % 5.1  % 7.8  % 4.6  %

Supervision and Regulatory Environment

We are subject to periodic exams, investigations, inquiries or requests, enforcement actions and other proceedings from federal and state regulatory and/or law enforcement agencies, including the federal banking regulators that directly regulate the Company and/or LC Bank. Further, we are subject to claims, individual and class action lawsuits, and lawsuits alleging regulatory violations. Although historically the Company has generally resolved these matters in a manner that was not materially adverse to its financial results or business operations, no assurance can be given as to the timing, outcome or consequences of any of these matters in the future.

79

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
We are subject to supervision, regulation, examination and enforcement by multiple federal banking regulatory bodies. Specifically, as a bank holding company, the Company is subject to ongoing and comprehensive supervision, regulation, examination and enforcement by the Board of Governors of the Federal Reserve System (FRB). Further, as a national bank, LC Bank is subject to ongoing and comprehensive supervision, regulation, examination and enforcement by the Office of the Comptroller of the Currency (OCC). Additionally, as of June 30, 2025, LC Bank became a depository institution with assets over $10 billion for four consecutive quarters and therefore is subject to supervision and enforcement authority relating to federal consumer financial laws and regulations by the Consumer Financial Protection Bureau (CFPB). Accordingly, we have been and continue to invest in regulatory compliance and be subject to certain parameters, obligations and/or limitations set forth by the banking regulations and regulators with respect to the operation of our business.

If we are found to not have complied with applicable laws, regulations or requirements, we could: (i) lose one or more of our licenses or authorizations, or be required to obtain a new license or authorization, (ii) become subject to a consent order or administrative enforcement action, (iii) face lawsuits (including class action lawsuits), sanctions, penalties, or other monetary losses due to judgments, orders, or settlements, (iv) be in breach of certain contracts, which may void or cancel such contracts, (v) decide or be compelled to modify or suspend certain of our business practices and/or (vi) be unable to execute on certain Company initiatives, which may have an adverse effect on our ability to operate and/or evolve our lending marketplace and other products and/or services; any of which may harm our business or financial results.

See “Part I – Item 1. Business – Regulation and Supervision,” “Part I – Item 1A. Risk Factors – Risks Related to Regulation, Supervision and Compliance,” and “Part I – Item 1A. Risk Factors – Risks Related to Operating Our Business” in our Annual Report for further discussion regarding our supervision and regulatory environment.

Capital Management

The prudent management of capital is fundamental to the successful achievement of our business initiatives. We actively review capital through a process that continuously assesses and monitors the Company’s overall capital adequacy. Our objective is to maintain capital at an amount commensurate with our risk profile and risk tolerance objectives, and to meet both regulatory and market expectations.

The formation of LC Bank as a nationally chartered association and the organization of the Company as a bank holding company subjects us to various capital adequacy guidelines issued by the OCC and the FRB, including the requirement to maintain regulatory capital ratios in accordance with the Basel Committee on Banking Supervision standardized approach for U.S. banking organizations (Basel III). As a Basel III standardized approach institution, we selected the one-time election to opt-out of the requirements to include all the components of accumulated other comprehensive income included in common stockholder’s equity. The minimum capital requirements under the Basel III capital framework are: a Common Equity Tier 1 (CET1) risk-based capital ratio of 4.5%, a Tier 1 risk-based capital ratio of 6.0%, a total risk-based capital ratio of 8.0%, and a Tier 1 leverage ratio of 4.0%. Additionally, a capital conservation buffer of 2.5% must be maintained above the minimum risk-based capital requirements in order to avoid certain limitations on capital distributions, stock repurchases, and certain discretionary bonus payments. In addition to these guidelines, the banking regulators may require a banking organization to maintain capital at levels higher than the minimum ratios prescribed under the Basel III capital framework. See “Part I – Item 1. Business – Regulation and Supervision – Capital and Liquidity Requirements and Prompt Corrective Action” in our Annual Report and “Notes to Condensed Consolidated Financial Statements – Note 19. Regulatory Requirements” in this Report for additional information regarding regulatory capital requirements.

80

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
The following table presents the actual capital amounts and ratios of the Company and LC Bank as well as LC Bank’s regulatory capital minimum and “well capitalized” requirements (dollars in millions):
June 30, 2025 December 31, 2024
Required Minimum (1)
Well Capitalized Minimum
Amount Ratio Amount Ratio
LendingClub Corporation:
CET1 capital (2)
 $ 1,268.1  17.5  % $ 1,188.6  17.3  % 7.0  % N/A
Tier 1 capital $ 1,268.1  17.5  % $ 1,188.6  17.3  % 8.5  % 6.0  %
Total capital $ 1,360.5  18.8  % $ 1,276.5  18.5  % 10.5  % 10.0  %
Tier 1 leverage $ 1,268.1  12.2  % $ 1,188.6  11.0  % 4.0  % N/A
Risk-weighted assets $ 7,230.3  N/A $ 6,887.1  N/A N/A N/A
Quarterly adjusted average assets $ 10,371.5  N/A $ 10,814.0  N/A N/A N/A
LendingClub Bank:
CET1 capital (2)
 $ 1,112.1  15.5  % $ 1,101.4  16.1  % 7.0  % 6.5  %
Tier 1 capital $ 1,112.1  15.5  % $ 1,101.4  16.1  % 8.5  % 8.0  %
Total capital $ 1,203.9  16.8  % $ 1,188.5  17.4  % 10.5  % 10.0  %
Tier 1 leverage $ 1,112.1  10.8  % $ 1,101.4  10.3  % 4.0  % 5.0  %
Risk-weighted assets $ 7,181.0  N/A $ 6,823.1  N/A N/A N/A
Quarterly adjusted average assets $ 10,272.1  N/A $ 10,696.7  N/A N/A N/A
N/A – Not applicable
(1)    Required minimums presented for risk-based capital ratios include the required capital conservation buffer of 2.5%.
(2)    CET1 capital consists of common stockholders’ equity as defined under U.S. GAAP and certain adjustments made in accordance with regulatory capital guidelines, including deductions for goodwill and other intangible assets.

The higher risk-based capital ratios for the Company reflect higher capital at LendingClub Corporation as compared with LC Bank.

Liquidity

We manage liquidity to meet our cash flow and collateral obligations in a timely manner at a reasonable cost. We must maintain operating liquidity to meet our expected daily and forecasted cash flow requirements, as well as contingent liquidity to meet unexpected funding requirements.

As our primary business at LC Bank involves taking deposits and originating loans, a key role of liquidity management is to ensure that customers have timely access to funds from deposits and for loans. Liquidity management also involves maintaining sufficient liquidity to repay borrowings, pay operating expenses and support extraordinary funding requirements when necessary.

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Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
LendingClub Bank Liquidity

The following table summarizes LC Bank’s primary sources of short-term liquidity as of the periods presented:
June 30, 2025 December 31, 2024
Cash and cash equivalents $ 731,078  $ 932,463 
Securities available for sale (1)
 $ 380,635  $ 382,876 
Deposits $ 9,258,380  $ 9,116,821 
Available borrowing capacity:
FRB Discount Window (2)
 $ 3,147,467  $ 2,635,034 
FHLB of Des Moines (3)
 604,991  626,117 
Total available borrowing capacity $ 3,752,458  $ 3,261,151 
(1)    Excludes illiquid securities available for sale.
(2)    As of June 30, 2025 and December 31, 2024, the Company had $4.0 billion and $3.2 billion in loans pledged under the FRB Discount Window, respectively.
(3)    As of June 30, 2025, the Company had $428.3 million in loans and $371.5 million in securities pledged to the Federal Home Loan Bank (FHLB) of Des Moines. As of December 31, 2024, the Company had $456.4 million in loans and $373.5 million in securities pledged to the FHLB of Des Moines.

The primary uses of LC Bank liquidity include (i) the funding/acquisition of loans and securities purchases, (ii) withdrawals, maturities and the payment of interest on deposits, (iii) compensation and benefits expense, (iv) taxes, (v) capital expenditures, including internally-developed software, leasehold improvements and computer equipment, and (vi) costs associated with the continued development and support of our digital marketplace bank.

Deposits

Deposits represent an important source of funding for LC Bank. We offer deposit accounts to our members, which include both interest-bearing and noninterest-bearing deposits. As of June 30, 2025 and December 31, 2024, the amount of uninsured deposits totaled $1.3 billion and $1.2 billion, or 14% and 13% of total deposits, respectively. Uninsured time deposits as of June 30, 2025, by remaining time to maturity, were as follows:
3 months or less
 $ 25,996 
Over 3 months through 6 months
 20,081 
Over 6 months through 12 months
 38,536 
Over 12 months
 14,631 
Total uninsured time deposits (1)
 $ 99,244 
(1)    Consist of certificates of deposit accounts that are in excess of the FDIC insurance limit of $250 thousand per account holder.

Capital Expenditures

Net capital expenditures were $103.8 million, or 22.7% of total net revenue, and $24.6 million, or 7.0% of total net revenue, for the first halves of 2025 and 2024, respectively. Capital expenditures in 2025 are expected to be approximately $155 million, primarily driven by the $74.5 million cash acquisition of the office building in April 2025 and related improvements to the property, as well as costs associated with the continued development and support of our digital marketplace bank.

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Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
LendingClub Holding Company Liquidity

The primary source of liquidity at the holding company is $136.6 million and $66.0 million in cash and cash equivalents as of June 30, 2025 and December 31, 2024, respectively. The increase in cash and cash equivalents was primarily driven by a $50 million cash dividend that was paid by LC Bank to the holding company during the first quarter of 2025, to return a capital contribution made by the holding company to LC Bank in the second half of 2024. Additionally, the holding company has the ability to access the capital markets through additional registrations and public equity offerings.

Uses of cash at the holding company include the routine cash flow requirements as a bank holding company, such as interest and expenses (including those associated with our office leases), the needs of LC Bank for additional equity and, as required, its need for debt financing and support for extraordinary funding requirements when necessary.

Factors Impacting Liquidity

The Company’s liquidity could be adversely impacted by deteriorating financial and market conditions, the inability or unwillingness of a creditor to provide funding, an idiosyncratic event (e.g., a major loss, causing a perceived or actual deterioration in its financial condition), an adverse systemic event (e.g., default or bankruptcy of a significant capital markets participant), or others.

We believe, based on our projections, that our cash on hand, liquid AFS securities, deposits, available borrowing capacity, and net cash flows from operating, investing and financing activities are sufficient to meet our liquidity needs for the next twelve months, as well as beyond the next twelve months. See “Item 1. Financial Statements – Condensed Consolidated Statements of Cash Flows” for additional detail regarding our cash flows.

Market Risk

Market risk represents the risk of potential losses arising from changes in interest rates, foreign exchange rates, equity prices, commodity prices, and/or other relevant market rates or prices. The primary market risk to which we are exposed is interest rate risk. Interest rate risk arises from financial instruments including loans, securities and borrowings, all entered into for purposes other than trading.

Interest Rate Sensitivity

LendingClub Bank

Our net interest income is affected by changes in the level of interest rates, the impact of interest rate fluctuations on asset prepayments, and the level and composition of deposits and liabilities, among other factors.

Loans HFI and AFS securities at LC Bank are funded primarily through our deposit base. The majority of loans HFI and AFS securities are fixed-rate instruments over the term of the loan or security. As a result, the primary component of interest rate risk on our financial instruments arises from the impact of fluctuations in loan, security, and deposit rates on our net interest income. Therefore, we use a sensitivity analysis to assess the impact of hypothetical changes in interest rates on our net interest income results. The outcome of the analysis is influenced by a variety of assumptions, including the maturity profile and prepayment level of our unsecured consumer loans and expected consumer responses to changes in rates paid on non-maturity deposit products. Our assumptions are periodically calibrated to observed data and/or expected outcomes. We actively monitor the level of exposure to movements in interest rates and have entered into interest rate hedging instruments, some of which qualify for hedge accounting treatment, to manage such risk.
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Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
See “Note 8. Derivative Instruments and Hedging Activities” for additional information.

The following table presents the change in projected net interest income for the next twelve months due to a hypothetical instantaneous parallel change in interest rates relative to current rates:
  June 30, 2025 December 31, 2024
Instantaneous Change in Interest Rates:
 + 200 basis points (7.6) % (7.1) %
 + 100 basis points (3.8) % (3.5) %
 – 100 basis points 1.3  % 1.1  %
 – 200 basis points 2.1  % 1.6  %

As illustrated in the table above, net interest income is projected to decrease over the next twelve months during hypothetical rising interest rate environments primarily as a result of higher rates paid on interest-bearing deposits, partially offset by higher rates earned on new loans, security purchases, and cash and cash equivalents as well as by the impact of our hedging activity. Conversely, net interest income is projected to increase over the next twelve months during hypothetical declining interest rate environments. The increase in sensitivity as of June 30, 2025 relative to December 31, 2024 is primarily due to the composition of our loans, deposits, and hedging instruments. Furthermore, during fluctuating interest rate environments, the repricing interest-bearing deposits is more impactful than that of repricing fixed-rate loans.

Although we believe that these measurements provide an estimate of our interest rate sensitivity, they do not account for potential changes in credit quality, balance sheet mix, size of our balance sheet, or other business developments that could affect net income. Actual results could differ materially from the estimated outcomes of our simulations.

For additional details regarding maturities of loans and leases HFI, see “Part II – Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Market Risk” in our Annual Report.

For the contractual maturities and weighted-average yields on the Company’s AFS securities portfolio, see “Notes to Condensed Consolidated Financial Statements – Note 4. Securities Available for Sale.”

LendingClub Holding Company

At the holding company level, we continue to measure interest rate sensitivity by evaluating the change in fair value of certain assets and liabilities due to a hypothetical change in interest rates. Principal payments on our loans HFI continue to reduce the outstanding balance of this portfolio, and, as a result, the fair value impact from changes in interest rates continues to diminish.

Contingencies

For a comprehensive discussion of contingencies as of June 30, 2025, see “Item 1. Financial Statements – Notes to Condensed Consolidated Financial Statements – Note 18. Commitments and Contingencies.”

Critical Accounting Estimates

Certain of the Company’s accounting policies that involve a higher degree of judgment and complexity are discussed in “Part II – Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates” in our Annual Report.
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LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
There have been no significant changes to these critical accounting estimates during the first half of 2025.

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LENDINGCLUB CORPORATION

Item 3. Quantitative and Qualitative Disclosures About Market Risk

For a comprehensive discussion regarding quantitative and qualitative disclosures about market risk, see “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Market Risk.”

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

The Company’s management evaluated, with the participation of the Company’s Chief Executive Officer (CEO) and Chief Financial Officer (CFO), the effectiveness of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of June 30, 2025. In designing and evaluating its disclosure controls and procedures, the Company’s management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance, not absolute assurance, of achieving the desired control objectives, and is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

Based on the evaluation, the Company’s CEO and CFO concluded that the Company’s disclosure controls and procedures as of June 30, 2025, were designed and functioned effectively to provide reasonable assurance that the information required to be disclosed by the Company in reports filed under the Exchange Act is (i) recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and (ii) accumulated and communicated to management, including the principal executive and principal financial officers, as appropriate, to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

No change in the Company’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) occurred during the second quarter of 2025, that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

For a comprehensive discussion of legal proceedings, see “Part I. Financial Information – Item 1. Financial Statements – Notes to Condensed Consolidated Financial Statements – Note 18. Commitments and Contingencies – Legal,” which is incorporated herein by reference.

Item 1A. Risk Factors

The risks described in “Part I – Item 1A. Risk Factors” in our Annual Report, could materially and adversely affect our business, financial condition, operating results and prospects, and the trading price of our common stock could decline. While we believe the risks and uncertainties described therein include all material risks currently known by us, it is possible that these may not be the only ones we face. Due to risks and uncertainties, known and unknown, our past financial results may not be a reliable indicator of future performance and historical trends should not be used to anticipate results or trends in future periods. The Risk Factors section of our Annual Report remains current in all material respects, with the exception below.

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LENDINGCLUB CORPORATION

The current economic environment, including related uncertainties, could negatively affect our business and operating results.

The U.S. economy has been undergoing a period of rapid change and significant uncertainty. A number of factors have been causing this change and uncertainty, including changing inflation and interest rates, evolving government policies and changing U.S. consumer spending patterns. Inflation reached a 40-year high of 9.1% in June 2022, and in response the FRB increased interest rates eleven times since early 2022, from a federal funds rate range of 0.00% to 0.25% in early 2022 to 5.25% to 5.50% in July 2023. While the FRB has since reduced rates to a range of 4.25% to 4.5% as of December 2024, it has indicated a willingness to adjust rates, including slowing the pace of rate decreases or increasing rates, as it deems necessary to combat inflation. Further, Federal economic policy is rapidly evolving and thereby creating uncertainty. For example, the recent establishment of, and subsequent revision(s) to, the Federal global tariff policy was followed by market volatility and uncertainty in part due to the potential for tariffs to raise prices and thereby fuel increasing inflation and, subsequently, interest rates. Uncertainty with respect to tariffs, and the potential of elevated inflation and interest rates on U.S. consumers, are also changing spending patterns and thereby prompting concern that the U.S. could experience an economic downturn or prolonged period of slow economic growth.

Our business is sensitive to, and may be adversely impacted by, uncertainty with respect to and changes in the inflation and interest rate environment. Among other things, as inflation and interest rates increase and/or remain elevated: (i) existing borrowers may allocate more of their income to necessities such as housing and food, thereby potentially increasing their risk of default by reducing their ability to make loan payments; which may, and has in the past, warrant that we take additional provision for credit losses, (ii) the rate we offer on our deposit products may be elevated to remain competitive, thereby increasing our cost of funding and reducing our net interest margin, (iii) the return our loan products generate may be less attractive relative to other investment options, thereby reducing marketplace investor demand in our loan products, and (iv) we may need to increase interest rates and/or tighten credit standards for new originations, thereby potentially making it more challenging to source enough interested and qualified borrowers to enable sufficient origination volume. Further, the pace of changes in inflation and interest rates can create unique challenges in our ability to operate our business. For example, the rapid increase in interest rates in 2022 and 2023 quickly increased the cost of capital for our non-bank marketplace investors and thereby increased their return expectations. However, because our consumer loans are fixed interest rate products, we were unable to re-price existing loans, and with respect to new originations, we needed to re-price methodically to remain competitive and mitigate the adverse impacts of doing so. Therefore, until the interest rate environment stabilized, we were temporarily challenged to fully meet the return expectations for certain of our marketplace investors which adversely impacted our marketplace volume and related revenue.

Additionally, uncertainty regarding the economic environment could adversely impact borrower or marketplace investor interest in our products, adversely impact our third-party vendors, cause us to change, postpone or cancel our strategic initiatives, or otherwise negatively affect our business, financial condition and results of operations. Notably, the recent changes in U.S. presidential administration and the composition of the U.S. Congress are leading to significant changes to the priorities, scope, practices and/or staffing levels of various governmental agencies. However, what changes will be made, whether the changes will be retained and the effect of the changes on the economic environment are currently uncertain and therefore the impact of the changes on our customers and business remains uncertain.

The current economic environment, and its impact, may also have the effect of heightening many of the other risks described in “Item 1A. Risk Factors” and elsewhere in our Annual Report, such as our exposure to the credit and default risk of borrowers, maintaining and increasing loan originations, maintaining our deposit base and retaining our marketplace investors.

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LENDINGCLUB CORPORATION

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Rule 10b5-1 Trading Plans

To diversify his assets, Scott Sanborn, the Company’s Chief Executive Officer, entered into a sales plan in June 2025 that is intended to comply with Rule 10b5-1(c) under the Exchange Act (the Plan). The maximum number of shares that can be sold under the Plan represents 3.5% of Mr. Sanborn’s current equity interest in the Company including his unvested time-based RSUs and unearned PBRSUs at target performance.

The following table shows the trading arrangements intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) adopted by the Company’s directors and executive officers during the second quarter of 2025:
Name and Title
Adoption Date
Expiration Date
Aggregate Number of Shares to be Sold
Scott Sanborn, Chief Executive Officer and Director
 June 2, 2025 February 27, 2026
Up to 90,000
Annie Armstrong, Chief Risk Officer
May 29, 2025 August 31, 2026
Up to 86,658

Other than disclosed above, during the second quarter of 2025, none of the Company’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of the Company’s securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”



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LENDINGCLUB CORPORATION

Item 6. Exhibits

Exhibit Index

The exhibits noted in the accompanying Exhibit Index are filed or incorporated by reference as a part of this Report and such Exhibit Index is incorporated herein by reference.
Incorporated by Reference
Exhibit
Number		 Exhibit Description Form File No. Exhibit Filing
Date		 Filed Herewith
101.INS XBRL Instance Document‡ X
101.SCH XBRL Taxonomy Extension Schema Document X
101.CAL XBRL Taxonomy Extension Calculation Linkbase X
101.DEF XBRL Taxonomy Extension Definition Linkbase X
101.LAB XBRL Taxonomy Extension Label Linkbase X
101.PRE XBRL Taxonomy Extension Presentation Linkbase X
104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
‡    The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

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LENDINGCLUB CORPORATION

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
LENDINGCLUB CORPORATION
(Registrant)
Date: July 31, 2025 /s/ SCOTT SANBORN
Scott Sanborn
Chief Executive Officer
Date: July 31, 2025 /s/ ANDREW LABENNE
Andrew LaBenne
Chief Financial Officer

90
EX-31.1 2 lc6302025q2ex311.htm EX-31.1 Document

Exhibit 31.1
CERTIFICATION

I, Scott Sanborn, certify that:
 
1.I have reviewed this Quarterly Report on Form 10-Q of LendingClub Corporation;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
Date: July 31, 2025
 
/s/ SCOTT SANBORN
Scott Sanborn
Chief Executive Officer
(Principal Executive Officer)
EX-31.2 3 lc6302025q2ex312.htm EX-31.2 Document

Exhibit 31.2
CERTIFICATION

I, Andrew LaBenne, certify that:

1.    I have reviewed this Quarterly Report on Form 10-Q of LendingClub Corporation; 
2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 
3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 
4.    The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: 
a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; 
b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; 
c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and 
d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and 
5.    The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): 
a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and 
b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 Date: July 31, 2025  

/s/ ANDREW LABENNE
Andrew LaBenne
Chief Financial Officer
EX-32.1 4 lc6302025q2ex321.htm EX-32.1 Document

Exhibit 32.1
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of LendingClub Corporation (the “Company”) on Form 10-Q for the year ended June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned officers of the Company certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to such officer’s knowledge:
 
1.    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
 
2.    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
/s/ SCOTT SANBORN
Scott Sanborn
Chief Executive Officer
(Principal Executive Officer)
/s/ ANDREW LABENNE
Andrew LaBenne
Chief Financial Officer
Dated: July 31, 2025