レンディングクラブの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM			8-K


CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 22, 2025


LendingClub Corporation
(Exact name of registrant as specified in its charter)

Commission File Number: 001-36771



Delaware			51-0605731
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

595 Market Street, Suite 200,

San Francisco,

94105

(Address of principal executive offices and zip code)

Registrant’s telephone number, including area code: 415 930-7440

Former name or former address, if changed since last report: N/A

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).


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.			☐


Item 2.02						Results of Operations and Financial Condition

On October 22, 2025, LendingClub Corporation (“LendingClub”) issued a press release (the “Earnings Press Release”) regarding its financial results for the third quarter ended September 30, 2025. A copy of the Earnings Press Release is attached as Exhibit 99.1 to this Form 8-K.

The information set forth in this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.


Item 9.01						Financial Statements and Exhibits
(d)						Exhibits


Exhibit Number						Exhibit Title or Description
99.1						Press Release dated October 22 , 2025
104						Cover Page Interactive Data File (Cover page XBRL tags are embedded within the Inline XBRL document)

SIGNATURE(S)

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 hereunto duly authorized.


		LendingClub Corporation
Date:	October 22, 2025	By:	/s/ ANDREW LABENNE
			Andrew LaBenne
			Chief Financial Officer
			(duly authorized officer)

EX-99.1 2 q325exhibit991er.htm EX-99.1 Document

EXHIBIT 99.1

LendingClub Reports Third Quarter 2025 Results

Delivered record Pre-tax Income of $57 million, 12.4% ROE and 13.2% ROTCE

Grew Originations +37%, Revenue +32%, and Diluted EPS +185% compared to prior year

Secured an MOU by which funds and accounts managed by BlackRock (NYSE: BLK) investment advisors will invest up to $1 billion through LendingClub's marketplace programs through 2026

SAN FRANCISCO – October 22, 2025 – LendingClub Corporation (NYSE: LC) today announced financial results for the third quarter ended September 30, 2025.

“We delivered another outstanding quarter with 37% growth in originations and 32% growth in revenue, and nearly tripling diluted earnings per share, resulting in an ROTCE of over 13%,” said Scott Sanborn, LendingClub CEO. “Innovative products, compelling value propositions, a loyal and growing member base, and a resilient balance sheet are all combining to deliver sustainable, profitable growth. We’re excited by the multiple opportunities ahead and look forward to continuing to execute against our strategy.”

Third Quarter 2025 Results

Highlights:

•Achieved $2.6 billion in origination volume, up 37% compared to the prior year, driven by the successful execution of product and marketing initiatives.

•Diluted EPS nearly tripled compared to the prior year to $0.37.

•Continued to deliver credit outperformance vs. competitor set, with +37% better performance.

•LevelUp Checking drove 7x increase in account openings vs. prior checking product.

•Announced Investor Day to be held November 5, 2025.

Balance Sheet:

•Total assets of $11.1 billion, up 4% year-to-date and comparable year-over-year due to a portfolio acquisition in the same quarter of the prior year.

•Deposits of $9.4 billion, compared to $9.5 billion in the prior year, primarily attributable to a $0.6 billion decrease in brokered deposits, which was mostly offset by an increase in non-brokered deposits.

◦88% of total deposits are FDIC-insured.

•Robust available liquidity of $3.9 billion.

•Strong capital position with a consolidated Tier 1 leverage ratio of 12.3% and a CET1 capital ratio of 18.0%.

•Book value per common share grew to $12.68, compared to $11.95 in the prior year.

•Tangible book value per common share grew to $11.95, compared to $11.19 in the prior year.

Financial Performance:

•Loan originations grew 37% to $2.6 billion, compared to $1.9 billion in the prior year.

•Total net revenue increased 32% to $266.2 million, compared to $201.9 million in the prior year, driven by higher marketplace sales and loan sale pricing, strong credit performance, and higher net interest margin on a larger balance sheet.

◦Net interest margin expanded to 6.18%, compared to 5.63% in the prior year, driven by improved deposit funding costs.

•Provision for credit losses of $46.3 million, compared to $47.5 million in the prior year, driven by strong credit performance, partially offset by day-1 provision for higher originations of held-for-investment retained loans.

•Net charge-offs in the held-for-investment at amortized cost loan portfolio improved to $31.1 million, compared to $55.8 million in the prior year, driven by strong credit performance and portfolio composition and maturity.

•Efficiency ratio of 61% compared to 68% in the prior year, driven by increasing operating leverage as expenses have been well-managed by the implementation of AI technologies and other cost initiatives.

•Net income more than tripled to $44.3 million, compared to $14.5 million in the prior year.

•Return on Equity (ROE) of 12.4% with a Return on Tangible Common Equity (ROTCE) of 13.2%.

•Pre-Provision Net Revenue (PPNR) increased 58% to $103.5 million, compared to $65.5 million in the prior year.


	Three Months Ended						% Change
($ in millions, except per share amounts)	September 30, 2025		June 30, 2025		September 30, 2024		Q/Q		Y/Y




Total net revenue	$	266.2	$	248.4	$	201.9	7	%	32	%
Non-interest expense	162.7		154.7		136.3		5	%	19	%
Pre-provision net revenue (1)	103.5		93.7		65.5		10	%	58	%
Provision for credit losses	46.3		39.7		47.5		16	%	(3)	%
Income before income tax expense	57.2		54.0		18.0		6	%	218	%
Income tax expense	(13.0)		(15.8)		(3.6)		(18)	%	265	%
Net income	$	44.3	$	38.2	$	14.5	16	%	206	%

Diluted EPS	$	0.37	$	0.33	$	0.13	12	%	185	%

(1) See page 3 of this release for additional information on our use of non-GAAP financial measures.

For a calculation of Pre-Provision Net Revenue, Tangible Book Value Per Common Share, and Return on Tangible Common Equity, refer to the “Reconciliation of GAAP to Non-GAAP Financial Measures” tables at the end of this release.

Financial Outlook


			Fourth Quarter 2025
Loan originations			$2.5B to $2.6B
Pre-provision net revenue (PPNR)			$90M to $100M
Return on Tangible Common Equity (ROTCE)			10% to 11.5%

About LendingClub

LendingClub is reimagining what a bank can be by building our business around a simple belief: when our members win, we win. Leveraging innovative technology and engaging mobile-first experiences, our integrated suite of financial products helps people keep more of what they earn and earn more on what they save. Our 5+ million members love us for providing quick and easy access to affordable credit and rewarding their smart financial choices, like making on-time payments, saving regularly, and taking control of debt.

Getting credit right is a key driver of our success. Our advanced underwriting models are informed by over 150 billion cells of proprietary data, derived from tens of millions of repayment events across economic cycles. Our leading credit expertise combined with our resilient bank foundation, capital-light loan marketplace, decades of lending experience, and talented team have enabled us to deliver lasting value to members, loan investors, and stockholders alike. And we’re just getting started.

LendingClub Corporation (NYSE: LC) is the parent company and operator of LendingClub Bank, National Association, Member FDIC. For more information about LendingClub, visit https://www.lendingclub.com.

Conference Call and Webcast Information

The LendingClub third quarter 2025 webcast and teleconference is scheduled to begin at 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time) on Wednesday, October 22, 2025. A live webcast of the call will be available at http://ir.lendingclub.com under the Filings & Financials menu in Quarterly Results. To listen to the call, register using this link: https://events.q4inc.com/attendee/133370489 ten minutes prior to 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time). An audio archive of the call will be available at http://ir.lendingclub.com. LendingClub has used, and intends to use, its investor relations website, X (formerly Twitter) handles (@LendingClub and @LendingClubIR) and Facebook page (https://www.facebook.com/LendingClubTeam) as a means of disclosing material non-public information and to comply with its disclosure obligations under Regulation FD.

Contacts

For Investors:

IR@lendingclub.com

Media Contact:

Press@lendingclub.com

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.

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 annualized net income by the average tangible common equity for the applicable period.

For a reconciliation of such measures to the nearest GAAP measures, please refer to the tables on pages 13 and 14 of this release.

We do not provide a reconciliation of forward-looking Pre-Provision Net Revenue and Return on Tangible Common Equity to the most directly comparable GAAP reported financial measures on a forward-looking basis because we are unable to predict future provision expense and goodwill, respectively, with reasonable certainty without unreasonable effort.

Safe Harbor Statement

Some of the statements above, including statements regarding long-term loan funding (including the timing and amount of potential future loan purchase investments by BlackRock) and anticipated future performance and financial results, are “forward-looking statements.” The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “outlook,” “plan,” “predict,” “project,” “will,” “would” and similar expressions may identify forward-looking statements, although not all forward-looking statements contain these identifying words. Factors that could cause actual results to differ materially from those contemplated by these forward-looking statements include: our loan performance, our ability to continue to attract and retain new and existing borrowers and marketplace investors (including retaining long-term investors through the duration of their expected partnership and achieving the anticipated level of loan or Structured Certificates program purchases); competition; overall economic conditions; the interest rate environment; the regulatory environment; default rates and those factors set forth in the section titled “Risk Factors” in our most recent Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, as well as in our subsequent filings with the Securities and Exchange Commission. 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. Actual results or events could differ materially from the plans, intentions and expectations disclosed in forward-looking statements. 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.

*****

LENDINGCLUB CORPORATION

OPERATING HIGHLIGHTS

(In thousands, except percentages or as noted)

(Unaudited)


	As of and for the three months ended															% Change
	September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			Q/Q		Y/Y
Operating Highlights:
Non-interest income	$	107,792		$	94,186		$	67,754		$	74,817		$	61,640		14	%	75	%
Net interest income	158,439			154,249			149,957			142,384			140,241			3	%	13	%
Total net revenue	266,231			248,435			217,711			217,201			201,881			7	%	32	%
Non-interest expense	162,713			154,718			143,867			142,855			136,332			5	%	19	%
Pre-provision net revenue(1)	103,518			93,717			73,844			74,346			65,549			10	%	58	%
Provision for credit losses	46,280			39,733			58,149			63,238			47,541			16	%	(3)	%
Income before income tax expense	57,238			53,984			15,695			11,108			18,008			6	%	218	%
Income tax expense	(12,964)			(15,806)			(4,024)			(1,388)			(3,551)			(18)	%	265	%
Net income	$	44,274		$	38,178		$	11,671		$	9,720		$	14,457		16	%	206	%

Basic EPS	$	0.39		$	0.33		$	0.10		$	0.09		$	0.13		18	%	200	%
Diluted EPS	$	0.37		$	0.33		$	0.10		$	0.08		$	0.13		12	%	185	%











LendingClub Corporation Performance Metrics:
Net interest margin	6.18		%	6.14		%	5.97		%	5.42		%	5.63		%
Efficiency ratio(2)	61.1		%	62.3		%	66.1		%	65.8		%	67.5		%


Return on average equity (ROE)(3)	12.4		%	11.1		%	3.5		%	2.9		%	4.4		%
Return on tangible common equity (ROTCE)(1)(4)	13.2		%	11.8		%	3.7		%	3.1		%	4.7		%


Return on average total assets (ROA)(5)	1.7		%	1.5		%	0.4		%	0.4		%	0.6		%

Marketing expense as a % of loan originations	1.55		%	1.40		%	1.47		%	1.27		%	1.37		%

LendingClub Corporation Capital Metrics:
Common equity Tier 1 capital ratio	18.0		%	17.5		%	17.8		%	17.3		%	15.9		%
Tier 1 leverage ratio	12.3		%	12.2		%	11.7		%	11.0		%	11.3		%
Book value per common share	$	12.68		$	12.25		$	11.95		$	11.83		$	11.95		4	%	6	%
Tangible book value per common share(1)	$	11.95		$	11.53		$	11.22		$	11.09		$	11.19		4	%	7	%

Loan Originations (in millions)(6):
Total loan originations	$	2,622		$	2,391		$	1,989		$	1,846		$	1,913		10	%	37	%
Marketplace loans	$	2,027		$	1,702		$	1,314		$	1,241		$	1,403		19	%	44	%
Loan originations held for investment	$	594		$	689		$	675		$	605		$	510		(14)	%	16	%
Loan originations held for investment as a % of total loan originations	23		%	29		%	34		%	33		%	27		%

Servicing Portfolio AUM (in millions)(7):
Total servicing portfolio	$	12,986		$	12,524		$	12,241		$	12,371		$	12,674		4	%	2	%
Loans serviced for others	$	7,612		$	7,185		$	7,130		$	7,207		$	7,028		6	%	8	%

(1) Represents a non-GAAP financial measure. See “Reconciliation of GAAP to Non-GAAP Financial Measures.”

(2) Calculated as the ratio of non-interest expense to total net revenue.

(3) Calculated as annualized net income divided by average equity for the period presented.

(4) Calculated as annualized net income divided by average tangible common equity for the period presented.

(5) Calculated as annualized net income divided by average total assets for the period presented.

(6) Includes unsecured personal loans and auto loans only.

(7) Loans serviced on our platform, which includes unsecured personal loans, auto loans and education and patient finance loans serviced for others and retained by the Company.

LENDINGCLUB CORPORATION

OPERATING HIGHLIGHTS (Continued)

(In thousands, except percentages or as noted)

(Unaudited)


	As of the three months ended										% Change
	September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		Q/Q		Y/Y
Balance Sheet Data:
Securities available for sale	$	3,742,304	$	3,527,142	$	3,426,571	$	3,452,648	$	3,311,418	6	%	13	%
Loans held for sale at fair value	$	1,213,140	$	1,008,168	$	703,378	$	636,352	$	849,967	20	%	43	%
Loans and leases held for investment at amortized cost	$	4,363,415	$	4,386,321	$	4,215,449	$	4,125,818	$	4,108,329	(1)	%	6	%
Gross allowance for loan and lease losses (1)	$	(308,218)	$	(293,707)	$	(288,308)	$	(285,686)	$	(274,538)	5	%	12	%
Recovery asset value (2)	$	40,444	$	40,718	$	44,115	$	48,952	$	53,974	(1)	%	(25)	%
Allowance for loan and lease losses	$	(267,774)	$	(252,989)	$	(244,193)	$	(236,734)	$	(220,564)	6	%	21	%
Loans and leases held for investment at amortized cost, net	$	4,095,641	$	4,133,332	$	3,971,256	$	3,889,084	$	3,887,765	(1)	%	5	%
Loans held for investment at fair value	$	477,784	$	631,736	$	818,882	$	1,027,798	$	1,287,495	(24)	%	(63)	%
Total loans and leases held for investment	$	4,573,425	$	4,765,068	$	4,790,138	$	4,916,882	$	5,175,260	(4)	%	(12)	%
Whole loans held on balance sheet (3)	$	5,786,565	$	5,773,236	$	5,493,516	$	5,553,234	$	6,025,227	—	%	(4)	%
Total assets	$	11,072,515	$	10,775,333	$	10,483,096	$	10,630,509	$	11,037,507	3	%	—	%
Total deposits	$	9,388,233	$	9,136,124	$	8,905,902	$	9,068,237	$	9,459,608	3	%	(1)	%
Total liabilities	$	9,610,302	$	9,369,298	$	9,118,579	$	9,288,778	$	9,694,612	3	%	(1)	%
Total equity	$	1,462,213	$	1,406,035	$	1,364,517	$	1,341,731	$	1,342,895	4	%	9	%

(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) Includes loans held for sale at fair value, loans and leases held for investment at amortized cost, net of allowance for loan and lease losses, and loans held for investment at fair value.

The asset quality metrics presented in the following table are for loans and leases held for investment at amortized cost and do not reflect loans held for investment at fair value:


	As of and for the three months ended
	September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024
Asset Quality Metrics (1):
Allowance for loan and lease losses to total loans and leases held for investment at amortized cost	6.1		%	5.8		%	5.8		%	5.7		%	5.4		%

Allowance for loan and lease losses to commercial loans and leases held for investment at amortized cost	2.3		%	2.3		%	2.7		%	3.9		%	3.1		%
Allowance for loan and lease losses to consumer loans and leases held for investment at amortized cost	6.8		%	6.4		%	6.3		%	6.1		%	5.8		%
Gross allowance for loan and lease losses to consumer loans and leases held for investment at amortized cost	7.9		%	7.5		%	7.5		%	7.5		%	7.3		%
Net charge-offs	$	31,122		$	31,800		$	48,923		$	45,977		$	55,805
Net charge-off ratio (2)	2.9		%	3.0		%	4.8		%	4.5		%	5.4		%

(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.

(2) Net charge-off ratio is calculated as annualized net charge-offs divided by average outstanding loans and leases held for investment during the period.

LENDINGCLUB CORPORATION

LOANS AND LEASES HELD FOR INVESTMENT

(In thousands)

(Unaudited)

The following table presents loans and leases held for investment at amortized cost and loans held for investment at fair value:


	September 30, 2025		December 31, 2024
Unsecured personal	$	3,303,510	$	3,106,472
Residential mortgages	161,098		172,711
Secured consumer	245,843		230,232

Total consumer loans held for investment	3,710,451		3,509,415
Equipment finance (1)	43,880		64,232
Commercial real estate (2)	451,049		373,785
Commercial and industrial	158,035		178,386
Total commercial loans and leases held for investment	652,964		616,403
Total loans and leases held for investment at amortized cost	4,363,415		4,125,818
Allowance for loan and lease losses	(267,774)		(236,734)
Loans and leases held for investment at amortized cost, net	$	4,095,641	$	3,889,084
Loans held for investment at fair value	477,784		1,027,798
Total loans and leases held for investment	$	4,573,425	$	4,916,882

(1) Comprised of sales-type leases for equipment.

(2) Includes $263.4 million and $160.1 million in loans originated through the Small Business Association (SBA) as of September 30, 2025 and December 31, 2024, respectively.

The following table presents the components of the allowance for loan and lease losses on loans and leases held for investment at amortized cost:


	September 30, 2025		December 31, 2024
Gross allowance for loan and lease losses (1)	$	308,218	$	285,686
Recovery asset value (2)	(40,444)		(48,952)
Allowance for loan and lease losses	$	267,774	$	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.

The following tables present the allowance for loan and lease losses on loans and leases held for investment at amortized cost and do not reflect loans held for investment at fair value:


	Three Months Ended
	September 30, 2025						June 30, 2025
	Consumer		Commercial		Total		Consumer		Commercial		Total
Allowance for loan and lease losses, beginning of period	$	237,433	$	15,556	$	252,989	$	227,608	$	16,585	$	244,193
Credit loss expense (benefit) for loans and leases held for investment	46,390		(483)		45,907		41,133		(537)		40,596

Charge-offs	(47,886)		—		(47,886)		(48,956)		(898)		(49,854)
Recoveries	16,620		144		16,764		17,648		406		18,054
Allowance for loan and lease losses, end of period	$	252,557	$	15,217	$	267,774	$	237,433	$	15,556	$	252,989

LENDINGCLUB CORPORATION

ALLOWANCE FOR LOAN AND LEASE LOSSES

(In thousands)

(Unaudited)


	Three Months Ended
	September 30, 2024
	Consumer		Commercial		Total
Allowance for loan and lease losses, beginning of period	$	210,729	$	18,180	$	228,909
Credit loss expense for loans and leases held for investment	45,813		1,647		47,460

Charge-offs	(68,388)		(721)		(69,109)
Recoveries	12,745		559		13,304
Allowance for loan and lease losses, end of period	$	200,899	$	19,665	$	220,564

LENDINGCLUB CORPORATION

PAST DUE LOANS AND LEASES HELD FOR INVESTMENT

(In thousands)

(Unaudited)

The following tables present past due loans and leases held for investment at amortized cost and do not reflect loans held for investment at fair value:


September 30, 2025	30-59 Days		60-89 Days		90 or More Days		Total		Guaranteed Amount (1)
Unsecured personal	$	21,932	$	18,440	$	18,114	$	58,486	$	—
Residential mortgages	—		—		156		156		—
Secured consumer	2,297		926		342		3,565		—
Total consumer loans held for investment	$	24,229	$	19,366	$	18,612	$	62,207	$	—

Equipment finance	$	2,743	$	—	$	3,331	$	6,074	$	—
Commercial real estate	62		432		10,152		10,646		8,456
Commercial and industrial	3,305		2,152		14,916		20,373		14,904
Total commercial loans and leases held for investment	$	6,110	$	2,584	$	28,399	$	37,093	$	23,360
Total loans and leases held for investment at amortized cost	$	30,339	$	21,950	$	47,011	$	99,300	$	23,360


December 31, 2024	30-59 Days		60-89 Days		90 or More Days		Total		Guaranteed Amount (1)
Unsecured personal	$	23,530	$	19,293	$	21,387	$	64,210	$	—
Residential mortgages	151		88		—		239		—
Secured consumer	2,342		600		337		3,279		—
Total consumer loans held for investment	$	26,023	$	19,981	$	21,724	$	67,728	$	—

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
Total loans and leases held for investment at amortized cost	$	40,667	$	21,646	$	51,977	$	114,290	$	26,968

(1) Represents loan balances guaranteed by the SBA.

LENDINGCLUB CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except share and per share data)

(Unaudited)


	Three Months Ended						Change (%)
	September 30, 2025		June 30, 2025		September 30, 2024		Q3 2025 vs Q2 2025		Q3 2025 vs Q3 2024
Non-interest income:
Origination fees	$	105,731	$	87,578	$	71,465	21	%	48	%
Servicing fees	17,000		16,395		8,081		4	%	110	%
Gain on sales of loans	17,799		13,540		12,433		31	%	43	%
Net fair value adjustments	(38,375)		(27,869)		(33,595)		(38)	%	(14)	%
Marketplace revenue	102,155		89,644		58,384		14	%	75	%
Other non-interest income	5,637		4,542		3,256		24	%	73	%
Total non-interest income	107,792		94,186		61,640		14	%	75	%








Total interest income	241,801		237,097		240,377		2	%	1	%






Total interest expense	83,362		82,848		100,136		1	%	(17)	%
Net interest income	158,439		154,249		140,241		3	%	13	%

Total net revenue	266,231		248,435		201,881		7	%	32	%

Provision for credit losses	46,280		39,733		47,541		16	%	(3)	%

Non-interest expense:
Compensation and benefits	60,830		61,989		57,408		(2)	%	6	%
Marketing	40,712		33,580		26,186		21	%	55	%
Equipment and software	13,465		14,495		12,789		(7)	%	5	%
Depreciation and amortization	16,879		15,460		13,341		9	%	27	%
Professional services	10,922		10,300		8,014		6	%	36	%
Occupancy	5,245		4,787		4,005		10	%	31	%
Other non-interest expense	14,660		14,107		14,589		4	%	—	%
Total non-interest expense	162,713		154,718		136,332		5	%	19	%

Income before income tax expense	57,238		53,984		18,008		6	%	218	%
Income tax expense	(12,964)		(15,806)		(3,551)		(18)	%	265	%
Net income	$	44,274	$	38,178	$	14,457	16	%	206	%

Net income per share:
Basic EPS	$	0.39	$	0.33	$	0.13	18	%	200	%
Diluted EPS	$	0.37	$	0.33	$	0.13	12	%	185	%
Weighted-average common shares – Basic	114,961,676		114,409,231		112,042,202		—	%	3	%
Weighted-average common shares – Diluted	118,188,124		115,692,969		113,922,256		2	%	4	%

LENDINGCLUB CORPORATION

NET INTEREST INCOME

(In thousands, except percentages or as noted)

(Unaudited)


	Consolidated LendingClub Corporation (1)
	Three Months Ended September 30, 2025						Three Months Ended June 30, 2025						Three Months Ended September 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 (2)
Cash, cash equivalents, restricted cash and other	$	603,777	$	6,390	4.23	%	$	679,603	$	7,113	4.19	%	$	939,611	$	12,442	5.30	%
Securities available for sale at fair value	3,564,732		56,253		6.31	%	3,411,020		55,339		6.49	%	3,047,305		52,476		6.89	%
Loans held for sale at fair value	1,198,581		37,628		12.56	%	1,061,845		32,489		12.24	%	899,434		30,326		13.49	%
Loans and leases held for investment:
Unsecured personal loans	3,268,142		110,151		13.48	%	3,177,439		107,829		13.57	%	3,045,150		103,291		13.57	%
Commercial and other consumer loans	1,069,629		16,060		6.01	%	999,148		14,566		5.83	%	1,057,688		15,497		5.86	%
Loans and leases held for investment at amortized cost	4,337,771		126,211		11.64	%	4,176,587		122,395		11.72	%	4,102,838		118,788		11.58	%
Loans held for investment at fair value	552,848		15,319		11.08	%	722,685		19,761		10.94	%	972,698		26,345		10.83	%
Total loans and leases held for investment	4,890,619		141,530		11.58	%	4,899,272		142,156		11.61	%	5,075,536		145,133		11.44	%
Total interest-earning assets	10,257,709		241,801		9.43	%	10,051,740		237,097		9.44	%	9,961,886		240,377		9.65	%
Cash and due from banks and restricted cash	29,655						38,746						41,147
Allowance for loan and lease losses	(260,744)						(247,133)						(225,968)
Other non-interest earning assets	638,821						633,711						624,198
Total assets	$	10,665,441					$	10,477,064					$	10,401,263
Interest-bearing liabilities
Interest-bearing deposits:


Savings and money market accounts	6,442,649		61,782		3.80	%	6,152,936		58,934		3.84	%	5,056,535		61,556		4.84	%
Certificates of deposit	1,851,320		19,990		4.28	%	1,997,980		22,469		4.51	%	2,032,093		26,409		5.17	%
Checking accounts	406,494		1,449		1.41	%	426,107		1,442		1.36	%	948,334		8,898		3.73	%
Interest-bearing deposits	8,700,463		83,221		3.79	%	8,577,023		82,845		3.87	%	8,036,962		96,863		4.79	%
Other interest-bearing liabilities	12,174		141		4.61	%	220		3		4.54	%	486,736		3,273		2.69	%
Total interest-bearing liabilities	8,712,637		83,362		3.80	%	8,577,243		82,848		3.87	%	8,523,698		100,136		4.67	%
Noninterest-bearing deposits	291,231						282,113						344,577
Other liabilities	237,035						236,509						225,467
Total liabilities	$	9,240,903					$	9,095,865					$	9,093,742
Total equity	$	1,424,538					$	1,381,199					$	1,307,521
Total liabilities and equity	$	10,665,441					$	10,477,064					$	10,401,263

Interest rate spread					5.63	%					5.57	%					4.98	%

Net interest income and net interest margin			$	158,439	6.18	%			$	154,249	6.14	%			$	140,241	5.63	%

(1) Consolidated presentation reflects intercompany eliminations.

(2) Nonaccrual loans and any related income are included in their respective loan categories.

LENDINGCLUB CORPORATION

CONSOLIDATED BALANCE SHEETS

(In Thousands, Except Share and Per Share Amounts)

(Unaudited)


	September 30, 2025		December 31, 2024
Assets
Cash and due from banks	$	10,629	$	15,524
Interest-bearing deposits in banks	816,758		938,534
Total cash and cash equivalents	827,387		954,058
Restricted cash	18,283		23,338
Securities available for sale at fair value ($3,769,472 and $3,492,264 at amortized cost, respectively)	3,742,304		3,452,648
Loans held for sale at fair value	1,213,140		636,352
Loans and leases held for investment	4,363,415		4,125,818
Allowance for loan and lease losses	(267,774)		(236,734)
Loans and leases held for investment, net	4,095,641		3,889,084
Loans held for investment at fair value	477,784		1,027,798
Property, equipment and software, net	250,330		167,532
Goodwill	75,717		75,717
Other assets	371,929		403,982
Total assets	$	11,072,515	$	10,630,509
Liabilities and Equity
Deposits:
Interest-bearing	$	9,041,412	$	8,676,119
Noninterest-bearing	346,821		392,118
Total deposits	9,388,233		9,068,237


Other liabilities	222,069		220,541
Total liabilities	9,610,302		9,288,778
Equity

Common stock, $0.01 par value; 180,000,000 shares authorized; 115,301,440 and 113,383,917 shares issued and outstanding, respectively	1,153		1,134
Additional paid-in capital	1,722,113		1,702,316
Accumulated deficit	(243,353)		(337,476)

Accumulated other comprehensive loss	(17,700)		(24,243)


Total equity	1,462,213		1,341,731
Total liabilities and equity	$	11,072,515	$	10,630,509

LENDINGCLUB CORPORATION

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(In thousands, except share and per share data)

(Unaudited)

Pre-Provision Net Revenue


	For the three months ended
	September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024
GAAP Net income	$	44,274	$	38,178	$	11,671	$	9,720	$	14,457
Less: Provision for credit losses	(46,280)		(39,733)		(58,149)		(63,238)		(47,541)
Less: Income tax expense	(12,964)		(15,806)		(4,024)		(1,388)		(3,551)
Pre-provision net revenue	$	103,518	$	93,717	$	73,844	$	74,346	$	65,549


	For the three months ended
	September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024
Non-interest income	$	107,792	$	94,186	$	67,754	$	74,817	$	61,640
Net interest income	158,439		154,249		149,957		142,384		140,241
Total net revenue	266,231		248,435		217,711		217,201		201,881
Non-interest expense	(162,713)		(154,718)		(143,867)		(142,855)		(136,332)
Pre-provision net revenue	103,518		93,717		73,844		74,346		65,549
Provision for credit losses	(46,280)		(39,733)		(58,149)		(63,238)		(47,541)
Income before income tax expense	57,238		53,984		15,695		11,108		18,008
Income tax expense	(12,964)		(15,806)		(4,024)		(1,388)		(3,551)
GAAP Net income	$	44,274	$	38,178	$	11,671	$	9,720	$	14,457

Tangible Book Value Per Common Share


	September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024
GAAP common equity	$	1,462,213	$	1,406,035	$	1,364,517	$	1,341,731	$	1,342,895
Less: Goodwill	(75,717)		(75,717)		(75,717)		(75,717)		(75,717)
Less: Customer relationship intangible assets	(8,206)		(7,068)		(7,778)		(8,586)		(9,439)
Tangible common equity	$	1,378,290	$	1,323,250	$	1,281,022	$	1,257,428	$	1,257,739

Book value per common share
GAAP common equity	$	1,462,213	$	1,406,035	$	1,364,517	$	1,341,731	$	1,342,895
Common shares issued and outstanding	115,301,440		114,740,147		114,199,832		113,383,917		112,401,990
Book value per common share	$	12.68	$	12.25	$	11.95	$	11.83	$	11.95

Tangible book value per common share
Tangible common equity	$	1,378,290	$	1,323,250	$	1,281,022	$	1,257,428	$	1,257,739
Common shares issued and outstanding	115,301,440		114,740,147		114,199,832		113,383,917		112,401,990
Tangible book value per common share	$	11.95	$	11.53	$	11.22	$	11.09	$	11.19

LENDINGCLUB CORPORATION

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Continued)

(In thousands, except ratios)

(Unaudited)

Return On Tangible Common Equity


	For the three months ended
	September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024
Average GAAP common equity	$	1,424,538		$	1,381,199		$	1,349,473		$	1,335,730		$	1,307,521
Less: Average goodwill	(75,717)			(75,717)			(75,717)			(75,717)			(75,717)
Less: Average customer relationship intangible assets	(6,722)			(7,423)			(8,182)			(9,013)			(9,866)
Average tangible common equity	$	1,342,099		$	1,298,059		$	1,265,574		$	1,251,000		$	1,221,938

Return on average equity
Annualized GAAP net income	$	177,096		$	152,712		$	46,684		$	38,880		$	57,828
Average GAAP common equity	$	1,424,538		$	1,381,199		$	1,349,473		$	1,335,730		$	1,307,521
Return on average equity	12.4		%	11.1		%	3.5		%	2.9		%	4.4		%

Return on tangible common equity
Annualized GAAP net income	$	177,096		$	152,712		$	46,684		$	38,880		$	57,828
Average tangible common equity	$	1,342,099		$	1,298,059		$	1,265,574		$	1,251,000		$	1,221,938
Return on tangible common equity	13.2		%	11.8		%	3.7		%	3.1		%	4.7		%