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): January 28, 2026


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 January 28, 2026, LendingClub Corporation (“LendingClub”) issued a press release (the “Earnings Press Release”) regarding its financial results for the fourth quarter and full year ended December 31, 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 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 January 28, 2026
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:	January 28, 2026	By:	/s/ ANDREW LABENNE
			Andrew LaBenne
			Chief Financial Officer
			(duly authorized officer)

EX-99.1 2 q425exhibit991er.htm EX-99.1 Document

EXHIBIT 99.1

LendingClub Reports Fourth Quarter and Full Year 2025 Results

Delivered $41.6 million GAAP Net Income, 11.3% ROE and 11.9% ROTCE in fourth quarter

Increased Originations +40%, Revenue +23%, and Diluted EPS +338% in fourth quarter compared to prior year

For the full year 2025: Grew Originations +33%, Revenue +27%, and Diluted EPS +158% compared to prior year

SAN FRANCISCO – January 28, 2026 – LendingClub Corporation (NYSE: LC) today announced financial results for the fourth quarter and full year ended December 31, 2025.

“We closed out a fantastic year with another strong quarter, delivering 40% originations growth and ROTCE approaching 12%,” said Scott Sanborn, LendingClub CEO. “On a full-year basis, we grew originations 33% and more than doubled EPS. We’re entering 2026 from a position of strength, with product innovations and marketing investments taking hold while credit continues to outperform. Our entry into home improvement financing is creating new opportunities and we also expect to leverage ongoing operating discipline and AI efficiencies to further strengthen the earnings power of the company.”

Fourth Quarter 2025 Results

Highlights:

•Achieved $2.6 billion in origination volume, up 40% compared to the prior year, driven by the successful execution of product and marketing initiatives.

•More than quadrupled Diluted EPS to $0.35 compared to the prior year.

•Continued to deliver credit outperformance vs. competitor set, with over 40% better performance.

•Executed $11.9 million of the $100 million S tock R epurchase and A cquisition P rogram.

•Announced entry into home improvement financing through foundational tech and talent acquisition and a distribution partnership.

•Showcased distinct competitive advantages and near-term and medium-term growth strategy at Investor Day1.

Balance Sheet:

•Total assets of $11.6 billion, up 9% year-over-year, supported primarily by growth in loans on the balance sheet.

•Deposits of $9.8 billion, up 8% year-over-year, driven by growth in consumer accounts.

◦88% of total deposits are FDIC-insured.

•Robust available liquidity of $4.0 billion.

•Strong capital position with a consolidated Tier 1 leverage ratio of 12.0% and a CET1 capital ratio of 17.4%.

Financial Performance:

•Loan originations grew 40% to $2.6 billion, compared to $1.8 billion in the prior year.

•Total net revenue increased 23% to $266.5 million, compared to $217.2 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 5.98%, compared to 5.42% in the prior year, driven by improved deposit funding costs.

•Provision for credit losses of $47.2 million, compared to $63.2 million in the prior year, driven by strong credit performance and fewer loans held-for-investment at amortized cost in the period.

•Net charge-offs in the held-for-investment at amortized cost loan portfolio improved to $40.1 million, compared to $46.0 million in the prior year, driven by strong credit performance as well as portfolio composition and maturity.

•Net income and Diluted EPS more than quadrupled to $41.6 million and $0.35, respectively, compared to $9.7 million and $0.08 in the prior year, respectively.

•Return on Equity (ROE) of 11.3% with a Return on Tangible Common Equity (ROTCE) of 11.9%.

•Pre-Provision Net Revenue (PPNR) increased 31% to $97.2 million, compared to $74.3 million in the prior year.

1 LendingClub Investor Day Presentation: https://ir.lendingclub.com/events-and-presentations/event-details/2025/LendingClub-2025-Investor-Day-2025-jNi5hV3tmT/default.aspx


	Three Months Ended						Year Ended
($ in millions, except per share amounts)	December 31, 2025		September 30, 2025		December 31, 2024			December 31, 2025		December 31, 2024




Total net revenue	$	266.5	$	266.2	$	217.2		$	998.8	$	787.0
Non-interest expense	169.3		162.7		142.9			630.6		543.7
Pre-provision net revenue (1)	97.2		103.5		74.3			368.3		243.3
Provision for credit losses	47.2		46.3		63.2			191.3		178.3
Income before income tax expense	50.0		57.2		11.1			176.9		65.1
Income tax expense	(8.5)		(13.0)		(1.4)			(41.3)		(13.7)
Net income	$	41.6	$	44.3	$	9.7		$	135.7	$	51.3

Diluted EPS	$	0.35	$	0.37	$	0.08		$	1.16	$	0.45

(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


			First Quarter 2026
Loan originations			$2.55B to $2.65B
Diluted EPS			$0.34 to $0.39


			Full Year 2026
Loan originations			$11.6B to $12.6B
Diluted EPS			$1.65 to $1.80

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 fourth 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, January 28, 2026. 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/908793751 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.

Question Submissions

Prior to quarterly earnings, investors have the ability to submit and upvote questions for LendingClub’s management team to consider. To participate, visit the link provided in each quarter's earnings date announcement.

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 14 and 15 of this release.

Safe Harbor Statement

Some of the statements above, including statements regarding our entry into home improvement financing and anticipated future performance and financial results, are “forward-looking statements.” The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “outlook,” “plan,” “predict,” “project,” “should,” “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 purchases); competition; overall economic conditions; our ability to integrate acquired technology; the interest rate and/or 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. Actual results or events could differ materially from the plans, intentions and expectations disclosed in forward-looking statements, and you should not place undue reliance on 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
	December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024			Q/Q		Y/Y
Operating Highlights:
Non-interest income	$	103,444		$	107,792		$	94,186		$	67,754		$	74,817		(4)	%	38	%
Net interest income	163,027			158,439			154,249			149,957			142,384			3	%	14	%
Total net revenue	266,471			266,231			248,435			217,711			217,201			—	%	23	%
Non-interest expense	169,284			162,713			154,718			143,867			142,855			4	%	19	%
Pre-provision net revenue(1)	97,187			103,518			93,717			73,844			74,346			(6)	%	31	%
Provision for credit losses	47,158			46,280			39,733			58,149			63,238			2	%	(25)	%
Income before income tax expense	50,029			57,238			53,984			15,695			11,108			(13)	%	350	%
Income tax expense	(8,475)			(12,964)			(15,806)			(4,024)			(1,388)			(35)	%	511	%
Net income	$	41,554		$	44,274		$	38,178		$	11,671		$	9,720		(6)	%	328	%

Basic EPS	$	0.36		$	0.39		$	0.33		$	0.10		$	0.09		(8)	%	300	%
Diluted EPS	$	0.35		$	0.37		$	0.33		$	0.10		$	0.08		(5)	%	338	%











LendingClub Corporation Performance Metrics:
Net interest margin	5.98		%	6.18		%	6.14		%	5.97		%	5.42		%
Efficiency ratio(2)	63.5		%	61.1		%	62.3		%	66.1		%	65.8		%


Return on average equity (ROE)(3)	11.3		%	12.4		%	11.1		%	3.5		%	2.9		%
Return on tangible common equity (ROTCE)(1)(4)	11.9		%	13.2		%	11.8		%	3.7		%	3.1		%


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

Marketing expense as a % of loan originations	1.77		%	1.55		%	1.40		%	1.47		%	1.27		%

LendingClub Corporation Capital Metrics:
Common equity Tier 1 capital ratio	17.4		%	18.0		%	17.5		%	17.8		%	17.3		%
Tier 1 leverage ratio	12.0		%	12.3		%	12.2		%	11.7		%	11.0		%
Book value per common share	$	13.01		$	12.68		$	12.25		$	11.95		$	11.83		3	%	10	%
Tangible book value per common share(1)	$	12.30		$	11.95		$	11.53		$	11.22		$	11.09		3	%	11	%

Loan Originations (in millions)(6):
Total loan originations	$	2,587		$	2,622		$	2,391		$	1,989		$	1,846		(1)	%	40	%
Marketplace loans	$	2,090		$	2,027		$	1,702		$	1,314		$	1,241		3	%	68	%
Loan originations held for investment	$	497		$	594		$	689		$	675		$	605		(16)	%	(18)	%
Loan originations held for investment as a % of total loan originations	19		%	23		%	29		%	34		%	33		%

Servicing Portfolio AUM (in millions)(7):
Total servicing portfolio	$	13,423		$	12,986		$	12,524		$	12,241		$	12,371		3	%	9	%
Loans serviced for others	$	7,601		$	7,612		$	7,185		$	7,130		$	7,207		—	%	5	%

(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 and auto 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
	December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024		Q/Q		Y/Y
Balance Sheet Data:
Securities available for sale	$	3,706,709	$	3,742,304	$	3,527,142	$	3,426,571	$	3,452,648	(1)	%	7	%
Loans held for sale at fair value	$	1,762,396	$	1,213,140	$	1,008,168	$	703,378	$	636,352	45	%	177	%
Loans and leases held for investment at amortized cost	$	4,272,812	$	4,363,415	$	4,386,321	$	4,215,449	$	4,125,818	(2)	%	4	%
Gross allowance for loan and lease losses (1)	$	(312,667)	$	(308,218)	$	(293,707)	$	(288,308)	$	(285,686)	1	%	9	%
Recovery asset value (2)	$	36,924	$	40,444	$	40,718	$	44,115	$	48,952	(9)	%	(25)	%
Allowance for loan and lease losses	$	(275,743)	$	(267,774)	$	(252,989)	$	(244,193)	$	(236,734)	3	%	16	%
Loans and leases held for investment at amortized cost, net	$	3,997,069	$	4,095,641	$	4,133,332	$	3,971,256	$	3,889,084	(2)	%	3	%
Loans held for investment at fair value	$	473,314	$	477,784	$	631,736	$	818,882	$	1,027,798	(1)	%	(54)	%
Total loans and leases held for investment	$	4,470,383	$	4,573,425	$	4,765,068	$	4,790,138	$	4,916,882	(2)	%	(9)	%
Whole loans held on balance sheet (3)	$	6,232,779	$	5,786,565	$	5,773,236	$	5,493,516	$	5,553,234	8	%	12	%
Total assets	$	11,567,816	$	11,072,515	$	10,775,333	$	10,483,096	$	10,630,509	4	%	9	%
Total deposits	$	9,833,870	$	9,388,233	$	9,136,124	$	8,905,902	$	9,068,237	5	%	8	%
Total liabilities	$	10,067,388	$	9,610,302	$	9,369,298	$	9,118,579	$	9,288,778	5	%	8	%
Total equity	$	1,500,428	$	1,462,213	$	1,406,035	$	1,364,517	$	1,341,731	3	%	12	%

(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
	December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024
Asset Quality Metrics (1):
Allowance for loan and lease losses to total loans and leases held for investment at amortized cost	6.5		%	6.1		%	5.8		%	5.8		%	5.7		%

Allowance for loan and lease losses to commercial loans and leases held for investment at amortized cost	2.5		%	2.3		%	2.3		%	2.7		%	3.9		%
Allowance for loan and lease losses to consumer loans and leases held for investment at amortized cost	7.2		%	6.8		%	6.4		%	6.3		%	6.1		%
Gross allowance for loan and lease losses to consumer loans and leases held for investment at amortized cost	8.2		%	7.9		%	7.5		%	7.5		%	7.5		%
Net charge-offs	$	40,074		$	31,122		$	31,800		$	48,923		$	45,977
Net charge-off ratio (2)	3.7		%	2.9		%	3.0		%	4.8		%	4.5		%

(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:


	December 31, 2025		December 31, 2024
Unsecured personal	$	3,191,430	$	3,106,472
Residential mortgages	151,073		172,711
Secured consumer	261,045		230,232

Total consumer loans held for investment	3,603,548		3,509,415
Equipment finance (1)	39,757		64,232
Commercial real estate (2)	472,489		373,785
Commercial and industrial	157,018		178,386
Total commercial loans and leases held for investment	669,264		616,403
Total loans and leases held for investment at amortized cost	4,272,812		4,125,818
Allowance for loan and lease losses	(275,743)		(236,734)
Loans and leases held for investment at amortized cost, net	$	3,997,069	$	3,889,084
Loans held for investment at fair value	473,314		1,027,798
Total loans and leases held for investment	$	4,470,383	$	4,916,882

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

(2) Includes $286.8 million and $160.1 million in loans originated through the Small Business Association (SBA) as of December 31, 2025 and December 31, 2024, respectively.

LENDINGCLUB CORPORATION

ALLOWANCE FOR LOAN AND LEASE LOSSES

(In thousands)

(Unaudited)

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


	December 31, 2025		December 31, 2024
Gross allowance for loan and lease losses (1)	$	312,667	$	285,686
Recovery asset value (2)	(36,924)		(48,952)
Allowance for loan and lease losses	$	275,743	$	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
	December 31, 2025						September 30, 2025
	Consumer		Commercial		Total		Consumer		Commercial		Total
Allowance for loan and lease losses, beginning of period	$	252,557	$	15,217	$	267,774	$	237,433	$	15,556	$	252,989
Credit loss expense (benefit) for loans and leases held for investment	46,560		1,483		48,043		46,390		(483)		45,907

Charge-offs	(54,556)		(2)		(54,558)		(47,886)		—		(47,886)
Recoveries	14,250		234		14,484		16,620		144		16,764
Allowance for loan and lease losses, end of period	$	258,811	$	16,932	$	275,743	$	252,557	$	15,217	$	267,774


	Three Months Ended
	December 31, 2024
	Consumer		Commercial		Total
Allowance for loan and lease losses, beginning of period	$	200,899	$	19,665	$	220,564
Credit loss expense for loans and leases held for investment	56,322		5,825		62,147

Charge-offs	(64,167)		(1,887)		(66,054)
Recoveries	19,544		533		20,077
Allowance for loan and lease losses, end of period	$	212,598	$	24,136	$	236,734

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:


December 31, 2025	30-59 Days		60-89 Days		90 or More Days		Total		Guaranteed Amount (1)
Unsecured personal	$	22,491	$	18,550	$	17,936	$	58,977	$	—
Residential mortgages	—		888		86		974		—
Secured consumer	3,006		596		395		3,997		—
Total consumer loans held for investment	$	25,497	$	20,034	$	18,417	$	63,948	$	—

Equipment finance	$	696	$	—	$	3,088	$	3,784	$	—
Commercial real estate	—		—		11,182		11,182		8,231
Commercial and industrial	1,540		1,878		20,074		23,492		14,930
Total commercial loans and leases held for investment	$	2,236	$	1,878	$	34,344	$	38,458	$	23,161
Total loans and leases held for investment at amortized cost	$	27,733	$	21,912	$	52,761	$	102,406	$	23,161


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 (%)
	December 31, 2025		September 30, 2025		December 31, 2024		Q4 2025 vs Q3 2025		Q4 2025 vs Q4 2024
Non-interest income:
Origination fees	$	109,562	$	105,731	$	64,745	4	%	69	%
Servicing fees	12,845		17,000		17,391		(24)	%	(26)	%
Gain on sales of loans	15,546		17,799		15,007		(13)	%	4	%
Net fair value adjustments	(39,451)		(38,375)		(24,980)		(3)	%	(58)	%
Marketplace revenue	98,502		102,155		72,163		(4)	%	36	%
Other non-interest income	4,942		5,637		2,654		(12)	%	86	%
Total non-interest income	103,444		107,792		74,817		(4)	%	38	%








Total interest income	250,586		241,801		240,596		4	%	4	%






Total interest expense	87,559		83,362		98,212		5	%	(11)	%
Net interest income	163,027		158,439		142,384		3	%	14	%

Total net revenue	266,471		266,231		217,201		—	%	23	%

Provision for credit losses	47,158		46,280		63,238		2	%	(25)	%

Non-interest expense:
Compensation and benefits	60,638		60,830		58,656		—	%	3	%
Marketing	45,680		40,712		23,415		12	%	95	%
Equipment and software	14,410		13,465		13,361		7	%	8	%
Depreciation and amortization	16,641		16,879		19,748		(1)	%	(16)	%
Professional services	11,353		10,922		9,136		4	%	24	%
Occupancy	5,457		5,245		3,991		4	%	37	%
Other non-interest expense	15,105		14,660		14,548		3	%	4	%
Total non-interest expense	169,284		162,713		142,855		4	%	19	%

Income before income tax expense	50,029		57,238		11,108		(13)	%	350	%
Income tax expense	(8,475)		(12,964)		(1,388)		(35)	%	511	%
Net income	$	41,554	$	44,274	$	9,720	(6)	%	328	%

Net income per share:
Basic EPS	$	0.36	$	0.39	$	0.09	(8)	%	300	%
Diluted EPS	$	0.35	$	0.37	$	0.08	(5)	%	338	%
Weighted-average common shares – Basic	115,334,621		114,961,676		112,788,050		—	%	2	%
Weighted-average common shares – Diluted	118,855,315		118,188,124		116,400,285		1	%	2	%

LENDINGCLUB CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Continued)

(In thousands, except share and per share data)

(Unaudited)


	Year Ended December 31,
	2025		2024		Change (%)
Non-interest income:
Origination fees	$	372,815	$	283,420	32	%
Servicing fees	58,988		64,933		(9)	%
Gain on sales of loans	59,087		49,097		20	%
Net fair value adjustments	(134,946)		(154,659)		13	%
Marketplace revenue	355,944		242,791		47	%
Other non-interest income	17,232		10,179		69	%
Total non-interest income	373,176		252,970		48	%

Total interest income	961,543		907,958		6	%
Total interest expense	335,871		373,917		(10)	%
Net interest income	625,672		534,041		17	%

Total net revenue	998,848		787,011		27	%

Provision for credit losses	191,320		178,267		7	%

Non-interest expense:
Compensation and benefits	241,846		232,158		4	%
Marketing	149,211		100,402		49	%
Equipment and software	57,014		51,194		11	%
Depreciation and amortization	62,889		58,834		7	%
Professional services	42,339		32,045		32	%
Occupancy	19,834		15,798		26	%
Other non-interest expense	57,449		53,247		8	%
Total non-interest expense	630,582		543,678		16	%

Income before income tax expense	176,946		65,066		172	%
Income tax expense	(41,269)		(13,736)		200	%
Net income	$	135,677	$	51,330	164	%

Net income per share:
Basic EPS	$	1.18	$	0.46	157	%
Diluted EPS	$	1.16	$	0.45	158	%
Weighted-average common shares – Basic	114,605,220		111,731,523		3	%
Weighted-average common shares – Diluted	117,233,815		113,122,859		4	%

LENDINGCLUB CORPORATION

NET INTEREST INCOME

(In thousands, except percentages or as noted)

(Unaudited)


	Consolidated LendingClub Corporation (1)
	Three Months Ended December 31, 2025						Three Months Ended September 30, 2025						Three Months Ended December 31, 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	$	905,427	$	8,824	3.90	%	$	603,777	$	6,390	4.23	%	$	1,193,570	$	14,194	4.76	%
Securities available for sale at fair value	3,695,980		55,948		6.06	%	3,564,732		56,253		6.31	%	3,390,315		57,259		6.76	%
Loans held for sale at fair value	1,530,624		51,006		13.33	%	1,198,581		37,628		12.56	%	673,279		20,696		12.30	%
Loans and leases held for investment:
Unsecured personal loans	3,252,204		106,716		13.13	%	3,268,142		110,151		13.48	%	3,080,934		104,011		13.50	%
Commercial and other consumer loans	1,060,201		15,800		5.96	%	1,069,629		16,060		6.01	%	1,023,041		14,203		5.55	%
Loans and leases held for investment at amortized cost	4,312,405		122,516		11.36	%	4,337,771		126,211		11.64	%	4,103,975		118,214		11.52	%
Loans held for investment at fair value	455,168		12,292		10.80	%	552,848		15,319		11.08	%	1,153,204		30,233		10.49	%
Total loans and leases held for investment	4,767,573		134,808		11.31	%	4,890,619		141,530		11.58	%	5,257,179		148,447		11.29	%
Total interest-earning assets	10,899,604		250,586		9.20	%	10,257,709		241,801		9.43	%	10,514,343		240,596		9.15	%
Cash and due from banks and restricted cash	32,308						29,655						51,555
Allowance for loan and lease losses	(275,187)						(260,744)						(227,673)
Other non-interest earning assets	644,221						638,821						597,609
Total assets	$	11,300,946					$	10,665,441					$	10,935,834
Interest-bearing liabilities
Interest-bearing deposits:


Savings and money market accounts	6,478,888		60,960		3.73	%	6,442,649		61,782		3.80	%	5,719,248		61,545		4.28	%
Certificates of deposit	2,400,374		25,377		4.19	%	1,851,320		19,990		4.28	%	2,638,470		32,288		4.87	%
Checking accounts	396,430		1,221		1.22	%	406,494		1,449		1.41	%	662,510		4,367		2.62	%
Interest-bearing deposits	9,275,692		87,558		3.75	%	8,700,463		83,221		3.79	%	9,020,228		98,200		4.33	%
Other interest-bearing liabilities	109		1		4.28	%	12,174		141		4.61	%	615		12		7.20	%
Total interest-bearing liabilities	9,275,801		87,559		3.75	%	8,712,637		83,362		3.80	%	9,020,843		98,212		4.33	%
Noninterest-bearing deposits	311,147						291,231						328,022
Other liabilities	240,642						237,035						251,239
Total liabilities	$	9,827,590					$	9,240,903					$	9,600,104
Total equity	$	1,473,356					$	1,424,538					$	1,335,730
Total liabilities and equity	$	11,300,946					$	10,665,441					$	10,935,834

Interest rate spread					5.45	%					5.63	%					4.82	%

Net interest income and net interest margin			$	163,027	5.98	%			$	158,439	6.18	%			$	142,384	5.42	%

(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)


	December 31, 2025		December 31, 2024
Assets
Cash and due from banks	$	11,749	$	15,524
Interest-bearing deposits in banks	905,905		938,534
Total cash and cash equivalents	917,654		954,058
Restricted cash	12,783		23,338
Securities available for sale at fair value ($3,733,780 and $3,492,264 at amortized cost, respectively)	3,706,709		3,452,648
Loans held for sale at fair value	1,762,396		636,352
Loans and leases held for investment	4,272,812		4,125,818
Allowance for loan and lease losses	(275,743)		(236,734)
Loans and leases held for investment, net	3,997,069		3,889,084
Loans held for investment at fair value	473,314		1,027,798
Property, equipment and software, net	254,088		167,532
Goodwill	75,717		75,717
Other assets	368,086		403,982
Total assets	$	11,567,816	$	10,630,509
Liabilities and Equity
Deposits:
Interest-bearing	$	9,459,483	$	8,676,119
Noninterest-bearing	374,387		392,118
Total deposits	9,833,870		9,068,237


Other liabilities	233,518		220,541
Total liabilities	10,067,388		9,288,778
Equity

Common stock, $0.01 par value; 180,000,000 shares authorized; 115,368,987 and 113,383,917 shares issued and outstanding, respectively	1,154		1,134
Additional paid-in capital	1,719,233		1,702,316
Accumulated deficit	(201,799)		(337,476)

Accumulated other comprehensive loss	(18,160)		(24,243)


Total equity	1,500,428		1,341,731
Total liabilities and equity	$	11,567,816	$	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
	December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024
GAAP Net income	$	41,554	$	44,274	$	38,178	$	11,671	$	9,720
Less: Provision for credit losses	(47,158)		(46,280)		(39,733)		(58,149)		(63,238)
Less: Income tax expense	(8,475)		(12,964)		(15,806)		(4,024)		(1,388)
Pre-provision net revenue	$	97,187	$	103,518	$	93,717	$	73,844	$	74,346


	For the three months ended
	December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024
Non-interest income	$	103,444	$	107,792	$	94,186	$	67,754	$	74,817
Net interest income	163,027		158,439		154,249		149,957		142,384
Total net revenue	266,471		266,231		248,435		217,711		217,201
Non-interest expense	(169,284)		(162,713)		(154,718)		(143,867)		(142,855)
Pre-provision net revenue	97,187		103,518		93,717		73,844		74,346
Provision for credit losses	(47,158)		(46,280)		(39,733)		(58,149)		(63,238)
Income before income tax expense	50,029		57,238		53,984		15,695		11,108
Income tax expense	(8,475)		(12,964)		(15,806)		(4,024)		(1,388)
GAAP Net income	$	41,554	$	44,274	$	38,178	$	11,671	$	9,720

Tangible Book Value Per Common Share


	December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025		December 31, 2024
GAAP common equity	$	1,500,428	$	1,462,213	$	1,406,035	$	1,364,517	$	1,341,731
Less: Goodwill	(75,717)		(75,717)		(75,717)		(75,717)		(75,717)
Less: Customer relationship intangible assets	(5,685)		(8,206)		(7,068)		(7,778)		(8,586)
Tangible common equity	$	1,419,026	$	1,378,290	$	1,323,250	$	1,281,022	$	1,257,428

Book value per common share
GAAP common equity	$	1,500,428	$	1,462,213	$	1,406,035	$	1,364,517	$	1,341,731
Common shares issued and outstanding	115,368,987		115,301,440		114,740,147		114,199,832		113,383,917
Book value per common share	$	13.01	$	12.68	$	12.25	$	11.95	$	11.83

Tangible book value per common share
Tangible common equity	$	1,419,026	$	1,378,290	$	1,323,250	$	1,281,022	$	1,257,428
Common shares issued and outstanding	115,368,987		115,301,440		114,740,147		114,199,832		113,383,917
Tangible book value per common share	$	12.30	$	11.95	$	11.53	$	11.22	$	11.09

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
	December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024
Average GAAP common equity	$	1,473,356		$	1,424,538		$	1,381,199		$	1,349,473		$	1,335,730
Less: Average goodwill	(75,717)			(75,717)			(75,717)			(75,717)			(75,717)
Less: Average customer relationship intangible assets	(6,031)			(6,722)			(7,423)			(8,182)			(9,013)
Average tangible common equity	$	1,391,608		$	1,342,099		$	1,298,059		$	1,265,574		$	1,251,000

Return on average equity
Annualized GAAP net income	$	166,216		$	177,096		$	152,712		$	46,684		$	38,880
Average GAAP common equity	$	1,473,356		$	1,424,538		$	1,381,199		$	1,349,473		$	1,335,730
Return on average equity	11.3		%	12.4		%	11.1		%	3.5		%	2.9		%

Return on tangible common equity
Annualized GAAP net income	$	166,216		$	177,096		$	152,712		$	46,684		$	38,880
Average tangible common equity	$	1,391,608		$	1,342,099		$	1,298,059		$	1,265,574		$	1,251,000
Return on tangible common equity	11.9		%	13.2		%	11.8		%	3.7		%	3.1		%