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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 March 31, 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 April 18, 2025, there were 114,199,832 shares of the registrant’s common stock outstanding.

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LENDINGCLUB CORPORATION

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION
Item 1.			Financial Statements
			Condensed Consolidated Balance Sheets			6
			Condensed Consolidated Statements of Income			7
			Condensed Consolidated Statements of Comprehensive Income			8
			Condensed Consolidated Statements of Changes in Equity			9
			Condensed Consolidated Statements of Cash Flows			10
			Notes to Condensed Consolidated Financial Statements			12
			Note 1. Summary of Significant Accounting Policies			12
			Note 2. Marketplace Revenue			13
			Note 3. Earnings Per Share			14
			Note 4. Securities Available for Sale			15
			Note 5. Loans and Leases Held for Investment at Amortized Cost, Net of Allowance for Loan and Lease Losses			18
			Note 6. Securitizations and Variable Interest Entities			27
			Note 7. Fair Value Measurements			28
			Note 8. Derivative Instruments and Hedging Activities			37
			Note 9. Property, Equipment and Software, net			39
			Note 10. Goodwill and Intangible Assets			39
			Note 11. Other Assets			40
			Note 12. Deposits			41
			Note 13. Borrowings			41
			Note 14. Other Liabilities			42
			Note 15. Employee Incentive Plans			42
			Note 16. Income Taxes			43
			Note 17. Leases			44
			Note 18. Commitments and Contingencies			45
			Note 19. Regulatory Requirements			46
			Note 20. Segment Reporting			48
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			51
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			78
Item 4.			Controls and Procedures			78
PART II. OTHER INFORMATION
Item 1.			Legal Proceedings			78
Item 1A.			Risk Factors			78
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			79
Item 3.			Defaults Upon Senior Securities			80
Item 4.			Mine Safety Disclosures			80
Item 5.			Other Information			80
Item 6.			Exhibits			81
Signatures						82

1

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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

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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

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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; and

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LENDINGCLUB CORPORATION

•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

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PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

LENDINGCLUB CORPORATION

Condensed Consolidated Balance Sheets

(In Thousands, Except Share and Per Share Amounts)

(Unaudited)

			March 31, 2025						December 31, 2024
Assets
Cash and due from banks			$	20,191					$	15,524
Interest-bearing deposits in banks			875,324						938,534
Total cash and cash equivalents			895,515						954,058
Restricted cash			24,732						23,338
Securities available for sale at fair value ($3,462,166 and $3,492,264 at amortized cost, respectively)			3,426,571						3,452,648
Loans held for sale at fair value			703,378						636,352
Loans and leases held for investment			4,215,449						4,125,818
Allowance for loan and lease losses			(244,193)						(236,734)
Loans and leases held for investment, net			3,971,256						3,889,084
Loans held for investment at fair value			818,882						1,027,798
Property, equipment and software, net			168,899						167,532
Goodwill			75,717						75,717
Other assets			398,146						403,982
Total assets			$	10,483,096					$	10,630,509
Liabilities and Equity
Deposits:
Interest-bearing			$	8,540,068					$	8,676,119
Noninterest-bearing			365,834						392,118
Total deposits			8,905,902						9,068,237
Other liabilities			212,677						220,541
Total liabilities			9,118,579						9,288,778
Equity
Common stock, $0.01 par value; 180,000,000 shares authorized; 114,199,832 and 113,383,917 shares issued and outstanding, respectively			1,142						1,134
Additional paid-in capital			1,711,429						1,702,316
Accumulated deficit			(325,805)						(337,476)
Accumulated other comprehensive loss			(22,249)						(24,243)
Total equity			1,364,517						1,341,731
Total liabilities and equity			$	10,483,096					$	10,630,509

See Notes to Condensed Consolidated Financial Statements.

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LENDINGCLUB CORPORATION

Condensed Consolidated Statements of Income

(In Thousands, Except Share and Per Share Amounts)

(Unaudited)

			Three Months Ended March 31,
			2025						2024
Non-interest income:
Marketplace revenue			$	65,643					$	55,891
Other non-interest income			2,111						1,909
Total non-interest income			67,754						57,800
Interest income:
Interest on loans held for sale			21,814						14,699
Interest and fees on loans and leases held for investment			118,949						132,393
Interest on loans held for investment at fair value			25,410						8,409
Interest on securities available for sale			56,280						35,347
Other interest income			9,606						16,503
Total interest income			232,059						207,351
Interest expense:
Interest on deposits			82,100						83,963
Other interest expense			2						500
Total interest expense			82,102						84,463
Net interest income			149,957						122,888
Total net revenue			217,711						180,688
Provision for credit losses			58,149						31,927
Non-interest expense:
Compensation and benefits			58,389						59,554
Marketing			29,239						24,136
Equipment and software			14,644						12,684
Depreciation and amortization			13,909						12,673
Professional services			9,764						7,091
Occupancy			4,345						3,861
Other non-interest expense			13,577						12,234
Total non-interest expense			143,867						132,233
Income before income tax expense			15,695						16,528
Income tax expense			(4,024)						(4,278)
Net income			$	11,671					$	12,250
Earnings per share: (1)
Basic EPS			$	0.10					$	0.11
Diluted EPS			$	0.10					$	0.11
Weighted-average common shares – Basic			113,693,399						110,685,796
Weighted-average common shares – Diluted			116,176,898						110,687,380

(1)    See “Notes to Condensed Consolidated Financial Statements – Note 3. Earnings Per Share” for additional information.

See Notes to Condensed Consolidated Financial Statements.

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LENDINGCLUB CORPORATION

Condensed Consolidated Statements of Comprehensive Income

(In Thousands)

(Unaudited)

			Three Months Ended March 31,
			2025						2024
Net income			$	11,671					$	12,250
Other comprehensive income (loss):
Change in net unrealized gain (loss) on securities available for sale			3,483						(9,430)
Income tax effect			(1,489)						2,537
Other comprehensive income (loss), net of tax			1,994						(6,893)
Total comprehensive income			$	13,665					$	5,357

See Notes to Condensed Consolidated Financial Statements.

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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 December 31, 2024															113,383,917						$	1,134					$	1,702,316																	$	(24,243)					$	(337,476)					$	1,341,731
Stock-based compensation															—						—						9,921																		—						—						9,921
Net issuances under equity incentive plans															815,915						8						(808)																		—						—						(800)
Net unrealized gain on securities available for sale, net of tax															—						—						—																		1,994						—						1,994
Net income															—						—						—																		—						11,671						11,671
Balance at March 31, 2025															114,199,832						$	1,142					$	1,711,429																	$	(22,249)					$	(325,805)					$	1,364,517
									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															—						—						13,599																		—						—						13,599
Net issuances under equity incentive plans															709,813						7						(4,499)																		—						—						(4,492)
Net unrealized loss on securities available for sale, net of tax															—						—						—																		(6,893)						—						(6,893)
Net income															—						—						—																		—						12,250						12,250
Balance at March 31, 2024															111,120,415						$	1,111					$	1,678,928																	$	(37,197)					$	(376,556)					$	1,266,286

See Notes to Condensed Consolidated Financial Statements.

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LENDINGCLUB CORPORATION

Condensed Consolidated Statements of Cash Flows

(In Thousands)

(Unaudited)

			Three Months Ended March 31,
			2025						2024
Cash Flows from Operating Activities:
Net income			$	11,671					$	12,250
Adjustments to reconcile net income to net cash used for operating activities:
Net fair value adjustments			29,251						44,689
Change in fair value of loan servicing assets			17,058						19,428
Gain on sales of loans			(12,202)						(10,909)
Provision for credit losses			58,149						31,927
Accretion of loan deferred fees and costs			(15,834)						(18,829)
Stock-based compensation, net			8,519						11,544
Depreciation and amortization			13,909						12,673
Other, net			3,172						(1,020)
Net change to loans held for sale			(448,379)						(928,163)
Net change in operating assets and liabilities:
Other assets			5,442						2,006
Other liabilities			(10,012)						(22,112)
Net cash used for operating activities			(339,256)						(846,516)
Cash Flows from Investing Activities:
Net change in loans and leases			85,848						121,263
Proceeds from maturities and paydowns of securities available for sale			380,365						119,556
Purchases of property, equipment and software, net			(13,066)						(11,781)
Other investing activities			(2,689)						(12,156)
Net cash provided by investing activities			450,458						216,882
Cash Flows from Financing Activities:
Net change in deposits			(167,601)						199,255
Principal payments on borrowings			—						(6,981)
Proceeds from short-term borrowings			—						250,000
Other financing activities			(750)						(4,428)
Net cash (used for) provided by financing activities			(168,351)						437,846
Net Decrease in Cash, Cash Equivalents and Restricted Cash			$	(57,149)					$	(191,788)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period			$	977,396					$	1,294,148
Cash, Cash Equivalents and Restricted Cash, End of Period			$	920,247					$	1,102,360
Supplemental Cash Flow Information:
Cash paid for interest			$	84,348					$	90,682
Cash paid for operating leases included in the measurement of lease liabilities			$	3,237					$	3,089
Supplemental Non-cash Investing Activity:
Net securities retained from Structured Program transactions			$	349,002					$	738,976

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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:

			March 31, 2025						December 31, 2024
Cash and cash equivalents			$	895,515					$	954,058
Restricted cash			24,732						23,338
Total cash, cash equivalents and restricted cash			$	920,247					$	977,396

See Notes to Condensed Consolidated Financial Statements.

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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 three months ended March 31, 2025.

Adoption of New Accounting Standards

The Company did not adopt new accounting standards during the three months ended March 31, 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 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.

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LENDINGCLUB CORPORATION

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)

(Unaudited)

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.”

The following table presents components of marketplace revenue for the periods presented:

			Three Months Ended March 31,
			2025						2024
Origination fees			$	69,944					$	70,079
Servicing fees			12,748						19,592
Gain on sales of loans			12,202						10,909
Net fair value adjustments			(29,251)						(44,689)
Total marketplace revenue			$	65,643					$	55,891

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LENDINGCLUB CORPORATION

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)

(Unaudited)

3. Earnings Per Share

The following table details the computation of the Company’s basic and diluted earnings per share (EPS):

			Three Months Ended March 31,
			2025						2024
Basic EPS:
Net income attributable to stockholders			$	11,671					$	12,250
Weighted-average common shares – Basic			113,693,399						110,685,796
Basic EPS			$	0.10					$	0.11
Diluted EPS:
Net income attributable to stockholders			$	11,671					$	12,250
Weighted-average common shares – Diluted			116,176,898						110,687,380
Diluted EPS			$	0.10					$	0.11

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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:

March 31, 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)			$	2,842,522					$	26,759					$	—					$	—					$	2,869,281
U.S. agency residential mortgage-backed securities			265,265						142						(38,314)						—						227,093
Other asset-backed securities related to Structured Program transactions (2)			177,715						—						(323)						(4,848)						172,544
U.S. agency securities			90,460						—						(12,324)						—						78,136
Mortgage-backed securities			62,454						41						(5,490)						—						57,005
Other asset-backed securities			20,519						31						(506)						—						20,044
Municipal securities			3,231						—						(763)						—						2,468
Total securities available for sale (3)			$	3,462,166					$	26,973					$	(57,720)					$	(4,848)					$	3,426,571

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)			$	3,492,264					$	30,469					$	(66,558)					$	(3,527)					$	3,452,648

(1)    Excludes a $(0.3) million and $(2.2) million cumulative basis adjustment for securities designated in active fair value hedge relationships at March 31, 2025 and December 31, 2024, respectively. See “Note 8. Derivative Instruments and Hedging Activities” for additional information.

(2)    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.

(3)    Includes $375.5 million and $373.5 million of securities pledged as collateral at fair value as of March 31, 2025 and December 31, 2024, respectively.

15

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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
March 31, 2025			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
U.S. agency residential mortgage-backed securities			$	28,674					$	(364)					$	185,918					$	(37,950)					$	214,592					$	(38,314)
Other asset-backed securities related to Structured Program transactions			53,855						(323)						—						—						53,855						(323)
U.S. agency securities			—						—						78,136						(12,324)						78,136						(12,324)
Mortgage-backed securities			12,419						(82)						32,441						(5,408)						44,860						(5,490)
Other asset-backed securities			3,676						(7)						11,343						(499)						15,019						(506)
Municipal securities			—						—						2,468						(763)						2,468						(763)
Total securities with unrealized losses			$	98,624					$	(776)					$	310,306					$	(56,944)					$	408,930					$	(57,720)
			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 March 31, 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 March 31, 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

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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 March 31,
			2025						2024
Other asset-backed securities related to Structured Program transactions:
Allowance for credit losses, beginning of period			$	3,527					$	—
Credit loss expense for securities available for sale			1,321						2,892
Allowance for credit losses, end of period			$	4,848					$	2,892

The contractual maturities of AFS securities were as follows:

March 31, 2025			Amortized Cost						Fair Value						Weighted- average Yield (1)
Due within 1 year:
U.S. agency securities			$	3,000					$	2,996
Total due within 1 year			3,000						2,996						3.50		%
Due after 1 year through 5 years:
Senior asset-backed securities related to Structured Program transactions			2,842,522						2,869,281
Other asset-backed securities related to Structured Program transactions			177,715						172,544
U.S. agency securities			7,850						7,695
Mortgage-backed securities			2,666						2,442
Other asset-backed securities			232						231
Municipal securities			306						275
Total due after 1 year through 5 years			3,031,291						3,052,468						6.98		%
Due after 5 years through 10 years:
U.S. agency securities			26,997						24,144
Other asset-backed securities			11,883						11,864
U.S. agency residential mortgage-backed securities			3,587						3,441
Mortgage-backed securities			906						777
Municipal securities			309						270
Total due after 5 years through 10 years			43,682						40,496						3.51		%
Due after 10 years:
U.S. agency residential mortgage-backed securities			261,678						223,652
U.S. agency securities			52,613						43,301
Mortgage-backed securities			58,882						53,786
Other asset-backed securities			8,404						7,949
Municipal securities			2,616						1,923
Total due after 10 years			384,193						330,611						3.08		%
Total securities available for sale			$	3,462,166					$	3,426,571					6.50		%

(1)    The weighted-average yield is computed using the average month-end amortized cost during the three months ended March 31, 2025.

17

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LENDINGCLUB CORPORATION

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)

(Unaudited)

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

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 $32.2 million and $30.4 million as of March 31, 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:

			March 31, 2025						December 31, 2024
Unsecured personal			$	3,212,638					$	3,106,472
Residential mortgages			170,138						172,711
Secured consumer			228,904						230,232
Total consumer loans held for investment			3,611,680						3,509,415
Equipment finance (1)			56,883						64,232
Commercial real estate			374,246						373,785
Commercial and industrial			172,640						178,386
Total commercial loans and leases held for investment			603,769						616,403
Total loans and leases held for investment			4,215,449						4,125,818
Allowance for loan and lease losses			(244,193)						(236,734)
Loans and leases held for investment, net (2)			$	3,971,256					$	3,889,084

(1)    Comprised of sales-type leases for equipment. See “Note 17. Leases” for additional information.

(2)    As of March 31, 2025, the Company had $3.5 billion in loans pledged as collateral, comprised of $3.0 billion pledged under the Federal Reserve Bank (FRB) Discount Window and $447.6 million pledged to the Federal Home Loan Bank (FHLB) of Des Moines. As of December 31, 2024, the Company had $3.7 billion in loans pledged as collateral, comprised of $3.2 billion pledged under the FRB Discount Window and $456.4 million pledged to the FHLB of Des Moines.

The following table presents the components of the allowance for loan and lease losses (ALLL):

			March 31, 2025						December 31, 2024
Gross allowance for loan and lease losses (1)			$	288,308					$	285,686
Recovery asset value (2)			(44,115)						(48,952)
Allowance for loan and lease losses			$	244,193					$	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.

18

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LENDINGCLUB CORPORATION

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)

(Unaudited)

March 31, 2025			Consumer						Commercial						Total
Loans and leases held for investment			$	3,611,680					$	603,769					$	4,215,449
Allowance for loan and lease losses			$	227,608					$	16,585					$	244,193
Allowance ratio (1)			6.3		%				2.7		%				5.8		%
Gross allowance for loan and lease losses			$	271,723					$	16,585					$	288,308
Gross allowance ratio (1)			7.5		%				2.7		%				6.8		%

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 March 31,
			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			55,948						434						56,382						27,686						1,560						29,246
Charge-offs (1)			(58,344)						(8,232)						(66,576)						(89,110)						(1,232)						(90,342)
Recoveries			17,406						247						17,653						9,643						216						9,859
End of period			$	227,608					$	16,585					$	244,193					$	246,280					$	12,870					$	259,150
Reserve for unfunded lending commitments:
Beginning of period			$	—					$	1,183					$	1,183					$	—					$	1,873					$	1,873
Credit loss expense (benefit)			—						446						446						—						(211)						(211)
End of period (2)			$	—					$	1,629					$	1,629					$	—					$	1,662					$	1,662

(1)    The first quarter of 2025 included an $8.0 million charge-off related to one office loan within our Commercial Real Estate portfolio, which was fully reserved for in prior periods.

(2)    Relates to $96.3 million and $72.1 million of unfunded commitments as of March 31, 2025 and 2024, respectively.

19

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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 quarter of 2025:

						Gross Charge-Offs by Origination Year
						2025						2024						2023						2022						2021						Prior												Total
Unsecured personal (1)						$	—					$	9,301					$	20,554					$	22,382					$	5,434					$	—											$	57,671
Residential mortgages						—						—						—						—						—						—												—
Secured consumer						—						67						312						177						117						—												673
Total consumer loans held for investment						—						9,368						20,866						22,559						5,551						—												58,344
Equipment finance						—						—						—						—						—						—												—
Commercial real estate						—						—						—						—						—						7,990												7,990
Commercial and industrial						—						—						—						209						33						—												242
Total commercial loans and leases held for investment						—						—						—						209						33						7,990												8,232
Total loans and leases held for investment						$	—					$	9,368					$	20,866					$	22,768					$	5,584					$	7,990											$	66,576

(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:

March 31, 2025						Term Loans and Leases by Origination Year
						2025						2024						2023						2022						2021						Prior												Total
Unsecured personal
Current						$	611,922					$	1,189,241					$	647,207					$	598,033					$	110,712					$	—											$	3,157,115
30-59 days past due						965						5,801						7,333						6,100						1,652						—												21,851
60-89 days past due						27						4,499						4,908						5,518						1,088						—												16,040
90 or more days past due						62						3,328						4,971						5,754						1,392						—												15,507
Total unsecured personal (1)						612,976						1,202,869						664,419						615,405						114,844						—												3,210,513
Residential mortgages
Current						—						—						—						45,521						52,279						71,572												169,372
30-59 days past due						—						—						—						—						—						678												678
60-89 days past due						—						—						—						—						—						—												—
90 or more days past due						—						—						—						—						—						88												88
Total residential mortgages						—						—						—						45,521						52,279						72,338												170,138
Secured consumer
Current						28,111						70,977						67,937						48,312						8,423						2,349												226,109
30-59 days past due						52						131						662						1,042						200						—												2,087
60-89 days past due						—						49						127						247						59						—												482
90 or more days past due						—						—						148						78						—						—												226
Total secured consumer						28,163						71,157						68,874						49,679						8,682						2,349												228,904
Total consumer loans held for investment						$	641,139					$	1,274,026					$	733,293					$	710,605					$	175,805					$	74,687											$	3,609,555

(1)    Excludes cumulative basis adjustment for loans designated in fair value hedges under the portfolio layer method. As of March 31, 2025, the basis adjustment totaled $2.1 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

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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

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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:

March 31, 2025						Term Loans and Leases by Origination Year
						2025						2024						2023						2022						2021						Prior												Total						Guaranteed Amount (1)
Equipment finance
Pass						$	—					$	—					$	1,150					$	30,325					$	6,373					$	13,147											$	50,995					$	—
Special mention						—						—						—						294						510						—												804						—
Substandard						—						—						—						489						4,595						—												5,084						—
Doubtful						—						—						—						—						—						—												—						—
Loss						—						—						—						—						—						—												—						—
Total equipment finance						—						—						1,150						31,108						11,478						13,147												56,883						—
Commercial real estate
Pass						17,193						22,801						71,040						84,925						21,033						126,505												343,497						35,065
Special mention						—						—						—						—						—						6,226												6,226						—
Substandard						—						—						—						2,417						8,439						11,808												22,664						8,928
Doubtful						—						—						—						—						—						—												—						—
Loss						—						—						—						1,121						271						467												1,859						1,543
Total commercial real estate						17,193						22,801						71,040						88,463						29,743						145,006												374,246						45,536
Commercial and industrial
Pass						3,059						30,956						26,230						23,789						26,495						14,314												124,843						79,877
Special mention						—						—						958						6,700						2,640						74												10,372						8,895
Substandard						—						634						5,236						12,290						2,268						2,931												23,359						15,756
Doubtful						—						—						—						4,365						1,431						792												6,588						5,451
Loss						—						282						1,981						4,636						568						11												7,478						7,670
Total commercial and industrial						3,059						31,872						34,405						51,780						33,402						18,122												172,640						117,649
Total commercial loans and leases held for investment						$	20,252					$	54,673					$	106,595					$	171,351					$	74,623					$	176,275											$	603,769					$	163,185

(1)    Represents loan balances guaranteed by the Small Business Association (SBA).

22

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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:

March 31, 2025			30-59 Days						60-89 Days						90 or More Days						Total Days Past Due						Guaranteed Amount (1)
Equipment finance			$	15					$	—					$	4,279					$	4,294					$	—
Commercial real estate			1,171						718						9,619						11,508						8,456
Commercial and industrial			896						3,408						19,888						24,192						19,679
Total commercial loans and leases held for investment			$	2,082					$	4,126					$	33,786					$	39,994					$	28,135

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

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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 March 31,
			2025						2024
Short-term payment reduction			$	7,010					$	14,191
Permanent loan modification			1,693						1,645
Debt settlement			3,432						6,366
Total loan modifications – unsecured personal loans			$	12,135					$	22,202
% of unsecured personal loans at amortized cost as of period end			0.4		%				0.7		%

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 $13.4 million of loan balances at amortized cost outstanding as of March 31, 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 first quarters of 2025 and 2024, the weighted-average interest rate reduction under this program was approximately 8.5% and 7.7%, respectively. The weighted-average maturity date extension was approximately twelve months for both 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

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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:

			March 31, 2025																		March 31, 2024
			Short-term Payment Reduction						Permanent Loan Modification						Debt Settlement						Short-term Payment Reduction						Permanent Loan Modification						Debt Settlement
Unsecured personal loans
Current			$	18,894					$	5,340					$	32					$	16,509					$	3,905					$	127
30-59 days			1,654						175						24						845						127						62
60-89 days			1,169						174						837						716						81						475
90 or more days			1,024						112						2,628						305						202						5,979
Total loan modifications			$	22,741					$	5,801					$	3,521					$	18,375					$	4,315					$	6,643

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 March 31,
			2025						2024
Short-term payment reduction			$	2,586					$	193
Permanent loan modification			522						439
Debt settlement			13,336						21,775
Total loan modifications – unsecured personal loans			$	16,444					$	22,407

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

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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:

			March 31, 2025												December 31, 2024
			Nonaccrual						Nonaccrual with no related ACL (1)						Nonaccrual						Nonaccrual with no related ACL (1)
Unsecured personal			$	15,507					$	—					$	21,387					$	—
Residential mortgages			380						380						295						295
Secured consumer			226						—						337						—
Total nonaccrual consumer loans held for investment			16,113						380						22,019						295
Equipment finance			4,279						—						4,516						—
Commercial real estate			10,163						5,915						18,280						5,345
Commercial and industrial			29,151						8,674						27,489						7,501
Total nonaccrual commercial loans and leases held for investment (2)			43,593						14,589						50,285						12,846
Total nonaccrual loans and leases held for investment			$	59,706					$	14,969					$	72,304					$	13,141

(1)     Subset of total nonaccrual loans and leases.

(2)     Includes $32.9 million and $31.2 million in loan balances guaranteed by the SBA as of March 31, 2025 and December 31, 2024, respectively.

			March 31, 2025												December 31, 2024
			Nonaccrual						Nonaccrual Ratios (1)						Nonaccrual						Nonaccrual Ratios (1)
Total nonaccrual consumer loans held for investment			$	16,113					0.4		%				$	22,019					0.6		%
Total nonaccrual commercial loans and leases held for investment			43,593						7.2		%				50,285						8.2		%
Total nonaccrual loans and leases held for investment			$	59,706					1.4		%				$	72,304					1.8		%

(1)     Calculated as the ratio of non-accruing loans and leases to loans and leases HFI at amortized cost.

26

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LENDINGCLUB CORPORATION

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)

(Unaudited)

6. Securitizations and Variable Interest Entities

Unconsolidated VIEs

The Company’s transactions with unconsolidated VIEs were primarily related to its Structured Certificates, a Structured Program transaction where the Company primarily retains (but may sell) the senior securities at a fixed rate, along with the amount required pursuant to the U.S. Risk Retention Rules, and sells the residual certificates to marketplace investors. 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 residual certificates are subject principally to the credit and prepayment risk stemming from the underlying pool of unsecured personal loans. See “Note 4. Securities Available for Sale” for additional information related to these securities.

The following table presents the classifications of assets and liabilities on the Company’s Balance Sheet for its transactions with unconsolidated VIEs:

									March 31, 2025												December 31, 2024
Assets
Securities available for sale at fair value									$	3,041,825																	$	3,069,771
Other assets									43,434																		46,269
Total assets									3,085,259																		3,116,040
Liabilities
Other liabilities									5,737																		6,313
Total liabilities									5,737																		6,313
Total net assets (maximum loss exposure)									$	3,079,522																	$	3,109,727

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 March 31,
			2025						2024
Fair value of consideration received:
Cash			$	148,379					$	93,644
Net securities retained from Structured Program transactions			349,002						738,976
Other assets, net			5,974						9,733
Total consideration			503,355						842,353
Fair value of loans sold			(498,058)						(833,776)
Gain on sales of loans (1)			$	5,297					$	8,577
Cash proceeds from continuing involvement:
Servicing and other administrative fees			$	8,896					$	4,723
Interest received on securities retained from Structured Program transactions			$	51,134					$	29,663

(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 March 31, 2025, the aggregate unpaid principal balance attributable to off-balance sheet loans held by unconsolidated VIEs was $3.5 billion, of which $46.1 million was 30 days or more past due. As of December 31,

27

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LENDINGCLUB CORPORATION

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)

(Unaudited)

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.

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:

March 31, 2025			Level 1						Level 2						Level 3						Balance at Fair Value
Assets:
Loans held for sale at fair value			$	—					$	—					$	703,378					$	703,378
Loans held for investment at fair value			—						—						818,882						818,882
Securities available for sale:
Senior asset-backed securities related to Structured Program transactions			—						—						2,869,281						2,869,281
U.S. agency residential mortgage-backed securities			—						227,093						—						227,093
Other asset-backed securities related to Structured Program transactions			—						—						172,544						172,544
U.S. agency securities			—						78,136						—						78,136
Mortgage-backed securities			—						57,005						—						57,005
Other asset-backed securities			—						20,044						—						20,044
Municipal securities			—						2,468						—						2,468
Total securities available for sale			—						384,746						3,041,825						3,426,571
Servicing assets			—						—						56,904						56,904
Other assets			—						2,900						—						2,900
Total assets			$	—					$	387,646					$	4,620,989					$	5,008,635
Liabilities:
Other liabilities			$	—					$	4,370					$	9,072					$	13,442
Total liabilities			$	—					$	4,370					$	9,072					$	13,442

28

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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 first quarters 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

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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:

						March 31, 2025																		December 31, 2024
						Minimum						Maximum						Weighted- Average						Minimum						Maximum						Weighted- Average
Discount rate						5.4		%				13.7		%				7.4		%				7.1		%				11.9		%				7.9		%
Annualized net charge-off rate (1)						2.4		%				22.3		%				6.1		%				1.8		%				21.2		%				5.4		%
Annualized prepayment rate (1)						18.4		%				27.0		%				25.5		%				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:

			March 31, 2025						December 31, 2024
Loans held for sale at fair value			$	703,378					$	636,352
Expected remaining weighted-average life (in years)			1.3						1.4
Discount rate:
100 basis point increase			$	(7,773)					$	(7,663)
200 basis point increase			$	(15,402)					$	(15,174)
Annualized net charge-off rate:
10% increase			$	(7,637)					$	(6,436)
20% increase			$	(15,228)					$	(12,937)
Annualized prepayment rate:
10% increase			$	(1,695)					$	(1,274)
20% increase			$	(3,106)					$	(2,444)

30

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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 March 31,
						2025						2024
Fair value at beginning of period						$	636,352					$	407,773
Originations and purchases						1,263,732						1,282,250
Sales						(1,096,929)						(1,059,648)
Principal payments						(68,555)						(34,272)
Realized charge-offs, net of recoveries, recorded in earnings						(6,704)						(4,231)
Fair value adjustments recorded in earnings						(24,518)						(41,457)
Fair value at end of period						$	703,378					$	550,415

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:

			March 31, 2025												December 31, 2024
			Total						90 or more days past due						Total						90 or more days past due
Aggregate unpaid principal balance			$	728,484					$	1,883					$	657,984					$	3,719
Cumulative fair value adjustments			(25,106)						(1,527)						(21,632)						(3,012)
Fair value of loans held for sale			$	703,378					$	356					$	636,352					$	707

Loans Held for Investment at Fair Value

Loans HFI at fair value consists primarily of a loan portfolio that was purchased with a $1.3 billion outstanding principal balance during the third quarter of 2024. This portfolio consisted of loans that the Company previously originated and sold. Due to the short remaining duration of the acquired loan portfolio, the Company has elected to account for the HFI loan portfolio under the fair value option.

Significant Unobservable Inputs

The following significant unobservable inputs were used in the fair value measurement of loans HFI:

						March 31, 2025																		December 31, 2024
						Minimum						Maximum						Weighted- Average						Minimum						Maximum						Weighted- Average
Discount rate						7.6		%				22.7		%				11.0		%				7.2		%				21.8		%				10.5		%
Annualized net charge-off rate (1)						3.1		%				20.0		%				6.7		%				3.0		%				20.2		%				6.6		%
Annualized prepayment rate (1)						15.9		%				23.0		%				20.1		%				15.6		%				21.4		%				19.3		%

(1)    The weighted-average rate is calculated using the original principal balance of each loan pool.

31

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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:

			March 31, 2025						December 31, 2024
Loans held for investment at fair value			$	818,882					$	1,027,798
Expected remaining weighted-average life (in years)			0.8						0.9
Discount rate:
100 basis point increase			$	(5,646)					$	(7,832)
200 basis point increase			$	(11,220)					$	(15,557)
Annualized net charge-off rate:
10% increase			$	(9,170)					$	(11,821)
20% increase			$	(19,951)					$	(25,428)
Annualized prepayment rate:
10% increase			$	(4,166)					$	(4,813)
20% increase			$	(8,447)					$	(9,854)

Fair Value Reconciliation

The following table presents loans HFI at fair value activity:

			Three Months Ended March 31,
			2025						2024
Fair value at beginning of period			$	1,027,798					$	262,190
Purchases			12,744						220,564
Principal payments			(218,460)						(63,926)
Interest income accretion and fair value adjustments recorded in earnings			(3,200)						1,565
Fair value at end of period			$	818,882					$	420,393

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:

			March 31, 2025												December 31, 2024
			Total						90 or more days past due						Total						90 or more days past due
Aggregate unpaid principal balance			$	866,010					$	9,419					$	1,097,511					$	14,616
Cumulative fair value adjustments			(47,128)						(7,639)						(69,713)						(11,836)
Fair value of loans held for investment			$	818,882					$	1,780					$	1,027,798					$	2,780

32

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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:

						March 31, 2025																		December 31, 2024
						Minimum						Maximum						Weighted- Average						Minimum						Maximum						Weighted- Average
Discount rate						5.8		%				6.0		%				5.9		%				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:

			March 31, 2025						December 31, 2024
Fair value of interests held			$	2,869,281					$	2,899,824
Expected remaining weighted-average life (in years)			1.1						1.2
Discount rate:
100 basis point increase			$	(31,385)					$	(37,315)
200 basis point increase			$	(62,770)					$	(74,630)

Fair Value Reconciliation

The following table presents senior asset-backed securities related to Structured Program transactions activity:

			Three Months Ended March 31,
			2025						2024
Fair value at beginning of period			$	2,899,824					$	1,176,403
Additions			324,116						697,347
Cash received			(351,665)						(106,474)
Change in unrealized gain (loss)			(2,994)						(2,017)
Fair value at end of period			$	2,869,281					$	1,765,259

33

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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:

						March 31, 2025																		December 31, 2024
						Minimum						Maximum						Weighted- Average						Minimum						Maximum						Weighted- Average
Discount rate						5.4		%				8.8		%				7.1		%				7.1		%				11.0		%				7.9		%
Annualized net charge-off rate (1)						4.3		%				7.8		%				5.9		%				3.4		%				7.4		%				5.0		%
Annualized prepayment rate (1)						23.0		%				27.2		%				25.4		%				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:

			March 31, 2025						December 31, 2024
Fair value of interests held			$	172,544					$	169,948
Expected remaining weighted-average life (in years)			1.2						1.3
Discount rate:
100 basis point increase			$	(1,753)					$	(1,909)
200 basis point increase			$	(3,476)					$	(3,783)
Annualized net charge-off rate:
10% increase			$	(1,846)					$	(1,778)
20% increase			$	(3,690)					$	(3,567)
Annualized prepayment rate:
10% increase			$	(499)					$	(432)
20% increase			$	(964)					$	(835)

Fair Value Reconciliation

The following table presents other asset-backed securities related to Structured Program transactions activity:

			Three Months Ended March 31,
			2025						2024
Fair value at beginning of period			$	169,948					$	73,393
Additions			24,886						42,738
Cash received			(21,303)						(9,331)
Credit loss expense for securities available for sale			(1,321)						(2,892)
Change in unrealized gain (loss)			334						(42)
Fair value at end of period			$	172,544					$	103,866

34

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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:

						March 31, 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)						2.0		%				20.6		%				8.2		%				1.8		%				21.2		%				8.2		%
Annualized prepayment rate (1)						16.4		%				27.5		%				23.2		%				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:

			March 31, 2025						December 31, 2024
Fair value of servicing assets			$	56,904					$	60,697
Expected remaining weighted-average life (in years)			1.1						1.2
Discount rate:
100 basis point increase			$	(461)					$	(519)
200 basis point increase			$	(923)					$	(1,038)
Annualized net charge-off rate:
10% increase			$	(503)					$	(551)
20% increase			$	(1,006)					$	(1,102)
Annualized prepayment rate:
10% increase			$	(1,589)					$	(1,359)
20% increase			$	(3,179)					$	(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:

			March 31, 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%			$	(6,475)					$	(6,940)
Market servicing rate decrease by 0.10%			$	6,475					$	6,940

35

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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 March 31,
			2025						2024
Fair value at beginning of period			$	60,697					$	77,680
Issuances (1)			13,265						13,578
Change in fair value, included in Marketplace revenue			(17,058)						(19,428)
Fair value at end of period			$	56,904					$	71,830

(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:

March 31, 2025			Carrying Amount						Level 1						Level 2						Level 3						Balance at Fair Value
Assets:
Loans and leases held for investment, net			$	3,971,256					$	—					$	—					$	4,159,814					$	4,159,814
Other assets			41,333						—						41,069						647						41,716
Total assets			$	4,012,589					$	—					$	41,069					$	4,160,461					$	4,201,530
Liabilities:
Deposits (1)			$	2,031,471					$	—					$	—					$	2,032,852					$	2,032,852
Other liabilities			47,333						—						24,258						23,075						47,333
Total liabilities			$	2,078,804					$	—					$	24,258					$	2,055,927					$	2,080,185

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

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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:

			March 31, 2025																		December 31, 2024
			Notional						Derivative Asset (1)						Derivative Liability (1)						Notional						Derivative Asset (1)						Derivative Liability (1)
Credit derivatives			$	10,718					$	—					$	(8,264)					$	12,484					$	—					$	(10,930)
Interest rate caps			200,000						12						—						200,000						72						—
Total			$	210,718					$	12					$	(8,264)					$	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 March 31,
			2025						2024
Credit derivatives (1)			$	1,159					$	(1,434)
Interest rate caps (2)			(60)						—
Total gains (losses)			$	1,099					$	(1,434)

(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

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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:

			March 31, 2025																		December 31, 2024
			Notional						Derivative Asset (1)						Derivative Liability (1)						Notional						Derivative Asset (1)						Derivative Liability (1)
Unsecured personal loans			$	1,075,000					$	734					$	(2,665)					$	1,075,000					$	1,323					$	(2,976)
Securities available for sale			475,000						1,322						(873)						225,000						2,382						—
Total interest rate swaps			$	1,550,000					$	2,056					$	(3,538)					$	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 March 31,
			2025						2024
Unsecured personal loans:
Hedged item			$	253					$	(8,672)
Derivatives used for hedging			(278)						8,352
Interest settlement on derivative (1)			(535)						1,373
Total (loss) gain on hedged unsecured personal loans (2)			(560)						1,053
Securities available for sale:
Hedged item			1,859						—
Derivatives used for hedging			(1,933)						—
Interest settlement on derivative (1)			616						—
Total gain on hedged securities available for sale (3)			542						—
Total (loss) gain on fair value hedges			$	(18)					$	1,053

(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:

			March 31, 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			$	2,391,081					$	2,125					$	1,388,222					$	1,872
Securities available for sale			$	1,957,186					$	(338)					$	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 March 31, 2025, 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 $475.0 million, respectively. At December 31, 2024, the amortized cost of unsecured personal loans and AFS securities,

38

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LENDINGCLUB CORPORATION

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)

(Unaudited)

designated as the hedged items in the portfolio layer hedging relationship, was $1.075 billion and $225.0 million, respectively.

9. Property, Equipment and Software, Net

Property, equipment and software, net, consist of the following:

			March 31, 2025						December 31, 2024
Software (1)			$	236,345					$	222,000
Leasehold improvements			30,699						30,699
Furniture and fixtures			5,554						5,554
Computer equipment (2)			5,477						22,216
Total property, equipment and software			278,075						280,469
Accumulated depreciation and amortization			(109,176)						(112,937)
Total property, equipment and software, net			$	168,899					$	167,532

(1)    Includes $26.6 million and $43.4 million of development in progress for internally-developed software as of March 31, 2025 and December 31, 2024, respectively, and $7.1 million of development in progress to customize purchased software as of both periods.

(2)    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 $13.1 million and $11.7 million for the first quarters of 2025 and 2024, respectively.

10. Goodwill and Intangible Assets

Goodwill

The Company’s goodwill balance was $75.7 million as of both March 31, 2025 and December 31, 2024. The Company did not record any goodwill impairment expense during the first quarters 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.

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:

			March 31, 2025						December 31, 2024
Gross carrying value			$	54,500					$	54,500
Accumulated amortization			(46,722)						(45,914)
Net carrying value			$	7,778					$	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 first quarters of 2025 and 2024 was $0.8 million and $1.0 million, respectively. There was no impairment loss for the first quarters of 2025 and 2024.

39

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LENDINGCLUB CORPORATION

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)

(Unaudited)

The expected future amortization expense for intangible assets as of March 31, 2025, is as follows:

2025			$	2,093
2026			2,252
2027			1,603
2028			945
2029			568
Thereafter			317
Total			$	7,778

11. Other Assets

Other assets consist of the following:

			March 31, 2025						December 31, 2024
Deferred tax assets, net (1)			$	132,718					$	137,155
Servicing assets (2)			57,168						61,020
Nonmarketable equity investments			46,803						44,114
Accrued interest receivable			39,479						40,388
Operating lease assets			19,265						21,304
Intangible assets, net (3)			7,778						8,586
Other			94,935						91,415
Total other assets			$	398,146					$	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 March 31, 2025 and December 31, 2024, respectively.

(3)    See “Note 10. Goodwill and Intangible Assets” for additional detail.

40

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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:

			March 31, 2025						December 31, 2024
Interest-bearing deposits:
Savings and money market accounts			$	6,049,342					$	5,903,869
Certificates of deposit			2,031,471						2,294,214
Checking accounts			459,255						478,036
Total			8,540,068						8,676,119
Noninterest-bearing deposits			365,834						392,118
Total deposits			$	8,905,902					$	9,068,237

Total certificates of deposit at March 31, 2025 are scheduled to mature as follows:

2025			$	1,354,791
2026			645,021
2027			19,322
2028			2,106
2029			10,101
Thereafter			130
Total certificates of deposit (1)			$	2,031,471

(1)    Certificates of deposit in excess of the FDIC insurance limit of $250 thousand per account holder totaled $27.5 million at March 31, 2025.

13. Borrowings

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

Borrowing Capacity

The following table summarizes the Company’s available borrowing capacity and the related pledged collateral:

			March 31, 2025												December 31, 2024
			Available Borrowing Capacity						Pledged Collateral						Available Borrowing Capacity						Pledged Collateral
FRB Discount Window			$	2,426,695					$	3,010,890					$	2,635,034					$	3,245,547
FHLB of Des Moines			624,559						823,048						626,117						829,885
Total			$	3,051,254					$	3,833,938					$	3,261,151					$	4,075,432

41

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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:

			March 31, 2025						December 31, 2024
Accounts payable and accrued expenses			$	55,512					$	78,131
Due to borrowers (1)			51,654						24,449
Operating lease liabilities			25,573						28,502
Payable to investors (2)			24,258						22,833
Other			55,680						66,626
Total other liabilities			$	212,677					$	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 March 31,
			2025						2024
RSUs			$	9,074					$	11,982
PBRSUs			847						1,617
Stock-based compensation expense, gross			9,921						13,599
Less: Capitalized stock-based compensation expense			1,402						2,055
Stock-based compensation expense, net			$	8,519					$	11,544

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			1,882,146						$	11.85
Vested			(884,344)						$	9.39
Forfeited/expired			(179,446)						$	9.50
Unvested at March 31, 2025			6,456,586						$	9.57

42

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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 quarter of 2025, the Company granted 1,882,146 RSUs with an aggregate fair value of $22.3 million.

As of March 31, 2025, there was $54.8 million of unrecognized compensation cost related to unvested RSUs, which is expected to be recognized over a weighted-average period of approximately 1.8 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 March 31, 2025			1,160,819						$	8.86

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

As of March 31, 2025, there was $6.3 million of unrecognized compensation cost related to unvested PBRSUs, which is expected to be recognized over a weighted-average period of approximately 1.6 years, subject to any forfeitures.

16. Income Taxes

For the first quarter 2025, the Company recorded an income tax expense of $4.0 million, representing an effective tax rate of 25.6%. For the first quarter 2024, the Company recorded an income tax expense of $4.3 million, representing an effective tax rate of 25.9%. 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.

The following table summarizes the Company’s net deferred tax assets:

			March 31, 2025						December 31, 2024
Deferred tax assets, net of liabilities			$	179,043					$	183,480
Valuation allowance			(46,325)						(46,325)
Deferred tax assets, net of valuation allowance			$	132,718					$	137,155

43

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LENDINGCLUB CORPORATION

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)

(Unaudited)

17. Leases

Lessor Arrangements

The Company has lessor arrangements which consist of 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 first quarters of 2025 and 2024, interest earned on Equipment Finance was $0.8 million and $1.7 million, respectively, and is included in “Interest and fees on loans and leases held for investment” on the Income Statement.

The components of Equipment Finance assets are as follows:

			March 31, 2025						December 31, 2024
Lease receivables			$	42,770					$	49,290
Unguaranteed residual asset values			19,261						20,728
Unearned income			(5,436)						(6,125)
Deferred fees			288						339
Total			$	56,883					$	64,232

Future minimum lease payments based on maturity of the Company’s lessor arrangements as of March 31, 2025 were as follows:

2025			$	16,526
2026			14,028
2027			8,016
2028			4,013
2029			1,529
Total lease payments			$	44,112
Discount effect			(1,342)
Present value of future minimum lease payments			$	42,770

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 a 233,887 square foot property located in San Francisco, California for $74.5 million. The property will serve as the Company’s headquarters beginning in the second quarter of 2026, following the expiration of its current San Francisco office space lease. As of March 31, 2025, the remaining office space leases have lease terms ranging from approximately three to four years. As of March 31, 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			March 31, 2025			December 31, 2024
Operating lease assets			Other assets			$	19,265		$	21,304
Operating lease liabilities			Other liabilities			$	25,573		$	28,502

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LENDINGCLUB CORPORATION

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)

(Unaudited)

Net lease costs were $2.7 million and $2.6 million during the first quarters of 2025 and 2024, respectively. Such costs are recorded within “Occupancy” expense on the Income Statement.

The Company’s future minimum undiscounted lease payments under operating leases as of March 31, 2025 were as follows:

			Operating Lease Payments
2025			$	10,367
2026			7,973
2027			5,010
2028			4,046
2029			909
Thereafter			—
Total lease payments			$	28,305
Discount effect			(2,732)
Present value of future minimum lease payments			$	25,573

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			March 31, 2025						December 31, 2024
Weighted-average remaining lease term (in years)			2.83						2.98
Weighted-average discount rate			4.82		%				4.87		%

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 March 31, 2025 and December 31, 2024, the contractual amount of unfunded loan commitments was $96.3 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.

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LENDINGCLUB CORPORATION

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)

(Unaudited)

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.

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 March 31, 2025 and December 31, 2024, the Company’s and LC Bank’s regulatory capital ratios exceeded the thresholds required to be regarded as “well-

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LENDINGCLUB CORPORATION

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)

(Unaudited)

capitalized” institutions and met all capital adequacy requirements to which they are subject. There have been no events or conditions since March 31, 2025 that management believes would change the Company’s categorization.

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):

			March 31, 2025												December 31, 2024												Required Minimum(1)						Well-Capitalized Minimum
			Amount						Ratio						Amount						Ratio
LendingClub Corporation:
CET1 capital (2)			$	1,212.1					17.8		%				$	1,188.6					17.3		%				7.0		%				N/A
Tier 1 capital			$	1,212.1					17.8		%				$	1,188.6					17.3		%				8.5		%				6.0		%
Total capital			$	1,299.2					19.1		%				$	1,276.5					18.5		%				10.5		%				10.0		%
Tier 1 leverage			$	1,212.1					11.7		%				$	1,188.6					11.0		%				4.0		%				N/A
Risk-weighted assets			$	6,813.7					N/A						$	6,887.1					N/A						N/A						N/A
Quarterly adjusted average assets			$	10,316.2					N/A						$	10,814.0					N/A						N/A						N/A
LendingClub Bank:
CET1 capital (2)			$	1,060.5					15.7		%				$	1,101.4					16.1		%				7.0		%				6.5		%
Tier 1 capital			$	1,060.5					15.7		%				$	1,101.4					16.1		%				8.5		%				8.0		%
Total capital			$	1,146.9					17.0		%				$	1,188.5					17.4		%				10.5		%				10.0		%
Tier 1 leverage			$	1,060.5					10.4		%				$	1,101.4					10.3		%				4.0		%				5.0		%
Risk-weighted assets			$	6,757.0					N/A						$	6,823.1					N/A						N/A						N/A
Quarterly adjusted average assets			$	10,215.4					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 previously 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.

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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.

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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 March 31,			2025						2024						2025						2024						2025						2024
Non-interest income:
Marketplace revenue			$	52,210					$	38,515					$	5,795					$	9,828					$	58,005					$	48,343
Other non-interest income			12,941						13,695						1,991						1,946						14,932						15,641
Total non-interest income			65,151						52,210						7,786						11,774						72,937						63,984
Interest income:
Interest income			231,755						204,807						304						2,544						232,059						207,351
Interest expense			(82,102)						(84,123)						—						(340)						(82,102)						(84,463)
Net interest income			149,653						120,684						304						2,204						149,957						122,888
Total net revenue			214,804						172,894						8,090						13,978						222,894						186,872
Provision for credit losses			(58,149)						(31,927)						—						—						(58,149)						(31,927)
Non-interest expense:
Compensation and benefits			(56,863)						(58,012)						(1,526)						(1,542)						(58,389)						(59,554)
Marketing			(29,239)						(24,136)						—						—						(29,239)						(24,136)
Equipment and software			(14,619)						(12,636)						(25)						(48)						(14,644)						(12,684)
Depreciation and amortization			(12,543)						(10,166)						(1,366)						(2,507)						(13,909)						(12,673)
Professional services			(9,637)						(6,986)						(127)						(105)						(9,764)						(7,091)
Occupancy			(2,401)						(1,796)						(1,944)						(2,065)						(4,345)						(3,861)
Other non-interest expense			(14,447)						(12,764)						(4,313)						(5,654)						(18,760)						(18,418)
Total non-interest expense			(139,749)						(126,496)						(9,301)						(11,921)						(149,050)						(138,417)
Income tax (expense) benefit			(4,872)						(3,685)						848						(593)						(4,024)						(4,278)
Net income (loss) (1)			$	12,034					$	10,786					$	(363)					$	1,464					$	11,671					$	12,250
Capital expenditures			$	13,066					$	11,781					$	—					$	—					$	13,066					$	11,781

(1)    Total net income from reportable segments reflects net income on a consolidated basis.

			Three Months Ended March 31,
			2025						2024
Total net revenue – reportable segments			$	222,894					$	186,872
Intercompany eliminations			(5,183)						(6,184)
Total net revenue – consolidated			$	217,711					$	180,688

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.

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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
			March 31, 2025						December 31, 2024						March 31, 2025						December 31, 2024						March 31, 2025						December 31, 2024
Assets
Total cash and cash equivalents			$	872,895					$	932,463					$	126,029					$	65,981					$	998,924					$	998,444
Restricted cash			—						—						33,650						27,536						33,650						27,536
Securities available for sale at fair value			3,426,571						3,452,648						—						—						3,426,571						3,452,648
Loans held for sale at fair value			703,378						636,352						—						—						703,378						636,352
Loans and leases held for investment, net			3,971,256						3,889,084						—						—						3,971,256						3,889,084
Loans held for investment at fair value			815,718						1,023,226						3,164						4,572						818,882						1,027,798
Property, equipment and software, net			161,729						158,995						7,170						8,537						168,899						167,532
Investment in subsidiary			—						—						872,030						910,544						872,030						910,544
Goodwill			75,717						75,717						—						—						75,717						75,717
Other assets			316,312						300,621						107,785						121,198						424,097						421,819
Total assets			10,343,576						10,469,106						1,149,828						1,138,368						11,493,404						11,607,474
Liabilities and Equity
Total deposits			9,018,229						9,116,821						—						—						9,018,229						9,116,821
Other liabilities			174,705						177,711						63,923						60,667						238,628						238,378
Total liabilities			9,192,934						9,294,532						63,923						60,667						9,256,857						9,355,199
Total equity			1,150,642						1,174,574						1,085,905						1,077,701						2,236,547						2,252,275
Total liabilities and equity			$	10,343,576					$	10,469,106					$	1,149,828					$	1,138,368					$	11,493,404					$	11,607,474

			March 31, 2025						December 31, 2024
Total assets – reportable segments			$	11,493,404					$	11,607,474
Intercompany eliminations			(1,010,308)						(976,965)
Total assets – consolidated			$	10,483,096					$	10,630,509

			March 31, 2025						December 31, 2024
Total liabilities and equity – reportable segments			$	11,493,404					$	11,607,474
Intercompany eliminations – liabilities			(138,278)						(66,421)
Intercompany eliminations – equity			(872,030)						(910,544)
Total liabilities and equity – consolidated			$	10,483,096					$	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.

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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)

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.

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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)

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 first quarter of 2025 compared to the same period in 2024, reflecting growth in loan originations, total net revenue and total assets:

•Loan originations: Loan originations for the first quarter of 2025 increased $342.4 million, or 21%, 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 first quarter of 2025 increased $389.4 million, or 136%, year over year.

◦Loan originations HFI at amortized cost as a percentage of loan originations was 34% and 17% for the first quarters of 2025 and 2024, respectively. The percentage of loan originations HFI in any period is dependent on many factors, including quarterly loan origination volume, risk-adjusted returns, liquidity and general regulatory capital considerations.

•Total net revenue: Total net revenue for the first quarter of 2025 increased $37.0 million, or 20%, year over year.

◦Marketplace revenue: Marketplace revenue for the first quarter of 2025 increased $9.8 million, or 17%, year over year. The increase was primarily due to improved loan sales prices, partially offset by a decrease in loan balances serviced for others.

◦Net interest income: Net interest income for the first quarter of 2025 increased $27.1 million, or 22%, 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 first quarter of 2025 was 5.97%, increasing from 5.75% in the first quarter of 2024.

•Provision for credit losses: Provision for credit losses for the first quarter of 2025 increased $26.2 million, or 82%, 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 and additional economic qualitative allowance to reflect macroeconomic uncertainty.

•Total non-interest expense: Total non-interest expense for the first quarter of 2025 increased $11.6 million, or 9%, year over year. The increase was primarily due to an increase in marketing expense based on higher origination volume as well as the resumption of certain marketing initiatives.

•Net income: Net income for the first quarter of 2025 decreased $0.6 million, or 5%, year over year. Net income for the first quarter of 2025 included the negative impact of $8.1 million on allowance and net fair value adjustments due to macroeconomic uncertainty.

•Diluted earnings per share (EPS): Diluted EPS was $0.10, compared to $0.11 for the first quarter of 2024.

•Pre-provision net revenue (PPNR): PPNR for the first quarter of 2025 increased $25.4 million, or 52%, year over year, driven by an increase in total net revenue, partially offset by an increase in non-interest expense.

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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)

•Total assets: Total assets as of March 31, 2025 increased $1.2 billion, or 13%, year over year. The increase primarily reflects growth in securities related to our Structured Certificates program and our HFI and held for sale (HFS) loan portfolios at fair value.

•Deposits: Total deposits as of March 31, 2025 increased $1.4 billion, or 18%, year over year. The increase was primarily due to growth in high-yield savings and certificates of deposit. Federal Deposit Insurance Corporation (FDIC)-insured deposits represent approximately 87% of total deposits as of March 31, 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.”

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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)

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
			March 31, 2025						December 31, 2024						March 31, 2024
Non-interest income			$	67,754					$	74,817					$	57,800
Net interest income			149,957						142,384						122,888
Total net revenue			217,711						217,201						180,688
Non-interest expense			143,867						142,855						132,233
Pre-provision net revenue (1)			73,844						74,346						48,455
Provision for credit losses			58,149						63,238						31,927
Income before income tax expense			15,695						11,108						16,528
Income tax expense			(4,024)						(1,388)						(4,278)
Net income			11,671						9,720						12,250
Basic EPS			$	0.10					$	0.09					$	0.11
Diluted EPS			$	0.10					$	0.08					$	0.11
LendingClub Corporation Performance Metrics:
Net interest margin			5.97		%				5.42		%				5.75		%
Efficiency ratio (2)			66.1		%				65.8		%				73.2		%
Return on average equity (ROE)			3.5		%				2.9		%				3.9		%
Return on tangible common equity (ROTCE) (1)			3.7		%				3.1		%				4.2		%
Return on average total assets (ROA)			0.4		%				0.4		%				0.5		%
Marketing as a % of loan originations			1.47		%				1.27		%				1.47		%
LendingClub Corporation Capital Metrics:
Common equity tier 1 capital ratio			17.8		%				17.3		%				17.6		%
Tier 1 leverage ratio			11.7		%				11.0		%				12.5		%
Book value per common share			$	11.95					$	11.83					$	11.40
Tangible book value per common share (1)			$	11.22					$	11.09					$	10.61
Loan Originations (in millions) (3):
Marketplace loans			$	1,314					$	1,241					$	1,361
Loan originations held for investment			675						605						285
Total loan originations			$	1,989					$	1,846					$	1,646
Loan originations held for investment as a % of total loan originations			34		%				33		%				17		%
Servicing Portfolio AUM (in millions) (4):
Total servicing portfolio			$	12,241					$	12,371					$	13,437
Loans serviced for others			$	7,130					$	7,207					$	8,671

(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.

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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)

			As of and for the Three Months Ended
			March 31, 2025						December 31, 2024						March 31, 2024
Balance Sheet Data:
Securities available for sale			$	3,426,571					$	3,452,648					$	2,228,500
Loans held for sale at fair value			$	703,378					$	636,352					$	550,415
Loans and leases held for investment at amortized cost			$	4,215,449					$	4,125,818					$	4,505,816
Gross allowance for loan and lease losses (1)			$	(288,308)					$	(285,686)					$	(311,794)
Recovery asset value (2)			$	44,115					$	48,952					$	52,644
Allowance for loan and lease losses			$	(244,193)					$	(236,734)					$	(259,150)
Loans and leases held for investment at amortized cost, net			$	3,971,256					$	3,889,084					$	4,246,666
Loans held for investment at fair value (3)			$	818,882					$	1,027,798					$	427,396
Total loans and leases held for investment (3)			$	4,790,138					$	4,916,882					$	4,674,062
Total assets			$	10,483,096					$	10,630,509					$	9,244,828
Total deposits			$	8,905,902					$	9,068,237					$	7,521,655
Total liabilities			$	9,118,579					$	9,288,778					$	7,978,542
Total equity			$	1,364,517					$	1,341,731					$	1,266,286
Allowance Ratios (4):
ALLL to total loans and leases held for investment at amortized cost			5.8		%				5.7		%				5.8		%
ALLL to commercial loans and leases held for investment at amortized cost			2.7		%				3.9		%				1.9		%
ALLL to consumer loans and leases held for investment at amortized cost			6.3		%				6.1		%				6.4		%
Gross ALLL to consumer loans and leases held for investment at amortized cost			7.5		%				7.5		%				7.8		%
Net charge-offs			$	48,923					$	45,977					$	80,483
Net charge-off ratio (5)			4.8		%				4.5		%				6.9		%

(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)    The balances at March 31, 2025 and December 31, 2024 include a loan portfolio that was purchased with a $1.3 billion outstanding principal balance during the third quarter of 2024. This portfolio consisted of loans which we previously originated and sold.

(4)    Calculated as ALLL or gross ALLL, where applicable, to the corresponding portfolio segment balance of loans and leases held for investment at amortized cost.

(5)    Calculated as annualized net charge-offs divided by average outstanding loans and leases HFI at amortized cost, net, during the period.

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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)

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 (%)
			March 31, 2025						December 31, 2024						March 31, 2024												Q1 2025 vs Q4 2024						Q1 2025 vs Q1 2024
Non-interest income:
Marketplace revenue			$	65,643					$	72,163					$	55,891											(9)		%				17		%
Other non-interest income			2,111						2,654						1,909												(20)		%				11		%
Total non-interest income			67,754						74,817						57,800												(9)		%				17		%
Interest income:
Interest on loans held for sale			21,814						20,696						14,699												5		%				48		%
Interest and fees on loans and leases held for investment			118,949						118,214						132,393												1		%				(10)		%
Interest on loans held for investment at fair value			25,410						30,233						8,409												(16)		%				202		%
Interest on securities available for sale			56,280						57,259						35,347												(2)		%				59		%
Other interest income			9,606						14,194						16,503												(32)		%				(42)		%
Total interest income			232,059						240,596						207,351												(4)		%				12		%
Interest expense:
Interest on deposits			82,100						98,200						83,963												(16)		%				(2)		%
Other interest expense			2						12						500												(83)		%				(100)		%
Total interest expense			82,102						98,212						84,463												(16)		%				(3)		%
Net interest income			149,957						142,384						122,888												5		%				22		%
Total net revenue			217,711						217,201						180,688												—		%				20		%
Provision for credit losses			58,149						63,238						31,927												(8)		%				82		%
Non-interest expense:
Compensation and benefits			58,389						58,656						59,554												—		%				(2)		%
Marketing			29,239						23,415						24,136												25		%				21		%
Equipment and software			14,644						13,361						12,684												10		%				15		%
Depreciation and amortization			13,909						19,748						12,673												(30)		%				10		%
Professional services			9,764						9,136						7,091												7		%				38		%
Occupancy			4,345						3,991						3,861												9		%				13		%
Other non-interest expense			13,577						14,548						12,234												(7)		%				11		%
Total non-interest expense			143,867						142,855						132,233												1		%				9		%
Income before income tax expense			15,695						11,108						16,528												41		%				(5)		%
Income tax expense			(4,024)						(1,388)						(4,278)												190		%				(6)		%
Net income			$	11,671					$	9,720					$	12,250											20		%				(5)		%

The analysis below is presented for the following periods: First quarter of 2025 compared to the fourth quarter of 2024 (sequential) and first quarter of 2025 compared to the first quarter of 2024 (year over year).

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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)

Marketplace Revenue

Marketplace revenue consists of the following:

			Three Months Ended																								Change (%)
			March 31, 2025						December 31, 2024						March 31, 2024												Q1 2025 vs Q4 2024						Q1 2025 vs Q1 2024
Origination fees			$	69,944					$	64,745					$	70,079											8		%				—		%
Servicing fees			12,748						17,391						19,592												(27)		%				(35)		%
Gain on sales of loans			12,202						15,007						10,909												(19)		%				12		%
Net fair value adjustments			(29,251)						(24,980)						(44,689)												(17)		%				35		%
Total marketplace revenue			$	65,643					$	72,163					$	55,891											(9)		%				17		%

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 (%)
			March 31, 2025						December 31, 2024						March 31, 2024						Q1 2025 vs Q4 2024						Q1 2025 vs Q1 2024
Marketplace loans			$	1,314,264					$	1,240,716					$	1,361,177					6		%				(3)		%
Loan originations held for investment			674,673						604,872						285,322						12		%				136		%
Total loan originations (1)			$	1,988,937					$	1,845,588					$	1,646,499					8		%				21		%

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

Sequential: Origination fees were $69.9 million and $64.7 million for the first quarter of 2025 and fourth quarter of 2024, respectively, an increase of 8%. The increase was primarily due to the increase in the origination volume of marketplace loans.

Year Over Year: Origination fees were $69.9 million and $70.1 million for the first quarters of 2025 and 2024, respectively, remaining relatively flat.

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.

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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)

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 (%)
			March 31, 2025						December 31, 2024						March 31, 2024												Q1 2025 vs Q4 2024						Q1 2025 vs Q1 2024
AUM (in millions):
Loans sold			$	7,130					$	7,207					$	8,683											(1)		%				(18)		%
Loans held by LendingClub Bank			5,111						5,164						4,754												(1)		%				8		%
Total			$	12,241					$	12,371					$	13,437											(1)		%				(9)		%

In addition to the loans serviced on our marketplace platform, we serviced $93.1 million, $102.0 million and $124.4 million in outstanding principal balance of commercial loans sold as of March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

Sequential: Servicing fees were $12.7 million and $17.4 million for the first quarter of 2025 and fourth quarter of 2024, respectively, a decrease of 27%. The decrease was primarily due to a decrease in the fair value of the servicing asset based on higher future expected borrower prepayments and a reduction in servicing fees on delinquent loan collections.

Year Over Year: Servicing fees were $12.7 million and $19.6 million for the first quarters of 2025 and 2024, respectively, a decrease of 35%. The decrease was primarily due to a lower principal balance of loans serviced.

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 (%)
			March 31, 2025						December 31, 2024						March 31, 2024						Q1 2025 vs Q4 2024						Q1 2025 vs Q1 2024
Marketplace loans sold (1)			$	1,117,973					$	1,344,314					$	1,098,443					(17)		%				2		%

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

Sequential: Gain on sales of loans was $12.2 million and $15.0 million for the first quarter of 2025 and fourth quarter of 2024, respectively, a decrease of 19%. The decrease was primarily driven by the decrease in the volume of marketplace loans sold.

Year Over Year: Gain on sales of loans was $12.2 million and $10.9 million for the first quarters of 2025 and 2024, respectively, an increase of 12%. The increase was due to higher Structured Program transaction expenses in the first quarter of 2024.

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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)

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 $(29.3) million and $(25.0) million for the first quarter of 2025 and fourth quarter of 2024, respectively, an increased loss of $4.3 million. The increase was primarily due to an increase in the origination volume of marketplace loans and higher future expected borrower prepayments.

Year Over Year: Net fair value adjustments were $(29.3) million and $(44.7) million for the first quarters of 2025 and 2024, respectively, a decreased loss of $15.4 million. The decrease was primarily due to improved loan sale prices.

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.

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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)

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 March 31, 2025																		Three Months Ended December 31, 2024																		Three Months Ended March 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 (1)
Cash, cash equivalents, restricted cash and other			$	893,058					$	9,606					4.30		%				$	1,193,570					$	14,194					4.76		%				$	1,217,395					$	16,503					5.42		%
Securities available for sale at fair value			3,397,720						56,280						6.63		%				3,390,315						57,259						6.76		%				1,972,561						35,347						7.17		%
Loans held for sale at fair value			723,972						21,814						12.05		%				673,279						20,696						12.30		%				467,275						14,699						12.58		%
Loans and leases held for investment at amortized cost:
Unsecured personal loans			3,097,136						104,722						13.53		%				3,080,934						104,011						13.50		%				3,518,101						116,055						13.20		%
Commercial and other consumer loans			1,012,060						14,227						5.62		%				1,023,041						14,203						5.55		%				1,115,931						16,338						5.86		%
Loans and leases held for investment at amortized cost			4,109,196						118,949						11.58		%				4,103,975						118,214						11.52		%				4,634,032						132,393						11.43		%
Loans held for investment at fair value			921,008						25,410						11.04		%				1,153,204						30,233						10.49		%				256,335						8,409						13.12		%
Total loans and leases held for investment			5,030,204						144,359						11.48		%				5,257,179						148,447						11.29		%				4,890,367						140,802						11.52		%
Total interest-earning assets			10,044,954						232,059						9.24		%				10,514,343						240,596						9.15		%				8,547,598						207,351						9.70		%
Cash and due from banks and restricted cash			30,084																		51,555																		58,440
Allowance for loan and lease losses			(239,608)																		(227,673)																		(291,168)
Other non-interest earning assets			593,740																		597,609																		631,468
Total assets			$	10,429,170																	$	10,935,834																	$	8,946,338
Interest-bearing liabilities
Interest-bearing deposits:
Checking and money market accounts			$	565,981					$	2,317					1.66		%				$	805,362					$	5,502					2.72		%				$	1,054,614					$	9,410					3.59		%
Savings accounts and certificates of deposit			7,954,562						79,783						4.07		%				8,214,866						92,698						4.49		%				6,069,942						74,553						4.94		%
Interest-bearing deposits			8,520,543						82,100						3.91		%				9,020,228						98,200						4.33		%				7,124,556						83,963						4.74		%
Other interest-bearing liabilities (2)			222						2						4.47		%				615						12						7.20		%				26,571						500						7.53		%
Total interest-bearing liabilities			8,520,765						82,102						3.91		%				9,020,843						98,212						4.33		%				7,151,127						84,463						4.75		%

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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)

			Three Months Ended March 31, 2025																		Three Months Ended December 31, 2024																		Three Months Ended March 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
Noninterest-bearing deposits			321,777																		328,022																		317,430
Other liabilities			237,155																		251,239																		220,544
Total liabilities			$	9,079,697																	$	9,600,104																	$	7,689,101
Total equity			$	1,349,473																	$	1,335,730																	$	1,257,237
Total liabilities and equity			$	10,429,170																	$	10,935,834																	$	8,946,338
Interest rate spread															5.33		%																4.82		%																4.95		%
Net interest income and net interest margin									$	149,957					5.97		%										$	142,384					5.42		%										$	122,888					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 March 31, 2025 Compared to Three Months Ended December 31, 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			$	(3,325)					$	(1,263)					$	(4,588)
Securities available for sale at fair value			126						(1,105)						(979)
Loans held for sale at fair value			1,533						(415)						1,118
Loans and leases held for investment at amortized cost			150						585						735
Loans held for investment at fair value			(6,341)						1,518						(4,823)
Total decrease in interest income on interest-earning assets			$	(7,857)					$	(680)					$	(8,537)
Interest-bearing liabilities
Checking and money market accounts			$	(1,379)					$	(1,806)					$	(3,185)
Savings accounts and certificates of deposit			(3,258)						(9,657)						(12,915)
Interest-bearing deposits			(4,637)						(11,463)						(16,100)
Other interest-bearing liabilities			(7)						(3)						(10)
Total decrease in interest expense on interest-bearing liabilities			$	(4,644)					$	(11,466)					$	(16,110)
(Decrease) Increase in net interest income			$	(3,213)					$	10,786					$	7,573

(1)    Volume and rate changes have been allocated on a consistent basis using the respective percentage changes in average balances and average rates.

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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)

			Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 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			$	(3,885)					$	(3,012)					$	(6,897)
Securities available for sale at fair value			23,790						(2,857)						20,933
Loans held for sale at fair value			7,759						(644)						7,115
Loans and leases held for investment at amortized cost			(15,172)						1,728						(13,444)
Loans held for investment at fair value (2)			18,538						(1,537)						17,001
Total increase (decrease) in interest income on interest-earning assets			$	31,030					$	(6,322)					$	24,708
Interest-bearing liabilities
Checking and money market accounts			$	(3,284)					$	(3,809)					$	(7,093)
Savings accounts and certificates of deposit			20,210						(14,980)						5,230
Interest-bearing deposits			16,926						(18,789)						(1,863)
Other interest-bearing liabilities (2)			(353)						(145)						(498)
Total increase (decrease) in interest expense on interest-bearing liabilities			$	16,573					$	(18,934)					$	(2,361)
Increase in net interest income			$	14,457					$	12,612					$	27,069

(1)    Volume and rate changes have been allocated on a consistent basis using the respective percentage changes in average balances and average rates.

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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)

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
			March 31, 2025						December 31, 2024						March 31, 2024
Credit loss expense for loans and leases held for investment			$	56,382					$	62,147					$	29,246
Credit loss expense for securities available for sale			1,321						1,264						2,892
Credit loss expense (benefit) for unfunded lending commitments			446						(173)						(211)
Total provision for credit losses			$	58,149					$	63,238					$	31,927
Loan originations held for investment			$	674,673					$	604,872					$	285,322

Sequential: The provision for credit losses was $58.1 million and $63.2 million for the first quarter of 2025 and fourth quarter of 2024, respectively, a decrease of 8%. The decrease was primarily driven by higher future expected borrower prepayments and a $3.5 million provision in our Commercial Real Estate (CRE) portfolio due to one office loan, which was recognized in the fourth quarter of 2024. The CRE office loan portfolio balance was under $35 million as of March 31, 2025. The decrease in the provision for credit losses was partially offset by additional economic qualitative allowance to reflect macroeconomic uncertainty.

Year Over Year: The provision for credit losses was $58.1 million and $31.9 million for the first quarters of 2025 and 2024, respectively, an increase of 82%. 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 and additional economic qualitative allowance to reflect macroeconomic uncertainty.

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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)

Allowance for Credit Losses

The activity in the allowance for credit losses (ACL) was as follows:

			Three Months Ended
			March 31, 2025						December 31, 2024						March 31, 2024
Allowance for loan and lease losses:
Beginning of period			$	236,734					$	220,564					$	310,387
Credit loss expense for loans and leases held for investment			56,382						62,147						29,246
Charge-offs (1)			(66,576)						(66,054)						(90,342)
Recoveries			17,653						20,077						9,859
End of period			$	244,193					$	236,734					$	259,150
Allowance for securities available for sale:
Beginning of period			$	3,527					$	2,263					$	—
Credit loss expense for securities available for sale			1,321						1,264						2,892
End of period			$	4,848					$	3,527					$	2,892
Reserve for unfunded lending commitments:
Beginning of period			$	1,183					$	1,356					$	1,873
Credit loss expense (benefit) for unfunded lending commitments			446						(173)						(211)
End of period (2)			$	1,629					$	1,183					$	1,662

(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.

(2)    Relates to $96.3 million, $105.0 million and $72.1 million of unfunded commitments as of March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

The following table presents the components of the ALLL:

			March 31, 2025						December 31, 2024						March 31, 2024
Gross allowance for loan and lease losses (1)			$	288,308					$	285,686					$	311,794
Recovery asset value (2)			(44,115)						(48,952)						(52,644)
Allowance for loan and lease losses			$	244,193					$	236,734					$	259,150

(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.

			March 31, 2025									December 31, 2024						March 31, 2024
Total loans and leases held for investment			$	4,215,449								$	4,125,818					$	4,505,816
Allowance for loan and lease losses			$	244,193								$	236,734					$	259,150
Allowance ratio (1)			5.8		%							5.7		%				5.8		%
Gross allowance for loan and lease losses			$	288,308								$	285,686					$	311,794
Gross allowance ratio (1)			6.8		%							6.9		%				6.9		%

(1)    Calculated as ALLL or gross ALLL, where applicable, to total loans and leases held for investment at amortized cost.

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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)

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:

			Three Months Ended
			March 31, 2025						December 31, 2024						March 31, 2024
Average loans and leases held for investment at amortized cost			$	4,109,196					$	4,103,975					$	4,634,032
Net charge-offs			$	48,923					$	45,977					$	80,483
Net charge-off ratio			4.8		%				4.5		%				6.9		%

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 charged-off no later than 120 days past due.

The following table presents nonaccrual loans and leases:

			March 31, 2025						December 31, 2024						March 31, 2024
Nonaccrual loans and leases held for investment at amortized cost			$	59,706					$	72,304					$	45,307
% of total loans and leases held for investment			1.4		%				1.8		%				1.0		%

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.

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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)

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 (%)
			March 31, 2025						December 31, 2024						March 31, 2024						Q1 2025 vs Q4 2024						Q1 2025 vs Q1 2024
Non-interest expense:
Compensation and benefits			$	58,389					$	58,656					$	59,554					—		%				(2)		%
Marketing			29,239						23,415						24,136						25		%				21		%
Equipment and software			14,644						13,361						12,684						10		%				15		%
Depreciation and amortization			13,909						19,748						12,673						(30)		%				10		%
Professional services			9,764						9,136						7,091						7		%				38		%
Occupancy			4,345						3,991						3,861						9		%				13		%
Other non-interest expense			13,577						14,548						12,234						(7)		%				11		%
Total non-interest expense			$	143,867					$	142,855					$	132,233					1		%				9		%

Compensation and Benefits

Sequential: Compensation and benefits expense remained relatively flat for the first quarter of 2025 compared to the fourth quarter of 2024.

Year Over Year: Compensation and benefits expense decreased $1.2 million, or 2%, for the first quarter of 2025 compared to the same period in 2024. The decrease in compensation and benefits expense was primarily due to a decrease in variable compensation expense.

Marketing

Sequential: Marketing expense increased $5.8 million, or 25%, for the first quarter of 2025 compared to the fourth quarter of 2024.

Year Over Year: Marketing expense increased $5.1 million, or 21%, for the first quarter 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 increased $1.3 million, or 10%, for the first quarter of 2025 compared to the fourth quarter of 2024.

Year Over Year: Equipment and software expense increased $2.0 million, or 15%, for the first quarter of 2025 compared to the same period in 2024.

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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)

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 decreased $5.8 million, or 30%, for the first quarter of 2025 compared to the fourth quarter of 2024. The decrease was primarily due to the impairment expense for internally-developed software recorded in the fourth quarter of 2024.

Year Over Year: Depreciation and amortization expense increased $1.2 million, or 10%, for the first quarter of 2025 compared to the same period in 2024. The increase was primarily due to an increase in the amortization of internally-developed software.

Professional Services

Sequential: Professional services increased $0.6 million, or 7%, for the first quarter of 2025 compared to the fourth quarter of 2024.

Year Over Year: Professional services increased $2.7 million, or 38%, for the first quarter of 2025 compared to the same period in 2024.

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

Occupancy

Sequential: Occupancy expense increased $0.4 million, or 9%, for the first quarter of 2025 compared to the fourth quarter of 2024.

Year Over Year: Occupancy expense increased $0.5 million, or 13%, for the first quarter of 2025 compared to the same period in 2024.

The increases in occupancy expense were primarily due to an increase in office maintenance expenses.

Other non-interest expense

Sequential: Other non-interest expense decreased $1.0 million, or 7%, for the first quarter of 2025 compared to the fourth quarter of 2024.

Year Over Year: Other non-interest expense increased $1.3 million, or 11%, for the first quarter of 2025 compared to the same period in 2024.

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

Income Taxes

For the first quarter 2025, we recorded an income tax expense of $4.0 million, representing an effective tax rate of 25.6%. For the first quarter 2024, we recorded an income tax expense of $4.3 million, representing an effective tax rate of 25.9%. The effective tax rates differ from the federal statutory rate due to state taxes, the favorable impact of

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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)

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.

As of March 31, 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.

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.

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.

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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)

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

			LendingClub Bank												LendingClub Corporation (Parent only)												Total Reportable Segments
Three Months Ended March 31,			2025						2024						2025						2024						2025						2024
Non-interest income:
Marketplace revenue			$	52,210					$	38,515					$	5,795					$	9,828					$	58,005					$	48,343
Other non-interest income			12,941						13,695						1,991						1,946						14,932						15,641
Total non-interest income			65,151						52,210						7,786						11,774						72,937						63,984
Interest income:
Interest income			231,755						204,807						304						2,544						232,059						207,351
Interest expense			(82,102)						(84,123)						—						(340)						(82,102)						(84,463)
Net interest income			149,653						120,684						304						2,204						149,957						122,888
Total net revenue			214,804						172,894						8,090						13,978						222,894						186,872
Provision for credit losses			(58,149)						(31,927)						—						—						(58,149)						(31,927)
Non-interest expense:
Compensation and benefits			(56,863)						(58,012)						(1,526)						(1,542)						(58,389)						(59,554)
Marketing			(29,239)						(24,136)						—						—						(29,239)						(24,136)
Equipment and software			(14,619)						(12,636)						(25)						(48)						(14,644)						(12,684)
Depreciation and amortization			(12,543)						(10,166)						(1,366)						(2,507)						(13,909)						(12,673)
Professional services			(9,637)						(6,986)						(127)						(105)						(9,764)						(7,091)
Occupancy			(2,401)						(1,796)						(1,944)						(2,065)						(4,345)						(3,861)
Other non-interest expense			(14,447)						(12,764)						(4,313)						(5,654)						(18,760)						(18,418)
Total non-interest expense			(139,749)						(126,496)						(9,301)						(11,921)						(149,050)						(138,417)
Income tax (expense) benefit			(4,872)						(3,685)						848						(593)						(4,024)						(4,278)
Net income (loss) (1)			$	12,034					$	10,786					$	(363)					$	1,464					$	11,671					$	12,250
Capital expenditures			$	13,066					$	11,781					$	—					$	—					$	13,066					$	11,781

(1)    Total net income from reportable segments reflects net income on a consolidated basis.

			Three Months Ended March 31,
			2025						2024
Total net revenue – reportable segments			$	222,894					$	186,872
Intercompany eliminations			(5,183)						(6,184)
Total net revenue – consolidated			$	217,711					$	180,688

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

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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)

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 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
			March 31, 2025						December 31, 2024						March 31, 2024
GAAP Net income			$	11,671					$	9,720					$	12,250
Less: Provision for credit losses			(58,149)						(63,238)						(31,927)
Less: Income tax expense			(4,024)						(1,388)						(4,278)
Pre-provision net revenue			$	73,844					$	74,346					$	48,455

			Three Months Ended
			March 31, 2025						December 31, 2024						March 31, 2024
Non-interest income			$	67,754					$	74,817					$	57,800
Net interest income			149,957						142,384						122,888
Total net revenue			217,711						217,201						180,688
Non-interest expense			(143,867)						(142,855)						(132,233)
Pre-provision net revenue			73,844						74,346						48,455
Provision for credit losses			(58,149)						(63,238)						(31,927)
Income before income tax expense			15,695						11,108						16,528
Income tax expense			(4,024)						(1,388)						(4,278)
GAAP Net income			$	11,671					$	9,720					$	12,250

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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)

The following table provides a reconciliation of TBV Per Common Share to the nearest GAAP measure:

As of			March 31, 2025						December 31, 2024						March 31, 2024
GAAP common equity			$	1,364,517					$	1,341,731					$	1,266,286
Less: Goodwill			(75,717)						(75,717)						(75,717)
Less: Customer relationship intangible assets			(7,778)						(8,586)						(11,165)
Tangible common equity			$	1,281,022					$	1,257,428					$	1,179,404
Book value per common share
GAAP common equity			$	1,364,517					$	1,341,731					$	1,266,286
Common shares issued and outstanding			114,199,832						113,383,917						111,120,415
Book value per common share			$	11.95					$	11.83					$	11.40
Tangible book value per common share
Tangible common equity			$	1,281,022					$	1,257,428					$	1,179,404
Common shares issued and outstanding			114,199,832						113,383,917						111,120,415
Tangible book value per common share			$	11.22					$	11.09					$	10.61

The following table provides a reconciliation of ROTCE to the nearest GAAP measure:

			Three Months Ended
			March 31, 2025						December 31, 2024						March 31, 2024
Average GAAP common equity			$	1,349,473					$	1,335,730					$	1,257,237
Less: Average goodwill			(75,717)						(75,717)						(75,717)
Less: Average customer relationship intangible assets			(8,182)						(9,013)						(11,650)
Average tangible common equity			$	1,265,574					$	1,251,000					$	1,169,870
Return on average equity
Annualized GAAP net income			$	46,684					$	38,880					$	49,000
Average GAAP common equity			1,349,473						1,335,730						1,257,237
Return on average equity			3.5		%				2.9		%				3.9		%
Return on tangible common equity
Annualized GAAP net income			$	46,684					$	38,880					$	49,000
Average tangible common equity			1,265,574						1,251,000						1,169,870
Return on tangible common equity			3.7		%				3.1		%				4.2		%

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.

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

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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)

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). 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.

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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)

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):

			March 31, 2025												December 31, 2024												Required Minimum (1)						Well Capitalized Minimum
			Amount						Ratio						Amount						Ratio
LendingClub Corporation:
CET1 capital (1)			$	1,212.1					17.8		%				$	1,188.6					17.3		%				7.0		%				N/A
Tier 1 capital			$	1,212.1					17.8		%				$	1,188.6					17.3		%				8.5		%				6.0		%
Total capital			$	1,299.2					19.1		%				$	1,276.5					18.5		%				10.5		%				10.0		%
Tier 1 leverage			$	1,212.1					11.7		%				$	1,188.6					11.0		%				4.0		%				N/A
Risk-weighted assets			$	6,813.7					N/A						$	6,887.1					N/A						N/A						N/A
Quarterly adjusted average assets			$	10,316.2					N/A						$	10,814.0					N/A						N/A						N/A
LendingClub Bank:
CET1 capital (1)			$	1,060.5					15.7		%				$	1,101.4					16.1		%				7.0		%				6.5		%
Tier 1 capital			$	1,060.5					15.7		%				$	1,101.4					16.1		%				8.5		%				8.0		%
Total capital			$	1,146.9					17.0		%				$	1,188.5					17.4		%				10.5		%				10.0		%
Tier 1 leverage			$	1,060.5					10.4		%				$	1,101.4					10.3		%				4.0		%				5.0		%
Risk-weighted assets			$	6,757.0					N/A						$	6,823.1					N/A						N/A						N/A
Quarterly adjusted average assets			$	10,215.4					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:

			March 31, 2025						December 31, 2024
Cash and cash equivalents			$	872,895					$	932,463
Securities available for sale (1)			$	384,746					$	382,876
Deposits			$	9,018,229					$	9,116,821
Available borrowing capacity:
FRB Discount Window (2)			$	2,426,695					$	2,635,034
FHLB of Des Moines (3)			624,559						626,117
Total available borrowing capacity			$	3,051,254					$	3,261,151

(1)    Excludes illiquid securities available for sale.

(2)    As of March 31, 2025 and December 31, 2024, the Company had $3.0 billion and $3.2 billion in loans pledged under the FRB Discount Window, respectively.

(3)    As of March 31, 2025, the Company had $447.6 million in loans and $375.5 million in securities pledged to the 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 both March 31, 2025 and December 31, 2024, the amount of uninsured deposits totaled $1.2 billion, or 13%, of total deposits. Uninsured time deposits as of March 31, 2025, by remaining time to maturity, were as follows:

3 months or less			$	7,289
Over 3 months through 6 months			7,662
Over 6 months through 12 months			10,832
Over 12 months			1,671
Total uninsured time deposits (1)			$	27,454

(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 $13.1 million, or 6.1% of total net revenue, and $11.8 million, or 6.8% of total net revenue, for the first quarters of 2025 and 2024, respectively. Capital expenditures in 2025 are expected to be approximately $155 million, primarily related to the property we purchased in April 2025 for $74.5 million in cash which will serve as the Company’s headquarters beginning in the second quarter of 2026, following the expiration of our current San Francisco office space lease. In addition, the expected capital expenditures are related to 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 $126.0 million and $66.0 million in cash and cash equivalents as of March 31, 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

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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)

accounting treatment, to manage such risk. 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:

			March 31, 2025						December 31, 2024
Instantaneous Change in Interest Rates:
+ 200 basis points			(6.3)		%				(7.1)		%
+ 100 basis points			(3.1)		%				(3.5)		%
– 100 basis points			0.6		%				1.1		%
– 200 basis points			0.7		%				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 decrease in sensitivity as of March 31, 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 increased sensitivity of 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 March 31, 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

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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)

Operations – Critical Accounting Estimates” in our Annual Report. There have been no significant changes to these critical accounting estimates during the first quarter of 2025.

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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 March 31, 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 March 31, 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 first 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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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.

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

None.

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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, Andrew LaBenne, the Company’s Chief Financial Officer, entered into a sales plan in March 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 6.3% of Mr. LaBenne’s current equity interest in the Company including his unvested time-based RSUs and unearned PBRSUs at target performance. Any sale(s) executed under the Plan would represent the first sale(s) of Company stock by Mr. LaBenne since joining the Company in 2022.

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 first quarter of 2025:

Name and Title

Adoption Date

Expiration Date

Aggregate Number of Shares to be Sold

Andrew LaBenne, Chief Financial Officer

March 6, 2025

November 28, 2025

Up to 38,858

Other than disclosed above, during the first 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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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

3.1

Eighth Amended and Restated Certificate of Incorporation of LendingClub Corporation, effective July 30, 2024

10-Q

001-36771

3.1

August 01, 2024

3.2

Amended and Restated Bylaws of the Company, effective March 22, 2018

8-K/A

001-36771

3.1

June 22, 2018

31.1

Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

X

31.2

Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

X

32.1

Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

X

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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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:

May 1, 2025

/s/ SCOTT SANBORN

Scott Sanborn

Chief Executive Officer

Date:

May 1, 2025

/s/ ANDREW LABENNE

Andrew LaBenne

Chief Financial Officer

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