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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 September 30, 2025

Commission File Number: 001-36771


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


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

595 Market Street, Suite 200,

San Francisco,

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 October 17, 2025, there were 115,301,440 shares of the registrant’s common stock outstanding.

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	38
	Note 9. Property, Equipment and Software, net	40
	Note 10. Goodwill and Intangible Assets	40
	Note 11. Other Assets	41
	Note 12. Deposits	42
	Note 13. Borrowings	42
	Note 14. Other Liabilities	43
	Note 15. Employee Incentive Plans	43
	Note 16. Income Taxes	44
	Note 17. Leases	45
	Note 18. Commitments and Contingencies	47
	Note 19. Regulatory Requirements	48
	Note 20. Segment Reporting	50
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	54
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	87
Item 4.	Controls and Procedures	87

PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	87
Item 1A.	Risk Factors	87
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	89
Item 3.	Defaults Upon Senior Securities	89
Item 4.	Mine Safety Disclosures	89
Item 5.	Other Information	89
Item 6.	Exhibits	90
Signatures		91

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.


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

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 impact of changes in the U.S. political environment or disruptions in government operations, including any government shutdown;

•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;

•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;

LENDINGCLUB CORPORATION

•our tax profile; and

•other risk factors listed from time to time in reports we file with the SEC.

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

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

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

LENDINGCLUB CORPORATION

Condensed Consolidated Balance Sheets

(In Thousands, Except Share and Per Share Amounts)

(Unaudited)


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


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

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

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


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

See Notes to Condensed Consolidated Financial Statements.

LENDINGCLUB CORPORATION

Condensed Consolidated Statements of Income

(In Thousands, Except Share and Per Share Amounts)

(Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Non-interest income:
Marketplace revenue	$	102,155	$	58,384	$	257,442	$	170,628
Other non-interest income	5,637		3,256		12,290		7,525
Total non-interest income	107,792		61,640		269,732		178,153

Interest income:
Interest on loans held for sale	37,628		30,326		91,931		71,746
Interest and fees on loans and leases held for investment	126,211		118,788		367,555		376,000
Interest on loans held for investment at fair value	15,319		26,345		60,490		46,801
Interest on securities available for sale	56,253		52,476		167,872		130,702
Other interest income	6,390		12,442		23,109		42,113
Total interest income	241,801		240,377		710,957		667,362

Interest expense:
Interest on deposits	83,221		96,863		248,166		271,019
Other interest expense	141		3,273		146		4,686
Total interest expense	83,362		100,136		248,312		275,705

Net interest income	158,439		140,241		462,645		391,657

Total net revenue	266,231		201,881		732,377		569,810

Provision for credit losses	46,280		47,541		144,162		115,029

Non-interest expense:
Compensation and benefits	60,830		57,408		181,208		173,502
Marketing	40,712		26,186		103,531		76,987
Equipment and software	13,465		12,789		42,604		37,833
Depreciation and amortization	16,879		13,341		46,248		39,086
Professional services	10,922		8,014		30,986		22,909
Occupancy	5,245		4,005		14,377		11,807
Other non-interest expense	14,660		14,589		42,344		38,699
Total non-interest expense	162,713		136,332		461,298		400,823

Income before income tax expense	57,238		18,008		126,917		53,958
Income tax expense	(12,964)		(3,551)		(32,794)		(12,348)
Net income	$	44,274	$	14,457	$	94,123	$	41,610


Earnings per share: (1)
Basic EPS	$	0.39	$	0.13	$	0.82	$	0.37
Diluted EPS	$	0.37	$	0.13	$	0.81	$	0.37
Weighted-average common shares – Basic	114,961,676		112,042,202		114,359,414		111,376,778
Weighted-average common shares – Diluted	118,188,124		113,922,256		116,690,642		112,027,815

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

See Notes to Condensed Consolidated Financial Statements.

LENDINGCLUB CORPORATION

Condensed Consolidated Statements of Comprehensive Income

(In Thousands)

(Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net income	$	44,274	$	14,457	$	94,123	$	41,610

Other comprehensive income:
Net unrealized gain on securities available for sale	11,167		47,012		10,356		37,326

Income tax effect	(2,862)		(13,198)		(3,813)		(10,593)
Other comprehensive income, net of tax	8,305		33,814		6,543		26,733

Total comprehensive income	$	52,579	$	48,271	$	100,666	$	68,343

See Notes to Condensed Consolidated Financial Statements.

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 June 30, 2025		114,740,147	$	1,147	$	1,718,520			$	(26,005)	$	(287,627)	$	1,406,035
Stock-based compensation		—	—		9,577				—		—		9,577
Net issuances under equity incentive plans		561,293	6		(5,984)				—		—		(5,978)



Net unrealized gain on securities available for sale, net of tax		—	—		—				8,305		—		8,305

Net income		—	—		—				—		44,274		44,274
Balance at September 30, 2025		115,301,440	$	1,153	$	1,722,113			$	(17,700)	$	(243,353)	$	1,462,213

	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		—	—		30,004				—		—		30,004
Net issuances under equity incentive plans		1,917,523	19		(10,207)				—		—		(10,188)



Net unrealized gain on securities available for sale, net of tax		—	—		—				6,543		—		6,543

Net income		—	—		—				—		94,123		94,123
Balance at September 30, 2025		115,301,440	$	1,153	$	1,722,113			$	(17,700)	$	(243,353)	$	1,462,213

	Common Stock		Additional Paid-in Capital				Accumulated Other Comprehensive Loss	Accumulated Deficit	Total Equity
		Shares			Amount
Balance at June 30, 2024		111,812,215	$	1,118	$	1,685,865			$	(37,385)	$	(361,653)	$	1,287,945
Stock-based compensation		—	—		11,248				—		—		11,248
Net issuances under equity incentive plans		589,775	6		(4,575)				—		—		(4,569)



Net unrealized gain on securities available for sale, net of tax		—	—		—				33,814		—		33,814
Net income		—	—		—				—		14,457		14,457
Balance at September 30, 2024		112,401,990	$	1,124	$	1,692,538			$	(3,571)	$	(347,196)	$	1,342,895

	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		—	—		36,162				—		—		36,162
Net issuances under equity incentive plans		1,991,388	20		(13,452)				—		—		(13,432)



Net unrealized gain on securities available for sale, net of tax		—	—		—				26,733		—		26,733
Net income		—	—		—				—		41,610		41,610
Balance at September 30, 2024		112,401,990	$	1,124	$	1,692,538			$	(3,571)	$	(347,196)	$	1,342,895

See Notes to Condensed Consolidated Financial Statements.

LENDINGCLUB CORPORATION

Condensed Consolidated Statements of Cash Flows

(In Thousands)

(Unaudited)


	Nine Months Ended September 30,
	2025		2024
Cash Flows from Operating Activities:
Net income	$	94,123	$	41,610
Adjustments to reconcile net income to net cash used for operating activities:
Net fair value adjustments	95,495		129,679
Change in fair value of loan servicing assets	42,635		60,068
Gain on sales of loans	(43,541)		(34,090)
Provision for credit losses	144,162		115,029
Accretion of loan deferred fees and costs	(47,531)		(52,980)
Stock-based compensation, net	26,083		30,527


Depreciation and amortization	46,248		39,086

Other, net	7,642		6,368




Net change to loans held for sale	(2,219,285)		(2,806,609)






Net change in operating assets and liabilities:

Other assets	36,576		19,747

Other liabilities	(5,780)		2,764




Net cash used for operating activities	(1,823,173)		(2,448,801)
Cash Flows from Investing Activities:




Net change in loans and leases	249,344		(427,412)




Purchases of securities available for sale	(25,452)		(31,749)

Proceeds from maturities and paydowns of securities available for sale	1,288,127		607,651
Purchases of property, equipment and software, net	(124,763)		(37,082)

Other investing activities	(3,888)		(1,685)

Net cash provided by investing activities	1,383,368		109,723
Cash Flows from Financing Activities:
Net change in deposits	318,217		2,124,304






Principal payments on borrowings	—		(16,284)





















Other financing activities	(10,138)		(12,813)
Net cash provided by financing activities	308,079		2,095,207
Net Decrease in Cash, Cash Equivalents and Restricted Cash	$	(131,726)	$	(243,871)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period	$	977,396	$	1,294,148
Cash, Cash Equivalents and Restricted Cash, End of Period	$	845,670	$	1,050,277

Supplemental Cash Flow Information:
Cash paid for interest	$	258,835	$	278,159
Cash paid for taxes	$	2,805	$	111
Cash paid for operating leases included in the measurement of lease liabilities	$	10,188	$	9,580


Supplemental Non-cash Investing Activity:

Net securities retained from Structured Program transactions	$	1,536,647	$	2,228,307

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:


	September 30, 2025		September 30, 2024
Cash and cash equivalents	$	827,387	$	1,016,930
Restricted cash	18,283		33,347
Total cash, cash equivalents and restricted cash	$	845,670	$	1,050,277

See Notes to Condensed Consolidated Financial Statements.

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 nine months ended September 30, 2025, other than the updates described below in connection with the Company’s acquisition of an office building in April 2025.

Property, Equipment and Software, net

The office building’s purchase price was allocated primarily between the building and the underlying land value. These are included within Property, Equipment and Software, Net, on the Balance Sheet and are carried at cost, net of accumulated depreciation.

Building, building improvements and tenant improvements are depreciated on a straight-line basis. The building is depreciated over its estimated useful life of 39 years, building improvements are depreciated over their respective estimated useful lives, and tenant improvements are depreciated over the shorter of their estimated useful lives or respective lease terms.

Lessor Accounting – Operating Leases

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

LENDINGCLUB CORPORATION

Notes to Condensed Consolidated Financial Statements

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

(Unaudited)

Adoption of New Accounting Standards

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

New Accounting Standards Not Yet Adopted

In September 2025, the FASB issued ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the guidance to reflect the software development approaches currently used. Specifically, the ASU eliminates accounting consideration of software project development stages and enhances the guidance around the “probable-to-complete” threshold. The new standard is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. The amendments of this standard can be applied retrospectively, prospectively or on a modified prospective basis. Early adoption is also permitted. The Company is evaluating the impact of this ASU but does not expect it to be material.

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

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

2. Marketplace Revenue

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

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

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

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

LENDINGCLUB CORPORATION

Notes to Condensed Consolidated Financial Statements

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

(Unaudited)

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 September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Origination fees	$	105,731	$	71,465	$	263,253	$	218,675
Servicing fees	17,000		8,081		46,143		47,542
Gain on sales of loans	17,799		12,433		43,541		34,090
Net fair value adjustments	(38,375)		(33,595)		(95,495)		(129,679)
Total marketplace revenue	$	102,155	$	58,384	$	257,442	$	170,628

3. Earnings Per Share

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Basic EPS:
Net income attributable to stockholders	$	44,274	$	14,457	$	94,123	$	41,610
Weighted-average common shares – Basic	114,961,676		112,042,202		114,359,414		111,376,778
Basic EPS	$	0.39	$	0.13	$	0.82	$	0.37

Diluted EPS:
Net income attributable to stockholders	$	44,274	$	14,457	$	94,123	$	41,610
Weighted-average common shares – Diluted	118,188,124		113,922,256		116,690,642		112,027,815
Diluted EPS	$	0.37	$	0.13	$	0.81	$	0.37

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:


September 30, 2025	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
Senior asset-backed securities related to Structured Program transactions (1)	$	3,109,548	$	29,270	$	—	$	—	$	3,138,818
U.S. agency residential mortgage-backed securities	272,728		307		(34,025)		—		239,010
Other asset-backed securities related to Structured Program transactions (2)	212,315		109		(1,184)		(4,115)		207,125
U.S. agency securities	87,463		—		(11,327)		—		76,136
Mortgage-backed securities	61,152		62		(5,231)		—		55,983
Municipal securities	3,221		—		(642)		—		2,579
Other securities	23,045		36		(428)		—		22,653

Total securities available for sale	$	3,769,472	$	29,784	$	(52,837)	$	(4,115)	$	3,742,304


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
Municipal securities	3,236		—		(697)		—		2,539
Other securities	21,364		15		(587)		—		20,792






Total securities available for sale	$	3,492,264	$	30,469	$	(66,558)	$	(3,527)	$	3,452,648

(1) Excludes a $0.5 million and $(2.2) million cumulative basis adjustment for securities designated in active fair value hedge relationships at September 30, 2025 and December 31, 2024, respectively. See “Note 8. Derivative Instruments and Hedging Activities” for additional information.

(2) As of September 30, 2025 and December 31, 2024, $199.7 million and $169.9 million, respectively, of the other asset-backed securities related to Structured Program transactions at fair value are subject to restrictions on transfer pursuant to the Company’s obligations as a “sponsor” under the U.S. Risk Retention Rules.

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
September 30, 2025	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

U.S. agency residential mortgage-backed securities	$	19,983	$	(390)	$	196,494	$	(33,635)	$	216,477	$	(34,025)
Other asset-backed securities related to Structured Program transactions	83,283		(1,080)		14,572		(104)		97,855		(1,184)
U.S. agency securities	—		—		76,136		(11,327)		76,136		(11,327)
Mortgage-backed securities	7,474		(36)		36,528		(5,195)		44,002		(5,231)
Municipal securities	—		—		2,579		(642)		2,579		(642)
Other securities	3,426		(15)		9,944		(413)		13,370		(428)

Total securities with unrealized losses	$	114,166	$	(1,521)	$	336,253	$	(51,316)	$	450,419	$	(52,837)


	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)
Municipal securities	—		—		2,539		(697)		2,539		(697)
Other securities	1,638		(4)		11,668		(583)		13,306		(587)
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 September 30, 2025 and December 31, 2024 was comprised of U.S. agency-backed securities and mortgage-backed securities. Management considers these securities to be of the highest credit quality and rating given the guarantee of principal and interest by certain U.S. government agencies or government-sponsored agencies. Most of the remaining securities in an unrealized loss position in the Company’s AFS investment portfolio at September 30, 2025, were rated investment grade. Substantially all of these unrealized losses were caused by interest rate increases. Additionally, the Company does not intend to sell the securities in loss positions, nor is it more likely than not that it will be required to sell the securities prior to recovery of the amortized cost basis. For a description of management’s quarterly evaluation of AFS securities in an unrealized loss position, see “Part II – Item 8. Financial Statements and Supplementary Data – Note 1. Summary of Significant Accounting Policies” in our Annual Report.

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 September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Other asset-backed securities related to Structured Program transactions:
Allowance for credit losses, beginning of period	$	4,029	$	2,083	$	3,527	$	—
Credit loss expense for securities available for sale	86		180		588		2,263



Allowance for credit losses, end of period	$	4,115	$	2,263	$	4,115	$	2,263

The contractual maturities of AFS securities were as follows:


September 30, 2025	Amortized Cost		Fair Value		Weighted- average Yield (1)





Due after 1 year through 5 years:
Senior asset-backed securities related to Structured Program transactions	$	3,109,548	$	3,138,818
Other asset-backed securities related to Structured Program transactions	212,315		207,125
U.S. agency securities	7,850		7,758
Mortgage-backed securities	2,630		2,459
Municipal securities	306		288
Other securities	5,066		5,066

Total due after 1 year through 5 years	3,337,715		3,361,514		6.74	%
Due after 5 years through 10 years:
U.S. agency securities	33,473		30,170

U.S. agency residential mortgage-backed securities	3,083		2,981
Mortgage-backed securities	889		782
Municipal securities	308		284
Other securities	10,326		10,310
Total due after 5 years through 10 years	48,079		44,527		3.80	%
Due after 10 years:
U.S. agency residential mortgage-backed securities	269,645		236,029
Mortgage-backed securities	57,633		52,742
U.S. agency securities	46,140		38,208
Municipal securities	2,607		2,007
Other securities	7,653		7,277
Total due after 10 years	383,678		336,263		3.04	%
Total securities available for sale	$	3,769,472	$	3,742,304	6.30	%

(1) The weighted-average yield is computed using the average month-end amortized cost during the nine months ended September 30, 2025.

LENDINGCLUB CORPORATION

Notes to Condensed Consolidated Financial Statements

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

(Unaudited)

During both the third quarter and first nine months of 2024, the Company recognized proceeds of $30.1 million and gross realized gains of $114 thousand from sales of senior asset-backed securities related to Structured Program transactions. There were no sales of AFS securities during the third quarter and first nine months of 2025.

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

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

Loans and Leases Held for Investment at Amortized Cost

The Company defines its loans and leases HFI portfolio segments as (i) consumer and (ii) commercial. The following table presents the components of each portfolio segment by class of financing receivable:


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

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

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

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

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


	September 30, 2025		December 31, 2024
Gross allowance for loan and lease losses (1)	$	308,218	$	285,686
Recovery asset value (2)	(40,444)		(48,952)
Allowance for loan and lease losses	$	267,774	$	236,734

(1) Represents the allowance for future estimated net charge-offs on existing portfolio balances.

(2) Represents the negative allowance for expected recoveries of amounts previously charged-off.

LENDINGCLUB CORPORATION

Notes to Condensed Consolidated Financial Statements

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

(Unaudited)


September 30, 2025	Consumer			Commercial			Total
Loans and leases held for investment	$	3,710,451		$	652,964		$	4,363,415

Allowance for loan and lease losses	$	252,557		$	15,217		$	267,774
Allowance ratio (1)	6.8		%	2.3		%	6.1		%

Gross allowance for loan and lease losses	$	293,001		$	15,217		$	308,218
Gross allowance ratio (1)	7.9		%	2.3		%	7.1		%


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.

LENDINGCLUB CORPORATION

Notes to Condensed Consolidated Financial Statements

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

(Unaudited)

The activity in the ACL by portfolio segment was as follows:


	Three Months Ended September 30,
	2025						2024
	Consumer		Commercial		Total		Consumer		Commercial		Total
Allowance for loan and lease losses:
Beginning of period	$	237,433	$	15,556	$	252,989	$	210,729	$	18,180	$	228,909
Credit loss expense (benefit)	46,390		(483)		45,907		45,813		1,647		47,460

Charge-offs	(47,886)		—		(47,886)		(68,388)		(721)		(69,109)
Recoveries	16,620		144		16,764		12,745		559		13,304
End of period	$	252,557	$	15,217	$	267,774	$	200,899	$	19,665	$	220,564

Reserve for unfunded lending commitments:
Beginning of period	$	—	$	1,585	$	1,585	$	—	$	1,455	$	1,455
Credit loss expense (benefit)	—		287		287		—		(99)		(99)
End of period (1)	$	—	$	1,872	$	1,872	$	—	$	1,356	$	1,356


	Nine Months Ended September 30,
	2025						2024
	Consumer		Commercial		Total		Consumer		Commercial		Total
Allowance for loan and lease losses:
Beginning of period	$	212,598	$	24,136	$	236,734	$	298,061	$	12,326	$	310,387
Credit loss expense (benefit)	143,471		(586)		142,885		104,259		9,024		113,283

Charge-offs (2)	(155,186)		(9,130)		(164,316)		(234,992)		(2,547)		(237,539)
Recoveries	51,674		797		52,471		33,571		862		34,433
End of period	$	252,557	$	15,217	$	267,774	$	200,899	$	19,665	$	220,564

Reserve for unfunded lending commitments:
Beginning of period	$	—	$	1,183	$	1,183	$	—	$	1,873	$	1,873
Credit loss expense (benefit)	—		689		689		—		(517)		(517)
End of period (1)	$	—	$	1,872	$	1,872	$	—	$	1,356	$	1,356

(1) Relates to $114.4 million and $105.3 million of unfunded commitments as of September 30, 2025 and 2024, respectively.

(2) Includes an $8.0 million charge-off recorded in the first quarter of 2025 related to one office loan within the Company’s Commercial Real Estate portfolio, which was fully reserved for in prior periods.

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 nine months of 2025:



	Gross Charge-Offs by Origination Year
	2025		2024		2023		2022		2021		Prior		Total
Unsecured personal (1)	$	4,873	$	38,044	$	49,356	$	49,576	$	11,634	$	—	$	153,483
Residential mortgages	—		—		—		—		—		—		—
Secured consumer	45		291		768		445		154		—		1,703






Total consumer loans held for investment	4,918		38,335		50,124		50,021		11,788		—		155,186
Equipment finance	—		—		—		—		—		—		—
Commercial real estate	—		—		—		—		—		8,597		8,597
Commercial and industrial	—		172		—		328		33		—		533
Total commercial loans and leases held for investment	—		172		—		328		33		8,597		9,130

Total loans and leases held for investment	$	4,918	$	38,507	$	50,124	$	50,349	$	11,821	$	8,597	$	164,316

(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:


September 30, 2025	Term Loans and Leases by Origination Year
	2025		2024		2023		2022		2021		Prior		Total
Unsecured personal
Current	$	1,526,275	$	881,278	$	414,358	$	362,126	$	59,307	$	—	$	3,243,344
30-59 days past due	5,924		6,290		4,456		4,153		1,109		—		21,932
60-89 days past due	4,068		5,578		4,312		3,619		863		—		18,440
90 or more days past due	2,850		6,022		4,337		4,034		871		—		18,114
Total unsecured personal (1)	1,539,117		899,168		427,463		373,932		62,150		—		3,301,830
Residential mortgages
Current	—		—		—		42,868		50,521		67,553		160,942
30-59 days past due	—		—		—		—		—		—		—
60-89 days past due	—		—		—		—		—		—		—
90 or more days past due	—		—		—		—		—		156		156
Total residential mortgages	—		—		—		42,868		50,521		67,709		161,098
Secured consumer
Current	97,757		54,421		49,539		33,158		5,101		2,302		242,278
30-59 days past due	219		389		709		843		137		—		2,297
60-89 days past due	82		166		226		417		35		—		926
90 or more days past due	70		41		152		62		17		—		342
Total secured consumer	98,128		55,017		50,626		34,480		5,290		2,302		245,843






Total consumer loans held for investment	$	1,637,245	$	954,185	$	478,089	$	451,280	$	117,961	$	70,011	$	3,708,771

(1) Excludes cumulative basis adjustment for loans designated in fair value hedges under the portfolio layer method. As of September 30, 2025, the basis adjustment totaled $1.7 million and represents an increase to the amortized cost of the hedged loans. See “Note 8. Derivative Instruments and Hedging Activities” for additional information.

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.

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:


September 30, 2025	Term Loans and Leases by Origination Year
	2025		2024		2023		2022		2021		Prior		Total		Guaranteed Amount (1)
Equipment finance
Pass	$	—	$	—	$	390	$	23,497	$	2,672	$	10,526	$	37,085	$	—
Special mention	—		—		—		2,956		322		—		3,278		—
Substandard	—		—		—		—		3,517		—		3,517		—
Doubtful	—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—
Total equipment finance	—		—		390		26,453		6,511		10,526		43,880		—
Commercial real estate
Pass	62,378		38,132		67,872		97,187		32,688		124,256		422,513		34,735
Special mention	—		—		—		—		—		6,126		6,126		—
Substandard	—		—		—		431		8,433		11,662		20,526		7,236
Doubtful	—		—		—		—		—		62		62		—
Loss	—		—		—		1,121		271		430		1,822		1,543
Total commercial real estate	62,378		38,132		67,872		98,739		41,392		142,536		451,049		43,514
Commercial and industrial
Pass	14,766		29,502		21,042		18,462		21,850		10,788		116,410		77,682
Special mention	—		—		1,740		8,039		2,206		70		12,055		9,788
Substandard	—		1,500		5,831		5,308		2,573		2,641		17,853		11,743
Doubtful	—		—		—		3,509		1,431		508		5,448		4,558
Loss	—		744		1,831		3,694		—		—		6,269		6,269
Total commercial and industrial	14,766		31,746		30,444		39,012		28,060		14,007		158,035		110,040
Total commercial loans and leases held for investment	$	77,144	$	69,878	$	98,706	$	164,204	$	75,963	$	167,069	$	652,964	$	153,554

(1) Represents loan balances guaranteed by the SBA.

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:


September 30, 2025	30-59 Days		60-89 Days		90 or More Days		Total		Guaranteed Amount (1)
Equipment finance	$	2,743	$	—	$	3,331	$	6,074	$	—
Commercial real estate	62		432		10,152		10,646		8,456
Commercial and industrial	3,305		2,152		14,916		20,373		14,904
Total commercial loans and leases held for investment	$	6,110	$	2,584	$	28,399	$	37,093	$	23,360


December 31, 2024	30-59 Days		60-89 Days		90 or More Days		Total		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.

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 September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024





Short-term payment reduction	$	5,298		$	7,384		$	15,373		$	24,106
Permanent loan modification	2,187			2,281			4,872			4,721
Debt settlement	2,845			5,521			2,939			5,713
Total loan modifications – unsecured personal loans	$	10,330		$	15,186		$	23,184		$	34,540

% of unsecured personal loans at amortized cost as of period end	0.3		%	0.5		%	0.7		%	1.1		%

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 $12.4 million of loan balances at amortized cost outstanding as of September 30, 2025, and may subsequently be eligible for a short-term payment reduction modification.

Permanent loan modifications include both a reduction in contractual interest rates and an extension to the contractual maturity date of up to twelve months and do not include any principal forgiveness. To qualify for this modification, borrowers must meet the Company’s debt-to-income ratio requirements. During the third quarter and first nine months of 2025, the weighted-average interest rate reduction under this program was approximately 8.3% and 8.2%, respectively. During the third quarter and first nine months of 2024, the weighted-average interest rate reduction under this program was approximately 7.0% and 7.8%, respectively. The weighted-average maturity date extension was approximately twelve months for all periods.

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

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:



	September 30, 2025						September 30, 2024
	Short-term Payment Reduction		Permanent Loan Modification		Debt Settlement		Short-term Payment Reduction		Permanent Loan Modification		Debt Settlement
Unsecured personal loans
Current	$	15,252	$	5,605	$	40	$	21,281	$	5,049	$	133
30-59 days	1,376		174		37		2,064

LendingClub Corp 10-Q