LendingClub Corp (LC)
SIC breadcrumb: Finance, Insurance, And Real Estate > SIC Major Group 61 > SIC 6141 Personal Credit Institutions
SEC company page: https://www.sec.gov/edgar/browse/?CIK=1409970. Latest filing source: 0001409970-26-000018.
Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
|---|---|---|---|---|
| Revenue | 998,848,000 | USD | 2025 | 2026-02-12 |
| Net income | 135,677,000 | USD | 2025 | 2026-02-12 |
| Assets | 11,567,816,000 | USD | 2025 | 2026-02-12 |
Financials
Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-12. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001409970.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.
| Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 758,607,000 | 318,084,000 | 818,630,000 | 1,187,216,000 | 864,619,000 | 787,011,000 | 998,848,000 | ||||
| Net income | -145,969,000 | -153,835,000 | -128,308,000 | -30,745,000 | -187,538,000 | 18,580,000 | 289,685,000 | 38,939,000 | 51,330,000 | 135,677,000 | |
| Diluted EPS | -0.01 | -0.38 | -1.88 | -1.52 | -0.35 | 0.18 | 2.79 | 0.36 | 0.45 | 1.16 | |
| Operating cash flow | 545,000 | -573,388,000 | -639,741,000 | -270,644,000 | 418,031,000 | 239,869,000 | 375,568,000 | -1,136,600,000 | -2,634,174,000 | -2,726,940,000 | |
| Capital expenditures | 51,842,000 | 44,615,000 | 52,976,000 | 50,668,000 | 31,147,000 | 34,413,000 | 69,481,000 | 59,509,000 | 54,302,000 | 140,341,000 | |
| Assets | 5,562,631,000 | 4,640,831,000 | 3,819,527,000 | 2,982,341,000 | 1,863,293,000 | 4,900,319,000 | 7,979,747,000 | 8,827,463,000 | 10,630,509,000 | 11,567,816,000 | |
| Liabilities | 4,586,861,000 | 3,713,074,000 | 2,948,546,000 | 2,082,154,000 | 1,139,122,000 | 4,050,077,000 | 6,815,453,000 | 7,575,641,000 | 9,288,778,000 | 10,067,388,000 | |
| Stockholders' equity | 1,041,860,000 | 975,770,000 | 922,495,000 | 869,201,000 | 900,187,000 | 850,242,000 | 1,164,294,000 | 1,251,822,000 | 1,341,731,000 | 1,500,428,000 | |
| Free cash flow | -51,297,000 | -618,003,000 | -692,717,000 | -321,312,000 | 386,884,000 | 205,456,000 | 306,087,000 | -1,196,109,000 | -2,688,476,000 | -2,867,281,000 |
Ratios
| Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net margin | -4.05% | -58.96% | 2.27% | 24.40% | 4.50% | 6.52% | 13.58% | ||||
| Return on equity | -14.96% | -16.68% | -14.76% | -3.42% | 2.19% | 24.88% | 3.11% | 3.83% | 9.04% | ||
| Return on assets | -2.62% | -3.31% | -3.36% | -1.03% | -10.06% | 0.38% | 3.63% | 0.44% | 0.48% | 1.17% | |
| Liabilities / equity | 4.70 | 4.03 | 3.39 | 2.31 | 4.76 | 5.85 | 6.05 | 6.92 | 6.71 |
Financial Charts
Quarterly
Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-04-30. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001409970.json.
| Quarter | End Date | Revenue | Net Income | Diluted EPS | Method |
|---|---|---|---|---|---|
| 2019-Q2 | 2019-06-30 | -0.12 | reported discrete quarter | ||
| 2019-Q3 | 2019-09-30 | 0.00 | reported discrete quarter | ||
| 2020-Q2 | 2020-06-30 | -78,471,000 | reported discrete quarter | ||
| 2020-Q3 | 2020-09-30 | -34,325,000 | reported discrete quarter | ||
| 2020-Q4 | 2020-12-31 | -26,655,000 | derived Q4 = FY annual - nine-month YTD | ||
| 2023-Q1 | 2023-03-31 | 0.13 | reported discrete quarter | ||
| 2023-Q2 | 2023-06-30 | 232,470,000 | 0.09 | reported discrete quarter | |
| 2023-Q3 | 2023-09-30 | 200,849,000 | 0.05 | reported discrete quarter | |
| 2023-Q4 | 2023-12-31 | 185,606,000 | derived Q4 = FY annual - nine-month YTD | ||
| 2024-Q1 | 2024-03-31 | 180,688,000 | 12,250,000 | 0.11 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 187,241,000 | 14,903,000 | 0.13 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 201,881,000 | 14,457,000 | 0.13 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 217,201,000 | 9,720,000 | derived Q4 = FY annual - nine-month YTD | |
| 2025-Q1 | 2025-03-31 | 217,711,000 | 11,671,000 | 0.10 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 248,435,000 | 38,178,000 | 0.33 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 266,231,000 | 44,274,000 | 0.37 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 266,471,000 | 41,554,000 | derived Q4 = FY annual - nine-month YTD | |
| 2026-Q1 | 2026-03-31 | 252,251,000 | 51,603,000 | 0.44 | reported discrete quarter |
Quarterly Charts
Macro Cross-References
- CPIAUCSL - Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
- UNRATE - Unemployment Rate
- FEDFUNDS - Federal Funds Effective Rate
- CES0500000003 - Average Hourly Earnings of All Employees, Total Private
- DFEDTARU - Federal Funds Target Range - Upper Limit
- DFEDTARL - Federal Funds Target Range - Lower Limit
- DGS3MO - Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity
- DGS2 - Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- DGS10 - Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- DGS30 - Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity
- T10Y2Y - 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
- CPILFESL - Consumer Price Index for All Urban Consumers: All Items Less Food and Energy
- CPIUFDSL - Consumer Price Index for All Urban Consumers: Food
- CPIENGSL - Consumer Price Index for All Urban Consumers: Energy
- CUSR0000SAH1 - Consumer Price Index for All Urban Consumers: Shelter
- PCEPI - Personal Consumption Expenditures: Chain-type Price Index
- PCEPILFE - Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index
- PPIACO - Producer Price Index by Commodity: All Commodities
- T10YIE - 10-Year Breakeven Inflation Rate
- U6RATE - Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons
- PAYEMS - All Employees, Total Nonfarm
- CIVPART - Labor Force Participation Rate
- EMRATIO - Employment-Population Ratio
- UNEMPLOY - Unemployed
- CE16OV - Employment Level
- ICSA - Initial Claims
- JTSJOL - Job Openings: Total Nonfarm
- JTSQUR - Quits: Total Nonfarm
- GDPC1 - Real Gross Domestic Product
- A191RL1Q225SBEA - Real Gross Domestic Product: Percent Change from Preceding Period
- INDPRO - Industrial Production: Total Index
- TCU - Capacity Utilization: Total Index
- HOUST - New Privately-Owned Housing Units Started: Total Units
- PERMIT - New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
- RSAFS - Advance Retail Sales: Retail Trade
- PCE - Personal Consumption Expenditures
- DSPIC96 - Real Disposable Personal Income
- PSAVERT - Personal Saving Rate
- M2SL - M2
- BOPGSTB - U.S. International Trade in Goods and Services: Balance
- MSPUS - Median Sales Price of Houses Sold for the United States
- HSN1F - New One Family Houses Sold: United States
- RHORUSQ156N - Homeownership Rate in the United States
- TTLCONS - Total Construction Spending: Total Construction in the United States
- RRVRUSQ156N - Rental Vacancy Rate in the United States
- TOTALSL - Total Consumer Credit Owned and Securitized
- REVOLSL - Revolving Consumer Credit Owned and Securitized
- DRCCLACBS - Delinquency Rate on Credit Card Loans, All Commercial Banks
- GDP - Gross Domestic Product
- GPDI - Gross Private Domestic Investment
- GCE - Government Consumption Expenditures and Gross Investment
- PCEC - Personal Consumption Expenditures
- NETEXP - Net Exports of Goods and Services
- GFDEBTN - Federal Debt: Total Public Debt
- GFDEGDQ188S - Federal Debt: Total Public Debt as Percent of Gross Domestic Product
- FYFSD - Federal Surplus or Deficit
- FGRECPT - Federal Government Current Receipts
- FGEXPND - Federal Government: Current Expenditures
- MANEMP - All Employees, Manufacturing
- USCONS - All Employees, Construction
- USTRADE - All Employees, Retail Trade
- USFIRE - All Employees, Financial Activities
- USGOVT - All Employees, Government
- AWHAETP - Average Weekly Hours of All Employees, Total Private
- DGORDER - Manufacturers' New Orders: Durable Goods
- NEWORDER - Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft
- BUSINV - Total Business Inventories
- EXPGS - Exports of Goods and Services
- IMPGS - Imports of Goods and Services
- IR - Import Price Index (End Use): All Commodities
- PPIFIS - Producer Price Index by Commodity: Final Demand
Latest quarter (10-Q)
Latest 10-Q source: 0001409970-26-000062.
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, 2025 (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. Overview 56 Results of Operations 59 Net Interest Income 60 Non-Interest Income 63 Provision for Credit Losses 66 Non-Interest Expense 70 Income Taxes 72 Segment Information 72 Non-GAAP Financial Measures 73 Supervision and Regulatory Environment 75 Capital Management 76 Liquidity 77 Market Risk 79 Contingencies 80 Critical Accounting Estimates 80 55 LENDINGCLUB CORPORATION Management’s Discussion and Analysis of Financial Condition and Results of Operations (Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted) Overview LendingClub operates a leading, nationally chartered, digital marketplace bank that leverages data and technology to increase access to credit, reduce borrowing costs, and improve returns on savings for our members. Election of Fair Value Option Effective January 1, 2026, we elected the fair value option to account for held for investment (HFI) loans that were originated on or after that date (fair value option election). Prior to this election, loans that were originated as HFI were, and will continue to be, accounted for at amortized cost, which required the initial recognition of a CECL allowance for lifetime expected credit losses. We believe that applying the fair value option, rather than amortized cost accounting with the CECL methodology, to HFI loans more accurately reflects the in-period economic performance of the loans by better aligning the value of the loan to its then fair value. Under the fair value option, origination fee revenue and marketing costs are recognized in earnings at the time of loan origination, rather than being deferred. Fair value adjustments on loans are recognized in current period earnings within “Net fair value adjustments” and include the impact of credit losses that previously would have been recorded as a provision expense under CECL. Further, by applying the fair value option to HFI loans, we are applying the same accounting methodology to all loans we originate on or after January 1, 2026, as both HFI and held for sale (HFS) loans are now measured at fair value. Financial Highlights We delivered several financial achievements in the first quarter of 2026, including total net revenue of $252.3 million, an increase of 16% compared to the same period in the prior year. This growth was primarily driven by an increase in loan origination volume along with higher loan sales, improved loan sale pricing, and a higher net interest margin. Net income grew to $51.6 million, with diluted EPS of $0.44, compared to $11.7 million, with diluted EPS of $0.10, in the prior year. The following tables summarize our selected financial data: As of and for the three months ended March 31, 2026 December 31, 2025 March 31, 2025 Net interest income $ 176,234 $ 163,027 $ 149,957 Non-interest income 76,017 103,444 67,754 Total net revenue 252,251 266,471 217,711 Provision for credit losses 390 47,158 58,149 Non-interest expense 184,533 169,284 143,867 Income before income tax expense 67,328 50,029 15,695 Income tax expense (15,725) (8,475) (4,024) Net income $ 51,603 $ 41,554 $ 11,671 Diluted EPS $ 0.44 $ 0.35 $ 0.10 Total loan originations (in millions) (1) $ 2,669 $ 2,637 $ 2,032 Current period originations sold or held for sale $ 1,717 $ 2,090 $ 1,314 Current period originations held for investment $ 952 $ 547 $ 717 Total servicing portfolio (in millions) (2) $ 13,854 $ 13,423 $ 12,241 Loans serviced for others $ 7,750 $ 7,601 $ 7,130 56 LENDINGCLUB CORPORATION Management’s Discussion and Analysis of Financial Condition and Results of Operations (Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted) As of and for the three months ended March 31, 2026 December 31, 2025 March 31, 2025 Performance Metrics: Net interest margin 6.28 % 5.98 % 5.97 % Profit margin (3) 26.7 % 18.8 % 7.2 % Return on average equity (ROE) (4) 13.7 % 11.3 % 3.5 % Return on tangible common equity (ROTCE) (5)(6) 14.5 % 11.9 % 3.7 % Return on average total assets (ROA) (7) 1.8 % 1.5 % 0.4 % Marketing expense as a % of loan originations(1) 2.08 % 1.73 % 1.44 % Average balance - total loans and leases held for investment $ 4,797,639 $ 4,767,573 $ 5,030,204 Net charge-offs - total loans and leases held for investment $ 42,493 $ 47,852 $ 76,128 Net charge-off ratio - total loans and leases held for investment (8) 3.5 % 4.0 % 6.1 % Capital Metrics: Common equity tier 1 capital ratio 17.0 % 17.4 % 17.8 % Tier 1 leverage ratio 11.9 % 12.0 % 11.7 % Book value per common share $ 13.19 $ 13.01 $ 11.95 Tangible book value per common share (6) $ 12.49 $ 12.30 $ 11.22 (1) Beginning in the first quarter of 2026, includes all loans originated during the respective periods (unsecured consumer loans, auto loans and small business loans). Previously this included unsecured consumer loans and auto loans only. In the first quarter of 2026, this update included $15 million of small business loan originations. Prior periods have been reclassified to conform to the current period presentation. (2) Reflects loans serviced on our platform, which includes outstanding balances of unsecured consumer loans and auto loans serviced for others for which servicing rights are retained by the Company. (3) Calculated as the ratio of income before income tax expense to total net revenue. (4) Calculated as annualized net income divided by average equity for the period presented. (5) Calculated as annualized net income divided by average tangible common equity for the period presented. (6) Represents a non-GAAP financial measure. See “Non-GAAP Financial Measures” for additional information. (7) Calculated as annualized net income divided by average total assets for the period presented. (8) Beginning in the first quarter of 2026, the net charge-off ratio is calculated as annualized net charge-offs for total loans and leases held for investment (at amortized cost and fair value) divided by average total outstanding loans and leases held for investment during the period. Prior to the first quarter of 2026, this was calculated based on loans and leases held for investment at amortized cost only. Prior period amounts have been reclassified to conform to the current period presentation. As of the period ended March 31, 2026 December 31, 2025 March 31, 2025 Balance Sheet Data: Securities available for sale $ 3,867,576 $ 3,706,709 $ 3,426,571 Loans held for sale $ 1,836,121 $ 1,762,396 $ 703,378 Loans and leases held for investment $ 4,700,990 $ 4,470,383 $ 4,790,138 Total loans and leases $ 6,537,111 $ 6,232,779 $ 5,493,516 Total assets $ 11,939,839 $ 11,567,816 $ 10,483,096 Total deposits (1) $ 10,189,511 $ 9,833,870 $ 8,905,902 Total liabilities $ 10,416,311 $ 10,067,388 $ 9,118,579 Total equity $ 1,523,528 $ 1,500,428 $ 1,364,517 (1) As of March 31, 2026, Federal Deposit Insurance Corporation (FDIC)-insured deposits represent approximately 88% of total deposits. 57 LENDINGCLUB CORPORATION Management’s Discussion and Analysis of Financial Condition and Results of Operations (Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted) Credit Quality Indicators We evaluate the credit quality of our loan and leases held for investment based on delinquency status and payment activity. The following tables present loans and leases held for investment (at amortized cost and fair value) by delinquency status: March 31, 2026 Current 30-59 Days 60-89 Days 90 or More Days Total Guaranteed Amount (1) Unsecured consumer (2) $ 3,703,293 $ 22,006 $ 18,305 $ 16,826 $ 3,760,430 $ — Residential mortgages 147,730 1,719 — 25 149,474 — Secured consumer 341,829 3,012 545 237 345,623 — Total consumer loans held for investment 4,192,852 26,737 18,850 17,088 4,255,527 — Equipment finance (3) 32,824 — — 3,623 36,447 — Commercial real estate (4) 480,877 — 399 10,295 491,571 38,372 Commercial and industrial 129,103 3,662 1,417 20,122 154,304 107,816 Total commercial loans and leases held for investment 642,804 $ 3,662 $ 1,816 $ 34,040 $ 682,322 $ 146,188 Total loans and leases held for investment $ 4,835,656 $ 30,399 $ 20,666 $ 51,128 $ 4,937,849 $ 146,188 December 31, 2025 Current 30-59 Days 60-89 Days 90 or More Days Total Guaranteed Amount (1) Unsecured consumer (2) $ 3,600,434 $ 24,075 $ 19,685 $ 18,929 $ 3,663,123 $ — Residential mortgages 150,099 — 888 86 151,073 — Secured consumer 257,063 3,015 596 395 261,069 — Total consumer loans held for investment 4,007,596 27,090 21,169 19,410 4,075,265 — Equipment finance (3) 35,973 696 — 3,088 39,757 — Commercial real estate (4) 461,307 — — 11,182 472,489 39,507 Commercial and industrial 133,526 1,540 1,878 20,074 157,018 108,826 Total commercial loans and leases held for investment 630,806 2,236 1,878 34,344 669,264 148,333 Total loans and leases held for investment $ 4,638,402 $ 29,326 $ 23,047 $ 53,754 $ 4,744,529 $ 148,333 (1) Represents loan balances guaranteed by the Small Business Administration (SBA). (2) Excludes basis adjustment for loans previously designated in fair value hedges under the portfolio layer method of $0.8 million and $1.6 million as of March 31, 2026 and December 31, 2025, respectively. (3) Comprised of sales-type leases for equipment. (4) Includes $307.0 million and $286.8 million in loans originated through the SBA as of March 31, 2026 and December 31, 2025, respectively. 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.” 58 LENDINGCLUB CORPORATION Management’s Discussion and Analysis of Financial Condition and Results of Operations (Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted) Results of Operations The following table sets forth the Income Statement data for each of the periods presented: Three Months Ended Change (%) March 31, 2026 December 31, 2025 March 31, 2025 Q1 2026 vs Q4 2025 [Excerpt truncated for page length; source filing is linked above.]
Latest 10-K MD&A
Item 7. 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 consolidated financial statements and related notes that appear in this Annual Report. In addition to historical 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 in this Annual Report, particularly in “Part I – Item 1A. Risk Factors.” 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. Overview LendingClub operates a leading, nationally chartered, digital marketplace bank that leverages data and technology to increase access to credit, reduce borrowing costs, and improve returns on savings for our members. Election of Fair Value Option Effective January 1, 2026, we elected the fair value option to account for held for investment (HFI) loans that were originated on or after that date. Prior to this election, loans that were originated as HFI were, and we expect will continue to be, accounted for at amortized cost, which required the initial recognition of an allowance for lifetime expected credit losses under the CECL methodology, recognized within “Provision for credit losses” on the Income Statement. We believe that applying the fair value option, rather than the CECL methodology, to HFI loans more accurately reflects the in-period economic performance of the loans by better aligning the value of the loan to its then fair value. Under the fair value option, origination fee revenue and marketing costs are recognized in earnings at the time of loan origination, rather than being deferred, and changes in fair value of loans are recognized in current period earnings within “Net fair value adjustments” on the Income Statement. Further, by applying the fair value option to HFI loans, we are applying the same accounting methodology to all loans we originate after January 1, 2026, as both HFI and held for sale (HFS) loans will be measured at fair value. Executive Summary The following is a summary of our results for the year ended December 31, 2025 compared to the same period in 2024, reflecting growth in loan originations, total net revenue and net income. •Loan originations: Loan originations increased $2.4 billion, or 33%, for the year ended December 31, 2025 compared to the same period in 2024. The increase was driven by an increase in unsecured personal loan origination volume. ◦Marketplace loan originations increased $1.7 billion, or 30%, for the year ended December 31, 2025 compared to the same period in 2024, driven by a higher retention of HFS loans and an increase in marketplace investor demand. Loan originations HFS as a percentage of loan originations was 74% and 76% for the years ended December 31, 2025 and 2024, respectively. ◦Loan originations HFI at amortized cost increased $719.3 million, or 41%, for the year ended December 31, 2025 compared to the same period in 2024. Loan originations HFI at amortized cost as a percentage of loan originations was 26% and 24% for the years ended December 31, 2025 and 2024, respectively. •Total net revenue: Total net revenue increased $211.8 million, or 27%, for the year ended December 31, 2025 compared to the same period in 2024. 56 LENDINGCLUB CORPORATION Management’s Discussion and Analysis of Financial Condition and Results of Operations (Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted) ◦Marketplace revenue: Marketplace revenue increased $113.2 million, or 47%, for the year ended December 31, 2025 compared to the same period in 2024. The increase was primarily due to higher origination volume of marketplace loans and improved loan sales prices. ◦Net interest income: Net interest income increased $91.6 million, or 17%, for the year ended December 31, 2025 compared to the same period in 2024. The increase was primarily due to an increase in total interest-earning assets and lower deposit funding costs. ◦Net interest margin: Net interest margin for the year ended December 31, 2025 was 6.07%, increasing from 5.62% in the prior year. •Provision for credit losses: Provision for credit losses increased $13.1 million, or 7%, for the year ended December 31, 2025 compared to the same period in 2024. The increase was primarily driven by a higher volume of originated loans retained as HFI at amortized cost, partially offset by a shift in the mix of loans toward types with lower expected credit losses and the impact of an $8.0 million provision recognized in 2024 related to one legacy office loan within our commercial real estate (CRE) portfolio. •Total non-interest expense: Total non-interest expense increased $86.9 million, or 16%, for the year ended December 31, 2025 compared to the same period in 2024. The increase was primarily due to an increase in marketing expense based on higher origination volume and the resumption of certain marketing initiatives, as well as increases in professional services expense and compensation and benefit expense. •Net income: Net income increased $84.3 million, or 164%, for the year ended December 31, 2025 compared to the same period in 2024. •Diluted earnings per share (EPS): Diluted EPS increased to $1.16 for the year ended December 31, 2025, compared to $0.45 for the prior year. •Pre-provision net revenue (PPNR): PPNR for the year ended December 31, 2025 increased $124.9 million, or 51%, compared to the same period in 2024, driven by an increase in total net revenue, partially offset by an increase in non-interest expense. •Total assets: Total assets were $11.6 billion as of December 31, 2025 compared to $10.6 billion in the prior year. Total assets increased year-over-year primarily driven by an increase in loans on our balance sheet. •Deposits: Total deposits were $9.8 billion as of December 31, 2025 compared to $9.1 billion in the prior year. The increase was primarily due to growth in our high-yield savings deposits. ◦Federal Deposit Insurance Corporation (FDIC)-insured deposits represent approximately 88% of total deposits as of December 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.” 57 LENDINGCLUB CORPORATION Management’s Discussion and Analysis of Financial Condition and Results of Operations (Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted) 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 year ended December 31, 2025 2024 2023 Non-interest income $ 373,176 $ 252,970 $ 302,781 Net interest income 625,672 534,041 561,838 Total net revenue 998,848 787,011 864,619 Non-interest expense 630,582 543,678 566,437 Pre-provision net revenue (1) 368,266 243,333 298,182 Provision for credit losses 191,320 178,267 243,565 Income before income tax expense 176,946 65,066 54,617 Income tax expense (41,269) (13,736) (15,678) Net income $ 135,677 $ 51,330 $ 38,939 Basic EPS $ 1.18 $ 0.46 $ 0.36 Diluted EPS $ 1.16 $ 0.45 $ 0.36 LendingClub Corporation Performance Metrics: Net interest margin 6.07 % 5.62 % 6.97 % Efficiency ratio (2) 63.1 % 69.1 % 65.5 % Return on average equity (ROE) 9.6 % 4.0 % 3.2 % Return on tangible common equity (ROTCE) (1) 10.2 % 4.3 % 3.5 % Return on average total assets (ROA) 1.3 % 0.5 % 0.5 % Marketing as a % of loan originations 1.56 % 1.39 % 1.26 % LendingClub Corporation Capital Metrics: Common equity tier 1 capital ratio 17.4 % 17.3 % 17.9 % Tier 1 leverage ratio 12.0 % 11.0 % 12.9 % Book value per common share $ 13.01 $ 11.83 $ 11.34 Tangible book value per common share (1) $ 12.30 $ 11.09 $ 10.54 Loan Originations (in millions) (3): Marketplace loans $ 7,134 $ 5,482 $ 5,253 Loan originations held for investment 2,455 1,735 2,184 Total loan originations $ 9,589 $ 7,218 $ 7,437 Loan originations held for investment as a % of total loan originations 26 % 24 % 29 % Servicing Portfolio AUM (in millions) (4): Total servicing portfolio $ 13,423 $ 12,371 $ 14,122 Loans serviced for others $ 7,601 $ 7,207 $ 9,336 (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 and auto refinance loans serviced for others and retained by the Company as of the end of the periods presented. 58 LENDINGCLUB CORPORATION Management’s Discussion and Analysis of Financial Condition and Results of Operations (Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted) As of December 31, 2025 2024 Balance Sheet Data: Securities available for sale $ 3,706,709 $ 3,452,648 Loans held for sale at fair value $ 1,762,396 $ 636,352 Loans and leases held for investment at amortized cost $ 4,272,812 $ 4,125,818 Gross allowance for loan and lease losses (1) $ (312,667) $ (285,686) Recovery asset value (2) $ 36,924 $ 48,952 Allowance for loan and lease losses $ (275,743) $ (236,734) Loans and leases held for investment at amortized cost, net $ 3,997,069 $ 3,889,084 Loans held for investment at fair value $ 473,314 $ 1,027,798 Total loans and leases held for investment $ 4,470,383 $ 4,916,882 Total assets $ 11,567,816 $ 10,630,509 Total deposits $ 9,833,870 $ 9,068,237 Total liabilities $ 10,067,388 $ 9,288,778 Total equity $ 1,500,428 $ 1,341,731 Allowance Ratios (3): ALLL to total loans and leases held for investment at amortized cost 6.5 % 5.7 % ALLL to commercial loans and leases held for investment at amortized cost 2.5 % 3.9 % ALLL to consumer loans and leases held for investment at amortized cost 7.2 % 6.1 % Gross ALLL to consumer loans and leases held for investment at amortized cost 8.2 % 7.5 % Net charge-offs $ 151,919 $ 249,083 Net charge-off ratio (4) 3.6 % 5.8 % (1) Represents the allowance for future estimated net charge-offs on existing portfolio balances. (2) Represents the negative allowance for expected recoveries of amounts previously charged-off. (3) Calculated as ALLL or gross ALLL, where applicable, to the corresponding portfolio segment balance of loans and leases held for investment at amortized cost. (4) Calculated as net charge-offs divided by average outstanding loans and leases HFI at amortized cost, net, during the period. Results of Operations This section of this Form 10-K generally discusses 2025 and 2024 items and year-over-year comparisons between 2025 and 2024. For discussion related to 2023 items and year-over-year comparisons between 2024 and 2023, see “Part II – Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Annual Report on Form 10-K for the year ended December 31, 2024. 59 LENDINGCLUB CORPORATION Management’s Discussion and Analysis of Financial Condition and Results of Operations (Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted) The following table sets forth the Income Statement data for each of the periods presented: Year Ended December 31, 2025 2024 2023 2025 vs. 2024 Change (%) 2024 vs. 2023 Change (%) Non-interest income: Marketplace revenue $ 355,944 $ 242,791 $ 291,484 47 % (17) % Other non-interest income 17,232 10,179 11,297 69 % (10) % Total non-interest income 373,176 252,970 302,781 48 % (16) % Interest income: Interest on loans held for sale 142,937 92,442 35,655 55 % 159 % Interest and fees on loans and leases held for investment 490,071 494,214 616,735 (1) % (20) % Interest on loans held for investment at fair value 72,782 77,034 74,088 (6) % 4 % Interest on securities available for sale 223,820 187,961 40,235 19 % 367 % Other interest income 31,933 56,307 65,917 (43) % (15) % Total interest income 961,543 907,958 832,630 6 % 9 % Interest expense: Interest on deposits 335,724 369,219 265,556 (9) % 39 % Other interest expense 147 4,698 5,236 (97) % (10) % Total interest expense 335,871 373,917 270,792 (10) % 38 % Net interest income 625,672 534,041 561,838 17 % (5) % Total net revenue 998,848 787,011 864,619 27 % (9) % Provision for credit losses 191,320 178,267 243,565 7 % (27) % Non-interest expense: Compensation and benefits 241,846 232,158 261,948 4 % (11) % Marketing 149,211 100,402 93,840 49 % 7 % Equipment and software 57,014 51,194 53,485 11 % (4) % Depreciation and amortization 62,889 58,834 47,195 7 % 25 % Professional services 42,339 32,045 35,173 32 % (9) % Occupancy 19,834 15,798 17,532 26 % (10) % Other non-interest expense 57,449 53,247 57,264 8 % (7) % Total non-interest expense 630,582 543,678 566,437 16 % (4) % Income before income tax expense 176,946 65,066 54,617 172 % 19 % Income tax expense (41,269) (13,736) (15,678) 200 % (12) % Net income $ 135,677 $ 51,330 $ 38,939 164 % 32 % 60 LENDINGCLUB CORPORATION Management’s Discussion and Analysis of Financial Condition and Results of Operations (Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted) Marketplace Revenue Marketplace revenue consists of the following: Year Ended December 31, 2025 2024 Change ($) Change (%) Origination fees $ 372,815 $ 283,420 $ 89,395 32 % Servicing fees 58,988 64,933 (5,945) (9) % Gain on sales of loans 59,087 49,097 9,990 20 % Net fair value adjustments (134,946) (154,659) 19,713 13 % Total marketplace revenue $ 355,944 $ 242,791 $ 113,153 47 % Year Ended December 31, 2024 2023 Change ($) Change (%) Origination fees $ 283,420 $ 279,146 $ 4,274 2 % Servicing fees 64,933 98,613 (33,680) (34) % Gain on sales of loans 49,097 47,839 1,258 3 % Net fair value adjustments (154,659) (134,114) (20,545) 15 % Total marketplace revenue $ 242,791 $ 291,484 $ (48,693) (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 sale 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 fees charged to borrowers in connection with the origination of loans that are HFS. The following table presents loan origination volume during each of the periods set forth below: Year Ended December 31, 2025 2024 2023 2025 vs. 2024 Change (%) 2024 vs. 2023 Change (%) Marketplace loans $ 7,134,117 $ 5,482,339 $ 5,252,668 30 % 4 % Loan originations held for investment 2,454,743 1,735,409 2,184,095 41 % (21) % Total loan originations (1) $ 9,588,860 $ 7,217,748 $ 7,436,763 33 % (3) % (1) Includes unsecured personal loans and auto loans only. Origination fees were $372.8 million and $283.4 million for the years ended December 31, 2025 and 2024, respectively, an increase of 32%. The increase was primarily due to higher origination volumes of marketplace loans. Servicing Fees We receive servicing fees to compensate us for servicing loans on behalf of marketplace investors, including managing payments from borrowers and remittances to those investors. Servicing fee revenue related to loans sold also includes the change in fair value of servicing assets associated with the loans. 61 LENDINGCLUB CORPORATION Management’s Discussion and Analysis of Financial Condition and Results of Operations (Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted) The table below illustrates the average balance of loans sold and subsequently serviced on behalf of the investor on our marketplace platform (in millions): Year Ended December 31, 2025 2024 2023 2025 vs. 2024 Change (%) 2024 vs. 2023 Change (%) Average AUM – Loans sold $ 7,347 $ 8,116 $ 10,093 (9) % (20) % In addition to the loans serviced on our marketplace platform, we serviced $42.7 million, $102.0 million and $133.2 million in outstanding principal balance of commercial loans sold as of December 31, 2025, 2024 and 2023, respectively. Servicing fees were $59.0 million and $64.9 million for the years ended December 31, 2025 and 2024, respectively, a decrease of 9%. The decrease was primarily due to a lower average principal balance of loans serviced and reduction in servicing fees on delinquent loan collections. This was partially offset by a decrease in fair value amortization on the servicing asset, which included a $7.7 million servicing asset write-off in the third quarter of 2024 related to a loan portfolio purchase. Gain on Sales of Loans In connection with loan sales to marketplace investors, we capitalize the initial fair value of servicing rights. A gain or loss is recorded 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: Year Ended December 31, 2025 2024 2023 2025 vs. 2024 Change (%) 2024 vs. 2023 Change (%) Marketplace loans sold (1) $ 5,377,856 $ 4,716,173 $ 4,749,411 14 % (1) % (1) Includes unsecured personal loans and auto loans only. Gain on sales of loans was $59.1 million and $49.1 million for the years ended December 31, 2025 and 2024, respectively, an increase of 20%. The increase was primarily driven by the increase in the volume of marketplace loans sold as well as higher Structured Program transaction expenses in 2024. Net Fair Value Adjustments We record adjustments to the carrying value of loans, for which we have elected to account for under the fair value option, to reflect their fair value. These adjustments 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.” Net fair value adjustments were $(134.9) million and $(154.7) million for the years ended December 31, 2025 and 2024, respectively, a decreased loss of $19.7 million. The reduction was primarily due to higher loan sale prices as well as a fair value benefit recognized in the second quarter of 2025 based on improved credit performance, partially offset by an increase in the origination volume of marketplace loans. Net fair value adjustments primarily consist of fair value adjustments on our HFS loan portfolio. See “Item 8. Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements – Note 7. Fair Value 62 LENDINGCLUB CORPORATION Management’s Discussion and Analysis of Financial Condition and Results of Operations (Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted) Measurements” for additional information related to the significant unobservable inputs used in the fair value measurement of HFS loans and activity within the HFS loan portfolio. Other Non-interest Income Other non-interest income primarily consists of (i) rental income earned from third-party tenants under operating lease agreements and (ii) referral revenue that relates to fees earned from third-party companies when customers referred by us consider or purchase products or services from such third-party companies. The tables below illustrate the composition of other non-interest income for each period presented: Year Ended December 31, 2025 2024 Change ($) Change (%) Rental income $ 7,459 $ — $ 7,459 N/M Referral revenue 3,647 3,174 473 15 % Realized gains on sales of securities available for sale and other investments — 95 (95) N/M Other 6,126 6,910 (784) (11) % Other non-interest income $ 17,232 $ 10,179 $ 7,053 69 % Year Ended December 31, 2024 2023 Change ($) Change (%) Referral revenue $ 3,174 $ 4,574 $ (1,400) (31) % Realized gains on sales of securities available for sale and other investments 95 — 95 N/M Other 6,910 6,723 187 3 % Other non-interest income $ 10,179 $ 11,297 $ (1,118) (10) % Other non-interest income increased $7.1 million, or 69%, for the year ended December 31, 2025 compared to the same period in 2024. The increase was primarily due to rental income earned from third-party tenants under operating lease agreements associated with the building purchased in the second quarter of 2025. 63 LENDINGCLUB CORPORATION Management’s Discussion and Analysis of Financial Condition and Results of Operations (Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted) Net Interest Income The table below presents net interest income information corresponding to interest-earning assets and interest-bearing funding sources. The average yield/rate is calculated by dividing the period-end interest income/expense by the average balance. Year Ended December 31, 2025 2024 2023 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 $ 770,044 $ 31,933 4.15 % $ 1,081,644 $ 56,307 5.21 % $ 1,293,047 $ 65,917 5.10 % Securities available for sale at fair value 3,518,310 223,820 6.36 % 2,707,049 187,961 6.94 % 652,047 40,235 6.17 % Loans held for sale at fair value 1,131,157 142,937 12.64 % 719,898 92,442 12.84 % 252,519 35,655 14.12 % Loans and leases held for investment at amortized cost: Unsecured personal loans 3,199,345 429,419 13.42 % 3,220,969 431,782 13.41 % 4,143,482 549,256 13.26 % Commercial and other consumer loans 1,035,486 60,652 5.86 % 1,073,445 62,432 5.82 % 1,151,201 67,479 5.86 % Loans and leases held for investment at amortized cost 4,234,831 490,071 11.57 % 4,294,414 494,214 11.51 % 5,294,683 616,735 11.65 % Loans held for investment at fair value 661,349 72,782 11.01 % 693,557 77,034 11.11 % 567,504 74,088 13.06 % Total loans and leases held for investment 4,896,180 562,853 11.50 % 4,987,971 571,248 11.45 % 5,862,187 690,823 11.78 % Total interest-earning assets 10,315,691 961,543 9.32 % 9,496,562 907,958 9.56 % 8,059,800 832,630 10.33 % Cash and due from banks and restricted cash 32,696 51,732 70,653 Allowance for loan and lease losses (255,779) (247,458) (345,434) Other non-interest earning assets 627,791 621,324 676,335 Total assets $ 10,720,399 $ 9,922,160 $ 8,461,354 Interest-bearing liabilities Interest-bearing deposits: Savings and money market accounts (2) $ 6,250,152 $ 237,557 3.80 % $ 5,022,106 $ 234,046 4.66 % $ 4,438,916 $ 186,305 4.20 % Certificates of deposit (2) 2,105,408 92,701 4.40 % 2,044,776 104,850 5.13 % 1,051,378 48,988 4.66 % Checking accounts (2) 414,754 5,466 1.32 % 868,503 30,323 3.49 % 1,199,871 30,263 2.52 % Interest-bearing deposits 8,770,314 335,724 3.83 % 7,935,385 369,219 4.65 % 6,690,165 265,556 3.97 % Other interest-bearing liabilities 3,205 147 4.57 % 143,189 4,698 3.28 % 69,120 5,236 7.58 % Total interest-bearing liabilities 8,773,519 335,871 3.83 % 8,078,574 373,917 4.63 % 6,759,285 270,792 4.01 % Noninterest-bearing deposits 301,510 323,378 236,618 Other liabilities 237,842 228,270 261,401 Total liabilities $ 9,312,871 $ 8,630,222 $ 7,257,304 Total equity $ 1,407,528 $ 1,291,938 $ 1,204,050 64 LENDINGCLUB CORPORATION Management’s Discussion and Analysis of Financial Condition and Results of Operations (Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted) Year Ended December 31, 2025 2024 2023 Average Balance Interest Income/ Expense Average Yield/ Rate Average Balance Interest Income/ Expense Average Yield/ Rate Average Balance Interest Income/ Expense Average Yield/ Rate Total liabilities and equity $ 10,720,399 $ 9,922,160 $ 8,461,354 Interest rate spread 5.49 % 4.93 % 6.32 % Net interest income and net interest margin $ 625,672 6.07 % $ 534,041 5.62 % $ 561,838 6.97 % (1) Nonaccrual loans and any related income are included in their respective loan categories. (2) Prior period amounts have been reclassified to conform to the current period presentation. An analysis of the year-over-year changes in the categories of interest income and interest expense resulting from changes in volume and rate is as follows: 2025 Compared to 2024 2024 Compared to 2023 Increase (Decrease) Due to Change in: Increase (Decrease) Due to Change in: Average Volume (1) Average Yield/Rate(1) Total Average Volume (1) Average Yield/Rate(1) Total Interest-earning assets Cash, cash equivalents, restricted cash and other $ (14,287) $ (10,087) $ (24,374) $ (10,980) $ 1,370 $ (9,610) Securities available for sale at fair value 52,640 (16,781) 35,859 142,079 5,647 147,726 Loans held for sale at fair value 51,991 (1,496) 50,495 60,295 (3,508) 56,787 Loans and leases held for investment at amortized cost (6,884) 2,741 (4,143) (115,197) (7,324) (122,521) Loans held for investment at fair value (3,550) (702) (4,252) 14,988 (12,042) 2,946 Total increase (decrease) in interest income on interest-earning assets $ 79,910 $ (26,325) $ 53,585 $ 91,185 $ (15,857) $ 75,328 Interest-bearing liabilities Savings and money market accounts (2) $ 51,214 $ (47,703) $ 3,511 $ 25,945 $ 21,796 $ 47,741 Certificates of deposit (2) 3,033 (15,182) (12,149) 50,491 5,371 55,862 Checking accounts (2) (11,342) (13,515) (24,857) (9,701) 9,761 60 Interest-bearing deposits (2) 42,905 (76,400) (33,495) 66,735 36,928 103,663 Other interest-bearing liabilities (5,879) 1,328 (4,551) 3,532 (4,070) (538) Total increase (decrease) in interest expense on interest-bearing liabilities (2) $ 37,026 $ (75,072) $ (38,046) $ 70,267 $ 32,858 $ 103,125 Increase (decrease) in net interest income (2) $ 42,884 $ 48,747 $ 91,631 $ 20,918 $ (48,715) $ (27,797) (1) Volume and rate changes have been allocated on a consistent basis using the respective percentage changes in average balances and average rates. (2) Prior period amounts have been reclassified to conform to the current period presentation. 65 LENDINGCLUB CORPORATION Management’s Discussion and Analysis of Financial Condition and Results of Operations (Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted) Provision for Credit Losses The allowance for loan and lease losses (ALLL) for lifetime expected losses under CECL on loans and leases HFI 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 marketing 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 determine the ALLL. 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 the ALLL on originated loans and leases HFI at amortized cost. The provision for credit losses includes the credit loss expense for loans and leases HFI 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 HFI in each period, which is a key driver for credit loss expense: Year Ended December 31, 2025 2024 2023 Credit loss expense for loans and leases held for investment $ 190,928 $ 175,430 $ 243,570 Credit loss expense for securities available for sale 566 3,527 — Credit loss benefit for unfunded lending commitments (174) (690) (5) Total provision for credit losses $ 191,320 $ 178,267 $243,565 Loan originations held for investment $ 2,454,743 $ 1,735,409 $2,184,095 The provision for credit losses was $191.3 million and $178.3 million for the years ended December 31, 2025 and 2024, respectively, an increase of 7%. The increase was primarily driven by a higher volume of originated loans retained as HFI at amortized cost, partially offset by a shift in the mix of loans toward types with lower expected losses and the impact of an $8.0 million provision recognized in 2024 related to one legacy office loan within our CRE portfolio. 66 LENDINGCLUB CORPORATION Management’s Discussion and Analysis of Financial Condition and Results of Operations (Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted) Allowance for Credit Losses The activity in the allowance for credit losses (ACL) was as follows: Year Ended December 31, 2025 2024 2023 Allowance for loan and lease losses: Beginning of period $ 236,734 $ 310,387 $ 327,852 Credit loss expense for loans and leases held for investment 190,928 175,430 243,570 Charge-offs (1) (218,874) (303,593) (281,107) Recoveries 66,955 54,510 20,072 End of period $ 275,743 $ 236,734 $ 310,387 Allowance for securities available for sale: Beginning of period $ 3,527 $ — $ — Credit loss expense for securities available for sale 566 3,527 — End of period $ 4,093 $ 3,527 $ — Reserve for unfunded lending commitments: Beginning of period $ 1,183 $ 1,873 $ 1,878 Credit loss benefit for unfunded lending commitments (174) (690) (5) End of period (2) $ 1,009 $ 1,183 $ 1,873 (1) The first quarter of 2025 included an $8.0 million charge-off related to one office loan within our CRE portfolio, which was fully reserved for in prior periods. The CRE office loan portfolio balance was under $35 million as of December 31, 2025. (2) Relates to $52.0 million, $105.0 million and $78.1 million of unfunded commitments as of December 31, 2025, 2024 and 2023, respectively. The following table presents the components of the ALLL: Year Ended December 31, 2025 2024 2023 Gross allowance for loan and lease losses (1) $ 312,667 $ 285,686 $ 355,773 Recovery asset value (2) (36,924) (48,952) (45,386) Allowance for loan and lease losses $ 275,743 $ 236,734 $ 310,387 (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. Year Ended December 31, 2025 2024 2023 Total loans and leases held for investment $ 4,272,812 $ 4,125,818 $ 4,850,302 Allowance for loan and lease losses $ 275,743 $ 236,734 $ 310,387 Allowance ratio (1) 6.5 % 5.7 % 6.4 % Gross allowance for loan and lease losses $ 312,667 $ 285,686 $ 355,773 Gross allowance ratio (1) 7.3 % 6.9 % 7.3 % (1) Calculated as ALLL or gross ALLL, where applicable, to total loans and leases held for investment at amortized cost. 67 LENDINGCLUB CORPORATION Management’s Discussion and Analysis of Financial Condition and Results of Operations (Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted) Net Charge-Offs The following table presents information regarding average loan and lease balances, net charge-offs and the ratio of net charge-offs to average outstanding loans and leases HFI at amortized cost, net, during the period. Net charge-offs are impacted by the expected timing of the charge-offs, anticipated recoveries and the age of the overall portfolio. Year Ended December 31, 2025 2024 2023 Average loans and leases held for investment at amortized cost $ 4,234,831 $ 4,294,414 $ 5,294,683 Net charge-offs 151,919 249,083 261,035 Net charge-off ratio 3.6 % 5.8 % 4.9 % 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 generally charged-off when a borrower is contractually 120 days past due. The following table presents nonaccrual loans and leases: As of December 31, 2025 2024 Nonaccrual loans and leases held for investment at amortized cost $ 60,432 $ 72,304 % of total loans and leases held for investment 1.4 % 1.8 % 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” and “Note 5. Loans and Leases Held for Investment at Amortized Cost, Net of Allowance for Loan and Lease Losses.” 68 LENDINGCLUB CORPORATION Management’s Discussion and Analysis of Financial Condition and Results of Operations (Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted) 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. Year Ended December 31, 2025 2024 Change ($) Change (%) Non-interest expense: Compensation and benefits $ 241,846 $ 232,158 $ 9,688 4 % Marketing 149,211 100,402 48,809 49 % Equipment and software 57,014 51,194 5,820 11 % Depreciation and amortization 62,889 58,834 4,055 7 % Professional services 42,339 32,045 10,294 32 % Occupancy 19,834 15,798 4,036 26 % Other non-interest expense 57,449 53,247 4,202 8 % Total non-interest expense $ 630,582 $ 543,678 $ 86,904 16 % Year Ended December 31, 2024 2023 Change ($) Change (%) Non-interest expense: Compensation and benefits $ 232,158 $ 261,948 $ (29,790) (11) % Marketing 100,402 93,840 6,562 7 % Equipment and software 51,194 53,485 (2,291) (4) % Depreciation and amortization 58,834 47,195 11,639 25 % Professional services 32,045 35,173 (3,128) (9) % Occupancy 15,798 17,532 (1,734) (10) % Other non-interest expense 53,247 57,264 (4,017) (7) % Total non-interest expense $ 543,678 $ 566,437 $ (22,759) (4) % Compensation and benefits expense increased $9.7 million, or 4%, for the year ended December 31, 2025 compared to the same period in 2024. The increase was primarily due to an increase in headcount. Marketing expense increased $48.8 million, or 49%, for the year ended December 31, 2025 compared to the same period in 2024. The increase was 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 expense increased $5.8 million, or 11%, for the year ended December 31, 2025 compared to the same period in 2024. The increase was primarily due to an increase in software license expense and cloud services. Depreciation and amortization expense increased $4.1 million, or 7%, for the year ended December 31, 2025 compared to the same period in 2024. The increase was primarily due to an increase in the amortization of internally-developed software placed into service in 2025, partially offset by a decrease in impairment expense for internally-developed software compared to the prior year. Professional services expense increased $10.3 million, or 32%, for the year ended December 31, 2025 compared to the same period in 2024. The increase was primarily due to an increase in business consulting services. 69 LENDINGCLUB CORPORATION Management’s Discussion and Analysis of Financial Condition and Results of Operations (Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted) Occupancy expense increased $4.0 million, or 26%, for the year ended December 31, 2025 compared to the same period in 2024. The increase was primarily related to operating expenses associated with the office building purchased during the second quarter of 2025. Other non-interest expense increased $4.2 million, or 8%, for the year ended December 31, 2025 compared to the same period in 2024. The increase was primarily due to an increase in miscellaneous operating expenses. Income Taxes For the years ended December 31, 2025 and 2024, we recorded an income tax expense of $41.3 million and $13.7 million, representing an effective tax rate of 23.3% and 21.1%, respectively. The effective tax rate for the year ended December 31, 2025 differs from the statutory rate due to state taxes, the favorable impact of recurring tax credits, changes in unrecognized tax benefits related to prior year tax credits, equity-based compensation, and the unfavorable impact of the non-deductible portions of executive compensation. The increase in effective tax rate for the year ended December 31, 2025 compared to the same period in 2024 was primarily due to the remeasurement of deferred tax assets because of the decrease in combined state tax rate. On June 27, 2025, California Senate Bill 132 was signed into law, requiring that banks and financial companies transition from an equally weighted three-factor apportionment formula to a single-sales-factor apportionment formula, effective for tax years beginning in 2025. Other year-over-year changes in rate reconciliation items largely offset each other. For the year ending December 31, 2023, we recorded a tax expense of $15.7 million representing an effective tax rate of 28.7%. The decrease in effective tax rate for the year ended December 31, 2024 compared to the same period in 2023 was primarily due to favorable changes related to windfalls and shortfalls related to equity compensation. As of December 31, 2025, we maintained a valuation allowance of $48.0 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. On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted. For the year ended December 31, 2025, OBBBA did not impact our effective tax rate; however, certain OBBBA provisions, including enhanced expensing, reduced current taxes payable. OBBBA has multiple effective dates, and we will continue to monitor developments and evaluate potential impacts on future periods. 70 LENDINGCLUB CORPORATION Management’s Discussion and Analysis of Financial Condition and Results of Operations (Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted) Segment Information Reportable Segments We define 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 our Chief Executive Officer and Chief Financial Officer. This information is reviewed according to the legal organizational structure of our 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 marketplace 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 transactions entered into prior to LC Bank’s formation. 71 LENDINGCLUB CORPORATION Management’s Discussion and Analysis of Financial Condition and Results of Operations (Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted) Financial information for the segments is presented in the following table: LendingClub Bank LendingClub Corporation (Parent only) Total Reportable Segments Year ended 2025 2024 2023 2025 2024 2023 2025 2024 2023 Non-interest income: Marketplace revenue $ 303,930 $ 176,921 $ 206,381 $ 29,613 $ 36,595 $ 41,817 $ 333,543 $ 213,516 $ 248,198 Other non-interest income 52,050 53,643 74,684 7,472 9,038 9,503 59,522 62,681 84,187 Total non-interest income 355,980 230,564 281,065 37,085 45,633 51,320 393,065 276,197 332,385 Interest income: Interest income 960,714 902,741 818,206 829 5,217 14,424 961,543 907,958 832,630 Interest expense (335,871) (373,219) (266,218) — (698) (4,574) (335,871) (373,917) (270,792) Net interest income 624,843 529,522 551,988 829 4,519 9,850 625,672 534,041 561,838 Total net revenue 980,823 760,086 833,053 37,914 50,152 61,170 1,018,737 810,238 894,223 Provision for credit losses (191,320) (178,267) (243,565) — — — (191,320) (178,267) (243,565) Non-interest expense: Compensation and benefits (235,289) (225,620) (255,428) (6,557) (6,538) (6,520) (241,846) (232,158) (261,948) Marketing (149,211) (100,400) (93,840) — (2) — (149,211) (100,402) (93,840) Equipment and software (56,963) (51,068) (53,239) (51) (126) (246) (57,014) (51,194) (53,485) Depreciation and amortization (58,277) (50,309) (30,216) (4,612) (8,525) (16,979) (62,889) (58,834) (47,195) Professional services (41,689) (31,376) (33,963) (650) (669) (1,210) (42,339) (32,045) (35,173) Occupancy (12,068) (7,582) (7,980) (7,766) (8,216) (9,552) (19,834) (15,798) (17,532) Other non-interest expense (62,854) (54,963) (62,360) (14,484) (21,511) (24,508) (77,338) (76,474) (86,868) Total non-interest expense (616,351) (521,318) (537,026) (34,120) (45,587) (59,015) (650,471) (566,905) (596,041) Income tax (expense) benefit (41,502) (12,824) (17,881) 233 (912) 2,203 (41,269) (13,736) (15,678) Net income (1) $ 131,650 $ 47,677 $ 34,581 $ 4,027 $ 3,653 $ 4,358 $ 135,677 $ 51,330 $ 38,939 Capital expenditures $ 143,566 $ 54,302 $ 59,509 $ — $ — $ — $ 143,566 $ 54,302 $ 59,509 (1) Total net income from reportable segments reflects net income on a consolidated basis. Year Ended December 31, 2025 2024 2023 Total net revenue – reportable segments $ 1,018,737 $ 810,238 $ 894,223 Intercompany eliminations (19,889) (23,227) (29,604) Total net revenue – consolidated $ 998,848 $ 787,011 $ 864,619 An analysis of our 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.” 72 LENDINGCLUB CORPORATION Management’s Discussion and Analysis of Financial Condition and Results of Operations (Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted) 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 have limitations as analytical tools and you should not consider them in isolation or as a substitute for an analysis of our results under GAAP. We believe these non-GAAP financial measures provide management and investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and enable comparison of our financial results with other public companies. We believe PPNR, is an important measure because it reflects the underlying financial performance of our business operations. PPNR is a non-GAAP financial measure calculated by subtracting the provision for credit losses and income tax benefit/expense from net income. We believe TBV Per Common Share is an important measure used to evaluate the Company’s use of equity. TBV Per Common Share is a non-GAAP financial measure representing tangible common equity for the period (common equity reduced by goodwill and customer relationship intangible assets), divided by the ending number of common shares issued and outstanding. We believe ROTCE is an important measure because it reflects the Company's ability to generate income from its core assets. ROTCE is a non-GAAP financial measure calculated by dividing 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: For the year ended December 31, 2025 2024 2023 GAAP Net income $ 135,677 $ 51,330 $ 38,939 Less: Provision for credit losses (191,320) (178,267) (243,565) Less: Income tax expense (41,269) (13,736) (15,678) Pre-provision net revenue $ 368,266 $ 243,333 $ 298,182 For the year ended December 31, 2025 2024 2023 Non-interest income $ 373,176 $ 252,970 $ 302,781 Net interest income 625,672 534,041 561,838 Total net revenue 998,848 787,011 864,619 Non-interest expense (630,582) (543,678) (566,437) Pre-provision net revenue 368,266 243,333 298,182 Provision for credit losses (191,320) (178,267) (243,565) Income before income tax expense 176,946 65,066 54,617 Income tax expense (41,269) (13,736) (15,678) GAAP Net income $ 135,677 $ 51,330 $ 38,939 73 LENDINGCLUB CORPORATION Management’s Discussion and Analysis of Financial Condition and Results of Operations (Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted) The following table provides a reconciliation of TBV Per Common Share to the nearest GAAP measure: As of December 31, 2025 2024 2023 GAAP common equity $ 1,500,428 $ 1,341,731 $ 1,251,822 Less: Goodwill (75,717) (75,717) (75,717) Less: Customer relationship intangible assets (5,685) (8,586) (12,135) Tangible common equity $ 1,419,026 $ 1,257,428 $ 1,163,970 Book value per common share GAAP common equity $ 1,500,428 $ 1,341,731 $ 1,251,822 Common shares issued and outstanding 115,368,987 113,383,917 110,410,602 Book value per common share $ 13.01 $ 11.83 $ 11.34 Tangible book value per common share Tangible common equity $ 1,419,026 $ 1,257,428 $ 1,163,970 Common shares issued and outstanding 115,368,987 113,383,917 110,410,602 Tangible book value per common share $ 12.30 $ 11.09 $ 10.54 The following table provides a reconciliation of ROTCE to the nearest GAAP measure: As of and for the year ended December 31, 2025 2024 2023 Average GAAP common equity $ 1,407,528 $ 1,291,938 $ 1,204,050 Less: Average goodwill (75,717) (75,717) (75,717) Less: Average customer relationship intangible assets (7,099) (10,324) (14,198) Average tangible common equity $ 1,324,712 $ 1,205,897 $ 1,114,135 Return on average equity GAAP net income $ 135,677 $ 51,330 $ 38,939 Average GAAP common equity 1,407,528 1,291,938 1,204,050 Return on average equity 9.6 % 4.0 % 3.2 % Return on tangible common equity GAAP net income $ 135,677 $ 51,330 $ 38,939 Average tangible common equity 1,324,712 1,205,897 1,114,135 Return on tangible common equity 10.2 % 4.3 % 3.5 % 74 LENDINGCLUB CORPORATION Management’s Discussion and Analysis of Financial Condition and Results of Operations (Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted) Supervision and Regulatory Environment We are subject to supervision, regulation, examination, enforcement and other proceedings by multiple federal banking regulatory bodies. Specifically, as a bank holding company, the Company is subject to ongoing and comprehensive supervision, regulation, examination and enforcement by the Board of Governors of the Federal Reserve System (FRB). Further, as a national bank, LC Bank is subject to ongoing and comprehensive supervision, regulation, examination and enforcement by the Office of the Comptroller of the Currency (OCC). Additionally, as a depository institution with assets over $10 billion, LC Bank is subject to supervision and enforcement authority relating to federal consumer financial laws and regulations by the Consumer Financial Protection Bureau (CFPB). Accordingly, we have been and continue to invest in regulatory compliance and be subject to certain parameters, obligations and/or limitations set forth by the banking regulations and regulators with respect to the operation of our business. Further, we are subject to periodic supervision, regulation, examination, enforcement and other proceedings from various other federal and state regulatory and/or law enforcement agencies. Additionally, 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. 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” of this 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, share repurchases, and certain discretionary bonus payments. In addition to these guidelines, the banking regulators may require a banking 75 LENDINGCLUB CORPORATION Management’s Discussion and Analysis of Financial Condition and Results of Operations (Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted) 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” and “Item 8. Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements – Note 19. Regulatory Requirements” of this Annual Report for additional information regarding regulatory capital requirements. 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): December 31, 2025 December 31, 2024 Required Minimum (1) Well-Capitalized Minimum Amount Ratio Amount Ratio LendingClub Corporation: CET1 capital (2) $ 1,342.6 17.4 % $ 1,188.6 17.3 % 7.0 % N/A Tier 1 capital $ 1,342.6 17.4 % $ 1,188.6 17.3 % 8.5 % 6.0 % Total capital $ 1,441.0 18.7 % $ 1,276.5 18.5 % 10.5 % 10.0 % Tier 1 leverage $ 1,342.6 12.0 % $ 1,188.6 11.0 % 4.0 % N/A Risk-weighted assets $ 7,696.1 N/A $ 6,887.1 N/A N/A N/A Quarterly adjusted average assets $ 11,174.0 N/A $ 10,814.0 N/A N/A N/A LendingClub Bank: CET1 capital (2) $ 1,183.9 15.5 % $ 1,101.4 16.1 % 7.0 % 6.5 % Tier 1 capital $ 1,183.9 15.5 % $ 1,101.4 16.1 % 8.5 % 8.0 % Total capital $ 1,281.8 16.8 % $ 1,188.5 17.4 % 10.5 % 10.0 % Tier 1 leverage $ 1,183.9 10.7 % $ 1,101.4 10.3 % 4.0 % 5.0 % Risk-weighted assets $ 7,652.0 N/A $ 6,823.1 N/A N/A N/A Quarterly adjusted average assets $ 11,090.4 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. 76 LENDINGCLUB CORPORATION Management’s Discussion and Analysis of Financial Condition and Results of Operations (Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted) LendingClub Bank Liquidity The following table summarizes LC Bank’s primary sources of short-term liquidity as of the periods presented: December 31, 2025 December 31, 2024 Cash and cash equivalents $ 901,246 $ 932,463 Securities available for sale (1) $ 384,846 $ 382,876 Deposits $ 9,948,426 $ 9,116,821 Available borrowing capacity: FRB Discount Window (2) $ 3,294,827 $ 2,635,034 FHLB of Des Moines (3) 679,361 626,117 Total available borrowing capacity $ 3,974,188 $ 3,261,151 (1) Excludes illiquid securities available for sale. (2) As of December 31, 2025 and 2024, the Company had $4.2 billion and $3.2 billion in loans pledged under the FRB Discount Window, respectively. (3) As of December 31, 2025, the Company had $486.2 million in loans and $375.7 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 the purchase of an office building in 2025, as well as the related building improvements, and internally developed software, 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 December 31, 2025 and 2024, the amount of uninsured deposits totaled $1.2 billion, or 12% and 13%, respectively. Uninsured time deposits as of December 31, 2025, by remaining time to maturity, were as follows: 3 months or less $ 27,444 Over 3 months through 6 months 44,284 Over 6 months through 12 months 42,460 Over 12 months 2,385 Total uninsured time deposits (1) $ 116,573 (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 $143.6 million, or 14% of total net revenue, and $54.3 million, or 7% of total net revenue, for the years ended December 31, 2025 and 2024, respectively. Our capital expenditures in 2025 included the $74.5 million cash acquisition of the office building and related improvements to the property. Capital expenditures in 2026 are expected to be approximately $95 million, primarily driven by costs associated with the 77 LENDINGCLUB CORPORATION Management’s Discussion and Analysis of Financial Condition and Results of Operations (Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted) continued development and support of our digital marketplace bank, as well as additional improvements to the office building acquired in 2025. LendingClub Holding Company Liquidity The primary source of liquidity at the holding company is $127.1 million and $66.0 million in cash and cash equivalents as of December 31, 2025 and 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), share repurchases, 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 Our 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 our 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 8. Financial Statements and Supplementary Data – 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. HFI loans and AFS securities at LC Bank are funded primarily through our deposit base. The majority of HFI loans 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 78 LENDINGCLUB CORPORATION Management’s Discussion and Analysis of Financial Condition and Results of Operations (Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted) movements in interest rates and have entered into interest rate hedging instruments, some of which qualify for hedge accounting treatment, to manage such risk. See “Item 8. Financial Statements and Supplementary Data – 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: December 31, 2025 December 31, 2024 Instantaneous Change in Interest Rates: + 200 basis points (7.8) % (7.1) % + 100 basis points (3.8) % (3.5) % - 100 basis points 3.2 % 1.1 % - 200 basis points 5.9 % 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, offset by the impact of our hedging activity. Conversely, net interest income is projected to increase over the next twelve months during hypothetical declining interest rate environments. The increase in sensitivity as of December 31, 2025 relative to the prior year is primarily due to the composition of our loans, deposits, and hedging instruments, as well as updates to certain key modeling assumptions that affect how changes in interest rates are projected to impact the repricing behavior of assets and liabilities. Furthermore, during fluctuating interest rate environments, the repricing of 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. Maturities The following table presents the maturities of loans and leases HFI at amortized cost and at fair value as of December 31, 2025: Due in 1 Year or Less Due After 1 Year Through 5 Years Due After 5 Years Through 15 Years December 31, 2025 Unsecured personal $ 198,767 $ 2,803,770 $ 662,183 $ 3,664,720 Residential mortgages 3,123 10,182 137,768 151,073 Secured consumer 3,331 166,910 90,828 261,069 Total consumer loans held for investment 205,221 2,980,862 890,779 4,076,862 Equipment finance 6,845 32,912 — 39,757 Commercial real estate 34,716 135,261 302,512 472,489 Commercial and industrial 690 16,303 140,025 157,018 Total commercial loans and leases held for investment 42,251 184,476 442,537 669,264 Total loans and leases held for investment $ 247,472 $ 3,165,338 $ 1,333,316 $ 4,746,126 Loans and leases due after one year at fixed interest rates N/A $ 3,092,527 $ 855,109 $ 3,947,636 Loans and leases due after one year at variable interest rates N/A $ 72,811 $ 478,207 $ 551,018 N/A – Not applicable 79 LENDINGCLUB CORPORATION Management’s Discussion and Analysis of Financial Condition and Results of Operations (Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted) For the contractual maturities and weighted-average yields on the Company’s AFS securities portfolio, see “Item 8. Financial Statements and Supplementary Data – Notes to 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 HFI loans 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 December 31, 2025, see “Item 8. Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements – Note 18. Commitments and Contingencies.” Critical Accounting Estimates Our significant accounting policies are described in “Item 8. Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements – Note 1. Summary of Significant Accounting Policies.” We consider certain of these policies to be critical accounting policies as they require significant management judgments, assumptions and estimates which we believe are critical in understanding and evaluating our reported financial results. These judgments, estimates and assumptions are inherently subjective and actual results may materially differ from these estimates and assumptions. Allowance for Loan and Lease Losses Under the CECL methodology, we reserve for expected credit losses on our loan and lease portfolio when they are initially recorded as HFI at amortized cost through the ALLL by using a DCF approach to calculate the NPV of expected cash flows. Loans accounted for under the fair value option do not have an ALLL. Changes in the credit risk profile of our loans and leases result in changes in “Provision for credit losses” on the Income Statement with a resulting change, net of charge-offs and recoveries, in the ACL balance. The majority of our ALLL relates to unsecured personal loans. The ALLL represents our estimate of expected lifetime credit losses over the contractual life of the loan portfolio. Our determination of the ALLL is based on regular and periodic evaluation of the loan portfolio considering a number of relevant underlying factors, including key assumptions and evaluation of quantitative and qualitative information from internal and external sources. Estimates of expected future loan losses are determined by using statistical models and management’s judgment. The models are designed to forecast probability and timing of default, loss rate exposure at default, recovery expectations, and timing and amount of estimated prepayments. Our statistical models, applied at the portfolio level to pools of loans with similar risk characteristics, produce expected cash flows, which are then discounted at the effective interest rate to derive the NPV. The difference between the NPV and the amortized cost determines the ALLL. The effective interest rate is 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 marketing costs, to provide a constant rate of return over the contractual loan term. Under the DCF approach, the provision for credit losses includes credit loss expense in subsequent periods relating to the discounting effect due to the passage of time after the initial recognition of ALLL on originated loans and leases HFI at amortized cost. 80 LENDINGCLUB CORPORATION Management’s Discussion and Analysis of Financial Condition and Results of Operations (Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted) Our qualitative allowance is primarily based on macroeconomic unemployment forecast information provided by an external third-party economist, incorporating management’s judgment, and is included in the estimation of expected future expected credit losses. In addition, the qualitative allowance includes adjustments in circumstances where the statistical model output is inconsistent with management’s expectations relating to economic conditions and expected credit losses. Management may make adjustments as the assumptions in the underlying analyses change to reflect an estimate of expected lifetime loan losses and prepayments at the reporting date, based on the best information available at that time. Loans Held for Sale at Fair Value Loans initially classified as HFS are reported at their fair value with our election of the fair value option and are classified as Level 3 instruments. We use a DCF approach to calculate the NPV of expected cash flows. This model uses significant unobservable inputs that inherently require judgment and reflect our best estimates of the assumptions a market participant would use to calculate fair value. Those significant unobservable inputs used in the fair value measurement of HFS loans include: •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 credit loss rate – The annualized rate of lifetime charge-offs, net of recoveries, expressed as a percentage of the average lifetime principal balance of loan pools with similar characteristics. •Annualized prepayment rate – The annualized rate of lifetime prepayments expressed as a percentage of the average principal balance of loan pools with similar characteristics. 81 LENDINGCLUB CORPORATION