LendingClub CorpLC
LendingClub Corp Fair Value Disclosure
Fair Value Measurements
For a description of the fair value hierarchy and the Company’s fair value methodologies, see “Note 1. Summary of Significant Accounting Policies.” The Company records certain assets and liabilities at fair value as listed in the following tables.
Recurring Fair Value Measurements
The following tables present, by level within the fair value hierarchy, the Company’s assets and liabilities measured at fair value on a recurring basis:
| December 31, 2025 | Level 1 | Level 2 | Level 3 | Balance at Fair Value | |||||||||||||||||||
| Assets: | |||||||||||||||||||||||
| Loans held for sale at fair value | $ | — | $ | — | $ | 1,762,396 | $ | 1,762,396 | |||||||||||||||
| Loans held for investment at fair value | — | — | 473,314 | 473,314 | |||||||||||||||||||
| Securities available for sale: | |||||||||||||||||||||||
| Senior asset-backed securities related to Structured Program transactions | — | — | 3,092,410 | 3,092,410 | |||||||||||||||||||
| U.S. agency residential mortgage-backed securities | — | 236,061 | — | 236,061 | |||||||||||||||||||
| Other asset-backed securities related to Structured Program transactions | — | — | 219,370 | 219,370 | |||||||||||||||||||
| U.S. agency securities | — | 73,862 | — | 73,862 | |||||||||||||||||||
| Mortgage-backed securities | — | 55,597 | — | 55,597 | |||||||||||||||||||
| Municipal securities | — | 2,606 | — | 2,606 | |||||||||||||||||||
| Other securities | — | 16,720 | 10,083 | 26,803 | |||||||||||||||||||
| Total securities available for sale | — | 384,846 | 3,321,863 | 3,706,709 | |||||||||||||||||||
| Servicing assets | — | — | 65,167 | 65,167 | |||||||||||||||||||
| Other assets | — | 2,099 | — | 2,099 | |||||||||||||||||||
| Total assets | $ | — | $ | 386,945 | $ | 5,622,740 | $ | 6,009,685 | |||||||||||||||
| Liabilities: | |||||||||||||||||||||||
| Other liabilities | $ | — | $ | 3,918 | $ | 1,865 | $ | 5,783 | |||||||||||||||
| Total liabilities | $ | — | $ | 3,918 | $ | 1,865 | $ | 5,783 | |||||||||||||||
| December 31, 2024 | Level 1 | Level 2 | Level 3 | Balance at Fair Value | |||||||||||||||||||
| Assets: | |||||||||||||||||||||||
| Loans held for sale at fair value | $ | — | $ | — | $ | 636,352 | $ | 636,352 | |||||||||||||||
Loans held for investment at fair value | — | — | 1,027,798 | 1,027,798 | |||||||||||||||||||
| Securities available for sale: | |||||||||||||||||||||||
| Senior asset-backed securities related to Structured Program transactions | — | — | 2,899,824 | 2,899,824 | |||||||||||||||||||
| U.S. agency residential mortgage-backed securities | — | 226,925 | — | 226,925 | |||||||||||||||||||
Other asset-backed securities related to Structured Program transactions | — | — | 169,948 | 169,948 | |||||||||||||||||||
| U.S. agency securities | — | 75,946 | — | 75,946 | |||||||||||||||||||
| Mortgage-backed securities | — | 56,674 | — | 56,674 | |||||||||||||||||||
| Municipal securities | — | 2,539 | — | 2,539 | |||||||||||||||||||
Other securities | — | 20,792 | — | 20,792 | |||||||||||||||||||
| Total securities available for sale | — | 382,876 | 3,069,772 | 3,452,648 | |||||||||||||||||||
| Servicing assets | — | — | 60,697 | 60,697 | |||||||||||||||||||
| Other assets | — | 5,820 | — | 5,820 | |||||||||||||||||||
| Total assets | $ | — | $ | 388,696 | $ | 4,794,619 | $ | 5,183,315 | |||||||||||||||
| Liabilities: | |||||||||||||||||||||||
| Other liabilities | $ | — | $ | 5,019 | $ | 11,799 | $ | 16,818 | |||||||||||||||
| Total liabilities | $ | — | $ | 5,019 | $ | 11,799 | $ | 16,818 | |||||||||||||||
Financial instruments are categorized in the valuation hierarchy based on the significance of observable or unobservable factors in the overall fair value measurement. For the financial instruments listed in the tables above that do not trade in an active market with readily observable prices, the Company uses significant unobservable inputs to measure the fair value of these assets and liabilities. The Company primarily uses a DCF model to estimate the fair value of Level 3 instruments based on the present value of estimated future cash flows. This model uses inputs that inherently require judgment and reflect the Company’s best estimates of the assumptions a market participant would use to calculate fair value. The Company did not transfer any assets or liabilities in or out of Level 3 during the years ended December 31, 2025 or 2024.
The following significant unobservable inputs, as applicable, were used in the fair value measurement of the Company’s Level 3 assets:
•Discount rate – The weighted-average rate at which the expected cash flows are discounted to arrive at the net present value of the loan. The discount rate is primarily determined based on marketplace investor return expectations.
•Annualized net 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 risk characteristics.
•Annualized prepayment rate – The annualized rate of lifetime prepayments expressed as a percentage of the average lifetime principal balance of loan pools with similar risk characteristics.
An increase in each of the inputs above, in isolation, would result in a decrease in the fair value measurement.
The sensitivity calculations are hypothetical and should not be considered to be predictive of future performance. The effect on fair value of a variation in assumptions generally cannot be determined because the relationship of the
change in assumptions to the fair value may not be linear. Changes in one factor may lead to changes in other factors, which could impact the hypothetical results.
Loans Held for Sale at Fair Value
Significant Unobservable Inputs
The following significant unobservable inputs were used in the fair value measurement of HFS loans:
| December 31, 2025 | December 31, 2024 | ||||||||||||||||||||||||||||||||||
| Minimum | Maximum | Weighted-Average (1) | Minimum | Maximum | Weighted-Average (1) | ||||||||||||||||||||||||||||||
Discount rate | 6.6 | % | 9.0 | % | 7.1 | % | 7.1 | % | 11.9 | % | 7.9 | % | |||||||||||||||||||||||
Annualized net credit loss rate | 3.3 | % | 16.0 | % | 6.3 | % | 1.8 | % | 21.2 | % | 5.4 | % | |||||||||||||||||||||||
Annualized prepayment rate | 20.5 | % | 26.0 | % | 25.5 | % | 15.0 | % | 27.6 | % | 20.4 | % | |||||||||||||||||||||||
(1) The weighted-average rate is calculated using the principal balance of each loan pool with similar risk characteristics.
Fair Value Sensitivity
The sensitivity of HFS loans at fair value to adverse changes in key assumptions was as follows:
| December 31, 2025 | December 31, 2024 | ||||||||||
| Loans held for sale at fair value | $ | 1,762,396 | $ | 636,352 | |||||||
| Expected remaining weighted-average life (in years) | 1.4 | 1.4 | |||||||||
| Discount rate: | |||||||||||
| 100 basis point increase | $ | (21,458) | $ | (7,663) | |||||||
| 200 basis point increase | $ | (42,471) | $ | (15,174) | |||||||
Annualized net credit loss rate: | |||||||||||
| 10% increase | $ | (20,970) | $ | (6,436) | |||||||
| 20% increase | $ | (41,766) | $ | (12,937) | |||||||
| Annualized prepayment rate: | |||||||||||
| 10% increase | $ | (5,703) | $ | (1,274) | |||||||
| 20% increase | $ | (10,546) | $ | (2,444) | |||||||
Fair Value Reconciliation
The following table presents HFS loans at fair value activity:
| Year Ended December 31, | 2025 | 2024 | |||||||||
| Fair value at beginning of period | $ | 636,352 | $ | 407,773 | |||||||
| Originations and purchases | 6,962,944 | 5,194,160 | |||||||||
| Sales | (5,272,927) | (4,576,779) | |||||||||
| Principal payments | (420,262) | (231,624) | |||||||||
| Realized charge-offs, net of recoveries, recorded in earnings | (26,993) | (20,336) | |||||||||
| Fair value adjustments recorded in earnings | (116,718) | (136,842) | |||||||||
| Fair value at end of period | $ | 1,762,396 | $ | 636,352 | |||||||
The following table summarizes the aggregate fair value of the Company’s HFS loans, as well as the amount that was 90 days or more past due:
| December 31, 2025 | December 31, 2024 | ||||||||||||||||||||||
| Total | 90 or more days past due | Total | 90 or more days past due | ||||||||||||||||||||
| Aggregate unpaid principal balance | $ | 1,795,818 | $ | 3,931 | $ | 657,984 | $ | 3,719 | |||||||||||||||
| Cumulative fair value adjustments | (33,422) | (3,176) | (21,632) | (3,012) | |||||||||||||||||||
| Fair value of loans held for sale | $ | 1,762,396 | $ | 755 | $ | 636,352 | $ | 707 | |||||||||||||||
Loans Held for Investment at Fair Value
As of December 31, 2025, the Company’s HFI loans at fair value consisted primarily of purchased loan portfolios comprised of loans that the Company previously originated and sold. Due to the short remaining duration of the acquired loan portfolios, the Company has elected to account for them under the fair value option.
Significant Unobservable Inputs
The following significant unobservable inputs were used in the fair value measurement of HFI loans (1):
| December 31, 2025 | December 31, 2024 | ||||||||||||||||||||||||||||||||||
| Minimum | Maximum | Weighted-Average (2) | Minimum | Maximum | Weighted-Average (2) | ||||||||||||||||||||||||||||||
| Discount rate | 6.5 | % | 8.5 | % | 7.0 | % | 7.2 | % | 21.8 | % | 10.5 | % | |||||||||||||||||||||||
Annualized net credit loss rate | 4.1 | % | 19.1 | % | 7.4 | % | 3.0 | % | 20.2 | % | 6.6 | % | |||||||||||||||||||||||
Annualized prepayment rate | 19.6 | % | 21.1 | % | 20.0 | % | 15.6 | % | 21.4 | % | 19.3 | % | |||||||||||||||||||||||
(1) The change in significant unobservable inputs from December 31, 2024 to December 31, 2025 was primarily driven by loan composition changes due to a loan portfolio purchase in the fourth quarter of 2025, along with a significant reduction in loan balances related to previous portfolio purchases with lower purchase prices which resulted in a higher discount rate.
(2) The weighted-average rate is calculated using the principal balance of each loan pool with similar risk characteristics.
Fair Value Sensitivity
The sensitivity of HFI loans at fair value to adverse changes in key assumptions was as follows:
| December 31, 2025 | December 31, 2024 | ||||||||||
| Loans held for investment at fair value | $ | 473,314 | $ | 1,027,798 | |||||||
| Expected remaining weighted-average life (in years) | 0.7 | 0.9 | |||||||||
| Discount rate: | |||||||||||
| 100 basis point increase | $ | (2,832) | $ | (7,832) | |||||||
| 200 basis point increase | $ | (5,633) | $ | (15,557) | |||||||
Annualized net credit loss rate: | |||||||||||
| 10% increase | $ | (5,738) | $ | (11,821) | |||||||
| 20% increase | $ | (13,161) | $ | (25,428) | |||||||
| Annualized prepayment rate: | |||||||||||
| 10% increase | $ | (2,490) | $ | (4,813) | |||||||
| 20% increase | $ | (4,979) | $ | (9,854) | |||||||
Fair Value Reconciliation
The following table presents HFI loans at fair value activity:
| Year Ended December 31, | 2025 | 2024 | |||||||||
Fair value at beginning of period | $ | 1,027,798 | $ | 262,190 | |||||||
| Purchases | 138,055 | 1,396,223 | |||||||||
| Principal payments | (683,231) | (618,472) | |||||||||
| Interest income accretion and fair value adjustments recorded in earnings | (9,308) | (12,143) | |||||||||
| Fair value at end of period | $ | 473,314 | $ | 1,027,798 | |||||||
The following table summarizes the aggregate fair value of the Company’s HFI loans at fair value, as well as the amount that was 90 days or more past due:
| December 31, 2025 | December 31, 2024 | ||||||||||||||||||||||
| Total | 90 or more days past due | Total | 90 or more days past due | ||||||||||||||||||||
| Aggregate unpaid principal balance | $ | 495,649 | $ | 5,177 | $ | 1,097,511 | $ | 14,616 | |||||||||||||||
| Cumulative fair value adjustments | (22,335) | (4,183) | (69,713) | (11,836) | |||||||||||||||||||
| Fair value of loans held for investment | $ | 473,314 | $ | 994 | $ | 1,027,798 | $ | 2,780 | |||||||||||||||
Asset-Backed Securities Related to Structured Program Transactions
Senior Asset-Backed Securities Related to Structured Program Transactions
Significant Unobservable Inputs
The following significant unobservable input, which includes credit spreads, was used in the fair value measurement of senior asset-backed securities related to Structured Program transactions:
| December 31, 2025 | December 31, 2024 | ||||||||||||||||||||||||||||||||||
| Minimum | Maximum | Weighted-Average | Minimum | Maximum | Weighted-Average | ||||||||||||||||||||||||||||||
| Discount rate | 5.0 | % | 5.4 | % | 5.2 | % | 6.0 | % | 6.0 | % | 6.0 | % | |||||||||||||||||||||||
Fair Value Sensitivity
The sensitivity in the fair value of senior asset-backed securities related to Structured Program transactions to adverse changes in key assumptions was as follows:
| December 31, 2025 | December 31, 2024 | ||||||||||
| Fair value of interests held | $ | 3,092,410 | $ | 2,899,824 | |||||||
| Expected remaining weighted-average life (in years) | 1.1 | 1.2 | |||||||||
| Discount rate: | |||||||||||
| 100 basis point increase | $ | (32,467) | $ | (37,315) | |||||||
| 200 basis point increase | $ | (64,934) | $ | (74,630) | |||||||
Fair Value Reconciliation
The following table presents senior asset-backed securities related to Structured Program transactions activity:
| Year Ended December 31, | 2025 | 2024 | |||||||||
| Fair value at beginning of period | $ | 2,899,824 | $ | 1,176,403 | |||||||
| Additions | 1,839,092 | 2,558,003 | |||||||||
Sales | — | (30,114) | |||||||||
| Cash received | (1,643,278) | (823,331) | |||||||||
| Change in unrealized gain | (3,228) | 18,863 | |||||||||
| Fair value at end of period | $ | 3,092,410 | $ | 2,899,824 | |||||||
Other Asset-Backed Securities Related to Structured Program Transactions
Significant Unobservable Inputs
The following significant unobservable inputs were used in the fair value measurement of other asset-backed securities related to Structured Program transactions:
| December 31, 2025 | December 31, 2024 | ||||||||||||||||||||||||||||||||||
| Minimum | Maximum | Weighted-Average (1) | Minimum | Maximum | Weighted-Average (1) | ||||||||||||||||||||||||||||||
| Discount rate | 6.6 | % | 8.6 | % | 6.9 | % | 7.1 | % | 11.0 | % | 7.9 | % | |||||||||||||||||||||||
Annualized net credit loss rate | 3.1 | % | 6.2 | % | 5.0 | % | 3.4 | % | 7.4 | % | 5.0 | % | |||||||||||||||||||||||
Annualized prepayment rate | 22.8 | % | 27.4 | % | 25.8 | % | 18.7 | % | 20.9 | % | 20.5 | % | |||||||||||||||||||||||
(1) The weighted-average rate is calculated using the principal balance of each security.
Fair Value Sensitivity
The sensitivity in the fair value of other asset-backed securities related to Structured Program transactions to adverse changes in key assumptions was as follows:
| December 31, 2025 | December 31, 2024 | ||||||||||
| Fair value of interests held | $ | 219,370 | $ | 169,948 | |||||||
| Expected remaining weighted-average life (in years) | 1.2 | 1.3 | |||||||||
Discount rate: | |||||||||||
| 100 basis point increase | $ | (2,285) | $ | (1,909) | |||||||
| 200 basis point increase | $ | (4,529) | $ | (3,783) | |||||||
Annualized net credit loss rate: | |||||||||||
| 10% increase | $ | (2,077) | $ | (1,778) | |||||||
| 20% increase | $ | (4,112) | $ | (3,567) | |||||||
Annualized prepayment rate: | |||||||||||
| 10% increase | $ | (674) | $ | (432) | |||||||
| 20% increase | $ | (1,227) | $ | (835) | |||||||
Fair Value Reconciliation
The following table presents other asset-backed securities related to Structured Program transactions activity:
| Year Ended December 31, | 2025 | 2024 | |||||||||
| Fair value at beginning of period | $ | 169,948 | $ | 73,393 | |||||||
| Additions | 154,494 | 153,690 | |||||||||
| Cash received | (103,825) | (53,219) | |||||||||
Credit loss expense for securities available for sale | (566) | (3,217) | |||||||||
| Change in unrealized loss | (681) | (699) | |||||||||
| Fair value at end of period | $ | 219,370 | $ | 169,948 | |||||||
Servicing Assets
Significant Unobservable Inputs
The following significant unobservable inputs were used in the fair value measurement for servicing assets related to loans sold to investors:
| December 31, 2025 | December 31, 2024 | ||||||||||||||||||||||||||||||||||
| Minimum | Maximum | Weighted-Average (1) | Minimum | Maximum | Weighted-Average (1) | ||||||||||||||||||||||||||||||
| Discount rate | 8.9 | % | 16.2 | % | 10.4 | % | 8.7 | % | 17.3 | % | 10.8 | % | |||||||||||||||||||||||
Annualized net credit loss rate | 3.3 | % | 19.5 | % | 6.5 | % | 1.8 | % | 21.2 | % | 8.2 | % | |||||||||||||||||||||||
Annualized prepayment rate | 19.9 | % | 25.9 | % | 24.6 | % | 14.8 | % | 27.5 | % | 20.0 | % | |||||||||||||||||||||||
Market servicing rate (2) | 0.58 | % | 0.58 | % | 0.58 | % | 0.62 | % | 0.62 | % | 0.62 | % | |||||||||||||||||||||||
(1) The weighted-average rate is calculated using the principal balance of each loan pool with similar risk characteristics.
(2) The fees a willing market participant would require for the servicing of loans with similar characteristics as those in the Company’s serviced portfolio.
Fair Value Sensitivity
The sensitivity of the fair value of servicing assets to adverse changes in key assumptions was as follows:
| December 31, 2025 | December 31, 2024 | ||||||||||
| Fair value of servicing assets | $ | 65,167 | $ | 60,697 | |||||||
| Expected remaining weighted-average life (in years) | 1.2 | 1.2 | |||||||||
| Discount rate: | |||||||||||
| 100 basis point increase | $ | (567) | $ | (519) | |||||||
| 200 basis point increase | $ | (1,134) | $ | (1,038) | |||||||
Annualized net credit loss rate: | |||||||||||
| 10% increase | $ | (536) | $ | (551) | |||||||
| 20% increase | $ | (1,071) | $ | (1,102) | |||||||
| Annualized prepayment rate: | |||||||||||
| 10% increase | $ | (1,892) | $ | (1,359) | |||||||
| 20% increase | $ | (3,785) | $ | (2,718) | |||||||
The Company’s selection of the most representative market servicing rates for servicing assets inherently require judgment. The Company reviews third-party servicing rates for its loans, loans in similar credit sectors, and market servicing benchmarking analyses provided by third-party valuation firms, when available. The table below shows the impact on the estimated fair value of servicing assets, calculated using different market servicing rate assumptions:
| December 31, 2025 | December 31, 2024 | ||||||||||
| Weighted-average market servicing rate assumptions | 0.58 | % | 0.62 | % | |||||||
| Change in fair value from: | |||||||||||
Market servicing rate increase by 0.10% | $ | (7,289) | $ | (6,940) | |||||||
Market servicing rate decrease by 0.10% | $ | 7,289 | $ | 6,940 | |||||||
Fair Value Reconciliation
The following table presents servicing assets activity:
| Year Ended December 31, | 2025 | 2024 | |||||||||
Fair value at beginning of period | $ | 60,697 | $ | 77,680 | |||||||
Issuances (1) | 63,927 | 58,396 | |||||||||
| Change in fair value, included in Marketplace Revenue | (59,457) | (75,359) | |||||||||
| Other net changes | — | (20) | |||||||||
| Fair value at end of period | $ | 65,167 | $ | 60,697 | |||||||
(1) Represents the servicing assets recorded when the loans are sold. Included in “Gain on sales of loans” within “Marketplace revenue” on the Income Statement.
Financial Instruments Not Recorded at Fair Value
The following tables present the carrying amount and estimated fair values, by level within the fair value hierarchy, of the Company’s assets and liabilities that are not recorded at fair value on a recurring basis:
| December 31, 2025 | Carrying Amount | Level 1 | Level 2 | Level 3 | Balance at Fair Value | ||||||||||||||||||||||||
| Assets: | |||||||||||||||||||||||||||||
| Loans and leases held for investment, net | $ | 3,997,069 | $ | — | $ | — | $ | 4,251,852 | $ | 4,251,852 | |||||||||||||||||||
| Other assets | 47,470 | — | 47,312 | 453 | 47,765 | ||||||||||||||||||||||||
| Total assets | $ | 4,044,539 | $ | — | $ | 47,312 | $ | 4,252,305 | $ | 4,299,617 | |||||||||||||||||||
| Liabilities: | |||||||||||||||||||||||||||||
Deposits (1) | $ | 2,434,422 | $ | — | $ | — | $ | 2,437,209 | $ | 2,437,209 | |||||||||||||||||||
| Other liabilities | 40,931 | — | 11,926 | 29,005 | 40,931 | ||||||||||||||||||||||||
| Total liabilities | $ | 2,475,353 | $ | — | $ | 11,926 | $ | 2,466,214 | $ | 2,478,140 | |||||||||||||||||||
| December 31, 2024 | Carrying Amount | Level 1 | Level 2 | Level 3 | Balance at Fair Value | ||||||||||||||||||||||||
| Assets: | |||||||||||||||||||||||||||||
| Loans and leases held for investment, net | $ | 3,889,084 | $ | — | $ | — | $ | 4,051,497 | $ | 4,051,497 | |||||||||||||||||||
| Other assets | 40,466 | — | 40,143 | 661 | 40,804 | ||||||||||||||||||||||||
| Total assets | $ | 3,929,550 | $ | — | $ | 40,143 | $ | 4,052,158 | $ | 4,092,301 | |||||||||||||||||||
| Liabilities: | |||||||||||||||||||||||||||||
Deposits (1) | $ | 2,294,214 | $ | — | $ | — | $ | 2,306,373 | $ | 2,306,373 | |||||||||||||||||||
| Other liabilities | 44,801 | — | 22,833 | 21,968 | 44,801 | ||||||||||||||||||||||||
| Total liabilities | $ | 2,339,015 | $ | — | $ | 22,833 | $ | 2,328,341 | $ | 2,351,174 | |||||||||||||||||||
(1) Excludes deposit liabilities with no defined or contractual maturities.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 12, 2026 | Showing above |
| 2024 | Feb 13, 2025 | |
| 2023 | Feb 16, 2024 | |
| 2022 | Feb 9, 2023 | |
| 2021 | Feb 11, 2022 | |
| 2020 | Mar 11, 2021 | |
| 2019 | Feb 19, 2020 | |
| 2018 | Feb 20, 2019 | |
| 2017 | Feb 22, 2018 | |
| 2016 | Feb 28, 2017 | |
| 2015 | Feb 22, 2016 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.