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LendingClub Reports Second Quarter 2025 Results

Grew Originations +32%, Revenue +33%, and Net Income +156% Compared to Prior Year

Revenue growth combined with expense discipline delivers 11% ROE and 12% ROTCE

Announced up to $3.4 billion loan funding partnership extension with Blue Owl

SAN FRANCISCO – July 29, 2025 – LendingClub Corporation (NYSE: LC) today announced financial results for the second quarter ended June 30, 2025.

“We had an exceptional quarter with year-over-year originations and revenue growth of 32% and 33%, respectively. Strong revenue growth combined with credit outperformance resulted in $38 million of net income, delivering double digit ROTCE in excess of our target and ahead of schedule,” said Scott Sanborn, LendingClub CEO. “We also announced a long-term loan sales partnership extension and launched another new product with our innovative LevelUp Checking account. I’m energized by the results across the business and look forward to building on the momentum over the second half of the year.”

Second Quarter 2025 Results

Highlights:

•Achieved $2.4 billion in origination volume, up 32% compared to the prior year.

•Continued to deliver credit outperformance versus competitor set, with +40% better performance.

•Extended funding partnership with Blue Owl for structured certificates, totaling up to $3.4 billion over two years.

•Closed first transaction with funds and accounts managed by BlackRock, leveraging our Fitch-rated Structured Certificates program.

•Launched LevelUp Checking, the first product in market to offer cash back for on-time loan payments.

Balance Sheet:

•Total assets of $10.8 billion increased 12% compared to $9.6 billion in the prior year, driven primarily by the success of the Structured Certificates program as well as loan growth.

•Deposits of $9.1 billion increased 13% compared to $8.1 billion in the prior year, driven by the continued success of our savings offerings.

◦86% of total deposits are FDIC-insured.

•Robust available liquidity of $3.8 billion.

•Strong capital position with a consolidated Tier 1 leverage ratio of 12.2% and a CET1 capital ratio of 17.5%.

•Book value per common share was $12.25, compared to $11.52 in the prior year.

•Tangible book value per common share was $11.53, compared to $10.75 in the prior year.

Financial Performance:

•Loan originations grew 32% to $2.4 billion, compared to $1.8 billion in the prior year, driven by the successful execution of product and marketing initiatives.

•Total net revenue increased 33% to $248.4 million, compared to $187.2 million in the prior year, driven by higher marketplace sales and loan pricing, credit outperformance, and higher net interest income on a larger balance sheet with lower deposit funding costs.

◦Net interest margin increased to 6.14%, compared to 5.75% in the prior year.

•Provision for credit losses of $39.7 million, compared to $35.6 million in the prior year, primarily driven by increased held-for-investment loan retention.

•Improved net charge-offs in the held-for-investment at amortized cost loan portfolio to $31.8 million, compared to $66.8 million in the prior year.

•Net income of $38.2 million, compared to $14.9 million in the prior year.

•Diluted EPS of $0.33 compared to $0.13 in the prior year.

•Return on Equity (ROE) of 11.1% with a Return on Tangible Common Equity (ROTCE) of 11.8%.

•Pre-Provision Net Revenue (PPNR) increased 70% to $93.7 million, compared to $55.0 million in the prior year.

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			Three Months Ended
($ in millions, except per share amounts)			June 30, 2025						March 31, 2025						June 30, 2024
Total net revenue			$	248.4					$	217.7					$	187.2
Non-interest expense			154.7						143.9						132.3
Pre-provision net revenue (1)			93.7						73.8						55.0
Provision for credit losses			39.7						58.1						35.6
Income before income tax expense			54.0						15.7						19.4
Income tax expense			(15.8)						(4.0)						(4.5)
Net income			$	38.2					$	11.7					$	14.9
Diluted EPS			$	0.33					$	0.10					$	0.13

(1)    See page 3 of this release for additional information on our use of non-GAAP financial measures.

For a calculation of Pre-Provision Net Revenue, Tangible Book Value Per Common Share, and Return on Tangible Common Equity, refer to the “Reconciliation of GAAP to Non-GAAP Financial Measures” tables at the end of this release.

Financial Outlook

			Third Quarter 2025
Loan originations			$2.5B to $2.6B
Pre-provision net revenue (PPNR)			$90M to $100M
Return on Tangible Common Equity (ROTCE)			10% to 11.5%

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About LendingClub

LendingClub is reimagining what a bank can be by building our business around a simple belief: when our members win, we win. Leveraging innovative technology and engaging mobile-first experiences, our integrated suite of financial products helps people keep more of what they earn and earn more on what they save. Our 5+ million members love us for providing quick and easy access to affordable credit and rewarding their smart financial choices, like making on-time payments, saving regularly, and taking control of debt.

Getting credit right is a key driver of our success. Our AI-powered underwriting models are informed by over 150 billion cells of proprietary data, derived from tens of millions of repayment events across economic cycles. Our leading credit expertise combined with our resilient bank foundation, capital-light loan marketplace, decades of lending experience, and talented team have enabled us to deliver lasting value to members, loan investors, and stockholders alike. And we’re just getting started.

LendingClub Corporation (NYSE: LC) is the parent company and operator of LendingClub Bank, National Association, Member FDIC. For more information about LendingClub, visit https://www.lendingclub.com

Conference Call and Webcast Information

The LendingClub second quarter 2025 webcast and teleconference is scheduled to begin at 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time) on Tuesday, July 29, 2025. A live webcast of the call will be available at http://ir.lendingclub.com under the Filings & Financials menu in Quarterly Results. To access the call, please dial +1 (404) 975-4839, or outside the U.S. +1 (833) 470-1428, with Access Code 667676, ten minutes prior to 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time). An audio archive of the call will be available at http://ir.lendingclub.com. An audio replay will also be available 1 hour after the end of the call until August 5, 2025, by calling +1 (929) 458-6194 or outside the U.S. +1 (866) 813-9403, with Access Code 516031. LendingClub has used, and intends to use, its investor relations website, X (formerly Twitter) handles (@LendingClub and @LendingClubIR) and Facebook page (https://www.facebook.com/LendingClubTeam) as a means of disclosing material non-public information and to comply with its disclosure obligations under Regulation FD.

Contacts

For Investors:

IR@lendingclub.com

Media Contact:

Press@lendingclub.com

Non-GAAP Financial Measures

To supplement our financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: Pre-Provision Net Revenue (PPNR), Tangible Book Value (TBV) Per Common Share, and Return on Tangible Common Equity (ROTCE). Our non-GAAP financial measures do have limitations as analytical tools and you should not consider them in isolation or as a substitute for an analysis of our results under GAAP.

We believe these non-GAAP financial measures provide management and investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and enable comparison of our financial results with other public companies.

We believe PPNR is an important measure because it reflects the 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 (common equity reduced by

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goodwill and customer relationship intangible assets), divided by the ending number of common shares issued and outstanding.

We believe ROTCE is an important measure because it reflects the company's ability to generate income from its core assets. ROTCE is a non-GAAP financial measure calculated by dividing annualized net income by the average tangible common equity for the applicable period.

For a reconciliation of such measures to the nearest GAAP measures, please refer to the tables on pages 13 and 14 of this release.

We do not provide a reconciliation of forward-looking Pre-Provision Net Revenue and Return on Tangible Common Equity to the most directly comparable GAAP reported financial measures on a forward-looking basis because we are unable to predict future provision expense and goodwill, respectively, with reasonable certainty without unreasonable effort.

Safe Harbor Statement

Some of the statements above, including statements regarding long-term loan funding and anticipated future performance and financial results, are “forward-looking statements.” The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “outlook,” “plan,” “predict,” “project,” “will,” “would” and similar expressions may identify forward-looking statements, although not all forward-looking statements contain these identifying words. Factors that could cause actual results to differ materially from those contemplated by these forward-looking statements include: our loan performance, our ability to continue to attract and retain new and existing borrowers and marketplace investors (including retaining long-term investors through the duration of their expected partnership and achieving the anticipated level of loan or Structured Certificates program purchases); competition; overall economic conditions; the interest rate environment; the regulatory environment; default rates and those factors set forth in the section titled “Risk Factors” in our most recent Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, as well as in our subsequent filings with the Securities and Exchange Commission. We may not actually achieve the plans, intentions or expectations disclosed in forward-looking statements, and you should not place undue reliance on forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in forward-looking statements. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

*****

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LENDINGCLUB CORPORATION

OPERATING HIGHLIGHTS

(In thousands, except percentages or as noted)

(Unaudited)

			As of and for the three months ended																														% Change
			June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024						June 30, 2024						Q/Q						Y/Y
Operating Highlights:
Non-interest income			$	94,186					$	67,754					$	74,817					$	61,640					$	58,713					39		%				60		%
Net interest income			154,249						149,957						142,384						140,241						128,528						3		%				20		%
Total net revenue			248,435						217,711						217,201						201,881						187,241						14		%				33		%
Non-interest expense			154,718						143,867						142,855						136,332						132,258						8		%				17		%
Pre-provision net revenue(1)			93,717						73,844						74,346						65,549						54,983						27		%				70		%
Provision for credit losses			39,733						58,149						63,238						47,541						35,561						(32)		%				12		%
Income before income tax expense			53,984						15,695						11,108						18,008						19,422						244		%				178		%
Income tax expense			(15,806)						(4,024)						(1,388)						(3,551)						(4,519)						293		%				250		%
Net income			$	38,178					$	11,671					$	9,720					$	14,457					$	14,903					227		%				156		%
Basic EPS			$	0.33					$	0.10					$	0.09					$	0.13					$	0.13					230		%				154		%
Diluted EPS			$	0.33					$	0.10					$	0.08					$	0.13					$	0.13					230		%				154		%
LendingClub Corporation Performance Metrics:
Net interest margin			6.14		%				5.97		%				5.42		%				5.63		%				5.75		%
Efficiency ratio(2)			62.3		%				66.1		%				65.8		%				67.5		%				70.6		%
Return on average equity (ROE)(3)			11.1		%				3.5		%				2.9		%				4.4		%				4.7		%
Return on tangible common equity (ROTCE)(1)(4)			11.8		%				3.7		%				3.1		%				4.7		%				5.1		%
Return on average total assets (ROA)(5)			1.5		%				0.4		%				0.4		%				0.6		%				0.6		%
Marketing expense as a % of loan originations			1.40		%				1.47		%				1.27		%				1.37		%				1.47		%
LendingClub Corporation Capital Metrics:
Common equity Tier 1 capital ratio			17.5		%				17.8		%				17.3		%				15.9		%				17.9		%
Tier 1 leverage ratio			12.2		%				11.7		%				11.0		%				11.3		%				12.1		%
Book value per common share			$	12.25					$	11.95					$	11.83					$	11.95					$	11.52					3		%				6		%
Tangible book value per common share(1)			$	11.53					$	11.22					$	11.09					$	11.19					$	10.75					3		%				7		%
Loan Originations (in millions)(6):
Total loan originations			$	2,391					$	1,989					$	1,846					$	1,913					$	1,813					20		%				32		%
Marketplace loans			$	1,702					$	1,314					$	1,241					$	1,403					$	1,477					30		%				15		%
Loan originations held for investment			$	689					$	675					$	605					$	510					$	336					2		%				105		%
Loan originations held for investment as a % of total loan originations			29		%				34		%				33		%				27		%				19		%
Servicing Portfolio AUM (in millions)(7):
Total servicing portfolio			$	12,524					$	12,241					$	12,371					$	12,674					$	12,999					2		%				(4)		%
Loans serviced for others			$	7,185					$	7,130					$	7,207					$	7,028					$	8,337					1		%				(14)		%

(1)    Represents a non-GAAP financial measure. See “Reconciliation of GAAP to Non-GAAP Financial Measures.”

(2)    Calculated as the ratio of non-interest expense to total net revenue.

(3)    Calculated as annualized net income divided by average equity for the period presented.

(4)    Calculated as annualized net income divided by average tangible common equity for the period presented.

(5)    Calculated as annualized net income divided by average total assets for the period presented.

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

(7)    Loans serviced on our platform, which includes unsecured personal loans, auto loans and education and patient finance loans serviced for others and retained by the Company.

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LENDINGCLUB CORPORATION

OPERATING HIGHLIGHTS (Continued)

(In thousands, except percentages or as noted)

(Unaudited)

			As of the three months ended																														% Change
			June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024						June 30, 2024						Q/Q						Y/Y
Balance Sheet Data:
Securities available for sale			$	3,527,142					$	3,426,571					$	3,452,648					$	3,311,418					$	2,814,383					3		%				25		%
Loans held for sale at fair value			$	1,008,168					$	703,378					$	636,352					$	849,967					$	791,059					43		%				27		%
Loans and leases held for investment at amortized cost			$	4,386,321					$	4,215,449					$	4,125,818					$	4,108,329					$	4,228,391					4		%				4		%
Gross allowance for loan and lease losses (1)			$	(293,707)					$	(288,308)					$	(285,686)					$	(274,538)					$	(285,368)					2		%				3		%
Recovery asset value (2)			$	40,718					$	44,115					$	48,952					$	53,974					$	56,459					(8)		%				(28)		%
Allowance for loan and lease losses			$	(252,989)					$	(244,193)					$	(236,734)					$	(220,564)					$	(228,909)					4		%				11		%
Loans and leases held for investment at amortized cost, net			$	4,133,332					$	3,971,256					$	3,889,084					$	3,887,765					$	3,999,482					4		%				3		%
Loans held for investment at fair value			$	631,736					$	818,882					$	1,027,798					$	1,287,495					$	339,222					(23)		%				86		%
Total loans and leases held for investment			$	4,765,068					$	4,790,138					$	4,916,882					$	5,175,260					$	4,338,704					(1)		%				10		%
Whole loans held on balance sheet (3)			$	5,773,236					$	5,493,516					$	5,553,234					$	6,025,227					$	5,129,763					5		%				13		%
Total assets			$	10,775,333					$	10,483,096					$	10,630,509					$	11,037,507					$	9,586,050					3		%				12		%
Total deposits			$	9,136,124					$	8,905,902					$	9,068,237					$	9,459,608					$	8,095,328					3		%				13		%
Total liabilities			$	9,369,298					$	9,118,579					$	9,288,778					$	9,694,612					$	8,298,105					3		%				13		%
Total equity			$	1,406,035					$	1,364,517					$	1,341,731					$	1,342,895					$	1,287,945					3		%				9		%

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

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

(3)    Includes loans held for sale at fair value, loans and leases held for investment at amortized cost, net of allowance for loan and lease losses, and loans held for investment at fair value.

The asset quality metrics presented in the following table are for loans and leases held for investment at amortized cost and do not reflect loans held for investment at fair value:

			As of and for the three months ended
			June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024						June 30, 2024
Asset Quality Metrics (1):
Allowance for loan and lease losses to total loans and leases held for investment at amortized cost			5.8		%				5.8		%				5.7		%				5.4		%				5.4		%
Allowance for loan and lease losses to commercial loans and leases held for investment at amortized cost			2.3		%				2.7		%				3.9		%				3.1		%				2.7		%
Allowance for loan and lease losses to consumer loans and leases held for investment at amortized cost			6.4		%				6.3		%				6.1		%				5.8		%				5.9		%
Gross allowance for loan and lease losses to consumer loans and leases held for investment at amortized cost			7.5		%				7.5		%				7.5		%				7.3		%				7.5		%
Net charge-offs			$	31,800					$	48,923					$	45,977					$	55,805					$	66,818
Net charge-off ratio (2)			3.0		%				4.8		%				4.5		%				5.4		%				6.2		%

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

(2)    Net charge-off ratio is calculated as annualized net charge-offs divided by average outstanding loans and leases held for investment during the period.

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LENDINGCLUB CORPORATION

LOANS AND LEASES HELD FOR INVESTMENT

(In thousands)

(Unaudited)

The following table presents loans and leases held for investment at amortized cost and loans held for investment at fair value:

			June 30, 2025						December 31, 2024
Unsecured personal			$	3,314,978					$	3,106,472
Residential mortgages			166,568						172,711
Secured consumer			242,517						230,232
Total consumer loans held for investment			3,724,063						3,509,415
Equipment finance (1)			49,891						64,232
Commercial real estate			449,604						373,785
Commercial and industrial			162,763						178,386
Total commercial loans and leases held for investment			662,258						616,403
Total loans and leases held for investment at amortized cost			4,386,321						4,125,818
Allowance for loan and lease losses			(252,989)						(236,734)
Loans and leases held for investment at amortized cost, net			$	4,133,332					$	3,889,084
Loans held for investment at fair value			631,736						1,027,798
Total loans and leases held for investment			$	4,765,068					$	4,916,882

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

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LENDINGCLUB CORPORATION

ALLOWANCE FOR LOAN AND LEASE LOSSES

(In thousands)

(Unaudited)

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

			June 30, 2025						December 31, 2024
Gross allowance for loan and lease losses (1)			$	293,707					$	285,686
Recovery asset value (2)			(40,718)						(48,952)
Allowance for loan and lease losses			$	252,989					$	236,734

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

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

The following tables present the allowance for loan and lease losses on loans and leases held for investment at amortized cost and do not reflect loans held for investment at fair value:

			Three Months Ended
			June 30, 2025																		March 31, 2025
			Consumer						Commercial						Total						Consumer						Commercial						Total
Allowance for loan and lease losses, beginning of period			$	227,608					$	16,585					$	244,193					$	212,598					$	24,136					$	236,734
Credit loss expense (benefit) for loans and leases held for investment			41,133						(537)						40,596						55,948						434						56,382
Charge-offs			(48,956)						(898)						(49,854)						(58,344)						(8,232)						(66,576)
Recoveries			17,648						406						18,054						17,406						247						17,653
Allowance for loan and lease losses, end of period			$	237,433					$	15,556					$	252,989					$	227,608					$	16,585					$	244,193

			Three Months Ended
			June 30, 2024
			Consumer						Commercial						Total
Allowance for loan and lease losses, beginning of period			$	246,280					$	12,870					$	259,150
Credit loss expense for loans and leases held for investment			30,760						5,817						36,577
Charge-offs			(77,494)						(594)						(78,088)
Recoveries			11,183						87						11,270
Allowance for loan and lease losses, end of period			$	210,729					$	18,180					$	228,909

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LENDINGCLUB CORPORATION

PAST DUE LOANS AND LEASES HELD FOR INVESTMENT

(In thousands)

(Unaudited)

The following tables present past due loans and leases held for investment at amortized cost and do not reflect loans held for investment at fair value:

June 30, 2025			30-59 Days						60-89 Days						90 or More Days						Total Days Past Due						Guaranteed Amount (1)
Unsecured personal			$	18,657					$	17,189					$	15,518					$	51,364					$	—
Residential mortgages			—						—						72						72						—
Secured consumer			2,187						851						328						3,366						—
Total consumer loans held for investment			$	20,844					$	18,040					$	15,918					$	54,802					$	—
Equipment finance			$	—					$	—					$	4,042					$	4,042					$	—
Commercial real estate			—						528						10,222						10,750						8,456
Commercial and industrial			1,057						672						18,215						19,944						16,825
Total commercial loans and leases held for investment			$	1,057					$	1,200					$	32,479					$	34,736					$	25,281
Total loans and leases held for investment at amortized cost			$	21,901					$	19,240					$	48,397					$	89,538					$	25,281

December 31, 2024			30-59 Days						60-89 Days						90 or More Days						Total Days Past Due						Guaranteed Amount (1)
Unsecured personal			$	23,530					$	19,293					$	21,387					$	64,210					$	—
Residential mortgages			151						88						—						239						—
Secured consumer			2,342						600						337						3,279						—
Total consumer loans held for investment			$	26,023					$	19,981					$	21,724					$	67,728					$	—
Equipment finance			$	67					$	—					$	4,551					$	4,618					$	—
Commercial real estate			8,320						483						9,731						18,534						8,456
Commercial and industrial			6,257						1,182						15,971						23,410						18,512
Total commercial loans and leases held for investment			$	14,644					$	1,665					$	30,253					$	46,562					$	26,968
Total loans and leases held for investment at amortized cost			$	40,667					$	21,646					$	51,977					$	114,290					$	26,968

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

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LENDINGCLUB CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except share and per share data)

(Unaudited)

			Three Months Ended																		Change (%)
			June 30, 2025						March 31, 2025						June 30, 2024						Q2 2025 vs Q1 2025						Q2 2025 vs Q2 2024
Non-interest income:
Origination fees			$	87,578					$	69,944					$	77,131					25		%				14		%
Servicing fees			16,395						12,748						19,869						29		%				(17)		%
Gain on sales of loans			13,540						12,202						10,748						11		%				26		%
Net fair value adjustments			(27,869)						(29,251)						(51,395)						5		%				46		%
Marketplace revenue			89,644						65,643						56,353						37		%				59		%
Other non-interest income			4,542						2,111						2,360						115		%				92		%
Total non-interest income			94,186						67,754						58,713						39		%				60		%
Total interest income			237,097						232,059						219,634						2		%				8		%
Total interest expense			82,848						82,102						91,106						1		%				(9)		%
Net interest income			154,249						149,957						128,528						3		%				20		%
Total net revenue			248,435						217,711						187,241						14		%				33		%
Provision for credit losses			39,733						58,149						35,561						(32)		%				12		%
Non-interest expense:
Compensation and benefits			61,989						58,389						56,540						6		%				10		%
Marketing			33,580						29,239						26,665						15		%				26		%
Equipment and software			14,495						14,644						12,360						(1)		%				17		%
Depreciation and amortization			15,460						13,909						13,072						11		%				18		%
Professional services			10,300						9,764						7,804						5		%				32		%
Occupancy			4,787						4,345						3,941						10		%				21		%
Other non-interest expense			14,107						13,577						11,876						4		%				19		%
Total non-interest expense			154,718						143,867						132,258						8		%				17		%
Income before income tax expense			53,984						15,695						19,422						244		%				178		%
Income tax expense			(15,806)						(4,024)						(4,519)						293		%				250		%
Net income			$	38,178					$	11,671					$	14,903					227		%				156		%
Net income per share:
Basic EPS			$	0.33					$	0.10					$	0.13					230		%				154		%
Diluted EPS			$	0.33					$	0.10					$	0.13					230		%				154		%
Weighted-average common shares – Basic			114,409,231						113,693,399						111,395,025						1		%				3		%
Weighted-average common shares – Diluted			115,692,969						116,176,898						111,466,497						—		%				4		%

10

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LENDINGCLUB CORPORATION

NET INTEREST INCOME

(In thousands, except percentages or as noted)

(Unaudited)

			Consolidated LendingClub Corporation (1)
			Three Months Ended June 30, 2025																		Three Months Ended March 31, 2025																		Three Months Ended June 30, 2024
			Average Balance						Interest Income/ Expense						Average Yield/ Rate						Average Balance						Interest Income/ Expense						Average Yield/ Rate						Average Balance						Interest Income/ Expense						Average Yield/ Rate
Interest-earning assets (2)
Cash, cash equivalents, restricted cash and other			$	679,603					$	7,113					4.19		%				$	893,058					$	9,606					4.30		%				$	976,330					$	13,168					5.40		%
Securities available for sale at fair value			3,411,020						55,339						6.49		%				3,397,720						56,280						6.63		%				2,406,767						42,879						7.13		%
Loans held for sale at fair value			1,061,845						32,489						12.24		%				723,972						21,814						12.05		%				838,143						26,721						12.75		%
Loans and leases held for investment:
Unsecured personal loans			3,177,439						107,829						13.57		%				3,097,136						104,722						13.53		%				3,243,161						108,425						13.37		%
Commercial and other consumer loans			999,148						14,566						5.83		%				1,012,060						14,227						5.62		%				1,097,846						16,394						5.97		%
Loans and leases held for investment at amortized cost			4,176,587						122,395						11.72		%				4,109,196						118,949						11.58		%				4,341,007						124,819						11.50		%
Loans held for investment at fair value			722,685						19,761						10.94		%				921,008						25,410						11.04		%				383,872						12,047						12.55		%
Total loans and leases held for investment			4,899,272						142,156						11.61		%				5,030,204						144,359						11.48		%				4,724,879						136,866						11.59		%
Total interest-earning assets			10,051,740						237,097						9.44		%				10,044,954						232,059						9.24		%				8,946,119						219,634						9.82		%
Cash and due from banks and restricted cash			38,746																		30,084																		55,906
Allowance for loan and lease losses			(247,133)																		(239,608)																		(245,478)
Other non-interest earning assets			633,711																		593,740																		632,253
Total assets			$	10,477,064																	$	10,429,170																	$	9,388,800
Interest-bearing liabilities
Interest-bearing deposits:
Checking and money market accounts			$	558,506					$	2,275					1.63		%				$	565,981					$	2,317					1.66		%				$	1,097,696					$	10,084					3.69		%
Savings accounts and certificates of deposit			8,018,517						80,570						4.03		%				7,954,562						79,783						4.07		%				6,449,061						80,109						5.00		%
Interest-bearing deposits			8,577,023						82,845						3.87		%				8,520,543						82,100						3.91		%				7,546,757						90,193						4.81		%
Other interest-bearing liabilities			220						3						4.54		%				222						2						4.47		%				56,628						913						6.45		%
Total interest-bearing liabilities			8,577,243						82,848						3.87		%				8,520,765						82,102						3.91		%				7,603,385						91,106						4.82		%
Noninterest-bearing deposits			282,113																		321,777																		303,199
Other liabilities			236,509																		237,155																		215,608
Total liabilities			$	9,095,865																	$	9,079,697																	$	8,122,192
Total equity			$	1,381,199																	$	1,349,473																	$	1,266,608
Total liabilities and equity			$	10,477,064																	$	10,429,170																	$	9,388,800
Interest rate spread															5.57		%																5.33		%																5.00		%
Net interest income and net interest margin									$	154,249					6.14		%										$	149,957					5.97		%										$	128,528					5.75		%

(1)    Consolidated presentation reflects intercompany eliminations.

(2)    Nonaccrual loans and any related income are included in their respective loan categories.

11

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LENDINGCLUB CORPORATION

CONSOLIDATED BALANCE SHEETS

(In Thousands, Except Share and Per Share Amounts)

(Unaudited)

			June 30, 2025						December 31, 2024
Assets
Cash and due from banks			$	18,426					$	15,524
Interest-bearing deposits in banks			734,136						938,534
Total cash and cash equivalents			752,562						954,058
Restricted cash			21,759						23,338
Securities available for sale at fair value ($3,565,829 and $3,492,264 at amortized cost, respectively)			3,527,142						3,452,648
Loans held for sale at fair value			1,008,168						636,352
Loans and leases held for investment			4,386,321						4,125,818
Allowance for loan and lease losses			(252,989)						(236,734)
Loans and leases held for investment, net			4,133,332						3,889,084
Loans held for investment at fair value			631,736						1,027,798
Property, equipment and software, net			246,284						167,532
Goodwill			75,717						75,717
Other assets			378,633						403,982
Total assets			$	10,775,333					$	10,630,509
Liabilities and Equity
Deposits:
Interest-bearing			$	8,785,727					$	8,676,119
Noninterest-bearing			350,397						392,118
Total deposits			9,136,124						9,068,237
Other liabilities			233,174						220,541
Total liabilities			9,369,298						9,288,778
Equity
Common stock, $0.01 par value; 180,000,000 shares authorized; 114,740,147 and 113,383,917 shares issued and outstanding, respectively			1,147						1,134
Additional paid-in capital			1,718,520						1,702,316
Accumulated deficit			(287,627)						(337,476)
Accumulated other comprehensive loss			(26,005)						(24,243)
Total equity			1,406,035						1,341,731
Total liabilities and equity			$	10,775,333					$	10,630,509

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LENDINGCLUB CORPORATION

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(In thousands, except share and per share data)

(Unaudited)

Pre-Provision Net Revenue

			For the three months ended
			June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024						June 30, 2024
GAAP Net income			$	38,178					$	11,671					$	9,720					$	14,457					$	14,903
Less: Provision for credit losses			(39,733)						(58,149)						(63,238)						(47,541)						(35,561)
Less: Income tax expense			(15,806)						(4,024)						(1,388)						(3,551)						(4,519)
Pre-provision net revenue			$	93,717					$	73,844					$	74,346					$	65,549					$	54,983

			For the three months ended
			June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024						June 30, 2024
Non-interest income			$	94,186					$	67,754					$	74,817					$	61,640					$	58,713
Net interest income			154,249						149,957						142,384						140,241						128,528
Total net revenue			248,435						217,711						217,201						201,881						187,241
Non-interest expense			(154,718)						(143,867)						(142,855)						(136,332)						(132,258)
Pre-provision net revenue			$	93,717					73,844						74,346						65,549						54,983
Provision for credit losses			(39,733)						(58,149)						(63,238)						(47,541)						(35,561)
Income before income tax expense			53,984						15,695						11,108						18,008						19,422
Income tax expense			(15,806)						(4,024)						(1,388)						(3,551)						(4,519)
GAAP Net income			$	38,178					$	11,671					$	9,720					$	14,457					$	14,903

Tangible Book Value Per Common Share

			June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024						June 30, 2024
GAAP common equity			$	1,406,035					$	1,364,517					$	1,341,731					$	1,342,895					$	1,287,945
Less: Goodwill			(75,717)						(75,717)						(75,717)						(75,717)						(75,717)
Less: Customer relationship intangible assets			(7,068)						(7,778)						(8,586)						(9,439)						(10,293)
Tangible common equity			$	1,323,250					$	1,281,022					$	1,257,428					$	1,257,739					$	1,201,935
Book value per common share
GAAP common equity			$	1,406,035					$	1,364,517					$	1,341,731					$	1,342,895					$	1,287,945
Common shares issued and outstanding			114,740,147						114,199,832						113,383,917						112,401,990						111,812,215
Book value per common share			$	12.25					$	11.95					$	11.83					$	11.95					$	11.52
Tangible book value per common share
Tangible common equity			$	1,323,250					$	1,281,022					$	1,257,428					$	1,257,739					$	1,201,935
Common shares issued and outstanding			114,740,147						114,199,832						113,383,917						112,401,990						111,812,215
Tangible book value per common share			$	11.53					$	11.22					$	11.09					$	11.19					$	10.75

13

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LENDINGCLUB CORPORATION

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Continued)

(In thousands, except ratios)

(Unaudited)

Return On Tangible Common Equity

			For the three months ended
			June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024						June 30, 2024
Average GAAP common equity			$	1,381,199					$	1,349,473					$	1,335,730					$	1,307,521					$	1,266,608
Less: Average goodwill			(75,717)						(75,717)						(75,717)						(75,717)						(75,717)
Less: Average customer relationship intangible assets			(7,423)						(8,182)						(9,013)						(9,866)						(10,729)
Average tangible common equity			$	1,298,059					$	1,265,574					$	1,251,000					$	1,221,938					$	1,180,162
Return on average equity
Annualized GAAP net income			$	152,712					$	46,684					$	38,880					$	57,828					$	59,612
Average GAAP common equity			$	1,381,199					$	1,349,473					$	1,335,730					$	1,307,521					$	1,266,608
Return on average equity			11.1		%				3.5		%				2.9		%				4.4		%				4.7		%
Return on tangible common equity
Annualized GAAP net income			$	152,712					$	46,684					$	38,880					$	57,828					$	59,612
Average tangible common equity			$	1,298,059					$	1,265,574					$	1,251,000					$	1,221,938					$	1,180,162
Return on tangible common equity			11.8		%				3.7		%				3.1		%				4.7		%				5.1		%

14