LCEUR

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 Q1 2026vs Q1 2025 Interest income: Interest on loans(1) $ 199,897 $ 185,814 $ 166,173 8 % 20 % Interest on securities available for sale 54,411 55,948 56,280 (3) % (3) % Other interest income 6,899 8,824 9,606 (22) % (28) % Total interest income 261,207 250,586 232,059 4 % 13 % Interest expense: Interest on deposits 84,971 87,558 82,100 (3) % 3 % Other interest expense 2 1 2 100 % — % Total interest expense 84,973 87,559 82,102 (3) % 3 % Net interest income 176,234 163,027 149,957 8 % 18 % Non-interest income: Origination fees(1) 130,088 109,562 69,944 19 % 86 % Servicing fees(1) 13,113 12,845 12,748 2 % 3 % Gain on sales of loans(1) 16,269 15,546 12,202 5 % 33 % Net fair value adjustments(1) (88,925) (39,451) (29,251) (125) % (204) % Other non-interest income 5,472 4,942 2,111 11 % 159 % Total non-interest income 76,017 103,444 67,754 (27) % 12 % Total net revenue 252,251 266,471 217,711 (5) % 16 % Provision for credit losses 390 47,158 58,149 (99) % (99) % Non-interest expense: Compensation and benefits 65,514 60,638 58,389 8 % 12 % Marketing 55,415 45,680 29,239 21 % 90 % Equipment and software 15,293 14,410 14,644 6 % 4 % Depreciation and amortization 15,819 16,641 13,909 (5) % 14 % Professional services 11,767 11,353 9,764 4 % 21 % Occupancy 6,391 5,457 4,345 17 % 47 % Other non-interest expense 14,334 15,105 13,577 (5) % 6 % Total non-interest expense 184,533 169,284 143,867 9 % 28 % Income before income tax expense 67,328 50,029 15,695 35 % 329 % Income tax expense (15,725) (8,475) (4,024) 86 % 291 % Net income $ 51,603 $ 41,554 $ 11,671 24 % 342 % (1) Prior period amounts have been reclassified to conform to the current period presentation. See “Notes to Condensed Consolidated Financial Statements – Note 1. Summary of Significant Accounting Policies” for additional information. The analysis below is presented for the following periods: First quarter of 2026 compared to the fourth quarter of 2025 (sequential) and first quarter of 2026 compared to the first quarter of 2025 (year over year). 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) Net Interest Income The table below presents net interest income information corresponding to interest-earning assets and interest-bearing funding sources. The average yield/rate is calculated by dividing the annualized period-end interest income/expense by the average balance. Three Months EndedMarch 31, 2026 Three Months EndedDecember 31, 2025 Three Months EndedMarch 31, 2025 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 $ 775,385 $ 6,899 3.56 % $ 905,427 $ 8,824 3.90 % $ 893,058 $ 9,606 4.30 % Securities available for sale at fair value 3,737,199 54,411 5.82 % 3,695,980 55,948 6.06 % 3,397,720 56,280 6.63 % Loans held for sale at fair value 1,910,017 64,531 13.51 % 1,530,624 51,006 13.33 % 723,972 21,814 12.05 % Loans held for investment at fair value 807,486 25,467 12.62 % 455,168 12,292 10.80 % 921,008 25,410 11.04 % Loans and leases held for investment at amortized cost: Unsecured consumer loans 2,934,584 94,763 12.92 % 3,252,204 106,716 13.13 % 3,097,136 104,722 13.53 % Commercial and secured consumer loans 1,055,569 15,136 5.74 % 1,060,201 15,800 5.96 % 1,012,060 14,227 5.62 % Loans and leases held for investment at amortized cost 3,990,153 109,899 11.02 % 4,312,405 122,516 11.36 % 4,109,196 118,949 11.58 % Total loans and leases held for investment 4,797,639 135,366 11.29 % 4,767,573 134,808 11.31 % 5,030,204 144,359 11.48 % Total interest-earning assets 11,220,240 261,207 9.31 % 10,899,604 250,586 9.20 % 10,044,954 232,059 9.24 % Cash and due from banks and restricted cash 26,343 32,308 30,084 Allowance for loan and lease losses (262,466) (275,187) (239,608) Other non-interest earning assets 668,486 644,221 593,740 Total assets $ 11,652,603 $ 11,300,946 $ 10,429,170 Interest-bearing liabilities Interest-bearing deposits(2): Savings and money market accounts $ 6,694,780 $ 58,714 3.56 % $ 6,478,888 $ 60,960 3.73 % $ 5,917,852 $ 55,881 3.83 % Certificates of deposit 2,488,015 25,174 4.10 % 2,400,374 25,377 4.19 % 2,172,242 24,866 4.64 % Checking accounts 393,963 1,083 1.12 % 396,430 1,221 1.22 % 430,449 1,353 1.27 % Interest-bearing deposits 9,576,758 84,971 3.60 % 9,275,692 87,558 3.75 % 8,520,543 82,100 3.91 % Other interest-bearing liabilities 222 2 3.79 % 109 1 4.28 % 222 2 4.47 % Total interest-bearing liabilities 9,576,980 84,973 3.60 % 9,275,801 87,559 3.75 % 8,520,765 82,102 3.91 % 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) Three Months EndedMarch 31, 2026 Three Months EndedDecember 31, 2025 Three Months EndedMarch 31, 2025 Average Balance Interest Income/ Expense Average Yield/ Rate Average Balance Interest Income/ Expense Average Yield/ Rate Average Balance Interest Income/ Expense Average Yield/ Rate Noninterest-bearing deposits 334,136 311,147 321,777 Other liabilities 233,776 240,642 237,155 Total liabilities $ 10,144,892 $ 9,827,590 $ 9,079,697 Total equity $ 1,507,711 $ 1,473,356 $ 1,349,473 Total liabilities and equity $ 11,652,603 $ 11,300,946 $ 10,429,170 Interest rate spread 5.71 % 5.45 % 5.33 % Net interest income and net interest margin $ 176,234 6.28 % $ 163,027 5.98 % $ 149,957 5.97 % (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 sequential and year-over-year changes in the categories of interest income and interest expense resulting from changes in volume and rate is as follows: Three Months Ended March 31, 2026Compared toThree Months Ended December 31, 2025 Increase (Decrease) Due to Change in: Average Volume (1) Average Yield/Rate (1) Total Interest-earning assets Cash, cash equivalents, restricted cash and other $ (1,199) $ (726) $ (1,925) Securities available for sale at fair value 619 (2,156) (1,537) Loans held for sale at fair value 12,809 716 13,525 Loans held for investment at fair value 10,827 2,348 13,175 Loans and leases held for investment at amortized cost (8,957) (3,660) (12,617) Total increase (decrease) in interest income on interest-earning assets $ 14,099 $ (3,478) $ 10,621 Interest-bearing liabilities Savings and money market accounts $ 1,432 $ (3,678) $ (2,246) Certificates of deposit 557 (760) (203) Checking accounts (9) (129) (138) Interest-bearing deposits 1,980 (4,567) (2,587) Other interest-bearing liabilities 1 — 1 Total increase (decrease) in interest expense on interest-bearing liabilities $ 1,981 $ (4,567) $ (2,586) Increase in net interest income $ 12,118 $ 1,089 $ 13,207 (1) Volume and rate changes have been allocated on a consistent basis using the respective percentage changes in average balances and average rates. 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) Three Months Ended March 31, 2026Compared toThree Months Ended March 31, 2025 Increase (Decrease) Due to Change in: Average Volume (1) Average Yield/Rate (1) Total Interest-earning assets Cash, cash equivalents, restricted cash and other $ (1,171) $ (1,536) $ (2,707) Securities available for sale at fair value 5,315 (7,184) (1,869) Loans held for sale at fair value 39,772 2,945 42,717 Loans held for investment at fair value (3,339) 3,396 57 Loans and leases held for investment at amortized cost (3,383) (5,667) (9,050) Total increase (decrease) in interest income on interest-earning assets $ 37,194 $ (8,046) $ 29,148 Interest-bearing liabilities Savings and money market accounts $ 7,069 $ (4,236) $ 2,833 Certificates of deposit 3,426 (3,118) 308 Checking accounts (109) (161) (270) Interest-bearing deposits 10,386 (7,515) 2,871 Other interest-bearing liabilities — — — Total increase (decrease) in interest expense on interest-bearing liabilities $ 10,386 $ (7,515) $ 2,871 Increase (decrease) in net interest income $ 26,808 $ (531) $ 26,277 (1) Volume and rate changes have been allocated on a consistent basis using the respective percentage changes in average balances and average rates. 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) Non-Interest Income Non-interest income consists of the following: Three Months Ended Change (%) March 31, 2026 December 31, 2025 March 31, 2025 Q1 2026 vs Q4 2025 Q1 2026vs Q1 2025 Origination fees $ 130,088 $ 109,562 $ 69,944 19 % 86 % Servicing fees 13,113 12,845 12,748 2 % 3 % Gain on sales of loans 16,269 15,546 12,202 5 % 33 % Net fair value adjustments (88,925) (39,451) (29,251) (125) % (204) % Other non-interest income 5,472 4,942 2,111 11 % 159 % Total non-interest income $ 76,017 $ 103,444 $ 67,754 (27) % 12 % Origination Fees Origination fees are fees charged to borrowers in connection with the origination of a loan. As a result of our fair value option election, origination fees for newly originated HFI loans are now recognized in earnings at the time of origination, rather than being deferred and recognized over time under amortized cost accounting. Accordingly, origination fee revenue for the first quarter of 2026 includes revenue from both HFI and HFS loan originations, whereas prior periods reflect HFS loan originations only. The following table presents loan origination volume during each of the periods set forth below, as well as the volume of loans originated under the fair value option, which is a key driver of origination fee revenue: Three Months Ended Change (%) March 31, 2026 December 31, 2025 March 31, 2025 Q1 2026 vs Q4 2025 Q1 2026vs Q1 2025 Current period originations sold or held for sale $ 1,717,275 $ 2,090,339 $ 1,314,264 (18) % 31 % Current period originations held for investment 951,898 547,044 717,453 74 % 33 % Total loan originations (1) $ 2,669,173 $ 2,637,383 $ 2,031,717 1 % 31 % Fair value option loan originations $ 2,669,173 $ 2,090,339 $ 1,314,264 28 % 103 % (1) Prior periods have been reclassified to conform to the current period presentation. See “Overview” for additional information. Sequential: Origination fees were $130.1 million and $109.6 million for the first quarter of 2026 and fourth quarter of 2025, respectively, an increase of 19%. Year Over Year: Origination fees were $130.1 million and $69.9 million for the first quarter of 2026 and 2025, respectively, an increase of 86%. The increases in origination fees were primarily driven by higher HFI loan origination volume, which now contributes to origination fee revenue following our election of the fair value option. 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) 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. The table below illustrates the average balance of loans sold and subsequently serviced on behalf of the investors on our marketplace platform (in millions): Three Months Ended Change (%) March 31, 2026 December 31, 2025 March 31, 2025 Q1 2026 vs Q4 2025 Q1 2026vs Q1 2025 Average AUM – Loans sold $ 7,676 $ 7,607 $ 7,169 1 % 7 % In addition to the loans serviced on our marketplace platform, we serviced $38.3 million, $42.7 million and $93.1 million in outstanding principal balance of commercial loans sold as of March 31, 2026, December 31, 2025 and March 31, 2025, respectively. Sequential: Servicing fees were $13.1 million and $12.8 million for the first quarter of 2026 and fourth quarter of 2025, respectively, an increase of 2%. The increase was primarily due to the prior-quarter decrease in the fair value of the servicing asset resulting from a servicing asset write-off related to a loan portfolio purchase in the fourth quarter of 2025. This was partially offset by a reduction in servicing fees on delinquent loan collections. Year Over Year: Servicing fees were $13.1 million and $12.7 million for the first quarter of 2026 and 2025, respectively, an increase of 3%. The increase was primarily due to the prior-year decrease in the fair value of the servicing asset based on higher future expected borrower prepayments, as well as a higher average principal balance of loans serviced in the current period. This was partially offset by a reduction in servicing fees on delinquent loan collections. 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 table presents the unpaid principal balance of the volume of loans sold, which is a key driver of our gain on sales revenue, during each of the periods set forth below: Three Months Ended Change (%) March 31, 2026 December 31, 2025 March 31, 2025 Q1 2026 vs Q4 2025 Q1 2026vs Q1 2025 Loans sold $ 1,407,187 $ 1,356,024 $ 1,117,973 4 % 26 % Sequential: Gain on sales of loans was $16.3 million and $15.5 million for the first quarter of 2026 and fourth quarter of 2025, respectively, an increase of 5%. Year Over Year: Gain on sales of loans was $16.3 million and $12.2 million for the first quarter of 2026 and 2025, respectively, an increase of 33%. 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) The increases in gain on sales of loans were primarily driven by the increase in the volume of loans sold. 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 “Non-interest income,” whereas the associated interest income is recorded within “Net interest income.” As a result of our fair value option election, net fair value adjustments beginning in the first quarter of 2026 include adjustments related to newly originated HFI loans in addition to HFS and purchased HFI loans measured at fair value, whereas prior periods included only HFS and purchased HFI loans. The following table presents the volume of loans originated under the fair value option, which is a key driver of the initial recognition of fair value adjustments: Three Months Ended Change (%) March 31, 2026 December 31, 2025 March 31, 2025 Q1 2026 vs Q4 2025 Q1 2026vs Q1 2025 Fair value option loan originations $ 2,669,173 $ 2,090,339 $ 1,314,264 28 % 103 % Sequential: Net fair value adjustments were $(88.9) million and $(39.5) million for the first quarter of 2026 and fourth quarter of 2025, respectively, an increased negative fair value adjustment of $49.5 million. Year Over Year: Net fair value adjustments were $(88.9) million and $(29.3) million for the first quarter of 2026 and 2025, respectively, an increased negative fair value adjustment of $59.7 million. The increases in net fair value adjustments were primarily driven by a higher volume of loans originated under the fair value option in the first quarter of 2026, resulting in greater initial fair value marks, as well as recurring fair value adjustments on a higher balance of loans measured at fair value. See “Notes to Condensed Consolidated Financial Statements – Note 5. Fair Value Measurements” for additional information on the significant unobservable inputs used in the fair value measurement of HFI and HFS loans, as well as activity within these loan portfolios. 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) 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 table below illustrates the composition of other non-interest income for each period presented: Three Months Ended Change (%) March 31, 2026 December 31, 2025 March 31, 2025 Q1 2026 vs Q4 2025 Q1 2026vs Q1 2025 Rental income $ 1,992 $ 2,342 $ — (15) % N/M Referral revenue 1,970 1,094 740 80 % 166 % Other 1,510 1,506 1,371 — % 10 % Other non-interest income $ 5,472 $ 4,942 $ 2,111 11 % 159 % Sequential: Other non-interest income increased $0.5 million, or 11%, for the first quarter of 2026 compared to the fourth quarter of 2025. The increase in other non-interest income was primarily due to an increase in referral revenue, partially offset by a decrease in rental income earned from third-party tenants under operating lease agreements associated with the building purchased in the second quarter of 2025. Year Over Year: Other non-interest income increased $3.4 million, or 159%, for the first quarter of 2026 compared to the same period in 2025. The increase in other non-interest income 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 and an increase in referral revenue. 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. As a result of our fair value option election for HFI loans originated on or after January 1, 2026, there will no longer be an initial recognition of an allowance for lifetime expected credit losses as required under amortized cost accounting. Therefore, following this election, the provision for credit losses reflects changes in credit loss assumptions associated with HFI loans originated prior to January 1, 2026 that continue to be accounted for at amortized cost. 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) The table below illustrates the composition of the provision for credit losses for each period presented, as well as the loan originations HFI at amortized cost during each period, which was a key driver for credit loss expense: Three Months Ended March 31, 2026 December 31, 2025 March 31, 2025 Credit loss expense for loans and leases held for investment at amortized cost $ 846 $ 48,043 $ 56,382 Credit loss (benefit) expense for securities available for sale (277) (22) 1,321 Credit loss (benefit) expense for unfunded lending commitments (179) (863) 446 Total provision for credit losses $ 390 $ 47,158 $ 58,149 Loan originations held for investment at amortized cost (1) $ — $ 547,044 $ 717,453 Balance of loans and leases held for investment at amortized cost, net $ 3,463,140 $ 3,997,069 $ 3,971,256 (1) Prior period amounts were reclassified to include small business loan origination volume. See “Overview” for additional information. Sequential: The provision for credit losses was $0.4 million and $47.2 million for the first quarter of 2026 and fourth quarter of 2025, respectively, a decrease of 99%. Year Over Year: The provision for credit losses was $0.4 million and $58.1 million for the first quarter of 2026 and 2025, respectively, a decrease of 99%. The decreases in the provision for credit losses were primarily due to our election of the fair value option for all HFI loans originated on or after January 1, 2026. 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) Allowance for Credit Losses The activity in the allowance for credit losses (ACL) was as follows: Three Months Ended March 31, 2026 December 31, 2025 March 31, 2025 Allowance for loan and lease losses: Beginning of period $ 275,743 $ 267,774 $ 236,734 Credit loss expense for loans and leases held for investment at amortized cost 846 48,043 56,382 Charge-offs (1) (52,770) (54,558) (66,576) Recoveries 13,878 14,484 17,653 End of period $ 237,697 $ 275,743 $ 244,193 Allowance for securities available for sale: Beginning of period $ 4,093 $ 4,115 $ 3,527 Credit loss (benefit) expense for securities available for sale (277) (22) 1,321 End of period $ 3,816 $ 4,093 $ 4,848 Reserve for unfunded lending commitments: Beginning of period $ 1,009 $ 1,872 $ 1,183 Credit loss (benefit) expense for unfunded lending commitments (179) (863) 446 End of period (2) $ 830 $ 1,009 $ 1,629 (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 March 31, 2026. (2) Relates to $44.1 million, $52.0 million and $96.3 million of unfunded commitments as of March 31, 2026, December 31, 2025 and March 31, 2025, respectively. The following table presents the components of the ALLL: March 31, 2026 December 31, 2025 March 31, 2025 Gross allowance for loan and lease losses (1) $ 274,256 $ 312,667 $ 288,308 Recovery asset value (2) (36,559) (36,924) (44,115) Allowance for loan and lease losses $ 237,697 $ 275,743 $ 244,193 (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. 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) March 31, 2026 December 31, 2025 March 31, 2025 Total loans and leases held for investment at amortized cost $ 3,700,837 $ 4,272,812 $ 4,215,449 Allowance for loan and lease losses $ 237,697 $ 275,743 $ 244,193 Allowance ratio (1) 6.4 % 6.5 % 5.8 % Gross allowance for loan and lease losses $ 274,256 $ 312,667 $ 288,308 Gross allowance ratio (1) 7.4 % 7.3 % 6.8 % (1) Calculated as ALLL or gross ALLL, where applicable, to total loans and leases held for investment at amortized cost. Net Charge-Offs The following table presents information regarding average loan and lease balances at amortized cost, the associated net charge-offs and the annualized ratio of net charge-offs to average outstanding loans and leases HFI at amortized cost, net, during the period. Net charge-offs are impacted by the expected timing of the charge-offs, anticipated recoveries and the age of the overall portfolio. Three Months Ended March 31, 2026 December 31, 2025 March 31, 2025 Average loans and leases held for investment at amortized cost $ 3,990,153 $ 4,312,405 $ 4,109,196 Net charge-offs $ 38,892 $ 40,074 $ 48,923 Net charge-off ratio 3.9 % 3.7 % 4.8 % 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 consumer loans are generally charged-off when a borrower is contractually 120 days past due. The following table presents nonaccrual loans and leases HFI at amortized cost: March 31, 2026 December 31, 2025 March 31, 2025 Nonaccrual loans and leases held for investment at amortized cost $ 58,726 $ 60,432 $ 59,706 % of total loans and leases held for investment at amortized cost 1.6 % 1.4 % 1.4 % For additional information on the ACL and nonaccrual loans and leases, see “Item 8. Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements – Note 1. Summary of Significant Accounting Policies” in our Annual Report and “Notes to Condensed Consolidated Financial Statements – Note 4. Loans” in this Report. 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) Non-Interest Expense Non-interest expense primarily consists of (i) compensation and benefits, which include salaries and wages, benefits and stock-based compensation expense, (ii) marketing, which includes costs attributable to borrower and deposit customer acquisition efforts and building general brand awareness, (iii) equipment and software, (iv) depreciation and amortization, (v) professional services, which primarily consist of consulting fees, and (vi) occupancy, which includes rent expense and all other costs related to occupying our office spaces. Three Months Ended Change (%) March 31, 2026 December 31, 2025 March 31, 2025 Q1 2026 vs Q4 2025 Q1 2026vs Q1 2025 Non-interest expense: Compensation and benefits $ 65,514 $ 60,638 $ 58,389 8 % 12 % Marketing 55,415 45,680 29,239 21 % 90 % Equipment and software 15,293 14,410 14,644 6 % 4 % Depreciation and amortization 15,819 16,641 13,909 (5) % 14 % Professional services 11,767 11,353 9,764 4 % 21 % Occupancy 6,391 5,457 4,345 17 % 47 % Other non-interest expense 14,334 15,105 13,577 (5) % 6 % Total non-interest expense $ 184,533 $ 169,284 $ 143,867 9 % 28 % Compensation and Benefits Sequential: Compensation and benefits expense increased $4.9 million, or 8%, for the first quarter of 2026 compared to the fourth quarter of 2025. The increase in compensation and benefits expense was primarily due to higher payroll taxes due to the reset of annual statutory limits at the beginning of the year. Year Over Year: Compensation and benefits expense increased $7.1 million, or 12%, for the first quarter of 2026 compared to the same period in 2025. The increase was primarily due to an increase in headcount and variable compensation expense. Marketing As a result of our fair value option election, marketing expenses associated with newly originated HFI loans are now recognized in current period earnings at the time of origination, rather than being deferred and recognized over time under amortized cost accounting. Accordingly, marketing expense for the first quarter of 2026 includes costs associated with the origination of both HFI and HFS loans, whereas prior periods reflect only marketing expenses related to the origination of HFS loans. Sequential: Marketing expense increased $9.7 million, or 21%, for the first quarter of 2026 compared to the fourth quarter of 2025. Year Over Year: Marketing expense increased $26.2 million, or 90%, for the first quarter of 2026 compared to the same period in 2025. The increases in marketing expense were primarily due to the immediate recognition of marketing costs for newly originated HFI loans under the fair value option and an increase in variable marketing expenses based on higher origination volume. 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) Equipment and Software Sequential: Equipment and software expense increased $0.9 million, or 6%, for the first quarter of 2026 compared to the fourth quarter of 2025. Year Over Year: Equipment and software expense increased $0.6 million, or 4%, for the first quarter of 2026 compared to the same period in 2025. The increases in equipment and software expense were primarily due to an increase in software license expense and cloud services. Depreciation and Amortization Sequential: Depreciation and amortization expense decreased $0.8 million, or 5%, for the first quarter of 2026 compared to the fourth quarter of 2025. The decrease was primarily due to a decrease in the amortization of purchased software and internally-developed software placed into service. Year Over Year: Depreciation and amortization expense increased $1.9 million, or 14%, for the first quarter of 2026 compared to the same period in 2025. The increase was primarily due to an increase in the amortization of internally-developed software placed into service. Professional Services Sequential: Professional services increased $0.4 million, or 4%, for the first quarter of 2026 compared to the fourth quarter of 2025. Year Over Year: Professional services increased $2.0 million, or 21%, for the first quarter of 2026 compared to the same period in 2025. The increases in professional services expense were primarily due to an increase in business consulting services. Occupancy Sequential: Occupancy expense increased $0.9 million, or 17%, for the first quarter of 2026 compared to the fourth quarter of 2025. Year Over Year: Occupancy expense increased $2.0 million, or 47%, for the first quarter of 2026 compared to the same period in 2025. The increases in occupancy expense were primarily related to costs associated with relocating our headquarters to the office building purchased during the second quarter of 2025. Other non-interest expense Sequential: Other non-interest expense decreased $0.8 million, or 5%, for the first quarter of 2026 compared to the fourth quarter of 2025. Year Over Year: Other non-interest expense increased $0.8 million, or 6%, for the first quarter of 2026 compared to the same period in 2025. 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) The changes in other non-interest expense were primarily due to changes in miscellaneous operating expenses. Income Taxes For the first quarter of 2026, we recorded an income tax expense of $15.7 million, representing an effective tax rate of 23.4%. For the first quarter of 2025, we recorded an income tax expense of $4.0 million, representing an effective tax rate of 25.6%. The effective tax rate differs from the federal statutory rate primarily due to state taxes, the favorable impact of recurring items such as tax credits, the unfavorable impact of the non-deductible portions of executive compensation, and the net discrete impact of stock-based compensation. The decrease in the effective tax rate period over period was primarily driven by a reduction in the overall effective state tax rate resulting from California Senate Bill 132, which was signed into law on June 27, 2025, requires a single-sales-factor apportionment formula for banks and financial companies, and is effective for tax years beginning in 2025. As of March 31, 2026, 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 limitations related to the allocation of taxable income to the Parent and not related to our earnings. Changes to deferred tax asset valuation allowances and liabilities related to uncertain tax positions are recorded as current period income tax expense or benefit. Income taxes are recorded on a separate entity basis whereby each operating segment determines income tax expense or benefit as if it filed a separate tax return. Differences between separate entity and consolidated tax returns are eliminated upon consolidation. Segment Information Reportable Segments 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. 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) Financial information for the segments is presented in the following table: LendingClub Bank LendingClub Corporation (Parent only) Total Reportable Segments Three Months Ended March 31, 2026 2025 2026 2025 2026 2025 Interest income: Interest income $ 260,945 $ 231,755 $ 262 $ 304 $ 261,207 $ 232,059 Interest expense (84,973) (82,102) — — (84,973) (82,102) Net interest income 175,972 149,653 262 304 176,234 149,957 Non-interest income: Origination fees(1) 129,988 69,933 100 11 130,088 69,944 Servicing fees(1) 5,342 198 4,991 4,912 10,333 5,110 Gain on sales of loans(1) 16,269 12,202 — — 16,269 12,202 Net fair value adjustments(1) (89,666) (30,123) 741 872 (88,925) (29,251) Other non-interest income 11,130 12,941 2,128 1,991 13,258 14,932 Total non-interest income 73,063 65,151 7,960 7,786 81,023 72,937 Total net revenue 249,035 214,804 8,222 8,090 257,257 222,894 Provision for credit losses (390) (58,149) — — (390) (58,149) Non-interest expense: Compensation and benefits (64,095) (56,863) (1,419) (1,526) (65,514) (58,389) Marketing (55,415) (29,239) — — (55,415) (29,239) Equipment and software (15,293) (14,619) — (25) (15,293) (14,644) Depreciation and amortization (14,992) (12,543) (827) (1,366) (15,819) (13,909) Professional services (11,687) (9,637) (80) (127) (11,767) (9,764) Occupancy (3,971) (2,401) (2,420) (1,944) (6,391) (4,345) Other non-interest expense (17,296) (14,447) (2,044) (4,313) (19,340) (18,760) Total non-interest expense (182,749) (139,749) (6,790) (9,301) (189,539) (149,050) Income tax benefit (expense) (14,895) (4,872) (830) 848 (15,725) (4,024) Net income (loss) (2) $ 51,001 $ 12,034 $ 602 $ (363) $ 51,603 $ 11,671 Capital expenditures $ 25,784 $ 13,066 $ — $ — $ 25,784 $ 13,066 (1) Prior period amounts have been reclassified to conform to the current period presentation. See “Notes to Condensed Consolidated Financial Statements – Note 1. Summary of Significant Accounting Policies” for additional information. (2) Total net income from reportable segments reflects net income on a consolidated basis. Three Months Ended March 31, 2026 2025 Total net revenue – reportable segments $ 257,257 $ 222,894 Intercompany eliminations (5,006) (5,183) Total net revenue – consolidated $ 252,251 $ 217,711 An analysis of the Company’s results of operations and material drivers and trends of the financial results of the segments presented above are consistent with those provided on a consolidated basis in "Results of Operations." Non-GAAP Financial Measures To supplement our financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: Tangible Book Value (TBV) Per Common Share and Return on Tangible 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) 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 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 annualized net income by the average tangible common equity for the applicable period. The following table provides a reconciliation of TBV Per Common Share to the nearest GAAP measure: As of March 31, 2026 December 31, 2025 March 31, 2025 GAAP common equity $ 1,523,528 $ 1,500,428 $ 1,364,517 Less: Goodwill (75,717) (75,717) (75,717) Less: Customer relationship intangible assets (5,039) (5,685) (7,778) Tangible common equity $ 1,442,772 $ 1,419,026 $ 1,281,022 Book value per common share GAAP common equity $ 1,523,528 $ 1,500,428 $ 1,364,517 Common shares issued and outstanding 115,497,890 115,368,987 114,199,832 Book value per common share $ 13.19 $ 13.01 $ 11.95 Tangible book value per common share Tangible common equity $ 1,442,772 $ 1,419,026 $ 1,281,022 Common shares issued and outstanding 115,497,890 115,368,987 114,199,832 Tangible book value per common share $ 12.49 $ 12.30 $ 11.22 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) The following table provides a reconciliation of ROTCE to the nearest GAAP measure: Three Months Ended March 31, 2026 December 31, 2025 March 31, 2025 Average GAAP common equity $ 1,507,711 $ 1,473,356 $ 1,349,473 Less: Average goodwill (75,717) (75,717) (75,717) Less: Average customer relationship intangible assets (5,362) (6,031) (8,182) Average tangible common equity $ 1,426,632 $ 1,391,608 $ 1,265,574 Return on average equity Annualized GAAP net income $ 206,412 $ 166,216 $ 46,684 Average GAAP common equity 1,507,711 1,473,356 1,349,473 Return on average equity 13.7 % 11.3 % 3.5 % Return on tangible common equity Annualized GAAP net income $ 206,412 $ 166,216 $ 46,684 Average tangible common equity 1,426,632 1,391,608 1,265,574 Return on tangible common equity 14.5 % 11.9 % 3.7 % 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. 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) See “Part I – Item 1. Business – Regulation and Supervision,” “Part I – Item 1A. Risk Factors – Risks Related to Regulation, Supervision and Compliance,” and “Part I – Item 1A. Risk Factors – Risks Related to Operating Our Business” in our Annual Report for further discussion regarding our supervision and regulatory environment. Capital Management The prudent management of capital is fundamental to the successful achievement of our business initiatives. We actively review capital through a process that continuously assesses and monitors the Company’s overall capital adequacy. Our objective is to maintain capital at an amount commensurate with our risk profile and risk tolerance objectives, and to meet both regulatory and market expectations. The formation of LC Bank as a nationally chartered association and the organization of the Company as a bank holding company subjects us to various capital adequacy guidelines issued by the OCC and the FRB, including the requirement to maintain regulatory capital ratios in accordance with the Basel Committee on Banking Supervision standardized approach for U.S. banking organizations (Basel III). As a Basel III standardized approach institution, we selected the one-time election to opt-out of the requirements to include all the components of accumulated other comprehensive income included in common stockholder’s equity. The minimum capital requirements under the Basel III capital framework are: a Common Equity Tier 1 (CET1) risk-based capital ratio of 4.5%, a Tier 1 risk-based capital ratio of 6.0%, a total risk-based capital ratio of 8.0%, and a Tier 1 leverage ratio of 4.0%. Additionally, a capital conservation buffer of 2.5% must be maintained above the minimum risk-based capital requirements in order to avoid certain limitations on capital distributions, share repurchases, and certain discretionary bonus payments. In addition to these guidelines, the banking regulators may require a banking organization to maintain capital at levels higher than the minimum ratios prescribed under the Basel III capital framework. See “Part I – Item 1. Business – Regulation and Supervision – Capital and Liquidity Requirements and Prompt Corrective Action” in our Annual Report and “Notes to Condensed Consolidated Financial Statements – Note 18. Regulatory Requirements” of this Report for additional information regarding regulatory capital requirements. 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) The following table presents the actual capital amounts and ratios of the Company and LC Bank as well as LC Bank’s regulatory capital minimum and “well capitalized” requirements (dollars in millions): March 31, 2026 December 31, 2025 Required Minimum (1) Well Capitalized Minimum Amount Ratio Amount Ratio LendingClub Corporation: CET1 capital (2) $ 1,376.8 17.0 % $ 1,342.6 17.4 % 7.0 % N/A Tier 1 capital $ 1,376.8 17.0 % $ 1,342.6 17.4 % 8.5 % 6.0 % Total capital $ 1,479.7 18.3 % $ 1,441.0 18.7 % 10.5 % 10.0 % Tier 1 leverage $ 1,376.8 11.9 % $ 1,342.6 12.0 % 4.0 % N/A Risk-weighted assets $ 8,093.4 N/A $ 7,696.1 N/A N/A N/A Quarterly adjusted average assets $ 11,523.0 N/A $ 11,174.0 N/A N/A N/A LendingClub Bank: CET1 capital (2) $ 1,246.2 15.5 % $ 1,183.9 15.5 % 7.0 % 6.5 % Tier 1 capital $ 1,246.2 15.5 % $ 1,183.9 15.5 % 8.5 % 8.0 % Total capital $ 1,348.5 16.8 % $ 1,281.8 16.8 % 10.5 % 10.0 % Tier 1 leverage $ 1,246.2 10.9 % $ 1,183.9 10.7 % 4.0 % 5.0 % Risk-weighted assets $ 8,050.2 N/A $ 7,652.0 N/A N/A N/A Quarterly adjusted average assets $ 11,448.5 N/A $ 11,090.4 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. 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) LendingClub Bank Liquidity The following table summarizes LC Bank’s primary sources of short-term liquidity as of the periods presented: March 31, 2026 December 31, 2025 Cash and cash equivalents $ 782,503 $ 901,246 Securities available for sale (1) $ 372,609 $ 384,846 Deposits $ 10,282,601 $ 9,948,426 Available borrowing capacity: FRB Discount Window (2) $ 3,011,674 $ 3,294,827 FHLB of Des Moines (3) 672,717 679,361 Total available borrowing capacity $ 3,684,391 $ 3,974,188 (1) Excludes illiquid securities available for sale. (2) As of March 31, 2026 and December 31, 2025, the Company had $3.9 billion and $4.2 billion in loans pledged under the FRB Discount Window, respectively. (3) As of March 31, 2026, the Company had $501.1 million in loans and $363.7 million in securities pledged to the Federal Home Loan Bank (FHLB) of Des Moines. 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. 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 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 March 31, 2026 and December 31, 2025, the amount of uninsured deposits totaled $1.3 billion and $1.2 billion, respectively, or 12% of total deposits for both periods. Uninsured time deposits as of March 31, 2026, by remaining time to maturity, were as follows: 3 months or less $ 46,554 Over 3 months through 6 months 48,509 Over 6 months through 12 months 30,677 Over 12 months 3,700 Total uninsured time deposits (1) $ 129,440 (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 $25.8 million, or 10.4% of total net revenue, and $13.1 million, or 6.1% of total net revenue, for the first quarter of 2026 and 2025, respectively. Capital expenditures in 2026 are expected to be approximately $95 million, primarily driven by costs associated with the continued development and support of our digital marketplace bank as well as improvements to the office building we purchased in April 2025. 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) LendingClub Holding Company Liquidity The primary source of liquidity at the holding company is $106.9 million and $127.1 million in cash and cash equivalents as of March 31, 2026 and December 31, 2025, respectively. The decrease in cash and cash equivalents was primarily driven by share repurchases. 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 available for sale (AFS) securities, deposits, available borrowing capacity, and net cash flows from operating, investing and financing activities are sufficient to meet our liquidity needs for the next twelve months, as well as beyond the next twelve months. See “Item 1. Financial Statements – Condensed Consolidated Statements of Cash Flows” for additional detail regarding our cash flows. Market Risk Market risk represents the risk of potential losses arising from changes in interest rates, foreign exchange rates, equity prices, commodity prices, and/or other relevant market rates or prices. The primary market risk to which we are exposed is interest rate risk. Interest rate risk arises from financial instruments including loans, securities and borrowings, all entered into for purposes other than trading. Interest Rate Sensitivity LendingClub Bank Our net interest income is affected by changes in the level of interest rates, the impact of interest rate fluctuations on asset prepayments, and the level and composition of deposits and liabilities, among other factors. 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 movements in interest rates and have entered into interest rate hedging instruments to manage such risk. See “Notes to Condensed Consolidated Financial Statements – Note 7. Derivative Instruments and Hedging Activities” for additional information. 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) The following table presents the change in projected net interest income for the next twelve months due to a hypothetical instantaneous parallel change in interest rates relative to current rates: March 31, 2026 December 31, 2025 Instantaneous Change in Interest Rates: + 200 basis points (7.3) % (7.8) % + 100 basis points (3.4) % (3.8) % – 100 basis points 3.1 % 3.2 % – 200 basis points 6.0 % 5.9 % 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 decrease in sensitivity in a hypothetical rising interest rate environment as of March 31, 2026 relative to December 31, 2025 is primarily due to the composition of our loans, deposits, hedging instruments, as well as updates to certain key modeling assumptions, while sensitivity in a hypothetical declining interest rate environment remained relatively flat. Although we believe that these measurements provide an estimate of our interest rate sensitivity, they do not account for potential changes in credit quality, balance sheet mix, size of our balance sheet, or other business developments that could affect net income. Actual results could differ materially from the estimated outcomes of our simulations. For additional details regarding maturities of loans and leases HFI, see “Part II – Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Market Risk” in our Annual Report. For the contractual maturities and weighted-average yields on the Company’s AFS securities portfolio, see “Notes to Condensed Consolidated Financial Statements – Note 3. 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 March 31, 2026, see “Notes to Condensed Consolidated Financial Statements – Note 17. Commitments and Contingencies.” Critical Accounting Estimates Certain of the Company’s accounting policies that involve a higher degree of judgment and complexity are discussed in “Part II – Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates” in our Annual Report. There have been no significant changes to these critical accounting estimates during the first quarter of 2026, except as noted below, where the estimate has been updated to incorporate all loans held at fair value, regardless of their classification as HFS or HFI. 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) Loans at Fair Value Loans that we elect to account for under fair value option 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 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 the Company’s estimate of market participants’ 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 principal balance of loan pools with similar risk characteristics. 81 LENDINGCLUB CORPORATION