LENDINGCLUB CORP, 10-Q filed on 7/31/2025
Quarterly Report
v3.25.2
Cover Page - shares
 6 Months Ended
Jun. 30, 2025
Jul. 18, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Entity File Number 001-36771  
Entity Registrant Name LendingClub Corporation  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 51-0605731  
Entity Address, Address Line One 595 Market Street, Suite 200,  
Entity Address, City or Town San Francisco,  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 94105  
City Area Code 415  
Local Phone Number 930-7440  
Title of 12(b) Security Common stock, par value $0.01 per share  
Trading Symbol LC  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   114,740,147
Entity Central Index Key 0001409970  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Amendment Flag false  
Transition Report false  
v3.25.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 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
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
v3.25.2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Securities available for sale at amortized cost $ 3,565,829 $ 3,492,264
Common stock, par value (in USD per share) $ 0.01 $ 0.01
Common stock, authorized (in shares) 180,000,000 180,000,000
Common stock, shares issued (in shares) 114,740,147 113,383,917
Common stock, shares outstanding (in shares) 114,740,147 113,383,917
v3.25.2
Condensed Consolidated Statements of Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Non-interest income:        
Marketplace revenue $ 89,644 $ 56,353 $ 155,287 $ 112,244
Other non-interest income 4,542 2,360 6,653 4,269
Total non-interest income 94,186 58,713 161,940 116,513
Interest income:        
Interest on loans held for sale 32,489 26,721 54,303 41,420
Interest and fees on loans and leases held for investment 122,395 124,819 241,344 257,212
Interest on loans held for investment at fair value 19,761 12,047 45,171 20,456
Interest on securities available for sale 55,339 42,879 111,619 78,226
Other interest income 7,113 13,168 16,719 29,671
Total interest income 237,097 219,634 469,156 426,985
Interest expense:        
Interest on deposits 82,845 90,193 164,945 174,156
Other interest expense 3 913 5 1,413
Total interest expense 82,848 91,106 164,950 175,569
Net interest income 154,249 128,528 304,206 251,416
Total net revenue 248,435 187,241 466,146 367,929
Provision for credit losses 39,733 35,561 97,882 67,488
Non-interest expense:        
Compensation and benefits 61,989 56,540 120,378 116,094
Marketing 33,580 26,665 62,819 50,801
Equipment and software 14,495 12,360 29,139 25,044
Depreciation and amortization 15,460 13,072 29,369 25,745
Professional services 10,300 7,804 20,064 14,895
Occupancy 4,787 3,941 9,132 7,802
Other non-interest expense 14,107 11,876 27,684 24,110
Total non-interest expense 154,718 132,258 298,585 264,491
Income before income tax expense 53,984 19,422 69,679 35,950
Income tax expense (15,806) (4,519) (19,830) (8,797)
Net income $ 38,178 $ 14,903 $ 49,849 $ 27,153
Earnings per share:        
Basic EPS (in USD per share) [1] $ 0.33 $ 0.13 $ 0.44 $ 0.24
Diluted EPS (in USD per share) [1] $ 0.33 $ 0.13 $ 0.43 $ 0.24
Weighted-average common shares – Basic (in shares) [1] 114,409,231 111,395,025 114,053,292 111,040,410
Weighted-average common shares – Diluted (in shares) [1] 115,692,969 111,466,497 115,936,910 111,076,938
[1] See “Notes to Condensed Consolidated Financial Statements – Note 3. Earnings Per Share” for additional information.
v3.25.2
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 38,178 $ 14,903 $ 49,849 $ 27,153
Other comprehensive loss:        
Net unrealized loss on securities available for sale (4,294) (256) (811) (9,686)
Income tax effect 538 68 (951) 2,605
Other comprehensive loss, net of tax (3,756) (188) (1,762) (7,081)
Total comprehensive income $ 34,422 $ 14,715 $ 48,087 $ 20,072
v3.25.2
Condensed Consolidated Statements of Changes in Equity - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Loss
Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2023   110,410,602      
Beginning balance at Dec. 31, 2023 $ 1,251,822 $ 1,104 $ 1,669,828 $ (30,304) $ (388,806)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock-based compensation 24,914   24,914    
Net issuances under equity incentive plans (in shares)   1,401,613      
Net issuances under equity incentive plans (8,863) $ 14 (8,877)    
Net unrealized loss on securities available for sale, net of tax (7,081)     (7,081)  
Net income 27,153       27,153
Ending balance (in shares) at Jun. 30, 2024   111,812,215      
Ending balance at Jun. 30, 2024 1,287,945 $ 1,118 1,685,865 (37,385) (361,653)
Beginning balance (in shares) at Mar. 31, 2024   111,120,415      
Beginning balance at Mar. 31, 2024 1,266,286 $ 1,111 1,678,928 (37,197) (376,556)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock-based compensation 11,315   11,315    
Net issuances under equity incentive plans (in shares)   691,800      
Net issuances under equity incentive plans (4,371) $ 7 (4,378)    
Net unrealized loss on securities available for sale, net of tax (188)     (188)  
Net income 14,903       14,903
Ending balance (in shares) at Jun. 30, 2024   111,812,215      
Ending balance at Jun. 30, 2024 $ 1,287,945 $ 1,118 1,685,865 (37,385) (361,653)
Beginning balance (in shares) at Dec. 31, 2024 113,383,917 113,383,917      
Beginning balance at Dec. 31, 2024 $ 1,341,731 $ 1,134 1,702,316 (24,243) (337,476)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock-based compensation 20,427   20,427    
Net issuances under equity incentive plans (in shares)   1,356,230      
Net issuances under equity incentive plans (4,210) $ 13 (4,223)    
Net unrealized loss on securities available for sale, net of tax (1,762)     (1,762)  
Net income $ 49,849       49,849
Ending balance (in shares) at Jun. 30, 2025 114,740,147 114,740,147      
Ending balance at Jun. 30, 2025 $ 1,406,035 $ 1,147 1,718,520 (26,005) (287,627)
Beginning balance (in shares) at Mar. 31, 2025   114,199,832      
Beginning balance at Mar. 31, 2025 1,364,517 $ 1,142 1,711,429 (22,249) (325,805)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock-based compensation 10,506   10,506    
Net issuances under equity incentive plans (in shares)   540,315      
Net issuances under equity incentive plans (3,410) $ 5 (3,415)    
Net unrealized loss on securities available for sale, net of tax (3,756)     (3,756)  
Net income $ 38,178       38,178
Ending balance (in shares) at Jun. 30, 2025 114,740,147 114,740,147      
Ending balance at Jun. 30, 2025 $ 1,406,035 $ 1,147 $ 1,718,520 $ (26,005) $ (287,627)
v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash Flows from Operating Activities:    
Net income $ 49,849 $ 27,153
Adjustments to reconcile net income to net cash used for operating activities:    
Net fair value adjustments 57,120 96,084
Change in fair value of loan servicing assets 30,723 35,296
Gain on sales of loans (25,742) (21,657)
Provision for credit losses 97,882 67,488
Accretion of loan deferred fees and costs (31,547) (36,686)
Stock-based compensation, net 17,584 20,993
Depreciation and amortization 29,369 25,745
Other, net 5,893 1,258
Net change to loans held for sale (1,317,153) (1,980,860)
Net change in operating assets and liabilities:    
Other assets 24,077 8,257
Other liabilities 9,595 (22,044)
Net cash used for operating activities (1,052,350) (1,778,973)
Cash Flows from Investing Activities:    
Net change in loans and leases 85,143 435,152
Purchases of securities available for sale (6,202) (15,341)
Proceeds from maturities and paydowns of securities available for sale 815,390 309,956
Purchases of property, equipment and software, net (103,760) (24,646)
Other investing activities (3,088) (1,271)
Net cash provided by investing activities 787,483 703,850
Cash Flows from Financing Activities:    
Net change in deposits 65,953 773,171
Principal payments on borrowings 0 (14,211)
Other financing activities (4,161) (8,534)
Net cash provided by financing activities 61,792 750,426
Net Decrease in Cash, Cash Equivalents and Restricted Cash (203,075) (324,697)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period 977,396 1,294,148
Cash, Cash Equivalents and Restricted Cash, End of Period 774,321 969,451
Supplemental Cash Flow Information:    
Cash paid for interest 165,439 178,261
Cash paid for taxes 2,459 52
Cash paid for operating leases included in the measurement of lease liabilities 6,693 6,360
Supplemental Non-cash Investing Activity:    
Net securities retained from Structured Program transactions $ 880,511 $ 1,498,125
v3.25.2
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Statement of Cash Flows [Abstract]        
Cash and cash equivalents $ 752,562 $ 954,058    
Restricted cash 21,759 23,338    
Total cash, cash equivalents and restricted cash $ 774,321 $ 977,396 $ 969,451 $ 1,294,148
v3.25.2
Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation

LendingClub Corporation (LendingClub) was founded in 2006 and operates a leading, nationally chartered, digital marketplace bank that leverages data and technology to increase access to credit, lower borrowing costs, and improve returns on savings. LendingClub is registered as a bank holding company and operates the vast majority of its business through its wholly-owned subsidiary, LendingClub Bank, National Association (LC Bank).

All intercompany balances and transactions have been eliminated in consolidation. These condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and, in the opinion of management, contain all adjustments, including normal recurring adjustments, necessary for the fair statement of the results and financial position for the periods presented. These accounting principles require management to make certain estimates and assumptions that affect the amounts in the accompanying financial statements. These estimates and assumptions are inherently subjective in nature and actual results may differ from these estimates and assumptions, and the differences could be material. Results reported in interim periods are not necessarily indicative of results for the full year or any other interim period.

The accompanying interim condensed consolidated financial statements and these related notes should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (Annual Report) filed on February 13, 2025.

Significant Accounting Policies

The Company’s significant accounting policies are discussed in “Part II – Item 8. Financial Statements and Supplementary Data – Note 1. Summary of Significant Accounting Policies” in the Annual Report. There have been no changes to these significant accounting policies for the six months ended June 30, 2025, other than the updates described below in connection with the Company’s acquisition of an office building in April 2025.

Property, Equipment and Software, net

The office building’s purchase price was allocated between the building and the underlying land value. Both the building and land are included within Property, Equipment and Software, Net, on the Balance Sheet. The building is carried at cost and depreciated on a straight-line basis over its estimated useful life of 35 years. Land is carried at cost and not depreciated.

Lessor Accounting – Operating Leases

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

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

New Accounting Standards Not Yet Adopted

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

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures, which improves income tax disclosure requirements, primarily through enhanced disclosures surrounding rate reconciliation and income taxes paid. The new standard is effective for annual periods beginning after December 15, 2024. The amendments of this standard should be applied prospectively, with retrospective application permitted. Early adoption is also permitted. The Company is evaluating the impact of this ASU but does not expect it to be material.
v3.25.2
Marketplace Revenue
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Marketplace Revenue Marketplace Revenue
Marketplace revenue consists of (i) origination fees, (ii) servicing fees, (iii) gain on sales of loans and (iv) net fair value adjustments, as described below.

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

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

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

Net Fair Value Adjustments: The Company records fair value adjustments on loans that are recorded at fair value, which include gains or losses from sale prices in excess of or less than the loan principal amount sold and realized net charge-offs. In addition, as loans are held on the Balance Sheet, incremental fair value adjustments on the loans are recorded in “Net fair value adjustments” within “Marketplace revenue,” whereas the associated interest income is recorded within “Net interest income.”
The following table presents components of marketplace revenue for the periods presented:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Origination fees$87,578 $77,131 $157,522 $147,210 
Servicing fees16,395 19,869 29,143 39,461 
Gain on sales of loans13,540 10,748 25,742 21,657 
Net fair value adjustments(27,869)(51,395)(57,120)(96,084)
Total marketplace revenue$89,644 $56,353 $155,287 $112,244 
v3.25.2
Earnings Per Share
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The following table details the computation of the Company’s basic and diluted earnings per share (EPS):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Basic EPS:
Net income attributable to stockholders$38,178 $14,903 $49,849 $27,153 
Weighted-average common shares – Basic114,409,231 111,395,025 114,053,292 111,040,410 
Basic EPS$0.33 $0.13 $0.44 $0.24 
Diluted EPS:
Net income attributable to stockholders$38,178 $14,903 $49,849 $27,153 
Weighted-average common shares – Diluted115,692,969 111,466,497 115,936,910 111,076,938 
Diluted EPS$0.33 $0.13 $0.43 $0.24 
v3.25.2
Securities Available for Sale
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Securities Available for Sale Securities Available for Sale
The amortized cost, gross unrealized gains and losses, and fair value of available for sale (AFS) securities were as follows:
June 30, 2025Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses
Allowance
for Credit Losses
Fair
Value
Senior asset-backed securities related to Structured Program transactions (1)
$2,940,007 $22,468 $— $— $2,962,475 
U.S. agency residential mortgage-backed securities265,088 164 (37,635)— 227,617 
Other asset-backed securities related to Structured Program transactions (2)
188,831 40 (810)(4,029)184,032 
U.S. agency securities87,461 — (12,327)— 75,134 
Mortgage-backed securities61,945 47 (5,439)— 56,553 
Other asset-backed securities19,271 49 (449)— 18,871 
Municipal securities3,226 — (766)— 2,460 
Total securities available for sale
$3,565,829 $22,768 $(57,426)$(4,029)$3,527,142 
December 31, 2024Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses
Allowance
for Credit Losses
Fair
Value
Senior asset-backed securities related to Structured Program transactions (1)
$2,870,071 $30,398 $(645)$— $2,899,824 
U.S. agency residential mortgage-backed securities270,120 48 (43,243)— 226,925 
Other asset-backed securities related to Structured Program transactions (2)
174,132 — (657)(3,527)169,948 
U.S. agency securities90,459 — (14,513)— 75,946 
Mortgage-backed securities62,882 8 (6,216)— 56,674 
Other asset-backed securities21,364 15 (587)— 20,792 
Municipal securities3,236 — (697)— 2,539 
Total securities available for sale
$3,492,264 $30,469 $(66,558)$(3,527)$3,452,648 
(1)    Excludes a $45 thousand and $(2.2) million cumulative basis adjustment for securities designated in active fair value hedge relationships at June 30, 2025 and December 31, 2024, respectively. See “Note 8. Derivative Instruments and Hedging Activities” for additional information.
(2)    As of June 30, 2025 and December 31, 2024, $181.3 million and $169.9 million, respectively, of the other asset-backed securities related to Structured Program transactions at fair value are subject to restrictions on transfer pursuant to the Company’s obligations as a “sponsor” under the U.S. Risk Retention Rules.
A summary of AFS securities with unrealized losses, aggregated by period of continuous unrealized loss, is as follows:
Less than
12 months		12 months
or longer		Total
June 30, 2025Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
U.S. agency residential mortgage-backed securities$25,644 $(409)$187,755 $(37,226)$213,399 $(37,635)
Other asset-backed securities related to Structured Program transactions91,855 (792)2,328 (18)94,183 (810)
U.S. agency securities— — 75,134 (12,327)75,134 (12,327)
Mortgage-backed securities12,396 (101)32,113 (5,338)44,509 (5,439)
Other asset-backed securities1,135 (5)10,815 (444)11,950 (449)
Municipal securities— — 2,460 (766)2,460 (766)
Total securities with unrealized losses$131,030 $(1,307)$310,605 $(56,119)$441,635 $(57,426)
Less than
12 months		12 months
or longer		Total
December 31, 2024Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Senior asset-backed securities related to Structured Program transactions
$334,564 $(645)$— $— $334,564 $(645)
U.S. agency residential mortgage-backed securities34,168 (782)185,405 (42,461)219,573 (43,243)
Other asset-backed securities related to Structured Program transactions72,251 (657)— — 72,251 (657)
U.S. agency securities— — 75,946 (14,513)75,946 (14,513)
Mortgage-backed securities21,970 (316)32,298 (5,900)54,268 (6,216)
Other asset-backed securities1,638 (4)11,668 (583)13,306 (587)
Municipal securities— — 2,539 (697)2,539 (697)
Total securities with unrealized losses$464,591 $(2,404)$307,856 $(64,154)$772,447 $(66,558)

The majority of securities in an unrealized loss position as of both June 30, 2025 and December 31, 2024 was comprised of U.S. agency-backed securities and mortgage-backed securities. Management considers these securities to be of the highest credit quality and rating given the guarantee of principal and interest by certain U.S. government agencies or government-sponsored agencies. Most of the remaining securities in an unrealized loss position in the Company’s AFS investment portfolio at June 30, 2025, were rated investment grade. Substantially all of these unrealized losses were caused by interest rate increases. Additionally, the Company does not intend to sell the securities in loss positions, nor is it more likely than not that it will be required to sell the securities prior to recovery of the amortized cost basis. For a description of management’s quarterly evaluation of AFS securities in an unrealized loss position, see “Part II – Item 8. Financial Statements and Supplementary Data – Note 1. Summary of Significant Accounting Policies” in our Annual Report.
The following table presents the activity in the allowance for credit losses (ACL) for AFS securities, by security type:

Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Other asset-backed securities related to Structured Program transactions:
Allowance for credit losses, beginning of period
$4,848 $2,892 $3,527 $— 
Credit loss (benefit) expense for securities available for sale
(819)(809)502 2,083 
Allowance for credit losses, end of period
$4,029 $2,083 $4,029 $2,083 

The contractual maturities of AFS securities were as follows:
June 30, 2025Amortized CostFair Value
Weighted-
average
Yield (1)
Due after 1 year through 5 years:
Senior asset-backed securities related to Structured Program transactions$2,940,007 $2,962,475 
Other asset-backed securities related to Structured Program transactions188,831 184,032 
U.S. agency securities7,850 7,729 
Mortgage-backed securities2,648 2,452 
Municipal securities
306 282 
Other asset-backed securities116 115 
Total due after 1 year through 5 years3,139,758 3,157,085 6.85 %
Due after 5 years through 10 years:
U.S. agency securities29,997 27,174 
Other asset-backed securities11,253 11,263 
U.S. agency residential mortgage-backed securities3,325 3,209 
Mortgage-backed securities898 781 
Municipal securities309 275 
Total due after 5 years through 10 years45,782 42,702 3.77 %
Due after 10 years:
U.S. agency residential mortgage-backed securities261,763 224,408 
Mortgage-backed securities58,399 53,320 
U.S. agency securities49,614 40,231 
Other asset-backed securities7,902 7,493 
Municipal securities2,611 1,903 
Total due after 10 years380,289 327,355 3.05 %
Total securities available for sale$3,565,829 $3,527,142 6.39 %
(1)    The weighted-average yield is computed using the average month-end amortized cost during the six months ended June 30, 2025.

There were no sales of AFS securities during the second quarters and first halves of 2025 and 2024.
v3.25.2
Loans and Leases Held for Investment at Amortized Cost, Net of Allowance for Loan and Lease Losses
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Loans and Leases Held for Investment at Amortized Cost, Net of Allowance for Loan and Lease Losses Loans and Leases Held for Investment at Amortized Cost, Net of Allowance for Loan and Lease Losses
LendingClub records certain loans and leases held for investment (HFI) at amortized cost. Other HFI and all HFS loans are recorded at fair value with the Company’s election of the fair value option. Accrued interest receivable is excluded from the amortized cost basis of loans and leases HFI and is reported within “Other assets” on the Balance Sheet. Net accrued interest receivable related to loans and leases HFI at amortized cost was $32.4 million and $30.4 million as of June 30, 2025 and December 31, 2024, respectively.

Loans and Leases Held for Investment at Amortized Cost

The Company defines its loans and leases HFI portfolio segments as (i) consumer and (ii) commercial. The following table presents the components of each portfolio segment by class of financing receivable:
June 30, 2025December 31, 2024
Unsecured personal$3,314,978 $3,106,472 
Residential mortgages166,568 172,711 
Secured consumer242,517 230,232 
Total consumer loans held for investment3,724,063 3,509,415 
Equipment finance (1)
49,891 64,232 
Commercial real estate449,604 373,785 
Commercial and industrial162,763 178,386 
Total commercial loans and leases held for investment662,258 616,403 
Total loans and leases held for investment4,386,321 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 
(1)    Comprised of sales-type leases for equipment. See “Note 17. Leases” for additional information.

The following table presents the components of the allowance for loan and lease losses (ALLL):
June 30, 2025December 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.

June 30, 2025ConsumerCommercialTotal
Loans and leases held for investment$3,724,063 $662,258 $4,386,321 
Allowance for loan and lease losses$237,433 $15,556 $252,989 
Allowance ratio (1)
6.4 %2.3 %5.8 %
Gross allowance for loan and lease losses$278,151 $15,556 $293,707 
Gross allowance ratio (1)
7.5 %2.3 %6.7 %
December 31, 2024ConsumerCommercialTotal
Loans and leases held for investment
$3,509,415 $616,403 $4,125,818 
Allowance for loan and lease losses
$212,598 $24,136 $236,734 
Allowance ratio (1)
6.1 %3.9 %5.7 %
Gross allowance for loan and lease losses
$261,550 $24,136 $285,686 
Gross allowance ratio (1)
7.5 %3.9 %6.9 %
(1)    Calculated as ALLL or gross ALLL, where applicable, to the corresponding portfolio segment balance of loans and leases held for investment at amortized cost.

The activity in the ACL by portfolio segment was as follows:
Three Months Ended June 30,
20252024
ConsumerCommercialTotalConsumerCommercialTotal
Allowance for loan and lease losses:
Beginning of period
$227,608 $16,585 $244,193 $246,280 $12,870 $259,150 
Credit loss expense (benefit)
41,133 (537)40,596 30,760 5,817 36,577 
Charge-offs
(48,956)(898)(49,854)(77,494)(594)(78,088)
Recoveries17,648 406 18,054 11,183 87 11,270 
End of period
$237,433 $15,556 $252,989 $210,729 $18,180 $228,909 
Reserve for unfunded lending commitments:
Beginning of period
$— $1,629 $1,629 $— $1,662 $1,662 
Credit loss benefit
— (44)(44)— (207)(207)
End of period (1)
$— $1,585 $1,585 $— $1,455 $1,455 

Six Months Ended June 30,
20252024
ConsumerCommercialTotalConsumerCommercialTotal
Allowance for loan and lease losses:
Beginning of period
$212,598 $24,136 $236,734 $298,061 $12,326 $310,387 
Credit loss expense (benefit)
97,081 (103)96,978 58,446 7,377 65,823 
Charge-offs (2)
(107,300)(9,130)(116,430)(166,604)(1,826)(168,430)
Recoveries35,054 653 35,707 20,826 303 21,129 
End of period
$237,433 $15,556 $252,989 $210,729 $18,180 $228,909 
Reserve for unfunded lending commitments:
Beginning of period
$— $1,183 $1,183 $— $1,873 $1,873 
Credit loss expense (benefit)
— 402 402 — (418)(418)
End of period (1)
$— $1,585 $1,585 $— $1,455 $1,455 
(1)    Relates to $103.4 million and $91.5 million of unfunded commitments as of June 30, 2025 and 2024, respectively.
(2)    Includes an $8.0 million charge-off recorded in the first quarter of 2025 related to one office loan within the Company’s Commercial Real Estate portfolio, which was fully reserved for in prior periods.
The following table presents charge-offs by origination year for the first half of 2025:
Gross Charge-Offs by Origination Year
20252024202320222021PriorTotal
Unsecured personal (1)
$1,232 $22,629 $36,217 $37,438 $8,718 $— $106,234 
Residential mortgages— — — — — — — 
Secured consumer— 114 533 295 124 — 1,066 
Total consumer loans held for investment1,232 22,743 36,750 37,733 8,842 — 107,300 
Equipment finance— — — — — — — 
Commercial real estate— — — — — 8,597 8,597 
Commercial and industrial— 172 — 328 33 — 533 
Total commercial loans and leases held for investment— 172 — 328 33 8,597 9,130 
Total loans and leases held for investment$1,232 $22,915 $36,750 $38,061 $8,875 $8,597 $116,430 
(1)    Unsecured personal loans are generally charged-off when a borrower is contractually 120 days past due.

Consumer Lending Credit Quality Indicators

The Company evaluates the credit quality of its consumer loan portfolio based on the aging status of the loan and by payment activity. Loan delinquency reporting is based upon borrower payment activity relative to the contractual terms of the loan. The following tables present the classes of financing receivables within the consumer portfolio segment by credit quality indicator based on delinquency status and origination year:
June 30, 2025 Term Loans and Leases by Origination Year
20252024202320222021PriorTotal
Unsecured personal
Current $1,150,427 $1,037,882 $523,442 $466,704 $83,440 $— $3,261,895 
30-59 days past due 2,102 5,780 5,163 4,507 1,105 — 18,657 
60-89 days past due 1,487 4,829 5,085 4,755 1,033 — 17,189 
90 or more days past due 617 4,527 4,389 4,828 1,157 — 15,518 
Total unsecured personal (1)
1,154,633 1,053,018 538,079 480,794 86,735 — 3,313,259 
Residential mortgages
Current — — — 45,197 50,894 70,405 166,496 
30-59 days past due — — — — — — — 
60-89 days past due — — — — — — — 
90 or more days past due — — — — — 72 72 
Total residential mortgages — — — 45,197 50,894 70,477 166,568 
Secured consumer
Current69,522 62,340 58,196 40,116 6,652 2,325 239,151 
30-59 days past due2 307 764 884 230 — 2,187 
60-89 days past due78 67 250 423 33 — 851 
90 or more days past due— 113 93 116 6 — 328 
Total secured consumer69,602 62,827 59,303 41,539 6,921 2,325 242,517 
Total consumer loans held for investment$1,224,235 $1,115,845 $597,382 $567,530 $144,550 $72,802 $3,722,344 
(1)    Excludes cumulative basis adjustment for loans designated in fair value hedges under the portfolio layer method. As of June 30, 2025, the basis adjustment totaled $1.7 million and represents an increase to the amortized cost of the hedged loans. See “Note 8. Derivative Instruments and Hedging Activities” for additional information.
December 31, 2024 Term Loans and Leases by Origination Year
20242023202220212020PriorTotal
Unsecured personal
Current $1,347,685 $787,936 $762,223 $142,546 $— $— $3,040,390 
30-59 days past due 4,981 7,344 8,952 2,253 — — 23,530 
60-89 days past due 2,448 6,933 7,920 1,992 — — 19,293 
90 or more days past due 2,364 7,920 8,853 2,250 — — 21,387 
Total unsecured personal (1)
1,357,478 810,133 787,948 149,041 — — 3,104,600 
Residential mortgages
Current — — 45,828 52,679 28,176 45,789 172,472 
30-59 days past due — — — — — 151 151 
60-89 days past due — — — — — 88 88 
90 or more days past due — — — — — — — 
Total residential mortgages — — 45,828 52,679 28,176 46,028 172,711 
Secured consumer
Current79,161 78,081 56,766 10,573 — 2,372 226,953 
30-59 days past due98 824 1,199 221 — — 2,342 
60-89 days past due11 147 338 104 — — 600 
90 or more days past due36 157 99 45 — — 337 
Total secured consumer79,306 79,209 58,402 10,943 — 2,372 230,232 
Total consumer loans held for investment$1,436,784 $889,342 $892,178 $212,663 $28,176 $48,400 $3,507,543 
(1)    Excludes cumulative basis adjustment for loans designated in fair value hedges under the portfolio layer method. As of December 31, 2024, the basis adjustment totaled $1.9 million and represents an increase to the amortized cost of the hedged loans. See “Note 8. Derivative Instruments and Hedging Activities” for additional information.

Commercial Lending Credit Quality Indicators

The Company evaluates the credit quality of its commercial loan portfolio based on regulatory risk ratings. The Company categorizes loans and leases into risk ratings based on relevant information about the quality and realizable value of collateral, if any, and the ability of obligors to service their debts, such as current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans and leases individually by classifying the loans and leases based on their associated credit risk and performs this analysis whenever credit is extended, renewed or modified, or when an observable event occurs indicating a potential decline in credit quality, and no less than annually for large balance loans. Risk rating classifications consist of the following:

Pass – Loans and leases that the Company believes will fully repay in accordance with the contractual loan terms.

Special Mention – Loans and leases with a potential weakness that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or the Company’s credit position at some future date.

Substandard – Loans and leases that are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans and leases so classified have a well-defined weakness or weaknesses that jeopardize the repayment and liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Normal payment from the borrower is in jeopardy, although loss of principal, while still possible, is not imminent.
Doubtful – Loans and leases that have all the weaknesses inherent in those classified as Substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions, and values, highly questionable and improbable.

Loss – Loans and leases that are considered uncollectible and of little value.

The following tables present the classes of financing receivables within the commercial portfolio segment by risk rating and origination year:
June 30, 2025 Term Loans and Leases by Origination Year
20252024202320222021PriorTotal
Guaranteed Amount (1)
Equipment finance
Pass $— $— $774 $28,073 $4,434 $11,458 $44,739 $— 
Special mention— — — 254 416 — 670 — 
Substandard — — — 197 4,285 — 4,482 — 
Doubtful — — — — — — — — 
Loss— — — — — — — — 
Total equipment finance— — 774 28,524 9,135 11,458 49,891 — 
Commercial real estate
Pass 50,805 38,178 75,608 97,608 32,920 125,765 420,884 36,397 
Special mention— — — — — 6,177 6,177 — 
Substandard — — — 433 8,439 11,767 20,639 7,238 
Doubtful — — — — — 63 63 — 
Loss— — — 1,121 271 449 1,841 1,543 
Total commercial real estate50,805 38,178 75,608 99,162 41,630 144,221 449,604 45,178 
Commercial and industrial
Pass 6,143 33,356 25,317 17,935 23,286 13,110 119,147 77,117 
Special mention— — — 9,179 2,605 72 11,856 9,776 
Substandard — — 6,028 7,967 2,631 2,223 18,849 12,875 
Doubtful — — — 3,646 1,431 508 5,585 4,660 
Loss— 744 1,914 4,661 — 7 7,326 7,326 
Total commercial and industrial6,143 34,100 33,259 43,388 29,953 15,920 162,763 111,754 
Total commercial loans and leases held for investment$56,948 $72,278 $109,641 $171,074 $80,718 $171,599 $662,258 $156,932 
(1)    Represents loan balances guaranteed by the Small Business Association (SBA).
December 31, 2024 Term Loans and Leases by Origination Year
20242023202220212020PriorTotal
Guaranteed Amount (1)
Equipment finance
Pass $— $1,519 $32,544 $7,790 $9,101 $6,643 $57,597 $— 
Special mention— — 335 602 — — 937 — 
Substandard — — 776 4,922 — — 5,698 — 
Doubtful — — — — — — — — 
Loss— — — — — — — — 
Total equipment finance— 1,519 33,655 13,314 9,101 6,643 64,232 — 
Commercial real estate
Pass 22,847 67,692 89,903 21,174 27,947 106,060 335,623 31,499 
Special mention— — — — 252 6,276 6,528 — 
Substandard — — 2,430 8,441 7,987 10,791 29,649 8,940 
Doubtful — — — — — — — — 
Loss— — 1,121 271 — 593 1,985 1,543 
Total commercial real estate22,847 67,692 93,454 29,886 36,186 123,720 373,785 41,982 
Commercial and industrial
Pass 28,030 29,186 31,697 27,474 5,503 12,678 134,568 85,269 
Special mention635 — 5,165 2,652 76 — 8,528 7,065 
Substandard — 4,071 13,110 2,311 1,399 1,670 22,561 14,879 
Doubtful — — 3,279 1,477 506 285 5,547 4,671 
Loss282 2,094 4,224 568 — 14 7,182 7,182 
Total commercial and industrial28,947 35,351 57,475 34,482 7,484 14,647 178,386 119,066 
Total commercial loans and leases held for investment$51,794 $104,562 $184,584 $77,682 $52,771 $145,010 $616,403 $161,048 
(1)    Represents loan balances guaranteed by the SBA.

The following tables present an analysis of the past due loans and leases HFI at amortized cost within the commercial portfolio segment:
June 30, 202530-59
Days		60-89
Days		90 or More
Days
Total Days Past Due
Guaranteed Amount (1)
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 
December 31, 202430-59
Days		60-89
Days		90 or More
Days
Total Days Past Due
Guaranteed Amount (1)
Equipment finance$67 $— $4,551 $4,618 $— 
Commercial real estate8,320 483 9,731 18,534 8,456 
Commercial and industrial
6,257 1,182 15,971 23,410 18,512 
Total commercial loans and leases held for investment$14,644 $1,665 $30,253 $46,562 $26,968 
(1)    Represents loan balances guaranteed by the SBA.
Loan Modifications

The Company has loan modification programs to assist borrowers experiencing financial difficulty and to mitigate losses and maximize collections for loans serviced by the Company. The table below presents the amortized cost of loans that were modified during the periods presented, by modification type:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Short-term payment reduction
$6,892 $10,926 $12,686 $22,445 
Permanent loan modification
1,764 1,778 3,286 3,092 
Debt settlement
2,859 6,153 2,903 6,264 
Total loan modifications – unsecured personal loans
$11,515 $18,857 $18,875 $31,801 
% of unsecured personal loans at amortized cost as of period end
0.3 %0.6 %0.6 %1.0 %

The Company expanded its digital channels to enable borrowers experiencing financial difficulty to qualify for a short-term payment reduction modification program. Under this program, borrowers may receive a temporary payment reduction for three months. If the borrower meets the temporary payment reduction requirements during the first three-month term, they may qualify for a payment reduction for an additional three months. Receiving an additional three months of payment reduction is considered an other-than-insignificant payment delay and becomes a short-term payment reduction modification. The short-term payment reduction modification results in a term extension of five to eight months compared to the original maturity date of the loan and does not include any principal or interest forgiveness. At the time of receiving a payment reduction, a delinquent loan resets to current status. However, if a borrower fails to comply with the modified terms, the delinquency status returns to the original contractual terms of the loan. Borrowers who were in their first three months of temporary payment reduction had a total of $11.7 million of loan balances at amortized cost outstanding as of June 30, 2025, and may subsequently be eligible for a short-term payment reduction modification.

Permanent loan modifications include both a reduction in contractual interest rates and an extension to the contractual maturity date of up to twelve months and do not include any principal forgiveness. To qualify for this modification, borrowers must meet the Company’s debt-to-income ratio requirements. During the second quarter and first half of 2025, the weighted-average interest rate reduction under this program was approximately 8.0% and 8.1%, respectively. During the second quarter and first half of 2024, the weighted-average interest rate reduction under this program was approximately 7.5% and 7.9%, respectively. The weighted-average maturity date extension was approximately twelve months for all periods.

Debt settlement modifications, which include engaging with third-party debt settlement companies, reduce the principal and interest amounts owed by borrowers. The Company typically charges-off such loans within a few months following the modification, as payments under the modified agreement are less than the original contractual amounts.
The following table presents the delinquency status of the amortized cost of loan modifications as of the periods presented below that were modified during the preceding twelve months:
June 30, 2025June 30, 2024
Short-term Payment ReductionPermanent Loan ModificationDebt SettlementShort-term Payment ReductionPermanent Loan ModificationDebt Settlement
Unsecured personal loans
Current$17,743 $5,433 $— $21,215 $4,317 $161 
30-59 days1,372 135 — 1,850 177 23 
60-89 days1,240 242 535 1,526 281 616 
90 or more days1,074 153 2,374 896 148 5,622 
Total loan modifications$21,429 $5,963 $2,909 $25,487 $4,923 $6,422 

A modified loan is generally charged-off in the event of a borrower defaulting at 120 days past due. The table below presents the total amount of charge-offs during the period for loan modifications that were entered into within the preceding twelve months of charge-off:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Short-term payment reduction
$2,132 $1,367 $4,718 $1,560 
Permanent loan modification
381 489 903 928 
Debt settlement
8,829 20,197 22,165 41,972 
Total loan modifications – unsecured personal loans
$11,342 $22,053 $27,786 $44,460 

Nonaccrual Assets

Nonaccrual loans and leases are those for which accrual of interest has been suspended. 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.

Certain loans on nonaccrual status may be considered collateral-dependent loans if the borrower is experiencing financial difficulty and repayment of the loan is expected to be substantially through sale of the collateral. Such loans are secured by various types of collateral, including real estate, auto, equipment, among others. Expected credit losses for the Company’s collateral-dependent loans are calculated as the difference between the amortized cost basis and the fair value of the underlying collateral less costs to sell, if applicable. The fair value of the underlying collateral is generally based on third-party appraisals, which are updated on a case-by-case basis.
The following table presents nonaccrual loans and leases:
June 30, 2025December 31, 2024
Nonaccrual
Nonaccrual with no related ACL (1)
Nonaccrual
Nonaccrual with no related ACL (1)
Unsecured personal$15,518 $— $21,387 $— 
Residential mortgages358 358 295 295 
Secured consumer328 — 337 — 
Total nonaccrual consumer loans held for investment16,204 358 22,019 295 
Equipment finance4,042 — 4,516 — 
Commercial real estate10,809 5,896 18,280 5,345 
Commercial and industrial25,909 9,197 27,489 7,501 
Total nonaccrual commercial loans and leases held for investment (2)
40,760 15,093 50,285 12,846 
Total nonaccrual loans and leases held for investment$56,964 $15,451 $72,304 $13,141 
(1)     Subset of total nonaccrual loans and leases.
(2)     Includes $29.5 million and $31.2 million in loan balances guaranteed by the SBA as of June 30, 2025 and December 31, 2024, respectively.

June 30, 2025December 31, 2024
Nonaccrual
Nonaccrual Ratios (1)
Nonaccrual
Nonaccrual Ratios (1)
Total nonaccrual consumer loans held for investment$16,204 0.4 %$22,019 0.6 %
Total nonaccrual commercial loans and leases held for investment40,760 6.2 %50,285 8.2 %
Total nonaccrual loans and leases held for investment$56,964 1.3 %$72,304 1.8 %
(1)     Calculated as the ratio of non-accruing loans and leases to loans and leases HFI at amortized cost.
v3.25.2
Securitizations and Variable Interest Entities
 6 Months Ended
Jun. 30, 2025
Transfers and Servicing [Abstract]  
Securitizations and Variable Interest Entities Securitizations and Variable Interest Entities
Unconsolidated VIEs

The Company’s transactions with unconsolidated VIEs were related to its Structured Program transactions. There is no direct recourse to the Company’s assets and, therefore, the holders of the securities can look only to those assets of the VIEs that issued the securities.

The following table presents the classifications of assets and liabilities on the Company’s Balance Sheet for its transactions with unconsolidated VIEs:
June 30, 2025December 31, 2024
Assets
Securities available for sale at fair value$3,146,507 $3,069,771 
Other assets46,883 46,269 
Total assets3,193,390 3,116,040 
Liabilities
Other liabilities3,748 6,313 
Total liabilities3,748 6,313 
Total net assets (maximum loss exposure)$3,189,642 $3,109,727 
Maximum loss exposure represents estimated loss that would be incurred under severe, hypothetical circumstances, for which the Company believes the possibility is extremely remote, such as where the value of interests declines to zero. Accordingly, this required disclosure is not an indication of expected losses.

The following table summarizes activity related to unconsolidated VIEs where the transfers were accounted for as a sale on the Company’s financial statements:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Fair value of consideration received:
Cash$182,675 $97,246 $331,054 $190,890 
Net securities retained from Structured Program transactions
531,509 759,149 880,511 1,498,125 
Other assets, net
10,682 9,906 16,656 19,639 
Total consideration724,866 866,301 1,228,221 1,708,654 
Fair value of loans sold(715,210)(857,434)(1,213,268)(1,691,210)
Gain on sales of loans (1)
$9,656 $8,867 $14,953 $17,444 
Cash proceeds from continuing involvement:
Servicing and other administrative fees$8,850 $5,982 $17,746 $10,705 
Interest received on securities retained from Structured Program transactions
$50,147 $37,390 $101,281 $67,053 
(1)    Consists primarily of servicing assets recognized at the time of loan sale, less any transaction costs, and excludes origination fees and fair value adjustments recognized prior to the sale.

As of June 30, 2025, the aggregate unpaid principal balance attributable to off-balance sheet loans held by unconsolidated VIEs was $3.7 billion, of which $51.7 million was 30 days or more past due. As of December 31, 2024, the aggregate unpaid principal balance attributable to off-balance sheet loans held by unconsolidated VIEs was $3.5 billion, of which $44.7 million was 30 days or more past due. For such loans, the Company would only experience a loss if it was required to repurchase a loan due to a breach in representations and warranties associated with its loan sale or servicing contracts.
v3.25.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
For a description of the fair value hierarchy and the Company’s fair value methodologies, see “Part II – Item 8. Financial Statements and Supplementary Data – Note 1. Summary of Significant Accounting Policies” in the Annual Report. The Company records certain assets and liabilities at fair value as listed in the following tables.
Recurring Fair Value Measurements

The following tables present, by level within the fair value hierarchy, the Company’s assets and liabilities measured at fair value on a recurring basis:
June 30, 2025
Level 1
Level 2
Level 3
Balance at
Fair Value
Assets:
Loans held for sale at fair value$— $— $1,008,168 $1,008,168 
Loans held for investment at fair value
— — 631,736 631,736 
Securities available for sale:
Senior asset-backed securities related to Structured Program transactions— — 2,962,475 2,962,475 
U.S. agency residential mortgage-backed securities— 227,617 — 227,617 
Other asset-backed securities related to Structured Program transactions— — 184,032 184,032 
U.S. agency securities— 75,134 — 75,134 
Mortgage-backed securities— 56,553 — 56,553 
Other asset-backed securities— 18,871 — 18,871 
Municipal securities— 2,460 — 2,460 
Total securities available for sale— 380,635 3,146,507 3,527,142 
Servicing assets— — 57,909 57,909 
Other assets— 1,968 — 1,968 
Total assets$— $382,603 $4,844,320 $5,226,923 
Liabilities:
Other liabilities$— $3,513 $5,851 $9,364 
Total liabilities$— $3,513 $5,851 $9,364 
December 31, 2024
Level 1
Level 2
Level 3
Balance at
Fair Value
Assets:
Loans held for sale at fair value$— $— $636,352 $636,352 
Loans held for investment at fair value
— — 1,027,798 1,027,798 
Securities available for sale:
Senior asset-backed securities related to Structured Program transactions— — 2,899,824 2,899,824 
U.S. agency residential mortgage-backed securities— 226,925 — 226,925 
Other asset-backed securities related to Structured Program transactions
— — 169,948 169,948 
U.S. agency securities— 75,946 — 75,946 
Mortgage-backed securities
— 56,674 — 56,674 
Other asset-backed securities— 20,792 — 20,792 
Municipal securities— 2,539 — 2,539 
Total securities available for sale— 382,876 3,069,772 3,452,648 
Servicing assets— — 60,697 60,697 
Other assets— 5,820 — 5,820 
Total assets$— $388,696 $4,794,619 $5,183,315 
Liabilities:
Other liabilities$— $5,019 $11,799 $16,818 
Total liabilities$— $5,019 $11,799 $16,818 

Financial instruments are categorized in the valuation hierarchy based on the significance of observable or unobservable factors in the overall fair value measurement. For the financial instruments listed in the tables above that do not trade in an active market with readily observable prices, the Company uses significant unobservable inputs to measure the fair value of these assets and liabilities. The Company primarily uses a discounted cash flow (DCF) model to estimate the fair value of Level 3 instruments based on the present value of estimated future cash flows. This model uses inputs that are inherently judgmental and reflect the Company’s best estimates of the assumptions a market participant would use to calculate fair value. The Company did not transfer any assets or liabilities in or out of Level 3 during the second quarters and first halves of 2025 or 2024.

The following significant unobservable inputs, as applicable, were used in the fair value measurement of the Company’s Level 3 assets:
•Discount rate – The weighted-average rate at which the expected cash flows are discounted to arrive at the net present value of the loan. The discount rate is primarily determined based on marketplace investor return expectations.
•Annualized net charge-off rate – The annualized rate of average charge-offs, net of recoveries, expressed as a percentage of the average principal balance of loan pools with similar risk characteristics. The calculation of this annualized rate also incorporates a qualitative estimate of credit losses based on the Company’s current macroeconomic outlook.
•Annualized prepayment rate – The annualized rate of prepayments expressed as a percentage of the average principal balance of loan pools with similar risk characteristics.

An increase in each of the inputs above, in isolation, would result in a decrease in the fair value measurement.
The sensitivity calculations are hypothetical and should not be considered to be predictive of future performance. The effect on fair value of a variation in assumptions generally cannot be determined because the relationship of the change in assumptions to the fair value may not be linear. Changes in one factor may lead to changes in other factors, which could impact the hypothetical results.

Loans Held for Sale at Fair Value

Significant Unobservable Inputs

The following significant unobservable inputs were used in the fair value measurement of loans HFS:
June 30, 2025December 31, 2024
MinimumMaximumWeighted-
Average		MinimumMaximumWeighted-
Average
Discount rate6.8 %13.9 %7.8 %7.1 %11.9 %7.9 %
Annualized net charge-off rate (1)
1.5 %17.3 %4.9 %1.8 %21.2 %5.4 %
Annualized prepayment rate (1)
18.0 %33.3 %24.0 %15.0 %27.6 %20.4 %
(1)    The weighted-average rate is calculated using the original principal balance of each loan pool.

Fair Value Sensitivity

The sensitivity of loans HFS at fair value to adverse changes in key assumptions was as follows:
June 30, 2025December 31, 2024
Loans held for sale at fair value
$1,008,168 $636,352 
Expected remaining weighted-average life (in years)
1.31.4
Discount rate:
100 basis point increase$(11,709)$(7,663)
200 basis point increase$(23,189)$(15,174)
Annualized net charge-off rate:
10% increase$(9,276)$(6,436)
20% increase$(18,585)$(12,937)
Annualized prepayment rate:
10% increase$(2,231)$(1,274)
20% increase$(4,058)$(2,444)
Fair Value Reconciliation

The following table presents loans HFS at fair value activity:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Fair value at beginning of period$703,378 $550,415 $636,352 $407,773 
Originations and purchases1,654,313 1,397,930 2,918,045 2,680,180 
Sales(1,217,166)(1,042,166)(2,314,095)(2,101,814)
Principal payments(101,107)(63,605)(169,662)(97,877)
Realized charge-offs, net of recoveries, recorded in earnings
(4,663)(4,205)(11,367)(8,436)
Fair value adjustments recorded in earnings(26,587)(47,310)(51,105)(88,767)
Fair value at end of period$1,008,168 $791,059 $1,008,168 $791,059 

The following table summarizes the aggregate fair value of the Company’s HFS loans, as well as the amount that was 90 days or more past due:
June 30, 2025December 31, 2024
Total90 or more
days past due		Total90 or more
days past due
Aggregate unpaid principal balance$1,034,287 $1,758 $657,984 $3,719 
Cumulative fair value adjustments(26,119)(1,426)(21,632)(3,012)
Fair value of loans held for sale
$1,008,168 $332 $636,352 $707 

Loans Held for Investment at Fair Value

Loans HFI at fair value consists primarily of purchased loan portfolios comprised of loans that the Company previously originated and sold. Due to the short remaining duration of the acquired loan portfolios, the Company has elected to account for them under the fair value option.

Significant Unobservable Inputs

The following significant unobservable inputs were used in the fair value measurement of loans HFI:
June 30, 2025December 31, 2024
MinimumMaximumWeighted-
Average		MinimumMaximumWeighted-
Average
Discount rate10.1 %12.8 %10.6 %7.2 %21.8 %10.5 %
Annualized net charge-off rate (1)
2.0 %19.8 %6.6 %3.0 %20.2 %6.6 %
Annualized prepayment rate (1)
13.4 %27.2 %19.8 %15.6 %21.4 %19.3 %
(1)    The weighted-average rate is calculated using the original principal balance of each loan pool.
Fair Value Sensitivity

The sensitivity of loans HFI at fair value to adverse changes in key assumptions was as follows:
June 30, 2025December 31, 2024
Loans held for investment at fair value$631,736 $1,027,798 
Expected remaining weighted-average life (in years)
0.80.9
Discount rate:
100 basis point increase$(4,137)$(7,832)
200 basis point increase$(8,224)$(15,557)
Annualized net charge-off rate:
10% increase$(6,350)$(11,821)
20% increase$(14,268)$(25,428)
Annualized prepayment rate:
10% increase$(2,700)$(4,813)
20% increase$(4,030)$(9,854)

Fair Value Reconciliation

The following table presents loans HFI at fair value activity:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Fair value at beginning of period$818,882 $420,393 $1,027,798 $262,190 
Purchases— 12,220 12,744 232,784 
Principal payments(184,327)(96,004)(402,787)(159,930)
Interest income accretion and fair value adjustments recorded in earnings
(2,819)(1,967)(6,019)(402)
Fair value at end of period$631,736 $334,642 $631,736 $334,642 

The following table summarizes the aggregate fair value of the Company’s HFI loans held at fair value, as well as the amount that was 90 days or more past due:
June 30, 2025December 31, 2024
Total90 or more
days past due		Total90 or more
days past due
Aggregate unpaid principal balance$667,444 $8,411 $1,097,511 $14,616 
Cumulative fair value adjustments(35,708)(6,821)(69,713)(11,836)
Fair value of loans held for investment$631,736 $1,590 $1,027,798 $2,780 
Asset-Backed Securities Related to Structured Program Transactions

Senior Asset-Backed Securities Related to Structured Program Transactions

Significant Unobservable Inputs

The following significant unobservable input, which includes credit spreads, was used in the fair value measurement of senior asset-backed securities related to Structured Program transactions:
June 30, 2025December 31, 2024
MinimumMaximumWeighted-
Average		MinimumMaximumWeighted-
Average
Discount rate5.7 %6.0 %5.8 %6.0 %6.0 %6.0 %

Fair Value Sensitivity

The sensitivity in the fair value of senior asset-backed securities related to Structured Program transactions to adverse changes in key assumptions was as follows:
June 30, 2025December 31, 2024
Fair value of interests held$2,962,475 $2,899,824 
Expected remaining weighted-average life (in years)
1.11.2
Discount rate:
100 basis point increase$(32,798)$(37,315)
200 basis point increase$(65,597)$(74,630)

Fair Value Reconciliation

The following table presents senior asset-backed securities related to Structured Program transactions activity:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Fair value at beginning of period$2,869,281 $1,765,259 $2,899,824 $1,176,403 
Additions495,771 716,299 819,887 1,413,646 
Cash received(398,286)(171,793)(749,951)(278,267)
Change in unrealized gain (loss)
(4,291)2,349 (7,285)332 
Fair value at end of period$2,962,475 $2,312,114 $2,962,475 $2,312,114 
Other Asset-Backed Securities Related to Structured Program Transactions

Significant Unobservable Inputs

The following significant unobservable inputs were used in the fair value measurement of other asset-backed securities related to Structured Program transactions:
June 30, 2025December 31, 2024
MinimumMaximumWeighted-
Average		MinimumMaximumWeighted-
Average
Discount rate6.8 %10.4 %7.7 %7.1 %11.0 %7.9 %
Annualized net charge-off rate (1)
4.2 %5.4 %4.8 %3.4 %7.4 %5.0 %
Annualized prepayment rate (1)
22.8 %24.8 %24.2 %18.7 %20.9 %20.5 %
(1)    The weighted-average rate is calculated using the original principal balance of each security.

Fair Value Sensitivity

The sensitivity in the fair value of other asset-backed securities related to Structured Program transactions to adverse changes in key assumptions was as follows:
June 30, 2025December 31, 2024
Fair value of interests held$184,032 $169,948 
Expected remaining weighted-average life (in years)
1.21.3
Discount rate:
100 basis point increase$(1,924)$(1,909)
200 basis point increase$(3,812)$(3,783)
Annualized net charge-off rate:
10% increase$(1,633)$(1,778)
20% increase$(3,280)$(3,567)
Annualized prepayment rate:
10% increase$(494)$(432)
20% increase$(885)$(835)

Fair Value Reconciliation

The following table presents other asset-backed securities related to Structured Program transactions activity:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Fair value at beginning of period$172,544 $103,866 $169,948 $73,393 
Additions35,738 43,887 60,624 86,625 
Cash received(24,622)(12,735)(45,925)(22,066)
Credit loss expense (benefit) for securities available for sale
819 809 (502)(2,083)
Change in unrealized gain (loss)
(447)(282)(113)(324)
Fair value at end of period$184,032 $135,545 $184,032 $135,545 
Servicing Assets

Significant Unobservable Inputs

The following significant unobservable inputs were used in the fair value measurement for servicing assets related to loans sold to investors:
June 30, 2025December 31, 2024
MinimumMaximumWeighted-
Average		MinimumMaximumWeighted-
Average
Discount rate8.7 %17.3 %10.7 %8.7 %17.3 %10.8 %
Annualized net charge-off rate (1)
1.5 %20.1 %6.7 %1.8 %21.2 %8.2 %
Annualized prepayment rate (1)
16.9 %32.8 %21.7 %14.8 %27.5 %20.0 %
Market servicing rate (2)
0.62 %0.62 %0.62 %0.62 %0.62 %0.62 %
(1)    The weighted-average rate is calculated using the original principal balance of each loan pool.
(2)    The fees a willing market participant would require for the servicing of loans with similar characteristics as those in the Company’s serviced portfolio.

Fair Value Sensitivity

The sensitivity of the fair value of servicing assets to adverse changes in key assumptions was as follows:
June 30, 2025December 31, 2024
Fair value of servicing assets$57,909 $60,697 
Expected remaining weighted-average life (in years)
1.21.2
Discount rate:
100 basis point increase$(546)$(519)
200 basis point increase$(1,092)$(1,038)
Annualized net charge-off rate:
10% increase$(504)$(551)
20% increase$(1,008)$(1,102)
Annualized prepayment rate:
10% increase$(1,612)$(1,359)
20% increase$(3,224)$(2,718)

The Company’s selection of the most representative market servicing rates for servicing assets is inherently judgmental. The Company reviews third-party servicing rates for its loans, loans in similar credit sectors, and market servicing benchmarking analyses provided by third-party valuation firms, when available. The table below shows the impact on the estimated fair value of servicing assets, calculated using different market servicing rate assumptions:
June 30, 2025December 31, 2024
Weighted-average market servicing rate assumptions
0.62 %0.62 %
Change in fair value from:
Market servicing rate increase by 0.10%
$(6,788)$(6,940)
Market servicing rate decrease by 0.10%
$6,788 $6,940 
Fair Value Reconciliation

The following table presents servicing assets activity:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Fair value at beginning of period$56,904 $71,830 $60,697 $77,680 
Issuances (1)
14,670 13,759 27,935 27,337 
Change in fair value, included in Marketplace revenue(13,665)(15,868)(30,723)(35,296)
Other net changes— (12)— (12)
Fair value at end of period$57,909 $69,709 $57,909 $69,709 
(1)    Represents the servicing assets recorded when the loans are sold. Included in “Gain on sales of loans” within “Marketplace revenue” on the Income Statement.

Financial Instruments Not Recorded at Fair Value

The following tables present the carrying amount and estimated fair values, by level within the fair value hierarchy, of the Company’s assets, and liabilities that are not recorded at fair value on a recurring basis:
June 30, 2025Carrying Amount
Level 1
Level 2
Level 3
Balance at
Fair Value
Assets:
Loans and leases held for investment, net$4,133,332 $— $— $4,342,825 $4,342,825 
Other assets42,299 — 42,077 541 42,618 
Total assets$4,175,631 $— $42,077 $4,343,366 $4,385,443 
Liabilities:
Deposits (1)
$1,898,714 $— $— $1,898,699 $1,898,699 
Other liabilities45,646 — 21,089 24,557 45,646 
Total liabilities$1,944,360 $— $21,089 $1,923,256 $1,944,345 
December 31, 2024Carrying Amount
Level 1
Level 2
Level 3
Balance at
Fair Value
Assets:
Loans and leases held for investment, net$3,889,084 $— $— $4,051,497 $4,051,497 
Other assets40,466 — 40,143 661 40,804 
Total assets$3,929,550 $— $40,143 $4,052,158 $4,092,301 
Liabilities:
Deposits (1)
$2,294,214 $— $— $2,306,373 $2,306,373 
Other liabilities44,801 — 22,833 21,968 44,801 
Total liabilities$2,339,015 $— $22,833 $2,328,341 $2,351,174 
(1)    Excludes deposit liabilities with no defined or contractual maturities.
v3.25.2
Derivative Instruments and Hedging Activities
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities
The Company uses derivative instruments, including interest rate swaps and interest rate caps, to manage exposure to interest rate risk associated with its fixed-rate assets. In addition, the Company provides credit support agreements to a limited number of strategic investors which are accounted for as credit derivative liabilities.

Derivatives Not Designated as Accounting Hedges

The table below presents the notional and gross fair value amounts of the Company’s derivatives that are not designated as accounting hedges:
June 30, 2025December 31, 2024
Notional
Derivative Asset (1)
Derivative Liability (1)
Notional
Derivative Asset (1)
Derivative Liability (1)
Credit derivatives
$8,360 $— $(5,013)$12,484 $— $(10,930)
Interest rate caps200,000 2 — 200,000 72 — 
Total
$208,360 $2 $(5,013)$212,484 $72 $(10,930)
(1)    Recorded in “Other assets” or “Other liabilities,” as applicable, on the Balance Sheet and in “Operating activities” on the Statement of Cash Flows.

Credit derivatives represent credit support agreements related to loan sales, whereby the Company is obligated to make payments to a limited number of strategic investors approximately 18 months after sale if credit losses exceed certain initial agreed-upon thresholds, subject to a maximum dollar amount. The notional amount represents the Company’s maximum dollar exposure. The fair value of the credit derivatives is based on the combined impact of both the quantitative and qualitative credit loss forecast.

The table below presents the gains (losses) recognized on the Company’s derivatives that are not designated as accounting hedges:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Credit derivatives (1)
$957 $(2,008)$2,116 $(3,442)
Interest rate caps (2)
(10)(63)(70)(63)
Total gains (losses)
$947 $(2,071)$2,046 $(3,505)
(1)    The initial fair value of the credit derivative liabilities is recorded in “Gain on sales of loans” with changes in the fair value recorded in “Net fair value adjustments,” both within “Marketplace revenue” on the Income Statement.
(2)    Changes in the fair value of the interest rate cap are recorded in “Net fair value adjustments” within “Marketplace revenue” on the Income Statement.

Derivatives Designated as Accounting Hedges

The Company is exposed to changes in the fair value of its fixed-rate assets due to changes in benchmark interest rates. The Company entered into interest rate swaps to manage its exposure to changes in fair value of these assets attributable to changes in the Secured Overnight Financing Rate (SOFR). The interest rate swaps qualify as fair value hedges and involve the payment of fixed-rate amounts to a counterparty in exchange for the receipt of variable-rate payments over the life of the agreements.
The table below presents the notional and gross fair value amounts of the Company’s interest rate swaps used for hedging:
June 30, 2025December 31, 2024
Notional
Derivative Asset (1)
Derivative Liability (1)
Notional
Derivative Asset (1)
Derivative Liability (1)
Unsecured personal loans
$825,000 $485 $(2,068)$1,075,000 $1,323 $(2,976)
Securities available for sale
475,000 874 (838)225,000 2,382 — 
Total interest rate swaps
$1,300,000 $1,359 $(2,906)$1,300,000 $3,705 $(2,976)
(1)    Recorded in “Other assets” or “Other liabilities,” as applicable, on the Balance Sheet and in “Operating activities” on the Statement of Cash Flows.

The following table summarizes the gains (losses) recognized on the Company’s fair value hedges:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Unsecured personal loans:
Hedged item
$(406)$(1,785)$(153)$(10,457)
Derivatives used for hedging348 1,563 70 9,915 
Interest settlement on derivative (1)
147 1,396 (388)2,769 
Total gains (losses) on hedged unsecured personal loans (2)
89 1,174 (471)2,227 
Securities available for sale:
Hedged item
383 — 2,242 — 
Derivatives used for hedging
(413)— (2,346)— 
Interest settlement on derivative (1)
699 — 1,315 — 
Total gains on hedged securities available for sale (3)
669 — 1,211 — 
Total gains on fair value hedges
$758 $1,174 $740 $2,227 
(1)    Includes accrued interest receivable and accrued interest payable.
(2)    Recorded in “Interest and fees on loans and leases held for investment” on the Income Statement.
(3)    Recorded in “Interest on securities available for sale” on the Income Statement.

The following table presents the cumulative basis adjustments for fair value hedges:
June 30, 2025December 31, 2024
Balance Sheet Line Item
Carrying Amount of Closed Portfolio(1)
Cumulative Fair Value Adjustment Included in the Carrying Amount of the Hedged Items
Carrying Amount of Closed Portfolio(1)
Cumulative Fair Value Adjustment Included in the Carrying Amount of the Hedged Items
Loans and leases held for investment
$1,982,012 $1,719 $1,388,222 $1,872 
Securities available for sale$1,646,792 $45 $2,255,848 $(2,197)
(1)    Represents the total closed portfolio of assets (at amortized cost) designated in a portfolio method hedge relationship in which the hedged item is a stated layer that is expected to be remaining at the end of the hedging relationship. At June 30, 2025, the amortized cost of unsecured personal loans and AFS securities, designated as the hedged items in the portfolio layer hedging relationship, was $825 million and $475 million, respectively.
At December 31, 2024, the amortized cost of unsecured personal loans and AFS securities, designated as the hedged items in the portfolio layer hedging relationship, was $1.075 billion and $225 million, respectively.
v3.25.2
Property, Equipment and Software, Net
 6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
Property, Equipment and Software, Net Property, Equipment and Software, Net
Property, equipment and software, net, consist of the following:
June 30, 2025December 31, 2024
Software (1)
$239,698 $222,000 
Land and building (2)
75,573 — 
Leasehold improvements30,699 30,699 
Computer equipment (3)
5,713 22,216 
Furniture and fixtures5,554 5,554 
Total property, equipment and software357,237 280,469 
Accumulated depreciation and amortization(110,953)(112,937)
Total property, equipment and software, net$246,284 $167,532 
(1)    Includes $32.4 million and $43.4 million of development in progress for internally-developed software and $7.5 million and $7.1 million of development in progress to customize purchased software as of June 30, 2025 and December 31, 2024, respectively.
(2)    In April 2025, the Company acquired an office building which will be used as the Company’s headquarters beginning in the second quarter of 2026. See “Note 17. Leases” for additional information.
(3)    During the first quarter of 2025, the Company retired $16.8 million of fully depreciated computer equipment as part of its migration onto a cloud-based hosting platform.

Depreciation and amortization expense on property, equipment and software was $14.8 million and $27.9 million for the second quarter and first half of 2025, respectively. Depreciation and amortization expense on property, equipment and software was $12.2 million and $23.9 million for the second quarter and first half of 2024, respectively.
v3.25.2
Goodwill and Intangible Assets
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill

The Company’s goodwill balance was $75.7 million as of both June 30, 2025 and December 31, 2024. The Company did not record any goodwill impairment expense during the second quarters and first halves of 2025 and 2024. Goodwill is not amortized, but is subject to annual impairment tests that are performed in the fourth quarter of each calendar year. For additional detail, see “Part II – Item 8. Financial Statements and Supplementary Data – Note 1. Summary of Significant Accounting Policies” in the Annual Report.
Intangible Assets

Intangible assets consist of customer relationships. Intangible assets, net of accumulated amortization, are included in “Other assets” on the Balance Sheet. The gross and net carrying values and accumulated amortization were as follows:
June 30, 2025December 31, 2024
Gross carrying value$54,500 $54,500 
Accumulated amortization(47,432)(45,914)
Net carrying value$7,068 $8,586 

The customer relationship intangible assets are amortized on an accelerated basis from ten to fourteen years. Amortization expense associated with intangible assets for the second quarter and first half of 2025 was $0.7 million and $1.5 million, respectively. Amortization expense associated with intangible assets for the second quarter and first half of 2024 was $0.9 million and $1.8 million, respectively. There was no impairment loss for the second quarters and first halves of 2025 and 2024.

The expected future amortization expense for intangible assets as of June 30, 2025, is as follows:
2025$1,383 
20262,252 
20271,603 
2028945 
2029568 
Thereafter317 
Total$7,068 
v3.25.2
Other Assets
 6 Months Ended
Jun. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Assets Other Assets
Other assets consist of the following:
June 30, 2025December 31, 2024
Deferred tax assets, net (1)
$121,793 $137,155 
Servicing assets (2)
58,131 61,020 
Nonmarketable equity investments47,203 44,114 
Accrued interest receivable
39,958 40,388 
Operating lease assets17,194 21,304 
Intangible assets, net (3)
7,068 8,586 
Other87,286 91,415 
Total other assets$378,633 $403,982 
(1)    See “Note 16. Income Taxes” for additional detail.
(2)    Loans underlying servicing assets had a total outstanding principal balance of $7.2 billion and $7.3 billion as of June 30, 2025 and December 31, 2024, respectively.
(3)    See “Note 10. Goodwill and Intangible Assets” for additional detail.
v3.25.2
Deposits
 6 Months Ended
Jun. 30, 2025
Other Liabilities Disclosure [Abstract]  
Deposits Deposits
Deposits consist of the following:
June 30, 2025December 31, 2024
Interest-bearing deposits:
Savings and money market accounts$6,429,234 $5,903,869 
Certificates of deposit
1,898,714 2,294,214 
Checking accounts457,779 478,036 
Total8,785,727 8,676,119 
Noninterest-bearing deposits350,397 392,118 
Total deposits$9,136,124 $9,068,237 

Total certificates of deposit at June 30, 2025 are scheduled to mature as follows:
2025$920,711 
2026945,164 
202719,769 
20282,454 
202910,189 
Thereafter427 
Total certificates of deposit (1)
$1,898,714 
(1)    Certificates of deposit in excess of the FDIC insurance limit of $250 thousand per account holder totaled $99.2 million at June 30, 2025.
v3.25.2
Borrowings
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Borrowings Borrowings
The Company did not have any debt outstanding as of June 30, 2025 or December 31, 2024.

Borrowing Capacity

The following table summarizes the Company’s available borrowing capacity and the related pledged collateral:
June 30, 2025December 31, 2024
Available Borrowing Capacity
Pledged Collateral (1)
Available Borrowing Capacity
Pledged Collateral (2)
FRB Discount Window$3,147,467 $4,040,978 $2,635,034 $3,245,547 
FHLB of Des Moines
604,991 799,732 626,117 829,885 
Total
$3,752,458 $4,840,710 $3,261,151 $4,075,432 
(1)    As of June 30, 2025, the Company had $4.0 billion in loans pledged under the Federal Reserve System (FRB) Discount Window, and $428.3 million in loans and $371.5 million in securities available for sale at fair value pledged to the Federal Home Loan Bank (FHLB) of Des Moines.
(2)    As of December 31, 2024, the Company had $3.2 billion in loans pledged under the FRB Discount Window, and $456.4 million in loans and $373.5 million in securities available for sale at fair value pledged to the FHLB of Des Moines.
v3.25.2
Other Liabilities
 6 Months Ended
Jun. 30, 2025
Other Liabilities [Abstract]  
Other Liabilities Other Liabilities
Other liabilities consist of the following:
June 30, 2025December 31, 2024
Accounts payable and accrued expenses$67,509 $78,131 
Due to borrowers (1)
61,614 24,449 
Operating lease liabilities22,389 28,502 
Payable to investors (2)
21,089 22,833 
Other60,573 66,626 
Total other liabilities$233,174 $220,541 
(1)    Represents originated loans for which disbursement of funds is pending to borrowers.
(2)    Represents principal and interest on loans collected by the Company and pending disbursement to investors.
v3.25.2
Employee Incentive Plans
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Employee Incentive Plans Employee Incentive Plans
The Company’s equity incentive plans provide for granting awards, including restricted stock units (RSUs), performance-based restricted stock units (PBRSUs), cash awards and stock options to employees, officers and directors.

Stock-based Compensation

Stock-based compensation expense, included in “Compensation and benefits” expense on the Income Statement, was as follows for the periods presented:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
RSUs
$9,236 $11,573 $18,310 $23,555 
PBRSUs1,270 (258)2,117 1,359 
Stock-based compensation expense, gross10,506 11,315 20,427 24,914 
Less: Capitalized stock-based compensation expense1,441 1,866 2,843 3,921 
Stock-based compensation expense, net$9,065 $9,449 $17,584 $20,993 

Restricted Stock Units

The following table summarizes the Company’s RSU activity:
Number
of Units		Weighted-
Average
Grant Date
Fair Value
Unvested at December 31, 2024
5,638,230 $8.78 
Granted2,413,696 $11.50 
Vested(1,770,595)$9.21 
Forfeited/expired(285,168)$9.78 
Unvested at June 30, 2025
5,996,163 $9.70 
During the first half of 2025, the Company granted 2,413,696 RSUs with an aggregate fair value of $27.8 million.

As of June 30, 2025, there was $50.0 million of unrecognized compensation cost related to unvested RSUs, which is expected to be recognized over a weighted-average period of approximately 1.7 years, subject to any forfeitures.

Performance-based Restricted Stock Units

The Company’s outstanding PBRSU awards consist of awards with a market-based metric and awards with an operating-based metric, all with a three-year performance period, following which any earned portion is immediately vested. With respect to PBRSU awards with a market-based metric, the compensation expense of the award is fixed at the time of grant (incorporating the probability of achieving the market-based metric) and expensed over the performance period. With respect to PBRSU awards with an operating-based metric, the compensation expense of the award is set at the time of grant (assuming a target level of achievement), subsequently adjusted for actual performance during the performance period and expensed over the performance/vesting period.

The following table summarizes the Company’s PBRSU activity:
Number
of Units		Weighted-
Average
Grant Date
Fair Value
Unvested at December 31, 2024
1,212,209 $8.68 
Granted325,472 $10.94 
Forfeited/expired(376,862)$10.09 
Unvested at June 30, 2025
1,160,819 $8.86 

During the first half of 2025, the Company granted 325,472 PBRSUs with an aggregate fair value of $3.6 million.

As of June 30, 2025, there was $5.9 million of unrecognized compensation cost related to unvested PBRSUs, which is expected to be recognized over a weighted-average period of approximately 1.3 years, subject to any forfeitures.
v3.25.2
Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
For the second quarter and first half of 2025, the Company recorded an income tax expense of $15.8 million and $19.8 million, respectively, representing an effective tax rate of 29.3% and 28.5%, respectively. For the second quarter and first half of 2024, the Company recorded an income tax expense of $4.5 million and $8.8 million, respectively, representing an effective tax rate of 23.3% and 24.5%, respectively. The effective tax rates differ from the federal statutory rate 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. Additionally, on June 27, 2025, California Senate Bill 132 was signed into law, requiring that banks and financial companies transition from an equally weighted three-factor apportionment formula to a single-sales-factor apportionment formula, effective for tax years beginning in 2025. As a result, the Company’s 2025 state tax rate decreased, requiring a revaluation of its deferred tax assets. This revaluation resulted in the recognition of a discrete tax expense in the second quarter of 2025.
The following table summarizes the Company’s net deferred tax assets:
June 30, 2025December 31, 2024
Deferred tax assets, net of liabilities$168,118 $183,480 
Valuation allowance(46,325)(46,325)
Deferred tax assets, net of valuation allowance$121,793 $137,155 
v3.25.2
Leases
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Leases Leases
Lessee Arrangements

The Company has various operating leases, including with respect to its headquarters in San Francisco, California, and office spaces in the Salt Lake City, Utah area, Boston, Massachusetts, and New York, New York. In April 2025, the Company acquired an office building located in San Francisco, California, which will be used as its headquarters beginning in the second quarter of 2026, following the expiration of its current San Francisco lease. As of June 30, 2025, the remaining leases have lease terms ranging from approximately three to four years. As of June 30, 2025, the Company pledged $0.5 million of cash and $1.1 million in letters of credit as security deposits in connection with its lease agreements.

Balance sheet information related to leases was as follows:
ROU Assets and Lease LiabilitiesBalance Sheet ClassificationJune 30, 2025December 31, 2024
Operating lease assetsOther assets$17,194 $21,304 
Operating lease liabilitiesOther liabilities$22,389 $28,502 

Net lease costs were $2.7 million and $5.5 million during the second quarter and first half of 2025, respectively. Such costs are recorded within “Occupancy” expense on the Income Statement. Net lease costs were $2.7 million and $5.2 million during the second quarter and first half of 2024, respectively.

The Company’s future minimum undiscounted lease payments under operating leases as of June 30, 2025 were as follows:
2025$6,989 
20267,973 
20275,010 
20284,046 
2029909 
Total lease payments$24,927 
Discount effect(2,538)
Present value of future minimum lease payments$22,389 

The weighted-average remaining lease term and discount rate used in the calculation of the Company’s operating lease assets and liabilities were as follows:
Lease Term and Discount RateJune 30, 2025December 31, 2024
Weighted-average remaining lease term (in years)2.712.98
Weighted-average discount rate4.76 %4.87 %
Lessor Arrangements

Operating Leases

The Company leases space in its office building to third-party tenants under operating lease agreements with initial term expiration dates ranging from 2025 to 2034. Some of the agreements include options to extend the lease term for an additional two to five years.

The Company earns rental income from such leases which is recorded within “Other non-interest income” on the Income Statement. For both the second quarter and first half of 2025, rental income totaled $1.9 million.

Future fixed lease payments to be received by the Company as of June 30, 2025, under non-cancelable operating leases, were as follows:
2025$3,290 
20264,893 
20273,580 
20282,532 
20291,932 
Thereafter8,205 
Total lease payments
$24,432 

Sales-type Leases

The Company has sales-type leases for equipment (Equipment Finance). Such arrangements may include options to renew or to purchase the leased equipment at the end of the lease term. For the second quarter and first half of 2025, interest earned on Equipment Finance was $0.7 million and $1.6 million, respectively, and is included in “Interest and fees on loans and leases held for investment” on the Income Statement. For the second quarter and first half of 2024, interest earned on Equipment Finance was $1.4 million and $3.1 million, respectively.

The components of Equipment Finance assets are as follows:
June 30, 2025December 31, 2024
Lease receivables$35,956 $49,290 
Unguaranteed residual asset values18,416 20,728 
Unearned income(4,706)(6,125)
Deferred costs
225 339 
Total$49,891 $64,232 
Future minimum lease payments based on maturity of the Company’s sales-type leases as of June 30, 2025 were as follows:
2025$10,308 
202613,540 
20277,800 
20283,843 
20291,583 
Total lease payments$37,074 
Discount effect(1,118)
Present value of future minimum lease payments$35,956 
Leases Leases
Lessee Arrangements

The Company has various operating leases, including with respect to its headquarters in San Francisco, California, and office spaces in the Salt Lake City, Utah area, Boston, Massachusetts, and New York, New York. In April 2025, the Company acquired an office building located in San Francisco, California, which will be used as its headquarters beginning in the second quarter of 2026, following the expiration of its current San Francisco lease. As of June 30, 2025, the remaining leases have lease terms ranging from approximately three to four years. As of June 30, 2025, the Company pledged $0.5 million of cash and $1.1 million in letters of credit as security deposits in connection with its lease agreements.

Balance sheet information related to leases was as follows:
ROU Assets and Lease LiabilitiesBalance Sheet ClassificationJune 30, 2025December 31, 2024
Operating lease assetsOther assets$17,194 $21,304 
Operating lease liabilitiesOther liabilities$22,389 $28,502 

Net lease costs were $2.7 million and $5.5 million during the second quarter and first half of 2025, respectively. Such costs are recorded within “Occupancy” expense on the Income Statement. Net lease costs were $2.7 million and $5.2 million during the second quarter and first half of 2024, respectively.

The Company’s future minimum undiscounted lease payments under operating leases as of June 30, 2025 were as follows:
2025$6,989 
20267,973 
20275,010 
20284,046 
2029909 
Total lease payments$24,927 
Discount effect(2,538)
Present value of future minimum lease payments$22,389 

The weighted-average remaining lease term and discount rate used in the calculation of the Company’s operating lease assets and liabilities were as follows:
Lease Term and Discount RateJune 30, 2025December 31, 2024
Weighted-average remaining lease term (in years)2.712.98
Weighted-average discount rate4.76 %4.87 %
Lessor Arrangements

Operating Leases

The Company leases space in its office building to third-party tenants under operating lease agreements with initial term expiration dates ranging from 2025 to 2034. Some of the agreements include options to extend the lease term for an additional two to five years.

The Company earns rental income from such leases which is recorded within “Other non-interest income” on the Income Statement. For both the second quarter and first half of 2025, rental income totaled $1.9 million.

Future fixed lease payments to be received by the Company as of June 30, 2025, under non-cancelable operating leases, were as follows:
2025$3,290 
20264,893 
20273,580 
20282,532 
20291,932 
Thereafter8,205 
Total lease payments
$24,432 

Sales-type Leases

The Company has sales-type leases for equipment (Equipment Finance). Such arrangements may include options to renew or to purchase the leased equipment at the end of the lease term. For the second quarter and first half of 2025, interest earned on Equipment Finance was $0.7 million and $1.6 million, respectively, and is included in “Interest and fees on loans and leases held for investment” on the Income Statement. For the second quarter and first half of 2024, interest earned on Equipment Finance was $1.4 million and $3.1 million, respectively.

The components of Equipment Finance assets are as follows:
June 30, 2025December 31, 2024
Lease receivables$35,956 $49,290 
Unguaranteed residual asset values18,416 20,728 
Unearned income(4,706)(6,125)
Deferred costs
225 339 
Total$49,891 $64,232 
Future minimum lease payments based on maturity of the Company’s sales-type leases as of June 30, 2025 were as follows:
2025$10,308 
202613,540 
20277,800 
20283,843 
20291,583 
Total lease payments$37,074 
Discount effect(1,118)
Present value of future minimum lease payments$35,956 
Leases Leases
Lessee Arrangements

The Company has various operating leases, including with respect to its headquarters in San Francisco, California, and office spaces in the Salt Lake City, Utah area, Boston, Massachusetts, and New York, New York. In April 2025, the Company acquired an office building located in San Francisco, California, which will be used as its headquarters beginning in the second quarter of 2026, following the expiration of its current San Francisco lease. As of June 30, 2025, the remaining leases have lease terms ranging from approximately three to four years. As of June 30, 2025, the Company pledged $0.5 million of cash and $1.1 million in letters of credit as security deposits in connection with its lease agreements.

Balance sheet information related to leases was as follows:
ROU Assets and Lease LiabilitiesBalance Sheet ClassificationJune 30, 2025December 31, 2024
Operating lease assetsOther assets$17,194 $21,304 
Operating lease liabilitiesOther liabilities$22,389 $28,502 

Net lease costs were $2.7 million and $5.5 million during the second quarter and first half of 2025, respectively. Such costs are recorded within “Occupancy” expense on the Income Statement. Net lease costs were $2.7 million and $5.2 million during the second quarter and first half of 2024, respectively.

The Company’s future minimum undiscounted lease payments under operating leases as of June 30, 2025 were as follows:
2025$6,989 
20267,973 
20275,010 
20284,046 
2029909 
Total lease payments$24,927 
Discount effect(2,538)
Present value of future minimum lease payments$22,389 

The weighted-average remaining lease term and discount rate used in the calculation of the Company’s operating lease assets and liabilities were as follows:
Lease Term and Discount RateJune 30, 2025December 31, 2024
Weighted-average remaining lease term (in years)2.712.98
Weighted-average discount rate4.76 %4.87 %
Lessor Arrangements

Operating Leases

The Company leases space in its office building to third-party tenants under operating lease agreements with initial term expiration dates ranging from 2025 to 2034. Some of the agreements include options to extend the lease term for an additional two to five years.

The Company earns rental income from such leases which is recorded within “Other non-interest income” on the Income Statement. For both the second quarter and first half of 2025, rental income totaled $1.9 million.

Future fixed lease payments to be received by the Company as of June 30, 2025, under non-cancelable operating leases, were as follows:
2025$3,290 
20264,893 
20273,580 
20282,532 
20291,932 
Thereafter8,205 
Total lease payments
$24,432 

Sales-type Leases

The Company has sales-type leases for equipment (Equipment Finance). Such arrangements may include options to renew or to purchase the leased equipment at the end of the lease term. For the second quarter and first half of 2025, interest earned on Equipment Finance was $0.7 million and $1.6 million, respectively, and is included in “Interest and fees on loans and leases held for investment” on the Income Statement. For the second quarter and first half of 2024, interest earned on Equipment Finance was $1.4 million and $3.1 million, respectively.

The components of Equipment Finance assets are as follows:
June 30, 2025December 31, 2024
Lease receivables$35,956 $49,290 
Unguaranteed residual asset values18,416 20,728 
Unearned income(4,706)(6,125)
Deferred costs
225 339 
Total$49,891 $64,232 
Future minimum lease payments based on maturity of the Company’s sales-type leases as of June 30, 2025 were as follows:
2025$10,308 
202613,540 
20277,800 
20283,843 
20291,583 
Total lease payments$37,074 
Discount effect(1,118)
Present value of future minimum lease payments$35,956 
v3.25.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Operating Lease Commitments

For discussion regarding the Company’s operating lease commitments, see “Note 17. Leases.”

Loan Repurchase Obligations

The Company is generally required to repurchase loans or interests therein in the event of identity theft or certain other types of fraud on the part of the borrower or education and patient service providers. The Company may also repurchase loans or interests therein in connection with certain customer accommodations. In connection with certain loan sales, the Company agreed to repurchase loans if representations and warranties made with respect to such loans were breached under certain circumstances. The Company believes such provisions are customary and consistent with institutional loan and securitization market standards.

Unfunded Loan Commitments

As of June 30, 2025 and December 31, 2024, the contractual amount of unfunded loan commitments was $103.4 million and $105.0 million, respectively. See “Note 5. Loans and Leases Held for Investment at Amortized Cost, Net of Allowance for Loan and Lease Losses” for additional detail related to the reserve for unfunded lending commitments.

Legal

The Company is subject to various claims brought in a litigation or regulatory context. These include lawsuits and regulatory exams, investigations, or inquiries. In accordance with applicable accounting standards, the Company accrues for costs related to contingencies when a loss from such claims is probable and the amount of loss can be reasonably estimated. In determining whether a loss from a claim is probable and the loss can be reasonably estimated, the Company reviews and evaluates its litigation and regulatory matters on at least a quarterly basis in light of potentially relevant factual and legal developments. If the Company determines an unfavorable outcome is not probable or the amount of loss cannot be reasonably estimated, the Company does not accrue for a potential litigation loss. In those situations, the Company discloses an estimate or range of the reasonably possible losses, if such estimates can be made.
Regulatory Examinations and Actions Relating to the Company’s Business Practices, and Compliance with Applicable Laws

The Company is and has been subject to periodic inquiries, exams and enforcement actions brought by federal and state regulatory agencies relating to the Company’s business practices, and operating in compliance with applicable laws.

In the past, the Company has successfully resolved such matters in a manner that was not material to its results of financial operations in any period and that did not materially limit the Company’s ability to conduct its business. However, no assurances can be given as to the timing, outcome or consequences of these matters or other similar matters if or as they arise.
v3.25.2
Regulatory Requirements
 6 Months Ended
Jun. 30, 2025
Regulated Operations [Abstract]  
Regulatory Requirements Regulatory Requirements
LendingClub and LC Bank are subject to comprehensive supervision, examination and enforcement, and regulation by the FRB and the Office of the Comptroller of the Currency (OCC), respectively, including generally similar capital adequacy requirements adopted by both agencies.

These requirements establish required minimum ratios for Common Equity Tier 1 (CET1) risk-based capital, Tier 1 risk-based capital, total risk-based capital and a Tier 1 leverage ratio; set risk-weighting for assets and certain other items for purposes of the risk-based capital ratios; and define what qualifies as capital for purposes of meeting the capital requirements. Failure to meet minimum capital requirements can result in certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company. The minimum capital requirements under the Basel Committee on Banking Supervision standardized approach for U.S. banking organizations (Basel III) capital framework are: a 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, stock repurchases, and certain discretionary bonus payments. In addition to these guidelines, the regulators assess any particular institution’s capital adequacy based on numerous factors and may require a particular banking organization to maintain capital at levels higher than the generally applicable minimums prescribed under the Basel III capital framework.
The Federal Deposit Insurance Act provides for a system of “prompt corrective action” (PCA). The PCA regime provides for capitalization categories ranging from “well-capitalized” to “critically undercapitalized.” An institution’s PCA category is determined primarily by its regulatory capital ratios. The PCA requires remedial actions and imposes limitations that become increasingly stringent as its PCA capitalization category declines, including the ability to accept and/or rollover brokered deposits. At June 30, 2025 and December 31, 2024, the Company’s and LC Bank’s regulatory capital ratios exceeded the thresholds required to be regarded as “well-capitalized” institutions and met all capital adequacy requirements to which they are subject. There have been no events or conditions since June 30, 2025 that management believes would change the Company’s categorization.
The following table presents the actual capital amounts and ratios of the Company and LC Bank as well as LC Bank’s regulatory minimum and “well capitalized” requirements (dollars in millions):
June 30, 2025December 31, 2024
Required Minimum(1)
Well-Capitalized Minimum
AmountRatioAmountRatio
LendingClub Corporation:
CET1 capital (2)
$1,268.1 17.5 %$1,188.6 17.3 %7.0 %N/A
Tier 1 capital$1,268.1 17.5 %$1,188.6 17.3 %8.5 %6.0 %
Total capital$1,360.5 18.8 %$1,276.5 18.5 %10.5 %10.0 %
Tier 1 leverage$1,268.1 12.2 %$1,188.6 11.0 %4.0 %N/A
Risk-weighted assets$7,230.3 N/A$6,887.1 N/AN/AN/A
Quarterly adjusted average assets$10,371.5 N/A$10,814.0 N/AN/AN/A
LendingClub Bank:
CET1 capital (2)
$1,112.1 15.5 %$1,101.4 16.1 %7.0 %6.5 %
Tier 1 capital$1,112.1 15.5 %$1,101.4 16.1 %8.5 %8.0 %
Total capital$1,203.9 16.8 %$1,188.5 17.4 %10.5 %10.0 %
Tier 1 leverage$1,112.1 10.8 %$1,101.4 10.3 %4.0 %5.0 %
Risk-weighted assets$7,181.0 N/A$6,823.1 N/AN/AN/A
Quarterly adjusted average assets$10,272.1 N/A$10,696.7 N/AN/AN/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.

Federal laws and regulations limit the ability of national banks, such as LC Bank, to pay dividends based upon, among other things, maintaining required levels of regulatory capital and retained net profits for the preceding two calendar years plus retained net profits up to the date of any dividend declaration in the current calendar year. Retained net profits, as defined by the OCC, consist of net income less dividends declared during the period. During the first quarter of 2025, LC Bank paid a $50 million cash dividend to LendingClub Corporation to return a capital contribution made by LendingClub Corporation to LC Bank in the second half of 2024. LC Bank has not otherwise declared any dividends.

Federal law restricts the amount and the terms of both credit and non-credit transactions between a bank and its nonbank affiliates. These covered transactions may not exceed 10% of the bank’s capital and surplus (which for this purpose represents tier 1 and tier 2 capital, as calculated under the risk-based capital rules, plus the balance of the ACL excluded from tier 2 capital) with any single nonbank affiliate and 20% of the bank’s capital and surplus with all its nonbank affiliates. Covered transactions that are extensions of credit may require collateral to be pledged to provide added security to the bank.
v3.25.2
Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Reportable Segments

The Company defines 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 the Company’s Chief Executive Officer and Chief Financial Officer. This information is reviewed according to the legal organizational structure of the Company’s 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 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 the Retail Program and Structured Program transactions entered into prior to LC Bank’s formation.
Financial information for the segments is presented in the following tables:
LendingClub
Bank
LendingClub
Corporation (Parent only)
Total Reportable Segments
Three Months Ended June 30,202520242025202420252024
Non-interest income:
Marketplace revenue$73,424 $39,533 $9,989 $10,946 $83,413 $50,479 
Other non-interest income14,095 12,387 1,789 1,903 15,884 14,290 
Total non-interest income87,519 51,920 11,778 12,849 99,297 64,769 
Interest income:
Interest income236,958 217,814 139 1,820 237,097 219,634 
Interest expense(82,848)(90,888)— (218)(82,848)(91,106)
Net interest income154,110 126,926 139 1,602 154,249 128,528 
Total net revenue241,629 178,846 11,917 14,451 253,546 193,297 
Provision for credit losses(39,733)(35,561)— — (39,733)(35,561)
Non-interest expense:
Compensation and benefits(60,207)(54,862)(1,782)(1,678)(61,989)(56,540)
Marketing(33,580)(26,665)— — (33,580)(26,665)
Equipment and software(14,474)(12,333)(21)(27)(14,495)(12,360)
Depreciation and amortization(14,251)(10,896)(1,209)(2,176)(15,460)(13,072)
Professional services(10,019)(7,520)(281)(284)(10,300)(7,804)
Occupancy(2,845)(1,894)(1,942)(2,047)(4,787)(3,941)
Other non-interest expense(15,557)(12,687)(3,661)(5,245)(19,218)(17,932)
Total non-interest expense
(150,933)(126,857)(8,896)(11,457)(159,829)(138,314)
Income tax expense
(13,534)(3,872)(2,272)(647)(15,806)(4,519)
Net income(1)
$37,429 $12,556 $749 $2,347 $38,178 $14,903 
Capital expenditures$90,694 $12,865 $— $— $90,694 $12,865 
(1)    Total net income from reportable segments reflects net income on a consolidated basis.
LendingClub
Bank
LendingClub
Corporation (Parent only)
Total Reportable Segments
Six Months Ended June 30,202520242025202420252024
Non-interest income:
Marketplace revenue$125,634 $78,048 $15,784 $20,774 $141,418 $98,822 
Other non-interest income27,036 26,082 3,780 3,849 30,816 29,931 
Total non-interest income152,670 104,130 19,564 24,623 172,234 128,753 
Interest income:
Interest income468,713 422,621 443 4,364 469,156 426,985 
Interest expense(164,950)(175,011)— (558)(164,950)(175,569)
Net interest income303,763 247,610 443 3,806 304,206 251,416 
Total net revenue456,433 351,740 20,007 28,429 476,440 380,169 
Provision for credit losses(97,882)(67,488)— — (97,882)(67,488)
Non-interest expense:
Compensation and benefits(117,070)(112,874)(3,308)(3,220)(120,378)(116,094)
Marketing(62,819)(50,801)— — (62,819)(50,801)
Equipment and software(29,093)(24,969)(46)(75)(29,139)(25,044)
Depreciation and amortization(26,794)(21,062)(2,575)(4,683)(29,369)(25,745)
Professional services(19,656)(14,506)(408)(389)(20,064)(14,895)
Occupancy(5,246)(3,690)(3,886)(4,112)(9,132)(7,802)
Other non-interest expense(30,004)(25,451)(7,974)(10,899)(37,978)(36,350)
Total non-interest expense(290,682)(253,353)(18,197)(23,378)(308,879)(276,731)
Income tax expense
(18,406)(7,557)(1,424)(1,240)(19,830)(8,797)
Net income (1)
$49,463 $23,342 $386 $3,811 $49,849 $27,153 
Capital expenditures$103,760 $24,646 $— $— $103,760 $24,646 
(1)    Total net income from reportable segments reflects net income on a consolidated basis.

Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Total net revenue – reportable segments$253,546 $193,297 $476,440 $380,169 
Intercompany eliminations(5,111)(6,056)(10,294)(12,240)
Total net revenue – consolidated$248,435 $187,241 $466,146 $367,929 

Each expense item reported above represents the Company’s “significant segment expenses” as they are separately evaluated by the CODM, with the exception of “Other non-interest expense” which represents “other segment items” and encompasses various miscellaneous operating expenses.
LendingClub Bank
LendingClub
Corporation (Parent only)
Total Reportable Segments
 June 30, 2025December 31, 2024June 30, 2025December 31, 2024June 30, 2025December 31, 2024
Assets
Total cash and cash equivalents$731,078 $932,463 $136,588 $65,981 $867,666 $998,444 
Restricted cash— — 28,911 27,536 28,911 27,536 
Securities available for sale at fair value3,527,142 3,452,648 — — 3,527,142 3,452,648 
Loans held for sale at fair value1,008,168 636,352 — — 1,008,168 636,352 
Loans and leases held for investment, net4,133,332 3,889,084 — — 4,133,332 3,889,084 
Loans held for investment at fair value
629,615 1,023,226 2,121 4,572 631,736 1,027,798 
Property, equipment and software, net240,322 158,995 5,962 8,537 246,284 167,532 
Investment in subsidiary— — 892,303 910,544 892,303 910,544 
Goodwill75,717 75,717 — — 75,717 75,717 
Other assets316,067 300,621 83,592 121,198 399,659 421,819 
Total assets10,661,441 10,469,106 1,149,477 1,138,368 11,810,918 11,607,474 
Liabilities and Equity
Total deposits9,258,380 9,116,821 — — 9,258,380 9,116,821 
Other liabilities198,473 177,711 55,727 60,667 254,200 238,378 
Total liabilities9,456,853 9,294,532 55,727 60,667 9,512,580 9,355,199 
Total equity1,204,588 1,174,574 1,093,750 1,077,701 2,298,338 2,252,275 
Total liabilities and equity$10,661,441 $10,469,106 $1,149,477 $1,138,368 $11,810,918 $11,607,474 

June 30, 2025December 31, 2024
Total assets – reportable segments$11,810,918 $11,607,474 
Intercompany eliminations(1,035,585)(976,965)
Total assets – consolidated$10,775,333 $10,630,509 

June 30, 2025December 31, 2024
Total liabilities and equity – reportable segments$11,810,918 $11,607,474 
Intercompany eliminations – liabilities(143,282)(66,421)
Intercompany eliminations – equity(892,303)(910,544)
Total liabilities and equity – consolidated$10,775,333 $10,630,509 

Concentration and Geographic Information
No individual borrower or marketplace investor accounted for 10% or more of total net revenue for any of the periods presented. All of the Company’s revenue is generated in the United States, and all of the long-lived assets are based in the United States.
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Pay vs Performance Disclosure        
Net income $ 38,178 $ 14,903 $ 49,849 $ 27,153
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
To diversify his assets, Scott Sanborn, the Company’s Chief Executive Officer, entered into a sales plan in June 2025 that is intended to comply with Rule 10b5-1(c) under the Exchange Act (the Plan). The maximum number of shares that can be sold under the Plan represents 3.5% of Mr. Sanborn’s current equity interest in the Company including his unvested time-based RSUs and unearned PBRSUs at target performance.

The following table shows the trading arrangements intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) adopted by the Company’s directors and executive officers during the second quarter of 2025:
Name and Title
Adoption Date
Expiration Date
Aggregate Number of Shares to be Sold
Scott Sanborn, Chief Executive Officer and Director
June 2, 2025February 27, 2026
Up to 90,000
Annie Armstrong, Chief Risk Officer
May 29, 2025August 31, 2026
Up to 86,658
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Scott Sanborn [Member]  
Trading Arrangements, by Individual  
Name Scott Sanborn
Title Chief Executive Officer and Director
Rule 10b5-1 Arrangement Adopted true
Adoption Date June 2, 2025
Expiration Date February 27, 2026
Arrangement Duration 270 days
Aggregate Available 90,000
Annie Armstrong [Member]  
Trading Arrangements, by Individual  
Name Annie Armstrong
Title Chief Risk Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date May 29, 2025
Expiration Date August 31, 2026
Arrangement Duration 459 days
Aggregate Available 86,658
v3.25.2
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation

LendingClub Corporation (LendingClub) was founded in 2006 and operates a leading, nationally chartered, digital marketplace bank that leverages data and technology to increase access to credit, lower borrowing costs, and improve returns on savings. LendingClub is registered as a bank holding company and operates the vast majority of its business through its wholly-owned subsidiary, LendingClub Bank, National Association (LC Bank).
These condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and, in the opinion of management, contain all adjustments, including normal recurring adjustments, necessary for the fair statement of the results and financial position for the periods presented.
Consolidation All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates These accounting principles require management to make certain estimates and assumptions that affect the amounts in the accompanying financial statements. These estimates and assumptions are inherently subjective in nature and actual results may differ from these estimates and assumptions, and the differences could be material.
Property, Equipment and Software, net
Property, Equipment and Software, net

The office building’s purchase price was allocated between the building and the underlying land value. Both the building and land are included within Property, Equipment and Software, Net, on the Balance Sheet. The building is carried at cost and depreciated on a straight-line basis over its estimated useful life of 35 years. Land is carried at cost and not depreciated.
Lessor Accounting – Operating Leases
Lessor Accounting – Operating Leases

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

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

New Accounting Standards Not Yet Adopted

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

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures, which improves income tax disclosure requirements, primarily through enhanced disclosures surrounding rate reconciliation and income taxes paid. The new standard is effective for annual periods beginning after December 15, 2024. The amendments of this standard should be applied prospectively, with retrospective application permitted. Early adoption is also permitted. The Company is evaluating the impact of this ASU but does not expect it to be material.
Revenue Recognition
Marketplace revenue consists of (i) origination fees, (ii) servicing fees, (iii) gain on sales of loans and (iv) net fair value adjustments, as described below.

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

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

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

Net Fair Value Adjustments: The Company records fair value adjustments on loans that are recorded at fair value, which include gains or losses from sale prices in excess of or less than the loan principal amount sold and realized net charge-offs. In addition, as loans are held on the Balance Sheet, incremental fair value adjustments on the loans are recorded in “Net fair value adjustments” within “Marketplace revenue,” whereas the associated interest income is recorded within “Net interest income.”
v3.25.2
Marketplace Revenue (Tables)
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Components of Marketplace Revenue
The following table presents components of marketplace revenue for the periods presented:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Origination fees$87,578 $77,131 $157,522 $147,210 
Servicing fees16,395 19,869 29,143 39,461 
Gain on sales of loans13,540 10,748 25,742 21,657 
Net fair value adjustments(27,869)(51,395)(57,120)(96,084)
Total marketplace revenue$89,644 $56,353 $155,287 $112,244 
v3.25.2
Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted EPS
The following table details the computation of the Company’s basic and diluted earnings per share (EPS):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Basic EPS:
Net income attributable to stockholders$38,178 $14,903 $49,849 $27,153 
Weighted-average common shares – Basic114,409,231 111,395,025 114,053,292 111,040,410 
Basic EPS$0.33 $0.13 $0.44 $0.24 
Diluted EPS:
Net income attributable to stockholders$38,178 $14,903 $49,849 $27,153 
Weighted-average common shares – Diluted115,692,969 111,466,497 115,936,910 111,076,938 
Diluted EPS$0.33 $0.13 $0.43 $0.24 
v3.25.2
Securities Available for Sale (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of AFS Securities
The amortized cost, gross unrealized gains and losses, and fair value of available for sale (AFS) securities were as follows:
June 30, 2025Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses
Allowance
for Credit Losses
Fair
Value
Senior asset-backed securities related to Structured Program transactions (1)
$2,940,007 $22,468 $— $— $2,962,475 
U.S. agency residential mortgage-backed securities265,088 164 (37,635)— 227,617 
Other asset-backed securities related to Structured Program transactions (2)
188,831 40 (810)(4,029)184,032 
U.S. agency securities87,461 — (12,327)— 75,134 
Mortgage-backed securities61,945 47 (5,439)— 56,553 
Other asset-backed securities19,271 49 (449)— 18,871 
Municipal securities3,226 — (766)— 2,460 
Total securities available for sale
$3,565,829 $22,768 $(57,426)$(4,029)$3,527,142 
December 31, 2024Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses
Allowance
for Credit Losses
Fair
Value
Senior asset-backed securities related to Structured Program transactions (1)
$2,870,071 $30,398 $(645)$— $2,899,824 
U.S. agency residential mortgage-backed securities270,120 48 (43,243)— 226,925 
Other asset-backed securities related to Structured Program transactions (2)
174,132 — (657)(3,527)169,948 
U.S. agency securities90,459 — (14,513)— 75,946 
Mortgage-backed securities62,882 8 (6,216)— 56,674 
Other asset-backed securities21,364 15 (587)— 20,792 
Municipal securities3,236 — (697)— 2,539 
Total securities available for sale
$3,492,264 $30,469 $(66,558)$(3,527)$3,452,648 
(1)    Excludes a $45 thousand and $(2.2) million cumulative basis adjustment for securities designated in active fair value hedge relationships at June 30, 2025 and December 31, 2024, respectively. See “Note 8. Derivative Instruments and Hedging Activities” for additional information.
(2)    As of June 30, 2025 and December 31, 2024, $181.3 million and $169.9 million, respectively, of the other asset-backed securities related to Structured Program transactions at fair value are subject to restrictions on transfer pursuant to the Company’s obligations as a “sponsor” under the U.S. Risk Retention Rules.
Schedule of AFS Securities with Unrealized Losses, Aggregated by Period of Continuous Unrealized Loss
A summary of AFS securities with unrealized losses, aggregated by period of continuous unrealized loss, is as follows:
Less than
12 months		12 months
or longer		Total
June 30, 2025Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
U.S. agency residential mortgage-backed securities$25,644 $(409)$187,755 $(37,226)$213,399 $(37,635)
Other asset-backed securities related to Structured Program transactions91,855 (792)2,328 (18)94,183 (810)
U.S. agency securities— — 75,134 (12,327)75,134 (12,327)
Mortgage-backed securities12,396 (101)32,113 (5,338)44,509 (5,439)
Other asset-backed securities1,135 (5)10,815 (444)11,950 (449)
Municipal securities— — 2,460 (766)2,460 (766)
Total securities with unrealized losses$131,030 $(1,307)$310,605 $(56,119)$441,635 $(57,426)
Less than
12 months		12 months
or longer		Total
December 31, 2024Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Senior asset-backed securities related to Structured Program transactions
$334,564 $(645)$— $— $334,564 $(645)
U.S. agency residential mortgage-backed securities34,168 (782)185,405 (42,461)219,573 (43,243)
Other asset-backed securities related to Structured Program transactions72,251 (657)— — 72,251 (657)
U.S. agency securities— — 75,946 (14,513)75,946 (14,513)
Mortgage-backed securities21,970 (316)32,298 (5,900)54,268 (6,216)
Other asset-backed securities1,638 (4)11,668 (583)13,306 (587)
Municipal securities— — 2,539 (697)2,539 (697)
Total securities with unrealized losses$464,591 $(2,404)$307,856 $(64,154)$772,447 $(66,558)
Schedule of Activity in Credit Valuation Allowance for AFS Securities
The following table presents the activity in the allowance for credit losses (ACL) for AFS securities, by security type:

Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Other asset-backed securities related to Structured Program transactions:
Allowance for credit losses, beginning of period
$4,848 $2,892 $3,527 $— 
Credit loss (benefit) expense for securities available for sale
(819)(809)502 2,083 
Allowance for credit losses, end of period
$4,029 $2,083 $4,029 $2,083 
Schedule of Contractual Maturities of AFS Securities
The contractual maturities of AFS securities were as follows:
June 30, 2025Amortized CostFair Value
Weighted-
average
Yield (1)
Due after 1 year through 5 years:
Senior asset-backed securities related to Structured Program transactions$2,940,007 $2,962,475 
Other asset-backed securities related to Structured Program transactions188,831 184,032 
U.S. agency securities7,850 7,729 
Mortgage-backed securities2,648 2,452 
Municipal securities
306 282 
Other asset-backed securities116 115 
Total due after 1 year through 5 years3,139,758 3,157,085 6.85 %
Due after 5 years through 10 years:
U.S. agency securities29,997 27,174 
Other asset-backed securities11,253 11,263 
U.S. agency residential mortgage-backed securities3,325 3,209 
Mortgage-backed securities898 781 
Municipal securities309 275 
Total due after 5 years through 10 years45,782 42,702 3.77 %
Due after 10 years:
U.S. agency residential mortgage-backed securities261,763 224,408 
Mortgage-backed securities58,399 53,320 
U.S. agency securities49,614 40,231 
Other asset-backed securities7,902 7,493 
Municipal securities2,611 1,903 
Total due after 10 years380,289 327,355 3.05 %
Total securities available for sale$3,565,829 $3,527,142 6.39 %
(1)    The weighted-average yield is computed using the average month-end amortized cost during the six months ended June 30, 2025.
v3.25.2
Loans and Leases Held for Investment at Amortized Cost, Net of Allowance for Loan and Lease Losses (Tables)
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Schedule of Loans and Leases Held for Investment at Amortized Cost and Components of the Allowance for Loan and Lease Losses and Components of Portfolio Segment Receivables
The Company defines its loans and leases HFI portfolio segments as (i) consumer and (ii) commercial. The following table presents the components of each portfolio segment by class of financing receivable:
June 30, 2025December 31, 2024
Unsecured personal$3,314,978 $3,106,472 
Residential mortgages166,568 172,711 
Secured consumer242,517 230,232 
Total consumer loans held for investment3,724,063 3,509,415 
Equipment finance (1)
49,891 64,232 
Commercial real estate449,604 373,785 
Commercial and industrial162,763 178,386 
Total commercial loans and leases held for investment662,258 616,403 
Total loans and leases held for investment4,386,321 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 
(1)    Comprised of sales-type leases for equipment. See “Note 17. Leases” for additional information.

The following table presents the components of the allowance for loan and lease losses (ALLL):
June 30, 2025December 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.

June 30, 2025ConsumerCommercialTotal
Loans and leases held for investment$3,724,063 $662,258 $4,386,321 
Allowance for loan and lease losses$237,433 $15,556 $252,989 
Allowance ratio (1)
6.4 %2.3 %5.8 %
Gross allowance for loan and lease losses$278,151 $15,556 $293,707 
Gross allowance ratio (1)
7.5 %2.3 %6.7 %
December 31, 2024ConsumerCommercialTotal
Loans and leases held for investment
$3,509,415 $616,403 $4,125,818 
Allowance for loan and lease losses
$212,598 $24,136 $236,734 
Allowance ratio (1)
6.1 %3.9 %5.7 %
Gross allowance for loan and lease losses
$261,550 $24,136 $285,686 
Gross allowance ratio (1)
7.5 %3.9 %6.9 %
(1)    Calculated as ALLL or gross ALLL, where applicable, to the corresponding portfolio segment balance of loans and leases held for investment at amortized cost.
The following table summarizes the aggregate fair value of the Company’s HFS loans, as well as the amount that was 90 days or more past due:
June 30, 2025December 31, 2024
Total90 or more
days past due		Total90 or more
days past due
Aggregate unpaid principal balance$1,034,287 $1,758 $657,984 $3,719 
Cumulative fair value adjustments(26,119)(1,426)(21,632)(3,012)
Fair value of loans held for sale
$1,008,168 $332 $636,352 $707 
The following table summarizes the aggregate fair value of the Company’s HFI loans held at fair value, as well as the amount that was 90 days or more past due:
June 30, 2025December 31, 2024
Total90 or more
days past due		Total90 or more
days past due
Aggregate unpaid principal balance$667,444 $8,411 $1,097,511 $14,616 
Cumulative fair value adjustments(35,708)(6,821)(69,713)(11,836)
Fair value of loans held for investment$631,736 $1,590 $1,027,798 $2,780 
Schedule of Activity in the ACL by Portfolio Segment
The activity in the ACL by portfolio segment was as follows:
Three Months Ended June 30,
20252024
ConsumerCommercialTotalConsumerCommercialTotal
Allowance for loan and lease losses:
Beginning of period
$227,608 $16,585 $244,193 $246,280 $12,870 $259,150 
Credit loss expense (benefit)
41,133 (537)40,596 30,760 5,817 36,577 
Charge-offs
(48,956)(898)(49,854)(77,494)(594)(78,088)
Recoveries17,648 406 18,054 11,183 87 11,270 
End of period
$237,433 $15,556 $252,989 $210,729 $18,180 $228,909 
Reserve for unfunded lending commitments:
Beginning of period
$— $1,629 $1,629 $— $1,662 $1,662 
Credit loss benefit
— (44)(44)— (207)(207)
End of period (1)
$— $1,585 $1,585 $— $1,455 $1,455 

Six Months Ended June 30,
20252024
ConsumerCommercialTotalConsumerCommercialTotal
Allowance for loan and lease losses:
Beginning of period
$212,598 $24,136 $236,734 $298,061 $12,326 $310,387 
Credit loss expense (benefit)
97,081 (103)96,978 58,446 7,377 65,823 
Charge-offs (2)
(107,300)(9,130)(116,430)(166,604)(1,826)(168,430)
Recoveries35,054 653 35,707 20,826 303 21,129 
End of period
$237,433 $15,556 $252,989 $210,729 $18,180 $228,909 
Reserve for unfunded lending commitments:
Beginning of period
$— $1,183 $1,183 $— $1,873 $1,873 
Credit loss expense (benefit)
— 402 402 — (418)(418)
End of period (1)
$— $1,585 $1,585 $— $1,455 $1,455 
(1)    Relates to $103.4 million and $91.5 million of unfunded commitments as of June 30, 2025 and 2024, respectively.
(2)    Includes an $8.0 million charge-off recorded in the first quarter of 2025 related to one office loan within the Company’s Commercial Real Estate portfolio, which was fully reserved for in prior periods.
Schedule of Charge-Offs by Origination Year and Consumer Lending Credit Quality Indicators and Commercial Lending Credit Quality Indicators
The following table presents charge-offs by origination year for the first half of 2025:
Gross Charge-Offs by Origination Year
20252024202320222021PriorTotal
Unsecured personal (1)
$1,232 $22,629 $36,217 $37,438 $8,718 $— $106,234 
Residential mortgages— — — — — — — 
Secured consumer— 114 533 295 124 — 1,066 
Total consumer loans held for investment1,232 22,743 36,750 37,733 8,842 — 107,300 
Equipment finance— — — — — — — 
Commercial real estate— — — — — 8,597 8,597 
Commercial and industrial— 172 — 328 33 — 533 
Total commercial loans and leases held for investment— 172 — 328 33 8,597 9,130 
Total loans and leases held for investment$1,232 $22,915 $36,750 $38,061 $8,875 $8,597 $116,430 
(1)    Unsecured personal loans are generally charged-off when a borrower is contractually 120 days past due.
The following tables present the classes of financing receivables within the consumer portfolio segment by credit quality indicator based on delinquency status and origination year:
June 30, 2025 Term Loans and Leases by Origination Year
20252024202320222021PriorTotal
Unsecured personal
Current $1,150,427 $1,037,882 $523,442 $466,704 $83,440 $— $3,261,895 
30-59 days past due 2,102 5,780 5,163 4,507 1,105 — 18,657 
60-89 days past due 1,487 4,829 5,085 4,755 1,033 — 17,189 
90 or more days past due 617 4,527 4,389 4,828 1,157 — 15,518 
Total unsecured personal (1)
1,154,633 1,053,018 538,079 480,794 86,735 — 3,313,259 
Residential mortgages
Current — — — 45,197 50,894 70,405 166,496 
30-59 days past due — — — — — — — 
60-89 days past due — — — — — — — 
90 or more days past due — — — — — 72 72 
Total residential mortgages — — — 45,197 50,894 70,477 166,568 
Secured consumer
Current69,522 62,340 58,196 40,116 6,652 2,325 239,151 
30-59 days past due2 307 764 884 230 — 2,187 
60-89 days past due78 67 250 423 33 — 851 
90 or more days past due— 113 93 116 6 — 328 
Total secured consumer69,602 62,827 59,303 41,539 6,921 2,325 242,517 
Total consumer loans held for investment$1,224,235 $1,115,845 $597,382 $567,530 $144,550 $72,802 $3,722,344 
(1)    Excludes cumulative basis adjustment for loans designated in fair value hedges under the portfolio layer method. As of June 30, 2025, the basis adjustment totaled $1.7 million and represents an increase to the amortized cost of the hedged loans. See “Note 8. Derivative Instruments and Hedging Activities” for additional information.
December 31, 2024 Term Loans and Leases by Origination Year
20242023202220212020PriorTotal
Unsecured personal
Current $1,347,685 $787,936 $762,223 $142,546 $— $— $3,040,390 
30-59 days past due 4,981 7,344 8,952 2,253 — — 23,530 
60-89 days past due 2,448 6,933 7,920 1,992 — — 19,293 
90 or more days past due 2,364 7,920 8,853 2,250 — — 21,387 
Total unsecured personal (1)
1,357,478 810,133 787,948 149,041 — — 3,104,600 
Residential mortgages
Current — — 45,828 52,679 28,176 45,789 172,472 
30-59 days past due — — — — — 151 151 
60-89 days past due — — — — — 88 88 
90 or more days past due — — — — — — — 
Total residential mortgages — — 45,828 52,679 28,176 46,028 172,711 
Secured consumer
Current79,161 78,081 56,766 10,573 — 2,372 226,953 
30-59 days past due98 824 1,199 221 — — 2,342 
60-89 days past due11 147 338 104 — — 600 
90 or more days past due36 157 99 45 — — 337 
Total secured consumer79,306 79,209 58,402 10,943 — 2,372 230,232 
Total consumer loans held for investment$1,436,784 $889,342 $892,178 $212,663 $28,176 $48,400 $3,507,543 
(1)    Excludes cumulative basis adjustment for loans designated in fair value hedges under the portfolio layer method. As of December 31, 2024, the basis adjustment totaled $1.9 million and represents an increase to the amortized cost of the hedged loans. See “Note 8. Derivative Instruments and Hedging Activities” for additional information.
The following tables present the classes of financing receivables within the commercial portfolio segment by risk rating and origination year:
June 30, 2025 Term Loans and Leases by Origination Year
20252024202320222021PriorTotal
Guaranteed Amount (1)
Equipment finance
Pass $— $— $774 $28,073 $4,434 $11,458 $44,739 $— 
Special mention— — — 254 416 — 670 — 
Substandard — — — 197 4,285 — 4,482 — 
Doubtful — — — — — — — — 
Loss— — — — — — — — 
Total equipment finance— — 774 28,524 9,135 11,458 49,891 — 
Commercial real estate
Pass 50,805 38,178 75,608 97,608 32,920 125,765 420,884 36,397 
Special mention— — — — — 6,177 6,177 — 
Substandard — — — 433 8,439 11,767 20,639 7,238 
Doubtful — — — — — 63 63 — 
Loss— — — 1,121 271 449 1,841 1,543 
Total commercial real estate50,805 38,178 75,608 99,162 41,630 144,221 449,604 45,178 
Commercial and industrial
Pass 6,143 33,356 25,317 17,935 23,286 13,110 119,147 77,117 
Special mention— — — 9,179 2,605 72 11,856 9,776 
Substandard — — 6,028 7,967 2,631 2,223 18,849 12,875 
Doubtful — — — 3,646 1,431 508 5,585 4,660 
Loss— 744 1,914 4,661 — 7 7,326 7,326 
Total commercial and industrial6,143 34,100 33,259 43,388 29,953 15,920 162,763 111,754 
Total commercial loans and leases held for investment$56,948 $72,278 $109,641 $171,074 $80,718 $171,599 $662,258 $156,932 
(1)    Represents loan balances guaranteed by the Small Business Association (SBA).
December 31, 2024 Term Loans and Leases by Origination Year
20242023202220212020PriorTotal
Guaranteed Amount (1)
Equipment finance
Pass $— $1,519 $32,544 $7,790 $9,101 $6,643 $57,597 $— 
Special mention— — 335 602 — — 937 — 
Substandard — — 776 4,922 — — 5,698 — 
Doubtful — — — — — — — — 
Loss— — — — — — — — 
Total equipment finance— 1,519 33,655 13,314 9,101 6,643 64,232 — 
Commercial real estate
Pass 22,847 67,692 89,903 21,174 27,947 106,060 335,623 31,499 
Special mention— — — — 252 6,276 6,528 — 
Substandard — — 2,430 8,441 7,987 10,791 29,649 8,940 
Doubtful — — — — — — — — 
Loss— — 1,121 271 — 593 1,985 1,543 
Total commercial real estate22,847 67,692 93,454 29,886 36,186 123,720 373,785 41,982 
Commercial and industrial
Pass 28,030 29,186 31,697 27,474 5,503 12,678 134,568 85,269 
Special mention635 — 5,165 2,652 76 — 8,528 7,065 
Substandard — 4,071 13,110 2,311 1,399 1,670 22,561 14,879 
Doubtful — — 3,279 1,477 506 285 5,547 4,671 
Loss282 2,094 4,224 568 — 14 7,182 7,182 
Total commercial and industrial28,947 35,351 57,475 34,482 7,484 14,647 178,386 119,066 
Total commercial loans and leases held for investment$51,794 $104,562 $184,584 $77,682 $52,771 $145,010 $616,403 $161,048 
(1)    Represents loan balances guaranteed by the SBA.
Schedule of Analysis of the Past Due Loans and Leases HFI at Amortized Cost and Nonaccrual Loans and Leases
The following tables present an analysis of the past due loans and leases HFI at amortized cost within the commercial portfolio segment:
June 30, 202530-59
Days		60-89
Days		90 or More
Days
Total Days Past Due
Guaranteed Amount (1)
Equipment finance$— $— $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 
December 31, 202430-59
Days		60-89
Days		90 or More
Days
Total Days Past Due
Guaranteed Amount (1)
Equipment finance$67 $— $4,551 $4,618 $— 
Commercial real estate8,320 483 9,731 18,534 8,456 
Commercial and industrial
6,257 1,182 15,971 23,410 18,512 
Total commercial loans and leases held for investment$14,644 $1,665 $30,253 $46,562 $26,968 
(1)    Represents loan balances guaranteed by the SBA.
The following table presents nonaccrual loans and leases:
June 30, 2025December 31, 2024
Nonaccrual
Nonaccrual with no related ACL (1)
Nonaccrual
Nonaccrual with no related ACL (1)
Unsecured personal$15,518 $— $21,387 $— 
Residential mortgages358 358 295 295 
Secured consumer328 — 337 — 
Total nonaccrual consumer loans held for investment16,204 358 22,019 295 
Equipment finance4,042 — 4,516 — 
Commercial real estate10,809 5,896 18,280 5,345 
Commercial and industrial25,909 9,197 27,489 7,501 
Total nonaccrual commercial loans and leases held for investment (2)
40,760 15,093 50,285 12,846 
Total nonaccrual loans and leases held for investment$56,964 $15,451 $72,304 $13,141 
(1)     Subset of total nonaccrual loans and leases.
(2)     Includes $29.5 million and $31.2 million in loan balances guaranteed by the SBA as of June 30, 2025 and December 31, 2024, respectively.

June 30, 2025December 31, 2024
Nonaccrual
Nonaccrual Ratios (1)
Nonaccrual
Nonaccrual Ratios (1)
Total nonaccrual consumer loans held for investment$16,204 0.4 %$22,019 0.6 %
Total nonaccrual commercial loans and leases held for investment40,760 6.2 %50,285 8.2 %
Total nonaccrual loans and leases held for investment$56,964 1.3 %$72,304 1.8 %
(1)     Calculated as the ratio of non-accruing loans and leases to loans and leases HFI at amortized cost.
Schedule of Loan Modifications and Amortized Cost of Loan Modifications The table below presents the amortized cost of loans that were modified during the periods presented, by modification type:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Short-term payment reduction
$6,892 $10,926 $12,686 $22,445 
Permanent loan modification
1,764 1,778 3,286 3,092 
Debt settlement
2,859 6,153 2,903 6,264 
Total loan modifications – unsecured personal loans
$11,515 $18,857 $18,875 $31,801 
% of unsecured personal loans at amortized cost as of period end
0.3 %0.6 %0.6 %1.0 %
The following table presents the delinquency status of the amortized cost of loan modifications as of the periods presented below that were modified during the preceding twelve months:
June 30, 2025June 30, 2024
Short-term Payment ReductionPermanent Loan ModificationDebt SettlementShort-term Payment ReductionPermanent Loan ModificationDebt Settlement
Unsecured personal loans
Current$17,743 $5,433 $— $21,215 $4,317 $161 
30-59 days1,372 135 — 1,850 177 23 
60-89 days1,240 242 535 1,526 281 616 
90 or more days1,074 153 2,374 896 148 5,622 
Total loan modifications$21,429 $5,963 $2,909 $25,487 $4,923 $6,422 
Schedule of Total Amount of Charge-Offs for Loan Modifications The table below presents the total amount of charge-offs during the period for loan modifications that were entered into within the preceding twelve months of charge-off:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Short-term payment reduction
$2,132 $1,367 $4,718 $1,560 
Permanent loan modification
381 489 903 928 
Debt settlement
8,829 20,197 22,165 41,972 
Total loan modifications – unsecured personal loans
$11,342 $22,053 $27,786 $44,460 
v3.25.2
Securitizations and Variable Interest Entities (Tables)
 6 Months Ended
Jun. 30, 2025
Transfers and Servicing [Abstract]  
Schedule of VIE Assets and Liabilities and Unconsolidated VIEs
The following table presents the classifications of assets and liabilities on the Company’s Balance Sheet for its transactions with unconsolidated VIEs:
June 30, 2025December 31, 2024
Assets
Securities available for sale at fair value$3,146,507 $3,069,771 
Other assets46,883 46,269 
Total assets3,193,390 3,116,040 
Liabilities
Other liabilities3,748 6,313 
Total liabilities3,748 6,313 
Total net assets (maximum loss exposure)$3,189,642 $3,109,727 
The following table summarizes activity related to unconsolidated VIEs where the transfers were accounted for as a sale on the Company’s financial statements:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Fair value of consideration received:
Cash$182,675 $97,246 $331,054 $190,890 
Net securities retained from Structured Program transactions
531,509 759,149 880,511 1,498,125 
Other assets, net
10,682 9,906 16,656 19,639 
Total consideration724,866 866,301 1,228,221 1,708,654 
Fair value of loans sold(715,210)(857,434)(1,213,268)(1,691,210)
Gain on sales of loans (1)
$9,656 $8,867 $14,953 $17,444 
Cash proceeds from continuing involvement:
Servicing and other administrative fees$8,850 $5,982 $17,746 $10,705 
Interest received on securities retained from Structured Program transactions
$50,147 $37,390 $101,281 $67,053 
(1)    Consists primarily of servicing assets recognized at the time of loan sale, less any transaction costs, and excludes origination fees and fair value adjustments recognized prior to the sale.
v3.25.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables present, by level within the fair value hierarchy, the Company’s assets and liabilities measured at fair value on a recurring basis:
June 30, 2025
Level 1
Level 2
Level 3
Balance at
Fair Value
Assets:
Loans held for sale at fair value$— $— $1,008,168 $1,008,168 
Loans held for investment at fair value
— — 631,736 631,736 
Securities available for sale:
Senior asset-backed securities related to Structured Program transactions— — 2,962,475 2,962,475 
U.S. agency residential mortgage-backed securities— 227,617 — 227,617 
Other asset-backed securities related to Structured Program transactions— — 184,032 184,032 
U.S. agency securities— 75,134 — 75,134 
Mortgage-backed securities— 56,553 — 56,553 
Other asset-backed securities— 18,871 — 18,871 
Municipal securities— 2,460 — 2,460 
Total securities available for sale— 380,635 3,146,507 3,527,142 
Servicing assets— — 57,909 57,909 
Other assets— 1,968 — 1,968 
Total assets$— $382,603 $4,844,320 $5,226,923 
Liabilities:
Other liabilities$— $3,513 $5,851 $9,364 
Total liabilities$— $3,513 $5,851 $9,364 
December 31, 2024
Level 1
Level 2
Level 3
Balance at
Fair Value
Assets:
Loans held for sale at fair value$— $— $636,352 $636,352 
Loans held for investment at fair value
— — 1,027,798 1,027,798 
Securities available for sale:
Senior asset-backed securities related to Structured Program transactions— — 2,899,824 2,899,824 
U.S. agency residential mortgage-backed securities— 226,925 — 226,925 
Other asset-backed securities related to Structured Program transactions
— — 169,948 169,948 
U.S. agency securities— 75,946 — 75,946 
Mortgage-backed securities
— 56,674 — 56,674 
Other asset-backed securities— 20,792 — 20,792 
Municipal securities— 2,539 — 2,539 
Total securities available for sale— 382,876 3,069,772 3,452,648 
Servicing assets— — 60,697 60,697 
Other assets— 5,820 — 5,820 
Total assets$— $388,696 $4,794,619 $5,183,315 
Liabilities:
Other liabilities$— $5,019 $11,799 $16,818 
Total liabilities$— $5,019 $11,799 $16,818 
Schedule of Significant Unobservable Inputs Used in the Fair Value Measurement of Loans HFS, Loans HFI, Senior Asset-Backed Securities, Other Asset-Backed Securities and Servicing Assets
The following significant unobservable inputs were used in the fair value measurement of loans HFS:
June 30, 2025December 31, 2024
MinimumMaximumWeighted-
Average		MinimumMaximumWeighted-
Average
Discount rate6.8 %13.9 %7.8 %7.1 %11.9 %7.9 %
Annualized net charge-off rate (1)
1.5 %17.3 %4.9 %1.8 %21.2 %5.4 %
Annualized prepayment rate (1)
18.0 %33.3 %24.0 %15.0 %27.6 %20.4 %
(1)    The weighted-average rate is calculated using the original principal balance of each loan pool.
The following significant unobservable inputs were used in the fair value measurement of loans HFI:
June 30, 2025December 31, 2024
MinimumMaximumWeighted-
Average		MinimumMaximumWeighted-
Average
Discount rate10.1 %12.8 %10.6 %7.2 %21.8 %10.5 %
Annualized net charge-off rate (1)
2.0 %19.8 %6.6 %3.0 %20.2 %6.6 %
Annualized prepayment rate (1)
13.4 %27.2 %19.8 %15.6 %21.4 %19.3 %
(1)    The weighted-average rate is calculated using the original principal balance of each loan pool.
The following significant unobservable input, which includes credit spreads, was used in the fair value measurement of senior asset-backed securities related to Structured Program transactions:
June 30, 2025December 31, 2024
MinimumMaximumWeighted-
Average		MinimumMaximumWeighted-
Average
Discount rate5.7 %6.0 %5.8 %6.0 %6.0 %6.0 %
The following significant unobservable inputs were used in the fair value measurement of other asset-backed securities related to Structured Program transactions:
June 30, 2025December 31, 2024
MinimumMaximumWeighted-
Average		MinimumMaximumWeighted-
Average
Discount rate6.8 %10.4 %7.7 %7.1 %11.0 %7.9 %
Annualized net charge-off rate (1)
4.2 %5.4 %4.8 %3.4 %7.4 %5.0 %
Annualized prepayment rate (1)
22.8 %24.8 %24.2 %18.7 %20.9 %20.5 %
(1)    The weighted-average rate is calculated using the original principal balance of each security.
The following significant unobservable inputs were used in the fair value measurement for servicing assets related to loans sold to investors:
June 30, 2025December 31, 2024
MinimumMaximumWeighted-
Average		MinimumMaximumWeighted-
Average
Discount rate8.7 %17.3 %10.7 %8.7 %17.3 %10.8 %
Annualized net charge-off rate (1)
1.5 %20.1 %6.7 %1.8 %21.2 %8.2 %
Annualized prepayment rate (1)
16.9 %32.8 %21.7 %14.8 %27.5 %20.0 %
Market servicing rate (2)
0.62 %0.62 %0.62 %0.62 %0.62 %0.62 %
(1)    The weighted-average rate is calculated using the original principal balance of each loan pool.
(2)    The fees a willing market participant would require for the servicing of loans with similar characteristics as those in the Company’s serviced portfolio.
Schedule of Sensitivity of Loans HFS and Loans HFI at Fair Value to Adverse Changes in Key Assumptions
The sensitivity of loans HFS at fair value to adverse changes in key assumptions was as follows:
June 30, 2025December 31, 2024
Loans held for sale at fair value
$1,008,168 $636,352 
Expected remaining weighted-average life (in years)
1.31.4
Discount rate:
100 basis point increase$(11,709)$(7,663)
200 basis point increase$(23,189)$(15,174)
Annualized net charge-off rate:
10% increase$(9,276)$(6,436)
20% increase$(18,585)$(12,937)
Annualized prepayment rate:
10% increase$(2,231)$(1,274)
20% increase$(4,058)$(2,444)
The sensitivity of loans HFI at fair value to adverse changes in key assumptions was as follows:
June 30, 2025December 31, 2024
Loans held for investment at fair value$631,736 $1,027,798 
Expected remaining weighted-average life (in years)
0.80.9
Discount rate:
100 basis point increase$(4,137)$(7,832)
200 basis point increase$(8,224)$(15,557)
Annualized net charge-off rate:
10% increase$(6,350)$(11,821)
20% increase$(14,268)$(25,428)
Annualized prepayment rate:
10% increase$(2,700)$(4,813)
20% increase$(4,030)$(9,854)
Schedule of Loans HFS, Loans HFI, Senior Asset-Backed Securities, Other Asset-Backed Securities and Servicing Assets at Fair Value Activity
The following table presents loans HFS at fair value activity:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Fair value at beginning of period$703,378 $550,415 $636,352 $407,773 
Originations and purchases1,654,313 1,397,930 2,918,045 2,680,180 
Sales(1,217,166)(1,042,166)(2,314,095)(2,101,814)
Principal payments(101,107)(63,605)(169,662)(97,877)
Realized charge-offs, net of recoveries, recorded in earnings
(4,663)(4,205)(11,367)(8,436)
Fair value adjustments recorded in earnings(26,587)(47,310)(51,105)(88,767)
Fair value at end of period$1,008,168 $791,059 $1,008,168 $791,059 
The following table presents loans HFI at fair value activity:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Fair value at beginning of period$818,882 $420,393 $1,027,798 $262,190 
Purchases— 12,220 12,744 232,784 
Principal payments(184,327)(96,004)(402,787)(159,930)
Interest income accretion and fair value adjustments recorded in earnings
(2,819)(1,967)(6,019)(402)
Fair value at end of period$631,736 $334,642 $631,736 $334,642 
The following table presents senior asset-backed securities related to Structured Program transactions activity:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Fair value at beginning of period$2,869,281 $1,765,259 $2,899,824 $1,176,403 
Additions495,771 716,299 819,887 1,413,646 
Cash received(398,286)(171,793)(749,951)(278,267)
Change in unrealized gain (loss)
(4,291)2,349 (7,285)332 
Fair value at end of period$2,962,475 $2,312,114 $2,962,475 $2,312,114 
The following table presents other asset-backed securities related to Structured Program transactions activity:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Fair value at beginning of period$172,544 $103,866 $169,948 $73,393 
Additions35,738 43,887 60,624 86,625 
Cash received(24,622)(12,735)(45,925)(22,066)
Credit loss expense (benefit) for securities available for sale
819 809 (502)(2,083)
Change in unrealized gain (loss)
(447)(282)(113)(324)
Fair value at end of period$184,032 $135,545 $184,032 $135,545 
The following table presents servicing assets activity:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Fair value at beginning of period$56,904 $71,830 $60,697 $77,680 
Issuances (1)
14,670 13,759 27,935 27,337 
Change in fair value, included in Marketplace revenue(13,665)(15,868)(30,723)(35,296)
Other net changes— (12)— (12)
Fair value at end of period$57,909 $69,709 $57,909 $69,709 
(1)    Represents the servicing assets recorded when the loans are sold. Included in “Gain on sales of loans” within “Marketplace revenue” on the Income Statement.
Schedule of Aggregate Fair Value of HFS Loans and HFI Loans
The Company defines its loans and leases HFI portfolio segments as (i) consumer and (ii) commercial. The following table presents the components of each portfolio segment by class of financing receivable:
June 30, 2025December 31, 2024
Unsecured personal$3,314,978 $3,106,472 
Residential mortgages166,568 172,711 
Secured consumer242,517 230,232 
Total consumer loans held for investment3,724,063 3,509,415 
Equipment finance (1)
49,891 64,232 
Commercial real estate449,604 373,785 
Commercial and industrial162,763 178,386 
Total commercial loans and leases held for investment662,258 616,403 
Total loans and leases held for investment4,386,321 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 
(1)    Comprised of sales-type leases for equipment. See “Note 17. Leases” for additional information.

The following table presents the components of the allowance for loan and lease losses (ALLL):
June 30, 2025December 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.

June 30, 2025ConsumerCommercialTotal
Loans and leases held for investment$3,724,063 $662,258 $4,386,321 
Allowance for loan and lease losses$237,433 $15,556 $252,989 
Allowance ratio (1)
6.4 %2.3 %5.8 %
Gross allowance for loan and lease losses$278,151 $15,556 $293,707 
Gross allowance ratio (1)
7.5 %2.3 %6.7 %
December 31, 2024ConsumerCommercialTotal
Loans and leases held for investment
$3,509,415 $616,403 $4,125,818 
Allowance for loan and lease losses
$212,598 $24,136 $236,734 
Allowance ratio (1)
6.1 %3.9 %5.7 %
Gross allowance for loan and lease losses
$261,550 $24,136 $285,686 
Gross allowance ratio (1)
7.5 %3.9 %6.9 %
(1)    Calculated as ALLL or gross ALLL, where applicable, to the corresponding portfolio segment balance of loans and leases held for investment at amortized cost.
The following table summarizes the aggregate fair value of the Company’s HFS loans, as well as the amount that was 90 days or more past due:
June 30, 2025December 31, 2024
Total90 or more
days past due		Total90 or more
days past due
Aggregate unpaid principal balance$1,034,287 $1,758 $657,984 $3,719 
Cumulative fair value adjustments(26,119)(1,426)(21,632)(3,012)
Fair value of loans held for sale
$1,008,168 $332 $636,352 $707 
The following table summarizes the aggregate fair value of the Company’s HFI loans held at fair value, as well as the amount that was 90 days or more past due:
June 30, 2025December 31, 2024
Total90 or more
days past due		Total90 or more
days past due
Aggregate unpaid principal balance$667,444 $8,411 $1,097,511 $14,616 
Cumulative fair value adjustments(35,708)(6,821)(69,713)(11,836)
Fair value of loans held for investment$631,736 $1,590 $1,027,798 $2,780 
Schedule of Sensitivity in the Fair Value of Senior Asset-Backed Securities and Other Asset-Backed Securities to Adverse Changes in Key Assumptions
The sensitivity in the fair value of senior asset-backed securities related to Structured Program transactions to adverse changes in key assumptions was as follows:
June 30, 2025December 31, 2024
Fair value of interests held$2,962,475 $2,899,824 
Expected remaining weighted-average life (in years)
1.11.2
Discount rate:
100 basis point increase$(32,798)$(37,315)
200 basis point increase$(65,597)$(74,630)
The sensitivity in the fair value of other asset-backed securities related to Structured Program transactions to adverse changes in key assumptions was as follows:
June 30, 2025December 31, 2024
Fair value of interests held$184,032 $169,948 
Expected remaining weighted-average life (in years)
1.21.3
Discount rate:
100 basis point increase$(1,924)$(1,909)
200 basis point increase$(3,812)$(3,783)
Annualized net charge-off rate:
10% increase$(1,633)$(1,778)
20% increase$(3,280)$(3,567)
Annualized prepayment rate:
10% increase$(494)$(432)
20% increase$(885)$(835)
Schedule of Sensitivity in the Fair Value of Servicing Assets to Adverse Changes in Key Assumptions
The sensitivity of the fair value of servicing assets to adverse changes in key assumptions was as follows:
June 30, 2025December 31, 2024
Fair value of servicing assets$57,909 $60,697 
Expected remaining weighted-average life (in years)
1.21.2
Discount rate:
100 basis point increase$(546)$(519)
200 basis point increase$(1,092)$(1,038)
Annualized net charge-off rate:
10% increase$(504)$(551)
20% increase$(1,008)$(1,102)
Annualized prepayment rate:
10% increase$(1,612)$(1,359)
20% increase$(3,224)$(2,718)
Schedule of Estimated Fair Value of Servicing Assets The table below shows the impact on the estimated fair value of servicing assets, calculated using different market servicing rate assumptions:
June 30, 2025December 31, 2024
Weighted-average market servicing rate assumptions
0.62 %0.62 %
Change in fair value from:
Market servicing rate increase by 0.10%
$(6,788)$(6,940)
Market servicing rate decrease by 0.10%
$6,788 $6,940 
Schedule of Financial Instruments Not Recorded at Fair Value
The following tables present the carrying amount and estimated fair values, by level within the fair value hierarchy, of the Company’s assets, and liabilities that are not recorded at fair value on a recurring basis:
June 30, 2025Carrying Amount
Level 1
Level 2
Level 3
Balance at
Fair Value
Assets:
Loans and leases held for investment, net$4,133,332 $— $— $4,342,825 $4,342,825 
Other assets42,299 — 42,077 541 42,618 
Total assets$4,175,631 $— $42,077 $4,343,366 $4,385,443 
Liabilities:
Deposits (1)
$1,898,714 $— $— $1,898,699 $1,898,699 
Other liabilities45,646 — 21,089 24,557 45,646 
Total liabilities$1,944,360 $— $21,089 $1,923,256 $1,944,345 
December 31, 2024Carrying Amount
Level 1
Level 2
Level 3
Balance at
Fair Value
Assets:
Loans and leases held for investment, net$3,889,084 $— $— $4,051,497 $4,051,497 
Other assets40,466 — 40,143 661 40,804 
Total assets$3,929,550 $— $40,143 $4,052,158 $4,092,301 
Liabilities:
Deposits (1)
$2,294,214 $— $— $2,306,373 $2,306,373 
Other liabilities44,801 — 22,833 21,968 44,801 
Total liabilities$2,339,015 $— $22,833 $2,328,341 $2,351,174 
(1)    Excludes deposit liabilities with no defined or contractual maturities.
v3.25.2
Derivative Instruments and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional and Gross Fair Value Amounts of Derivatives Not Designated
The table below presents the notional and gross fair value amounts of the Company’s derivatives that are not designated as accounting hedges:
June 30, 2025December 31, 2024
Notional
Derivative Asset (1)
Derivative Liability (1)
Notional
Derivative Asset (1)
Derivative Liability (1)
Credit derivatives
$8,360 $— $(5,013)$12,484 $— $(10,930)
Interest rate caps200,000 2 — 200,000 72 — 
Total
$208,360 $2 $(5,013)$212,484 $72 $(10,930)
(1)    Recorded in “Other assets” or “Other liabilities,” as applicable, on the Balance Sheet and in “Operating activities” on the Statement of Cash Flows.
Schedule of Gains (Losses) on Derivatives and Fair Value Hedges
The table below presents the gains (losses) recognized on the Company’s derivatives that are not designated as accounting hedges:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Credit derivatives (1)
$957 $(2,008)$2,116 $(3,442)
Interest rate caps (2)
(10)(63)(70)(63)
Total gains (losses)
$947 $(2,071)$2,046 $(3,505)
(1)    The initial fair value of the credit derivative liabilities is recorded in “Gain on sales of loans” with changes in the fair value recorded in “Net fair value adjustments,” both within “Marketplace revenue” on the Income Statement.
(2)    Changes in the fair value of the interest rate cap are recorded in “Net fair value adjustments” within “Marketplace revenue” on the Income Statement.
The following table summarizes the gains (losses) recognized on the Company’s fair value hedges:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Unsecured personal loans:
Hedged item
$(406)$(1,785)$(153)$(10,457)
Derivatives used for hedging348 1,563 70 9,915 
Interest settlement on derivative (1)
147 1,396 (388)2,769 
Total gains (losses) on hedged unsecured personal loans (2)
89 1,174 (471)2,227 
Securities available for sale:
Hedged item
383 — 2,242 — 
Derivatives used for hedging
(413)— (2,346)— 
Interest settlement on derivative (1)
699 — 1,315 — 
Total gains on hedged securities available for sale (3)
669 — 1,211 — 
Total gains on fair value hedges
$758 $1,174 $740 $2,227 
(1)    Includes accrued interest receivable and accrued interest payable.
(2)    Recorded in “Interest and fees on loans and leases held for investment” on the Income Statement.
(3)    Recorded in “Interest on securities available for sale” on the Income Statement.
Schedule of Notional and Gross Fair Value Amounts of Derivatives used for Hedging
The table below presents the notional and gross fair value amounts of the Company’s interest rate swaps used for hedging:
June 30, 2025December 31, 2024
Notional
Derivative Asset (1)
Derivative Liability (1)
Notional
Derivative Asset (1)
Derivative Liability (1)
Unsecured personal loans
$825,000 $485 $(2,068)$1,075,000 $1,323 $(2,976)
Securities available for sale
475,000 874 (838)225,000 2,382 — 
Total interest rate swaps
$1,300,000 $1,359 $(2,906)$1,300,000 $3,705 $(2,976)
(1)    Recorded in “Other assets” or “Other liabilities,” as applicable, on the Balance Sheet and in “Operating activities” on the Statement of Cash Flows.
Schedule of Cumulative Basis Adjustments for Fair Value Hedges
The following table presents the cumulative basis adjustments for fair value hedges:
June 30, 2025December 31, 2024
Balance Sheet Line Item
Carrying Amount of Closed Portfolio(1)
Cumulative Fair Value Adjustment Included in the Carrying Amount of the Hedged Items
Carrying Amount of Closed Portfolio(1)
Cumulative Fair Value Adjustment Included in the Carrying Amount of the Hedged Items
Loans and leases held for investment
$1,982,012 $1,719 $1,388,222 $1,872 
Securities available for sale$1,646,792 $45 $2,255,848 $(2,197)
(1)    Represents the total closed portfolio of assets (at amortized cost) designated in a portfolio method hedge relationship in which the hedged item is a stated layer that is expected to be remaining at the end of the hedging relationship. At June 30, 2025, the amortized cost of unsecured personal loans and AFS securities, designated as the hedged items in the portfolio layer hedging relationship, was $825 million and $475 million, respectively.
At December 31, 2024, the amortized cost of unsecured personal loans and AFS securities, designated as the hedged items in the portfolio layer hedging relationship, was $1.075 billion and $225 million, respectively.
v3.25.2
Property, Equipment and Software, Net (Tables)
 6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property, Equipment and Software, Net
Property, equipment and software, net, consist of the following:
June 30, 2025December 31, 2024
Software (1)
$239,698 $222,000 
Land and building (2)
75,573 — 
Leasehold improvements30,699 30,699 
Computer equipment (3)
5,713 22,216 
Furniture and fixtures5,554 5,554 
Total property, equipment and software357,237 280,469 
Accumulated depreciation and amortization(110,953)(112,937)
Total property, equipment and software, net$246,284 $167,532 
(1)    Includes $32.4 million and $43.4 million of development in progress for internally-developed software and $7.5 million and $7.1 million of development in progress to customize purchased software as of June 30, 2025 and December 31, 2024, respectively.
(2)    In April 2025, the Company acquired an office building which will be used as the Company’s headquarters beginning in the second quarter of 2026. See “Note 17. Leases” for additional information.
(3)    During the first quarter of 2025, the Company retired $16.8 million of fully depreciated computer equipment as part of its migration onto a cloud-based hosting platform.
v3.25.2
Goodwill and Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Gross and Net Carrying Values and Accumulated Amortization of Intangible Assets The gross and net carrying values and accumulated amortization were as follows:
June 30, 2025December 31, 2024
Gross carrying value$54,500 $54,500 
Accumulated amortization(47,432)(45,914)
Net carrying value$7,068 $8,586 
Schedule of Expected Future Amortization Expense for Intangible Assets
The expected future amortization expense for intangible assets as of June 30, 2025, is as follows:
2025$1,383 
20262,252 
20271,603 
2028945 
2029568 
Thereafter317 
Total$7,068 
v3.25.2
Other Assets (Tables)
 6 Months Ended
Jun. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Other Assets
Other assets consist of the following:
June 30, 2025December 31, 2024
Deferred tax assets, net (1)
$121,793 $137,155 
Servicing assets (2)
58,131 61,020 
Nonmarketable equity investments47,203 44,114 
Accrued interest receivable
39,958 40,388 
Operating lease assets17,194 21,304 
Intangible assets, net (3)
7,068 8,586 
Other87,286 91,415 
Total other assets$378,633 $403,982 
(1)    See “Note 16. Income Taxes” for additional detail.
(2)    Loans underlying servicing assets had a total outstanding principal balance of $7.2 billion and $7.3 billion as of June 30, 2025 and December 31, 2024, respectively.
(3)    See “Note 10. Goodwill and Intangible Assets” for additional detail.
v3.25.2
Deposits (Tables)
 6 Months Ended
Jun. 30, 2025
Other Liabilities Disclosure [Abstract]  
Schedule of Deposits, Maturity of Certificates of Deposits and Amount of Certificates of Deposit with Denominations
Deposits consist of the following:
June 30, 2025December 31, 2024
Interest-bearing deposits:
Savings and money market accounts$6,429,234 $5,903,869 
Certificates of deposit
1,898,714 2,294,214 
Checking accounts457,779 478,036 
Total8,785,727 8,676,119 
Noninterest-bearing deposits350,397 392,118 
Total deposits$9,136,124 $9,068,237 

Total certificates of deposit at June 30, 2025 are scheduled to mature as follows:
2025$920,711 
2026945,164 
202719,769 
20282,454 
202910,189 
Thereafter427 
Total certificates of deposit (1)
$1,898,714 
(1)    Certificates of deposit in excess of the FDIC insurance limit of $250 thousand per account holder totaled $99.2 million at June 30, 2025.
v3.25.2
Borrowings (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Borrowings
The following table summarizes the Company’s available borrowing capacity and the related pledged collateral:
June 30, 2025December 31, 2024
Available Borrowing Capacity
Pledged Collateral (1)
Available Borrowing Capacity
Pledged Collateral (2)
FRB Discount Window$3,147,467 $4,040,978 $2,635,034 $3,245,547 
FHLB of Des Moines
604,991 799,732 626,117 829,885 
Total
$3,752,458 $4,840,710 $3,261,151 $4,075,432 
(1)    As of June 30, 2025, the Company had $4.0 billion in loans pledged under the Federal Reserve System (FRB) Discount Window, and $428.3 million in loans and $371.5 million in securities available for sale at fair value pledged to the Federal Home Loan Bank (FHLB) of Des Moines.
(2)    As of December 31, 2024, the Company had $3.2 billion in loans pledged under the FRB Discount Window, and $456.4 million in loans and $373.5 million in securities available for sale at fair value pledged to the FHLB of Des Moines.
v3.25.2
Other Liabilities (Tables)
 6 Months Ended
Jun. 30, 2025
Other Liabilities [Abstract]  
Schedule of Other Liabilities
Other liabilities consist of the following:
June 30, 2025December 31, 2024
Accounts payable and accrued expenses$67,509 $78,131 
Due to borrowers (1)
61,614 24,449 
Operating lease liabilities22,389 28,502 
Payable to investors (2)
21,089 22,833 
Other60,573 66,626 
Total other liabilities$233,174 $220,541 
(1)    Represents originated loans for which disbursement of funds is pending to borrowers.
(2)    Represents principal and interest on loans collected by the Company and pending disbursement to investors.
v3.25.2
Employee Incentive Plans (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-based Compensation Expense
Stock-based compensation expense, included in “Compensation and benefits” expense on the Income Statement, was as follows for the periods presented:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
RSUs
$9,236 $11,573 $18,310 $23,555 
PBRSUs1,270 (258)2,117 1,359 
Stock-based compensation expense, gross10,506 11,315 20,427 24,914 
Less: Capitalized stock-based compensation expense1,441 1,866 2,843 3,921 
Stock-based compensation expense, net$9,065 $9,449 $17,584 $20,993 
Schedule of RSU Activity
The following table summarizes the Company’s RSU activity:
Number
of Units		Weighted-
Average
Grant Date
Fair Value
Unvested at December 31, 2024
5,638,230 $8.78 
Granted2,413,696 $11.50 
Vested(1,770,595)$9.21 
Forfeited/expired(285,168)$9.78 
Unvested at June 30, 2025
5,996,163 $9.70 
Schedule of PBRSU Activity
The following table summarizes the Company’s PBRSU activity:
Number
of Units		Weighted-
Average
Grant Date
Fair Value
Unvested at December 31, 2024
1,212,209 $8.68 
Granted325,472 $10.94 
Forfeited/expired(376,862)$10.09 
Unvested at June 30, 2025
1,160,819 $8.86 
v3.25.2
Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Schedule of Deferred Tax Assets
The following table summarizes the Company’s net deferred tax assets:
June 30, 2025December 31, 2024
Deferred tax assets, net of liabilities$168,118 $183,480 
Valuation allowance(46,325)(46,325)
Deferred tax assets, net of valuation allowance$121,793 $137,155 
v3.25.2
Leases (Tables)
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Schedule of Balance Sheet Information Related to Leases
Balance sheet information related to leases was as follows:
ROU Assets and Lease LiabilitiesBalance Sheet ClassificationJune 30, 2025December 31, 2024
Operating lease assetsOther assets$17,194 $21,304 
Operating lease liabilitiesOther liabilities$22,389 $28,502 
Schedule of Future Minimum Undiscounted Lease Payments Under Operating Leases
The Company’s future minimum undiscounted lease payments under operating leases as of June 30, 2025 were as follows:
2025$6,989 
20267,973 
20275,010 
20284,046 
2029909 
Total lease payments$24,927 
Discount effect(2,538)
Present value of future minimum lease payments$22,389 
Schedule of Weighted-average Remaining Lease Term and Discount Rate
The weighted-average remaining lease term and discount rate used in the calculation of the Company’s operating lease assets and liabilities were as follows:
Lease Term and Discount RateJune 30, 2025December 31, 2024
Weighted-average remaining lease term (in years)2.712.98
Weighted-average discount rate4.76 %4.87 %
Schedule of Future Fixed Lease Payments to be Received for Operating Leases
Future fixed lease payments to be received by the Company as of June 30, 2025, under non-cancelable operating leases, were as follows:
2025$3,290 
20264,893 
20273,580 
20282,532 
20291,932 
Thereafter8,205 
Total lease payments
$24,432 
Schedule of Components of Equipment Finance Assets
The components of Equipment Finance assets are as follows:
June 30, 2025December 31, 2024
Lease receivables$35,956 $49,290 
Unguaranteed residual asset values18,416 20,728 
Unearned income(4,706)(6,125)
Deferred costs
225 339 
Total$49,891 $64,232 
Schedule of Future Minimum Lease Payments Based on Maturity for Sales-Type Leases
Future minimum lease payments based on maturity of the Company’s sales-type leases as of June 30, 2025 were as follows:
2025$10,308 
202613,540 
20277,800 
20283,843 
20291,583 
Total lease payments$37,074 
Discount effect(1,118)
Present value of future minimum lease payments$35,956 
v3.25.2
Regulatory Requirements (Tables)
 6 Months Ended
Jun. 30, 2025
Regulated Operations [Abstract]  
Schedule of Regulatory Capital Amounts and Ratios
The following table presents the actual capital amounts and ratios of the Company and LC Bank as well as LC Bank’s regulatory minimum and “well capitalized” requirements (dollars in millions):
June 30, 2025December 31, 2024
Required Minimum(1)
Well-Capitalized Minimum
AmountRatioAmountRatio
LendingClub Corporation:
CET1 capital (2)
$1,268.1 17.5 %$1,188.6 17.3 %7.0 %N/A
Tier 1 capital$1,268.1 17.5 %$1,188.6 17.3 %8.5 %6.0 %
Total capital$1,360.5 18.8 %$1,276.5 18.5 %10.5 %10.0 %
Tier 1 leverage$1,268.1 12.2 %$1,188.6 11.0 %4.0 %N/A
Risk-weighted assets$7,230.3 N/A$6,887.1 N/AN/AN/A
Quarterly adjusted average assets$10,371.5 N/A$10,814.0 N/AN/AN/A
LendingClub Bank:
CET1 capital (2)
$1,112.1 15.5 %$1,101.4 16.1 %7.0 %6.5 %
Tier 1 capital$1,112.1 15.5 %$1,101.4 16.1 %8.5 %8.0 %
Total capital$1,203.9 16.8 %$1,188.5 17.4 %10.5 %10.0 %
Tier 1 leverage$1,112.1 10.8 %$1,101.4 10.3 %4.0 %5.0 %
Risk-weighted assets$7,181.0 N/A$6,823.1 N/AN/AN/A
Quarterly adjusted average assets$10,272.1 N/A$10,696.7 N/AN/AN/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.
v3.25.2
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information
Financial information for the segments is presented in the following tables:
LendingClub
Bank
LendingClub
Corporation (Parent only)
Total Reportable Segments
Three Months Ended June 30,202520242025202420252024
Non-interest income:
Marketplace revenue$73,424 $39,533 $9,989 $10,946 $83,413 $50,479 
Other non-interest income14,095 12,387 1,789 1,903 15,884 14,290 
Total non-interest income87,519 51,920 11,778 12,849 99,297 64,769 
Interest income:
Interest income236,958 217,814 139 1,820 237,097 219,634 
Interest expense(82,848)(90,888)— (218)(82,848)(91,106)
Net interest income154,110 126,926 139 1,602 154,249 128,528 
Total net revenue241,629 178,846 11,917 14,451 253,546 193,297 
Provision for credit losses(39,733)(35,561)— — (39,733)(35,561)
Non-interest expense:
Compensation and benefits(60,207)(54,862)(1,782)(1,678)(61,989)(56,540)
Marketing(33,580)(26,665)— — (33,580)(26,665)
Equipment and software(14,474)(12,333)(21)(27)(14,495)(12,360)
Depreciation and amortization(14,251)(10,896)(1,209)(2,176)(15,460)(13,072)
Professional services(10,019)(7,520)(281)(284)(10,300)(7,804)
Occupancy(2,845)(1,894)(1,942)(2,047)(4,787)(3,941)
Other non-interest expense(15,557)(12,687)(3,661)(5,245)(19,218)(17,932)
Total non-interest expense
(150,933)(126,857)(8,896)(11,457)(159,829)(138,314)
Income tax expense
(13,534)(3,872)(2,272)(647)(15,806)(4,519)
Net income(1)
$37,429 $12,556 $749 $2,347 $38,178 $14,903 
Capital expenditures$90,694 $12,865 $— $— $90,694 $12,865 
(1)    Total net income from reportable segments reflects net income on a consolidated basis.
LendingClub
Bank
LendingClub
Corporation (Parent only)
Total Reportable Segments
Six Months Ended June 30,202520242025202420252024
Non-interest income:
Marketplace revenue$125,634 $78,048 $15,784 $20,774 $141,418 $98,822 
Other non-interest income27,036 26,082 3,780 3,849 30,816 29,931 
Total non-interest income152,670 104,130 19,564 24,623 172,234 128,753 
Interest income:
Interest income468,713 422,621 443 4,364 469,156 426,985 
Interest expense(164,950)(175,011)— (558)(164,950)(175,569)
Net interest income303,763 247,610 443 3,806 304,206 251,416 
Total net revenue456,433 351,740 20,007 28,429 476,440 380,169 
Provision for credit losses(97,882)(67,488)— — (97,882)(67,488)
Non-interest expense:
Compensation and benefits(117,070)(112,874)(3,308)(3,220)(120,378)(116,094)
Marketing(62,819)(50,801)— — (62,819)(50,801)
Equipment and software(29,093)(24,969)(46)(75)(29,139)(25,044)
Depreciation and amortization(26,794)(21,062)(2,575)(4,683)(29,369)(25,745)
Professional services(19,656)(14,506)(408)(389)(20,064)(14,895)
Occupancy(5,246)(3,690)(3,886)(4,112)(9,132)(7,802)
Other non-interest expense(30,004)(25,451)(7,974)(10,899)(37,978)(36,350)
Total non-interest expense(290,682)(253,353)(18,197)(23,378)(308,879)(276,731)
Income tax expense
(18,406)(7,557)(1,424)(1,240)(19,830)(8,797)
Net income (1)
$49,463 $23,342 $386 $3,811 $49,849 $27,153 
Capital expenditures$103,760 $24,646 $— $— $103,760 $24,646 
(1)    Total net income from reportable segments reflects net income on a consolidated basis.

Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Total net revenue – reportable segments$253,546 $193,297 $476,440 $380,169 
Intercompany eliminations(5,111)(6,056)(10,294)(12,240)
Total net revenue – consolidated$248,435 $187,241 $466,146 $367,929 
LendingClub Bank
LendingClub
Corporation (Parent only)
Total Reportable Segments
 June 30, 2025December 31, 2024June 30, 2025December 31, 2024June 30, 2025December 31, 2024
Assets
Total cash and cash equivalents$731,078 $932,463 $136,588 $65,981 $867,666 $998,444 
Restricted cash— — 28,911 27,536 28,911 27,536 
Securities available for sale at fair value3,527,142 3,452,648 — — 3,527,142 3,452,648 
Loans held for sale at fair value1,008,168 636,352 — — 1,008,168 636,352 
Loans and leases held for investment, net4,133,332 3,889,084 — — 4,133,332 3,889,084 
Loans held for investment at fair value
629,615 1,023,226 2,121 4,572 631,736 1,027,798 
Property, equipment and software, net240,322 158,995 5,962 8,537 246,284 167,532 
Investment in subsidiary— — 892,303 910,544 892,303 910,544 
Goodwill75,717 75,717 — — 75,717 75,717 
Other assets316,067 300,621 83,592 121,198 399,659 421,819 
Total assets10,661,441 10,469,106 1,149,477 1,138,368 11,810,918 11,607,474 
Liabilities and Equity
Total deposits9,258,380 9,116,821 — — 9,258,380 9,116,821 
Other liabilities198,473 177,711 55,727 60,667 254,200 238,378 
Total liabilities9,456,853 9,294,532 55,727 60,667 9,512,580 9,355,199 
Total equity1,204,588 1,174,574 1,093,750 1,077,701 2,298,338 2,252,275 
Total liabilities and equity$10,661,441 $10,469,106 $1,149,477 $1,138,368 $11,810,918 $11,607,474 

June 30, 2025December 31, 2024
Total assets – reportable segments$11,810,918 $11,607,474 
Intercompany eliminations(1,035,585)(976,965)
Total assets – consolidated$10,775,333 $10,630,509 

June 30, 2025December 31, 2024
Total liabilities and equity – reportable segments$11,810,918 $11,607,474 
Intercompany eliminations – liabilities(143,282)(66,421)
Intercompany eliminations – equity(892,303)(910,544)
Total liabilities and equity – consolidated$10,775,333 $10,630,509 
v3.25.2
Summary of Significant Accounting Policies (Details) - Building
Jun. 30, 2025
Accounting Policies [Abstract]  
Property and equipment, estimated useful life 35 years
Property, Plant and Equipment [Line Items]  
Property and equipment, estimated useful life 35 years
v3.25.2
Marketplace Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation of Revenue [Line Items]        
Gain on sales of loans $ 13,540 $ 10,748 $ 25,742 $ 21,657
Net fair value adjustments (27,869) (51,395) (57,120) (96,084)
Total marketplace revenue 89,644 56,353 155,287 112,244
Origination fees        
Disaggregation of Revenue [Line Items]        
Revenue 87,578 77,131 157,522 147,210
Servicing fees        
Disaggregation of Revenue [Line Items]        
Revenue $ 16,395 $ 19,869 $ 29,143 $ 39,461
v3.25.2
Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Basic EPS:        
Net income attributable to stockholders $ 38,178 $ 14,903 $ 49,849 $ 27,153
Weighted-average common shares – Basic (in shares) [1] 114,409,231 111,395,025 114,053,292 111,040,410
Basic EPS (in USD per share) [1] $ 0.33 $ 0.13 $ 0.44 $ 0.24
Diluted EPS:        
Net income attributable to stockholders $ 38,178 $ 14,903 $ 49,849 $ 27,153
Weighted-average common shares – Diluted (in shares) [1] 115,692,969 111,466,497 115,936,910 111,076,938
Diluted EPS (in USD per share) [1] $ 0.33 $ 0.13 $ 0.43 $ 0.24
[1] See “Notes to Condensed Consolidated Financial Statements – Note 3. Earnings Per Share” for additional information.
v3.25.2
Securities Available for Sale - Schedule of Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of AFS Securities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]            
Amortized Cost $ 3,565,829   $ 3,492,264      
Gross Unrealized Gains 22,768   30,469      
Gross Unrealized Losses (57,426)   (66,558)      
Allowance for Credit Losses (4,029)   (3,527)      
Fair Value 3,527,142   3,452,648      
Senior asset-backed securities related to Structured Program transactions            
Debt Securities, Available-for-sale [Line Items]            
Amortized Cost 2,940,007   2,870,071      
Gross Unrealized Gains 22,468   30,398      
Gross Unrealized Losses 0   (645)      
Allowance for Credit Losses 0   0      
Fair Value 2,962,475   2,899,824      
Portfolio layer method basis adjustment - increase (decrease) 45   (2,200)      
U.S. agency residential mortgage-backed securities            
Debt Securities, Available-for-sale [Line Items]            
Amortized Cost 265,088   270,120      
Gross Unrealized Gains 164   48      
Gross Unrealized Losses (37,635)   (43,243)      
Allowance for Credit Losses 0   0      
Fair Value 227,617   226,925      
Other asset-backed securities related to Structured Program transactions            
Debt Securities, Available-for-sale [Line Items]            
Amortized Cost 188,831   174,132      
Gross Unrealized Gains 40   0      
Gross Unrealized Losses (810)   (657)      
Allowance for Credit Losses (4,029) $ (4,848) (3,527) $ (2,083) $ (2,892) $ 0
Fair Value 184,032   169,948      
Restricted investments 181,300   169,900      
U.S. agency securities            
Debt Securities, Available-for-sale [Line Items]            
Amortized Cost 87,461   90,459      
Gross Unrealized Gains 0   0      
Gross Unrealized Losses (12,327)   (14,513)      
Allowance for Credit Losses 0   0      
Fair Value 75,134   75,946      
Mortgage-backed securities            
Debt Securities, Available-for-sale [Line Items]            
Amortized Cost 61,945   62,882      
Gross Unrealized Gains 47   8      
Gross Unrealized Losses (5,439)   (6,216)      
Allowance for Credit Losses 0   0      
Fair Value 56,553   56,674      
Other asset-backed securities            
Debt Securities, Available-for-sale [Line Items]            
Amortized Cost 19,271   21,364      
Gross Unrealized Gains 49   15      
Gross Unrealized Losses (449)   (587)      
Allowance for Credit Losses 0   0      
Fair Value 18,871   20,792      
Municipal securities            
Debt Securities, Available-for-sale [Line Items]            
Amortized Cost 3,226   3,236      
Gross Unrealized Gains 0   0      
Gross Unrealized Losses (766)   (697)      
Allowance for Credit Losses 0   0      
Fair Value $ 2,460   $ 2,539      
v3.25.2
Securities Available for Sale - Schedule of AFS Securities with Unrealized Losses, Aggregated by Period of Continuous Unrealized Loss (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Schedule of Securities Available-for-sale [Line Items]    
Fair Value, Less than 12 months $ 131,030 $ 464,591
Unrealized Losses, Less than 12 months (1,307) (2,404)
Fair Value, 12 months or longer 310,605 307,856
Unrealized Losses, 12 months or longer (56,119) (64,154)
Fair Value 441,635 772,447
Unrealized Losses (57,426) (66,558)
Senior asset-backed securities related to Structured Program transactions    
Schedule of Securities Available-for-sale [Line Items]    
Fair Value, Less than 12 months   334,564
Unrealized Losses, Less than 12 months   (645)
Fair Value, 12 months or longer   0
Unrealized Losses, 12 months or longer   0
Fair Value   334,564
Unrealized Losses   (645)
U.S. agency residential mortgage-backed securities    
Schedule of Securities Available-for-sale [Line Items]    
Fair Value, Less than 12 months 25,644 34,168
Unrealized Losses, Less than 12 months (409) (782)
Fair Value, 12 months or longer 187,755 185,405
Unrealized Losses, 12 months or longer (37,226) (42,461)
Fair Value 213,399 219,573
Unrealized Losses (37,635) (43,243)
Other asset-backed securities related to Structured Program transactions    
Schedule of Securities Available-for-sale [Line Items]    
Fair Value, Less than 12 months 91,855 72,251
Unrealized Losses, Less than 12 months (792) (657)
Fair Value, 12 months or longer 2,328 0
Unrealized Losses, 12 months or longer (18) 0
Fair Value 94,183 72,251
Unrealized Losses (810) (657)
U.S. agency securities    
Schedule of Securities Available-for-sale [Line Items]    
Fair Value, Less than 12 months 0 0
Unrealized Losses, Less than 12 months 0 0
Fair Value, 12 months or longer 75,134 75,946
Unrealized Losses, 12 months or longer (12,327) (14,513)
Fair Value 75,134 75,946
Unrealized Losses (12,327) (14,513)
Mortgage-backed securities    
Schedule of Securities Available-for-sale [Line Items]    
Fair Value, Less than 12 months 12,396 21,970
Unrealized Losses, Less than 12 months (101) (316)
Fair Value, 12 months or longer 32,113 32,298
Unrealized Losses, 12 months or longer (5,338) (5,900)
Fair Value 44,509 54,268
Unrealized Losses (5,439) (6,216)
Other asset-backed securities    
Schedule of Securities Available-for-sale [Line Items]    
Fair Value, Less than 12 months 1,135 1,638
Unrealized Losses, Less than 12 months (5) (4)
Fair Value, 12 months or longer 10,815 11,668
Unrealized Losses, 12 months or longer (444) (583)
Fair Value 11,950 13,306
Unrealized Losses (449) (587)
Municipal securities    
Schedule of Securities Available-for-sale [Line Items]    
Fair Value, Less than 12 months 0 0
Unrealized Losses, Less than 12 months 0 0
Fair Value, 12 months or longer 2,460 2,539
Unrealized Losses, 12 months or longer (766) (697)
Fair Value 2,460 2,539
Unrealized Losses $ (766) $ (697)
v3.25.2
Securities Available for Sale - Schedule of Activity in Credit Valuation Allowance for AFS Securities (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Other asset-backed securities related to Structured Program transactions:        
Allowance for credit losses, beginning of period     $ 3,527  
Allowance for credit losses, end of period $ 4,029   4,029  
Other asset-backed securities related to Structured Program transactions        
Other asset-backed securities related to Structured Program transactions:        
Allowance for credit losses, beginning of period 4,848 $ 2,892 3,527 $ 0
Credit loss (benefit) expense for securities available for sale (819) (809) 502 2,083
Allowance for credit losses, end of period $ 4,029 $ 2,083 $ 4,029 $ 2,083
v3.25.2
Securities Available for Sale - Schedule of Contractual Maturities of AFS Securities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Amortized Cost    
Amortized Cost, Due after 1 year through 5 years $ 3,139,758  
Amortized Cost, Due after 5 years through 10 years 45,782  
Amortized Cost, Due after 10 years 380,289  
Amortized Cost 3,565,829 $ 3,492,264
Fair Value    
Fair Value, Due after 1 year through 5 years 3,157,085  
Fair Value, Due after 5 years through 10 years 42,702  
Fair Value, Due after 10 years 327,355  
Fair Value $ 3,527,142 3,452,648
Weighted-average Yield, Due after 1 year through 5 years 6.85%  
Weighted-average Yield, Due after 5 years through 10 years 3.77%  
Weighted-average Yield, Due after 10 years 3.05%  
Weighted-average Yield 6.39%  
Senior asset-backed securities related to Structured Program transactions    
Amortized Cost    
Amortized Cost, Due after 1 year through 5 years $ 2,940,007  
Amortized Cost 2,940,007 2,870,071
Fair Value    
Fair Value, Due after 1 year through 5 years 2,962,475  
Fair Value 2,962,475 2,899,824
Other asset-backed securities related to Structured Program transactions    
Amortized Cost    
Amortized Cost, Due after 1 year through 5 years 188,831  
Amortized Cost 188,831 174,132
Fair Value    
Fair Value, Due after 1 year through 5 years 184,032  
Fair Value 184,032 169,948
U.S. agency securities    
Amortized Cost    
Amortized Cost, Due after 1 year through 5 years 7,850  
Amortized Cost, Due after 5 years through 10 years 29,997  
Amortized Cost, Due after 10 years 49,614  
Amortized Cost 87,461 90,459
Fair Value    
Fair Value, Due after 1 year through 5 years 7,729  
Fair Value, Due after 5 years through 10 years 27,174  
Fair Value, Due after 10 years 40,231  
Fair Value 75,134 75,946
U.S. agency residential mortgage-backed securities    
Amortized Cost    
Amortized Cost, Due after 5 years through 10 years 3,325  
Amortized Cost, Due after 10 years 261,763  
Fair Value    
Fair Value, Due after 5 years through 10 years 3,209  
Fair Value, Due after 10 years 224,408  
Fair Value 227,617 226,925
Mortgage-backed securities    
Amortized Cost    
Amortized Cost, Due after 1 year through 5 years 2,648  
Amortized Cost, Due after 5 years through 10 years 898  
Amortized Cost, Due after 10 years 58,399  
Amortized Cost 61,945 62,882
Fair Value    
Fair Value, Due after 1 year through 5 years 2,452  
Fair Value, Due after 5 years through 10 years 781  
Fair Value, Due after 10 years 53,320  
Fair Value 56,553 56,674
Municipal securities    
Amortized Cost    
Amortized Cost, Due after 1 year through 5 years 306  
Amortized Cost, Due after 5 years through 10 years 309  
Amortized Cost, Due after 10 years 2,611  
Amortized Cost 3,226 3,236
Fair Value    
Fair Value, Due after 1 year through 5 years 282  
Fair Value, Due after 5 years through 10 years 275  
Fair Value, Due after 10 years 1,903  
Fair Value 2,460 2,539
Other asset-backed securities    
Amortized Cost    
Amortized Cost, Due after 1 year through 5 years 116  
Amortized Cost, Due after 5 years through 10 years 11,253  
Amortized Cost, Due after 10 years 7,902  
Amortized Cost 19,271 21,364
Fair Value    
Fair Value, Due after 1 year through 5 years 115  
Fair Value, Due after 5 years through 10 years 11,263  
Fair Value, Due after 10 years 7,493  
Fair Value $ 18,871 $ 20,792
v3.25.2
Loans and Leases Held for Investment at Amortized Cost, Net of Allowance for Loan and Lease Losses - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Receivables [Abstract]          
Accrued interest receivable, location Other Assets   Other Assets   Other Assets
Accrued interest $ 32.4   $ 32.4   $ 30.4
Short-term payment reduction | Consumer | Unsecured personal | Short-term payment reduction modification          
Term Loans and Leases by Origination Year          
Financing receivable, modified, temporary payment reduction period     3 months    
Financing receivable, modified, additional temporary payment reduction period     3 months    
Short-term payment reduction | Minimum | Consumer | Unsecured personal | Short-term payment reduction modification          
Term Loans and Leases by Origination Year          
Financing receivable, modified, term increase from modification     5 months    
Short-term payment reduction | Maximum | Consumer | Unsecured personal | Short-term payment reduction modification          
Term Loans and Leases by Origination Year          
Financing receivable, modified, term increase from modification     8 months    
Short-term payment reduction, first three months after modification | Consumer | Unsecured personal | Short-term payment reduction modification          
Term Loans and Leases by Origination Year          
Financing receivable, excluding accrued interest, modified, accumulated $ 11.7   $ 11.7    
Extended maturity | Consumer | Unsecured personal | Permanent loan modification          
Term Loans and Leases by Origination Year          
Financing receivable, modified, term increase from modification     12 months    
Financing receivable, modified, weighted average term increase from modification 12 months 12 months 12 months 12 months  
Contractual interest rate reduction | Consumer | Unsecured personal | Permanent loan modification          
Term Loans and Leases by Origination Year          
Financing receivable, modified, weighted average interest rate decrease from modification 8.00% 7.50% 8.10% 7.90%  
v3.25.2
Loans and Leases Held for Investment at Amortized Cost, Net of Allowance for Loan and Lease Losses - Schedule of Loans and Leases Held for Investment at Amortized Cost (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]            
Loans and leases held for investment $ 4,386,321   $ 4,125,818      
Allowance for loan and lease losses (252,989) $ (244,193) (236,734) $ (228,909) $ (259,150) $ (310,387)
Loans and leases held for investment, net 4,133,332   3,889,084      
Consumer            
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]            
Loans and leases held for investment 3,724,063   3,509,415      
Allowance for loan and lease losses (237,433) (227,608) (212,598) (210,729) (246,280) (298,061)
Consumer | Unsecured personal            
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]            
Loans and leases held for investment 3,314,978   3,106,472      
Consumer | Residential mortgages            
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]            
Loans and leases held for investment 166,568   172,711      
Consumer | Secured consumer            
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]            
Loans and leases held for investment 242,517   230,232      
Commercial            
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]            
Loans and leases held for investment 662,258   616,403      
Allowance for loan and lease losses (15,556) $ (16,585) (24,136) $ (18,180) $ (12,870) $ (12,326)
Commercial | Equipment finance            
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]            
Loans and leases held for investment 49,891   64,232      
Commercial | Commercial real estate            
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]            
Loans and leases held for investment 449,604   373,785      
Commercial | Commercial and industrial            
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]            
Loans and leases held for investment $ 162,763   $ 178,386      
v3.25.2
Loans and Leases Held for Investment at Amortized Cost, Net of Allowance for Loan and Lease Losses - Schedule of Components of the Allowance for Loan and Lease Losses (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Receivables [Abstract]            
Gross allowance for loan and lease losses $ 293,707   $ 285,686      
Recovery asset value (40,718)   (48,952)      
Allowance for loan and lease losses $ 252,989 $ 244,193 $ 236,734 $ 228,909 $ 259,150 $ 310,387
v3.25.2
Loans and Leases Held for Investment at Amortized Cost, Net of Allowance for Loan and Lease Losses - Schedule of Components of Portfolio Segment Receivables (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]            
Loans and leases held for investment $ 4,386,321   $ 4,125,818      
Allowance for loan and lease losses $ 252,989 $ 244,193 $ 236,734 $ 228,909 $ 259,150 $ 310,387
Allowance ratio 5.80%   5.70%      
Gross allowance for loan and lease losses $ 293,707   $ 285,686      
Gross allowance ratio 6.70%   6.90%      
Consumer            
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]            
Loans and leases held for investment $ 3,724,063   $ 3,509,415      
Allowance for loan and lease losses $ 237,433 227,608 $ 212,598 210,729 246,280 298,061
Allowance ratio 6.40%   6.10%      
Gross allowance for loan and lease losses $ 278,151   $ 261,550      
Gross allowance ratio 7.50%   7.50%      
Commercial            
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]            
Loans and leases held for investment $ 662,258   $ 616,403      
Allowance for loan and lease losses $ 15,556 $ 16,585 $ 24,136 $ 18,180 $ 12,870 $ 12,326
Allowance ratio 2.30%   3.90%      
Gross allowance for loan and lease losses $ 15,556   $ 24,136      
Gross allowance ratio 2.30%   3.90%      
v3.25.2
Loans and Leases Held for Investment at Amortized Cost, Net of Allowance for Loan and Lease Losses - Schedule of Activity in the ACL by Portfolio Segment (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
Mar. 31, 2025
USD ($)
loan
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Allowance for loan and lease losses:          
Beginning of period $ 244,193 $ 236,734 $ 259,150 $ 236,734 $ 310,387
Credit loss expense (benefit) 40,596   36,577 96,978 65,823
Charge-offs (49,854)   (78,088) (116,430) (168,430)
Recoveries 18,054   11,270 35,707 21,129
End of period 252,989 244,193 228,909 252,989 228,909
Unfunded Loan Commitment          
Reserve for unfunded lending commitments:          
Beginning of period 1,629 1,183 1,662 1,183 1,873
Credit loss benefit (44)   (207) 402 (418)
End of period 1,585 1,629 1,455 1,585 1,455
Unfunded Loan Commitment, Commitments To Extend Credit          
Reserve for unfunded lending commitments:          
Beginning of period   105,000   105,000  
End of period 103,400   91,500 103,400 91,500
Consumer          
Allowance for loan and lease losses:          
Beginning of period 227,608 212,598 246,280 212,598 298,061
Credit loss expense (benefit) 41,133   30,760 97,081 58,446
Charge-offs (48,956)   (77,494) (107,300) (166,604)
Recoveries 17,648   11,183 35,054 20,826
End of period 237,433 227,608 210,729 237,433 210,729
Consumer | Unfunded Loan Commitment          
Reserve for unfunded lending commitments:          
Beginning of period 0 0 0 0 0
Credit loss benefit 0   0 0 0
End of period 0 0 0 0 0
Commercial          
Allowance for loan and lease losses:          
Beginning of period 16,585 24,136 12,870 24,136 12,326
Credit loss expense (benefit) (537)   5,817 (103) 7,377
Charge-offs (898)   (594) (9,130) (1,826)
Recoveries 406   87 653 303
End of period 15,556 16,585 18,180 15,556 18,180
Commercial | Office          
Allowance for loan and lease losses:          
Charge-offs   $ (8,000)      
Reserve for unfunded lending commitments:          
Number of loans written off | loan   1      
Commercial | Unfunded Loan Commitment          
Reserve for unfunded lending commitments:          
Beginning of period 1,629 $ 1,183 1,662 1,183 1,873
Credit loss benefit (44)   (207) 402 (418)
End of period $ 1,585 $ 1,629 $ 1,455 $ 1,585 $ 1,455
v3.25.2
Loans and Leases Held for Investment at Amortized Cost, Net of Allowance for Loan and Lease Losses - Schedule of Charge-Offs by Origination Year (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
USD ($)
Term Loans and Leases by Origination Year  
2025 $ 1,232
2024 22,915
2023 36,750
2022 38,061
2021 8,875
Prior 8,597
Total 116,430
Consumer  
Term Loans and Leases by Origination Year  
2025 1,232
2024 22,743
2023 36,750
2022 37,733
2021 8,842
Prior 0
Total 107,300
Consumer | Unsecured personal  
Term Loans and Leases by Origination Year  
2025 1,232
2024 22,629
2023 36,217
2022 37,438
2021 8,718
Prior 0
Total 106,234
Consumer | Residential mortgages  
Term Loans and Leases by Origination Year  
2025 0
2024 0
2023 0
2022 0
2021 0
Prior 0
Total 0
Consumer | Secured consumer  
Term Loans and Leases by Origination Year  
2025 0
2024 114
2023 533
2022 295
2021 124
Prior 0
Total 1,066
Commercial  
Term Loans and Leases by Origination Year  
2025 0
2024 172
2023 0
2022 328
2021 33
Prior 8,597
Total 9,130
Commercial | Equipment finance  
Term Loans and Leases by Origination Year  
2025 0
2024 0
2023 0
2022 0
2021 0
Prior 0
Total 0
Commercial | Commercial real estate  
Term Loans and Leases by Origination Year  
2025 0
2024 0
2023 0
2022 0
2021 0
Prior 8,597
Total 8,597
Commercial | Commercial and industrial  
Term Loans and Leases by Origination Year  
2025 0
2024 172
2023 0
2022 328
2021 33
Prior 0
Total $ 533
v3.25.2
Loans and Leases Held for Investment at Amortized Cost, Net of Allowance for Loan and Lease Losses - Schedule of Consumer Lending Credit Quality Indicators and Commercial Lending Credit Quality Indicators (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Term Loans and Leases by Origination Year    
Total $ 4,386,321 $ 4,125,818
Loans and leases held for investment    
Term Loans and Leases by Origination Year    
Portfolio layer method basis adjustment - increase (decrease) 1,719 1,872
Consumer Portfolio Segment, Excluding Cumulative Basis Adjustment for Portfolio Layer Method    
Term Loans and Leases by Origination Year    
Year 1 1,224,235 1,436,784
Year 2 1,115,845 889,342
Year 3 597,382 892,178
Year 4 567,530 212,663
Year 5 144,550 28,176
Prior 72,802 48,400
Total 3,722,344 3,507,543
Consumer Portfolio Segment, Excluding Cumulative Basis Adjustment for Portfolio Layer Method | Unsecured personal    
Term Loans and Leases by Origination Year    
Year 1 1,154,633 1,357,478
Year 2 1,053,018 810,133
Year 3 538,079 787,948
Year 4 480,794 149,041
Year 5 86,735 0
Prior 0 0
Total 3,313,259 3,104,600
Consumer Portfolio Segment, Excluding Cumulative Basis Adjustment for Portfolio Layer Method | Residential mortgages    
Term Loans and Leases by Origination Year    
Year 1 0 0
Year 2 0 0
Year 3 0 45,828
Year 4 45,197 52,679
Year 5 50,894 28,176
Prior 70,477 46,028
Total 166,568 172,711
Consumer Portfolio Segment, Excluding Cumulative Basis Adjustment for Portfolio Layer Method | Secured consumer    
Term Loans and Leases by Origination Year    
Year 1 69,602 79,306
Year 2 62,827 79,209
Year 3 59,303 58,402
Year 4 41,539 10,943
Year 5 6,921 0
Prior 2,325 2,372
Total 242,517 230,232
Commercial    
Term Loans and Leases by Origination Year    
Year 1 56,948 51,794
Year 2 72,278 104,562
Year 3 109,641 184,584
Year 4 171,074 77,682
Year 5 80,718 52,771
Prior 171,599 145,010
Total 662,258 616,403
Commercial | Loans guaranteed by the Small Business Association    
Term Loans and Leases by Origination Year    
Total 156,932 161,048
Commercial | Equipment finance    
Term Loans and Leases by Origination Year    
Year 1 0 0
Year 2 0 1,519
Year 3 774 33,655
Year 4 28,524 13,314
Year 5 9,135 9,101
Prior 11,458 6,643
Total 49,891 64,232
Commercial | Equipment finance | Loans guaranteed by the Small Business Association    
Term Loans and Leases by Origination Year    
Total 0 0
Commercial | Equipment finance | Pass    
Term Loans and Leases by Origination Year    
Year 1 0 0
Year 2 0 1,519
Year 3 774 32,544
Year 4 28,073 7,790
Year 5 4,434 9,101
Prior 11,458 6,643
Total 44,739 57,597
Commercial | Equipment finance | Pass | Loans guaranteed by the Small Business Association    
Term Loans and Leases by Origination Year    
Total 0 0
Commercial | Equipment finance | Special mention    
Term Loans and Leases by Origination Year    
Year 1 0 0
Year 2 0 0
Year 3 0 335
Year 4 254 602
Year 5 416 0
Prior 0 0
Total 670 937
Commercial | Equipment finance | Special mention | Loans guaranteed by the Small Business Association    
Term Loans and Leases by Origination Year    
Total 0 0
Commercial | Equipment finance | Substandard    
Term Loans and Leases by Origination Year    
Year 1 0 0
Year 2 0 0
Year 3 0 776
Year 4 197 4,922
Year 5 4,285 0
Prior 0 0
Total 4,482 5,698
Commercial | Equipment finance | Substandard | Loans guaranteed by the Small Business Association    
Term Loans and Leases by Origination Year    
Total 0 0
Commercial | Equipment finance | Doubtful    
Term Loans and Leases by Origination Year    
Year 1 0 0
Year 2 0 0
Year 3 0 0
Year 4 0 0
Year 5 0 0
Prior 0 0
Total 0 0
Commercial | Equipment finance | Doubtful | Loans guaranteed by the Small Business Association    
Term Loans and Leases by Origination Year    
Total 0 0
Commercial | Equipment finance | Loss    
Term Loans and Leases by Origination Year    
Year 1 0 0
Year 2 0 0
Year 3 0 0
Year 4 0 0
Year 5 0 0
Prior 0 0
Total 0 0
Commercial | Equipment finance | Loss | Loans guaranteed by the Small Business Association    
Term Loans and Leases by Origination Year    
Total 0 0
Commercial | Commercial real estate    
Term Loans and Leases by Origination Year    
Year 1 50,805 22,847
Year 2 38,178 67,692
Year 3 75,608 93,454
Year 4 99,162 29,886
Year 5 41,630 36,186
Prior 144,221 123,720
Total 449,604 373,785
Commercial | Commercial real estate | Loans guaranteed by the Small Business Association    
Term Loans and Leases by Origination Year    
Total 45,178 41,982
Commercial | Commercial real estate | Pass    
Term Loans and Leases by Origination Year    
Year 1 50,805 22,847
Year 2 38,178 67,692
Year 3 75,608 89,903
Year 4 97,608 21,174
Year 5 32,920 27,947
Prior 125,765 106,060
Total 420,884 335,623
Commercial | Commercial real estate | Pass | Loans guaranteed by the Small Business Association    
Term Loans and Leases by Origination Year    
Total 36,397 31,499
Commercial | Commercial real estate | Special mention    
Term Loans and Leases by Origination Year    
Year 1 0 0
Year 2 0 0
Year 3 0 0
Year 4 0 0
Year 5 0 252
Prior 6,177 6,276
Total 6,177 6,528
Commercial | Commercial real estate | Special mention | Loans guaranteed by the Small Business Association    
Term Loans and Leases by Origination Year    
Total 0 0
Commercial | Commercial real estate | Substandard    
Term Loans and Leases by Origination Year    
Year 1 0 0
Year 2 0 0
Year 3 0 2,430
Year 4 433 8,441
Year 5 8,439 7,987
Prior 11,767 10,791
Total 20,639 29,649
Commercial | Commercial real estate | Substandard | Loans guaranteed by the Small Business Association    
Term Loans and Leases by Origination Year    
Total 7,238 8,940
Commercial | Commercial real estate | Doubtful    
Term Loans and Leases by Origination Year    
Year 1 0 0
Year 2 0 0
Year 3 0 0
Year 4 0 0
Year 5 0 0
Prior 63 0
Total 63 0
Commercial | Commercial real estate | Doubtful | Loans guaranteed by the Small Business Association    
Term Loans and Leases by Origination Year    
Total 0 0
Commercial | Commercial real estate | Loss    
Term Loans and Leases by Origination Year    
Year 1 0 0
Year 2 0 0
Year 3 0 1,121
Year 4 1,121 271
Year 5 271 0
Prior 449 593
Total 1,841 1,985
Commercial | Commercial real estate | Loss | Loans guaranteed by the Small Business Association    
Term Loans and Leases by Origination Year    
Total 1,543 1,543
Commercial | Commercial and industrial    
Term Loans and Leases by Origination Year    
Year 1 6,143 28,947
Year 2 34,100 35,351
Year 3 33,259 57,475
Year 4 43,388 34,482
Year 5 29,953 7,484
Prior 15,920 14,647
Total 162,763 178,386
Commercial | Commercial and industrial | Loans guaranteed by the Small Business Association    
Term Loans and Leases by Origination Year    
Total 111,754 119,066
Commercial | Commercial and industrial | Pass    
Term Loans and Leases by Origination Year    
Year 1 6,143 28,030
Year 2 33,356 29,186
Year 3 25,317 31,697
Year 4 17,935 27,474
Year 5 23,286 5,503
Prior 13,110 12,678
Total 119,147 134,568
Commercial | Commercial and industrial | Pass | Loans guaranteed by the Small Business Association    
Term Loans and Leases by Origination Year    
Total 77,117 85,269
Commercial | Commercial and industrial | Special mention    
Term Loans and Leases by Origination Year    
Year 1 0 635
Year 2 0 0
Year 3 0 5,165
Year 4 9,179 2,652
Year 5 2,605 76
Prior 72 0
Total 11,856 8,528
Commercial | Commercial and industrial | Special mention | Loans guaranteed by the Small Business Association    
Term Loans and Leases by Origination Year    
Total 9,776 7,065
Commercial | Commercial and industrial | Substandard    
Term Loans and Leases by Origination Year    
Year 1 0 0
Year 2 0 4,071
Year 3 6,028 13,110
Year 4 7,967 2,311
Year 5 2,631 1,399
Prior 2,223 1,670
Total 18,849 22,561
Commercial | Commercial and industrial | Substandard | Loans guaranteed by the Small Business Association    
Term Loans and Leases by Origination Year    
Total 12,875 14,879
Commercial | Commercial and industrial | Doubtful    
Term Loans and Leases by Origination Year    
Year 1 0 0
Year 2 0 0
Year 3 0 3,279
Year 4 3,646 1,477
Year 5 1,431 506
Prior 508 285
Total 5,585 5,547
Commercial | Commercial and industrial | Doubtful | Loans guaranteed by the Small Business Association    
Term Loans and Leases by Origination Year    
Total 4,660 4,671
Commercial | Commercial and industrial | Loss    
Term Loans and Leases by Origination Year    
Year 1 0 282
Year 2 744 2,094
Year 3 1,914 4,224
Year 4 4,661 568
Year 5 0 0
Prior 7 14
Total 7,326 7,182
Commercial | Commercial and industrial | Loss | Loans guaranteed by the Small Business Association    
Term Loans and Leases by Origination Year    
Total 7,326 7,182
Current | Consumer Portfolio Segment, Excluding Cumulative Basis Adjustment for Portfolio Layer Method | Unsecured personal    
Term Loans and Leases by Origination Year    
Year 1 1,150,427 1,347,685
Year 2 1,037,882 787,936
Year 3 523,442 762,223
Year 4 466,704 142,546
Year 5 83,440 0
Prior 0 0
Total 3,261,895 3,040,390
Current | Consumer Portfolio Segment, Excluding Cumulative Basis Adjustment for Portfolio Layer Method | Residential mortgages    
Term Loans and Leases by Origination Year    
Year 1 0 0
Year 2 0 0
Year 3 0 45,828
Year 4 45,197 52,679
Year 5 50,894 28,176
Prior 70,405 45,789
Total 166,496 172,472
Current | Consumer Portfolio Segment, Excluding Cumulative Basis Adjustment for Portfolio Layer Method | Secured consumer    
Term Loans and Leases by Origination Year    
Year 1 69,522 79,161
Year 2 62,340 78,081
Year 3 58,196 56,766
Year 4 40,116 10,573
Year 5 6,652 0
Prior 2,325 2,372
Total 239,151 226,953
30-59 days past due | Consumer Portfolio Segment, Excluding Cumulative Basis Adjustment for Portfolio Layer Method | Unsecured personal    
Term Loans and Leases by Origination Year    
Year 1 2,102 4,981
Year 2 5,780 7,344
Year 3 5,163 8,952
Year 4 4,507 2,253
Year 5 1,105 0
Prior 0 0
Total 18,657 23,530
30-59 days past due | Consumer Portfolio Segment, Excluding Cumulative Basis Adjustment for Portfolio Layer Method | Residential mortgages    
Term Loans and Leases by Origination Year    
Year 1 0 0
Year 2 0 0
Year 3 0 0
Year 4 0 0
Year 5 0 0
Prior 0 151
Total 0 151
30-59 days past due | Consumer Portfolio Segment, Excluding Cumulative Basis Adjustment for Portfolio Layer Method | Secured consumer    
Term Loans and Leases by Origination Year    
Year 1 2 98
Year 2 307 824
Year 3 764 1,199
Year 4 884 221
Year 5 230 0
Prior 0 0
Total 2,187 2,342
30-59 days past due | Commercial    
Term Loans and Leases by Origination Year    
Total 1,057 14,644
30-59 days past due | Commercial | Equipment finance    
Term Loans and Leases by Origination Year    
Total 0 67
30-59 days past due | Commercial | Commercial real estate    
Term Loans and Leases by Origination Year    
Total 0 8,320
30-59 days past due | Commercial | Commercial and industrial    
Term Loans and Leases by Origination Year    
Total 1,057 6,257
60-89 days past due | Consumer Portfolio Segment, Excluding Cumulative Basis Adjustment for Portfolio Layer Method | Unsecured personal    
Term Loans and Leases by Origination Year    
Year 1 1,487 2,448
Year 2 4,829 6,933
Year 3 5,085 7,920
Year 4 4,755 1,992
Year 5 1,033 0
Prior 0 0
Total 17,189 19,293
60-89 days past due | Consumer Portfolio Segment, Excluding Cumulative Basis Adjustment for Portfolio Layer Method | Residential mortgages    
Term Loans and Leases by Origination Year    
Year 1 0 0
Year 2 0 0
Year 3 0 0
Year 4 0 0
Year 5 0 0
Prior 0 88
Total 0 88
60-89 days past due | Consumer Portfolio Segment, Excluding Cumulative Basis Adjustment for Portfolio Layer Method | Secured consumer    
Term Loans and Leases by Origination Year    
Year 1 78 11
Year 2 67 147
Year 3 250 338
Year 4 423 104
Year 5 33 0
Prior 0 0
Total 851 600
60-89 days past due | Commercial    
Term Loans and Leases by Origination Year    
Total 1,200 1,665
60-89 days past due | Commercial | Equipment finance    
Term Loans and Leases by Origination Year    
Total 0 0
60-89 days past due | Commercial | Commercial real estate    
Term Loans and Leases by Origination Year    
Total 528 483
60-89 days past due | Commercial | Commercial and industrial    
Term Loans and Leases by Origination Year    
Total 672 1,182
90 or more days past due | Consumer Portfolio Segment, Excluding Cumulative Basis Adjustment for Portfolio Layer Method | Unsecured personal    
Term Loans and Leases by Origination Year    
Year 1 617 2,364
Year 2 4,527 7,920
Year 3 4,389 8,853
Year 4 4,828 2,250
Year 5 1,157 0
Prior 0 0
Total 15,518 21,387
90 or more days past due | Consumer Portfolio Segment, Excluding Cumulative Basis Adjustment for Portfolio Layer Method | Residential mortgages    
Term Loans and Leases by Origination Year    
Year 1 0 0
Year 2 0 0
Year 3 0 0
Year 4 0 0
Year 5 0 0
Prior 72 0
Total 72 0
90 or more days past due | Consumer Portfolio Segment, Excluding Cumulative Basis Adjustment for Portfolio Layer Method | Secured consumer    
Term Loans and Leases by Origination Year    
Year 1 0 36
Year 2 113 157
Year 3 93 99
Year 4 116 45
Year 5 6 0
Prior 0 0
Total 328 337
90 or more days past due | Commercial    
Term Loans and Leases by Origination Year    
Total 32,479 30,253
90 or more days past due | Commercial | Equipment finance    
Term Loans and Leases by Origination Year    
Total 4,042 4,551
90 or more days past due | Commercial | Commercial real estate    
Term Loans and Leases by Origination Year    
Total 10,222 9,731
90 or more days past due | Commercial | Commercial and industrial    
Term Loans and Leases by Origination Year    
Total $ 18,215 $ 15,971
v3.25.2
Loans and Leases Held for Investment at Amortized Cost, Net of Allowance For Loan and Lease Losses - Schedule of Analysis of the Past Due Loans and Leases HFI at Amortized Cost (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment $ 4,386,321 $ 4,125,818
Commercial    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 662,258 616,403
Commercial | Loans guaranteed by the Small Business Association    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 156,932 161,048
Commercial | 30-59 days past due    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 1,057 14,644
Commercial | 60-89 days past due    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 1,200 1,665
Commercial | 90 or more days past due    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 32,479 30,253
Commercial | Total Days Past Due    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 34,736 46,562
Commercial | Total Days Past Due | Loans guaranteed by the Small Business Association    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 25,281 26,968
Commercial | Equipment finance    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 49,891 64,232
Commercial | Equipment finance | Loans guaranteed by the Small Business Association    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 0 0
Commercial | Equipment finance | 30-59 days past due    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 0 67
Commercial | Equipment finance | 60-89 days past due    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 0 0
Commercial | Equipment finance | 90 or more days past due    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 4,042 4,551
Commercial | Equipment finance | Total Days Past Due    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 4,042 4,618
Commercial | Equipment finance | Total Days Past Due | Loans guaranteed by the Small Business Association    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 0 0
Commercial | Commercial real estate    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 449,604 373,785
Commercial | Commercial real estate | Loans guaranteed by the Small Business Association    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 45,178 41,982
Commercial | Commercial real estate | 30-59 days past due    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 0 8,320
Commercial | Commercial real estate | 60-89 days past due    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 528 483
Commercial | Commercial real estate | 90 or more days past due    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 10,222 9,731
Commercial | Commercial real estate | Total Days Past Due    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 10,750 18,534
Commercial | Commercial real estate | Total Days Past Due | Loans guaranteed by the Small Business Association    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 8,456 8,456
Commercial | Commercial and industrial    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 162,763 178,386
Commercial | Commercial and industrial | Loans guaranteed by the Small Business Association    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 111,754 119,066
Commercial | Commercial and industrial | 30-59 days past due    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 1,057 6,257
Commercial | Commercial and industrial | 60-89 days past due    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 672 1,182
Commercial | Commercial and industrial | 90 or more days past due    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 18,215 15,971
Commercial | Commercial and industrial | Total Days Past Due    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 19,944 23,410
Commercial | Commercial and industrial | Total Days Past Due | Loans guaranteed by the Small Business Association    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment $ 16,825 $ 18,512
v3.25.2
Loans and Leases Held for Investment at Amortized Cost, Net of Allowance for Loan and Lease Losses - Schedule of Loan Modifications (Details) - Consumer - Unsecured personal - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Financing Receivable, Modified [Line Items]        
Total loan modifications – unsecured personal loans $ 11,515 $ 18,857 $ 18,875 $ 31,801
% of unsecured personal loans at amortized cost as of period end 0.30% 0.60% 0.60% 1.00%
Short-term payment reduction        
Financing Receivable, Modified [Line Items]        
Total loan modifications – unsecured personal loans $ 6,892 $ 10,926 $ 12,686 $ 22,445
Permanent loan modification        
Financing Receivable, Modified [Line Items]        
Total loan modifications – unsecured personal loans 1,764 1,778 3,286 3,092
Debt settlement        
Financing Receivable, Modified [Line Items]        
Total loan modifications – unsecured personal loans $ 2,859 $ 6,153 $ 2,903 $ 6,264
v3.25.2
Loans and Leases Held for Investment at Amortized Cost, Net of Allowance For Loan and Lease Losses - Schedule of Amortized Cost of Loan Modifications (Details) - Consumer - Unsecured personal - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Short-term payment reduction    
Financing Receivable, Modified [Line Items]    
Total loan modifications $ 21,429 $ 25,487
Short-term payment reduction | Current    
Financing Receivable, Modified [Line Items]    
Total loan modifications 17,743 21,215
Short-term payment reduction | 30-59 days past due    
Financing Receivable, Modified [Line Items]    
Total loan modifications 1,372 1,850
Short-term payment reduction | 60-89 days past due    
Financing Receivable, Modified [Line Items]    
Total loan modifications 1,240 1,526
Short-term payment reduction | 90 or more days past due    
Financing Receivable, Modified [Line Items]    
Total loan modifications 1,074 896
Permanent loan modification    
Financing Receivable, Modified [Line Items]    
Total loan modifications 5,963 4,923
Permanent loan modification | Current    
Financing Receivable, Modified [Line Items]    
Total loan modifications 5,433 4,317
Permanent loan modification | 30-59 days past due    
Financing Receivable, Modified [Line Items]    
Total loan modifications 135 177
Permanent loan modification | 60-89 days past due    
Financing Receivable, Modified [Line Items]    
Total loan modifications 242 281
Permanent loan modification | 90 or more days past due    
Financing Receivable, Modified [Line Items]    
Total loan modifications 153 148
Debt settlement    
Financing Receivable, Modified [Line Items]    
Total loan modifications 2,909 6,422
Debt settlement | Current    
Financing Receivable, Modified [Line Items]    
Total loan modifications 0 161
Debt settlement | 30-59 days past due    
Financing Receivable, Modified [Line Items]    
Total loan modifications 0 23
Debt settlement | 60-89 days past due    
Financing Receivable, Modified [Line Items]    
Total loan modifications 535 616
Debt settlement | 90 or more days past due    
Financing Receivable, Modified [Line Items]    
Total loan modifications $ 2,374 $ 5,622
v3.25.2
Loans and Leases Held for Investment at Amortized Cost, Net of Allowance for Loan and Lease Losses - Schedule of Total Amount of Charge-Offs for Loan Modifications (Details) - Consumer - Unsecured personal - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Financing Receivable, Modified [Line Items]        
Total loan modifications – unsecured personal loans $ 11,342 $ 22,053 $ 27,786 $ 44,460
Short-term payment reduction        
Financing Receivable, Modified [Line Items]        
Total loan modifications – unsecured personal loans 2,132 1,367 4,718 1,560
Permanent loan modification        
Financing Receivable, Modified [Line Items]        
Total loan modifications – unsecured personal loans 381 489 903 928
Debt settlement        
Financing Receivable, Modified [Line Items]        
Total loan modifications – unsecured personal loans $ 8,829 $ 20,197 $ 22,165 $ 41,972
v3.25.2
Loans and Leases Held for Investment at Amortized Cost, Net of Allowance for Loan and Lease Losses - Schedule of Nonaccrual Loans and Leases (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Financing Receivable, Past Due [Line Items]    
Nonaccrual $ 56,964 $ 72,304
Nonaccrual with no related ACL $ 15,451 $ 13,141
Nonaccrual ratios (as a percent) 1.30% 1.80%
Consumer    
Financing Receivable, Past Due [Line Items]    
Nonaccrual $ 16,204 $ 22,019
Nonaccrual with no related ACL $ 358 $ 295
Nonaccrual ratios (as a percent) 0.40% 0.60%
Consumer | Unsecured personal    
Financing Receivable, Past Due [Line Items]    
Nonaccrual $ 15,518 $ 21,387
Nonaccrual with no related ACL 0 0
Consumer | Residential mortgages    
Financing Receivable, Past Due [Line Items]    
Nonaccrual 358 295
Nonaccrual with no related ACL 358 295
Consumer | Secured consumer    
Financing Receivable, Past Due [Line Items]    
Nonaccrual 328 337
Nonaccrual with no related ACL 0 0
Commercial    
Financing Receivable, Past Due [Line Items]    
Nonaccrual 40,760 50,285
Nonaccrual with no related ACL $ 15,093 $ 12,846
Nonaccrual ratios (as a percent) 6.20% 8.20%
Commercial | Loans guaranteed by the Small Business Association    
Financing Receivable, Past Due [Line Items]    
Nonaccrual $ 29,500 $ 31,200
Commercial | Equipment finance    
Financing Receivable, Past Due [Line Items]    
Nonaccrual 4,042 4,516
Nonaccrual with no related ACL 0 0
Commercial | Commercial real estate    
Financing Receivable, Past Due [Line Items]    
Nonaccrual 10,809 18,280
Nonaccrual with no related ACL 5,896 5,345
Commercial | Commercial and industrial    
Financing Receivable, Past Due [Line Items]    
Nonaccrual 25,909 27,489
Nonaccrual with no related ACL $ 9,197 $ 7,501
v3.25.2
Securitizations and Variable Interest Entities - Schedule of VIE Assets and Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Assets    
Total securities available for sale $ 3,527,142 $ 3,452,648
Other assets 378,633 403,982
Total assets 10,775,333 10,630,509
Liabilities:    
Other liabilities 233,174 220,541
Total liabilities 9,369,298 9,288,778
Unconsolidated    
Assets    
Total securities available for sale 3,146,507 3,069,771
Other assets 46,883 46,269
Total assets 3,193,390 3,116,040
Liabilities:    
Other liabilities 3,748 6,313
Total liabilities 3,748 6,313
Total net assets (maximum loss exposure) $ 3,189,642 $ 3,109,727
v3.25.2
Securitizations and Variable Interest Entities - Schedule of Unconsolidated VIEs (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Fair value of consideration received:        
Gain on sales of loans     $ 25,742 $ 21,657
Unconsolidated        
Fair value of consideration received:        
Cash $ 182,675 $ 97,246 331,054 190,890
Net securities retained from Structured Program transactions 531,509 759,149 880,511 1,498,125
Other assets, net 10,682 9,906 16,656 19,639
Total consideration 724,866 866,301 1,228,221 1,708,654
Fair value of loans sold (715,210) (857,434) (1,213,268) (1,691,210)
Gain on sales of loans 9,656 8,867 14,953 17,444
Cash proceeds from continuing involvement:        
Servicing and other administrative fees 8,850 5,982 17,746 10,705
Interest received on securities retained from Structured Program transactions $ 50,147 $ 37,390 $ 101,281 $ 67,053
v3.25.2
Securitizations and Variable Interest Entities - Narrative (Details) - Off-balance Sheet Loans - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Variable Interest Entity [Line Items]    
Principal derecognized from loans securitized or sold $ 3,700.0 $ 3,500.0
Off-balance sheet loans, principal amount outstanding, 31 days or more past due $ 51.7 $ 44.7
v3.25.2
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Assets    
Loans held for sale at fair value $ 1,008,168 $ 636,352
Loans held for investment at fair value 631,736 1,027,798
Securities available for sale:    
Total securities available for sale 3,527,142 3,452,648
Servicing assets 57,909 60,697
Other assets 1,968 5,820
Total assets 5,226,923 5,183,315
Liabilities:    
Other liabilities 9,364 16,818
Total liabilities 9,364 16,818
Senior asset-backed securities related to Structured Program transactions    
Securities available for sale:    
Total securities available for sale 2,962,475 2,899,824
U.S. agency residential mortgage-backed securities    
Securities available for sale:    
Total securities available for sale 227,617 226,925
Other asset-backed securities related to Structured Program transactions    
Securities available for sale:    
Total securities available for sale 184,032 169,948
U.S. agency securities    
Securities available for sale:    
Total securities available for sale 75,134 75,946
Mortgage-backed securities    
Securities available for sale:    
Total securities available for sale 56,553 56,674
Other asset-backed securities    
Securities available for sale:    
Total securities available for sale 18,871 20,792
Municipal securities    
Securities available for sale:    
Total securities available for sale 2,460 2,539
Level 1    
Assets    
Loans held for sale at fair value 0 0
Loans held for investment at fair value 0 0
Securities available for sale:    
Total securities available for sale 0 0
Servicing assets 0 0
Other assets 0 0
Total assets 0 0
Liabilities:    
Other liabilities 0 0
Total liabilities 0 0
Level 1 | Senior asset-backed securities related to Structured Program transactions    
Securities available for sale:    
Total securities available for sale 0 0
Level 1 | U.S. agency residential mortgage-backed securities    
Securities available for sale:    
Total securities available for sale 0 0
Level 1 | Other asset-backed securities related to Structured Program transactions    
Securities available for sale:    
Total securities available for sale 0 0
Level 1 | U.S. agency securities    
Securities available for sale:    
Total securities available for sale 0 0
Level 1 | Mortgage-backed securities    
Securities available for sale:    
Total securities available for sale 0 0
Level 1 | Other asset-backed securities    
Securities available for sale:    
Total securities available for sale 0 0
Level 1 | Municipal securities    
Securities available for sale:    
Total securities available for sale 0 0
Level 2    
Assets    
Loans held for sale at fair value 0 0
Loans held for investment at fair value 0 0
Securities available for sale:    
Total securities available for sale 380,635 382,876
Servicing assets 0 0
Other assets 1,968 5,820
Total assets 382,603 388,696
Liabilities:    
Other liabilities 3,513 5,019
Total liabilities 3,513 5,019
Level 2 | Senior asset-backed securities related to Structured Program transactions    
Securities available for sale:    
Total securities available for sale 0 0
Level 2 | U.S. agency residential mortgage-backed securities    
Securities available for sale:    
Total securities available for sale 227,617 226,925
Level 2 | Other asset-backed securities related to Structured Program transactions    
Securities available for sale:    
Total securities available for sale 0 0
Level 2 | U.S. agency securities    
Securities available for sale:    
Total securities available for sale 75,134 75,946
Level 2 | Mortgage-backed securities    
Securities available for sale:    
Total securities available for sale 56,553 56,674
Level 2 | Other asset-backed securities    
Securities available for sale:    
Total securities available for sale 18,871 20,792
Level 2 | Municipal securities    
Securities available for sale:    
Total securities available for sale 2,460 2,539
Level 3    
Assets    
Loans held for sale at fair value 1,008,168 636,352
Loans held for investment at fair value 631,736 1,027,798
Securities available for sale:    
Total securities available for sale 3,146,507 3,069,772
Servicing assets 57,909 60,697
Other assets 0 0
Total assets 4,844,320 4,794,619
Liabilities:    
Other liabilities 5,851 11,799
Total liabilities 5,851 11,799
Level 3 | Senior asset-backed securities related to Structured Program transactions    
Securities available for sale:    
Total securities available for sale 2,962,475 2,899,824
Level 3 | U.S. agency residential mortgage-backed securities    
Securities available for sale:    
Total securities available for sale 0 0
Level 3 | Other asset-backed securities related to Structured Program transactions    
Securities available for sale:    
Total securities available for sale 184,032 169,948
Level 3 | U.S. agency securities    
Securities available for sale:    
Total securities available for sale 0 0
Level 3 | Mortgage-backed securities    
Securities available for sale:    
Total securities available for sale 0 0
Level 3 | Other asset-backed securities    
Securities available for sale:    
Total securities available for sale 0 0
Level 3 | Municipal securities    
Securities available for sale:    
Total securities available for sale $ 0 $ 0
v3.25.2
Fair Value Measurements - Schedule of Significant Unobservable Inputs Used in the Fair Value Measurement of Loans HFS (Details) - Level 3 - Loans Held For Sale
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Discount rate | Minimum    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 6.80% 7.10%
Discount rate | Maximum    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 13.90% 11.90%
Discount rate | Weighted- Average    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 7.80% 7.90%
Annualized net charge-off rate | Minimum    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 1.50% 1.80%
Annualized net charge-off rate | Maximum    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 17.30% 21.20%
Annualized net charge-off rate | Weighted- Average    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 4.90% 5.40%
Annualized prepayment rate | Minimum    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 18.00% 15.00%
Annualized prepayment rate | Maximum    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 33.30% 27.60%
Annualized prepayment rate | Weighted- Average    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 24.00% 20.40%
v3.25.2
Fair Value Measurements - Schedule of Sensitivity of Loans HFS at Fair Value to Adverse Changes in Key Assumptions (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held for sale at fair value $ 1,008,168 $ 636,352
Loans Held For Sale    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held for sale at fair value 1,008,168 636,352
Loans Held For Sale | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held for sale at fair value 1,008,168 636,352
Discount rates, impact of 100 basis point increase (11,709) (7,663)
Discount rates, impact of 200 basis point increase (23,189) (15,174)
Expected credit loss rates on underlying loans, 10% adverse change (9,276) (6,436)
Expected credit loss rates on underlying loans, 20% adverse change (18,585) (12,937)
Expected prepayment rates, 10% adverse change (2,231) (1,274)
Expected prepayment rates, 20% adverse change $ (4,058) $ (2,444)
Loans Held For Sale | Fair Value, Measurements, Recurring | Expected weighted-average life    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Expected remaining weighted-average life (in years) 1 year 3 months 18 days 1 year 4 months 24 days
v3.25.2
Fair Value Measurements - Schedule of Loans HFS at Fair Value Activity and Aggregate Fair Value of HFS Loans (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Fair value of loans held for investment $ 1,008,168   $ 1,008,168   $ 636,352
Loans Held For Sale          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Fair value at beginning of period 703,378 $ 550,415 636,352 $ 407,773  
Originations and purchases 1,654,313 1,397,930 2,918,045 2,680,180  
Sales (1,217,166) (1,042,166) (2,314,095) (2,101,814)  
Principal payments (101,107) (63,605) (169,662) (97,877)  
Realized charge-offs, net of recoveries, recorded in earnings (4,663) (4,205) (11,367) (8,436)  
Fair value adjustments recorded in earnings (26,587) (47,310) (51,105) (88,767)  
Fair value at end of period 1,008,168 $ 791,059 1,008,168 $ 791,059  
Aggregate unpaid principal balance 1,034,287   1,034,287   657,984
Cumulative fair value adjustments (26,119)   (26,119)   (21,632)
Fair value of loans held for investment 1,008,168   1,008,168   636,352
Loans Held For Sale | 90 or more days past due          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Aggregate unpaid principal balance 1,758   1,758   3,719
Cumulative fair value adjustments (1,426)   (1,426)   (3,012)
Fair value of loans held for investment $ 332   $ 332   $ 707
v3.25.2
Fair Value Measurements - Schedule of Significant Unobservable Inputs Used in the Fair Value Measurement of Loans HFI (Details) - Level 3 - Loans held for investment
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Minimum | Discount rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 10.10% 7.20%
Minimum | Annualized net charge-off rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 2.00% 3.00%
Minimum | Annualized prepayment rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 13.40% 15.60%
Maximum | Discount rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 12.80% 21.80%
Maximum | Annualized net charge-off rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 19.80% 20.20%
Maximum | Annualized prepayment rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 27.20% 21.40%
Weighted- Average | Discount rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 10.60% 10.50%
Weighted- Average | Annualized net charge-off rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 6.60% 6.60%
Weighted- Average | Annualized prepayment rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 19.80% 19.30%
v3.25.2
Fair Value Measurements - Schedule of Sensitivity of Loans HFI at Fair Value to Adverse Changes in Key Assumptions (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held for investment at fair value $ 631,736 $ 1,027,798
Loans held for investment | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held for investment at fair value 631,736 1,027,798
Discount rates, impact of 100 basis point increase (4,137) (7,832)
Discount rates, impact of 200 basis point increase (8,224) (15,557)
Expected credit loss rates on underlying loans, impact of 10% increase (6,350) (11,821)
Expected credit loss rates on underlying loans, impact of 20% increase (14,268) (25,428)
Expected prepayment rates, impact of 10% increase (2,700) (4,813)
Expected prepayment rates, impact of 20% increase $ (4,030) $ (9,854)
Loans held for investment | Fair Value, Measurements, Recurring | Weighted- Average | Expected weighted-average life    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Expected remaining weighted-average life (in years) 9 months 18 days 10 months 24 days
v3.25.2
Fair Value Measurements - Schedule of Loans HFI at Fair Value Activity and Aggregate Fair Value of HFI Loans (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Fair value of loans held for investment $ 631,736   $ 631,736   $ 1,027,798
Balance at Fair Value          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Fair value of loans held for investment 4,342,825   4,342,825   4,051,497
Loans held for investment          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Fair value at beginning of period 818,882 $ 420,393 1,027,798 $ 262,190  
Purchases 0 12,220 12,744 232,784  
Principal payments (184,327) (96,004) (402,787) (159,930)  
Interest income accretion and fair value adjustments recorded in earnings (2,819) (1,967) (6,019) (402)  
Fair value at end of period 631,736 $ 334,642 631,736 $ 334,642  
Loans held for investment | Fair Value, Measurements, Recurring          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Fair value of loans held for investment 631,736   631,736   1,027,798
Loans held for investment | Fair Value, Measurements, Recurring | Balance at Fair Value | Off-balance Sheet Loans          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Aggregate unpaid principal balance 667,444   667,444   1,097,511
Cumulative fair value adjustments (35,708)   (35,708)   (69,713)
Fair value of loans held for investment 631,736   631,736   1,027,798
Loans held for investment | Fair Value, Measurements, Recurring | Balance at Fair Value | Off-balance Sheet Loans | 90 or more days past due          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Aggregate unpaid principal balance 8,411   8,411   14,616
Cumulative fair value adjustments (6,821)   (6,821)   (11,836)
Fair value of loans held for investment $ 1,590   $ 1,590   $ 2,780
v3.25.2
Fair Value Measurements - Schedule of Significant Unobservable Inputs Used in the Fair Value Measurement of Senior Asset-Backed Securities (Details) - Senior asset-backed securities related to Structured Program transactions - Discount rate
Jun. 30, 2025
Dec. 31, 2024
Minimum    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, debt securities available-for-sale 0.057 0.060
Maximum    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, debt securities available-for-sale 0.060 0.060
Weighted- Average    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, debt securities available-for-sale 0.058 0.060
v3.25.2
Fair Value Measurements - Schedule of Sensitivity in the Fair Value of Senior Asset-Backed Securities to Adverse Changes in Key Assumptions (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value $ 3,527,142 $ 3,452,648
Senior asset-backed securities related to Structured Program transactions    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value 2,962,475 2,899,824
100 basis point increase (32,798) (37,315)
200 basis point increase $ (65,597) $ (74,630)
Senior asset-backed securities related to Structured Program transactions | Weighted- Average    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Expected remaining weighted-average life (in years) 1 year 1 month 6 days 1 year 2 months 12 days
v3.25.2
Fair Value Measurements - Schedule of Senior Asset-Backed Securities at Fair Value Activity (Details) - Senior asset-backed securities related to Structured Program transactions - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Sensitivity Analysis of Debt Securities Available-for-Sale [Line Items]        
Fair value at beginning of period $ 2,869,281 $ 1,765,259 $ 2,899,824 $ 1,176,403
Additions 495,771 716,299 819,887 1,413,646
Cash received (398,286) (171,793) (749,951) (278,267)
Change in unrealized gain (loss) (4,291) 2,349 (7,285) 332
Fair value at end of period $ 2,962,475 $ 2,312,114 $ 2,962,475 $ 2,312,114
v3.25.2
Fair Value Measurements - Schedule of Significant Unobservable Inputs Used in the Fair Value Measurement of Other Asset-Backed Securities (Details) - Level 3 - Other asset-backed securities related to Structured Program transactions
Jun. 30, 2025
Dec. 31, 2024
Minimum | Discount rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, debt securities available-for-sale 0.068 0.071
Minimum | Annualized net charge-off rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, debt securities available-for-sale 0.042 0.034
Minimum | Annualized prepayment rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, debt securities available-for-sale 0.228 0.187
Maximum | Discount rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, debt securities available-for-sale 0.104 0.110
Maximum | Annualized net charge-off rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, debt securities available-for-sale 0.054 0.074
Maximum | Annualized prepayment rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, debt securities available-for-sale 0.248 0.209
Weighted- Average | Discount rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, debt securities available-for-sale 0.077 0.079
Weighted- Average | Annualized net charge-off rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, debt securities available-for-sale 0.048 0.050
Weighted- Average | Annualized prepayment rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, debt securities available-for-sale 0.242 0.205
v3.25.2
Fair Value Measurements - Schedule of Sensitivity in the Fair Value of Other Asset-Backed Securities to Adverse Changes in Key Assumptions (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value $ 3,527,142 $ 3,452,648
Other asset-backed securities related to Structured Program transactions    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value 184,032 169,948
Discount rate:    
100 basis point increase (1,924) (1,909)
200 basis point increase (3,812) (3,783)
Annualized net charge-off rate:    
10% increase (1,633) (1,778)
20% increase (3,280) (3,567)
Annualized prepayment rate:    
10% increase (494) (432)
20% increase $ (885) $ (835)
Other asset-backed securities related to Structured Program transactions | Weighted- Average    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Expected remaining weighted-average life (in years) 1 year 2 months 12 days 1 year 3 months 18 days
v3.25.2
Fair Value Measurements - Schedule of Other Asset-Backed Securities at Fair Value Activity (Details) - Other asset-backed securities related to Structured Program transactions - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Fair value at beginning of period $ 172,544 $ 103,866 $ 169,948 $ 73,393
Additions 35,738 43,887 60,624 86,625
Cash received (24,622) (12,735) (45,925) (22,066)
Credit loss expense (benefit) for securities available for sale 819 809 (502) (2,083)
Change in unrealized gain (loss) (447) (282) (113) (324)
Fair value at end of period $ 184,032 $ 135,545 $ 184,032 $ 135,545
v3.25.2
Fair Value Measurements - Schedule of Significant Unobservable Inputs Used in the Fair Value Measurement of Servicing Assets (Details) - Level 3 - Servicing Assets
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Minimum    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Total market servicing rates (percent per annum on outstanding principal balance) 0.62% 0.62%
Minimum | Discount rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 8.70% 8.70%
Minimum | Annualized net charge-off rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 1.50% 1.80%
Minimum | Annualized prepayment rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 16.90% 14.80%
Maximum    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Total market servicing rates (percent per annum on outstanding principal balance) 0.62% 0.62%
Maximum | Discount rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 17.30% 17.30%
Maximum | Annualized net charge-off rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 20.10% 21.20%
Maximum | Annualized prepayment rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 32.80% 27.50%
Weighted- Average    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Total market servicing rates (percent per annum on outstanding principal balance) 0.62% 0.62%
Weighted- Average | Discount rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 10.70% 10.80%
Weighted- Average | Annualized net charge-off rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 6.70% 8.20%
Weighted- Average | Annualized prepayment rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 21.70% 20.00%
v3.25.2
Fair Value Measurements - Schedule of Sensitivity in the Fair Value of Servicing Assets to Adverse Changes in Key Assumptions (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Servicing assets $ 57,909   $ 60,697      
Fair Value, Measurements, Recurring            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Servicing assets 57,909 $ 56,904 60,697 $ 69,709 $ 71,830 $ 77,680
Level 3            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Servicing assets 57,909   60,697      
Level 3 | Fair Value, Measurements, Recurring | Servicing Assets            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Servicing assets $ 57,909   $ 60,697      
Expected remaining weighted-average life (in years) 1 year 2 months 12 days   1 year 2 months 12 days      
Discount rates, impact of 100 basis point increase $ (546)   $ (519)      
Discount rates, impact of 200 basis point increase (1,092)   (1,038)      
Expected credit loss on rates on underlying loans, 10% adverse change (504)   (551)      
Expected credit loss on rates on underlying loans, 20% adverse change (1,008)   (1,102)      
Expected prepayment rates, 10% adverse change (1,612)   (1,359)      
Expected prepayment rates, 20% adverse change $ (3,224)   $ (2,718)      
v3.25.2
Fair Value Measurements - Schedule of Estimated Fair Value of Servicing Assets (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Change in rate 0.10% 0.10%
Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Weighted-average market servicing rate assumptions, servicing assets 0.62% 0.62%
Market servicing rate increase by .1% $ (6,788) $ (6,940)
Market servicing rate decrease by .1% $ 6,788 $ 6,940
v3.25.2
Fair Value Measurements - Schedule of Servicing Assets at Fair Value Activity (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Servicing Assets, Changes in fair value due to:        
Fair value at beginning of period     $ 60,697  
Fair value at end of period $ 57,909   57,909  
Fair Value, Measurements, Recurring        
Servicing Assets, Changes in fair value due to:        
Fair value at beginning of period 56,904 $ 71,830 60,697 $ 77,680
Issuances 14,670 13,759 27,935 27,337
Change in fair value, included in Marketplace revenue (13,665) (15,868) (30,723) (35,296)
Other net changes 0 (12) 0 (12)
Fair value at end of period $ 57,909 $ 69,709 $ 57,909 $ 69,709
v3.25.2
Fair Value Measurements - Schedule of Financial Instruments Not Recorded at Fair Value (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Assets    
Loans and leases held for investment, net $ 631,736 $ 1,027,798
Other assets 1,968 5,820
Total assets 5,226,923 5,183,315
Liabilities:    
Other liabilities 9,364 16,818
Total liabilities 9,364 16,818
Level 1    
Assets    
Loans and leases held for investment, net 0 0
Other assets 0 0
Total assets 0 0
Liabilities:    
Other liabilities 0 0
Total liabilities 0 0
Level 2    
Assets    
Loans and leases held for investment, net 0 0
Other assets 1,968 5,820
Total assets 382,603 388,696
Liabilities:    
Other liabilities 3,513 5,019
Total liabilities 3,513 5,019
Level 3    
Assets    
Loans and leases held for investment, net 631,736 1,027,798
Other assets 0 0
Total assets 4,844,320 4,794,619
Liabilities:    
Other liabilities 5,851 11,799
Total liabilities 5,851 11,799
Carrying Amount    
Assets    
Loans and leases held for investment, net 4,133,332 3,889,084
Other assets 42,299 40,466
Total assets 4,175,631 3,929,550
Liabilities:    
Deposits 1,898,714 2,294,214
Other liabilities 45,646 44,801
Total liabilities 1,944,360 2,339,015
Balance at Fair Value    
Assets    
Loans and leases held for investment, net 4,342,825 4,051,497
Other assets 42,618 40,804
Total assets 4,385,443 4,092,301
Liabilities:    
Deposits 1,898,699 2,306,373
Other liabilities 45,646 44,801
Total liabilities 1,944,345 2,351,174
Balance at Fair Value | Level 1    
Assets    
Loans and leases held for investment, net 0 0
Other assets 0 0
Total assets 0 0
Liabilities:    
Deposits 0 0
Other liabilities 0 0
Total liabilities 0 0
Balance at Fair Value | Level 2    
Assets    
Loans and leases held for investment, net 0 0
Other assets 42,077 40,143
Total assets 42,077 40,143
Liabilities:    
Deposits 0 0
Other liabilities 21,089 22,833
Total liabilities 21,089 22,833
Balance at Fair Value | Level 3    
Assets    
Loans and leases held for investment, net 4,342,825 4,051,497
Other assets 541 661
Total assets 4,343,366 4,052,158
Liabilities:    
Deposits 1,898,699 2,306,373
Other liabilities 24,557 21,968
Total liabilities $ 1,923,256 $ 2,328,341
v3.25.2
Derivative Instruments and Hedging Activities - Schedule of Notional and Gross Fair Value Amounts of Derivatives Not Designated (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional $ 208,360 $ 212,484
Derivative Asset 2 72
Derivative Liability (5,013) (10,930)
Credit derivatives    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional 8,360 12,484
Derivative Asset 0 0
Derivative Liability (5,013) (10,930)
Interest rate caps    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional 200,000 200,000
Derivative Asset 2 72
Derivative Liability $ 0 $ 0
v3.25.2
Derivative Instruments and Hedging Activities - Narrative (Details)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Maximum term of credit risk derivatives 18 months
v3.25.2
Derivative Instruments and Hedging Activities - Schedule of Gains (Losses) on Derivatives (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Total gains (losses) $ 947 $ (2,071) $ 2,046 $ (3,505)
Credit derivatives        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Total gains (losses) 957 (2,008) 2,116 (3,442)
Interest rate caps        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Total gains (losses) $ (10) $ (63) $ (70) $ (63)
v3.25.2
Derivative Instruments and Hedging Activities - Schedule of Notional and Gross Fair Value Amounts of Derivatives Used for Hedging (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional $ 208,360 $ 212,484
Derivative Asset 2 72
Derivative Liability (5,013) (10,930)
Interest Rate Swap | Fair Value Hedging | Designated as Hedging Instrument    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional 1,300,000 1,300,000
Derivative Asset 1,359 3,705
Derivative Liability (2,906) (2,976)
Interest Rate Swap | Fair Value Hedging | Designated as Hedging Instrument | Unsecured personal loans    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional 825,000 1,075,000
Derivative Asset 485 1,323
Derivative Liability (2,068) (2,976)
Interest Rate Swap | Fair Value Hedging | Designated as Hedging Instrument | Securities available for sale    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional 475,000 225,000
Derivative Asset 874 2,382
Derivative Liability $ (838) $ 0
v3.25.2
Derivative Instruments and Hedging Activities - Schedule of Gains (Losses) on Fair Value Hedges (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Total gains on fair value hedges $ 758 $ 1,174 $ 740 $ 2,227
Unsecured personal loans        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Hedged item (406) (1,785) (153) (10,457)
Derivatives used for hedging 348 1,563 70 9,915
Interest settlement on derivative 147 1,396 (388) 2,769
Total gains on fair value hedges 89 1,174 (471) 2,227
Securities available for sale        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Hedged item 383 0 2,242 0
Derivatives used for hedging (413) 0 (2,346) 0
Interest settlement on derivative 699 0 1,315 0
Total gains on fair value hedges $ 669 $ 0 $ 1,211 $ 0
v3.25.2
Derivative Instruments and Hedging Activities - Schedule of Cumulative Basis Adjustments for Fair Value Hedges (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Loans and leases held for investment    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Carrying Amount of Closed Portfolio $ 1,982,012 $ 1,388,222
Cumulative Fair Value Adjustment Included in the Carrying Amount of the Hedged Items 1,719 1,872
Hedged layer of loans with a carrying amount 825,000 1,075,000
Securities available for sale    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Carrying Amount of Closed Portfolio 1,646,792 2,255,848
Cumulative Fair Value Adjustment Included in the Carrying Amount of the Hedged Items 45 (2,197)
Hedged layer of loans with a carrying amount $ 475,000 $ 225,000
v3.25.2
Property, Equipment and Software, Net - Schedule of Property, Equipment and Software, Net (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Jun. 30, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]      
Total property, equipment and software   $ 357,237 $ 280,469
Accumulated depreciation and amortization   (110,953) (112,937)
Total property, equipment and software, net   246,284 167,532
Computer equipment retired $ 16,800    
Software      
Property, Plant and Equipment [Line Items]      
Total property, equipment and software   239,698 222,000
Software      
Property, Plant and Equipment [Line Items]      
Total property, equipment and software   32,400 43,400
Purchased software      
Property, Plant and Equipment [Line Items]      
Total property, equipment and software   7,500 7,100
Land and building      
Property, Plant and Equipment [Line Items]      
Total property, equipment and software   75,573 0
Leasehold improvements      
Property, Plant and Equipment [Line Items]      
Total property, equipment and software   30,699 30,699
Computer equipment      
Property, Plant and Equipment [Line Items]      
Total property, equipment and software   5,713 22,216
Furniture and fixtures      
Property, Plant and Equipment [Line Items]      
Total property, equipment and software   $ 5,554 $ 5,554
v3.25.2
Property, Equipment and Software, Net - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Property, Plant and Equipment [Line Items]        
Depreciation and amortization expense     $ 29,369 $ 25,745
Property, Equipment and Software        
Property, Plant and Equipment [Line Items]        
Depreciation and amortization expense $ 14,800 $ 12,200 $ 27,900 $ 23,900
v3.25.2
Goodwill and Intangible Assets - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]          
Goodwill $ 75,717   $ 75,717   $ 75,717
Goodwill impairment 0 $ 0 0 $ 0  
Amortization expense 700 900 1,500 1,800  
Impairment of intangible assets $ 0 $ 0 $ 0 $ 0  
Customer Relationships | Minimum          
Finite-Lived Intangible Assets [Line Items]          
Intangible assets, amortized period 10 years   10 years    
Customer Relationships | Maximum          
Finite-Lived Intangible Assets [Line Items]          
Intangible assets, amortized period 14 years   14 years    
v3.25.2
Goodwill and Intangible Assets - Schedule of Gross and Net Carrying Values and Accumulated Amortization of Intangible Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Net carrying value $ 7,068  
Customer Relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross carrying value 54,500 $ 54,500
Accumulated amortization (47,432) (45,914)
Net carrying value $ 7,068 $ 8,586
v3.25.2
Goodwill and Intangible Assets - Schedule of Expected Future Amortization Expense for Intangible Assets (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2025 $ 1,383
2026 2,252
2027 1,603
2028 945
2029 568
Thereafter 317
Net carrying value $ 7,068
v3.25.2
Other Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Deferred tax assets, net $ 121,793 $ 137,155
Servicing assets 58,131 61,020
Nonmarketable equity investments 47,203 44,114
Accrued interest receivable 39,958 40,388
Operating lease assets 17,194 21,304
Intangible assets, net 7,068 8,586
Other 87,286 91,415
Total other assets 378,633 403,982
Principal balance of underlying loan servicing rights $ 7,200,000 $ 7,300,000
v3.25.2
Deposits - Schedule of Deposits (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Interest-bearing deposits:    
Savings and money market accounts $ 6,429,234 $ 5,903,869
Certificates of deposit 1,898,714 2,294,214
Checking accounts 457,779 478,036
Total 8,785,727 8,676,119
Noninterest-bearing deposits 350,397 392,118
Total deposits $ 9,136,124 $ 9,068,237
v3.25.2
Deposits - Schedule of Maturity of Certificates of Deposits (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Other Liabilities Disclosure [Abstract]    
2025 $ 920,711  
2026 945,164  
2027 19,769  
2028 2,454  
2029 10,189  
Thereafter 427  
Total certificates of deposit 1,898,714 $ 2,294,214
Uninsured certificates of deposit $ 99,200  
v3.25.2
Borrowings - Narrative (Details) - USD ($)
Jun. 30, 2025
Dec. 31, 2024
Debt Disclosure [Abstract]    
Debt outstanding $ 0 $ 0
v3.25.2
Borrowings - Schedule of Available Borrowing Capacity and Related Pledged Collateral (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Available Borrowing Capacity $ 3,752,458 $ 3,261,151
Assets Pledged As Collateral    
Debt Instrument [Line Items]    
Pledged Collateral 4,840,710 4,075,432
FRB Discount Window | Assets Pledged As Collateral    
Debt Instrument [Line Items]    
Pledged Collateral 4,040,978 3,245,547
FRB Discount Window | Assets Pledged As Collateral | Loans    
Debt Instrument [Line Items]    
Pledged Collateral   3,200,000
FHLB of Des Moines | Assets Pledged As Collateral    
Debt Instrument [Line Items]    
Pledged Collateral 799,732 829,885
FHLB of Des Moines | Assets Pledged As Collateral | Loans    
Debt Instrument [Line Items]    
Pledged Collateral   456,400
FHLB of Des Moines | Assets Pledged As Collateral | Securities    
Debt Instrument [Line Items]    
Pledged Collateral   373,500
FRB Discount Window    
Debt Instrument [Line Items]    
Available Borrowing Capacity 3,147,467 2,635,034
FRB Discount Window | FRB Discount Window | Assets Pledged As Collateral | Loans    
Debt Instrument [Line Items]    
Pledged Collateral 4,000,000  
FHLB of Des Moines    
Debt Instrument [Line Items]    
Available Borrowing Capacity 604,991 $ 626,117
FHLB of Des Moines | FHLB of Des Moines | Assets Pledged As Collateral | Loans    
Debt Instrument [Line Items]    
Pledged Collateral 428,300  
FHLB of Des Moines | FHLB of Des Moines | Assets Pledged As Collateral | Securities    
Debt Instrument [Line Items]    
Pledged Collateral $ 371,500  
v3.25.2
Other Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Other Liabilities [Abstract]    
Accounts payable and accrued expenses $ 67,509 $ 78,131
Due to borrowers 61,614 24,449
Operating lease liabilities 22,389 28,502
Payable to investors 21,089 22,833
Other 60,573 66,626
Total other liabilities $ 233,174 $ 220,541
v3.25.2
Employee Incentive Plans - Schedule of Stock-Based Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Stock options        
Stock-based compensation expense, gross $ 10,506 $ 11,315 $ 20,427 $ 24,914
Less: Capitalized stock-based compensation expense 1,441 1,866 2,843 3,921
Stock-based compensation expense, net 9,065 9,449 17,584 20,993
RSUs        
Stock options        
Stock-based compensation expense, gross 9,236 11,573 18,310 23,555
PBRSUs        
Stock options        
Stock-based compensation expense, gross $ 1,270 $ (258) $ 2,117 $ 1,359
v3.25.2
Employee Incentive Plans - Schedule of RSU Activity and PBRSU Activity (Details)
 6 Months Ended
Jun. 30, 2025
$ / shares
shares
RSUs  
Number of Units  
Unvested, beginning (in shares) | shares 5,638,230
Granted (in shares) | shares 2,413,696
Vested (in shares) | shares (1,770,595)
Forfeited/expired (in shares) | shares (285,168)
Unvested, ending (in shares) | shares 5,996,163
Weighted- Average Grant Date Fair Value  
Unvested, beginning (in USD per share) | $ / shares $ 8.78
Granted (in USD per share) | $ / shares 11.50
Vested (in USD per share) | $ / shares 9.21
Forfeited/expired (in USD per share) | $ / shares 9.78
Unvested, ending (in USD per share) | $ / shares $ 9.70
PBRSUs  
Number of Units  
Unvested, beginning (in shares) | shares 1,212,209
Granted (in shares) | shares 325,472
Forfeited/expired (in shares) | shares (376,862)
Unvested, ending (in shares) | shares 1,160,819
Weighted- Average Grant Date Fair Value  
Unvested, beginning (in USD per share) | $ / shares $ 8.68
Granted (in USD per share) | $ / shares 10.94
Forfeited/expired (in USD per share) | $ / shares 10.09
Unvested, ending (in USD per share) | $ / shares $ 8.86
v3.25.2
Employee Incentive Plans - Narrative (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
shares
RSUs  
Stock options  
Granted (in shares) | shares 2,413,696
Equity instruments other than options, aggregate fair value $ 27.8
Unrecognized compensation cost related to unvested awards $ 50.0
Unrecognized compensation cost, period for recognition 1 year 8 months 12 days
PBRSUs  
Stock options  
Granted (in shares) | shares 325,472
Equity instruments other than options, aggregate fair value $ 3.6
Unrecognized compensation cost related to unvested awards $ 5.9
Unrecognized compensation cost, period for recognition 1 year 3 months 18 days
Performance period 3 years
v3.25.2
Income Taxes - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Tax Disclosure [Abstract]        
Income tax expense $ 15,806 $ 4,519 $ 19,830 $ 8,797
Effective tax rate 29.30% 23.30% 28.50% 24.50%
v3.25.2
Income Taxes - Schedule of Deferred Tax Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Income Tax Disclosure [Abstract]    
Deferred tax assets, net of liabilities $ 168,118 $ 183,480
Valuation allowance (46,325) (46,325)
Deferred tax assets, net of valuation allowance $ 121,793 $ 137,155
v3.25.2
Leases - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Lessee, Lease, Description [Line Items]        
Security deposit $ 0.5   $ 0.5  
Letters of credit outstanding, amount 1.1   1.1  
Net lease costs 2.7 $ 2.7 5.5 $ 5.2
Rental income 1.9   1.9  
Sales-type lease, interest income $ 0.7 $ 1.4 $ 1.6 $ 3.1
Minimum        
Lessee, Lease, Description [Line Items]        
Lease term 3 years   3 years  
Extension options, term 2 years   2 years  
Maximum        
Lessee, Lease, Description [Line Items]        
Lease term 4 years   4 years  
Extension options, term 5 years   5 years  
v3.25.2
Leases - Schedule of Balance Sheet Information Related to Leases (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Leases [Abstract]    
Operating Lease, Right-of-Use Asset $ 17,194 $ 21,304
Operating Lease, Liability $ 22,389 $ 28,502
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other Assets Other Assets
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] Other liabilities Other liabilities
v3.25.2
Leases - Schedule of Future Minimum Undiscounted Lease Payments Under Operating Leases (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Leases [Abstract]    
2025 $ 6,989  
2026 7,973  
2027 5,010  
2028 4,046  
2029 909  
Lessee, Operating Lease, Liability, to be Paid, Total 24,927  
Lessee, Operating Lease, Liability, Undiscounted Excess Amount (2,538)  
Operating Lease, Liability $ 22,389 $ 28,502
v3.25.2
Leases - Schedule of Weighted-Average Remaining Lease Term and Discount Rate (Details)
Jun. 30, 2025
Dec. 31, 2024
Leases [Abstract]    
Weighted-average remaining lease term (in years) 2 years 8 months 15 days 2 years 11 months 23 days
Weighted-average discount rate 4.76% 4.87%
v3.25.2
Leases - Schedule of Future Fixed Lease Payments Based on Maturity (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Leases [Abstract]  
2025 $ 3,290
2026 4,893
2027 3,580
2028 2,532
2029 1,932
Thereafter 8,205
Total lease payments $ 24,432
v3.25.2
Leases - Schedule of Components of Equipment Finance Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Leases [Abstract]    
Lease receivables $ 35,956 $ 49,290
Unguaranteed residual asset values 18,416 20,728
Unearned income (4,706) (6,125)
Deferred costs 225 339
Total $ 49,891 $ 64,232
v3.25.2
Leases - Schedule of Future Minimum Lease Payments Based on Maturity for Sales-Type Leases (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Leases [Abstract]  
2025 $ 10,308
2026 13,540
2027 7,800
2028 3,843
2029 1,583
Total lease payments 37,074
Discount effect (1,118)
Present value of future minimum lease payments $ 35,956
v3.25.2
Commitments and Contingencies (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Unfunded Loan Commitment, Commitments To Extend Credit      
Loss Contingencies [Line Items]      
Unfunded loan commitments $ 103.4 $ 105.0 $ 91.5
v3.25.2
Regulatory Requirements - Schedule of Regulatory Capital Amounts and Ratios (Details)
$ in Millions
Jun. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
LendingClub Corporation:    
Amount    
CET1 capital $ 1,268.1 $ 1,188.6
Tier 1 capital 1,268.1 1,188.6
Total capital 1,360.5 1,276.5
Tier 1 leverage 1,268.1 1,188.6
Risk-weighted assets 7,230.3 6,887.1
Quarterly adjusted average assets $ 10,371.5 $ 10,814.0
Ratio    
CET1 capital 0.175 0.173
Tier 1 capital 0.175 0.173
Total capital 0.188 0.185
Tier 1 leverage 0.122 0.110
Well-Capitalized Minimum    
Tier 1 capital 0.060  
Total capital 0.100  
LendingClub Bank    
Amount    
CET1 capital $ 1,112.1 $ 1,101.4
Tier 1 capital 1,112.1 1,101.4
Total capital 1,203.9 1,188.5
Tier 1 leverage 1,112.1 1,101.4
Risk-weighted assets 7,181.0 6,823.1
Quarterly adjusted average assets $ 10,272.1 $ 10,696.7
Ratio    
CET1 capital 0.155 0.161
Tier 1 capital 0.155 0.161
Total capital 0.168 0.174
Tier 1 leverage 0.108 0.103
Well-Capitalized Minimum    
CET1 capital 0.065  
Tier 1 capital 0.080  
Total capital 0.100  
Tier 1 leverage 0.050  
v3.25.2
Regulatory Requirements - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
LendingClub Bank  
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]  
Cash dividends paid $ 50
v3.25.2
Segment Reporting - Schedule of Segment Reporting Information by Statements of Operations (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]        
Marketplace revenue $ 89,644 $ 56,353 $ 155,287 $ 112,244
Other non-interest income 4,542 2,360 6,653 4,269
Total non-interest income 94,186 58,713 161,940 116,513
Interest income 237,097 219,634 469,156 426,985
Interest expense (82,848) (91,106) (164,950) (175,569)
Net interest income 154,249 128,528 304,206 251,416
Total net revenue 248,435 187,241 466,146 367,929
Provision for credit losses (39,733) (35,561) (97,882) (67,488)
Non-interest expense:        
Compensation and benefits (61,989) (56,540) (120,378) (116,094)
Marketing (33,580) (26,665) (62,819) (50,801)
Equipment and software (14,495) (12,360) (29,139) (25,044)
Depreciation and amortization     (29,369) (25,745)
Professional services (10,300) (7,804) (20,064) (14,895)
Occupancy (4,787) (3,941) (9,132) (7,802)
Other non-interest expense (14,107) (11,876) (27,684) (24,110)
Total non-interest expense (154,718) (132,258) (298,585) (264,491)
Income tax expense (15,806) (4,519) (19,830) (8,797)
Net income 38,178 14,903 49,849 27,153
Operating Segments        
Segment Reporting Information [Line Items]        
Marketplace revenue 83,413 50,479 141,418 98,822
Other non-interest income 15,884 14,290 30,816 29,931
Total non-interest income 99,297 64,769 172,234 128,753
Interest income 237,097 219,634 469,156 426,985
Interest expense (82,848) (91,106) (164,950) (175,569)
Net interest income 154,249 128,528 304,206 251,416
Total net revenue 253,546 193,297 476,440 380,169
Provision for credit losses (39,733) (35,561) (97,882) (67,488)
Non-interest expense:        
Compensation and benefits (61,989) (56,540) (120,378) (116,094)
Marketing (33,580) (26,665) (62,819) (50,801)
Equipment and software (14,495) (12,360) (29,139) (25,044)
Depreciation and amortization (15,460) (13,072) (29,369) (25,745)
Professional services (10,300) (7,804) (20,064) (14,895)
Occupancy (4,787) (3,941) (9,132) (7,802)
Other non-interest expense (19,218) (17,932) (37,978) (36,350)
Total non-interest expense (159,829) (138,314) (308,879) (276,731)
Income tax expense (15,806) (4,519) (19,830) (8,797)
Net income 38,178 14,903 49,849 27,153
Capital expenditures 90,694 12,865 103,760 24,646
Operating Segments | LendingClub Bank        
Segment Reporting Information [Line Items]        
Marketplace revenue 73,424 39,533 125,634 78,048
Other non-interest income 14,095 12,387 27,036 26,082
Total non-interest income 87,519 51,920 152,670 104,130
Interest income 236,958 217,814 468,713 422,621
Interest expense (82,848) (90,888) (164,950) (175,011)
Net interest income 154,110 126,926 303,763 247,610
Total net revenue 241,629 178,846 456,433 351,740
Provision for credit losses (39,733) (35,561) (97,882) (67,488)
Non-interest expense:        
Compensation and benefits (60,207) (54,862) (117,070) (112,874)
Marketing (33,580) (26,665) (62,819) (50,801)
Equipment and software (14,474) (12,333) (29,093) (24,969)
Depreciation and amortization (14,251) (10,896) (26,794) (21,062)
Professional services (10,019) (7,520) (19,656) (14,506)
Occupancy (2,845) (1,894) (5,246) (3,690)
Other non-interest expense (15,557) (12,687) (30,004) (25,451)
Total non-interest expense (150,933) (126,857) (290,682) (253,353)
Income tax expense (13,534) (3,872) (18,406) (7,557)
Net income 37,429 12,556 49,463 23,342
Capital expenditures 90,694 12,865 103,760 24,646
Operating Segments | LendingClub Corporation (Parent only)        
Segment Reporting Information [Line Items]        
Marketplace revenue 9,989 10,946 15,784 20,774
Other non-interest income 1,789 1,903 3,780 3,849
Total non-interest income 11,778 12,849 19,564 24,623
Interest income 139 1,820 443 4,364
Interest expense 0 (218) 0 (558)
Net interest income 139 1,602 443 3,806
Total net revenue 11,917 14,451 20,007 28,429
Provision for credit losses 0 0 0 0
Non-interest expense:        
Compensation and benefits (1,782) (1,678) (3,308) (3,220)
Marketing 0 0 0 0
Equipment and software (21) (27) (46) (75)
Depreciation and amortization (1,209) (2,176) (2,575) (4,683)
Professional services (281) (284) (408) (389)
Occupancy (1,942) (2,047) (3,886) (4,112)
Other non-interest expense (3,661) (5,245) (7,974) (10,899)
Total non-interest expense (8,896) (11,457) (18,197) (23,378)
Income tax expense (2,272) (647) (1,424) (1,240)
Net income 749 2,347 386 3,811
Capital expenditures 0 0 0 0
Intercompany Eliminations        
Segment Reporting Information [Line Items]        
Total net revenue $ (5,111) $ (6,056) $ (10,294) $ (12,240)
v3.25.2
Segment Reporting - Schedule of Segment Reporting Information by Balance Sheet (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Assets            
Cash and cash equivalents $ 752,562   $ 954,058      
Restricted cash 21,759   23,338      
Fair Value 3,527,142   3,452,648      
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            
Total deposits 9,136,124   9,068,237      
Other liabilities 233,174   220,541      
Total liabilities 9,369,298   9,288,778      
Total equity 1,406,035 $ 1,364,517 1,341,731 $ 1,287,945 $ 1,266,286 $ 1,251,822
Total liabilities and equity 10,775,333   10,630,509      
Operating Segments            
Assets            
Cash and cash equivalents 867,666   998,444      
Restricted cash 28,911   27,536      
Fair Value 3,527,142   3,452,648      
Loans held for sale at fair value 1,008,168   636,352      
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      
Investment in subsidiary 892,303   910,544      
Goodwill 75,717   75,717      
Other assets 399,659   421,819      
Total assets 11,810,918   11,607,474      
Liabilities and Equity            
Total deposits 9,258,380   9,116,821      
Other liabilities 254,200   238,378      
Total liabilities 9,512,580   9,355,199      
Total equity 2,298,338   2,252,275      
Total liabilities and equity 11,810,918   11,607,474      
Operating Segments | LendingClub Bank            
Assets            
Cash and cash equivalents 731,078   932,463      
Restricted cash 0   0      
Fair Value 3,527,142   3,452,648      
Loans held for sale at fair value 1,008,168   636,352      
Loans and leases held for investment, net 4,133,332   3,889,084      
Loans held for investment at fair value 629,615   1,023,226      
Property, equipment and software, net 240,322   158,995      
Investment in subsidiary 0   0      
Goodwill 75,717   75,717      
Other assets 316,067   300,621      
Total assets 10,661,441   10,469,106      
Liabilities and Equity            
Total deposits 9,258,380   9,116,821      
Other liabilities 198,473   177,711      
Total liabilities 9,456,853   9,294,532      
Total equity 1,204,588   1,174,574      
Total liabilities and equity 10,661,441   10,469,106      
Operating Segments | LendingClub Corporation (Parent only)            
Assets            
Cash and cash equivalents 136,588   65,981      
Restricted cash 28,911   27,536      
Fair Value 0   0      
Loans held for sale at fair value 0   0      
Loans and leases held for investment, net 0   0      
Loans held for investment at fair value 2,121   4,572      
Property, equipment and software, net 5,962   8,537      
Investment in subsidiary 892,303   910,544      
Goodwill 0   0      
Other assets 83,592   121,198      
Total assets 1,149,477   1,138,368      
Liabilities and Equity            
Total deposits 0   0      
Other liabilities 55,727   60,667      
Total liabilities 55,727   60,667      
Total equity 1,093,750   1,077,701      
Total liabilities and equity 1,149,477   1,138,368      
Intercompany Eliminations            
Assets            
Total assets (1,035,585)   (976,965)      
Liabilities and Equity            
Total liabilities (143,282)   (66,421)      
Total equity $ (892,303)   $ (910,544)