Audit Information |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Audit Information [Abstract] | |
| Auditor Name | DELOITTE & TOUCHE LLP |
| Auditor Location | San Francisco, California |
| Auditor Firm ID | 34 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Securities available for sale, amortized cost | $ 3,733,780 | $ 3,492,264 |
| Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
| Common stock, shares authorized (shares) | 180,000,000 | 180,000,000 |
| Common stock, shares issued (shares) | 115,368,987 | 113,383,917 |
| Common stock, shares outstanding (in shares) | 115,368,987 | 113,383,917 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Statement of Comprehensive Income [Abstract] | |||
| Net income | $ 135,677 | $ 51,330 | $ 38,939 |
| Other comprehensive income: | |||
| Net unrealized gain on securities available for sale | 10,187 | 9,836 | 10,238 |
| Income tax effect | (4,104) | (3,775) | (2,926) |
| Other comprehensive income, net of tax | 6,083 | 6,061 | 7,312 |
| Total comprehensive income | $ 141,760 | $ 57,391 | $ 46,251 |
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|---|
| Statement of Cash Flows [Abstract] | ||||
| Cash and cash equivalents | $ 917,654 | $ 954,058 | ||
| Restricted cash | 12,783 | 23,338 | ||
| Total cash, cash equivalents and restricted cash | $ 930,437 | $ 977,396 | $ 1,294,148 | $ 1,124,484 |
Summary of Significant Accounting Policies |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 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, reduce borrowing costs, and improve returns on savings for its members. 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 consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) 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. Significant Accounting Policies Cash and Cash Equivalents Cash and cash equivalents have original maturities of three months or less and include cash on hand, cash items in transit, and amounts due from or held with other depository institutions, primarily with the Board of Governors of the Federal Reserve System (FRB). Restricted Cash Restricted cash consists of cash items held with other depository institutions in which the ability to withdraw funds is restricted by contractual provisions. Such amounts primarily include cash collected from borrowers on loans and not yet distributed to investors. Securities Debt securities purchased and asset-backed securities retained from the sale of loans are classified as available for sale (AFS) securities. AFS securities represent investment securities with readily determinable fair values that the Company: (i) does not hold for trading purposes and (ii) does not have the positive intent and ability to hold to maturity. AFS securities are measured at fair value, with unrealized gains and losses reported in “Accumulated other comprehensive income (loss)” within the equity section of the Balance Sheet, net of any applicable income taxes. Management evaluates whether debt AFS securities with unrealized losses are impaired on a quarterly basis. For any security that has declined in fair value below its amortized cost basis, the Company recognizes an impairment loss in current period earnings if management has the intent to sell the security or if it is more likely than not it will be required to sell the security before recovery of its amortized cost basis. The assessment of impairment also considers whether the decline in fair value below the security’s amortized cost basis is attributable to credit-related factors. If credit-related factors exist, credit-related impairment has occurred regardless of the Company’s intent to hold the security until it recovers. The credit-related portion of impairment is recognized as provision for credit loss expense in earnings with a corresponding valuation allowance for AFS securities on the Balance Sheet, to the extent the allowance does not reduce the value of the security below its fair value. Equity securities that do not have readily determinable fair values are generally recorded at cost adjusted for impairment, if any. These securities include FRB stock and Federal Home Loan Bank (FHLB) stock and are reported as “Nonmarketable equity investments” in “Other assets” on the Balance Sheet. Loans and Leases The Company initially classifies loans and leases as either held for sale (HFS) or held for investment (HFI) based on management’s assessment of its intent and ability to hold the loans and leases for the foreseeable future or until maturity. Management’s intent and ability with respect to certain loans and leases may change from time to time and, therefore, loans and leases that are initially designated as HFS or HFI may be reclassified. In order to reclassify loans to HFS, management must have the intent to sell the loans and the ability to reasonably identify the specific loans to be sold. Loans Held for Sale at Fair Value Loans initially classified as HFS are reported at their fair value with the Company’s election of the fair value option. Origination fees and marketing costs for HFS loans are recognized in earnings at the time of loan origination and are not deferred. Revenue from HFS loans at fair value also includes gain on sales of loans (recognition of servicing asset), servicing fees received over the life of the sold loan, and net fair value adjustments, all of which are presented within “Marketplace revenue” on the Income Statement. The Company also earns interest income on HFS loans from the time of origination until the loans have been sold. 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, based on the loans’ contractual interest rate, is recorded within “Interest on loans held for sale.” Loans and Leases Held for Investment at Amortized Cost HFI loans accounted for at amortized cost are measured at historical cost and reported at their outstanding principal balances net of any charge-offs, unamortized deferred origination fees and marketing costs. Revenue from HFI loans at amortized cost consists of interest income, which includes the stated interest rate on the loans and the amortization of origination fees and marketing costs that are deferred at origination. Leases are recorded at the discounted amounts of lease payments receivable plus the estimated residual value of the leased asset, net of unearned income and unamortized deferred origination fees and marketing costs. Lease payments receivable reflect contractual lease payments adjusted for renewal or termination options that the Company believes the customer is reasonably certain to exercise. In certain circumstances, the Company may reclassify loans and/or leases from HFI to HFS, at which time these are valued at the lower of amortized cost or fair value. Loans Held for Investment at Fair Value As of the periods presented in this Annual Report, HFI loans at fair value consisted of certain non-routine loan portfolio purchases accounted under the fair value option on a transaction-specific basis, due to the short remaining duration of the acquired portfolios. Revenue from these loan portfolio purchases includes interest income and net fair value adjustments which are recorded in current period earnings. Election of Fair Value Option Effective January 1, 2026, the Company elected the fair value option to account for HFI loans that were originated on or after that date. Prior to this election, loans that were originated as HFI were, and the Company expects will continue to be, accounted for at amortized cost, which required the initial recognition of an allowance for lifetime expected credit losses under the CECL methodology, recognized within “Provision for credit losses” on the Income Statement. The Company believes that applying the fair value option, rather than the CECL methodology, to HFI loans more accurately reflects the in-period economic performance of the loans by better aligning the value of the loan to its then fair value. Under the fair value option, origination fee revenue and marketing costs are recognized at the time of loan origination within “Origination fees” and “Marketing expense,” respectively, on the Income Statement, rather than being deferred. Changes in the fair value of loans are recognized in current period earnings within “Net fair value adjustments” on the Income Statement. Further, by applying the fair value option to HFI loans, the Company is applying the same accounting methodology to all loans it originates after January 1, 2026, as both HFI and HFS loans will be measured at fair value. Accrued Interest Income and Non-Accrual Policy Interest income is accrued as earned. The accrual of interest income is discontinued, and the loan or lease is placed on nonaccrual status at 90 days past due or when reasonable doubt exists as to timely collection. Past due status is based on the contractual terms of the loan or lease. When a loan or lease is placed on nonaccrual status, all income previously accrued but not collected is reversed against the current period’s interest income. The Company has a nonaccrual policy which results in the timely reversal of past-due accrued interest and, therefore, does not record an allowance for credit losses (ACL) on accrued interest receivable. The Company records an ACL on accrued interest receivable for past due unsecured personal loans that are less than 90 days past due. Interest collections on nonaccrual loans and leases for which the ultimate collectability of principal is uncertain are applied as principal reductions; otherwise, such collections are credited to income when received. Nonaccrual loans and leases are returned to accrual status when there no longer exists concern over collectability, the borrower has demonstrated, over time, both the intent and ability to repay and the loan or lease has been brought current and future payments are reasonably assured. Allowance for Credit Losses The ACL represents management’s estimate of expected credit losses. The ACL primarily consists of the allowance for loan and lease losses (ALLL), as well as the allowance for AFS securities and unfunded lending commitments. The ACL is measured based on a lifetime expected loss model, which does not require a loss event to occur before a credit loss is recognized. Under the lifetime expected credit loss model, the Company estimates the allowance based on relevant available information related to past events, current conditions, and reasonable and supportable forecasts of future economic conditions. The ACL is estimated using a discounted cash flow (DCF) approach where effective interest rates are used to calculate the net present value of expected cash flows. The effective interest rate is calculated based on the periodic interest income received from the loan’s contractual cash flows and the net investment in the loan, which includes deferred origination fees and marketing costs, to provide a constant rate of return over the contractual loan term. The Company evaluates its estimate of expected credit losses each reporting period and records any additions or reductions to the ACL on the Income Statement as “Provision for credit losses.” Amounts determined to be uncollectible are charged-off to the allowance. Estimates of expected credit losses include expected recoveries of amounts previously charged-off and amounts expected to be charged-off. If amounts previously charged off are subsequently expected to be collected, the Company may recognize a negative allowance, which is limited to the amount that was previously charged off. Under applicable accounting guidance, for reporting purposes, the loan and lease portfolio is categorized by portfolio segment. A portfolio segment is defined as the level at which an entity develops and documents a systematic methodology to determine the ACL. The Company’s two portfolio segments are consumer and commercial. The Company further disaggregates its portfolio segments into various classes of financing receivables based on their underlying risk characteristics. The classes within the consumer portfolio segment are unsecured consumer, secured consumer and residential mortgages. The classes within the commercial portfolio segment are commercial and industrial, commercial real estate, and equipment finance. The ACL is measured on a collective basis when loans share similar risk characteristics. Relevant risk characteristics for the consumer portfolio include product type, risk rating, loan term, and monthly vintage. Relevant risk characteristics for the commercial portfolio include product type and risk rating. Loans measured on a collective basis generally have an ACL comprised of a quantitative, or modeled, component that is supplemented by a framework of qualitative factors, as discussed below. The Company will continue to monitor its loan pools on an ongoing basis and adjust accordingly as the risk characteristics of the financial assets may change over time. If a given financial asset does not share similar risk characteristics with other financial assets, the Company shall measure expected credit losses on an individual, rather than on a collective basis. Loans evaluated on an individual basis generally have an ACL that is measured in reference to any collateral securing the loan and/or expected cash flows which are specific to the borrower. Allowance Calculation Methodology The Company generally estimates expected credit losses over the contractual term of its loans and certain securities. The contractual term is adjusted for estimated prepayments when appropriate. The quantitative, or modeled, component of the ACL is primarily based on statistical models that use known or estimated data as of the balance sheet date and forecasted data over the reasonable and supportable period. Known and estimated data include current probability and timing of default, loss rate and recovery exposure at default, timing and amount of estimated prepayments, timing and amount of expected draws (for unfunded lending commitments), and relevant risk characteristics. Certain of the Company’s commercial portfolios have limited internal historical loss data and use external credit loss information, including historical charge-off and balance data for peer banking institutions. The Company obtains historical and forecast macroeconomic information to inform its view of the long-term condition of the economy. Forward-looking macroeconomic factors considered in the Company’s consumer model include unemployment rate, unemployment insurance claims, gross domestic product (GDP), housing prices, and retail sales. Forward-looking macroeconomic factors are incorporated into the Company’s commercial model for a two-year reasonable and supportable economic forecast period followed by a one-year reversion period during which expected credit losses are expected to revert back on a straight-line basis to historical losses unadjusted for economic conditions. The reasonable and supportable economic forecast period and reversion methodology are accounting estimates which may change in future periods as a result of changes to the current macroeconomic environment. The quantitative, or modeled, portion of ACL is estimated using a DCF approach. The Company’s statistical models, applied at the portfolio level to pools of loans with similar risk characteristics, produce expected cash flows, which are then discounted at the effective interest rate to derive net present value. The effective interest rate is calculated based on the periodic interest income received from the loan’s contractual cash flows and the net investment in the loan, which includes deferred origination fees and marketing costs, to provide a constant rate of return over the contractual loan term. This net present value is then compared to the amortized cost basis to derive the initial expected credit losses. Under the DCF approach, the provision for credit losses includes credit loss expense in subsequent periods relating to the discounting effect due to the passage of time after the initial recognition of ACL. The Company also considers the need for qualitative adjustments to the modeled estimate of expected credit losses. For this purpose, the Company established a qualitative factor framework to periodically assess qualitative adjustments to address certain identified elements that are not directly captured by the statistically modeled expected credit loss. The Company also obtains forecast macroeconomic information to inform its view of the long-term condition of the economy. These factors may include the impact of the non-modeled macroeconomic outlook, forecast unemployment rate and insurance claims, risk rating downgrades, changes in credit policies, problem loan trends, identification of new risks not incorporated into the modeling framework, credit concentrations, changes in underwriting and other external factors. Zero Credit Loss Expectation Exception The Company has a zero loss expectation when the loans and AFS securities, or portions thereof, are issued or guaranteed by certain U.S. government entities or agencies, as those entities or agencies have a long history of no defaults and the highest credit ratings issued by rating agencies. Loans held for investment and AFS securities which meet this criterion do not have an ACL. Reserve for Unfunded Lending Commitments The ACL includes an estimate for expected credit losses on off-balance sheet commitments to extend credit and unused lines of credit. The Company estimates these expected credit losses for the unfunded portion of the commitments that are not unconditionally cancellable depending on the likelihood that funding will occur. The reserve for unfunded lending commitments is reported in “Other liabilities” on the Balance Sheet. Individually Assessed Loans Loans that do not share similar risk characteristics with other financial assets, including collateral-dependent loans, are individually assessed for purposes of measuring expected credit losses using the DCF approach. For loans that are determined to be collateral dependent, the ACL is determined based on the fair value of the collateral. Loans are considered collateral dependent when the borrower is experiencing financial difficulty and repayment of the loan is expected to be substantially satisfied through sale or operation of the collateral. For such loans, the ACL is calculated as the difference between the amortized cost basis and the fair value of the underlying collateral less costs to sell, if applicable. Charge-Offs Charge-offs are recorded when the Company determines that a loan balance is uncollectible or a loss-confirming event has occurred. Loss confirming events usually involve the receipt of specific adverse information about the borrower and may include borrower delinquency status, bankruptcy, foreclosure, or receipt of an asset valuation indicating a shortfall between the value of the collateral and the book value of the loan when that collateral asset is the sole source of repayment. A full or partial charge-off reduces the amortized cost basis of the loan and the related ACL. Unsecured personal loans are generally charged-off when a borrower is contractually 120 days past due. Exceptions include accounts in bankruptcy or accounts of deceased borrowers which are then generally charged-off within 60 or 30 days from receipt of notification, respectively. Servicing Assets Servicing assets are capitalized as separate assets when loans are sold and servicing is retained. The Company records servicing assets at their estimated fair values. Servicing asset fair value is based on the excess of the contractual servicing fee over an estimated market servicing rate. When servicing assets are recognized from the sale of loans originated by the Company, the fair value of the servicing asset is included as a component of the gain or loss on the loan sale and reported within “Marketplace revenue” on the Income Statement. Subsequent changes in fair value are reported within “Servicing fees” in “Marketplace revenue” during the period in which the changes occur. Servicing assets are reported in “Other assets” on the Balance Sheet. Fair Value Measurements Fair value is defined as the price that would be received to sell a financial asset or paid to transfer a financial liability in an orderly transaction between market participants at the measurement date. Fair value is based on an exit price notion that maximizes the use of observable inputs and minimizes the use of unobservable inputs. Certain of the Company’s assets and liabilities are recorded at fair value and measured on either a recurring or nonrecurring basis. Assets and liabilities that are recorded at fair value on a recurring basis require a fair value measurement at each reporting period. The fair value hierarchy includes a three-level hierarchy that assigns the highest priority to unadjusted quoted prices in active markets and the lowest priority to unobservable inputs.
Unobservable inputs require greater judgment in measuring fair value. In instances where there is limited or no observable market data, fair value measurements for assets and liabilities are based primarily upon the Company’s own estimates, and the measurements reflect information and assumptions that management believes a market participant would use in pricing the asset or liability. Derivative Instruments and Hedging Activities The Company reports the fair value of its derivative instruments on a gross basis, as either “Other assets” or “Other liabilities” on the Balance Sheet. Changes in fair value of the derivative instruments are recognized in “Net fair value adjustments” within “Marketplace revenue” on the Income Statement. For derivative instruments that qualify as accounting hedges, the Company designates the hedging instrument based on the exposure being hedged. The Company’s existing hedging instruments are designated as fair value hedges under the portfolio layer method, whereby changes in the fair value of the hedging instrument are substantially offset by changes in the fair value of the hedged item, which are recognized within interest income on the Income Statement. Interest payments made and/or received related to these derivative instruments are presented within the “Operating activities” section on the Statements of Cash Flows. To qualify for hedge accounting, the derivatives and related hedged items must be designated as a hedge at inception of the hedge relationship. In addition, a derivative must be highly effective at reducing the risk associated with the exposure being hedged. For accounting hedge relationships, the Company formally assesses, both at the inception of the hedge and on an ongoing basis, if the derivatives are highly effective in offsetting designated changes in the fair value of the hedged item. The Company assesses effectiveness using a statistical regression analysis. Effectiveness may be assessed qualitatively where the critical terms of the derivative and hedged item match. Property, Equipment and Software, Net Property, equipment and software are carried at cost less accumulated depreciation and amortization. The Company uses the straight-line method of depreciation and amortization. The office building acquired in April 2025 is depreciated over its estimated useful life of 39 years, and the related building improvements are depreciated over their respective estimated useful lives. Tenant and leasehold improvements are amortized over the shorter of the lease term or the estimated useful life. Estimated useful lives range from three years to seven years for furniture and fixtures, computer equipment, and software. Internally-developed software is capitalized when preliminary development efforts are successfully completed and it is probable that the project will be completed, and the software will be used as intended. Capitalized costs consist of salaries and compensation costs for employees, fees paid to third-party consultants who are directly involved in development efforts, and costs incurred for upgrades and enhancements to add functionality of the software. Other costs are expensed as incurred. The Company evaluates impairments of its property, equipment and software whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. If the asset is not recoverable, measurement of an impairment loss is based on the fair value of the asset. When an impairment loss is recognized, the carrying amount of the asset is reduced to its estimated fair value. 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. Goodwill and Other Intangible Assets Goodwill is recorded when the purchase price of an acquired business exceeds the fair value of the net assets acquired. Goodwill is assigned to the Company’s reporting units at the acquisition date according to the expected economic benefits that the acquired business will provide to the reporting unit. A reporting unit is a business operating segment or a component of a business operating segment. The Company identifies its reporting units based on how the operating segments and reporting units are managed. Accordingly, the Company allocated goodwill to the LC Bank operating segment. Goodwill is tested for impairment annually or more frequently in certain circumstances. The Company’s annual impairment testing is performed in the fourth quarter of each calendar year. Impairment exists when the carrying value of goodwill exceeds its estimated fair value. Adverse changes in impairment indicators such as lower than forecast financial performance, increased competition, increased regulatory oversight, or unplanned changes in operations could result in impairment. The Company can elect to either qualitatively assess goodwill for impairment, or bypass the qualitative test and proceed directly to a quantitative test. If the Company performs a qualitative assessment of goodwill to test for impairment and concludes it is more likely than not that the estimated fair value of a reporting unit is greater than its carrying value, a quantitative test is not required. However, if the Company determines it is more likely than not that a reporting unit’s fair value is less than its carrying amount, a quantitative assessment is performed to determine if goodwill impairment exists. Under the quantitative impairment assessment, the fair values of the Company’s reporting units are determined using a combination of income and market-based approaches. Other intangible assets with determinable lives are recorded at their fair value upon completion of a business acquisition or certain other transactions, and generally represent the value of customer contracts or relationships. Such assets are amortized over their useful lives in a manner that best reflects their economic benefit, which may include straight-line or accelerated methods of amortization. Other intangible assets are reviewed for impairment quarterly and when events or changes in circumstances indicate that their carrying amount may not be recoverable. The Company does not have indefinite-lived intangible assets other than goodwill. Intangible assets are reported in “Other assets” on the Balance Sheet. Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities in “Other liabilities” on the Balance Sheet. Associated legal expense is recorded in “Other non-interest expense” on the Income Statement. Such liabilities and associated expenses are recorded when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. The Company will also disclose a range of exposure to incremental loss when such amounts can be estimated and are reasonably possible to occur in future periods. In estimating the Company’s exposure to loss contingencies, if an amount within the estimated range of loss is the best estimate, that amount will be accrued. However, if there is no amount within the estimated range of loss that is the best estimate, the Company will accrue the minimum amount within the range, and disclose the amount up to the high end of the range as an exposure to incremental loss, if such amount is considered reasonably possible. Such estimates are based on the best information available at the time. As additional information becomes available, the Company reassesses the potential liability and records an adjustment to its estimate in the period in which the adjustment is probable and an amount or range can be reasonably estimated. The determination of an expected contingent liability and associated litigation expense requires the Company to make assumptions related to the outcome of these matters. Due to the inherent uncertainties of loss contingencies, the Company’s estimates may be different than the actual outcomes. Legal fees, including legal fees associated with loss contingencies, are recognized as incurred and included in “Professional services” expense on the Income Statement. Stock-based Compensation Stock-based compensation includes expense primarily associated with restricted stock units (RSUs) and performance-based restricted stock units (PBRSUs). Stock-based compensation expense is based on the grant date fair value of the award. The cost is generally recognized over the vesting period on a straight-line basis. Forfeitures are recognized as incurred. Share Repurchases Shares repurchased in the open market are retired upon repurchase. Accordingly, the Company reduces common stock by the par value of the retired shares, with the excess of the repurchase price over par value recorded as a reduction to additional paid-in capital. Income Taxes The Company accounts for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes deferred tax assets to the extent that it believes these assets are more likely than not to be realized. In making such a determination, the Company considers the available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts that are more likely than not expected to be realized. If the Company determines that it is able to realize its deferred tax assets in the future in excess of the net recorded amount, the Company decreases the deferred tax asset valuation allowance, which reduces the provision for income taxes. Uncertain tax positions are recognized only when the Company believes it is more likely than not that the tax position will be upheld on examination by the taxing authorities based on the merits of the position. The Company recognizes interest and penalties, if any, related to uncertain tax positions in “Income tax (expense) benefit” on the Income Statement. Earnings Per Share Basic earnings per share (EPS) attributable to common stockholders is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income by the weighted-average number of common shares outstanding during the period, adjusted for the effects of dilutive issuances of shares of common stock, which predominantly include incremental shares issued for outstanding RSUs and PBRSUs. PBRSUs are included in dilutive shares to the extent the pre-established performance targets have been or are estimated to be satisfied as of the reporting date. The dilutive potential common shares are computed using the treasury stock method. The effects of the common shares outstanding are excluded from the computation of diluted EPS in periods in which the effect would be antidilutive. Consolidation of Variable Interest Entities A variable interest entity (VIE) is a legal entity that has either a total equity investment that is insufficient to finance its activities without additional subordinated financial support or whose equity investors lack the characteristics of a controlling financial interest. The Company’s variable interest arises from contractual, ownership or other monetary interests in the entity, which change with fluctuations in the fair value of the entity’s net assets. A VIE is consolidated by its primary beneficiary, the party that has both the power to direct the activities that most significantly impact the VIE’s economic performance, and the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The Company consolidates a VIE when it is deemed to be the primary beneficiary. The Company assesses whether or not it is the primary beneficiary of a VIE on an ongoing basis. Transfers of Financial Assets The Company accounts for transfers of financial assets as sales when it has surrendered control over the transferred assets. Control is generally considered to have been surrendered when the transferred assets have been legally isolated from the Company, the transferee has the right to pledge or exchange the assets without any significant constraints, and the Company has not entered into a repurchase agreement, does not hold unconditional call options and has not written put options on the transferred assets. In assessing whether control has been surrendered, the Company considers whether the transferee would be a consolidated affiliate and the impact of all arrangements or agreements made contemporaneously with, or in contemplation of the transfer, even if they were not entered into at the time of transfer. The Company measures gain or loss on sale of financial assets as the net proceeds received on the sale less the carrying amount of the loans sold. The net proceeds of the sale represent the fair value of any assets obtained or liabilities incurred as part of the transaction, including, but not limited to servicing assets, retained securities, and recourse obligations. Transfers of financial assets that do not qualify for sale accounting would be reported as secured borrowings. Accordingly, the related assets would remain on the Company’s Balance Sheet and continue to be reported and accounted for as if the transfer had not occurred. Cash proceeds from these transfers are reported as liabilities, with related interest expense recognized over the life of the related assets. Adoption of New Accounting Standards The Company adopted the following new accounting standards during the year ended December 31, 2025: 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 Company adopted this ASU for the full year ended December 31, 2025, on a retrospective basis. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. New Accounting Standards Not Yet Adopted In December 2025, the FASB issued ASU 2025-12, Codification Improvements, which makes incremental improvements to GAAP. The updates cover a broad range of topics arising from technical corrections, unintended applications of the codification, and other minor improvements. The new standard is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within those annual reporting periods. The standard can be applied prospectively or retrospectively on a topic by topic basis. Early adoption is also permitted on a topic by topic basis. The Company is evaluating the impact of this ASU but does not expect it to be material. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 27) - Narrow-Scope Improvements, which improves the navigability of the required interim disclosures and clarify when the guidance is applicable. The amendments also provide guidance on what disclosures are required during the interim reporting periods. Additionally, the amendments also includes a disclosure principle that requires entities to disclose events since the end of the last reporting period that have a material impact. The amendments of this standard are effective for interim reporting periods beginning after December 15, 2027. The amendments can be applied either prospectively or retrospectively. Early adoption is also permitted. The Company is evaluating the impact of this ASU but does not expect it to be material. In September 2025, the FASB issued ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the guidance to reflect the software development approaches currently used. Specifically, the ASU eliminates accounting consideration of software project development stages and enhances the guidance around the “probable-to-complete” threshold. The new standard is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. The amendments of this standard can be applied retrospectively, prospectively or on a modified prospective basis. Early adoption is also permitted. The Company is evaluating the impact of this ASU but does not expect it to be material. 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.
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Marketplace Revenue |
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| 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: Fees charged to borrowers in connection with the origination of loans that are held for sale. Servicing Fees: The Company receives servicing fees to compensate it for servicing loans on behalf of marketplace investors, including managing payments from borrowers and remittances 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 to marketplace investors, the Company capitalizes the initial fair value of servicing rights. A gain or loss is recorded based on the level to which the contractual servicing fee is above or below an estimated market rate of servicing at the time of sale. Additionally, the Company recognizes transaction costs, if any, as a loss on sale of loans. Net Fair Value Adjustments: The Company records adjustments to the carrying value of loans, for which it has elected to account for under the fair value option, to reflect their fair value. These adjustments include gains or losses from sale prices in excess of or less than the loan principal amount sold and realized net charge-offs. In addition, as loans are held on the Balance Sheet, incremental fair value adjustments on the loans are recorded in “Net fair value adjustments” within “Marketplace revenue,” whereas the associated interest income is recorded within “Net interest income.” The following table presents components of marketplace revenue for the periods presented:
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Earnings Per Share |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share | Earnings Per Share The following table details the computation of the Company’s basic and diluted EPS:
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Securities Available for Sale |
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| 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 AFS securities were as follows:
(1) Excludes a $0.7 million and $(2.2) million cumulative basis adjustment for securities designated in active fair value hedge relationships at December 31, 2025 and 2024, respectively. See “Note 8. Derivative Instruments and Hedging Activities” for additional information. (2) As of December 31, 2025 and 2024, $200.0 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:
The majority of securities in an unrealized loss position as of both December 31, 2025 and 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 December 31, 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 “Note 1. Summary of Significant Accounting Policies.” The following table presents the activity in the allowance for credit losses for AFS securities, by security type:
There was no activity in the allowance for credit losses for AFS securities during 2023. The contractual maturities of AFS securities were as follows:
(1) The weighted-average yield is computed using the average month-end amortized cost during the year ended December 31, 2025. During 2024, the Company recognized proceeds of $30.1 million and gross realized gains of $114 thousand from sales of senior asset-backed securities related to Structured Program transactions. There were no sales of AFS securities during 2025 or 2023.
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Loans and Leases Held for Investment at Amortized Cost, Net of Allowance for Loan and Lease Losses |
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| 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 As of December 31, 2025, LendingClub recorded the majority of its loans and leases HFI at amortized cost. Other HFI loans and all HFS loans were recorded at fair value pursuant to 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 “” on the Balance Sheet. Net accrued interest receivable related to loans and leases HFI at amortized cost was $17.9 million and $30.4 million as of December 31, 2025 and 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:
(1) Comprised of sales-type leases for equipment. See “Note 17. Leases” for additional information. (2) Includes $286.8 million and $160.1 million in loans originated through the Small Business Association (SBA) as of December 31, 2025 and 2024, respectively. The following table presents the components of the ALLL:
(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.
(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:
(1) 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. (2) Relates to $52.0 million, $105.0 million and $78.1 million of unfunded commitments as of December 31, 2025, 2024 and 2023, respectively. The following table presents charge-offs by origination year for the year ended December 31, 2025:
(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:
(1) Excludes cumulative basis adjustment for loans designated in fair value hedges under the portfolio layer method. As of December 31, 2025, the basis adjustment totaled $1.6 million and represents an increase to the amortized cost of the hedged loans. See “Note 8. Derivative Instruments and Hedging Activities” for additional information.
(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:
(1) Represents loan balances guaranteed by the SBA.
(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:
(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:
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 to nine 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 $12.7 million of loan balances at amortized cost outstanding as of December 31, 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 years ended December 31, 2025, 2024, and 2023 the weighted-average interest rate reduction under this program was approximately 8.4%, 8.0% and 9.2%, respectively. The weighted-average maturity date extension was approximately twelve months for all periods. Debt settlement modifications, which include engaging with 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:
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:
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 and 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:
(1) Subset of total nonaccrual loans and leases. (2) Includes $29.7 million and $31.2 million in loan balances guaranteed by the SBA as of December 31, 2025 and 2024, respectively.
(1) Calculated as the ratio of non-accruing loans and leases to loans and leases HFI at amortized cost.
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Structured Program Transactions and Variable Interest Entities |
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| Structured Program Transactions and Variable Interest Entities | Structured Program Transactions and Variable Interest Entities The Company’s VIEs relate to its Structured Program transactions. As of both December 31, 2025 and 2024, the Company did not consolidate any VIEs. Accordingly, holders of the related securities can look only to the assets of the VIEs that issued the securities and there is no direct recourse to the Company’s assets. The following table presents the classifications of assets and liabilities on the Company’s Balance Sheet for its transactions with unconsolidated VIEs:
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:
(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 December 31, 2025, the aggregate unpaid principal balance attributable to off-balance sheet loans held by unconsolidated VIEs was $4.4 billion, of which $64.9 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.
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Fair Value Measurements |
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| 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 “Note 1. Summary of Significant Accounting Policies.” The Company records certain assets and liabilities at fair value as listed in the following tables. Recurring Fair Value Measurements The following tables present, by level within the fair value hierarchy, the Company’s assets and liabilities measured at fair value on a recurring basis:
Financial instruments are categorized in the valuation hierarchy based on the significance of observable or unobservable factors in the overall fair value measurement. For the financial instruments listed in the tables above that do not trade in an active market with readily observable prices, the Company uses significant unobservable inputs to measure the fair value of these assets and liabilities. The Company primarily uses a DCF model to estimate the fair value of Level 3 instruments based on the present value of estimated future cash flows. This model uses inputs that inherently require judgment and reflect the Company’s best estimates of the assumptions a market participant would use to calculate fair value. The Company did not transfer any assets or liabilities in or out of Level 3 during the years ended December 31, 2025 or 2024. The following significant unobservable inputs, as applicable, were used in the fair value measurement of the Company’s Level 3 assets: •Discount rate – The weighted-average rate at which the expected cash flows are discounted to arrive at the net present value of the loan. The discount rate is primarily determined based on marketplace investor return expectations. •Annualized net credit loss rate – The annualized rate of lifetime charge-offs, net of recoveries, expressed as a percentage of the average lifetime principal balance of loan pools with similar risk characteristics. •Annualized prepayment rate – The annualized rate of lifetime prepayments expressed as a percentage of the average lifetime principal balance of loan pools with similar risk characteristics. An increase in each of the inputs above, in isolation, would result in a decrease in the fair value measurement. The sensitivity calculations are hypothetical and should not be considered to be predictive of future performance. The effect on fair value of a variation in assumptions generally cannot be determined because the relationship of the change in assumptions to the fair value may not be linear. Changes in one factor may lead to changes in other factors, which could impact the hypothetical results. Loans Held for Sale at Fair Value Significant Unobservable Inputs The following significant unobservable inputs were used in the fair value measurement of HFS loans:
(1) The weighted-average rate is calculated using the principal balance of each loan pool with similar risk characteristics. Fair Value Sensitivity The sensitivity of HFS loans at fair value to adverse changes in key assumptions was as follows:
Fair Value Reconciliation The following table presents HFS loans at fair value activity:
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:
Loans Held for Investment at Fair Value As of December 31, 2025, the Company’s HFI loans at fair value consisted primarily of purchased loan portfolios comprised of loans that the Company previously originated and sold. Due to the short remaining duration of the acquired loan portfolios, the Company has elected to account for them under the fair value option. Significant Unobservable Inputs The following significant unobservable inputs were used in the fair value measurement of HFI loans (1):
(1) The change in significant unobservable inputs from December 31, 2024 to December 31, 2025 was primarily driven by loan composition changes due to a loan portfolio purchase in the fourth quarter of 2025, along with a significant reduction in loan balances related to previous portfolio purchases with lower purchase prices which resulted in a higher discount rate. (2) The weighted-average rate is calculated using the principal balance of each loan pool with similar risk characteristics. Fair Value Sensitivity The sensitivity of HFI loans at fair value to adverse changes in key assumptions was as follows:
Fair Value Reconciliation The following table presents HFI loans at fair value activity:
The following table summarizes the aggregate fair value of the Company’s HFI loans at fair value, as well as the amount that was 90 days or more past due:
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:
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:
Fair Value Reconciliation The following table presents senior asset-backed securities related to Structured Program transactions activity:
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:
(1) The weighted-average rate is calculated using the principal balance of each security. Fair Value Sensitivity The sensitivity in the fair value of other asset-backed securities related to Structured Program transactions to adverse changes in key assumptions was as follows:
Fair Value Reconciliation The following table presents other asset-backed securities related to Structured Program transactions activity:
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:
(1) The weighted-average rate is calculated using the principal balance of each loan pool with similar risk characteristics. (2) The fees a willing market participant would require for the servicing of loans with similar characteristics as those in the Company’s serviced portfolio. Fair Value Sensitivity The sensitivity of the fair value of servicing assets to adverse changes in key assumptions was as follows:
The Company’s selection of the most representative market servicing rates for servicing assets inherently require judgment. The Company reviews third-party servicing rates for its loans, loans in similar credit sectors, and market servicing benchmarking analyses provided by third-party valuation firms, when available. The table below shows the impact on the estimated fair value of servicing assets, calculated using different market servicing rate assumptions:
Fair Value Reconciliation The following table presents servicing assets activity:
(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:
(1) Excludes deposit liabilities with no defined or contractual maturities.
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Derivative Instruments and Hedging Activities |
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Dec. 31, 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 contracts such as caps and swaps, to manage exposure to interest rate risk associated with its fixed-rate assets. The Company’s interest rate contracts are indexed to the Secured Overnight Financing Rate (SOFR). Interest rate swaps involve the payment of fixed-rate amounts to a counterparty in exchange for the receipt of variable-rate payments. With interest rate caps, the Company receives payments from a counterparty when SOFR exceeds a specified strike rate. 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:
(1) Recorded in “” or “,” 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 table below presents the gains (losses) recognized on the Company’s derivatives that are not designated as accounting hedges:
(1) The initial fair value of the credit derivative liabilities is recorded in “Gain on sales of loans” with incremental changes in the fair value recorded in “Net fair value adjustments,” both within “Marketplace revenue” on the Income Statement. (2) Recorded in “Net fair value adjustments” within “” on the Income Statement. Derivatives Designated as Accounting Hedges The table below presents the notional and gross fair value amounts of the Company’s interest rate swaps that are designated as fair value hedges:
(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:
(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:
(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 December 31, 2025, the amortized cost of unsecured personal loans and AFS securities, designated as the hedged items in the portfolio layer hedging relationship, was $575.0 million and $475.0 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 $225.0 million, respectively.
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Property, Equipment and Software, Net |
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Dec. 31, 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:
(1) Includes $28.3 million and $43.4 million of development in progress for internally-developed software and $6.8 million and $7.1 million of development in progress to customize purchased software as of December 31, 2025 and 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) Includes $7.7 million of building improvements in progress as of December 31, 2025. (4) 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 $59.7 million, $49.8 million and $43.0 million for the years ended December 31, 2025, 2024 and 2023, respectively. The Company recognized impairment expense of $5.5 million on its internally-developed software for the year ended December 31, 2024. This was recorded within “Depreciation and amortization” expense on the Income Statement. No impairment expense was recorded for the years ended December 31, 2025 and 2023.
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Goodwill and Intangible Assets |
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Dec. 31, 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 December 31, 2025 and 2024. The Company did not record any goodwill impairment expense during the years ended December 31, 2025, 2024 and 2023. 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 “Note 1. Summary of Significant Accounting Policies.” Intangible Assets Intangible assets consist primarily of customer relationships. These intangible assets are amortized on an accelerated basis from to fourteen years. 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:
Amortization expense associated with intangible assets for the years ended December 31, 2025, 2024 and 2023 was $3.2 million, $3.5 million and $4.2 million, respectively. There was no impairment loss for the years ended December 31, 2025, 2024 and 2023. The expected future amortization expense for intangible assets as of December 31, 2025, is as follows:
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Other Assets |
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| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Assets | Other Assets Other assets consist of the following:
(1) See “Note 16. Income Taxes” for additional detail. (2) Loans underlying servicing assets had a total outstanding principal balance of $7.6 billion and $7.3 billion as of December 31, 2025 and 2024, respectively. (3) See “Note 10. Goodwill and Intangible Assets” for additional detail.
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Deposits |
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| Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits | Deposits Deposits consist of the following:
Total certificates of deposit at December 31, 2025 are scheduled to mature as follows:
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Borrowings |
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Borrowings | Borrowings The Company did not have any debt outstanding as of December 31, 2025 or 2024. Borrowing Capacity The following table summarizes the Company’s available borrowing capacity and the related pledged collateral:
(1) As of December 31, 2025, the Company had $4.2 billion in loans pledged under the FRB Discount Window and $486.2 million in loans and $375.7 million in securities available for sale at fair value pledged to the 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.
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Other Liabilities |
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Liabilities | Other Liabilities Other liabilities consist of the following:
(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.
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Equity |
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| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity | Equity Common Stock Reserved for Future Issuance Shares of common stock reserved for future issuance was as follows:
Share Repurchases On November 4, 2025, the Company’s Board of Directors approved a program to repurchase and acquire up to $100 million of the Company’s common stock through December 31, 2026. During the fourth quarter of 2025, the Company repurchased 389,624 shares of LendingClub common stock on the open market at an average price of $18.27 per share and subsequently retired those shares. Employee Incentive Plans The Company’s equity incentive plans provide for granting awards, including RSUs, 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:
Restricted Stock Units The following table summarizes the Company’s RSU activity:
During the year ended December 31, 2025, the Company granted 2,874,448 RSUs with an aggregate fair value of $36.1 million. As of December 31, 2025, there was $36.9 million of unrecognized compensation cost related to unvested RSUs, which is expected to be recognized over a weighted-average period of approximately 1.5 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:
During the year ended December 31, 2025, the Company granted 325,472 PBRSUs with an aggregate fair value of $3.6 million. As of December 31, 2025, there was $3.7 million of unrecognized compensation cost related to unvested PBRSUs, which is expected to be recognized over a weighted-average period of approximately 0.8 years, subject to any forfeitures. Stock Options The following table summarizes the activities for the Company’s stock options:
(1) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the Company’s closing stock price of $18.94 as reported on the New York Stock Exchange on December 31, 2025. There were no stock options granted during the years ended December 31, 2025, 2024 and 2023. Furthermore, all stock options were fully vested and there was no unrecognized compensation cost remaining for those periods.
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Income Taxes |
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | Income Taxes Income tax expense (benefit) consisted of the following:
The table below presents a reconciliation of the income tax expense at the statutory federal income tax rate to the income tax expense at the effective income tax rate:
(1) The states that contribute to the majority (greater than 50%) of the tax effect in this category include California, Illinois, New Jersey and New York for 2025; California, Illinois, Massachusetts, New Jersey and New York for 2024; and California for 2023. Cash paid for income taxes, net of refunds, are as follows:
* The amount of income taxes paid during the year does not meet the 5% disaggregation threshold and is included in “Other.” The significant components of the Company’s net deferred tax assets were as follows:
As of December 31, 2025 and 2024, the Company maintained a valuation allowance of $48.0 million and $46.3 million, respectively, solely related to certain state net operating loss carryforwards (NOLs) and state tax credit carryforwards. The table below provides information about the Company’s NOLs and tax credit carryforwards by jurisdiction:
(1) The carryforwards, net of the valuation allowance for certain states, are expected to be fully utilized prior to expiration. The table below presents a reconciliation of total unrecognized tax benefits:
As of December 31, 2025 and 2024, $20.7 million and $22.4 million, respectively, of unrecognized tax benefits, if recognized, would impact the Company’s effective tax rate. The Company had $0.4 million accrued for the payment of interest and penalties related to unrecognized tax benefits as of December 31, 2025 and 2024. The Company files income tax returns in the United States and various state jurisdictions. As of December 31, 2025, the Company’s federal tax returns for 2021 and earlier, and state tax returns for 2020 and earlier were no longer subject to examination by the taxing authorities. However, tax credit carryforwards from closed periods may be subject to audit and re-examination by tax authorities when utilized in subsequent years.
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Leases |
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| 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 December 31, 2025, the remaining leases have lease terms ranging from approximately to three years. As of December 31, 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:
Net lease costs were $10.9 million, $10.5 million and $12.0 million during the years ended December 31, 2025, 2024 and 2023, respectively. Such costs are recorded within “Occupancy” expense on the Income Statement. Supplemental cash flow information related to the Company’s operating leases was as follows:
The Company’s future minimum undiscounted lease payments under operating leases as of December 31, 2025 were as follows:
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:
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 five years. Rental income earned from such leases was as follows for the periods presented:
(1) Recorded in “” on the Income Statement. Future fixed lease payments to be received by the Company as of December 31, 2025, under non-cancelable operating leases, were as follows:
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. Interest earned on Equipment Finance was as follows for the periods presented:
(1) Recorded in “Interest and fees on loans and leases held for investment” on the Income Statement. The components of Equipment Finance assets are as follows:
Future minimum lease payments based on maturity of the Company’s sales-type leases as of December 31, 2025 were as follows:
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| 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 December 31, 2025, the remaining leases have lease terms ranging from approximately to three years. As of December 31, 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:
Net lease costs were $10.9 million, $10.5 million and $12.0 million during the years ended December 31, 2025, 2024 and 2023, respectively. Such costs are recorded within “Occupancy” expense on the Income Statement. Supplemental cash flow information related to the Company’s operating leases was as follows:
The Company’s future minimum undiscounted lease payments under operating leases as of December 31, 2025 were as follows:
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:
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 five years. Rental income earned from such leases was as follows for the periods presented:
(1) Recorded in “” on the Income Statement. Future fixed lease payments to be received by the Company as of December 31, 2025, under non-cancelable operating leases, were as follows:
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. Interest earned on Equipment Finance was as follows for the periods presented:
(1) Recorded in “Interest and fees on loans and leases held for investment” on the Income Statement. The components of Equipment Finance assets are as follows:
Future minimum lease payments based on maturity of the Company’s sales-type leases as of December 31, 2025 were as follows:
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Commitments and Contingencies |
12 Months Ended |
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Dec. 31, 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 from marketplace investors in cases of (i) confirmed identity theft or certain other types of fraud on the part of the borrower or a service provider; (ii) certain failures of loans to comply with the investor’s purchase order or as an investor accommodation; or (iii) confirmed material breach of representations made with respect to such loans that result in a material adverse effect on such loan. The Company believes such provisions are customary and consistent with institutional loan and securitization market standards. Unfunded Lending Commitments As of December 31, 2025 and 2024, the contractual amount of unfunded lending commitments totaled $98.2 million and $105.0 million, respectively, of which $52.0 million and $105.0 million, respectively, are commitments for loans (at amortized cost) to be funded. See “Note 5. Loans and Leases Held for Investment at Amortized Cost, Net of Allowance for Loan and Lease Losses” for additional detail on 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. Based on information available to the Company as of the date of this Annual Report, the Company does not believe that the resolution of the pending claims will have a material adverse effect on its financial position, results of operations or cash flows. 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.
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Regulatory Requirements |
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| 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, share 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 framework 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 December 31, 2025 and 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 December 31, 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):
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 the addition of the CECL transitional benefit and 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.
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Segment Reporting |
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| 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 marketplace investors and manages relationships with deposit holders. LendingClub Corporation (Parent Only) The LendingClub Corporation (Parent only) operating segment represents the holding company legal entity and predominately reflects the operations of the Company prior to the formation of LC Bank. This activity includes, but is not limited to, servicing fee revenue on purchased servicing assets, and interest income and interest expense related to transactions entered into prior to LC Bank’s formation. Financial information for the segments is presented in the following tables:
(1) Total net income from reportable segments reflects net income on a consolidated basis.
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.
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.
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LendingClub Corporation – Parent Company-Only Financial Statements |
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| Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| LendingClub Corporation – Parent Company-Only Financial Statements | LendingClub Corporation – Parent Company-Only Financial Statements The following tables present standalone condensed financial statements for LendingClub Corporation (Parent Company). These statements are provided in accordance with SEC rules, which require such disclosures when the restricted net assets of a consolidated subsidiary exceed 25% of consolidated net assets, and should be read in conjunction with the Consolidated Financial Statements and the accompanying Notes to the Consolidated Financial Statements. For purposes of these condensed financial statements, the Parent’s wholly-owned subsidiary is presented in accordance with the equity method of accounting. Statements of Income
In accordance with federal laws and regulations, dividends paid by LC Bank to the Company are subject to certain restrictions. See “Note 19. Regulatory Requirements” for more information. Statements of Comprehensive Income
Balance Sheets
Statements of Cash Flows
The following table presents cash, cash equivalents and restricted cash by category within the Parent Company balance sheet:
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Insider Trading Arrangements |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025
shares
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| Trading Arrangements, by Individual | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Rule 10b5-1 Arrangement Adopted | false | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rule 10b5-1 Arrangement Terminated | false | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Rule 10b5-1 Arrangement Terminated | false | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fergal Stack [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trading Arrangements, by Individual | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Material Terms of Trading Arrangement | 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 fourth quarter of 2025:
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| Name | Fergal Stack | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Title | Principal Accounting Officer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rule 10b5-1 Arrangement Adopted | true | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Adoption Date | November 13, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Expiration Date | May 13, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Arrangement Duration | 181 days | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Aggregate Available | 115,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insider Trading Policies and Procedures |
12 Months Ended |
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Dec. 31, 2025 | |
| Insider Trading Policies and Procedures [Line Items] | |
| Insider Trading Policies and Procedures Adopted | true |
Cybersecurity Risk Management and Strategy Disclosure |
12 Months Ended |
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Dec. 31, 2025 | |
| Cybersecurity Risk Management, Strategy, and Governance [Line Items] | |
| Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] | Cybersecurity represents a critical component of our overall approach to risk management. Accordingly, cybersecurity risks are subject to oversight by the Company’s Board of Directors (the Board), primary responsibility for which has been delegated by the Board to its Operational Risk Committee (the Board Operational Risk Committee). Our cybersecurity policies, processes and practices are informed by the cybersecurity framework established by the National Institute of Standards and Technology. We are able to leverage a cross-functional team that includes senior personnel from our technology, operations, legal, risk management and internal audit functions as and when warranted by the particular cybersecurity matter. In managing cybersecurity risks, we strive to: (i) identify, prevent and mitigate cybersecurity threats; (ii) preserve the confidentiality, security and availability of proprietary or confidential information; (iii) protect the Company’s intellectual property; (iv) maintain the confidence of our members, marketplace investors and business partners; and (v) provide appropriate and required disclosure of cybersecurity risks and incidents. Risk Management and Strategy Our processes for assessing, identifying, and managing material risks from cybersecurity threats are fully integrated into our enterprise risk management (ERM) program and include the following areas of focus: •Systems Safeguards: Preventing and mitigating cybersecurity threats, including through the use of firewalls, intrusion prevention and detection systems, anti-malware software, access controls and other system safeguards. •Incident Response: Identifying and responding to cybersecurity incidents in accordance with our information security incident response plan. •Collaboration: Collaborating internally and with public and private entities, including intelligence and enforcement agencies, industry groups and third-party service providers, to identify, assess and respond to cybersecurity risks. •Third-Party Risk Management: Maintaining a comprehensive, risk-based approach to identifying and overseeing cybersecurity risks presented by third parties, including vendors, service providers and other external users of our systems. •Training: Reinforcing our information security policies, processes and practices through periodic mandatory training for Company personnel. •Governance: Designing a comprehensive framework for the oversight of cybersecurity risk, with regular interaction between the Board Operational Risk Committee and the Company’s ERM function, our Chief Information Security Officer (CISO) and members of Company management and relevant management committees, including the Company’s Management Operational Risk Committee (the Management Operational Risk Committee). A key part of our strategy for managing risks from cybersecurity threats is the assessment and testing of our processes and practices through auditing, assessments, tabletop exercises, threat modeling, vulnerability scanning and other exercises focused on evaluating the effectiveness of our cybersecurity measures. We engage third parties to perform assessments on our cybersecurity measures, including information security penetration tests, audits and independent reviews of our information security control environment and operating effectiveness. The results of such assessments, audits and reviews are reported to the Board Operational Risk Committee and are used to adjust our cybersecurity policies, standards, processes and practices, as necessary.
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| Cybersecurity Risk Management Processes Integrated [Flag] | true |
| Cybersecurity Risk Management Processes Integrated [Text Block] | Cybersecurity represents a critical component of our overall approach to risk management. Accordingly, cybersecurity risks are subject to oversight by the Company’s Board of Directors (the Board), primary responsibility for which has been delegated by the Board to its Operational Risk Committee (the Board Operational Risk Committee). Our cybersecurity policies, processes and practices are informed by the cybersecurity framework established by the National Institute of Standards and Technology. We are able to leverage a cross-functional team that includes senior personnel from our technology, operations, legal, risk management and internal audit functions as and when warranted by the particular cybersecurity matter. In managing cybersecurity risks, we strive to: (i) identify, prevent and mitigate cybersecurity threats; (ii) preserve the confidentiality, security and availability of proprietary or confidential information; (iii) protect the Company’s intellectual property; (iv) maintain the confidence of our members, marketplace investors and business partners; and (v) provide appropriate and required disclosure of cybersecurity risks and incidents. Risk Management and Strategy Our processes for assessing, identifying, and managing material risks from cybersecurity threats are fully integrated into our enterprise risk management (ERM) program and include the following areas of focus: •Systems Safeguards: Preventing and mitigating cybersecurity threats, including through the use of firewalls, intrusion prevention and detection systems, anti-malware software, access controls and other system safeguards. •Incident Response: Identifying and responding to cybersecurity incidents in accordance with our information security incident response plan. •Collaboration: Collaborating internally and with public and private entities, including intelligence and enforcement agencies, industry groups and third-party service providers, to identify, assess and respond to cybersecurity risks. •Third-Party Risk Management: Maintaining a comprehensive, risk-based approach to identifying and overseeing cybersecurity risks presented by third parties, including vendors, service providers and other external users of our systems. •Training: Reinforcing our information security policies, processes and practices through periodic mandatory training for Company personnel. •Governance: Designing a comprehensive framework for the oversight of cybersecurity risk, with regular interaction between the Board Operational Risk Committee and the Company’s ERM function, our Chief Information Security Officer (CISO) and members of Company management and relevant management committees, including the Company’s Management Operational Risk Committee (the Management Operational Risk Committee).
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| Cybersecurity Risk Management Third Party Engaged [Flag] | true |
| Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true |
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] | false |
| Cybersecurity Risk Board of Directors Oversight [Text Block] | The Board Operational Risk Committee oversees the management of risks from cybersecurity threats, including policies, processes and practices implemented by Company management to address such risks. The Board Operational Risk Committee receives presentations and reports on cybersecurity risks and information regarding any cybersecurity incident that meets established reporting thresholds, as well as ongoing updates until such incident has been addressed. At least once each year, the Board Operational Risk Committee discusses the Company’s approach to cybersecurity risk management with our CISO. Further, the Board periodically, as warranted, receives reports with respect to and engages in discussions with Company management on cybersecurity matters.
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| Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] | Our CISO is principally responsible for overseeing our cybersecurity risk management program, in partnership with other senior personnel across the Company. |
| Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] | Our CISO works in coordination with the other members of the Company’s Management Operational Risk Committee, which includes our Chief Executive Officer, Chief Financial Officer, Chief Technology Officer, Chief Risk Officer and General Counsel. Our CISO has served in that role for over 5 years and in various roles in information technology and information security for over 20 years. |
| Cybersecurity Risk Role of Management [Text Block] | Our CISO is principally responsible for overseeing our cybersecurity risk management program, in partnership with other senior personnel across the Company. Our CISO works in coordination with the other members of the Company’s Management Operational Risk Committee, which includes our Chief Executive Officer, Chief Financial Officer, Chief Technology Officer, Chief Risk Officer and General Counsel. Our CISO has served in that role for over 5 years and in various roles in information technology and information security for over 20 years. Our CISO holds an undergraduate degree in computer information systems and has attained the professional certification of Certified Information Systems Security Professional. The other members of the Management Operational Risk Committee each have relevant qualifications and over 10 years of experience managing risk in the technology and/or financial services industry.
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| Cybersecurity Risk Management Positions or Committees Responsible [Flag] | true |
| Cybersecurity Risk Management Positions or Committees Responsible [Text Block] | Our CISO is principally responsible for overseeing our cybersecurity risk management program, in partnership with other senior personnel across the Company. Our CISO works in coordination with the other members of the Company’s Management Operational Risk Committee, which includes our Chief Executive Officer, Chief Financial Officer, Chief Technology Officer, Chief Risk Officer and General Counsel. |
| Cybersecurity Risk Management Expertise of Management Responsible [Text Block] | Our CISO has served in that role for over 5 years and in various roles in information technology and information security for over 20 years. Our CISO holds an undergraduate degree in computer information systems and has attained the professional certification of Certified Information Systems Security Professional. The other members of the Management Operational Risk Committee each have relevant qualifications and over 10 years of experience managing risk in the technology and/or financial services industry. |
| Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] | Our CISO is principally responsible for overseeing our cybersecurity risk management program, in partnership with other senior personnel across the Company. Our CISO works in coordination with the other members of the Company’s Management Operational Risk Committee, which includes our Chief Executive Officer, Chief Financial Officer, Chief Technology Officer, Chief Risk Officer and General Counsel. Our CISO has served in that role for over 5 years and in various roles in information technology and information security for over 20 years. Our CISO holds an undergraduate degree in computer information systems and has attained the professional certification of Certified Information Systems Security Professional. The other members of the Management Operational Risk Committee each have relevant qualifications and over 10 years of experience managing risk in the technology and/or financial services industry. Our CISO, in coordination with the Management Operational Risk Committee, works collaboratively across the Company to implement a program designed to protect our information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents. To facilitate the success of this program, cross-functional teams are deployed to address cybersecurity threats and to respond to cybersecurity incidents in accordance with our information security incident response plan. Our CISO, through his team and use of accompanying technology, monitors the prevention, detection, mitigation and remediation of cybersecurity incidents, and report such incidents to the Management Operational Risk Committee and/or the Board Operational Risk Committee, as and when appropriate.
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| Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] | true |
Summary of Significant Accounting Policies (Policies) |
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Dec. 31, 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, reduce borrowing costs, and improve returns on savings for its members. 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 consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) 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.
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| Consolidation and Consolidation of Variable Interest Entities | All intercompany balances and transactions have been eliminated in consolidation. Consolidation of Variable Interest Entities A variable interest entity (VIE) is a legal entity that has either a total equity investment that is insufficient to finance its activities without additional subordinated financial support or whose equity investors lack the characteristics of a controlling financial interest. The Company’s variable interest arises from contractual, ownership or other monetary interests in the entity, which change with fluctuations in the fair value of the entity’s net assets. A VIE is consolidated by its primary beneficiary, the party that has both the power to direct the activities that most significantly impact the VIE’s economic performance, and the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The Company consolidates a VIE when it is deemed to be the primary beneficiary. The Company assesses whether or not it is the primary beneficiary of a VIE on an ongoing basis.
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| 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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents have original maturities of three months or less and include cash on hand, cash items in transit, and amounts due from or held with other depository institutions, primarily with the Board of Governors of the Federal Reserve System (FRB).
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| Restricted Cash | Restricted Cash Restricted cash consists of cash items held with other depository institutions in which the ability to withdraw funds is restricted by contractual provisions. Such amounts primarily include cash collected from borrowers on loans and not yet distributed to investors.
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| Securities | Securities Debt securities purchased and asset-backed securities retained from the sale of loans are classified as available for sale (AFS) securities. AFS securities represent investment securities with readily determinable fair values that the Company: (i) does not hold for trading purposes and (ii) does not have the positive intent and ability to hold to maturity. AFS securities are measured at fair value, with unrealized gains and losses reported in “Accumulated other comprehensive income (loss)” within the equity section of the Balance Sheet, net of any applicable income taxes. Management evaluates whether debt AFS securities with unrealized losses are impaired on a quarterly basis. For any security that has declined in fair value below its amortized cost basis, the Company recognizes an impairment loss in current period earnings if management has the intent to sell the security or if it is more likely than not it will be required to sell the security before recovery of its amortized cost basis. The assessment of impairment also considers whether the decline in fair value below the security’s amortized cost basis is attributable to credit-related factors. If credit-related factors exist, credit-related impairment has occurred regardless of the Company’s intent to hold the security until it recovers. The credit-related portion of impairment is recognized as provision for credit loss expense in earnings with a corresponding valuation allowance for AFS securities on the Balance Sheet, to the extent the allowance does not reduce the value of the security below its fair value. Equity securities that do not have readily determinable fair values are generally recorded at cost adjusted for impairment, if any. These securities include FRB stock and Federal Home Loan Bank (FHLB) stock and are reported as “Nonmarketable equity investments” in “Other assets” on the Balance Sheet.
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| Loans and Leases | Loans and Leases The Company initially classifies loans and leases as either held for sale (HFS) or held for investment (HFI) based on management’s assessment of its intent and ability to hold the loans and leases for the foreseeable future or until maturity. Management’s intent and ability with respect to certain loans and leases may change from time to time and, therefore, loans and leases that are initially designated as HFS or HFI may be reclassified. In order to reclassify loans to HFS, management must have the intent to sell the loans and the ability to reasonably identify the specific loans to be sold. Loans Held for Sale at Fair Value Loans initially classified as HFS are reported at their fair value with the Company’s election of the fair value option. Origination fees and marketing costs for HFS loans are recognized in earnings at the time of loan origination and are not deferred. Revenue from HFS loans at fair value also includes gain on sales of loans (recognition of servicing asset), servicing fees received over the life of the sold loan, and net fair value adjustments, all of which are presented within “Marketplace revenue” on the Income Statement. The Company also earns interest income on HFS loans from the time of origination until the loans have been sold. 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, based on the loans’ contractual interest rate, is recorded within “Interest on loans held for sale.” Loans and Leases Held for Investment at Amortized Cost HFI loans accounted for at amortized cost are measured at historical cost and reported at their outstanding principal balances net of any charge-offs, unamortized deferred origination fees and marketing costs. Revenue from HFI loans at amortized cost consists of interest income, which includes the stated interest rate on the loans and the amortization of origination fees and marketing costs that are deferred at origination. Leases are recorded at the discounted amounts of lease payments receivable plus the estimated residual value of the leased asset, net of unearned income and unamortized deferred origination fees and marketing costs. Lease payments receivable reflect contractual lease payments adjusted for renewal or termination options that the Company believes the customer is reasonably certain to exercise. In certain circumstances, the Company may reclassify loans and/or leases from HFI to HFS, at which time these are valued at the lower of amortized cost or fair value. Loans Held for Investment at Fair Value As of the periods presented in this Annual Report, HFI loans at fair value consisted of certain non-routine loan portfolio purchases accounted under the fair value option on a transaction-specific basis, due to the short remaining duration of the acquired portfolios. Revenue from these loan portfolio purchases includes interest income and net fair value adjustments which are recorded in current period earnings. Election of Fair Value Option Effective January 1, 2026, the Company elected the fair value option to account for HFI loans that were originated on or after that date. Prior to this election, loans that were originated as HFI were, and the Company expects will continue to be, accounted for at amortized cost, which required the initial recognition of an allowance for lifetime expected credit losses under the CECL methodology, recognized within “Provision for credit losses” on the Income Statement. The Company believes that applying the fair value option, rather than the CECL methodology, to HFI loans more accurately reflects the in-period economic performance of the loans by better aligning the value of the loan to its then fair value. Under the fair value option, origination fee revenue and marketing costs are recognized at the time of loan origination within “Origination fees” and “Marketing expense,” respectively, on the Income Statement, rather than being deferred. Changes in the fair value of loans are recognized in current period earnings within “Net fair value adjustments” on the Income Statement. Further, by applying the fair value option to HFI loans, the Company is applying the same accounting methodology to all loans it originates after January 1, 2026, as both HFI and HFS loans will be measured at fair value.
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| Accrued Interest Income and Non-Accrual Policy | Accrued Interest Income and Non-Accrual Policy Interest income is accrued as earned. The accrual of interest income is discontinued, and the loan or lease is placed on nonaccrual status at 90 days past due or when reasonable doubt exists as to timely collection. Past due status is based on the contractual terms of the loan or lease. When a loan or lease is placed on nonaccrual status, all income previously accrued but not collected is reversed against the current period’s interest income. The Company has a nonaccrual policy which results in the timely reversal of past-due accrued interest and, therefore, does not record an allowance for credit losses (ACL) on accrued interest receivable. The Company records an ACL on accrued interest receivable for past due unsecured personal loans that are less than 90 days past due. Interest collections on nonaccrual loans and leases for which the ultimate collectability of principal is uncertain are applied as principal reductions; otherwise, such collections are credited to income when received. Nonaccrual loans and leases are returned to accrual status when there no longer exists concern over collectability, the borrower has demonstrated, over time, both the intent and ability to repay and the loan or lease has been brought current and future payments are reasonably assured.
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| Allowance for Credit Losses | Allowance for Credit Losses The ACL represents management’s estimate of expected credit losses. The ACL primarily consists of the allowance for loan and lease losses (ALLL), as well as the allowance for AFS securities and unfunded lending commitments. The ACL is measured based on a lifetime expected loss model, which does not require a loss event to occur before a credit loss is recognized. Under the lifetime expected credit loss model, the Company estimates the allowance based on relevant available information related to past events, current conditions, and reasonable and supportable forecasts of future economic conditions. The ACL is estimated using a discounted cash flow (DCF) approach where effective interest rates are used to calculate the net present value of expected cash flows. The effective interest rate is calculated based on the periodic interest income received from the loan’s contractual cash flows and the net investment in the loan, which includes deferred origination fees and marketing costs, to provide a constant rate of return over the contractual loan term. The Company evaluates its estimate of expected credit losses each reporting period and records any additions or reductions to the ACL on the Income Statement as “Provision for credit losses.” Amounts determined to be uncollectible are charged-off to the allowance. Estimates of expected credit losses include expected recoveries of amounts previously charged-off and amounts expected to be charged-off. If amounts previously charged off are subsequently expected to be collected, the Company may recognize a negative allowance, which is limited to the amount that was previously charged off. Under applicable accounting guidance, for reporting purposes, the loan and lease portfolio is categorized by portfolio segment. A portfolio segment is defined as the level at which an entity develops and documents a systematic methodology to determine the ACL. The Company’s two portfolio segments are consumer and commercial. The Company further disaggregates its portfolio segments into various classes of financing receivables based on their underlying risk characteristics. The classes within the consumer portfolio segment are unsecured consumer, secured consumer and residential mortgages. The classes within the commercial portfolio segment are commercial and industrial, commercial real estate, and equipment finance. The ACL is measured on a collective basis when loans share similar risk characteristics. Relevant risk characteristics for the consumer portfolio include product type, risk rating, loan term, and monthly vintage. Relevant risk characteristics for the commercial portfolio include product type and risk rating. Loans measured on a collective basis generally have an ACL comprised of a quantitative, or modeled, component that is supplemented by a framework of qualitative factors, as discussed below. The Company will continue to monitor its loan pools on an ongoing basis and adjust accordingly as the risk characteristics of the financial assets may change over time. If a given financial asset does not share similar risk characteristics with other financial assets, the Company shall measure expected credit losses on an individual, rather than on a collective basis. Loans evaluated on an individual basis generally have an ACL that is measured in reference to any collateral securing the loan and/or expected cash flows which are specific to the borrower. Allowance Calculation Methodology The Company generally estimates expected credit losses over the contractual term of its loans and certain securities. The contractual term is adjusted for estimated prepayments when appropriate. The quantitative, or modeled, component of the ACL is primarily based on statistical models that use known or estimated data as of the balance sheet date and forecasted data over the reasonable and supportable period. Known and estimated data include current probability and timing of default, loss rate and recovery exposure at default, timing and amount of estimated prepayments, timing and amount of expected draws (for unfunded lending commitments), and relevant risk characteristics. Certain of the Company’s commercial portfolios have limited internal historical loss data and use external credit loss information, including historical charge-off and balance data for peer banking institutions. The Company obtains historical and forecast macroeconomic information to inform its view of the long-term condition of the economy. Forward-looking macroeconomic factors considered in the Company’s consumer model include unemployment rate, unemployment insurance claims, gross domestic product (GDP), housing prices, and retail sales. Forward-looking macroeconomic factors are incorporated into the Company’s commercial model for a two-year reasonable and supportable economic forecast period followed by a one-year reversion period during which expected credit losses are expected to revert back on a straight-line basis to historical losses unadjusted for economic conditions. The reasonable and supportable economic forecast period and reversion methodology are accounting estimates which may change in future periods as a result of changes to the current macroeconomic environment. The quantitative, or modeled, portion of ACL is estimated using a DCF approach. The Company’s statistical models, applied at the portfolio level to pools of loans with similar risk characteristics, produce expected cash flows, which are then discounted at the effective interest rate to derive net present value. The effective interest rate is calculated based on the periodic interest income received from the loan’s contractual cash flows and the net investment in the loan, which includes deferred origination fees and marketing costs, to provide a constant rate of return over the contractual loan term. This net present value is then compared to the amortized cost basis to derive the initial expected credit losses. Under the DCF approach, the provision for credit losses includes credit loss expense in subsequent periods relating to the discounting effect due to the passage of time after the initial recognition of ACL. The Company also considers the need for qualitative adjustments to the modeled estimate of expected credit losses. For this purpose, the Company established a qualitative factor framework to periodically assess qualitative adjustments to address certain identified elements that are not directly captured by the statistically modeled expected credit loss. The Company also obtains forecast macroeconomic information to inform its view of the long-term condition of the economy. These factors may include the impact of the non-modeled macroeconomic outlook, forecast unemployment rate and insurance claims, risk rating downgrades, changes in credit policies, problem loan trends, identification of new risks not incorporated into the modeling framework, credit concentrations, changes in underwriting and other external factors. Zero Credit Loss Expectation Exception The Company has a zero loss expectation when the loans and AFS securities, or portions thereof, are issued or guaranteed by certain U.S. government entities or agencies, as those entities or agencies have a long history of no defaults and the highest credit ratings issued by rating agencies. Loans held for investment and AFS securities which meet this criterion do not have an ACL. Reserve for Unfunded Lending Commitments The ACL includes an estimate for expected credit losses on off-balance sheet commitments to extend credit and unused lines of credit. The Company estimates these expected credit losses for the unfunded portion of the commitments that are not unconditionally cancellable depending on the likelihood that funding will occur. The reserve for unfunded lending commitments is reported in “Other liabilities” on the Balance Sheet. Individually Assessed Loans Loans that do not share similar risk characteristics with other financial assets, including collateral-dependent loans, are individually assessed for purposes of measuring expected credit losses using the DCF approach. For loans that are determined to be collateral dependent, the ACL is determined based on the fair value of the collateral. Loans are considered collateral dependent when the borrower is experiencing financial difficulty and repayment of the loan is expected to be substantially satisfied through sale or operation of the collateral. For such loans, the ACL is calculated as the difference between the amortized cost basis and the fair value of the underlying collateral less costs to sell, if applicable. Charge-Offs Charge-offs are recorded when the Company determines that a loan balance is uncollectible or a loss-confirming event has occurred. Loss confirming events usually involve the receipt of specific adverse information about the borrower and may include borrower delinquency status, bankruptcy, foreclosure, or receipt of an asset valuation indicating a shortfall between the value of the collateral and the book value of the loan when that collateral asset is the sole source of repayment. A full or partial charge-off reduces the amortized cost basis of the loan and the related ACL. Unsecured personal loans are generally charged-off when a borrower is contractually 120 days past due. Exceptions include accounts in bankruptcy or accounts of deceased borrowers which are then generally charged-off within 60 or 30 days from receipt of notification, respectively.
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| Servicing Assets | Servicing Assets Servicing assets are capitalized as separate assets when loans are sold and servicing is retained. The Company records servicing assets at their estimated fair values. Servicing asset fair value is based on the excess of the contractual servicing fee over an estimated market servicing rate. When servicing assets are recognized from the sale of loans originated by the Company, the fair value of the servicing asset is included as a component of the gain or loss on the loan sale and reported within “Marketplace revenue” on the Income Statement. Subsequent changes in fair value are reported within “Servicing fees” in “Marketplace revenue” during the period in which the changes occur. Servicing assets are reported in “Other assets” on the Balance Sheet.
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| Fair Value of Measurements | Fair Value Measurements Fair value is defined as the price that would be received to sell a financial asset or paid to transfer a financial liability in an orderly transaction between market participants at the measurement date. Fair value is based on an exit price notion that maximizes the use of observable inputs and minimizes the use of unobservable inputs. Certain of the Company’s assets and liabilities are recorded at fair value and measured on either a recurring or nonrecurring basis. Assets and liabilities that are recorded at fair value on a recurring basis require a fair value measurement at each reporting period. The fair value hierarchy includes a three-level hierarchy that assigns the highest priority to unadjusted quoted prices in active markets and the lowest priority to unobservable inputs.
Unobservable inputs require greater judgment in measuring fair value. In instances where there is limited or no observable market data, fair value measurements for assets and liabilities are based primarily upon the Company’s own estimates, and the measurements reflect information and assumptions that management believes a market participant would use in pricing the asset or liability.
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| Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Company reports the fair value of its derivative instruments on a gross basis, as either “Other assets” or “Other liabilities” on the Balance Sheet. Changes in fair value of the derivative instruments are recognized in “Net fair value adjustments” within “Marketplace revenue” on the Income Statement. For derivative instruments that qualify as accounting hedges, the Company designates the hedging instrument based on the exposure being hedged. The Company’s existing hedging instruments are designated as fair value hedges under the portfolio layer method, whereby changes in the fair value of the hedging instrument are substantially offset by changes in the fair value of the hedged item, which are recognized within interest income on the Income Statement. Interest payments made and/or received related to these derivative instruments are presented within the “Operating activities” section on the Statements of Cash Flows. To qualify for hedge accounting, the derivatives and related hedged items must be designated as a hedge at inception of the hedge relationship. In addition, a derivative must be highly effective at reducing the risk associated with the exposure being hedged. For accounting hedge relationships, the Company formally assesses, both at the inception of the hedge and on an ongoing basis, if the derivatives are highly effective in offsetting designated changes in the fair value of the hedged item. The Company assesses effectiveness using a statistical regression analysis. Effectiveness may be assessed qualitatively where the critical terms of the derivative and hedged item match.
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| Property, Equipment and Software, Net | Property, Equipment and Software, Net Property, equipment and software are carried at cost less accumulated depreciation and amortization. The Company uses the straight-line method of depreciation and amortization. The office building acquired in April 2025 is depreciated over its estimated useful life of 39 years, and the related building improvements are depreciated over their respective estimated useful lives. Tenant and leasehold improvements are amortized over the shorter of the lease term or the estimated useful life. Estimated useful lives range from three years to seven years for furniture and fixtures, computer equipment, and software. Internally-developed software is capitalized when preliminary development efforts are successfully completed and it is probable that the project will be completed, and the software will be used as intended. Capitalized costs consist of salaries and compensation costs for employees, fees paid to third-party consultants who are directly involved in development efforts, and costs incurred for upgrades and enhancements to add functionality of the software. Other costs are expensed as incurred. The Company evaluates impairments of its property, equipment and software whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. If the asset is not recoverable, measurement of an impairment loss is based on the fair value of the asset. When an impairment loss is recognized, the carrying amount of the asset is reduced to its estimated fair value.
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| 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.
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| Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill is recorded when the purchase price of an acquired business exceeds the fair value of the net assets acquired. Goodwill is assigned to the Company’s reporting units at the acquisition date according to the expected economic benefits that the acquired business will provide to the reporting unit. A reporting unit is a business operating segment or a component of a business operating segment. The Company identifies its reporting units based on how the operating segments and reporting units are managed. Accordingly, the Company allocated goodwill to the LC Bank operating segment. Goodwill is tested for impairment annually or more frequently in certain circumstances. The Company’s annual impairment testing is performed in the fourth quarter of each calendar year. Impairment exists when the carrying value of goodwill exceeds its estimated fair value. Adverse changes in impairment indicators such as lower than forecast financial performance, increased competition, increased regulatory oversight, or unplanned changes in operations could result in impairment. The Company can elect to either qualitatively assess goodwill for impairment, or bypass the qualitative test and proceed directly to a quantitative test. If the Company performs a qualitative assessment of goodwill to test for impairment and concludes it is more likely than not that the estimated fair value of a reporting unit is greater than its carrying value, a quantitative test is not required. However, if the Company determines it is more likely than not that a reporting unit’s fair value is less than its carrying amount, a quantitative assessment is performed to determine if goodwill impairment exists. Under the quantitative impairment assessment, the fair values of the Company’s reporting units are determined using a combination of income and market-based approaches. Other intangible assets with determinable lives are recorded at their fair value upon completion of a business acquisition or certain other transactions, and generally represent the value of customer contracts or relationships. Such assets are amortized over their useful lives in a manner that best reflects their economic benefit, which may include straight-line or accelerated methods of amortization. Other intangible assets are reviewed for impairment quarterly and when events or changes in circumstances indicate that their carrying amount may not be recoverable. The Company does not have indefinite-lived intangible assets other than goodwill. Intangible assets are reported in “Other assets” on the Balance Sheet.
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| Loss Contingencies | Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities in “Other liabilities” on the Balance Sheet. Associated legal expense is recorded in “Other non-interest expense” on the Income Statement. Such liabilities and associated expenses are recorded when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. The Company will also disclose a range of exposure to incremental loss when such amounts can be estimated and are reasonably possible to occur in future periods. In estimating the Company’s exposure to loss contingencies, if an amount within the estimated range of loss is the best estimate, that amount will be accrued. However, if there is no amount within the estimated range of loss that is the best estimate, the Company will accrue the minimum amount within the range, and disclose the amount up to the high end of the range as an exposure to incremental loss, if such amount is considered reasonably possible. Such estimates are based on the best information available at the time. As additional information becomes available, the Company reassesses the potential liability and records an adjustment to its estimate in the period in which the adjustment is probable and an amount or range can be reasonably estimated. The determination of an expected contingent liability and associated litigation expense requires the Company to make assumptions related to the outcome of these matters. Due to the inherent uncertainties of loss contingencies, the Company’s estimates may be different than the actual outcomes. Legal fees, including legal fees associated with loss contingencies, are recognized as incurred and included in “Professional services” expense on the Income Statement.
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| Stock-based Compensation | Stock-based Compensation Stock-based compensation includes expense primarily associated with restricted stock units (RSUs) and performance-based restricted stock units (PBRSUs). Stock-based compensation expense is based on the grant date fair value of the award. The cost is generally recognized over the vesting period on a straight-line basis. Forfeitures are recognized as incurred.
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| Share Repurchases | Share Repurchases Shares repurchased in the open market are retired upon repurchase. Accordingly, the Company reduces common stock by the par value of the retired shares, with the excess of the repurchase price over par value recorded as a reduction to additional paid-in capital.
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| Income Taxes | Income Taxes The Company accounts for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes deferred tax assets to the extent that it believes these assets are more likely than not to be realized. In making such a determination, the Company considers the available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts that are more likely than not expected to be realized. If the Company determines that it is able to realize its deferred tax assets in the future in excess of the net recorded amount, the Company decreases the deferred tax asset valuation allowance, which reduces the provision for income taxes. Uncertain tax positions are recognized only when the Company believes it is more likely than not that the tax position will be upheld on examination by the taxing authorities based on the merits of the position. The Company recognizes interest and penalties, if any, related to uncertain tax positions in “Income tax (expense) benefit” on the Income Statement.
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| Earnings Per Share | Earnings Per Share Basic earnings per share (EPS) attributable to common stockholders is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income by the weighted-average number of common shares outstanding during the period, adjusted for the effects of dilutive issuances of shares of common stock, which predominantly include incremental shares issued for outstanding RSUs and PBRSUs. PBRSUs are included in dilutive shares to the extent the pre-established performance targets have been or are estimated to be satisfied as of the reporting date. The dilutive potential common shares are computed using the treasury stock method. The effects of the common shares outstanding are excluded from the computation of diluted EPS in periods in which the effect would be antidilutive.
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| Transfers of Financial Assets | Transfers of Financial Assets The Company accounts for transfers of financial assets as sales when it has surrendered control over the transferred assets. Control is generally considered to have been surrendered when the transferred assets have been legally isolated from the Company, the transferee has the right to pledge or exchange the assets without any significant constraints, and the Company has not entered into a repurchase agreement, does not hold unconditional call options and has not written put options on the transferred assets. In assessing whether control has been surrendered, the Company considers whether the transferee would be a consolidated affiliate and the impact of all arrangements or agreements made contemporaneously with, or in contemplation of the transfer, even if they were not entered into at the time of transfer. The Company measures gain or loss on sale of financial assets as the net proceeds received on the sale less the carrying amount of the loans sold. The net proceeds of the sale represent the fair value of any assets obtained or liabilities incurred as part of the transaction, including, but not limited to servicing assets, retained securities, and recourse obligations. Transfers of financial assets that do not qualify for sale accounting would be reported as secured borrowings. Accordingly, the related assets would remain on the Company’s Balance Sheet and continue to be reported and accounted for as if the transfer had not occurred. Cash proceeds from these transfers are reported as liabilities, with related interest expense recognized over the life of the related assets.
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| Adoption of New Accounting Standards and New Accounting Standards Net Yet Adopted | Adoption of New Accounting Standards The Company adopted the following new accounting standards during the year ended December 31, 2025: 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 Company adopted this ASU for the full year ended December 31, 2025, on a retrospective basis. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. New Accounting Standards Not Yet Adopted In December 2025, the FASB issued ASU 2025-12, Codification Improvements, which makes incremental improvements to GAAP. The updates cover a broad range of topics arising from technical corrections, unintended applications of the codification, and other minor improvements. The new standard is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within those annual reporting periods. The standard can be applied prospectively or retrospectively on a topic by topic basis. Early adoption is also permitted on a topic by topic basis. The Company is evaluating the impact of this ASU but does not expect it to be material. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 27) - Narrow-Scope Improvements, which improves the navigability of the required interim disclosures and clarify when the guidance is applicable. The amendments also provide guidance on what disclosures are required during the interim reporting periods. Additionally, the amendments also includes a disclosure principle that requires entities to disclose events since the end of the last reporting period that have a material impact. The amendments of this standard are effective for interim reporting periods beginning after December 15, 2027. The amendments can be applied either prospectively or retrospectively. Early adoption is also permitted. The Company is evaluating the impact of this ASU but does not expect it to be material. In September 2025, the FASB issued ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the guidance to reflect the software development approaches currently used. Specifically, the ASU eliminates accounting consideration of software project development stages and enhances the guidance around the “probable-to-complete” threshold. The new standard is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. The amendments of this standard can be applied retrospectively, prospectively or on a modified prospective basis. Early adoption is also permitted. The Company is evaluating the impact of this ASU but does not expect it to be material. 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.
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| 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: Fees charged to borrowers in connection with the origination of loans that are held for sale. Servicing Fees: The Company receives servicing fees to compensate it for servicing loans on behalf of marketplace investors, including managing payments from borrowers and remittances 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 to marketplace investors, the Company capitalizes the initial fair value of servicing rights. A gain or loss is recorded based on the level to which the contractual servicing fee is above or below an estimated market rate of servicing at the time of sale. Additionally, the Company recognizes transaction costs, if any, as a loss on sale of loans. Net Fair Value Adjustments: The Company records adjustments to the carrying value of loans, for which it has elected to account for under the fair value option, to reflect their fair value. These adjustments include gains or losses from sale prices in excess of or less than the loan principal amount sold and realized net charge-offs. In addition, as loans are held on the Balance Sheet, incremental fair value adjustments on the loans are recorded in “Net fair value adjustments” within “Marketplace revenue,” whereas the associated interest income is recorded within “Net interest income.”
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Marketplace Revenue (Tables) |
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| Schedule of Components of Marketplace Revenue | The following table presents components of marketplace revenue for the periods presented:
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Earnings Per Share (Tables) |
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Dec. 31, 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 EPS:
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Securities Available for Sale (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 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 AFS securities were as follows:
(1) Excludes a $0.7 million and $(2.2) million cumulative basis adjustment for securities designated in active fair value hedge relationships at December 31, 2025 and 2024, respectively. See “Note 8. Derivative Instruments and Hedging Activities” for additional information. (2) As of December 31, 2025 and 2024, $200.0 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.
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| 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:
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| Schedule of Activity in the Allowance for Credit Losses for AFS Securities, by Security Type | The following table presents the activity in the allowance for credit losses for AFS securities, by security type:
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| Schedule of Contractual Maturities of AFS Securities | The contractual maturities of AFS securities were as follows:
(1) The weighted-average yield is computed using the average month-end amortized cost during the year ended December 31, 2025.
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Loans and Leases Held for Investment at Amortized Cost, Net of Allowance for Loan and Lease Losses (Tables) |
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Dec. 31, 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 following table presents the components of each portfolio segment by class of financing receivable:
(1) Comprised of sales-type leases for equipment. See “Note 17. Leases” for additional information. (2) Includes $286.8 million and $160.1 million in loans originated through the Small Business Association (SBA) as of December 31, 2025 and 2024, respectively. The following table presents the components of the ALLL:
(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.
(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:
The following table summarizes the aggregate fair value of the Company’s HFI loans at fair value, as well as the amount that was 90 days or more past due:
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| Schedule of Activity in the ACL by Portfolio Segment | The activity in the ACL by portfolio segment was as follows:
(1) 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. (2) Relates to $52.0 million, $105.0 million and $78.1 million of unfunded commitments as of December 31, 2025, 2024 and 2023, respectively.
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| 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 year ended December 31, 2025:
(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:
(1) Excludes cumulative basis adjustment for loans designated in fair value hedges under the portfolio layer method. As of December 31, 2025, the basis adjustment totaled $1.6 million and represents an increase to the amortized cost of the hedged loans. See “Note 8. Derivative Instruments and Hedging Activities” for additional information.
(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:
(1) Represents loan balances guaranteed by the SBA.
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| 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:
(1) Represents loan balances guaranteed by the SBA. The following table presents nonaccrual loans and leases:
(1) Subset of total nonaccrual loans and leases. (2) Includes $29.7 million and $31.2 million in loan balances guaranteed by the SBA as of December 31, 2025 and 2024, respectively.
(1) Calculated as the ratio of non-accruing loans and leases to loans and leases HFI at amortized cost.
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| 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:
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:
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| 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:
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Structured Program Transactions and Variable Interest Entities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| 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:
The following table summarizes activity related to unconsolidated VIEs where the transfers were accounted for as a sale on the Company’s financial statements:
(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.
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Fair Value Measurements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| 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:
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| 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 HFS loans:
(1) The weighted-average rate is calculated using the principal balance of each loan pool with similar risk characteristics. The following significant unobservable inputs were used in the fair value measurement of HFI loans (1):
(1) The change in significant unobservable inputs from December 31, 2024 to December 31, 2025 was primarily driven by loan composition changes due to a loan portfolio purchase in the fourth quarter of 2025, along with a significant reduction in loan balances related to previous portfolio purchases with lower purchase prices which resulted in a higher discount rate. (2) The weighted-average rate is calculated using the principal balance of each loan pool with similar risk characteristics. 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:
The following significant unobservable inputs were used in the fair value measurement of other asset-backed securities related to Structured Program transactions:
(1) The weighted-average rate is calculated using the 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:
(1) The weighted-average rate is calculated using the principal balance of each loan pool with similar risk characteristics. (2) The fees a willing market participant would require for the servicing of loans with similar characteristics as those in the Company’s serviced portfolio.
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| Schedule of Sensitivity of Loans HFS and Loans HFI at Fair Value to Adverse Changes in Key Assumptions | The sensitivity of HFS loans at fair value to adverse changes in key assumptions was as follows:
The sensitivity of HFI loans at fair value to adverse changes in key assumptions was as follows:
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| 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 HFS loans at fair value activity:
The following table presents HFI loans at fair value activity:
The following table presents senior asset-backed securities related to Structured Program transactions activity:
The following table presents other asset-backed securities related to Structured Program transactions activity:
The following table presents servicing assets activity:
(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.
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| Schedule of Aggregate Fair Value of HFS Loans and HFI Loans | The following table presents the components of each portfolio segment by class of financing receivable:
(1) Comprised of sales-type leases for equipment. See “Note 17. Leases” for additional information. (2) Includes $286.8 million and $160.1 million in loans originated through the Small Business Association (SBA) as of December 31, 2025 and 2024, respectively. The following table presents the components of the ALLL:
(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.
(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:
The following table summarizes the aggregate fair value of the Company’s HFI loans at fair value, as well as the amount that was 90 days or more past due:
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| 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:
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:
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| 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:
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| 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:
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| 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:
(1) Excludes deposit liabilities with no defined or contractual maturities.
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Derivative Instruments and Hedging Activities (Tables) |
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Dec. 31, 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:
(1) Recorded in “” or “,” as applicable, on the Balance Sheet and in “Operating activities” on the Statement of Cash Flows.
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| 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:
(1) The initial fair value of the credit derivative liabilities is recorded in “Gain on sales of loans” with incremental changes in the fair value recorded in “Net fair value adjustments,” both within “Marketplace revenue” on the Income Statement. (2) Recorded in “Net fair value adjustments” within “” on the Income Statement. The following table summarizes the gains (losses) recognized on the Company’s fair value hedges:
(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.
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| 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 that are designated as fair value hedges:
(1) Recorded in “Other assets” or “Other liabilities,” as applicable, on the Balance Sheet and in “Operating activities” on the Statement of Cash Flows.
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| Schedule of Cumulative Basis Adjustments for Fair Value Hedges | The following table presents the cumulative basis adjustments for fair value hedges:
(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 December 31, 2025, the amortized cost of unsecured personal loans and AFS securities, designated as the hedged items in the portfolio layer hedging relationship, was $575.0 million and $475.0 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 $225.0 million, respectively.
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Property, Equipment and Software, Net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Property, Equipment and Software, Net | Property, equipment and software, net, consist of the following:
(1) Includes $28.3 million and $43.4 million of development in progress for internally-developed software and $6.8 million and $7.1 million of development in progress to customize purchased software as of December 31, 2025 and 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) Includes $7.7 million of building improvements in progress as of December 31, 2025. (4) 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.
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Goodwill and Intangible Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 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:
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| Schedule of Expected Future Amortization Expense for Intangible Assets | The expected future amortization expense for intangible assets as of December 31, 2025, is as follows:
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Other Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Other Assets | Other assets consist of the following:
(1) See “Note 16. Income Taxes” for additional detail. (2) Loans underlying servicing assets had a total outstanding principal balance of $7.6 billion and $7.3 billion as of December 31, 2025 and 2024, respectively. (3) See “Note 10. Goodwill and Intangible Assets” for additional detail.
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Deposits (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 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:
Total certificates of deposit at December 31, 2025 are scheduled to mature as follows:
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Borrowings (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Borrowings | The following table summarizes the Company’s available borrowing capacity and the related pledged collateral:
(1) As of December 31, 2025, the Company had $4.2 billion in loans pledged under the FRB Discount Window and $486.2 million in loans and $375.7 million in securities available for sale at fair value pledged to the 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.
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Other Liabilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Other Liabilities | Other liabilities consist of the following:
(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.
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Equity (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Shares of Common Stock Reserved for Future Issuance | Shares of common stock reserved for future issuance was as follows:
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| 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:
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| Schedule of RSU Activity | The following table summarizes the Company’s RSU activity:
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| Schedule of PBRSU Activity | The following table summarizes the Company’s PBRSU activity:
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| Schedule of Stock Options Activity | The following table summarizes the activities for the Company’s stock options:
(1) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the Company’s closing stock price of $18.94 as reported on the New York Stock Exchange on December 31, 2025.
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Components of Income Tax (Expense) Benefit | Income tax expense (benefit) consisted of the following:
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| Schedule of Effective Income Tax Rate Reconciliation | The table below presents a reconciliation of the income tax expense at the statutory federal income tax rate to the income tax expense at the effective income tax rate:
(1) The states that contribute to the majority (greater than 50%) of the tax effect in this category include California, Illinois, New Jersey and New York for 2025; California, Illinois, Massachusetts, New Jersey and New York for 2024; and California for 2023.
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| Schedule of Cash Paid, Net of Refund | Cash paid for income taxes, net of refunds, are as follows:
* The amount of income taxes paid during the year does not meet the 5% disaggregation threshold and is included in “Other.”
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| Schedule of Deferred Tax Assets and Liabilities | The significant components of the Company’s net deferred tax assets were as follows:
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| Schedule of Operating Loss Carryforwards | The table below provides information about the Company’s NOLs and tax credit carryforwards by jurisdiction:
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| Schedule of Tax Credit Carryforwards | The table below provides information about the Company’s NOLs and tax credit carryforwards by jurisdiction:
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| Schedule of Reconciliation of the Beginning and Ending Balance of Total Unrecognized Tax Benefits | The table below presents a reconciliation of total unrecognized tax benefits:
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Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Balance Sheet Information Related to Leases | Balance sheet information related to leases was as follows:
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| Schedule of Supplemental Cash Flow Information Related to Operating Leases | Supplemental cash flow information related to the Company’s operating leases was as follows:
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| Schedule of Future Minimum Undiscounted Lease Payments Under Operating Leases | The Company’s future minimum undiscounted lease payments under operating leases as of December 31, 2025 were as follows:
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| 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:
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| Schedule of Rental Income | Rental income earned from such leases was as follows for the periods presented:
(1) Recorded in “” on the Income Statement.
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| Schedule of Future Fixed Lease Payments to be Received for Operating Leases | Future fixed lease payments to be received by the Company as of December 31, 2025, under non-cancelable operating leases, were as follows:
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| Schedule of Sales-Type Leases for Equipment (Equipment Finance) | Interest earned on Equipment Finance was as follows for the periods presented:
(1) Recorded in “Interest and fees on loans and leases held for investment” on the Income Statement. The components of Equipment Finance assets are as follows:
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| 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 December 31, 2025 were as follows:
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Regulatory Requirements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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| 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):
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 the addition of the CECL transitional benefit and deductions for goodwill and other intangible assets.
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Segment Reporting (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Segment Reporting Information | Financial information for the segments is presented in the following tables:
(1) Total net income from reportable segments reflects net income on a consolidated basis.
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LendingClub Corporation – Parent Company-Only Financial Statements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Statements of Income | Statements of Income
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| Statements of Comprehensive Income | Statements of Comprehensive Income
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| Balance Sheets | Balance Sheets
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| Statements of Cash Flows | Statements of Cash Flows
The following table presents cash, cash equivalents and restricted cash by category within the Parent Company balance sheet:
|
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Summary of Significant Accounting Policies (Details) |
Dec. 31, 2025 |
|---|---|
| Minimum | |
| Class of Stock [Line Items] | |
| Property and equipment, estimated useful life | 3 years |
| Maximum | |
| Class of Stock [Line Items] | |
| Property and equipment, estimated useful life | 7 years |
| Building | |
| Class of Stock [Line Items] | |
| Property and equipment, estimated useful life | 39 years |
Marketplace Revenue (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Disaggregation of Revenue [Line Items] | |||
| Gain on sales of loans | $ 59,087 | $ 49,097 | $ 47,839 |
| Net fair value adjustments | (134,946) | (154,659) | (134,114) |
| Total marketplace revenue | 355,944 | 242,791 | 291,484 |
| Origination fees | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenue | 372,815 | 283,420 | 279,146 |
| Servicing fees | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenue | $ 58,988 | $ 64,933 | $ 98,613 |
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Basic EPS: | |||
| Net income | $ 135,677 | $ 51,330 | $ 38,939 |
| Weighted-average common shares – Basic (in shares) | 114,605,220 | 111,731,523 | 108,466,179 |
| Basic EPS (in dollars per share) | $ 1.18 | $ 0.46 | $ 0.36 |
| Diluted EPS: | |||
| Net income | $ 135,677 | $ 51,330 | $ 38,939 |
| Weighted-average common shares – Diluted (in shares) | 117,233,815 | 113,122,859 | 108,468,857 |
| Diluted EPS (in dollars per share) | $ 1.16 | $ 0.45 | $ 0.36 |
Securities Available for Sale - Schedule of Activity in the Allowance for Credit Losses for AFS Securities, by Security Type (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 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 | 4,093 | $ 3,527 |
| 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 | 3,527 | 0 |
| Credit loss expense for securities available for sale | 566 | 3,527 |
| Allowance for credit losses, end of period | $ 4,093 | $ 3,527 |
Securities Available for Sale - Narrative (Details) - Senior asset-backed securities related to Structured Program transactions - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Schedule of Securities Available-for-Sale [Line Items] | |||
| Proceeds from sale of AFS | $ 0 | $ 30,100 | $ 0 |
| Gross realized gain from sale of AFS securities | $ 114 | ||
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 |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|---|
| Receivables [Abstract] | ||||
| Gross allowance for loan and lease losses | $ 312,667 | $ 285,686 | ||
| Recovery asset value | (36,924) | (48,952) | ||
| Allowance for loan and lease losses | $ 275,743 | $ 236,734 | $ 310,387 | $ 327,852 |
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 |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Financing Receivable, Modified [Line Items] | |||
| Total loan modifications – unsecured personal loans | $ 27,217 | $ 37,926 | $ 15,876 |
| % of unsecured personal loans at amortized cost as of period end | 0.90% | 1.20% | 0.40% |
| Short-term payment reduction | |||
| Financing Receivable, Modified [Line Items] | |||
| Total loan modifications – unsecured personal loans | $ 17,880 | $ 26,421 | $ 4,867 |
| Permanent loan modification | |||
| Financing Receivable, Modified [Line Items] | |||
| Total loan modifications – unsecured personal loans | 5,985 | 5,874 | 3,659 |
| Debt settlement | |||
| Financing Receivable, Modified [Line Items] | |||
| Total loan modifications – unsecured personal loans | $ 3,352 | $ 5,631 | $ 7,350 |
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 |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Financing Receivable, Modified [Line Items] | |||
| Total loan modifications – unsecured personal loans | $ 49,327 | $ 82,926 | $ 53,643 |
| Short-term payment reduction | |||
| Financing Receivable, Modified [Line Items] | |||
| Total loan modifications – unsecured personal loans | 9,229 | 7,945 | 224 |
| Permanent loan modification | |||
| Financing Receivable, Modified [Line Items] | |||
| Total loan modifications – unsecured personal loans | 1,542 | 2,136 | 308 |
| Debt settlement | |||
| Financing Receivable, Modified [Line Items] | |||
| Total loan modifications – unsecured personal loans | $ 38,556 | $ 72,845 | $ 53,111 |
Structured Program Transactions and Variable Interest Entities - Schedule of VIE Assets and Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Assets | ||
| Total securities available for sale | $ 3,706,709 | $ 3,452,648 |
| Other assets | 368,086 | 403,982 |
| Total assets | 11,567,816 | 10,630,509 |
| Liabilities | ||
| Other liabilities | 233,518 | 220,541 |
| Total liabilities | 10,067,388 | 9,288,778 |
| Unconsolidated | ||
| Assets | ||
| Total securities available for sale | 3,311,780 | 3,069,771 |
| Other assets | 53,660 | 46,269 |
| Total assets | 3,365,440 | 3,116,040 |
| Liabilities | ||
| Other liabilities | 1,023 | 6,313 |
| Total liabilities | 1,023 | 6,313 |
| Total net assets (maximum loss exposure) | $ 3,364,417 | $ 3,109,727 |
Structured Program Transactions and Variable Interest Entities - Schedule of Unconsolidated VIEs (Details) - Unconsolidated - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Fair value of consideration received: | |||
| Cash | $ 1,094,285 | $ 394,205 | $ 172,397 |
| Net securities retained from Structured Program transactions | 1,993,586 | 2,711,693 | 1,299,313 |
| Other assets, net | 36,302 | 35,877 | 16,740 |
| Total consideration | 3,124,173 | 3,141,775 | 1,488,450 |
| Fair value of loans sold | (3,090,986) | (3,079,628) | (1,474,077) |
| Sale of senior securities related to Structured Program transactions | 0 | (30,000) | 0 |
| Deconsolidation of debt | 0 | 880 | 0 |
| Principal derecognized from loans securitized or sold | 0 | (737) | 0 |
| Gain on sales of loans and securities | 33,187 | 32,290 | 14,373 |
| Cash proceeds from continuing involvement: | |||
| Servicing and other administrative fees | 38,300 | 27,047 | 5,475 |
| Interest received on securities retained from Structured Program transactions | $ 203,138 | $ 164,807 | $ 22,786 |
Structured Program Transactions and Variable Interest Entities - Narrative (Details) - Off-Balance Sheet Loans - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
| Outstanding principal balance | $ 4,400.0 | $ 3,500.0 |
| Off-balance sheet loans, principal amount outstanding, 31 days or more past due | $ 64.9 | $ 44.7 |
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 |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Minimum | ||
| Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items] | ||
| Measurement input, debt securities available-for-sale | 0.050 | 0.060 |
| Maximum | ||
| Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items] | ||
| Measurement input, debt securities available-for-sale | 0.054 | 0.060 |
| Weighted-Average | ||
| Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items] | ||
| Measurement input, debt securities available-for-sale | 0.052 | 0.060 |
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 |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair Value | $ 3,706,709 | $ 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 | 3,092,410 | 2,899,824 |
| 100 basis point increase | (32,467) | (37,315) |
| 200 basis point increase | $ (64,934) | $ (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 |
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 |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Sensitivity Analysis of Debt Securities Available-for-Sale [Line Items] | ||
| Fair value at beginning of period | $ 2,899,824 | $ 1,176,403 |
| Additions | 1,839,092 | 2,558,003 |
| Sales | 0 | (30,114) |
| Cash received | (1,643,278) | (823,331) |
| Change in unrealized loss | (3,228) | 18,863 |
| Fair value at end of period | $ 3,092,410 | $ 2,899,824 |
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 |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Fair value at beginning of period | $ 169,948 | $ 73,393 |
| Originations and purchases | 154,494 | 153,690 |
| Cash received | (103,825) | (53,219) |
| Credit loss expense for securities available for sale | (566) | (3,217) |
| Change in unrealized loss | (681) | (699) |
| Fair value at end of period | $ 219,370 | $ 169,948 |
Fair Value Measurements - Schedule of Estimated Fair Value of Servicing Assets (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Fair Value Disclosures [Abstract] | ||
| Weighted-average market servicing rate assumptions, servicing assets | 0.58% | 0.62% |
| Market servicing rate increase by .1% | $ (7,289) | $ (6,940) |
| Market servicing rate decrease by .1% | $ 7,289 | $ 6,940 |
| Change in rate | 0.10% | 0.10% |
Fair Value Measurements - Schedule of Servicing Assets at Fair Value Activity (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Servicing Assets, Changes in fair value due to: | ||
| Fair value at beginning of period | $ 60,697 | $ 77,680 |
| Issuances | 63,927 | 58,396 |
| Change in fair value, included in Marketplace Revenue | (59,457) | (75,359) |
| Other net changes | 0 | (20) |
| Fair value at end of period | $ 65,167 | $ 60,697 |
Derivative Instruments and Hedging Activities - Narrative (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
| Maximum term of credit risk derivatives | 18 months |
Derivative Instruments and Hedging Activities - Schedule of Gains (Losses) on Derivatives (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
| Total gains (losses) | $ 3,054 | $ (4,952) | $ (6,372) |
| Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Marketplace revenue | ||
| Credit derivatives | |||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
| Total gains (losses) | $ 3,528 | (4,558) | (6,372) |
| Interest rate caps | |||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
| Total gains (losses) | $ (474) | $ (394) | $ 0 |
Derivative Instruments and Hedging Activities - Schedule of Gains (Losses) on Fair Value Hedges (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
| Total gains on fair value hedges | $ 2,177 | $ 5,415 | $ 2,848 |
| Unsecured personal loans: | |||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
| Hedged item | (275) | (7,009) | 8,881 |
| Derivatives | 168 | 6,894 | (8,547) |
| Interest settlement on derivative | (8) | 4,539 | 2,514 |
| Total gains on fair value hedges | (115) | 4,424 | 2,848 |
| Securities available for sale: | |||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
| Hedged item | 2,924 | (2,197) | 0 |
| Derivatives | (3,010) | 2,382 | 0 |
| Interest settlement on derivative | 2,378 | 806 | 0 |
| Total gains on fair value hedges | $ 2,292 | $ 991 | $ 0 |
Derivative Instruments and Hedging Activities - Schedule of Cumulative Basis Adjustments for Fair Value Hedges (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Loans and leases held for investment | ||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
| Carrying Amount of Closed Portfolio | $ 1,283,622 | $ 1,388,222 |
| Cumulative Fair Value Adjustment Included in the Carrying Amount of the Hedged Items | 1,597 | 1,872 |
| Hedged layer of loans with a carrying amount | 575,000 | 1,075,000 |
| Securities available for sale | ||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
| Carrying Amount of Closed Portfolio | 1,091,921 | 2,255,848 |
| Cumulative Fair Value Adjustment Included in the Carrying Amount of the Hedged Items | 727 | (2,197) |
| Hedged layer of loans with a carrying amount | $ 475,000 | $ 225,000 |
Property, Equipment and Software, Net - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Property, Plant and Equipment [Line Items] | |||
| Impairment expense on internally-developed software | $ 0.0 | $ 5.5 | $ 0.0 |
| Property, Equipment and Software | |||
| Property, Plant and Equipment [Line Items] | |||
| Depreciation and amortization | $ 59.7 | $ 49.8 | $ 43.0 |
Goodwill and Intangible Assets - Narrative (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Goodwill and Intangible Assets Disclosure [Abstract] | |||
| Goodwill | $ 75,717,000 | $ 75,717,000 | |
| Finite-Lived Intangible Assets [Line Items] | |||
| Goodwill | 75,717,000 | 75,717,000 | |
| Goodwill impairment expense | 0 | 0 | $ 0 |
| Amortization expense | 3,200,000 | 3,500,000 | 4,200,000 |
| Impairment of intangible assets | $ 0 | $ 0 | $ 0 |
| Customer Relationships | Minimum | |||
| Finite-Lived Intangible Assets [Line Items] | |||
| Intangible assets, amortized period | 10 years | ||
| Customer Relationships | Maximum | |||
| Finite-Lived Intangible Assets [Line Items] | |||
| Intangible assets, amortized period | 14 years | ||
Goodwill and Intangible Assets - Schedule of Gross and Net Carrying Values and Accumulated Amortization of Intangible Assets (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Finite-Lived Intangible Assets [Line Items] | ||
| Net carrying value | $ 7,419 | |
| Customer Relationships | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross carrying value | 56,490 | $ 54,500 |
| Accumulated amortization | (49,071) | (45,914) |
| Net carrying value | $ 7,419 | $ 8,586 |
Goodwill and Intangible Assets - Schedule of Expected Future Amortization Expense for Intangible Assets (Details) $ in Thousands |
Dec. 31, 2025
USD ($)
|
|---|---|
| Goodwill and Intangible Assets Disclosure [Abstract] | |
| 2026 | $ 2,636 |
| 2027 | 1,943 |
| 2028 | 1,179 |
| 2029 | 729 |
| 2030 | 456 |
| Thereafter | 476 |
| Net carrying value | $ 7,419 |
Other Assets (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
| Deferred tax assets, net | $ 96,159 | $ 137,155 |
| Servicing assets | 65,326 | 61,020 |
| Nonmarketable equity investments | 48,462 | 44,114 |
| Accrued interest receivable | 43,918 | 40,388 |
| Operating lease assets | 12,942 | 21,304 |
| Intangible assets, net | 7,419 | 8,586 |
| Other | 93,860 | 91,415 |
| Total other assets | 368,086 | 403,982 |
| Principal balance of underlying loan servicing rights | $ 7,600,000 | $ 7,300,000 |
Deposits - Schedule of Deposits (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Interest-bearing deposits: | ||
| Savings and money market accounts | $ 6,599,737 | $ 5,903,869 |
| Certificates of deposit | 2,434,422 | 2,294,214 |
| Checking accounts | 425,324 | 478,036 |
| Total | 9,459,483 | 8,676,119 |
| Noninterest-bearing deposits | 374,387 | 392,118 |
| Total deposits | $ 9,833,870 | $ 9,068,237 |
Deposits - Schedule of Maturity of Certificates of Deposits (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Other Liabilities Disclosure [Abstract] | ||
| 2026 | $ 2,389,994 | |
| 2027 | 29,895 | |
| 2028 | 2,953 | |
| 2029 | 10,341 | |
| 2030 | 1,239 | |
| Total certificates of deposit | 2,434,422 | $ 2,294,214 |
| Uninsured certificates of deposit | $ 116,600 |
Borrowings - Narrative (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Debt Disclosure [Abstract] | ||
| Debt outstanding | $ 0.0 | $ 0.0 |
Other Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Other Liabilities [Abstract] | ||
| Accounts payable and accrued expenses | $ 87,341 | $ 78,131 |
| Due to borrowers | 60,254 | 24,449 |
| Operating lease liabilities | 15,826 | 28,502 |
| Payable to investors | 11,926 | 22,833 |
| Other | 58,171 | 66,626 |
| Total other liabilities | $ 233,518 | $ 220,541 |
Equity - Schedule of Shares of Common Stock Reserved for Future Issuance (Details) - shares |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Total reserved for future issuance (in shares) | 35,403,752 | 37,778,446 |
| Restricted Stock Units, Performance-based Restricted Stock Units, Stock Options | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Available for grant (in shares) | 20,915,498 | 21,815,259 |
| Unvested RSUs, PBRSUs and stock options outstanding (in shares) | 5,806,751 | 7,281,684 |
| Available for ESPP | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Available for grant (in shares) | 8,681,503 | 8,681,503 |
Equity - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Stock-based compensation expense, gross | $ 39,079 | $ 47,117 | $ 61,619 |
| Less: Capitalized stock-based compensation expense | 4,793 | 7,048 | 9,230 |
| Stock-based compensation expense, net | 34,286 | 40,069 | 52,389 |
| RSUs | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Stock-based compensation expense, gross | 34,730 | 43,841 | 57,213 |
| PBRSUs | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Stock-based compensation expense, gross | $ 4,349 | $ 3,276 | $ 4,406 |
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Current: | |||
| Federal | $ 1,854 | $ 316 | $ 3,180 |
| State | 1,972 | 2,551 | (5,060) |
| Total current tax expense (benefit) | 3,826 | 2,867 | (1,880) |
| Deferred: | |||
| Federal | 27,486 | 10,997 | 11,427 |
| State | 9,957 | (128) | 6,131 |
| Total deferred expense | 37,443 | 10,869 | 17,558 |
| Income tax expense | $ 41,269 | $ 13,736 | $ 15,678 |
Income Taxes - Schedule of Cash Paid, Net of Refund (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Effective Income Tax Rate Reconciliation [Line Items] | |||
| Federal | $ 1,950 | $ 0 | $ 1,625 |
| State: | |||
| Total State | 1,427 | 275 | 5,006 |
| Income taxes, net of amounts refunded | 3,377 | 275 | 6,631 |
| Illinois | |||
| State: | |||
| Total State | 1,406 | ||
| New Jersey | |||
| State: | |||
| Total State | 1,021 | ||
| Georgia | |||
| State: | |||
| Total State | 591 | ||
| New York | |||
| State: | |||
| Total State | 185 | 124 | |
| New York MCTD | |||
| State: | |||
| Total State | 48 | ||
| Texas | |||
| State: | |||
| Total State | 380 | 132 | |
| New York City | |||
| State: | |||
| Total State | 119 | ||
| Oregon | |||
| State: | |||
| Total State | 96 | ||
| Pennsylvania | |||
| State: | |||
| Total State | 15 | ||
| Utah | |||
| State: | |||
| Total State | (160) | (519) | |
| Colorado | |||
| State: | |||
| Total State | (94) | ||
| Other | |||
| State: | |||
| Total State | $ 862 | $ (5) | $ 2,507 |
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Deferred tax assets: | ||
| Allowance for loan and lease losses | $ 67,876 | $ 64,925 |
| Net operating loss carryforwards | 40,327 | 54,981 |
| Tax credit carryforwards | 34,706 | 31,416 |
| Reserves and accruals | 13,584 | 13,699 |
| Deferred compensation | 7,862 | 9,862 |
| Goodwill | 5,671 | 8,244 |
| Unrealized loss on AFS securities | 5,545 | 9,096 |
| Operating lease liabilities | 3,818 | 7,649 |
| Stock-based compensation | 3,279 | 4,849 |
| Other | 2,892 | 3,187 |
| Gross deferred tax assets | 185,560 | 207,908 |
| Valuation allowance | (48,047) | (46,325) |
| Total deferred tax assets | 137,513 | 161,583 |
| Deferred tax liabilities: | ||
| Internally-developed software | (27,634) | (5,280) |
| Leases | (7,817) | (11,283) |
| Operating lease assets | (3,122) | (5,717) |
| Servicing assets | (415) | (1,708) |
| Other | (2,366) | (440) |
| Total deferred tax liabilities | (41,354) | (24,428) |
| Deferred tax assets, net | $ 96,159 | $ 137,155 |
Income Taxes - Narrative (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Income Tax Disclosure [Abstract] | ||
| Valuation allowance | $ 48,047 | $ 46,325 |
| Amount of unrecognized tax benefits, if recognized, would impact the effective tax rate | 20,700 | 22,400 |
| Accrued interest and penalties related to unrecognized tax benefits | $ 400 | $ 400 |
Income Taxes - Schedule of NOLs and Tax Credit Carryforwards by Jurisdiction (Details) $ in Thousands |
Dec. 31, 2025
USD ($)
|
|---|---|
| State: | |
| Operating Loss Carryforwards [Line Items] | |
| Net operating loss carryforwards | $ 0 |
| State: | Research and Development | |
| Operating Loss Carryforwards [Line Items] | |
| Tax credit carryforwards | 35,542 |
| State | |
| Operating Loss Carryforwards [Line Items] | |
| Net operating loss carryforwards, subject to expiration | 483,357 |
| Net operating loss carryforwards, not subject to expiration | 41,195 |
| State | Research and Development | |
| Operating Loss Carryforwards [Line Items] | |
| Tax credit carryforwards | $ 22,545 |
Income Taxes - Schedule of Reconciliation of the Beginning and Ending Balance of Total Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Unrecognized Tax Benefits [Roll Forward] | |||
| Unrecognized tax benefits at beginning of year | $ 33,073 | $ 30,062 | $ 27,850 |
| Gross increase (decrease) – tax positions related to prior years | (6,195) | 671 | (161) |
| Gross increase – tax positions related to current year | 2,310 | 2,340 | 2,373 |
| Unrecognized tax benefits at end of year | $ 29,188 | $ 33,073 | $ 30,062 |
Leases - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Lessee, Lease, Description [Line Items] | |||
| Security deposit | $ 0.5 | ||
| Letters of credit outstanding, amount | 1.1 | ||
| Net lease costs | $ 10.9 | $ 10.5 | $ 12.0 |
| Lessor operating leases, extension term | 5 years | ||
| Minimum | |||
| Lessee, Lease, Description [Line Items] | |||
| Lessee operating lease, lease term | 2 years | ||
| Maximum | |||
| Lessee, Lease, Description [Line Items] | |||
| Lessee operating lease, lease term | 3 years | ||
Leases - Schedule of Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Leases [Abstract] | ||
| Operating lease assets | $ 12,942 | $ 21,304 |
| Operating lease liabilities | $ 15,826 | $ 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 |
Leases - Schedule of Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Leases [Abstract] | |||
| Leased assets remeasured resulting from new, amended or modified operating lease liabilities | $ 0 | $ 1,987 | $ (29,745) |
Leases - Schedule of Future Minimum Undiscounted Lease Payments Under Operating Leases (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Operating Lease Payments | ||
| 2026 | $ 7,973 | |
| 2027 | 5,010 | |
| 2028 | 4,046 | |
| 2029 | 909 | |
| 2030 | 0 | |
| Total lease payments | 17,938 | |
| Discount effect | (2,112) | |
| Present value of future minimum lease payments | $ 15,826 | $ 28,502 |
Leases - Schedule of Weighted-Average Remaining Lease Term and Discount Rate (Details) |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Leases [Abstract] | ||
| Weighted-average remaining lease term (in years) | 2 years 7 months 20 days | 2 years 11 months 23 days |
| Weighted-average discount rate | 4.56% | 4.87% |
Leases - Schedule of Rental Income (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Leases [Abstract] | |||
| Rental income | $ 7,459 | $ 0 | $ 0 |
| Operating lease, lease income, statement of income or comprehensive income [extensible enumeration] | Other non-interest income | ||
Leases - Schedule of Future Fixed Lease Payments Based on Maturity (Details) $ in Thousands |
Dec. 31, 2025
USD ($)
|
|---|---|
| Leases [Abstract] | |
| 2026 | $ 4,654 |
| 2027 | 3,356 |
| 2028 | 2,460 |
| 2029 | 1,932 |
| 2030 | 1,990 |
| Thereafter | 6,215 |
| Total lease payments | $ 20,607 |
Leases - Schedule of Interest Earned on Equipment Finance (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Leases [Abstract] | |||
| Interest earned | $ 2,776 | $ 5,152 | $ 8,929 |
Leases - Schedule of Components of Equipment Finance (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Leases [Abstract] | ||
| Lease receivables | $ 25,384 | $ 49,290 |
| Unguaranteed residual asset values | 17,907 | 20,728 |
| Unearned income | (3,690) | (6,125) |
| Deferred costs | 156 | 339 |
| Total | $ 39,757 | $ 64,232 |
Leases - Schedule of Future Minimum Lease Payments Based on Maturity (Details) $ in Thousands |
Dec. 31, 2025
USD ($)
|
|---|---|
| Leases [Abstract] | |
| 2026 | $ 13,420 |
| 2027 | 7,469 |
| 2028 | 3,823 |
| 2029 | 1,476 |
| 2030 | 0 |
| Total lease payments | 26,188 |
| Discount effect | (804) |
| Present value of future minimum lease payments | $ 25,384 |
Commitments and Contingencies (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|---|
| Commitments and Contingencies [Line Items] | |||
| Unfunded loan commitments | $ 98.2 | $ 105.0 | |
| Unfunded Loan Commitment, Commitments to Extend Credit | |||
| Commitments and Contingencies [Line Items] | |||
| Unfunded loan commitments | $ 52.0 | $ 78.1 |
Regulatory Requirements - Schedule of Regulatory Capital Amounts and Ratios (Details) $ in Millions |
Dec. 31, 2025
USD ($)
|
Dec. 31, 2024
USD ($)
|
|---|---|---|
| LendingClub Corporation | ||
| Amount | ||
| CET1 capital | $ 1,342.6 | $ 1,188.6 |
| Tier 1 capital | 1,342.6 | 1,188.6 |
| Total capital | 1,441.0 | 1,276.5 |
| Tier 1 leverage | 1,342.6 | 1,188.6 |
| Risk-weighted assets | 7,696.1 | 6,887.1 |
| Quarterly adjusted average assets | $ 11,174.0 | $ 10,814.0 |
| Ratio | ||
| CET1 capital | 0.174 | 0.173 |
| Tier 1 capital | 0.174 | 0.173 |
| Total capital | 0.187 | 0.185 |
| Tier 1 leverage | 0.120 | 0.110 |
| Well-Capitalized Minimum | ||
| Tier 1 capital | 0.060 | |
| Total capital | 0.100 | |
| LendingClub Bank | ||
| Amount | ||
| CET1 capital | $ 1,183.9 | $ 1,101.4 |
| Tier 1 capital | 1,183.9 | 1,101.4 |
| Total capital | 1,281.8 | 1,188.5 |
| Tier 1 leverage | 1,183.9 | 1,101.4 |
| Risk-weighted assets | 7,652.0 | 6,823.1 |
| Quarterly adjusted average assets | $ 11,090.4 | $ 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 | 0.107 | 0.103 |
| Well-Capitalized Minimum | ||
| CET1 capital | 0.065 | |
| Tier 1 capital | 0.080 | |
| Total capital | 0.100 | |
| Tier 1 leverage | 0.050 |
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 |
Segment Reporting - Schedule of Segment Reporting Information by Statements of Operations (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Segment Reporting Information [Line Items] | |||
| Number of reportable segments not disclosed | Reportable Segments | ||
| Marketplace revenue | $ 355,944 | $ 242,791 | $ 291,484 |
| Other non-interest income | 17,232 | 10,179 | 11,297 |
| Total non-interest income | 373,176 | 252,970 | 302,781 |
| Interest income | 961,543 | 907,958 | 832,630 |
| Interest expense | (335,871) | (373,917) | (270,792) |
| Net interest income | 625,672 | 534,041 | 561,838 |
| Total net revenue | 998,848 | 787,011 | 864,619 |
| Provision for credit losses | (191,320) | (178,267) | (243,565) |
| Non-interest expense: | |||
| Compensation and benefits | (241,846) | (232,158) | (261,948) |
| Marketing | (149,211) | (100,402) | (93,840) |
| Equipment and software | (57,014) | (51,194) | (53,485) |
| Depreciation and amortization | (62,889) | (58,834) | (47,195) |
| Professional services | (42,339) | (32,045) | (35,173) |
| Occupancy | (19,834) | (15,798) | (17,532) |
| Other non-interest expense | (57,449) | (53,247) | (57,264) |
| Total non-interest expense | (630,582) | (543,678) | (566,437) |
| Income tax (expense) benefit | (41,269) | (13,736) | (15,678) |
| Net income | 135,677 | 51,330 | 38,939 |
| Operating Segments | |||
| Segment Reporting Information [Line Items] | |||
| Marketplace revenue | 333,543 | 213,516 | 248,198 |
| Other non-interest income | 59,522 | 62,681 | 84,187 |
| Total non-interest income | 393,065 | 276,197 | 332,385 |
| Interest income | 961,543 | 907,958 | 832,630 |
| Interest expense | (335,871) | (373,917) | (270,792) |
| Net interest income | 625,672 | 534,041 | 561,838 |
| Total net revenue | 1,018,737 | 810,238 | 894,223 |
| Provision for credit losses | (191,320) | (178,267) | (243,565) |
| Non-interest expense: | |||
| Compensation and benefits | (241,846) | (232,158) | (261,948) |
| Marketing | (149,211) | (100,402) | (93,840) |
| Equipment and software | (57,014) | (51,194) | (53,485) |
| Depreciation and amortization | (62,889) | (58,834) | (47,195) |
| Professional services | (42,339) | (32,045) | (35,173) |
| Occupancy | (19,834) | (15,798) | (17,532) |
| Other non-interest expense | (77,338) | (76,474) | (86,868) |
| Total non-interest expense | (650,471) | (566,905) | (596,041) |
| Income tax (expense) benefit | (41,269) | (13,736) | (15,678) |
| Net income | 135,677 | 51,330 | 38,939 |
| Capital expenditures | 143,566 | 54,302 | 59,509 |
| Operating Segments | LendingClub Bank | |||
| Segment Reporting Information [Line Items] | |||
| Marketplace revenue | 303,930 | 176,921 | 206,381 |
| Other non-interest income | 52,050 | 53,643 | 74,684 |
| Total non-interest income | 355,980 | 230,564 | 281,065 |
| Interest income | 960,714 | 902,741 | 818,206 |
| Interest expense | (335,871) | (373,219) | (266,218) |
| Net interest income | 624,843 | 529,522 | 551,988 |
| Total net revenue | 980,823 | 760,086 | 833,053 |
| Provision for credit losses | (191,320) | (178,267) | (243,565) |
| Non-interest expense: | |||
| Compensation and benefits | (235,289) | (225,620) | (255,428) |
| Marketing | (149,211) | (100,400) | (93,840) |
| Equipment and software | (56,963) | (51,068) | (53,239) |
| Depreciation and amortization | (58,277) | (50,309) | (30,216) |
| Professional services | (41,689) | (31,376) | (33,963) |
| Occupancy | (12,068) | (7,582) | (7,980) |
| Other non-interest expense | (62,854) | (54,963) | (62,360) |
| Total non-interest expense | (616,351) | (521,318) | (537,026) |
| Income tax (expense) benefit | (41,502) | (12,824) | (17,881) |
| Net income | 131,650 | 47,677 | 34,581 |
| Capital expenditures | 143,566 | 54,302 | 59,509 |
| Operating Segments | LendingClub Corporation (Parent only) | |||
| Segment Reporting Information [Line Items] | |||
| Marketplace revenue | 29,613 | 36,595 | 41,817 |
| Other non-interest income | 7,472 | 9,038 | 9,503 |
| Total non-interest income | 37,085 | 45,633 | 51,320 |
| Interest income | 829 | 5,217 | 14,424 |
| Interest expense | 0 | (698) | (4,574) |
| Net interest income | 829 | 4,519 | 9,850 |
| Total net revenue | 37,914 | 50,152 | 61,170 |
| Provision for credit losses | 0 | 0 | 0 |
| Non-interest expense: | |||
| Compensation and benefits | (6,557) | (6,538) | (6,520) |
| Marketing | 0 | (2) | 0 |
| Equipment and software | (51) | (126) | (246) |
| Depreciation and amortization | (4,612) | (8,525) | (16,979) |
| Professional services | (650) | (669) | (1,210) |
| Occupancy | (7,766) | (8,216) | (9,552) |
| Other non-interest expense | (14,484) | (21,511) | (24,508) |
| Total non-interest expense | (34,120) | (45,587) | (59,015) |
| Income tax (expense) benefit | 233 | (912) | 2,203 |
| Net income | 4,027 | 3,653 | 4,358 |
| Capital expenditures | 0 | 0 | 0 |
| Intersegment Eliminations | |||
| Segment Reporting Information [Line Items] | |||
| Total net revenue | $ (19,889) | $ (23,227) | $ (29,604) |
LendingClub Corporation – Parent Company-Only Financial Statements - Statements of Comprehensive Income (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Condensed Financial Statements, Captions [Line Items] | |||
| Net income | $ 135,677 | $ 51,330 | $ 38,939 |
| Other comprehensive income, net of tax: | |||
| Other comprehensive income, net of tax | 6,083 | 6,061 | 7,312 |
| Total comprehensive income | 141,760 | 57,391 | 46,251 |
| LendingClub Corporation | |||
| Condensed Financial Statements, Captions [Line Items] | |||
| Net income | 135,677 | 51,330 | 38,939 |
| Other comprehensive income, net of tax: | |||
| Net unrealized (loss) gain on securities available for sale | (553) | (3,076) | 6,706 |
| Equity in other comprehensive income (loss) of subsidiary | 6,636 | 9,137 | (1,282) |
| Other comprehensive income, net of tax | 6,083 | 6,061 | 5,424 |
| Total comprehensive income | $ 141,760 | $ 57,391 | $ 44,363 |