LENDINGCLUB CORP, 10-Q filed on 5/1/2025
Quarterly Report
v3.25.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2025
Apr. 18, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2025  
Entity File Number 001-36771  
Entity Registrant Name LendingClub Corporation  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 51-0605731  
Entity Address, Address Line One 595 Market Street, Suite 200,  
Entity Address, City or Town San Francisco,  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 94105  
City Area Code 415  
Local Phone Number 930-7440  
Title of 12(b) Security Common stock, par value $0.01 per share  
Trading Symbol LC  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   114,199,832
Entity Central Index Key 0001409970  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Transition Report false  
v3.25.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Assets    
Cash and due from banks $ 20,191 $ 15,524
Interest-bearing deposits in banks 875,324 938,534
Total cash and cash equivalents 895,515 954,058
Restricted cash 24,732 23,338
Securities available for sale at fair value ($3,462,166 and $3,492,264 at amortized cost, respectively) 3,426,571 3,452,648
Loans held for sale at fair value 703,378 636,352
Loans and leases held for investment 4,215,449 4,125,818
Allowance for loan and lease losses (244,193) (236,734)
Loans and leases held for investment, net 3,971,256 3,889,084
Loans held for investment at fair value 818,882 1,027,798
Property, equipment and software, net 168,899 167,532
Goodwill 75,717 75,717
Other assets 398,146 403,982
Total assets 10,483,096 10,630,509
Deposits:    
Interest-bearing 8,540,068 8,676,119
Noninterest-bearing 365,834 392,118
Total deposits 8,905,902 9,068,237
Other liabilities 212,677 220,541
Total liabilities 9,118,579 9,288,778
Equity    
Common stock, $0.01 par value; 180,000,000 shares authorized; 114,199,832 and 113,383,917 shares issued and outstanding, respectively 1,142 1,134
Additional paid-in capital 1,711,429 1,702,316
Accumulated deficit (325,805) (337,476)
Accumulated other comprehensive loss (22,249) (24,243)
Total equity 1,364,517 1,341,731
Total liabilities and equity $ 10,483,096 $ 10,630,509
v3.25.1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Securities available for sale at amortized cost $ 3,462,166 $ 3,492,264
Common stock, par value (in USD per share) $ 0.01 $ 0.01
Common stock, authorized (in shares) 180,000,000 180,000,000
Common stock, shares issued (in shares) 114,199,832 113,383,917
Common stock, shares outstanding (in shares) 114,199,832 113,383,917
v3.25.1
Condensed Consolidated Statements of Income - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Non-interest income:    
Marketplace revenue $ 65,643 $ 55,891
Other non-interest income 2,111 1,909
Total non-interest income 67,754 57,800
Interest income:    
Interest on loans held for sale 21,814 14,699
Interest and fees on loans and leases held for investment 118,949 132,393
Interest on loans held for investment at fair value 25,410 8,409
Interest on securities available for sale 56,280 35,347
Other interest income 9,606 16,503
Total interest income 232,059 207,351
Interest expense:    
Interest on deposits 82,100 83,963
Other interest expense 2 500
Total interest expense 82,102 84,463
Net interest income 149,957 122,888
Total net revenue 217,711 180,688
Provision for credit losses 58,149 31,927
Non-interest expense:    
Compensation and benefits 58,389 59,554
Marketing 29,239 24,136
Equipment and software 14,644 12,684
Depreciation and amortization 13,909 12,673
Professional services 9,764 7,091
Occupancy 4,345 3,861
Other non-interest expense 13,577 12,234
Total non-interest expense 143,867 132,233
Income before income tax expense 15,695 16,528
Income tax expense (4,024) (4,278)
Net income $ 11,671 $ 12,250
Earnings per share:    
Basic EPS (in USD per share) [1] $ 0.10 $ 0.11
Diluted EPS (in USD per share) [1] $ 0.10 $ 0.11
Weighted-average common shares – Basic (in shares) [1] 113,693,399 110,685,796
Weighted-average common shares – Diluted (in shares) [1] 116,176,898 110,687,380
[1] See “Notes to Condensed Consolidated Financial Statements – Note 3. Earnings Per Share” for additional information.
v3.25.1
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Net income $ 11,671 $ 12,250
Other comprehensive income (loss):    
Change in net unrealized gain (loss) on securities available for sale 3,483 (9,430)
Income tax effect (1,489) 2,537
Other comprehensive income (loss), net of tax 1,994 (6,893)
Total comprehensive income $ 13,665 $ 5,357
v3.25.1
Condensed Consolidated Statements of Changes in Equity - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Loss
Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2023   110,410,602      
Beginning balance at Dec. 31, 2023 $ 1,251,822 $ 1,104 $ 1,669,828 $ (30,304) $ (388,806)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock-based compensation 13,599   13,599    
Net issuances under equity incentive plans (in shares)   709,813      
Net issuances under equity incentive plans (4,492) $ 7 (4,499)    
Net unrealized gain (loss) on securities available for sale, net of tax (6,893)     (6,893)  
Net income 12,250       12,250
Ending balance (in shares) at Mar. 31, 2024   111,120,415      
Ending balance at Mar. 31, 2024 $ 1,266,286 $ 1,111 1,678,928 (37,197) (376,556)
Beginning balance (in shares) at Dec. 31, 2024 113,383,917 113,383,917      
Beginning balance at Dec. 31, 2024 $ 1,341,731 $ 1,134 1,702,316 (24,243) (337,476)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock-based compensation 9,921   9,921    
Net issuances under equity incentive plans (in shares)   815,915      
Net issuances under equity incentive plans (800) $ 8 (808)    
Net unrealized gain (loss) on securities available for sale, net of tax 1,994     1,994  
Net income $ 11,671       11,671
Ending balance (in shares) at Mar. 31, 2025 114,199,832 114,199,832      
Ending balance at Mar. 31, 2025 $ 1,364,517 $ 1,142 $ 1,711,429 $ (22,249) $ (325,805)
v3.25.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash Flows from Operating Activities:    
Net income $ 11,671 $ 12,250
Adjustments to reconcile net income to net cash used for operating activities:    
Net fair value adjustments 29,251 44,689
Change in fair value of loan servicing assets 17,058 19,428
Gain on sales of loans (12,202) (10,909)
Provision for credit losses 58,149 31,927
Accretion of loan deferred fees and costs (15,834) (18,829)
Stock-based compensation, net 8,519 11,544
Depreciation and amortization 13,909 12,673
Other, net 3,172 (1,020)
Net change to loans held for sale (448,379) (928,163)
Net change in operating assets and liabilities:    
Other assets 5,442 2,006
Other liabilities (10,012) (22,112)
Net cash used for operating activities (339,256) (846,516)
Cash Flows from Investing Activities:    
Net change in loans and leases 85,848 121,263
Proceeds from maturities and paydowns of securities available for sale 380,365 119,556
Purchases of property, equipment and software, net (13,066) (11,781)
Other investing activities (2,689) (12,156)
Net cash provided by investing activities 450,458 216,882
Cash Flows from Financing Activities:    
Net change in deposits (167,601) 199,255
Principal payments on borrowings 0 (6,981)
Proceeds from short-term borrowings 0 250,000
Other financing activities (750) (4,428)
Net cash (used for) provided by financing activities (168,351) 437,846
Net Decrease in Cash, Cash Equivalents and Restricted Cash (57,149) (191,788)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period 977,396 1,294,148
Cash, Cash Equivalents and Restricted Cash, End of Period 920,247 1,102,360
Supplemental Cash Flow Information:    
Cash paid for interest 84,348 90,682
Cash paid for operating leases included in the measurement of lease liabilities 3,237 3,089
Supplemental Non-cash Investing Activity:    
Net securities retained from Structured Program transactions $ 349,002 $ 738,976
v3.25.1
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Statement of Cash Flows [Abstract]        
Cash and cash equivalents $ 895,515 $ 954,058    
Restricted cash 24,732 23,338    
Total cash, cash equivalents and restricted cash $ 920,247 $ 977,396 $ 1,102,360 $ 1,294,148
v3.25.1
Summary of Significant Accounting Policies
 3 Months Ended
Mar. 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, lower borrowing costs, and improve returns on savings. LendingClub is registered as a bank holding company and operates the vast majority of its business through its wholly-owned subsidiary, LendingClub Bank, National Association (LC Bank).

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

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

Significant Accounting Policies

The Company’s significant accounting policies are discussed in “Part II – Item 8. Financial Statements and Supplementary Data – Note 1. Summary of Significant Accounting Policies” in the Annual Report. There have been no changes to these significant accounting policies for the three months ended March 31, 2025.

Adoption of New Accounting Standards

The Company did not adopt new accounting standards during the three months ended March 31, 2025.

New Accounting Standards Not Yet Adopted

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

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures, which improves income tax disclosure requirements, primarily through enhanced disclosures surrounding rate reconciliation and income taxes paid. The new standard is effective for annual periods beginning after December 15, 2024. The amendments of this standard should be applied prospectively, with retrospective application permitted. Early adoption is also permitted. The Company is evaluating the impact of this ASU but does not expect it to be material.
v3.25.1
Marketplace Revenue
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Marketplace Revenue Marketplace Revenue
Marketplace revenue consists of (i) origination fees, (ii) servicing fees, (iii) gain on sales of loans and (iv) net fair value adjustments, as described below.

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

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

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

Net Fair Value Adjustments: The Company records fair value adjustments on loans that are recorded at fair value, which include gains or losses from sale prices in excess of or less than the loan principal amount sold and realized net charge-offs. In addition, as loans are held on the Balance Sheet, incremental fair value adjustments on the loans are recorded in “Net fair value adjustments” within “Marketplace revenue,” whereas the associated interest income is recorded within “Net interest income.”

The following table presents components of marketplace revenue for the periods presented:
Three Months Ended
March 31,
20252024
Origination fees$69,944 $70,079 
Servicing fees12,748 19,592 
Gain on sales of loans12,202 10,909 
Net fair value adjustments(29,251)(44,689)
Total marketplace revenue$65,643 $55,891 
v3.25.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The following table details the computation of the Company’s basic and diluted earnings per share (EPS):
Three Months Ended
March 31,
20252024
Basic EPS:
Net income attributable to stockholders$11,671 $12,250 
Weighted-average common shares – Basic113,693,399 110,685,796 
Basic EPS$0.10 $0.11 
Diluted EPS:
Net income attributable to stockholders$11,671 $12,250 
Weighted-average common shares – Diluted116,176,898 110,687,380 
Diluted EPS$0.10 $0.11 
v3.25.1
Securities Available for Sale
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Securities Available for Sale Securities Available for Sale
The amortized cost, gross unrealized gains and losses, and fair value of available for sale (AFS) securities were as follows:
March 31, 2025Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses
Allowance
for Credit Losses
Fair
Value
Senior asset-backed securities related to Structured Program transactions (1)
$2,842,522 $26,759 $— $— $2,869,281 
U.S. agency residential mortgage-backed securities265,265 142 (38,314)— 227,093 
Other asset-backed securities related to Structured Program transactions (2)
177,715 — (323)(4,848)172,544 
U.S. agency securities90,460 — (12,324)— 78,136 
Mortgage-backed securities62,454 41 (5,490)— 57,005 
Other asset-backed securities20,519 31 (506)— 20,044 
Municipal securities3,231 — (763)— 2,468 
Total securities available for sale (3)
$3,462,166 $26,973 $(57,720)$(4,848)$3,426,571 
December 31, 2024Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses
Allowance
for Credit Losses
Fair
Value
Senior asset-backed securities related to Structured Program transactions (1)
$2,870,071 $30,398 $(645)$— $2,899,824 
U.S. agency residential mortgage-backed securities270,120 48 (43,243)— 226,925 
Other asset-backed securities related to Structured Program transactions (2)
174,132 — (657)(3,527)169,948 
U.S. agency securities90,459 — (14,513)— 75,946 
Mortgage-backed securities62,882 8 (6,216)— 56,674 
Other asset-backed securities21,364 15 (587)— 20,792 
Municipal securities3,236 — (697)— 2,539 
Total securities available for sale (3)
$3,492,264 $30,469 $(66,558)$(3,527)$3,452,648 
(1)    Excludes a $(0.3) million and $(2.2) million cumulative basis adjustment for securities designated in active fair value hedge relationships at March 31, 2025 and December 31, 2024, respectively. See “Note 8. Derivative Instruments and Hedging Activities” for additional information.
(2)    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.
(3)    Includes $375.5 million and $373.5 million of securities pledged as collateral at fair value as of March 31, 2025 and December 31, 2024, respectively.
A summary of AFS securities with unrealized losses, aggregated by period of continuous unrealized loss, is as follows:
Less than
12 months		12 months
or longer		Total
March 31, 2025Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
U.S. agency residential mortgage-backed securities$28,674 $(364)$185,918 $(37,950)$214,592 $(38,314)
Other asset-backed securities related to Structured Program transactions53,855 (323)— — 53,855 (323)
U.S. agency securities— — 78,136 (12,324)78,136 (12,324)
Mortgage-backed securities12,419 (82)32,441 (5,408)44,860 (5,490)
Other asset-backed securities3,676 (7)11,343 (499)15,019 (506)
Municipal securities— — 2,468 (763)2,468 (763)
Total securities with unrealized losses$98,624 $(776)$310,306 $(56,944)$408,930 $(57,720)
Less than
12 months		12 months
or longer		Total
December 31, 2024Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Senior asset-backed securities related to Structured Program transactions
$334,564 $(645)$— $— $334,564 $(645)
U.S. agency residential mortgage-backed securities34,168 (782)185,405 (42,461)219,573 (43,243)
Other asset-backed securities related to Structured Program transactions72,251 (657)— — 72,251 (657)
U.S. agency securities— — 75,946 (14,513)75,946 (14,513)
Mortgage-backed securities21,970 (316)32,298 (5,900)54,268 (6,216)
Other asset-backed securities1,638 (4)11,668 (583)13,306 (587)
Municipal securities— — 2,539 (697)2,539 (697)
Total securities with unrealized losses$464,591 $(2,404)$307,856 $(64,154)$772,447 $(66,558)

The majority of securities in an unrealized loss position as of both March 31, 2025 and December 31, 2024 was comprised of U.S. agency-backed securities and mortgage-backed securities. Management considers these securities to be of the highest credit quality and rating given the guarantee of principal and interest by certain U.S. government agencies or government-sponsored agencies. Most of the remaining securities in an unrealized loss position in the Company’s AFS investment portfolio at March 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 “Part II – Item 8. Financial Statements and Supplementary Data – Note 1. Summary of Significant Accounting Policies” in our Annual Report.
The following table presents the activity in the allowance for credit losses (ACL) for AFS securities, by security type:

Three Months Ended
March 31,
20252024
Other asset-backed securities related to Structured Program transactions:
Allowance for credit losses, beginning of period
$3,527 $— 
Credit loss expense for securities available for sale
1,321 2,892 
Allowance for credit losses, end of period
$4,848 $2,892 

The contractual maturities of AFS securities were as follows:
March 31, 2025Amortized CostFair Value
Weighted-
average
Yield (1)
Due within 1 year:
U.S. agency securities$3,000 $2,996 
Total due within 1 year3,000 2,996 3.50 %
Due after 1 year through 5 years:
Senior asset-backed securities related to Structured Program transactions2,842,522 2,869,281 
Other asset-backed securities related to Structured Program transactions177,715 172,544 
U.S. agency securities7,850 7,695 
Mortgage-backed securities2,666 2,442 
Other asset-backed securities232 231 
Municipal securities
306 275 
Total due after 1 year through 5 years3,031,291 3,052,468 6.98 %
Due after 5 years through 10 years:
U.S. agency securities26,997 24,144 
Other asset-backed securities11,883 11,864 
U.S. agency residential mortgage-backed securities3,587 3,441 
Mortgage-backed securities906 777 
Municipal securities309 270 
Total due after 5 years through 10 years43,682 40,496 3.51 %
Due after 10 years:
U.S. agency residential mortgage-backed securities261,678 223,652 
U.S. agency securities52,613 43,301 
Mortgage-backed securities58,882 53,786 
Other asset-backed securities8,404 7,949 
Municipal securities2,616 1,923 
Total due after 10 years384,193 330,611 3.08 %
Total securities available for sale$3,462,166 $3,426,571 6.50 %
(1)    The weighted-average yield is computed using the average month-end amortized cost during the three months ended March 31, 2025.
There were no sales of AFS securities during the first quarters of 2025 and 2024.
v3.25.1
Loans and Leases Held for Investment at Amortized Cost, Net of Allowance for Loan and Lease Losses
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
Loans and Leases Held for Investment at Amortized Cost, Net of Allowance for Loan and Lease Losses Loans and Leases Held for Investment at Amortized Cost, Net of Allowance for Loan and Lease Losses
LendingClub records certain loans and leases held for investment (HFI) at amortized cost. Other HFI and all HFS loans are recorded at fair value with the Company’s election of the fair value option. Accrued interest receivable is excluded from the amortized cost basis of loans and leases HFI and is reported within “Other assets” on the Balance Sheet. Net accrued interest receivable related to loans and leases HFI at amortized cost was $32.2 million and $30.4 million as of March 31, 2025 and December 31, 2024, respectively.

Loans and Leases Held for Investment at Amortized Cost

The Company defines its loans and leases HFI portfolio segments as (i) consumer and (ii) commercial. The following table presents the components of each portfolio segment by class of financing receivable:
March 31, 2025December 31, 2024
Unsecured personal$3,212,638 $3,106,472 
Residential mortgages170,138 172,711 
Secured consumer228,904 230,232 
Total consumer loans held for investment3,611,680 3,509,415 
Equipment finance (1)
56,883 64,232 
Commercial real estate374,246 373,785 
Commercial and industrial172,640 178,386 
Total commercial loans and leases held for investment603,769 616,403 
Total loans and leases held for investment4,215,449 4,125,818 
Allowance for loan and lease losses(244,193)(236,734)
Loans and leases held for investment, net (2)
$3,971,256 $3,889,084 
(1)    Comprised of sales-type leases for equipment. See “Note 17. Leases” for additional information.
(2)    As of March 31, 2025, the Company had $3.5 billion in loans pledged as collateral, comprised of $3.0 billion pledged under the Federal Reserve Bank (FRB) Discount Window and $447.6 million pledged to the Federal Home Loan Bank (FHLB) of Des Moines. As of December 31, 2024, the Company had $3.7 billion in loans pledged as collateral, comprised of $3.2 billion pledged under the FRB Discount Window and $456.4 million pledged to the FHLB of Des Moines.

The following table presents the components of the allowance for loan and lease losses (ALLL):
March 31, 2025December 31, 2024
Gross allowance for loan and lease losses (1)
$288,308 $285,686 
Recovery asset value (2)
(44,115)(48,952)
Allowance for loan and lease losses$244,193 $236,734 
(1)    Represents the allowance for future estimated net charge-offs on existing portfolio balances.
(2)    Represents the negative allowance for expected recoveries of amounts previously charged-off.
March 31, 2025ConsumerCommercialTotal
Loans and leases held for investment$3,611,680 $603,769 $4,215,449 
Allowance for loan and lease losses$227,608 $16,585 $244,193 
Allowance ratio (1)
6.3 %2.7 %5.8 %
Gross allowance for loan and lease losses$271,723 $16,585 $288,308 
Gross allowance ratio (1)
7.5 %2.7 %6.8 %
December 31, 2024ConsumerCommercialTotal
Loans and leases held for investment
$3,509,415 $616,403 $4,125,818 
Allowance for loan and lease losses
$212,598 $24,136 $236,734 
Allowance ratio (1)
6.1 %3.9 %5.7 %
Gross allowance for loan and lease losses
$261,550 $24,136 $285,686 
Gross allowance ratio (1)
7.5 %3.9 %6.9 %
(1)    Calculated as ALLL or gross ALLL, where applicable, to the corresponding portfolio segment balance of loans and leases held for investment at amortized cost.

The activity in the ACL by portfolio segment was as follows:
Three Months Ended March 31,
20252024
ConsumerCommercialTotalConsumerCommercialTotal
Allowance for loan and lease losses:
Beginning of period
$212,598 $24,136 $236,734 $298,061 $12,326 $310,387 
Credit loss expense
55,948 434 56,382 27,686 1,560 29,246 
Charge-offs (1)
(58,344)(8,232)(66,576)(89,110)(1,232)(90,342)
Recoveries17,406 247 17,653 9,643 216 9,859 
End of period
$227,608 $16,585 $244,193 $246,280 $12,870 $259,150 
Reserve for unfunded lending commitments:
Beginning of period
$— $1,183 $1,183 $— $1,873 $1,873 
Credit loss expense (benefit)
— 446 446 — (211)(211)
End of period (2)
$— $1,629 $1,629 $— $1,662 $1,662 
(1)    The first quarter of 2025 included an $8.0 million charge-off related to one office loan within our Commercial Real Estate portfolio, which was fully reserved for in prior periods.
(2)    Relates to $96.3 million and $72.1 million of unfunded commitments as of March 31, 2025 and 2024, respectively.
The following table presents charge-offs by origination year for the first quarter of 2025:
Gross Charge-Offs by Origination Year
20252024202320222021PriorTotal
Unsecured personal (1)
$— $9,301 $20,554 $22,382 $5,434 $— $57,671 
Residential mortgages— — — — — — — 
Secured consumer— 67 312 177 117 — 673 
Total consumer loans held for investment— 9,368 20,866 22,559 5,551 — 58,344 
Equipment finance— — — — — — — 
Commercial real estate— — — — — 7,990 7,990 
Commercial and industrial— — — 209 33 — 242 
Total commercial loans and leases held for investment— — — 209 33 7,990 8,232 
Total loans and leases held for investment$— $9,368 $20,866 $22,768 $5,584 $7,990 $66,576 
(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:
March 31, 2025 Term Loans and Leases by Origination Year
20252024202320222021PriorTotal
Unsecured personal
Current $611,922 $1,189,241 $647,207 $598,033 $110,712 $— $3,157,115 
30-59 days past due 965 5,801 7,333 6,100 1,652 — 21,851 
60-89 days past due 27 4,499 4,908 5,518 1,088 — 16,040 
90 or more days past due 62 3,328 4,971 5,754 1,392 — 15,507 
Total unsecured personal (1)
612,976 1,202,869 664,419 615,405 114,844 — 3,210,513 
Residential mortgages
Current — — — 45,521 52,279 71,572 169,372 
30-59 days past due — — — — — 678 678 
60-89 days past due — — — — — — — 
90 or more days past due — — — — — 88 88 
Total residential mortgages — — — 45,521 52,279 72,338 170,138 
Secured consumer
Current28,111 70,977 67,937 48,312 8,423 2,349 226,109 
30-59 days past due52 131 662 1,042 200 — 2,087 
60-89 days past due— 49 127 247 59 — 482 
90 or more days past due— — 148 78 — — 226 
Total secured consumer28,163 71,157 68,874 49,679 8,682 2,349 228,904 
Total consumer loans held for investment$641,139 $1,274,026 $733,293 $710,605 $175,805 $74,687 $3,609,555 
(1)    Excludes cumulative basis adjustment for loans designated in fair value hedges under the portfolio layer method. As of March 31, 2025, the basis adjustment totaled $2.1 million and represents an increase to the amortized cost of the hedged loans. See “Note 8. Derivative Instruments and Hedging Activities” for additional information.
December 31, 2024 Term Loans and Leases by Origination Year
20242023202220212020PriorTotal
Unsecured personal
Current $1,347,685 $787,936 $762,223 $142,546 $— $— $3,040,390 
30-59 days past due 4,981 7,344 8,952 2,253 — — 23,530 
60-89 days past due 2,448 6,933 7,920 1,992 — — 19,293 
90 or more days past due 2,364 7,920 8,853 2,250 — — 21,387 
Total unsecured personal (1)
1,357,478 810,133 787,948 149,041 — — 3,104,600 
Residential mortgages
Current — — 45,828 52,679 28,176 45,789 172,472 
30-59 days past due — — — — — 151 151 
60-89 days past due — — — — — 88 88 
90 or more days past due — — — — — — — 
Total residential mortgages — — 45,828 52,679 28,176 46,028 172,711 
Secured consumer
Current79,161 78,081 56,766 10,573 — 2,372 226,953 
30-59 days past due98 824 1,199 221 — — 2,342 
60-89 days past due11 147 338 104 — — 600 
90 or more days past due36 157 99 45 — — 337 
Total secured consumer79,306 79,209 58,402 10,943 — 2,372 230,232 
Total consumer loans held for investment$1,436,784 $889,342 $892,178 $212,663 $28,176 $48,400 $3,507,543 
(1)    Excludes cumulative basis adjustment for loans designated in fair value hedges under the portfolio layer method. As of December 31, 2024, the basis adjustment totaled $1.9 million and represents an increase to the amortized cost of the hedged loans. See “Note 8. Derivative Instruments and Hedging Activities” for additional information.

Commercial Lending Credit Quality Indicators

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

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

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

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

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

The following tables present the classes of financing receivables within the commercial portfolio segment by risk rating and origination year:
March 31, 2025 Term Loans and Leases by Origination Year
20252024202320222021PriorTotal
Guaranteed Amount (1)
Equipment finance
Pass $— $— $1,150 $30,325 $6,373 $13,147 $50,995 $— 
Special mention— — — 294 510 — 804 — 
Substandard — — — 489 4,595 — 5,084 — 
Doubtful — — — — — — — — 
Loss— — — — — — — — 
Total equipment finance— — 1,150 31,108 11,478 13,147 56,883 — 
Commercial real estate
Pass 17,193 22,801 71,040 84,925 21,033 126,505 343,497 35,065 
Special mention— — — — — 6,226 6,226 — 
Substandard — — — 2,417 8,439 11,808 22,664 8,928 
Doubtful — — — — — — — — 
Loss— — — 1,121 271 467 1,859 1,543 
Total commercial real estate17,193 22,801 71,040 88,463 29,743 145,006 374,246 45,536 
Commercial and industrial
Pass 3,059 30,956 26,230 23,789 26,495 14,314 124,843 79,877 
Special mention— — 958 6,700 2,640 74 10,372 8,895 
Substandard — 634 5,236 12,290 2,268 2,931 23,359 15,756 
Doubtful — — — 4,365 1,431 792 6,588 5,451 
Loss— 282 1,981 4,636 568 11 7,478 7,670 
Total commercial and industrial3,059 31,872 34,405 51,780 33,402 18,122 172,640 117,649 
Total commercial loans and leases held for investment$20,252 $54,673 $106,595 $171,351 $74,623 $176,275 $603,769 $163,185 
(1)    Represents loan balances guaranteed by the Small Business Association (SBA).
December 31, 2024 Term Loans and Leases by Origination Year
20242023202220212020PriorTotal
Guaranteed Amount (1)
Equipment finance
Pass $— $1,519 $32,544 $7,790 $9,101 $6,643 $57,597 $— 
Special mention— — 335 602 — — 937 — 
Substandard — — 776 4,922 — — 5,698 — 
Doubtful — — — — — — — — 
Loss— — — — — — — — 
Total equipment finance— 1,519 33,655 13,314 9,101 6,643 64,232 — 
Commercial real estate
Pass 22,847 67,692 89,903 21,174 27,947 106,060 335,623 31,499 
Special mention— — — — 252 6,276 6,528 — 
Substandard — — 2,430 8,441 7,987 10,791 29,649 8,940 
Doubtful — — — — — — — — 
Loss— — 1,121 271 — 593 1,985 1,543 
Total commercial real estate22,847 67,692 93,454 29,886 36,186 123,720 373,785 41,982 
Commercial and industrial
Pass 28,030 29,186 31,697 27,474 5,503 12,678 134,568 85,269 
Special mention635 — 5,165 2,652 76 — 8,528 7,065 
Substandard — 4,071 13,110 2,311 1,399 1,670 22,561 14,879 
Doubtful — — 3,279 1,477 506 285 5,547 4,671 
Loss282 2,094 4,224 568 — 14 7,182 7,182 
Total commercial and industrial28,947 35,351 57,475 34,482 7,484 14,647 178,386 119,066 
Total commercial loans and leases held for investment$51,794 $104,562 $184,584 $77,682 $52,771 $145,010 $616,403 $161,048 
(1)    Represents loan balances guaranteed by the SBA.

The following tables present an analysis of the past due loans and leases HFI at amortized cost within the commercial portfolio segment:
March 31, 202530-59
Days		60-89
Days		90 or More
Days
Total Days Past Due
Guaranteed Amount (1)
Equipment finance$15 $— $4,279 $4,294 $— 
Commercial real estate1,171 718 9,619 11,508 8,456 
Commercial and industrial
896 3,408 19,888 24,192 19,679 
Total commercial loans and leases held for investment$2,082 $4,126 $33,786 $39,994 $28,135 
December 31, 202430-59
Days		60-89
Days		90 or More
Days
Total Days Past Due
Guaranteed Amount (1)
Equipment finance$67 $— $4,551 $4,618 $— 
Commercial real estate8,320 483 9,731 18,534 8,456 
Commercial and industrial
6,257 1,182 15,971 23,410 18,512 
Total commercial loans and leases held for investment$14,644 $1,665 $30,253 $46,562 $26,968 
(1)    Represents loan balances guaranteed by the SBA.
Loan Modifications

The Company has loan modification programs to assist borrowers experiencing financial difficulty and to mitigate losses and maximize collections for loans serviced by the Company. The table below presents the amortized cost of loans that were modified during the periods presented, by modification type:
Three Months Ended March 31,
20252024
Short-term payment reduction
$7,010 $14,191 
Permanent loan modification
1,693 1,645 
Debt settlement
3,432 6,366 
Total loan modifications – unsecured personal loans
$12,135 $22,202 
% of unsecured personal loans at amortized cost as of period end
0.4 %0.7 %

The Company expanded its digital channels to enable borrowers experiencing financial difficulty to qualify for a short-term payment reduction modification program. Under this program, borrowers may receive a temporary payment reduction for three months. If the borrower meets the temporary payment reduction requirements during the first three-month term, they may qualify for a payment reduction for an additional three months. Receiving an additional three months of payment reduction is considered an other-than-insignificant payment delay and becomes a short-term payment reduction modification. The short-term payment reduction modification results in a term extension of five to eight months compared to the original maturity date of the loan and does not include any principal or interest forgiveness. At the time of receiving a payment reduction, a delinquent loan resets to current status. However, if a borrower fails to comply with the modified terms, the delinquency status returns to the original contractual terms of the loan. Borrowers who were in their first three months of temporary payment reduction had a total of $13.4 million of loan balances at amortized cost outstanding as of March 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 first quarters of 2025 and 2024, the weighted-average interest rate reduction under this program was approximately 8.5% and 7.7%, respectively. The weighted-average maturity date extension was approximately twelve months for both periods.

Debt settlement modifications, which include engaging with third-party debt settlement companies, reduce the principal and interest amounts owed by borrowers. The Company typically charges-off such loans within a few months following the modification, as payments under the modified agreement are less than the original contractual amounts.
The following table presents the delinquency status of the amortized cost of loan modifications as of the periods presented below that were modified during the preceding twelve months:
March 31, 2025March 31, 2024
Short-term Payment ReductionPermanent Loan ModificationDebt SettlementShort-term Payment ReductionPermanent Loan ModificationDebt Settlement
Unsecured personal loans
Current$18,894 $5,340 $32 $16,509 $3,905 $127 
30-59 days1,654 175 24 845 127 62 
60-89 days1,169 174 837 716 81 475 
90 or more days1,024 112 2,628 305 202 5,979 
Total loan modifications$22,741 $5,801 $3,521 $18,375 $4,315 $6,643 

A modified loan is generally charged-off in the event of a borrower defaulting at 120 days past due. The table below presents the total amount of charge-offs during the period for loan modifications that were entered into within the preceding twelve months of charge-off:
Three Months Ended March 31,
20252024
Short-term payment reduction
$2,586 $193 
Permanent loan modification
522 439 
Debt settlement
13,336 21,775 
Total loan modifications – unsecured personal loans
$16,444 $22,407 

Nonaccrual Assets

Nonaccrual loans and leases are those for which accrual of interest has been suspended. Loans and leases are generally placed on nonaccrual status when contractually past due 90 days or more, or earlier if management believes that the probability of collection does not warrant further accrual.

Certain loans on nonaccrual status may be considered collateral-dependent loans if the borrower is experiencing financial difficulty and repayment of the loan is expected to be substantially through sale of the collateral. Such loans are secured by various types of collateral, including real estate, auto, equipment, among others. Expected credit losses for the Company’s collateral-dependent loans are calculated as the difference between the amortized cost basis and the fair value of the underlying collateral less costs to sell, if applicable. The fair value of the underlying collateral is generally based on third-party appraisals, which are updated on a case-by-case basis.
The following table presents nonaccrual loans and leases:
March 31, 2025December 31, 2024
Nonaccrual
Nonaccrual with no related ACL (1)
Nonaccrual
Nonaccrual with no related ACL (1)
Unsecured personal$15,507 $— $21,387 $— 
Residential mortgages380 380 295 295 
Secured consumer226 — 337 — 
Total nonaccrual consumer loans held for investment16,113 380 22,019 295 
Equipment finance4,279 — 4,516 — 
Commercial real estate10,163 5,915 18,280 5,345 
Commercial and industrial29,151 8,674 27,489 7,501 
Total nonaccrual commercial loans and leases held for investment (2)
43,593 14,589 50,285 12,846 
Total nonaccrual loans and leases held for investment$59,706 $14,969 $72,304 $13,141 
(1)     Subset of total nonaccrual loans and leases.
(2)     Includes $32.9 million and $31.2 million in loan balances guaranteed by the SBA as of March 31, 2025 and December 31, 2024, respectively.

March 31, 2025December 31, 2024
Nonaccrual
Nonaccrual Ratios (1)
Nonaccrual
Nonaccrual Ratios (1)
Total nonaccrual consumer loans held for investment$16,113 0.4 %$22,019 0.6 %
Total nonaccrual commercial loans and leases held for investment43,593 7.2 %50,285 8.2 %
Total nonaccrual loans and leases held for investment$59,706 1.4 %$72,304 1.8 %
(1)     Calculated as the ratio of non-accruing loans and leases to loans and leases HFI at amortized cost.
v3.25.1
Securitizations and Variable Interest Entities
 3 Months Ended
Mar. 31, 2025
Transfers and Servicing [Abstract]  
Securitizations and Variable Interest Entities Securitizations and Variable Interest Entities
Unconsolidated VIEs

The Company’s transactions with unconsolidated VIEs were primarily related to its Structured Certificates, a Structured Program transaction where the Company primarily retains (but may sell) the senior securities at a fixed rate, along with the amount required pursuant to the U.S. Risk Retention Rules, and sells the residual certificates to marketplace investors. There is no direct recourse to the Company’s assets and, therefore, the holders of the securities can look only to those assets of the VIEs that issued the securities. The residual certificates are subject principally to the credit and prepayment risk stemming from the underlying pool of unsecured personal loans. See “Note 4. Securities Available for Sale” for additional information related to these securities.

The following table presents the classifications of assets and liabilities on the Company’s Balance Sheet for its transactions with unconsolidated VIEs:
March 31, 2025December 31, 2024
Assets
Securities available for sale at fair value$3,041,825 $3,069,771 
Other assets43,434 46,269 
Total assets3,085,259 3,116,040 
Liabilities
Other liabilities5,737 6,313 
Total liabilities5,737 6,313 
Total net assets (maximum loss exposure)$3,079,522 $3,109,727 

Maximum loss exposure represents estimated loss that would be incurred under severe, hypothetical circumstances, for which the Company believes the possibility is extremely remote, such as where the value of interests declines to zero. Accordingly, this required disclosure is not an indication of expected losses.

The following table summarizes activity related to unconsolidated VIEs where the transfers were accounted for as a sale on the Company’s financial statements:
Three Months Ended
March 31,
20252024
Fair value of consideration received:
Cash$148,379 $93,644 
Net securities retained from Structured Program transactions
349,002 738,976 
Other assets, net
5,974 9,733 
Total consideration503,355 842,353 
Fair value of loans sold(498,058)(833,776)
Gain on sales of loans (1)
$5,297 $8,577 
Cash proceeds from continuing involvement:
Servicing and other administrative fees$8,896 $4,723 
Interest received on securities retained from Structured Program transactions
$51,134 $29,663 
(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 March 31, 2025, the aggregate unpaid principal balance attributable to off-balance sheet loans held by unconsolidated VIEs was $3.5 billion, of which $46.1 million was 30 days or more past due. As of December 31,
2024, the aggregate unpaid principal balance attributable to off-balance sheet loans held by unconsolidated VIEs was $3.5 billion, of which $44.7 million was 30 days or more past due. For such loans, the Company would only experience a loss if it was required to repurchase a loan due to a breach in representations and warranties associated with its loan sale or servicing contracts.
v3.25.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
For a description of the fair value hierarchy and the Company’s fair value methodologies, see “Part II – Item 8. Financial Statements and Supplementary Data – Note 1. Summary of Significant Accounting Policies” in the Annual Report. The Company records certain assets and liabilities at fair value as listed in the following tables.

Recurring Fair Value Measurements

The following tables present, by level within the fair value hierarchy, the Company’s assets and liabilities measured at fair value on a recurring basis:
March 31, 2025
Level 1
Level 2
Level 3
Balance at
Fair Value
Assets:
Loans held for sale at fair value$— $— $703,378 $703,378 
Loans held for investment at fair value
— — 818,882 818,882 
Securities available for sale:
Senior asset-backed securities related to Structured Program transactions— — 2,869,281 2,869,281 
U.S. agency residential mortgage-backed securities— 227,093 — 227,093 
Other asset-backed securities related to Structured Program transactions— — 172,544 172,544 
U.S. agency securities— 78,136 — 78,136 
Mortgage-backed securities— 57,005 — 57,005 
Other asset-backed securities— 20,044 — 20,044 
Municipal securities— 2,468 — 2,468 
Total securities available for sale— 384,746 3,041,825 3,426,571 
Servicing assets— — 56,904 56,904 
Other assets— 2,900 — 2,900 
Total assets$— $387,646 $4,620,989 $5,008,635 
Liabilities:
Other liabilities$— $4,370 $9,072 $13,442 
Total liabilities$— $4,370 $9,072 $13,442 
December 31, 2024
Level 1
Level 2
Level 3
Balance at
Fair Value
Assets:
Loans held for sale at fair value$— $— $636,352 $636,352 
Loans held for investment at fair value
— — 1,027,798 1,027,798 
Securities available for sale:
Senior asset-backed securities related to Structured Program transactions— — 2,899,824 2,899,824 
U.S. agency residential mortgage-backed securities— 226,925 — 226,925 
Other asset-backed securities related to Structured Program transactions
— — 169,948 169,948 
U.S. agency securities— 75,946 — 75,946 
Mortgage-backed securities
— 56,674 — 56,674 
Other asset-backed securities— 20,792 — 20,792 
Municipal securities— 2,539 — 2,539 
Total securities available for sale— 382,876 3,069,772 3,452,648 
Servicing assets— — 60,697 60,697 
Other assets— 5,820 — 5,820 
Total assets$— $388,696 $4,794,619 $5,183,315 
Liabilities:
Other liabilities$— $5,019 $11,799 $16,818 
Total liabilities$— $5,019 $11,799 $16,818 

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

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

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

Loans Held for Sale at Fair Value

Significant Unobservable Inputs

The following significant unobservable inputs were used in the fair value measurement of loans HFS:
March 31, 2025December 31, 2024
MinimumMaximumWeighted-
Average		MinimumMaximumWeighted-
Average
Discount rate5.4 %13.7 %7.4 %7.1 %11.9 %7.9 %
Annualized net charge-off rate (1)
2.4 %22.3 %6.1 %1.8 %21.2 %5.4 %
Annualized prepayment rate (1)
18.4 %27.0 %25.5 %15.0 %27.6 %20.4 %
(1)    The weighted-average rate is calculated using the original principal balance of each loan pool.

Fair Value Sensitivity

The sensitivity of loans HFS at fair value to adverse changes in key assumptions was as follows:
March 31, 2025December 31, 2024
Loans held for sale at fair value
$703,378 $636,352 
Expected remaining weighted-average life (in years)
1.31.4
Discount rate:
100 basis point increase$(7,773)$(7,663)
200 basis point increase$(15,402)$(15,174)
Annualized net charge-off rate:
10% increase$(7,637)$(6,436)
20% increase$(15,228)$(12,937)
Annualized prepayment rate:
10% increase$(1,695)$(1,274)
20% increase$(3,106)$(2,444)
Fair Value Reconciliation

The following table presents loans HFS at fair value activity:
Three Months Ended
March 31,
20252024
Fair value at beginning of period$636,352 $407,773 
Originations and purchases1,263,732 1,282,250 
Sales(1,096,929)(1,059,648)
Principal payments(68,555)(34,272)
Realized charge-offs, net of recoveries, recorded in earnings
(6,704)(4,231)
Fair value adjustments recorded in earnings(24,518)(41,457)
Fair value at end of period$703,378 $550,415 

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:
March 31, 2025December 31, 2024
Total90 or more
days past due		Total90 or more
days past due
Aggregate unpaid principal balance$728,484 $1,883 $657,984 $3,719 
Cumulative fair value adjustments(25,106)(1,527)(21,632)(3,012)
Fair value of loans held for sale
$703,378 $356 $636,352 $707 

Loans Held for Investment at Fair Value

Loans HFI at fair value consists primarily of a loan portfolio that was purchased with a $1.3 billion outstanding principal balance during the third quarter of 2024. This portfolio consisted of loans that the Company previously originated and sold. Due to the short remaining duration of the acquired loan portfolio, the Company has elected to account for the HFI loan portfolio under the fair value option.

Significant Unobservable Inputs

The following significant unobservable inputs were used in the fair value measurement of loans HFI:
March 31, 2025December 31, 2024
MinimumMaximumWeighted-
Average		MinimumMaximumWeighted-
Average
Discount rate7.6 %22.7 %11.0 %7.2 %21.8 %10.5 %
Annualized net charge-off rate (1)
3.1 %20.0 %6.7 %3.0 %20.2 %6.6 %
Annualized prepayment rate (1)
15.9 %23.0 %20.1 %15.6 %21.4 %19.3 %
(1)    The weighted-average rate is calculated using the original principal balance of each loan pool.
Fair Value Sensitivity

The sensitivity of loans HFI at fair value to adverse changes in key assumptions was as follows:
March 31, 2025December 31, 2024
Loans held for investment at fair value$818,882 $1,027,798 
Expected remaining weighted-average life (in years)
0.80.9
Discount rate:
100 basis point increase$(5,646)$(7,832)
200 basis point increase$(11,220)$(15,557)
Annualized net charge-off rate:
10% increase$(9,170)$(11,821)
20% increase$(19,951)$(25,428)
Annualized prepayment rate:
10% increase$(4,166)$(4,813)
20% increase$(8,447)$(9,854)

Fair Value Reconciliation

The following table presents loans HFI at fair value activity:
Three Months Ended
March 31,
20252024
Fair value at beginning of period$1,027,798 $262,190 
Purchases12,744 220,564 
Principal payments(218,460)(63,926)
Interest income accretion and fair value adjustments recorded in earnings
(3,200)1,565 
Fair value at end of period$818,882 $420,393 

The following table summarizes the aggregate fair value of the Company’s HFI loans held at fair value, as well as the amount that was 90 days or more past due:
March 31, 2025December 31, 2024
Total90 or more
days past due		Total90 or more
days past due
Aggregate unpaid principal balance$866,010 $9,419 $1,097,511 $14,616 
Cumulative fair value adjustments(47,128)(7,639)(69,713)(11,836)
Fair value of loans held for investment$818,882 $1,780 $1,027,798 $2,780 
Asset-Backed Securities Related to Structured Program Transactions

Senior Asset-Backed Securities Related to Structured Program Transactions

Significant Unobservable Inputs

The following significant unobservable input, which includes credit spreads, was used in the fair value measurement of senior asset-backed securities related to Structured Program transactions:
March 31, 2025December 31, 2024
MinimumMaximumWeighted-
Average		MinimumMaximumWeighted-
Average
Discount rate5.8 %6.0 %5.9 %6.0 %6.0 %6.0 %

Fair Value Sensitivity

The sensitivity in the fair value of senior asset-backed securities related to Structured Program transactions to adverse changes in key assumptions was as follows:
March 31, 2025December 31, 2024
Fair value of interests held$2,869,281 $2,899,824 
Expected remaining weighted-average life (in years)
1.11.2
Discount rate:
100 basis point increase$(31,385)$(37,315)
200 basis point increase$(62,770)$(74,630)

Fair Value Reconciliation

The following table presents senior asset-backed securities related to Structured Program transactions activity:
Three Months Ended
March 31,
20252024
Fair value at beginning of period$2,899,824 $1,176,403 
Additions324,116 697,347 
Cash received(351,665)(106,474)
Change in unrealized gain (loss)
(2,994)(2,017)
Fair value at end of period$2,869,281 $1,765,259 
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:
March 31, 2025December 31, 2024
MinimumMaximumWeighted-
Average		MinimumMaximumWeighted-
Average
Discount rate5.4 %8.8 %7.1 %7.1 %11.0 %7.9 %
Annualized net charge-off rate (1)
4.3 %7.8 %5.9 %3.4 %7.4 %5.0 %
Annualized prepayment rate (1)
23.0 %27.2 %25.4 %18.7 %20.9 %20.5 %
(1)    The weighted-average rate is calculated using the original principal balance of each security.

Fair Value Sensitivity

The sensitivity in the fair value of other asset-backed securities related to Structured Program transactions to adverse changes in key assumptions was as follows:
March 31, 2025December 31, 2024
Fair value of interests held$172,544 $169,948 
Expected remaining weighted-average life (in years)
1.21.3
Discount rate:
100 basis point increase$(1,753)$(1,909)
200 basis point increase$(3,476)$(3,783)
Annualized net charge-off rate:
10% increase$(1,846)$(1,778)
20% increase$(3,690)$(3,567)
Annualized prepayment rate:
10% increase$(499)$(432)
20% increase$(964)$(835)

Fair Value Reconciliation

The following table presents other asset-backed securities related to Structured Program transactions activity:
Three Months Ended
March 31,
20252024
Fair value at beginning of period$169,948 $73,393 
Additions24,886 42,738 
Cash received(21,303)(9,331)
Credit loss expense for securities available for sale
(1,321)(2,892)
Change in unrealized gain (loss)
334 (42)
Fair value at end of period$172,544 $103,866 
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:
March 31, 2025December 31, 2024
MinimumMaximumWeighted-
Average		MinimumMaximumWeighted-
Average
Discount rate8.7 %17.3 %10.7 %8.7 %17.3 %10.8 %
Annualized net charge-off rate (1)
2.0 %20.6 %8.2 %1.8 %21.2 %8.2 %
Annualized prepayment rate (1)
16.4 %27.5 %23.2 %14.8 %27.5 %20.0 %
Market servicing rate (2)
0.62 %0.62 %0.62 %0.62 %0.62 %0.62 %
(1)    The weighted-average rate is calculated using the original principal balance of each loan pool.
(2)    The fees a willing market participant would require for the servicing of loans with similar characteristics as those in the Company’s serviced portfolio.

Fair Value Sensitivity

The sensitivity of the fair value of servicing assets to adverse changes in key assumptions was as follows:
March 31, 2025December 31, 2024
Fair value of servicing assets$56,904 $60,697 
Expected remaining weighted-average life (in years)
1.11.2
Discount rate:
100 basis point increase$(461)$(519)
200 basis point increase$(923)$(1,038)
Annualized net charge-off rate:
10% increase$(503)$(551)
20% increase$(1,006)$(1,102)
Annualized prepayment rate:
10% increase$(1,589)$(1,359)
20% increase$(3,179)$(2,718)

The Company’s selection of the most representative market servicing rates for servicing assets is inherently judgmental. The Company reviews third-party servicing rates for its loans, loans in similar credit sectors, and market servicing benchmarking analyses provided by third-party valuation firms, when available. The table below shows the impact on the estimated fair value of servicing assets, calculated using different market servicing rate assumptions:
March 31, 2025December 31, 2024
Weighted-average market servicing rate assumptions
0.62 %0.62 %
Change in fair value from:
Market servicing rate increase by 0.10%
$(6,475)$(6,940)
Market servicing rate decrease by 0.10%
$6,475 $6,940 
Fair Value Reconciliation

The following table presents servicing assets activity:
Three Months Ended
March 31,
20252024
Fair value at beginning of period$60,697 $77,680 
Issuances (1)
13,265 13,578 
Change in fair value, included in Marketplace revenue(17,058)(19,428)
Fair value at end of period$56,904 $71,830 
(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:
March 31, 2025Carrying Amount
Level 1
Level 2
Level 3
Balance at
Fair Value
Assets:
Loans and leases held for investment, net$3,971,256 $— $— $4,159,814 $4,159,814 
Other assets41,333 — 41,069 647 41,716 
Total assets$4,012,589 $— $41,069 $4,160,461 $4,201,530 
Liabilities:
Deposits (1)
$2,031,471 $— $— $2,032,852 $2,032,852 
Other liabilities47,333 — 24,258 23,075 47,333 
Total liabilities$2,078,804 $— $24,258 $2,055,927 $2,080,185 
December 31, 2024Carrying Amount
Level 1
Level 2
Level 3
Balance at
Fair Value
Assets:
Loans and leases held for investment, net$3,889,084 $— $— $4,051,497 $4,051,497 
Other assets40,466 — 40,143 661 40,804 
Total assets$3,929,550 $— $40,143 $4,052,158 $4,092,301 
Liabilities:
Deposits (1)
$2,294,214 $— $— $2,306,373 $2,306,373 
Other liabilities44,801 — 22,833 21,968 44,801 
Total liabilities$2,339,015 $— $22,833 $2,328,341 $2,351,174 
(1)    Excludes deposit liabilities with no defined or contractual maturities.
v3.25.1
Derivative Instruments and Hedging Activities
 3 Months Ended
Mar. 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 swaps and interest rate caps, to manage exposure to interest rate risk associated with its fixed-rate assets. In addition, the Company provides credit support agreements to a limited number of strategic investors which are accounted for as credit derivative liabilities.

Derivatives Not Designated as Accounting Hedges

The table below presents the notional and gross fair value amounts of the Company’s derivatives that are not designated as accounting hedges:
March 31, 2025December 31, 2024
Notional
Derivative Asset (1)
Derivative Liability (1)
Notional
Derivative Asset (1)
Derivative Liability (1)
Credit derivatives
$10,718 $— $(8,264)$12,484 $— $(10,930)
Interest rate caps200,000 12 — 200,000 72 — 
Total
$210,718 $12 $(8,264)$212,484 $72 $(10,930)
(1)    Recorded in “Other assets” or “Other liabilities,” as applicable, on the Balance Sheet and in “Operating activities” on the Statement of Cash Flows.

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

The table below presents the gains (losses) recognized on the Company’s derivatives that are not designated as accounting hedges:
Three Months Ended
March 31,
20252024
Credit derivatives (1)
$1,159 $(1,434)
Interest rate caps (2)
(60)— 
Total gains (losses)
$1,099 $(1,434)
(1)    The initial fair value of the credit derivative liabilities is recorded in “Gain on sales of loans” with changes in the fair value recorded in “Net fair value adjustments,” both within “Marketplace revenue” on the Income Statement.
(2)    Changes in the fair value of the interest rate cap are recorded in “Net fair value adjustments” within “Marketplace revenue” on the Income Statement.

Derivatives Designated as Accounting Hedges

The Company is exposed to changes in the fair value of its fixed-rate assets due to changes in benchmark interest rates. The Company entered into interest rate swaps to manage its exposure to changes in fair value of these assets attributable to changes in the Secured Overnight Financing Rate (SOFR). The interest rate swaps qualify as fair value hedges and involve the payment of fixed-rate amounts to a counterparty in exchange for the receipt of variable-rate payments over the life of the agreements.
The table below presents the notional and gross fair value amounts of the Company’s interest rate swaps used for hedging:
March 31, 2025December 31, 2024
Notional
Derivative Asset (1)
Derivative Liability (1)
Notional
Derivative Asset (1)
Derivative Liability (1)
Unsecured personal loans
$1,075,000 $734 $(2,665)$1,075,000 $1,323 $(2,976)
Securities available for sale
475,000 1,322 (873)225,000 2,382 — 
Total interest rate swaps
$1,550,000 $2,056 $(3,538)$1,300,000 $3,705 $(2,976)
(1)    Recorded in “Other assets” or “Other liabilities,” as applicable, on the Balance Sheet and in “Operating activities” on the Statement of Cash Flows.

The following table summarizes the gains (losses) recognized on the Company’s fair value hedges:
Three Months Ended
March 31,
20252024
Unsecured personal loans:
Hedged item
$253 $(8,672)
Derivatives used for hedging(278)8,352 
Interest settlement on derivative (1)
(535)1,373 
Total (loss) gain on hedged unsecured personal loans (2)
(560)1,053 
Securities available for sale:
Hedged item
1,859 — 
Derivatives used for hedging
(1,933)— 
Interest settlement on derivative (1)
616 — 
Total gain on hedged securities available for sale (3)
542 — 
Total (loss) gain on fair value hedges
$(18)$1,053 
(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:
March 31, 2025December 31, 2024
Balance Sheet Line Item
Carrying Amount of Closed Portfolio(1)
Cumulative Fair Value Adjustment Included in the Carrying Amount of the Hedged Items
Carrying Amount of Closed Portfolio(1)
Cumulative Fair Value Adjustment Included in the Carrying Amount of the Hedged Items
Loans and leases held for investment
$2,391,081 $2,125 $1,388,222 $1,872 
Securities available for sale
$1,957,186 $(338)$2,255,848 $(2,197)
(1)    Represents the total closed portfolio of assets (at amortized cost) designated in a portfolio method hedge relationship in which the hedged item is a stated layer that is expected to be remaining at the end of the hedging relationship. At March 31, 2025, 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 $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.
v3.25.1
Property, Equipment and Software, Net
 3 Months Ended
Mar. 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:
March 31, 2025December 31, 2024
Software (1)
$236,345 $222,000 
Leasehold improvements30,699 30,699 
Furniture and fixtures5,554 5,554 
Computer equipment (2)
5,477 22,216 
Total property, equipment and software278,075 280,469 
Accumulated depreciation and amortization(109,176)(112,937)
Total property, equipment and software, net$168,899 $167,532 
(1)    Includes $26.6 million and $43.4 million of development in progress for internally-developed software as of March 31, 2025 and December 31, 2024, respectively, and $7.1 million of development in progress to customize purchased software as of both periods.
(2)    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 $13.1 million and $11.7 million for the first quarters of 2025 and 2024, respectively.
v3.25.1
Goodwill and Intangible Assets
 3 Months Ended
Mar. 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 March 31, 2025 and December 31, 2024. The Company did not record any goodwill impairment expense during the first quarters of 2025 and 2024. Goodwill is not amortized, but is subject to annual impairment tests that are performed in the fourth quarter of each calendar year. For additional detail, see “Part II – Item 8. Financial Statements and Supplementary Data – Note 1. Summary of Significant Accounting Policies” in the Annual Report.

Intangible Assets

Intangible assets consist of customer relationships. Intangible assets, net of accumulated amortization, are included in “Other assets” on the Balance Sheet. The gross and net carrying values and accumulated amortization were as follows:
March 31, 2025December 31, 2024
Gross carrying value$54,500 $54,500 
Accumulated amortization(46,722)(45,914)
Net carrying value$7,778 $8,586 

The customer relationship intangible assets are amortized on an accelerated basis from ten to fourteen years. Amortization expense associated with intangible assets for the first quarters of 2025 and 2024 was $0.8 million and $1.0 million, respectively. There was no impairment loss for the first quarters of 2025 and 2024.
The expected future amortization expense for intangible assets as of March 31, 2025, is as follows:
2025$2,093 
20262,252 
20271,603 
2028945 
2029568 
Thereafter317 
Total$7,778 
v3.25.1
Other Assets
 3 Months Ended
Mar. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Assets Other Assets
Other assets consist of the following:
March 31, 2025December 31, 2024
Deferred tax assets, net (1)
$132,718 $137,155 
Servicing assets (2)
57,168 61,020 
Nonmarketable equity investments46,803 44,114 
Accrued interest receivable
39,479 40,388 
Operating lease assets19,265 21,304 
Intangible assets, net (3)
7,778 8,586 
Other94,935 91,415 
Total other assets$398,146 $403,982 
(1)    See “Note 16. Income Taxes” for additional detail.
(2)    Loans underlying servicing assets had a total outstanding principal balance of $7.2 billion and $7.3 billion as of March 31, 2025 and December 31, 2024, respectively.
(3)    See “Note 10. Goodwill and Intangible Assets” for additional detail.
v3.25.1
Deposits
 3 Months Ended
Mar. 31, 2025
Other Liabilities Disclosure [Abstract]  
Deposits Deposits
Deposits consist of the following:
March 31, 2025December 31, 2024
Interest-bearing deposits:
Savings and money market accounts$6,049,342 $5,903,869 
Certificates of deposit
2,031,471 2,294,214 
Checking accounts459,255 478,036 
Total8,540,068 8,676,119 
Noninterest-bearing deposits365,834 392,118 
Total deposits$8,905,902 $9,068,237 

Total certificates of deposit at March 31, 2025 are scheduled to mature as follows:
2025$1,354,791 
2026645,021 
202719,322 
20282,106 
202910,101 
Thereafter130 
Total certificates of deposit (1)
$2,031,471 
(1)    Certificates of deposit in excess of the FDIC insurance limit of $250 thousand per account holder totaled $27.5 million at March 31, 2025.
v3.25.1
Borrowings
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Borrowings Borrowings
The Company did not have any debt outstanding as of March 31, 2025 or December 31, 2024.

Borrowing Capacity

The following table summarizes the Company’s available borrowing capacity and the related pledged collateral:
March 31, 2025December 31, 2024
Available Borrowing Capacity
Pledged Collateral
Available Borrowing CapacityPledged Collateral
FRB Discount Window
$2,426,695 $3,010,890 $2,635,034 $3,245,547 
FHLB of Des Moines
624,559 823,048 626,117 829,885 
Total
$3,051,254 $3,833,938 $3,261,151 $4,075,432 
v3.25.1
Other Liabilities
 3 Months Ended
Mar. 31, 2025
Other Liabilities [Abstract]  
Other Liabilities Other Liabilities
Other liabilities consist of the following:
March 31, 2025December 31, 2024
Accounts payable and accrued expenses$55,512 $78,131 
Due to borrowers (1)
51,654 24,449 
Operating lease liabilities25,573 28,502 
Payable to investors (2)
24,258 22,833 
Other55,680 66,626 
Total other liabilities$212,677 $220,541 
(1)    Represents originated loans for which disbursement of funds is pending to borrowers.
(2)    Represents principal and interest on loans collected by the Company and pending disbursement to investors.
v3.25.1
Employee Incentive Plans
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Employee Incentive Plans Employee Incentive Plans
The Company’s equity incentive plans provide for granting awards, including restricted stock units (RSUs), performance-based restricted stock units (PBRSUs), cash awards and stock options to employees, officers and directors.

Stock-based Compensation

Stock-based compensation expense, included in “Compensation and benefits” expense on the Income Statement, was as follows for the periods presented:
Three Months Ended
March 31,
20252024
RSUs
$9,074 $11,982 
PBRSUs847 1,617 
Stock-based compensation expense, gross9,921 13,599 
Less: Capitalized stock-based compensation expense1,402 2,055 
Stock-based compensation expense, net$8,519 $11,544 

Restricted Stock Units

The following table summarizes the Company’s RSU activity:
Number
of Units		Weighted-
Average
Grant Date
Fair Value
Unvested at December 31, 2024
5,638,230 $8.78 
Granted1,882,146 $11.85 
Vested(884,344)$9.39 
Forfeited/expired(179,446)$9.50 
Unvested at March 31, 2025
6,456,586 $9.57 
During the first quarter of 2025, the Company granted 1,882,146 RSUs with an aggregate fair value of $22.3 million.

As of March 31, 2025, there was $54.8 million of unrecognized compensation cost related to unvested RSUs, which is expected to be recognized over a weighted-average period of approximately 1.8 years, subject to any forfeitures.

Performance-based Restricted Stock Units

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

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

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

As of March 31, 2025, there was $6.3 million of unrecognized compensation cost related to unvested PBRSUs, which is expected to be recognized over a weighted-average period of approximately 1.6 years, subject to any forfeitures.
v3.25.1
Income Taxes
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
For the first quarter 2025, the Company recorded an income tax expense of $4.0 million, representing an effective tax rate of 25.6%. For the first quarter 2024, the Company recorded an income tax expense of $4.3 million, representing an effective tax rate of 25.9%. The effective tax rates differ from the federal statutory rate due to state taxes, the favorable impact of recurring items such as tax credits, the unfavorable impact of the non-deductible portions of executive compensation, and the net discrete impact of stock-based compensation.

The following table summarizes the Company’s net deferred tax assets:
March 31, 2025December 31, 2024
Deferred tax assets, net of liabilities$179,043 $183,480 
Valuation allowance(46,325)(46,325)
Deferred tax assets, net of valuation allowance$132,718 $137,155 
v3.25.1
Leases
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Leases Leases
Lessor Arrangements

The Company has lessor arrangements which consist of sales-type leases for equipment (Equipment Finance). Such arrangements may include options to renew or to purchase the leased equipment at the end of the lease term. For the first quarters of 2025 and 2024, interest earned on Equipment Finance was $0.8 million and $1.7 million, respectively, and is included in “Interest and fees on loans and leases held for investment” on the Income Statement.

The components of Equipment Finance assets are as follows:
March 31, 2025December 31, 2024
Lease receivables$42,770 $49,290 
Unguaranteed residual asset values19,261 20,728 
Unearned income(5,436)(6,125)
Deferred fees288 339 
Total$56,883 $64,232 

Future minimum lease payments based on maturity of the Company’s lessor arrangements as of March 31, 2025 were as follows:
2025$16,526 
202614,028 
20278,016 
20284,013 
20291,529 
Total lease payments$44,112 
Discount effect(1,342)
Present value of future minimum lease payments$42,770 

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 a 233,887 square foot property located in San Francisco, California for $74.5 million. The property will serve as the Company’s headquarters beginning in the second quarter of 2026, following the expiration of its current San Francisco office space lease. As of March 31, 2025, the remaining office space leases have lease terms ranging from approximately three to four years. As of March 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:
ROU Assets and Lease LiabilitiesBalance Sheet ClassificationMarch 31, 2025December 31, 2024
Operating lease assetsOther assets$19,265 $21,304 
Operating lease liabilitiesOther liabilities$25,573 $28,502 
Net lease costs were $2.7 million and $2.6 million during the first quarters of 2025 and 2024, respectively. Such costs are recorded within “Occupancy” expense on the Income Statement.


The Company’s future minimum undiscounted lease payments under operating leases as of March 31, 2025 were as follows:
Operating Lease
Payments
2025$10,367 
20267,973 
20275,010 
20284,046 
2029909 
Thereafter— 
Total lease payments$28,305 
Discount effect(2,732)
Present value of future minimum lease payments$25,573 

The weighted-average remaining lease term and discount rate used in the calculation of the Company’s operating lease assets and liabilities were as follows:
Lease Term and Discount RateMarch 31, 2025December 31, 2024
Weighted-average remaining lease term (in years)2.832.98
Weighted-average discount rate4.82 %4.87 %
Leases Leases
Lessor Arrangements

The Company has lessor arrangements which consist of sales-type leases for equipment (Equipment Finance). Such arrangements may include options to renew or to purchase the leased equipment at the end of the lease term. For the first quarters of 2025 and 2024, interest earned on Equipment Finance was $0.8 million and $1.7 million, respectively, and is included in “Interest and fees on loans and leases held for investment” on the Income Statement.

The components of Equipment Finance assets are as follows:
March 31, 2025December 31, 2024
Lease receivables$42,770 $49,290 
Unguaranteed residual asset values19,261 20,728 
Unearned income(5,436)(6,125)
Deferred fees288 339 
Total$56,883 $64,232 

Future minimum lease payments based on maturity of the Company’s lessor arrangements as of March 31, 2025 were as follows:
2025$16,526 
202614,028 
20278,016 
20284,013 
20291,529 
Total lease payments$44,112 
Discount effect(1,342)
Present value of future minimum lease payments$42,770 

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 a 233,887 square foot property located in San Francisco, California for $74.5 million. The property will serve as the Company’s headquarters beginning in the second quarter of 2026, following the expiration of its current San Francisco office space lease. As of March 31, 2025, the remaining office space leases have lease terms ranging from approximately three to four years. As of March 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:
ROU Assets and Lease LiabilitiesBalance Sheet ClassificationMarch 31, 2025December 31, 2024
Operating lease assetsOther assets$19,265 $21,304 
Operating lease liabilitiesOther liabilities$25,573 $28,502 
Net lease costs were $2.7 million and $2.6 million during the first quarters of 2025 and 2024, respectively. Such costs are recorded within “Occupancy” expense on the Income Statement.


The Company’s future minimum undiscounted lease payments under operating leases as of March 31, 2025 were as follows:
Operating Lease
Payments
2025$10,367 
20267,973 
20275,010 
20284,046 
2029909 
Thereafter— 
Total lease payments$28,305 
Discount effect(2,732)
Present value of future minimum lease payments$25,573 

The weighted-average remaining lease term and discount rate used in the calculation of the Company’s operating lease assets and liabilities were as follows:
Lease Term and Discount RateMarch 31, 2025December 31, 2024
Weighted-average remaining lease term (in years)2.832.98
Weighted-average discount rate4.82 %4.87 %
v3.25.1
Commitments and Contingencies
 3 Months Ended
Mar. 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 in the event of identity theft or certain other types of fraud on the part of the borrower or education and patient service providers. The Company may also repurchase loans or interests therein in connection with certain customer accommodations. In connection with certain loan sales, the Company agreed to repurchase loans if representations and warranties made with respect to such loans were breached under certain circumstances. The Company believes such provisions are customary and consistent with institutional loan and securitization market standards.

Unfunded Loan Commitments

As of March 31, 2025 and December 31, 2024, the contractual amount of unfunded loan commitments was $96.3 million and $105.0 million, respectively. See “Note 5. Loans and Leases Held for Investment at Amortized Cost, Net of Allowance for Loan and Lease Losses” for additional detail related to the reserve for unfunded lending commitments.
Legal

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

Regulatory Examinations and Actions Relating to the Company’s Business Practices, and Compliance with Applicable Laws

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

In the past, the Company has successfully resolved such matters in a manner that was not material to its results of financial operations in any period and that did not materially limit the Company’s ability to conduct its business. However, no assurances can be given as to the timing, outcome or consequences of these matters or other similar matters if or as they arise.
v3.25.1
Regulatory Requirements
 3 Months Ended
Mar. 31, 2025
Regulated Operations [Abstract]  
Regulatory Requirements Regulatory Requirements
LendingClub and LC Bank are subject to comprehensive supervision, examination and enforcement, and regulation by the FRB and the Office of the Comptroller of the Currency (OCC), respectively, including generally similar capital adequacy requirements adopted by both agencies.

These requirements establish required minimum ratios for Common Equity Tier 1 (CET1) risk-based capital, Tier 1 risk-based capital, total risk-based capital and a Tier 1 leverage ratio; set risk-weighting for assets and certain other items for purposes of the risk-based capital ratios; and define what qualifies as capital for purposes of meeting the capital requirements. Failure to meet minimum capital requirements can result in certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company. The minimum capital requirements under the Basel Committee on Banking Supervision standardized approach for U.S. banking organizations (Basel III) capital framework are: a CET1 risk-based capital ratio of 4.5%, a Tier 1 risk-based capital ratio of 6.0%, a total risk-based capital ratio of 8.0%, and a Tier 1 leverage ratio of 4.0%. Additionally, a capital conservation buffer of 2.5% must be maintained above the minimum risk-based capital requirements in order to avoid certain limitations on capital distributions, stock repurchases, and certain discretionary bonus payments. In addition to these guidelines, the regulators assess any particular institution’s capital adequacy based on numerous factors and may require a particular banking organization to maintain capital at levels higher than the generally applicable minimums prescribed under the Basel III capital framework.
The Federal Deposit Insurance Act provides for a system of “prompt corrective action” (PCA). The PCA regime provides for capitalization categories ranging from “well-capitalized” to “critically undercapitalized.” An institution’s PCA category is determined primarily by its regulatory capital ratios. The PCA requires remedial actions and imposes limitations that become increasingly stringent as its PCA capitalization category declines, including the ability to accept and/or rollover brokered deposits. At March 31, 2025 and December 31, 2024, the Company’s and LC Bank’s regulatory capital ratios exceeded the thresholds required to be regarded as “well-
capitalized” institutions and met all capital adequacy requirements to which they are subject. There have been no events or conditions since March 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):
March 31, 2025December 31, 2024
Required Minimum(1)
Well-Capitalized Minimum
AmountRatioAmountRatio
LendingClub Corporation:
CET1 capital (2)
$1,212.1 17.8 %$1,188.6 17.3 %7.0 %N/A
Tier 1 capital$1,212.1 17.8 %$1,188.6 17.3 %8.5 %6.0 %
Total capital$1,299.2 19.1 %$1,276.5 18.5 %10.5 %10.0 %
Tier 1 leverage$1,212.1 11.7 %$1,188.6 11.0 %4.0 %N/A
Risk-weighted assets$6,813.7 N/A$6,887.1 N/AN/AN/A
Quarterly adjusted average assets$10,316.2 N/A$10,814.0 N/AN/AN/A
LendingClub Bank:
CET1 capital (2)
$1,060.5 15.7 %$1,101.4 16.1 %7.0 %6.5 %
Tier 1 capital$1,060.5 15.7 %$1,101.4 16.1 %8.5 %8.0 %
Total capital$1,146.9 17.0 %$1,188.5 17.4 %10.5 %10.0 %
Tier 1 leverage$1,060.5 10.4 %$1,101.4 10.3 %4.0 %5.0 %
Risk-weighted assets$6,757.0 N/A$6,823.1 N/AN/AN/A
Quarterly adjusted average assets$10,215.4 N/A$10,696.7 N/AN/AN/A
N/A – Not applicable
1)     Required minimums presented for risk-based capital ratios include the required capital conservation buffer of 2.5%.
(2)     CET1 capital consists of common stockholders’ equity as defined under U.S. GAAP and certain adjustments made in accordance with regulatory capital guidelines, including deductions for goodwill and other intangible assets.

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

Federal law restricts the amount and the terms of both credit and non-credit transactions between a bank and its nonbank affiliates. These covered transactions may not exceed 10% of the bank’s capital and surplus (which for this purpose represents tier 1 and tier 2 capital, as calculated under the risk-based capital rules, plus the balance of the ACL excluded from tier 2 capital) with any single nonbank affiliate and 20% of the bank’s capital and surplus with all its nonbank affiliates. Covered transactions that are extensions of credit may require collateral to be pledged to provide added security to the bank.
v3.25.1
Segment Reporting
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Reportable Segments

The Company defines operating segments to be components of the Company for which discrete financial information is evaluated regularly by the Chief Operating Decision Maker (CODM) to allocate resources and evaluate financial performance. The measure of segment profit used by the CODM in this evaluation is net income. The CODM consists of the Company’s Chief Executive Officer and Chief Financial Officer. This information is reviewed according to the legal organizational structure of the Company’s operations with products and services presented separately for the parent bank holding company and its wholly-owned subsidiary, LC Bank, which are both considered reportable segments. Income taxes are recorded on a separate entity basis whereby each operating segment determines income tax expense or benefit as if it filed a separate tax return.

LendingClub Bank

The LC Bank operating segment represents the national bank legal entity and reflects operating activities after its formation. This segment provides a full complement of financial products and solutions, including loans and deposits. It originates loans to individuals and businesses, retains loans for investment, sells loans to investors and manages relationships with deposit holders.

LendingClub Corporation (Parent Only)

The LendingClub Corporation (Parent only) operating segment represents the holding company legal entity and predominately reflects the operations of the Company prior to the formation of LC Bank. This activity includes, but is not limited to, servicing fee revenue on purchased servicing assets, and interest income and interest expense related to the Retail Program and Structured Program transactions entered into prior to LC Bank’s formation.
Financial information for the segments is presented in the following tables:
LendingClub
Bank
LendingClub
Corporation (Parent only)
Total Reportable Segments
Three Months Ended March 31,202520242025202420252024
Non-interest income:
Marketplace revenue$52,210 $38,515 $5,795 $9,828 $58,005 $48,343 
Other non-interest income12,941 13,695 1,991 1,946 14,932 15,641 
Total non-interest income65,151 52,210 7,786 11,774 72,937 63,984 
Interest income:
Interest income231,755 204,807 304 2,544 232,059 207,351 
Interest expense(82,102)(84,123)— (340)(82,102)(84,463)
Net interest income149,653 120,684 304 2,204 149,957 122,888 
Total net revenue214,804 172,894 8,090 13,978 222,894 186,872 
Provision for credit losses(58,149)(31,927)— — (58,149)(31,927)
Non-interest expense:
Compensation and benefits(56,863)(58,012)(1,526)(1,542)(58,389)(59,554)
Marketing(29,239)(24,136)— — (29,239)(24,136)
Equipment and software(14,619)(12,636)(25)(48)(14,644)(12,684)
Depreciation and amortization(12,543)(10,166)(1,366)(2,507)(13,909)(12,673)
Professional services(9,637)(6,986)(127)(105)(9,764)(7,091)
Occupancy(2,401)(1,796)(1,944)(2,065)(4,345)(3,861)
Other non-interest expense(14,447)(12,764)(4,313)(5,654)(18,760)(18,418)
Total non-interest expense
(139,749)(126,496)(9,301)(11,921)(149,050)(138,417)
Income tax (expense) benefit
(4,872)(3,685)848 (593)(4,024)(4,278)
Net income (loss) (1)
$12,034 $10,786 $(363)$1,464 $11,671 $12,250 
Capital expenditures$13,066 $11,781 $— $— $13,066 $11,781 
(1)    Total net income from reportable segments reflects net income on a consolidated basis.

Three Months Ended
March 31,
20252024
Total net revenue – reportable segments$222,894 $186,872 
Intercompany eliminations(5,183)(6,184)
Total net revenue – consolidated$217,711 $180,688 

Each expense item reported above represents the Company’s “significant segment expenses” as they are separately evaluated by the CODM, with the exception of “Other non-interest expense” which represents “other segment items” and encompasses various miscellaneous operating expenses.
LendingClub Bank
LendingClub
Corporation (Parent only)
Total Reportable Segments
 March 31, 2025December 31, 2024March 31, 2025December 31, 2024March 31, 2025December 31, 2024
Assets
Total cash and cash equivalents$872,895 $932,463 $126,029 $65,981 $998,924 $998,444 
Restricted cash— — 33,650 27,536 33,650 27,536 
Securities available for sale at fair value3,426,571 3,452,648 — — 3,426,571 3,452,648 
Loans held for sale at fair value703,378 636,352 — — 703,378 636,352 
Loans and leases held for investment, net3,971,256 3,889,084 — — 3,971,256 3,889,084 
Loans held for investment at fair value
815,718 1,023,226 3,164 4,572 818,882 1,027,798 
Property, equipment and software, net161,729 158,995 7,170 8,537 168,899 167,532 
Investment in subsidiary— — 872,030 910,544 872,030 910,544 
Goodwill75,717 75,717 — — 75,717 75,717 
Other assets316,312 300,621 107,785 121,198 424,097 421,819 
Total assets10,343,576 10,469,106 1,149,828 1,138,368 11,493,404 11,607,474 
Liabilities and Equity
Total deposits9,018,229 9,116,821 — — 9,018,229 9,116,821 
Other liabilities174,705 177,711 63,923 60,667 238,628 238,378 
Total liabilities9,192,934 9,294,532 63,923 60,667 9,256,857 9,355,199 
Total equity1,150,642 1,174,574 1,085,905 1,077,701 2,236,547 2,252,275 
Total liabilities and equity$10,343,576 $10,469,106 $1,149,828 $1,138,368 $11,493,404 $11,607,474 

March 31, 2025December 31, 2024
Total assets – reportable segments$11,493,404 $11,607,474 
Intercompany eliminations(1,010,308)(976,965)
Total assets – consolidated$10,483,096 $10,630,509 

March 31, 2025December 31, 2024
Total liabilities and equity – reportable segments$11,493,404 $11,607,474 
Intercompany eliminations – liabilities(138,278)(66,421)
Intercompany eliminations – equity(872,030)(910,544)
Total liabilities and equity – consolidated$10,483,096 $10,630,509 

Concentration and Geographic Information
No individual borrower or marketplace investor accounted for 10% or more of total net revenue for any of the periods presented. All of the Company’s revenue is generated in the United States, and all of the long-lived assets are based in the United States.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net income $ 11,671 $ 12,250
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Andrew LaBenne [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
To diversify his assets, Andrew LaBenne, the Company’s Chief Financial Officer, entered into a sales plan in March 2025 that is intended to comply with Rule 10b5-1(c) under the Exchange Act (the Plan). The maximum number of shares that can be sold under the Plan represents 6.3% of Mr. LaBenne’s current equity interest in the Company including his unvested time-based RSUs and unearned PBRSUs at target performance. Any sale(s) executed under the Plan would represent the first sale(s) of Company stock by Mr. LaBenne since joining the Company in 2022.

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 first quarter of 2025:
Name and Title
Adoption Date
Expiration Date
Aggregate Number of Shares to be Sold
Andrew LaBenne, Chief Financial Officer
March 6, 2025November 28, 2025
Up to 38,858
Name Andrew LaBenne
Title Chief Financial Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 6, 2025
Expiration Date November 28, 2025
Arrangement Duration 267 days
Aggregate Available 38,858
v3.25.1
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 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, lower borrowing costs, and improve returns on savings. LendingClub is registered as a bank holding company and operates the vast majority of its business through its wholly-owned subsidiary, LendingClub Bank, National Association (LC Bank).
These condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and, in the opinion of management, contain all adjustments, including normal recurring adjustments, necessary for the fair statement of the results and financial position for the periods presented.
Consolidation All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates These accounting principles require management to make certain estimates and assumptions that affect the amounts in the accompanying financial statements. These estimates and assumptions are inherently subjective in nature and actual results may differ from these estimates and assumptions, and the differences could be material.
Adoption of New Accounting Standards
Adoption of New Accounting Standards

The Company did not adopt new accounting standards during the three months ended March 31, 2025.

New Accounting Standards Not Yet Adopted

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

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

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

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

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

Net Fair Value Adjustments: The Company records fair value adjustments on loans that are recorded at fair value, which include gains or losses from sale prices in excess of or less than the loan principal amount sold and realized net charge-offs. In addition, as loans are held on the Balance Sheet, incremental fair value adjustments on the loans are recorded in “Net fair value adjustments” within “Marketplace revenue,” whereas the associated interest income is recorded within “Net interest income.”
v3.25.1
Marketplace Revenue (Tables)
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Components of Marketplace Revenue
The following table presents components of marketplace revenue for the periods presented:
Three Months Ended
March 31,
20252024
Origination fees$69,944 $70,079 
Servicing fees12,748 19,592 
Gain on sales of loans12,202 10,909 
Net fair value adjustments(29,251)(44,689)
Total marketplace revenue$65,643 $55,891 
v3.25.1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 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 earnings per share (EPS):
Three Months Ended
March 31,
20252024
Basic EPS:
Net income attributable to stockholders$11,671 $12,250 
Weighted-average common shares – Basic113,693,399 110,685,796 
Basic EPS$0.10 $0.11 
Diluted EPS:
Net income attributable to stockholders$11,671 $12,250 
Weighted-average common shares – Diluted116,176,898 110,687,380 
Diluted EPS$0.10 $0.11 
v3.25.1
Securities Available for Sale (Tables)
 3 Months Ended
Mar. 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 available for sale (AFS) securities were as follows:
March 31, 2025Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses
Allowance
for Credit Losses
Fair
Value
Senior asset-backed securities related to Structured Program transactions (1)
$2,842,522 $26,759 $— $— $2,869,281 
U.S. agency residential mortgage-backed securities265,265 142 (38,314)— 227,093 
Other asset-backed securities related to Structured Program transactions (2)
177,715 — (323)(4,848)172,544 
U.S. agency securities90,460 — (12,324)— 78,136 
Mortgage-backed securities62,454 41 (5,490)— 57,005 
Other asset-backed securities20,519 31 (506)— 20,044 
Municipal securities3,231 — (763)— 2,468 
Total securities available for sale (3)
$3,462,166 $26,973 $(57,720)$(4,848)$3,426,571 
December 31, 2024Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses
Allowance
for Credit Losses
Fair
Value
Senior asset-backed securities related to Structured Program transactions (1)
$2,870,071 $30,398 $(645)$— $2,899,824 
U.S. agency residential mortgage-backed securities270,120 48 (43,243)— 226,925 
Other asset-backed securities related to Structured Program transactions (2)
174,132 — (657)(3,527)169,948 
U.S. agency securities90,459 — (14,513)— 75,946 
Mortgage-backed securities62,882 8 (6,216)— 56,674 
Other asset-backed securities21,364 15 (587)— 20,792 
Municipal securities3,236 — (697)— 2,539 
Total securities available for sale (3)
$3,492,264 $30,469 $(66,558)$(3,527)$3,452,648 
(1)    Excludes a $(0.3) million and $(2.2) million cumulative basis adjustment for securities designated in active fair value hedge relationships at March 31, 2025 and December 31, 2024, respectively. See “Note 8. Derivative Instruments and Hedging Activities” for additional information.
(2)    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.
(3)    Includes $375.5 million and $373.5 million of securities pledged as collateral at fair value as of March 31, 2025 and December 31, 2024, respectively.
Schedule of AFS Securities with Unrealized Losses, Aggregated by Period of Continuous Unrealized Loss
A summary of AFS securities with unrealized losses, aggregated by period of continuous unrealized loss, is as follows:
Less than
12 months		12 months
or longer		Total
March 31, 2025Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
U.S. agency residential mortgage-backed securities$28,674 $(364)$185,918 $(37,950)$214,592 $(38,314)
Other asset-backed securities related to Structured Program transactions53,855 (323)— — 53,855 (323)
U.S. agency securities— — 78,136 (12,324)78,136 (12,324)
Mortgage-backed securities12,419 (82)32,441 (5,408)44,860 (5,490)
Other asset-backed securities3,676 (7)11,343 (499)15,019 (506)
Municipal securities— — 2,468 (763)2,468 (763)
Total securities with unrealized losses$98,624 $(776)$310,306 $(56,944)$408,930 $(57,720)
Less than
12 months		12 months
or longer		Total
December 31, 2024Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Senior asset-backed securities related to Structured Program transactions
$334,564 $(645)$— $— $334,564 $(645)
U.S. agency residential mortgage-backed securities34,168 (782)185,405 (42,461)219,573 (43,243)
Other asset-backed securities related to Structured Program transactions72,251 (657)— — 72,251 (657)
U.S. agency securities— — 75,946 (14,513)75,946 (14,513)
Mortgage-backed securities21,970 (316)32,298 (5,900)54,268 (6,216)
Other asset-backed securities1,638 (4)11,668 (583)13,306 (587)
Municipal securities— — 2,539 (697)2,539 (697)
Total securities with unrealized losses$464,591 $(2,404)$307,856 $(64,154)$772,447 $(66,558)
Schedule of Activity in Credit Valuation Allowance for AFS Securities
The following table presents the activity in the allowance for credit losses (ACL) for AFS securities, by security type:

Three Months Ended
March 31,
20252024
Other asset-backed securities related to Structured Program transactions:
Allowance for credit losses, beginning of period
$3,527 $— 
Credit loss expense for securities available for sale
1,321 2,892 
Allowance for credit losses, end of period
$4,848 $2,892 
Schedule of Contractual Maturities of AFS Securities
The contractual maturities of AFS securities were as follows:
March 31, 2025Amortized CostFair Value
Weighted-
average
Yield (1)
Due within 1 year:
U.S. agency securities$3,000 $2,996 
Total due within 1 year3,000 2,996 3.50 %
Due after 1 year through 5 years:
Senior asset-backed securities related to Structured Program transactions2,842,522 2,869,281 
Other asset-backed securities related to Structured Program transactions177,715 172,544 
U.S. agency securities7,850 7,695 
Mortgage-backed securities2,666 2,442 
Other asset-backed securities232 231 
Municipal securities
306 275 
Total due after 1 year through 5 years3,031,291 3,052,468 6.98 %
Due after 5 years through 10 years:
U.S. agency securities26,997 24,144 
Other asset-backed securities11,883 11,864 
U.S. agency residential mortgage-backed securities3,587 3,441 
Mortgage-backed securities906 777 
Municipal securities309 270 
Total due after 5 years through 10 years43,682 40,496 3.51 %
Due after 10 years:
U.S. agency residential mortgage-backed securities261,678 223,652 
U.S. agency securities52,613 43,301 
Mortgage-backed securities58,882 53,786 
Other asset-backed securities8,404 7,949 
Municipal securities2,616 1,923 
Total due after 10 years384,193 330,611 3.08 %
Total securities available for sale$3,462,166 $3,426,571 6.50 %
(1)    The weighted-average yield is computed using the average month-end amortized cost during the three months ended March 31, 2025.
v3.25.1
Loans and Leases Held for Investment at Amortized Cost, Net of Allowance for Loan and Lease Losses (Tables)
 3 Months Ended
Mar. 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 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:
March 31, 2025December 31, 2024
Unsecured personal$3,212,638 $3,106,472 
Residential mortgages170,138 172,711 
Secured consumer228,904 230,232 
Total consumer loans held for investment3,611,680 3,509,415 
Equipment finance (1)
56,883 64,232 
Commercial real estate374,246 373,785 
Commercial and industrial172,640 178,386 
Total commercial loans and leases held for investment603,769 616,403 
Total loans and leases held for investment4,215,449 4,125,818 
Allowance for loan and lease losses(244,193)(236,734)
Loans and leases held for investment, net (2)
$3,971,256 $3,889,084 
(1)    Comprised of sales-type leases for equipment. See “Note 17. Leases” for additional information.
(2)    As of March 31, 2025, the Company had $3.5 billion in loans pledged as collateral, comprised of $3.0 billion pledged under the Federal Reserve Bank (FRB) Discount Window and $447.6 million pledged to the Federal Home Loan Bank (FHLB) of Des Moines. As of December 31, 2024, the Company had $3.7 billion in loans pledged as collateral, comprised of $3.2 billion pledged under the FRB Discount Window and $456.4 million pledged to the FHLB of Des Moines.

The following table presents the components of the allowance for loan and lease losses (ALLL):
March 31, 2025December 31, 2024
Gross allowance for loan and lease losses (1)
$288,308 $285,686 
Recovery asset value (2)
(44,115)(48,952)
Allowance for loan and lease losses$244,193 $236,734 
(1)    Represents the allowance for future estimated net charge-offs on existing portfolio balances.
(2)    Represents the negative allowance for expected recoveries of amounts previously charged-off.
March 31, 2025ConsumerCommercialTotal
Loans and leases held for investment$3,611,680 $603,769 $4,215,449 
Allowance for loan and lease losses$227,608 $16,585 $244,193 
Allowance ratio (1)
6.3 %2.7 %5.8 %
Gross allowance for loan and lease losses$271,723 $16,585 $288,308 
Gross allowance ratio (1)
7.5 %2.7 %6.8 %
December 31, 2024ConsumerCommercialTotal
Loans and leases held for investment
$3,509,415 $616,403 $4,125,818 
Allowance for loan and lease losses
$212,598 $24,136 $236,734 
Allowance ratio (1)
6.1 %3.9 %5.7 %
Gross allowance for loan and lease losses
$261,550 $24,136 $285,686 
Gross allowance ratio (1)
7.5 %3.9 %6.9 %
(1)    Calculated as ALLL or gross ALLL, where applicable, to the corresponding portfolio segment balance of loans and leases held for investment at amortized cost.
The following table summarizes the aggregate fair value of the Company’s HFS loans, as well as the amount that was 90 days or more past due:
March 31, 2025December 31, 2024
Total90 or more
days past due		Total90 or more
days past due
Aggregate unpaid principal balance$728,484 $1,883 $657,984 $3,719 
Cumulative fair value adjustments(25,106)(1,527)(21,632)(3,012)
Fair value of loans held for sale
$703,378 $356 $636,352 $707 
The following table summarizes the aggregate fair value of the Company’s HFI loans held at fair value, as well as the amount that was 90 days or more past due:
March 31, 2025December 31, 2024
Total90 or more
days past due		Total90 or more
days past due
Aggregate unpaid principal balance$866,010 $9,419 $1,097,511 $14,616 
Cumulative fair value adjustments(47,128)(7,639)(69,713)(11,836)
Fair value of loans held for investment$818,882 $1,780 $1,027,798 $2,780 
Schedule of Activity in the ACL by Portfolio Segment
The activity in the ACL by portfolio segment was as follows:
Three Months Ended March 31,
20252024
ConsumerCommercialTotalConsumerCommercialTotal
Allowance for loan and lease losses:
Beginning of period
$212,598 $24,136 $236,734 $298,061 $12,326 $310,387 
Credit loss expense
55,948 434 56,382 27,686 1,560 29,246 
Charge-offs (1)
(58,344)(8,232)(66,576)(89,110)(1,232)(90,342)
Recoveries17,406 247 17,653 9,643 216 9,859 
End of period
$227,608 $16,585 $244,193 $246,280 $12,870 $259,150 
Reserve for unfunded lending commitments:
Beginning of period
$— $1,183 $1,183 $— $1,873 $1,873 
Credit loss expense (benefit)
— 446 446 — (211)(211)
End of period (2)
$— $1,629 $1,629 $— $1,662 $1,662 
(1)    The first quarter of 2025 included an $8.0 million charge-off related to one office loan within our Commercial Real Estate portfolio, which was fully reserved for in prior periods.
(2)    Relates to $96.3 million and $72.1 million of unfunded commitments as of March 31, 2025 and 2024, respectively.
Schedule of Charge-Offs by Origination Year and Consumer Lending Credit Quality Indicators and Commercial Lending Credit Quality Indicators
The following table presents charge-offs by origination year for the first quarter of 2025:
Gross Charge-Offs by Origination Year
20252024202320222021PriorTotal
Unsecured personal (1)
$— $9,301 $20,554 $22,382 $5,434 $— $57,671 
Residential mortgages— — — — — — — 
Secured consumer— 67 312 177 117 — 673 
Total consumer loans held for investment— 9,368 20,866 22,559 5,551 — 58,344 
Equipment finance— — — — — — — 
Commercial real estate— — — — — 7,990 7,990 
Commercial and industrial— — — 209 33 — 242 
Total commercial loans and leases held for investment— — — 209 33 7,990 8,232 
Total loans and leases held for investment$— $9,368 $20,866 $22,768 $5,584 $7,990 $66,576 
(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:
March 31, 2025 Term Loans and Leases by Origination Year
20252024202320222021PriorTotal
Unsecured personal
Current $611,922 $1,189,241 $647,207 $598,033 $110,712 $— $3,157,115 
30-59 days past due 965 5,801 7,333 6,100 1,652 — 21,851 
60-89 days past due 27 4,499 4,908 5,518 1,088 — 16,040 
90 or more days past due 62 3,328 4,971 5,754 1,392 — 15,507 
Total unsecured personal (1)
612,976 1,202,869 664,419 615,405 114,844 — 3,210,513 
Residential mortgages
Current — — — 45,521 52,279 71,572 169,372 
30-59 days past due — — — — — 678 678 
60-89 days past due — — — — — — — 
90 or more days past due — — — — — 88 88 
Total residential mortgages — — — 45,521 52,279 72,338 170,138 
Secured consumer
Current28,111 70,977 67,937 48,312 8,423 2,349 226,109 
30-59 days past due52 131 662 1,042 200 — 2,087 
60-89 days past due— 49 127 247 59 — 482 
90 or more days past due— — 148 78 — — 226 
Total secured consumer28,163 71,157 68,874 49,679 8,682 2,349 228,904 
Total consumer loans held for investment$641,139 $1,274,026 $733,293 $710,605 $175,805 $74,687 $3,609,555 
(1)    Excludes cumulative basis adjustment for loans designated in fair value hedges under the portfolio layer method. As of March 31, 2025, the basis adjustment totaled $2.1 million and represents an increase to the amortized cost of the hedged loans. See “Note 8. Derivative Instruments and Hedging Activities” for additional information.
December 31, 2024 Term Loans and Leases by Origination Year
20242023202220212020PriorTotal
Unsecured personal
Current $1,347,685 $787,936 $762,223 $142,546 $— $— $3,040,390 
30-59 days past due 4,981 7,344 8,952 2,253 — — 23,530 
60-89 days past due 2,448 6,933 7,920 1,992 — — 19,293 
90 or more days past due 2,364 7,920 8,853 2,250 — — 21,387 
Total unsecured personal (1)
1,357,478 810,133 787,948 149,041 — — 3,104,600 
Residential mortgages
Current — — 45,828 52,679 28,176 45,789 172,472 
30-59 days past due — — — — — 151 151 
60-89 days past due — — — — — 88 88 
90 or more days past due — — — — — — — 
Total residential mortgages — — 45,828 52,679 28,176 46,028 172,711 
Secured consumer
Current79,161 78,081 56,766 10,573 — 2,372 226,953 
30-59 days past due98 824 1,199 221 — — 2,342 
60-89 days past due11 147 338 104 — — 600 
90 or more days past due36 157 99 45 — — 337 
Total secured consumer79,306 79,209 58,402 10,943 — 2,372 230,232 
Total consumer loans held for investment$1,436,784 $889,342 $892,178 $212,663 $28,176 $48,400 $3,507,543 
(1)    Excludes cumulative basis adjustment for loans designated in fair value hedges under the portfolio layer method. As of December 31, 2024, the basis adjustment totaled $1.9 million and represents an increase to the amortized cost of the hedged loans. See “Note 8. Derivative Instruments and Hedging Activities” for additional information.
The following tables present the classes of financing receivables within the commercial portfolio segment by risk rating and origination year:
March 31, 2025 Term Loans and Leases by Origination Year
20252024202320222021PriorTotal
Guaranteed Amount (1)
Equipment finance
Pass $— $— $1,150 $30,325 $6,373 $13,147 $50,995 $— 
Special mention— — — 294 510 — 804 — 
Substandard — — — 489 4,595 — 5,084 — 
Doubtful — — — — — — — — 
Loss— — — — — — — — 
Total equipment finance— — 1,150 31,108 11,478 13,147 56,883 — 
Commercial real estate
Pass 17,193 22,801 71,040 84,925 21,033 126,505 343,497 35,065 
Special mention— — — — — 6,226 6,226 — 
Substandard — — — 2,417 8,439 11,808 22,664 8,928 
Doubtful — — — — — — — — 
Loss— — — 1,121 271 467 1,859 1,543 
Total commercial real estate17,193 22,801 71,040 88,463 29,743 145,006 374,246 45,536 
Commercial and industrial
Pass 3,059 30,956 26,230 23,789 26,495 14,314 124,843 79,877 
Special mention— — 958 6,700 2,640 74 10,372 8,895 
Substandard — 634 5,236 12,290 2,268 2,931 23,359 15,756 
Doubtful — — — 4,365 1,431 792 6,588 5,451 
Loss— 282 1,981 4,636 568 11 7,478 7,670 
Total commercial and industrial3,059 31,872 34,405 51,780 33,402 18,122 172,640 117,649 
Total commercial loans and leases held for investment$20,252 $54,673 $106,595 $171,351 $74,623 $176,275 $603,769 $163,185 
(1)    Represents loan balances guaranteed by the Small Business Association (SBA).
December 31, 2024 Term Loans and Leases by Origination Year
20242023202220212020PriorTotal
Guaranteed Amount (1)
Equipment finance
Pass $— $1,519 $32,544 $7,790 $9,101 $6,643 $57,597 $— 
Special mention— — 335 602 — — 937 — 
Substandard — — 776 4,922 — — 5,698 — 
Doubtful — — — — — — — — 
Loss— — — — — — — — 
Total equipment finance— 1,519 33,655 13,314 9,101 6,643 64,232 — 
Commercial real estate
Pass 22,847 67,692 89,903 21,174 27,947 106,060 335,623 31,499 
Special mention— — — — 252 6,276 6,528 — 
Substandard — — 2,430 8,441 7,987 10,791 29,649 8,940 
Doubtful — — — — — — — — 
Loss— — 1,121 271 — 593 1,985 1,543 
Total commercial real estate22,847 67,692 93,454 29,886 36,186 123,720 373,785 41,982 
Commercial and industrial
Pass 28,030 29,186 31,697 27,474 5,503 12,678 134,568 85,269 
Special mention635 — 5,165 2,652 76 — 8,528 7,065 
Substandard — 4,071 13,110 2,311 1,399 1,670 22,561 14,879 
Doubtful — — 3,279 1,477 506 285 5,547 4,671 
Loss282 2,094 4,224 568 — 14 7,182 7,182 
Total commercial and industrial28,947 35,351 57,475 34,482 7,484 14,647 178,386 119,066 
Total commercial loans and leases held for investment$51,794 $104,562 $184,584 $77,682 $52,771 $145,010 $616,403 $161,048 
(1)    Represents loan balances guaranteed by the SBA.
Schedule of Analysis of the Past Due Loans and Leases HFI at Amortized Cost and Nonaccrual Loans and Leases
The following tables present an analysis of the past due loans and leases HFI at amortized cost within the commercial portfolio segment:
March 31, 202530-59
Days		60-89
Days		90 or More
Days
Total Days Past Due
Guaranteed Amount (1)
Equipment finance$15 $— $4,279 $4,294 $— 
Commercial real estate1,171 718 9,619 11,508 8,456 
Commercial and industrial
896 3,408 19,888 24,192 19,679 
Total commercial loans and leases held for investment$2,082 $4,126 $33,786 $39,994 $28,135 
December 31, 202430-59
Days		60-89
Days		90 or More
Days
Total Days Past Due
Guaranteed Amount (1)
Equipment finance$67 $— $4,551 $4,618 $— 
Commercial real estate8,320 483 9,731 18,534 8,456 
Commercial and industrial
6,257 1,182 15,971 23,410 18,512 
Total commercial loans and leases held for investment$14,644 $1,665 $30,253 $46,562 $26,968 
(1)    Represents loan balances guaranteed by the SBA.
The following table presents nonaccrual loans and leases:
March 31, 2025December 31, 2024
Nonaccrual
Nonaccrual with no related ACL (1)
Nonaccrual
Nonaccrual with no related ACL (1)
Unsecured personal$15,507 $— $21,387 $— 
Residential mortgages380 380 295 295 
Secured consumer226 — 337 — 
Total nonaccrual consumer loans held for investment16,113 380 22,019 295 
Equipment finance4,279 — 4,516 — 
Commercial real estate10,163 5,915 18,280 5,345 
Commercial and industrial29,151 8,674 27,489 7,501 
Total nonaccrual commercial loans and leases held for investment (2)
43,593 14,589 50,285 12,846 
Total nonaccrual loans and leases held for investment$59,706 $14,969 $72,304 $13,141 
(1)     Subset of total nonaccrual loans and leases.
(2)     Includes $32.9 million and $31.2 million in loan balances guaranteed by the SBA as of March 31, 2025 and December 31, 2024, respectively.

March 31, 2025December 31, 2024
Nonaccrual
Nonaccrual Ratios (1)
Nonaccrual
Nonaccrual Ratios (1)
Total nonaccrual consumer loans held for investment$16,113 0.4 %$22,019 0.6 %
Total nonaccrual commercial loans and leases held for investment43,593 7.2 %50,285 8.2 %
Total nonaccrual loans and leases held for investment$59,706 1.4 %$72,304 1.8 %
(1)     Calculated as the ratio of non-accruing loans and leases to loans and leases HFI at amortized cost.
Schedule of Loan Modifications and Amortized Cost of Loan Modifications The table below presents the amortized cost of loans that were modified during the periods presented, by modification type:
Three Months Ended March 31,
20252024
Short-term payment reduction
$7,010 $14,191 
Permanent loan modification
1,693 1,645 
Debt settlement
3,432 6,366 
Total loan modifications – unsecured personal loans
$12,135 $22,202 
% of unsecured personal loans at amortized cost as of period end
0.4 %0.7 %
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:
March 31, 2025March 31, 2024
Short-term Payment ReductionPermanent Loan ModificationDebt SettlementShort-term Payment ReductionPermanent Loan ModificationDebt Settlement
Unsecured personal loans
Current$18,894 $5,340 $32 $16,509 $3,905 $127 
30-59 days1,654 175 24 845 127 62 
60-89 days1,169 174 837 716 81 475 
90 or more days1,024 112 2,628 305 202 5,979 
Total loan modifications$22,741 $5,801 $3,521 $18,375 $4,315 $6,643 
Schedule of Total Amount of Charge-Offs for Loan Modifications The table below presents the total amount of charge-offs during the period for loan modifications that were entered into within the preceding twelve months of charge-off:
Three Months Ended March 31,
20252024
Short-term payment reduction
$2,586 $193 
Permanent loan modification
522 439 
Debt settlement
13,336 21,775 
Total loan modifications – unsecured personal loans
$16,444 $22,407 
v3.25.1
Securitizations and Variable Interest Entities (Tables)
 3 Months Ended
Mar. 31, 2025
Transfers and Servicing [Abstract]  
Schedule of VIE Assets and Liabilities and Unconsolidated VIEs
The following table presents the classifications of assets and liabilities on the Company’s Balance Sheet for its transactions with unconsolidated VIEs:
March 31, 2025December 31, 2024
Assets
Securities available for sale at fair value$3,041,825 $3,069,771 
Other assets43,434 46,269 
Total assets3,085,259 3,116,040 
Liabilities
Other liabilities5,737 6,313 
Total liabilities5,737 6,313 
Total net assets (maximum loss exposure)$3,079,522 $3,109,727 
The following table summarizes activity related to unconsolidated VIEs where the transfers were accounted for as a sale on the Company’s financial statements:
Three Months Ended
March 31,
20252024
Fair value of consideration received:
Cash$148,379 $93,644 
Net securities retained from Structured Program transactions
349,002 738,976 
Other assets, net
5,974 9,733 
Total consideration503,355 842,353 
Fair value of loans sold(498,058)(833,776)
Gain on sales of loans (1)
$5,297 $8,577 
Cash proceeds from continuing involvement:
Servicing and other administrative fees$8,896 $4,723 
Interest received on securities retained from Structured Program transactions
$51,134 $29,663 
(1)    Consists primarily of servicing assets recognized at the time of loan sale, less any transaction costs, and excludes origination fees and fair value adjustments recognized prior to the sale.
v3.25.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables present, by level within the fair value hierarchy, the Company’s assets and liabilities measured at fair value on a recurring basis:
March 31, 2025
Level 1
Level 2
Level 3
Balance at
Fair Value
Assets:
Loans held for sale at fair value$— $— $703,378 $703,378 
Loans held for investment at fair value
— — 818,882 818,882 
Securities available for sale:
Senior asset-backed securities related to Structured Program transactions— — 2,869,281 2,869,281 
U.S. agency residential mortgage-backed securities— 227,093 — 227,093 
Other asset-backed securities related to Structured Program transactions— — 172,544 172,544 
U.S. agency securities— 78,136 — 78,136 
Mortgage-backed securities— 57,005 — 57,005 
Other asset-backed securities— 20,044 — 20,044 
Municipal securities— 2,468 — 2,468 
Total securities available for sale— 384,746 3,041,825 3,426,571 
Servicing assets— — 56,904 56,904 
Other assets— 2,900 — 2,900 
Total assets$— $387,646 $4,620,989 $5,008,635 
Liabilities:
Other liabilities$— $4,370 $9,072 $13,442 
Total liabilities$— $4,370 $9,072 $13,442 
December 31, 2024
Level 1
Level 2
Level 3
Balance at
Fair Value
Assets:
Loans held for sale at fair value$— $— $636,352 $636,352 
Loans held for investment at fair value
— — 1,027,798 1,027,798 
Securities available for sale:
Senior asset-backed securities related to Structured Program transactions— — 2,899,824 2,899,824 
U.S. agency residential mortgage-backed securities— 226,925 — 226,925 
Other asset-backed securities related to Structured Program transactions
— — 169,948 169,948 
U.S. agency securities— 75,946 — 75,946 
Mortgage-backed securities
— 56,674 — 56,674 
Other asset-backed securities— 20,792 — 20,792 
Municipal securities— 2,539 — 2,539 
Total securities available for sale— 382,876 3,069,772 3,452,648 
Servicing assets— — 60,697 60,697 
Other assets— 5,820 — 5,820 
Total assets$— $388,696 $4,794,619 $5,183,315 
Liabilities:
Other liabilities$— $5,019 $11,799 $16,818 
Total liabilities$— $5,019 $11,799 $16,818 
Schedule of Significant Unobservable Inputs Used in the Fair Value Measurement of Loans HFS, Loans HFI, Senior Asset-Backed Securities, Other Asset-Backed Securities and Servicing Assets
The following significant unobservable inputs were used in the fair value measurement of loans HFS:
March 31, 2025December 31, 2024
MinimumMaximumWeighted-
Average		MinimumMaximumWeighted-
Average
Discount rate5.4 %13.7 %7.4 %7.1 %11.9 %7.9 %
Annualized net charge-off rate (1)
2.4 %22.3 %6.1 %1.8 %21.2 %5.4 %
Annualized prepayment rate (1)
18.4 %27.0 %25.5 %15.0 %27.6 %20.4 %
(1)    The weighted-average rate is calculated using the original principal balance of each loan pool.
The following significant unobservable inputs were used in the fair value measurement of loans HFI:
March 31, 2025December 31, 2024
MinimumMaximumWeighted-
Average		MinimumMaximumWeighted-
Average
Discount rate7.6 %22.7 %11.0 %7.2 %21.8 %10.5 %
Annualized net charge-off rate (1)
3.1 %20.0 %6.7 %3.0 %20.2 %6.6 %
Annualized prepayment rate (1)
15.9 %23.0 %20.1 %15.6 %21.4 %19.3 %
(1)    The weighted-average rate is calculated using the original principal balance of each loan pool.
The following significant unobservable input, which includes credit spreads, was used in the fair value measurement of senior asset-backed securities related to Structured Program transactions:
March 31, 2025December 31, 2024
MinimumMaximumWeighted-
Average		MinimumMaximumWeighted-
Average
Discount rate5.8 %6.0 %5.9 %6.0 %6.0 %6.0 %
The following significant unobservable inputs were used in the fair value measurement of other asset-backed securities related to Structured Program transactions:
March 31, 2025December 31, 2024
MinimumMaximumWeighted-
Average		MinimumMaximumWeighted-
Average
Discount rate5.4 %8.8 %7.1 %7.1 %11.0 %7.9 %
Annualized net charge-off rate (1)
4.3 %7.8 %5.9 %3.4 %7.4 %5.0 %
Annualized prepayment rate (1)
23.0 %27.2 %25.4 %18.7 %20.9 %20.5 %
(1)    The weighted-average rate is calculated using the original principal balance of each security.
The following significant unobservable inputs were used in the fair value measurement for servicing assets related to loans sold to investors:
March 31, 2025December 31, 2024
MinimumMaximumWeighted-
Average		MinimumMaximumWeighted-
Average
Discount rate8.7 %17.3 %10.7 %8.7 %17.3 %10.8 %
Annualized net charge-off rate (1)
2.0 %20.6 %8.2 %1.8 %21.2 %8.2 %
Annualized prepayment rate (1)
16.4 %27.5 %23.2 %14.8 %27.5 %20.0 %
Market servicing rate (2)
0.62 %0.62 %0.62 %0.62 %0.62 %0.62 %
(1)    The weighted-average rate is calculated using the original principal balance of each loan pool.
(2)    The fees a willing market participant would require for the servicing of loans with similar characteristics as those in the Company’s serviced portfolio.
Schedule of Sensitivity of Loans HFS and Loans HFI at Fair Value to Adverse Changes in Key Assumptions
The sensitivity of loans HFS at fair value to adverse changes in key assumptions was as follows:
March 31, 2025December 31, 2024
Loans held for sale at fair value
$703,378 $636,352 
Expected remaining weighted-average life (in years)
1.31.4
Discount rate:
100 basis point increase$(7,773)$(7,663)
200 basis point increase$(15,402)$(15,174)
Annualized net charge-off rate:
10% increase$(7,637)$(6,436)
20% increase$(15,228)$(12,937)
Annualized prepayment rate:
10% increase$(1,695)$(1,274)
20% increase$(3,106)$(2,444)
The sensitivity of loans HFI at fair value to adverse changes in key assumptions was as follows:
March 31, 2025December 31, 2024
Loans held for investment at fair value$818,882 $1,027,798 
Expected remaining weighted-average life (in years)
0.80.9
Discount rate:
100 basis point increase$(5,646)$(7,832)
200 basis point increase$(11,220)$(15,557)
Annualized net charge-off rate:
10% increase$(9,170)$(11,821)
20% increase$(19,951)$(25,428)
Annualized prepayment rate:
10% increase$(4,166)$(4,813)
20% increase$(8,447)$(9,854)
Schedule of Loans HFS, Loans HFI, Senior Asset-Backed Securities, Other Asset-Backed Securities and Servicing Assets at Fair Value Activity
The following table presents loans HFS at fair value activity:
Three Months Ended
March 31,
20252024
Fair value at beginning of period$636,352 $407,773 
Originations and purchases1,263,732 1,282,250 
Sales(1,096,929)(1,059,648)
Principal payments(68,555)(34,272)
Realized charge-offs, net of recoveries, recorded in earnings
(6,704)(4,231)
Fair value adjustments recorded in earnings(24,518)(41,457)
Fair value at end of period$703,378 $550,415 
The following table presents loans HFI at fair value activity:
Three Months Ended
March 31,
20252024
Fair value at beginning of period$1,027,798 $262,190 
Purchases12,744 220,564 
Principal payments(218,460)(63,926)
Interest income accretion and fair value adjustments recorded in earnings
(3,200)1,565 
Fair value at end of period$818,882 $420,393 
The following table presents senior asset-backed securities related to Structured Program transactions activity:
Three Months Ended
March 31,
20252024
Fair value at beginning of period$2,899,824 $1,176,403 
Additions324,116 697,347 
Cash received(351,665)(106,474)
Change in unrealized gain (loss)
(2,994)(2,017)
Fair value at end of period$2,869,281 $1,765,259 
The following table presents other asset-backed securities related to Structured Program transactions activity:
Three Months Ended
March 31,
20252024
Fair value at beginning of period$169,948 $73,393 
Additions24,886 42,738 
Cash received(21,303)(9,331)
Credit loss expense for securities available for sale
(1,321)(2,892)
Change in unrealized gain (loss)
334 (42)
Fair value at end of period$172,544 $103,866 
The following table presents servicing assets activity:
Three Months Ended
March 31,
20252024
Fair value at beginning of period$60,697 $77,680 
Issuances (1)
13,265 13,578 
Change in fair value, included in Marketplace revenue(17,058)(19,428)
Fair value at end of period$56,904 $71,830 
(1)    Represents the servicing assets recorded when the loans are sold. Included in “Gain on sales of loans” within “Marketplace revenue” on the Income Statement.
Schedule of Aggregate Fair Value of HFS Loans and HFI Loans
The Company defines its loans and leases HFI portfolio segments as (i) consumer and (ii) commercial. The following table presents the components of each portfolio segment by class of financing receivable:
March 31, 2025December 31, 2024
Unsecured personal$3,212,638 $3,106,472 
Residential mortgages170,138 172,711 
Secured consumer228,904 230,232 
Total consumer loans held for investment3,611,680 3,509,415 
Equipment finance (1)
56,883 64,232 
Commercial real estate374,246 373,785 
Commercial and industrial172,640 178,386 
Total commercial loans and leases held for investment603,769 616,403 
Total loans and leases held for investment4,215,449 4,125,818 
Allowance for loan and lease losses(244,193)(236,734)
Loans and leases held for investment, net (2)
$3,971,256 $3,889,084 
(1)    Comprised of sales-type leases for equipment. See “Note 17. Leases” for additional information.
(2)    As of March 31, 2025, the Company had $3.5 billion in loans pledged as collateral, comprised of $3.0 billion pledged under the Federal Reserve Bank (FRB) Discount Window and $447.6 million pledged to the Federal Home Loan Bank (FHLB) of Des Moines. As of December 31, 2024, the Company had $3.7 billion in loans pledged as collateral, comprised of $3.2 billion pledged under the FRB Discount Window and $456.4 million pledged to the FHLB of Des Moines.

The following table presents the components of the allowance for loan and lease losses (ALLL):
March 31, 2025December 31, 2024
Gross allowance for loan and lease losses (1)
$288,308 $285,686 
Recovery asset value (2)
(44,115)(48,952)
Allowance for loan and lease losses$244,193 $236,734 
(1)    Represents the allowance for future estimated net charge-offs on existing portfolio balances.
(2)    Represents the negative allowance for expected recoveries of amounts previously charged-off.
March 31, 2025ConsumerCommercialTotal
Loans and leases held for investment$3,611,680 $603,769 $4,215,449 
Allowance for loan and lease losses$227,608 $16,585 $244,193 
Allowance ratio (1)
6.3 %2.7 %5.8 %
Gross allowance for loan and lease losses$271,723 $16,585 $288,308 
Gross allowance ratio (1)
7.5 %2.7 %6.8 %
December 31, 2024ConsumerCommercialTotal
Loans and leases held for investment
$3,509,415 $616,403 $4,125,818 
Allowance for loan and lease losses
$212,598 $24,136 $236,734 
Allowance ratio (1)
6.1 %3.9 %5.7 %
Gross allowance for loan and lease losses
$261,550 $24,136 $285,686 
Gross allowance ratio (1)
7.5 %3.9 %6.9 %
(1)    Calculated as ALLL or gross ALLL, where applicable, to the corresponding portfolio segment balance of loans and leases held for investment at amortized cost.
The following table summarizes the aggregate fair value of the Company’s HFS loans, as well as the amount that was 90 days or more past due:
March 31, 2025December 31, 2024
Total90 or more
days past due		Total90 or more
days past due
Aggregate unpaid principal balance$728,484 $1,883 $657,984 $3,719 
Cumulative fair value adjustments(25,106)(1,527)(21,632)(3,012)
Fair value of loans held for sale
$703,378 $356 $636,352 $707 
The following table summarizes the aggregate fair value of the Company’s HFI loans held at fair value, as well as the amount that was 90 days or more past due:
March 31, 2025December 31, 2024
Total90 or more
days past due		Total90 or more
days past due
Aggregate unpaid principal balance$866,010 $9,419 $1,097,511 $14,616 
Cumulative fair value adjustments(47,128)(7,639)(69,713)(11,836)
Fair value of loans held for investment$818,882 $1,780 $1,027,798 $2,780 
Schedule of Sensitivity in the Fair Value of Senior Asset-Backed Securities and Other Asset-Backed Securities to Adverse Changes in Key Assumptions
The sensitivity in the fair value of senior asset-backed securities related to Structured Program transactions to adverse changes in key assumptions was as follows:
March 31, 2025December 31, 2024
Fair value of interests held$2,869,281 $2,899,824 
Expected remaining weighted-average life (in years)
1.11.2
Discount rate:
100 basis point increase$(31,385)$(37,315)
200 basis point increase$(62,770)$(74,630)
The sensitivity in the fair value of other asset-backed securities related to Structured Program transactions to adverse changes in key assumptions was as follows:
March 31, 2025December 31, 2024
Fair value of interests held$172,544 $169,948 
Expected remaining weighted-average life (in years)
1.21.3
Discount rate:
100 basis point increase$(1,753)$(1,909)
200 basis point increase$(3,476)$(3,783)
Annualized net charge-off rate:
10% increase$(1,846)$(1,778)
20% increase$(3,690)$(3,567)
Annualized prepayment rate:
10% increase$(499)$(432)
20% increase$(964)$(835)
Schedule of Sensitivity in the Fair Value of Servicing Assets to Adverse Changes in Key Assumptions
The sensitivity of the fair value of servicing assets to adverse changes in key assumptions was as follows:
March 31, 2025December 31, 2024
Fair value of servicing assets$56,904 $60,697 
Expected remaining weighted-average life (in years)
1.11.2
Discount rate:
100 basis point increase$(461)$(519)
200 basis point increase$(923)$(1,038)
Annualized net charge-off rate:
10% increase$(503)$(551)
20% increase$(1,006)$(1,102)
Annualized prepayment rate:
10% increase$(1,589)$(1,359)
20% increase$(3,179)$(2,718)
Schedule of Estimated Fair Value of Servicing Assets The table below shows the impact on the estimated fair value of servicing assets, calculated using different market servicing rate assumptions:
March 31, 2025December 31, 2024
Weighted-average market servicing rate assumptions
0.62 %0.62 %
Change in fair value from:
Market servicing rate increase by 0.10%
$(6,475)$(6,940)
Market servicing rate decrease by 0.10%
$6,475 $6,940 
Schedule of Financial Instruments Not Recorded at Fair Value
The following tables present the carrying amount and estimated fair values, by level within the fair value hierarchy, of the Company’s assets, and liabilities that are not recorded at fair value on a recurring basis:
March 31, 2025Carrying Amount
Level 1
Level 2
Level 3
Balance at
Fair Value
Assets:
Loans and leases held for investment, net$3,971,256 $— $— $4,159,814 $4,159,814 
Other assets41,333 — 41,069 647 41,716 
Total assets$4,012,589 $— $41,069 $4,160,461 $4,201,530 
Liabilities:
Deposits (1)
$2,031,471 $— $— $2,032,852 $2,032,852 
Other liabilities47,333 — 24,258 23,075 47,333 
Total liabilities$2,078,804 $— $24,258 $2,055,927 $2,080,185 
December 31, 2024Carrying Amount
Level 1
Level 2
Level 3
Balance at
Fair Value
Assets:
Loans and leases held for investment, net$3,889,084 $— $— $4,051,497 $4,051,497 
Other assets40,466 — 40,143 661 40,804 
Total assets$3,929,550 $— $40,143 $4,052,158 $4,092,301 
Liabilities:
Deposits (1)
$2,294,214 $— $— $2,306,373 $2,306,373 
Other liabilities44,801 — 22,833 21,968 44,801 
Total liabilities$2,339,015 $— $22,833 $2,328,341 $2,351,174 
(1)    Excludes deposit liabilities with no defined or contractual maturities.
v3.25.1
Derivative Instruments and Hedging Activities (Tables)
 3 Months Ended
Mar. 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:
March 31, 2025December 31, 2024
Notional
Derivative Asset (1)
Derivative Liability (1)
Notional
Derivative Asset (1)
Derivative Liability (1)
Credit derivatives
$10,718 $— $(8,264)$12,484 $— $(10,930)
Interest rate caps200,000 12 — 200,000 72 — 
Total
$210,718 $12 $(8,264)$212,484 $72 $(10,930)
(1)    Recorded in “Other assets” or “Other liabilities,” as applicable, on the Balance Sheet and in “Operating activities” on the Statement of Cash Flows.
Schedule of Gains (Losses) on Derivatives and Fair Value Hedges
The table below presents the gains (losses) recognized on the Company’s derivatives that are not designated as accounting hedges:
Three Months Ended
March 31,
20252024
Credit derivatives (1)
$1,159 $(1,434)
Interest rate caps (2)
(60)— 
Total gains (losses)
$1,099 $(1,434)
(1)    The initial fair value of the credit derivative liabilities is recorded in “Gain on sales of loans” with changes in the fair value recorded in “Net fair value adjustments,” both within “Marketplace revenue” on the Income Statement.
(2)    Changes in the fair value of the interest rate cap are recorded in “Net fair value adjustments” within “Marketplace revenue” on the Income Statement.
The following table summarizes the gains (losses) recognized on the Company’s fair value hedges:
Three Months Ended
March 31,
20252024
Unsecured personal loans:
Hedged item
$253 $(8,672)
Derivatives used for hedging(278)8,352 
Interest settlement on derivative (1)
(535)1,373 
Total (loss) gain on hedged unsecured personal loans (2)
(560)1,053 
Securities available for sale:
Hedged item
1,859 — 
Derivatives used for hedging
(1,933)— 
Interest settlement on derivative (1)
616 — 
Total gain on hedged securities available for sale (3)
542 — 
Total (loss) gain on fair value hedges
$(18)$1,053 
(1)    Includes accrued interest receivable and accrued interest payable.
(2)    Recorded in “Interest and fees on loans and leases held for investment” on the Income Statement.
(3)    Recorded in “Interest on securities available for sale” on the Income Statement.
Schedule of Notional and Gross Fair Value Amounts of Derivatives used for Hedging
The table below presents the notional and gross fair value amounts of the Company’s interest rate swaps used for hedging:
March 31, 2025December 31, 2024
Notional
Derivative Asset (1)
Derivative Liability (1)
Notional
Derivative Asset (1)
Derivative Liability (1)
Unsecured personal loans
$1,075,000 $734 $(2,665)$1,075,000 $1,323 $(2,976)
Securities available for sale
475,000 1,322 (873)225,000 2,382 — 
Total interest rate swaps
$1,550,000 $2,056 $(3,538)$1,300,000 $3,705 $(2,976)
(1)    Recorded in “Other assets” or “Other liabilities,” as applicable, on the Balance Sheet and in “Operating activities” on the Statement of Cash Flows.
Schedule of Cumulative Basis Adjustments for Fair Value Hedges
The following table presents the cumulative basis adjustments for fair value hedges:
March 31, 2025December 31, 2024
Balance Sheet Line Item
Carrying Amount of Closed Portfolio(1)
Cumulative Fair Value Adjustment Included in the Carrying Amount of the Hedged Items
Carrying Amount of Closed Portfolio(1)
Cumulative Fair Value Adjustment Included in the Carrying Amount of the Hedged Items
Loans and leases held for investment
$2,391,081 $2,125 $1,388,222 $1,872 
Securities available for sale
$1,957,186 $(338)$2,255,848 $(2,197)
(1)    Represents the total closed portfolio of assets (at amortized cost) designated in a portfolio method hedge relationship in which the hedged item is a stated layer that is expected to be remaining at the end of the hedging relationship. At March 31, 2025, 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 $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.
v3.25.1
Property, Equipment and Software, Net (Tables)
 3 Months Ended
Mar. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property, Equipment and Software, Net
Property, equipment and software, net, consist of the following:
March 31, 2025December 31, 2024
Software (1)
$236,345 $222,000 
Leasehold improvements30,699 30,699 
Furniture and fixtures5,554 5,554 
Computer equipment (2)
5,477 22,216 
Total property, equipment and software278,075 280,469 
Accumulated depreciation and amortization(109,176)(112,937)
Total property, equipment and software, net$168,899 $167,532 
(1)    Includes $26.6 million and $43.4 million of development in progress for internally-developed software as of March 31, 2025 and December 31, 2024, respectively, and $7.1 million of development in progress to customize purchased software as of both periods.
(2)    During the first quarter of 2025, the Company retired $16.8 million of fully depreciated computer equipment as part of its migration onto a cloud-based hosting platform.
v3.25.1
Goodwill and Intangible Assets (Tables)
 3 Months Ended
Mar. 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:
March 31, 2025December 31, 2024
Gross carrying value$54,500 $54,500 
Accumulated amortization(46,722)(45,914)
Net carrying value$7,778 $8,586 
Schedule of Expected Future Amortization Expense for Intangible Assets
The expected future amortization expense for intangible assets as of March 31, 2025, is as follows:
2025$2,093 
20262,252 
20271,603 
2028945 
2029568 
Thereafter317 
Total$7,778 
v3.25.1
Other Assets (Tables)
 3 Months Ended
Mar. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Other Assets
Other assets consist of the following:
March 31, 2025December 31, 2024
Deferred tax assets, net (1)
$132,718 $137,155 
Servicing assets (2)
57,168 61,020 
Nonmarketable equity investments46,803 44,114 
Accrued interest receivable
39,479 40,388 
Operating lease assets19,265 21,304 
Intangible assets, net (3)
7,778 8,586 
Other94,935 91,415 
Total other assets$398,146 $403,982 
(1)    See “Note 16. Income Taxes” for additional detail.
(2)    Loans underlying servicing assets had a total outstanding principal balance of $7.2 billion and $7.3 billion as of March 31, 2025 and December 31, 2024, respectively.
(3)    See “Note 10. Goodwill and Intangible Assets” for additional detail.
v3.25.1
Deposits (Tables)
 3 Months Ended
Mar. 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:
March 31, 2025December 31, 2024
Interest-bearing deposits:
Savings and money market accounts$6,049,342 $5,903,869 
Certificates of deposit
2,031,471 2,294,214 
Checking accounts459,255 478,036 
Total8,540,068 8,676,119 
Noninterest-bearing deposits365,834 392,118 
Total deposits$8,905,902 $9,068,237 

Total certificates of deposit at March 31, 2025 are scheduled to mature as follows:
2025$1,354,791 
2026645,021 
202719,322 
20282,106 
202910,101 
Thereafter130 
Total certificates of deposit (1)
$2,031,471 
(1)    Certificates of deposit in excess of the FDIC insurance limit of $250 thousand per account holder totaled $27.5 million at March 31, 2025.
v3.25.1
Borrowings (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Borrowings
The following table summarizes the Company’s available borrowing capacity and the related pledged collateral:
March 31, 2025December 31, 2024
Available Borrowing Capacity
Pledged Collateral
Available Borrowing CapacityPledged Collateral
FRB Discount Window
$2,426,695 $3,010,890 $2,635,034 $3,245,547 
FHLB of Des Moines
624,559 823,048 626,117 829,885 
Total
$3,051,254 $3,833,938 $3,261,151 $4,075,432 
v3.25.1
Other Liabilities (Tables)
 3 Months Ended
Mar. 31, 2025
Other Liabilities [Abstract]  
Schedule of Other Liabilities
Other liabilities consist of the following:
March 31, 2025December 31, 2024
Accounts payable and accrued expenses$55,512 $78,131 
Due to borrowers (1)
51,654 24,449 
Operating lease liabilities25,573 28,502 
Payable to investors (2)
24,258 22,833 
Other55,680 66,626 
Total other liabilities$212,677 $220,541 
(1)    Represents originated loans for which disbursement of funds is pending to borrowers.
(2)    Represents principal and interest on loans collected by the Company and pending disbursement to investors.
v3.25.1
Employee Incentive Plans (Tables)
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-based Compensation Expense
Stock-based compensation expense, included in “Compensation and benefits” expense on the Income Statement, was as follows for the periods presented:
Three Months Ended
March 31,
20252024
RSUs
$9,074 $11,982 
PBRSUs847 1,617 
Stock-based compensation expense, gross9,921 13,599 
Less: Capitalized stock-based compensation expense1,402 2,055 
Stock-based compensation expense, net$8,519 $11,544 
Schedule of RSU Activity
The following table summarizes the Company’s RSU activity:
Number
of Units		Weighted-
Average
Grant Date
Fair Value
Unvested at December 31, 2024
5,638,230 $8.78 
Granted1,882,146 $11.85 
Vested(884,344)$9.39 
Forfeited/expired(179,446)$9.50 
Unvested at March 31, 2025
6,456,586 $9.57 
Schedule of PBRSU Activity
The following table summarizes the Company’s PBRSU activity:
Number
of Units		Weighted-
Average
Grant Date
Fair Value
Unvested at December 31, 2024
1,212,209 $8.68 
Granted325,472 $10.94 
Forfeited/expired(376,862)$10.09 
Unvested at March 31, 2025
1,160,819 $8.86 
v3.25.1
Income Taxes (Tables)
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Deferred Tax Assets
The following table summarizes the Company’s net deferred tax assets:
March 31, 2025December 31, 2024
Deferred tax assets, net of liabilities$179,043 $183,480 
Valuation allowance(46,325)(46,325)
Deferred tax assets, net of valuation allowance$132,718 $137,155 
v3.25.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Schedule of Components of Equipment Finance Assets
The components of Equipment Finance assets are as follows:
March 31, 2025December 31, 2024
Lease receivables$42,770 $49,290 
Unguaranteed residual asset values19,261 20,728 
Unearned income(5,436)(6,125)
Deferred fees288 339 
Total$56,883 $64,232 
Schedule of Future Minimum Lease Payments Based on Maturity
Future minimum lease payments based on maturity of the Company’s lessor arrangements as of March 31, 2025 were as follows:
2025$16,526 
202614,028 
20278,016 
20284,013 
20291,529 
Total lease payments$44,112 
Discount effect(1,342)
Present value of future minimum lease payments$42,770 
Schedule of Balance Sheet Information Related to Leases
Balance sheet information related to leases was as follows:
ROU Assets and Lease LiabilitiesBalance Sheet ClassificationMarch 31, 2025December 31, 2024
Operating lease assetsOther assets$19,265 $21,304 
Operating lease liabilitiesOther liabilities$25,573 $28,502 
Schedule of Future Minimum Undiscounted Lease Payments Under Operating Leases
The Company’s future minimum undiscounted lease payments under operating leases as of March 31, 2025 were as follows:
Operating Lease
Payments
2025$10,367 
20267,973 
20275,010 
20284,046 
2029909 
Thereafter— 
Total lease payments$28,305 
Discount effect(2,732)
Present value of future minimum lease payments$25,573 
Schedule of Weighted-average Remaining Lease Term and Discount Rate
The weighted-average remaining lease term and discount rate used in the calculation of the Company’s operating lease assets and liabilities were as follows:
Lease Term and Discount RateMarch 31, 2025December 31, 2024
Weighted-average remaining lease term (in years)2.832.98
Weighted-average discount rate4.82 %4.87 %
v3.25.1
Regulatory Requirements (Tables)
 3 Months Ended
Mar. 31, 2025
Regulated Operations [Abstract]  
Schedule of Regulatory Capital Amounts and Ratios
The following table presents the actual capital amounts and ratios of the Company and LC Bank as well as LC Bank’s regulatory minimum and “well capitalized” requirements (dollars in millions):
March 31, 2025December 31, 2024
Required Minimum(1)
Well-Capitalized Minimum
AmountRatioAmountRatio
LendingClub Corporation:
CET1 capital (2)
$1,212.1 17.8 %$1,188.6 17.3 %7.0 %N/A
Tier 1 capital$1,212.1 17.8 %$1,188.6 17.3 %8.5 %6.0 %
Total capital$1,299.2 19.1 %$1,276.5 18.5 %10.5 %10.0 %
Tier 1 leverage$1,212.1 11.7 %$1,188.6 11.0 %4.0 %N/A
Risk-weighted assets$6,813.7 N/A$6,887.1 N/AN/AN/A
Quarterly adjusted average assets$10,316.2 N/A$10,814.0 N/AN/AN/A
LendingClub Bank:
CET1 capital (2)
$1,060.5 15.7 %$1,101.4 16.1 %7.0 %6.5 %
Tier 1 capital$1,060.5 15.7 %$1,101.4 16.1 %8.5 %8.0 %
Total capital$1,146.9 17.0 %$1,188.5 17.4 %10.5 %10.0 %
Tier 1 leverage$1,060.5 10.4 %$1,101.4 10.3 %4.0 %5.0 %
Risk-weighted assets$6,757.0 N/A$6,823.1 N/AN/AN/A
Quarterly adjusted average assets$10,215.4 N/A$10,696.7 N/AN/AN/A
N/A – Not applicable
1)     Required minimums presented for risk-based capital ratios include the required capital conservation buffer of 2.5%.
(2)     CET1 capital consists of common stockholders’ equity as defined under U.S. GAAP and certain adjustments made in accordance with regulatory capital guidelines, including deductions for goodwill and other intangible assets.
v3.25.1
Segment Reporting (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information
Financial information for the segments is presented in the following tables:
LendingClub
Bank
LendingClub
Corporation (Parent only)
Total Reportable Segments
Three Months Ended March 31,202520242025202420252024
Non-interest income:
Marketplace revenue$52,210 $38,515 $5,795 $9,828 $58,005 $48,343 
Other non-interest income12,941 13,695 1,991 1,946 14,932 15,641 
Total non-interest income65,151 52,210 7,786 11,774 72,937 63,984 
Interest income:
Interest income231,755 204,807 304 2,544 232,059 207,351 
Interest expense(82,102)(84,123)— (340)(82,102)(84,463)
Net interest income149,653 120,684 304 2,204 149,957 122,888 
Total net revenue214,804 172,894 8,090 13,978 222,894 186,872 
Provision for credit losses(58,149)(31,927)— — (58,149)(31,927)
Non-interest expense:
Compensation and benefits(56,863)(58,012)(1,526)(1,542)(58,389)(59,554)
Marketing(29,239)(24,136)— — (29,239)(24,136)
Equipment and software(14,619)(12,636)(25)(48)(14,644)(12,684)
Depreciation and amortization(12,543)(10,166)(1,366)(2,507)(13,909)(12,673)
Professional services(9,637)(6,986)(127)(105)(9,764)(7,091)
Occupancy(2,401)(1,796)(1,944)(2,065)(4,345)(3,861)
Other non-interest expense(14,447)(12,764)(4,313)(5,654)(18,760)(18,418)
Total non-interest expense
(139,749)(126,496)(9,301)(11,921)(149,050)(138,417)
Income tax (expense) benefit
(4,872)(3,685)848 (593)(4,024)(4,278)
Net income (loss) (1)
$12,034 $10,786 $(363)$1,464 $11,671 $12,250 
Capital expenditures$13,066 $11,781 $— $— $13,066 $11,781 
(1)    Total net income from reportable segments reflects net income on a consolidated basis.

Three Months Ended
March 31,
20252024
Total net revenue – reportable segments$222,894 $186,872 
Intercompany eliminations(5,183)(6,184)
Total net revenue – consolidated$217,711 $180,688 
LendingClub Bank
LendingClub
Corporation (Parent only)
Total Reportable Segments
 March 31, 2025December 31, 2024March 31, 2025December 31, 2024March 31, 2025December 31, 2024
Assets
Total cash and cash equivalents$872,895 $932,463 $126,029 $65,981 $998,924 $998,444 
Restricted cash— — 33,650 27,536 33,650 27,536 
Securities available for sale at fair value3,426,571 3,452,648 — — 3,426,571 3,452,648 
Loans held for sale at fair value703,378 636,352 — — 703,378 636,352 
Loans and leases held for investment, net3,971,256 3,889,084 — — 3,971,256 3,889,084 
Loans held for investment at fair value
815,718 1,023,226 3,164 4,572 818,882 1,027,798 
Property, equipment and software, net161,729 158,995 7,170 8,537 168,899 167,532 
Investment in subsidiary— — 872,030 910,544 872,030 910,544 
Goodwill75,717 75,717 — — 75,717 75,717 
Other assets316,312 300,621 107,785 121,198 424,097 421,819 
Total assets10,343,576 10,469,106 1,149,828 1,138,368 11,493,404 11,607,474 
Liabilities and Equity
Total deposits9,018,229 9,116,821 — — 9,018,229 9,116,821 
Other liabilities174,705 177,711 63,923 60,667 238,628 238,378 
Total liabilities9,192,934 9,294,532 63,923 60,667 9,256,857 9,355,199 
Total equity1,150,642 1,174,574 1,085,905 1,077,701 2,236,547 2,252,275 
Total liabilities and equity$10,343,576 $10,469,106 $1,149,828 $1,138,368 $11,493,404 $11,607,474 

March 31, 2025December 31, 2024
Total assets – reportable segments$11,493,404 $11,607,474 
Intercompany eliminations(1,010,308)(976,965)
Total assets – consolidated$10,483,096 $10,630,509 

March 31, 2025December 31, 2024
Total liabilities and equity – reportable segments$11,493,404 $11,607,474 
Intercompany eliminations – liabilities(138,278)(66,421)
Intercompany eliminations – equity(872,030)(910,544)
Total liabilities and equity – consolidated$10,483,096 $10,630,509 
v3.25.1
Marketplace Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Disaggregation of Revenue [Line Items]    
Gain on sales of loans $ 12,202 $ 10,909
Net fair value adjustments (29,251) (44,689)
Total marketplace revenue 65,643 55,891
Origination fees    
Disaggregation of Revenue [Line Items]    
Revenue 69,944 70,079
Servicing fees    
Disaggregation of Revenue [Line Items]    
Revenue $ 12,748 $ 19,592
v3.25.1
Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Basic EPS:    
Net income attributable to stockholders $ 11,671 $ 12,250
Weighted-average common shares – Basic (in shares) [1] 113,693,399 110,685,796
Basic EPS (in USD per share) [1] $ 0.10 $ 0.11
Diluted EPS:    
Net income attributable to stockholders $ 11,671 $ 12,250
Weighted-average common shares – Diluted (in shares) [1] 116,176,898 110,687,380
Diluted EPS (in USD per share) [1] $ 0.10 $ 0.11
[1] See “Notes to Condensed Consolidated Financial Statements – Note 3. Earnings Per Share” for additional information.
v3.25.1
Securities Available for Sale - Schedule of Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of AFS Securities (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]        
Amortized Cost $ 3,462,166 $ 3,492,264    
Gross Unrealized Gains 26,973 30,469    
Gross Unrealized Losses (57,720) (66,558)    
Allowance for Credit Losses (4,848) (3,527)    
Fair Value 3,426,571 3,452,648    
Assets Pledged As Collateral        
Debt Securities, Available-for-sale [Line Items]        
Fair Value 375,500 373,500    
Senior asset-backed securities related to Structured Program transactions        
Debt Securities, Available-for-sale [Line Items]        
Amortized Cost 2,842,522 2,870,071    
Gross Unrealized Gains 26,759 30,398    
Gross Unrealized Losses 0 (645)    
Allowance for Credit Losses 0 0    
Fair Value 2,869,281 2,899,824    
Portfolio layer method basis adjustment - increase (decrease) (300) (2,200)    
U.S. agency residential mortgage-backed securities        
Debt Securities, Available-for-sale [Line Items]        
Amortized Cost 265,265 270,120    
Gross Unrealized Gains 142 48    
Gross Unrealized Losses (38,314) (43,243)    
Allowance for Credit Losses 0 0    
Fair Value 227,093 226,925    
Other asset-backed securities related to Structured Program transactions        
Debt Securities, Available-for-sale [Line Items]        
Amortized Cost 177,715 174,132    
Gross Unrealized Gains 0 0    
Gross Unrealized Losses (323) (657)    
Allowance for Credit Losses (4,848) (3,527) $ (2,892) $ 0
Fair Value 172,544 169,948    
U.S. agency securities        
Debt Securities, Available-for-sale [Line Items]        
Amortized Cost 90,460 90,459    
Gross Unrealized Gains 0 0    
Gross Unrealized Losses (12,324) (14,513)    
Allowance for Credit Losses 0 0    
Fair Value 78,136 75,946    
Mortgage-backed securities        
Debt Securities, Available-for-sale [Line Items]        
Amortized Cost 62,454 62,882    
Gross Unrealized Gains 41 8    
Gross Unrealized Losses (5,490) (6,216)    
Allowance for Credit Losses 0 0    
Fair Value 57,005 56,674    
Other asset-backed securities        
Debt Securities, Available-for-sale [Line Items]        
Amortized Cost 20,519 21,364    
Gross Unrealized Gains 31 15    
Gross Unrealized Losses (506) (587)    
Allowance for Credit Losses 0 0    
Fair Value 20,044 20,792    
Municipal securities        
Debt Securities, Available-for-sale [Line Items]        
Amortized Cost 3,231 3,236    
Gross Unrealized Gains 0 0    
Gross Unrealized Losses (763) (697)    
Allowance for Credit Losses 0 0    
Fair Value $ 2,468 $ 2,539    
v3.25.1
Securities Available for Sale - Schedule of AFS Securities with Unrealized Losses, Aggregated by Period of Continuous Unrealized Loss (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Schedule of Securities Available-for-sale [Line Items]    
Fair Value, Less than 12 months $ 98,624 $ 464,591
Unrealized Losses, Less than 12 months (776) (2,404)
Fair Value, 12 months or longer 310,306 307,856
Unrealized Losses, 12 months or longer (56,944) (64,154)
Fair Value 408,930 772,447
Unrealized Losses (57,720) (66,558)
Senior asset-backed securities related to Structured Program transactions    
Schedule of Securities Available-for-sale [Line Items]    
Fair Value, Less than 12 months   334,564
Unrealized Losses, Less than 12 months   (645)
Fair Value, 12 months or longer   0
Unrealized Losses, 12 months or longer   0
Fair Value   334,564
Unrealized Losses   (645)
U.S. agency residential mortgage-backed securities    
Schedule of Securities Available-for-sale [Line Items]    
Fair Value, Less than 12 months 28,674 34,168
Unrealized Losses, Less than 12 months (364) (782)
Fair Value, 12 months or longer 185,918 185,405
Unrealized Losses, 12 months or longer (37,950) (42,461)
Fair Value 214,592 219,573
Unrealized Losses (38,314) (43,243)
Other asset-backed securities related to Structured Program transactions    
Schedule of Securities Available-for-sale [Line Items]    
Fair Value, Less than 12 months 53,855 72,251
Unrealized Losses, Less than 12 months (323) (657)
Fair Value, 12 months or longer 0 0
Unrealized Losses, 12 months or longer 0 0
Fair Value 53,855 72,251
Unrealized Losses (323) (657)
U.S. agency securities    
Schedule of Securities Available-for-sale [Line Items]    
Fair Value, Less than 12 months 0 0
Unrealized Losses, Less than 12 months 0 0
Fair Value, 12 months or longer 78,136 75,946
Unrealized Losses, 12 months or longer (12,324) (14,513)
Fair Value 78,136 75,946
Unrealized Losses (12,324) (14,513)
Mortgage-backed securities    
Schedule of Securities Available-for-sale [Line Items]    
Fair Value, Less than 12 months 12,419 21,970
Unrealized Losses, Less than 12 months (82) (316)
Fair Value, 12 months or longer 32,441 32,298
Unrealized Losses, 12 months or longer (5,408) (5,900)
Fair Value 44,860 54,268
Unrealized Losses (5,490) (6,216)
Other asset-backed securities    
Schedule of Securities Available-for-sale [Line Items]    
Fair Value, Less than 12 months 3,676 1,638
Unrealized Losses, Less than 12 months (7) (4)
Fair Value, 12 months or longer 11,343 11,668
Unrealized Losses, 12 months or longer (499) (583)
Fair Value 15,019 13,306
Unrealized Losses (506) (587)
Municipal securities    
Schedule of Securities Available-for-sale [Line Items]    
Fair Value, Less than 12 months 0 0
Unrealized Losses, Less than 12 months 0 0
Fair Value, 12 months or longer 2,468 2,539
Unrealized Losses, 12 months or longer (763) (697)
Fair Value 2,468 2,539
Unrealized Losses $ (763) $ (697)
v3.25.1
Securities Available for Sale - Schedule of Activity in Credit Valuation Allowance for AFS Securities (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 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 4,848  
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 1,321 2,892
Allowance for credit losses, end of period $ 4,848 $ 2,892
v3.25.1
Securities Available for Sale - Schedule of Contractual Maturities of AFS Securities (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Amortized Cost    
Amortized Cost, Due within 1 year $ 3,000  
Amortized Cost, Due after 1 year through 5 years 3,031,291  
Amortized Cost, Due after 5 years through 10 years 43,682  
Amortized Cost, Due after 10 years 384,193  
Amortized Cost 3,462,166 $ 3,492,264
Fair Value    
Fair Value, Due within 1 year 2,996  
Fair Value, Due after 1 year through 5 years 3,052,468  
Fair Value, Due after 5 years through 10 years 40,496  
Fair Value, Due after 10 years 330,611  
Fair Value $ 3,426,571 3,452,648
Weighted-average Yield, Due within 1 year 3.50%  
Weighted-average Yield, Due after 1 year through 5 years 6.98%  
Weighted-average Yield, Due after 5 years through 10 years 3.51%  
Weighted-average Yield, Due after 10 years 3.08%  
Weighted-average Yield 6.50%  
U.S. agency securities    
Amortized Cost    
Amortized Cost, Due within 1 year $ 3,000  
Amortized Cost, Due after 1 year through 5 years 7,850  
Amortized Cost, Due after 5 years through 10 years 26,997  
Amortized Cost, Due after 10 years 52,613  
Amortized Cost 90,460 90,459
Fair Value    
Fair Value, Due within 1 year 2,996  
Fair Value, Due after 1 year through 5 years 7,695  
Fair Value, Due after 5 years through 10 years 24,144  
Fair Value, Due after 10 years 43,301  
Fair Value 78,136 75,946
Senior asset-backed securities related to Structured Program transactions    
Amortized Cost    
Amortized Cost, Due after 1 year through 5 years 2,842,522  
Amortized Cost 2,842,522 2,870,071
Fair Value    
Fair Value, Due after 1 year through 5 years 2,869,281  
Fair Value 2,869,281 2,899,824
Other asset-backed securities related to Structured Program transactions    
Amortized Cost    
Amortized Cost, Due after 1 year through 5 years 177,715  
Amortized Cost 177,715 174,132
Fair Value    
Fair Value, Due after 1 year through 5 years 172,544  
Fair Value 172,544 169,948
Mortgage-backed securities    
Amortized Cost    
Amortized Cost, Due after 1 year through 5 years 2,666  
Amortized Cost, Due after 5 years through 10 years 906  
Amortized Cost, Due after 10 years 58,882  
Amortized Cost 62,454 62,882
Fair Value    
Fair Value, Due after 1 year through 5 years 2,442  
Fair Value, Due after 5 years through 10 years 777  
Fair Value, Due after 10 years 53,786  
Fair Value 57,005 56,674
Other asset-backed securities    
Amortized Cost    
Amortized Cost, Due after 1 year through 5 years 232  
Amortized Cost, Due after 5 years through 10 years 11,883  
Amortized Cost, Due after 10 years 8,404  
Amortized Cost 20,519 21,364
Fair Value    
Fair Value, Due after 1 year through 5 years 231  
Fair Value, Due after 5 years through 10 years 11,864  
Fair Value, Due after 10 years 7,949  
Fair Value 20,044 20,792
U.S. agency residential mortgage-backed securities    
Amortized Cost    
Amortized Cost, Due after 5 years through 10 years 3,587  
Amortized Cost, Due after 10 years 261,678  
Fair Value    
Fair Value, Due after 5 years through 10 years 3,441  
Fair Value, Due after 10 years 223,652  
Fair Value 227,093 226,925
Municipal securities    
Amortized Cost    
Amortized Cost, Due after 1 year through 5 years 306  
Amortized Cost, Due after 5 years through 10 years 309  
Amortized Cost, Due after 10 years 2,616  
Amortized Cost 3,231 3,236
Fair Value    
Fair Value, Due after 1 year through 5 years 275  
Fair Value, Due after 5 years through 10 years 270  
Fair Value, Due after 10 years 1,923  
Fair Value $ 2,468 $ 2,539
v3.25.1
Loans and Leases Held for Investment at Amortized Cost, Net of Allowance for Loan and Lease Losses - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Receivables [Abstract]      
Accrued interest receivable, location Other Assets   Other Assets
Accrued interest $ 32.2   $ 30.4
Short-term payment reduction | Consumer | Unsecured personal | Short-term payment reduction modification      
Term Loans and Leases by Origination Year      
Financing receivable, modified, temporary payment reduction period 3 months    
Financing receivable, modified, additional temporary payment reduction period 3 months    
Short-term payment reduction | Minimum | Consumer | Unsecured personal | Short-term payment reduction modification      
Term Loans and Leases by Origination Year      
Financing receivable, modified, term increase from modification 5 months    
Short-term payment reduction | Maximum | Consumer | Unsecured personal | Short-term payment reduction modification      
Term Loans and Leases by Origination Year      
Financing receivable, modified, term increase from modification 8 months    
Short-term payment reduction, first three months after modification | Consumer | Unsecured personal | Short-term payment reduction modification      
Term Loans and Leases by Origination Year      
Financing receivable, excluding accrued interest, modified, accumulated $ 13.4    
Extended maturity | Consumer | Unsecured personal | Permanent loan modification      
Term Loans and Leases by Origination Year      
Financing receivable, modified, term increase from modification 12 months    
Financing receivable, modified, weighted average term increase from modification 12 months 12 months  
Contractual interest rate reduction | Consumer | Unsecured personal | Permanent loan modification      
Term Loans and Leases by Origination Year      
Financing receivable, modified, weighted average interest rate decrease from modification 8.50% 7.70%  
v3.25.1
Loans and Leases Held for Investment at Amortized Cost, Net of Allowance for Loan and Lease Losses - Schedule of Loans and Leases Held for Investment at Amortized Cost (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Loans and leases held for investment $ 4,215,449 $ 4,125,818    
Allowance for loan and lease losses (244,193) (236,734) $ (259,150) $ (310,387)
Loans and leases held for investment, net 3,971,256 3,889,084    
Assets Pledged As Collateral        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Loans and leases held for investment, net 3,500,000 3,700,000    
Assets Pledged As Collateral | Federal Home Loan Bank of Des Moines        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Loans and leases held for investment, net 447,600 456,400    
Assets Pledged As Collateral | Federal Reserve Bank        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Loans and leases held for investment, net 3,000,000 3,200,000    
Consumer        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Loans and leases held for investment 3,611,680 3,509,415    
Allowance for loan and lease losses (227,608) (212,598) (246,280) (298,061)
Consumer | Unsecured personal        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Loans and leases held for investment 3,212,638 3,106,472    
Consumer | Residential mortgages        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Loans and leases held for investment 170,138 172,711    
Consumer | Secured consumer        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Loans and leases held for investment 228,904 230,232    
Commercial        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Loans and leases held for investment 603,769 616,403    
Allowance for loan and lease losses (16,585) (24,136) $ (12,870) $ (12,326)
Commercial | Equipment finance        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Loans and leases held for investment 56,883 64,232    
Commercial | Commercial real estate        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Loans and leases held for investment 374,246 373,785    
Commercial | Commercial and industrial        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Loans and leases held for investment $ 172,640 $ 178,386    
v3.25.1
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
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Receivables [Abstract]        
Gross allowance for loan and lease losses $ 288,308 $ 285,686    
Recovery asset value (44,115) (48,952)    
Allowance for loan and lease losses $ 244,193 $ 236,734 $ 259,150 $ 310,387
v3.25.1
Loans and Leases Held for Investment at Amortized Cost, Net of Allowance for Loan and Lease Losses - Schedule of Components of Portfolio Segment Receivables (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Loans and leases held for investment $ 4,215,449 $ 4,125,818    
Allowance for loan and lease losses $ 244,193 $ 236,734 $ 259,150 $ 310,387
Allowance ratio 5.80% 5.70%    
Gross allowance for loan and lease losses $ 288,308 $ 285,686    
Gross allowance ratio 6.80% 6.90%    
Consumer        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Loans and leases held for investment $ 3,611,680 $ 3,509,415    
Allowance for loan and lease losses $ 227,608 $ 212,598 246,280 298,061
Allowance ratio 6.30% 6.10%    
Gross allowance for loan and lease losses $ 271,723 $ 261,550    
Gross allowance ratio 7.50% 7.50%    
Commercial        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Loans and leases held for investment $ 603,769 $ 616,403    
Allowance for loan and lease losses $ 16,585 $ 24,136 $ 12,870 $ 12,326
Allowance ratio 2.70% 3.90%    
Gross allowance for loan and lease losses $ 16,585 $ 24,136    
Gross allowance ratio 2.70% 3.90%    
v3.25.1
Loans and Leases Held for Investment at Amortized Cost, Net of Allowance for Loan and Lease Losses - Schedule of Activity in the ACL by Portfolio Segment (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
loan
Mar. 31, 2024
USD ($)
Allowance for loan and lease losses:    
Beginning of period $ 236,734 $ 310,387
Credit loss expense 56,382 29,246
Charge-offs (66,576) (90,342)
Recoveries 17,653 9,859
End of period 244,193 259,150
Unfunded Loan Commitment    
Reserve for unfunded lending commitments:    
Beginning of period 1,183 1,873
Credit loss expense (benefit) 446 (211)
End of period 1,629 1,662
Unfunded Loan Commitment, Commitments To Extend Credit    
Reserve for unfunded lending commitments:    
Beginning of period 105,000  
End of period 96,300 72,100
Consumer    
Allowance for loan and lease losses:    
Beginning of period 212,598 298,061
Credit loss expense 55,948 27,686
Charge-offs (58,344) (89,110)
Recoveries 17,406 9,643
End of period 227,608 246,280
Consumer | Unfunded Loan Commitment    
Reserve for unfunded lending commitments:    
Beginning of period 0 0
Credit loss expense (benefit) 0 0
End of period 0 0
Commercial    
Allowance for loan and lease losses:    
Beginning of period 24,136 12,326
Credit loss expense 434 1,560
Charge-offs (8,232) (1,232)
Recoveries 247 216
End of period 16,585 12,870
Commercial | Office    
Allowance for loan and lease losses:    
Charge-offs $ (8,000)  
Reserve for unfunded lending commitments:    
Number of loans written off | loan 1  
Commercial | Unfunded Loan Commitment    
Reserve for unfunded lending commitments:    
Beginning of period $ 1,183 1,873
Credit loss expense (benefit) 446 (211)
End of period $ 1,629 $ 1,662
v3.25.1
Loans and Leases Held for Investment at Amortized Cost, Net of Allowance for Loan and Lease Losses - Schedule of Charge-Offs by Origination Year (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
Term Loans and Leases by Origination Year  
2025 $ 0
2024 9,368
2023 20,866
2022 22,768
2021 5,584
Prior 7,990
Total 66,576
Consumer  
Term Loans and Leases by Origination Year  
2025 0
2024 9,368
2023 20,866
2022 22,559
2021 5,551
Prior 0
Total 58,344
Consumer | Unsecured personal  
Term Loans and Leases by Origination Year  
2025 0
2024 9,301
2023 20,554
2022 22,382
2021 5,434
Prior 0
Total 57,671
Consumer | Residential mortgages  
Term Loans and Leases by Origination Year  
2025 0
2024 0
2023 0
2022 0
2021 0
Prior 0
Total 0
Consumer | Secured consumer  
Term Loans and Leases by Origination Year  
2025 0
2024 67
2023 312
2022 177
2021 117
Prior 0
Total 673
Commercial  
Term Loans and Leases by Origination Year  
2025 0
2024 0
2023 0
2022 209
2021 33
Prior 7,990
Total 8,232
Commercial | Equipment finance  
Term Loans and Leases by Origination Year  
2025 0
2024 0
2023 0
2022 0
2021 0
Prior 0
Total 0
Commercial | Commercial real estate  
Term Loans and Leases by Origination Year  
2025 0
2024 0
2023 0
2022 0
2021 0
Prior 7,990
Total 7,990
Commercial | Commercial and industrial  
Term Loans and Leases by Origination Year  
2025 0
2024 0
2023 0
2022 209
2021 33
Prior 0
Total $ 242
v3.25.1
Loans and Leases Held for Investment at Amortized Cost, Net of Allowance for Loan and Lease Losses - Schedule of Consumer Lending Credit Quality Indicators and Commercial Lending Credit Quality Indicators (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Term Loans and Leases by Origination Year    
Total $ 4,215,449 $ 4,125,818
Loans and leases held for investment    
Term Loans and Leases by Origination Year    
Portfolio layer method basis adjustment - increase (decrease) 2,125 1,872
Consumer Portfolio Segment, Excluding Cumulative Basis Adjustment for Portfolio Layer Method    
Term Loans and Leases by Origination Year    
Year 1 641,139 1,436,784
Year 2 1,274,026 889,342
Year 3 733,293 892,178
Year 4 710,605 212,663
Year 5 175,805 28,176
Prior 74,687 48,400
Total 3,609,555 3,507,543
Consumer Portfolio Segment, Excluding Cumulative Basis Adjustment for Portfolio Layer Method | Unsecured personal    
Term Loans and Leases by Origination Year    
Year 1 612,976 1,357,478
Year 2 1,202,869 810,133
Year 3 664,419 787,948
Year 4 615,405 149,041
Year 5 114,844 0
Prior 0 0
Total 3,210,513 3,104,600
Consumer Portfolio Segment, Excluding Cumulative Basis Adjustment for Portfolio Layer Method | Residential mortgages    
Term Loans and Leases by Origination Year    
Year 1 0 0
Year 2 0 0
Year 3 0 45,828
Year 4 45,521 52,679
Year 5 52,279 28,176
Prior 72,338 46,028
Total 170,138 172,711
Consumer Portfolio Segment, Excluding Cumulative Basis Adjustment for Portfolio Layer Method | Secured consumer    
Term Loans and Leases by Origination Year    
Year 1 28,163 79,306
Year 2 71,157 79,209
Year 3 68,874 58,402
Year 4 49,679 10,943
Year 5 8,682 0
Prior 2,349 2,372
Total 228,904 230,232
Commercial    
Term Loans and Leases by Origination Year    
Year 1 20,252 51,794
Year 2 54,673 104,562
Year 3 106,595 184,584
Year 4 171,351 77,682
Year 5 74,623 52,771
Prior 176,275 145,010
Total 603,769 616,403
Commercial | Loans guaranteed by the Small Business Association    
Term Loans and Leases by Origination Year    
Total 163,185 161,048
Commercial | Equipment finance    
Term Loans and Leases by Origination Year    
Year 1 0 0
Year 2 0 1,519
Year 3 1,150 33,655
Year 4 31,108 13,314
Year 5 11,478 9,101
Prior 13,147 6,643
Total 56,883 64,232
Commercial | Equipment finance | Loans guaranteed by the Small Business Association    
Term Loans and Leases by Origination Year    
Total 0 0
Commercial | Equipment finance | Pass    
Term Loans and Leases by Origination Year    
Year 1 0 0
Year 2 0 1,519
Year 3 1,150 32,544
Year 4 30,325 7,790
Year 5 6,373 9,101
Prior 13,147 6,643
Total 50,995 57,597
Commercial | Equipment finance | Pass | Loans guaranteed by the Small Business Association    
Term Loans and Leases by Origination Year    
Total 0 0
Commercial | Equipment finance | Special mention    
Term Loans and Leases by Origination Year    
Year 1 0 0
Year 2 0 0
Year 3 0 335
Year 4 294 602
Year 5 510 0
Prior 0 0
Total 804 937
Commercial | Equipment finance | Special mention | Loans guaranteed by the Small Business Association    
Term Loans and Leases by Origination Year    
Total 0 0
Commercial | Equipment finance | Substandard    
Term Loans and Leases by Origination Year    
Year 1 0 0
Year 2 0 0
Year 3 0 776
Year 4 489 4,922
Year 5 4,595 0
Prior 0 0
Total 5,084 5,698
Commercial | Equipment finance | Substandard | Loans guaranteed by the Small Business Association    
Term Loans and Leases by Origination Year    
Total 0 0
Commercial | Equipment finance | Doubtful    
Term Loans and Leases by Origination Year    
Year 1 0 0
Year 2 0 0
Year 3 0 0
Year 4 0 0
Year 5 0 0
Prior 0 0
Total 0 0
Commercial | Equipment finance | Doubtful | Loans guaranteed by the Small Business Association    
Term Loans and Leases by Origination Year    
Total 0 0
Commercial | Equipment finance | Loss    
Term Loans and Leases by Origination Year    
Year 1 0 0
Year 2 0 0
Year 3 0 0
Year 4 0 0
Year 5 0 0
Prior 0 0
Total 0 0
Commercial | Equipment finance | Loss | Loans guaranteed by the Small Business Association    
Term Loans and Leases by Origination Year    
Total 0 0
Commercial | Commercial real estate    
Term Loans and Leases by Origination Year    
Year 1 17,193 22,847
Year 2 22,801 67,692
Year 3 71,040 93,454
Year 4 88,463 29,886
Year 5 29,743 36,186
Prior 145,006 123,720
Total 374,246 373,785
Commercial | Commercial real estate | Loans guaranteed by the Small Business Association    
Term Loans and Leases by Origination Year    
Total 45,536 41,982
Commercial | Commercial real estate | Pass    
Term Loans and Leases by Origination Year    
Year 1 17,193 22,847
Year 2 22,801 67,692
Year 3 71,040 89,903
Year 4 84,925 21,174
Year 5 21,033 27,947
Prior 126,505 106,060
Total 343,497 335,623
Commercial | Commercial real estate | Pass | Loans guaranteed by the Small Business Association    
Term Loans and Leases by Origination Year    
Total 35,065 31,499
Commercial | Commercial real estate | Special mention    
Term Loans and Leases by Origination Year    
Year 1 0 0
Year 2 0 0
Year 3 0 0
Year 4 0 0
Year 5 0 252
Prior 6,226 6,276
Total 6,226 6,528
Commercial | Commercial real estate | Special mention | Loans guaranteed by the Small Business Association    
Term Loans and Leases by Origination Year    
Total 0 0
Commercial | Commercial real estate | Substandard    
Term Loans and Leases by Origination Year    
Year 1 0 0
Year 2 0 0
Year 3 0 2,430
Year 4 2,417 8,441
Year 5 8,439 7,987
Prior 11,808 10,791
Total 22,664 29,649
Commercial | Commercial real estate | Substandard | Loans guaranteed by the Small Business Association    
Term Loans and Leases by Origination Year    
Total 8,928 8,940
Commercial | Commercial real estate | Doubtful    
Term Loans and Leases by Origination Year    
Year 1 0 0
Year 2 0 0
Year 3 0 0
Year 4 0 0
Year 5 0 0
Prior 0 0
Total 0 0
Commercial | Commercial real estate | Doubtful | Loans guaranteed by the Small Business Association    
Term Loans and Leases by Origination Year    
Total 0 0
Commercial | Commercial real estate | Loss    
Term Loans and Leases by Origination Year    
Year 1 0 0
Year 2 0 0
Year 3 0 1,121
Year 4 1,121 271
Year 5 271 0
Prior 467 593
Total 1,859 1,985
Commercial | Commercial real estate | Loss | Loans guaranteed by the Small Business Association    
Term Loans and Leases by Origination Year    
Total 1,543 1,543
Commercial | Commercial and industrial    
Term Loans and Leases by Origination Year    
Year 1 3,059 28,947
Year 2 31,872 35,351
Year 3 34,405 57,475
Year 4 51,780 34,482
Year 5 33,402 7,484
Prior 18,122 14,647
Total 172,640 178,386
Commercial | Commercial and industrial | Loans guaranteed by the Small Business Association    
Term Loans and Leases by Origination Year    
Total 117,649 119,066
Commercial | Commercial and industrial | Pass    
Term Loans and Leases by Origination Year    
Year 1 3,059 28,030
Year 2 30,956 29,186
Year 3 26,230 31,697
Year 4 23,789 27,474
Year 5 26,495 5,503
Prior 14,314 12,678
Total 124,843 134,568
Commercial | Commercial and industrial | Pass | Loans guaranteed by the Small Business Association    
Term Loans and Leases by Origination Year    
Total 79,877 85,269
Commercial | Commercial and industrial | Special mention    
Term Loans and Leases by Origination Year    
Year 1 0 635
Year 2 0 0
Year 3 958 5,165
Year 4 6,700 2,652
Year 5 2,640 76
Prior 74 0
Total 10,372 8,528
Commercial | Commercial and industrial | Special mention | Loans guaranteed by the Small Business Association    
Term Loans and Leases by Origination Year    
Total 8,895 7,065
Commercial | Commercial and industrial | Substandard    
Term Loans and Leases by Origination Year    
Year 1 0 0
Year 2 634 4,071
Year 3 5,236 13,110
Year 4 12,290 2,311
Year 5 2,268 1,399
Prior 2,931 1,670
Total 23,359 22,561
Commercial | Commercial and industrial | Substandard | Loans guaranteed by the Small Business Association    
Term Loans and Leases by Origination Year    
Total 15,756 14,879
Commercial | Commercial and industrial | Doubtful    
Term Loans and Leases by Origination Year    
Year 1 0 0
Year 2 0 0
Year 3 0 3,279
Year 4 4,365 1,477
Year 5 1,431 506
Prior 792 285
Total 6,588 5,547
Commercial | Commercial and industrial | Doubtful | Loans guaranteed by the Small Business Association    
Term Loans and Leases by Origination Year    
Total 5,451 4,671
Commercial | Commercial and industrial | Loss    
Term Loans and Leases by Origination Year    
Year 1 0 282
Year 2 282 2,094
Year 3 1,981 4,224
Year 4 4,636 568
Year 5 568 0
Prior 11 14
Total 7,478 7,182
Commercial | Commercial and industrial | Loss | Loans guaranteed by the Small Business Association    
Term Loans and Leases by Origination Year    
Total 7,670 7,182
Current | Consumer Portfolio Segment, Excluding Cumulative Basis Adjustment for Portfolio Layer Method | Unsecured personal    
Term Loans and Leases by Origination Year    
Year 1 611,922 1,347,685
Year 2 1,189,241 787,936
Year 3 647,207 762,223
Year 4 598,033 142,546
Year 5 110,712 0
Prior 0 0
Total 3,157,115 3,040,390
Current | Consumer Portfolio Segment, Excluding Cumulative Basis Adjustment for Portfolio Layer Method | Residential mortgages    
Term Loans and Leases by Origination Year    
Year 1 0 0
Year 2 0 0
Year 3 0 45,828
Year 4 45,521 52,679
Year 5 52,279 28,176
Prior 71,572 45,789
Total 169,372 172,472
Current | Consumer Portfolio Segment, Excluding Cumulative Basis Adjustment for Portfolio Layer Method | Secured consumer    
Term Loans and Leases by Origination Year    
Year 1 28,111 79,161
Year 2 70,977 78,081
Year 3 67,937 56,766
Year 4 48,312 10,573
Year 5 8,423 0
Prior 2,349 2,372
Total 226,109 226,953
30-59 days past due | Consumer Portfolio Segment, Excluding Cumulative Basis Adjustment for Portfolio Layer Method | Unsecured personal    
Term Loans and Leases by Origination Year    
Year 1 965 4,981
Year 2 5,801 7,344
Year 3 7,333 8,952
Year 4 6,100 2,253
Year 5 1,652 0
Prior 0 0
Total 21,851 23,530
30-59 days past due | Consumer Portfolio Segment, Excluding Cumulative Basis Adjustment for Portfolio Layer Method | Residential mortgages    
Term Loans and Leases by Origination Year    
Year 1 0 0
Year 2 0 0
Year 3 0 0
Year 4 0 0
Year 5 0 0
Prior 678 151
Total 678 151
30-59 days past due | Consumer Portfolio Segment, Excluding Cumulative Basis Adjustment for Portfolio Layer Method | Secured consumer    
Term Loans and Leases by Origination Year    
Year 1 52 98
Year 2 131 824
Year 3 662 1,199
Year 4 1,042 221
Year 5 200 0
Prior 0 0
Total 2,087 2,342
30-59 days past due | Commercial    
Term Loans and Leases by Origination Year    
Total 2,082 14,644
30-59 days past due | Commercial | Equipment finance    
Term Loans and Leases by Origination Year    
Total 15 67
30-59 days past due | Commercial | Commercial real estate    
Term Loans and Leases by Origination Year    
Total 1,171 8,320
30-59 days past due | Commercial | Commercial and industrial    
Term Loans and Leases by Origination Year    
Total 896 6,257
60-89 days past due | Consumer Portfolio Segment, Excluding Cumulative Basis Adjustment for Portfolio Layer Method | Unsecured personal    
Term Loans and Leases by Origination Year    
Year 1 27 2,448
Year 2 4,499 6,933
Year 3 4,908 7,920
Year 4 5,518 1,992
Year 5 1,088 0
Prior 0 0
Total 16,040 19,293
60-89 days past due | Consumer Portfolio Segment, Excluding Cumulative Basis Adjustment for Portfolio Layer Method | Residential mortgages    
Term Loans and Leases by Origination Year    
Year 1 0 0
Year 2 0 0
Year 3 0 0
Year 4 0 0
Year 5 0 0
Prior 0 88
Total 0 88
60-89 days past due | Consumer Portfolio Segment, Excluding Cumulative Basis Adjustment for Portfolio Layer Method | Secured consumer    
Term Loans and Leases by Origination Year    
Year 1 0 11
Year 2 49 147
Year 3 127 338
Year 4 247 104
Year 5 59 0
Prior 0 0
Total 482 600
60-89 days past due | Commercial    
Term Loans and Leases by Origination Year    
Total 4,126 1,665
60-89 days past due | Commercial | Equipment finance    
Term Loans and Leases by Origination Year    
Total 0 0
60-89 days past due | Commercial | Commercial real estate    
Term Loans and Leases by Origination Year    
Total 718 483
60-89 days past due | Commercial | Commercial and industrial    
Term Loans and Leases by Origination Year    
Total 3,408 1,182
90 or more days past due | Consumer Portfolio Segment, Excluding Cumulative Basis Adjustment for Portfolio Layer Method | Unsecured personal    
Term Loans and Leases by Origination Year    
Year 1 62 2,364
Year 2 3,328 7,920
Year 3 4,971 8,853
Year 4 5,754 2,250
Year 5 1,392 0
Prior 0 0
Total 15,507 21,387
90 or more days past due | Consumer Portfolio Segment, Excluding Cumulative Basis Adjustment for Portfolio Layer Method | Residential mortgages    
Term Loans and Leases by Origination Year    
Year 1 0 0
Year 2 0 0
Year 3 0 0
Year 4 0 0
Year 5 0 0
Prior 88 0
Total 88 0
90 or more days past due | Consumer Portfolio Segment, Excluding Cumulative Basis Adjustment for Portfolio Layer Method | Secured consumer    
Term Loans and Leases by Origination Year    
Year 1 0 36
Year 2 0 157
Year 3 148 99
Year 4 78 45
Year 5 0 0
Prior 0 0
Total 226 337
90 or more days past due | Commercial    
Term Loans and Leases by Origination Year    
Total 33,786 30,253
90 or more days past due | Commercial | Equipment finance    
Term Loans and Leases by Origination Year    
Total 4,279 4,551
90 or more days past due | Commercial | Commercial real estate    
Term Loans and Leases by Origination Year    
Total 9,619 9,731
90 or more days past due | Commercial | Commercial and industrial    
Term Loans and Leases by Origination Year    
Total 19,888 15,971
Total Days Past Due | Commercial    
Term Loans and Leases by Origination Year    
Total 39,994 46,562
Total Days Past Due | Commercial | Loans guaranteed by the Small Business Association    
Term Loans and Leases by Origination Year    
Total 28,135 26,968
Total Days Past Due | Commercial | Equipment finance    
Term Loans and Leases by Origination Year    
Total 4,294 4,618
Total Days Past Due | Commercial | Equipment finance | Loans guaranteed by the Small Business Association    
Term Loans and Leases by Origination Year    
Total 0 0
Total Days Past Due | Commercial | Commercial real estate    
Term Loans and Leases by Origination Year    
Total 11,508 18,534
Total Days Past Due | Commercial | Commercial real estate | Loans guaranteed by the Small Business Association    
Term Loans and Leases by Origination Year    
Total 8,456 8,456
Total Days Past Due | Commercial | Commercial and industrial    
Term Loans and Leases by Origination Year    
Total 24,192 23,410
Total Days Past Due | Commercial | Commercial and industrial | Loans guaranteed by the Small Business Association    
Term Loans and Leases by Origination Year    
Total $ 19,679 $ 18,512
v3.25.1
Loans and Leases Held for Investment at Amortized Cost, Net of Allowance For Loan and Lease Losses - Schedule of Analysis of the Past Due Loans and Leases HFI at Amortized Cost (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment $ 4,215,449 $ 4,125,818
Commercial    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 603,769 616,403
Commercial | Loans guaranteed by the Small Business Association    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 163,185 161,048
Commercial | 30-59 days past due    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 2,082 14,644
Commercial | 60-89 days past due    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 4,126 1,665
Commercial | 90 or more days past due    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 33,786 30,253
Commercial | Total Days Past Due    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 39,994 46,562
Commercial | Total Days Past Due | Loans guaranteed by the Small Business Association    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 28,135 26,968
Commercial | Equipment finance    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 56,883 64,232
Commercial | Equipment finance | Loans guaranteed by the Small Business Association    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 0 0
Commercial | Equipment finance | 30-59 days past due    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 15 67
Commercial | Equipment finance | 60-89 days past due    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 0 0
Commercial | Equipment finance | 90 or more days past due    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 4,279 4,551
Commercial | Equipment finance | Total Days Past Due    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 4,294 4,618
Commercial | Equipment finance | Total Days Past Due | Loans guaranteed by the Small Business Association    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 0 0
Commercial | Commercial real estate    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 374,246 373,785
Commercial | Commercial real estate | Loans guaranteed by the Small Business Association    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 45,536 41,982
Commercial | Commercial real estate | 30-59 days past due    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 1,171 8,320
Commercial | Commercial real estate | 60-89 days past due    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 718 483
Commercial | Commercial real estate | 90 or more days past due    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 9,619 9,731
Commercial | Commercial real estate | Total Days Past Due    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 11,508 18,534
Commercial | Commercial real estate | Total Days Past Due | Loans guaranteed by the Small Business Association    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 8,456 8,456
Commercial | Commercial and industrial    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 172,640 178,386
Commercial | Commercial and industrial | Loans guaranteed by the Small Business Association    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 117,649 119,066
Commercial | Commercial and industrial | 30-59 days past due    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 896 6,257
Commercial | Commercial and industrial | 60-89 days past due    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 3,408 1,182
Commercial | Commercial and industrial | 90 or more days past due    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 19,888 15,971
Commercial | Commercial and industrial | Total Days Past Due    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment 24,192 23,410
Commercial | Commercial and industrial | Total Days Past Due | Loans guaranteed by the Small Business Association    
Financing Receivable, Modified [Line Items]    
Total commercial loans and leases held for investment $ 19,679 $ 18,512
v3.25.1
Loans and Leases Held for Investment at Amortized Cost, Net of Allowance for Loan and Lease Losses - Schedule of Loan Modifications (Details) - Consumer - Unsecured personal - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Financing Receivable, Modified [Line Items]    
Total loan modifications – unsecured personal loans $ 12,135 $ 22,202
% of unsecured personal loans at amortized cost as of period end 0.40% 0.70%
Short-term payment reduction    
Financing Receivable, Modified [Line Items]    
Total loan modifications – unsecured personal loans $ 7,010 $ 14,191
Permanent loan modification    
Financing Receivable, Modified [Line Items]    
Total loan modifications – unsecured personal loans 1,693 1,645
Debt settlement    
Financing Receivable, Modified [Line Items]    
Total loan modifications – unsecured personal loans $ 3,432 $ 6,366
v3.25.1
Loans and Leases Held for Investment at Amortized Cost, Net of Allowance For Loan and Lease Losses - Schedule of Amortized Cost of Loan Modifications (Details) - Consumer - Unsecured personal - USD ($)
$ in Thousands
Mar. 31, 2025
Mar. 31, 2024
Short-term payment reduction    
Financing Receivable, Modified [Line Items]    
Total loan modifications $ 22,741 $ 18,375
Short-term payment reduction | Current    
Financing Receivable, Modified [Line Items]    
Total loan modifications 18,894 16,509
Short-term payment reduction | 30-59 days past due    
Financing Receivable, Modified [Line Items]    
Total loan modifications 1,654 845
Short-term payment reduction | 60-89 days past due    
Financing Receivable, Modified [Line Items]    
Total loan modifications 1,169 716
Short-term payment reduction | 90 or more days past due    
Financing Receivable, Modified [Line Items]    
Total loan modifications 1,024 305
Permanent loan modification    
Financing Receivable, Modified [Line Items]    
Total loan modifications 5,801 4,315
Permanent loan modification | Current    
Financing Receivable, Modified [Line Items]    
Total loan modifications 5,340 3,905
Permanent loan modification | 30-59 days past due    
Financing Receivable, Modified [Line Items]    
Total loan modifications 175 127
Permanent loan modification | 60-89 days past due    
Financing Receivable, Modified [Line Items]    
Total loan modifications 174 81
Permanent loan modification | 90 or more days past due    
Financing Receivable, Modified [Line Items]    
Total loan modifications 112 202
Debt settlement    
Financing Receivable, Modified [Line Items]    
Total loan modifications 3,521 6,643
Debt settlement | Current    
Financing Receivable, Modified [Line Items]    
Total loan modifications 32 127
Debt settlement | 30-59 days past due    
Financing Receivable, Modified [Line Items]    
Total loan modifications 24 62
Debt settlement | 60-89 days past due    
Financing Receivable, Modified [Line Items]    
Total loan modifications 837 475
Debt settlement | 90 or more days past due    
Financing Receivable, Modified [Line Items]    
Total loan modifications $ 2,628 $ 5,979
v3.25.1
Loans and Leases Held for Investment at Amortized Cost, Net of Allowance for Loan and Lease Losses - Schedule of Total Amount of Charge-Offs for Loan Modifications (Details) - Consumer - Unsecured personal - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Financing Receivable, Modified [Line Items]    
Total loan modifications – unsecured personal loans $ 16,444 $ 22,407
Short-term payment reduction    
Financing Receivable, Modified [Line Items]    
Total loan modifications – unsecured personal loans 2,586 193
Permanent loan modification    
Financing Receivable, Modified [Line Items]    
Total loan modifications – unsecured personal loans 522 439
Debt settlement    
Financing Receivable, Modified [Line Items]    
Total loan modifications – unsecured personal loans $ 13,336 $ 21,775
v3.25.1
Loans and Leases Held for Investment at Amortized Cost, Net of Allowance for Loan and Lease Losses - Schedule of Nonaccrual Loans and Leases (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Financing Receivable, Past Due [Line Items]    
Nonaccrual $ 59,706 $ 72,304
Nonaccrual with no related ACL $ 14,969 $ 13,141
Nonaccrual ratios (as a percent) 1.40% 1.80%
Consumer    
Financing Receivable, Past Due [Line Items]    
Nonaccrual $ 16,113 $ 22,019
Nonaccrual with no related ACL $ 380 $ 295
Nonaccrual ratios (as a percent) 0.40% 0.60%
Consumer | Unsecured personal    
Financing Receivable, Past Due [Line Items]    
Nonaccrual $ 15,507 $ 21,387
Nonaccrual with no related ACL 0 0
Consumer | Residential mortgages    
Financing Receivable, Past Due [Line Items]    
Nonaccrual 380 295
Nonaccrual with no related ACL 380 295
Consumer | Secured consumer    
Financing Receivable, Past Due [Line Items]    
Nonaccrual 226 337
Nonaccrual with no related ACL 0 0
Commercial    
Financing Receivable, Past Due [Line Items]    
Nonaccrual 43,593 50,285
Nonaccrual with no related ACL $ 14,589 $ 12,846
Nonaccrual ratios (as a percent) 7.20% 8.20%
Commercial | Loans guaranteed by the Small Business Association    
Financing Receivable, Past Due [Line Items]    
Nonaccrual $ 32,900 $ 31,200
Commercial | Equipment finance    
Financing Receivable, Past Due [Line Items]    
Nonaccrual 4,279 4,516
Nonaccrual with no related ACL 0 0
Commercial | Commercial real estate    
Financing Receivable, Past Due [Line Items]    
Nonaccrual 10,163 18,280
Nonaccrual with no related ACL 5,915 5,345
Commercial | Commercial and industrial    
Financing Receivable, Past Due [Line Items]    
Nonaccrual 29,151 27,489
Nonaccrual with no related ACL $ 8,674 $ 7,501
v3.25.1
Securitizations and Variable Interest Entities - Schedule of VIE Assets and Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Assets    
Total securities available for sale $ 3,426,571 $ 3,452,648
Other assets 398,146 403,982
Total assets 10,483,096 10,630,509
Liabilities:    
Other liabilities 212,677 220,541
Total liabilities 9,118,579 9,288,778
Unconsolidated    
Assets    
Total securities available for sale 3,041,825 3,069,771
Other assets 43,434 46,269
Total assets 3,085,259 3,116,040
Liabilities:    
Other liabilities 5,737 6,313
Total liabilities 5,737 6,313
Total net assets (maximum loss exposure) $ 3,079,522 $ 3,109,727
v3.25.1
Securitizations and Variable Interest Entities - Schedule of Unconsolidated VIEs (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Fair value of consideration received:    
Gain on sales of loans $ 12,202 $ 10,909
Unconsolidated    
Fair value of consideration received:    
Cash 148,379 93,644
Net securities retained from Structured Program transactions 349,002 738,976
Other assets, net 5,974 9,733
Total consideration 503,355 842,353
Fair value of loans sold (498,058) (833,776)
Gain on sales of loans 5,297 8,577
Cash proceeds from continuing involvement:    
Servicing and other administrative fees 8,896 4,723
Interest received on securities retained from Structured Program transactions $ 51,134 $ 29,663
v3.25.1
Securitizations and Variable Interest Entities - Narrative (Details) - Off-balance Sheet Loans - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Variable Interest Entity [Line Items]    
Principal derecognized from loans securitized or sold $ 3,500.0 $ 3,500.0
Off-balance sheet loans, principal amount outstanding, 31 days or more past due $ 46.1 $ 44.7
v3.25.1
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Assets    
Loans held for sale at fair value $ 703,378 $ 636,352
Loans held for investment at fair value 818,882 1,027,798
Securities available for sale:    
Total securities available for sale 3,426,571 3,452,648
Servicing assets 56,904 60,697
Other assets 2,900 5,820
Total assets 5,008,635 5,183,315
Liabilities:    
Other liabilities 13,442 16,818
Total liabilities 13,442 16,818
Senior asset-backed securities related to Structured Program transactions    
Securities available for sale:    
Total securities available for sale 2,869,281 2,899,824
U.S. agency residential mortgage-backed securities    
Securities available for sale:    
Total securities available for sale 227,093 226,925
Other asset-backed securities related to Structured Program transactions    
Securities available for sale:    
Total securities available for sale 172,544 169,948
U.S. agency securities    
Securities available for sale:    
Total securities available for sale 78,136 75,946
Mortgage-backed securities    
Securities available for sale:    
Total securities available for sale 57,005 56,674
Other asset-backed securities    
Securities available for sale:    
Total securities available for sale 20,044 20,792
Municipal securities    
Securities available for sale:    
Total securities available for sale 2,468 2,539
Level 1    
Assets    
Loans held for sale at fair value 0 0
Loans held for investment at fair value 0 0
Securities available for sale:    
Total securities available for sale 0 0
Servicing assets 0 0
Other assets 0 0
Total assets 0 0
Liabilities:    
Other liabilities 0 0
Total liabilities 0 0
Level 1 | Senior asset-backed securities related to Structured Program transactions    
Securities available for sale:    
Total securities available for sale 0 0
Level 1 | U.S. agency residential mortgage-backed securities    
Securities available for sale:    
Total securities available for sale 0 0
Level 1 | Other asset-backed securities related to Structured Program transactions    
Securities available for sale:    
Total securities available for sale 0 0
Level 1 | U.S. agency securities    
Securities available for sale:    
Total securities available for sale 0 0
Level 1 | Mortgage-backed securities    
Securities available for sale:    
Total securities available for sale 0 0
Level 1 | Other asset-backed securities    
Securities available for sale:    
Total securities available for sale 0 0
Level 1 | Municipal securities    
Securities available for sale:    
Total securities available for sale 0 0
Level 2    
Assets    
Loans held for sale at fair value 0 0
Loans held for investment at fair value 0 0
Securities available for sale:    
Total securities available for sale 384,746 382,876
Servicing assets 0 0
Other assets 2,900 5,820
Total assets 387,646 388,696
Liabilities:    
Other liabilities 4,370 5,019
Total liabilities 4,370 5,019
Level 2 | Senior asset-backed securities related to Structured Program transactions    
Securities available for sale:    
Total securities available for sale 0 0
Level 2 | U.S. agency residential mortgage-backed securities    
Securities available for sale:    
Total securities available for sale 227,093 226,925
Level 2 | Other asset-backed securities related to Structured Program transactions    
Securities available for sale:    
Total securities available for sale 0 0
Level 2 | U.S. agency securities    
Securities available for sale:    
Total securities available for sale 78,136 75,946
Level 2 | Mortgage-backed securities    
Securities available for sale:    
Total securities available for sale 57,005 56,674
Level 2 | Other asset-backed securities    
Securities available for sale:    
Total securities available for sale 20,044 20,792
Level 2 | Municipal securities    
Securities available for sale:    
Total securities available for sale 2,468 2,539
Level 3    
Assets    
Loans held for sale at fair value 703,378 636,352
Loans held for investment at fair value 818,882 1,027,798
Securities available for sale:    
Total securities available for sale 3,041,825 3,069,772
Servicing assets 56,904 60,697
Other assets 0 0
Total assets 4,620,989 4,794,619
Liabilities:    
Other liabilities 9,072 11,799
Total liabilities 9,072 11,799
Level 3 | Senior asset-backed securities related to Structured Program transactions    
Securities available for sale:    
Total securities available for sale 2,869,281 2,899,824
Level 3 | U.S. agency residential mortgage-backed securities    
Securities available for sale:    
Total securities available for sale 0 0
Level 3 | Other asset-backed securities related to Structured Program transactions    
Securities available for sale:    
Total securities available for sale 172,544 169,948
Level 3 | U.S. agency securities    
Securities available for sale:    
Total securities available for sale 0 0
Level 3 | Mortgage-backed securities    
Securities available for sale:    
Total securities available for sale 0 0
Level 3 | Other asset-backed securities    
Securities available for sale:    
Total securities available for sale 0 0
Level 3 | Municipal securities    
Securities available for sale:    
Total securities available for sale $ 0 $ 0
v3.25.1
Fair Value Measurements - Schedule of Significant Unobservable Inputs Used in the Fair Value Measurement of Loans HFS (Details) - Level 3 - Loans Held For Sale
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Discount rate | Minimum    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 5.40% 7.10%
Discount rate | Maximum    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 13.70% 11.90%
Discount rate | Weighted- Average    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 7.40% 7.90%
Annualized net charge-off rate | Minimum    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 2.40% 1.80%
Annualized net charge-off rate | Maximum    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 22.30% 21.20%
Annualized net charge-off rate | Weighted- Average    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 6.10% 5.40%
Annualized prepayment rate | Minimum    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 18.40% 15.00%
Annualized prepayment rate | Maximum    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 27.00% 27.60%
Annualized prepayment rate | Weighted- Average    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 25.50% 20.40%
v3.25.1
Fair Value Measurements - Schedule of Sensitivity of Loans HFS at Fair Value to Adverse Changes in Key Assumptions (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held for sale at fair value $ 703,378 $ 636,352
Loans Held For Sale    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held for sale at fair value 703,378 636,352
Loans Held For Sale | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held for sale at fair value 703,378 636,352
Discount rates, impact of 100 basis point increase (7,773) (7,663)
Discount rates, impact of 200 basis point increase (15,402) (15,174)
Expected credit loss rates on underlying loans, 10% adverse change (7,637) (6,436)
Expected credit loss rates on underlying loans, 20% adverse change (15,228) (12,937)
Expected prepayment rates, 10% adverse change (1,695) (1,274)
Expected prepayment rates, 20% adverse change $ (3,106) $ (2,444)
Loans Held For Sale | Fair Value, Measurements, Recurring | Expected weighted-average life    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Expected remaining weighted-average life (in years) 1 year 3 months 18 days 1 year 4 months 24 days
v3.25.1
Fair Value Measurements - Schedule of Loans HFS at Fair Value Activity and Aggregate Fair Value of HFS Loans (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair value of loans held for investment $ 703,378   $ 636,352
Loans Held For Sale      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair value at beginning of period 636,352 $ 407,773  
Originations and purchases 1,263,732 1,282,250  
Sales (1,096,929) (1,059,648)  
Principal payments (68,555) (34,272)  
Realized charge-offs, net of recoveries, recorded in earnings (6,704) (4,231)  
Fair value adjustments recorded in earnings (24,518) (41,457)  
Fair value at end of period 703,378 $ 550,415  
Aggregate unpaid principal balance 728,484   657,984
Cumulative fair value adjustments (25,106)   (21,632)
Fair value of loans held for investment 703,378   636,352
Loans Held For Sale | 90 or more days past due      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Aggregate unpaid principal balance 1,883   3,719
Cumulative fair value adjustments (1,527)   (3,012)
Fair value of loans held for investment $ 356   $ 707
v3.25.1
Fair Value Measurements - Narrative (Details)
$ in Billions
 3 Months Ended
Sep. 30, 2024
USD ($)
Loans held for investment  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair value of loans HFI $ 1.3
v3.25.1
Fair Value Measurements - Schedule of Significant Unobservable Inputs Used in the Fair Value Measurement of Loans HFI (Details) - Level 3 - Loans held for investment
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Minimum | Discount rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 7.60% 7.20%
Minimum | Annualized net charge-off rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 3.10% 3.00%
Minimum | Annualized prepayment rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 15.90% 15.60%
Maximum | Discount rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 22.70% 21.80%
Maximum | Annualized net charge-off rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 20.00% 20.20%
Maximum | Annualized prepayment rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 23.00% 21.40%
Weighted- Average | Discount rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 11.00% 10.50%
Weighted- Average | Annualized net charge-off rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 6.70% 6.60%
Weighted- Average | Annualized prepayment rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 20.10% 19.30%
v3.25.1
Fair Value Measurements - Schedule of Sensitivity of Loans HFI at Fair Value to Adverse Changes in Key Assumptions (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held for investment at fair value $ 818,882 $ 1,027,798
Loans held for investment | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans held for investment at fair value 818,882 1,027,798
Discount rates, impact of 100 basis point increase (5,646) (7,832)
Discount rates, impact of 200 basis point increase (11,220) (15,557)
Expected credit loss rates on underlying loans, impact of 10% increase (9,170) (11,821)
Expected credit loss rates on underlying loans, impact of 20% increase (19,951) (25,428)
Expected prepayment rates, impact of 10% increase (4,166) (4,813)
Expected prepayment rates, impact of 20% increase $ (8,447) $ (9,854)
Loans held for investment | Fair Value, Measurements, Recurring | Weighted- Average | Expected weighted-average life    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Expected remaining weighted-average life (in years) 9 months 18 days 10 months 24 days
v3.25.1
Fair Value Measurements - Schedule of Loans HFI at Fair Value Activity and Aggregate Fair Value of HFI Loans (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair value of loans held for investment $ 818,882   $ 1,027,798
Balance at Fair Value      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair value of loans held for investment 4,159,814   4,051,497
Loans held for investment      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair value at beginning of period 1,027,798 $ 262,190  
Purchases 12,744 220,564  
Principal payments (218,460) (63,926)  
Fair value adjustments recorded in earnings (3,200) 1,565  
Fair value at end of period 818,882 $ 420,393  
Loans held for investment | Fair Value, Measurements, Recurring      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair value of loans held for investment 818,882   1,027,798
Loans held for investment | Fair Value, Measurements, Recurring | Balance at Fair Value | Off-balance Sheet Loans      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Aggregate unpaid principal balance 866,010   1,097,511
Cumulative fair value adjustments (47,128)   (69,713)
Fair value of loans held for investment 818,882   1,027,798
Loans held for investment | Fair Value, Measurements, Recurring | Balance at Fair Value | Off-balance Sheet Loans | 90 or more days past due      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Aggregate unpaid principal balance 9,419   14,616
Cumulative fair value adjustments (7,639)   (11,836)
Fair value of loans held for investment $ 1,780   $ 2,780
v3.25.1
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
Mar. 31, 2025
Dec. 31, 2024
Minimum    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, debt securities available-for-sale 0.058 0.060
Maximum    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, debt securities available-for-sale 0.060 0.060
Weighted- Average    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, debt securities available-for-sale 0.059 0.060
v3.25.1
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
Mar. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value $ 3,426,571 $ 3,452,648
Senior asset-backed securities related to Structured Program transactions    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value 2,869,281 2,899,824
100 basis point increase (31,385) (37,315)
200 basis point increase $ (62,770) $ (74,630)
Senior asset-backed securities related to Structured Program transactions | Weighted- Average    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Expected remaining weighted-average life (in years) 1 year 1 month 6 days 1 year 2 months 12 days
v3.25.1
Fair Value Measurements - Schedule of Senior Asset-Backed Securities at Fair Value Activity (Details) - Senior asset-backed securities related to Structured Program transactions - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Sensitivity Analysis of Debt Securities Available-for-Sale [Line Items]    
Fair value at beginning of period $ 2,899,824 $ 1,176,403
Purchases 324,116 697,347
Principal payments (351,665) (106,474)
Change in unrealized gain (loss) (2,994) (2,017)
Fair value at end of period $ 2,869,281 $ 1,765,259
v3.25.1
Fair Value Measurements - Schedule of Significant Unobservable Inputs Used in the Fair Value Measurement of Other Asset-Backed Securities (Details) - Level 3 - Other asset-backed securities related to Structured Program transactions
Mar. 31, 2025
Dec. 31, 2024
Minimum | Discount rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, debt securities available-for-sale 0.054 0.071
Minimum | Annualized net charge-off rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, debt securities available-for-sale 0.043 0.034
Minimum | Annualized prepayment rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, debt securities available-for-sale 0.230 0.187
Maximum | Discount rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, debt securities available-for-sale 0.088 0.110
Maximum | Annualized net charge-off rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, debt securities available-for-sale 0.078 0.074
Maximum | Annualized prepayment rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, debt securities available-for-sale 0.272 0.209
Weighted- Average | Discount rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, debt securities available-for-sale 0.071 0.079
Weighted- Average | Annualized net charge-off rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, debt securities available-for-sale 0.059 0.050
Weighted- Average | Annualized prepayment rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, debt securities available-for-sale 0.254 0.205
v3.25.1
Fair Value Measurements - Schedule of Sensitivity in the Fair Value of Other Asset-Backed Securities to Adverse Changes in Key Assumptions (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value $ 3,426,571 $ 3,452,648
Other asset-backed securities related to Structured Program transactions    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value 172,544 169,948
Discount rate:    
100 basis point increase (1,753) (1,909)
200 basis point increase (3,476) (3,783)
Annualized net charge-off rate:    
10% increase (1,846) (1,778)
20% increase (3,690) (3,567)
Annualized prepayment rate:    
10% increase (499) (432)
20% increase $ (964) $ (835)
Other asset-backed securities related to Structured Program transactions | Weighted- Average    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Expected remaining weighted-average life (in years) 1 year 2 months 12 days 1 year 3 months 18 days
v3.25.1
Fair Value Measurements - Schedule of Other Asset-Backed Securities at Fair Value Activity (Details) - Other asset-backed securities related to Structured Program transactions - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 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
Additions 24,886 42,738
Cash received (21,303) (9,331)
Credit loss expense for securities available for sale (1,321) (2,892)
Change in unrealized gain (loss) 334 (42)
Fair value at end of period $ 172,544 $ 103,866
v3.25.1
Fair Value Measurements - Schedule of Significant Unobservable Inputs Used in the Fair Value Measurement of Servicing Assets (Details) - Level 3 - Servicing Assets
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Minimum    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Total market servicing rates (percent per annum on outstanding principal balance) 0.62% 0.62%
Minimum | Discount rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 8.70% 8.70%
Minimum | Annualized net charge-off rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 2.00% 1.80%
Minimum | Annualized prepayment rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 16.40% 14.80%
Maximum    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Total market servicing rates (percent per annum on outstanding principal balance) 0.62% 0.62%
Maximum | Discount rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 17.30% 17.30%
Maximum | Annualized net charge-off rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 20.60% 21.20%
Maximum | Annualized prepayment rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 27.50% 27.50%
Weighted- Average    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Total market servicing rates (percent per annum on outstanding principal balance) 0.62% 0.62%
Weighted- Average | Discount rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 10.70% 10.80%
Weighted- Average | Annualized net charge-off rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 8.20% 8.20%
Weighted- Average | Annualized prepayment rate    
Fair Value Inputs Assets And Liabilities Quantitative Information [Line Items]    
Measurement input, percent 23.20% 20.00%
v3.25.1
Fair Value Measurements - Schedule of Sensitivity in the Fair Value of Servicing Assets to Adverse Changes in Key Assumptions (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Servicing assets $ 56,904 $ 60,697    
Fair Value, Measurements, Recurring        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Servicing assets 56,904 60,697 $ 71,830 $ 77,680
Level 3        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Servicing assets 56,904 60,697    
Level 3 | Fair Value, Measurements, Recurring | Servicing Assets        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Servicing assets $ 56,904 $ 60,697    
Expected remaining weighted-average life (in years) 1 year 1 month 6 days 1 year 2 months 12 days    
Discount rates, impact of 100 basis point increase $ (461) $ (519)    
Discount rates, impact of 200 basis point increase (923) (1,038)    
Expected credit loss on rates on underlying loans, 10% adverse change (503) (551)    
Expected credit loss on rates on underlying loans, 20% adverse change (1,006) (1,102)    
Expected prepayment rates, 10% adverse change (1,589) (1,359)    
Expected prepayment rates, 20% adverse change $ (3,179) $ (2,718)    
v3.25.1
Fair Value Measurements - Schedule of Estimated Fair Value of Servicing Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Change in rate 0.10% 0.10%
Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Weighted-average market servicing rate assumptions, servicing assets 0.62% 0.62%
Market servicing rate increase by .1% $ (6,475) $ (6,940)
Market servicing rate decrease by .1% $ 6,475 $ 6,940
v3.25.1
Fair Value Measurements - Schedule of Servicing Assets at Fair Value Activity (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Servicing Assets, Changes in fair value due to:    
Fair value at beginning of period $ 60,697  
Fair value at end of period 56,904  
Fair Value, Measurements, Recurring    
Servicing Assets, Changes in fair value due to:    
Fair value at beginning of period 60,697 $ 77,680
Issuances 13,265 13,578
Change in fair value, included in Marketplace revenue (17,058) (19,428)
Fair value at end of period $ 56,904 $ 71,830
v3.25.1
Fair Value Measurements - Schedule of Financial Instruments Not Recorded at Fair Value (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Assets    
Loans and leases held for investment, net $ 818,882 $ 1,027,798
Other assets 2,900 5,820
Total assets 5,008,635 5,183,315
Liabilities:    
Other liabilities 13,442 16,818
Total liabilities 13,442 16,818
Level 1    
Assets    
Loans and leases held for investment, net 0 0
Other assets 0 0
Total assets 0 0
Liabilities:    
Other liabilities 0 0
Total liabilities 0 0
Level 2    
Assets    
Loans and leases held for investment, net 0 0
Other assets 2,900 5,820
Total assets 387,646 388,696
Liabilities:    
Other liabilities 4,370 5,019
Total liabilities 4,370 5,019
Level 3    
Assets    
Loans and leases held for investment, net 818,882 1,027,798
Other assets 0 0
Total assets 4,620,989 4,794,619
Liabilities:    
Other liabilities 9,072 11,799
Total liabilities 9,072 11,799
Carrying Amount    
Assets    
Loans and leases held for investment, net 3,971,256 3,889,084
Other assets 41,333 40,466
Total assets 4,012,589 3,929,550
Liabilities:    
Deposits 2,031,471 2,294,214
Other liabilities 47,333 44,801
Total liabilities 2,078,804 2,339,015
Balance at Fair Value    
Assets    
Loans and leases held for investment, net 4,159,814 4,051,497
Other assets 41,716 40,804
Total assets 4,201,530 4,092,301
Liabilities:    
Deposits 2,032,852 2,306,373
Other liabilities 47,333 44,801
Total liabilities 2,080,185 2,351,174
Balance at Fair Value | Level 1    
Assets    
Loans and leases held for investment, net 0 0
Other assets 0 0
Total assets 0 0
Liabilities:    
Deposits 0 0
Other liabilities 0 0
Total liabilities 0 0
Balance at Fair Value | Level 2    
Assets    
Loans and leases held for investment, net 0 0
Other assets 41,069 40,143
Total assets 41,069 40,143
Liabilities:    
Deposits 0 0
Other liabilities 24,258 22,833
Total liabilities 24,258 22,833
Balance at Fair Value | Level 3    
Assets    
Loans and leases held for investment, net 4,159,814 4,051,497
Other assets 647 661
Total assets 4,160,461 4,052,158
Liabilities:    
Deposits 2,032,852 2,306,373
Other liabilities 23,075 21,968
Total liabilities $ 2,055,927 $ 2,328,341
v3.25.1
Derivative Instruments and Hedging Activities - Schedule of Notional and Gross Fair Value Amounts of Derivatives Not Designated (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional $ 210,718 $ 212,484
Derivative Asset 12 72
Derivative Liability (8,264) (10,930)
Credit derivatives    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional 10,718 12,484
Derivative Asset 0 0
Derivative Liability (8,264) (10,930)
Interest rate caps    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional 200,000 200,000
Derivative Asset 12 72
Derivative Liability $ 0 $ 0
v3.25.1
Derivative Instruments and Hedging Activities - Narrative (Details)
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Maximum term of credit risk derivatives 18 months
v3.25.1
Derivative Instruments and Hedging Activities - Schedule of Gains (Losses) on Derivatives (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total gains (losses) $ 1,099 $ (1,434)
Credit derivatives    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total gains (losses) 1,159 (1,434)
Interest rate caps    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total gains (losses) $ (60) $ 0
v3.25.1
Derivative Instruments and Hedging Activities - Schedule of Notional and Gross Fair Value Amounts of Derivatives Used for Hedging (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional $ 210,718 $ 212,484
Derivative Asset 12 72
Derivative Liability (8,264) (10,930)
Interest Rate Swap | Fair Value Hedging | Designated as Hedging Instrument    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional 1,550,000 1,300,000
Derivative Asset 2,056 3,705
Derivative Liability (3,538) (2,976)
Interest Rate Swap | Fair Value Hedging | Designated as Hedging Instrument | Unsecured personal loans    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional 1,075,000 1,075,000
Derivative Asset 734 1,323
Derivative Liability (2,665) (2,976)
Interest Rate Swap | Fair Value Hedging | Designated as Hedging Instrument | Securities available for sale    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional 475,000 225,000
Derivative Asset 1,322 2,382
Derivative Liability $ (873) $ 0
v3.25.1
Derivative Instruments and Hedging Activities - Schedule of Gains (Losses) on Fair Value Hedges (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total (loss) gain on fair value hedges $ (18) $ 1,053
Unsecured personal loans    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Hedged item 253 (8,672)
Derivatives used for hedging (278) 8,352
Interest settlement on derivative (535) 1,373
Total (loss) gain on fair value hedges (560) 1,053
Securities available for sale    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Hedged item 1,859 0
Derivatives used for hedging (1,933) 0
Interest settlement on derivative 616 0
Total (loss) gain on fair value hedges $ 542 $ 0
v3.25.1
Derivative Instruments and Hedging Activities - Schedule of Cumulative Basis Adjustments for Fair Value Hedges (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Loans and leases held for investment    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Carrying Amount of Closed Portfolio $ 2,391,081 $ 1,388,222
Cumulative Fair Value Adjustment Included in the Carrying Amount of the Hedged Items 2,125 1,872
Hedged layer of loans with a carrying amount 1,075,000 1,075,000
Securities available for sale    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Carrying Amount of Closed Portfolio 1,957,186 2,255,848
Cumulative Fair Value Adjustment Included in the Carrying Amount of the Hedged Items (338) (2,197)
Hedged layer of loans with a carrying amount $ 475,000 $ 225,000
v3.25.1
Property, Equipment and Software, Net - Schedule of Property, Equipment and Software, Net (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Software $ 236,345 $ 222,000
Leasehold improvements 30,699 30,699
Furniture and fixtures 5,554 5,554
Computer equipment 5,477 22,216
Total property, equipment and software 278,075 280,469
Accumulated depreciation and amortization (109,176) (112,937)
Total property, equipment and software, net 168,899 167,532
Computer equipment retired 16,800  
Software    
Property, Plant and Equipment [Line Items]    
Total property, equipment and software 26,600 43,400
Purchased software    
Property, Plant and Equipment [Line Items]    
Total property, equipment and software $ 7,100 $ 7,100
v3.25.1
Property, Equipment and Software, Net - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Property, Plant and Equipment [Line Items]    
Depreciation and amortization expense $ 13,909 $ 12,673
Property, Equipment and Software    
Property, Plant and Equipment [Line Items]    
Depreciation and amortization expense $ 13,100 $ 11,700
v3.25.1
Goodwill and Intangible Assets - Narrative (Details) - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]      
Goodwill $ 75,717,000   $ 75,717,000
Goodwill impairment 0 $ 0  
Amortization expense 800,000 1,000,000  
Impairment of intangible assets $ 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    
v3.25.1
Goodwill and Intangible Assets - Schedule of Gross and Net Carrying Values and Accumulated Amortization of Intangible Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Net carrying value $ 7,778  
Customer Relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross carrying value 54,500 $ 54,500
Accumulated amortization (46,722) (45,914)
Net carrying value $ 7,778 $ 8,586
v3.25.1
Goodwill and Intangible Assets - Schedule of Expected Future Amortization Expense for Intangible Assets (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2025 $ 2,093
2026 2,252
2027 1,603
2028 945
2029 568
Thereafter 317
Net carrying value $ 7,778
v3.25.1
Other Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Deferred tax assets, net $ 132,718 $ 137,155
Servicing assets 57,168 61,020
Nonmarketable equity investments 46,803 44,114
Accrued interest receivable 39,479 40,388
Operating lease assets 19,265 21,304
Intangible assets, net 7,778 8,586
Other 94,935 91,415
Total other assets 398,146 403,982
Principal balance of underlying loan servicing rights $ 7,200,000 $ 7,300,000
v3.25.1
Deposits - Schedule of Deposits (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Interest-bearing deposits:    
Savings and money market accounts $ 6,049,342 $ 5,903,869
Certificates of deposit 2,031,471 2,294,214
Checking accounts 459,255 478,036
Total 8,540,068 8,676,119
Noninterest-bearing deposits 365,834 392,118
Total deposits $ 8,905,902 $ 9,068,237
v3.25.1
Deposits - Schedule of Maturity of Certificates of Deposits (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Other Liabilities Disclosure [Abstract]    
2025 $ 1,354,791  
2026 645,021  
2027 19,322  
2028 2,106  
2029 10,101  
Thereafter 130  
Total certificates of deposit 2,031,471 $ 2,294,214
Uninsured certificates of deposit $ 27,500  
v3.25.1
Borrowings - Narrative (Details) - USD ($)
Mar. 31, 2025
Dec. 31, 2024
Debt Disclosure [Abstract]    
Debt outstanding $ 0 $ 0
v3.25.1
Borrowings - Schedule of Available Borrowing Capacity and Related Pledged Collateral (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Available Borrowing Capacity $ 3,051,254 $ 3,261,151
Assets Pledged As Collateral    
Debt Instrument [Line Items]    
Pledged Collateral 3,833,938 4,075,432
FRB Discount Window | Assets Pledged As Collateral    
Debt Instrument [Line Items]    
Pledged Collateral 3,010,890 3,245,547
FHLB of Des Moines | Assets Pledged As Collateral    
Debt Instrument [Line Items]    
Pledged Collateral 823,048 829,885
FRB Discount Window    
Debt Instrument [Line Items]    
Available Borrowing Capacity 2,426,695 2,635,034
FHLB of Des Moines    
Debt Instrument [Line Items]    
Available Borrowing Capacity $ 624,559 $ 626,117
v3.25.1
Other Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Other Liabilities [Abstract]    
Accounts payable and accrued expenses $ 55,512 $ 78,131
Due to borrowers 51,654 24,449
Operating lease liabilities 25,573 28,502
Payable to investors 24,258 22,833
Other 55,680 66,626
Total other liabilities $ 212,677 $ 220,541
v3.25.1
Employee Incentive Plans - Schedule of Stock-Based Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Stock options    
Stock-based compensation expense, gross $ 9,921 $ 13,599
Less: Capitalized stock-based compensation expense 1,402 2,055
Stock-based compensation expense, net 8,519 11,544
RSUs    
Stock options    
Stock-based compensation expense, gross 9,074 11,982
PBRSUs    
Stock options    
Stock-based compensation expense, gross $ 847 $ 1,617
v3.25.1
Employee Incentive Plans - Schedule of RSU Activity and PBRSU Activity (Details)
 3 Months Ended
Mar. 31, 2025
$ / shares
shares
RSUs  
Number of Units  
Unvested, beginning (in shares) | shares 5,638,230
Granted (in shares) | shares 1,882,146
Vested (in shares) | shares (884,344)
Forfeited/expired (in shares) | shares (179,446)
Unvested, ending (in shares) | shares 6,456,586
Weighted- Average Grant Date Fair Value  
Unvested, beginning (in USD per share) | $ / shares $ 8.78
Granted (in USD per share) | $ / shares 11.85
Vested (in USD per share) | $ / shares 9.39
Forfeited/expired (in USD per share) | $ / shares 9.50
Unvested, ending (in USD per share) | $ / shares $ 9.57
PBRSUs  
Number of Units  
Unvested, beginning (in shares) | shares 1,212,209
Granted (in shares) | shares 325,472
Forfeited/expired (in shares) | shares (376,862)
Unvested, ending (in shares) | shares 1,160,819
Weighted- Average Grant Date Fair Value  
Unvested, beginning (in USD per share) | $ / shares $ 8.68
Granted (in USD per share) | $ / shares 10.94
Forfeited/expired (in USD per share) | $ / shares 10.09
Unvested, ending (in USD per share) | $ / shares $ 8.86
v3.25.1
Employee Incentive Plans - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
shares
RSUs  
Stock options  
Granted (in shares) | shares 1,882,146
Equity instruments other than options, aggregate fair value $ 22.3
Unrecognized compensation cost related to unvested awards $ 54.8
Unrecognized compensation cost, period for recognition 1 year 9 months 18 days
PBRSUs  
Stock options  
Granted (in shares) | shares 325,472
Equity instruments other than options, aggregate fair value $ 3.6
Unrecognized compensation cost related to unvested awards $ 6.3
Unrecognized compensation cost, period for recognition 1 year 7 months 6 days
Performance period 3 years
v3.25.1
Income Taxes - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Tax Disclosure [Abstract]    
Income tax expense $ 4,024 $ 4,278
Effective tax rate 25.60% 25.90%
v3.25.1
Income Taxes - Schedule of Deferred Tax Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Income Tax Disclosure [Abstract]    
Deferred tax assets, net of liabilities $ 179,043 $ 183,480
Valuation allowance (46,325) (46,325)
Deferred tax assets, net of valuation allowance $ 132,718 $ 137,155
v3.25.1
Leases - Narrative (Details)
$ in Thousands
 1 Months Ended 3 Months Ended
Apr. 30, 2025
USD ($)
ft²
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
Lessee, Lease, Description [Line Items]      
Sales-type lease, interest income   $ 800 $ 1,700
Acquisition of property   13,066 11,781
Security deposit   500  
Letters of credit outstanding, amount   1,100  
Net lease costs   $ 2,700 $ 2,600
Subsequent Event | Building      
Lessee, Lease, Description [Line Items]      
Area of a real estate property | ft² 233,887    
Acquisition of property $ 74,500    
Minimum      
Lessee, Lease, Description [Line Items]      
Lease term   3 years  
Maximum      
Lessee, Lease, Description [Line Items]      
Lease term   4 years  
v3.25.1
Leases - Schedule of Components of Equipment Finance Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Lease receivables $ 42,770 $ 49,290
Unguaranteed residual asset values 19,261 20,728
Unearned income (5,436) (6,125)
Deferred fees 288 339
Total $ 56,883 $ 64,232
v3.25.1
Leases - Schedule of Future Minimum Lease Payments Based on Maturity (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
Leases [Abstract]  
2025 $ 16,526
2026 14,028
2027 8,016
2028 4,013
2029 1,529
Total lease payments 44,112
Discount effect (1,342)
Present value of future minimum lease payments $ 42,770
v3.25.1
Leases - Schedule of Balance Sheet Information Related to Leases (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Operating lease assets $ 19,265 $ 21,304
Operating lease liabilities $ 25,573 $ 28,502
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other Assets Other Assets
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] Other liabilities Other liabilities
v3.25.1
Leases - Schedule of Future Minimum Undiscounted Lease Payments Under Operating Leases (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Operating Lease Payments    
2025 $ 10,367  
2026 7,973  
2027 5,010  
2028 4,046  
2029 909  
Thereafter 0  
Total lease payments 28,305  
Discount effect (2,732)  
Present value of future minimum lease payments $ 25,573 $ 28,502
v3.25.1
Leases - Schedule of Weighted-Average Remaining Lease Term and Discount Rate (Details)
Mar. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Weighted-average remaining lease term (in years) 2 years 9 months 29 days 2 years 11 months 23 days
Weighted-average discount rate 4.82% 4.87%
v3.25.1
Commitments and Contingencies (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Unfunded Loan Commitment, Commitments To Extend Credit      
Loss Contingencies [Line Items]      
Unfunded loan commitments $ 96.3 $ 105.0 $ 72.1
v3.25.1
Regulatory Requirements - Schedule of Regulatory Capital Amounts and Ratios (Details)
$ in Millions
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
LendingClub Corporation:    
Amount    
CET1 capital $ 1,212.1 $ 1,188.6
Tier 1 capital 1,212.1 1,188.6
Total capital 1,299.2 1,276.5
Tier 1 leverage 1,212.1 1,188.6
Risk-weighted assets 6,813.7 6,887.1
Quarterly adjusted average assets $ 10,316.2 $ 10,814.0
Ratio    
CET1 capital 0.178 0.173
Tier 1 capital 0.178 0.173
Total capital 0.191 0.185
Tier 1 leverage 0.117 0.110
Well-Capitalized Minimum    
Tier 1 capital 0.060  
Total capital 0.100  
LendingClub Bank    
Amount    
CET1 capital $ 1,060.5 $ 1,101.4
Tier 1 capital 1,060.5 1,101.4
Total capital 1,146.9 1,188.5
Tier 1 leverage 1,060.5 1,101.4
Risk-weighted assets 6,757.0 6,823.1
Quarterly adjusted average assets $ 10,215.4 $ 10,696.7
Ratio    
CET1 capital 0.157 0.161
Tier 1 capital 0.157 0.161
Total capital 0.170 0.174
Tier 1 leverage 0.104 0.103
Well-Capitalized Minimum    
CET1 capital 0.065  
Tier 1 capital 0.080  
Total capital 0.100  
Tier 1 leverage 0.050  
v3.25.1
Regulatory Requirements - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
LendingClub Bank  
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]  
Cash dividends paid $ 50
v3.25.1
Segment Reporting - Schedule of Segment Reporting Information by Statements of Operations (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]    
Marketplace revenue $ 65,643 $ 55,891
Other non-interest income 2,111 1,909
Total non-interest income 67,754 57,800
Interest income 232,059 207,351
Interest expense (82,102) (84,463)
Net interest income 149,957 122,888
Total net revenue 217,711 180,688
Provision for credit losses (58,149) (31,927)
Non-interest expense:    
Compensation and benefits (58,389) (59,554)
Marketing (29,239) (24,136)
Equipment and software (14,644) (12,684)
Depreciation and amortization (13,909) (12,673)
Professional services (9,764) (7,091)
Occupancy (4,345) (3,861)
Other non-interest expense (13,577) (12,234)
Total non-interest expense (143,867) (132,233)
Income tax (expense) benefit (4,024) (4,278)
Net income 11,671 12,250
Operating Segments    
Segment Reporting Information [Line Items]    
Marketplace revenue 58,005 48,343
Other non-interest income 14,932 15,641
Total non-interest income 72,937 63,984
Interest income 232,059 207,351
Interest expense (82,102) (84,463)
Net interest income 149,957 122,888
Total net revenue 222,894 186,872
Provision for credit losses (58,149) (31,927)
Non-interest expense:    
Compensation and benefits (58,389) (59,554)
Marketing (29,239) (24,136)
Equipment and software (14,644) (12,684)
Depreciation and amortization (13,909) (12,673)
Professional services (9,764) (7,091)
Occupancy (4,345) (3,861)
Other non-interest expense (18,760) (18,418)
Total non-interest expense (149,050) (138,417)
Income tax (expense) benefit (4,024) (4,278)
Net income 11,671 12,250
Capital expenditures 13,066 11,781
Operating Segments | LendingClub Bank    
Segment Reporting Information [Line Items]    
Marketplace revenue 52,210 38,515
Other non-interest income 12,941 13,695
Total non-interest income 65,151 52,210
Interest income 231,755 204,807
Interest expense (82,102) (84,123)
Net interest income 149,653 120,684
Total net revenue 214,804 172,894
Provision for credit losses (58,149) (31,927)
Non-interest expense:    
Compensation and benefits (56,863) (58,012)
Marketing (29,239) (24,136)
Equipment and software (14,619) (12,636)
Depreciation and amortization (2,401) (1,796)
Professional services (12,543) (10,166)
Occupancy (9,637) (6,986)
Other non-interest expense (14,447) (12,764)
Total non-interest expense (139,749) (126,496)
Income tax (expense) benefit (4,872) (3,685)
Net income 12,034 10,786
Capital expenditures 13,066 11,781
Operating Segments | LendingClub Corporation (Parent only)    
Segment Reporting Information [Line Items]    
Marketplace revenue 5,795 9,828
Other non-interest income 1,991 1,946
Total non-interest income 7,786 11,774
Interest income 304 2,544
Interest expense 0 (340)
Net interest income 304 2,204
Total net revenue 8,090 13,978
Provision for credit losses 0 0
Non-interest expense:    
Compensation and benefits (1,526) (1,542)
Marketing 0 0
Equipment and software (25) (48)
Depreciation and amortization (1,944) (2,065)
Professional services (1,366) (2,507)
Occupancy (127) (105)
Other non-interest expense (4,313) (5,654)
Total non-interest expense (9,301) (11,921)
Income tax (expense) benefit 848 (593)
Net income (363) 1,464
Capital expenditures 0 0
Intercompany Eliminations    
Segment Reporting Information [Line Items]    
Total net revenue $ (5,183) $ (6,184)
v3.25.1
Segment Reporting - Schedule of Segment Reporting Information by Balance Sheet (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Assets        
Cash and cash equivalents $ 895,515 $ 954,058    
Restricted cash 24,732 23,338    
Fair Value 3,426,571 3,452,648    
Loans and leases held for investment, net 3,971,256 3,889,084    
Loans held for investment at fair value 818,882 1,027,798    
Property, equipment and software, net 168,899 167,532    
Goodwill 75,717 75,717    
Other assets 398,146 403,982    
Total assets 10,483,096 10,630,509    
Liabilities and Equity        
Total deposits 8,905,902 9,068,237    
Other liabilities 212,677 220,541    
Total liabilities 9,118,579 9,288,778    
Total equity 1,364,517 1,341,731 $ 1,266,286 $ 1,251,822
Total liabilities and equity 10,483,096 10,630,509    
Operating Segments        
Assets        
Cash and cash equivalents 998,924 998,444    
Restricted cash 33,650 27,536    
Fair Value 3,426,571 3,452,648    
Loans held for sale at fair value 703,378 636,352    
Loans and leases held for investment, net 3,971,256 3,889,084    
Loans held for investment at fair value 818,882 1,027,798    
Property, equipment and software, net 168,899 167,532    
Investment in subsidiary 872,030 910,544    
Goodwill 75,717 75,717    
Other assets 424,097 421,819    
Total assets 11,493,404 11,607,474    
Liabilities and Equity        
Total deposits 9,018,229 9,116,821    
Other liabilities 238,628 238,378    
Total liabilities 9,256,857 9,355,199    
Total equity 2,236,547 2,252,275    
Total liabilities and equity 11,493,404 11,607,474    
Operating Segments | LendingClub Bank        
Assets        
Cash and cash equivalents 872,895 932,463    
Restricted cash 0 0    
Fair Value 3,426,571 3,452,648    
Loans held for sale at fair value 703,378 636,352    
Loans and leases held for investment, net 3,971,256 3,889,084    
Loans held for investment at fair value 815,718 1,023,226    
Property, equipment and software, net 161,729 158,995    
Investment in subsidiary 0 0    
Goodwill 75,717 75,717    
Other assets 316,312 300,621    
Total assets 10,343,576 10,469,106    
Liabilities and Equity        
Total deposits 9,018,229 9,116,821    
Other liabilities 174,705 177,711    
Total liabilities 9,192,934 9,294,532    
Total equity 1,150,642 1,174,574    
Total liabilities and equity 10,343,576 10,469,106    
Operating Segments | LendingClub Corporation (Parent only)        
Assets        
Cash and cash equivalents 126,029 65,981    
Restricted cash 33,650 27,536    
Fair Value 0 0    
Loans held for sale at fair value 0 0    
Loans and leases held for investment, net 0 0    
Loans held for investment at fair value 3,164 4,572    
Property, equipment and software, net 7,170 8,537    
Investment in subsidiary 872,030 910,544    
Goodwill 0 0    
Other assets 107,785 121,198    
Total assets 1,149,828 1,138,368    
Liabilities and Equity        
Total deposits 0 0    
Other liabilities 63,923 60,667    
Total liabilities 63,923 60,667    
Total equity 1,085,905 1,077,701    
Total liabilities and equity 1,149,828 1,138,368    
Intercompany Eliminations        
Assets        
Total assets (1,010,308) (976,965)    
Liabilities and Equity        
Total liabilities (138,278) (66,421)    
Total equity $ (872,030) $ (910,544)