LendingClub Corp
For the period ended Mar 31, 2026. Filed Apr 30, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed Apr 30, 2026
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Non-Interest Expense
Non-interest expense primarily consists of (i) compensation and benefits, which include salaries and wages, benefits and stock-based compensation expense, (ii) marketing, which includes costs attributable to borrower and deposit customer acquisition efforts and building general brand awareness, (iii) equipment and software, (iv) depreciation and amortization, (v) professional services, which primarily consist of consulting fees, and (vi) occupancy, which includes rent expense and all other costs related to occupying our office spaces.
| Three Months Ended · Change (%) | |||||
|---|---|---|---|---|---|
| March 31,2026 | December 31,2025 | March 31,2025 | Q1 2026 vs Q4 2025 | Q1 2026vs Q1 2025 | |
| Non-interest expense: | |||||
| Compensation and benefits | $65,514 | $60,638 | $58,389 | 8% | 12% |
| Marketing | 55,415 | 45,680 | 29,239 | 21% | 90% |
| Equipment and software | 15,293 | 14,410 | 14,644 | 6% | 4% |
| Depreciation and amortization | 15,819 | 16,641 | 13,909 | (5)% | 14% |
| Professional services | 11,767 | 11,353 | 9,764 | 4% | 21% |
| Occupancy | 6,391 | 5,457 | 4,345 | 17% | 47% |
| Other non-interest expense | 14,334 | 15,105 | 13,577 | (5)% | 6% |
| Total non-interest expense | $184,533 | $169,284 | $143,867 | 9% | 28% |
Compensation and Benefits
Sequential: Compensation and benefits expense increased $4.9 million, or 8%, for the first quarter of 2026 compared to the fourth quarter of 2025. The increase in compensation and benefits expense was primarily due to higher payroll taxes due to the reset of annual statutory limits at the beginning of the year.
Year Over Year: Compensation and benefits expense increased $7.1 million, or 12%, for the first quarter of 2026 compared to the same period in 2025. The increase was primarily due to an increase in headcount and variable compensation expense.
Marketing
As a result of our fair value option election, marketing expenses associated with newly originated HFI loans are now recognized in current period earnings at the time of origination, rather than being deferred and recognized over time under amortized cost accounting. Accordingly, marketing expense for the first quarter of 2026 includes costs associated with the origination of both HFI and HFS loans, whereas prior periods reflect only marketing expenses related to the origination of HFS loans.
Sequential: Marketing expense increased $9.7 million, or 21%, for the first quarter of 2026 compared to the fourth quarter of 2025.
Year Over Year: Marketing expense increased $26.2 million, or 90%, for the first quarter of 2026 compared to the same period in 2025.
The increases in marketing expense were primarily due to the immediate recognition of marketing costs for newly originated HFI loans under the fair value option and an increase in variable marketing expenses based on higher origination volume.
Equipment and Software
Sequential: Equipment and software expense increased $0.9 million, or 6%, for the first quarter of 2026 compared to the fourth quarter of 2025.
Year Over Year: Equipment and software expense increased $0.6 million, or 4%, for the first quarter of 2026 compared to the same period in 2025.
The increases in equipment and software expense were primarily due to an increase in software license expense and cloud services.
Depreciation and Amortization
Sequential: Depreciation and amortization expense decreased $0.8 million, or 5%, for the first quarter of 2026 compared to the fourth quarter of 2025. The decrease was primarily due to a decrease in the amortization of purchased software and internally-developed software placed into service.
Year Over Year: Depreciation and amortization expense increased $1.9 million, or 14%, for the first quarter of 2026 compared to the same period in 2025. The increase was primarily due to an increase in the amortization of internally-developed software placed into service.
Professional Services
Sequential: Professional services increased $0.4 million, or 4%, for the first quarter of 2026 compared to the fourth quarter of 2025.
Year Over Year: Professional services increased $2.0 million, or 21%, for the first quarter of 2026 compared to the same period in 2025.
The increases in professional services expense were primarily due to an increase in business consulting services.
Occupancy
Sequential: Occupancy expense increased $0.9 million, or 17%, for the first quarter of 2026 compared to the fourth quarter of 2025.
Year Over Year: Occupancy expense increased $2.0 million, or 47%, for the first quarter of 2026 compared to the same period in 2025.
The increases in occupancy expense were primarily related to costs associated with relocating our headquarters to the office building purchased during the second quarter of 2025.
Other non-interest expense
Sequential: Other non-interest expense decreased $0.8 million, or 5%, for the first quarter of 2026 compared to the fourth quarter of 2025.
Year Over Year: Other non-interest expense increased $0.8 million, or 6%, for the first quarter of 2026 compared to the same period in 2025.
The changes in other non-interest expense were primarily due to changes in miscellaneous operating expenses.
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