The following tables provide the classifications of assets and liabilities on the Company’s Consolidated Balance Sheets for its transactions with consolidated and unconsolidated VIEs at December 31, 2019 and 2018. Additionally, the assets and liabilities in the tables below exclude intercompany balances that eliminate in consolidation:



December 31, 2019	Consolidated VIEs		Unconsolidated VIEs		Total
Assets
Restricted cash	$	30,046	$	—	$	30,046
Securities available for sale at fair value	—		220,135		220,135
Loans held for investment at fair value	197,842		—		197,842
Loans held for investment by the Company at fair value	40,251		—		40,251
Loans held for sale by the Company at fair value	551,455		—		551,455
Accrued interest receivable	4,431		877		5,308
Other assets	1,359		52,098		53,457
Total assets	$	825,384	$	273,110	$	1,098,494
Liabilities
Accrued interest payable	$	3,185	$	—	$	3,185
Accrued expenses and other liabilities	244		—		244
Notes, certificates and secured borrowings at fair value	197,842		—		197,842
Credit facilities and securities sold under repurchase agreements	387,251		—		387,251
Payable to securitization note and certificate holders at fair value	40,610		—		40,610
Total liabilities	629,132		—		629,132
Total net assets	$	196,252	$	273,110	$	469,362



December 31, 2018	Consolidated VIEs		Unconsolidated VIEs		Total
Assets
Restricted cash	$	43,918	$	—	$	43,918
Securities available for sale at fair value	—		116,768		116,768
Loans held for investment at fair value	642,094		—		642,094
Loans held for sale by the Company at fair value	739,216		—		739,216
Accrued interest receivable	10,438		1,214		11,652
Other assets	2,498		29,206		31,704
Total assets	$	1,438,164	$	147,188	$	1,585,352
Liabilities
Accrued interest payable	$	7,594	$	—	$	7,594
Accrued expenses and other liabilities	1,627		—		1,627
Notes, certificates and secured borrowings at fair value	648,908		—		648,908
Payable to securitization note and certificate holders	256,354		—		256,354
Credit facilities and securities sold under repurchase agreements	306,790		57,012		363,802
Total liabilities	1,221,273		57,012		1,278,285
Total net assets	$	216,891	$	90,176	$	307,067

The Company established the LC Trust for the purpose of acquiring and holding loans for the sole benefit of certain investors that have purchased trust certificates issued by the LC Trust. The Company is obligated to ensure that the LC Trust meets minimum capital requirements with respect to funding the administrative activities and maintaining the operations of the LC Trust.

The Company establishes trusts to facilitate the sale of loans and issuance of senior and subordinated securities. If the Company is the primary beneficiary of the trust, it is a consolidated VIE and will reflect senior and subordinated securities held by third parties as a “Payable to securitization note and certificate holders” in the Company’s Consolidated Balance Sheets. If subsequently the Company is not the primary beneficiary of the trust, the Company will deconsolidate the VIE. See “Note 2. Summary of Significant Accounting Policies” and “Note 14. Debt” for additional information.

The Company’s transactions with unconsolidated VIEs include asset-backed securitizations, Certificate Program transactions and loan sale transactions of unsecured personal loans. The Company has various forms of involvement with VIEs, including servicing of loans and holding senior or subordinated residual interests in the VIEs. The accounting for these transactions is based on a primary beneficiary analysis to determine whether the underlying VIEs should be consolidated. If the VIEs are not consolidated and the transfer of the loans from the Company to the VIE meets sale accounting criteria, then the Company will recognize a gain or loss on sales of loans. The Company considers continued involvement in an unconsolidated VIE insignificant if it is the sponsor and servicer and does not hold other significant variable interests. In these instances, the Company’s involvement with the VIE is in the role as an agent and without significant participation in the economics of the VIE. The Company enters into separate servicing agreements with the VIEs and holds at least 5% of the beneficial interests issued by the VIEs to comply with regulatory risk retention rules. The beneficial interests retained by the Company consist of senior securities and subordinated securities and are accounted for as securities available for sale. In connection with these transactions, we make certain customary representations, warranties and covenants. See “Note 2. Summary of Significant Accounting Policies” for additional information.

The Company has an equity investment in a private fund (Investment Fund) that participates in a family of funds with other unrelated third parties. This family of funds purchases whole loans and interests in loans from the Company, as well as other assets from third parties unrelated to the Company. As of December 31, 2019, the Company had an ownership interest of approximately 23% in the Investment Fund. The Company’s investment is deemed to be a variable interest in the Investment Fund because the Company shares in the expected returns and losses of the Investment Fund. At December 31, 2019, the Company’s investment was $7.7 million, which is recognized in “Other assets” on the Company’s Consolidated Balance Sheets.



December 31, 2019			Carrying Value
	Total VIE Assets		Securities Available for Sale		Accrued Interest Receivable		Other Assets		Accrued Expenses and Other Liabilities		Securities Sold Under Repurchase Agreements		Net Assets
Unconsolidated Trusts	$	1,909,219	$	93,881	$	362	$	18,768	$	—	$	—	$	113,011
Certificate Program	2,585,957		126,254		515		25,588		—		—		152,357
Investment Fund	34,170		—		—		7,742		—		—		7,742
Total unconsolidated VIEs	$	4,529,346	$	220,135	$	877	$	52,098	$	—	$	—	$	273,110



December 31, 2019	Maximum Exposure to Loss
	Securities Available for Sale		Accrued Interest Receivable		Other Assets		Accrued Expenses and Other Liabilities		Securities Sold Under Repurchase Agreements		Total Exposure
Unconsolidated Trusts	$	93,881	$	362	$	18,768	$	—	$	—	$	113,011
Certificate Program	126,254		515		25,588		—		—		152,357
Investment Fund	—		—		7,742		—		—		7,742
Total unconsolidated VIEs	$	220,135	$	877	$	52,098	$	—	$	—	$	273,110



December 31, 2018	Carrying Value
	Total VIE Assets		Securities Available for Sale		Accrued Interest Receivable		Other Assets		Accrued Expenses and Other Liabilities		Securities Sold Under Repurchase Agreements			Net Assets
Unconsolidated Trusts	$	1,359,367	$	68,338	$	958	$	11,838	$	—	$	(57,012	)	$	24,122
Certificate Program	973,815		48,430		256		9,115		—		—			57,801
Investment Fund	35,157		—		—		8,253		—		—			8,253
Total unconsolidated VIEs	$	2,368,339	$	116,768	$	1,214	$	29,206	$	—	$	(57,012	)	$	90,176



December 31, 2018	Maximum Exposure to Loss
	Securities Available for Sale		Accrued Interest Receivable		Other Assets		Accrued Expenses and Other Liabilities		Securities Sold Under Repurchase Agreements		Total Exposure
Unconsolidated Trusts	$	68,339	$	958	$	11,838	$	—	$	—	$	81,135
Certificate Program	48,431		256		9,115		—		—		57,802
Investment Fund	—		—		8,253		—		—		8,253
Total unconsolidated VIEs	$	116,770	$	1,214	$	29,206	$	—	$	—	$	147,190

“Total VIE Assets” represents the remaining principal balance of loans held by unconsolidated VIEs with respect to Unconsolidated Trusts, Certificate Program transactions, and the net assets held by the Investment Fund using the most current information available. “Securities Available for Sale,” “Accrued Interest Receivable,” “Other Assets” and “Accrued Expenses and Other Liabilities” are the balances in the Company’s Consolidated Balance Sheets

related to its involvement with the unconsolidated VIEs. “Other Assets” includes the Company’s servicing assets and servicing receivables and the Company’s equity investment with respect to the Investment Fund. “Total Exposure” refers to the Company’s maximum exposure to loss from its involvement with unconsolidated VIEs. It 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 and any associated collateral declines to zero. Accordingly, this required disclosure is not an indication of expected losses.



Year Ended December 31,	2019				2018
	Unconsolidated Trusts		Unconsolidated Certificate Program Trusts		Unconsolidated Trusts		Unconsolidated Certificate Program Trusts
Principal derecognized from loans securitized or sold	$	1,553,847	$	2,868,709	$	1,300,838	$	1,145,616
Net gains (losses) recognized from loans securitized or sold	$	4,809	$	32,417	$	6,039	$	10,483
Fair value of asset-backed senior and subordinated securities, and CLUB Certificate asset-backed securities retained upon settlement ⁽¹⁾	$	75,924	$	140,825	$	65,653	$	56,764
Cash proceeds from loans securitized or sold	$	1,212,521	$	2,555,713	$	867,875	$	1,088,212
Cash proceeds from servicing and other administrative fees on loans securitized or sold	$	16,961	$	17,071	$	13,725	$	3,650
Cash proceeds for interest received on senior securities and subordinated securities	$	5,022	$	7,717	$	3,049	$	1,747

Off-balance sheet loans primarily relate to Structured Program transactions for which the Company has some form of continuing involvement, including as servicer. Delinquent loans are comprised of loans 31 days or more past due, including non-accrual loans. For loans related to Structured Program transactions where servicing is the only form of continuing involvement, 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.

As of December 31, 2019, the aggregate unpaid principal balance of the off-balance sheet loans pursuant to Structured Program transactions was $4.4 billion, of which $145.6 million was attributable to off-balance sheet loans that were 31 days or more past due. As of December 31, 2018, the aggregate unpaid principal balance of the off-balance sheet loans pursuant to Structured Program transactions was $2.3 billion, of which $87.1 million was attributable to off-balance sheet loans that were 31 days or more past due.

The Company and other investors in the subordinated interests issued by trusts and Certificate Program trusts have rights to cash flows only after the investors holding the senior securities issued by the trusts have first received their contractual cash flows. The investors and the trusts have no direct recourse to the Company’s assets, and holders of the securities issued by the trusts can look only to the assets of the trusts that issued their securities for payment. The beneficial interests held by the Company and the Company’s MOA are subject principally to the credit and prepayment risk stemming from the underlying unsecured personal whole loans.

In October 2017, LendingClub Asset Management, LLC (LCAM), a wholly-owned subsidiary of LendingClub that previously acted as the general partner for certain private funds, initiated the wind-down of six funds by redeeming the LC Trust certificates issued to the funds and transferring the loan participations underlying the redeemed certificates to third party investors. Certain of the loan participations for two of the funds transferred did not meet the definition of participating interests because the Company provided a credit support agreement under which the investor has a recourse to the Company for credit losses. The transfer of these loan participations from these two funds was accounted for as a secured borrowing and the underlying whole loans were not derecognized from the Company’s Consolidated Balance Sheets. The Company elected the fair value option for the secured borrowings.

As of December 31, 2019, the fair value of the secured borrowings was $20.1 million, secured by loans at fair value of $18.0 million included in “Loans held for investment at fair value” in the Consolidated Balance Sheets. As of December 31, 2018, the fair value of the secured borrowings was $80.6 million, secured by loans at fair value of $76.5 million included in “Loans held for investment at fair value” in the Consolidated Balance Sheets. Changes in the fair value of the secured borrowings are partially offset by the associated loan participations, and the net effect results in changes in fair value of the credit support agreement through earnings. As of December 31, 2019 and 2018, the fair value of this credit support agreement was $2.2 million and $2.8 million, respectively. The fair value of the credit support agreement is equal to the present value of the probability-weighted estimate of expected payments over a range of loss scenarios. See “Note 6. Loans Held for Investment, Loans Held for Sale, Notes, Certificates and Secured Borrowings” for additional information.