Borrowings

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Borrowings

Borrowings

Short-term Borrowings

The Company entered into repurchase agreements pursuant to which the Company sold securities (subject to an obligation to repurchase such securities at a specified future date and price) in exchange for cash. The aggregate debt outstanding under the Company’s repurchase agreements was $27 thousand and $2.6 million at September 30, 2023 and December 31, 2022, respectively.

In addition, the Company has available borrowing capacity with the FRB and FHLB of Des Moines totaling $3.8 billion and $605.5 million with pledged collateral totaling $4.9 billion and $754.0 million at September 30, 2023 and December 31, 2022, respectively.

Long-term Debt

The following table summarizes the Company’s long-term debt, as of the dates indicated:

	September 30, 2023		December 31, 2022
Advances from PPPLF (1):
Aggregate debt outstanding (fixed interest rate of 0.35%)	$	7,361	$	64,154
Pledged collateral	$	7,560	$	66,971
Retail notes, certificates and secured borrowings (2):
Aggregate debt outstanding	$	18,118	$	55,425
Payable on Structured Program borrowings (3):
Aggregate debt outstanding	$	3,329	$	8,085
Pledged collateral	$	4,828	$	9,708

(1)    Collateralized by SBA PPP loans originated by the Company. The maturity date of the PPPLF borrowings matches the maturity date of the pledged SBA PPP loans. When loans are forgiven by the SBA, the corresponding PPPLF advance is paid by the Company.

(2)    The Company does not assume principal or interest rate risk on loans that were funded by Retail Notes because loan balances, interest rates and maturities were matched and offset by an equal balance of notes with the exact same interest rates and maturities. As of December 31, 2020, LendingClub ceased offering and selling Retail Notes. The total balance of outstanding Retail Notes will continue to decline as underlying borrower payments are made.

(3)    Consists of certificate participations and securities of certain consolidated VIEs held by third-party investors and secured by “Loans held for investment at fair value” totaling $1.1 million and $4.0 million and “Restricted cash” of $3.7 million and $5.7 million as of September 30, 2023 and December 31, 2022, respectively.