Happen, Inc. (HAPN)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$1.0B

Revenue growth

18.4%

Net income, last twelve months

$195.6M

Earnings per share

$1.66

Net margin

18.7%

Free cash flow

-$3.0B

Return on equity

12.5%

Market value

$1.7B

Price to earnings

8.6x

Cash

$928.2M

Debt

$0

Debt to equity

0.00

Shares outstanding

115.4M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter 2026 results, filed 27 July 2026.

• Originations rose 29% year over year. Total loan originations were $3.1 billion, up 29% from the prior year and 18% from the first quarter. Management attributed the growth to product and marketing initiatives.
• Pre-tax income reached $75.7 million. Income before income tax was $75.7 million, against $54.0 million a year earlier and $67.3 million in the first quarter. The company described the figure as record pre-tax income.
• Net income and diluted EPS increased. Net income was $58.1 million and diluted EPS $0.50, against $38.2 million and $0.33 a year earlier. Diluted EPS was $0.44 in the first quarter.
• Total net revenue grew 6%. Total net revenue was $262.9 million, up 6% from the prior year and 4% from the first quarter. Management cited higher origination volume and higher net interest income.
• Held-for-investment originations rose 51%. Originations sold or held for sale were $2.04 billion, up 20% year over year. Originations held for investment were $1.11 billion, up 51%.
• Fair value loans rose sharply in 2026. Loans held for investment at fair value were $2.09 billion at June 30, 2026, against $0.47 billion at December 31, 2025. Loans and leases held for investment at amortized cost were $3.19 billion.
• Average unsecured consumer loans declined. Average unsecured consumer loans held for investment at amortized cost were $2.44 billion, down from $2.93 billion in the first quarter and $3.18 billion a year earlier.
• Loans serviced for others reached $8.2 billion. Loans serviced for others were $8.2 billion, up 6% from the first quarter and 15% from the prior year.
• Marketing spend nearly doubled. Marketing expense was $62.6 million, up 86% from the prior year and 13% from the first quarter. Marketing as a percent of originations was 1.99%, against 1.38% a year earlier.
• Non-interest expense rose 28%. Non-interest expense was $198.1 million, up 28% from the prior year and 7% from the first quarter.
• Compensation costs grew 10%. Compensation and benefits were $68.2 million, up 10% from the prior year and 4% from the first quarter.
• Fair value adjustments were negative. Net fair value adjustments were negative $121.1 million, against negative $27.9 million a year earlier. Origination fees were $164.0 million, up 87%.
• Pre-tax profit margin rose to 28.8%. Profit margin, measured as pre-tax income over total net revenue, was 28.8%, against 21.7% a year earlier and 26.7% in the first quarter.
• Net interest margin held at 6.14%. Net interest margin was 6.14%, equal to the prior-year quarter and down from 6.28% in the first quarter. Non-interest income was $83.8 million, down 11% year over year.

Company events

The newest 8-K filings of 186 held.

Every filing

The newest filings with the SEC of 492 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

284 funds held it at 30 Jun 2026: 123 added and 74 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Affirm Holdings, Inc. (AFRM): revenue $4.3B, market value $25.6B
• OneMain Holdings, Inc. (OMF): revenue $5.1B, market value $6.6B
• Credit Acceptance Corp. (CACC): revenue $2.3B, market value $5.7B
• Enova International, Inc. (ENVA): revenue $3.7B, market value $4.4B
• Bread Financial Holdings, Inc. (BFH): revenue $4.0B, market value $4.0B
• SLM Corp. (SLM): revenue $1.8B, market value $3.2B
• World Acceptance Corp. (WRLD): revenue $591.6M, market value $813.8M

What the company does

LendingClub operates a nationally chartered digital bank. It serves a group of creditworthy United States consumers that it calls the "motivated middle." Its branchless, mobile-first platform lets members apply for and manage lending and banking products digitally. Since its founding in 2006, more than five million individuals have become members and more than $100 billion of loans have been originated through its platform.

What it lends

The company's consumer loans are made at fixed rates and for fixed terms. Personal loans are unsecured and can be used for various purposes, including balance transfers that pay down existing credit card debt. Borrowers can also apply jointly or use TopUp, which combines an existing LendingClub loan with new proceeds into a single payment. Major Purchase Finance covers larger planned expenses such as elective medical and dental procedures. It is offered through providers and merchants who present the financing to their customers. The company says it intends to add home improvement financing in 2026. Auto Refinance is a secured loan that lets borrowers lower their rate, reduce payments or change their repayment term.

The commercial lending business focuses on small businesses and takes part in Small Business Administration (SBA) lending programs.

How deposits work

LendingClub Bank takes deposits directly from customers and through third-party marketing channels and deposit brokers. Its consumer products include LevelUp Savings, LevelUp Checking and certificates of deposit, all FDIC-insured. LevelUp Checking pays cash back for on-time LendingClub personal loan payments made through the account and for qualifying debit card purchases on gas, groceries and pharmacy items. About 88% of total deposits were FDIC-insured at year end.

The loan marketplace

The bank either keeps its consumer loans or sells them to marketplace investors. These investors generally include asset managers, other financial institutions and insurance companies. Sales are made as single loan sales or as Structured Program transactions, under which the company retains senior securities. About $8 billion of loans have been sold under the Structured Program since launch. Of total loan originations in 2025, 74% were loans held for sale and 26% were loans held for investment at amortized cost. The company competes for investor money with equities, bonds and short-term fixed income securities.

How it makes money

- Net interest income, which is interest earned on loans it keeps, less interest paid on deposits and other interest-bearing liabilities. - Origination fees charged to borrowers. - Servicing fees for managing loans on behalf of marketplace investors. - Gain on sales of loans, tied to the value of servicing rights recorded at sale. - Fair value adjustments to the carrying value of loans.

The filing says this gives the company marketplace revenue in the period a loan is made and recurring interest income from loans it holds. Borrower demand has historically been lower in the first and fourth quarters, which the company attributes to tax refunds and holiday-driven behaviour. From 1 January 2026, new loans held for investment are accounted for at fair value.

How the business is organised

The company reports two segments. LendingClub Bank is the national bank. It originates loans, keeps loans for investment, sells loans to marketplace investors and manages deposit relationships. LendingClub Corporation (Parent only) is the holding company. It mainly reflects operations from before the bank was formed, including servicing fees on purchased servicing assets.

Who oversees it

As a bank holding company, the company is supervised by the Board of Governors of the Federal Reserve System. LendingClub Bank is supervised by the Office of the Comptroller of the Currency. Because it has more than $10 billion in assets, the bank is also subject to Consumer Financial Protection Bureau supervision on federal consumer financial laws. The Federal Deposit Insurance Corporation insures its deposits. The company has not elected financial holding company status. These rules set capital and liquidity levels and limit how the company can pay dividends and repurchase stock. Competitors include banks and non-banks, some of which the company says have more resources, less regulatory oversight or lower cost structures.

Its people

Pay consists mainly of base salary, an annual corporate bonus opportunity and long-term equity and cash awards. Benefits include a 401(k) matching program. Since 2022 the company has used a hybrid in-office work model, and it surveys employee engagement twice a year.

*From LendingClub's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1409970/000140997026000018/lc-20251231.htm)*

From the company's 10-K.