LaBenne described that fair value adoption “removing the front-loaded CECL impact,” with CECL expense declining as legacy portfolio amortizes off. Fair value option : An accounting method allowing financial assets and liabilities to be measured at estimated current market value, with changes reflected in earnings. Full Conference Call TranscriptOperator: Ladies and gentlemen, thank you for joining us, and welcome to the LendingClub Corporation Q4 2025 Earnings Conference Call. Before I get into the guide, I'd like to spend a few minutes on our move to fair value option. First, there is more volume receiving a day-one fair value adjustment as we are transitioning 100% of all new held-for-investment originations to fair value option.