Analogies for LendingTree:

• Expedia for loans
• Zillow for mortgages and other financial products

• Mortgage Loan Marketplace: Connects consumers with various lenders to compare and apply for home purchase mortgages and mortgage refinancing options.
• Personal Loan Marketplace: Provides a platform for consumers to compare and apply for unsecured personal loans from multiple lenders.
• Auto Loan Marketplace: Allows users to compare offers and apply for new and used car loans from a network of lenders.
• Credit Card Marketplace: Helps consumers find, compare, and apply for a variety of credit cards based on their financial needs.
• Small Business Loan Marketplace: Facilitates small business owners in comparing and applying for different types of business financing.
• Insurance Comparison: Enables users to compare quotes and options for various insurance products, including auto, home, and life insurance.
• Deposit Account Comparison: Offers tools for consumers to compare savings, checking, and certificate of deposit (CD) accounts from different financial institutions.
• Student Loan Refinancing: Connects individuals with lenders offering options to refinance existing student loans.

LendingTree (symbol: TREE) operates as an online marketplace that connects consumers seeking various financial products (such as mortgages, personal loans, auto loans, and credit cards) with a network of lenders and financial service providers. Therefore, LendingTree's primary customers are the financial institutions and other companies that pay LendingTree for qualified leads and advertising services.

According to LendingTree's public filings, no single customer accounts for 10% or more of its consolidated revenues. This indicates that LendingTree serves a diverse and broad customer base rather than relying on a few major clients. Its customers generally fall into the following categories:

• Mortgage Lenders: This category includes a wide range of institutions, from large national banks to regional banks, credit unions, and non-bank mortgage originators. They pay LendingTree for leads from consumers interested in purchasing or refinancing homes.
  • Examples of companies that operate in this space and could be partners (not necessarily major customers by revenue concentration):
    • Rocket Companies (symbol: RKT)
    • loanDepot (symbol: LDI)
    • Wells Fargo & Company (symbol: WFC)
    • JPMorgan Chase & Co. (symbol: JPM)
• Personal Loan, Auto Loan, and Other Consumer Lenders: This group comprises banks, credit unions, and fintech companies offering various unsecured and secured personal loans, auto loans, student loans, and other forms of consumer credit.
  • Examples of companies that operate in this space and could be partners:
    • SoFi Technologies (symbol: SOFI)
    • Capital One Financial Corporation (symbol: COF)
    • Discover Financial Services (symbol: DFS)
• Credit Card Issuers: Major financial institutions that issue credit cards and seek new cardholders through LendingTree's platform.
  • Examples of companies that operate in this space and could be partners:
    • Capital One Financial Corporation (symbol: COF)
    • Discover Financial Services (symbol: DFS)
    • American Express Company (symbol: AXP)
• Insurance Providers: Through its QuoteWizard platform, LendingTree connects consumers with various insurance carriers for auto, home, health, and life insurance.
  • Examples of companies that operate in this space and could be partners:
    • The Progressive Corporation (symbol: PGR)
    • The Allstate Corporation (symbol: ALL)
    • Travelers Companies (symbol: TRV)

• Alphabet (GOOGL)
• Meta Platforms (META)

Scott Peyree President & Chief Executive Officer

Scott Peyree is an entrepreneurial leader with over two decades of experience, currently serving as President & Chief Executive Officer of LendingTree. He founded QuoteWizard, an online insurance business, in 2006, which LendingTree acquired in 2018. Prior to QuoteWizard, he managed operations at the online marketing firm WorldClass Strategy for six years. He also co-founded Kahler Mountain Club. Peyree holds a BBA in Finance & Entrepreneurship from Pacific Lutheran University.

Jason Bengel Chief Financial Officer

Jason Bengel leads the Finance, Accounting, and Treasury functions at LendingTree, a role he assumed effective August 9, 2024. He joined LendingTree in 2018 as part of the Financial Planning & Analysis (FP&A) team and has held various financial roles within the company, including Treasury and Corporate Development. Bengel is a Chartered Financial Analyst (CFA) Charterholder. He holds a Bachelor of Science and a Master's degree in Civil Engineering from Penn State University, as well as an MBA in Finance from Indiana University.

Jill Olmstead Chief Human Resources Officer

Jill Olmstead joined LendingTree in October 2018 and serves as the Chief Human Resources Officer, overseeing Human Resources, Real Estate and Facilities, and the LendingTree Foundation. Prior to LendingTree, she was the founding partner and owner of Spivey & Olmstead, a talent and leadership consulting firm. She also spent nearly 25 years at Wells Fargo (formerly Wachovia) in various Human Resources executive roles, including Executive Vice President and Managing Director of Human Resources. Olmstead earned a Master of Arts in Organizational Development and Human Behavior from Fielding University and a Bachelor of Science in Administrative Management from Clemson University.

Arun Sankaran Chief Information Security Officer

Arun Sankaran is the Chief Information Security Officer at LendingTree, a position he has held since October 2018. He is responsible for leading the company's information security team, ensuring the confidentiality and integrity of technology and information systems, and developing security policies. Sankaran brings 20 years of information security experience within the FinTech sector. Before joining LendingTree, he served as Senior Vice President, Global Information Security Operations Executive at Bank of America and spent ten years with Experian PLC. He holds multiple patents related to information security risk management and a Computer Science degree from the University of Washington.

Heather Enlow-Novitsky General Counsel

Heather Enlow-Novitsky is the General Counsel for LendingTree, guiding all legal functions including compliance, privacy, and cybersecurity law. She joined the company in 2020. Her background includes over a decade of advising financial institutions such as Bank of America Merchant Services and Wells Fargo.

The increasing likelihood of major technology companies (e.g., Google, Amazon) leveraging their vast user bases and data to integrate comprehensive financial product comparison tools directly into their core platforms. Such a move could disintermediate LendingTree by providing consumers with a single, highly integrated source for comparing loan products and offers, bypassing dedicated marketplace aggregators.

LendingTree (symbol: TREE) operates in several large addressable markets within the U.S. financial services sector. Below are the estimated market sizes for their main products and services:

• Mortgages: The total outstanding mortgage debt in the U.S. was $12.94 trillion as of the second quarter of 2025. Mortgage originations in the U.S. amounted to $1.69 trillion in 2024.
• Personal Loans: The outstanding personal loan debt in the U.S. was $257 billion as of the second quarter of 2025. Approximately 24.8 million Americans held a personal loan as of the same period.
• Auto Loans: The U.S. auto loan market was valued at $676.20 billion in 2025 and is projected to reach $870.78 billion by 2030. Americans collectively owed $1.655 trillion in auto loan debt as of Q2 2025.
• Student Loans: Americans owed $1.81 trillion in federal and private student loan debt as of the second quarter of 2025. The North American student loans market held a 42.58% share of the global market in 2024, which was valued at $4.47 trillion in 2025.
• Credit Cards: The total credit card balance held by Americans was $1.233 trillion as of the third quarter of 2025. This figure represents a 60% increase in credit card debt since Q1 2021.
• Small Business Loans: The U.S. small business loan market was valued at $245.39 billion in 2023 and is projected to reach $349.64 billion by 2033.

LendingTree (symbol: TREE) anticipates several key drivers for future revenue growth over the next 2-3 years, stemming from strategic focus on high-performing segments, market recovery, and technological advancements.

Here are 3-5 expected drivers of future revenue growth:

1. Continued Strength and Expansion in the Insurance Segment: LendingTree's Insurance segment has been a significant growth engine, demonstrating substantial year-over-year revenue increases (e.g., 188% in Q4 2024 and 20% in Q3 2025). The company expects this momentum to persist, driven by robust consumer demand for auto insurance quotes and increased spending from insurance carriers as they optimize policy rates and marketing to capture market share.
2. Growth in the Small Business Lending Segment: The small business loan offering has consistently shown strong revenue growth (e.g., 45% in Q4 2024 and 50% in Q3 2025) and is identified as a high-margin component of LendingTree's network. Strategic investments in a concierge sales team have enhanced customer satisfaction, improved loan close rates, and increased renewal and lender bonus revenue, with management forecasting record revenue for this segment in 2025.
3. Recovery and Increased Activity in Home Equity and Potential Mortgage Refinancing: Despite broader macroeconomic headwinds impacting the overall Home segment, home equity loans have been a strong performer, constituting a significant portion of its revenue (e.g., two-thirds in Q3 2024). LendingTree is well-positioned to benefit from a potential mortgage refinance boom if interest rates decline, with home equity serving as a valuable alternative for consumers and lenders in the current environment.
4. Improved Performance and Expansion of Personal Loans: LendingTree has strategically prioritized its personal loan products, which have shown consistent sequential and year-over-year revenue growth (e.g., 21% in Q4 2024 and 12% in Q3 2025). This growth is supported by lenders gradually widening their credit criteria for borrowers, leading to improved close rates for various loan types, including debt consolidation.
5. Leveraging AI and Technology for Enhanced Consumer Experience and Operational Efficiency: The company is focused on integrating artificial intelligence and other technological advancements to optimize the consumer experience and improve operational efficiency. These initiatives, including AI-driven productivity tools and process optimization, are expected to reduce operating expenses and drive greater output, contributing to future revenue growth and margin expansion.

Share Repurchases

• In December 2023, LendingTree repurchased approximately $100 million in aggregate principal amount of its 0.50% Convertible Senior Notes due 2025, paying approximately $81.4 million in cash.
• Net cash used in financing activities in 2024 included the repurchase of 2025 Notes for $158.8 million.
• LendingTree has an authorized plan for the repurchase of its common stock, with discussions in the first six months of 2024 and 2023.

Share Issuance

• Shares of the Company's common stock associated with warrants issued in 2020 were excluded from diluted income (loss) per share calculations in the first six months of 2024 and 2023 due to being anti-dilutive.
• Payments were made related to the net-share settlement of stock-based compensation, net of proceeds from the exercise of stock options.
• The company grants stock-based awards, including restricted stock units, performance-based RSUs, stock options, and employee stock purchase rights.

Outbound Investments

• LendingTree's equity investments, primarily in Stash Financial, Inc., were impaired during 2024, resulting in a charge of $58.4 million.
• An impairment charge of $1.4 million on an investment in equity securities was recorded in the second quarter of 2023.
• Equity investments totaled $16.44 million in 2022.

Capital Expenditures

• Capital expenditures primarily related to internally developed software were $11.2 million in 2024 and $12.5 million in 2023.
• For the nine months ended September 30, 2023, capital expenditures were $9.928 million, compared to $8.970 million for the same period in 2022.
• Capital expenditures were $2.452 million for the three months ended March 31, 2023, and $3.465 million for the same period in 2022.