Company: BLND
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001855747-25-000041
Chunk: 9

Company: Blend Labs, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 9
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)Cash equivalents:   Money market funds$7,112 $— $7,112 Level 1Commercial paper19,162 — 19,162 Level 2Total cash equivalents26,274 — 26,274 Marketable securities:U.S. treasury and agency securities31,160 92 31,252 Level 2Commercial paper12,244 — 12,244 Level 2Debt securities12,643 94 12,737 Level 2Total marketable securities56,047 186 56,233 Restricted cash, current:Money market funds5,023 — 5,023 Level 1Total$87,344 $186 $87,530 Restricted cash that is not available for use in operations consisted of $5.0 million collateral for standby letters of credit related to the Company’s office lease facilities as of March 31, 2025 and December 31, 2024.Marketable securities consist primarily of U.S. treasury and agency securities, commercial paper, and corporate debt securities. The Company classifies its marketable securities as available-for-sale securities at the time of purchase and reevaluates such classification at each balance sheet date. The Company has classified its investments as current based on the nature of the investments and their availability for use in current operations.The fair value of the Company’s investments in money market funds classified as Level 1 of the fair value hierarchy is based on real-time quotes for transactions in active exchange markets involving identical assets. The fair value of the Company’s investments in commercial paper and marketable securities classified as Level 2 of the fair value hierarchy is based on quoted market prices for similar instruments.The following table summarizes the stated maturities of the Company’s marketable securities and other investments:March 31, 2025December 31, 2024(In thousands)AmortizedCostFair ValueAmortizedCostFair ValueDue within one year$35,477 $35,578 $35,422 $35,477 Due after one year through two years12,907 12,996 20,625 20,756 Total marketable securities and other investments$48,384 $48,574 $56,047 $56,233 The Company evaluates marketable securities in unrealized loss positions to determine whether the impairment is due to credit-related factors or other factors. The Company considers the extent to which the fair value