Company: BLND
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001855747-25-000069
Chunk: 460

Company: Blend Labs, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 460
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 accrued interest at a floating rate which could be, at our option, either (i) an adjusted Term SOFR rate for a specified interest period plus an applicable margin of 7.50% or (ii) a base rate plus an applicable margin of 6.50%. The effective interest rate on our Term Loan was approximately 14.55% as of April 29, 2024, the date of its termination.

35

Other Income (Expense), net

Three Months Ended June 30,20252024$ Change % Change(In thousands)Other income (expense), net$1,018 $(4,452)$5,470 123%

Other income (expense), net increased by $5.5 million, or 123%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The increase was primarily due to a $5.5 million loss on extinguishment of debt recognized in the three months ended June 30, 2024.

Income Tax Expense

Three Months Ended June 30,20252024$ Change % Change(In thousands)Income tax expense$(41)$(30)$(11)37%

The increase in income tax expense for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 was immaterial.

Comparison of the Six Months Ended June 30, 2025 and 2024

Revenue and Cost of Revenue

Six Months Ended June 30,20252024$ Change% Change(In thousands)Revenue:Mortgage Suite$32,599 $33,532 $(933)(3%)Consumer Banking Suite21,052 14,679 6,373 43%Professional Services4,642 4,325 317 7%Total revenue58,293 52,536 5,757 11%Cost of revenue:16,029 16,153 (124)(1%)Gross profit and gross margin:$42,264 73 %$36,383 69 %$5,881 16%

Total revenue increased by $5.8 million, or 11%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. 

•Mortgage Suite revenue decreased by $0.9 million, or 3%, primarily due to a decrease in homeowner’s insurance revenue related to the Strategic