Company: BLND
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001855747-25-000069
Chunk: 9

Company: Blend Labs, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 9
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 employee benefits, payroll taxes and related facilitation costs.

Interest Expense

Three Months Ended June 30,20252024$ Change % Change(In thousands)Interest expense$— $(1,648)$1,648 (100%)

Interest expense decreased by $1.6 million, or 100%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024, primarily due to the repayment of all remaining amounts outstanding and payable under the Credit Agreement in an aggregate amount of $146.1 million on April 29, 2024. The borrowings under the Credit Agreement 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.

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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,