Company: BLND
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001855747-25-000069
Chunk: 449

Company: Blend Labs, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 449
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ited condensed consolidated balance sheets and the operations of the disposal group as discontinued operations starting in the first quarter of 2025. Disposal group net assets are recorded at the lower of their carrying amount or estimated fair value less the costs to sell. Prior period amounts have been reclassified to conform to current period presentation.Upon the execution of the definitive agreement, in the three months ended June 30, 2025, the Company recorded an impairment charge in the amount of $2.0 million related to the full write off of indefinite-lived intangible assets held within discontinued operations as the value was deemed to be not recoverable. With the exception of this impairment charge, there was no loss recognized related to the disposal group for the three and six months ended June 30, 2025.

26

Blend Labs, Inc.Notes to Condensed Consolidated Financial Statements(Unaudited)

The following table is a summary of the assets and liabilities held for sale from discontinued operations:June 30, 2025December 31, 2024(In thousands)Cash and cash equivalents$3,335 $4,232 Trade and other receivables, net of allowance for credit losses2,475 2,782 Prepaid expenses and other current assets630 2,604 Current assets held for sale from discontinued operations$6,440 $9,618 Property and equipment, net$578 $649 Operating lease right-of-use assets1,019 1,130 Intangible assets, net— 2,000 Other non-current assets(1)2,276 2,278 Non-current assets held for sale from discontinued operations$3,873 $6,057 Accounts payable$419 $797 Accrued compensation477 661 Other current liabilities4,894 3,649 Current liabilities held for sale from discontinued operations$5,790 $5,107 Operating lease liabilities, non-current$690 $801 Other non-current liabilities168 302 Non-current liabilities held for sale from discontinued operations$858 $1,103 ____________(1) Other non-current assets includes $2.3 million of restricted cash related to collateral for surety bonds.Operating results from the disposal group for the three and six months ended June 30, 2025 and 2024 are reported as Net (loss) income from discontinued operations, on the unaudited condensed consolidated statements of operations and comprehensive income (loss), as follows:Three