Company: BLND
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001855747-25-000069
Chunk: 377

Company: Blend Labs, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 377
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 loss position. As of June 30, 2025 and December 31, 2024, the Company had no securities in a continuous unrealized loss position for twelve months or greater. The Company determines realized gains or losses on the sale of marketable securities based on a specific identification method. The Company recognized interest income from its investment portfolio of $1.0 million and $1.5 million for the three months ended June 30, 2025 and 2024, respectively, and $2.1 million and $2.7 million for the six months ended June 30, 2025 and 2024, respectively. Accrued interest receivable related to marketable securities is $0.5 million and $0.4 million, as of June 30, 2025 and December 31, 2024, respectively, and is presented within prepaid expenses and other current assets on the unaudited condensed consolidated balance sheets. The Company does not measure an allowance for credit losses on accrued interest receivable and recognizes interest receivable write offs as a reversal of interest income. No accrued interest was written off during the three and six months ended June 30, 2025 and 2024.

5. Significant Balance Sheet Components

Prepaid Expenses and Other Current AssetsPrepaid expenses and other current assets consisted of the following:June 30, 2025December 31, 2024(In thousands)Contract assets$1,294 $2,539 Deferred contract costs1,675 1,277 Prepaid software3,175 2,831 Prepaid insurance389 1,291 Prepaid other2,683 2,229 Restricted cash5,023 5,023 Other current assets2,889 1,535 Total prepaid expenses and other current assets$17,128 $16,725 Property and Equipment, NetProperty and equipment, net, consisted of the following:June 30, 2025December 31, 2024(In thousands)Computer and software$1,125 $783 Capitalized internal-use software22,236 12,041 Total property and equipment, gross23,361 12,824 Accumulated depreciation and amortization(2,182)(1,152)Total property and equipment, net$21,179 $11,672 Depreciation expense was not material for the three and six months ended June 30, 2025. Depreciation