Company: BLND
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001855747-25-000092
Chunk: 396

Company: Blend Labs, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 396
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 leased facility, incurring a $3.3 million restructuring charge primarily related to accelerated amortization of the right-of-use asset and disposal of the accompanying leasehold improvements. The reconciliation of the restructuring liability balances is as follows:(In thousands)Restructuring liability as of December 31, 2023$31 January 2024 Plan charge1,086 September 2024 Plan charge1,442 Settlements(2,484)Restructuring liability as of December 31, 2024$75 2025 Plan charge840 Settlements(835)Restructuring liability as of September 30, 2025$80 

23

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

13. Income Taxes

The provision for income taxes was not material for the three and nine months ended September 30, 2025 and 2024. The effective tax rate for the three months ended September 30, 2025 and 2024 was 0.2% and (3.4)%, respectively, and for the nine months ended September 30, 2025 and 2024 was 4.2% and (0.2)% respectively. The effective tax rates differ from the federal statutory rate primarily due to a valuation allowance on the Company’s deferred tax assets.On July 4, 2025, the President signed H.R. 1, the “One Big Beautiful Bill Act,” into law in the United States, which includes a broad range of tax reform provisions. The Company does not expect the One Big Beautiful Bill Act to have a material impact on the estimated annual effective tax rate in 2025.The Company reassessed the ability to realize deferred tax assets by considering the available positive and negative evidence. As of September 30, 2025, the Company concluded that its net deferred tax assets are not more-likely-than-not to be realized and maintained a full valuation allowance against such net deferred tax assets.As of September 30, 2025, the Company files tax returns in the U.S. federal and various state jurisdictions. Due to the Company’s U.S. net operating loss carryforwards, its income tax returns generally remain subject to examination by federal and most state tax authorities. Beginning in 2022, the Company’s subsidiary in India files income tax returns in India which are subject to examination by local tax authorities. This subsidiary is currently under examination by the tax authorities for the fiscal years ended March 31