Company: BLND
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0001855747-25-000017
Chunk: 50

Company: Blend Labs, Inc.
Filing Date: 2025-03-13
Form: 10-K
Item: Item 8
Chunk 50
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 gain on sale of insurance business in connection with the strategic partnership (Refer to Note 16, Strategic Partnership and Sale of Insurance Business, for details), a $4.4 million gain on investment on non-marketable equity securities due to an observable price change, income earned from the Company’s investment portfolio of $5.4 million, offset by a $5.5 million loss on extinguishment of debt and a $0.6 million loss on transfer of the subsidiary in India.

92

Blend Labs, Inc.Notes to Consolidated Financial Statements

Other income (expense), net for the year ended December 31, 2023 consists primarily of  income earned from the Company’s investment portfolio of $11.4 million, offset by a loss on the partial extinguishment of debt of $4.0 million. Other income (expense), net for the year ended December 31, 2022 consists primarily of  income earned from the Company’s investment portfolio of $2.4 million, an adjustment to carrying value of investment in non-marketable equity securities of $2.9 million, and net foreign currency transaction losses of $0.5 million.Employee Benefit PlanThe Company maintains a 401(k) plan that covers all eligible employees in the United States. Employer matching contributions are discretionary. The Company, at its discretion, may match a percentage of the employee contributions. The Company recognized a contribution expense of $2.0 million, $3.0 million and $4.8 million for the years ended December 31, 2024, 2023 and 2022, respectively.Concentrations of Credit Risk and Significant CustomersFinancial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, marketable securities, trade accounts receivable, and notes receivable. The Company maintains its cash equivalents primarily in money market funds and highly liquid investments that are issued or guaranteed by the United States government or its agencies. As of December 31, 2024 and December 31, 2023, cash and cash equivalents was $42.2 million and $31.0 million, respectively, and included $2.2 million and $1.9 million, respectively, of cash held in a foreign jurisdiction. Collateral is not required for trade accounts receivable. Title365 has agreements with insurance underwriters authorizing the Company to issue title insurance policies on behalf of the insurance underwriters. The policies were underwritten by two title insurance