Company: BLND
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001855747-25-000069
Chunk: 462

Company: Blend Labs, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 462
---
 in each case, related to our restructuring actions.

Sales and Marketing

Sales and marketing expenses decreased by $4.6 million, or 25%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The decrease was primarily due to a $3.2 million decrease in personnel related expenses attributable to a decrease in headcount related to our restructuring actions and a $1.3 million decrease in commissions.

General and Administrative

General and administrative expenses increased by $1.1 million, or 5%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The increase was primarily due to a $1.9 million increase in stock-based compensation expense attributable to executive PSUs, a $1.2 million increase in professional and outside services costs, offset by a $2.4 million decrease in personnel related expenses related to our restructuring actions.

Restructuring

Restructuring expenses decreased by $0.3 million, or 31%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 due to the 2024 workforce reduction plan being larger than the 2025 workforce reduction plan. The costs related to each workforce reduction plan included cash expenditures for compensation and severance payments, employee benefits, payroll taxes and related facilitation costs.

37

Interest Expense

Six Months Ended June 30,20252024$ Change % Change(In thousands)Interest expense$— $(6,747)$6,747 (100%)

Interest expense decreased $6.7 million, or 100%, for the six months ended June 30, 2025 compared to the six 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.

Other Income (Expense), net

Six Months Ended June