Company: BLND
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001855747-25-000092
Chunk: 469

Company: Blend Labs, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 469
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 expenditures for compensation and severance payments, employee benefits, payroll taxes and related facilitation costs.

38

Interest Expense

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

Interest expense decreased $6.7 million, or 100%, for the nine months ended September 30, 2025 compared to the nine months ended September 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

Nine Months Ended September 30,20252024$ Change % Change(In thousands)Other income (expense), net$19,480 $11,874 $7,606 64%

Other income (expense), net increased by $7.6 million, or 64%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The increase was primarily due to a $16.6 million gain on investment on non-marketable equity securities due to an observable price change in nine months ended September 30, 2025, partially offset by a $9.2 million gain on sale of insurance business, a $4.4 million gain on investment on non-marketable equity securities due to an observable price change, and a $5.5 million loss on extinguishment of debt recognized in the nine months ended September 30, 2024.

Income Tax Expense

Nine Months Ended September 30,20252024$ Change % Change(In thousands)Income tax expense$(98)$(93)$(5)5%

The decrease in income tax expense for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 was immaterial.

Liquidity and Capital Resources

Since our inception, we have financed our operations primarily through