Company: BLND
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001855747-25-000041
Chunk: 511

Company: Blend Labs, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 511
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 weighted average grant-date fair value of these unvested options was $1.33 and $1.58 per share as of March 31, 2025 and December 31, 2024, respectively.The total fair value of options vested during the three months ended March 31, 2025 and 2024 was $0.7 million and $1.4 million, respectively.The aggregate intrinsic value of options exercised during the three months ended March 31, 2025 and 2024 was $0.6 million and $0.5 million, respectively.As of March 31, 2025, the total unrecognized stock-based compensation expense for stock options issued under the 2012 Plan and the 2021 Plan was approximately $1.6 million, which is expected to be recognized over a weighted average period of 1.7 years. Restricted Stock UnitsA summary of the Company’s RSU activity and related information is as follows:Number of RSUsWeightedaveragegrant date fair value per share (In thousands)Balance as of December 31, 202413,770 $1.75 Granted3,969 $3.67 Vested(2,064)$1.76 Forfeited(1,311)$1.77 Balance as of March 31, 202514,364 $2.27 As of March 31, 2025, there was $30.3 million of unrecognized stock-based compensation expense related to unvested RSUs, which is expected to be recognized over a weighted average period of 2.2 years. RSUs granted under the 2021 Plan generally vest quarterly over a period of one year from the grant date.The total fair value of RSUs vested during the three months ended March 31, 2025 and 2024 was $3.6 million and $5.0 million, respectively.

19

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

Performance Stock UnitsA summary of the Company’s PSU activity and related information is as follows:Number of PSUsWeightedaveragegrant date fair value per share (In thousands)Balance as of December 31, 20243,525 $0.67 Granted7,850 $1.61 Vested— $— Forfeited(2,400)$0.46 Balance as of March 31, 20258,975 $1.93 New PSUsIn