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

Company: Blend Labs, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 10
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 is less than cost, the financial condition and near-term prospects of the security issuer, and the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value. 

12

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

The Company does not have an intent to sell any of these securities prior to maturity and believes that it is more likely than not that the Company will not have to sell any such securities before a recovery of cost. The fair value is expected to recover as the securities approach their maturity date. Accordingly, the Company believes that generally the unrealized losses are due to noncredit-related factors, including changes in interest rates and other market conditions, and therefore no impairment charges or allowance for credit losses have been recognized in the Company’s unaudited condensed consolidated statements of operations for the three months ended March 31, 2025 and 2024. As of March 31, 2025, the Company had 1 security, with a fair value of $3.0 million, in an unrealized loss position; the unrealized loss was not material. As of December 31, 2024, the Company had no securities in an unrealized loss position. As of March 31, 2025 and December 31, 2024, the Company had no securities that have been in a continuous unrealized loss position for twelve months or greater. The Company determines realized gains or losses on the sale of marketable securities based on a specific identification method. The Company recognized interest income from its investment portfolio of $1.1 million and $1.2 million for the three months ended March 31, 2025 and 2024, respectively. Accrued interest receivable related to marketable securities is  $0.3 million and $0.4 million, as of March 31, 2025 and December 31, 2024, respectively, and is presented within prepaid expenses and other current assets on the unaudited condensed consolidated balance sheets. The Company does not measure an allowance for credit losses on accrued interest receivable and recognizes interest receivable write offs as a reversal of interest income. No accrued interest was written off during the three months ended March 31, 2025 and 2024.

5. Significant Balance Sheet Components

Prepaid Expenses and Other Current AssetsPrepaid expenses and other current assets consisted of the following:March 31, 2025December