Company: BLND
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0001855747-25-000017
Chunk: 51

Company: Blend Labs, Inc.
Filing Date: 2025-03-13
Form: 10-K
Item: Item 8
Chunk 51
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 companies, which accounted for approximately 62% and 38% during the year ended December 31, 2024, and 67% and 33% during the year ended December 31, 2023, respectively, of title policy fees earned during the period. The following customer comprised 10% or more of the Company’s revenue for the following periods:Year Ended December 31,Customer202420232022A117%19%29%(1) this customer generates revenue in both Blend Platform and Title segmentsThe following customers comprised 10% or more of the Company’s trade and unbilled receivables:CustomerDecember 31, 2024December 31, 2023A10%10%B10%13%Fair Value MeasurementThe Company measures its cash and cash equivalents, marketable securities, trade and other receivables, accounts payable, and other current liabilities at fair value on a recurring basis. In addition, the Company measures certain other assets, including intangible assets and investments in equity securities without readily determinable fair values, at fair value on a nonrecurring basis.The Company reports its investments in cash equivalents and marketable securities at fair value on the consolidated balance sheets based upon the level of judgment associated with inputs used to measure their fair value. The categories are as follows:Level 1—Observable inputs are unadjusted quoted prices in active markets for identical assets or liabilities.

93

Blend Labs, Inc.Notes to Consolidated Financial Statements

Level 2—Observable inputs are quoted prices for similar assets and liabilities in active markets or inputs other than quoted prices which are observable for the assets or liabilities, either directly or indirectly through market corroboration, for substantially the full term of the financial instruments.Level 3—Unobservable inputs which are supported by little or no market activity and which are significant to the fair value of the assets or liabilities. These inputs are based on the Company’s assumptions used to measure assets and liabilities at fair value and require significant management judgment or estimation.The estimated fair value of trade and other receivables, accounts payable, and other current liabilities approximate their respective carrying values due to their short term nature.JOBS Act Accounting ElectionAs an emerging growth company (“EGC”), the Jumpstart Our Business Startups Act (“JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are applicable to private companies (that is, those that have not had a Securities Act of 1933, as amended (the “