Company: BLND
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001855747-25-000041
Chunk: 11

Company: Blend Labs, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 11
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 31, 2024(In thousands)Contract assets$2,805 $2,539 Deferred contract costs1,385 1,277 Prepaid software2,854 2,831 Prepaid insurance366 1,291 Prepaid other2,156 2,229 Restricted cash5,023 5,023 Other current assets1,327 1,535 Total prepaid expenses and other current assets$15,916 $16,725 Property and Equipment, NetProperty and equipment, net, consisted of the following:March 31, 2025December 31, 2024(In thousands)Computer and software$856 $783 Capitalized internal-use software17,681 12,041 Total property and equipment, gross18,537 12,824 Accumulated depreciation and amortization(1,544)(1,152)Total property and equipment, net$16,993 $11,672 Depreciation expense for the three months ended March 31, 2025 and 2024 was not material and $0.3 million, respectively.Amortization of capitalized internal use software development costs for the three months ended March 31, 2025 and 2024 was $0.4 million and not material, respectively.

13

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

Other Non-Current AssetsOther non-current assets consisted of the following:March 31, 2025December 31, 2024(In thousands)Notes receivable$10,500 $10,500 Investments in non-marketable equity securities9,801 9,801 Other non-current assets1,629 1,524 Total non-current assets$21,930 $21,825 Notes ReceivableIn 2021, the Company made a $3.0 million investment in a privately-held company via a convertible promissory note (“2021 Note”). In 2023, the Company made an additional $2.5 million investment into the issuer via another convertible promissory note (“2023 Note”). In 2024, the Company made an additional $5.0 million investment into the issuer via a third convertible promissory note (“2024 Note”).  Interest accrues at 2% per annum for the 2021 Note and 2023 Note, and 4% per annum for the 2024 Note,