Company: BLND
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0001855747-25-000017
Chunk: 59

Company: Blend Labs, Inc.
Filing Date: 2025-03-13
Form: 10-K
Item: Item 8
Chunk 59
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 discount rate. 

98

Blend Labs, Inc.Notes to Consolidated Financial Statements

Based on the results of the impairment analyses, the Company recorded an impairment charge of $162.5 million for the year ended December 31, 2022 to write down the value of the customer relationships to its estimated fair value, which represented a full write off of the  carrying amount. These charges are presented within impairment of intangible assets and goodwill in the consolidated statements of operations and comprehensive income (loss). In evaluating goodwill for impairment, the Company compared the fair value of the Title365 reporting unit to its associated carrying value after the write down of the customer relationship intangible asset to its estimated fair value. The Company also estimated the fair value of the Blend Platform reporting unit and reconciled the aggregate fair values of its reporting units to the Company’s market capitalization adjusted for an estimated control premium.Based on the results of the impairment analyses, the Company recorded an impairment charge of $287.2 million for the year ended December 31, 2022 against the carrying value of goodwill, which represented a full write off of the  carrying amount. These charges are presented within impairment of intangible assets and goodwill in the consolidated statements of operations and comprehensive income (loss) and are not deductible for tax purposes. There was no impairment of intangible assets for the years ended December 31, 2024 and 2023.Intangible assets consisted of the following:December 31, 2024Weighted Average Remaining AmortizationGross AmountAccumulated AmortizationNet Book Value(In years)(In thousands)Intangible assets subject to amortization:Domain name6.3$192 $(111)$81 Indefinite-lived intangible assets:Acquired licenses2,000 — 2,000 Total intangible assets, net$2,192 $(111)$2,081 December 31, 2023Weighted Average Remaining AmortizationGross AmountAccumulated AmortizationNet Book Value(In years)(In thousands)Intangible assets subject to amortization:Domain name7.7$210 $(102)$108 Indefinite-lived intangible assets:Acquired licenses2,000 — 2,000 Total intangible assets, net$2,210 $(102)$2,108 Amortization of intangible assets for the years ended December 31, 2024 and 2023 was immaterial. Amortization of intangible assets