Company: BLND
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001855747-25-000069
Chunk: 365

Company: Blend Labs, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 365
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$—$6,150Supplemental disclosure of non-cash investing and financing activities:Reclassification of redeemable noncontrolling interest related to discontinued operations to equity$52,675$—Vesting of early exercised stock options$—$356Operating lease liabilities arising from obtaining new or modified right-of-use assets$1,640$654Stock-based compensation included in capitalized internal-use software development costs$2,345$1,130Accretion of redeemable noncontrolling interest related to discontinued operations to redemption value$1,254$2,988Accretion of Series A redeemable convertible preferred stock to redemption value$8,578$2,661Capitalized internal-use software development costs included in accrued compensation$201$—Issuance costs accrued in connection with the Series A redeemable convertible preferred stock and the Warrant$—$403

See accompanying notes to condensed consolidated financial statements 

5

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

1. Description of Business and Basis of Presentation

Description of BusinessBlend Labs, Inc. (the “Company,” “Blend,” “we,” “us,” or “our”) was incorporated on April 17, 2012. The Company offers a cloud-based software platform for financial services firms that is designed to power the end-to-end consumer journey for banking products. The Company’s solutions make the journey from application to close fast, simple, and transparent for consumers, while helping financial services firms increase productivity, deepen customer relationships, and deliver exceptional consumer experiences.Basis of Presentation and Principles of ConsolidationThe unaudited condensed consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and include the accounts of Blend Labs, Inc., its subsidiaries in which the Company holds a controlling financial interest, and variable interest entities (“VIE”) in which the Company is the primary beneficiary in accordance with the consolidation accounting guidance. Noncontrolling interest represents the minority stockholder’s share of the net income or loss and equity in a consolidated subsidiary. On February 26, 2025, the Company obtained the remaining interest previously held by the minority stockholder thereby extinguishing the noncontrolling interest. All intercompany balances and transactions have been eliminated in consolidation.During the first quarter of 2025, the Company classified the results of its previously reported Title segment as discontinued operations in the Company’s unaudited condensed consolidated financial statements for all prior periods presented. As a result, the Company’s operates