Company: BLND
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001855747-25-000069
Chunk: 410

Company: Blend Labs, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 410
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)$6,747 (100%)

Interest expense decreased $6.7 million, or 100%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024, primarily due to the repayment of all remaining amounts outstanding and payable under the Credit Agreement in an aggregate amount of $146.1 million on April 29, 2024. The borrowings under the Credit Agreement accrued interest at a floating rate which could be, at our option, either (i) an adjusted Term SOFR rate for a specified interest period plus an applicable margin of 7.50% or (ii) a base rate plus an applicable margin of 6.50%. The effective interest rate on our Term Loan was approximately 14.55% as of April 29, 2024, the date of its termination.

Other Income (Expense), net

Six Months Ended June 30,20252024$ Change % Change(In thousands)Other income (expense), net$2,132 $1,201 $931 78%

Other income (expense), net increased by $0.9 million, or 78%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The increase was primarily due to a $5.5 million loss on extinguishment of debt recognized in the three months ended June 30, 2024, offset by a $4.4 million gain on investment on non-marketable equity securities due to an observable price change in the same period.

Income Tax Expense

Six Months Ended June 30,20252024$ Change % Change(In thousands)Income tax expense$(71)$(72)$1 (1%)

The decrease in income tax expense for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. was immaterial.

Liquidity and Capital Resources

Since our inception, we have financed our operations primarily through proceeds from the issuance of our stock and warrants and cash generated from the sale of our product offerings, as well as debt financing. As of June 30, 2025, our principal sources of liquidity were cash, cash equivalents, and marketable securities of $88.3 million. Cash and cash equivalents are comprised of bank deposits and money market funds. Marketable securities are comprised of U.S. treasury and agency securities, commercial paper, and corporate debt securities. Most of our