Company: BLND
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0001855747-25-000017
Chunk: 56

Company: Blend Labs, Inc.
Filing Date: 2025-03-13
Form: 10-K
Item: Item 8
Chunk 56
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bt securities56,512 187 (127)56,572 Level 2Asset-backed securities16,037 99 — 16,136 Level 2Mutual funds60 — — 60 Level 1Total marketable securities105,834 294 (198)105,930 Other investments:Certificates of deposit30 — — 30 Level 2Total marketable securities and other investments105,864 294 (198)105,960 Restricted cash, non-current:Money market funds6,959 — — 6,959 Level 1Certificates of deposit332 — — 332 Level 2Total restricted cash7,291 — — 7,291 Total$134,891 $294 $(198)$134,987 Restricted cash that is not available for use in operations consisted of $5.0 million collateral for standby letters of credit related to the Company’s office lease facilities, $1.9 million collateral for surety bonds related to the Title segment and $0.3 million statutory deposits required under the California insurance code as of December 31, 2024 and 2023.Marketable securities consist primarily of U.S. treasury and agency securities, commercial paper, and corporate debt securities. The Company classifies its marketable securities as available-for-sale securities at the time of purchase and reevaluates such classification at each balance sheet date. The Company has classified its investments as current based on the nature of the investments and their availability for use in current operations.The fair value of the Company’s investments in money market funds classified as Level 1 of the fair value hierarchy is based on real-time quotes for transactions in active exchange markets involving identical assets. The fair value of the Company’s investments in commercial paper and marketable securities classified as Level 2 of the fair value hierarchy is based on quoted market prices for similar instruments. The Company’s certificates of deposit are short-term in nature and are carried at amortized cost, which approximates fair value; as such, the certificates of deposit are classified within Level 2 of the fair value hierarchy.The following table summarizes the stated maturities of the Company’s marketable securities and other investments:December 31, 2024December 31, 2023(In thousands)AmortizedCostFair ValueAmortizedCostFair ValueDue within one year$35,422 $35,477 $66,795 $66,