Company: BLND
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001855747-25-000069
Chunk: 380

Company: Blend Labs, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 380
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 (loss). There were no impairments for the three and six months ended June 30, 2025 and 2024.

14

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

During the second quarter of 2025, the Company made a cash investment in exchange for Series A Preferred Units in a privately-held company. The investment in the equity securities without readily determinable fair value is measured at cost, less impairment, if any, plus or minus observable price changes in orderly transactions of an identical or similar instrument of the same issuer. As of June 30, 2025, the carrying value of this investment was $4.0 million. No observable price changes have been identified for this investment to date. Cloud Computing ArrangementsThe Company capitalizes certain implementation costs incurred during the application development stage under cloud computing arrangements that are service contracts. The carrying value of the capitalized costs was $0.3 million as of June 30, 2025, of which $0.2 million is presented within prepaid expenses and other current assets, and $0.1 million is presented within other non-current assets on the unaudited condensed consolidated balance sheets. The carrying value of the capitalized costs was $0.2 million as of December 31, 2024, of which $0.1 million is presented within prepaid expenses and other current assets, and $0.1 million is presented within other non-current assets on the unaudited condensed consolidated balance sheets. Amortization of capitalized implementation costs is recognized on a straight-line basis over the term of the associated hosting arrangement when it is ready for its intended use. Costs related to preliminary project activities and post-implementation activities are expensed as incurred.Other Current LiabilitiesOther current liabilities consisted of the following:June 30, 2025December 31, 2024(In thousands)Accrued expenses$3,483 $2,116 Accrued professional fees2,1891,392Accrued connectivity fees3,4033,489Restructuring1175Accrued litigation contingencies1088Operating lease liabilities, current portion9582,660Total other current liabilities$10,152 $9,740 Other Non-Current LiabilitiesOther non-current liabilities consisted of the following:June 30, 2025December 31, 2024(In thousands)Payroll tax liabilities332261Operating lease liabilities, non-current1,421 — Other liabilities42 17