Blend Labs (BLND) 10-Q 8 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	Apr. 30, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-40599
Entity Registrant Name	BLEND LABS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-5211045
Entity Address, Address Line One	415 Kearny Street
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94108
City Area Code	650
Local Phone Number	550-4810
Title of 12(b) Security	Class A common stock, par value $0.00001 per share
Trading Symbol	BLND
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Document Period Focus	Q1
Entity Central Index Key	0001855747
Amendment Flag	false
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		242,893,286
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		9,484,319
Class C Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 84,521	$ 30,962
Marketable securities and other investments	43,504	105,960
Trade and other receivables, net of allowance for credit losses of $128 and $149, respectively	18,179	18,345
Prepaid expenses and other current assets	13,321	14,569
Total current assets	159,525	169,836
Property and equipment, net	5,984	3,945
Operating lease right-of-use assets	8,358	8,565
Intangible assets, net	2,103	2,108
Deferred contract costs	2,197	2,453
Restricted cash, non-current	7,294	7,291
Other non-current assets	16,299	11,867
Total assets	201,760	206,065
Current liabilities:
Accounts payable	1,898	2,170
Deferred revenue	21,540	8,984
Accrued compensation	5,186	5,562
Other current liabilities	13,935	14,858
Total current liabilities	42,559	31,574
Operating lease liabilities, non-current	6,398	6,982
Other non-current liabilities	2,056	2,228
Debt, non-current, net	138,854	138,334
Total liabilities	189,867	179,118
Commitments and contingencies (Note 8)
Redeemable noncontrolling interest	47,656	46,190
Stockholders’ equity:
Preferred stock	0	0
Common stock	2	2
Additional paid-in capital	1,326,187	1,321,944
Accumulated other comprehensive loss	346	441
Accumulated deficit	(1,362,298)	(1,341,630)
Total stockholders’ equity	(35,763)	(19,243)
Total liabilities, redeemable noncontrolling interest and stockholders’ equity	$ 201,760	$ 206,065

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accounts receivable, allowance for credit loss, current	$ 128	$ 149
Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred stock, shares authorized (in shares)	200,000,000	200,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, shares authorized (in shares)	3,000,000,000	3,000,000,000
Common stock, shares issued (in shares)	252,319,000	249,910,000
Common stock, shares outstanding (in shares)	252,319,000	249,910,000
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	1,800,000,000	1,800,000,000
Common stock, shares issued (in shares)	242,769,000	240,262,000
Common stock, shares outstanding (in shares)	242,769,000	240,262,000
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	9,550,000	9,648,000
Common stock, shares outstanding (in shares)	9,550,000	9,648,000
Class C Common Stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	0	0
Common stock, shares outstanding (in shares)	0	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue
Total revenue	$ 34,947	$ 37,336
Cost of revenue
Total cost of revenue	16,806	21,483
Gross profit	18,141	15,853
Operating expenses:
Research and development	14,183	26,257
Sales and marketing	10,215	17,568
General and administrative	13,935	20,681
Restructuring	983	12,783
Total operating expenses	39,316	77,289
Loss from operations	(21,175)	(61,436)
Interest expense	(5,099)	(7,569)
Other income (expense), net	5,653	2,882
Loss before income taxes	(20,621)	(66,123)
Income tax expense	(42)	(71)
Net loss	(20,663)	(66,194)
Less: Net (income) loss attributable to noncontrolling interest	(5)	777
Net loss attributable to Blend Labs, Inc.	(20,668)	(65,417)
Less: Accretion of redeemable noncontrolling interest to redemption value	(1,461)	(2,056)
Net loss attributable to Blend Labs, Inc. common stockholders, basic	(22,129)	(67,473)
Net loss attributable to Blend Labs, Inc. common stockholders, diluted	$ (22,129)	$ (67,473)
Net loss per share attributable to Blend Labs, Inc. common stockholders:
Basic (in dollars per share)	$ (0.09)	$ (0.28)
Diluted (in dollars per share)	$ (0.09)	$ (0.28)
Weighted average shares used in calculating net loss per share:
Basic (in shares)	250,932	241,444
Diluted (in shares)	250,932	241,444
Comprehensive loss:
Net loss	$ (20,663)	$ (66,194)
Unrealized (loss) gain on marketable securities	(104)	821
Foreign currency translation gain (loss)	9	(18)
Comprehensive loss	(20,758)	(65,391)
Less: Comprehensive (income) loss attributable to noncontrolling interest	(5)	777
Comprehensive loss attributable to Blend Labs, Inc.	(20,763)	(64,614)
Software platform
Revenue
Total revenue	21,736	22,970
Cost of revenue
Total cost of revenue	5,175	5,803
Professional services
Revenue
Total revenue	2,104	1,734
Cost of revenue
Total cost of revenue	2,623	2,806
Title
Revenue
Total revenue	11,107	12,632
Cost of revenue
Total cost of revenue	$ 9,008	$ 12,874

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Redeemable Noncontrolling Interest and Stockholders’ Equity - USD ($) shares in Thousands, $ in Thousands	Total	Redeemable Noncontrolling Interest	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income	Accumulated Deficit
Beginning balance at Dec. 31, 2022	$ 123,172	$ 40,749	$ 2	$ 1,286,815	$ (708)	$ (1,162,937)
Beginning balance (in shares) at Dec. 31, 2022			240,931
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options, net of repurchases (in shares)			17
Issuance of common stock upon exercise of stock options, net of repurchases	134			134
Vesting of early exercised stock options	758			758
Vesting of restricted stock units (in shares)			4,228
Shares withheld related to net share settlement of equity awards (in shares)			(1,568)
Shares withheld related to net share settlement of equity awards	(2,440)			(2,440)
Stock-based compensation	16,392			16,392
Unrealized loss on investments in marketable securities	821				821
Foreign currency translation gain	(18)				(18)
Accretion of redeemable noncontrolling interest to redemption value	(2,056)	2,056		(2,056)
Net income (loss)	(65,417)	(777)				(65,417)
Ending balance (in shares) at Mar. 31, 2023			243,608
Ending balance at Mar. 31, 2023	71,346	42,028	$ 2	1,299,603	95	(1,228,354)
Beginning balance at Dec. 31, 2023	$ (19,243)	46,190	$ 2	1,321,944	441	(1,341,630)
Beginning balance (in shares) at Dec. 31, 2023	249,910		249,910
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options, net of repurchases (in shares)			410
Issuance of common stock upon exercise of stock options, net of repurchases	$ 619			619
Vesting of early exercised stock options	184			184
Vesting of restricted stock units (in shares)			3,257
Shares withheld related to net share settlement of equity awards (in shares)			(1,258)
Shares withheld related to net share settlement of equity awards	(3,806)			(3,806)
Stock-based compensation	8,707			8,707
Unrealized loss on investments in marketable securities	(104)				(104)
Foreign currency translation gain	9				9
Accretion of redeemable noncontrolling interest to redemption value	(1,461)	1,461		(1,461)
Net income (loss)	$ (20,668)	5				(20,668)
Ending balance (in shares) at Mar. 31, 2024	252,319		252,319
Ending balance at Mar. 31, 2024	$ (35,763)	$ 47,656	$ 2	$ 1,326,187	$ 346	$ (1,362,298)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities
Net loss	$ (20,663,000)	$ (66,194,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	8,071,000	16,392,000
Depreciation and amortization	564,000	630,000
Amortization of deferred contract costs	266,000	984,000
Amortization of debt discount and issuance costs	520,000	730,000
Amortization of operating lease right-of-use assets	861,000	806,000
Gain on investment in equity securities	(4,417,000)	0
Other	(234,000)	(1,347,000)
Changes in operating assets and liabilities:
Trade and other receivables	182,000	2,900,000
Prepaid expenses and other assets, current and non-current	967,000	(4,969,000)
Deferred contract costs, non-current	256,000	217,000
Accounts payable	(272,000)	672,000
Deferred revenue	12,556,000	4,351,000
Accrued compensation	(376,000)	976,000
Operating lease liabilities	(1,050,000)	(1,003,000)
Other liabilities, current and non-current	(1,099,000)	(1,798,000)
Net cash used in operating activities	(3,868,000)	(46,653,000)
Investing activities
Purchases of marketable securities	(48,312,000)	(186,206,000)
Sale of available-for-sale securities	100,297,000	0
Maturities of marketable securities	10,600,000	157,570,000
Additions to property, equipment, internal-use software development costs and intangible assets	(1,964,000)	(304,000)
Net cash provided by (used in) investing activities	60,621,000	(28,940,000)
Financing activities
Proceeds from exercises of stock options, including early exercises, net of repurchases	619,000	21,000
Taxes paid related to net share settlement of equity awards	(3,806,000)	(2,440,000)
Net cash used in financing activities	(3,187,000)	(2,419,000)
Effect of exchange rates on cash, cash equivalents, and restricted cash	(4,000)	8,000
Net increase (decrease) in cash, cash equivalents, and restricted cash	53,562,000	(78,004,000)
Cash, cash equivalents, and restricted cash at beginning of period	38,253,000	129,557,000
Cash, cash equivalents, and restricted cash at end of period	91,815,000	51,553,000
Reconciliation of cash, cash equivalents, and restricted cash within the condensed consolidated balance sheets:
Cash and cash equivalents	84,521,000	46,195,000
Restricted cash	7,294,000	5,358,000
Total cash, cash equivalents, and restricted cash	91,815,000	51,553,000
Supplemental disclosure of cash flow information:
Cash paid for income taxes	9,000	101,000
Cash paid for interest	4,529,000	6,911,000
Supplemental disclosure of non-cash investing and financing activities:
Vesting of early exercised stock options	184,000	758,000
Operating lease liabilities arising from obtaining new or modified right-of-use assets	654,000	327,000
Accretion of redeemable noncontrolling interest to redemption value	1,461,000	2,056,000
Stock-based compensation included in capitalized internal-use software development costs	$ 636,000	$ 0

Description of Business and Bas

Description of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation Description of Business Blend 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 Consolidation The accompanying unaudited condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023, the unaudited condensed consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2024 and 2023, the unaudited condensed consolidated statements of redeemable noncontrolling interest and stockholders’ equity for the three months ended March 31, 2024 and 2023, and the unaudited condensed consolidated statements of cash flows for the three months ended March 31, 2024 and 2023 reflect all adjustments that are of a normal, recurring nature and that are considered necessary for a fair statement of the results for the periods shown in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial reporting periods. Accordingly, certain information and footnote disclosures have been condensed or omitted that would ordinarily be required under U.S. GAAP for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The accompanying unaudited condensed consolidated financial statements include the accounts of Blend Labs, Inc. and its subsidiaries in which the Company holds a controlling financial interest. Noncontrolling interest represents the minority stockholder’s share of the net income or loss and equity in a consolidated subsidiary. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make, on an ongoing basis, estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the notes thereto. Actual results may differ from those estimates. Such estimates include, but are not limited to, estimates of variable consideration, evaluation of contingencies, determination of the incremental borrowing rates used in calculations of lease liabilities, determination of fair values of stock-based compensation, marketable securities, warrants, long-term debt, valuation of deferred tax assets, valuation of acquired intangible assets, valuation of the redeemable noncontrolling interest, determination of useful lives of tangible and intangible assets and capitalized internal-use software development costs, assessment of impairment of long-lived assets, and valuation of equity securities without readily determinable fair value. Risks and Uncertainties The Company has been and may continue to be affected by various macroeconomic factors, including interest rate environment, housing affordability, and worldwide political and economic conditions. The global financial markets have recently experienced extreme volatility and disruptions, including diminished liquidity and credit availability, declines in consumer confidence, declines in economic growth, rising interest rates, inflation, increases in unemployment rates and uncertainty about economic stability. The real estate environment, including interest rates and the general economic environment, typically impacts the demand for mortgage and mortgage related products. Recent changes in these areas have impacted the Company’s results of operations. Purchase volume and refinance activity were strong in 2021 and 2020 relative to historical averages over the preceding decade; however, an increase in interest rates due to efforts by the Federal Reserve to manage rising inflation, combined with ongoing supply constraints, resulted in a decline in mortgage origination activity for 2022, which continued into 2023. These factors could continue to impact overall origination activity levels into 2024 and in future periods. The Company’s operations are principally funded by available liquidity from cash, cash equivalents and investments. The Company has incurred net losses in each period since inception, and its limited operating history in an evolving industry makes it difficult to accurately forecast the impact of macroeconomic or other external factors on its business and may increase the risk that the Company may not be able to achieve or maintain profitability in the future, or otherwise suffers adverse impacts on its operational and financial results.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The Company’s significant accounting policies are described in Note 2, Summary of Significant Accounting Policies, of the Notes to the Consolidated Financial Statements in its Annual Report on Form 10-K for the year ended December 31, 2023. There have been no significant changes to these policies during the three months ended March 31, 2024. Cash and Cash Equivalents The Company places its cash with high credit quality and federally insured institutions. Cash with any one institution may be in excess of federally insured limits. The Company has not experienced any losses in such accounts and believes the exposure to credit risk is not significant. The Company considers all highly liquid investments with an original maturity date of three months or less at the time of purchase to be cash equivalents. As of March 31, 2024 and December 31, 2023, cash and cash equivalents consisted of cash, money market accounts, and highly liquid investments with original maturities less than 90 days. The carrying amounts reported in the unaudited condensed consolidated balance sheets for cash and cash equivalents approximate fair value due to the short-term nature of the investments. Restricted Cash The Company has classified cash that is not available for use in its operations as restricted cash. Restricted cash consists primarily of collateral for letters of credit related to security deposits for the Company’s office facility lease arrangements and collateral for surety bonds related to the Title segment. As of March 31, 2024 and December 31, 2023, the Company had restricted cash of $7.3 million , all of which was classified as non-current. Trade and Other Receivables and Credit Loss Reserves The Company reports trade and other receivables net of the allowance for credit losses, in accordance with Accounting Standards Codification (“ASC”) 326, Financial Instruments—Credit Losses. ASC 326 requires an entity to recognize an allowance that reflects the entity’s current estimate of credit losses expected to be incurred over the life of the financial instrument. The Company’s estimate of expected credit losses is determined based on expected lifetime loss rates calculated from historical data and adjusted for the impact of current and future conditions, such as the age of outstanding receivables, historical payment patterns, any known or expected changes to the customers’ ability to fulfill their payment obligations, or assessment of broader economic conditions that may impact the customers’ ability to pay the outstanding balances. As of March 31, 2024 and December 31, 2023, the reserve for expected credit losses was $0.1 million. The provision for expected credit losses and the uncollectible portion of the receivables written off against reserve for expected credit losses were not material for the three months ended March 31, 2024 and 2023. Capitalized Internal-Use Software The Company capitalizes certain costs incurred in the development of its platform and product offerings when (i) the preliminary project stage is completed, (ii) management has authorized further funding for the completion of the project, and (iii) it is probable that the project will be completed and performed as intended. These capitalized costs include personnel and related expenses and stock-based compensation for employees who are directly associated with and who devote time to internal-use software projects. Capitalization of these costs ceases once the project is substantially complete and the software is ready for its intended purpose. Costs incurred for significant upgrades and enhancements to the existing software are also capitalized, while the costs incurred for minor modifications, as well as training and maintenance are expensed as incurred. The capitalized internal-use software development costs are reported in property and equipment, net, in the condensed consolidated balance sheets. Capitalized internal-use software development costs are amortized using the straight-line method over an estimated useful life of the software, as the straight-line recognition method best approximates the manner in which the expected benefit will be derived. The Company does not transfer ownership of its software, license, or lease the software to third parties. Concentrations of Credit Risk and Significant Customers Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, marketable securities, and trade accounts receivable. The Company maintains its cash equivalents primarily in money market funds and highly liquid investments that are issued or guaranteed by the United States government or its agencies. As of March 31, 2024 and December 31, 2023 , cash and cash equivalents was $84.5 million and $31.0 million, respectively, and included $1.9 million of cash held in a foreign jurisdiction. Collateral is not required for trade accounts receivable. Title365 has agreements with insurance underwriters authorizing the Company to issue title insurance policies on behalf of the insurance underwriters. The policies are underwritten by two title insurance companies, which accounted for approximately 64% and 36% during the three months ended March 31, 2024, and 71% and 29% during the three months ended March 31, 2023, respectively, of title policy fees earned during the period. The following customer comprised 10% or more of the Company’s revenue for the following periods: Three Months Ended March 31, Customer 2024 2023 A 1 18% 18% (1) this customer generates revenue in both Blend Platform and Title segments The following customers comprised 10% or more of the Company’s trade and unbilled receivables: Customer March 31, 2024 December 31, 2023 A 12% 10% B 6% 13% Redeemable Noncontrolling Interest The Company’s 90.1% ownership of Title365 results in recognition of 9.9% noncontrolling interest, which represents the minority stockholder’s share of the net income and equity in Title365. The Title365 stockholders agreement includes a provision whereby the Company has a call option to purchase the 9.9% noncontrolling interest at a purchase price equal to the greater of (1) $49.5 million plus an amount of interest calculated using an interest rate of 5.0% per annum compounding annually; or (2) 4.4 multiplied by the trailing 12-month EBITDA multiplied by the noncontrolling interest ownership percentage (the “Title365 Call Option”). The Title365 Call Option became exercisable beginning 2 years following the acquisition closing date. The noncontrolling interest holder also holds an option to compel the Company to purchase the remaining 9.9% noncontrolling interest at a price calculated in the same manner as the Title365 Call Option (the “Title365 Put Option”). The Title365 Put Option is exercisable beginning 5 years following the acquisition closing date. Neither the Title365 Call Option nor the Title365 Put Option have an expiration date. However, pursuant to the Title365 stockholders agreement, the Company also has certain bring-along rights that it can exercise under certain circumstances, which may result in the Title365 Put Option being extinguished. As the Title365 Put Option is not solely within the Company’s control, the Company classified this interest as redeemable noncontrolling interest (“RNCI”) within the mezzanine equity section of the unaudited condensed consolidated balance sheets. The RNCI is accreted to the redemption value under the interest method from the acquisition date through the date the Title365 Put Option becomes exercisable. At each balance sheet date, the RNCI is reported at the greater of the initial carrying amount adjusted for the RNCI's share of earnings or losses and other comprehensive income or loss, or its accreted redemption value. The changes in the redemption amount are recorded with corresponding adjustments against retained earnings or, in the absence of retained earnings, additional paid-in-capital. For each reporting period, the entire periodic change in the redemption amount is reflected in the computation of net loss per share under the two-class method as being akin to a dividend. As of March 31, 2024 and December 31, 2023, the redemption amount of the Title365 Put Option as if it was currently redeemable was $56.6 million and $55.9 million, respectively. JOBS Act Accounting Election As an emerging growth company (“EGC”), the Jumpstart Our Business Startups Act (“JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are applicable to private companies (that is, those that have not had a Securities Act of 1933, as amended (the “Securities Act”), registration statement declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). The Company intends to use this extended transition period under the JOBS Act until such time as the Company is no longer considered to be an EGC. The adoption dates discussed below reflect this election. Recently Adopted Accounting Standards In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) . The guidance simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in ASC 470-20 that requires entities to account for beneficial conversion features and cash conversion features in equity separately from the host convertible debt or preferred stock. The guidance is effective for the Company for annual reporting periods, and interim reporting periods within those annual periods, beginning January 1, 2024. ASU 2020-06 should be applied on a full or modified retrospective basis and early adoption is permitted. The adoption did not have a material impact on the Company’s consolidated financial statements. In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820). This update clarifies the guidance in Topic 820 when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security and introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The amendments affect all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The guidance is effective for the Company for annual reporting periods, and interim reporting periods within those annual periods, beginning January 1, 2024. Early adoption is permitted. The adoption did not have a material impact on the Company’s consolidated financial statements. Recently Issued Accounting Standards Not Yet Adopted In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280). This update improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, for all public entities to enable investors to develop more decision-useful financial analyses. The guidance is effective for the Company for annual reporting periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact this ASU will have on its consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740). This update improves the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. The guidance is effective for the Company for annual reporting periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the impact this ASU will have on its consolidated financial statements.

Revenue Recognition and Contrac

Revenue Recognition and Contract Costs	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition and Contract Costs	Revenue Recognition and Contract Costs Disaggregation of Revenue The following table provides information about disaggregated revenue by service offering: Three Months Ended March 31, 2024 2023 (In thousands) Blend Platform: Mortgage Suite $ 15,078 $ 17,795 Consumer Banking Suite 6,658 5,175 Total software platform 21,736 22,970 Professional services 2,104 1,734 Total Blend Platform 23,840 24,704 Title 11,107 12,632 Total revenue $ 34,947 $ 37,336 Contract Balances The following table provides information about contract assets and contract liabilities from contracts with customers: Contract Accounts Balance Sheet Line Reference March 31, 2024 December 31, 2023 (In thousands) Contract assets—current Prepaid expenses and other current assets $ 2,232 $ 1,593 Contract liabilities—current Deferred revenue, current $ (21,540) $ (8,984) There were no long-term contract assets or deferred revenue as of March 31, 2024 and December 31, 2023. During the three months ended March 31, 2024 and 2023, the Company recognized $4.1 million and $3.5 million, respectively, of revenue that was included in the deferred revenue balances at the beginning of the respective periods. During the three months ended March 31, 2024 and 2023, the Company recognized approximately $0.1 million and $0.8 million of revenue related to performance obligations satisfied in previous periods, respectively. The revenue recognized from performance obligations satisfied in the prior periods primarily related to changes in the transaction price, including changes in the estimate of variable consideration. Remaining Performance Obligations As of March 31, 2024, the aggregate amount of the transaction price allocated to the remaining performance obligations was $93.0 million. These remaining performance obligations represent commitments in customer contracts for services expected to be provided in the future that have not been recognized as revenue. The expected timing of revenue recognition for these commitments is largely driven by the Company’s ability to deliver in accordance with relevant contract terms and when the Company’s customers utilize services, which could affect the Company’s estimate of when the Company expects to recognize revenue for these remaining performance obligations. The Company expects to recognize approximately half of the remaining performance obligations as revenue over the next 12 months. The Company expects the majority of non-current remaining performance obligations to be recognized over the next 13 to 24 months. Deferred Contract Costs As of March 31, 2024 and December 31, 2023, total unamortized deferred contract costs were $3.2 million and $3.5 million, respectively, of which $1.0 million and $1.0 million was recorded within prepaid expenses and other current assets and $2.2 million and $2.5 million was recorded within deferred contract costs, non-current, on the unaudited condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023, respectively.

Investments and Fair Value Meas

Investments and Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Investments and Fair Value Measurements	Investments and Fair Value Measurements The carrying amount, unrealized gain and loss, and fair value of investments by major security type were as follows: March 31, 2024 Amortized Gross Fair Value Fair Value Hierarchy (In thousands) Cash equivalents: Money market funds $ 43,076 $ — $ 43,076 Level 1 Commercial paper 27,903 — 27,903 Level 2 Total cash equivalents 70,979 — 70,979 Marketable securities: U.S. treasury and agency securities 27,035 (7) 27,028 Level 2 Commercial paper 16,446 — 16,446 Level 2 Total marketable securities 43,481 (7) 43,474 Other investments: Certificates of deposit 30 — 30 Level 2 Total marketable securities and other investments 43,511 (7) 43,504 Restricted cash, non-current: Money market funds 6,961 — 6,961 Level 1 Certificates of deposit 333 — 333 Level 2 Total restricted cash 7,294 — 7,294 Total $ 121,784 $ (7) $ 121,777 December 31, 2023 Amortized Gross Gross Fair Value Fair Value Hierarchy (In thousands) Cash equivalents: Money market funds $ 6,804 $ — $ — $ 6,804 Level 1 Commercial paper 14,932 — — 14,932 Level 2 Total cash equivalents 21,736 — — 21,736 Marketable securities: U.S. treasury and agency securities 33,225 8 (71) 33,162 Level 2 Debt securities 56,512 187 (127) 56,572 Level 2 Asset-backed securities 16,037 99 — 16,136 Level 2 Mutual funds 60 — — 60 Level 1 Total marketable securities 105,834 294 (198) 105,930 Other investments: Certificates of deposit 30 — — 30 Level 2 Total marketable securities and other investments 105,864 294 (198) 105,960 Restricted cash, non-current: Money market funds 6,959 — — 6,959 Level 1 Certificates of deposit 332 — — 332 Level 2 Total restricted cash 7,291 — — 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 March 31, 2024 and December 31, 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: March 31, 2024 December 31, 2023 (In thousands) Due within one year $ 33,616 $ 66,620 Due after one year through two years 9,888 39,340 Total marketable securities and other investments $ 43,504 $ 105,960 The Company evaluates marketable securities in unrealized loss positions to determine whether the impairment is due to credit-related factors or other factors. The Company considers the extent to which the fair value is less than cost, the financial condition and near-term prospects of the security issuer, and the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value. The Company does not have an intent to sell any of these securities prior to maturity and believes that it is more likely than not that the Company will not have to sell any such securities before a recovery of cost. The fair value is expected to recover as the securities approach their maturity date. Accordingly, as of March 31, 2024, the Company believes that the unrealized losses are due to noncredit-related factors, including changes in interest rates and other market conditions, and therefore no impairment charges or allowance for credit losses have been recognized in the Company’s unaudited condensed consolidated statements of operations for the three months ended March 31, 2024 and 2023. As of March 31, 2024 and December 31, 2023, the number of investment positions that are in an unrealized loss position were 9 and 28, respectively. As of March 31, 2024, the Company had no securities that have been in a continuous unrealized loss position for twelve months or greater. As of December 31, 2023, the Company had four securities, with an aggregate fair value of $16.0 million , that have been in a continuous unrealized loss position for twelve months or greater. The Company determines realized gains or losses on the sale of marketable securities based on a specific identification method. The Company recognized interest income from its investment portfolio of $1.2 million and $2.9 million for the three months ended March 31, 2024 and 2023, respectively. Accrued interest receivable related to marketable securities was $0.1 million and $0.9 million, as of March 31, 2024 and December 31, 2023, respectively, and is presented within prepaid expenses and other current assets on the unaudited condensed consolidated balance sheets. The Company does not measure an allowance for credit losses on accrued interest receivable and recognizes interest receivable write offs as a reversal of interest income. No accrued interest was written off during the three months ended March 31, 2024 and 2023.

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets Intangible assets consisted of the following: March 31, 2024 Weighted Average Remaining Amortization Gross Amount Accumulated Amortization Net Book Value (In years) (In thousands) Intangible assets subject to amortization: Domain name 7.5 $ 206 $ (103) $ 103 Indefinite-lived intangible assets: Acquired licenses 2,000 — 2,000 Total intangible assets, net $ 2,206 $ (103) $ 2,103 December 31, 2023 Weighted Average Remaining Amortization Gross Amount Accumulated Amortization Net Book Value (In years) (In thousands) Intangible assets subject to amortization: Domain name 7.7 210 (102) 108 Indefinite-lived intangible assets: Acquired licenses 2,000 — 2,000 Total intangible assets, net $ 2,210 $ (102) $ 2,108 Amortization of intangible assets for the three months ended March 31, 2024 and 2023 was immaterial .

Significant Balance Sheet Compo

Significant Balance Sheet Components	3 Months Ended
	Mar. 31, 2024
Supplemental Balance Sheet Information [Abstract]
Significant Balance Sheet Components	Significant Balance Sheet Components Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following: March 31, 2024 December 31, 2023 (In thousands) Contract assets $ 2,232 $ 1,593 Deferred contract costs 1,010 1,015 Prepaid software 3,434 4,319 Prepaid insurance 1,259 1,855 Prepaid other 2,722 3,438 Recording fee advances 409 470 Other current assets 2,255 1,879 Total prepaid expenses and other current assets $ 13,321 $ 14,569 Recording fee advances represent amounts advanced on behalf of customers in the Title segment associated with the recording of mortgage documents. These amounts are primarily recouped within 30 days from funds in the escrow accounts the Company administers. Property and Equipment, Net Property and equipment, net, consisted of the following: March 31, 2024 December 31, 2023 (In thousands) Computer and software $ 6,371 $ 6,335 Furniture and fixtures 1,816 1,816 Capitalized internal-use software 2,628 63 Leasehold improvements 4,881 4,886 Total property and equipment, gross 15,696 13,100 Accumulated depreciation and amortization (9,712) (9,155) Total property and equipment, net $ 5,984 $ 3,945 Depreciation and amortization expense for the three months ended March 31, 2024 and 2023 was $0.6 million. Amortization of capitalized internal use software development costs for the three months ended March 31, 2024 and 2023 was immaterial. Notes Receivable In 2021, the Company made a $3.0 million investment in a privately-held company via a convertible promissory note. In 2023, the Company made an additional $2.5 million investment into the issuer via another convertible promissory note. Interest accrues at 2% per annum and outstanding principal and accrued interest is due and payable at the earliest of (i) 60 months from the execution of each note, respectively, (ii) an initial public offering, or (iii) change in control, unless otherwise converted to shares of the issuer. The outstanding principal and unpaid accrued interest on the notes is convertible into 4,500,000 shares of the issuer’s Series Seed Preferred Stock and 2,192,308 shares of the issuer’s Series A Preferred Stock, respectively, at the option of the issuer, upon a change in control, upon the issuer’s initial public offering, or upon a qualified equity financing. The conversion options are not bifurcated from the promissory notes as the options do not meet the net settlement criteria of a derivative instrument due to the options not being readily convertible to cash. The Company also has a call option to merge the issuer with the Company for aggregate consideration of $500.0 million. The value of the call option was determined to be inconsequential. At each reporting date, the Company evaluates the collectability of the notes receivable in accordance with ASC 326, Financial Instruments—Credit Losses . As of March 31, 2024 and December 31, 2023, the Company determined that no credit loss existed for the convertible promissory notes, and no provision for expected credit losses was recognized. The notes receivable are presented within other non-current assets on the unaudited condensed consolidated balance sheets. Investments in Non-Marketable Equity Securities The Company holds an equity investment in a privately-held company in exchange for 103,611 shares of Series Growth 1a Preferred Stock. This 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 investment of the same issuer. As of March 31, 2024, the carrying value of this investment was $9.8 million, inclusive of a cumulative upward adjustment of $7.3 million, of which $4.4 million was recognized as a gain in the three months ended March 31, 2024 to reflect observable price changes. As of December 31, 2023, the carrying value of this investment was $5.4 million, inclusive of cumulative upward adjustment of $2.9 million. The Company determined the adjustment by measuring the security at fair value using the option pricing model (“OPM”) as of the date the observable transaction occurred. Observable transactions, such as the issuance of new equity by an investee, are indicators of investee enterprise value and are used to estimate the fair value of the Company’s investment in the equity security. An OPM is utilized to allocate value to the various classes of securities of the investee, including classes owned by the Company. Such information, available to the Company from the investee entity, is supplemented with the Company’s estimates such as volatility, expected time to liquidity and the rights and obligations of the securities the Company holds. The inputs to valuation techniques used to measure fair value of the Company’s non-marketable equity security are classified as Level 3 of the fair value hierarchy due to the use of significant unobservable inputs. The gain resulting from the adjustment to the carrying value of the non-marketable security is presented within other income (expense) in the unaudited condensed consolidated statements of operations and comprehensive income (loss). There were no impairments for the three months ended March 31, 2024 . This investment is presented within other non-current assets on the unaudited condensed consolidated balance sheets. Cloud Computing Arrangements The 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 $0.2 million as of March 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 condensed consolidated balance sheets. The carrying value of the capitalized costs was $0.1 million as of December 31, 2023, which is presented within prepaid expenses and other current assets. 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 Liabilities Other current liabilities consisted of the following: March 31, 2024 December 31, 2023 (In thousands) Accrued expenses $ 2,600 $ 2,644 Accrued interest 151 101 Accrued professional fees 1,626 1,861 Accrued connectivity fees 2,749 3,103 Accrued litigation contingencies 455 1,105 Operating lease liabilities, current portion 4,567 4,379 Other current liabilities 1,787 1,665 Total other current liabilities $ 13,935 $ 14,858 Other Long-Term Liabilities Other long-term liabilities consisted of the following: March 31, 2024 December 31, 2023 (In thousands) Early exercise liability $ 178 $ 362 Payroll tax liabilities 388 347 Other liabilities 1,490 1,519 Total other long-term liabilities $ 2,056 $ 2,228 Title and Escrow Loss Reserve

Leases

Leases	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Leases	Leases The Company leases its facilities under non-cancelable operating leases with various expiration dates. Leases may contain escalating payments. The Company’s total operating lease costs were $1.7 million for the three months ended March 31, 2024 and 2023. The Company’s total operating lease costs include variable costs in the amount of $0.6 million and $0.5 million for the three months ended March 31, 2024 and 2023, respectively. Variable lease costs are primarily comprised of maintenance costs and are determined based on the actual costs incurred during the period. Variable lease payments are expensed in the period incurred and not included in the measurement of lease assets and liabilities. As of March 31, 2024 and December 31, 2023, the weighted average remaining operating lease term was 3.1 years. The weighted average discount rate used to estimate operating lease liabilities for leases that existed as of March 31, 2024 and December 31, 2023 was 8.4% and 8.1%, respectively. Cash paid for amounts included in the measurement of operating lease liabilities was $1.3 million for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, maturities of operating lease liabilities were as follows: (In thousands) Remainder of 2024 $ 3,951 2025 4,415 2026 1,471 2027 1,263 2028 972 Thereafter 524 Total lease payments 12,596 Less: imputed interest (1,631) Total operating lease liabilities $ 10,965

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Contingencies From time to time and in the normal course of business, the Company may be subject to various legal matters, such as threatened or pending claims or proceedings. The litigation contingencies, if realized, could have a material negative impact on the Company’s financial condition, results of operations, and cash flows. The Company recognizes a provision for litigation losses when a contingent liability is probable and the amount thereof is estimable. Costs associated with the Company's involvement in legal proceedings are expensed as incurred. Amounts accrued for litigation contingencies are based on the Company’s best estimates, assessments of the likelihood of damages, and the advice of counsel and often result from a series of judgments about future events and uncertainties that rely heavily on estimates and assumptions, therefore the actual settlement amounts could differ from the estimated contingency accrual and result in additional charges or reversals in future periods. The Company had a litigation contingency accrual of approximately $0.5 million and $1.1 million as of March 31, 2024 and December 31, 2023 respectively, which is presented within other current liabilities in the unaudited condensed consolidated balance sheets. Warranties, Indemnifications, and Contingent Obligations The Company’s platform, products, and services are generally warranted to perform substantially as described in the associated documentation and to satisfy defined levels of uptime reliability. The service-level agreements that provide for defined levels of uptime reliability and performance permit the customers to receive credits or to terminate their agreements in the event that the Company fails to meet those levels. To date, the Company has not experienced any significant failures to meet defined levels of reliability and performance as a result of those agreements and historically the Company has not incurred any material costs associated with warranties. Accordingly, the Company has not accrued any liabilities related to these agreements in the unaudited condensed consolidated financial statements. The Company enters into indemnification provisions under (i) its agreements with other companies in the ordinary course of business, typically with business partners, contractors, customers, and landlords and (ii) its agreements with investors. Under these provisions, the Company generally indemnifies and holds harmless the indemnified party for losses suffered or incurred by the indemnified party as a result of the Company’s activities or, in some cases, as a result of the indemnified party’s activities under the agreement. These indemnification provisions often include indemnifications relating to representations made by the Company with regard to intellectual property rights. These indemnification provisions generally survive termination of the underlying agreement. The maximum potential amount of future payments the Company could be required to make under these indemnification provisions is unlimited. The Company has not incurred material costs to defend lawsuits or settle claims related to these indemnification agreements. Accordingly, the Company has no liabilities recorded for these agreements as of March 31, 2024 or December 31, 2023. The Company has agreed to indemnify its officers and directors to the fullest extent permitted by its amended and restated bylaws and the General Corporation Law of the State of Delaware for certain events or occurrences arising as a result of the officers or directors serving in such capacity. The coverage applies only to acts that occurred during the tenure of the officer or director and has an unlimited term. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited. Escrow or Trust Funds The Company administers escrow and trust deposits held at third-party financial institutions representing funds received under real estate contracts, escrowed funds received under escrow agreements, and undisbursed amounts received for settlement of mortgage and home equity loans. These funds are not considered assets of the Company and, therefore, are not included in the accompanying unaudited condensed consolidated balance sheets; however, the Company remains contingently liable for the disposition of these funds on behalf of its customers. Cash held by the Company for these purposes was approximately $3.4 million, net of outstanding checks in transit of $25.3 million as of March 31, 2024, and approximately $3.2 million, net of outstanding checks in transit of $27.8 million as of December 31, 2023.

Debt Financing

Debt Financing	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt Financing	Debt Financing Debt consisted of the following: March 31, 2024 December 31, 2023 (In thousands) Term Loan - principal $ 140,000 $ 140,000 Term Loan - exit fee 4,500 4,500 Less: unamortized debt discounts and issuance costs (5,646) (6,166) Total debt $ 138,854 $ 138,334 On June 30, 2021, in connection with the closing of the acquisition of Title365, the Company entered into a credit agreement, as amended from time to time (the “Credit Agreement”), which provided for a $225.0 million senior secured term loan (the “Term Loan”) and a $25.0 million senior secured revolving credit facility (the “Revolving Facility”). The Revolving Facility included $10.0 million sublimit for the issuance of letters of credit. The Revolving Facility also included a swingline sub-facility (the “Swingline Facility”) that accommodated same-day borrowing of base rate loans. The sublimit for the Swingline Facility is $5.0 million. In October 2022, the Company entered into the First Amendment (the “Amendment”) to the Credit Agreement. The Amendment replaced the reference rate from LIBOR to SOFR as a result of the expected cessation of LIBOR and in accordance with the Credit Agreement. The Term Loan was fully drawn at closing to provide, in part, the cash consideration paid in connection with the acquisition of Title365. The Term Loan was funded and the cash consideration was transferred on July 1, 2021. The Term Loan will mature on June 30, 2026, and the full principal amount of each is due at maturity. No amortization payments are required with respect to the Term Loan. On November 27, 2023, the Company entered into the Second Amendment to the Credit Agreement (the “Second Amendment”), which amends the Credit Agreement to, among other things, (i) terminate the Revolving Facility and (ii) amend the maturity date of the Term Loan to provide for a springing maturity extension to June 30, 2027, in the event that certain conditions are satisfied. These conditions have not been met as of March 31, 2024. In connection with the Second Amendment, the Company voluntarily prepaid outstanding Term Loan under the Credit Agreement in an aggregate principal amount of $85.0 million. The borrowings under the Term Loan accrue interest at a floating rate which can be, at the Company’s 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 Term SOFR rate applicable to the Term Loan is subject to a floor of 1.00%, and the base rate is subject to a floor of 2.00%. The base rate for any day is a fluctuating rate per annum equal to the highest of (i) the federal funds effective rate in effect on such day, plus 0.50%, (ii) the rate of interest for such day as published in the Wall Street Journal as the “prime rate,” and (iii) the adjusted Term SOFR rate for a one-month interest period, plus 1.00%. Interest is payable in arrears for the elected specified interest period. Prior to the termination of the Revolving Facility, the Company was required to pay a commitment fee of 0.50% per annum of the unused commitments under the Revolving Facility. The Company is also required to pay letter of credit fees, customary fronting fees, and other customary documentary fees in connection with the issuance of letters of credit. The Company incurred approximately $5.7 million of debt issuance costs in connection with the Term Loan, which have been deferred, and the remaining unamortized portion of these costs is presented as a reduction of long-term debt. In connection with the Credit Agreement, the Company issued a Series G preferred stock warrant to purchase 598,431 shares of Class A common stock at an exercise price per share of $13.827822. The terms of the warrant agreement provide the holder with an option to net settle if the fair value of Class A common stock is greater than the exercise price. The net shares to be issued in a cashless exercise are based on the fair value of the Company’s Class A common stock at the time the warrant is exercised. As of March 31, 2024, the warrant has not been exercised. The warrant will expire 10 years from the issue date. The proceeds from the issuance of debt were allocated between the Term Loan and the warrant based on their relative fair values, resulting in a debt discount of approximately $6.8 million for the amount allocated to the warrant and accounted for as paid-in capital. Under the terms of the Credit Agreement, the lender is entitled to an exit fee in an amount equal to 2.00% of the signing date term facility commitment. The exit fee resulted in an additional debt discount of $4.5 million. The exit fee shall be due and payable on the earliest to occur: a) The maturity date of the Term Loan; b) The date on which all amounts then outstanding under the Term Loan are paid in full; c) The acceleration of the obligations with respect to the Term Loan for any reason; d) Any event of default as defined by the Term Loan; and e) Any repayment resulting from or in connection with a change of control. Including the impact of the deferred debt issuance costs and the debt discounts resulting from the exit fee and the warrant, the effective interest rate on the Term Loan was approximately 14.55% as of March 31, 2024. Debt issuance costs, debt discounts, and the Revolving Facility issuance costs are being amortized as interest expense over the term of the Credit Agreement. For the year ended December 31, 2023, in connection with prepayment made under the Second Amendment, the Company recognized approximately $4.0 million loss, consisting of the proportionate write-off of unamortized debt issuance costs and debt discounts due to the partial extinguishment of the Term Loan and the write off of unamortized portion of debt issuance costs related to the termination of the Revolving Facility. The fair value of the Term Loan was approximately $137.2 million and $136.5 million as of March 31, 2024 and December 31, 2023, respectively, and is classified as Level 2 in the fair value hierarchy. The fair value of the Term Loan was measured by applying the income approach, which discounts the future contractual cash flows using a current risk-adjusted rate available to borrowers with similar credit ratings. The obligations under the Credit Agreement are guaranteed by all of the Company’s domestic subsidiaries (other than Title365 and its direct and indirect subsidiaries, and subject to certain thresholds and other exceptions), and secured by a lien on substantially all of the Company’s and its subsidiaries’ assets (other than the equity issued by, and the assets of, Title365 and its direct and indirect subsidiaries, and subject to certain thresholds and other exceptions). The Credit Agreement contains customary affirmative and negative covenants, including covenants that limit and restrict us and our subsidiaries’ ability to: (i) incur indebtedness; (ii) grant liens; (iii) make investments, loans or advances; (iv) merge or consolidate; (v) sell assets; (vi) pay dividends; and (vii) enter into certain transactions with affiliates, in each case subject to customary exceptions for a credit facility of this size and type. In the event of a default, the Credit Agreement may require a mandatory prepayment of amounts due thereunder. The Credit Agreement also contains a minimum liquidity covenant. As a result of the failure to execute control agreements for all applicable deposit and investment securities accounts in a timely manner, the Company was out of compliance with certain non-financial covenants as well as the minimum liquidity covenant as of December 31, 2023. Subsequent to December 31, 2023, the Company had remedied the failures. As of March 31, 2024, the Company was in compliance with these covenants.

Stockholder_s Equity

Stockholder’s Equity	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Stockholder’s Equity	Stockholder’s Equity The following is a summary of the rights of the holders of the Company’s capital stock: Common Stock The Company has three classes of authorized common stock: Class A common stock, Class B common stock, and Class C common stock. The rights of the holders of Class A common stock, Class B common stock, and Class C common stock are identical, except with respect to voting and conversion. Dividend Rights Subject to preferences that may apply to any shares of preferred stock outstanding at the time, the holders of the Company’s common stock will be entitled to receive dividends out of funds legally available if the Company’s board of directors, in its discretion, determines to issue dividends and then only at the times and in the amounts that the Company’s board of directors may determine. Voting Rights Holders of the Class A common stock are entitled to one vote for each share held on all matters submitted to a vote of stockholders, holders of the Class B common stock are entitled to 40 votes for each share held on all matters submitted to a vote of stockholders, and holders of the Class C common stock are not entitled to vote on any matter that is submitted to a vote of stockholders, except as otherwise required by law. The holders of the Class A common stock and Class B common stock will vote together as a single class, unless otherwise required by law. At the completion of the IPO, the Co-Founder and Head of Blend held all of the issued and outstanding shares of the Company’s Class B common stock. No Preemptive or Similar Rights The Company’s common stock is not entitled to preemptive rights and is not subject to conversion, redemption, or sinking fund provisions. Right to Receive Liquidation Distributions If the Company becomes subject to a liquidation, dissolution, or winding-up, the assets legally available for distribution to the Company’s stockholders would be distributable ratably among the holders of the Company’s common stock and any participating preferred stock outstanding at that time, subject to prior satisfaction of all outstanding debt and liabilities and the preferential rights of and the payment of liquidation preferences, if any, on any outstanding shares of preferred stock. Conversion of Class B Common Stock Each share of Class B common stock is convertible at any time at the option of the holder into one share of Class A common stock. Shares of Class B common stock will automatically convert into shares of Class A common stock upon sale or transfer except for certain transfers described in the Amended and Restated Certificate of Incorporation, such as certain transfers effected for estate planning or charitable purposes. Conversion of Class C Common Stock After the conversion or exchange of all outstanding shares of the Company’s Class B common stock into shares of Class A common stock, all outstanding shares of Class C common stock will convert automatically into Class A common stock, on a share-for-share basis, on the date or time specified by the holders of a majority of the outstanding shares of Class A common stock, voting as a separate class. Preferred Stock The Company’s board of directors has the authority to issue preferred stock in one or more series, to establish from time to time the number of shares to be included in each series and to fix the designation, powers, preferences, and rights of the shares of each series and any of its qualifications, limitations, or restrictions, in each case without further vote or action by the Company’s stockholders. As of March 31, 2024, the Company had 200,000,000 shares authorized and no shares issued and outstanding of preferred stock.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation 2012 Stock Option Plan Effective May 1, 2012, the Company adopted the 2012 Stock Plan (the “2012 Plan”). Options granted under the 2012 Plan may be either incentive stock options or nonqualified stock options. Incentive stock options (“ISOs”), within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”) may be granted only to employees (including officers and directors). Non-qualified stock options (“NSOs”) may be granted to employees and consultants. The exercise price of ISOs and NSOs shall not be less than 100% of the estimated fair value of the common shares on the date of grant, respectively, as determined by the Company’s board of directors. The exercise price of an ISO granted to a 10% or greater stockholder shall not be less than 110% of the estimated fair value of the common shares on the date of grant. Options generally vest over a period of four years. No further grants may be made under the 2012 Plan. 2021 Equity Incentive Plan In July 2021, the Company’s board of directors adopted, and the Company’s stockholders approved, the 2021 Equity Incentive Plan (the “2021 Plan”), which became effective on July 14, 2021. The Company’s prior plan, 2012 Plan, was terminated immediately prior to the effectiveness of the 2021 Plan with respect to the grant of future awards. The 2021 Plan provides for the grant of ISOs, to the Company’s employees and any parent and subsidiary corporations’ employees, and for the grant of NSOs, stock appreciation rights, restricted stock, restricted stock units (“RSUs”), and performance awards to the Company’s employees, directors, and consultants and the Company’s parent and subsidiary corporations’ employees and consultants. Subject to the adjustment provisions of and the automatic increase described in the 2021 Plan, a total of 23,000,000 shares of the Company’s Class A common stock were reserved for issuance pursuant to the 2021 Plan, plus 36,101,718 shares of the Company’s Class A common stock reserved for future issuance under the 2012 Plan. Subject to the adjustment provisions of the 2021 Plan, the number of shares available for issuance under the 2021 Plan also includes an annual increase on the first day of each fiscal year beginning on January 1, 2022, equal to the least of (a) 34,500,000 shares of Class A common stock, (b) 5% of the total number of shares of all classes of the Company’s common stock outstanding on the last day of the immediately preceding fiscal year, or (c) such other amount as the Company’s board of directors (or its committee) may determine. Options granted under the 2021 Plan generally vest over periods ranging from one A summary of the stock option activity is as follows: Number of Weighted Weighted Aggregate (In thousands) (In years) (In thousands) Balance as of December 31, 2023 19,946 $ 4.58 5.6 $ 11,762 Exercised (410) $ 1.51 $ 500 Canceled and forfeited (945) $ 9.00 Balance as of March 31, 2024 18,591 $ 4.43 5.7 $ 19,978 Vested and exercisable as of March 31, 2024 15,945 $ 4.37 5.6 $ 18,095 No options were granted during the three months ended March 31, 2024 and 2023. The number of options unvested as of March 31, 2024 and December 31, 2023 was 2,646 and 3,172, respectively. The weighted average grant-date fair value of these unvested options was $2.38 and $2.57 per share as of March 31, 2024 and December 31, 2023, respectively. The total fair value of options vested during the three months ended March 31, 2024 and 2023 was $1.4 million and $3.9 million, respectively. The aggregate intrinsic value of options exercised during the three months ended March 31, 2024 was $0.5 million. The aggregate intrinsic value of options exercised during the three months ended March 31, 2023 was immaterial. As of March 31, 2024, the total unrecognized stock-based compensation expense for stock options issued under the 2012 Plan and the 2021 Plan was approximately $6.1 million, which is expected to be recognized over a weighted average period of 2.3 years. Early Exercise of Common Stock Options The Company’s board of directors has authorized certain stock option holders to exercise unvested options to purchase shares of Class A common stock. Shares received from such early exercises are subject to repurchase in the event of the optionee’s termination of service as a service provider (as defined in the 2012 Plan and the 2021 Plan), at the lower of the fair market value on the date of the repurchase or the original exercise price, until the options are fully vested. As of March 31, 2024 and December 31, 2023, 62,295 and 123,611 shares of Class A common stock were subject to repurchase. As of March 31, 2024 and December 31, 2023, the cash proceeds received for unvested shares of Class A common stock presented within other long-term liabilities in the unaudited condensed consolidated balance sheets were $0.2 million and $0.4 million, respectively. Restricted Stock Units A summary of the Company’s RSU activity and related information is as follows: Number of RSUs Weighted (In thousands) Balance as of December 31, 2023 20,137 $ 1.30 Granted 4,882 $ 2.67 Vested (3,257) $ 1.52 Cancelled and forfeited (1,000) $ 1.70 Balance as of March 31, 2024 20,762 $ 1.57 As of March 31, 2024, there was $30.8 million of unrecognized stock-based compensation expense related to unvested RSUs, which is expected to be recognized over a weighted average period of 2.4 years. RSUs granted under the 2021 Plan generally vest quarterly over a period of one year from the grant date. The total fair value of RSUs vested during the three months ended March 31, 2024 and 2023 was $5.0 million and $18.5 million, respectively. Performance Stock Units In 2023, the Company’s board of directors granted a total of 5,500,000 restricted stock units with performance vesting conditions (“PSUs”) to certain senior executives. The PSUs will vest in four tranches upon continued service and satisfaction of certain market-based performance targets related to the Company’s stock price hurdles. The estimated weighted average grant date fair value of the PSUs was $0.65 per share, which was determined using a Monte Carlo simulation model. The significant assumptions in the Monte Carlo simulation model include the risk-free interest rate, expected volatility of the Company’s stock price, and expected life of the award. The total stock-based compensation expense recognized for PSUs for the three months ended March 31, 2024 was $0.5 million. The total stock-based compensation expense recognized for PSUs for the three months ended March 31, 2023 was immaterial. The total unrecognized compensation expense related to PSUs was $2.4 million as of March 31, 2024, which will be recognized over an estimated weighted average remaining period of 1.8 years. Non-Plan Co-Founder and Head of Blend Options In March 2021, the Company’s board of directors granted to its Co-Founder and Head of Blend a stand-alone stock option issued outside of the 2012 Plan covering a maximum of 26,057,181 shares of Class B common stock with an exercise price of $8.58 per share. The award has a 15-year term (subject to earlier termination when shares subject to the award are no longer eligible to vest) and vests upon the satisfaction of a service condition, liquidity event-related performance condition, and performance-based market conditions. The terms of the award stipulated that if an IPO is completed within 15 months of the date of grant, the first tranche of 1,954,289 shares will vest. The remaining tranches of shares will vest dependent on performance goals tied to the Company’s stock price hurdles with specified expiration dates for each tranche. In July 2021, the first tranche of the Co-Founder and Head of Blend stock option award vested upon completion of the IPO. The remaining tranches were valued using a Monte Carlo simulation model. The weighted average estimated fair value of the remaining tranches as of the modification date was $3.80 per share based on the following assumptions: Fair value of common stock $18.00 Remaining contractual term (years) 14.75 Expected volatility 40.00% Risk-free interest rate 1.71% Expected dividend yield — The total stock-based compensation expense recognized for this award for the three months ended March 31, 2024 and 2023 was $1.5 million and $4.8 million, respectively. The total unrecognized compensation expense related to the award was $12.5 million as of March 31, 2024, which will be recognized over an estimated weighted average remaining period of 3.2 years. Stock-Based Compensation Expense The Company’s stock-based compensation expense was as follows: Three Months Ended March 31, 2024 2023 (In thousands) Cost of revenue $ 154 $ 488 Research and development (1) 3,352 8,131 Sales and marketing 978 2,783 General and administrative 3,587 4,990 Total $ 8,071 $ 16,392 ____________ (1) Net of $0.6 million of additions to capitalized internal-use software for the quarter ended March 31, 2024 and none for the quarter ended March 31, 2023.

Restructuring

Restructuring	3 Months Ended
	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring Workforce Reduction Plans In 2023, the Company executed two workforce reduction initiatives. In January 2023, the Company committed to a workforce reduction plan (the “January 2023 Plan”), which eliminated approximately 340 positions, or 28% of the Company’s then-current workforce. In August 2023, the Company committed to an additional workforce reduction plan (the “August 2023 Plan”). The August 2023 Plan eliminated approximately 150 positions, or 19% of the Company’s then-current workforce. In the three months ended March 31, 2024, the Company continued its workforce reduction initiatives with the elimination of certain additional positions (the “January 2024 Plan”). The execution of the January 2024 Plan is expected to be substantially complete in the second quarter of 2024. Executive Transition Costs On January 9, 2023, Marc Greenberg notified the Company of his intention to step down as Head of Finance of the Company, and as the Company’s principal financial officer under Section 16a-1(f) of the Exchange Act, effective following the filing on March 16, 2023 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022. In connection with Mr. Greenberg’s resignation as Head of Finance, the Company entered into a discretionary retention bonus letter with Mr. Greenberg, which provided that the Company would pay Mr. Greenberg a bonus (the “Bonus Payment”) equal to the amount by which the aggregate value of: (i) his base salary, (ii) additional cash bonuses and (iii) value of any Blend equity awards that vest during such period of time, is less than $1,458,333 for period between September 1, 2022 through the March 31, 2023, provided Mr. Greenberg remained continuously employed by the Company through March 31, 2023. The Bonus Payment shall be made in cash or fully vested shares of Class A Common Stock of Blend of equivalent value, as determined by the Company’s Compensation Committee in its sole discretion. Mr. Greenberg’s last day of employment with Blend was April 3, 2023, and subsequently he received the Bonus Payment in cash in the amount of $0.9 million. In addition to the Bonus Payment, Mr. Greenberg received a severance package, which included 9 weeks of severance and other benefits in accordance with Company practices. On January 9, 2023, Crystal Sumner notified the Company of her intention to step down as Head of Legal, Compliance, and Risk and Corporate Secretary of the Company, effective on February 1, 2023. In connection with Ms. Sumner’s departure, the Company entered into a transition agreement with Ms. Sumner, pursuant to which Ms. Sumner received a transition payment equal to 9 weeks of Ms. Sumner’s then-current base salary in accordance with Company practices. The restructuring charges attributable to the workforce reduction plans and executive transaction costs amounted to approximately $1.0 million and $12.8 million for the three months ended March 31, 2024 and 2023, respectively. The restructuring charges consisted primarily of cash expenditures for compensation, severance, and transition payments, employee benefits, payroll taxes and related facilitation costs. The restructuring charges attributable to the August 2023 plan also include an accelerated expense of $2.1 million consisting of prepaid cash bonuses issued in the first and second quarter of 2023 to certain employees in lieu of previously committed equity-based awards. The reconciliation of the restructuring liability balances is as follows: (In thousands) Restructuring liability as of December 31, 2022 $ 1,614 January 2023 Plan charge 14,025 Executive transition costs 1,107 August 2023 Plan charge (excluding accelerated amortization of prepaid cash bonuses) 7,685 Settlements (24,331) Restructuring liability as of December 31, 2023 $ 100 January 2024 Plan charge 983 Settlements (1,083) Restructuring liability as of March 31, 2024 $ —

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The provision for income taxes was less than $0.1 million for the three months ended March 31, 2024 and 2023. The effective tax rate for the three months ended March 31, 2024 and 2023 was (0.2)%. The effective tax rates differ from the federal statutory rate primarily due to a valuation allowance on the Company’s deferred tax assets. The Company reassessed the ability to realize deferred tax assets by considering the available positive and negative evidence. As of March 31, 2024, the Company concluded that its net deferred tax assets are not more-likely-than-not to be realized and maintained a full valuation allowance against such net deferred tax assets. As of March 31, 2024, the Company files tax returns in the U.S. federal and various state jurisdictions. Due to the Company’s U.S. net operating loss carryforwards, its income tax returns generally remain subject to examination by federal and most state tax authorities. Beginning in 2022, the Company’s subsidiary files income tax returns in India which are subject to examination by tax authorities in India.

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss Per Share The Company has three classes of authorized common stock for which voting rights differ by class. The Company computes net loss per share using the two-class method required for multiple classes of common stock. Under the two-class method, net income (loss) attributable to common stockholders for the period is allocated between shares of common stock and participating securities based upon their respective rights to receive dividends as if all earnings for the period had been distributed. Basic net loss per share is computed by dividing net loss attributable to each class of stockholders by the weighted average number of shares of stock outstanding during the period, adjusted for options early exercised and subject to repurchase. Diluted loss per share reflects the potential dilution that could occur if securities, including awards issued under the Company’s equity compensation plans or other contracts to issue common stock, were exercised or converted into common stock or resulted in the issuance of common stock (net of any assumed repurchases) that then shared in the earnings of the Company. Diluted net loss per share attributable to the Company is computed by dividing the net loss attributable to the Company by the weighted average number of fully diluted common shares outstanding. The following table presents the calculation of basic and diluted net loss per share for Class A and Class B common stock. No shares of Class C common stock were issued and outstanding during the periods presented. Three Months Ended March 31, 2024 2023 Class A Class B Class A Class B (In thousands, except per share data) Numerator: Net loss attributable to Blend Labs, Inc. $ (19,879) $ (789) $ (62,513) $ (2,904) Less: accretion of RNCI to redemption value (1,405) (56) (1,965) (91) Net loss attributable to Blend Labs, Inc common stockholders $ (21,284) $ (845) $ (64,478) $ (2,995) Denominator: Weighted average common stock outstanding, basic and diluted 241,357 9,575 230,725 10,719 Net loss per share attributable to Blend Labs, Inc.: Basic and diluted $ (0.09) $ (0.09) $ (0.28) $ (0.28) The following potential shares of common stock were excluded from the computation of diluted net earnings per share attributable to the Company for the periods presented because including them would have been antidilutive as the Company has reported net loss for each of the periods presented: As of March 31, 2024 2023 (In thousands) Outstanding stock options 18,591 23,414 Early exercised options subject to repurchase 62 367 Non-plan Co-Founder and Head of Blend options 26,057 26,057 Unvested restricted stock units 20,762 12,864 Unvested performance stock awards 5,500 1,000 Common stock warrants 598 598 Total antidilutive securities 71,570 64,300

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information The Company’s operating segments are defined in a manner consistent with how the Company manages its operations and how the CODM evaluates the results and allocates the Company’s resources. Segment gross profit, which is the measure used by the Company’s CODM to evaluate the performance of and allocate resources to its segments, is calculated as segment revenue less segment cost of revenue. The Company does not evaluate performance or allocate resources based on segment assets, and therefore, such information is not presented. The following table provides information about each reportable segment: Three Months Ended March 31, 2024 2023 (in thousands) Segment revenue: Software platform $ 21,736 $ 22,970 Professional services 2,104 1,734 Blend Platform segment 23,840 24,704 Title segment 11,107 12,632 Total revenue $ 34,947 $ 37,336 Segment gross profit: Software platform $ 16,561 $ 17,167 Professional services (519) (1,072) Blend Platform segment 16,042 16,095 Title segment 2,099 (242) Total gross profit $ 18,141 $ 15,853 Operating expenses: Research and development $ 14,183 $ 26,257 Sales and marketing 10,215 17,568 General and administrative 13,935 20,681 Restructuring 983 12,783 Total operating expenses 39,316 77,289 Loss from operations (21,175) (61,436) Interest expense (5,099) (7,569) Other income (expense), net 5,653 2,882 Loss before income taxes $ (20,621) $ (66,123)

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 29, 2024, the Company entered into an Investment Agreement (the “Investment Agreement”) with Haveli Brooks Aggregator, L.P. (“Haveli”) and issued 150,000 shares of the Company’s Series A Convertible Preferred Stock, par value $0.00001 per share (the “Series A Preferred Stock”), for an aggregate purchase price of $150.0 million. In connection with the issuance of the Series A Preferred Stock, the Company issued a warrant (the “Warrant”) to Haveli to purchase up to 11,111,112 shares of Class A common stock, at a purchase price of $4.50 per share of Class A common stock. The Warrant is exercisable for a period of 24 months from issuance. In connection with the issuance of Series A Preferred Stock, on April 29, 2024, the Company paid approximately $146.1 million to repay in full all amounts outstanding and payable under the Credit Agreement, and terminated the Credit Agreement.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net loss attributable to Blend Labs, Inc.	$ (20,668)	$ (65,417)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023, the unaudited condensed consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2024 and 2023, the unaudited condensed consolidated statements of redeemable noncontrolling interest and stockholders’ equity for the three months ended March 31, 2024 and 2023, and the unaudited condensed consolidated statements of cash flows for the three months ended March 31, 2024 and 2023 reflect all adjustments that are of a normal, recurring nature and that are considered necessary for a fair statement of the results for the periods shown in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial reporting periods. Accordingly, certain information and footnote disclosures have been condensed or omitted that would ordinarily be required under U.S. GAAP for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
Principles of Consolidation	The accompanying unaudited condensed consolidated financial statements include the accounts of Blend Labs, Inc. and its subsidiaries in which the Company holds a controlling financial interest. Noncontrolling interest represents the minority stockholder’s share of the net income or loss and equity in a consolidated subsidiary. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make, on an ongoing basis, estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the notes thereto. Actual results may differ from those estimates. Such estimates include, but are not limited to, estimates of variable consideration, evaluation of contingencies, determination of the incremental borrowing rates used in calculations of lease liabilities, determination of fair values of stock-based compensation, marketable securities, warrants, long-term debt, valuation of deferred tax assets, valuation of acquired intangible assets, valuation of the redeemable noncontrolling interest, determination of useful lives of tangible and intangible assets and capitalized internal-use software development costs, assessment of impairment of long-lived assets, and valuation of equity securities without readily determinable fair value.
Risks and Uncertainties	Risks and Uncertainties The Company has been and may continue to be affected by various macroeconomic factors, including interest rate environment, housing affordability, and worldwide political and economic conditions. The global financial markets have recently experienced extreme volatility and disruptions, including diminished liquidity and credit availability, declines in consumer confidence, declines in economic growth, rising interest rates, inflation, increases in unemployment rates and uncertainty about economic stability. The real estate environment, including interest rates and the general economic environment, typically impacts the demand for mortgage and mortgage related products. Recent changes in these areas have impacted the Company’s results of operations. Purchase volume and refinance activity were strong in 2021 and 2020 relative to historical averages over the preceding decade; however, an increase in interest rates due to efforts by the Federal Reserve to manage rising inflation, combined with ongoing supply constraints, resulted in a decline in mortgage origination activity for 2022, which continued into 2023. These factors could continue to impact overall origination activity levels into 2024 and in future periods. The Company’s operations are principally funded by available liquidity from cash, cash equivalents and investments. The Company has incurred net losses in each period since inception, and its limited operating history in an evolving industry makes it difficult to accurately forecast the impact of macroeconomic or other external factors on its business and may increase the risk that the Company may not be able to achieve or maintain profitability in the future, or otherwise suffers adverse impacts on its operational and financial results.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company places its cash with high credit quality and federally insured institutions. Cash with any one institution may be in excess of federally insured limits. The Company has not experienced any losses in such accounts and believes the exposure to credit risk is not significant. The Company considers all highly liquid investments with an original maturity date of three months or less at the time of purchase to be cash equivalents. As of March 31, 2024 and December 31, 2023, cash and cash equivalents consisted of cash, money market accounts, and highly liquid investments with original maturities less than 90 days. The carrying amounts reported in the unaudited condensed consolidated balance sheets for cash and cash equivalents approximate fair value due to the short-term nature of the investments.
Restricted Cash	Restricted Cash The Company has classified cash that is not available for use in its operations as restricted cash. Restricted cash consists primarily of collateral for letters of credit related to security deposits for the Company’s office facility lease arrangements and collateral for surety bonds related to the Title segment. As of March 31, 2024 and December 31, 2023, the Company had restricted cash of $7.3 million
Trade and Other Receivables and Credit Loss Reserves	Trade and Other Receivables and Credit Loss Reserves
Capitalized Internal-Use Software	Capitalized Internal-Use Software The Company capitalizes certain costs incurred in the development of its platform and product offerings when (i) the preliminary project stage is completed, (ii) management has authorized further funding for the completion of the project, and (iii) it is probable that the project will be completed and performed as intended. These capitalized costs include personnel and related expenses and stock-based compensation for employees who are directly associated with and who devote time to internal-use software projects. Capitalization of these costs ceases once the project is substantially complete and the software is ready for its intended purpose. Costs incurred for significant upgrades and enhancements to the existing software are also capitalized, while the costs incurred for minor modifications, as well as training and maintenance are expensed as incurred. The capitalized internal-use software development costs are reported in property and equipment, net, in the condensed consolidated balance sheets. Capitalized internal-use software development costs are amortized using the straight-line method over an estimated useful life of the software, as the straight-line recognition method best approximates the manner in which the expected benefit will be derived. The Company does not transfer ownership of its software, license, or lease the software to third parties.
Concentrations of Credit Risk and Significant Customers	Concentrations of Credit Risk and Significant Customers Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, marketable securities, and trade accounts receivable. The Company maintains its cash equivalents primarily in money market funds and highly liquid investments that are issued or guaranteed by the United States government or its agencies. As of March 31, 2024 and December 31, 2023 , cash and cash equivalents was $84.5 million and $31.0 million, respectively, and included $1.9 million of cash held in a foreign jurisdiction. Collateral is not required for trade accounts receivable.
Redeemable Noncontrolling Interest	Redeemable Noncontrolling Interest The Company’s 90.1% ownership of Title365 results in recognition of 9.9% noncontrolling interest, which represents the minority stockholder’s share of the net income and equity in Title365. The Title365 stockholders agreement includes a provision whereby the Company has a call option to purchase the 9.9% noncontrolling interest at a purchase price equal to the greater of (1) $49.5 million plus an amount of interest calculated using an interest rate of 5.0% per annum compounding annually; or (2) 4.4 multiplied by the trailing 12-month EBITDA multiplied by the noncontrolling interest ownership percentage (the “Title365 Call Option”). The Title365 Call Option became exercisable beginning 2 years following the acquisition closing date. The noncontrolling interest holder also holds an option to compel the Company to purchase the remaining 9.9% noncontrolling interest at a price calculated in the same manner as the Title365 Call Option (the “Title365 Put Option”). The Title365 Put Option is exercisable beginning 5 years following the acquisition closing date. Neither the Title365 Call Option nor the Title365 Put Option have an expiration date. However, pursuant to the Title365 stockholders agreement, the Company also has certain bring-along rights that it can exercise under certain circumstances, which may result in the Title365 Put Option being extinguished. As the Title365 Put Option is not solely within the Company’s control, the Company classified this interest as redeemable noncontrolling interest (“RNCI”) within the mezzanine equity section of the unaudited condensed consolidated balance sheets. The RNCI is accreted to the redemption value under the interest method from the acquisition date through the date the Title365 Put Option becomes exercisable. At each balance sheet date, the RNCI is reported at the greater of the initial carrying amount adjusted for the RNCI's share of earnings or losses and other comprehensive income or loss, or its accreted redemption value. The changes in the redemption amount are recorded with corresponding adjustments against retained earnings or, in the absence of retained earnings, additional paid-in-capital. For each reporting period, the entire periodic change in the redemption amount is reflected in the computation of net loss per share under the two-class method as being akin to a dividend. As of March 31, 2024 and December 31, 2023, the redemption amount of the Title365 Put Option as if it was currently redeemable was $56.6 million and $55.9 million, respectively.
Recently Adopted Accounting Standards and Recently Issued Accounting Standards Not Yet Adopted	Recently Adopted Accounting Standards In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) . The guidance simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in ASC 470-20 that requires entities to account for beneficial conversion features and cash conversion features in equity separately from the host convertible debt or preferred stock. The guidance is effective for the Company for annual reporting periods, and interim reporting periods within those annual periods, beginning January 1, 2024. ASU 2020-06 should be applied on a full or modified retrospective basis and early adoption is permitted. The adoption did not have a material impact on the Company’s consolidated financial statements. In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820). This update clarifies the guidance in Topic 820 when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security and introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The amendments affect all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The guidance is effective for the Company for annual reporting periods, and interim reporting periods within those annual periods, beginning January 1, 2024. Early adoption is permitted. The adoption did not have a material impact on the Company’s consolidated financial statements. Recently Issued Accounting Standards Not Yet Adopted In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280). This update improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, for all public entities to enable investors to develop more decision-useful financial analyses. The guidance is effective for the Company for annual reporting periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact this ASU will have on its consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740). This update improves the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. The guidance is effective for the Company for annual reporting periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the impact this ASU will have on its consolidated financial statements.
Investment in Non-Marketable Equity Securities	Investments in Non-Marketable Equity Securities The Company holds an equity investment in a privately-held company in exchange for 103,611 shares of Series Growth 1a Preferred Stock. This 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 investment of the same issuer. As of March 31, 2024, the carrying value of this investment was $9.8 million, inclusive of a cumulative upward adjustment of $7.3 million, of which $4.4 million was recognized as a gain in the three months ended March 31, 2024 to reflect observable price changes. As of December 31, 2023, the carrying value of this investment was $5.4 million, inclusive of cumulative upward adjustment of $2.9 million. The Company determined the adjustment by measuring the security at fair value using the option pricing model (“OPM”) as of the date the observable transaction occurred. Observable transactions, such as the issuance of new equity by an investee, are indicators of investee enterprise value and are used to estimate the fair value of the Company’s investment in the equity security. An OPM is utilized to allocate value to the various classes of securities of the investee, including classes owned by the Company. Such information, available to the Company from the investee entity, is supplemented with the Company’s estimates such as volatility, expected time to liquidity and the rights and obligations of the securities the Company holds. The inputs to valuation techniques used to measure fair value of the Company’s non-marketable equity security are classified as Level 3 of the fair value hierarchy due to the use of significant unobservable inputs. The gain resulting from the adjustment to the carrying value of the non-marketable security is presented within other income (expense) in the unaudited condensed consolidated statements of operations and comprehensive income (loss). There were no impairments for the three months ended March 31, 2024 . This investment is presented within other non-current assets on the unaudited condensed consolidated balance sheets.
Cloud Computing Arrangements	Cloud Computing Arrangements The 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 $0.2 million as of March 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 condensed consolidated balance sheets. The carrying value of the capitalized costs was $0.1 million as of December 31, 2023, which is presented within prepaid expenses and other current assets. 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.
Title and Escrow Loss Reserve	Title and Escrow Loss Reserve
Escrow or Trust Funds	Escrow or Trust Funds
Segment Information	The Company’s operating segments are defined in a manner consistent with how the Company manages its operations and how the CODM evaluates the results and allocates the Company’s resources. Segment gross profit, which is the measure used by the Company’s CODM to evaluate the performance of and allocate resources to its segments, is calculated as segment revenue less segment cost of revenue. The Company does not evaluate performance or allocate resources based on segment assets, and therefore, such information is not presented.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Schedule of Concentration of Credit Risk	The following customer comprised 10% or more of the Company’s revenue for the following periods: Three Months Ended March 31, Customer 2024 2023 A 1 18% 18% (1) this customer generates revenue in both Blend Platform and Title segments The following customers comprised 10% or more of the Company’s trade and unbilled receivables: Customer March 31, 2024 December 31, 2023 A 12% 10% B 6% 13%

Revenue Recognition and Contr_2

Revenue Recognition and Contract Costs (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table provides information about disaggregated revenue by service offering: Three Months Ended March 31, 2024 2023 (In thousands) Blend Platform: Mortgage Suite $ 15,078 $ 17,795 Consumer Banking Suite 6,658 5,175 Total software platform 21,736 22,970 Professional services 2,104 1,734 Total Blend Platform 23,840 24,704 Title 11,107 12,632 Total revenue $ 34,947 $ 37,336
Schedule of Contract Balances	The following table provides information about contract assets and contract liabilities from contracts with customers: Contract Accounts Balance Sheet Line Reference March 31, 2024 December 31, 2023 (In thousands) Contract assets—current Prepaid expenses and other current assets $ 2,232 $ 1,593 Contract liabilities—current Deferred revenue, current $ (21,540) $ (8,984)

Investments and Fair Value Me_2

Investments and Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Available For Sale Securities	The carrying amount, unrealized gain and loss, and fair value of investments by major security type were as follows: March 31, 2024 Amortized Gross Fair Value Fair Value Hierarchy (In thousands) Cash equivalents: Money market funds $ 43,076 $ — $ 43,076 Level 1 Commercial paper 27,903 — 27,903 Level 2 Total cash equivalents 70,979 — 70,979 Marketable securities: U.S. treasury and agency securities 27,035 (7) 27,028 Level 2 Commercial paper 16,446 — 16,446 Level 2 Total marketable securities 43,481 (7) 43,474 Other investments: Certificates of deposit 30 — 30 Level 2 Total marketable securities and other investments 43,511 (7) 43,504 Restricted cash, non-current: Money market funds 6,961 — 6,961 Level 1 Certificates of deposit 333 — 333 Level 2 Total restricted cash 7,294 — 7,294 Total $ 121,784 $ (7) $ 121,777 December 31, 2023 Amortized Gross Gross Fair Value Fair Value Hierarchy (In thousands) Cash equivalents: Money market funds $ 6,804 $ — $ — $ 6,804 Level 1 Commercial paper 14,932 — — 14,932 Level 2 Total cash equivalents 21,736 — — 21,736 Marketable securities: U.S. treasury and agency securities 33,225 8 (71) 33,162 Level 2 Debt securities 56,512 187 (127) 56,572 Level 2 Asset-backed securities 16,037 99 — 16,136 Level 2 Mutual funds 60 — — 60 Level 1 Total marketable securities 105,834 294 (198) 105,930 Other investments: Certificates of deposit 30 — — 30 Level 2 Total marketable securities and other investments 105,864 294 (198) 105,960 Restricted cash, non-current: Money market funds 6,959 — — 6,959 Level 1 Certificates of deposit 332 — — 332 Level 2 Total restricted cash 7,291 — — 7,291 Total $ 134,891 $ 294 $ (198) $ 134,987 The following table summarizes the stated maturities of the Company’s marketable securities and other investments: March 31, 2024 December 31, 2023 (In thousands) Due within one year $ 33,616 $ 66,620 Due after one year through two years 9,888 39,340 Total marketable securities and other investments $ 43,504 $ 105,960

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Indefinite-Lived Intangible Assets	Intangible assets consisted of the following: March 31, 2024 Weighted Average Remaining Amortization Gross Amount Accumulated Amortization Net Book Value (In years) (In thousands) Intangible assets subject to amortization: Domain name 7.5 $ 206 $ (103) $ 103 Indefinite-lived intangible assets: Acquired licenses 2,000 — 2,000 Total intangible assets, net $ 2,206 $ (103) $ 2,103 December 31, 2023 Weighted Average Remaining Amortization Gross Amount Accumulated Amortization Net Book Value (In years) (In thousands) Intangible assets subject to amortization: Domain name 7.7 210 (102) 108 Indefinite-lived intangible assets: Acquired licenses 2,000 — 2,000 Total intangible assets, net $ 2,210 $ (102) $ 2,108
Schedule of Finite-Lived Intangible Assets	Intangible assets consisted of the following: March 31, 2024 Weighted Average Remaining Amortization Gross Amount Accumulated Amortization Net Book Value (In years) (In thousands) Intangible assets subject to amortization: Domain name 7.5 $ 206 $ (103) $ 103 Indefinite-lived intangible assets: Acquired licenses 2,000 — 2,000 Total intangible assets, net $ 2,206 $ (103) $ 2,103 December 31, 2023 Weighted Average Remaining Amortization Gross Amount Accumulated Amortization Net Book Value (In years) (In thousands) Intangible assets subject to amortization: Domain name 7.7 210 (102) 108 Indefinite-lived intangible assets: Acquired licenses 2,000 — 2,000 Total intangible assets, net $ 2,210 $ (102) $ 2,108

Significant Balance Sheet Com_2

Significant Balance Sheet Components (Tables)	3 Months Ended
	Mar. 31, 2024
Supplemental Balance Sheet Information [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following: March 31, 2024 December 31, 2023 (In thousands) Contract assets $ 2,232 $ 1,593 Deferred contract costs 1,010 1,015 Prepaid software 3,434 4,319 Prepaid insurance 1,259 1,855 Prepaid other 2,722 3,438 Recording fee advances 409 470 Other current assets 2,255 1,879 Total prepaid expenses and other current assets $ 13,321 $ 14,569
Schedule of Property and Equipment, Net	Property and equipment, net, consisted of the following: March 31, 2024 December 31, 2023 (In thousands) Computer and software $ 6,371 $ 6,335 Furniture and fixtures 1,816 1,816 Capitalized internal-use software 2,628 63 Leasehold improvements 4,881 4,886 Total property and equipment, gross 15,696 13,100 Accumulated depreciation and amortization (9,712) (9,155) Total property and equipment, net $ 5,984 $ 3,945
Schedule of Other Current Liabilities	Other current liabilities consisted of the following: March 31, 2024 December 31, 2023 (In thousands) Accrued expenses $ 2,600 $ 2,644 Accrued interest 151 101 Accrued professional fees 1,626 1,861 Accrued connectivity fees 2,749 3,103 Accrued litigation contingencies 455 1,105 Operating lease liabilities, current portion 4,567 4,379 Other current liabilities 1,787 1,665 Total other current liabilities $ 13,935 $ 14,858
Schedule of Other Long-Term Liabilities	Other long-term liabilities consisted of the following: March 31, 2024 December 31, 2023 (In thousands) Early exercise liability $ 178 $ 362 Payroll tax liabilities 388 347 Other liabilities 1,490 1,519 Total other long-term liabilities $ 2,056 $ 2,228

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Schedule of Maturities of Operating Lease Liabilities	As of March 31, 2024, maturities of operating lease liabilities were as follows: (In thousands) Remainder of 2024 $ 3,951 2025 4,415 2026 1,471 2027 1,263 2028 972 Thereafter 524 Total lease payments 12,596 Less: imputed interest (1,631) Total operating lease liabilities $ 10,965

Debt Financing (Tables)

Debt Financing (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt	Debt consisted of the following: March 31, 2024 December 31, 2023 (In thousands) Term Loan - principal $ 140,000 $ 140,000 Term Loan - exit fee 4,500 4,500 Less: unamortized debt discounts and issuance costs (5,646) (6,166) Total debt $ 138,854 $ 138,334

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	A summary of the stock option activity is as follows: Number of Weighted Weighted Aggregate (In thousands) (In years) (In thousands) Balance as of December 31, 2023 19,946 $ 4.58 5.6 $ 11,762 Exercised (410) $ 1.51 $ 500 Canceled and forfeited (945) $ 9.00 Balance as of March 31, 2024 18,591 $ 4.43 5.7 $ 19,978 Vested and exercisable as of March 31, 2024 15,945 $ 4.37 5.6 $ 18,095
Schedule of Valuation Assumptions	The remaining tranches were valued using a Monte Carlo simulation model. The weighted average estimated fair value of the remaining tranches as of the modification date was $3.80 per share based on the following assumptions: Fair value of common stock $18.00 Remaining contractual term (years) 14.75 Expected volatility 40.00% Risk-free interest rate 1.71% Expected dividend yield —
Schedule of RSU Activity	A summary of the Company’s RSU activity and related information is as follows: Number of RSUs Weighted (In thousands) Balance as of December 31, 2023 20,137 $ 1.30 Granted 4,882 $ 2.67 Vested (3,257) $ 1.52 Cancelled and forfeited (1,000) $ 1.70 Balance as of March 31, 2024 20,762 $ 1.57
Schedule of Stock Based Compensation Expense	The Company’s stock-based compensation expense was as follows: Three Months Ended March 31, 2024 2023 (In thousands) Cost of revenue $ 154 $ 488 Research and development (1) 3,352 8,131 Sales and marketing 978 2,783 General and administrative 3,587 4,990 Total $ 8,071 $ 16,392 ____________ (1) Net of $0.6 million of additions to capitalized internal-use software for the quarter ended March 31, 2024 and none for the quarter ended March 31, 2023.

Restructuring (Tables)

Restructuring (Tables)	3 Months Ended
	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Schedule of Reconciliation of the Restructuring Liability Balances	The reconciliation of the restructuring liability balances is as follows: (In thousands) Restructuring liability as of December 31, 2022 $ 1,614 January 2023 Plan charge 14,025 Executive transition costs 1,107 August 2023 Plan charge (excluding accelerated amortization of prepaid cash bonuses) 7,685 Settlements (24,331) Restructuring liability as of December 31, 2023 $ 100 January 2024 Plan charge 983 Settlements (1,083) Restructuring liability as of March 31, 2024 $ —

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	The following table presents the calculation of basic and diluted net loss per share for Class A and Class B common stock. No shares of Class C common stock were issued and outstanding during the periods presented. Three Months Ended March 31, 2024 2023 Class A Class B Class A Class B (In thousands, except per share data) Numerator: Net loss attributable to Blend Labs, Inc. $ (19,879) $ (789) $ (62,513) $ (2,904) Less: accretion of RNCI to redemption value (1,405) (56) (1,965) (91) Net loss attributable to Blend Labs, Inc common stockholders $ (21,284) $ (845) $ (64,478) $ (2,995) Denominator: Weighted average common stock outstanding, basic and diluted 241,357 9,575 230,725 10,719 Net loss per share attributable to Blend Labs, Inc.: Basic and diluted $ (0.09) $ (0.09) $ (0.28) $ (0.28)
Schedule of Antidilutive Securities	The following potential shares of common stock were excluded from the computation of diluted net earnings per share attributable to the Company for the periods presented because including them would have been antidilutive as the Company has reported net loss for each of the periods presented: As of March 31, 2024 2023 (In thousands) Outstanding stock options 18,591 23,414 Early exercised options subject to repurchase 62 367 Non-plan Co-Founder and Head of Blend options 26,057 26,057 Unvested restricted stock units 20,762 12,864 Unvested performance stock awards 5,500 1,000 Common stock warrants 598 598 Total antidilutive securities 71,570 64,300

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Segment Information	The following table provides information about each reportable segment: Three Months Ended March 31, 2024 2023 (in thousands) Segment revenue: Software platform $ 21,736 $ 22,970 Professional services 2,104 1,734 Blend Platform segment 23,840 24,704 Title segment 11,107 12,632 Total revenue $ 34,947 $ 37,336 Segment gross profit: Software platform $ 16,561 $ 17,167 Professional services (519) (1,072) Blend Platform segment 16,042 16,095 Title segment 2,099 (242) Total gross profit $ 18,141 $ 15,853 Operating expenses: Research and development $ 14,183 $ 26,257 Sales and marketing 10,215 17,568 General and administrative 13,935 20,681 Restructuring 983 12,783 Total operating expenses 39,316 77,289 Loss from operations (21,175) (61,436) Interest expense (5,099) (7,569) Other income (expense), net 5,653 2,882 Loss before income taxes $ (20,621) $ (66,123)

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2021
Noncontrolling Interest [Line Items]
Restricted cash, non-current	$ 7,294	$ 7,291
Reserve for credit loss	100	100
Redemption amount	$ 56,600	$ 55,900
Title segment
Noncontrolling Interest [Line Items]
Interest acquired			90.10%
Title segment
Noncontrolling Interest [Line Items]
Ownership percentage	9.90%
Purchase price	$ 49,500
Interest rate	5%
EBITDA ratio	4.4
EBITDA period	12 months
Title segment | Call Option
Noncontrolling Interest [Line Items]
Exercisable period	2 years
Title segment | Put Option
Noncontrolling Interest [Line Items]
Exercisable period	5 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Concentration of Credit Risk (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2023	Dec. 31, 2023
Concentration Risk [Line Items]
Cash and cash equivalents	$ 84,521	$ 46,195		$ 30,962
Revenue | Customer Concentration Risk | Insurance Company 1
Concentration Risk [Line Items]
Concentration risk percentage	64%	71%
Revenue | Customer Concentration Risk | Insurance Company 2
Concentration Risk [Line Items]
Concentration risk percentage	36%	29%
Revenue | Customer Concentration Risk | Customer A
Concentration Risk [Line Items]
Concentration risk percentage	18%	18%
Accounts Receivable | Customer Concentration Risk | Customer A
Concentration Risk [Line Items]
Concentration risk percentage	12%		10%
Accounts Receivable | Customer Concentration Risk | Customer B
Concentration Risk [Line Items]
Concentration risk percentage	6%		13%
Foreign Jurisdiction
Concentration Risk [Line Items]
Cash and cash equivalents	$ 1,900			$ 1,900

Revenue Recognition and Contr_3

Revenue Recognition and Contract Costs - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 34,947	$ 37,336
Blend Platform segment
Disaggregation of Revenue [Line Items]
Revenue	23,840	24,704
Software platform
Disaggregation of Revenue [Line Items]
Revenue	21,736	22,970
Mortgage Suite
Disaggregation of Revenue [Line Items]
Revenue	15,078	17,795
Consumer Banking Suite
Disaggregation of Revenue [Line Items]
Revenue	6,658	5,175
Professional services
Disaggregation of Revenue [Line Items]
Revenue	2,104	1,734
Title
Disaggregation of Revenue [Line Items]
Revenue	$ 11,107	$ 12,632

Revenue Recognition and Contr_4

Revenue Recognition and Contract Costs - Schedule of Contract Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract assets—current	$ 2,232	$ 1,593
Contract liabilities—current	$ (21,540)	$ (8,984)

Revenue Recognition and Contr_5

Revenue Recognition and Contract Costs - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Capitalized Contract Cost [Line Items]
Contract assets, noncurrent	$ 0		$ 0
Contract liabilities, noncurrent	0		0
Revenue recognized	4,100,000	$ 3,500,000
Revenue from performance obligations satisfied (reversed) in previous periods	100,000	(800,000)
Unamortized deferred contract costs	3,200,000		3,500,000
Unamortized deferred contract costs, current	1,010,000		1,015,000
Unamortized deferred contract costs, noncurrent	2,197,000		2,453,000
Amortization of deferred contract costs	266,000	$ 984,000
Prepaid Expenses and Other Current Assets
Capitalized Contract Cost [Line Items]
Unamortized deferred contract costs, current	$ 1,000,000		$ 1,000,000

Revenue Recognition and Contr_6

Revenue Recognition and Contract Costs - Remaining Performance Obligations (Details) $ in Millions	Mar. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 93
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (in percentage)	50%
Remaining performance obligations, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations, period	13 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations, period	24 months

Investments and Fair Value Me_3

Investments and Fair Value Measurements - Schedule of Available For Sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Cash and cash equivalents	$ 84,521	$ 30,962	$ 46,195
Gross Unrealized Gain		294
Gross Unrealized Loss	(7)	(198)
Marketable securities and other investments	43,504	105,960
Restricted cash, non-current	7,294	7,291
Cash, Cash Equivalents, Restricted Cash And Short Term Investments, Amortized Cost	121,784	134,891
Cash, Cash Equivalents, Restricted Cash And Short Term Investments	121,777	134,987
U.S. treasury and agency securities | Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	27,035	33,225
Gross Unrealized Gain		8
Gross Unrealized Loss	(7)	(71)
Fair Value	27,028	33,162
Commercial paper | Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	16,446
Gross Unrealized Loss	0
Fair Value	16,446
Debt securities | Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		56,512
Gross Unrealized Gain		187
Gross Unrealized Loss		(127)
Fair Value		56,572
Asset-backed securities | Level 2
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		16,037
Gross Unrealized Gain		99
Gross Unrealized Loss		0
Fair Value		16,136
Mutual funds | Level 1
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		60
Gross Unrealized Gain		0
Gross Unrealized Loss		0
Fair Value		60
Certificates of deposit | Level 2
Debt Securities, Available-for-sale [Line Items]
Other investments	30	30
Restricted cash, non-current	333	332
Money market funds | Level 1
Debt Securities, Available-for-sale [Line Items]
Cash and cash equivalents	43,076	6,804
Restricted cash, non-current	6,961	6,959
Commercial paper | Level 2
Debt Securities, Available-for-sale [Line Items]
Cash and cash equivalents	27,903	14,932
Total cash equivalents
Debt Securities, Available-for-sale [Line Items]
Cash and cash equivalents	70,979	21,736
Total marketable securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	43,481	105,834
Gross Unrealized Gain		294
Gross Unrealized Loss	(7)	(198)
Fair Value	43,474	105,930
Total marketable securities and other investments
Debt Securities, Available-for-sale [Line Items]
Gross Unrealized Gain		294
Gross Unrealized Loss	(7)	(198)
Short Term Investments, Amortized Cost	43,511	$ 105,864
Marketable securities and other investments	$ 43,504

Investments and Fair Value Me_4

Investments and Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Restricted cash related to lease obligations	$ 5
Restricted cash related to surety bonds	$ 1.9	$ 0.3

Investments and Fair Value Me_5

Investments and Fair Value Measurements - Schedule of Debt Maturities (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) position	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) position
Investments, Debt and Equity Securities [Abstract]
Due within one year	$ 33,616,000		$ 66,620,000
Due after one year through two years	9,888,000		39,340,000
Marketable securities and other investments	$ 43,504,000		$ 105,960,000
Number of investment positions that are in an unrealized loss position | position	9		28
Number of investment positions that are in an unrealized loss position, twelve months or greater | position			4
Fair value that are in an unrealized loss position, twelve months or greater	$ 0		$ 16,000,000
Interest income	1,200,000	$ 2,900,000
Interest receivable	$ 100,000		$ 900,000

Intangible Assets - Schedule of

Intangible Assets - Schedule of Indefinite-Lived and Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (103)	$ (102)
Total intangible assets, gross	2,206	2,210
Total intangible assets, net	2,103	2,108
Acquired licenses
Finite-Lived Intangible Assets [Line Items]
Acquired licenses	$ 2,000	$ 2,000
Domain name
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Amortization	7 years 6 months	7 years 8 months 12 days
Gross Amount	$ 206	$ 210
Accumulated Amortization	(103)	(102)
Net Book Value	$ 103	$ 108

Intangible Assets - Narrative (

Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of acquired intangible assets	$ 0	$ 0

Significant Balance Sheet Com_3

Significant Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Supplemental Balance Sheet Information [Abstract]
Contract assets	$ 2,232	$ 1,593
Deferred contract costs	1,010	1,015
Prepaid software	3,434	4,319
Prepaid insurance	1,259	1,855
Prepaid other	2,722	3,438
Recording fee advances	409	470
Other current assets	2,255	1,879
Total prepaid expenses and other current assets	$ 13,321	$ 14,569

Significant Balance Sheet Com_4

Significant Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 15,696		$ 13,100
Accumulated depreciation and amortization	(9,712)		(9,155)
Total property and equipment, net	5,984		3,945
Depreciation expense	600	$ 600
Computer and software
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	6,371		6,335
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	1,816		1,816
Capitalized internal-use software
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	2,628		63
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 4,881		$ 4,886

Significant Balance Sheet Com_5

Significant Balance Sheet Components - Note Receivable (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2021	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Potential merger consideration		$ 500
Series Seed Preferred Stock
Accounts, Notes, Loans and Financing Receivable [Line Items]
Shares issuable in debt conversion (in shares)		4,500,000
Series A Preferred Stock
Accounts, Notes, Loans and Financing Receivable [Line Items]
Shares issuable in debt conversion (in shares)		2,192,308
Notes Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Account receivable	$ 3	$ 2.5
Interest rate		2%
Term of receivable	60 months

Significant Balance Sheet Com_6

Significant Balance Sheet Components - Investments in Non-Marketable Equity Securities (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Supplemental Balance Sheet Information [Abstract]
Investment shares (in shares)	103,611
Carrying value	$ 9.8	$ 5.4
Cumulative upward adjustment	7.3	$ 2.9
Upward adjustment	$ 4.4

Significant Balance Sheet Com_7

Significant Balance Sheet Components - Cloud Computing Arrangements (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Costs incurred, development costs	$ 0.2
Prepaid Expenses and Other Current Assets
Property, Plant and Equipment [Line Items]
Costs incurred, development costs	0.1	$ 0.1
Other Noncurrent Assets
Property, Plant and Equipment [Line Items]
Costs incurred, development costs	$ 0.1

Significant Balance Sheet Com_8

Significant Balance Sheet Components - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Supplemental Balance Sheet Information [Abstract]
Accrued expenses	$ 2,600	$ 2,644
Accrued interest	151	101
Accrued professional fees	1,626	1,861
Accrued connectivity fees	2,749	3,103
Accrued litigation contingencies	455	1,105
Operating lease liabilities, current portion	4,567	4,379
Other current liabilities	1,787	1,665
Total other current liabilities	$ 13,935	$ 14,858
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total other current liabilities	Total other current liabilities

Significant Balance Sheet Com_9

Significant Balance Sheet Components - Schedule of Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Supplemental Balance Sheet Information [Abstract]
Early exercise liability	$ 178	$ 362
Payroll tax liabilities	388	347
Other liabilities	1,490	1,519
Total other long-term liabilities	$ 2,056	$ 2,228

Significant Balance Sheet Co_10

Significant Balance Sheet Components - Title and Escrow Loss Reserve (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Loss contingency accrual	$ 1.4	$ 1.5
Other Current Liabilities
Property, Plant and Equipment [Line Items]
Loss contingency accrual	0.1	0.2
Other Noncurrent Liabilities
Property, Plant and Equipment [Line Items]
Loss contingency accrual	$ 1.3	$ 1.3

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Leases [Abstract]
Operating lease costs	$ 1.7	$ 1.7
Variable lease costs	$ 0.6	0.5
Weighted average remaining operating lease term	3 years 1 month 6 days		3 years 1 month 6 days
Weighted average discount rate	8.40%		8.10%
Cash paid	$ 1.3	$ 1.3

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Leases [Abstract]
Remainder of 2024	$ 3,951
2025	4,415
2026	1,471
2027	1,263
2028	972
Thereafter	524
Total lease payments	12,596
Less: imputed interest	(1,631)
Total operating lease liabilities	$ 10,965

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Accrued litigation contingencies	$ 455	$ 1,105
Escrow deposit net outstanding amount	3,400	3,200
Escrow deposits	25,300	27,800
Other Current Liabilities
Loss Contingencies [Line Items]
Accrued litigation contingencies	$ 500	$ 1,100

Debt Financing - Schedule of De

Debt Financing - Schedule of Debt (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2021
Debt Instrument [Line Items]
Total debt	$ 138,854,000	$ 138,334,000
Term Loan | Line of Credit
Debt Instrument [Line Items]
Term Loan - principal	140,000,000	140,000,000	$ 225,000,000
Term Loan - exit fee	4,500,000	4,500,000
Less: unamortized debt discounts and issuance costs	(5,646,000)	(6,166,000)
Total debt	$ 138,854,000	$ 138,334,000

Debt Financing - Narrative (Det

Debt Financing - Narrative (Details) - USD ($)			3 Months Ended	12 Months Ended
	Nov. 27, 2023	Jun. 30, 2021	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Gain (Loss) on Extinguishment of Debt				$ 4,000,000
Fair value of debt			$ 137,200,000	136,500,000
Series G Preferred Stock
Debt Instrument [Line Items]
Number shares warrants can purchase (in shares)		598,431
Exercise price of warrants (in dollars per share)		$ 13.827822
Expiration period			10 years
Line of Credit
Debt Instrument [Line Items]
Exit fee percentage			2%
Line of Credit | SOFR
Debt Instrument [Line Items]
Variable rate		7.50%
Floor rate		1%
Line of Credit | Base Rate
Debt Instrument [Line Items]
Variable rate		6.50%
Floor rate		2%
Unused commitment fee percentage		0.50%
Line of Credit | Federal Funds Effective Rate
Debt Instrument [Line Items]
Variable rate		0.50%
Line of Credit | Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 225,000,000	$ 140,000,000	$ 140,000,000
Debt repaid	$ 85,000,000
Debt issuance costs		5,700,000
Debt discount			6,800,000
Fee amount			$ 4,500,000
Effective percentage			14.55%
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		25,000,000
Line of Credit | Revolving Credit Facility | Letter Of Credit Sublimit
Debt Instrument [Line Items]
Maximum borrowing capacity		10,000,000
Line of Credit | Revolving Credit Facility | Swingline Sub-Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 5,000,000

Stockholder_s Equity (Details)

Stockholder’s Equity (Details)	3 Months Ended
	Mar. 31, 2024 class vote shares	Dec. 31, 2023 shares
Class of Stock [Line Items]
Number of classes of stock | class	3
Preferred stock, shares authorized (in shares)	200,000,000	200,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Class A Common Stock
Class of Stock [Line Items]
Voting rights | vote	1
Class B Common Stock
Class of Stock [Line Items]
Voting rights | vote	40
Shares converted (in shares)	1

Stock-Based Compensation - 2012

Stock-Based Compensation - 2012 Stock Option Plan (Narrative) (Details) - 2012 Stock Plan	3 Months Ended
	Mar. 31, 2024
Outstanding stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of common stock value at grant date	100%
Vesting period	4 years
Incentive Stock Options | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of common stock value at grant date	110%
Stockholder percentage	10%

Stock-Based Compensation - 2021

Stock-Based Compensation - 2021 Equity Incentive Plan (Narrative) (Details) - shares		1 Months Ended
	Jan. 01, 2022	Jul. 31, 2021
2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)		23,000,000
Additional shares authorized (in shares)	34,500,000
Additional shares authorized as a percentage of outstanding common stock	5%
2021 Equity Incentive Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		1 year
2021 Equity Incentive Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years
2012 Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)		36,101,718

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Weighted average exercise price
Exercised	$ 500
Granted (in shares)	0	0
Vesting of early exercised stock options	$ 184	$ 758
2012 Stock Plan
Number of options
Beginning Balance (in shares)	19,946,000
Exercised (in shares)	(410,000)
Cancelled and forfeited (in shares)	(945,000)
Ending Balance (in shares)	18,591,000		19,946,000
Vested and exercisable (in shares)	15,945,000
Weighted average exercise price
Beginning Balance (in dollars per share)	$ 4.58
Vested (in dollars per share)	1.51
Cancelled and forfeited (in dollars per share)	9
Ending Balance (in dollars per share)	4.43		$ 4.58
Vested and exercisable (in dollars per share)	$ 4.37
Weighted average remaining contractual life (years)	5 years 8 months 12 days		5 years 7 months 6 days
Weighted average remaining contractual life, vested and exercisable (years)	5 years 7 months 6 days
Aggregate intrinsic value	$ 19,978		$ 11,762
Aggregate intrinsic value, vested and exercisable	$ 18,095

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Valuation Assumptions (Details) - Stock Options - Non-employee - Tranche Two	1 Months Ended
	Jun. 30, 2021 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested and exercisable (in dollars per share)	$ 3.80
Fair value of common stock (in dollars per share)	$ 18
Remaining contractual term (years)	14 years 9 months
Expected volatility	40%
Risk-free interest rate	1.71%
Expected dividend yield	0%

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting of early exercised stock options	$ 184	$ 758
Unrecognized compensation expense	$ 6,100
Shares subject to repurchase obligation (in shares)	62,295		123,611
Fair value of shares subject to repurchase obligation	$ 200		$ 400
2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options unvested (in shares)	2,646,000		3,172,000
Weighted average grant-date fair value of options unvested (in dollars per share)	$ 2.38		$ 2.57
Vesting of early exercised stock options	$ 1,400	3,900
Aggregate intrinsic value of options exercised	$ 500	$ 0
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, period of recognition	2 years 3 months 18 days

Stock-Based Compensation - Sc_3

Stock-Based Compensation - Schedule of RSU Activity (Details) - Unvested restricted stock units - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Number of RSUs
Beginning Balance (in shares)	20,137
Granted period (in shares)	4,882
Vested (in shares)	(3,257)
Cancelled and forfeited (in shares)	(1,000)
Ending Balance (in shares)	20,762
Weighted average grant date fair value per share
Beginning Balance (in dollars per share)	$ 1.30
Granted (in dollars per share)	2.67
Vested (in dollars per share)	1.52
Cancelled and forfeited (in dollars per share)	1.70
Ending Balance (in dollars per share)	$ 1.57
Unrecognized compensation expense	$ 30.8
Unrecognized compensation expense, period of recognition	2 years 4 months 24 days
Vesting period	1 year
Vesting of early exercised stock options	$ 5	$ 18.5

Stock-Based Compensation - Perf

Stock-Based Compensation - Performance Stock Units (Narrative) (Details) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 tranche $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of tranches | tranche			4
Stock based compensation expense	$ 8,071	$ 16,392
Unrecognized compensation expense	6,100
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares) | shares			5,500,000
Granted (in dollars per share) | $ / shares			$ 0.65
Performance Shares | Non-employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	500	$ 0
Unrecognized compensation expense	$ 2,400
Unrecognized compensation expense, period of recognition	1 year 9 months 18 days

Stock-Based Compensation - Non-

Stock-Based Compensation - Non-Plan Co-Founder and Head of Blend Options (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		0	0
Stock based compensation expense		$ 8,071	$ 16,392
Unrecognized compensation expense		$ 6,100
Non-employee | Class B Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	26,057,181
Granted (in dollars per share)	$ 8.58
Non-employee | Class B Common Stock | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected to vest (in shares)	1,954,289
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, period of recognition		2 years 3 months 18 days
Stock Options | Non-employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense		$ 1,500	$ 4,800
Unrecognized compensation expense		$ 12,500
Unrecognized compensation expense, period of recognition		3 years 2 months 12 days
Stock Options | Non-employee | Class B Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	15 years
Performance period	15 months

Stock-Based Compensation - Sc_4

Stock-Based Compensation - Schedule of Stock Based Compensation Expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense	$ 8,071,000	$ 16,392,000
Amount capitalized	636,000	0
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense	154,000	488,000
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense	3,352,000	8,131,000
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense	978,000	2,783,000
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense	$ 3,587,000	$ 4,990,000

Restructuring - Narrative (Deta

Restructuring - Narrative (Details)		1 Months Ended			3 Months Ended
	Jan. 09, 2023 USD ($)	Jan. 31, 2024 USD ($)	Aug. 31, 2023 USD ($) position	Jan. 31, 2023 USD ($) position	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 plan
Schedule of Restructuring and Related Costs [Line Items]
Number of restructuring plans | plan							2
Restructuring charges					$ 983,000	$ 12,783,000
Accelerated expense					2,100,000
Workforce Reduction Plans
Schedule of Restructuring and Related Costs [Line Items]
Number of positions eliminated | position			150	340
Number of positions eliminated, period percent			19%	28%
Restructuring charges		$ 983,000	$ 7,685,000	$ 14,025,000	$ 1,000,000	12,800,000
Executive transition costs
Schedule of Restructuring and Related Costs [Line Items]
Salary expense	$ 1,458,333
Salary accrual						$ 900,000

Restructuring - Schedule of Rec

Restructuring - Schedule of Reconciliation of the Restructuring Liability Balances (Details) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended		12 Months Ended
	Jan. 31, 2024	Aug. 31, 2023	Jan. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Restructuring Reserve [Roll Forward]
Restructuring charges				$ 983	$ 12,783
Workforce Reduction Plans
Restructuring Reserve [Roll Forward]
Restructuring liability, beginning balance	$ 100		$ 1,614	100	1,614	$ 1,614
Restructuring charges	$ 983	$ 7,685	$ 14,025	1,000	$ 12,800
Executive transition costs						1,107
Settlements				(1,083)		(24,331)
Restructuring liability, ending balance				$ 0		$ 100

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 42	$ 71
Effective income tax rate	(0.20%)	(0.20%)

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Earnings Per Share (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) class $ / shares shares	Mar. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2023 shares
Earnings Per Share [Abstract]
Number of classes of stock | class	3
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Shares issued (in shares)	252,319,000		249,910,000
Shares outstanding (in shares)	252,319,000		249,910,000
Net loss attributable to Blend Labs, Inc. | $	$ (20,668)	$ (65,417)
Less: accretion of RNCI to redemption value | $	(1,461)	(2,056)
Net loss attributable to Blend Labs, Inc. common stockholders, basic | $	(22,129)	(67,473)
Net loss attributable to Blend Labs, Inc. common stockholders, diluted | $	$ (22,129)	$ (67,473)
Denominator:
Weighted average common stock outstanding, basic (in shares)	250,932,000	241,444,000
Weighted average common stock outstanding, diluted (in shares)	250,932,000	241,444,000
Net loss per share attributable to Blend Labs, Inc.:
Basic (in dollars per share) | $ / shares	$ (0.09)	$ (0.28)
Diluted (in dollars per share) | $ / shares	$ (0.09)	$ (0.28)
Class A Common Stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Shares issued (in shares)	242,769,000		240,262,000
Shares outstanding (in shares)	242,769,000		240,262,000
Net loss attributable to Blend Labs, Inc. | $	$ (19,879)	$ (62,513)
Less: accretion of RNCI to redemption value | $	(1,405)	(1,965)
Net loss attributable to Blend Labs, Inc. common stockholders, basic | $	(21,284)	(64,478)
Net loss attributable to Blend Labs, Inc. common stockholders, diluted | $	$ (21,284)	$ (64,478)
Denominator:
Weighted average common stock outstanding, basic (in shares)	241,357,000	230,725,000
Weighted average common stock outstanding, diluted (in shares)	241,357,000	230,725,000
Net loss per share attributable to Blend Labs, Inc.:
Basic (in dollars per share) | $ / shares	$ (0.09)	$ (0.28)
Diluted (in dollars per share) | $ / shares	$ (0.09)	$ (0.28)
Class B Common Stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Shares issued (in shares)	9,550,000		9,648,000
Shares outstanding (in shares)	9,550,000		9,648,000
Net loss attributable to Blend Labs, Inc. | $	$ (789)	$ (2,904)
Less: accretion of RNCI to redemption value | $	(56)	(91)
Net loss attributable to Blend Labs, Inc. common stockholders, basic | $	(845)	(2,995)
Net loss attributable to Blend Labs, Inc. common stockholders, diluted | $	$ (845)	$ (2,995)
Denominator:
Weighted average common stock outstanding, basic (in shares)	9,575,000	10,719,000
Weighted average common stock outstanding, diluted (in shares)	9,575,000	10,719,000
Net loss per share attributable to Blend Labs, Inc.:
Basic (in dollars per share) | $ / shares	$ (0.09)	$ (0.28)
Diluted (in dollars per share) | $ / shares	$ (0.09)	$ (0.28)
Class C Common Stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Shares issued (in shares)	0		0
Shares outstanding (in shares)	0		0

Net Loss Per Share - Schedule_2

Net Loss Per Share - Schedule of Antidilutive Securities (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities (in shares)	71,570	64,300
Outstanding stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities (in shares)	18,591	23,414
Early exercised options subject to repurchase
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities (in shares)	62	367
Non-plan Co-Founder and Head of Blend options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities (in shares)	26,057	26,057
Unvested restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities (in shares)	20,762	12,864
Unvested performance stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities (in shares)	5,500	1,000
Common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities (in shares)	598	598

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Total revenue	$ 34,947	$ 37,336
Total gross profit	18,141	15,853
Operating expenses:
Research and development	14,183	26,257
Sales and marketing	10,215	17,568
General and administrative	13,935	20,681
Restructuring	983	12,783
Total operating expenses	39,316	77,289
Loss from operations	(21,175)	(61,436)
Interest expense	(5,099)	(7,569)
Other income (expense), net	5,653	2,882
Loss before income taxes	(20,621)	(66,123)
Professional services
Segment Reporting Information [Line Items]
Total revenue	2,104	1,734
Blend Platform segment
Segment Reporting Information [Line Items]
Total revenue	23,840	24,704
Total gross profit	16,042	16,095
Blend Platform segment | Software platform
Segment Reporting Information [Line Items]
Total revenue	21,736	22,970
Total gross profit	16,561	17,167
Blend Platform segment | Professional services
Segment Reporting Information [Line Items]
Total revenue	2,104	1,734
Total gross profit	(519)	(1,072)
Title segment
Segment Reporting Information [Line Items]
Total revenue	11,107	12,632
Total gross profit	$ 2,099	$ (242)

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	Apr. 29, 2024	Mar. 31, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Preferred stock, par value (in dollars per share)		$ 0.00001	$ 0.00001
Subsequent Event
Subsequent Event [Line Items]
Repayments of credit facility	$ 146.1
Series A Preferred Stock | Subsequent Event
Subsequent Event [Line Items]
Number of shares sold (in shares)	150,000
Preferred stock, par value (in dollars per share)	$ 0.00001
Purchase price	$ 150
Class A Common Stock | Subsequent Event
Subsequent Event [Line Items]
Number of shares sold (in shares)	11,111,112
Share price (in dollars per share)	$ 4.50
Warrants and rights outstanding term	24 months