Blend Labs, Inc. Q1 2022 Earnings Supplemental Slides May 12, 2022 Forward-Looking Statements and Non-GAAP Financial Measures This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or Blend's future financial or operating performance. In some ca ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For transition period from to Commission File Number 001-40599 BLEND LABS, INC. (Exact name of registrant as specified in its charter) Delaware 45-5211045 (State or other jurisdiction of in ...

Financial Data and Key Metrics Changes - Blend achieved consolidated revenue of $81 million in Q4 2021, with a 41% year-over-year growth in the Blend Platform segment and a 19% year-over-year growth in the Platform segment specifically [27][7] - The gross profit for Q4 2021 totaled approximately $35 million, reflecting a 60% year-over-year increase [32] - The loss from operations in Q4 2021 was nearly $60 million, compared to a loss of just over $16 million in Q4 2020 [35] Business Line Data and Key Metrics Changes - The Blend Platform segment revenue grew 19% year-over-year, driven by a 46% increase in consumer banking and marketplace revenues [27][26] - Mortgage banking revenue grew approximately 14% year-over-year despite a decline in U.S. mortgage volumes [28] - The Title365 segment revenue was approximately $44 million, reflecting customer attrition and lower mortgage loan refinancing volumes [27] Market Data and Key Metrics Changes - Blend's estimated mortgage market share increased from 10% to 15% in 2021, with a committed but not utilized share of the mortgage market growing to approximately 25% [16][30] - Mortgage volume is projected to decline approximately 35% in 2022, with refinance volume expected to decrease by 60% to 70% compared to 2021 [11][10] Company Strategy and Development Direction - The company aims to be a comprehensive platform across all product lines, focusing on the digitization of the banking industry [17][15] - Blend is prioritizing investments in foundational areas and near-term value creation opportunities while aligning costs with market realities [23][24] - The company expects to see significant growth in consumer banking and marketplace solutions, projecting over 100% revenue growth in this segment for 2022 [21] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by rising interest rates and inflation, which have led to a significant change in the mortgage industry outlook [10][11] - Despite the headwinds, management believes the long-term fundamentals of the business remain strong, with continued customer acquisition and market share growth expected [13][15] - The company is prepared for the current challenging market and is focused on maintaining a customer-first approach [25][66] Other Important Information - Blend's cash, cash equivalents, and marketable securities at December 31, 2021, were approximately $547 million, with total debt outstanding of $225 million [37] - The company expects to generate between $230 million and $250 million in consolidated revenue for 2022 [38] Q&A Session Summary Question: How will cost structure alignment impact margins and profitability? - Management discussed the need to align costs between the Legacy Title and Blend Platform segments, focusing on resource allocation and expense management [56][57] Question: What are the utilization rates for tenured clients? - The majority of customers are at full utilization above 90%, with efforts ongoing to drive faster adoption [58][59] Question: How does Blend plan to diversify away from industry headwinds? - Management emphasized the importance of customer focus and the success-based business model, which allows for flexibility in pricing based on market conditions [62][63] Question: What are the expectations for net revenue retention in 2022? - Management expects strong net revenue retention as new software offerings are rolled out to existing customers [82] Question: Is there a ceiling on market share growth? - Management does not see a ceiling on market share growth, citing the potential for continued adoption of their platform [92] Question: What are the drivers of profitability moving forward? - Management highlighted the focus on achieving scale and near-term profitability by product, while navigating the current challenging market [73]

Blend Labs, Inc. Q4 2021 Earnings Supplemental Slides Forward-Looking Statements and Non-GAAP Financial Measures This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or Blend's future financial or operating performance. In some cases, you can ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For transition period from to Commission File Number 001-40599 BLEND LABS, INC. (Exact name of registrant as specified in its charter) Delaware 45-5211045 (State or other jurisdiction of incorpo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For transition period from to Commission File Number 001-40599 BLEND LABS, INC. (Exact name of registrant as specified in its charter) Delaware 45-5211045 (State or other jurisdiction o ...

Blend Labs, Inc. Q3 2021 Earnings Supplemental Slides Forward-Looking Statements and Non-GAAP Financial Measures This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or Blend's future financial or operating performance. In some cases, you can ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For transition period from to Commission File Number 001-40599 BLEND LABS, INC. (Exact name of registrant as specified in its charter) Delaware 45-5211045 (State or other jurisdiction of inc ...