BLND — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-07

• As part of our efforts to simplify our business, in the first quarter of 2025, we made a decision to exit our title operations, and on March 1, 2026, we completed the sale of substantially all the assets and liabilities of our title insurance business to a third party.

• We expect to see our expenses slightly increase in 2026 as compared to 2025. This trend is primarily driven by a decrease in software capitalization rates for 2026 compared to the previous year due to the adoption of ASU No. 2025-06, Intangibles—Goodwill and Other-Internal-Use Software (Subtopic 350…

• Other income (expense), net consists primarily of unrealized gains and losses on and interest income earned from our investment portfolio.

• Equity in losses of equity method investees, net of tax, represents the Company’s share of net losses from investees accounted for under the equity method.

• Starting with the first quarter of 2025, we classified the results of our previously reported Title segment as discontinued operations. Refer to Note 14, Segment Information, and Note 15, Assets Held for Sale and Discontinued Operations, of the Notes to Unaudited Condensed Consolidated Financial Sta…

Text removed vs the prior filing · source: 10-Q · 2025-11-06

• In the third quarter of 2025, we saw a decrease in mortgage transactions on our software platform compared to the second quarter of 2025, which can primarily be attributed to seasonal trends. We expect that the aggregate industry mortgage originations in the fourth quarter of 2025 will be largely in…

• As part of our efforts to simplify our business, in the first quarter of 2025, we made a decision to exit our title operations, and on June 9, 2025, we entered into a definitive agreement to sell our title insurance business to a third party. The transaction is subject to certain required third-part…

• We have taken actions to manage our operating expenses and focus our investments on initiatives critical to achieving our broader strategy. We expect to see our expenses slightly decrease in 2025 as compared to 2024.

• Other income (expense), net consists primarily of interest income earned from our investment portfolio, as well as adjustments to the carrying value of investment in non-marketable equity securities.

• Interest expense relates primarily to debt financing used to fund our acquisition of Title365 and includes interest payable under the terms of the Credit Agreement entered into in connection with the closing of the acquisition of Title365 and amortization of debt discounts and debt issuance costs. I…

Text added vs the prior filing · source: 10-Q · 2026-05-07

• Our management, with the participation of our principal executive officer and principal financial officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)…

• Material Weaknesses in Internal Control over Financial Reporting

• A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the interim or annual financial statements will not be prevented or detected on a timely basis.

• •We did not design and maintain effective controls over revenue recognition. Specifically, we did not design and maintain (i) effective controls over the accuracy and occurrence of transaction quantity used to record revenue, including the completeness and accuracy of data flows and automated data t…

• •We did not design and maintain effective information technology (“IT”) general controls for certain information systems that support our revenue process that are relevant to the preparation of our financial statements and the effectiveness of IT-dependent controls. Specifically, we did not design a…

Text removed vs the prior filing · source: 10-Q · 2025-11-06

• Our management, with the participation of our principal executive officer and principal financial officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)…

• There were no changes in our internal control over financial reporting identified in management’s evaluation pursuant to Rules 13a-15(d) or 15d-15(d) of the Exchange Act during the period covered by this Quarterly Report on Form 10-Q that materially affected, or are reasonably likely to materially a…

Text added vs the prior filing · source: 10-Q · 2026-05-07

• •A cyberattack, security breach or incident affecting us or the third parties we rely on or partner with could expose us or our customers and consumers to a risk of loss or misuse of confidential information and have an adverse effect on our reputation, brand, business, financial condition, and resu…

• •We have identified two material weaknesses in our internal control over financial reporting and may identify additional material weaknesses in the future or otherwise fail to maintain an effective system of internal controls, which may result in material misstatements of our condensed consolidated …

• percentage of our total revenue as we generate more revenue from other customers, we also believe that revenue from our largest customers may continue to account for a significant portion of our revenue, at least in the near term.

• •accurately forecast the timing of anticipated acceleration in digital technology in the industries in which we operate;

• Even if we are able to complete an acquisition, partnership, or investment, our future success depends in part on our ability to integrate any future acquisitions and manage any investments, businesses, and entry into partnerships effectively, and we can provide no assurance that such acquired busin…

Text removed vs the prior filing · source: 10-Q · 2025-11-06

• •A cyberattack, security breach or incident affecting us or the third parties we rely on or partner with could expose us or our customers and consumers to a risk of loss or misuse of confidential information and have an adverse effect on our reputation, brand, business, financial condition, and resu…

• Additionally, we rely on certain of our customers, including Mr. Cooper, for a significant portion of our title transaction volumes. For example, for 2024, our top five customers in the previously reported Title segment accounted for 73.2% of the segment revenue, with Mr. Cooper accounting for 46.8%…

• our market share. However, we can provide no assurance that we will recoup the revenue impact from Title365 on the expected timeline, or at all.

• Even if we are able to complete an acquisition, partnership, or investment, our future success depends in part on our ability to integrate any future acquisitions and manage any investments, businesses, and entry into partnerships effectively, and we can provide no assurance that such acquired busin…

• In particular, our inability to complete our Title365 sale on terms that are favorable to us, or in a timely manner, could continue to have an adverse effect on our revenue, level of expenses, and results of operations. Further, whether such a strategic transaction is ultimately consummated or not, …

Text added vs the prior filing · source: 10-Q · 2026-05-07

• On March 16, 2026, Matt Thomson, our Head of Revenue, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 100,000 shares of our Class A common stock, with the exact number of shares to be sold pursuant to Mr. Thomson’s trading arrangement to be…

• On March 18, 2026, Srinivasan Venkatramani, our Head of Product, Technology and Customer Operations, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 477,653 shares of our Class A common stock, with the exact number of shares to be sold purs…

• On March 18, 2026, Nima Ghamsari, Head of Blend, terminated his Rule 10b5-1 trading arrangement previously entered into on December 16, 2025. The terminated trading arrangement provided for the sale from time to time of shares of our Class A Common Stock, intended to generate an aggregate of approxi…

Text removed vs the prior filing · source: 10-Q · 2025-11-06

• On August 13, 2025, Nima Ghamsari, our Head of Blend, terminated two Rule 10b5-1 trading arrangements previously adopted on December 13, 2024 and June 13, 2025, respectively. The terminated trading arrangements provided for the potential sale of up to an aggregate of 800,000 and 1,190,000 shares of …

• On September 9, 2025, Oxana Tkach, our Head of Accounting and FP&A, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 81,250 shares of our Class A common stock, with the exact number of shares to be sold pursuant to Ms. Tkach’s trading arrang…