Slides
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✓ blend Blend Labs , Inc. Q2 2026 Earnings Supplemental Slides August 6 , 2026
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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 identify forward looking statements because they contain words such as "may," "might," "will," "should," "expect," "plan," "anticipate," "could," "would," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern Blend's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this presentation include, but are not limited to, statements regarding Blend’s financial condition and operating performance, including its outlook, market size and growth opportunities, capital expenditures, and plans for future operations projections, including Blend’s leveraging of AI, and assumptions regarding our share count, and Blend’s expectations for revenue growth and economic value per funded loan. If any of the risks or uncertainties related to the forward-looking statements develop or if any of the assumptions related to the forward-looking statements prove incorrect, actual results could differ materially from those projected, expressed, or implied by our forward-looking statements. The forward-looking statements contained in this presentation are also subject to other risks and uncertainties, including those more fully described in Blend’s filings with the Securities and Exchange Commission, including its Quarterly Report on Form 10-Q for the quarters ended June 30, 2026 and March 31, 2026, and Annual Report on Form 10-K for the year ended December 31, 2025. All forward-looking statements in this presentation are based on information available to Blend and assumptions and beliefs as of the date hereof, and Blend disclaims any obligation to update any forward-looking statements, except as required by law. In addition to financial information presented in accordance with U.S. generally accepted accounting principles ("GAAP"), this presentation includes certain non-GAAP financial measures, including non-GAAP gross profit and non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income (loss) from operations, non-GAAP operating margin, non-GAAP net income (loss) from continuing operations, non-GAAP diluted net income (loss) per share from continuing operations attributable to common stockholders, non-GAAP research and development expense, non-GAAP sales and marketing expense and non-GAAP general and administrative expense. These non-GAAP financial measures adjust the related GAAP financial measures to exclude items including but not limited to non-cash stock-based compensation, compensation realignment costs, restructuring costs, foreign currency gains and losses, and non-recurring transaction-related costs. In addition, our non-GAAP financial measures include measures related to our liquidity, such as free cash flow, unlevered free cash flow and free cash flow margin. Free cash flow is defined as net cash flow from operating activities less cash spent on additions to property, equipment, internal-use software and intangible assets. Unlevered free cash flow is defined as free cash flow plus cash paid for interest on our outstanding debt. Free cash flow margin is defined as free cash flow divided by total revenue. These non-GAAP measures are presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP. Blend’s management uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to the corresponding GAAP financial measures, in evaluating Blend’s ongoing operational performance and trends, in allowing for greater transparency with respect to measures used by Blend’s management in their financial and operational decision making, and in comparing Blend’s results of operations with other companies in the same industry, many of which present similar non-GAAP financial measures to help investors understand the operational performance of their businesses. However, it is important to note that the particular items excluded from, or included in, these non-GAAP financial measures may differ from the items excluded from, or included in, similar non-GAAP financial measures used by other companies in the same industry. In addition, other companies may utilize metrics that are not similar to Blend’s. The non-GAAP financial information is presented for supplemental informational purposes only and is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. There are material limitations associated with the use of non-GAAP financial measures since they exclude significant expenses and income that are required by GAAP to be recorded in Blend’s financial statements. Please see the reconciliation tables at the end of this presentation for the reconciliation of GAAP and non-GAAP results. Management encourages investors and others to review Blend’s financial information in its entirety and not rely on a single financial measure. This presentation contains statistical data, estimates and forecasts that are based on independent industry publications or other publicly available information, as well as other information based on Blend’s internal sources. This information involves many assumptions and limitations, and you are cautioned not to give undue weight to such information. Blend has not independently verified the accuracy or completeness of the information contained in the industry publications and other publicly available information. Accordingly, Blend makes no representations as to the accuracy or completeness of that information nor does Blend undertake to update such information after the date of this presentation. The financial information in this presentation is based on continuing operations and prior periods have been recast to exclude operations that are now discontinued. 2
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Second Quarter 2026 Highlights 01 02 03 3 New Deals and Expansions Added or expanded 14 customer relationships in the second quarter — including 6 deals with Autopilot. Returning Capital to Shareholders Repurchased 11.0 million shares in the second quarter for $18.2 million — $13.2 million remaining on the existing authorization at quarter end. Solid Results Total revenue near the high end of guidance and non- GAAP operating income above the high end of guidance.
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Non-GAAP Operating Income Q2 2026 $7.0M +51% Y/Y $4.6 $4.3 $5.5 $4.1 $7.0 Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026 Non-GAAP Gross Margin Q2 2026 78% +200 bps Y/Y 76% 78% 80% 80% 78% Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026 $109.5 $115.8 $123.6 $31.6 $33.8$77.6 $73.3 $69.2 $18.0 $19.2 $23.6 $33.7 $45.2 $11.5 $12.2 $8.3 $8.8 $9.1 $2.2 $2.4 Mortgage Suite Consumer Banking Suite Professional Services 2023 2024 2025 Q2 2025 Q2 2026 Key Financial Results 4 Revenue Q2 2026 $33.8M +7%Y/Y
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Mortgage Suite* $18.0 $17.8 $18.8 $17.2 $19.2 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Revenue Trends $ in millions 5 Y/Y Growth (3)% (18)% 4% 18% 7% *See Note 1 included in the Footnotes slide of the Appendix. Consumer Banking Suite** $11.5 $12.6 $11.5 $10.8 $12.2 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 **See Note 3 included in the Footnotes slide of the Appendix. $ in millions Y/Y Growth 43% 32% 22% 12% 6%
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Economic Value Per Funded Loan (evPFL)** $88 $86 $83 $83 $79 $76 $76 $75 $74 $72 $10 $10 $8 $9 $7 $2 $1 Core software Partnerships Add-on products*** Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026**** Funded Loan Volume* 204.0 201.3 211.0 189.8 233.1 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Mortgage Suite Metrics Units in thousands 6 Y/Y Growth 1% —% 11% 31% 14% *See Note 2 included in the Footnotes slide of the Appendix. **Figures may not sum due to rounding. See Note 4 included in the Footnotes slide of the Appendix. ***Represents add-on products that transitioned to a partnership model. ****Includes estimated transactions from funded loan reports not yet received.
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Q2 2026 - Year over Year Bridge* $97.0 $79.7 $31.3 $28.0 $35.2 $26.0 $30.4 $25.7 General & Administrative Research & Development Sales and Marketing 2024 2025 Non-GAAP Operating Expenses In millions 7 $19.4 $(0.2) $1.0 $(0.8) $19.5 Q2 2025 Sales & Marketing Research & Development General & Administrative Q2 2026 *Figures may not sum due to rounding.
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2026 2025 Jan Feb Mar Apr May Jun Jul 1,000 2,000 3,000 4,000 5,000 Our AI Strategy 8 Blend is leveraging artificial intelligence to transform the way we work and guiding our customers to do the same. Transforming how we work 3.6x engineering merged pull requests in July, yoy Guiding our customers 45K+ cumulative loans processed by Autopilot *July 2026 projected from month-to-date actuals (3,548 pull requests opened through July 27). Pull requests opened per month, Blend engineering. Autopilot: cumulative loans processed since preview launch in February 2026, through July 27, 2026. Background agents adopted in January 2026 02/2303/0903/2304/0604/2005/0405/1806/0106/1506/2907/1307/27 — 10,000 20,000 30,000 40,000 50,000
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Note: These scenarios assume Blend uses the option and warrant exercise proceeds to purchase shares at the prevailing market price. These scenarios do not contemplate the add back of unrecognized stock-based compensation cost as additional assumed proceeds as would be required for the purposes of calculating dilutive shares under US GAAP. Additional information regarding Blend’s Common Stock, Preferred Stock, Stock-based compensation awards and Warrants can be found on B l e n d ’ s I n v e s t o r R e l a t i o n s w e b s i t e a t i n v e s t o r . b l e n d . c o m a n d i n B l e n d ’ s S E C f i l i n g s . 1. Assumes all Preferred Stock is dilutive on an “as-converted” basis when the prevailing market price is in excess of $3.25. The scenarios do contemplate potential anti-dilution due to the application of the two class method as would be required for the purposes of calculating dilutive shares under US GAAP. 2. Assumes all options outstanding with a strike price less than the prevailing market price are “in the money” and counted towards dilution. 3. Restricted stock units and performance stock awards are presented on a gross basis. Under net share settlement, the dilution from restricted stock units will equate to approximately 60% of the total gross shares. Illustrative Hypothetical Share Count Under Various Stock Price Scenarios (in thousands) Illustrative Shares at various BLND stock prices $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 $8.00 Common Stock As of 6/30/2026 Class A common stock outstanding 233,257 233,257 233,257 233,257 233,257 233,257 233,257 233,257 233,257 Class B common stock outstanding 3,256 3,256 3,256 3,256 3,256 3,256 3,256 3,256 3,256 Total Common Stock 236,513 236,513 236,513 236,513 236,513 236,513 236,513 236,513 236,513 Preferred Stock Series A redeemable convertible preferred stock1 46,154 – – – 46,154 46,154 46,154 46,154 46,154 Stock-based compensation awards Outstanding stock options2 14,494 294 2,271 4,573 6,237 7,296 8,003 8,510 8,911 Non-plan Co-Founder and Head of Blend options 20,194 – – – – – – – – Unvested restricted stock units3 14,368 14,368 14,368 14,368 14,368 14,368 14,368 14,368 14,368 Unvested performance stock awards3 7,627 – – – – – – 1,892 1,892 Total stock-based compensation awards 56,683 14,662 16,639 18,941 20,605 21,664 22,371 24,770 25,171 Warrants Series G Warrant 598 – – – – – – – – TOTAL 339,948 251,175 253,152 255,454 303,272 304,331 305,038 307,437 307,838 9
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Total Revenue Q3 2026 1 See Note 4 and 5 included in the Footnotes slide of the Appendix. Non-GAAP Operating Income Quarterly Guidance1 $31.5M - $33.5M $3.5M - $4.5M 10 Assumptions • Q3 change in total revenue of (4)% to 2% year-over-year, change in mortgage suite revenue of (4)% to 3% and change in consumer banking suite revenue of (5)% to 1%. • Q3 evPFL of approximately $80-81. • Q3 2026 market size of 1.200 to 1.260 million units and Blend funded loan volume of 200 to 210 thousand units. • Q4 2026 market size of 1.105 to 1.165 million units and Blend funded loan volume of 180 to 190 thousand.
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©Blend 2026 Appendix
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Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Blend Platform: YoY change YoY change Mortgage Suite $ 19,240 57% $ 17,987 57 % 7 % $ 36,472 56 % $ 32,645 56 % 12 % Consumer Banking Suite 12,164 36% 11,478 36 % 6 % 22,925 35 % 21,122 36 % 9 % Total Software Platform 31,404 93% 29,465 93 % 7 % 59,397 92 % 53,767 92 % 10 % Professional Services 2,433 7% 2,164 7 % 12 % 5,283 8 % 4,707 8 % 12 % Total revenue $ 33,837 100% $ 31,629 100 % 7 % $ 64,680 100 % $ 58,474 100 % 11 % Revenue Disaggregation (dollars in thousands) *Amounts are presented on “continuing operations” (Blend Platform segment-only) basis 12
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Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenue Software platform $ 31,404 $ 29,465 $ 59,397 $ 53,767 Professional services 2,433 2,164 5,283 4,707 Total revenue 33,837 31,629 64,680 58,474 Cost of revenue Software platform 7,152 6,560 12,920 12,457 Professional services 1,800 1,713 3,510 3,660 Total cost of revenue 8,952 8,273 16,430 16,117 Gross profit 24,885 23,356 48,250 42,357 Operating expenses: Research and development 8,683 7,486 18,096 15,329 Sales and marketing 6,740 6,950 12,938 14,137 General and administrative 11,034 13,718 23,187 24,950 Restructuring 4 28 666 747 Total operating expenses 26,461 28,182 54,887 55,163 Loss from operations (1,576) (4,826) (6,637) (12,806) Other income (expense), net 221 1,018 261 2,132 Loss before income taxes (1,355) (3,808) (6,376) (10,674) Income tax expense (119) (41) (182) (71) Loss before equity in losses of equity method investees (1,474) (3,849) (6,558) (10,745) Equity in losses of equity method investees, net of tax (338) — (719) — Loss from continuing operations (1,812) (3,849) (7,277) (10,745) Income (loss) from discontinued operations 329 (2,998) (2,255) (5,801) Net loss (1,483) (6,847) (9,532) (16,546) Less: Net loss attributable to noncontrolling interest included in discontinued operations — — — 182 Net loss attributable to Blend Labs, Inc. (1,483) (6,847) (9,532) (16,364) Less: Accretion of redeemable noncontrolling interest to redemption value from discontinued operations — — — (1,254) Less: Accretion of Series A redeemable convertible preferred stock to redemption value (4,927) (4,376) (9,658) (8,578) Net loss attributable to Blend Labs, Inc. common stockholders $ (6,410) $ (11,223) $ (19,190) $ (26,196) GAAP Financial Results (in thousands) 13
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Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net loss per share attributable to Blend Labs, Inc. common stockholders - basic and diluted: Continuing operations $ (0.03) $ (0.03) $ (0.07) $ (0.07) Discontinued operations $ 0.00 $ (0.01) $ (0.01) $ (0.03) Net loss per share attributable to Blend Labs, Inc. common stockholders $ (0.03) $ (0.04) $ (0.08) $ (0.10) Weighted average shares used in calculating net loss per share: Basic and diluted 239,909 259,211 247,726 259,004 GAAP Financial Results (cont.) (in thousands except per share amounts) 14
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Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Gross Profit Reconciliation Gross Profit Gross Margin Gross Profit Gross Margin Gross Profit Gross Margin Gross Profit Gross Margin Blend Platform GAAP Software platform $ 24,252 77 % $ 22,905 78 % $ 46,477 78 % $ 41,310 77 % Stock-based compensation(1) 7 1 10 2 Amortization of capitalized internal-use software(7) 1,449 601 2,722 989 Non-GAAP Software platform 25,708 82 % 23,507 80 % 49,209 83 % 42,301 79 % GAAP Professional services 633 26 % 451 21 % 1,773 34 % 1,047 22 % Stock-based compensation(1) 139 115 258 284 Non-GAAP Professional services 772 32 % 566 26 % 2,031 38 % 1,331 28 % GAAP Gross Profit 24,885 74 % 23,356 74 % 48,250 75 % 42,357 72 % Stock-based compensation(1) 146 116 268 286 Amortization of capitalized internal-use software(7) 1,449 601 2,722 989 Non-GAAP Gross Profit $ 26,480 78 % $ 24,073 76 % $ 51,240 79 % $ 43,632 75 % Reconciliation of GAAP to Non-GAAP Measures (dollars in thousands) 15
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Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 GAAP operating expenses $ 26,461 $ 28,182 $ 54,887 $ 55,163 Non-GAAP adjustments: Stock-based compensation(1) 6,832 7,466 13,490 13,392 Workforce reduction costs(2) 4 28 666 747 Abandoned and terminated facilities costs(3) — 892 — 1,399 Litigation contingencies and related professional services costs(4) — 71 — 859 Transaction-related costs(5) 4 248 178 394 Impairment of capitalized internal-use software(6) 118 31 378 112 Non-GAAP operating expenses $ 19,503 $ 19,446 $ 40,175 $ 38,260 Reconciliation of GAAP to Non-GAAP Measures (cont.) (in thousands) 16
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Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 GAAP loss from operations $ (1,576) $ (4,826) $ (6,637) $ (12,806) Non-GAAP adjustments: Stock-based compensation(1) 6,978 7,582 13,758 13,678 Workforce reduction costs(2) 4 28 666 747 Abandoned and terminated facilities costs(3) — 892 — 1,399 Litigation contingencies and related professional services costs(4) — 71 — 859 Transaction-related costs(5) 4 248 178 394 Impairment of capitalized internal-use software(6) 118 31 378 112 Amortization of capitalized internal-use software(7) 1,449 601 2,722 989 Non-GAAP income from operations $ 6,977 $ 4,627 $ 11,065 $ 5,372 GAAP operating margin (5) % (15) % (10) % (22) % Non-GAAP operating margin 21 % 15 % 17 % 9 % Reconciliation of GAAP to Non-GAAP Measures (cont.) (in thousands) 17
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Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 GAAP net loss from continuing operations $ (1,812) $ (3,849) $ (7,277) $ (10,745) Non-GAAP adjustments: Stock-based compensation(1) 6,978 7,582 13,758 13,678 Workforce reduction costs(2) 4 28 666 747 Abandoned and terminated facilities costs(3) — 892 — 1,399 Litigation contingencies and related professional services costs(4) — 71 — 859 Transaction-related costs(5) 4 248 178 394 Impairment of capitalized internal-use software(6) 118 31 378 112 Amortization of capitalized internal-use software(7) 1,449 601 2,722 989 Foreign currency gains and losses(8) 51 17 337 (3) Equity in losses of equity method investees(9) 338 — 719 — Non-GAAP net income from continuing operations $ 7,130 $ 5,621 $ 11,481 $ 7,430 Reconciliation of GAAP to Non-GAAP Measures (cont.) (in thousands) 18
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Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 GAAP diluted net loss per share from continuing operations attributable to common stockholders $ (0.03) $ (0.03) $ (0.07) $ (0.07) Per share impact of non-GAAP expenses(10) 0.03 0.03 0.07 0.07 Non-GAAP diluted income (loss) per share from continuing operations attributable to common stockholders $ 0.00 $ 0.00 $ 0.00 $ 0.00 GAAP diluted weighted average shares used in calculating net loss per share 239,909 259,211 247,726 259,004 Non-GAAP diluted weighted average shares used in calculating net income (loss) per share 242,288 268,778 250,739 259,004 Three Months Ended June 30, Six Months Ended June 30, Stock-based compensation by function: 2026 2025 2026 2025 Cost of revenue $ 146 $ 116 $ 268 $ 286 Research and development(11) 1,496 1,272 3,157 2,956 Sales and marketing 794 618 1,076 1,338 General and administrative 4,542 5,576 9,257 9,098 Total $ 6,978 $ 7,582 $ 13,758 $ 13,678 Reconciliation of GAAP to Non-GAAP Measures (cont.) (in thousands, except per share amounts) 19
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Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 GAAP research and development expense $ 8,683 $ 7,486 $ 18,096 $ 15,329 Non-GAAP adjustments: Stock-based compensation(1) 1,496 1,272 3,157 2,956 Abandoned and terminated facilities costs(3) — 156 — 349 Impairment of capitalized internal-use software(6) 118 31 378 112 Non-GAAP research and development expense $ 7,069 $ 6,027 $ 14,561 $ 11,912 GAAP sales and marketing expense $ 6,740 $ 6,950 $ 12,938 $ 14,137 Non-GAAP adjustments: Stock-based compensation(1) 794 618 1,076 1,338 Abandoned and terminated facilities costs(3) — 164 — 367 Non-GAAP sales and marketing expense $ 5,946 $ 6,168 $ 11,862 $ 12,432 GAAP general and administrative expense $ 11,034 $ 13,718 $ 23,187 $ 24,950 Non-GAAP adjustments: Stock-based compensation(1) 4,542 5,576 9,257 9,098 Abandoned and terminated facilities costs(3) — 572 — 683 Litigation contingencies and related professional services costs(4) — 71 — 859 Transaction-related costs(5) 4 248 178 394 Non-GAAP general and administrative expense $ 6,488 $ 7,251 $ 13,752 $ 13,916 Reconciliation of GAAP to Non-GAAP Measures (cont.) (in thousands) 20
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Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net cash provided by (used in) operating activities - continuing operations $ 7,738 $ (5,426) $ 16,200 $ 14,385 Additions to property, equipment and internal-use software development costs (825) (3,599) (1,942) (7,912) Free cash flow 6,913 (9,025) 14,258 6,473 Revenue $ 33,837 $ 31,629 $ 64,680 $ 58,474 Free cash flow margin 20 % (29) % 22 % 11 % Reconciliation of GAAP to Non-GAAP Measures (cont.) (dollars in thousands) 21
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Reconciliation of GAAP to Non-GAAP Measures (cont.) Notes: (1) Stock-based compensation represents the non-cash grant date fair value of stock-based instruments utilized to incentivize our employees, for which the expense is recognized over the applicable vesting or performance period. (2) Workforce reduction costs represent expenses incurred in connection with the workforce restructuring actions executed as part of our broader efforts to improve cost efficiency. (3) Abandoned and terminated facilities costs represent charges related to the early termination of a leased facility and abandonment of another leased facility as part of our broader efforts to better align our operating structure with our business activities. (4) Litigation contingencies and related professional services costs represent reserves for legal settlements and related professional service fees that are unusual or infrequent costs associated with our operating activities. (5) Transaction-related costs include non-recurring financial advisory, legal, and other transactional costs incurred in connection with investing or divesting activities recorded within general and administrative expense. (6) Impairment of capitalized internal-use software represents the non-cash expense related to the write-off of certain internal-use software projects. (7) Amortization of capitalized internal-use software represents the non-cash amortization expense related to our developed technology that is amortized over the estimated useful life. (8) Foreign currency gains and losses include remeasurement of assets and liabilities from foreign currency into the functional currency in connection with our operations in India. (9) Equity in losses of equity method investees reflects our share of the investee’s net loss under the equity method of accounting. (10) Per share impact of non-GAAP expenses represents the per share impact of aggregated non-GAAP items included in (1) through (9). (11) Stock-based compensation expense is net of $0.1 million and $0.2 million of additions to capitalized internal-use software for the three and six months ended June 30, 2026 and $1.1 million and $2.3 million for the three and six months ended June 30, 2025. 22
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Footnotes 23 Note 1: Mortgage Suite Revenues consist of Mortgage revenue, Mortgage add-on revenue from Blend Income Verification and Blend Close, and Marketplace revenue from our partners that use our integrated marketplaces for their services, such as property and casualty insurance. Note 2: Funded Loan Volume reflects the number of loans funded on our platform plus an estimate for funded loans not yet reported in the period. Historical numbers may be updated as data cures. We use Home Mortgage Disclosure Act (HMDA) data as our benchmark for total market size. The Home Mortgage Disclosure Act requires financial institutions to maintain, report, and publicly disclose loan-level information about mortgages. All transactions are reportable if they are secured by a lien on a dwelling and the financial institution meets the applicable loan-volume thresholds. Each year, HMDA data from the prior year is made available to the public, including reported mortgage originations. HMDA updates the initial snapshot dataset at a one-year and three-year mark to incorporate late submissions and resubmissions. Management filters the HMDA data for closed-end, first lien loans whose purpose was a purchase, refinance or cash-out refinance transaction. Transactions such as business and commercial originations or loans secured by liens on multifamily dwellings are excluded from management’s estimate of industry originations. We refer to this subset of data as HMDA Mortgage Originations. Note 3: Consumer Banking Suite Revenues consist of home equity, personal lending, credit cards, deposit accounts, auto finance, and other banking products. Note 4: Economic Value per Funded Loan in our Mortgage Suite represents the contractual rates for mortgage and mortgage-related products multiplied by the number of loans funded or transactions completed, as applicable, by a customer in the specified period (economic value), divided by the total number of loans funded by all Mortgage Suite customers in that same period. Economic value per funded loan is segregated into three categories: 1) core software, 2) add-on products and 3) partnerships. Core software consists of economic value generated through Mortgage and Blend Close. Add-on products consists of economic value historically generated through Blend Income Verification and Blend Insurance Agency, which have transitioned to partnership models; following the transition, economic value from these products is reported under Partnerships. Partnerships consists of economic value generated from partners through our integrated marketplace. The value derived from products associated with the mortgage application stage is aligned with the timing of funding the related loan (typically a 1-3 month delay from the time of application). Additionally, the value that is associated with fixed platform fees is recognized as revenue ratably over the contractual period, which naturally creates peaks and troughs that align with quarters of low and high mortgage loans funded. We use Economic Value per Funded Loan to measure our success at broadening the client relationships from the underlying mortgage transactions and selling additional products through our software platform. Note 5: This presentation does not contain the forward-looking GAAP equivalent to the non-GAAP Operating Income outlook, or a GAAP reconciliation as a result of the uncertainty regarding, and the potential variability of, stock-based compensation, which is affected by Blend’s hiring and retention needs and future prices of its stock, and non-recurring, infrequent or unusual items. Note 6: Certain figures in this presentation may not sum due to rounding.