#1blend Blend Labs, Inc. Q3 2021 Earnings Supplemental Slides#2Forward-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, competitive positions, and strategic relationships. 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 quarter ended June 30, 2021, and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 that will be filed following this presentation. 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, non-GAAP operating expenses, non-GAAP loss from operations, and non-GAAP net loss. These non-GAAP financial measures adjust the related GAAP financial measures to exclude non-cash stock-based compensation and warrant amortization expense, amortization of acquired intangible assets, non-recurring acquisition-related costs, and non-recurring income tax expenses or benefits related to acquisitions. 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. 2 blend#3Third Quarter 2021 Highlights Achieved strong growth / record revenues Expanded share / many customer wins Launched income verification solution Added new segment disclosures / metrics Advanced integration of Title365#4Building and Capturing Mortgage Market Share While Blend has already captured significant mortgage transaction volume and market share, we believe substantial upside exists in the market and at our current customers 4 Market Share 25% 20% 15% 10% 5% 0% Blend signed untapped mortgage market share 13.8% 9.3% 4.5% 2019 H1 See Note 1 included in Appendix 14.3% 8.6% 5.7% 2019 H2 16.1% 8.2% 7.9% 2020 H1 Blend utilized mortgage market share 16.6% 6.8% 9.8% 2020 H2 23.5% 10.0% 13.5% 2021 H1 Near term growth opportunity blend#5We grow with our customers 5 Gross Retention 95% Q1'20 97% Q2'20 99% Q3'20 99% Q4'20 See Note 2 and Note 3 included in Appendix 100% Q1'21 100% Q2'21 99% Q3'21 Market Adjusted Net Retention 146% Q1'20 157% Q2'20 162% Q3'20 168% Q4'20 181% Q1'21 159% Q2'21 149% Q3'21 blend#6Rapid adoption of newer products by existing and new customers 6 Consumer Banking Transactions 90K 60K 30K OK 20K Q3 2020 See Note 4 included in Appendix 314% YoY increase 76K Q2 2021 84K Q3 2021 Consumer Banking and Marketplace Revenues 10M 5M 0 110% YoY increase $3.1M 11% of Blend Platform Revenue Q3 2020 $5.6M Q2 2021 $6.6M 19% of Blend Platform Revenue Q3 2021 blend#7Product Spotlight: Blend Income Verification Verifying a borrower's income is tedious 7 Self-reports income during pre-qualification / application intake Back and forth with lender to fix any errors and discrepancies in data during processing Result A large number of files are rejected by Automated Underwriting System Uploads documents for lender to review Must provide updated pay stubs before close blend#8Blend Income Verification Digital income verification can solve these issues 8 Validate that date is correct Available for processing and underwriting earlier Digitally re-verified before close Income info is pre-filled Integrated into application CA blend#9Blend Income Verification Speeding up the lending process through instant income verification 9 Emblem Income We will import the following employment income details. 1/16/19 - Present Acme CURRENT Continue Employment Acme Corp Prop Engineer Full Time Income Salaried $1500/biweekly $3000/mo blend#10Progress with Title365 Q3 2021 and full year 2021 Title365 financial results running ahead of plan ✔Building key technology integrations Anticipate Mr. Cooper live on the Blend Platform in Q2 2022 10 Significant interest in Blend Title from large Blend customers blend#11Revenue Growth in Q3 2021 Led by Blend and Title365 $89.6M 11 $90M $60M $30M 0 $27.9M Total Platform $27.9M $0.9M $3.1M $23.9M Q3 2020 Total Platform 26% growth YoY $54.5M $1.2M $6.6M $27.3M Q3 2021 Title365 Professional Services Consumer Banking and Marketplace Mortgage Banking $35.1M Total Platform blend#12Strong Revenue Growth Across All Segments 12 Consumer Banking and Marketplace Revenues $10M $5M 0 110% YoY increase $3.1M Q3 2020 $5.6M Q2 2021 $6.6M Q3 2021 Blend Mortgage Revenues $30M $25M $20M $15M $10M $5M 0 $23.9M Q3 2020 Blend Mortgage achieved estimated relative growth of 60% year over year, adjusted for an estimated 28.2% contraction in total U.S. mortgage volumes 14% YoY increase $27.3M $25.4M Q2 2021 Q3 2021 blend#13Q3 2021 Blend Gross Profit Overview 13 Blend Platform Segment $35M $30M $25M $20M $15M $10M $5M 0 $18.4M Q3 2020 22% YoY increase $22.5M $19.7M Q2 2021 Q3 2021 Title365 Segment $35M $30M $25M $20M $15M $10M $5M 0 Q3 2020 Q2 2021 $17.8M Q3 2021 blend#14Appendix B VJ blend#15Reconciliation of New Accounting Presentation (in thousands) 15 Blend Platform Title365 Blend Labs Pro Forma Revenue Cost of Revenue Blend Labs Pro Forma Gross Profit Blend Platform Title365 Blend Labs Pro Forma Revenue Cost of Revenue Blend Labs Pro Forma Gross Profit Blend Platform Title365 Blend Labs Pro Forma Revenue Cost of Revenue Blend Labs Pro Forma Gross Profit $ $ $ $ Year Ended December 31, 2020 96,029 212,098 308,127 $ $ $ $ $ $ As Previously Reported $ As Adjusted Year Ended December 31, 2020 96,029 197,872 293,901 $ Three Month Ended March 31, 2021 190,148 $ 117,979 $ Year Ended December 31, 2020 $ Change 175,922 $ 117,979 $ Three Month Ended March 31, 2021 $ (14,226) (14,226) $ 31,875 $ 73,118 104,993 $ (14,226) $ Three Month Ended June 30, 2021 59,814 $ 45,179 $ Three Month Ended March 31, 2021 31,875 $ 67,787 99,662 Three Month Ended June 30, 2021 32,062 61,353 93,415 $ 54,483 $ 45,179 $ 32,062 66,156 98,218 (5,331) (5,331) $ 57,214 41,004 (5,331) $ Three Month Ended June 30, 2021 52,411 41,004 (4,803) (4,803) (4,803) blend#16Revenue Growth in Q3 2021 (in thousands) 16 Blend Platform revenue: Mortgage banking Consumer banking and marketplace Professional services Total Blend Platform revenue Title365 revenue Total revenue $ Three Months Ended September 30, 2021 2020 27,318 6,569 1,194 35,081 54,487 89,568 78% $ 19% 3% 100 % $ 23,895 3,130 852 27,877 27,877 86% 11 % 3% 100 % YoY increase 14% 110% 40 % 26 % 221 % blend#17Q3 2021 GAAP Financial Results (in thousands) Revenue Cost of revenue Gross profit Operating expenses: Research and development Sales and marketing General and administrative Amortization of acquired intangible assets Total operating expenses Loss from operations Interest expense Other income (expense), net Loss before income taxes Income tax (expense) benefit Net loss Less: Net income attributable to noncontrolling interest Net loss attributable to Blend Labs, Inc. 17 Three Months Ended September 30, 2021 2020 $ $ 89,568 $ 49,241 40,327 25,518 21,957 59,024 4,364 110,863 (70,536) (5,615) 121 (76,030) (300) (76,330) (595) (76,925) $ 27,877 9,482 18,395 13,820 12,176 7,748 33,744 (15,349) 148 (15,201) (7) (15,208) $ (15,208) $ Nine Months Ended September 30, 2021 2020 153,505 $ 72,461 81,044 63,476 56,093 94,488 4,364 218,421 (137,377) (5,615) 383 (142,609) 44,978 (97,631) (595) (98,226) $ 65,400 25,505 39,895 40,316 37,163 21,656 99,135 (59,240) 627 (58,613) (20) (58,633) (58,633) blend#18Reconciliation of GAAP to Non-GAAP Measures (in thousands) Gross Profit Reconciliation Blend Platform Title365 Total Blend Platform Title365 Total 18 (1) Non-GAAP expenses represent stock-based compensation $ $ $ $ GAAP Gross Profit 22,489 17,838 40,327 GAAP Gross Profit Three months ended September 30, 2021 $ $ $ Non-GAAP expenses (¹) Nine months ended September 30, 2021 63,206 17,838 81,044 $ 38 246 Non-GAAP expenses (¹) 423 38 461 $ $ $ $ Non-GAAP gross profit 22,697 17,876 40,573 $ Non-GAAP gross profit 63,629 17,876 81,505 $ $ $ GAAP Gross Profit 18,395 18,395 GAAP Gross Profit 39,895 39,895 Three months ended September 30, 2020 $ $ $ Non-GAAP expenses (¹) $ 21 Nine months ended September 30, 2020 21 Non-GAAP expenses (¹) 58 58 $ $ $ $ Non-GAAP gross profit 18,416 18,416 Non-GAAP gross profit 39,953 39,953 blend#19Reconciliation of GAAP to Non-GAAP Measures (cont.) (in thousands) Three Months Ended September 30, 2020 19 Operating Expenses GAAP operating expenses Non-GAAP expenses: Stock-based compensation (1) and amortization of warrant Amortization of acquired intangible assets(2) Acquisition-related expenses (3) Non-GAAP operating expenses GAAP loss from operations Non-GAAP expenses: Stock-based compensation (1) and amortization of warrant Amortization of acquired intangible assets (2) Acquisition-related expenses (³) Non-GAAP loss from operations GAAP net loss Non-GAAP expenses: Stock-based compensation (1) and amortization of warrant Amortization of acquired intangible assets(²) Acquisition-related expenses (3) Income tax benefit related to acquisition (4) Non-GAAP net loss (1) Stock-based compensation by function: Cost of revenue Research and development $ Sales and marketing General and administrative $ $ $ $ $ $ 2021 $ 110,863 $ 43,216 4,364 1,573 61,710 (70,536) 43,462 4,364 1,573 (21,137) (76,330) 43,462 4,364 1,573 (26,931) $ $ $ $ $ 246 3,685 1,836 37,657 43,424 $ $ 33,744 1,156 0 2 32,586 (15,349) 1,177 2 (14,170) (15,208) 1,177 2 $ $ $ $ $ (14,029) $ Nine Months Ended September 30, 2021 2020 $ 218,421 $ 53,842 4,364 12,415 147,800 (137,377) 54,303 4,364 12,415 (66,295) (97,631) 54,303 4,364 12,415 (45,302) (71,851) $ $ $ $ $ $ 99,135 461 7,903 5,133 40,552 54,049 $ 7,915 0 969 90,251 21 75 505 498 Total 1,099 $ (2) Amortization of acquired intangible assets represents non-cash amortization of customer relationships acquired in connection with the Title 365 acquisition (3) Acquisition-related expenses include non-recurring due diligence, transaction and integration costs recorded within general and administrative expenses (4) Income tax benefit related to acquisition represents the non-recurring release of historical valuation allowance resulting from the recognition of a deferred tax liability in connection with the Title 365 acquisition (59,240) 7,973 969 (50,298) (58,633) 7,973 969 (49,691) 58 3,289 2,790 1,603 7,740 blend#20Share count outlook (in thousands) 20 Estimated weighted average shares used in calculating net loss per share (basic and diluted) Estimated outstanding common shares as of period-end Quarter ended December 31, 2021 229,920 Year ended December 31, 2021 132,482 234,864 blend#21Blend Platform Revenue Disaggregation (in thousands) Blend Platform Revenue: Mortgage banking Consumer banking and marketplace Professional services Total Blend Platform Revenue Title365 Revenue 21 Total Revenue Q1 2020 $ 2020 Q2 2020 $ 12,208 $ 18,305 $ 2,800 2,369 1,026 815 15,603 21,920 Q3 2020 23,895 $ 3,130 852 27,877 15,603 $ 21,920 $ 27,877 $ Q4 2020 Q1 2021 25,616 $ 26,438 4,320 4,645 693 792 30,629 31,875 $ 2021 Q2 2021 25,375 $ 5,585 1,102 32,062 30,629 $ 31,875 $ 32,062 $ Q3 2021 27,318 6,569 1,194 35,081 54,487 89,568 blend#22Blend Platform Volume Disaggregation (in thousands) Blend Platform banking transactions Mortgage banking transactions Consumer banking transactions** Total Blend Platform banking transactions Mortgage banking transactions YoY Change Consumer banking transactions QoQ Change Consumer banking transactions YoY Change Total banking transactions YoY Change *Includes estimated transactions from funded loan reports not yet received **Consumer banking transaction counts exclude banking transactions from certain Enterprise License Agreements where those transaction counts are not available. Q1 2020 168,453 22,254 190,707 22 2020 Q2 2020 318,645 25,487 344,132 Q3 2020 401,596 20,328 421,924 14.5% (20.2)% Q4 2020 427,174 19,153 446,327 (5.8)% Q1 2021 447,319 48,068 495,387 165.5% 151.0 % 116.0% 159.8 % 2021 Q2 2021 461,049 76,389 537,438 56.2% 58.9 % 199.7% 56.2 % Q3 2021* 441,222 84,205 525,427 24.5% 10.2% 314.2% 24.5% blend#23Blend Customer Logo Growth 23 Customer Count 400 300 200 100 O 247 Q1'20 252 Q2'20 260 Q3'20 291 Q4'20 Quarter 303 Q1'21 316 333 II Q2'21 Q3'21 blend#24Footnotes Note 1: Market Share is management's estimate of our mortgage market share based on signed customers, split between utilized and signed untapped. Note 2: Gross Revenue Retention measures revenue lost from our customer base, not including any benefits from expansion revenue or price increases. Gross retention calculates total revenue (excluding expansion) less revenue from churned customers from the prior quarter. Note 3: Market Adjusted Net Retention is the percentage of management's estimated Economic Value retained from our customer base in the current quarter compared to the Economic Value from the same quarter one year ago, adjusted for fluctuations in mortgage market volumes based on third-party estimates. Current period Economic Value is aggregated for all customers who had Economic Value one year prior. This number is then divided by the market adjusted Economic Value of the previous year. Economic Value is based on management's estimates and is defined as: Mortgage, close, realty, and title per funded contractual rate multiplied by the number of funded loans or transactions in the period, adjusted by the year over year market growth or decline rate, plus 24 - Net present value of insurance premiums sold in the period, including estimated renewals, adjusted by the year over year market growth or decline rate based on third-party estimates, plus - Consumer banking per funded contractual rate multiplied by the number of funded loans in the period (note: not adjusted for market volume changes), plus Professional services and other revenues in the period (note: not adjusted for market volume changes). Note 4: Consumer Banking and Marketplace Revenues consist of Consumer Banking revenue (Home Equity and Personal Loans and all other consumer banking products), Ancillary Product revenue (Blend Income Verification and Blend Close), and Marketplace revenue (Blend Title, Blend Insurance, and Blend Realty). blend#25blend