#1blend Blend Labs, Inc. Q4 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, strategic relationships, Blend's opportunity to increase market share and penetration in its existing customers, projections for a sharp decrease in mortgage loan origination volumes, Blend's ability to create long-term value for our customers, Blend's expectations for revenue growth, and Blend's expectations of migration of the Title365 legacy business to Blend's software-enabled platform. 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 September 30, 2021, and its Annual Report on Form 10-K for the year ended December 31, 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#3Fourth Quarter 2021 Highlights Achieved 14% growth in our mortgage banking revenues, despite an estimated 35% market volume decline Strong growth in consumer banking and marketplace revenues Capitalizing on the secular growth trend in cloud. banking software solutions.#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 Market Share 30% 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 16.7% 6.9% 9.8% 2020 H2 23.5% 10.1% 13.5% 2021 H1 24.9% 9.7% 15.2% 2021 H2 Near term growth opportunity 4#5We Grow with Our Customers 5 Gross Revenue Retention 95% 97% 98% 99% 100% 100% 99% III III Q1'20 Q2'20 Q3'20 Q4'20 See Note 2 and Note 3 included in Appendix Q1'21 Q2'21 Q3'21 99% Q4'21 Market Adjusted Net Revenue Retention 146% Q1'20 157% Q2'20 162% Q3'20 168% Q4'20 181% Q1'21 159% 149% 147% Q2'21 Q3'21 Q4'21 blend#6Strong Growth in Consumer Banking & Marketplace Revenues 6 Consumer Banking Transactions 120K 90K 60K 30K OK 19K Q4 2020 376% YoY increase 48K Q1 2021 See Note 4 included in Appendix 76K Q2 2021 84K Q3 2021 91K Q4 2021 Consumer Banking and Marketplace Revenues 10M 5M 0 46% YoY increase $4.3M Q4 2020 $4.6M Q1 2021 $5.6M Q2 2021 $6.6M Q3 2021 $6.3M Q4 2021 blend#7Progress with Title365 Finished Q4 2021 and full year 2021 strong 7 Progress building key technology integrations Anticipate Mr. Cooper live on the Blend Platform mid-2022 Significant interest in Blend Title from large Blend customers blend#8Strong Revenue Growth in Blend Platform Segment 8 10M 5M Consumer Banking and Marketplace Revenues 0 46% YoY increase $4.3M Q4 2020 $4.6M Q1 2021 $5.6M Q2 2021 $6.6M $6.3M Q3 2021 Q4 2021 Blend Mortgage Revenues $30M $25M $20M $15M $10M $5M 0 $25.7M Q4 2020 14% YoY increase $26.4M Mortgage Banking revenue up 14% year-over-year, despite estimated fourth quarter 2021 industry-wide decline of approximately 35% in mortgage loan origination volumes Q1 2021 $25.4M Q2 2021 $27.3M Q3 2021 $29.1M Q4 2021 blend#9Full Year 2022 Revenue Guidance Blend Platform 9 $140-150 Blend 2022 revenue guidance reflects the following: Title365 $90-100 $ in millions (Consolidated) Blend Labs, Inc. $230-250 Continued U.S. economic growth and Federal Reserve interest rate and open market policy actions in the context of current market expectations. U.S. mortgage market origination volumes declining approximately 35% from their 2021 level, as forecast by Fannie Mae and the Mortgage Bankers Association. 2022 Blend Platform segment revenue reflects slightly lower full year Mortgage Banking revenue, driven by the expected negative impacts of a decline in U.S. mortgage market origination volumes in 2022 which are expected to be mostly offset by market share gains in the company's mortgage banking business. 2022 Blend Platform segment revenue re cts over 100% growth in Consumer Banking and Marketplace revenue, including the expected transition of approximately $15.0 million in revenues from the Title365 segment to the Blend Platform segment, as customers transition to the Blend Title solution (a component of Consumer Banking and Marketplace revenue). This transition is anticipated to commence in mid-2022. blend#10Appendix B VJ blend#11Revenue Growth (in thousands) 11 Blend Platform revenue: Mortgage banking Consumer banking and marketplace Professional services Total Blend Platform revenue Title365 revenue Total revenue Blend Platform revenue: Mortgage banking Consumer banking and marketplace Professional services Total Blend Platform revenue Title365 revenue Total revenue $ $ $ Three Months Ended December 31 2020 2021 29,133 6,321 1,090 36,544 44,446 80,990 2021 108,264 23,120 4,178 135,5 98,933 234,495 80 % $ 17% 3% 100 % $ Year Ended December 31 80 % $ 17% 3% 100 % $ 25,653 4,326 650 30,629 30,629 2020 80,061 12,624 3,344 96,029 96,029 84 % 14% 2% 100 % 83 % 13 % 4% 100 % YoY increase 14 % 46% 68 % 19% 164 % YoY increase 35 % 83 % 25% 41% 144 % blend#12Q4 2021 GAAP Financial Results (in thousands) 12 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. Less: Accretion of RNCI to redemption value Net loss attributable to Blend Labs, Inc. common stockholders Net loss per share attributable to Blend Labs, Inc. common stockholders: Basic and diluted Weighted average shares used in calculating net loss per share: Basic and diluted $ $ $ $ Three Months Ended December 31, 2021 80,990 $ 46,045 34,945 28,740 27,984 34,314 3,772 94,810 (59,865) (5,664) 110 (65,419) (6,092) (71,511) (176) (71,687) $ (1,430) (73,117) $ (0.32) $ 227,947 2020 30,629 8,784 21,845 15,187 14,257 8,452 37,896 (16,051) 73 (15,978) (6) (15,984) $ (15,984) $ (15,984) $ (0.30) $ 53,393 Year Ended December 31, 2021 2020 234,495 $ 96,029 118,506 34,289 115,989 61,740 92,216 84,077 128,802 8,136 313,231 (197,242) (11,279) 493 (208,028) 38,886 (169,142) (771) (169,913) (1,430) (171,343) 131,985 55,503 51,420 30,108 (1.30) $ 137,031 (75,291) 700 (74,591) (26) (74,617) $(74,617) $ (74,617) (1.89) 39,407 blend#13Reconciliation of GAAP to Non-GAAP Measures (in thousands) 13 Gross Profit Reconciliation Blend Platform Title365 Total Blend Platform Title365 Total Three months ended December 31, 2021 GAAP Gross Profit $ $ 22,439 $ 12,506 34,945 $ Non-GAAP expenses(1) Non-GAAP gross profit $ 22,439 $ 12,551 45 45 $ 34,990 $ Year ended December 31, 2021 (1) Non-GAAP expenses represent stock-based compensation GAAP Gross Profit $ 85,645 $ 30,344 $ 115,989 $ Non-GAAP expenses (1) 670 83 Three months ended December 31, 2020 GAAP Gross Profit 21,845 21,845 Non-GAAP expenses (1) $ $ Non-GAAP gross profit $ 86,315 $ 30,427 753 $ 116,742 $ 61,740 $ GAAP Gross Profit 61,740 Year ended December 31, 2020 Non-GAAP expenses (1) 79 $ Non-GAAP gross profit $ 21,845 $ 21,845 Non-GAAP gross profit $ 61,819 79 $ 61,819 blend#14Reconciliation of GAAP to Non-GAAP Measures (cont.) (in thousands) 14 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 $ $ Three Months Ended December 31, 2020 2021 94,810 $ 16,541 3,772 569 73,928 $ Year Ended December 31, 2020 2021 37,896 $ 313,231 $ 137,031 $ 2,626 70,383 10,541 8,136 0 45 12,984 1,014 35,225 $ 221,728 $ 125,476 $ (59,865) $ (16,051) $ (197,242) $ (75,291) 16,833 3,772 569 71,136 8,136 12,984 45 1,014 $ (38,691) $ (13,359) $ (104,986) $ (63,657) 2,647 $ (71,511) $ (15,978) $ (169,142) $ (74,617) 16,833 3,772 569 71,136 8,136 12,984 (39,311) 5,991 $ (44,346) $ (13,286) $ (116,197) $ 2,647 45 292 $ 5,281 2,034 9,188 $ 16,795 $ 2,384 $ 10,620 21 $ 961 885 517 10,620 1,014 (62,983) 753 $ 13,184 7,167 49,740 70,844 $ 10,124 79 4,250 3,675 2,120 Sales and marketing General and administrative Total (2) Amortization of acquired intangible assets represents non-cash amortization of customer relationships acquired in connection with the Title365 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 Title365 acquisition blend#15Blend Platform Revenue Disaggregation (in thousands) 15 Blend Platform Revenue: Mortgage banking Consumer banking and marketplace Professional services Total Blend Platform Revenue Title365 Revenue Total Revenue Q1 2020 Q2 2020 Q3 2020 Q4 2020 FY 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 FY 2021 $ 12,208 $ 18,305 $ 23,895 $ 25,653 $ 80,061 $ 26,438 $ 25,375 $ 27,318 $ 29,133 $ 108,264 4,645 6,321 23,120 2,369 1,026 2,800 815 21,920 3,130 4,325 852 651 27,877 30,629 12,624 3,344 96,029 5,585 6,569 792 1,102 1,194 31,875 32,062 35,081 1,090 4,178 15,603 36,544 135,562 54,487 44,446 98,933 $ 15,603 $ 21,920 $ 27,877 $ 30,629 $ 96,029 $ 31,875 $ 32,062 $ 89,568 $ 80,990 $ 234,495 blend#16Blend Platform Volume Disaggregation (in thousands) Title365 closed orders Q1 2020 16 Q2 2020 168,453 22,254 190,707 Q3 2020 Blend Platform banking transactions Mortgage banking transactions Consumer banking transactions Total Blend Platform banking transactions Mortgage banking transactions QoQ Change 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. 14.5 % Q4 2020 318,645 401,596 427,174 1,315,868 447,319 25,487 20,328 19,153 87,222 48,068 344,132 421,924 446,327 1,403,090| 495,387 89.2 % 26.0 % 6.4 % 4.7 % 165.5% 151.0 % 116.0 % 159.8 % (20.2)% FY 2020 Q1 2021 (5.8)% Q2 2021 Q3 2021 461,049 449,977 76,389 83,913 537,438 533,890 3.1% (2.4)% 44.7% 12.0% 58.9 % 9.8 % 199.7% 312.8 % 26.5 % 56.2 % Q3 2021 Q4 2021* FY 2021 452,573 1,810,918 91,203 299,573 543,776 2,110,491 0.6 % 5.9 % 8.7 % 376.2 % 21.8% Q4 2021 44,568 35,045 37.6% 243.5 % 50.4 % FY 2021 79,613 blend#17Blend Customer Logo Growth Customer Count 400 300 200 100 0 Quarter 247 Q1'20 252 Q2'20 260 Q3'20 291 Q4'20 303 Q1'21 333 II 316 Q2'21 343 Q3'21 Q4'21 17#18Footnotes Note 1: Market Share is management's estimate of Blend's mortgage market share based on signed customers, split between utilized and signed untapped volume, where "untapped volume" refers to volume at our current signed customers that Blend is not capturing today but is targeting to capture in the future. Note 2: Gross Revenue Retention measures revenue lost from our customer base, not including any benefits from expansion revenue or price increases. Gross retention for a quarter is calculated from total revenue from the same quarter in the prior year (excluding expansion and price increases) less revenue from customers that have churned in the last 12 months divided by the revenue from the same quarter in the prior year. 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. 18 00 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 ● 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). 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). blend#19blend