#1Investor Day 2023 blend Welcome to Blend's 2023 Investor Day September 26, 2023#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, operating model, cash flows and capital expenditures, Blend's ability to generate cash and Blend's cash needs, operating margins, plans for future operations, competitive positions, technological capabilities, strategic relationships, Blend's opportunity to increase market share and penetration in its existing customers, Blend's ability to scale its products and relationships, projections and estimates of mortgage loan origination volumes, other macroeconomic and industry conditions, Blend's ability to improve efficiency, Blend's addressable market, Blend's ability to create long-term value for its customers, and Blend's expectations for revenue growth and sales of its products. 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 its 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 Annual Report on Form 10-K for the year ended December 31, 2022 and its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2023, and June 30, 2023. 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 gross margin %, non-GAAP operating expenses, non-GAAP loss from operations, non-GAAP net loss, free cash flow and unlevered free cash flow. These non-GAAP financial measures adjust the related GAAP financial measures to exclude non-cash stock-based compensation and warrant amortization expense, compensation realignment costs, amortization of acquired intangible assets, impairment of intangible assets and goodwill, restructuring costs, litigation contingencies, and transaction-related costs. 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. blend#3Blend's Investor Day Agenda 9:00 am 9:30 am 10:00 am 10:30 am 11:00 am 11:30 am 12:00 pm 12:30 pm Blend's Vision Nima Ghamsari | Head of Blend Product Strategy and Innovation Erik Wrobel | Head of Product Product Demos Erik Wrobel & Nima Ghamsari Break Unlocking Customer Value Sebastian Joll Head of Revenue Execution and Operating Rhythm Amir Jafari | Head of Finance & Administration Q&A Session Blend Executive Team Lunch 3#4Investor Day 2023 blend Head of Blend Nima Ghamsari#5Blend's Investor Day Presenters Nima Ghamsari Founder & Head of Blend 20 Erik Wrobel Head of Product Sebastian Joll Head of Revenue WEEN Amir Jafari Head of Finance & Administration 01 5#6Execution since IPO Mortgage Growth Consumer Banking Progress Operations 12% Mortgage Market Share¹ $4M Consumer Banking Revenue 2021 Q3 $66 Mortgage Economic Value per Loan² 90 Consumer Banking Logos ³ $62M Non-GAAP Operating Expenses4 ¹Please refer to footnote 6 in the appendix of this presentation. 2Please refer to footnote 4 in the appendix of this presentation. ³Customer count as of September 30, 2021. 4 GAAP to non-GAAP reconciliation schedules can be found in the appendix to this presentation. 2023 Q3E ~20% Mortgage Market Share¹ ~$6M Consumer Banking Revenue ~$86 Mortgage Economic Value per Loan² 114 Consumer Banking Logos ³ ~$38M Non-GAAP Operating Expenses4 6#7Forum Customer Conference: Innovating for Growth FORUM powered by blend Attended by more than 70 key customers across mortgage and consumer lending CO 3 3:14 G ← Alice Firstimer other questions, fear free to ask. Good luck with your home showing! Today 3:13 AM Alice Firstimer Thanks for the preapproval. letter! My offer was accepted. I wanted to talk through some options- trying to lower my up front cost. Is there a similar 30 year option with no closing costs? 940 I Today 3:14 AM Copilot is thinking 6 products available F Intelligent Understands what your customer is asking perfect response. Unveiled latest product roadmap and innovations Demonstrated solutions to customer challenges through hands-on product demos Forum2023 7#8blend Our vision is to bring simplicity and transparency to financial products#9Blend is capitalizing on the opportunity for innovation across the banking industry 01 Consumers are underserved 80% of bank executives agree that "underdeveloped data" prohibits them from delivering exceptional experiences¹ 02 Manual processes 40% of banks are getting by without a consistent technology experience¹ ¹Source Capgemini - The Customer Engagement Imperative (2022), The Financial Brand (1, 2) 2American Banker: Bank to the Future 03 Inflexible legacy systems 89% of surveyed bank executives cited legacy infrastructure as a huge challenge² 04 Revenue and benefit left on the table 96% of financial institutions are unable to fully personalize all customer journeys¹#10Our Solution Simplifying and digitizing origination Increased lifetime value, lower unit costs Delivery at scale through Builder Unified platform solution across originations#11Long-Term Success Continuing to deepen relationships with financial institutions across the country More originations happen through Blend across all product lines DOD Fls powered by Blend will continue to grow share fueled by improved economics 11#12Blend is uniquely positioned to succeed because of our customers, platform & culture Platform Customers 3 Culture 12#13Our Leading Customer Base Powering the top financial institutions Banks 39 of the Top 100 banks by AUM in the U.S. are Blend Platform Customers¹ Independent Mortgage Banks 11 of the Top 25 mortgage originators by AUM are Blend Platform Customers¹ Credit Unions 4 of the top 10 credit unions in the U.S. by AUM - including the largest¹ 1 As measured by the U.S. Federal Reserve Statistical Release of Insured U.S. Chartered Banks on June 30, 2023 2 Please refer to note 6 in the appendix of this presentation Drives Blend's market leading position >800 bps gain in market share since 1H21² $1.7 trillion of processed loan applications on the Blend platform (FY22) 13#14The Blend Builder Advantage 3 1 Comprehensive Omnichannel 2 4 Composable Open 14#15Our Culture and Mindset Customer Obsession Powering more financial product originations Greater lender and customer partnerships Constant Innovation Increase value creation 15#16Near Term Focus CJ Expand Blend Builder ११ Help Our Mortgage Customers Customer-Focused Goals 5! Cost Saving Products $ Internal Initiatives LA Operating Efficiency 16#17Financial Vision Growth Margin Operating Model Cash Usage / Generation IPO Mindset Cast a wide net, build as many relationships as possible, entrench our place in the market Investing for a larger mortgage market and new product maturity drove margin compression Geared for growth and our Builder investment Tap low cost of capital and raise money for rapid growth and investment Today and the Road Ahead Focused customer acquisition, maximizing existing partnerships and value-focused product expansion Renewal value capture, focused renegotiation on largest spend areas, target setting ROI-focused investment with a constant focus on cost prudence and maximizing value from Blend Builder Own our future through a clear path to cash generation & stewardship of our capital 17#18Financial Vision Growth Margin Operating Model Cash Usage / Generation Focus Focused customer acquisition, maximizing existing partnerships and value-focused product expansion Renewal value capture, focused renegotiation on largest spend areas, target setting ROI-focused investment with a constant focus on cost prudence and maximizing value from Blend Builder Own our future through a clear path to cash generation & stewardship of our capital 1Please refer to note 1 in the appendix of this presentation 2Please refer to note 2 in the appendix of this presentation Long Term Model by 2026 ~35% Consumer Banking¹ Revenue CAGR ~25% Mortgage Suite² Revenue CAGR 3GAAP to non-GAAP reconciliation schedules can be found in the appendix to this presentation 4Please refer to note 7 in the appendix of this presentation ~75% Target Platform Non-GAAP Gross Margin³ 15-20% Target Non-GAAP Operating Margin³ High-Single Digit to High-Teens Free Cash Flow Margins4 18#19Investor Day 2023 blend Blend Product Strategy & Innovation Erik Wrobel#20blend Our vision is to bring simplicity and transparency to financial products#21Re-architecting banking software around the consumer Loan Origination Identity Verification Credit Income Verification Insights Core Banking Decisioning Process Automation Mortgage Personal Loan Home Equity Proactive Integrations Blocks Orchestration Origination Personalized Deposit Account Simple - Customer Relationship Management - Pricing Workflow Intelligence m Credit Card n Custom a Underwriting - Persona Workspaces Online Banking. Closing H Funding - Servicing#2201 Key Industry Trends Ⓒ 02 Blend Product Portfolio 03 New Investment Horizons D#2301 Key Industry Trends & 02 Blend Product Portfolio 03 New Investment Horizons#24Consumer Trends are Evolving Point Solutions Generic Reactive End-to-end journeys Personalized Proactive#25Technology is also Changing Rapidly Documents Code Product Data Composable Platform#26Financial institutions face challenges in addressing modern borrower needs Lack of integrated customer data 80% of bank executives agree that "underdeveloped data" prohibits them from delivering exceptional experiences Key Trends Static, one-size-fits-all origination processes 4% of financial institutions are able to fully personalize all customer journeys Sources: Capgemini - The Customer Engagement Imperative (2022), The Financial Brand (1, 2) Siloed, fragmented experiences 40% of banks are getting by without a consistent technology experience 26#27Inflexible Infrastructure High Development Costs Key Trends Complex Processes Composable Origination Code Composable Point Solution → End-to-end Journeys Product → Platform Dynamic Market Conditions Increased Competitive Pressures Rising Consumer Demands 27#28Composable Origination Key Trends s $ Innovation Differentiation Lower Cost 28#29Blend Product Portfolio Strategy 01 03 Deliver the end-to-end digital mortgage experience 02 Provide best-in-class solutions for personalized consumer banking Power exceptional experiences through a composable origination platform#30Blend Product Portfolio Strategy 01 03 Deliver the end-to-end digital mortgage experience 02 Provide best-in-class solutions for personalized consumer banking Power exceptional experiences through a composable origination platform#31Transformed the homeownership journey from application to close Get pre-approved Find lender Mortgage Pre-approval Find a home Real estate agent n Home search Process loan 요 Title services Homeowners insurance Close the loan Closing 31#32Blend Mortgage Suite: an end-to-end solution that enables financial institutions to thrive in any market Pre-App Engagement Emblem Home purchase price You pre-qualify for a max of $1,402,453 in purchasing power. <$10,000 $1,000,000 $ Affordable Purchase price $ $1,000,000 $1,400,000. Max: $1,40M Down payment: $200,000 (20%) Loan amount: $800,000. Start Application Mortgage = Complete our mortgage application to get a pre- approval letter. Application Emblem Tell us about the property you would like to purchase. Property Type ● Single-family home Property Use O Residence. Have you made an offer on a particular property? Property Value $800,000 Property County/Municipality Sierra County Continu V NO = Verifications To see how much you can afford, we'll need to pull your credit. We use your SSN to do a soft credit check, which will not affect your credit score. Date of Birth Emblem MM/DD/YYYY 8 Social Security Number ☆ The soft credit check needed to get your estimate will not affect your credit score Why are we asking for your Social Security. Number? What is the difference between a soft and hard credit check? Continue 9:41 #153897 Bailey Borrower +1 Overview OVERVIEW APPLICATION FOLLOW-UPS TITLE TITLE ORDERED 02/22/2022 Title TITLE COMPANY Blend Title Agency TITLE RECEIVED 02/23/2020 ... -- Title Commitment TITLE POLICY AMOUNT $500,000 TITLE VESTING Bailey Borrower and Bailey Sr. Borrower, as joint tenants. DESCRIPTION Lot 7. Sixth Avenue West - Second Filing, County of Jefferson, State of Colorado Condition Management Emblem Welcome back, Bailey You have several remaining items to complete Tasks • Initial Disclosures Home Insurance Complete items > Your loan progress COMPLETE Fill out application Double-check the information you've entered and make any edits. before you submit your application. CURRENT Document upload and review Double-check the information you've entered and make any edits. before you submit your application. Contact us Larry Officer NMLS ID# 129298232 (415) 307 5473 Los Term L Closing Disclosure Pre Ben Frym Cal Cach Mal Casal Claring Digers M blendsigningroom.com Closing Disclosure 4 Participants (5) Close $160,000 3.875% 5361,78 300x13 NO MO NO 13 CHLIE $1.050.35 514147.20 C Documents (9) adding Com c Your 117 CHEIR 5962.31 54.31210144 - 4 th O Settings. 32#33Blend's Mortgage Suite drives efficient originations, enabling 7.95x ROI Pull- Through Frictionless Onboarding Personalized Experiences Higher Loan Officer Productivity Mortgage Speed to Close Standardized Loan Files Data over Documents Upfront Condition Management Source: Blend ROI study with MarketWise Advisors Lower Costs Automation Fewer Touches Productive Backoffice blend Pull-through lift 15% MarketWise Advisors LLC Cycle compression vs 30 days 7 days Impact per Loan $636 33#34Blend Product Portfolio Strategy 01 03 Deliver the end-to-end digital mortgage experience 02 Provide best-in-class solutions for personalized consumer banking Power exceptional experiences through a composable origination platform#35Redefined the future of banking for all consumer banking experiences Deposits Gain primary financial institutions status faster Want to add any other accounts? Save time by opening multiple accounts with the same application. TURU Traditional savings Enjoy easy digital access and never worry about overdrafts and overdraft fees with this affordable account. Learn more Add this account 0. Mystyle checking with Rewards Earn higher interest while maintaining flexibility. Requires a Premier or Private Banking checking account and funds. Consumer Banking Account added Certificate of Deposit - 12 months Personal Loans Automate origination to drive customer and banker efficiency Success! We have rates for you! You can choose your preferred loan option below or choose options to compare. Your loan amount: $10,000 $3,000 PAYMENT V O$2440.51 $2105.39 $1729.66 MONTHS V APR 60 120 $1972.43 180 $100,000 240 5.40% 6.28% 7.35% 8.10% You will receive a credit notice by mail within 10 business days. Ⓡ Credit cards Deliver top-of-class onboarding for top-of-wallet cards What would you like to apply for? Visa Signature Earn 20,000 bonus Relationship Rewards points based on your purchases in the first 90 days after account opening. View details Apply Rewards Visa Platinum Earn up to $200 bonus Cash Rewards. based on your purchases in the first 90 days after account opening. View details Apply Home Equity Deliver an instant home equity experience from application to close Congratulations, you're pre-approved! Your offer is based on an estimated property value for your home of $1,000,000. PRE-APPROVED Pre-Approved Home Equity Line of credit $80,000 APR 14.25% Label +9.25% What's the difference between prime rate and interest rate? After clicking "Continue" you'll be asked to provide more detailed information needed to complete your application. This is not yet a commitment to lend. Continue Explore different amount Vehicle Loans Provide customers a fully digital experience across auto purchase and refinancing Which type of vehicle would you like to finance? Select one of the following: O Automobile O O RAH Motorcycle/ powersport Recreational vehicle (RV) Boat/ personal watercraft. (PWC) Continue 35#36Blend's Consumer Banking Suite maximizes application conversion and reduces costs Higher Conversion Frictionless Onboarding Personalized Experiences Banker Productivity Consumer Banking Speed to Close Standardized loan files Data over Documents Upfront Condition Management Lower Costs Automation Fewer Touches Source: Elements More Productive Backoffice blend elements FINANCIAL 11% Increase in approved applications 60% Average reduction in application submission times 105% Average increase in deposit account application submission rate 36#37Uniquely positioned to drive business value across the entire consumer bank and increase customer lifetime value DOD Maximize conversion by delivering consistent experiences Consumer Banking $ Reduce cost to serve through intelligent automation Grow customer lifetime value through cross-sell 37#38Blend Product Portfolio Strategy 01 03 Deliver the end-to-end digital mortgage experience 02 Provide best-in-class solutions for personalized consumer banking Power exceptional experiences through a composable origination platform#39Blend: powering end-to-end journeys for any banking product Closing [L Verification Application Settlement Product Selection Stipulations Pre-approval Pricing Blend Builder Platform Customer Defined Rapid Innovation Experiment and Optimize 39#40Blend Builder Platform Consumer Experience Banker Experience Developer Experience Builder Orchestration - Low-Code Development Environment Consumer and Banker Experience Design Builder Blocks Credit Income Verifications Balance Transfers Blend Solutions* Blend Foundational Services Authorization - Authentication Decisioning Delayed Account Creation Beneficiaries Search *Blend Solutions: Mortgage, Home Equity, Deposit Accounts, Personal Loans, Credit Cards, Vehicle Loans Branding and Theming Public API Integrations Loan Origination Systems - Core Banking - Online Banking Identity Verification Liabilities and Debt Selection Disclosures Document Storage SMS Configurable Data Model Workflow Management $ Cross-sell Pricing and Decision Address Lookup Email Events Bespoke Solutions M Customer Relationship Management - Pricing Business Rules Rate Check Product Selection. Business Lookup Consents Servicing#41Blend Builder Platform Consumer Experience Banker Experience Developer Experience Builder Orchestration - Low-Code Development Environment Consumer and Banker Experience Design Builder Blocks Ⓒ Credit Income Verifications Blend Solutions* Balance Transfers Decisioning Delayed Account Creation Beneficiaries *Blend Solutions: Mortgage, Home Equity, Deposit Accounts, Personal Loans, Credit Cards, Vehicle Loans Public API Branding and Theming Identity Verification Liabilities and Debt Selection Disclosures Foundational Services Configurable Data Model Integrations Workflow Management O Cross-sell Pricing and Decision Address Lookup Bespoke Solutions Business Rules Rate Check Product Selection Business Lookup#42Blend Builder Platform Consumer Experience Banker Experience Developer Experience Builder Orchestration - Low-Code Development Environment Consumer and Banker Experience Design Credit Blend Solutions* Builder Blocks - Reusable Components for Financial Services Income Verifications Balance Transfers Decisioning Delayed Account Creation Beneficiaries Branding and Theming *Blend Solutions: Mortgage, Home Equity, Deposit Accounts, Personal Loans, Credit Cards, Vehicle Loans Public API Identity Verification Liabilities and Debt Selection Disclosures Foundational Services Configurable Data Model Integrations Workflow Management $ Cross-sell Pricing and Decision Address Lookup Bespoke Solutions Business Rules Rate Check Product Selection Business Lookup#43A purpose-built platform for cloud banking Platform Comprehensive Purpose-built and opinionated consumer finance products, all on a single platform Omnichannel Dedicated persona-based workspaces for front and back office teams Composable Modular components and workflows designed specifically for financial services Open Expansive partner ecosystem that delivers customer value and accelerates growth 43#4401 Key Industry Trends 02 Blend Product Portfolio 03 New Investment Horizons B#45Our Expanding Market Mortgage Home Ownership Consumer Banking New 2025+ 1 2 3 Deepen existing solutions Develop new origination solutions Expand into new markets 45#46Deepening Existing Solutions Digitalization Documents to Data End to End Journeys New Investment Horizons 11 Blend Close Blend Income Verification Blend Home Insurance 4.5x increase in revenue contribution from attach products from 2021 to 2023¹ 1- revenue contribution between 2Q21 to 2023 blend Product Spotlight Blend Copilot (powered by Al) 2:59 G A Alice Firstimer Today 2:59 AM Alice Firstimer Hi! I have a showing today actually. Am I preapproved. for 300,000 if I put 20% down? If so can you send me a preapproval letter so I can make an offer if I love it? Today 2:59 AM Write a message Copilot is thinking... Credit consent was given ⠀ The borrower's credit score is 710 = $56,400.00 annual verified Blend Income $100,000.00 total assets = V 46#472 Develop New Origination Solutions Opportunities 01 Small Business Banking 02 Commercial Banking 03 Wealth Management 04. adjacent opportunities Spotlight: SMB Banking 33M small businesses in USA source: SBA New Investment Horizons 1.5M SMB deposit accounts opened in 2022 source: FDIC 2.2M business credit cards opened in 2022 source: NY Fed blend Launched < Back Business Deposits Professional Corporation Legal Business Name. Big Time Tents Business Details Assumed Name/DBA, if applicable Federal Tax ID Number O ********* Industry Type T Accommodation and Food Services V Administrative and Support and Waste M... > Agriculture, Forestry, Fishing and Hunting > Arts, Entertainment, and Recreation > = BOK FINANCIAL Time to launch 4 months 47#483 Expand into New Markets Opportunity Routes to Market Blend In-Market Presence New Investment Horizons + Blend Builder Platform + Canada 25+ prospective customers* Europe 500+ prospective customers* >500 prospective customers* Global System Integrators blend Existing Investments Blend Builder Internationalization Spanish Localization for USA Future Investments Local Country Compliance Multi-language Support Data Storage and Retention Sources: S&P Market Intelligence * Prospective Customers Financial institutions with >$10B in AUM 48#4901 Comprehensive portfolio of consumer finance solutions, all built on a single platform 02 Modern banking platform that unlocks composable origination for financial services 03 Well positioned to capitalize on future growth opportunities 000 3#50Blend Builder Demo#51Investor Day 2023 blend Blend Builder Demo#52Loan Officer Copilot Demo#53blend#54Investor Day 2023 blend GTM Investor Presentation Sebastian Joll#55Blend GTM Overview 01 The Ecosystem & Our Buyers U 02 Growing with Our Customers 13 03 Market Strategy & Expansion#56Blend GTM Overview 01 The Ecosystem & Our Buyers II 02 Growing with Our Customers 15 03 Market Strategy & Expansion#57Blend & the Originations Ecosystem Point of Sale Layer LOS Layer Core Mortgage Home Equity Real Estate Lending Vehicle Borrower Personal Banking Core Credit Cards Consumer Banking Loan Origination System Deposit accounts#58The Originations Ecosystem: Point of Sale Point of sale layer which primarily includes product specific providers who offer 1-2 product types and are often newer technology companies Technology Layer Point of Sale Loan Origination System Core Mortgage Home Equity Home Lending Loan Origination System Vehicle Borrower Personal Banking Core Credit Cards Consumer Banking Loan Origination System Deposit accounts#59The Originations Ecosystem: Loan Origination Systems LOS layer, which can often be across products (but not across consumer banking and real estate) Technology Layer Point of Sale Loan Origination System Core Mortgage Home Equity Real Estate Lending Vehicle Borrower Personal Banking Core Credit Cards Consumer Banking Loan Origination System Deposit accounts#60The Originations Ecosystem: Core Core systems are critical to a lender's operation but older and inflexible, with no ability to "come forward" to the borrower Technology Layer Point of Sale Loan Origination System Core Mortgage Home Equity Real Estate Lending Vehicle Borrower Personal Banking Core Credit Cards Consumer Banking Loan Origination System Deposit accounts#61The Originations Ecosystem: What Our Customers Want Every lending executive is talking about 3 things: 01 Drive down the cost per loan 02 Beating Fintechs to win customers. 03 Maximize potential of existing customers#62Blend & the Originations Ecosystem Technology Layer Point of Sale Loan Origination System Core Mortgage Home Equity Real Estate Lending Vehicle Borrower Personal Banking Core Credit Cards Consumer Banking Loan Origination System Deposit accounts#63The Originations Ecosystem: Blend Blend is uniquely positioned: able to power originations across products and simplify end to end workflows Technology Layer Point of Sale Loan Origination System Core Mortgage Home Equity Via Partner Integrations Vehicle Personal Single originations layer Via Partner Integrations Banking Core Credit Cards Deposits#64Why Customers Value Us Lines of business leaders love the pre-built world class consumer and banker experiences Digital teams benefit OOTB omni-channel and cross-sell Technology leaders love the purpose built low-code tools to scale innovation Mortgage Cross Sell 修 Best in class origination experiences DOO Close Verifications Home Equity Deposits Personal Simplified Tech Stack On one platform with integrated capabilities golong Native Omnichannel Superior User Experience Low Code Vehicle [J Builder Blocks Native Al Built on a low code platform to reduce tech debt and supercharge teams Credit Decisioning Insurance Title Configurable Data Model Integrations & APIs 64#65Why Customers Value Us Lines of business leaders love the pre-built world class consumer and banker experiences Digital teams benefit OOTB omni-channel and cross-sell Technology leaders love the purpose built low-code tools to scale innovation Mortgage B Cross Sell 修 Best in class origination experiences DOD Close Verifications Home Equity Deposits Personal TI Simplified Tech Stack On one platform with integrated capabilities L Native Omnichannel Superior User Experience Low Code Vehicle (3 Builder Blocks H Native Al Built on a low code platform to reduce tech debt and supercharge teams Credit Decisioning Insurance Title Configurable Data Model Integrations & APIs 65#66Why Customers Value Us Lines of business leaders love the pre-built world class consumer and banker experiences Digital teams benefit OOTB omni-channel and cross-sell Technology leaders love the purpose built low-code tools to scale innovation 3 Mortgage Cross Sell Close Best in class origination experiences TI Simplified Tech Stack DOO Verifications Home Equity Deposits Personal On one platform with integrated capabilities golong Native Omnichannel Superior User Experience Low Code Vehicle (3 Builder Blocks Native Al Built on a low code platform to reduce tech debt and supercharge teams Credit Decisioning Insurance Title Configurable Data Model Integrations & APIs 66#67Why Customers Value Us Lines of business leaders love the pre-built world class consumer and banker experiences Digital teams benefit OOTB omni-channel and cross-sell Technology leaders love the purpose built low-code tools to scale innovation 3 Mortgage Y Cross Sell Close Best in class origination experiences Simplified Tech Stack DOO Verifications Home Equity Deposits Personal On one platform with integrated capabilities g Native Omnichannel Superior User Experience Low Code Vehicle [J Builder Blocks H Native Al ID Built on a low code platform to reduce tech debt and supercharge teams Decisioning Credit Insurance Title >>> Configurable Data Model Integrations & APIs 67#68But the journey is only just getting started... 5% 11% of financial institution executives say they are done or almost done updating their technology¹ expected compounded annual growth rate in spend on modern, third-party software through 2026¹ ¹THL Insights Bank Technology Sector Summary. 2023 2 IDC's Worldwide Banking IT Spending Guide, V2 2023 Expected 2023 global spend on digital lending technology $9.9 Billion² 68#69Blend GTM Overview 01 The Ecosystem & Our Buyers 02 Growing with Our Customers East 03 Market Strategy & Expansion#70Understanding our Revenue Products Sold Blend has a suite of products to support its customers, with each product creating revenue potential and enhancing overall platform value O Utilization Blend primarily has a success based revenue model (each successful transaction creates revenue). We therefore capture revenue over time as customers adopt and grow each product 000 Customer Volumes Blend is also subject to the overall volumes our customers complete, with customer M&A, organic customer growth, and overall origination macros influencing our opportunity 70#71Selling Our Products Blend Builder: is our platform of the future, enabling technology teams and business leaders to innovate faster and deploy world class, customized experiences Primary Loan Types: which includes primary lending products, whether in the mortgage or the consumer banking space Attach Products: which support the completion of primary products (e.g., verifications, or closing) Attach Products Primary Loan Types Blend Builder 71#72Our product ecosystem gives Blend multiple ways to serve customers and creates layers of revenue on each transaction Close Verifications Insurance Bespoke Title Credit Cards Home Equity Blend Builder Vehicle Mortgage Deposits Personal 72#73Customer Example: $10B+ Credit Union Product Revenue Potential $10B refers to Assets Under Management 73#74Customer Example: $10B+ Credit Union Purchased Mortgage Product Revenue Potential $10B refers to Assets Under Management Mortgage 74#75Customer Example: $10B+ Credit Union Purchased Mortgage Added Home Equity and Vehicle Product Revenue Potential $10B refers to Assets Under Management Home Equity Vehicle Mortgage 75#76Customer Example: $10B+ Credit Union Purchased Mortgage Added Home Equity and Vehicle Deposits, Personal, and Credit Cards Product Revenue Potential $10B refers to Assets Under Management Credit Cards Home Equity Vehicle Deposits Mortgage Personal 76#77Customer Example: $10B+ Credit Union Purchased Mortgage Added Home Equity and Vehicle Deposits, Personal, and Credit Cards Launched Close and HOI Product Revenue Potential $10B refers to Assets Under Management Close HOI Credit Cards Home Equity Vehicle Deposits Mortgage Personal 77#78Customer Example: $10B+ Credit Union Purchased Mortgage Added Home Equity and Vehicle Deposits, Personal, and Credit Cards Launched Close and HOI Additional opportunities to expand into Bespoke Products, Verifications, and Title Product Revenue Potential $10B refers to Assets Under Management Close Verifications HOI Title Bespoke Credit Cards Home Equity Vehicle Deposits Mortgage Personal 78#79Customer Example: $10B+ Credit Union Purchased Mortgage Added Home Equity and Vehicle Deposits, Personal, and Credit Cards Launched Close and HOI Additional opportunities to expand into Bespoke Products, Verifications, and Title Personal and Vehicle Loans now on Blend Builder Product Revenue Potential $10B refers to Assets Under Management Close Verifications HOI Title Bespoke Credit Cards Home Equity Vehicle Deposits Mortgage Personal 79#80Customer Example: $10B+ Credit Union ● Purchased Mortgage Added Home Equity and Vehicle Deposits, Personal, and Credit Cards Launched Close and HOI Additional opportunities to expand into Bespoke Products, Verifications, and Title Personal and Vehicle Loans now on Blend Builder Migrating to Instant Home Equity on Blend Builder Product Revenue Potential $10B refers to Assets Under Management Close Verifications HOI Title Bespoke Credit Cards Instant Home Equity Vehicle Deposits Mortgage Personal 80#81Customer Example: $10B+ Credit Union Purchased Mortgage Added Home Equity and Vehicle Deposits, Personal, and Credit Cards Launched Close and HOI Additional opportunities to expand into Bespoke Products, Verifications, and Title ● Personal and Vehicle Loans now on Blend Builder Migrating to Instant Home Equity on Blend Builder Credit Cards and Deposits moving to Blend Builder Product Revenue Potential $10B refers to Assets Under Management Close Verifications HOI Title Bespoke Credit Cards Instant Home Equity Vehicle Deposits Mortgage Personal 81#82Customer Example: $10B+ Credit Union Purchased Mortgage Added Home Equity and Vehicle Deposits, Personal, and Credit Cards Launched Close and HOI Additional opportunities to expand into Bespoke Products, Verifications, and Title ● Personal and Vehicle Loans now on Blend Builder Migrating to Instant Home Equity on Blend Builder Credit Cards and Deposits moving to Blend Builder Can monetize Blend Builder as we replace vendors Product Revenue Potential $10B refers to Assets Under Management Close Verifications HOI Title Bespoke Credit Cards Instant Home Equity Blend Builder Vehicle Deposits Mortgage Personal 82#83Customer Example: $10B+ Credit Union Over time, we will migrate all products to Blend Builder and anchor the customer's originations ecosystem on one innovative platform Product Revenue Potential $10B refers to Assets Under Management Close Verifications HOI Title Bespoke Credit Cards Instant Home Equity Blend Builder Vehicle Deposits Mortgage Personal 83#84Once Converted to Builder... 89 s $ Innovation Differentiation Lower Cost Quickly adapt their originations process to match their strategy and capture market share Solution can be completely customized to a lender to stand out from peers and better fight Fintechs Builder supports more cost effective development teams and can replace existing technology spend#85Customer Example: $10B+ Credit Union 100% 80% 60% 40% 20% 0% Mortgage Capturing Revenue - Utilization by Product (Instant) Home Equity Close Credit Card Deposits Personal Vehicle So far, only ~30% of available revenue from the customer has been captured, leaving additional upside for Blend 85#86Customer Example: $10B+ Credit Union 100% 80% 60% 40% 20% 0% Mortgage Capturing Revenue - Utilization by Product (Instant) Home Equity Close Opportunity Credit Card Deposits Personal Vehicle Of the products sold, we have so far only captured ~ 30% of the available revenue N There is additional upside in the customer without selling more product 86#87Customer Example: $10B+ Credit Union 100% 0% Existing Revenue (e.g., Digital Channel) Deposit Accounts - Revenue Capture Example Add channels (e.g., In-Branch) Add new products (e.g., certificates of deposit) This is an illustrative scenario only and is not intended to represent guidance on actual outcomes. Functionality (e.g., Cross-sell) Revenue Captured As an example, we have room to grow in Deposits. We can capture the full revenue potential by expanding to Branch channels, customizing some products, and enabling functionality 87#88Capturing Revenue: Double Click on Income Verification & Assets Derived Income 100% 0% Existing Verification of Income - Revenue Capture Example New channels or users on VOI Improved Coverage (e.g., Assets Derived Income) This is an illustrative scenario only and is not intended to represent guidance on actual outcomes. Revenue Captured Income Verification is another powerful growth opportunity New revenue can come through customer adoption (by user or channel) or by growing coverage (% of users data with successful data hit) Assets Derived Income is a key example of innovative ways we can expand this revenue - growing our coverage cost effectively and improving customer experience 88#89We have ample opportunity to continue this expansion strategy with customers Product Count 6+ 5 ♡ 2 1 0% Add Additional Products to Each Customer 10% 20% % of Customers opportunity 30% 89#90We have ample opportunity to continue this expansion strategy with customers Product Count 6+ 5 ♡ 2 1 0% Add Additional Products to Each Customer 10% 20% % of Customers opportunity 30% Utilization 100% 50% 0% Grow Utilization within Sold Products 88% Mortgage 75% Revenue growth is not intended to represent guidance on actual outcomes. Scenario is subject to the assumptions set forth above and other risks and uncertainties Utilization based on most current month forecast Close Banks & Credit Unions 73% Mortgage 42% Close Independent Mortgage Banks 90#91Blend GTM Overview 01 The Ecosystem & Our Buyers 02 Growing with Our Customers East 03 Market Strategy & Expansion#92Blend is targeting the top end of lenders, with growth opportunity in all segments Lender Segment Strategic 50k+ loans per year Large 25k+ loans per year Medium 10k+ loans per year Mid Market 1k+ loans per year Commercial <1k+ loans per year Blend Penetration by Segment (minimum 1 Blend Product) Credit Unions N/A 50% 50% 26% 5% Customer and prospect segmentation based on full-year 2022 annual loan data. Banks 50% 83% 33% 21% 2% Independent Mortgage Banks 60% 25% 27% 21% 1% 92#93Driving Growth: Wave 1 3 Cross-Sell Existing Book Continue cross-sell efforts with existing customers, who capture large parts of the market; accelerate with multi-product contract incentives. Utilization Capture Continue to capture revenue potential with existing, sold products through user and channel expansion Monetizing Blend Builder Commercialize the underlying Blend Builder Platform as customer technology functions and business leaders use it as an enterprise level tool New Use Cases Use Builder's flexibility to sell a broader set of use cases than ever before, giving us new products and price levels 93#94Driving Growth: Next Wave New Logos We have been focused more on in-book sales. Looking ahead, we are expanding our focus on new logos Partnerships Industry partnerships (e.g., other technology vendors), System Integrator relationships, and more general GTM alliances (e.g., AWS) to scale our GTM International Blend Builder gives us the flexibility to expand the market leadership we have developed beyond the U.S. 94#95Investor Day 2023 blend Execution and Operating Rhythm Amir Jafari#96Forward-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, operating model, cash flows and capital expenditures, Blend's ability to generate cash and Blend's cash needs, operating margins, plans for future operations, competitive positions, technological capabilities, strategic relationships, Blend's opportunity to increase market share and penetration in its existing customers, Blend's ability to scale its products and relationships, projections and estimates of mortgage loan origination volumes, other macroeconomic and industry conditions, Blend's ability to improve efficiency, Blend's addressable market, Blend's ability to create long-term value for its customers, and Blend's expectations for revenue growth and sales of its products. 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 its 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 Annual Report on Form 10-K for the year ended December 31, 2022 and its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2023, and June 30, 2023. 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 gross margin %, non-GAAP operating expenses, non-GAAP loss from operations, non-GAAP net loss, free cash flow and unlevered free cash flow. These non-GAAP financial measures adjust the related GAAP financial measures to exclude non-cash stock-based compensation and warrant amortization expense, compensation realignment costs, amortization of acquired intangible assets, impairment of intangible assets and goodwill, restructuring costs, litigation contingencies, and transaction-related costs. 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. blend#97O Vision Looking ahead to 2026 Clarity Surrounding our cash needs, and operating margins ០០០ Conviction In our foundation for incremental growth#98What we've accomplished so far#99YTD 2023 Highlights January Announced $100 million in annualized run rate savings program March Marketwise reports a 40% increase in ROI on the Blend Mortgage solution 3 major customers go live with Blend mortgage in Q1 2023 May Exceeded first quarter revenue and cost guidance Announced three platform deals onto Blend Builder, including an anchor partnership with Navy Federal Credit Union ¹GAAP to non-GAAP reconciliation schedules can be found in the appendix to this presentation. June PRMG announces 71% savings with Blend soft credit functionality Reported 300bps of non-GAAP Software margin improvement quarter-over-quarter¹ August Achieved second quarter revenue guidance Announced incremental $33 million annualized expense savings and efficiency program Realized 50% reduction in non-GAAP net operating loss¹ 2 quarters ahead of plan 99#100Winning Across All Three Business Lines Mortgage Successes f { Reached record market share of 20.5%¹ 37 of top 100 U.S. banks by AUM using Blend² 4.5x contribution from Blend add-on products³ Strong revenue performance relative to industry volume declines ០០០ Consumer Wins 4 From June 30, 2021 to date. 5 By year to date dollar volume as measured by Inside Mortgage Finance published July 28, 2023. Signed 16 logos onto the CB suite³ Launched Blend Builder to our consumer banking customers Over 25 consumer deployments4 33% year-over-year growth in revenue in Q2'23 ¹In 2H 2022. Please refer to note 6 in the appendix of this presentation. 2 As measured by the U.S. Federal Reserve Statistical Release of Insured U.S. Chartered Banks on June 30, 2023. 3 From June 30, 2022 to date. Title Progress Added 14 new client/ product combinations year-to-date Rightsizing operations for refinance market conditions 12 of the Top 25 Mortgage Originators5 Enabled Instant Title adjacent offerings 100#101Operational Excellence Framework Streamlined Organization Reduced overlap Refreshed strategic priorities Right-sized certain organizational functions Sales Efficiency Cross-sale scalability Targeted customer focus Leverage existing base ¹Q2 2023 compared to Q2 2022 2 GAAP to non-GAAP reconciliation schedules can be found in the appendix to this presentation. Innovation Multiplier Blend Builder efficiencies Automation of workflows Prioritization of product strategy blend Growth in Platform revenue per employee¹ 28% Increase in Software Non-GAAP Gross Profit Margin¹2 800bps Reduction in annualized Non-GAAP Operating Expenses¹ 2 ~$100mm 101#102Key Levers Driving Margin Improvement a Value capture at renewal Focusing investment in product improvements drives incremental value for Blend and its customers Large vendor cost savings Targeting renegotiation of large vendor contracts and engineering process redesign Improved margin mix Accretive contribution from Blend's growing suite of offerings Efficiency in Title operations Matching capacity in our legacy Title organization to current housing market demand 3 PS / CS targets Aligning our delivery costs and leveraged efficiency from Builder deployments 102#103Gross Margin Profile: Returning to Efficiency Non-GAAP Gross Margins¹ Blend Labs Gross Margin 60% 50% 40% 30% 20% 10% 0% 41% 39% 39% 35% 44% 55% Q1 Q4 Q2 Q2 Q3 2022 2022 2022 2022 2023 2023 Platform Gross Margin 100% 80% 60% 40% 20% 0% 63% 61% 68% 59% 67% 74% Q1 Q2 Q3 Q4 Q1 Q2 2022 2022 2022 2022 2023 2023 ¹ All measures above are presented on a non-GAAP basis. GAAP to non-GAAP reconciliation schedules can be found in the appendix to this presentation. Title Gross Margin 30% 25% 20% 15% 10% 5% 0% -5% 23% 16% 5% 0% -1% 11% Q1 Q2 Q3 Q4 Q1 Q2 2022 2022 2022 2022 2023 2023 103#104Leveraging the Scale of Title Operations Diverse Product Offering Default First Mortgage Servicing Portfolio Solutions Home Equity Positioned for growth in a volatile rate environment Nationwide Capabilities ¹By year to date dollar volume as measured by Inside Mortgage Finance published July 28, 2023 Licensed States Partner States 50 State Licensed Solution Scalable Client Relationships 12 of the Top 25 Mortgage Originators¹ 8 of the Top 10 Owned Mortgage Servicers¹ Anchor Clients Largest Non-Bank Servicer¹ Top 20 Non-Bank Originator¹ 104#105Transitioning to Blend's Second Phase Where we're headed#106Blend's Priorities Moving Forward 01 Continue to deepen mortgage customer relationships through the economic cycle 1 Please refer to note 7 in the appendix of this presentation. 02 Capture Builder-driven growth and financial benefits of Platform strategy 03 Build on momentum towards Free Cash Flow¹ inflection#107Blend's Priorities Moving Forward 01 Continue to deepen mortgage customer relationships through the economic cycle 1 Please refer to note 7 in the appendix of this presentation. 02 Capture Builder-driven growth and financial benefits of Platform strategy 03 Build on momentum towards Free Cash Flow¹ inflection#108Economic Value per Funded Loan - Mortgage Suite $100 $80 $60 $40 $20 $0 $69 Q1 2022 $74 Q2 2022 $77 Q3 2022 $82 Q4 2022 ¹ Please refer to note 4 in the appendix of this presentation. 2 Please refer to Blend's quarterly earnings release supplemental materials for the disclosure of mortgage suite revenue per transaction. Economic value per funded loan¹ $85 Q1 2023 $87 Q2 2023 Revenue per transaction² 108#109Increasing Mortgage leverage through expanded economic value per funded loan 17% increase in core mortgage per funded loan rate 4.5x increase in contribution from mortgage attach per funded loan $63 $4 $59 2Q21 $87 $18 $69 2Q23 1 Please refer to note 5 in the appendix of this presentation. 2 Fully utilized value potential shows the full economic value of a Blend loan if all available core and add-on products are enabled at list pricing rates. ~$90s High teens to low 20's Low- to-Mid 70's 2024E Mortgage Attach per funded loan¹ ~$170 ~$80 ~$90 Core Mortgage per funded loan¹ Fully Utilized Value Potential² 109#110Building and Capturing Mortgage Market Share Market Share 25% 20% 15% 10% 5% 0% 6.5% 2019 H2 ¹ Please refer to note 6 in the appendix of this presentation. 8.9% 2020 H1 10.1% 2020 H2 12.4% 2021 H1 14.5% 2021 H2 Blend funded loans total market share¹ 17.2% 2022 H1 20.5% 2022 H2 110#111Significant upside in current market origination environment Market Share 30% 25% 20% Blend today³ $85 +50% Revenue Targeted Range of Outcomes $100 Economic Value Per Funded Loan² Assumes ~4.5 Million U.S. mortgage originations consistent with 2023 levels¹ +130% Revenue +50% Revenue $130 ¹An illustrative 4.5 million U.S. mortgage originations, intended to approximate a flat market relative to Mortgage Bankers Association 2023 origination forecast published September 18, 2023. ² Please refer to note 4 in the appendix of this presentation. 3As of Q2 2023. 111#11230 Years of Mortgage Market in Context Millions of Loans 25 20 15 10 5 1993 1994 1996 1995 1 Source: Blend estimates based on FactSet. 1997 1998 00's Housing Bubble 1999 2000 2001 2002 2003 2004 2005 Financial Crisis 2006 2007 2009 2008 2010 2011 2012 2013 2014 2016 2015 2017 2018 Total U.S. Mortgage Origination # Loans (millions) ¹ COVID-19 2019 2020 2021 2022 2024E 2023E 2025E 2026E Top end of hypothetical scenarios are well below historical cycle peaks 112#113Sensitizing Mortgage Suite: Potential 3 Year Outcomes¹ Revenue $mm Est. # U.S. Market Originations Market Share² Economic Value per funded loan³ 200 150 100 50 0 2023E 4.5M ~20% ~$85 +~12% CAGR Conservative Case ~5.5M Maintained +10% + ~25% CAGR Base Case ~6.5M Key Assumptions (2026 Operating Model)4 Incremental + ~35% CAGR +20% Market Normalization ~7.0M Expanded +25% 1 The above represents illustrative scenarios and are not intended to represent guidance on actual outcomes. This scenario is subject to the assumptions set forth above and other risks and uncertainties. 2 Please refer to note 6 in the appendix to this presentation. 3 Please refer to note 4 in the appendix to this presentation. 4 Please refer to note 8 in the appendix to this presentation. 113#114Blend's Priorities Moving Forward 01 Continue to deepen mortgage customer relationships through the economic cycle 1 Please refer to note 7 in the appendix of this presentation. 02 Capture Builder-driven growth and financial benefits of Platform strategy 03 Build on momentum towards Free Cash Flow¹ inflection#115Key Financial Tenets of our Platform-first Strategy DDO Further diversifying our revenue mix Expanding exposure into counter-cyclical financial products including deposits and home equity $ Improving our cash flow profile Committed fees with contract terms including regular recurring platform fees Expanding our wallet and mindshare Key partner in modern digital transformation for Fls, engaging new markets and new sales channels 115#116Further diversifying our platform revenue mix ~5% 2021 2023E ~15% Mortgage transaction linked Non-mortgage transaction linked 2026E Targets ~20-30% 116#117While improving our overall cash flow profile Blend PayGo Model 12 months Billed 30 days in arrears monthly payment terms Cash flow tracks volume Highest annual Total Contract Value Transactions Blend Builder Subscription Model |||| Platform Fee 12 months Cash receipts Pre-purchased consumption with set contract terms Billed in advance Annual platform access fee Balanced Total Contract Value Year 2 volume pre-purchase assuming current contract volume is exhausted 117#118Represents a sizable growth opportunity for Blend's consumer banking business¹ Revenue $mm 2021 Consumer Banking Revenue² +42% YoY 2022 Mid twenties YoY 2023E Platform and Blend Builder focused strategy enables maintenance of the high growth momentum achieved in consumer banking since 2021 Mid 30's CAGR 2026+ International markets and new product verticals including small business banking represent incremental upside to our outlook 1 This is an illustrative scenario only and is not intended to represent guidance on actual outcomes. This scenario is subject to the assumptions set forth above and other risks and uncertainties described on Slide 2 of this presentation 118 and in our filings with the Securities and Exchange Commission. 2 Please refer to note 1 in the appendix of this presentation.#119Expanding on Blend platform Addressable Market Total Platform Addressable Market Based on bank technology spend $0.1B $0.9B $5.3B $9.9B $15.5B Growth Focus ● Current Platform Revenue Platform Cross Sell Opportunity¹ Increase wallet-share with existing U.S.customer base U.S. Consumer Origination Opportunity² ● Expanding our suite of solutions and new logo acquisition Geographic Opportunity² Broadening the reach of our product suite to include Canadian & European markets Commercial Origination Expansion³ Continued innovation across the financial services industry ¹ Source: Blend Labs estimate based on current customer base (as of 2Q23), existing product suite, and current pricing tiers. 2 Source: IDC's Worldwide Banking IT Spending Guide, V2 2023 estimate of the U.S., Canadian and Western European bank spending on consumer origination technology. 3 Source: IDC's Worldwide Banking IT Spending Guide, V2 2023 estimate of the U.S., Canadian and Western European bank spending on consumer and commercial origination technology. 119#120Blend's Priorities Moving Forward 01 Continue to deepen mortgage customer relationships through the economic cycle 1 Please refer to note 7 in the appendix of this presentation. 02 Capture Builder-driven growth and financial benefits of Platform strategy 03 Build on momentum towards Free Cash Flow¹ inflection#121Long-Term Operating Model In $ millions (unless otherwise indicated) Unaudited Blend Platform Revenue Title Revenue Total Blend Labs Revenue Total Blend Platform Non-GAAP Gross Margin4 (Target) Non-GAAP Operating Margin¹4 (Target) FCF Margin24 FY22 $121 $114 $235 63% (68%) (82%) FY23E $110 - $114 $47 $49 $157 - $163 71% (51%) - (48%) (83%) - (80%) Conservative $200 $60 $260 ~75% 15% 8% 2026 Market Scenarios³ Base Case $245 $70 $315 ~75% 20% 12% Market Normalized Scenario $290 $75 $365 ~+75% 25% 18% ¹Please refer to note 9 in the appendix of this presentation. 2 Please refer to note 7 in the appendix of this presentation. 121 3 Please refer to note 8 in the appendix of this presentation. 4GAAP to non-GAAP reconciliation schedules can be found in the appendix to this presentation, we have not provided the forward-looking GAAP equivalents to our non-GAAP Gross Margin, Operating Margin or FCF Margin as a result of the uncertainty regarding, and the potential variability of, expenses that may be incurred in the future.#122Updated Q3 2023 Guidance In $ millions (unless otherwise indicated) Blend Platform Revenue Title Revenue Total Blend Labs Revenue Blend Labs Non-GAAP Net Operating Loss¹2 Prior Guidance $27 - $30 $11.0 - $12 $38 - $42 ($17.5) - ($15.5) Updated Guidance $28.5-$30 $11.5 - $12 $40 - $42 ($16.5) - ($15.5) Please refer to note 9 in the appendix of this presentation. 2 We have not provided the forward-looking GAAP equivalents or GAAP reconciliations to our non-GAAP Net Operating Loss as a result of the uncertainty regarding, and the potential variability of, expenses that may be incurred in the future. 122#123Narrowing the Focus of our Operating Model Non-GAAP Operating Expenses¹ (in $ millions) $91 2022 $73 ~$60 ~$55 ~$50 İ li 2023E 2024E Research and Development 2022 2023E Sales and Marketing ~$40 2024E 2024 non-GAAP operating expense is expected to be nearly half of 2022 levels $87 2022 ~$50 2023E ~$40 2024E General and Administrative 123 ¹GAAP to non-GAAP reconciliation schedules can be found in the appendix to this presentation. We have not provided the forward-looking GAAP equivalents to our non-GAAP Operating Expenses or GAAP reconciliations as a result of the uncertainty regarding, and the potential variability of, expenses that may be incurred in the future.#124Path To Cash Generation¹ $ millions 100 75 50 25 0 25 50 75 100 125 150 175 2022 Unlevered Free² Cash Flow 2023E Cash paid for interest³ 2024E Market Normalization4 2025E Base4 2026E 1 Please refer to note 8 in the appendix of this presentation. 2 Please refer to note 7 in the appendix of this presentation. 3 Assumes SOFR rates as of the FactSet forward curve from September 1, 2023. 4 Please refer to note 8 in the appendix of this presentation. GAAP to non-GAAP reconciliation schedules can be found in the appendix to this presentation. We have not provided the forward-looking GAAP equivalents to Free Cash Flow or GAAP reconciliations as a result of the uncertainty regarding, and the potential variability of, expenses that may be incurred in the future. Conservative4 124#125Operating and Financial Priorities 3 1 Mortgage success will be achieved through expansion of PFL and market share $ Maintain our financial discipline and operational excellence framework 2 4 Capture growth, diversification and cash flow benefits of our platform strategy DOD Inflect to free cash flow generation well ahead of our capital obligations#126Investor Day 2023 blend Thank you for attending Blend's 2023 Investor Day September 26, 2023#127Appendix#128Revenue Disaggregation (in $thousands, unaudited) Blend Platform revenue: Mortgage Suite Consumer Banking Suite Total Software revenue Professional Services Total Blend Platform revenu Title revenue: Traditional Digitally-enabled Total Title revenue Total revenue Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 54,487 341 44,447 352 38,731 31,861 216 78 38,947 31,939 89,568 80,990 71,524 65,539 54,827 44,799 Q1'23 Q2'23 Q3'23 Q4'23 29,050 31,184 26,753 26,976 22,898 18,095 17,795 22,288 21,134 19,737 3,793 3,190 3,851 4,603 5,264 5,149 5,175 5,827 6,166 6,710 32,842 34,374 30,604 31,579 28,162 23,244 22,970 28,115 27,300 26,447 1,898 1,817 1,972 2,021 1,807 2,034 1,734 2,215 2,091 2,369 34,741 36,191 32,576 33,600 29,969 25,278 24,705 30,330 29,390 28,816 19,303 13,292 9,478 9,313 8,663 8,682 6,081 4,215 3,154 3,172 3,071 2,639 25,384 17,507 12,632 12,485 11,734 11,322 55,353 42,785 37,336 42,815 41,125 40,137 2022 94,723 18,867 113,590 7,835 121,425 103,187 10,590 113,777 235,201 YTD 2023 40,083 11,002 51,085 3,950 55,035 18,791 6,326 25,116 80,150 128#129Mortgage Transactions (in thousands) Mortgage banking transactions Q1'21 447 Q2¹21 Q3¹21 461 450 Q4'21 454 Q1'22 Q2'22 380 348 Q3'22 292 Q4'22 212 Q1'23 Q2'23 181 239#130Reconciliation of GAAP to Non-GAAP Gross Profit, Quarterly (in $ thousands) Software Stock-Based Compensation Non-GAAP Software Professional Services Stock-Based Compensation Non-GAAP Professional Services Total Blend Platform Stock-Based Compensation Non-GAAP Blend Platform Title Stock-Based Compensation Non-GAAP Title Total Blend Labs Stock-Based Compensation Non-GAAP Blend Labs Q1'22 21,938 (1,763) 312 (1,451) 20,175 312 20,487 8,694 181 8,875 28,869 493 29,362 72% -89% -74% 62% Gross Profit Gross Margin Gross Profit Gross Margin Gross Profit Gross Margin Gross Profit Gross Margin Gross Profit Gross Margin Gross Profit Gross Margin 72% 21,938 73% 21,352 76% 72% 17,167 75% 22,629 80% 22,904 16 22,920 (2,531) 227 (2,304) 20,373 243 24 21,376 (1,276) 148 (1,128) 20,076 172 20,248 1,034 16,691 20 16,711 (2,102) 316 (1,786) 14,589 336 14,925 (183) 239 9 22,638 (489) 253 (236) 22,140 13 17,180 (1,072) 340 (732) 16,095 353 16,448 (242) 135 (107) 15,853 488 16,341 262 22,402 20,616 4,892 307 56 5,199 25,265 550 25,815 280 1,314 21,110 452 21,562 63% 22% 23% 40% Q2'22 41% 73% -125% -114% 61% 61% 15% 16% 39% Q3'22 39% 76% -71% -62% 67% 68% 4% 5% 38% Q4'22 39% 14,406 574 14,980 72% -103% -88% 58% 59% -1% 0% 34% - Q1'23 35% 75% -62% -42% 65% 67% -2% -1% 42% Q2'23 44% 1,353 2 1,355 23,493 264 23,757 81% -22% -11% 73% 74% 11% 11% 55% 55% 130#131Reconciliation of GAAP to Non-GAAP Gross Profit, Annual (in $ thousands) Software Stock-Based Compensation Non-GAAP Software Professional Services Stock-Based Compensation Non-GAAP Professional Services Total Blend Platform Stock-Based Compensation Non-GAAP Blend Platform Title Stock-Based Compensation Non-GAAP Title Total Blend Labs Stock-Based Compensation Non-GAAP Blend Labs 2022 Gross Profit 82,885 59 82,944 (7,672) 1,003 (6,669) 75,213 1,062 76,275 14,437 1,007 15,444 89,650 2,069 91,719 Gross Margin 73% 73% (98%) (85%) 62% 63% 13% 14% 74% 76% YTD 2023 Gross Profit 39,796 22 39,818 (1,561) 593 (968) 38,235 615 38,850 1,111 137 1,248 39,346 752 40,098 Gross Margin 78% 78% (40%) (25%) 69% 71% 4% 5% 49% 50% 131#132Reconciliation of GAAP to Non-GAAP Operating Expenses, Quarterly (in $ thousands) GAAP operating expenses Non-GAAP Adjustments: Stock-based compensation and amortization of warrant Compensation realignment costs Amortization of acquired intangible assets Impairment of intangible assets and goodwill Restructuring Litigation contingencies Transaction-related costs Non-GAAP operating expenses Q1'21 Q2'21 Q3'21 48,222 59,336 110,863 4,131 6,495 Q2'22 Q3'22 Q4'21 Q1'22 Q4'22 Q1'23 94,810 98,617 496,681 150,966 89,564 77,289 43,216 16,541 23,843 28,698 27,499 27,617 15,904 1,096 4,364 3,772 4,068 4,068 391,823 6,380 569 1,812 411 4,207 6,635 1,573 39,884 46,206 61,710 73,928 68,894 65,301 275 57,857 5,936 2,959 12,783 700 732 183 438 58,667 58,105 47,068 Q2'23 60,214 14,100 1,778 2,349 (245) 596 41,636#133Reconciliation of GAAP to Non-GAAP Operating Expenses by Category (2022) (in $ thousands) GAAP operating expenses Non-GAAP Adjustments: Stock-based compensation and amortization of warrant Litigation contingencies Transaction-related costs Non-GAAP operating expenses R&D 138,094 47,279 90,814 2022 S&M 85,248 11,750 73,498 G&A 139,120 48,628 700 3,139 86,654#134Reconciliation of Net Cash Used in Operating Activities to Free Cash Flow, Unlevered Free Cash Flow, and Free Cash Flow Margin (in $thousands) Net cash used in operating activities Additions to property, equipment, internal-use software and intangible assets Free cash flow Cash paid for interest Unlevered free cash flow Revenue Free cash flow margin 2022 (190,418) (2,068) (192,486) 25,056 (167,430) 235,201 (82%) 134#135Reconciliation of GAAP to Non-GAAP Net Operating Loss and Operating Margin (in $ thousands) GAAP loss from operations Non-GAAP Adjustments: Stock-based compensation and amortization of warrant Amortization of acquired intangible assets Impairment of intangible assets and goodwill Restructuring Litigation contingencies Transaction-related costs Non-GAAP loss from operations Non-GAAP operating margin 2022 (746,177) 109,726 8,411 449,680 15,275 700 3,139 (159,246) (68%)#136Footnotes Note 1: Consumer Banking Suite Revenues consist of home equity, personal lending, credit cards, deposit accounts, auto finance, and other banking product revenue, but exclude software-enabled title revenue. Note 2: Mortgage Suite Revenues consist of Mortgage revenue, Mortgage add-on revenue from Blend Income Verification, Blend Close, and Marketplace revenue from Blend Insurance and Blend Realty. Note 3: Mortgage Suite Revenue per Transaction consists of Mortgage Suite revenue for the given period, divided by the number of funded loans from signed Mortgage customers in that same period. The number of funded loans ("Mortgage banking transactions") can be found in this appendix under the heading Mortgage Transactions. 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, divided by the total number of loans funded by all Mortgage customers in that same period. Additionally, the value derived from partnerships and verification of income products that is associated with the mortgage application stage is aligned with the timing of funding the related loan (typically a 2.5 month delay from the time of application). 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. blend#137Footnotes Note 5: Core Mortgage per Funded Loan reflects the contractual rates for our mortgage product, multiplied by the number of loans funded by a customer in the specified period, divided by the total number of loans funded by all Mortgage customers in that same period. Mortgage Attach per Funded Loan reflects the contractual rate for our mortgage-related products, multiplied by the number of transactions completed by a customer in the specified period, divided by the total number of loans funded by all Mortgage customers in that same period. Additionally, Partnerships and Verification of Income contribution, which occurs during the mortgage application stage, is aligned with the timing of funding the related loan (typically a 2.5 month delay from the time of application). Note 6: Market Share is management's calculation of Blend's mortgage market share for the specified period based on funded loan volumes from signed customers. Funded volume is calculated as (i) the number of mortgage banking funded loans processed on the Blend Platform in the period (actual reported funded loans in the period plus an estimate of unreported funded loans for the current quarter), divided by (ii) total mortgage market volume in the same period as calculated using Mortgage Bankers Association data. Mortgage market volumes are updated periodically by management based on updates from the Mortgage Bankers Association and updated Home Mortgage Disclosures Act data which may provide further revisions to historical data from time to time. Note 7: We define Free Cash Flow, a non-GAAP financial measure, as net cash provided by (used in) operating activities less purchases of property and equipment. Free cash flow margin is calculated as Free Cash Flow as a percentage of total revenues. Unlevered Free Cash Flow is Free Cash Flow before cash paid interest. We believe information regarding Free Cash Flow, Free Cash Flow margin and Unlevered Free Cash Flow provide useful information to investors as a basis for comparing our performance with other companies in our industry and as a measurement of the cash generation that is available to invest in our business and meet our financing needs. However, given our debt service obligations (including the existing $225 million term loan under our Credit Agreement due in June 2026) and other contractual obligations, Unlevered Free Cash Flow does not represent residual cash flow available for discretionary expenditures. blend#138Footnotes Note 8: 2026 market scenarios are illustrative only and are not intended to represent guidance on actual outcomes. Each scenario is subject to the assumptions outlined below and other risks and uncertainties. In the Conservative Case, we estimate originations in the U.S. mortgage market to be 5.5 million transactions in 2026 based on our internal analysis of historical mortgage volume cycle averages; we anticipate maintaining our current market share based on internal sensitivity analysis; and we anticipate increasing our economic mortgage revenue per funded loan based on our internal sensitivity analysis. In the Base Case, we estimate originations in the U.S. mortgage to be 6.5 million transactions in 2026 based on our internal analysis of historical mortgage volume cycle averages; we forecast incremental adoption of our add-on products increasing our economic value per funded loan based on our internal sensitivity analysis. In the Market Normalization Case, we estimate originations in the U.S. mortgage market to be 7.0 million based on our internal analysis of historical mortgage volume cycle averages; we forecast further adoption of our add-on products above the base case to increase our economic loan, based upon our internal sensitivity analysis. Note 9: We define non-GAAP Operating Margin, a non-GAAP financial measure, as non-GAAP Net Operating Loss divided by revenue. We define non-GAAP Net Operating Loss, a non-GAAP financial measure, as GAAP Net Operating Loss adjusted to exclude non-cash stock-based compensation and warrant amortization expense, compensation realignment costs, amortization of acquired intangible assets, impairment of intangible assets and goodwill, restructuring costs, litigation contingencies, and transaction-related costs. blend