Blend Results Presentation Deck

Footnotes 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

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