Blend Investor Day Presentation Deck
Footnotes
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.
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