Blend Investor Day Presentation Deck

Footnotes 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

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