Blend Labs, Inc. Class A (BLND)

Over the past six months, BLND has trended down. In Q2 2025, total revenue increased year-over-year, driven by growth in consumer banking suite revenue, but mortgage suite revenue decreased. In Q3 2025, total revenue decreased slightly compared to Q3 2024, but exceeded forecasts, with software platform revenue down and professional services revenue up. Blend is focusing on core software, integrating AI, and expanding its Rapid Suite of products. Analyst ratings and price targets have varied, with an average rating of "Hold" and an average price target of $4.80. There was insider selling in October 2025, but also reports of insider buying after Q3 results in December 2025. Matt Thomson joined Blend as Head of Revenue in January 2026.

Demand seasonality for Blend Labs, Inc.'s products and services is significantly influenced by the cyclical nature of the mortgage and consumer lending markets. The company's financial performance is closely tied to overall mortgage origination volumes. To mitigate the impact of mortgage market volatility, Blend is strategically shifting its revenue mix towards its Consumer Banking Suite. The company anticipates that its business model will significantly benefit upon market normalization in the mortgage sector.

Blend Labs, Inc. is a cloud-based software platform provider for financial services firms in the United States, operating within the fintech sector and the internet software and services industry. Blend's mission is to simplify and modernize the lending experience by providing a seamless, digital-first journey for both lenders and borrowers. The company operates in two primary segments: Blend Platform and Title, offering mortgage lending solutions, consumer banking solutions, income and asset verification tools, title and settlement services, Blend Builder, and professional and consulting services. Blend serves a diverse client base, including banks, credit unions, fintechs, and non-bank mortgage lenders.

Blend Labs, Inc. primarily focuses its operations and serves financial services firms in the United States. The company is headquartered in San Francisco, California. While its current customer base is predominantly in the U.S., Blend has expressed aims to expand its presence into international markets, with an initial focus on Europe and Canada.

Blend Labs' brand reputation is shaped by its strategic pivot towards a software-first model, its focus on innovation, and efforts to achieve profitability amidst a challenging mortgage market. Blend is recognized for its cloud-native, digital-first platform and investments in AI and ML. Achieving non-GAAP operating profitability and improving gross margins enhance investor confidence. Blend maintains a strong market presence, serving many of the top banks and credit unions, and has stabilized its customer base. Challenges include a contracting mortgage origination market, which has impacted its revenue, and an anticipated headwind in 2026 from a large customer contract.

Blend Labs, Inc. ownership is a mix of institutional, insider, and retail investors. Approximately 52.56% to 60.68% of the stock is held by institutional shareholders, insiders hold between 11.95% and 35.52% of the stock, and retail investors own approximately 15.98% to 35.18% of the company. Major institutional owners include Lightspeed Management Company, L.L.C., Vanguard Group Inc., and BlackRock, Inc. Notable individual owners include Ravi Mhatre, Nima Ghamsari, Ossa Investments Pte Ltd and Haveli Investments LP.