Blend Labs BLND Gain on conversion of note receivable to investment in equity securities

Gain on conversion of note receivable to investment in equity securities at other companies

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$1.46M—

Applied DigitalAPLD

$0—

NelnetNNI

-$14.95M-280%

Comstock Inc.LODE

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Rivian Automotive, Inc.RIVN

$0+100%

Other financials

Income statement

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Revenue$30.8M+14.9%

Gross profit$23.4M+23.0%

Operating income-$5.1M+36.6%

Net income-$8.0M+15.4%

EPS (diluted)-$0.05+16.7%

Balance sheet

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Cash & equivalents$39.4M-35.7%

Total debt$1.4M-20.8%

Total equity-$55.9M-226%

Total assets$161.3M-14.0%

Cash flow

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Operating cash flow$7.4M-63.5%

CapEx$1.1M-74.1%

Free cash flow$6.2M-60.5%

Valuation

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Market cap$392.23M-52.3%

Enterprise value$354.22M-53.5%

P/S3.1×-3.8×

Profitability

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Gross margin74.9%+2.3pp

Operating margin-14.7%-5.0pp

Net margin-4.2%-1.9pp

FCF margin-7.6%-8.9pp

Returns & leverage

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Return on equity-251.8%+881pp

Debt / equity36.8×+35.5×

Current ratio1.8×-0.6×

Where this comes from

Reported directly by Blend Labs in its filing.

Tagged under the XBRL concept blnd:GainLossOnConversionOfNoteReceivableToInvestmentInEquitySecurities.

The official record: Blend Labs’s 10-K, filed March 16, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Blend Labs's gain on conversion of note receivable to investment in equity securities?: Blend Labs (BLND) reported gain on conversion of note receivable to investment in equity securities of -$206.25K in Q4 2025.
What does gain on conversion of note receivable to investment in equity securities mean?: The non-cash gain or loss recognized when a debt instrument held by the company is converted into equity securities of the borrower. This reflects the change in fair value of the investment at the time of conversion compared to the carrying value of the note. It highlights the impact of strategic investment activities on the company's reported net income.