Overview of Transaction

• On April 29, 2024, Blend Labs, Inc. (NYSE: BLND) (“Blend”) a leading provider of cloud banking services, announced a $150 million investment from Haveli
• The investment is in the form of Series A convertible 0% coupon preferred stock with an initial conversion price of $3.25 per share, representing a 44% premium to the closing share price on 4/29/2024 (1)
• The agreement includes Class A common stock warrants issued at $4.50 per share exercisable for 24 months, representing a 100% premium to the closing share price on 4/29/2024 (1)
• Based in San Francisco, Blend is the infrastructure powering the future of banking
• Financial providers from large banks, FinTechs, and credit unions to community and independent mortgage banks use Blend’s platform to transform banking experiences for their customers

Significance of Transaction

• Blend will use approximately $145 million of the proceeds to repay all borrowings and other amounts payable under its existing credit agreement, with the remainder for general corporate purposes
• The investment strengthens Blend’s financial position and capitalizes the Company's balance sheet for long-term value
• As part of the transaction, Brian Sheth, Founder and Chief Investment Officer at Haveli Investments, will join Blend’s Board of Directors
• Prior to founding Haveli, Brian served as President of Vista Equity Partners and has spent 25 years investing in winning companies and entrepreneurs; the investment reflects confidence in Blend’s growth strategy, continued success and long-term value creation

FT Partners' Role

• FT Partners served as the exclusive financial and strategic advisor to Blend on this transaction
• This transaction highlights FT Partners’ domain expertise in the banking technology space, along with its successful track record generating highly favorable outcomes for high-growth FinTech companies