Blend Labs, Inc. (BLND) Q3 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:03.616 been placed in a listen-only mode. 00:00:03.616 -- 00:00:07.741 After the speaker's remarks, we will conduct a question-and-answer session. 00:00:07.741 -- 00:00:12.207 If you would like to join the queue to ask a question, simply press the star followed 00:00:12.207 -- 00:00:16.953 by the number 1 on your telephone keypad. It is now my pleasure to turn the call over 00:00:16.953 -- 00:00:18.735 to Meg Nunnally. You may begin. 00:00:18.735 -- 00:00:20.735 Good 00:00:23.181 -- 00:00:27.967 afternoon, and welcome to BLEND's financial results conference call for the third quarter 00:00:27.967 -- 00:00:29.579 of 2025. 00:00:29.579 -- 00:00:33.644 I'm Meg Nunnally, Blend's Head of Capital Relations. 00:00:33.644 -- 00:00:38.690 Joining me today is Neema Gamsari, our co-founder and head of Blend, 00:00:38.690 -- 00:00:42.575 and Jason Rehm, our Head of Finance and Administration. 00:00:42.575 -- 00:00:46.720 Before we start today's call, I'd like to note that we also refer to certain non-GAAP 00:00:46.720 -- 00:00:51.306 measures, which are reconciled to GAAP measures in today's earnings release and in the 00:00:51.306 -- 00:00:56.152 appendix to our supplemental slides. Non-GAAP measures are not intended to be a substitute 00:00:56.152 -- 00:01:01.412 for GAAP results. Unless otherwise stated, all financial results we'll discuss today, 00:01:01.412 -- 00:01:04.916 including our profitability, refer to non-GAAP. 00:01:04.916 -- 00:01:08.561 Also, certain statements made during today's conference call regarding Bland and its 00:01:08.561 -- 00:01:13.546 operations, in particular, its guidance for the fourth quarter of 2025, 00:01:13.546 -- 00:01:19.013 commentary regarding 2026, and expectations about our markets, our strategic investment...