Blend Labs, Inc. (BLND) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.098 Hello, everyone. Thank you for joining us and welcome to the Blend 00:00:05.098 -- 00:00:09.724 Labs Inc. fourth quarter 2025 earnings call. 00:00:09.724 -- 00:00:15.472 After today's prepared remarks, we will host a question and answer session. 00:00:15.472 -- 00:00:20.999 If you would like to ask a question, please press star one on your telephone 00:00:20.999 -- 00:00:22.541 keypad. 00:00:22.541 -- 00:00:28.086 To withdraw your question, press star one again. 00:00:28.178 -- 00:00:33.785 I will now hand the call over to Meg Nunnally, Head of Investor Relations. 00:00:33.785 -- 00:00:36.426 Please go ahead. 00:00:36.609 -- 00:00:41.495 Good afternoon, and welcome to Blend's Financial Results Conference Call for the fourth 00:00:41.495 -- 00:00:44.919 quarter and full year of 2025. I'm 00:00:44.919 -- 00:00:48.384 Meg Nunnally, Blend's Head of Investor Relations. 00:00:48.384 -- 00:00:53.510 Joining me today is Nima Gamsari, our co-founder and head of Blend, and Jason 00:00:53.510 -- 00:00:57.012 Rehm, our Head of Finance and Administration. 00:00:57.136 -- 00:01:01.341 Before we start today's call, I'd like to note that we will refer to certain non-GAAP 00:01:01.341 -- 00:01:05.886 measures, which are reconciled to GAAP measures in today's earnings release and in the 00:01:05.886 -- 00:01:09.009 appendix of our supplemental slides. 00:01:09.009 -- 00:01:12.914 Non-GAAP measures are not intended to be a substitute for GAAP results. 00:01:12.914 -- 00:01:18.380 Unless otherwise stated, all financial measures we'll discuss today, including our profitability, 00:01:18.380 -- 00:01:20.863 refer to non-GAAP. 00:01:20.863 -- 00:01:25.975 Also, certain statements made during today's conference call regarding BLEND 00:01:25.975 -- 00:01:2...