BLND · CIK 0001855747
What Blend Labs, Inc. told the SEC could break it.
Blend's disclosures center on a concentrated customer base tied to a cyclical end market. Its top five customers were 39% of 2025 revenue and 25 customers each generating more than $1 million made up 75%, so losing a few major lenders would materially hurt the business — and that revenue rides the mortgage-origination cycle, so higher interest rates and lower origination volumes weigh directly on it. Two structural dependencies round out the register: a multi-class share structure that concentrates control with founder Nima Ghamsari through 40-vote Class B stock (with added influence from Haveli's preferred shares), and primary reliance on Amazon Web Services to host and deliver its platform.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- top 5 customers = 39%; 25 customers = 75% of revenuehigh
Blend's revenue is concentrated — the top five customers were 39% of 2025 revenue and 25 customers (each >$1M) made up 75% — so losing a few major lenders would materially hurt the business.
“For 2025, our top five customers accounted for 39% of revenue, and as of December 31, 2025, we had 25 customers generating more than $1 million in annual revenue, which represented 75% of revenue in 2025.”
SEC filing →As of 2026
Key person
- founder super-voting control (Class B 40 votes/share) + Haveli influencemedium
Blend's multi-class structure gives Class B shares 40 votes each (concentrating control with founder Nima Ghamsari), and Haveli's Series A Preferred adds further influence over major corporate decisions.
“Our Class A common stock has one vote per share, our Class B common stock has 40 votes per share, and our Class C common stock has no voting rights, except as otherwise required by law.”
SEC filing →As of 2026
Supplier concentration
- primary reliance on Amazon Web Services to deliver the platformmedium
Blend primarily relies on Amazon Web Services to host and deliver its platform; any disruption or interference with AWS could adversely affect the business.
“We primarily rely on Amazon Web Services to deliver our services to users on our platform, and any disruption of or interference with our use of Amazon Web Services could adversely affect our business, financial condition, and results of operations.”
SEC filing →As of 2026
Other disclosures
- revenue tied to mortgage-origination cycle & interest rateslow
Blend's revenue depends on mortgage and real-estate activity; higher interest rates and lower mortgage origination volumes (driven by rates, credit availability, recession) adversely affect the business.
“any such decrease in mortgage origination volumes is likely to have an adverse impact on our business. Increases in market interest rates have, and will likely continue to”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
Amazon Web Services (Amazon.com, Inc.)
“We primarily rely on Amazon Web Services to deliver our services to users on our platform, and any disruption of or interference with our use of Amazon Web Services could adversely affect our business, financial condition, and results of operations.”
Cited →
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