BLZE · Backblaze, Inc.

The Third Amendment to Credit Agreement, dated June 30, 2026, modifies the negative covenant in Backblaze's existing credit agreement with Citizens Bank, N.A. specifically regarding capitalized lease transactions. Previously, there was a lower threshold on such indebtedness; the amendment raises the permitted aggregate outstanding principal amount of Capitalized Lease Obligations to $150,000,000. This change provides Backblaze with significantly more flexibility to finance capital assets (such as servers and data center equipment) through leases, which is critical for a cloud storage company's growth. The amendment does not alter other terms, and the company reaffirmed its obligations. The increased capacity for capital leases may signal plans for infrastructure expansion while maintaining compliance with debt covenants.