[Form 4] Blend Labs, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Blend Labs, Inc. (BLND) has filed a Form 4 indicating that Head of Revenue Brian Kneafsey executed an insider sale on 16 June 2025. The filing shows a disposition of 45,000 Class A common shares at a weighted-average price of $3.2282 per share. The transaction was carried out under a Rule 10b5-1 trading plan adopted on 14 March 2025, signalling that the sale was pre-scheduled and designed to comply with SEC safe-harbor provisions.

Following the sale, Kneafsey’s direct beneficial ownership stands at 826,598 shares. No derivative security transactions were reported in this filing, and there are no indications of additional sales or purchases on the same date. The filing is signed by attorney-in-fact Winnie Ling on 18 June 2025.

While the transaction reduces the insider’s holdings by roughly 5% of his prior position (exact percentage not provided in the filing), the executive remains a significant shareholder. Investors often watch insider activity for sentiment signals; however, the presence of a 10b5-1 plan and the continued large stake suggest that this sale may be more about portfolio diversification or liquidity than a change in outlook.

Positive

• Executive retains a substantial stake of 826,598 shares, maintaining alignment with shareholder interests.
• Sale conducted under a pre-arranged Rule 10b5-1 plan, signalling adherence to SEC compliance and reducing potential governance concerns.

Negative

• Insider sale of 45,000 shares could be perceived as a modest negative sentiment signal, even if pre-scheduled.

Insights

Securities Analyst

TL;DR: Routine 10b5-1 insider sale; modest size, limited market impact.

The Form 4 discloses that BLND’s Head of Revenue sold 45k shares at a blended $3.23, trimming but not abandoning his position. Because the transaction was executed under a pre-arranged 10b5-1 plan, it is generally interpreted as a compliance-driven move rather than a signal of deteriorating fundamentals. Post-sale ownership of 826.6k shares keeps the executive materially aligned with shareholders. Given the small absolute dollar value versus Blend’s market cap, I consider the filing neutral for valuation and near-term price action.

Corporate Governance Expert

TL;DR: Governance-compliant, transparent sale; negligible governance concern.

The insider relied on a Rule 10b5-1 plan adopted months in advance, satisfying current SEC best-practice for avoiding trading-time optics. The weighted-average price disclosure and willingness to provide detailed price breakdowns on request further underline transparency. No red flags such as clustered selling or option exercises accompany this filing. Governance risk remains low, and the company maintains sound disclosure hygiene.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Kneafsey Brian

(Last) (First) (Middle)

7250 REDWOOD BLVD., SUITE 300

(Street)

NOVATO CA 94945

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Blend Labs, Inc. [ BLND ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Head of Revenue

3. Date of Earliest Transaction (Month/Day/Year)
06/16/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	06/16/2025		S(1)		45,000	D	$3.2282(2)	826,598	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 14, 2025.

2. This sale price represents the weighted average sale price of the shares sold ranging from $3.185 to $3.255, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

	/s/ Winnie Ling, Attorney-in-fact	06/18/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many Blend Labs (BLND) shares did Brian Kneafsey sell?

45,000 Class A common shares were sold.

What was the average selling price of the BLND shares?

The weighted-average price was $3.2282 per share, within a range of $3.185–$3.255.

When did the insider sale occur?

The transaction date was June 16, 2025.

Does Brian Kneafsey still hold BLND shares after the sale?

Yes. He owns 826,598 shares directly after the transaction.

Was the sale executed under a Rule 10b5-1 trading plan?

Yes. The plan was adopted on March 14, 2025.

Who signed the Form 4 on behalf of the reporting person?

The filing was signed by Winnie Ling, Attorney-in-fact, on June 18, 2025.