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

Rhea-AI Filing Summary

Blend Labs insider sale under 10b5-1 plan — Brian Kneafsey, Head of Revenue and an officer of Blend Labs (BLND), reported a sale of 25,000 shares of Class A common stock on 09/15/2025. The sale was executed under a Rule 10b5-1 trading plan adopted March 14, 2025, and the weighted average sale price for the block was $4.3628 per share, with individual trade prices ranging from $4.32 to $4.40. After the transaction, Kneafsey beneficially owned 712,909 shares, held directly. The Form 4 was signed by an attorney-in-fact on 09/16/2025.

Positive

• Trade executed under a Rule 10b5-1 plan, indicating a pre-authorized, structured disposition
• Clear disclosure of weighted average sale price ($4.3628) and the price range ($4.32 to $4.40)
• Substantial remaining ownership after the sale (712,909 shares), showing continued stake in the company

Negative

• Officer sold 25,000 shares, representing a reduction in direct holdings (amount of reduction not expressed as percentage in filing)

Insights

Securities Analyst

TL;DR: A routine, pre-planned insider sale of 25,000 shares by an officer under a 10b5-1 plan; ownership remains substantial.

The sale was implemented under a Rule 10b5-1 plan, which normally indicates trades were pre-authorized and not the result of contemporaneous material nonpublic information. The 25,000-share disposition is modest relative to the reported post-sale holding of 712,909 shares, representing a small percentage reduction in direct holdings. The disclosed weighted average price of $4.3628 and the disclosed price range provide transparency on execution prices. This disclosure is standard and likely neutral for investors absent additional material events.

Corporate Governance Expert

TL;DR: Governance practice followed: trade executed under an established 10b5-1 plan and properly reported on Form 4.

The filer explicitly states the trades were made pursuant to a 10b5-1 trading plan adopted on March 14, 2025, which aligns with accepted insider trading policies. The Form 4 discloses both the weighted average price and the price range, and it shows post-transaction beneficial ownership, supporting transparency. There is no indication of amendments or contemporaneous irregularities in the filing. From a governance perspective, this is a routine compliance disclosure.

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)
09/15/2025

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	09/15/2025		S(1)		25,000	D	$4.3628(2)	712,909	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 $4.32 to $4.40 per share. Upon request by the Commission staff, the Issuer, 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	09/16/2025
	** 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

What transaction did Brian Kneafsey report on the BLND Form 4?

He reported a sale of 25,000 shares of Class A common stock on 09/15/2025 executed under a Rule 10b5-1 trading plan.

Was the insider sale pre-planned or opportunistic for BLND?

The sale was effected pursuant to a Rule 10b5-1 trading plan adopted on March 14, 2025, indicating a pre-planned transaction.

What price did the BLND insider sale occur at?

The weighted average sale price was $4.3628 per share, with individual trades ranging from $4.32 to $4.40 per share.

How many BLND shares does the reporting person own after the sale?

After the reported transaction, Brian Kneafsey beneficially owned 712,909 shares held directly.

Who signed the Form 4 for this BLND filing?

The Form 4 was signed by an attorney-in-fact, /s/ Winnie Ling, on 09/16/2025.