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

Rhea-AI Filing Summary

Blend Labs insider sale reported. Director Eric H. Woersching sold 20,000 shares of Class A common stock on 09/05/2025 at $4.005 per share under a Rule 10b5-1 trading plan adopted March 4, 2025. After the reported sale he beneficially owns 30,000 shares. The Form 4 was filed by one reporting person and signed by an attorney-in-fact on 09/09/2025. The filing discloses the sale was executed pursuant to an established written plan; no other transactions, grants, or derivative positions are listed.

Positive

• None.

Negative

• Director sold 20,000 shares of Class A common stock, reducing beneficial ownership to 30,000 shares
• Sale price $4.005 per share, which may signal liquidity-taking by insider (document shows disposition only)

Insights

Financial Analyst

TL;DR: Director executed a planned sale of a modest holding; limited direct impact on company fundamentals.

The reported sale of 20,000 Class A shares at $4.005 reduces the director's direct stake to 30,000 shares. Because the transaction was made under a Rule 10b5-1 plan, it appears pre-scheduled rather than opportunistic. The size of the sale relative to company float is not stated in the filing, so materiality for valuation is unclear from this document alone. No options, grants, or purchases are reported, which limits interpretation to a straightforward disposition.

Corporate Governance Expert

TL;DR: Use of a 10b5-1 plan suggests compliance with insider trading controls; disclosure is routine.

The filing documents compliance with Section 16 reporting via a Form 4 and explicitly cites a Rule 10b5-1 trading plan adopted March 4, 2025, which provides an affirmative defense to insider trading allegations. The signature by an attorney-in-fact is properly indicated. From a governance perspective, the disclosure is complete for this transaction; however, broader governance implications require examining aggregate insider activity and timing relative to material company events, which this form does not provide.

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^*

Woersching Eric H.

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
09/05/2025

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	09/05/2025		S(1)		20,000	D	$4.005	30,000	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 4, 2025.

	/s/ Winnie Ling, Attorney-in-fact	09/09/2025
	** 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 did Blend Labs (BLND) director Eric H. Woersching report on Form 4?

He reported a sale of 20,000 Class A shares on 09/05/2025 at $4.005 per share under a Rule 10b5-1 trading plan, leaving 30,000 shares beneficially owned.

Was the sale by the director part of a Rule 10b5-1 plan?

Yes. The Form 4 states the sales were effected pursuant to a Rule 10b5-1 trading plan adopted on March 4, 2025.

How many shares does the reporting person own after the transaction?

30,000 shares of Class A common stock are reported as beneficially owned following the transaction.

Who signed the Form 4 and when was it filed?

Signed by an attorney-in-fact, Winnie Ling, and filed with the signature date of 09/09/2025.

Does the Form 4 show any derivative transactions or option activity?

No. Table II lists no derivative securities, exercise prices, or related transactions in this filing.