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

Rhea-AI Filing Summary

Western Union’s Q2 2025 results show top-line pressure but margin resilience. Revenue declined 3.8 % to $1.03 bn as Consumer Money Transfer (-7 % YoY) outweighed 39 % growth in Consumer Services. Cost discipline lowered cost-of-services and SG&A by a combined $41 m, lifting operating income 1 % to $192.7 m and expanding operating margin to 18.8 % (vs 17.9 %). Net income fell 13 % to $122.1 m and diluted EPS slipped to $0.37 (-$0.04 YoY) as higher tax expense and $21 m of FX-hedge losses offset margin gains.

Year-to-date trends mirror the quarter. First-half revenue fell 5 % to $2.01 bn while net income dropped 13 % to $245.6 m; diluted EPS is $0.73 (-$0.10). Operating cash flow surged to $147.9 m (vs $60.2 m) on working-capital improvements, but total cash slid to $1.02 bn (-31 % YTD) after $500 m note repayment, $156 m buybacks (14.8 m shares at $10.08 avg) and $159 m dividends. Borrowings decreased $192 m to $2.75 bn, strengthening net leverage, while a new $1 bn open-ended repurchase authorization has $850 m still available. Stockholders’ equity fell to $883.6 m, reflecting share retirements and a $35 m OCI loss from hedging. The April acquisition of UK-based Eurochange expands travel-money retail presence. Management reports no material changes to ongoing litigation; reasonably possible additional losses are estimated at ~$30 m.

Positive

• Operating margin expanded to 18.8 % from 17.9 % despite lower revenue, evidencing cost control.
• Operating cash flow more than doubled to $147.9 m YTD, enhancing internal funding.
• Net borrowings cut by $192 m including repayment of $500 m 2025 notes, reducing interest burden.
• Shareholder returns remain robust: $156 m buybacks and $159 m dividends; $850 m authorization remains.
• Eurochange acquisition broadens UK retail footprint and travel-money offering.

Negative

• Revenue declined 3.8 % quarterly and 5 % YTD, reflecting competitive pressures in core money-transfer business.
• Net income and diluted EPS fell 13 % both quarterly and YTD, eroding profitability for shareholders.
• Cash balance dropped 31 % YTD to $1.02 bn, driven by heavy capital returns and debt retirement.
• Accumulated other comprehensive loss widened by $37 m due to hedging losses, signaling FX exposure.
• Legal contingencies persist with up to ~$30 m of additional reasonably possible losses.

Insights

Equity Research Analyst

TL;DR: Mixed quarter—revenue down, costs controlled, cash used for shareholder returns; valuation impact neutral.

Revenue softness (-3.8 %) stemmed mainly from North America and MEASA corridors, partly offset by Consumer Services growth. Cost cuts kept operating profit flat and improved margins, demonstrating management’s ability to protect earnings, yet higher tax and hedging losses dragged EPS. Cash flow generation rebounded, enabling $315 m in capital returns plus $500 m debt retirement, modestly de-risking the balance sheet. Eurochange adds strategic owned outlets but is too small to alter near-term numbers. Guidance was not provided in the excerpt, leaving outlook uncertainty. Overall, the update neither meaningfully strengthens nor weakens the investment thesis.

Risk Analyst

TL;DR: Declining revenue and higher FX volatility raise caution despite lower leverage.

Top-line contraction across core corridors signals competitive and macro headwinds. OCI swung to a $42 m loss this quarter, highlighting hedge-effectiveness risk as currencies fluctuate. Cash reserves fell 31 % while equity shrank 9 %, limiting shock-absorption capacity. Litigation exposure (possible $30 m) and regulatory capital constraints in certain countries persist. Debt reduction and ample undrawn CP/RCF capacity are offsets, but overall risk profile edges negative.

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).

1. Name and Address of Reporting Person^*

Ling Winnie

(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 LEGAL AND PEOPLE

3. Date of Earliest Transaction (Month/Day/Year)
07/24/2025

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	07/24/2025		S(1)		4,000	D	$3.59	376,018	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 sale reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 14, 2025.

	/s/ Winnie Ling	07/28/2025
	** 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 did Western Union (WU) perform financially in Q2 2025?

Revenue fell 3.8 % to $1.03 bn, operating income rose 1 % to $192.7 m, and diluted EPS declined to $0.37 from $0.41.

What drove the revenue decline for WU in the quarter?

Lower Consumer Money Transfer volumes, especially in North America and MEASA corridors, outweighed growth in Consumer Services.

How much cash did WU return to shareholders in the first half of 2025?

The company paid $159 m in dividends and repurchased $156 m of stock.

What is Western Union’s current share-repurchase capacity?

Under the $1 bn authorization approved 13 Dec 2024, $850 m remains available with no expiration date.

How has WU’s debt position changed since December 2024?

Total borrowings decreased to $2.75 bn from $2.94 bn after repaying $500 m of 2.85 % notes.

What impact did FX hedging have on the quarter?

Hedging generated a $45 m unrealized loss in OCI and $4 m loss reclassified into revenue, pressuring comprehensive income.