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

Rhea-AI Filing Summary

Blend Labs, Inc. (BLND) reported an insider equity transaction by its Head of Legal and People, filed on Form 4. On 11/20/2025, the reporting person acquired 31,250 shares of Class A common stock through the settlement of restricted stock units (RSUs), shown with transaction code "M." To satisfy tax obligations related to this RSU vesting, 15,954 shares were withheld at a price of $3.04 per share, reported with transaction code "F." After these transactions, the reporting person beneficially owned 395,927 shares of BLND Class A common stock. The derivative table shows RSUs covering 31,250 underlying shares, with a remaining balance of 156,250 RSUs that are scheduled to vest in equal quarterly installments over a two-year period, as long as the individual continues as a service provider.

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

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

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^*

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)
11/20/2025

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	11/20/2025		M		31,250	A	(1)	411,881	D
Class A Common Stock	11/20/2025		F(2)		15,954	D	$3.04	395,927	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
Restricted Stock Units	(1)	11/20/2025		M			31,250	(3)	(3)	Class A Common Stock	31,250	$0	156,250	D

Explanation of Responses:

1. Each Restricted Stock Unit ("RSU") represents a contingent right to receive one share of BLND Class A Common Stock.

2. Shares were withheld to cover tax obligations in connection with the vesting of RSUs.

3. The RSUs will vest in equal quarterly increments over a two year period, subject to the Reporting Person continuing to be a Service Provider through each such date.

	/s/ Winnie Ling	11/24/2025
	** 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 insider transaction did Blend Labs (BLND) report on this Form 4?

The Head of Legal and People at Blend Labs (BLND) reported the settlement of 31,250 restricted stock units into Class A common stock on 11/20/2025, along with share withholding for taxes.

How many Blend Labs (BLND) shares did the insider acquire and at what tax withholding amount?

The insider acquired 31,250 BLND Class A shares from RSU vesting. To cover tax obligations, 15,954 shares were withheld at a price of $3.04 per share.

How many Blend Labs (BLND) shares does the insider own after this transaction?

Following the reported transactions, the insider beneficially owns 395,927 shares of Blend Labs Class A common stock.

What are the terms of the restricted stock units (RSUs) reported for Blend Labs (BLND)?

Each RSU represents a right to receive one share of BLND Class A common stock. The RSUs reported will vest in equal quarterly increments over two years, subject to continued service.

How many restricted stock units does the Blend Labs (BLND) insider still hold?

After the reported transaction, the insider holds 156,250 restricted stock units, with each unit tied to one share of BLND Class A common stock.

What do the transaction codes M and F mean in this Blend Labs (BLND) Form 4?

Code M indicates the exercise or settlement of a derivative security, here RSUs converting into BLND shares. Code F indicates shares withheld to cover tax obligations related to that vesting.