Blend Labs Form 4: Director Transfers 311,886 Shares to Lender

Rhea-AI Filing Summary

Ghamsari Nima, a director and the Head of Blend Labs, sold or transferred 311,886 shares of Class A common stock on 08/14/2025 at a reported price of $2.90 per share. After the transaction, he is reported to beneficially own 5,754,051 shares. The Form 4 explains the shares were transferred to a lender in lieu of payments due under his personal loans. The filing was signed by an attorney-in-fact on 08/18/2025. All information below is taken directly from the Form 4 disclosure.

Positive

• Post-transaction beneficial ownership remains substantial: 5,754,051 shares remain beneficially owned according to the filing.
• Clear disclosure of purpose: the Form 4 explicitly states the shares were transferred to a lender to satisfy personal loan payments.

Negative

• Significant disposition: 311,886 Class A shares were disposed of on 08/14/2025 at $2.90 per share.
• Use of shares to satisfy personal loans: reporting person transferred shares to a lender in lieu of payments, indicating personal-liquidity-driven share encumbrance.

Insights

Securities Analyst

TL;DR: Insider transferred shares to a lender to satisfy personal loan obligations; remaining holdings remain substantial.

The transaction is a non-derivative disposition of 311,886 Class A shares at $2.90 each, recorded as a transfer to a lender rather than an open-market sale. Such transfers to satisfy personal loans are typically liquidity actions by the reporting person and do not necessarily reflect a change in company fundamentals. The reported post-transaction beneficial ownership of 5,754,051 shares indicates the reporting person retains a material position. This filing contains no information on any company-level operational or financial changes.

Corporate Governance Expert

TL;DR: Director/officer executed a personal-liability-related share transfer; disclosure is timely and specific.

The Form 4 discloses a transfer pursuant to personal loan obligations, which raises governance considerations about insider use of shares as collateral but provides clear reporting: transaction date 08/14/2025, price $2.90, and remaining beneficial ownership. The form was submitted by one reporting person and signed via attorney-in-fact, consistent with procedural norms. No additional governance actions or company responses are reported in this filing.

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
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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).

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^*

Ghamsari Nima

(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
X	Officer (give title below)		Other (specify below)
	HEAD OF BLEND

3. Date of Earliest Transaction (Month/Day/Year)
08/14/2025

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	08/14/2025		S(1)		311,886	D	$2.9	5,754,051	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 Reporting person transferred the shares to the lender in lieu of certain payments due and payable under his personal loans.

	/s/ Winnie Ling, Attorney-in-fact	08/18/2025
	** 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

What did BLND insider Ghamsari Nima report on Form 4?

The filing reports a disposition of 311,886 Class A shares on 08/14/2025 at $2.90 per share; post-transaction beneficial ownership is 5,754,051 shares.

Why were the 311,886 shares transferred according to the Form 4?

The Form 4 states the shares were transferred to a lender in lieu of certain payments due and payable under the reporting person's personal loans.

What is Ghamsari Nima's role at Blend Labs (BLND)?

The Form 4 identifies Ghamsari Nima as a Director and an Officer with the title Head of Blend.

When was the Form 4 signed and filed?

The signature block shows the form was signed by an attorney-in-fact on 08/18/2025; the transaction date reported is 08/14/2025.

Does the Form 4 indicate an open-market sale occurred?

No. The Form 4 records the disposition as a transfer to a lender to satisfy loan obligations rather than an open-market sale.