Blend Labs Form 4: Small Pre-Planned Share Sale by Exec Winnie Ling

Rhea-AI Filing Summary

Blend Labs, Inc. (BLND) filed a Form 4 disclosing that Winnie Ling, the company’s Head of Legal and People, sold 4,000 Class A common shares on 10 July 2025 at $3.54 per share. The sale was executed under a Rule 10b5-1 trading plan adopted on 14 March 2025.

The transaction generated roughly $14,160 in proceeds and leaves Ling with 380,018 shares held directly. The divestiture equates to about 1 % of her post-transaction stake, indicating that she maintains a substantial ownership position.

Because the trade was pre-scheduled and represents a small fraction of the insider’s holdings, it is unlikely to have a material impact on Blend Labs’ share supply or signal a change in corporate outlook. Nevertheless, investors often monitor insider activity for sentiment cues, so continued trends in insider buying or selling could influence market perception.

Positive

• Sale executed under a Rule 10b5-1 plan, demonstrating compliance and reducing concerns about opportunistic trading.
• Insider retains a large position of 380,018 shares, suggesting continued alignment with shareholder interests.

Negative

• Insider sale, even if small, can be interpreted by some investors as a lack of near-term confidence.
• Reduction of insider ownership, albeit only about 1 %, slightly lowers insider skin-in-the-game.

Insights

Securities Analyst

TL;DR – Minor, pre-planned insider sale; neutral impact on BLND.

The 4,000-share disposition is worth only about $14 k and reduces Winnie Ling’s holdings to 380 k shares, a negligible change. The use of a 10b5-1 plan eliminates timing-related signalling risk and shows procedural compliance. Given the modest size (≈1 % of her stake) and the fact that no other insiders are involved, this filing does not alter Blend Labs’ fundamental outlook or capital structure. I view the event as neutral for valuation, though continued insider selling could invite negative sentiment if the pattern persists.

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^*

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)
07/10/2025

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	07/10/2025		S(1)		4,000	D	$3.54	380,018	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	07/14/2025
	** 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 many Blend Labs (BLND) shares did Winnie Ling sell?

She sold 4,000 Class A common shares.

What was the transaction price for the BLND insider sale?

The shares were sold at $3.54 per share.

When did the insider transaction occur?

The sale took place on July 10, 2025.

How many BLND shares does Winnie Ling own after the sale?

She now directly owns 380,018 shares.

Was the BLND insider sale conducted under a 10b5-1 plan?

Yes. The filing states the sale was made under a Rule 10b5-1 trading plan adopted on March 14, 2025.