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

Rhea-AI Filing Summary

Form 4 Overview: Blend Labs, Inc. (BLND) filed a Form 4 disclosing that Brian Kneafsey, the company’s Head of Revenue, sold 20,000 shares of Class A common stock on 23 June 2025.

Transaction specifics: The disposition was coded “S” (open-market sale) and executed at a weighted-average price of $3.1657 per share, within a range of $3.12–$3.205. Following the sale, Kneafsey still beneficially owns 806,598 shares, indicating the transaction reduced his direct holdings by roughly 2.5%.

Rule 10b5-1 plan: The insider noted that the trade was carried out under a Rule 10b5-1 trading plan adopted on 14 March 2025. Pre-arranged plans can mitigate concerns about informational advantage because trades are scheduled in advance.

Ownership context: Kneafsey is classified as an Officer – Head of Revenue; no director or 10% ownership status was indicated. The filing is made by a single reporting person, and there are no derivative security transactions reported.

Investor takeaways: While any insider sale can draw attention, the size of this sale is modest relative to the insider’s remaining stake, and its execution under a 10b5-1 plan lessens potential negative signalling. No information about Blend Labs’ operational performance, earnings, or other corporate events is provided in this filing.

Positive

• Trade executed under a Rule 10b5-1 plan, reducing concerns about opportunistic selling.
• Insider retains a substantial 806,598-share position, maintaining alignment with shareholders.

Negative

• Officer disposed of 20,000 shares, a potential though modest negative signal.

Insights

Securities Analyst

TL;DR – Small, pre-planned insider sale; neutral market impact.

Insider sales often trigger caution, but this 20,000-share disposition equals only about 2.5% of Brian Kneafsey’s holdings. The transaction was executed under a Rule 10b5-1 plan, suggesting it was scheduled independently of near-term company news. No derivative positions changed, and the executive still owns more than 800k shares, maintaining meaningful alignment with shareholders. Given the limited size and pre-arranged nature, I view the filing as neutral for valuation or sentiment; it does not materially alter the investment thesis for BLND.

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^*

Kneafsey Brian

(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 Revenue

3. Date of Earliest Transaction (Month/Day/Year)
06/23/2025

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	06/23/2025		S(1)		20,000	D	$3.1657(2)	806,598	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 14, 2025.

2. This sale price represents the weighted average sale price of the shares sold ranging from $3.12 to $3.205, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

	/s/ Winnie Ling, Attorney-in-fact	06/25/2025
	** 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 Brian Kneafsey sell?

He sold 20,000 Class A common shares.

At what average price were the BLND shares sold?

The weighted-average sale price was $3.1657, within a $3.12–$3.205 range.

What is Brian Kneafsey’s remaining BLND share ownership after the sale?

He now beneficially owns 806,598 shares.

Was the transaction conducted under a 10b5-1 trading plan?

Yes. The filing states it was effected under a Rule 10b5-1 plan adopted on 14 Mar 2025.

What is Brian Kneafsey’s role at Blend Labs?

He is listed as an Officer – Head of Revenue.