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

Rhea-AI Filing Summary

Winnie Ling, Head of Legal and People at Blend Labs, Inc. (BLND), reported a sale of 6,500 shares of Class A common stock on 09/18/2025. The shares were sold under a pre-established Rule 10b5-1 trading plan adopted on March 14, 2025, at a weighted average price of $4.2951 per share (sales ranged from $4.265 to $4.30). After the transaction, the reporting person beneficially owned 388,631 shares, held directly. The Form 4 was signed on 09/19/2025 and includes an offer to provide detailed per-price sale quantities to the Commission staff on request.

Positive

• Sale executed under a Rule 10b5-1 trading plan, indicating trades were pre-authorized and compliant with insider trading rules
• Clear post-transaction ownership disclosed: reporting person retains 388,631 Class A shares, providing transparency

Negative

• Officer sale of company stock could be perceived negatively by some investors despite being pre-planned
• Limited pricing granularity in the filing; only a weighted average and range are provided (detailed per-price quantities are available only upon request)

Insights

Corporate Governance Expert

TL;DR: Routine, pre-planned insider sale under Rule 10b5-1; indicates compliance with insider trading rules, not necessarily a signal about company fundamentals.

The Form 4 shows an officer-level insider executed a small sale of 6,500 Class A shares under a Rule 10b5-1 plan adopted March 14, 2025. Using a 10b5-1 plan mitigates governance concern over opportunistic trading because trades are pre-authorized and scheduled. The filing discloses the weighted average sale price and the remaining direct beneficial ownership of 388,631 shares, which provides transparency. From a governance perspective, this is a routine disclosure consistent with compliance practices and does not, by itself, demonstrate material change in insider alignment with shareholders.

Securities Analyst

TL;DR: Small-scale disposal by an officer; impact on valuation is negligible given the share amount and disclosed pre-planned nature.

The reported disposition of 6,500 shares at roughly $4.2951 per share is immaterial relative to typical public-company float sizes. The Form 4 clarifies the sale price range and confirms direct beneficial ownership after the sale. For investors, the key facts are the use of a Rule 10b5-1 plan and the modest size of the sale, which reduces the likelihood that this transaction reflects new material information about Blend Labs' business performance.

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)
09/18/2025

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	09/18/2025		S(1)		6,500	D	$4.2951(2)	388,631	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.

2. This sale price represents the weighted average sale price of the shares sold ranging from $4.265 to $4.30 per share. Upon request by the Commission staff, the Issuer, 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	09/19/2025
	** 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 Winnie Ling (BLND) report on Form 4?

The filing reports a sale of 6,500 Class A shares on 09/18/2025, with 388,631 shares held after the sale.

Was the sale by the Blend Labs insider pre-planned?

Yes. The sale was effected under a Rule 10b5-1 trading plan adopted by the reporting person on March 14, 2025.

At what price were the BLND shares sold?

The weighted average sale price was $4.2951 per share; individual sales ranged from $4.265 to $4.30 per share.

How does this transaction affect insider ownership at Blend Labs?

After the reported sale, the reporting person beneficially owned 388,631 Class A shares, held directly.

When was the Form 4 signed?

The Form 4 bears the reporting person’s signature dated 09/19/2025.