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

Rhea-AI Filing Summary

Blend Labs, Inc. insider transactions: Winnie Ling, Head of Legal and People and an officer of Blend Labs (BLND), reported two open-market sales under a Rule 10b5-1 trading plan adopted March 14, 2025. On 09/04/2025 she sold 4,000 shares at a weighted-average price of $3.5076, leaving 412,631 shares beneficially owned. On 09/05/2025 she sold 17,500 shares at a weighted-average price of $4.0036, leaving 395,131 shares beneficially owned. The Form 4 discloses the weighted-average price ranges for each sale and states the seller will provide detailed per-price allocations upon request.

Positive

• Sales executed under a Rule 10b5-1 plan, indicating pre-planned compliance with insider trading rules
• Transparent disclosure of weighted-average price ranges and offer to provide detailed allocations on request

Negative

• Insider reduced beneficial ownership from 412,631 to 395,131 shares following reported sales
• Form 4 does not state total proceeds or percentage of outstanding shares sold, limiting immediate assessment of materiality

Insights

Corporate Governance Expert

TL;DR: Officer sold shares under a pre-established 10b5-1 plan, indicating planned liquidity rather than ad-hoc disposition.

The sales were executed pursuant to a Rule 10b5-1 trading plan adopted March 14, 2025, which provides an affirmative defense against insider trading claims when properly structured and executed. Reporting shows modest-sized dispositions relative to total beneficial ownership (reducing holdings from 412,631 to 395,131 shares). From a governance perspective, use of a documented plan and disclosure of weighted-average price ranges aligns with good compliance practice; the filing also offers transparency by committing to provide per-price breakdowns on request.

Securities Analyst

TL;DR: Insider sales reduced share count by 17,500 plus 4,000 shares; sales sizes appear non-accelerative relative to holdings.

The reported transactions total 21,500 shares sold across two days at weighted-average prices of $3.5076 and $4.0036. Beneficial ownership declined to 395,131 shares after the second sale. No derivative transactions or acquisitions were reported. The disclosure of price ranges and willingness to provide granular allocations helps investors assess execution timing and realized proceeds if requested, but the Form 4 itself does not state proceeds or the percentage of outstanding shares represented by these sales.

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)
09/04/2025

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	09/04/2025		S(1)		4,000	D	$3.5076(2)	412,631	D
Class A Common Stock	09/05/2025		S(1)		17,500	D	$4.0036(3)	395,131	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 $3.50 to $3.515 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.

3. This sale price represents the weighted average sale price of the shares sold ranging from $4.00 to $4.005 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	09/08/2025
	** 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 transactions did BLND officer Winnie Ling report?

Winnie Ling reported sales of 4,000 shares on 09/04/2025 at a weighted-average price of $3.5076 and 17,500 shares on 09/05/2025 at $4.0036.

Were these BLND sales part of a pre-established trading plan?

Yes. The sales were effected pursuant to a Rule 10b5-1 trading plan adopted March 14, 2025.

How many BLND shares does Winnie Ling beneficially own after these transactions?

The Form 4 reports 395,131 shares beneficially owned following the 09/05/2025 sale.

Does the Form 4 disclose exact prices for each share sold for BLND?

The filing gives weighted-average sale prices and price ranges ($3.50–$3.515 and $4.00–$4.005) and offers to provide per-price allocations upon request.

Were any derivative transactions reported for BLND in this Form 4?

No. Table II (derivative securities) shows no transactions; only non-derivative common stock sales are reported.