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

Rhea-AI Filing Summary

Blend Labs, Inc. director and Head of Blend reports RSU-related transactions. On 11/20/2025, the insider converted 375,000 and 125,000 Restricted Stock Units into Class A common stock, as shown by transaction code "M". To cover tax obligations from these RSU vestings, 196,751 Class A shares were withheld at a price of $3.04 per share. After these transactions, the reporting person directly beneficially owns 6,731,549 shares of Class A common stock and holds 2,625,000 and 625,000 RSUs that are scheduled to vest in equal quarterly increments over four-year and two-year periods, respectively, subject to continued service.

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).

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)
11/20/2025

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	11/20/2025		M		375,000	A	(1)	6,803,300	D
Class A Common Stock	11/20/2025		M		125,000	A	(1)	6,928,300	D
Class A Common Stock	11/20/2025		F(2)		196,751	D	$3.04	6,731,549	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
Restricted Stock Units	(1)	11/20/2025		M			375,000	(3)	(3)	Class A Common Stock	375,000	$0	2,625,000	D
Restricted Stock Units	(1)	11/20/2025		M			125,000	(4)	(4)	Class A Common Stock	125,000	$0	625,000	D

Explanation of Responses:

1. Each Restricted Stock Unit ("RSU") represents a contingent right to receive one share of BLND Class A Common Stock.

2. Shares were withheld to cover tax obligations in connection with the vesting of RSUs.

3. The RSUs will vest in equal quarterly increments over a four year period, subject to the Reporting Person continuing to be a Service Provider through each such date.

4. The RSUs will vest in equal quarterly increments over a two year period, subject to the Reporting Person continuing to be a Service Provider through each such date.

	/s/ Winnie Ling, Attorney-in-fact	11/24/2025
	** 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 transaction did BLND report on this Form 4?

The filing reports that a Blend Labs, Inc. director and Head of Blend converted Restricted Stock Units into Class A common stock on 11/20/2025, with some shares withheld to cover taxes.

How many Blend Labs (BLND) shares were issued from RSUs in this filing?

The insider converted 375,000 RSUs and 125,000 RSUs into Class A common stock on 11/20/2025, as reflected by transaction code "M" in both tables.

How many Blend Labs (BLND) shares were withheld for taxes in this Form 4?

The filing states that 196,751 Class A common shares were disposed of at $3.04 per share, with the explanation that these shares were withheld to cover tax obligations in connection with RSU vesting.

What is the insider’s Blend Labs (BLND) share ownership after these transactions?

Following the reported transactions, the insider directly beneficially owns 6,731,549 shares of Blend Labs Class A common stock, according to Table I.

What RSU awards does the Blend Labs insider still hold after this Form 4?

After the transactions, the insider holds 2,625,000 RSUs tied to Class A common stock and an additional 625,000 RSUs, as shown in Table II.

How do the remaining Blend Labs RSUs vest for this insider?

The filing explains that one RSU grant vests in equal quarterly increments over four years, and another vests in equal quarterly increments over two years, in each case subject to the insider continuing as a Service Provider.

What roles does the reporting person hold at Blend Labs (BLND)?

The reporting person is identified as both a Director and an Officer, with the title Head of Blend, in the relationship section.