Insider Sale: BLND Head of Legal sold 4,000 Class A shares via 10b5-1 plan

Rhea-AI Filing Summary

Winnie Ling, Head of Legal and People at Blend Labs, reported a sale of 4,000 shares of Class A common stock on 08/07/2025. The sale was executed under a Rule 10b5-1 trading plan adopted by the reporting person on March 14, 2025. The filing reports a weighted average sale price of $3.6192 per share, with sale prices ranging from $3.61 to $3.645 per share and notes that a breakdown of shares sold at each price is available on request.

Following the reported transaction Ling directly beneficially owns 372,018 shares. The disposal reduced her pre-sale direct holding by roughly 1.06%, consistent with a modest, preplanned disposition under an established trading plan rather than an ad hoc sale.

Positive

• Transaction was executed under a Rule 10b5-1 trading plan adopted on March 14, 2025, indicating a preplanned disposition and supporting regulatory compliance
• Reporting person retains a substantial direct holding of 372,018 Class A shares after the sale

Negative

• None.

Insights

Financial Analyst

TL;DR: Small, preplanned insider sale under a 10b5-1 plan; modest size relative to reported holdings.

The Form 4 discloses a 4,000-share sale at a weighted average price of $3.6192, executed under a Rule 10b5-1 plan adopted March 14, 2025. Post-transaction direct ownership is 372,018 shares, implying the sale reduced pre-sale holdings by about 1.06%. From a financial-significance perspective, this is a routine, small-scale liquidity event that is unlikely to materially affect the company’s capitalization or signal a change in operating outlook based solely on the disclosed facts.

Corporate Governance Expert

TL;DR: Transaction follows a documented 10b5-1 plan, which supports disclosure and compliance practices.

The report specifically states the sale was made pursuant to a Rule 10b5-1 trading plan, including the plan adoption date and a weighted average price range. That transparency is consistent with good insider-trading governance because it identifies the sale as preplanned. The filing also offers to provide the per-price breakdown on request, which aids regulatory and shareholder review. No other governance events or departures are disclosed in the document.

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)
08/07/2025

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	08/07/2025		S(1)		4,000	D	$3.6192(2)	372,018	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.

2. This sale price represents the weighted average sale price of the shares sold ranging from $3.61 to $3.645 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	08/12/2025
	** 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 the Blend Labs (BLND) insider file report?

The Form 4 reports that Winnie Ling sold 4,000 Class A shares under a Rule 10b5-1 plan at a weighted average price of $3.6192 per share.

How many BLND shares does the reporting person hold after the sale?

After the reported transaction the reporting person directly beneficially owns 372,018 Class A shares.

Was the sale at BLND unusual or preplanned?

The filing states the sale was effected pursuant to a Rule 10b5-1 trading plan adopted on March 14, 2025, indicating it was preplanned.

What was the sale price range disclosed in the BLND Form 4?

The filing discloses sale prices ranged from $3.61 to $3.645 per share and reports a weighted average price of $3.6192.

Can I get a breakdown of how many shares were sold at each price?

Yes. The filing states that upon request the reporting person will provide full information regarding the number of shares sold at each separate price within the disclosed range.