Blend (BLND) Director Nima Ghamsari Converts RSUs; 241,701 Withheld

What Happened

• Nima Ghamsari, Head of Blend and a company director, converted a total of 614,229 restricted stock units (RSUs) into Class A common shares on August 20, 2026. Of those, 241,701 shares were withheld to cover tax obligations at $1.50 per share, generating $362,552. Net new shares delivered to Ghamsari were 372,528 (614,229 converted minus 241,701 withheld).
• This was not an open-market sale or purchase; it was the vesting/conversion of RSUs (derivative-to-share conversion) with tax withholding to satisfy withholding obligations.

Key Details

• Transaction date: August 20, 2026. Filing date: August 24, 2026 (late filing noted).
• Conversion amounts: 375,000 + 125,000 + 114,229 RSUs = 614,229 RSUs converted.
• Tax withholding: 241,701 shares withheld at $1.50/share = $362,552.
• Net shares received by insider: 372,528 shares.
• Codes: M = exercise/conversion of derivative (RSU conversion); F = payment of exercise price or tax liability (share withholding).
• Footnotes: F1 = each RSU equals one share; F2 = shares withheld to cover tax; F3/F4 = vesting schedules (some RSUs vest quarterly over four years, others over two years).
• Shares owned after the transaction: not specified in the provided filing excerpt.
• Timeliness: Filing was reported late (transactionTimeliness = 'L'), which can attract SEC scrutiny or administrative penalties depending on circumstances.

Context

• Converting RSUs and withholding shares for taxes is a common, administrative step when equity awards vest; it does not necessarily signal a buy or sell decision by the insider.
• The conversion extinguished the derivative RSUs and resulted in newly issued common shares, with a portion withheld (a cashless-withholding mechanism) to satisfy tax obligations rather than selling shares on the open market.