Image Mask/Blend
Filter that alternates alpha channel (transparency) of the source.
If you want to to blend some source over - the simplest way is to place the source above other and change blending of the source itself: right-click menu over the source Blending Mode > Multiply (or Additive, Lighten, Screen etc). Thus, above source will be blended into source below (kind of color mix).
If you need different blending as a Filter that applies only to the specified source, then you need to choose different Type in the filter's properties. I think, for the Image Mask/Blend filter you will be more satisfied with the Type: Blend (Addition). At least, it better suits for effects like "lens flare".
If you want to alternate transparency of the source ("round camera" effects), then use Image Mask/Blend filter with the Type: Alpha Mask (Color Channel). The file of the mask should be black and white image where white color - is what will be visible, and black color - is what will be invisible (kind of "black hole"). If your mask image has alpha channel (transparency) then you can use Type: Alpha Mask (Alpha Channel), in this case transparency of the mask file will be applied to your source. In both cases the picture stored in your mask file never shown in OBS (it used just as a mask layer; in other words, the layer that itself is never shown but alternates strength of the current layer transparency/selection/effect etc).