BLND insider purchases include 701,110 shares at $2.9839

Rhea-AI Filing Summary

Blend Labs (BLND) reported insider open‑market purchases by Haveli Brooks Aggregator, L.P. and affiliated reporting persons, who are listed as a Director and 10% Owner. On 11/10/2025 they bought 701,110 Class A shares at a weighted average price of $2.9839; on 11/11/2025 they bought 600,308 shares at $2.9986; and on 11/12/2025 they bought 953,634 shares at $3.0496.

After these transactions, the filing shows 5,931,971 shares beneficially owned indirectly, plus 130,000 shares held indirectly through a family trust. Prices reflect weighted averages with underlying trade details available upon request, as noted in the footnotes.

Insights

Equity Ownership Analyst

Insider group led by Brian N. Sheth reported open-market share purchases totaling 2.26M shares at ~$3, increasing indirect ownership.

Blend Labs, Inc. (BLND) reported open-market purchases by an affiliated group including Haveli Brooks Aggregator, L.P. and Brian N. Sheth (director and 10% owner). Transactions on 11/10/2025, 11/11/2025, and 11/12/2025 added 701,110, 600,308, and 953,634 Class A shares, respectively, at weighted average prices of $2.9839, $2.9986, and $3.0496. Following these, indirect beneficial ownership shown was 4,378,029, then 4,978,337, and then 5,931,971 shares, plus 130,000 shares held through a family trust.

Each price reflects multiple fills within stated ranges, with an undertaking to provide detailed breakdowns upon request. The filing shows complex control relationships among Haveli entities and notes disclaimers of beneficial ownership beyond pecuniary interest. The form was filed by more than one reporting person, and the transactions are coded "P" for open-market purchases.

This represents increased reported indirect ownership by a director/10% owner, which can signal alignment of interests. Key items to watch: any subsequent Forms 4 showing continued accumulation, and any future ownership disclosures that clarify aggregate holdings. The last reported trade date is 11/12/2025; near-term filings may update this activity.

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^*

Haveli Investments, L.P.

(Last) (First) (Middle)

405 COLORADO STREET, SUITE 1600

(Street)

AUSTIN TX 78701

(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	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
11/10/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	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	11/10/2025		P		701,110	A	$2.9839(1)	4,378,029	I	See footnotes(4)(5)
Class A Common Stock	11/11/2025		P		600,308	A	$2.9986(2)	4,978,337	I	See footnotes(4)(5)
Class A Common Stock	11/12/2025		P		953,634	A	$3.0496(3)	5,931,971	I	See footnotes(4)(5)
Class A Common Stock								130,000	I	See footnote(6)

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

1. Name and Address of Reporting Person^*

Haveli Investments, L.P.

(Last) (First) (Middle)

405 COLORADO STREET, SUITE 1600

(Street)

AUSTIN TX 78701

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Haveli Brooks Aggregator, L.P.

(Last) (First) (Middle)

405 COLORADO STREET, SUITE 1600

(Street)

AUSTIN TX 78701

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Haveli Investments Software Fund I GP, LLC

(Last) (First) (Middle)

405 COLORADO STREET, SUITE 1600

(Street)

AUSTIN TX 78701

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Haveli Software Management LLC

(Last) (First) (Middle)

405 COLORADO STREET, SUITE 1600

(Street)

AUSTIN TX 78701

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Haveli Investment Management LLC

(Last) (First) (Middle)

405 COLORADO STREET, SUITE 1600

(Street)

AUSTIN TX 78701

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Whanau Interests LLC

(Last) (First) (Middle)

405 COLORADO STREET, SUITE 1600

(Street)

AUSTIN TX 78701

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

SHETH BRIAN NIRANJAN

(Last) (First) (Middle)

405 COLORADO STREET, SUITE 1600

(Street)

AUSTIN TX 78701

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares were acquired in multiple transactions at prices ranging from $2.885 to $3.00, inclusive. The reporting person undertakes to provide Blend Labs, Inc. any security holder of Blend Labs, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in footnote (1) to this Form 4.

2. The price reported in Column 4 is a weighted average price. These shares were acquired in multiple transactions at prices ranging from $2.99 to $3.00, inclusive. The reporting person undertakes to provide Blend Labs, Inc. any security holder of Blend Labs, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in footnote (2) to this Form 4.

3. The price reported in Column 4 is a weighted average price. These shares were acquired in multiple transactions at prices ranging from $2.9844 to $3.065, inclusive. The reporting person undertakes to provide Blend Labs, Inc. any security holder of Blend Labs, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in footnote (3) to this Form 4.

4. Represents securities held directly by Haveli Brooks Aggregator, L.P. ("Haveli Aggregator"). Haveli Investments Software Fund I GP, LLC ("Haveli Investments Software GP"), is the general partner of Haveli Aggregator. Whanau Interests LLC ("Whanau") is the sole member of Haveli Investments Software GP. Haveli Software Management LLC ("Haveli Software Management") is the investment adviser to Haveli Investments Software GP. Haveli Investment Management LLC ("Haveli Investment Management"), a Delaware limited liability company, is the sole member of Haveli Software Management. Haveli Investments, L.P. ("Haveli Investments") is the sole member of Haveli Investment Management. Whanau is the general partner of Haveli Investments. Mr. Brian N. Sheth is managing member of Whanau.

5. As a result, Haveli Investments Software GP, Whanau, Haveli Software Management, Haveli Investments, Haveli Investment Management and Mr. Sheth may each be deemed to share voting and dispositive power with respect to the securities held by Haveli Aggregator. Haveli Investments Software GP, Whanau, Haveli Software Management, Haveli Investments, Haveli Investment Management and Mr. Sheth each disclaim beneficial ownership of such securities except to the extent of their pecuniary interest therein.

6. Held through a family trust of which Mr. Sheth's spouse is the trustee.

	Haveli Brooks Aggregator, L.P., By: Haveli Investments Software Fund I GP, LLC, its general partner, By: Whanau Interests LLC, its sole member, By: /s/ Brian N. Sheth, Title: Managing Member	11/12/2025
	Haveli Investments Software Fund I GP, LLC, By: Whanau Interests LLC, its sole member, By: /s/ Brian N. Sheth, Title: Managing Member	11/12/2025
	Haveli Software Management LLC, By: Haveli Investment Management LLC, its sole member, By: /s/ Brian N. Sheth, Title: Chief Executive Officer and Chief Investment Officer	11/12/2025
	Haveli Investment Management LLC, By: /s/ Brian N. Sheth, Title: Chief Executive Officer and Chief Investment Officer	11/12/2025
	Haveli Investments, L.P., By: Whanau Interests LLC, its general partner, By: /s/ Brian N. Sheth, Title: Managing Member	11/12/2025
	Whanau Interests LLC, By: /s/ Brian N. Sheth, Title: Managing Member	11/12/2025
	/s/ Brian N. Sheth	11/12/2025
	** 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 insider transactions were disclosed for BLND?

Affiliated reporting persons bought Class A shares on 11/10/2025 (701,110 at $2.9839), 11/11/2025 (600,308 at $2.9986), and 11/12/2025 (953,634 at $3.0496).

What is the insider’s relationship to Blend Labs (BLND)?

The reporting persons are identified as a Director and 10% Owner of Blend Labs, Inc.

How many BLND shares are beneficially owned after the reported trades?

The filing lists 5,931,971 shares beneficially owned indirectly following the transactions.

Are there additional BLND shares held through a trust?

Yes. The filing notes 130,000 shares held indirectly through a family trust.

Do the reported BLND prices represent single trades or averages?

They are weighted average prices, with trade-by-trade details available upon request as described in the footnotes.

Who are the reporting entities named in the BLND filing?

They include Haveli Brooks Aggregator, L.P. and affiliates, with signatory Brian N. Sheth listed across entities in the signature block.