Haveli boosts Blend Labs (BLND) stake with 777,178-share open-market buy

Rhea-AI Filing Summary

Blend Labs, Inc. reported that entities associated with Haveli Investments made open-market purchases of its Class A common stock. Through Haveli Brooks Aggregator, L.P., they bought a total of 777,178 shares between May 19 and May 21, 2026 at weighted average prices around $1.49 per share. Following these transactions, Haveli Brooks Aggregator, L.P. indirectly held 15,105,560 Class A shares. A separate holding of 130,000 shares is held through a family trust for the spouse of Brian N. Sheth, reflecting additional indirect ownership.

Insights

Equity analyst

Large affiliated holder increased its Blend Labs position through open-market buys.

Entities affiliated with Haveli Investments executed open-market purchases totaling 777,178 Blend Labs Class A shares around $1.49 per share. The shares are held indirectly through Haveli Brooks Aggregator, L.P., a vehicle linked through several Haveli entities.

After the transactions, Haveli Brooks Aggregator, L.P. held 15,105,560 shares of Blend Labs Class A common stock, with related parties disclaiming beneficial ownership beyond their pecuniary interests. An additional 130,000 shares are held via a family trust for Brian Sheth’s spouse, indicating further indirect exposure.

Insider Trade Summary

Net Buyer: 777,178 shares ($1,158,140)

Net Buy 4 txns

Insider Haveli Investments, L.P., Haveli Brooks Aggregator, L.P., Haveli Investments Software Fund I GP, LLC, Haveli Software Management LLC, Haveli Investment Management LLC, Whanau Interests LLC, SHETH BRIAN NIRANJAN

Role null | null | null | null | null | null | null

Bought 777,178 shs ($1.16M)

Type	Security	Shares	Price	Value
Purchase	Class A Common Stock	8,117	$1.50	$12K
Purchase	Class A Common Stock	185,611	$1.4982	$278K
Purchase	Class A Common Stock	583,450	$1.4875	$868K
holding	Class A Common Stock	--	--	--

Holdings After Transaction: Class A Common Stock — 15,105,560 shares (Indirect, See footnotes)

Footnotes (1)

1. The price reported in Column 4 is a weighted average price. These shares were acquired in multiple transactions at prices ranging from $1.475 to $1.50, 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. The price reported in Column 4 is a weighted average price. These shares were acquired in multiple transactions at prices ranging from $1.465 to $1.50, 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. The price reported in Column 4 is a weighted average price. These shares were acquired in multiple transactions at $1.50, 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. 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. 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. Held through a family trust of which Mr. Sheth's spouse is the trustee.

Key Figures

Total shares purchased: 777,178 shares Purchase price (May 19): $1.4875 per share Purchase price (May 20): $1.4982 per share +3 more

6 metrics

Total shares purchased 777,178 shares Open-market buys on May 19–21, 2026

Purchase price (May 19) $1.4875 per share Class A common stock open-market purchase

Purchase price (May 20) $1.4982 per share Class A common stock open-market purchase

Purchase price (May 21) $1.50 per share Class A common stock open-market purchase

Indirect holdings after purchases 15,105,560 shares Class A shares held by Haveli Brooks Aggregator, L.P.

Family trust holding 130,000 shares Held through a family trust for Brian Sheth’s spouse

Key Terms

open-market purchase, weighted average price, voting and dispositive power, beneficial ownership, +1 more

5 terms

open-market purchase financial

"they bought a total of 777,178 shares between May 19 and May 21, 2026 at weighted average prices"

An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.

weighted average price financial

"The price reported in Column 4 is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

voting and dispositive power financial

"may each be deemed to share voting and dispositive power with respect to the securities"

beneficial ownership financial

"each disclaim beneficial ownership of such securities except to the extent of their pecuniary interest"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

family trust financial

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

Form 4 Insider Transactions: What Each Field Means →

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 TEXAS 78701

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/19/2026

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

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

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

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	05/19/2026		P		583,450	A	$1.4875(1)	14,911,832	I	See footnotes(4)(5)
Class A Common Stock	05/20/2026		P		185,611	A	$1.4982(2)	15,097,443	I	See footnotes(4)(5)
Class A Common Stock	05/21/2026		P		8,117	A	$1.5(3)	15,105,560	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 TEXAS 78701

(City) (State) (Zip)

UNITED STATES

(Country)

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 TEXAS 78701

(City) (State) (Zip)

UNITED STATES

(Country)

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 TEXAS 78701

(City) (State) (Zip)

UNITED STATES

(Country)

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 TEXAS 78701

(City) (State) (Zip)

UNITED STATES

(Country)

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 TEXAS 78701

(City) (State) (Zip)

UNITED STATES

(Country)

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 TEXAS 78701

(City) (State) (Zip)

UNITED STATES

(Country)

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 TEXAS 78701

(City) (State) (Zip)

UNITED STATES

(Country)

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 $1.475 to $1.50, 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 $1.465 to $1.50, 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 $1.50, 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	05/21/2026
	Haveli Investments Software Fund I GP, LLC, By: Whanau Interests LLC, its sole member, By: /s/ Brian N. Sheth, Title: Managing Member	05/21/2026
	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	05/21/2026
	Haveli Investment Management LLC, By: /s/ Brian N. Sheth, Title: Chief Executive Officer and Chief Investment Officer	05/21/2026
	Haveli Investments, L.P., By: Whanau Interests LLC, its general partner, By: /s/ Brian N. Sheth, Title: Managing Member	05/21/2026
	Whanau Interests LLC, By: /s/ Brian N. Sheth, Title: Managing Member	05/21/2026
	/s/ Brian N. Sheth	05/21/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transactions did Haveli entities report in Blend Labs (BLND) stock?

Affiliated Haveli entities reported open-market purchases of Blend Labs Class A common stock. They bought a total of 777,178 shares between May 19 and May 21, 2026, increasing their indirect holdings through Haveli Brooks Aggregator, L.P. to 15,105,560 shares.

At what prices were the recent Blend Labs (BLND) insider purchases made?

The reported Blend Labs insider purchases were made at weighted average prices around $1.49 per share. Individual trades occurred at prices ranging roughly from $1.465 to $1.50, according to the footnotes describing the multiple transaction price ranges.

How many Blend Labs (BLND) shares do Haveli-affiliated entities hold after these trades?

After the open-market purchases, Haveli Brooks Aggregator, L.P. indirectly held 15,105,560 Class A shares of Blend Labs. A separate Form 4 holding entry shows 130,000 shares held through a family trust for the spouse of Brian N. Sheth.

Who actually holds the Blend Labs (BLND) shares bought in this Form 4?

The purchased Blend Labs shares are held directly by Haveli Brooks Aggregator, L.P.. Several Haveli-affiliated entities and Brian N. Sheth may be deemed to share voting and dispositive power but disclaim beneficial ownership except for their pecuniary interests.

What type of transactions were reported in the Blend Labs (BLND) Form 4?

The Form 4 reports open-market purchases of Blend Labs Class A common stock, coded as “P” transactions. These are non-derivative buys, not option exercises or tax withholdings, and represent a net increase of 777,178 shares in the affiliated entities’ position.

Is there any Blend Labs (BLND) stock held through a family trust?

Yes. One holding line in the Form 4 notes 130,000 Blend Labs Class A shares held through a family trust where Brian N. Sheth’s spouse serves as trustee, indicating additional indirect ownership connected to Mr. Sheth.