Blend Labs (NYSE: BLND) director and 10% owner boosts stake with multi-day share buys

Rhea-AI Filing Summary

Blend Labs, Inc. insider entities affiliated with investor Brian N. Sheth, who is a director and 10% owner, reported open-market purchases of Class A common stock. On December 1, 2025, they bought 430,531 shares at a weighted average price of $3.1405 per share. On December 2, 2025, they acquired 345,404 shares at a weighted average of $3.0883, and on December 3, 2025, 533,888 shares at a weighted average of $3.0904.

After these transactions, 10,848,873 shares of Class A common stock were beneficially owned indirectly through Haveli Brooks Aggregator, L.P., and an additional 130,000 shares were held through a family trust for which Mr. Sheth’s spouse serves as trustee. The filing notes that the reported prices are weighted averages for multiple trades within narrow price ranges, and that full trade details are available upon request.

Insights

Insider activity and governance analyst

Large beneficial owner and director increased indirect stake in Blend Labs through open market purchases.

Affiliated entities of Brian N. Sheth, a director and 10% owner of Blend Labs, reported several purchases of Class A common stock on December 1–3, 2025. The shares were acquired in open-market transactions at weighted average prices between $3.0883 and $3.1405 per share. These purchases were made indirectly through Haveli Brooks Aggregator, L.P. and related investment vehicles.

Following the reported transactions, the filing shows 10,848,873 shares of Class A common stock beneficially owned indirectly, plus 130,000 shares held via a family trust of which Mr. Sheth’s spouse is trustee. Multiple entities in the Haveli structure may be deemed to share voting and dispositive power, though each disclaims beneficial ownership beyond its pecuniary interest. Future ownership changes by this group would typically appear in subsequent beneficial ownership and insider transaction reports.

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)
12/01/2025

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	12/01/2025		P		430,531	A	$3.1405(1)	9,969,581	I	See footnotes(4)(5)
Class A Common Stock	12/02/2025		P		345,404	A	$3.0883(2)	10,314,985	I	See footnotes(4)(5)
Class A Common Stock	12/03/2025		P		533,888	A	$3.0904(3)	10,848,873	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 $3.13 to $3.15, 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 $3.0769 to $3.10, 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 $3.045 to $3.10, 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	12/03/2025
	Haveli Investments Software Fund I GP, LLC, By: Whanau Interests LLC, its sole member, By: /s/ Brian N. Sheth, Title: Managing Member	12/03/2025
	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	12/03/2025
	Haveli Investment Management LLC, By: /s/ Brian N. Sheth, Title: Chief Executive Officer and Chief Investment Officer	12/03/2025
	Haveli Investments, L.P., By: Whanau Interests LLC, its general partner, By: /s/ Brian N. Sheth, Title: Managing Member	12/03/2025
	Whanau Interests LLC, By: /s/ Brian N. Sheth, Title: Managing Member	12/03/2025
	/s/ Brian N. Sheth	12/03/2025
	** 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).
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FAQ

What insider transaction did Blend Labs (BLND) disclose in this Form 4?

The Form 4 reports that entities affiliated with investor and director Brian N. Sheth purchased Blend Labs Class A common stock in open-market transactions on December 1–3, 2025 at weighted average prices around $3.09–$3.14 per share.

How many Blend Labs (BLND) shares were bought on each transaction date?

On December 1, 2025, 430,531 shares were purchased at a weighted average price of $3.1405 per share. On December 2, 2025, 345,404 shares were bought at $3.0883 per share, and on December 3, 2025, 533,888 shares were purchased at $3.0904 per share.

What is the beneficial ownership reported for Brian Sheth’s group in Blend Labs (BLND)?

After the reported transactions, 10,848,873 Blend Labs Class A shares were beneficially owned indirectly through Haveli Brooks Aggregator, L.P., and an additional 130,000 shares were held through a family trust of which Mr. Sheth’s spouse is trustee.

In what capacity is Brian N. Sheth related to Blend Labs (BLND)?

The reporting indicates that Mr. Brian N. Sheth is both a director and a 10% owner of Blend Labs, Inc., and he is associated with the Haveli investment entities that reported the share purchases.

How were the share prices calculated in the Blend Labs (BLND) insider purchases?

For each date, the price disclosed is a weighted average price because the shares were bought in multiple trades within a narrow price range. The reporting persons state they will provide detailed trade prices and share amounts within each range upon request.

Which entities actually hold the Blend Labs (BLND) shares reported in this Form 4?

The shares are held primarily by Haveli Brooks Aggregator, L.P., with control and advisory roles attributed to several Haveli-related entities. A separate block of 130,000 shares is held through a family trust for which Mr. Sheth’s spouse acts as trustee.