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  4. [Form 4] Blend Labs, Inc. Insider Trading Activity

BLND 10% owner Brian Sheth group increases Class A share stake

Filing Impact
(Moderate)
Filing Sentiment
(Positive)
Form Type
4

Rhea-AI Filing Summary

Blend Labs, Inc. (BLND) reported insider purchases of its Class A common stock by Haveli Brooks Aggregator, L.P. and affiliated entities associated with Brian N. Sheth, a director and 10% owner. On 11/24/2025, they bought 54,844 shares at a weighted average price of $3.0463, in multiple trades between $3.0341 and $3.05. On 11/26/2025, they acquired another 15,090 shares at a weighted average price of $3.10, in trades between $3.0999 and $3.10. After these transactions, they report indirect beneficial ownership of 9,539,050 shares through Haveli Brooks Aggregator and related entities, plus 130,000 shares held via a family trust.

Positive

  • None.

Negative

  • None.
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 Director, 10% Owner | Director, 10% Owner | Director, 10% Owner | Director, 10% Owner | Director, 10% Owner | Director, 10% Owner | Director, 10% Owner
Bought 69,934 shs ($214K)
Type Security Shares Price Value
Purchase Class A Common Stock 15,090 $3.10 $47K
Purchase Class A Common Stock 54,844 $3.0463 $167K
holding Class A Common Stock -- -- --
Holdings After Transaction: Class A Common Stock — 9,539,050 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 $3.0341 to $3.05, 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 $3.0999 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. 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.
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 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)
11/24/2025
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 11/24/2025 P 54,844 A $3.0463(1) 9,523,960 I See footnotes(3)(4)
Class A Common Stock 11/26/2025 P 15,090 A $3.1(2) 9,539,050 I See footnotes(3)(4)
Class A Common Stock 130,000 I See footnote(5)
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 $3.0341 to $3.05, 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 $3.0999 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. 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.
4. 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.
5. 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 11/26/2025
Haveli Investments Software Fund I GP, LLC, By: Whanau Interests LLC, its sole member, By: /s/ Brian N. Sheth, Title: Managing Member 11/26/2025
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 11/26/2025
Haveli Investment Management LLC, By: /s/ Brian N. Sheth, Title: Chief Executive Officer and Chief Investment Officer 11/26/2025
Haveli Investments, L.P., By: Whanau Interests LLC, its general partner, By: /s/ Brian N. Sheth, Title: Managing Member 11/26/2025
Whanau Interests LLC, By: /s/ Brian N. Sheth, Title: Managing Member 11/26/2025
/s/ Brian N. Sheth 11/26/2025
** 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.

Source: View Original Filing on SEC EDGAR

FAQ

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

The filing shows that Haveli Brooks Aggregator, L.P. and affiliated entities linked to Brian N. Sheth, a director and 10% owner, purchased shares of Blend Labs Class A common stock on two dates in November 2025.

How many Blend Labs (BLND) shares were purchased and at what prices?

On 11/24/2025, 54,844 shares were bought at a weighted average price of $3.0463, and on 11/26/2025, 15,090 shares were bought at a weighted average price of $3.10, each in multiple trades within narrow price ranges.

How many Blend Labs (BLND) shares does the reporting group beneficially own after these trades?

Following the reported transactions, the group reports indirect beneficial ownership of 9,539,050 shares of Blend Labs Class A common stock, plus an additional 130,000 shares held through a family trust.

Who are the entities involved in the Blend Labs (BLND) insider holdings?

The securities are held by Haveli Brooks Aggregator, L.P., with indirect control or advisory roles attributed to entities including Haveli Investments Software Fund I GP, LLC, Whanau Interests LLC, Haveli Software Management LLC, Haveli Investment Management LLC, and Haveli Investments, L.P., all associated with Brian N. Sheth.

Do the reporting entities claim full beneficial ownership of Blend Labs (BLND) shares?

The entities, including Haveli Investments Software GP, Whanau, Haveli Software Management, Haveli Investments, Haveli Investment Management, and Brian N. Sheth, state they may be deemed to share voting and dispositive power but each disclaims beneficial ownership except to the extent of their pecuniary interest.

How are some of the Blend Labs (BLND) shares held for the reporting person’s family?

An additional 130,000 shares of Blend Labs Class A common stock are reported as held through a family trust for which Mr. Sheth’s spouse serves as trustee.