BLND director/10% owner Haveli boosts stake with November share buys

Rhea-AI Filing Summary

Blend Labs, Inc. (BLND) reported insider share purchases by an affiliated investment group that is both a director and a 10% owner. The reporting persons, including Haveli Brooks Aggregator, L.P. and related entities, acquired Class A common stock in open-market transactions on three dates: 653,936 shares on 11/13/2025 at a weighted average price of $3.0928, 704,259 shares on 11/14/2025 at a weighted average price of $3.005, and 796,753 shares on 11/17/2025 at a weighted average price of $2.9895. After these purchases, the group reports indirect beneficial ownership of 8,086,919 shares through Haveli Brooks Aggregator, L.P., plus an additional 130,000 shares held through a family trust for the spouse of Brian N. Sheth. The filing notes that prices reflect weighted averages over multiple trades within narrow price ranges on each date.

Insights

Equity Ownership and Governance Analyst

Large affiliated holder and director increased indirect stake in Blend Labs through multi-day open-market purchases at clustered prices, signaling added economic commitment.

The filing shows entities affiliated with Brian N. Sheth, identified as both a Director and 10% Owner of Blend Labs, Inc., buying Class A common stock in the open market. Across 11/13/2025, 11/14/2025, and 11/17/2025, the group acquired 653,936, 704,259, and 796,753 shares, respectively, at weighted average prices of about $3.0928, $3.005, and $2.9895. After these transactions, 8,086,919 shares are held indirectly via Haveli Brooks Aggregator, L.P., plus 130,000 shares held through a family trust.

The economic exposure is concentrated in Haveli Brooks Aggregator, L.P., with a chain of related entities (Haveli Investments Software Fund I GP, LLC, Whanau Interests LLC, Haveli Software Management LLC, Haveli Investment Management LLC, and Haveli Investments, L.P.). The filing notes that these entities and Mr. Sheth may be deemed to share voting and dispositive power over the Haveli Aggregator holdings, while each disclaims beneficial ownership beyond any pecuniary interest. This structure suggests coordinated control over a sizable block, though legal beneficial ownership is carefully limited.

The transactions are reported as open-market purchases (code P) rather than option exercises or grants, which reflects new capital deployed rather than simply vesting or conversions. The weighted-average price disclosures, with ranges from $2.95 to $3.10, and the offer to provide full breakdowns, align with standard Form 4 practice for aggregated trades. A key item to watch going forward is any change in these indirect holdings or additional Form 4 activity from this group after 11/17/2025, which would show whether this increase in exposure continues or stabilizes.

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)
11/13/2025

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	11/13/2025		P		653,936	A	$3.0928(1)	6,585,907	I	See footnotes(4)(5)
Class A Common Stock	11/14/2025		P		704,259	A	$3.005(2)	7,290,166	I	See footnotes(4)(5)
Class A Common Stock	11/17/2025		P		796,753	A	$2.9895(3)	8,086,919	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 $3.07 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 (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 $2.965 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 (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 $2.95 to $3.01, 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	11/17/2025
	Haveli Investments Software Fund I GP, LLC, By: Whanau Interests LLC, its sole member, By: /s/ Brian N. Sheth, Title: Managing Member	11/17/2025
	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	11/17/2025
	Haveli Investment Management LLC By: /s/ Brian N. Sheth, Title: Chief Executive Officer and Chief Investment Officer	11/17/2025
	Haveli Investments, L.P., By: Whanau Interests LLC, its general partner, By: /s/ Brian N. Sheth, Title: Managing Member	11/17/2025
	Whanau Interests LLC, By: /s/ Brian N. Sheth, Title: Managing Member	11/17/2025
	/s/ Brian N. Sheth	11/17/2025
	** 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 filing reports that an affiliated investment group that is both a director and 10% owner of Blend Labs purchased Class A common stock in multiple open-market transactions in November 2025.

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

The group bought 653,936 shares on 11/13/2025 at a weighted average price of $3.0928, 704,259 shares on 11/14/2025 at $3.005, and 796,753 shares on 11/17/2025 at $2.9895 per share.

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

After the reported purchases, the group reports indirect beneficial ownership of 8,086,919 Blend Labs Class A common shares through Haveli Brooks Aggregator, L.P., plus 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., whose control chain includes Haveli Investments Software Fund I GP, LLC, Whanau Interests LLC, Haveli Software Management LLC, Haveli Investment Management LLC, and Haveli Investments, L.P., with Brian N. Sheth as managing member of Whanau.

Are the reported share prices for BLND single trades or averages?

The reported prices are weighted average prices; each day’s purchases were executed in multiple trades within stated price ranges, and detailed trade-level data is available upon request to the company, its security holders, or SEC staff.

How is beneficial ownership of Blend Labs (BLND) shares treated among the Haveli entities?

The Haveli-related entities and Brian N. Sheth may be deemed to share voting and dispositive power over the shares held by Haveli Brooks Aggregator, L.P., but each disclaims beneficial ownership except to the extent of their pecuniary interest.

Is any portion of the Blend Labs (BLND) holding owned through a family trust?

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