Blend Labs 10% owner Haveli group reports fresh BLND share buys

Rhea-AI Filing Summary

Blend Labs, Inc. (BLND) received a Form 4 filing from a director and 10% owner group led by Haveli Brooks Aggregator, L.P., reporting open-market purchases of Class A common stock.

On 11/18/2025, the group reported purchasing 293,459 shares at a weighted average price of $3.0463 per share, and on 11/19/2025 it reported purchasing 1,088,738 shares at a weighted average price of $3.031 per share. After these transactions, 9,469,116 shares are reported as indirectly beneficially owned through Haveli Brooks Aggregator, with an additional 130,000 shares held through a family trust of which Brian N. Sheth’s spouse is trustee.

The filing explains that the reported prices reflect weighted averages over multiple trades within narrow price ranges, and the reporting persons undertake to provide full breakdowns upon request. Several Haveli and Whanau-affiliated entities, as well as Mr. Sheth, may be deemed to share voting and dispositive power over the Haveli Aggregator holdings, while each disclaims beneficial ownership beyond their economic interest.

Insights

Equity Ownership Analyst

Large affiliated holder and director increased indirect stake in Blend Labs via open-market purchases at around $3.04 per share.

The filing shows affiliated entities of **Brian N. Sheth**, a **director and 10% owner** of **Blend Labs, Inc.**, buying Class A Common Stock in the open market. On 11/18/2025 and 11/19/2025, Haveli Brooks Aggregator, L.P. acquired an aggregate 1,382,197 shares at weighted average prices of about $3.0463 and $3.031, with trade prices in narrow ranges around those levels. After these transactions, the affiliated entities report indirect beneficial ownership of 9,469,116 shares, plus 130,000 shares held via a family trust.

Control of these shares sits in a layered structure involving Haveli Brooks Aggregator, several Haveli-branded entities, Whanau Interests LLC, and Mr. Sheth, who all may share voting and dispositive power over the Aggregator’s holdings, while formally disclaiming beneficial ownership beyond any economic interest. This structure concentrates influence while clarifying which vehicles hold the securities. The purchases represent net additions, not sales, by a major holder and board member, which is generally seen as a supportive signal for the issuer’s equity, though the filing does not state any motivation.

The weighted-average footnotes confirm purchases were broken into multiple trades within tight price bands, with an offer to supply exact breakdowns on request, which supports transparency. A key item to track over the coming quarters is whether this affiliated group continues to build its position or alters its ownership level, as future Forms 4 would reveal any shift in this large holder’s exposure and potential influence on corporate governance.

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)
11/18/2025

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	11/18/2025		P		293,459	A	$3.0463(1)	8,380,378	I	See footnotes(3)(4)
Class A Common Stock	11/19/2025		P		1,088,738	A	$3.031(2)	9,469,116	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 $3.04 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 $3.005 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. 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	11/20/2025
	Haveli Investments Software Fund I GP, LLC, By: Whanau Interests LLC, its sole member, By: /s/ Brian N. Sheth, Title: Managing Member	11/20/2025
	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	11/20/2025
	Haveli Investment Management LLC, By: /s/ Brian N. Sheth, Title: Chief Executive Officer and Chief Investment Officer	11/20/2025
	Haveli Investments, L.P., By: Whanau Interests LLC, its general partner, By: /s/ Brian N. Sheth, Title: Managing Member	11/20/2025
	Whanau Interests LLC, By: /s/ Brian N. Sheth, Title: Managing Member	11/20/2025
	/s/ Brian N. Sheth	11/20/2025
	** 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 did the Blend Labs (BLND) Form 4 filed by Haveli-related entities report?

The Form 4 reports that a director and 10% owner group led by Haveli Brooks Aggregator, L.P. acquired additional shares of Blend Labs Class A common stock in open-market purchases and updated its reported beneficial ownership stakes.

How many Blend Labs (BLND) shares were purchased on 11/18/2025 and at what price?

On 11/18/2025, the reporting persons acquired 293,459 shares of Blend Labs Class A common stock at a weighted average price of $3.0463 per share, with individual trades occurring between $3.04 and $3.05.

What Blend Labs (BLND) share purchases were reported on 11/19/2025?

On 11/19/2025, the reporting persons acquired 1,088,738 shares of Blend Labs Class A common stock at a weighted average price of $3.031 per share, with trades executed between $3.005 and $3.05.

How many Blend Labs (BLND) shares are now indirectly beneficially owned by the Haveli Aggregator group?

Following the reported transactions, 9,469,116 shares of Blend Labs Class A common stock are reported as indirectly beneficially owned through Haveli Brooks Aggregator, L.P..

What additional Blend Labs (BLND) holdings are reported through a family trust?

The filing notes an additional 130,000 Blend Labs Class A common shares held through a family trust for which Brian N. Sheth’s spouse serves as trustee.

Who may share voting and dispositive power over the Haveli Aggregator Blend Labs (BLND) shares?

Entities including Haveli Investments Software Fund I GP, LLC, Whanau Interests LLC, Haveli Software Management LLC, Haveli Investment Management LLC, Haveli Investments, L.P., and Brian N. Sheth may each be deemed to share voting and dispositive power over the shares held by Haveli Brooks Aggregator, subject to each party’s stated disclaimer of beneficial ownership beyond its pecuniary interest.

What roles do the reporting persons have at Blend Labs (BLND)?

The reporting persons are identified as a director and 10% owner of Blend Labs, Inc., reflecting both governance involvement and a significant ownership position.