Haveli group reports 21% stake in Blend Labs
Accepted by SEC EDGAR
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Form Type
SCHEDULE 13D/A
Rhea-AI Filing Summary
Blend Labs, Inc. received an updated ownership report as several Haveli-affiliated entities and Brian N. Sheth filed Amendment No. 3 to their Schedule 13D. They report beneficial ownership of about 60.5 million shares or rights to shares of Class A common stock, representing roughly 21% of the class.
The position consists of 46,153,845 shares issuable upon conversion of 150,000 shares of Series A Convertible Preferred Stock and 14,326,205 outstanding Class A shares, including 130,000 shares held in a family trust associated with Mr. Sheth. The amendment also notes that a warrant to acquire 11,111,112 Class A shares held by Haveli Brooks Aggregator, L.P. expired on April 29, 2026, and states that, aside from the transactions described, no reporting person has traded Blend Labs Class A stock in the past 60 days.
Key Figures
Beneficial ownership (Haveli entities): 60,480,050 shares
Beneficial ownership (Brian N. Sheth): 60,610,050 shares
Ownership percentage (Haveli entities): 21.2%
+5 more
8 metrics
Beneficial ownership (Haveli entities)
60,480,050 shares
Class A common stock beneficially owned as reported on cover pages
Beneficial ownership (Brian N. Sheth)
60,610,050 shares
Class A common stock beneficially owned including family trust holdings
Ownership percentage (Haveli entities)
21.2%
Percent of Class A common stock represented by 60,480,050 shares
Ownership percentage (Brian N. Sheth)
21.3%
Percent of Class A common stock represented by 60,610,050 shares
Convertible preferred into Class A
46,153,845 shares
Class A shares issuable upon conversion of 150,000 Series A Preferred
Existing Class A shares
14,326,205 shares
Blend Labs Class A common stock already outstanding in the position
Shares outstanding baseline
238,860,271 shares
Class A common stock outstanding as of May 1, 2026 per Q1 2026 Form 10-Q
Expired warrant capacity
11,111,112 shares
Class A shares previously acquirable under warrant that expired April 29, 2026
Key Terms
Schedule 13D, beneficially owned, Series A Convertible Preferred Stock, warrant, +1 more
5 terms
Schedule 13D regulatory
"The statement on filed on May 6, 2024 (the "Original"), as amended by Amendment No. 1 ... is hereby amended as set forth below by this Amendment No. 3"
A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.
beneficially owned financial
"Number of Shares Beneficially Owned by Each Reporting Person With:"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
Series A Convertible Preferred Stock financial
"issuable upon conversion of 150,000 shares of Series A Convertible Preferred Stock, par value $0.00001 per share"
Series A convertible preferred stock is a class of shares sold in an early funding round that gives investors a mix of protection and upside: it pays a priority claim over common shares if the company is sold or closes, but can be converted into ordinary shares to share in future growth. Think of it like a hybrid between a safer stake and a ticket to ownership; it matters to investors because it affects who controls the company, how future gains are split, and how much their investment is protected from downside.
warrant financial
"a warrant previously held by Haveli Brooks Aggregator, L.P. to acquire 11,111,112 shares of Class A Common Stock expired pursuant to its terms"
A warrant is a time-limited financial contract that gives its holder the right to buy a company's shares at a set price before a specified date, like a coupon that lets you purchase stock at a fixed discount for a limited time. It matters to investors because warrants offer leveraged exposure to a stock’s upside and can dilute existing shareholders if exercised, so they affect potential gains and the company’s outstanding share count.
dispositive power financial
"Number of Shares Beneficially Owned by Each Reporting Person With: | 9 | Sole Dispositive Power 10 | Shared Dispositive Power 60,480,050.00"
Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What ownership stake in Blend Labs (BLND) do the Haveli entities report?
The Haveli-affiliated entities report beneficial ownership of 60,480,050 shares or rights to shares of Blend Labs Class A common stock, representing 21.2% of the class. This figure combines convertible preferred shares and existing Class A common shares using the company’s Q1 2026 share count.
How is the Haveli group’s Blend Labs (BLND) stake structured?
The reported stake consists of 46,153,845 Blend Labs Class A shares issuable upon conversion of 150,000 Series A Convertible Preferred shares and 14,326,205 existing Class A shares. This structure blends current equity with a sizable convertible preferred position into Class A stock.
What happened to Haveli’s warrant position in Blend Labs (BLND)?
On April 29, 2026, a warrant previously held by Haveli Brooks Aggregator, L.P. to acquire 11,111,112 Blend Labs Class A shares expired pursuant to its terms. This expiration removes that particular potential source of additional shares from the Haveli group’s capital structure exposure.
How was the Blend Labs (BLND) ownership percentage calculated in the filing?
The 21.2% and 21.3% ownership figures use 238,860,271 Blend Labs Class A shares outstanding as of May 1, 2026, as reported in the Q1 2026 Form 10-Q, plus 46,153,845 additional Class A shares assumed issuable upon conversion of the Series A Convertible Preferred Stock.
Have the Haveli reporting persons traded Blend Labs (BLND) recently?
The filing states that, except as described in the amendment and its exhibits, none of the reporting persons, nor any person named in Item 2, has effected any transaction in Blend Labs Class A common stock during the past 60 days. This emphasizes limited recent trading activity by the group.
AI-generated analysis. How Rhea-AI works. Not financial advice.
