Amendment No. 2 to a Schedule 13G reports current beneficial ownership of Blend Labs, Inc. Class A common stock by several 8VC-related entities and by Joe Lonsdale. The filing shows 8VC Co-Invest LP holds 6,897,728 shares (2.7%) with shared voting and dispositive power, and Opportunities II holds 4,975,791 shares (2.0%) with shared voting and dispositive power. Joe Lonsdale is reported to beneficially own 11,873,519 shares (4.7%) with sole voting and dispositive power over that aggregate amount.
Percentages are calculated on a base of 254,775,978 shares outstanding as of April 30, 2025, as cited in the filing. The reporting persons disclaim beneficial ownership except to the extent of pecuniary interest, and the filing states it only amends the items specified in this Amendment while leaving other previously reported items unchanged.
Positive
Detailed disclosure of share counts: Reporting persons provide exact holdings (e.g., 11,873,519 shares for Joe Lonsdale).
Transparency of voting/dispositive power: Filing specifies which holdings are held with shared or sole voting/dispositive power.
Percentage basis provided: Percentages are calculated on a cited outstanding share count of 254,775,978 shares.
Negative
No indication of sole fund control: Reported fund holdings show 0 sole voting/dispositive power, limiting direct control influence.
All reported stakes are under 5% individually: Each fund's position (2.7% and 2.0%) is below common control thresholds.
Insights
TL;DR: This is a routine beneficial-ownership amendment showing sub-5% stakes by funds and a 4.7% aggregate holding by Lonsdale.
The filing discloses precise share counts and percentage stakes based on 254,775,978 shares outstanding. Fund-level positions are reported as shared voting and dispositive power, while Joe Lonsdale is shown with sole voting and dispositive power over 11,873,519 shares. From a market-impact perspective, these positions are material enough to be disclosed but remain below typical control thresholds; the disclosure improves transparency without indicating any new control change or transaction details.
TL;DR: Clear allocation of voting/dispositive powers; no single entity claims controlling interest above 5%.
The schedule clarifies governance-related rights: the funds report 0 sole voting/dispositive power and only shared authority over their respective holdings, while Joe Lonsdale holds sole authority over his aggregate position. The filing reiterates the standard disclaimer of beneficial ownership except for pecuniary interest. For governance assessment, this is a factual update on ownership structure and decision rights without evidence in the filing of coordinated control actions.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 2)
Blend Labs, Inc.
(Name of Issuer)
Class A Common Stock, $0.00001 par value per share
(Title of Class of Securities)
09352U108
(CUSIP Number)
06/30/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
09352U108
1
Names of Reporting Persons
8VC Co-Invest Fund I, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
6,897,728.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
6,897,728.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,897,728.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.7 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person:
All shares are held by 8VC Co-Invest LP (as defined in Item 2(a) of the Original Schedule 13G (as defined below)). 8VC Co-Invest GP (as defined in item 2(a) of the Original Schedule 13G) is the general partner of 8VC Co-Invest LP. Lonsdale (as defined in Item 2(a) of the Original Schedule 13G) is the sole managing member of 8VC Co-Invest GP and may be deemed to have voting, investment and dispositive power with respect to the shares held by 8VC Co-Invest LP.
The percentage in Row 11 is based on 254,775,978 shares of Common Stock (as define in Item 2(d) of the Original Schedule 13G) outstanding as of April 30, 2025, as reported by the Issuer in its quarterly report on Form 10-Q for the quarter ended March 31, 2025, filed with the Securities and Exchange Commission on May 8, 2025 (the "Form 10-Q").
SCHEDULE 13G
CUSIP No.
09352U108
1
Names of Reporting Persons
8VC Co-Invest GP I, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
6,897,728.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
6,897,728.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,897,728.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.7 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person:
All shares are held by 8VC Co-Invest LP. 8VC Co-Invest GP is the general partner of 8VC Co-Invest LP. Lonsdale is the sole managing member of 8VC Co-Invest GP and may be deemed to have voting, investment and dispositive power with respect to the shares held by 8VC Co-Invest LP.
The percentage in Row 11 is based on 254,775,978 shares of Common Stock outstanding as of April 30, 2025, as reported by the Issuer in the Form 10-Q.
SCHEDULE 13G
CUSIP No.
09352U108
1
Names of Reporting Persons
8VC Opportunities Fund II, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
4,975,791.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,975,791.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,975,791.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.0 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person:
All shares are held by Opportunities II (as defined in Item 2(a) of the Original Schedule 13G). Opportunities GP II (as defined in item 2(a) of the Original Schedule 13G) is the general partner of Opportunities II. Lonsdale is the sole managing member of Opportunities GP II and may be deemed to have voting, investment and dispositive power with respect to the shares held by Opportunities II.
The percentage in Row 11 is based on 254,775,978 shares of Common Stock outstanding as of April 30, 2025, as reported by the Issuer in the Form 10-Q.
SCHEDULE 13G
CUSIP No.
09352U108
1
Names of Reporting Persons
8VC Opportunities GP II, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
4,975,791.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,975,791.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,975,791.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.0 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person:
All shares are held by Opportunities II. Opportunities GP II is the general partner of Opportunities II. Lonsdale is the sole managing member of Opportunities GP II and may be deemed to have voting, investment and dispositive power with respect to the shares held by Opportunities II.
The percentage in Row 11 is based on 254,775,978 shares of Common Stock outstanding as of April 30, 2025, as reported by the Issuer in the Form 10-Q.
SCHEDULE 13G
CUSIP No.
09352U108
1
Names of Reporting Persons
Joe Lonsdale
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
11,873,519.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
11,873,519.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
11,873,519.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.7 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person:
Consists of (i) 6,897,728 shares of Common Stock held by 8VC Co-Invest LP and (ii) 4,975,791 shares of Common Stock held by Opportunities II. 8VC Co-Invest GP is the general partner of 8VC Co-Invest LP. Lonsdale is the sole managing member of 8VC Co-Invest GP and may be deemed to have voting, investment and dispositive power with respect to the shares held by 8VC Co-Invest LP. Opportuniites GP II is the general partner of Opportunities II. Lonsdale is the sole managing member of Opportunities GP II and may be deemed to have voting, investment and dispositive power with respect to the shares held by Opportunities II.
The percentage in Row 11 is based on 254,775,978 shares of Common Stock outstanding as of April 30, 2025, as reported by the Issuer in the Form 10-Q.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Blend Labs, Inc.
(b)
Address of issuer's principal executive offices:
7250 Redwood Blvd., Suite 300, Novato, CA 94945
Item 2.
(a)
Name of person filing:
This Amendment No. 2 (this "Amendment") amends and supplements the Schedule 13G originally filed by the Reporting Persons with the Securities and Exchange Commission on February 14, 2022, as amended by Amendment No. 1 filed with the Securities and Exchange Commission on February 8, 2023 (collectively, the "Original Schedule 13G"). Only those items that are hereby reported are amended; all other items reported in the Original Schedule 13G remain unchanged. Information given in response to each item shall be deemed incorporated by reference in all other items, as applicable. Capitalized terms not defined in this Amendment have the meaning ascribed to them in the Original Schedule 13G.
(b)
Address or principal business office or, if none, residence:
(c)
Citizenship:
(d)
Title of class of securities:
Class A Common Stock, $0.00001 par value per share
(e)
CUSIP No.:
09352U108
Item 4.
Ownership
(a)
Amount beneficially owned:
See Row 9 of the cover page for each Reporting Person and the corresponding comments.*
(b)
Percent of class:
See Row 11 of the cover page for each Reporting Person and the corresponding comments.*
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See Row 5 of the cover page for each Reporting Person and the corresponding comments.*
(ii) Shared power to vote or to direct the vote:
See Row 6 of the cover page for each Reporting Person and the corresponding comments.*
(iii) Sole power to dispose or to direct the disposition of:
See Row 7 of the cover page for each Reporting Person and the corresponding comments.*
(iv) Shared power to dispose or to direct the disposition of:
See Row 8 of the cover page for each Reporting Person and the corresponding comments.*
*Each of the Reporting Persons disclaims beneficial ownership as to such shares, except to the extent of such Reporting Person's pecuniary interest therein.
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 10.
Certifications:
Not Applicable
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
8VC Co-Invest Fund I, L.P.
Signature:
/s/ Ian Shannon
Name/Title:
Ian Shannon, General Counsel of 8VC Co-Invest GP I, LLC, general partner of 8VC Co-Invest Fund I, L.P.
Date:
08/12/2025
8VC Co-Invest GP I, LLC
Signature:
/s/ Ian Shannon
Name/Title:
Ian Shannon, General Counsel
Date:
08/12/2025
8VC Opportunities Fund II, L.P.
Signature:
/s/ Ian Shannon
Name/Title:
Ian Shannon, General Counsel of 8VC Opportunities GP II, LLC, general partner of 8VC Opportunities Fund II, L.P.
How many BLND shares does Joe Lonsdale beneficially own?
The filing reports Joe Lonsdale beneficially owns 11,873,519 shares of BLND Class A common stock, representing 4.7% of the class on the stated basis.
What stakes do 8VC-related funds hold in BLND?
8VC Co-Invest LP holds 6,897,728 shares (2.7%) and Opportunities II holds 4,975,791 shares (2.0%), both reported with shared voting and dispositive power.
On what share count are the percentages based?
Percentages are calculated on 254,775,978 shares outstanding of BLND Common Stock as cited in the filing for April 30, 2025.
Does any reporting person claim sole voting or dispositive power over the fund-held shares?
No; the filing shows the funds have 0 sole voting and 0 sole dispositive power for their reported holdings and instead report shared powers.
What does this Amendment No. 2 change?
The Amendment states it amends and supplements the Original Schedule 13G and that only the items reported in this Amendment are amended, with other previously reported items unchanged.
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