AWM Investment Company, Inc. reports beneficial ownership of 1,400,166 shares (2.3%) of Backblaze, Inc. Class A common stock. The filing states AWM acts as investment adviser to five funds and holds voting and dispositive power over 180,916 shares for Special Situations Private Equity Fund, L.P.; 204,876 shares for Special Situations Technology Fund, L.P.; and 1,014,374 shares for Special Situations Technology Fund II, L.P. The filing is an amendment signed by Adam Stettner.
Positive
None.
Negative
None.
Insights
AWM discloses a modest 2.3% stake in Backblaze held through multiple funds.
AWM's 1,400,166 shares are split across three active funds: 180,916, 204,876, and 1,014,374. The filing clarifies voting and dispositive power are held by AWM in its capacity as investment adviser to those funds.
Timing and cash‑flow treatment are not described; subsequent filings would show changes. Ownership at this scale typically represents a passive institutional position rather than control.
Filing details ownership structure and affiliated fund relationships relevant to disclosure requirements.
The statement names AWM as adviser and identifies Greenhouse and Stettner as controlling principals of related general partners, which explains the chain of authority over the fund holdings listed. The amendment updates or clarifies previously reported holdings.
Share counts and the 2.3% percentage are the key disclosure items; governance implications are limited given the sub‑5% size.
Key Figures
Beneficial ownership:1,400,166 sharesPercent of class:2.3%SSPE holding:180,916 shares+3 more
TECH II holding1,014,374 sharesSpecial Situations Technology Fund II, L.P.
Filing signature date05/04/2026Signature date on the amendment
Key Terms
beneficially owned, sole voting power, Schedule 13G/A, dispositive power
4 terms
beneficially ownedregulatory
"Amount beneficially owned: 1,400,166"
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.
sole voting powerregulatory
"Sole Voting Power 1,400,166.00"
Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.
Schedule 13G/Aregulatory
"Form type: SCHEDULE 13G/A (Amendment No. 1)"
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
dispositive powerregulatory
"Sole Dispositive Power 1,400,166.00"
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.
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
Backblaze, Inc.
(Name of Issuer)
Class A Common Stock, Par Value $0.0001
(Title of Class of Securities)
05637B105
(CUSIP Number)
03/31/2026
(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)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
05637B105
1
Names of Reporting Persons
AWM Investment Company, Inc.
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
1,400,166.00
6
Shared Voting Power
7
Sole Dispositive Power
1,400,166.00
8
Shared Dispositive Power
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,400,166.00
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)
2.3 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Backblaze, Inc.
(b)
Address of issuer's principal executive offices:
2261 MARKET STREET STE 81006, SAN FRANCISCO, CALIFORNIA, 94114
Item 2.
(a)
Name of person filing:
AWM Investment Company, Inc., a Delaware corporation (AWM), is the investment adviser to Special Situations Cayman Fund, L.P. (CAYMAN), Special Situations Fund III QP, L.P. (SSFQP), Special Situations Private Equity Fund, L.P. (SSPE), Special Situations Technology Fund, L.P. (TECH) and Special Situations Technology Fund II, L.P. (TECH II) (CAYMAN, SSFQP, SSPE, TECH and TECH II will hereafter be referred to as the Funds). As the investment adviser to the Funds, AWM holds sole voting and investment power over 0 shares of Common Stock of the Issuer (the Shares) held by CAYMAN, 0 Shares held by SSFQP, 180,916 Shares held by SSPE, 204,876 Shares held by TECH and 1,014,374 Shares held by TECH II.
(b)
Address or principal business office or, if none, residence:
527 Madison Avenue, Suite 2600
New York, NY 10022
(c)
Citizenship:
AWM is a Delaware Corporation
(d)
Title of class of securities:
Class A Common Stock, Par Value $0.0001
(e)
CUSIP No.:
05637B105
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
1,400,166
(b)
Percent of class:
2.3 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
AWM is the investment adviser to each of the Funds. As the investment adviser to the Funds, AWM holds sole voting power over 0 shares of Common Stock of the Issuer (the Shares) held by CAYMAN, 0 Shares held by SSFQP, 180,916 Shares held by SSPE, 204,876 Shares held by TECH and 1,014,374 Shares held by TECH II. Greenhouse and Stettner are members of SSCAY, the general partner of CAYMAN. Greenhouse and Stettner are members of: MGP, the general partner of SSFQP; MG, the general partner of SSPE and SSTA, the general partner of TECH and TECH II. Greenhouse and Stettner are also controlling principals of AWM.
(ii) Shared power to vote or to direct the vote:
(iii) Sole power to dispose or to direct the disposition of:
AWM is the investment adviser to each of the Funds. As the investment adviser to the Funds, AWM holds sole investment power over 0 shares of Common Stock of the Issuer (the Shares) held by CAYMAN, 0 Shares held by SSFQP, 180,916 Shares held by SSPE, 204,876 Shares held by TECH and 1,014,374 Shares held by TECH II. Greenhouse and Stettner are members of SSCAY, the general partner of CAYMAN. Greenhouse and Stettner are members of: MGP, the general partner of SSFQP; MG, the general partner of SSPE and SSTA, the general partner of TECH and TECH II. Greenhouse and Stettner are also controlling principals of AWM.
(iv) Shared power to dispose or to direct the disposition of:
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
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.
What stake does AWM Investment Company report in Backblaze (BLZE)?
AWM reports beneficial ownership of 1,400,166 shares, representing 2.3% of Backblaze Class A common stock. The position is held across several funds advised by AWM.
Which funds hold the shares reported by AWM in BLZE?
The filing lists holdings by fund: Special Situations Private Equity Fund, L.P.180,916 shares; Special Situations Technology Fund, L.P.204,876 shares; and Special Situations Technology Fund II, L.P.1,014,374 shares.
Does AWM report voting or dispositive power over the Backblaze shares?
AWM states it holds sole voting and sole dispositive power over the shares held by the funds where AWM is adviser. Specific per‑fund voting/dispositive counts mirror the listed share amounts.
Is the disclosed ownership over 5% of Backblaze?
No. The filing is titled 'Ownership of 5 Percent or Less of a Class' and shows AWM's position as 2.3%, which is below a 5% reporting threshold requiring different disclosures.
Who signed the Schedule 13G/A amendment for AWM?
The amendment is signed by Adam Stettner, Executive Vice President, with the signature date shown as 05/04/2026.
