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Haveli boosts Blend Labs (NYSE: BLND) stake with 1,527,874-share open-market buy

Filing Impact
(Very High)
Filing Sentiment
(Positive)
Form Type
4

Rhea-AI Filing Summary

Blend Labs, Inc. insider group led by Haveli Brooks Aggregator, L.P. reported open-market purchases of 1,527,874 shares of Class A Common Stock. Buys occurred on May 14, 15 and 18 at weighted average prices around $1.33–$1.47 per share, in multiple transactions within stated price ranges.

After these purchases, the filing shows 14,328,382 shares indirectly held by Haveli Brooks Aggregator, L.P. Related Haveli entities and Brian N. Sheth may be deemed to share voting and dispositive power but each disclaims beneficial ownership beyond their pecuniary interest. An additional 130,000 shares are held indirectly through a family trust managed by Mr. Sheth’s spouse.

Positive

  • None.

Negative

  • None.

Insights

Haveli-affiliated entities substantially increased their indirect stake via open-market buying.

The filing shows Haveli Brooks Aggregator, L.P. buying 1,527,874 Blend Labs Class A shares across three days in open-market transactions, at weighted average prices between roughly $1.33 and $1.47. Post-transaction, indirect holdings reported for this vehicle total 14,328,382 shares.

Multiple related entities, including Haveli Investments Software Fund I GP, LLC and Whanau Interests LLC, may be deemed to share voting and dispositive power over these securities, while disclaiming beneficial ownership beyond their pecuniary interest. The filing also notes 130,000 shares held through a family trust associated with Brian N. Sheth, further illustrating a layered ownership structure.

Because this is an open-market purchase by a significant holder and not a sale, it signals additional capital being committed to Blend Labs stock, though the filing does not provide context on overall shares outstanding or any strategic rationale.

Insider Haveli Investments, L.P., Haveli Brooks Aggregator, L.P., Haveli Investments Software Fund I GP, LLC, Haveli Software Management LLC, Haveli Investment Management LLC, Whanau Interests LLC, SHETH BRIAN NIRANJAN
Role null | null | null | null | null | null | null
Bought 1,527,874 shs ($2.09M)
Type Security Shares Price Value
Purchase Class A Common Stock 2,177 $1.4706 $3K
Purchase Class A Common Stock 525,697 $1.4485 $761K
Purchase Class A Common Stock 1,000,000 $1.3256 $1.33M
holding Class A Common Stock -- -- --
Holdings After Transaction: Class A Common Stock — 14,328,382 shares (Indirect, See footnotes)
Footnotes (1)
  1. The price reported in Column 4 is a weighted average price. These shares were acquired in multiple transactions at prices ranging from $1.255 to $1.42, 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. The price reported in Column 4 is a weighted average price. These shares were acquired in multiple transactions at prices ranging from $1.4757 to $1.425, 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. The price reported in Column 4 is a weighted average price. These shares were acquired in multiple transactions at prices ranging from $1.48 to $1.4642, 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. 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. 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. Held through a family trust of which Mr. Sheth's spouse is the trustee.
Total shares purchased 1,527,874 shares Aggregate open-market buys reported in this Form 4
Shares bought May 14 1,000,000 shares Class A Common Stock at $1.3256 per share
Shares bought May 15 525,697 shares Class A Common Stock at $1.4485 per share
Shares bought May 18 2,177 shares Class A Common Stock at $1.4706 per share
Post-transaction indirect holdings 14,328,382 shares Class A Common Stock indirectly held after latest buy
Family trust holdings 130,000 shares Indirectly held through family trust with spouse as trustee
open-market purchase financial
"transaction_action": "open-market purchase""
An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.
weighted average price financial
"The price reported in Column 4 is a weighted average price."
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
voting and dispositive power financial
"may each be deemed to share voting and dispositive power with respect to the securities"
beneficial ownership financial
"each disclaim beneficial ownership of such securities except to the extent of their pecuniary interest"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
pecuniary interest financial
"except to the extent of their pecuniary interest therein."
family trust financial
"Held through a family trust of which Mr. Sheth's spouse is the trustee."
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Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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 TEXAS 78701
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
Blend Labs, Inc. [ BLND ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirectorX10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
05/14/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
XForm filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

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)
CodeVAmount(A) or (D)Price
Class A Common Stock05/14/2026P1,000,000A$1.3256(1)13,800,508ISee footnotes(4)(5)
Class A Common Stock05/15/2026P525,697A$1.4485(2)14,326,205ISee footnotes(4)(5)
Class A Common Stock05/18/2026P2,177A$1.4706(3)14,328,382ISee footnotes(4)(5)
Class A Common Stock130,000ISee 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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount 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 TEXAS 78701
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
XDirectorX10% 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 TEXAS 78701
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
XDirectorX10% 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 TEXAS 78701
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
XDirectorX10% 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 TEXAS 78701
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
XDirectorX10% 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 TEXAS 78701
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
XDirectorX10% 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 TEXAS 78701
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
XDirectorX10% 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 TEXAS 78701
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
XDirectorX10% 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 $1.255 to $1.42, 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 $1.4757 to $1.425, 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 $1.48 to $1.4642, 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 Member05/18/2026
Haveli Investments Software Fund I GP, LLC, By: Whanau Interests LLC, its sole member, By: /s/ Brian N. Sheth, Title: Managing Member05/18/2026
Haveli Software Management LLC, By: Haveli Investment Management LLC, its sole member, By: /s/ Brian N. Sheth, Title: Chief Executive Officer and Chief Investment Officer05/18/2026
Haveli Investment Management LLC, By: /s/ Brian N. Sheth, Title: Chief Executive Officer and Chief Investment Officer05/18/2026
Haveli Investments, L.P., By: Whanau Interests LLC, its general partner, By: /s/ Brian N. Sheth, Title: Managing Member05/18/2026
Whanau Interests LLC, By: /s/ Brian N. Sheth, Title: Managing Member05/18/2026
/s/ Brian N. Sheth05/18/2026
** Signature of Reporting PersonDate
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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

How many Blend Labs (BLND) shares did the Haveli entities buy in this Form 4?

The Haveli-affiliated reporting group bought 1,527,874 shares of Blend Labs Class A Common Stock. These were open-market purchases over three days, significantly increasing their indirectly held position as reported in this filing.

At what prices did Haveli buy Blend Labs (BLND) shares in the latest transactions?

The reported prices are weighted averages. Shares were acquired in ranges from $1.255 to $1.42, $1.4757 to $1.425, and $1.48 to $1.4642. Each range reflects multiple trades aggregated into a single reported price.

What is Haveli Brooks Aggregator, L.P.’s Blend Labs (BLND) stake after these purchases?

After the reported open-market purchases, Haveli Brooks Aggregator, L.P. is shown holding 14,328,382 shares of Blend Labs Class A Common Stock indirectly. This figure reflects the position immediately following the most recent transaction date in the filing.

Who controls the Blend Labs (BLND) shares bought by Haveli Brooks Aggregator, L.P.?

The shares are held directly by Haveli Brooks Aggregator, L.P.. Related entities, including Haveli Investments Software Fund I GP, LLC and Whanau Interests LLC, may share voting and dispositive power but each disclaims beneficial ownership beyond their pecuniary interest.

Does Brian N. Sheth have additional indirect holdings of Blend Labs (BLND) stock?

Yes. The filing states that 130,000 shares are held through a family trust for which Brian N. Sheth’s spouse serves as trustee. This position is reported as an indirect ownership interest separate from the Haveli Brooks Aggregator, L.P. holdings.