Form 4: Haveli Investments Boosts Blend Labs Stake

Haveli Investments, a significant shareholder and director, increased its beneficial ownership in Blend Labs, Inc. through multiple open market purchases totaling over $6.5 million.

Summary

• Haveli Investments, L.P., along with several affiliated entities and individuals including Brian N. Sheth, acquired a total of 2,154,948 shares of Blend Labs, Inc. Class A Common Stock.
• The purchases occurred on November 13, 14, and 17, 2025, with an approximate total value of $6,520,828.
• Following these transactions, the reporting persons beneficially own 8,086,919 shares indirectly through Haveli Brooks Aggregator, L.P., and an additional 130,000 shares indirectly through a family trust of Mr. Sheth's spouse.
• The reporting persons are identified as both a Director and a 10% Owner of Blend Labs, Inc.

Sentiment

Score: 8

Explanation: The significant insider buying by a major institutional investor and director, Haveli Investments, signals strong confidence in Blend Labs' current valuation and future potential. This type of activity is generally interpreted as a very positive indicator by the market.

Positives

• Significant insider buying by a 10% owner and director, Haveli Investments, indicates strong confidence in Blend Labs' future prospects.
• The aggregate purchase of over 2.15 million shares represents a substantial investment by a key stakeholder.
• Purchases were made at prices ranging from $2.95 to $3.10, suggesting a belief in value at current levels.

Future Outlook

NA

Management Comments

• 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 footnotes.

Industry Context

This insider buying activity by a significant institutional investor and director in Blend Labs, a company operating in the financial technology sector, could be interpreted by the market as a positive signal, especially if the company's stock has experienced recent volatility or downward pressure. Such a move suggests a belief in the company's long-term value proposition within its competitive landscape.

Related Party Transactions

• The transactions involve Haveli Investments, L.P. and its affiliated entities, including Haveli Brooks Aggregator, L.P., Haveli Investments Software Fund I GP, LLC, Haveli Software Management LLC, Haveli Investment Management LLC, Whanau Interests LLC, and Brian N. Sheth, all of whom are related parties through their common control and relationship to Blend Labs as a director and 10% owner.
• The indirect ownership structure through various Haveli entities and Mr. Sheth's family trust highlights the complex web of related party interests.

Stakeholder Impact

• Shareholders: Existing shareholders may view this significant insider buying as a positive indicator, potentially boosting confidence and demand for the stock.
• Management/Employees: Increased insider ownership can align interests between management and shareholders, potentially fostering a more unified strategic direction.
• Creditors/Suppliers: While not directly impacted, increased insider confidence could indirectly signal stability, which is favorable for business relationships.

Next Steps

• The reporting person undertakes to provide full information regarding the number of shares purchased at each separate price within the stated ranges upon request.

Key Dates

Recommendation

The substantial insider buying by Haveli Investments, a 10% owner and director, signals strong conviction in Blend Labs' value proposition at current price levels. Such a significant investment by a well-informed party often precedes positive developments or reflects a belief that the stock is undervalued, making it a compelling 'buy' signal for investors.

Keywords

Blend Labs, BLND, Haveli Investments, Insider Buying, Form 4, Stock Purchase, Director Ownership, 10% Owner, Equity Acquisition, Brian Sheth