Form 4: Haveli Investments Boosts Blend Labs Stake

Haveli Investments and related entities significantly increased their beneficial ownership in Blend Labs, Inc. through recent stock purchases.

Summary

• Haveli Investments, L.P. and affiliated entities, including Brian N. Sheth, acquired a total of 1,382,197 shares of Blend Labs, Inc. Class A Common Stock.
• On November 18, 2025, 293,459 shares were purchased at a weighted average price of $3.0463 per share, with prices ranging from $3.04 to $3.05.
• On November 19, 2025, an additional 1,088,738 shares were purchased at a weighted average price of $3.031 per share, with prices ranging from $3.005 to $3.05.
• Following these transactions, the reporting persons beneficially own 9,469,116 shares indirectly through Haveli Brooks Aggregator, L.P.
• An additional 130,000 shares are indirectly held 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 substantial insider purchases by a director and 10% owner, Haveli Investments and its affiliates, indicate strong confidence in the company's valuation and future prospects. This is a highly positive signal from those with intimate knowledge of the company.

Positives

• Significant insider buying by a 10% owner and director, Haveli Investments and its affiliates, signals confidence in Blend Labs, Inc.'s future prospects.
• The acquisition of 1,382,197 shares at prices between $3.005 and $3.05 demonstrates a substantial financial commitment.
• Increased ownership by a major institutional investor and director could be viewed positively by the market.

Future Outlook

NA

Industry Context

This insider buying activity by a significant institutional investor and director in Blend Labs, Inc. suggests a belief in the company's value proposition within the financial technology and lending software industry. While specific industry trends are not detailed in this filing, such a move often indicates a positive internal assessment of the company's position or future growth potential relative to its peers.

Related Party Transactions

• 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, and Brian N. Sheth are all interconnected entities and individuals involved in these transactions. Brian N. Sheth is the managing member of Whanau Interests LLC, which is the sole member of Haveli Investments Software Fund I GP, LLC, and the general partner of Haveli Investments, L.P. This complex structure indicates that the transactions are occurring between closely related parties, all of whom are considered reporting persons and are either directors or 10% owners of Blend Labs, Inc.

Stakeholder Impact

• Shareholders: The significant insider buying by a major investor and director could instill confidence and potentially lead to positive market sentiment, benefiting existing shareholders.
• Employees: While not directly impacted by this filing, a stronger stock performance resulting from increased investor confidence could indirectly benefit employees through stock options or overall company stability.
• Customers/Suppliers/Creditors: No direct impact is immediately apparent from this insider trading report.

Key Dates

Recommendation

The substantial insider buying by a director and 10% owner, Haveli Investments and its affiliates, at prices ranging from $3.005 to $3.05, is a strong bullish signal. Insiders typically purchase shares when they believe the stock is undervalued or has significant upside potential. This action by a well-informed party suggests a positive outlook for Blend Labs, Inc., making it a compelling 'buy' recommendation for investors.

Keywords

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