Form 4: Haveli Investments Boosts Stake in Blend Labs

Haveli Investments, a significant shareholder and director, increased its beneficial ownership in Blend Labs, Inc. through multiple Class A Common Stock purchases in November 2025.

Summary

• Haveli Investments, L.P., along with related entities and Brian N. Sheth, a director and 10% owner, acquired additional shares of Blend Labs, Inc. Class A Common Stock.
• On November 10, 2025, 701,110 shares were acquired at a weighted average price of $2.9839 per share.
• On November 11, 2025, 600,308 shares were acquired at a weighted average price of $2.9986 per share.
• On November 12, 2025, 953,634 shares were acquired at a weighted average price of $3.0496 per share.
• The total number of shares acquired across these three dates is 2,255,052.
• Following these transactions, the reporting persons beneficially own 5,931,971 shares indirectly through Haveli Brooks Aggregator, L.P., and an additional 130,000 shares indirectly through a family trust of Mr. Sheth's spouse, totaling 6,061,971 shares.
• The prices for these acquisitions ranged from $2.885 to $3.065 per share.

Sentiment

Score: 8

Explanation: The significant insider buying by a major shareholder and director, Haveli Investments and its affiliates, indicates strong confidence in the company's valuation and future prospects. This is generally viewed as a positive signal by the market.

Positives

• Significant insider buying by a director and 10% owner, Haveli Investments and its affiliates, indicates confidence in Blend Labs, Inc.'s future prospects.
• The acquisition of over 2.25 million shares demonstrates a substantial commitment from a key stakeholder.
• The purchases occurred at varying price points, suggesting a belief in the stock's value within that range.

Future Outlook

NA

Industry Context

NA

Related Party Transactions

• Acquisition of Class A Common Stock by Haveli Investments, L.P., Haveli Brooks Aggregator, L.P., Haveli Investments Software Fund I GP, LLC, Whanau Interests LLC, Haveli Software Management LLC, Haveli Investment Management LLC, and Brian N. Sheth, who are all considered related parties due to their director and 10% owner status.
• The transactions involve multiple entities under the Haveli umbrella, with Brian N. Sheth being the managing member of Whanau Interests LLC, which is involved in the ownership structure.
• An additional 130,000 shares are held through a family trust of Mr. Sheth's spouse.

Stakeholder Impact

• Shareholders: Existing shareholders may view the insider buying as a positive signal, potentially increasing confidence in the stock.
• Management/Employees: May see this as a vote of confidence from a significant investor and director.

Key Dates

Recommendation

The substantial insider buying by a director and 10% owner, Haveli Investments and its affiliates, suggests a strong belief in the intrinsic value and future growth potential of Blend Labs, Inc. Such significant purchases by well-informed insiders often precede positive developments or indicate that the stock is undervalued, making it an attractive 'buy' signal for investors.

Keywords

Blend Labs, BLND, Haveli Investments, Insider Buying, SEC Form 4, Stock Acquisition, Director Ownership, 10% Owner, Equity Purchase, Financial Services Technology