SCHEDULE: Blaize Holdings: Bess Ventures Acquires Collateral

Bess Ventures and Advisory, LLC announces the purchase of 3,500,000 shares of Blaize, Inc. common stock at a private sale.

Summary

• Bess Ventures and Advisory, LLC (Secured Party) has purchased 3,500,000 shares of Blaize, Inc. common stock (the Collateral) through a private sale on May 8, 2026.
• This purchase was made to satisfy a debt owed by Burtech LP, LLC (Borrower) to Bess Ventures.
• The value of the collateral was determined by the stock's market price on NASDAQ at the time of sale, which was $1.8300 per share.
• The total purchase price for the collateral was $6,405,000, which was credited against the principal amount owed by the Borrower.
• This action is in accordance with Uniform Commercial Code provisions allowing secured parties to purchase collateral at private sales under specific conditions.
• Lane Bess, through Bess Ventures and Advisory, LLC and the Destin Huang Irrevocable Trust, beneficially owns approximately 9.2% of Blaize Holdings' outstanding common stock as of May 7, 2026.

Sentiment

Score: 4

Explanation: StockSavvy.ai views this filing as having a neutral to slightly negative sentiment due to the default and foreclosure, indicating financial distress for the borrower, although it represents a recovery mechanism for the secured party.

Positives

• Bess Ventures has recovered a portion of the debt owed by Burtech LP, LLC through the private disposition of collateral.
• The value of the collateral was readily ascertainable due to Blaize, Inc. common stock being publicly traded on NASDAQ.
• The transaction was conducted in accordance with UCC provisions, indicating a structured and legally compliant process.

Negatives

• The Borrower, Burtech LP, LLC, has defaulted on its obligations under the Bess Notes, leading to the foreclosure.
• The disposition of collateral indicates a financial distress or inability of the Borrower to meet its debt obligations.

Risks

• The Sponsor defaulted on the Bess Notes, leading to the foreclosure of 3,500,000 shares of Debtor Collateral Stock.
• There is a risk that the Reporting Persons may change their investment intentions regarding Blaize Holdings, potentially impacting the stock.
• Future actions by the Reporting Persons could include discussions regarding extraordinary corporate transactions, asset sales, or changes to the Issuer's business, strategy, or governance.

Future Outlook

The Reporting Persons intend to review their investment in Blaize Holdings on an ongoing basis and may take actions, including communicating with management or the board, regarding strategic alternatives, financing, acquisitions, divestitures, changes to business operations, capitalization, or governance. They may also seek to acquire or dispose of additional securities or financial instruments related to the Issuer.

Management Comments

• Mr. Bess serves as Chairman of the Board and, in such capacity, may have influence over the corporate activities of the Issuer.
• Each of Mr. Bess and Bess Ventures is primarily engaged in the business of investing in securities.
• The Trust is primarily engaged in the business of trust administration.

Industry Context

StockSavvy.ai notes that this filing details a secured party's exercise of rights following a borrower's default, a common occurrence in debt financing and investment scenarios. The specific action of purchasing collateral via a private sale is a standard UCC procedure, highlighting the structured nature of the financial arrangements between Bess Ventures and Burtech LP.

Legal Proceedings

• The Sponsor defaulted on the Bess Notes, leading to foreclosure proceedings by Bess Ventures.

Related Party Transactions

• Bess Ventures provided loans to the Sponsor (Burtech LP) totaling $25,000,000, secured by shares of Blaize Holdings common stock.
• Lane Bess is the managing member and owner of Bess Ventures and the Investment Fiduciary of the Destin Huang Irrevocable Trust, both of which hold shares in Blaize Holdings.
• The Business Combination Agreement involved entities and individuals related to Bess Ventures and Blaize, Inc.

Stakeholder Impact

• Shareholders of Blaize Holdings: The actions of major shareholders like Bess Ventures can influence stock price and corporate strategy. The foreclosure may signal financial instability of related entities.
• Creditors of Burtech LP, LLC: The disposition of collateral indicates a partial recovery for Bess Ventures, but the remaining debt may still be a concern for other creditors.
• Management of Blaize Holdings: Lane Bess, as Chairman of the Board and a significant beneficial owner, may exert influence over corporate decisions.

Next Steps

• Reporting Persons will continue to review their investment in Blaize Holdings.
• Reporting Persons may engage in discussions with the Issuer's management or board regarding strategic alternatives.
• Reporting Persons may purchase or dispose of additional securities or financial instruments related to Blaize Holdings.

Key Dates

Recommendation

The filing primarily details a collateral disposition following a default, which is a procedural event rather than a direct operational update for Blaize Holdings. While it confirms Bess Ventures' significant stake and potential influence, it doesn't provide new information on Blaize's core business performance or future prospects. Therefore, a 'hold' recommendation is appropriate pending further operational or strategic disclosures from Blaize Holdings itself.

Keywords

Blaize Holdings, Bess Ventures, Collateral Disposition, Private Sale, UCC, Foreclosure, Burtech LP, Common Stock, NASDAQ, Schedule 13D