SHETH BRIAN NIRANJAN 4
4 · Blend Labs, Inc. · Filed May 18, 2026
Research Summary
AI-generated summary of this filing
Blend Labs (BLND) 10% Owner Haveli Investments Buys 1.528M Shares
What Happened
Haveli Investments, L.P. (a reported 10% owner) acquired a total of 1,527,874 shares of Blend Labs (BLND) in three open-market/private purchases between May 14 and May 18, 2026. The transactions reported: 1,000,000 shares at a weighted average price of $1.33 (≈ $1,325,600), 525,697 shares at $1.45 (≈ $761,472), and 2,177 shares at $1.47 (≈ $3,201). Total reported cash outlay across the three purchases is about $2.09 million. These were purchases (code P), which are generally seen as a buy signal rather than a sale.
Key Details
- Transaction dates and reported weighted-average prices:
- 2026-05-14: 1,000,000 shares @ $1.33 (weighted avg; individual trades ranged $1.255–$1.42) (F1)
- 2026-05-15: 525,697 shares @ $1.45 (weighted avg; trades ranged $1.425–$1.4757) (F2)
- 2026-05-18: 2,177 shares @ $1.47 (weighted avg; trades ranged $1.4642–$1.48) (F3)
- Total acquired: 1,527,874 shares; total reported value ≈ $2,090,273.
- Shares owned after the transactions: not specified in the information provided in this summary (see the filing for exact post-transaction holdings).
- Ownership structure notes (F4–F6): the shares are held through Haveli Brooks Aggregator, L.P.; several affiliated entities and Brian N. Sheth may be deemed to share voting/dispositive power but disclaim beneficial ownership except to the extent of pecuniary interest.
- Filing timing: Form 4 filed May 18, 2026 covering transactions from May 14–18; filing appears timely based on the reported dates.
Context
These filings reflect institutional/10% owner purchases (not an individual officer/director exercise or grant). The Form 4 uses weighted-average prices because each reported lot was executed as multiple trades at different prices (see footnotes for ranges). Purchases by large holders can be meaningful to investors, but the filing itself provides no explanation of motive—only that Haveli Investments increased its position.
Insider Transaction Report
- Purchase
Class A Common Stock
[F1][F4][F5]2026-05-14$1.33/sh+1,000,000$1,325,600→ 13,800,508 total(indirect: See footnotes) - Purchase
Class A Common Stock
[F2][F4][F5]2026-05-15$1.45/sh+525,697$761,472→ 14,326,205 total(indirect: See footnotes) - Purchase
Class A Common Stock
[F3][F4][F5]2026-05-18$1.47/sh+2,177$3,201→ 14,328,382 total(indirect: See footnotes)
- 130,000(indirect: See footnote)
Class A Common Stock
[F6]
Footnotes (6)
- [F1]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.
- [F2]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.
- [F3]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.
- [F4]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.
- [F5]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.
- [F6]Held through a family trust of which Mr. Sheth's spouse is the trustee.