SHETH BRIAN NIRANJAN 4

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.