SCHEDULE: Haveli Group Boosts Blend Labs Stake to 20.9%

Haveli Group and related entities, including Brian N. Sheth, have increased their beneficial ownership in Blend Labs, Inc. to 20.9% of Class A common stock.

Summary

• Haveli Brooks Aggregator, L.P. and related entities, including Brian N. Sheth, filed an Amendment No. 2 to their Schedule 13D, reporting an increased beneficial ownership in Blend Labs, Inc.
• The Haveli entities collectively beneficially own 65,351,876 shares of Class A common stock, representing 20.8% of the outstanding class.
• Brian N. Sheth beneficially owns 65,481,876 shares, representing 20.9% of the outstanding class, which includes 130,000 shares held in a family trust.
• This ownership includes 46,153,845 shares issuable upon conversion of 150,000 shares of Series A Convertible Preferred Stock.
• It also includes 11,111,112 shares issuable upon exercise of warrants with an exercise price of $4.50 per share.
• The remaining shares are directly held Class A Common Stock (8,086,919 for Haveli entities and 8,216,919 for Brian N. Sheth).
• The increase in beneficial ownership by more than 1% of the outstanding shares of Class A Common Stock triggered this amendment.
• The percentage calculations are based on 256,417,107 shares outstanding as of November 10, 2025, plus the shares from preferred stock conversion and warrant exercise.

Sentiment

Score: 7

Explanation: The increased beneficial ownership by a significant investment group suggests a positive outlook and confidence in the issuer, indicating a favorable sentiment from the reporting persons.

Positives

• Significant increase in beneficial ownership by Haveli Group and Brian N. Sheth, indicating continued confidence in Blend Labs, Inc.
• The reporting persons' stake now represents 20.9% of the Class A common stock, demonstrating a substantial long-term investment.

Risks

• The filing does not detail specific risks related to Blend Labs, Inc.

Future Outlook

The filing does not provide specific forward-looking statements or guidance from the reporting persons regarding Blend Labs, Inc.'s future operations or financial performance, beyond their continued significant investment.

Management Comments

• Not applicable, as this filing is from an investor group, not company management.

Industry Context

This filing reflects a significant institutional investor's increased commitment to Blend Labs, Inc., a company operating in the financial technology sector. Such an increase in stake by a prominent investment group like Haveli could signal a positive long-term view on the company's position within the evolving fintech landscape, potentially influencing other investors' perceptions of Blend Labs' strategic direction and market potential.

Comparison to Industry Standards

• Not applicable, as this filing primarily concerns a change in beneficial ownership rather than operational or financial results that can be benchmarked against industry peers or projects.

Related Party Transactions

• The filing details the beneficial ownership structure involving multiple Haveli entities and Brian N. Sheth, who is associated with these entities. This represents a related group of reporting persons acting in concert regarding their investment in Blend Labs, Inc.

Stakeholder Impact

• Shareholders: The increased stake by a major institutional investor could be perceived as a vote of confidence, potentially leading to increased investor interest and stability in the stock.
• Company Management: A large, active institutional investor with a significant stake may exert influence on strategic decisions and corporate governance.

Next Steps

• The filing does not explicitly state any future actions or milestones planned by the reporting persons regarding Blend Labs, Inc.

Key Dates

Recommendation

The significant increase in beneficial ownership by a prominent investment group like Haveli, bringing their stake to 20.9%, signals strong confidence in Blend Labs, Inc. While this is a positive indicator, the filing itself does not provide new operational or financial data to warrant an immediate 'buy' or 'sell' recommendation. For existing shareholders, it reinforces a 'hold' position, suggesting that a major investor sees long-term value. For potential investors, it highlights institutional interest, but further due diligence on the company's fundamentals is advised before making a 'buy' decision.

Keywords

Blend Labs, Haveli Group, Brian N. Sheth, Schedule 13D, beneficial ownership, Class A common stock, Series A Preferred Stock, warrants, institutional investment, equity stake, SEC filing