Haveli Investments, L.P.

Haveli Investments, L.P. has been a consistent and aggressive buyer of Blend Labs, Inc. (BLND) stock, with zero sell-side activity across all 40 Form 4 filings in the dataset. The fund has deployed approximately $44.9 million in open-market purchases (code "P") since late November 2025, with no corresponding sales, acquisitions, or option exercises. This one-directional pattern—25 recent purchases and zero sales—signals a clear accumulation bias in a single equity. The transaction cadence is notable for its density and size. Between November 24, 2025, and June 15, 2026, Haveli executed 25 separate open-market buys, with individual trade values ranging from a modest $2,390.56 (May 27, 2026) to a peak of $1.87 million (May 13, 2026). The buying was particularly intense in mid-May and early June 2026, with eight transactions exceeding $500,000 in a four-week span. The largest single-day outlay was $1.87 million on May 13, followed by $1.33 million on May 14 and $1.18 million on May 22. The most recent trades, dated June 15, 2026 ($1.12 million) and June 12, 2026 ($436,160.97), show the fund remains in accumulation mode. The concentration in BLND is absolute—Haveli has reported activity in only this one company, and every transaction is a straightforward open-market purchase. The absence of code "S" (sales), "D" (distributions), or "A" (compensation grants) means the fund is not rebalancing, harvesting losses, or receiving shares as compensation. This is a deliberate, cash-funded position build, with the aggregate $44.9 million representing a substantial bet on a single name. The pattern—frequent, escalating purchases with no profit-taking—suggests a conviction position that has been maintained and expanded over roughly seven months.