American Homes 4 Rent: Gustavson at 5.98%

Estate of B. Wayne Hughes exits as 5% holder of AMH, while Tamara Hughes Gustavson now reports a separate 5.98% stake.

Rhea-AI Filing Summary

American Homes 4 Rent (AMH) received an Amendment No. 5 to a Schedule 13D updating the large shareholder reporting status. The Estate of B. Wayne Hughes has distributed all Class A common shares of beneficial interest it previously held to its beneficiaries and now holds 0 shares, or 0% of the class. As a result, the Estate ceased to be a beneficial owner of more than 5% of the Class A shares on or before September 11, 2026, and the reporting persons no longer constitute a "group" under Section 13(d)(3) of the Exchange Act. Tamara Hughes Gustavson now reports separately and beneficially owns 21,470,284 Class A shares, including indirectly owned shares and 5,421 restricted share units, representing approximately 5.98% of the 359,179,944 Class A shares outstanding as of July 29, 2026.

Key Figures

Shares beneficially owned by Estate of B. Wayne Hughes: 0 shares Shares beneficially owned by Tamara Hughes Gustavson: 21,470,284 shares Ownership percentage of Tamara Hughes Gustavson: 5.98% +3 more

6 metrics

Shares beneficially owned by Estate of B. Wayne Hughes 0 shares Reported as of September 11, 2026 after distribution to beneficiaries

Shares beneficially owned by Tamara Hughes Gustavson 21,470,284 shares Class A common shares of American Homes 4 Rent as of September 11, 2026

Ownership percentage of Tamara Hughes Gustavson 5.98% Based on 359,179,944 Class A shares outstanding as of July 29, 2026

Restricted share units held by Tamara Hughes Gustavson 5,421 RSUs Each RSU represents a contingent right to receive one Class A share

Class A shares outstanding 359,179,944 shares Class A common shares of American Homes 4 Rent outstanding on July 29, 2026

Shared voting and dispositive power of Tamara Hughes Gustavson 100 shares Shares held beneficially by spouse included in shared power counts

Key Terms

Schedule 13D, beneficially owns, restricted share units, group within the meaning of Section 13(d)(3), +1 more

5 terms

Schedule 13D regulatory

"This Amendment No. 5 amends the Statement on (the "") as previously"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

beneficially owns regulatory

"no longer may be deemed to beneficially owns any Shares formerly held"

Beneficially owns means a person or entity enjoys the economic benefits and control of a security even if the legal title or registration is held in another name. Think of it like having the keys and profits from a car that is registered to a friend: you use it, benefit from it, and make decisions about it even though the official paperwork lists someone else. For investors, this matters because it reveals who truly controls shares, affects voting power, potential conflicts of interest, and regulatory disclosure obligations.

restricted share units financial

"includes shares indirectly beneficially owned and 5,421 restricted share units, each"

Restricted share units (RSUs) are a promise from a company to give an employee or service provider actual shares or cash equal to the shares after certain conditions are met, typically staying with the company for a set time or hitting performance targets. Think of them like a time-locked gift card that becomes usable only after you’ve earned it. For investors, RSUs matter because they align employee incentives with company performance and can increase the number of shares outstanding over time, diluting existing ownership and affecting earnings per share.

group within the meaning of Section 13(d)(3) regulatory

"no longer constitute a "group" within the meaning of Section 13(d)(3) of"

beneficial owner of more than 5% regulatory

"the Estate ceased to be the beneficial owner of more than 5% of"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What change in major shareholding does this Schedule 13D/A report for AMH?

The filing reports that the Estate of B. Wayne Hughes has distributed all its American Homes 4 Rent Class A shares and now holds 0 shares, ending its status as a beneficial owner of more than 5% of the class.

How many AMH shares does Tamara Hughes Gustavson now beneficially own?

Tamara Hughes Gustavson beneficially owns 21,470,284 American Homes 4 Rent Class A shares, including indirectly owned shares and 5,421 restricted share units, each representing a contingent right to receive one Class A share.

What percentage of American Homes 4 Rent does Tamara Hughes Gustavson own?

Tamara Hughes Gustavson’s holdings represent approximately 5.98% of American Homes 4 Rent’s 359,179,944 Class A common shares outstanding, based on the shares outstanding as of July 29, 2026.

Do the reporting persons still constitute a group under Section 13(d)(3) for AMH?

No. The amendment states that, following the Estate’s distribution of its shares, the reporting persons no longer constitute a “group” within the meaning of Section 13(d)(3) of the Exchange Act.

When did the Estate of B. Wayne Hughes cease to be a 5% beneficial owner of AMH?

The Estate of B. Wayne Hughes ceased to be the beneficial owner of more than 5% of American Homes 4 Rent Class A shares on or before September 11, 2026, after distributing all shares to beneficiaries.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/11/2026 - 05:34 PM Accepted by SEC EDGAR 09/11/2026 - 05:34 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 5)

American Homes 4 Rent

(Name of Issuer)

Class A common shares of beneficial interest, $0.01 par value per share

(Title of Class of Securities)

02665T306

(CUSIP Number)

David Goldberg
22917 Pacific Coast Highway #300,
Malibu, CA, 90265
(310) 774-5332

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

09/11/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 02665T306

1

Name of reporting person

HUGHES B WAYNE ET AL

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

(1) B. Wayne Hughes passed away on August 18, 2021. This Amendment is being filed by the Estate of B. Wayne Hughes. The Estate of B. Wayne Hughes has distributed all Shares previously held by the Estate to the beneficiaries thereof and, as a result, no longer beneficially owns any shares.

SCHEDULE 13D

CUSIP Number(s): 02665T306

1

Name of reporting person

Tamara Hughes Gustavson

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 21,470,184.00
8	Shared Voting Power 100.00
9	Sole Dispositive Power 21,470,184.00
10	Shared Dispositive Power 100.00

11

Aggregate amount beneficially owned by each reporting person

21,470,284.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.98 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

(1) The numbers in rows 7, 9 and 11 include shares indirectly beneficially owned and 5,421 restricted share units, each representing a contingent right to receive one Class A common share. (2) The numbers in rows 8, 10 and 11 includes shares held beneficially by spouse. (3) Percentage of class based on number of shares outstanding at July 29, 2026 This Amendment No. 5 (this "Amendment") amends the Statement on Schedule 13D (the "Schedule 13D") as previously amended relating to the Class A common shares of beneficial interest, $0.01 par value per share (the "Shares") of American Homes 4 Rent. This Amendment is being filed to update the Schedule 13D to reflect that the Reporting Persons no longer constitute a "group" within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All capitalized terms used herein shall have the meanings given to them in the Schedule 13D, and unless amended or supplemented hereby, all information previously filed remains in effect.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A common shares of beneficial interest, $0.01 par value per share
(b)	Name of Issuer: American Homes 4 Rent
(c)	Address of Issuer's Principal Executive Offices: 280 Pilot Road, Las Vegas, NEVADA , 89119.
Item 4.	Purpose of Transaction
	Item 4 is hereby amended to add the following: The Estate of B. Wayne Hughes (the "Estate") distributed all Shares previously held by the Estate to the beneficiaries thereof. As a result, Tamara Hughes Gustavson, in her capacity as executor of the Estate, no longer may be deemed to beneficially owns any Shares formerly held by the Estate, and the Reporting Persons no longer constitute a "group" within the meaning of Section 13(d)(3) of the Exchange Act. Tamara Hughes Gustavson is separately making a Schedule 13D filing reporting her beneficial ownership of Shares.
Item 5.	Interest in Securities of the Issuer
(a)	As of September 11, 2026, each Reporting Person owned the aggregate number of Shares set forth below opposite his or her name. Such Shares constitute approximately 5.98%(1) in the aggregate of the 359,179,944 Class A common shares outstanding: Reporting Person Number of Shares Approximate Percentage of Shares Outstanding B. Wayne Hughes 0 0% Tamara Hughes Gustavson 21,470,284(2)(3) 5.98% (1) Based on the number of shares outstanding on July 29, 2026. (2) Includes shares indirectly beneficially owned. (3) Includes 5,421 restricted share units, each representing a contingent right to receive one Share.
(b)	The responses to Rows (7) through (13) of the Reporting Persons on their respective cover page of this Amendment are incorporated herein by reference.
(c)	The Reporting Persons have not effected any transactions in the Shares during the past sixty days.
(d)	Not applicable
(e)	On or before September 11, 2026, the Estate ceased to be the beneficial owner of more than 5% of Class A common shares outstanding.
Item 7.	Material to be Filed as Exhibits.
	Exhibit A Joint Filing Agreement. Previously filed and incorporated by reference herein. Exhibit B Power of Attorney. Previously filed and incorporated by reference herein.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

HUGHES B WAYNE ET AL

Signature:	*
Name/Title:	Tamara Hughes Gustavson/Executor of the Estate of B. Wayne Hughes
Date:	09/11/2026

Tamara Hughes Gustavson

Signature:	*
Name/Title:	Tamara Hughes Gustavson
Date:	09/11/2026

Signature:	*/s/ David Goldberg
Name/Title:	David Goldberg/Attorney In Fact
Date:	09/11/2026