American Homes 4 Rent trustee reports 21.5M-share stake

American Homes 4 Rent (AMH) has a Schedule 13D filing from trustee Tamara Hughes Gustavson, who reports beneficial ownership of 21,470,284 Class A common shares, equal to 5.98% of the class based on 359,179,944 shares outstanding as of July 29, 2026.

Rhea-AI Filing Summary

American Homes 4 Rent (AMH) has a Schedule 13D filing from trustee Tamara Hughes Gustavson, who reports beneficial ownership of 21,470,284 Class A common shares, equal to 5.98% of the class based on 359,179,944 shares outstanding as of July 29, 2026.

The holdings are for investment purposes and are spread across directly held shares, a revocable trust, an IRA, an LLC, restricted share units, and shares held by her spouse. Gustavson was previously part of a Section 13(d) “group” with B. Wayne Hughes but now reports separately and discloses no transactions in the past 60 days and no specific current plans to change control or influence major corporate actions.

Key Figures

Beneficially owned shares: 21,470,284 shares Ownership percentage: 5.98% Shares outstanding: 359,179,944 shares +5 more

8 metrics

Beneficially owned shares 21,470,284 shares Class A common shares beneficially owned by Tamara Hughes Gustavson as of June 30, 2026

Ownership percentage 5.98% Portion of AMH Class A shares beneficially owned, based on 359,179,944 shares outstanding as of July 29, 2026

Shares outstanding 359,179,944 shares AMH Class A shares outstanding as of July 29, 2026, per Form 10-Q

Directly held shares 9,415,345 shares Shares held directly by the reporting person, including restricted share units

Revocable trust holdings 11,621,725 shares Shares held by the Tamara H. Gustavson Revocable Trust

Restricted share units 5,421 units Each restricted share unit represents a contingent right to receive one Class A share

THG AT, LLC holdings 274,334 shares Shares held by THG AT, LLC for the benefit of the reporting person and her family

Spouse-held shares with shared power 100 shares Shares held by the reporting person’s husband, with shared voting and dispositive power

Key Terms

Schedule 13D, beneficially owned, restricted share units, dispositive power, +2 more

6 terms

Schedule 13D regulatory

"This is being filed because the Reporting Person continues to be a reporting person"

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 owned financial

"As of June 30, 2026, the Reporting Person beneficially owned 21,470,284 Shares"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

restricted share units financial

"which includes 5,421 restricted share units, each representing a contingent right"

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.

dispositive power financial

"of which the Reporting Person has sole voting and dispositive power"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

Section 13(d)(3) regulatory

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

Power of Attorney regulatory

"Exhibit A: Power of Attorney, dated as of September 2, 2015"

A power of attorney is a legal document that allows one person to make decisions and act on behalf of another person, often in financial or legal matters. It’s like giving someone a trusted helper or agent the authority to handle important tasks if you are unable to do so yourself. This matters to investors because it can impact how their assets are managed or transferred if they become unable to oversee their affairs.

FAQ

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

What percentage of AMH does Tamara Hughes Gustavson currently beneficially own?

She beneficially owns 21,470,284 Class A shares of American Homes 4 Rent, representing approximately 5.98% of the outstanding Class A shares, based on 359,179,944 shares outstanding as of July 29, 2026.

How are Tamara Hughes Gustavson’s AMH holdings structured?

Her 21,470,284 shares include 9,415,345 held directly (with 5,421 restricted share units), 11,621,725 in a revocable trust, 158,780 in an IRA, 274,334 through THG AT, LLC, and 100 shares held by her spouse.

Has Tamara Hughes Gustavson traded AMH shares recently?

No. The filing states that the reporting person has not effected any transactions in American Homes 4 Rent shares during the past sixty days.

Why is Tamara Hughes Gustavson filing this Schedule 13D for AMH now?

She is filing because she no longer constitutes a “group” with B. Wayne Hughes under Section 13(d)(3). She continues to have a reporting obligation for her AMH holdings and is now doing so on an individual basis.

Does Tamara Hughes Gustavson have plans to change control or major policies at AMH?

She states she holds the shares for investment and currently has no plans or proposals regarding major actions such as mergers, asset sales, board changes, or capitalization changes, though she may review and adjust her investment over time.

What role does Tamara Hughes Gustavson hold at American Homes 4 Rent (AMH)?

She serves on the Board of Trustees of American Homes 4 Rent, and the Schedule 13D describes her as a trustee of the issuer.

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

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Available on EDGAR 09/11/2026 - 05:37 PM Accepted by SEC EDGAR 09/11/2026 - 05:37 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

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

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 include shares held beneficially by spouse. (3) Percentage of class based on number of shares outstanding at July 29, 2026. The Shares (as defined below) held by Tamara Hughes Gustavson (the "Reporting Person") reported on this Schedule 13D were previously reported on a Schedule 13D (the "Previous Report") filed with the Securities and Exchange Commission (the "SEC") by B. Wayne Hughes and the Reporting Person (collectively, the "Original Persons"). On September 11, 2026, the Original Persons filed an amendment to their Schedule 13D to report that they no longer constituted a "group" within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). This Schedule 13D is being filed because the Reporting Person continues to be a reporting person for purposes of Schedule 13D.

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 2.	Identity and Background
(a)	Tamara Hughes Gustavson
(b)	884 Iron Works Pike, Lexington KY 40511
(c)	The Reporting Person serves on the Board of Trustees of the Issuer.
(d)	During the last five years, the Reporting Person has not been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	During the last five years, the Reporting Person has not been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)	United States
Item 3.	Source and Amount of Funds or Other Consideration
	As of September 11, 2026, Ms. Tamara Hughes Gustavson owned a total of 21,470,284 Shares. The funds used for purchases, if any, of Shares beneficially owned by the Reporting Person were obtained from the Reporting Person's personal funds. As noted below, the sole purpose of this filing is to continue the Reporting Person's compliance with her reporting obligations which were previously satisfied by the Previous Report.
Item 4.	Purpose of Transaction
	The purpose of the acquisition of Shares by the Reporting Person is for investment as part of the general investment portfolio of the Reporting Person. This Schedule 13D is being filed because the Reporting Person is no longer a member of a "group" within the meaning of Section 13(d)(3) of the Act, as disclosed in the explanatory note to this Schedule 13D. This filing is not being made as a result of any particular acquisition or disposition of securities by the Reporting Person. The Reporting Person intends to review her investments in the Issuer on a continuing basis and may, at any time, consistent with the Reporting Person's obligations under the federal securities laws, determine to increase or decrease her ownership of Shares through purchases or sales of Shares in the open market or in privately negotiated transactions. Such determination will depend on various factors, including the Issuer's business prospects, other developments concerning the Issuer, general economic conditions, money and stock market conditions, and any other facts and circumstances which may become known to the Reporting Person regarding her investments in the Issuer. By virtue of the purchase of the Shares, the Reporting Person has no plans or proposals which relate to or would result in (i) the acquisition by any person of additional securities of the Issuer, or the disposition of securities of the Issuer; (ii) an extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the Issuer or any of its subsidiaries; (iii) a sale or transfer of a material amount of assets of the Issuer or any of its subsidiaries; (iv) any change in the present board of trustees or management of the Issuer, including any plans or proposals to change the number or term of trustees or fill any existing vacancies on the board; (v) any material change in the present capitalization or dividend policy of the Issuer; (vi) any other material change in the Issuer's business or corporate structure; (vii) changes in the Issuer's charter or bylaws or other actions which may impede the acquisition or control of the Issuer by any person; (viii) causing a class of securities of the Issuer to be delisted from the national securities exchange or to cease to be authorized to be quoted in an inter-dealer quotation system of a registered national securities association; (ix) a class of equity securities of the Issuer becoming eligible for termination of registration pursuant to Section 12(d)(4) of the Act; or (x) any action similar to any of those described above. The Reporting Person is a trustee of the Issuer and, in her capacity as such, may, from time to time, propose to the Issuer's Board of Trustees a wide variety of types of transactions, including transactions similar to those described above.
Item 5.	Interest in Securities of the Issuer
(a)	The aggregate percentage of Shares reported beneficially owned by the Reporting Person is determined based upon 359,179,944 Shares outstanding as of July 29, 2026, as set forth in the Issuer's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026. As of June 30, 2026, the Reporting Person beneficially owned 21,470,284 Shares, representing approximately 5.98% of the outstanding Shares.
(b)	The aggregate percentage of Shares reported beneficially owned by the Reporting Person is determined based upon 359,179,944 Shares outstanding as of July 29, 2026, as set forth in the Issuer's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026. As of June 30, 2026, the Reporting Person beneficially owned 21,470,284 Shares, representing approximately 5.98% of the outstanding Shares, which includes: (1) 9,415,345 Shares (which includes 5,421 restricted share units, each representing a contingent right to receive one Share) held directly, of which the Reporting Person has sole voting and dispositive power; (2) 11,621,725 Shares held by Tamara H. Gustavson Revocable Trust, of which the Reporting Person has sole voting and dispositive power; (3) 158,780 Shares held by a custodian of an individual retirement account, of which the Reporting Person has sole voting and dispositive power; (4) 100 Shares held by the Reporting Person's husband, of which the Reporting Person has shared voting and dispositive power; and (5) 274,334 Shares held by THG AT, LLC, an LLC formed for the benefit of the Reporting Person and her family and of which the Reporting Person is manager and has sole voting and dispositive power
(c)	The Reporting Person has not effected any transactions in the Shares during the past sixty days.
(d)	Except as disclosed herein, no other person is known to the Reporting Person to have the right to receive or the power to direct receipt of dividends from, or the proceeds from the sale of, Shares beneficially owned by the Reporting Person.
(e)	Not applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Except as disclosed herein, to the best knowledge of the Reporting Person, there are at present no contracts, arrangements, understandings or relationships (legal or otherwise) between the Reporting Person and any person with respect to any securities of the Issuer, including but not limited to, transfer or voting of any of the securities of the Issuer, finder's fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or loss or the giving or withholding of proxies, or a pledge or contingency the occurrence of which would give another person voting power over securities of the Issuer.
Item 7.	Material to be Filed as Exhibits.
	Exhibit A: Power of Attorney, dated as of September 2, 2015 (incorporated by reference to Schedule 13D filed on September 2, 2015).

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.

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