Investor Par Sanda reports 14.1% Bluerock Homes (NYSE: BHM) stake

Rhea-AI Filing Summary

Bluerock Homes Trust, Inc. (BHM) received an amended Schedule 13G reporting a significant passive ownership position in its Class A common stock. As of December 31, 2025, individual investor Par Olof Sanda reports beneficial ownership of 570,749 Class A shares, representing 14.1% of that class.

The filing also shows that Sand Capital Associates, LLC, a Florida entity managed by Par Sanda, beneficially owns 504,922 Class A shares, equal to 12.5% of the class. The filer certifies the shares were not acquired to change or influence control of Bluerock Homes Trust, indicating a passive investment intent.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Bluerock Homes Trust, Inc.

(Name of Issuer)

Class A Common Stock, $0.01 par value per share

(Title of Class of Securities)

09631H100

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 09631H100

1

Names of Reporting Persons

Sanda Par Olof

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 570,749.00
6	Shared Voting Power
7	Sole Dispositive Power 570,749.00
8	Shared Dispositive Power

9

Aggregate Amount Beneficially Owned by Each Reporting Person

570,749.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

14.1 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: Amounts beneficially owned as of December 31, 2025, are based on the total number of Class A Common Stock of the Issuer outstanding, as reported in the Issuer's Form 10-Q filed on November 6, 2025. As the Managing Member of Sand Capital Associates, LLC ("Sand Capital"), Par Sanda may be deemed to beneficially own all of the Class A Common Stock beneficially owned by Sand Capital. The Issuer also has 8,489 shares of Class C Common Stock outstanding which are entitled to 50 votes per share.

SCHEDULE 13G

CUSIP No. 09631H100

1

Names of Reporting Persons

SAND CAPITAL ASSOCIATES LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

FLORIDA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 504,922.00
6	Shared Voting Power
7	Sole Dispositive Power 504,922.00
8	Shared Dispositive Power

9

Aggregate Amount Beneficially Owned by Each Reporting Person

504,922.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

12.5 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Amounts beneficially owned as of December 31, 2025, are based on the total number of Class A Common Stock of the Issuer outstanding, as reported in the Issuer's Form 10-Q filed on November 6, 2025. As the Managing Member of Sand Capital Associates, LLC ("Sand Capital"), Par Sanda may be deemed to beneficially own all of the Class A Common Stock beneficially owned by Sand Capital. The Issuer also has 8,489 shares of Class C Common Stock outstanding which are entitled to 50 votes per share.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Bluerock Homes Trust, Inc.
(b)	Address of issuer's principal executive offices: 1345 AVENUE OF THE AMERICAS, 32ND FLOOR, NEW YORK, NEW YORK, 10105.
Item 2.
(a)	Name of person filing: Par Sanda, Sand Capital Associates, LLC ("Reporting Persons")
(b)	Address or principal business office or, if none, residence: Par Sanda 501 N. Birch Rd., Unit 3 Fort Lauderdale, FL 33304 Sand Capital Associates, LLC 501 N. Birch Rd., Unit 3 Fort Lauderdale, FL 33304
(c)	Citizenship: Par Sanda United States of America Sand Capital Associates, LLC State of Florida, United State of America
(d)	Title of class of securities: Class A Common Stock, $0.01 par value per share
(e)	CUSIP No.: 09631H100
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See the responses to Item 9 on the attached cover pages.
(b)	Percent of class: See the responses to Item 11 on the attached cover pages.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See the responses to Item 5 on the attached cover pages.
	(ii) Shared power to vote or to direct the vote: See the responses to Item 6 on the attached cover pages.
	(iii) Sole power to dispose or to direct the disposition of: See the responses to Item 7 on the attached cover pages.
	(iv) Shared power to dispose or to direct the disposition of: See the responses to Item 8 on the attached cover pages.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

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.

Sanda Par Olof

Signature:	/s/ Par Olof Sanda
Name/Title:	Individual
Date:	02/10/2026

SAND CAPITAL ASSOCIATES LLC

Signature:	/s/ Par Olof Sanda
Name/Title:	Managing Member of Sand Capital Associates, LLC
Date:	02/10/2026

FAQ

What ownership stake in Bluerock Homes Trust (BHM) does Par Sanda report?

Par Olof Sanda reports beneficial ownership of 570,749 Class A shares, or 14.1% of the class. This stake, as of December 31, 2025, reflects voting and dispositive power over the shares, based on outstanding Class A stock reported in Bluerock Homes Trust’s Form 10-Q.

How many Bluerock Homes Trust (BHM) shares does Sand Capital Associates, LLC hold?

Sand Capital Associates, LLC reports beneficial ownership of 504,922 Class A shares, representing 12.5% of that class. The percentages are calculated using the Class A shares outstanding disclosed in Bluerock Homes Trust’s November 6, 2025 Form 10-Q, excluding other classes except as noted.

Is the Bluerock Homes Trust (BHM) stake held for control purposes?

The filing states the securities were not acquired or held to change or influence control of Bluerock Homes Trust. The certification specifies they are not part of any control-related transaction, other than activities solely connected with a nomination under Rule 14a-11, indicating a passive investment stance.

What classes of Bluerock Homes Trust (BHM) stock are mentioned in this Schedule 13G/A?

The filing focuses on Class A Common Stock, $0.01 par value per share. It also notes that Bluerock Homes Trust has 8,489 shares of Class C Common Stock outstanding, each entitled to 50 votes per share, which affects overall voting power but not the reported Class A ownership percentages.

How is Par Sanda’s relationship to Sand Capital Associates, LLC described?

Par Sanda is described as the Managing Member of Sand Capital Associates, LLC. Because of this role, he may be deemed to beneficially own all Class A common shares beneficially owned by Sand Capital, aligning his reported beneficial ownership with the entity’s holdings under SEC beneficial ownership rules.

What event date triggers this Bluerock Homes Trust (BHM) Schedule 13G/A filing?

The relevant event date for this amended Schedule 13G is December 31, 2025. Beneficial ownership amounts and percentages are reported as of that date, using the total Class A common shares outstanding disclosed in Bluerock Homes Trust’s Form 10-Q filed on November 6, 2025.