Bluerock Homes Trust, Inc. Schedule 13G/A (Amendment No. 5) reports beneficial ownership by Hedgehog Capital LLC, Hold River LLC and David T. Lu. The filing shows Hedgehog Capital LLC holds 209,714 Class A shares (5.1%), Hold River LLC holds 40,565 shares (1.0%), and David T. Lu beneficially owns 250,279 shares (6.1%).
Percentages are calculated based on 4,100,861 outstanding Class A shares as stated. The filing discloses that Mr. Lu is the managing member of both entities and has sole voting and dispositive power over the shares reported.
Positive
None.
Negative
None.
Insights
Ownership disclosure clarifies control and concentration.
The filing identifies direct beneficial ownership amounts and confirms that David T. Lu has sole voting and dispositive power over the shares held by Hedgehog Capital LLC and Hold River LLC. This ties the voting control of those entity holdings to a named individual.
Implications depend on holder decisions and future filings; subsequent amendments or Schedule 13D filings could signal active changes in intent.
Holdings represent a single investor group with low-to-moderate concentration.
The combined reported stake of 250,279 shares equals 6.1% of the stated Class A outstanding (4,100,861). This is a disclosure of position size rather than a transaction; no proceeds or trading instruction is included.
Future trading activity would appear in separate filings; track any Form 4 or Schedule 13D for active changes.
Key Figures
Hedgehog Capital holding:209,714 sharesHold River holding:40,565 sharesDavid T. Lu beneficial ownership:250,279 shares+1 more
4 metrics
Hedgehog Capital holding209,714 sharesReported beneficial ownership
Hold River holding40,565 sharesReported beneficial ownership
David T. Lu beneficial ownership250,279 sharesAggregate holdings/control reported
Class A outstanding used4,100,861 sharesBasis for percentage calculations
Key Terms
beneficially owned, sole dispositive power, Schedule 13G/A
3 terms
beneficially ownedregulatory
"Amount beneficially owned: Hedgehog Capital LLC: 209,714 Common 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.
sole dispositive powerregulatory
"David T. Lu ... has sole dispositive and voting power over these shares"
Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.
Schedule 13G/Aregulatory
"Item 1. Name of issuer: Bluerock Homes Trust, Inc."
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 5)
Bluerock Homes Trust, Inc.
(Name of Issuer)
Class A Common Stock
(Title of Class of Securities)
09631H100
(CUSIP Number)
03/31/2026
(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)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
09631H100
1
Names of Reporting Persons
Hedgehog Capital 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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
209,714.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
209,714.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
209,714.00
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)
5.1 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
09631H100
1
Names of Reporting Persons
Hold River 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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
40,565.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
40,565.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
40,565.00
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)
1.0 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
09631H100
1
Names of Reporting Persons
David T. Lu
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
250,279.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
250,279.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
250,279.00
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)
6.1 %
12
Type of Reporting Person (See Instructions)
IN
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, NY, 10105
Item 2.
(a)
Name of person filing:
(1) Hedgehog Capital LLC (2) Hold River LLC (3) David T. Lu David T. Lu is the managing member of Hedgehog Capital LLC and has sole voting and dispositive power with respect to shares owned by Hedgehog Capital LLC. David T. Lu is the managing member of Hold River LLC and has sole voting and dispositive power with respect to shares owned by Hold River LLC.
(b)
Address or principal business office or, if none, residence:
1117 E. Putnam Ave. #320 Riverside, CT 06878
(c)
Citizenship:
(1) DE (2) DE (3) USA
(d)
Title of class of securities:
Class A Common Stock
(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:
Hedgehog Capital LLC: 209,714 Common Shares Hold River LLC: 40,565 Common Shares David T. Lu: 250,279 Common Shares *209,714 Common Shares are owned by Hedgehog Capital LLC. David T. Lu managing member of Hedgehog Capital LLC has sole dispositive and voting power over these shares. 40,565 Common Shares are owned by Hold River LLC. David T. Lu managing member of Hold River LLC has sole dispositive and voting power over these shares.
(b)
Percent of class:
Hedgehog Capital LLC: 5.1% Common Shares** Hold River LLC: 1.0% Common Shares** David T. Lu: 6.1% Common Shares** **The percentages used herein are calculated based upon 4,100,861 outstanding Class A common stock.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Hedgehog Capital LLC: 209,714 Common Shares Hold River LLC: 40,565 Common Shares David T. Lu: 250,279 Common Shares *209,714 Common Shares are owned by Hedgehog Capital LLC. David T. Lu managing member of Hedgehog Capital LLC has sole dispositive and voting power over these shares. 40,565 Common Shares are owned by Hold River LLC. David T. Lu managing member of Hold River LLC has sole dispositive and voting power over these shares.
(ii) Shared power to vote or to direct the vote:
Hedgehog Capital LLC: 0 Hold River LLC: 0 David T. Lu: 0
(iii) Sole power to dispose or to direct the disposition of:
Hedgehog Capital LLC: 209,714 Common Shares Hold River LLC: 40,565 Common Shares David T. Lu: 250,279 Common Shares *209,714 Common Shares are owned by Hedgehog Capital LLC. David T. Lu managing member of Hedgehog Capital LLC has sole dispositive and voting power over these shares. 40,565 Common Shares are owned by Hold River LLC. David T. Lu managing member of Hold River LLC has sole dispositive and voting power over these shares.
(iv) Shared power to dispose or to direct the disposition of:
Hedgehog Capital LLC: 0 Hold River LLC: 0 David T. Lu: 0
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.
What stake does Hedgehog Capital LLC hold in Bluerock Homes Trust (BHM)?
Hedgehog Capital LLC beneficially owns 209,714 shares of Class A common stock, representing 5.1% of the 4,100,861 shares used to calculate percentages in the filing. The filing states Mr. Lu has sole voting and dispositive power over these shares.
How much Class A stock does David T. Lu control for BHM?
The filing reports David T. Lu beneficially owns or controls 250,279 shares, equal to 6.1% of the Class A shares based on 4,100,861 outstanding. He is listed as managing member with sole voting and dispositive authority over entity holdings.
What number of shares does Hold River LLC report for BHM?
Hold River LLC is reported to own 40,565 shares of Class A common stock, comprising 1.0% of the 4,100,861 outstanding shares used in the percentage calculation. The filing attributes voting and dispositive power to Mr. Lu as managing member.
Do these Schedule 13G/A disclosures indicate a change in intent by the holders?
The filing provides beneficial ownership amounts and managerial authority; it does not state a change of intent or trading instructions. Any significant change in purpose or active acquisition would typically appear in a separate Schedule 13D or Form 4 filing.
