PART II 2 ea177544-1k_arrived.htm ANNUAL REPORT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 1-K

ANNUAL REPORT PURSUANT TO REGULATION A

For the fiscal year ended:

December 31, 2022

ARRIVED HOMES, LLC
(Exact name of issuer as specified in its charter)

Delaware		85-2046587
State of other jurisdiction of incorporation or Organization		(I.R.S. Employer Identification No.)

1700 Westlake Ave North, Suite 200

Seattle, WA 98109

(Full mailing address of principal executive offices)

(814)-277-4833
(Issuer’s telephone number, including area code)

www.arrived.com
(Issuer’s website)

Arrived Homes Series 100; Arrived Homes Series 101; Arrived Homes Series Abbington; Arrived Homes Series Amber; Arrived Homes Series Apollo; Arrived Homes Series Aster; Arrived Homes Series Avebury; Arrived Homes Series Badminton; Arrived Homes Series Bandelier; Arrived Homes Series Baron; Arrived Homes Series Basil; Arrived Homes Series Bayside; Arrived Homes Series Bazzel; Arrived Homes Series Bedford; Arrived Homes Series Belle; Arrived Homes Series Blossom; Arrived Homes Series Bonneau; Arrived Homes Series Brainerd; Arrived Homes Series Braxton; Arrived Homes Series Brennan; Arrived Homes Series Brooklyn; Arrived Homes Series Burlington; Arrived Homes Series Butter; Arrived Homes Series Camino; Arrived Homes Series Centennial; Arrived Homes Series Chaparral; Arrived Homes Series Chelsea; Arrived Homes Series Chester; Arrived Homes Series Chickamauga; Arrived Homes Series Chitwood; Arrived Homes Series Clover; Arrived Homes Series Coatbridge; Arrived Homes Series Collier; Arrived Homes Series Collinston; Arrived Homes Series Conway; Arrived Homes Series Creekside; Arrived Homes Series Creekwood; Arrived Homes Series Cumberland; Arrived Homes Series Cupcake; Arrived Homes Series Cypress; Arrived Homes Series Daisy; Arrived Homes Series Davidson; Arrived Homes Series Dawson; Arrived Homes Series Delta; Arrived Homes Series Dewberry; Arrived Homes Series Diablo; Arrived Homes Series Dogwood; Arrived Homes Series Dolittle; Arrived Homes Series Dolly; Arrived Homes Series Dops; Arrived Homes Series Dorchester; Arrived Homes Series Dunbar; Arrived Homes Series Eagle; Arrived Homes Series Eastfair; Arrived Homes Series Elevation; Arrived Homes Series Ella; Arrived Homes Series Elm; Arrived Homes Series Emporia; Arrived Homes Series Ensenada; Arrived Homes Series Falcon; Arrived Homes Series Folly; Arrived Homes Series Forest; Arrived Homes Series Gardens; Arrived Homes Series Goose; Arrived Homes Series Grant; Arrived Homes Series Greenhill; Arrived Homes Series Gretal; Arrived Homes Series Grove; Arrived Homes Series Hadden; Arrived Homes Series Hansard; Arrived Homes Series Hansel; Arrived Homes Series Harrison; Arrived Homes Series Henry; Arrived Homes Series Heritage; Arrived Homes Series Heron; Arrived Homes Series Highland; Arrived Homes Series Hines; Arrived Homes Series Holcomb; Arrived Homes Series Holland; Arrived Homes Series Hollandaise; Arrived Homes Series Holloway; Arrived Homes Series Inglewood; Arrived Homes Series Jack; Arrived Homes Series Jake; Arrived Homes Series Jefferson; Arrived Homes Series Jill; Arrived Homes Series Johnny; Arrived Homes Series June; Arrived Homes Series Jupiter; Arrived Homes Series Kawana; Arrived Homes Series Kennesaw; Arrived Homes Series Kenny; Arrived Homes Series KerriAnn; Arrived Homes Series Kessler; Arrived Homes Series Kingsley; Arrived Homes Series Kirkwood; Arrived Homes Series Korin; Arrived Homes Series Lallie; Arrived Homes Series Lanier; Arrived Homes Series Lannister; Arrived Homes Series Latte; Arrived Homes Series Lennox; Arrived Homes Series Lierly; Arrived Homes Series Lily; Arrived Homes Series Limestone; Arrived Homes Series Litton; Arrived Homes Series Lookout; Arrived Homes Series Loretta; Arrived Homes Series Louise; Arrived Homes Series Lovejoy; Arrived Homes Series Luna; Arrived Homes Series Lurleen; Arrived Homes Series Madison; Arrived Homes Series Mae; Arrived Homes Series Magnolia; Arrived Homes Series Malbec; Arrived Homes Series Mammoth; Arrived Homes Series Marcelo; Arrived Homes Series Marie; Arrived Homes Series Marietta; Arrived Homes Series Matchingham; Arrived Homes Series McGregor; Arrived Homes Series McLovin; Arrived Homes Series Meadow; Arrived Homes Series Mimosa; Arrived Homes Series Mojave; Arrived Homes Series Murphy; Arrived Homes Series Nugget; Arrived Homes Series Odessa; Arrived Homes Series Olive; Arrived Homes Series Oly; Arrived Homes Series Osprey; Arrived Homes Series Otoro; Arrived Homes Series Patrick; Arrived Homes Series Peanut; Arrived Homes Series Pearl; Arrived Homes Series Pecan; Arrived Homes Series Piedmont; Arrived Homes Series Pinot; Arrived Homes Series Pioneer; Arrived Homes Series Plumtree; Arrived Homes Series Point; Arrived Homes Series Quincy; Arrived Homes Series Redondo; Arrived Homes Series Regency; Arrived Homes Series Reginald; Arrived Homes Series Reynolds; Arrived Homes Series Ribbonwalk; Arrived Homes Series Richardson; Arrived Homes Series Ridge; Arrived Homes Series Ritter; Arrived Homes Series River; Arrived Homes Series Riverwalk; Arrived Homes Series Rooney; Arrived Homes Series Roseberry; Arrived Homes Series Rosewood; Arrived Homes Series Roxy; Arrived Homes Series Saddlebred; Arrived Homes Series Saint; Arrived Homes Series Sajni; Arrived Homes Series Salem; Arrived Homes Series Salinas; Arrived Homes Series Saturn; Arrived Homes Series Scepter; Arrived Homes Series Sequoyah; Arrived Homes Series Shallowford; Arrived Homes Series Shoreline; Arrived Homes Series Sigma; Arrived Homes Series Soapstone; Arrived Homes Series Sodalis; Arrived Homes Series Spencer; Arrived Homes Series Splash; Arrived Homes Series Spring; Arrived Homes Series Stonebriar; Arrived Homes Series Sugar; Arrived Homes Series Summerset; Arrived Homes Series Sundance; Arrived Homes Series Sunnyside; Arrived Homes Series Swift; Arrived Homes Series Taylor; Arrived Homes Series Terracotta; Arrived Homes Series Tulip; Arrived Homes Series Tuscan; Arrived Homes Series Tuscarora; Arrived Homes Series Tuxford; Arrived Homes Series Vernon; Arrived Homes Series Walton; Arrived Homes Series Wave; Arrived Homes Series Weldon; Arrived Homes Series Wellington; Arrived Homes Series Wentworth; Arrived Homes Series Wescott; Arrived Homes Series Westchester; Arrived Homes Series Wildwood; Arrived Homes Series Willow; Arrived Homes Series Wilson; Arrived Homes Series Windsor; Arrived Homes Series Winston; Arrived Homes Series Wisteria

(Title of each class of securities issued pursuant to Regulation A)

TABLE OF CONTENTS

ITEM 1.	DESCRIPTION OF BUSINESS	1

ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION	14

ITEM 3.	DIRECTORS AND OFFICERS	55

ITEM 4.	SECURITY OWNERSHIP OF MANAGEMENT AND CERTAIN SECURITYHOLDERS	61

ITEM 5.	INTEREST OF MANAGEMENT AND OTHERS IN CERTAIN TRANSACTIONS	62

ITEM 6.	OTHER INFORMATION	64

ITEM 7.	FINANCIAL STATEMENTS	F-1

EXHIBIT INDEX		65

CAUTIONARY STATEMENT REGARDING Forward-Looking StatementS

The information contained in this Annual Report on Form 1-K (this “Form 1-K”) includes some statements that are not historical and that are considered “forward-looking statements.” Such forward-looking statements include, but are not limited to, statements regarding our development plans for our business; our strategies and business outlook; anticipated development of our company, the manager, each series of our company and the Arrived Homes platform (defined below); and various other matters (including contingent liabilities and obligations and changes in accounting policies, standards and interpretations). These forward-looking statements express the manager’s expectations, hopes, beliefs, and intentions regarding the future. In addition, without limiting the foregoing, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipates,” “believes,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “might,” “plans,” “possible,” “potential,” “predicts,” “projects,” “seeks,” “should,” “will,” “would” and similar expressions and variations, or comparable terminology, or the negatives of any of the foregoing, may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements contained in this Form 1-K are based on current expectations and beliefs concerning future developments that are difficult to predict. Neither our company nor the manager can guarantee future performance, or that future developments affecting our company, the manager or the Arrived Homes platform will be as currently anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which, including the impact of the COVID-19 coronavirus, are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements.

All forward-looking statements attributable to us are expressly qualified in their entirety by these risks and uncertainties. These risks and uncertainties, along with others, are detailed under the headings “Summary – Summary Risk Factors” and “Risk Factors” in the most recent post-qualification amendment to the offering statement on Form 1-A filed by the company with the Securities and Exchange Commission (the “Commission”), as may be amended, and in our subsequent reports and offering statements filed from time to time with the Commission. Should one or more of these risks or uncertainties materialize, or should any of the parties’ assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. You should not place undue reliance on any forward-looking statements and should not make an investment decision based solely on these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

MARKET AND OTHER INDUSTRY DATA

This Form 1-K includes market and other industry data and estimates that are based on our management’s knowledge and experience in the markets in which we operate. The sources of such data generally state that the information they provide has been obtained from sources they believe to be reliable, but we have not investigated or verified the accuracy and completeness of such information. Our own estimates are based on information obtained from our and our affiliates’ experience in the markets in which we operate and from other contacts in these markets. We are responsible for all of the disclosure in this Form 1-K, and we believe our estimates to be accurate as of the date of this Form 1-K or such other date stated herein. However, this information may prove to be inaccurate because of the method by which we obtained some of the data for the estimates or because this information cannot always be verified with complete certainty due to the limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties. As a result, you should be aware that market and other industry data included in this Form 1-K, and estimates and beliefs based on that data, may not be reliable.

iii

Item 1. Description of Business

Company Overview – Our Mission

Arrived Homes, LLC, a Delaware series limited liability company, was formed in July 2020 to permit public investment in specific single-family rental homes. We believe people should have the freedom to move to pursue new opportunities in their lives while still having access to the wealth creation that long-term home ownership and real estate investment can provide. To support this idea, we are building what we believe to be a new model for home ownership and real estate investment that doesn’t lock people into a single home or city. We believe in passive income, conservative debt, freedom to move, diversification, and aligned incentives.

Arrived is a marketplace for investing in homes. We buy single family homes, lease them, divide them into multiple interests, and offer them as investments on a per interest basis through our web-based platform. Investors can manage their risk by spreading their investments across a portfolio of homes, they can invest in real estate without needing to apply for mortgages or take on personal debt, and they can move to new homes or cities and continue holding their Arrived investments without having to worry about selling homes they’re invested in.

Arrived does all of the work of sourcing, analyzing, maintaining, and managing all of the homes that we acquire. We analyze every home investment across several financial, market, and demographic characteristics to support our acquisition decision-making. Every investment we make is an investment in the communities in which Arrived operates, alongside other like-minded individuals. As our community network grows, so does our access to investment and housing opportunities.

Arrived rents the homes we acquire to tenants who can also invest through the same process as any other member of the Arrived Homes platform, becoming part owners of the homes they’re living in at that time. By investing together, we align incentives towards creating value for everyone.

Our Series LLC Structure

Each single family rental home that we acquire will be owned by a separate series of our company that we will establish to acquire that home. Each series may hold the specific property that it acquires in a wholly-owned subsidiary, which would be a limited liability company organized under laws of the state in which the series property is located.

As a Delaware series limited liability company, the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular series are segregated and enforceable only against the assets of such series, as provided under Delaware law. We intend for each series to elect and qualify to be taxed as a separate real estate investment trust, or REIT, for U.S. federal income tax purposes, commencing with the taxable year ending after the completion of the initial public offering of interests of such series.

Our company’s core business will be the identification, acquisition, marketing and management of individual single family rental homes for the benefit of our investors. Each series is intended to own a single property.

Investment Objectives

Our investment objectives are:

●

Consistent cash flow;

●

Long term capital appreciation with moderate leverage;

●

Favorable tax treatment of REIT income and long term capital gains; and

●

Capital preservation.

We cannot assure you that we will attain these objectives or that the value of our assets will not decrease.

Our Investment Criteria

Our home acquisition investments are evaluated against the following primary characteristics:

●

Capitalization rates greater than 5%. For this purpose, the capitalization rate reflects a series property’s annual rental income minus property management fees, local real estate taxes, property insurance, maintenance expenses, and marketing incentives, divided by the purchase price of the property;

●

Homes with a minimum of three (3) bedroom and two (2) bathrooms;

●

Homes less than 30 years old;

●

Homes with a price range of $200,000 - $400,000 and a repair/improvement budget requirement of less than 20% of the home purchase price; and

●

Neighborhoods with median incomes that exceed the metropolitan statistical area, or MSA, median.

Our Investment Process

Our investment process leverages our network of renter demand, experienced team members, and data analysis to make our investment decisions:

●

Sourcing: Arrived will use an in-house acquisition team (using industry leading analysis and screening tools) in collaboration with local real estate professionals to find and source investment opportunities. The opportunities may include individual homes listed on the MLS, bulk rental home portfolios, BFR (built-for-rent) communities, and off-market deals sourced by our staff and from leads generated from our member network.

●

Due Diligence: Arrived evaluates potential investments against our stated investment criteria. Once a geographic market is selected, our due diligence will focus on the sub-market and the property itself. Value analysis will include projected rental rates and home values, relying on a combination of first-party data, automated valuation models, or AVMs, and third party independent appraisals. Property level analysis will look at standard risk factors including condition of title, structural defects in the home, environmental issues, and other hazards such as floods and earthquakes.

●

Investment Committee: Once our acquisition team recommends a home purchase, the investment committee will convene to review due diligence materials and issue a go/no-go decision.

●

Home Purchase: A home will be purchased either by the manager or an affiliate of the manager and then resold to a particular series or purchased directly by a series from a third-party seller, in accordance with the acquisition mechanics set forth below. Following acquisition of a property by a series, the property will be renovated, to the extent necessary, and then leased to a quality tenant on a 12-24 month lease. If a series property is renovated prior to the closing of the relevant series offering, the funds required for renovations will be forwarded to the series by the manager and repaid out of offering proceeds.

●

Ongoing Management: Arrived will partner with one or more third party independent property management firms in each of our markets. Arrived will place an initial tenant in a home from our member network and will assist with future tenant placements. The property management firm will maintain books and records, inspect each home and ensure that it is properly maintained, handle maintenance requests, and be responsible for landlord/tenant compliance. We intend that our preferred property management firms will utilize modern tech-enabled property management platforms with digital payment and communication features.

Our Manager

We are managed by Arrived Holdings, Inc., a Delaware public benefit corporation. Pursuant to the terms of our operating agreement, the manager will provide certain management and advisory services to us and to each of our series and their subsidiaries, if any, as well as a management team and appropriate support personnel. The manager is a technology-enabled asset management company that operates a web-based investment platform, the Arrived Homes platform, used by our company for the offer and sale of interests in the series of our company.

While the nature of our business to be conducted or promoted by us must at all times be to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of Delaware, as a public benefit corporation, the manager and its board of directors will consider the manager’s public benefit objectives in addition to the financial interests of its stockholders when making decisions. The manager conducts business in a manner that balances the pecuniary interests of its stockholders, the best interests of those materially affected by the manager’s conduct, and the public benefit or public benefits described in the manager’s certificate of incorporation. The manager’s specific public benefit purpose is the promotion of financial inclusion, fair and equitable housing and job creation.

Investment Strategy – Our Market Opportunity

Our investment strategy is to acquire, invest in, manage, operate, selectively leverage and sell single family homes located in vibrant, growing cities across America. We believe that these markets offer investors a blend of attractive capitalization rates and a strong prospect for long term property value appreciation.

Market Selection

We intend to focus our business efforts on the top 100 MSAs (metropolitan statistical areas with populations greater than 500,000) which exhibit the following characteristics:

●

Sufficient inventory to make it feasible to achieve scale in the local market (100 – 500 homes);

●

Job and income growth forecasts of 3% or greater;

●

Affordability with gross rent multiplier below 12. For this purpose, a gross rent multiplier (GRM) is the ratio of the price of the single family home purchased to its annual rental income before accounting for expenses such as property taxes, insurance, and utilities; GRM is the number of years the property would take to pay for itself in gross received rent;

●

Large university and skilled workforce;

●

Popular with millennials; and

●

Favorable competitive landscape with respect to other institutional single family residence buyers.

For a brief overview of the particular geographic market in which a series property is located, see the individual series property listings in the section titled “The Series Properties Being Offered” below.

We focus on acquiring properties we believe (1) are likely to generate stable cash flows in the long term and (2) have significant possibilities for long-term capital appreciation, such as those located in neighborhoods with what we see as high growth potential and those available from sellers who are distressed or face time-sensitive deadlines.

We may enter into one or more joint ventures, tenant-in-common investments or other co-ownership arrangements for the acquisition, development or improvement of properties with third parties or affiliates of the manager, including present and future real estate investment offerings sponsored by affiliates of the manager.

Investment Decisions and Asset Management

Within our investment policies and objectives, the manager will have discretion with respect to the selection of specific investments and the purchase and sale of our properties. We believe that successful real estate investment requires the implementation of strategies that permit favorable purchases, effective asset management and timely disposition of those assets. As such, we have developed a disciplined investment approach that combines the experience of our manager with a structure that emphasizes thorough market research, stringent underwriting standards and an extensive down-side analysis of the risks of each investment. The approach also includes active and aggressive management of each asset acquired.

To execute our disciplined investment approach, the manager will take responsibility for the business plan of each investment. The following practices summarize our investment approach:

●

Local Market Research – Our manager will extensively research the acquisition and underwriting of each transaction, utilizing both real time market data and the transactional knowledge and experience of our network of professionals and in market relationships.

●

Underwriting Discipline – Our manager will follow a tightly controlled and managed process to examine all elements of a potential investment, including, with respect to real property, its location, income-producing capacity, prospects for long-range appreciation, tax considerations and liquidity.

●

Risk Management – Risk management will be a fundamental principle in the management of each of our properties. Operating or performance risks arise at the investment level and often require real estate operating experience to cure. Our manager will review the operating performance of investments against projections and provide the oversight necessary to detect and resolve issues as they arise.

●

Asset Management – Prior to the purchase of a property, our manager will develop a property business strategy which will be customized based on the acquisition and underwriting data. This is a forecast of the action items to be taken and the capital needed to achieve the anticipated returns. The manager will review asset business strategies regularly to anticipate changes or opportunities in the market during a given phase of a real estate cycle.

Investments in Real Property

Our investment in real estate generally will take the form of holding fee title or a long-term leasehold estate. We will acquire such interests either directly or indirectly through limited liability companies or through investments in joint ventures, partnerships, co-tenancies or other co-ownership arrangements with third parties, including developers of the properties, or with affiliates of the manager. In addition, we may purchase properties and lease them back to the sellers of such properties. Although we will use our best efforts to structure any such sale-leaseback transaction such that the lease will be characterized as a “true lease” so that we will be treated as the owner of the property for federal income tax purposes, the Internal Revenue Service could challenge such characterization. If any such sale-leaseback transaction is recharacterized as a financing transaction for U.S. federal income tax purposes, deductions for depreciation and cost recovery relating to such property would be disallowed.

Our obligation to purchase any property generally will be conditioned upon the delivery and verification of certain documents from the seller or developer, including, where appropriate:

●

plans and specifications;

●

evidence of marketable title subject to such liens and encumbrances as are acceptable to the manager;

●

auditable financial statements covering recent operations of properties having operating histories; and

●

title and liability insurance policies.

We may seek to enter into arrangements with the seller or developer of a property whereby the seller or developer agrees that, if during a stated period the property does not generate a specified cash flow, the seller or developer will pay in cash to us a sum necessary to reach the specified cash flow level, subject in some cases to negotiated dollar limitations. In determining whether to purchase a particular property, we may, in accordance with customary practices, obtain an option on such property. The amount paid for an option, if any, is normally surrendered if the property is not purchased and is normally credited against the purchase price if the property is purchased. The terms and conditions of any apartment lease that we enter into with our residents may vary substantially; however, we expect that a majority of our leases will be standardized leases customarily used between landlords and residents for residential properties. Such standardized leases generally have terms of one year or less. All prospective residents for our residential properties will be required to submit a credit application.

In purchasing, leasing and developing properties, we will be subject to risks generally incident to the ownership of real estate.

Investment Process

The manager has the authority to make all the decisions regarding our investments consistent with the investment objectives and leverage policies approved by the manager and subject to the limitations in the operating agreement.

The manager will focus on the sourcing, acquisition and management of residential properties. It will source our investments from former and current financing and investment partners, third-party intermediaries, competitors looking to share risk and investment, and securitization or lending departments of major financial institutions.

In selecting investments for us, the manager will utilize the manager’s investment and underwriting process, which focuses on ensuring that each prospective investment is being evaluated appropriately. In addition to the specific investment criteria listed above, our manager will consider the following factors when evaluating prospective investment opportunities:

●

macroeconomic conditions that may influence operating performance;

●

real estate market factors that may influence real estate valuations, real estate financing or the economic performance of real estate generally;

●

fundamental analysis of the real estate, including tenant rosters, lease terms, zoning, operating costs and the asset’s overall competitive position in its market;

●

real estate and leasing market conditions affecting the real estate;

●

the cash flow in place and projected to be in place over the expected hold period of the real estate;

●

the appropriateness of estimated costs and timing associated with capital improvements of the real estate;

●

a valuation of the investment, investment basis relative to its value and the ability to liquidate an investment through a sale or refinancing of the real estate;

●

review of third-party reports, including appraisals, engineering and environmental reports;

●

physical inspections of the real estate and analysis of markets; and

●

the overall structure of the investment and rights in the transaction documentation.

If a potential investment meets the manager’s underwriting criteria, the manager will review the proposed transaction structure, including, with respect to joint ventures, distribution and waterfall criteria, governance and control rights, buy-sell provisions and recourse provisions. The manager will evaluate our position within the overall capital structure and our rights in relation to other partners or capital tranches. The manager will analyze each potential investment’s risk-return profile and review financing sources, if applicable, to ensure that the investment fits within the parameters of financing facilities and to ensure performance of the real estate asset.

Leverage Policy

We may employ leverage to enhance total returns to our investors through a combination of senior financing on our real estate acquisitions, secured facilities, and capital markets financing transactions. We will seek to secure conservatively structured leverage that is long-term, non-recourse, non-mark-to-market financing to the extent obtainable on a cost effective basis. To the extent leverage is employed it may come either in the form of government-sponsored programs or other long-term, non-recourse, non-mark-to-market financing. The manager may from time to time modify our leverage policy in its discretion. However, it is our policy to not borrow more than 69% of the greater of cost (before deducting depreciation or other non-cash reserves) or fair market value of our assets. We cannot exceed the leverage limit of our leverage policy unless any excess in borrowing over such level is approved by the manager. To the extent a series does not employ leverage to fund the initial purchase of an asset, the series may subsequently determine to obtain financing for the asset in accordance with this leverage policy. In such case, unless the financing (or any other refinancing) proceeds are needed, in the manager’s discretion, to fund the operations of an asset or reserves, the manager may determine to distribute all or a portion of such proceeds to investors.

Acquisition Mechanics

Typically, each series will acquire its series property prior to the commencement or closing of that series’ offering. Each series property will be fully described in the offering circular as it may be amended to include new series offerings. In each such offering circular, information relating to the series property being offered, such as the description and specifications of the series property, the purchase price of the series property and the relevant terms of purchase, will be disclosed.

It is not anticipated that a series will own any assets other than its series property, plus cash reserves for maintenance, insurance and other expenses pertaining to the series property and amounts earned by the series from the monetization of the series property, if any. Each series may hold the specific property that it acquires in a wholly-owned subsidiary which would be a limited liability company organized under laws of the state in which the series property is located.

A series may acquire its property either from an unaffiliated third party or from an affiliate. The differences in these acquisition methods are described below:

Acquisition of a Series Property from an Unaffiliated Third-Party Seller

If a new property is to be acquired for a new series prior to the establishment of that series, the manager will enter into a purchase and sale agreement with the third-party seller to acquire the property on behalf of the new series. The manager will negotiate with the third-party seller on behalf of the to-be-organized series the purchase price for the new property and related purchase terms and conditions which will be specified in an offer to purchase real estate agreement, or purchase and sale agreement, by and between the manager and the property seller, a form of which has been filed as an exhibit to the offering statement of which this offering circular is a part. Once the new series is established, the manager will either assign the purchase and sale agreement to that series or the purchase and sale agreement will be re-executed with the new series as the buying party.

Typically, a series will hold its property in a wholly owned limited liability company subsidiary organized in the state where the property is located.

Purchase price funds to acquire a new property from a third party will either be all cash be provided from the proceeds of an offering or some combination of mortgage proceeds and cash. If a property is purchased entirely with cash without any financing, the series may later obtain mortgage financing for the property, to the extent such financing is available at favorable rates, and the manager in its discretion may determine to distribute certain proceeds from such financing to investors as more fully discussed under “Leverage Policy”, above. The funding and closing of the property acquisition may take place prior to the beginning of the series offering, during the offering or at the time of closing of the offering. If the property acquisition closing takes place prior to the closing of the series offering, the cash component of the property purchase price will be provided by the manager as a loan to the series for payment to the third-party seller. In turn, the series will issue to the manager a promissory note in the amount of the manager’s loan. In addition, if a mortgage is not able to be obtained, or obtained at favorable rates, from a third-party lender, the manager or an affiliate may provide such financing at a reasonable market interest rate. The proceeds of the new series offering, net of sales commissions, if any, will be used to repay the outstanding balance, plus accrued but unpaid interest, on the promissory note (and, if applicable, mortgage loan) issued to the manager. The series will also pay the manager a sourcing fee as indicated below in the use of proceeds table for the series. If by the termination date of the offering the series does not raise sufficient funds in the offering to repay the manager the outstanding principal balance on the promissory note (and, if applicable, mortgage loan), (i) the available net proceeds of the offering will be used to pay down the promissory note and/or the mortgage loan to the extent possible and (ii) any outstanding balance on the promissory note will be converted into interests in the series and issued to the manager. Such interests will be valued at the same price as offered to investors in the series offering.

Acquisition of a Series Property from the Manager or an Affiliate of the Manager

If the entity selling the property to a series is the manager or an affiliate of the manager who had previously purchased the property from a third-party seller, the series will purchase the property (or a 100% interest in the LLC that may own the property) at a purchase price equal to the price the manager or affiliate actually paid for the property (inclusive of acquisition and closing costs). The series will also pay the manager (or the affiliate of the manager) the sourcing fee as indicated in the use of proceeds table for the particular offering. The series will purchase the property through the issuance to the manager (or the affiliate of the manager) of a promissory note in the full amount of the purchase price of the series property inclusive of acquisition and closing costs. The series will repay the promissory note, along with accrued interest at a to-be-determined annual interest rate, with net proceeds from the series offering. If the property is purchased without any mortgage financing (in which case the note would reflect an all-cash amount required to acquire the property), the series may later obtain mortgage financing for the property, to the extent such financing is available at favorable rates, and the manager in its discretion may determine to distribute certain proceeds from such financing to investors as more fully discussed under “Leverage Policy”, above. Prior to the repayment of the note, the manager (or the affiliate of the manager) will retain all rental income derived from the series property, net of concessions, taxes, insurance, HOA dues and costs of repair. If the series does not raise sufficient funds in its offering to fully repay the promissory note within the 12 months following the date of the offering circular amendment relating to that series, the balance due on the promissory note, along with accrued but unpaid interest, will be converted into interests in the series at the series offering price.

The manager reserves the right to adjust the acquisition mechanics described above in its sole discretion. To the extent that the manager does so adjust the acquisition mechanics in any material way, we will file a supplement to this offering circular to reflect such material adjustment.

Operating Policies

Credit Risk Management. We may be exposed to various levels of credit and special hazard risk depending on the nature of our assets. The manager and its executive officers will review and monitor credit risk and other risks of loss associated with each investment. The manager will monitor the overall credit risk and levels of provision for loss.

Interest Rate Risk Management. We will follow an interest rate risk management policy intended to mitigate the negative effects of major interest rate changes. We intend to minimize our interest rate risk from borrowings by attempting to “match-fund,” which means the manager will seek to structure the key terms of our borrowings to generally correspond with the expected holding period of our assets.

Equity Capital Policies. Under the operating agreement, we have the authority to issue an unlimited number of additional interests or other securities. After your purchase in any series offering, the manager may elect to: (i) sell additional securities in future private offerings, or (ii) issue additional securities in public offerings. To the extent we issue additional equity interests after your purchase in an offering, your percentage ownership interest in us will be diluted. In addition, depending upon the terms and pricing of any additional offerings and the value of our investments, you may also experience dilution in the book value and fair value of your interests.

Additional Borrowings. We expect each series may seek, as applicable, to finance or refinance any outstanding indebtedness with an additional mortgage or other debt financing, including with either an affiliate or a third party. We expect that any third-party mortgage and/or other debt instruments that a series, or the Company on behalf of a series, enters into in connection with a financing or refinancing of a property will be secured by a security interest in the title of such property and any other assets of the series.

See “Use of Proceeds to Issuer” for more information.

Disposition Policies

We intend to hold and manage the properties we acquire for a period of five to seven years. As each of our properties reaches what we believe to be its optimum value, we will consider disposing of the property. The determination of when a particular property should be sold or otherwise disposed of will be made after consideration of relevant factors, including prevailing and projected economic conditions, whether the value of the property is anticipated to appreciate or decline substantially, and how any existing leases on a property may impact the potential sales price. The manager may determine that it is in the best interests of shareholders to sell a property earlier than five years or to hold a property for more than seven years. Additionally, any sale of a property will be subject to lessee rights and we would attempt to time property sales with lessee rights in mind, either by timing sales with anticipated lease terminations or by assigning an existing lease to the property buyer where allowed under applicable laws.

When we determine to sell a particular property, we will seek to achieve a selling price that maximizes the capital appreciation for investors based on then-current market conditions. We cannot assure you that this objective will be realized.

Following the sale of a property, the manager will distribute the proceeds of such sale, net of the property disposition fee as described below, to the interest holders of the applicable series (after payment of any accrued liabilities or debt on the property or of the series at that time).

Property Disposition Fee

Upon the disposition and sale of a series property, each series will be charged a market rate property disposition fee that will cover property sale expenses such as brokerage commissions, and title, escrow and closing costs. It is expected that this disposition fee charged to a series will range from six to seven percent of the property sale price. To the extent that the actual property disposition fees are less than the amount charged to the series, the manager will receive the difference as income.

Description of the Property Management Agreement

The Company will appoint the manager or a third-party property management company to serve as property manager to manage the underlying property of each series pursuant to a series specific property management agreement.

The services provided by the property manager will include:

●

Collecting rent and maintaining books and records;

●

Ensuring compliance with local landlord/tenant and other applicable laws;

●

Routine property maintenance and responding to tenant maintenance requests;

●

Handling tenant on-boarding (move-in) and move-out; and

●

Investigating, selecting, and, on behalf of the applicable series, engaging and conducting business with such persons as the property manager deems necessary to ensure the proper performance of its obligations under the property management agreement, including but not limited to consultants, insurers, insurance agents, maintenance providers, bookkeepers and accountants and any and all persons acting in any other capacity deemed by the property manager necessary or desirable for the performance of any of the services under the property management agreement.

Each property management agreement will terminate on the earlier of: (i) the manager’s discretion to terminate a property management agreement at pre-determined renewal periods or by paying a termination fee, (ii) after the date on which the relevant series property has been liquidated and the obligations connected to the series property (including contingent obligations) have been terminated, (iii) the removal of the manager as managing member of our company and thus of all series (if the property manager is the manager), (iv) upon notice by one party to the other party of a party’s material breach of a property management agreement or (v) such other date as agreed between the parties to the property management agreement.

Each series will indemnify the property manager out of its assets against all liabilities and losses (including amounts paid in respect of judgments, fines, penalties or settlement of litigation, including legal fees and expenses) to which it becomes subject by virtue of serving as property manager under the respective property management agreements with respect to any act or omission that has not been determined by a final, non-appealable decision of a court, arbitrator or other tribunal of competent jurisdiction to constitute fraud, willful misconduct or gross negligence.

Currently, we intend to enter into a property management agreement on behalf of each series in the Northwest Arkansas market with Blue Canopy. However, we reserve the right to change property managers at any time. The following is a summary of the material terms of the proposed property management agreement with Blue Canopy Realty for each series:

●

12 month term with optional annual renewals;

●

Early cancellation fee of $500;

●

Property management fee of 7% of monthly rents collected; and

●

A fee of 25% of the first month’s rent, waived if the tenant is sourced by Blue Canopy Realty or Arrived. This fee will cover any expected additional cost if there is a tenant agent involved in the rental sourcing.

Property Management Fee

As compensation for the services provided by the property manager, each series will be charged a property management fee equal to eight percent (8%) of rents collected on a series property. Property management fees will be negotiated with a local property manager on a case-by case, arms’ length basis. To the extent that, under the terms of a specific property management agreement, the property manager is paid a fee that is less than the eight percent (8%) charged to the series, the manager will receive the difference as income. If a series property is vacant and not producing rental income, the property management fee will not be paid during any such period of vacancy.

Asset Management Fee

Each series will pay the manager an annual asset management fee equal to six tenths of a percent (0.6%) of the purchase price of the series property for that series. This fee will be paid out of the net operating rental income of a series on a quarterly basis.

Operating Expenses

Each series of our company will be responsible for the following costs and expenses attributable to the activities of our company related to such series (we refer to these as Operating Expenses):

●

any and all fees, costs and expenses incurred in connection with the management of a series property, including Home Ownership Association (HOA) fees, income taxes, marketing, security and maintenance;

●

any fees, costs and expenses incurred in connection with preparing any reports and accounts of each series, including any blue sky filings required in order for interest in a series to be made available to investors in certain states and any annual audit of the accounts of such series (if applicable) and any reports to be filed with the Commission including periodic reports on Forms 1-K, 1-SA and 1-U;

●

any and all insurance premiums or expenses, including directors and officers insurance of the directors and officers of the manager or a property manager, in connection with the series property;

●

any withholding or transfer taxes imposed on our company or a series or any of the members as a result of its or their earnings, investments or withdrawals;

●

any governmental fees imposed on the capital of our company or a series or incurred in connection with compliance with applicable regulatory requirements;

●

any legal fees and costs (including settlement costs) arising in connection with any litigation or regulatory investigation instituted against our company, a series or a property manager in connection with the affairs of our company or a series;

●

the fees and expenses of any administrator, if any, engaged to provide administrative services to our company or a series;

●

any fees, costs and expenses of a third-party registrar and transfer agent appointed by the manager in connection with a series;

●

the cost of the audit of our company’s annual financial statements and the preparation of its tax returns and circulation of reports to investors;

●

the cost of any audit of a series annual financial statements and the fees, costs and expenses incurred in connection with making of any tax filings on behalf of a series and circulation of reports to investors;

●

any indemnification payments to be made pursuant to the requirements of the operating agreement;

●

the fees and expenses of our company’s or a series’ counsel in connection with advice directly relating to our company’s or a series’ legal affairs;

●

the costs of any other outside appraisers, valuation firms, accountants, attorneys or other experts or consultants engaged by the manager in connection with the operations of our company or a series; and

●

any similar expenses that may be determined to be Operating Expenses, as determined by the manager in its reasonable discretion.

The manager will bear its own expenses of an ordinary nature, including all costs and expenses on account of rent, supplies, secretarial expenses, stationery, charges for furniture, fixtures and equipment, payroll taxes, remuneration and expenses paid to employees and utilities expenditures.

If the Operating Expenses exceed the amount of revenues generated from a series property and cannot be covered by any Operating Expense reserves on the balance sheet of such series property, the manager may (a) pay such Operating Expenses and not seek reimbursement, (b) loan the amount of the Operating Expenses to the applicable series, on which the manager may impose a reasonable rate of interest, and be entitled to reimbursement of such amount from future revenues generated by such series property (which we refer to as Operating Expenses Reimbursement Obligation(s)), and/or (c) cause additional interests to be issued in the such series in order to cover such additional amounts.

Allocations of Expenses

To the extent relevant, Offering Expenses, Acquisition Expenses, Operating Expenses, revenue generated from series properties and any indemnification payments made by the manager will be allocated among the various series interests in accordance with the manager’s allocation policy set forth below. The allocation policy requires the manager to allocate items that are allocable to a specific series to be borne by, or distributed to (as applicable), the applicable series. If, however, an item is not allocable to a specific series but to our company in general, it will be allocated pro rata based on the value of the series properties or the number of properties, as reasonably determined by the manager or as otherwise set forth in the allocation policy. By way of example, as of the date hereof it is anticipated that revenues and expenses will be allocated as follows:

Revenue or Expense Item	Details	Allocation Policy (if revenue or expense is not clearly allocable to a specific series property)
Revenue	Each of the series will have monthly rental income from the series property.	Allocable directly to the applicable series property

Acquisition Expenses	Appraisal and valuation fees (if incurred pre-closing)	Allocable directly to the applicable series property
	Appraisal and valuation fees (if incurred post-closing)	Allocable directly to the applicable series property
	Pre-purchase inspection	Allocable directly to the applicable series property
	Closing Costs	Allocable directly to the applicable series property
	Interest expense, if any, when an underlying series property is purchased by a series through a loan prior to the closing of a series offering	Allocable directly to the applicable series property

Offering Expenses	Legal expenses related to the preparation of regulatory paperwork (offering materials) for a series	Not allocable; to be borne by the manager
	Audit and accounting work related to the regulatory paperwork or a series	Allocable directly to the applicable series property
	Compliance work including diligence related to the preparation of a series	Not allocable; to be borne by the manager
	Insurance of a series property as at time of acquisition	Allocable directly to the applicable series property
	Broker fees other than cash commissions (e.g., expense reimbursement) Brokerage fee payable per filing of a Form 1-A Post-Qualification Amendment ($1,000 per 1-A POS)	Not allocable; to be borne by the manager Allocable directly to the applicable series
	Preparation of marketing materials	Not allocable; to be borne by the manager

Revenue or Expense Item	Details	Allocation Policy (if revenue or expense is not clearly allocable to a specific series property)
Operating Expense	Property management fees	Allocable directly to the applicable series property
	Asset management fees	Allocable directly to the applicable series property
	Audit and accounting work related to the regulatory paperwork of a Series	Allocable pro rata to the number of series properties
	Security (e.g., surveillance and patrols)	Allocable pro rata to the value of each series property
	Insurance	Allocable directly to the applicable series property
	Maintenance	Allocable directly to the applicable series property
	Property marketing or lease concessions, including special offers and terms	Allocable directly to the applicable series property
	Property disposition fee	Allocable directly to the applicable series property
	Interest expense, if any, when a series property holds any type of term loan or line of credit	Allocable directly to the applicable series property
	Audit, accounting and bookkeeping related to the reporting requirements of a series	Allocable pro rata to the number of series properties

Indemnification Payments	Indemnification payments under the operating agreement	Allocable pro rata to the value of each series property

Notwithstanding the foregoing, the manager may revise and update the allocation policy from time to time in its reasonable discretion without further notice to the investors.

The Arrived Homes Platform

Arrived Holdings, Inc., the manager, owns and operates a web-based and mobile accessible investment platform, the Arrived Homes platform. Through the use of the Arrived Homes platform, investors can browse and screen the investments offered by each of our series, now existing or to be formed by our company in the future, and electronically sign legal documents to purchase series interests.

Competition

There are a number of established and emerging competitors in the real estate investment platform market. The market is fragmented, rapidly evolving, competitive, and with relatively low barriers to entry. We consider our competitive differentiators in our market to be:

●

our focus on the single-family residential rental market;

●

the ability for users to select which rental properties they would like to invest in;

●

consistent rental income with use of moderate amounts of leverage;

●

our unique investment strategy and approach to market selection;

●

lower minimum investment amounts; and

●

favorable tax treatment associated with REIT elections.

We face competition primarily from other real estate investment platform companies such as Roofstock, Inc., Fundrise LLC, and Compound Projects, LLC, as well as a range of emerging new entrants. In order to compete, we work tirelessly to innovate and improve our products, while at the same time preserving our unique culture and approach.

Conflicts of Interest

Conflicts of interest may exist or could arise in the future with the manager and its affiliates and our officers and/or directors who are also officers and/or directors of the manager. Conflicts may include, without limitation:

●

Each of our executive officers will also serve as an officer of other the manager and its affiliated entities. As a result, these persons will have a conflict of interest with respect to our agreements and arrangements with the manager and/or affiliates of the manager, which were not negotiated at arm’s length, and their terms may not have been as favorable to us as if they had been negotiated at arm’s length with an unaffiliated third party. The manager is not required to make available any particular individual personnel to us.

●

Our executive officers will not be required to devote a specific amount of time to our affairs. As a result, we cannot provide any assurances regarding the amount of time the manager will dedicate to the management of our business. Accordingly, we may compete with manager and any of its current and future programs, funds, vehicles, managed accounts, ventures or other entities owned and/or managed by the manager or one of its affiliates, which we refer to collectively as the manager-sponsored vehicles, for the time and attention of these officers in connection with our business. We may not receive the level of support and assistance that we might otherwise receive if we were internally managed.

●

Some or all of the series will acquire their properties from the manager or from an affiliate of the manager. Prior to a sale to a series, the manager will acquire a property, repair and improve the property, and seek to place a tenant in the property. The manager will then resell the property to a series at a value determined by the manager or affiliate of the manager, which may reflect a premium over the manager’s investment in the property. Accordingly, because the manager will be an interested party with respect to a sale of a property that it owns to a series, the manager’s interests in such a sale may not be aligned with the interests of the series or its investors. There can be no assurance that a property purchase price that a series will pay to the manager will be comparable to that which a series might pay to an unaffiliated third party property seller.

●

The manager may in the future form or sponsor additional manager-sponsored vehicles, which could have overlapping investment objectives. To the extent we have sufficient capital to acquire a property that the manager has determined to be suitable for us, that property will be allocated to us.

●

The manager does not assume any responsibility beyond the duties specified in the operating agreement and will not be responsible for any action of our board of directors in following or declining to follow the manager’s advice or recommendations. The manager’s liability is limited under the operating agreement and we have agreed to reimburse, indemnify and hold harmless the manager and its affiliates, with respect to all expenses, losses, damages, liabilities, demands, charges and claims in respect of, or arising from acts or omissions of, such indemnified parties not constituting bad faith, willful misconduct, gross negligence or reckless disregard of the manager’s duties under the operating agreement which has a material adverse effect on us. As a result, we could experience poor performance or losses for which the manager would not be liable.

Employees

Our company does not have any employees. All of the officers and directors of our company are employees of the manager.

Legal Proceedings

None of our company, any series, the manager, or any director or executive officer of our company or the manager is presently subject to any material legal proceedings.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operation

Overview

Arrived Homes, LLC, a Delaware series limited liability company (which we refer to as “we,” “us,” “our,” “Arrived” or the “company”) was formed in July 2020 to permit public investment in specific single family rental homes. Arrived Holdings, Inc. is the manager of the company (our “manager”). We believe people should have the freedom to move around to pursue new opportunities in their lives while still having access to the wealth creation that long-term home ownership and real estate investment can provide. To support this idea, we are building what we believe to be a new model for home ownership and real estate investment that doesn’t lock people into a single home or city. We believe in passive income, conservative debt, freedom to move, diversification, and aligned incentives.

Arrived rents the homes we acquire to tenants who can also invest through the same process as any other member of the Arrived platform, becoming part owners of the homes they’re living in at that time. By investing together we align incentives towards creating value for everyone.

Arrived Homes and its series, as of December 31, 2021, had a total of 68 properties. Compared to December 31, 2022, Arrived Homes and its series has grown to 199 properties. The increase of properties acquired, expansion in markets outside of Arkansas, and partnerships with third party property managers contributed to the growth of the business.

Emerging Growth Company

We may elect to become a public reporting company under the Exchange Act. If we elect to do so, we will be required to publicly report on an ongoing basis as an emerging growth company, as defined in the JOBS Act, under the reporting rules set forth under the Exchange Act. For so long as we remain an emerging growth company, we may take advantage of certain exemptions from various reporting requirements that are applicable to other Exchange Act reporting companies that are not emerging growth companies, including, but not limited to:

●

not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act;

●

being permitted to comply with reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements; and

●

being exempt from the requirement to hold a non-binding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

In addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the benefits of this extended transition period. Our financial statements may therefore not be comparable to those of companies that comply with such new or revised accounting standards.

We would expect to take advantage of these reporting exemptions until we are no longer an emerging growth company. We would remain an emerging growth company for up to five years, or until the earliest of (i) the last day of the first fiscal year in which our total annual gross revenues exceed $1 billion; (ii) the date that we become a large accelerated filer as defined in Rule 12b-2 under the Exchange Act, which would occur if the market value of our common shares that is held by non-affiliates exceeds $700 million as of the last business day of our most recently completed second fiscal quarter; or (iii) the date on which we have issued more than $1 billion in non-convertible debt during the preceding three-year period.

Impact of Coronavirus Pandemic

In December 2019, a novel strain of coronavirus, referred to as COVID-19, was reported in Wuhan, China. COVID-19 spread to other countries, including the United States, and was declared a pandemic by the World Health Organization.

Our manager has taken steps to take care of its employees, including providing the ability for employees to work remotely. Our manager is also assessing business continuity plans for all business units, including ours, in the context of COVID-19, and our manager will continue to monitor and attempt to mitigate developments affecting its workforce. Our manager has reviewed and will continue to carefully review all rules, regulations and orders and will respond accordingly.

The continued spread of COVID-19 has also led to severe disruption and volatility in the global financial markets, which could increase our cost of capital and adversely affect our liquidity and ability to access capital markets in the future. The continued spread of COVID-19 has caused an economic slowdown and may cause a recession or other unpredictable events, each of which could adversely affect our business, results of operations or financial condition. The pandemic has had, and could have a significantly greater, material adverse effect on the United States economy as a whole and in our industry in particular.

The extent to which COVID-19 may impact our results will depend on future developments, which are highly uncertain and cannot be predicted as of the date of this Form 1-K, including new information that may emerge concerning the severity of the pandemic and steps taken to contain the pandemic or treat its impact, among others. Nevertheless, the pandemic; the current financial, economic and capital markets environment; and future developments in the global supply chain and other areas present material uncertainty and risk with respect to our performance, financial condition, results of operations and cash flows.

Further, the COVID-19 outbreak has caused unprecedented levels of global uncertainty and may impact the value of real estate. We expect the COVID-19 outbreak will result in low transaction volume until confidence in the global economy is restored. The extent and duration of this disruption cannot be accurately estimated, and the real estate industry may take a significant amount of time to recover. Although we intend to hold and manage all of the assets marketed on the Arrived Platform for an average of five to seven years, the COVID-19 outbreak and resulting economic uncertainty may impact the value of the underlying assets, and consequently the value of the interests.

Operating Results

Revenues

Revenues are generated at the series level and are derived from leases on the series property. All revenues generated by each series for the years ended December 31, 2022 and 2021 are listed in the table below. The increases in revenues for the relevant series and for the company are a result of each series beginning operations during the year ended December 31, 2021. Such amounts are based on the audited financial statements of the company and each series included in this Annual Report on Form 1-K:

RENTAL REVENUE

Applicable Series	December 31, 2022		December 31, 2021
100	$	24,115	$	-
101	$	-	$	-
Abbington	$	11,135	$	-
Amber	$	16,392	$	-
Apollo	$	5,850	$	-
Aster	$	-	$	-
Avebury	$	11,688	$	-
Badminton	$	23,940	$	9,782
Bandelier	$	17,489	$	-
Baron	$	14,080	$	-
Basil	$	17,940	$	5,880
Bayside	$	25,140	$	2,095
Bazzel	$	7,480	$	-
Bedford	$	20,655	$	-
Belle	$	9,814	$	-
Blossom	$	6,437	$	-
Bonneau	$	-	$	-
Brainerd	$	4,190	$	-
Braxton	$	7,243	$	-
Brennan	$	6,380	$	-
Brooklyn	$	-	$	-
Burlington	$	13,685	$	-
Butter	$	22,546	$	-
Camino	$	6,431	$	-
Campbell	$	-	$	-
Centennial	$	22,740	$	9,169
Chaparral	$	15,276	$	13,050
Chattahoochee	$	-	$	-

Applicable Series	December 31, 2022		December 31, 2021
Chelsea	$	11,811	$	-
Chester	$	8,854	$	-
Chickamauga	$	4,590	$	-
Chitwood	$	8,599	$	-
Clover	$	9,169	$	-
Coatbridge	$	25,925	$	1,995
Collier	$	7,111	$	-
Collinston	$	7,849	$	-
Conway	$	-	$	-
Creekside	$	9,424	$	-
Creekwood	$	7,180	$	-
Cumberland	$	8,639	$	-
Cupcake	$	19,740	$	4,382
Cypress	$	7,588	$	-
Daisy	$	8,225	$	-
Davidson	$	9,430	$	-
Dawson	$	14,098	$	1,695
Delta	$	14,820	$	-
Dewberry	$	19,551	$	7,604
Diablo	$	4,944	$	-
Dogwood	$	7,786	$	-
Dolittle	$	24,660	$	-
Dolly	$	-	$	-
Dops	$	-	$	-
Dorchester	$	4,390	$	-
Dunbar	$	4,656	$	-
Duncan	$	-	$	-
Eagle	$	7,980	$	-
Eastfair	$	21,540	$	7,180
Elevation	$	24,107	$	6,717
Elm	$	15,259	$	1,595
Emporia	$	14,362	$	-
Ensenada	$	32,206	$	-
Falcon	$	6,175	$	-
Folly	$	8,908	$	-
Forest	$	17,465	$	4,824
Gardens	$	9,434	$	-
Goose	$	6,270	$	-
Grant	$	24,647	$	-
Greenhill	$	25,930	$	-
Gretal	$	-	$	-
Grove	$	6,462	$	-
Hadden	$	10,857	$	-
Hansard	$	-	$	-
Hansel	$	-	$	-
Harrison	$	11,748	$	-
Henry	$	7,669	$	-
Heritage	$	12,414	$	-
Heron	$	9,403	$	-
Highland	$	4,090	$	-
Hines	$	7,869	$	-
Holcomb	$	10,224	$	-

Applicable Series	December 31, 2022		December 31, 2021
Holland	$	9,104	$	-
Hollandaise	$	13,499	$	-
Holloway	$	29,940	$	11,831
Inglewood	$	-	$	-
Jack	$	19,900	$	-
Jake	$	7,928	$	-
Jefferson	$	-	$	-
Jill	$	8,780	$	-
Johnny	$	10,017	$	-
June	$	17,325	$	-
Jupiter	$	13,841	$	-
Kawana	$	10,114	$	-
Kennesaw	$	13,602	$	-
Kenny	$	3,095	$	-
KerriAnn	$	14,828	$	-
Kessler	$	6,380	$	-
Kingsley	$	27,160	$	12,660
Kirkwood	$	10,740	$	-
Korin	$	-	$	-
Lallie	$	29,955	$	13,441
Lanier	$	18,960	$	-
Lannister	$	2,625	$	-
Latte	$	9,205	$	-
Lennox	$	20,340	$	1,695
Lierly	$	22,167	$	14,796
Lily	$	2,390	$	-
Limestone	$	24,760	$	-
Litton	$	4,414	$	-
Lookout	$	9,236	$	-
Loretta	$	-	$	-
Louise	$	15,760	$	-
Lovejoy	$	14,497	$	-
Luna	$	21,000	$	9,315
Lurleen	$	-	$	-
Madison	$	-	$	-
Mae	$	6,285	$	-
Magnolia	$	12,527	$	-
Malbec	$	26,990	$	8,980
Mammoth	$	15,425	$	-
Marcelo	$	3,390	$	-
Marie	$	-	$	-
Marietta	$	4,190	$	-
Matchingham	$	21,540	$	-
McGregor	$	11,812	$	-
McLovin	$	29,025	$	-
Meadow	$	17,476	$	-
Mimosa	$	2,990	$	-
Mojave	$	19,140	$	3,653
Murphy	$	25,571	$	-
Nugget	$	12,890	$	-
Odessa	$	17,404	$	695
Olive	$	22,919	$	3,664
Oly	$	31,070	$	-
Osprey	$	11,479	$	-
Otoro	$	13,975	$	-

Applicable Series	December 31, 2022		December 31, 2021
Patrick	$	17,850	$	9,000
Peanut	$	11,795	$	-
Pearl	$	17,331	$	-
Pecan	$	20,050	$	13,900
Piedmont	$	9,254	$	-
Pinot	$	24,429	$	8,915
Pioneer	$	-	$	-
Plumtree	$	19,200	$	13,025
Point	$	13,770	$	-
Quincy	$	5,390	$	-
Redondo	$	-	$	-
Regency	$	-	$	-
Reginald	$	6,092	$	-
Reynolds	$	12,153	$	-
Ribbonwalk	$	13,397	$	-
Richardson	$	5,488	$	-
Ridge	$	20,016	$	1,695
Ritter	$	1,000	$	-
River	$	23,970	$	1,995
Riverwalk	$	11,975	$	-
Rooney	$	12,570	$	-
Roseberry	$	29,200	$	7,956
Rosewood	$	7,450	$	-
Roxy	$	8,881	$	-
Saddlebred	$	7,707	$	-
Saint	$	23,271	$	-
Salem	$	28,535	$	9,536
Saturn	$	11,513	$	-
Scepter	$	9,600	$	-
Sequoyah	$	-	$	-
Shallowford	$	6,930	$	-
Shoreline	$	27,540	$	9,550
Sigma	$	9,624	$	-
Soapstone	$	19,500	$	14,400
Sodalis	$	-	$	-
Spencer	$	26,340	$	10,267
Splash	$	17,750	$	5,890
Spring	$	7,108	$	-
Stonebriar	$	5,208	$	-
Sugar	$	21,540	$	7,238
Summerset	$	16,835	$	8,679
Sundance	$	4,390	$	-
Sunnyside	$	-	$	-
Swift	$	14,612	$	-
Taylor	$	5,980	$	-
Terracotta	$	15,746	$	-
Tulip	$	8,853	$	-
Tuscan	$	27,715	$	9,130
Tuscarora	$	-	$	-
Tuxford	$	11,923	$	-
Vernon	$	15,099	$	-
Walton	$	-	$	-
Wave	$	11,754	$	-
Weldon	$	11,114	$	-
Wellington	$	10,353	$	-
Wentworth	$	19,415	$	5,110
Wescott	$	9,149	$	-
Westchester	$	28,724	$	6,922
Wildwood	$	8,702	$	-
Willow	$	8,619	$	-
Wilson	$	9,070	$	-
Windsor	$	31,170	$	10,799
Winston	$	12,423	$	-
Wisteria	$	15,292	$	-

Total Rental Revenue	$	2,382,727	$	310,705

Operating Expenses

The company incurred $3,420,761 in operating expenses for the year ended December 31, 2022 and $404,717 in operating expenses for the year ended December 31, 2021. The operating expenses incurred prior to the closing of an offering related to any of the series are being paid by our manager and are reimbursed by such series out of the gross offering proceeds upon closing of the relevant series offering. Such operating expenses include real estate taxes, property insurance, Home Ownership Association (HOA) fees, legal fees, other professional fees, depreciation, and repair and maintenance costs. Upon closing, each series becomes responsible for its own operating expenses.

For the years ended December 31, 2022 and 2021, at the close of the respective offerings for the series, each individual series became responsible for its own operating expenses. The following table summarizes the total operating expenses incurred by each series for the years ended December 31, 2022 and 2021. The increases in operating expenses for the relevant series and for the company are a result of each series beginning operations during the year ended December 31, 2021. Such amounts are based on the audited financial statements of the company and each series included in this Annual Report on Form 1-K:

OPERATING EXPENSES

	December 31, 2022						December 31, 2021
Applicable Series	Operating Expenses		Depreciation		Total Expenses		Operating Expenses		Depreciation		Total Expenses
100	$	15,876	$	15,482	$	31,358	$	-	$	-	$	-
101	$	17,253	$	8,719	$	25,972	$	-	$	-	$	-
Abbington	$	30,765	$	6,578	$	37,343	$	-	$	-	$	-
Amber	$	12,361	$	8,416	$	20,777	$	2,083	$	701	$	2,784
Apollo	$	8,823	$	2,691	$	11,514	$	-	$	-	$	-
Aster	$	8,353	$	2,331	$	10,684	$	-	$	-	$	-
Avebury	$	10,866	$	5,993	$	16,859	$	-	$	-	$	-
Badminton	$	8,671	$	7,010	$	15,681	$	7,080	$	3,505	$	10,585
Bandelier	$	12,170	$	8,340	$	20,510	$	1,398	$	1,390	$	2,788
Baron	$	18,012	$	7,777	$	25,789	$	-	$	-	$	-
Basil	$	6,648	$	5,562	$	12,209	$	4,526	$	1,856	$	6,382
Bayside	$	10,248	$	7,050	$	17,298	$	1,200	$	587	$	1,787
Bazzel	$	12,057	$	3,254	$	15,311	$	-	$	-	$	-
Bedford	$	11,452	$	5,771	$	17,223	$	-	$	-	$	-
Belle	$	19,302	$	5,035	$	24,337	$	-	$	-	$	-
Blossom	$	8,965	$	2,330	$	11,296	$	-	$	-	$	-
Bonneau	$	11,996	$	3,336	$	15,332	$	-	$	-	$	-
Brainerd	$	1,891	$	-	$	1,891	$	-	$	-	$	-
Braxton	$	13,837	$	2,961	$	16,798	$	-	$	-	$	-
Brennan	$	8,116	$	3,634	$	11,750	$	-	$	-	$	-
Brooklyn	$	1,654	$	-	$	1,654	$	-	$	-	$	-
Burlington	$	18,111	$	8,916	$	27,027	$	-	$	-	$	-
Butter	$	17,942	$	10,379	$	28,321	$	-	$	-	$	-
Camino	$	7,073	$	3,037	$	10,110	$	-	$	-	$	-
Campbell	$	19,042	$	3,554	$	22,596	$	-	$	-	$	-
Centennial	$	11,015	$	7,835	$	18,850	$	5,120	$	3,917	$	9,037

	December 31, 2022						December 31, 2021
Applicable Series	Operating Expenses		Depreciation		Total Expenses		Operating Expenses		Depreciation		Total Expenses
Chaparral	$	8,386	$	5,399	$	13,785	$	4,109	$	4,049	$	8,158
Chattahoochee	$	23,603	$	3,840	$	27,443	$	-	$	-	$	-
Chelsea	$	9,523	$	6,351	$	15,874	$	-	$	-	$	-
Chester	$	12,061	$	2,547	$	14,609	$	-	$	-	$	-
Chickamauga	$	1,966	$	-	$	1,966	$	-	$	-	$	-
Chitwood	$	14,345	$	4,379	$	18,724	$	-	$	-	$	-
Clover	$	10,316	$	3,664	$	13,980	$	-	$	-	$	-
Coatbridge	$	10,105	$	7,460	$	17,565	$	3,281	$	622	$	3,903
Collier	$	17,587	$	4,066	$	21,653	$	-	$	-	$	-
Collinston	$	15,982	$	5,811	$	21,793	$	826	$	484	$	1,310
Conway	$	10,990	$	6,276	$	17,265	$	-	$	-	$	-
Creekside	$	8,939	$	3,567	$	12,506	$	-	$	-	$	-
Creekwood	$	7,233	$	2,645	$	9,878	$	-	$	-	$	-
Cumberland	$	8,946	$	2,706	$	11,652	$	-	$	-	$	-
Cupcake	$	7,277	$	6,614	$	13,891	$	2,539	$	1,510	$	4,049
Cypress	$	11,255	$	3,344	$	14,599	$	-	$	-	$	-
Daisy	$	9,768	$	3,448	$	13,217	$	-	$	-	$	-
Davidson	$	13,076	$	5,818	$	18,894	$	160	$	-	$	160
Dawson	$	14,659	$	6,648	$	21,307	$	2,125	$	519	$	2,644
Delta	$	20,954	$	7,747	$	28,702	$	-	$	-	$	-
Dewberry	$	10,574	$	5,225	$	15,800	$	8,042	$	2,613	$	10,655
Diablo	$	18,483	$	7,141	$	25,624	$	-	$	-	$	-
Dogwood	$	7,846	$	2,750	$	10,596	$	-	$	-	$	-
Dolittle	$	13,927	$	8,443	$	22,370	$	-	$	-	$	-
Dolly	$	10,787	$	7,895	$	18,681	$	-	$	-	$	-
Dops	$	1,325	$	-	$	1,325	$	-	$	-	$	-
Dorchester	$	15,092	$	3,939	$	19,031	$	-	$	-	$	-
Dunbar	$	19,305	$	4,430	$	23,735	$	-	$	-	$	-
Duncan	$	18,989	$	3,689	$	22,678	$	-	$	-	$	-
Eagle	$	3,636	$	1,854	$	5,490	$	-	$	-	$	-
Eastfair	$	7,561	$	5,912	$	13,473	$	2,945	$	1,971	$	4,916
Elevation	$	10,715	$	7,313	$	18,029	$	6,437	$	3,047	$	9,484
Elm	$	9,088	$	4,600	$	13,688	$	2,069	$	383	$	2,452
Emporia	$	13,283	$	7,970	$	21,252	$	-	$	-	$	-
Ensenada	$	16,538	$	13,332	$	29,870	$	1,572	$	2,222	$	3,794
Falcon	$	3,300	$	1,237	$	4,537	$	-	$	-	$	-
Folly	$	11,828	$	3,705	$	15,533	$	-	$	-	$	-
Forest	$	10,403	$	9,646	$	20,049	$	12,443	$	4,823	$	17,266

	December 31, 2022						December 31, 2021
Applicable Series	Operating Expenses		Depreciation		Total Expenses		Operating Expenses		Depreciation		Total Expenses
Gardens	$	6,982	$	4,042	$	11,024	$	-	$	-	$	-
Goose	$	3,397	$	1,727	$	5,124	$	-	$	-	$	-
Grant	$	19,814	$	8,902	$	28,716	$	1,812	$	1,484	$	3,296
Greenhill	$	13,077	$	7,514	$	20,592	$	-	$	-	$	-
Gretal	$	7,564	$	2,061	$	9,625	$	-	$	-	$	-
Grove	$	5,948	$	5,219	$	11,167	$	-	$	-	$	-
Hadden	$	9,765	$	5,090	$	14,855	$	-	$	-	$	-
Hansard	$	1,325	$	-	$	1,325	$	-	$	-	$	-
Hansel	$	9,025	$	2,782	$	11,807	$	-	$	-	$	-
Harrison	$	12,898	$	4,215	$	17,112	$	-	$	-	$	-
Henry	$	19,406	$	4,926	$	24,333	$	-	$	-	$	-
Heritage	$	18,409	$	5,173	$	23,581	$	-	$	-	$	-
Heron	$	7,282	$	5,131	$	12,413	$	-	$	-	$	-
Highland	$	12,097	$	3,285	$	15,382	$	-	$	-	$	-
Hines	$	13,316	$	3,510	$	16,826	$	-	$	-	$	-
Holcomb	$	18,537	$	4,874	$	23,411	$	-	$	-	$	-
Holland	$	15,475	$	5,818	$	21,293	$	977	$	485	$	1,462
Hollandaise	$	17,860	$	7,542	$	25,403	$	-	$	-	$	-
Holloway	$	10,743	$	9,344	$	20,087	$	12,934	$	4,672	$	17,606
Inglewood	$	9,420	$	6,223	$	15,643	$	-	$	-	$	-
Jack	$	12,577	$	7,636	$	20,213	$	-	$	-	$	-
Jake	$	16,976	$	8,093	$	25,069	$	-	$	-	$	-
Jefferson	$	1,325	$	-	$	1,325	$	-	$	-	$	-
Jill	$	9,646	$	3,692	$	13,338	$	-	$	-	$	-
Johnny	$	14,207	$	6,704	$	20,912	$	-	$	-	$	-
June	$	14,733	$	6,704	$	21,438	$	-	$	-	$	-
Jupiter	$	15,429	$	5,811	$	21,240	$	801	$	484	$	1,285
Kawana	$	7,613	$	5,679	$	13,291	$	-	$	-	$	-
Kennesaw	$	24,128	$	4,864	$	28,992	$	-	$	-	$	-
Kenny	$	10,098	$	7,895	$	17,993	$	-	$	-	$	-
KerriAnn	$	13,675	$	9,371	$	23,047	$	10,145	$	1,562	$	11,707
Kessler	$	11,994	$	3,416	$	15,411	$	-	$	-	$	-
Kingsley	$	10,675	$	8,580	$	19,255	$	6,760	$	4,290	$	11,050
Kirkwood	$	12,615	$	4,191	$	16,805	$	-	$	-	$	-
Korin	$	1,733	$	-	$	1,733	$	-	$	-	$	-
Lallie	$	8,717	$	10,231	$	18,948	$	6,797	$	5,115	$	11,912
Lanier	$	11,178	$	6,059	$	17,237	$	-	$	-	$	-
Lannister	$	11,103	$	3,738	$	14,842	$	-	$	-	$	-
Latte	$	8,844	$	4,176	$	13,020	$	-	$	-	$	-
Lennox	$	7,016	$	5,956	$	12,972	$	2,535	$	496	$	3,031
Lierly	$	11,259	$	5,864	$	17,122	$	5,950	$	4,398	$	10,348
Lily	$	22,582	$	15,368	$	37,950	$	2,318	$	3,460	$	5,778
Limestone	$	13,585	$	8,046	$	21,630	$	1,473	$	670	$	2,143
Litton	$	1,848	$	-	$	1,848	$	-	$	-	$	-
Lookout	$	12,429	$	4,741	$	17,171	$	-	$	-	$	-
Loretta	$	10,108	$	6,272	$	16,380	$	-	$	-	$	-
Louise	$	8,818	$	5,052	$	13,870	$	-	$	-	$	-
Lovejoy	$	13,757	$	6,015	$	19,772	$	-	$	-	$	-
Luna	$	7,461	$	5,912	$	13,372	$	6,712	$	2,956	$	9,668
Lurleen	$	1,332	$	173	$	1,505	$	-	$	-	$	-
Madison	$	7,268	$	2,828	$	10,096	$	-	$	-	$	-
Mae	$	10,311	$	4,053	$	14,364	$	-	$	-	$	-
Magnolia	$	17,205	$	4,729	$	21,934	$	-	$	-	$	-
Malbec	$	8,597	$	8,776	$	17,373	$	3,553	$	2,925	$	6,478
Mammoth	$	13,101	$	6,247	$	19,349	$	-	$	-	$	-
Marcelo	$	10,768	$	2,607	$	13,376	$	-	$	-	$	-

	December 31, 2022						December 31, 2021
Applicable Series	Operating Expenses		Depreciation		Total Expenses		Operating Expenses		Depreciation		Total Expenses
Marie	$	1,325	$	-	$	1,325	$	-	$	-	$	-
Marietta	$	9,130	$	3,491	$	12,621	$	-	$	-	$	-
Matchingham	$	9,478	$	5,825	$	15,303	$	-	$	-	$	-
McGregor	$	21,045	$	4,821	$	25,866	$	-	$	-	$	-
McLovin	$	22,481	$	12,438	$	34,919	$	-	$	-	$	-
Meadow	$	12,538	$	8,820	$	21,358	$	6,463	$	2,205	$	8,668
Mimosa	$	8,701	$	983	$	9,684	$	-	$	-	$	-
Mojave	$	7,211	$	7,113	$	14,324	$	2,583	$	1,623	$	4,206
Murphy	$	13,559	$	8,171	$	21,730	$	-	$	-	$	-
Nugget	$	18,703	$	7,694	$	26,397	$	-	$	-	$	-
Odessa	$	25,783	$	14,664	$	40,447	$	2,762	$	3,666	$	6,428
Olive	$	9,615	$	6,789	$	16,404	$	7,624	$	2,654	$	10,278
Oly	$	15,943	$	12,533	$	28,476	$	-	$	-	$	-
Osprey	$	13,213	$	4,690	$	17,904	$	-	$	-	$	-
Otoro	$	16,023	$	7,350	$	23,373	$	-	$	-	$	-
Patrick	$	12,394	$	5,772	$	18,166	$	4,600	$	4,329	$	8,929
Peanut	$	5,676	$	3,952	$	9,629	$	-	$	-	$	-
Pearl	$	10,123	$	7,498	$	17,622	$	-	$	-	$	-
Pecan	$	10,336	$	5,725	$	16,061	$	6,544	$	4,294	$	10,838
Piedmont	$	13,108	$	4,410	$	17,518	$	-	$	-	$	-
Pinot	$	8,329	$	8,859	$	17,187	$	3,630	$	2,953	$	6,583
Pioneer	$	14,236	$	6,537	$	20,773	$	-	$	-	$	-
Plumtree	$	10,357	$	5,535	$	15,892	$	5,330	$	4,151	$	9,481
Point	$	8,930	$	6,125	$	15,055	$	-	$	-	$	-
Quincy	$	15,821	$	6,262	$	22,083	$	-	$	-	$	-
Redondo	$	3,168	$	717	$	3,885	$	-	$	-	$	-
Regency	$	1,325	$	-	$	1,325	$	-	$	-	$	-
Reginald	$	27,735	$	4,396	$	32,131	$	-	$	-	$	-
Reynolds	$	17,799	$	4,921	$	22,720	$	-	$	-	$	-
Ribbonwalk	$	16,260	$	8,791	$	25,050	$	4,501	$	1,465	$	5,966
Richardson	$	12,333	$	2,876	$	15,209	$	-	$	-	$	-
Ridge	$	7,770	$	5,983	$	13,753	$	1,171	$	499	$	1,670
Ritter	$	14,228	$	6,932	$	21,160	$	-	$	-	$	-
River	$	9,219	$	7,323	$	16,543	$	2,892	$	610	$	3,502
Riverwalk	$	17,482	$	4,523	$	22,005	$	-	$	-	$	-
Rooney	$	15,645	$	8,844	$	24,489	$	1,313	$	1,474	$	2,787
Roseberry	$	10,206	$	9,026	$	19,231	$	11,010	$	3,009	$	14,019
Rosewood	$	13,958	$	4,339	$	18,297	$	-	$	-	$	-
Roxy	$	15,788	$	5,226	$	21,013	$	-	$	-	$	-
Saddlebred	$	20,627	$	15,441	$	36,068	$	1,728	$	3,659	$	5,387
Saint	$	10,482	$	6,339	$	16,820	$	-	$	-	$	-
Salem	$	9,984	$	8,775	$	18,759	$	3,662	$	2,925	$	6,587
Saturn	$	8,540	$	6,184	$	14,724	$	1,851	$	1,988	$	3,839

	December 31, 2022						December 31, 2021
Applicable Series	Operating Expenses		Depreciation		Total Expenses		Operating Expenses		Depreciation		Total Expenses
Scepter	$	12,226	$	6,475	$	18,702	$	1,284	$	1,079	$	2,363
Sequoyah	$	1,925	$	-	$	1,925	$	-	$	-	$	-
Shallowford	$	14,401	$	3,317	$	17,718	$	-	$	-	$	-
Shoreline	$	11,452	$	8,520	$	19,972	$	9,099	$	4,260	$	13,359
Sigma	$	19,108	$	10,654	$	29,762	$	-	$	-	$	-
Soapstone	$	11,367	$	6,000	$	17,367	$	5,572	$	4,500	$	10,072
Sodalis	$	10,672	$	3,316	$	13,988	$	-	$	-	$	-
Spencer	$	9,779	$	8,313	$	18,093	$	5,791	$	4,157	$	9,948
Splash	$	6,870	$	5,955	$	12,825	$	3,096	$	1,985	$	5,081
Spring	$	11,802	$	2,835	$	14,637	$	-	$	-	$	-
Stonebriar	$	10,482	$	3,252	$	13,733	$	-	$	-	$	-
Sugar	$	10,031	$	8,559	$	18,589	$	8,137	$	3,566	$	11,703
Summerset	$	7,246	$	7,010	$	14,256	$	7,905	$	3,505	$	11,410
Sundance	$	3,384	$	975	$	4,359	$	-	$	-	$	-
Sunnyside	$	1,325	$	-	$	1,325	$	-	$	-	$	-
Swift	$	14,098	$	6,075	$	20,172	$	-	$	-	$	-
Taylor	$	5,087	$	2,994	$	8,081	$	-	$	-	$	-
Terracotta	$	10,906	$	5,049	$	15,955	$	-	$	-	$	-
Tulip	$	12,078	$	5,817	$	17,895	$	-	$	-	$	-
Tuscan	$	16,068	$	8,879	$	24,947	$	4,301	$	2,960	$	7,261
Tuscarora	$	1,325	$	-	$	1,325	$	-	$	-	$	-
Tuxford	$	19,866	$	5,402	$	25,268	$	-	$	-	$	-
Vernon	$	12,546	$	7,238	$	19,784	$	-	$	-	$	-
Walton	$	10,178	$	3,436	$	13,614	$	-	$	-	$	-
Wave	$	17,130	$	6,921	$	24,051	$	-	$	-	$	-
Weldon	$	12,720	$	5,811	$	18,531	$	1,069	$	484	$	1,553
Wellington	$	16,697	$	3,708	$	20,405	$	-	$	-	$	-
Wentworth	$	7,355	$	6,897	$	14,252	$	2,775	$	1,563	$	4,338
Wescott	$	16,457	$	3,765	$	20,223	$	-	$	-	$	-
Westchester	$	11,147	$	9,374	$	20,522	$	5,069	$	3,906	$	8,975
Wildwood	$	11,014	$	3,537	$	14,551	$	-	$	-	$	-
Willow	$	11,210	$	2,676	$	13,886	$	-	$	-	$	-
Wilson	$	11,766	$	4,788	$	16,554	$	-	$	-	$	-
Windsor	$	10,549	$	9,618	$	20,167	$	7,560	$	4,008	$	11,568
Winston	$	10,665	$	3,013	$	13,678	$	-	$	-	$	-
Wisteria	$	7,453	$	5,435	$	12,888	$	-	$	-	$	-

Total Expenses	$	2,324,198	$	1,096,563	$	3,420,761	$	260,044	$	144,673	$	404,717

Other Expenses (Income)

As of December 31, 2022 and 2021, each series incurred interest expenses, including mortgage interest and amortization of loan fees, and gain/loss from divestments. Other income includes lease break fees, other recording fees refunded by closing agent, and insurance proceed claims. The following table summarizes the total of such expenses incurred by each series for the years ended December 31, 2022 and 2021:

In 2022, there were two Series that were sold shortly after acquisition. Chattahoochee and Duncan both were purchased and sold in 2022 which resulted in the loss on sale of property, which is included in other expenses. Neither of the Series sold any membership units to any investors in 2022.

There were also Series that received insurance proceeds in the year 2022 for loss rental income, Sigma and Saddlebred. The loss of rental income was caused from flood damage, which the manager remediated immediately once notified. Insurance proceeds were received by the Series Sigma and Saddlebred. There were also other series that had early lease break fees for Odessa and Scepter which was also treated as other income. The balance of other Series which received other income were recording fees refunded by closing agents.

Other expenses (income) increased in 2022 due to a full year of operations for series formed in 2021, and new series formed in 2022. Such amounts are based on the audited financial statements of the company and each series included in this Annual Report on Form 1-K:

OTHER EXPENSES

Applicable Series	12/31/2022		12/31/2021
100	$	-	$	-
101	$	-	$	-
Abbington	$	-	$	-
Amber	$	7,659	$	696
Apollo	$	2,068	$	-
Aster	$	2,511	$	-
Avebury	$	6,116	$	-
Badminton	$	7,468	$	4,549
Bandelier	$	7,381	$	1,728
Baron	$	-	$	-
Basil	$	6,664	$	2,052
Bayside	$	7,107	$	646
Bazzel	$	-	$	-
Bedford	$	5,779	$	-
Belle	$	-	$	-
Blossom	$	-	$	-
Bonneau	$	-	$	-
Brainerd	$	1,246	$	-
Braxton	$	5,738	$	-
Brennan	$	5,378	$	-
Brooklyn	$	631	$	-
Burlington	$	-	$	-
Butter	$	9,412	$	-
Camino	$	-	$	-
Campbell	$	-	$	-
Centennial	$	8,144	$	5,514
Chaparral	$	4,110	$	3,329
Chattahoochee	$	27,116	$	-
Chelsea	$	6,491	$	-
Chester	$	3,594	$	-
Chickamauga	$	-	$	-
Chitwood	$	-	$	-
Clover	$	-	$	-
Coatbridge	$	7,524	$	683
Collier	$	-	$	-
Collinston	$	4,908	$	446
Conway	$	10,399	$	-
Creekside	$	-	$	-

Applicable Series	12/31/2022		12/31/2021
Creekwood	$	2,930	$	-
Cumberland	$	-	$	-
Cupcake	$	5,168	$	1,021
Cypress	$	4,500	$	-
Daisy	$	-	$	-
Davidson	$	5,283	$	-
Dawson	$	6,274	$	570
Delta	$	7,594	$	-
Dewberry	$	5,205	$	2,917
Diablo	$	7,462	$	-
Dogwood	$	-	$	-
Dolittle	$	7,450	$	-
Dolly	$	5,479	$	-
Dops	$	-	$	-
Dorchester	$	-	$	-
Dunbar	$	-	$	-
Duncan	$	20,824	$	-
Eagle	$	2,945	$	-
Eastfair	$	6,434	$	2,338
Elevation	$	7,371	$	3,353
Elm	$	5,425	$	4
Emporia	$	8,122	$	-
Ensenada	$	14,047	$	3,269
Falcon	$	2,811	$	-
Folly	$	-	$	-
Forest	$	9,727	$	4,425
Gardens	$	4,547	$	-
Goose	$	2,744	$	-
Grant	$	9,289	$	1,771
Greenhill	$	7,946	$	-
Gretal	$	-	$	-
Grove	$	5,119	$	-
Hadden	$	4,705	$	-
Hansard	$	-	$	-
Hansel	$	3,622	$	-
Harrison	$	5,966	$	-
Henry	$	-	$	-
Heritage	$	6,184	$	-
Heron	$	4,291	$	-
Highland	$	-	$	-
Hines	$	-	$	-
Holcomb	$	-	$	-
Holland	$	5,283	$	480
Hollandaise	$	7,177	$	-
Holloway	$	9,468	$	5,905
Inglewood	$	16,157	$	-
Jack	$	8,908	$	-
Jake	$	-	$	-
Jefferson	$	-	$	-
Jill	$	3,927	$	-

Applicable Series	12/31/2022			12/31/2021
Johnny	$	24,571		$	-
June	$	29,010		$	-
Jupiter	$	5,985		$	544
Kawana	$	6,028		$	-
Kennesaw	$	-		$	-
Kenny	$	5,479		$	-
KerriAnn	$	8,542		$	1,552
Kessler	$	37		$	-
Kingsley	$	9,212		$	6,372
Kirkwood	$	6,051		$	-
Korin	$	-		$	-
Lallie	$	10,301		$	6,274
Lanier	$	8,209		$	-
Lannister	$	3,872		$	-
Latte	$	-		$	-
Lennox	$	5,996		$	545
Lierly	$	5,160		$	4,179
Lily	$	11,168		$	3,077
Limestone	$	6,771		$	662
Litton	$	1,243		$	-
Lookout	$	-		$	-
Loretta	$	(5,000	)	$	-
Louise	$	5,693		$	-
Lovejoy	$	7,786		$	-
Luna	$	6,434		$	4,138
Lurleen	$	516		$	-
Madison	$	2,657		$	-
Mae	$	-		$	-
Magnolia	$	5,973		$	-
Malbec	$	8,977		$	3,260
Mammoth	$	7,663		$	-
Marcelo	$	-		$	-
Marie	$	-		$	-
Marietta	$	2,967		$	-
Matchingham	$	5,260		$	-
McGregor	$	-		$	-
McLovin	$	13,171		$	-
Meadow	$	7,712		$	2,194
Mimosa	$	1,959		$	-
Mojave	$	5,535		$	1,094
Murphy	$	8,109		$	-
Nugget	$	-		$	-
Odessa	$	7,631		$	3,698
Olive	$	5,413		$	2,464
Oly	$	13,196		$	-
Osprey	$	-		$	-
Otoro	$	7,484		$	-
Patrick	$	4,170		$	3,383

Applicable Series	12/31/2022			12/31/2021
Peanut	$	3,507		$	-
Pearl	$	-		$	-
Pecan	$	4,344		$	3,524
Piedmont	$	4,003		$	-
Pinot	$	9,077		$	3,296
Pioneer	$	-		$	-
Plumtree	$	4,376		$	3,544
Point	$	8,399		$	-
Quincy	$	10,691		$	-
Redondo	$	1,768		$	-
Regency	$	267		$	-
Reginald	$	7,974		$	-
Reynolds	$	-		$	-
Ribbonwalk	$	8,038		$	1,557
Richardson	$	-		$	-
Ridge	$	6,024		$	547
Ritter	$	-		$	-
River	$	7,371		$	670
Riverwalk	$	-		$	-
Rooney	$	9,290		$	2,217
Roseberry	$	9,034		$	3,283
Rosewood	$	5,684		$	-
Roxy	$	6,861		$	-
Saddlebred	$	(2,983	)	$	3,284
Saint	$	7,373		$	-
Salem	$	9,148		$	3,322
Saturn	$	5,985		$	2,193
Scepter	$	3,196		$	1,640
Sequoyah	$	1,066		$	-
Shallowford	$	3,664		$	-
Shoreline	$	9,079		$	5,530
Sigma	$	(9,085	)	$	-
Soapstone	$	5,051		$	4,091
Sodalis	$	-		$	-
Spencer	$	9,109		$	4,928
Splash	$	4,665		$	1,696
Spring	$	-		$	-
Stonebriar	$	4,047		$	-
Sugar	$	8,635		$	3,929
Summerset	$	7,107		$	4,329
Sundance	$	2,261		$	-
Sunnyside	$	-		$	-
Swift	$	-		$	-
Taylor	$	3,043		$	-
Terracotta	$	7,136		$	-
Tulip	$	7,380		$	-
Tuscan	$	6,904		$	2,510
Tuscarora	$	-		$	-
Tuxford	$	5,630		$	-
Vernon	$	6,529		$	-
Walton	$	11,403		$	-
Wave	$	7,011		$	-
Weldon	$	4,908		$	446
Wellington	$	-		$	-
Wentworth	$	5,716		$	1,129
Wescott	$	4,609		$	-
Westchester	$	8,524		$	3,879
Wildwood	$	3,696		$	-
Willow	$	-		$	-
Wilson	$	-		$	-
Windsor	$	9,746		$	4,699
Winston	$	-		$	-
Wisteria	$	6,737		$	-

Total Other Expenses	$	932,764		$	155,375

Liquidity and Capital Resources

From inception, our manager has financed the business activities of each series. Upon the first closing of a particular series offering, the manager is reimbursed out of the proceeds of the relevant offering. Until such time as the series have the capacity to generate cash flows from operations, our manager may cover any deficits through capital contributions, which may be reimbursed upon closing of the relevant offering.

Cash and Cash Equivalent Balances

Cash is held at the series level. The following table summarizes the cash and cash equivalents held by each series as of December 31, 2022 and December 31, 2021. The increases in cash and cash equivalents for the relevant series and for the company are a result of each series beginning operations and conducting the offering of series interests during the year ended December 31, 2022. Such amounts are based on the audited financial statements of the company and each series included in this Annual Report on Form 1-K:

Cash and Cash Equivalents
Applicable Series	December 31, 2022		December 31, 2021
100	$	34,876	$	-
101	$	15,458	$	-
Abbington	$	12,352	$	-
Amber	$	6,844	$	122
Apollo	$	24	$	-
Aster	$	97	$	-
Avebury	$	1,134	$	-
Badminton	$	15,849	$	10,370
Bandelier	$	13,098	$	-
Baron	$	19,732	$	-
Basil	$	9,670	$	7,938
Bayside	$	18,745	$	3,337
Bazzel	$	14,346	$	-
Bedford	$	19,399	$	-
Belle	$	471	$	-
Blossom	$	27,514	$	-
Bonneau	$	6,661	$	-
Brainerd	$	8,705	$	-
Braxton	$	27,902	$	-
Brennan	$	2,706	$	-
Brooklyn	$	10,118	$	-
Burlington	$	17,715	$	-
Butter	$	12,333	$	-
Camino	$	18,534	$	-
Campbell	$	451	$	-
Centennial	$	13,328	$	9,856

Applicable Series	December 31, 2022		December 31, 2021
Chaparral	$	17,171	$	13,754
Chattahoochee	$	-	$	-
Chelsea	$	2,482	$	-
Chester	$	4,224	$	-
Chickamauga	$	-	$	-
Chitwood	$	10,706	$	-
Clover	$	20,929	$	-
Coatbridge	$	16,300	$	1,460
Collier	$	5,567	$	-
Collinston	$	1,164	$	-
Conway	$	18,351	$	-
Creekside	$	18,793	$	-
Creekwood	$	29	$	-
Cumberland	$	17,990	$	-
Cupcake	$	10,468	$	6,540
Cypress	$	987	$	-
Daisy	$	16,955	$	-
Davidson	$	4,997	$	-
Dawson	$	3,688	$	4,852
Delta	$	329	$	-
Dewberry	$	4,997	$	5,617
Diablo	$	-	$	-
Dogwood	$	18,140	$	-
Dolittle	$	18,533	$	-
Dolly	$	23,914	$	-
Dops	$	-	$	-
Dorchester	$	10,872	$	-
Dunbar	$	2,823	$	-
Duncan	$	4,592	$	-
Eagle	$	2,681	$	-
Eastfair	$	16,361	$	10,835
Elevation	$	11,215	$	776
Elm	$	7,318	$	477
Emporia	$	7,584	$	-
Ensenada	$	24,616	$	-
Falcon	$	8,945	$	-
Folly	$	8,390	$	-
Forest	$	5,242	$	-
Gardens	$	3,979	$	-
Goose	$	9,998	$	-

Applicable Series	December 31, 2022		December 31, 2021
Grant	$	16,831	$	-
Greenhill	$	17,898	$	-
Gretal	$	35,493	$	-
Grove	$	1,780	$	-
Hadden	$	10,521	$	-
Hansard	$	-	$	-
Hansel	$	26,990	$	-
Harrison	$	3,443	$	-
Henry	$	19,176	$	-
Heritage	$	12,257	$	-
Heron	$	561	$	-
Highland	$	-	$	-
Hines	$	10,080	$	-
Holcomb	$	19,039	$	-
Holland	$	2,472	$	1,110
Hollandaise	$	2,675	$	-
Holloway	$	18,012	$	11,032
Inglewood	$	32,769	$	-
Jack	$	7,161	$	-
Jake	$	17,446	$	-
Jefferson	$	-	$	-
Jill	$	648	$	-
Johnny	$	34,856	$	-
June	$	5,677	$	-
Jupiter	$	6,229	$	-
Kawana	$	836	$	-
Kennesaw	$	17,930	$	-
Kenny	$	24,406	$	-
KerriAnn	$	14,504	$	209
Kessler	$	2,740	$	-
Kingsley	$	17,910	$	12,813
Kirkwood	$	1,921	$	-
Korin	$	-	$	-
Lallie	$	4,816	$	14,420
Lanier	$	24,791	$	-
Lannister	$	4,232	$	-
Latte	$	17,864	$	-
Lennox	$	21,323	$	4,431
Lierly	$	21,568	$	15,054
Lily	$	41,852	$	-
Limestone	$	14,859	$	-
Litton	$	10,902	$	-
Lookout	$	15,181	$	-
Loretta	$	23,875	$	-
Louise	$	22,275	$	-
Lovejoy	$	5,439	$	-
Luna	$	15,413	$	9,299
Lurleen	$	-	$	-
Madison	$	8,751	$	-
Mae	$	29,828	$	-

Applicable Series	December 31, 2022		December 31, 2021
Magnolia	$	3,512	$	-
Malbec	$	19,049	$	13,709
Mammoth	$	12,991	$	-
Marcelo	$	23,489	$	-
Marie	$	-	$	-
Marietta	$	1,248	$	-
Matchingham	$	20,963	$	86
McGregor	$	11,409	$	-
McLovin	$	16,279	$	-
Meadow	$	4,686	$	-
Mimosa	$	-	$	-
Mojave	$	5,449	$	6,496
Murphy	$	20,675	$	-
Nugget	$	18,287	$	-
Odessa	$	8,131	$	-
Olive	$	10,245	$	-
Oly	$	20,613	$	-
Osprey	$	15,951	$	-
Otoro	$	2,223	$	-
Patrick	$	14,028	$	10,913
Peanut	$	5,669	$	-
Pearl	$	34,369	$	-
Pecan	$	21,146	$	16,203
Piedmont	$	3,075	$	-
Pinot	$	20,217	$	14,131
Pioneer	$	16,528	$	-
Plumtree	$	22,430	$	18,569
Point	$	17,871	$	-
Quincy	$	27,074	$	-
Redondo	$	1,721	$	-
Regency	$	-	$	-
Reginald	$	2,299	$	-
Reynolds	$	17,087	$	-
Ribbonwalk	$	7,106	$	-
Richardson	$	16,699	$	-
Ridge	$	17,882	$	677
Ritter	$	14,795	$	-
River	$	21,045	$	2,390
Riverwalk	$	12,003	$	-
Rooney	$	3,150	$	101
Roseberry	$	11,158	$	2,749
Rosewood	$	1,800	$	-

Applicable Series	December 31, 2022		December 31, 2021
Roxy	$	2,685	$	-
Saddlebred	$	21,247	$	-
Saint	$	26,429	$	-
Salem	$	16,872	$	13,926
Saturn	$	6,596	$	77
Scepter	$	7,959	$	-
Sequoyah	$	10,446	$	-
Shallowford	$	1,845	$	-
Shoreline	$	12,274	$	8,882
Sigma	$	28,918	$	-
Soapstone	$	18,435	$	12,913
Sodalis	$	6,342	$	-
Spencer	$	16,586	$	10,725
Splash	$	17,449	$	12,537
Spring	$	11,480	$	-
Stonebriar	$	1,421	$	-
Sugar	$	20,024	$	3,105
Summerset	$	1,043	$	8,216
Sundance	$	10,726	$	-
Sunnyside	$	-	$	-
Swift	$	11,245	$	-
Taylor	$	2,567	$	-
Terracotta	$	13,875	$	-
Tulip	$	771	$	-
Tuscan	$	18,855	$	15,689
Tuscarora	$	-	$	-
Tuxford	$	746	$	-
Vernon	$	6,224	$	-
Walton	$	483	$	-
Wave	$	1,737	$	-
Weldon	$	10,131	$	-
Wellington	$	27,539	$	-
Wentworth	$	8,400	$	6,607
Wescott	$	1,739	$	-
Westchester	$	20,902	$	1,483
Wildwood	$	8,765	$	-
Willow	$	965	$	-
Wilson	$	18,254	$	-
Windsor	$	19,324	$	12,404
Winston	$	20,935	$	-
Wisteria	$	15,575	$	-

Total Cash & Cash Equivalents	$	2,326,787	$	336,890

Plan of Operations

We intend to list our series properties for lease with a real estate broker, if not already rented upon acquisition. The asking rent for the series properties is expected to be in the range which is consistent with other single family homes in a given market area. We intend to hold the series properties for five to seven years during which time we will operate the series properties as rental income properties. During this period, we intend to distribute any free cash flow to investors.

As each of our properties reaches what we believe to be its optimum value, we will consider disposing of the property. The determination of when a particular property should be sold or otherwise disposed of will be made after consideration of relevant factors, including prevailing and projected economic conditions, whether the value of the property is anticipated to appreciate or decline substantially, and how any existing leases on a property may impact the potential sales price. The manager may determine that it is in the best interests of members to sell a property earlier than five years or to hold a property for more than seven years. Additionally, any sale of a property will be subject to lessee rights and we would attempt to time sales with lessee rights in mind, either by timing sales with anticipated lease terminations or by assigning the lease to a new buyer where allowed under applicable laws.

We plan to launch a number of additional series and related offerings in the next twelve months. As of the current date, we do not know how many series we will be offering, however, in any case, the aggregate dollar amount of all of the series interests that we will sell within the 12-month period following qualification of our Form 1-A by the Commission will not exceed the maximum amount allowed under Regulation A. The proceeds from any offerings closed during the next twelve months will be used to acquire additional properties for the series conducting the offerings.

Our Policies for Approving New Tenants

We intend to seek out tenants for our properties who are financially responsible and capable of paying their rent. We will conduct due diligence on prospective tenant applicants by (a) verifying their incomes, (b) running credit checks, (c) performing criminal background checks, and (d) requesting references from previous landlords. While we do not have specific standards for any of these items, we will use these screening methods to determine, prior to approving a lease, whether we believe a potential lessee is financially responsible.

Trend Information

Our results of operations are affected by a variety of factors, including conditions in the financial markets and the economic and political environments, particularly in the United States. Global economic conditions, including political environments, financial market performance, interest rates, credit spreads or other conditions beyond our control are unpredictable and could negatively affect the value of the series properties, our ability to acquire and manage single family rentals and the success of our current and future offerings. In addition to the aforementioned macroeconomic trends, we believe the following factors will influence our future performance:

Recent increases in interest rates may have a negative effect on the demand for our offerings due to the attractiveness of alternative investments.

The continuing increase in prices in the United States housing market may result in difficulties in sourcing properties and meeting demand for our offerings.

Continued increases in remote work arrangements may lead to greater rental activity in our target markets.

Recent Developments

Revenues

Revenues are generated at the series level and are derived from leases on the series property. All revenues generated by any series during the period from January 1, 2023 to March 31, 2023 are listed below. For the avoidance of doubt, the below amounts are unaudited.

RECENT REVENUES

Applicable Series	March 31, 2023
100	$	11,160
101	$	-
Abbington	$	7,885
Amber	$	5,685
Apollo	$	4,185
Aster	$	1,587
Avebury	$	5,385
Badminton	$	5,985
Bandelier	$	6,585
Baron	$	8,685
Basil	$	4,485
Bayside	$	6,285
Bazzel	$	5,400
Bedford	$	6,885
Belle	$	7,485
Blossom	$	4,885
Bonneau	$	6,885
Brainerd	$	6,472
Braxton	$	5,485
Brennan	$	4,785
Brooklyn	$	3,885
Burlington	$	10,185
Butter	$	8,385
Camino	$	4,785
Campbell	$	-
Centennial	$	5,685
Chaparral	$	5,060
Chattahoochee	$	-
Chelsea	$	5,685
Chester	$	6,685

Applicable Series	March 31, 2023
Chickamauga	$	6,979
Chitwood	$	7,085
Clover	$	5,685
Coatbridge	$	6,015
Collier	$	6,685
Collinston	$	8,735
Conway	$	9,138
Creekside	$	5,885
Creekwood	$	5,385
Cumberland	$	5,085
Cupcake	$	4,935
Cypress	$	7,515
Daisy	$	5,085
Davidson	$	4,335
Dawson	$	5,235
Delta	$	6,885
Dewberry	$	4,800
Diablo	$	-
Dogwood	$	4,485
Dolittle	$	6,900
Dolly	$	3,195
Dops	$	2,790
Dorchester	$	6,585
Dunbar	$	5,745
Duncan	$	-
Eagle	$	5,985
Eastfair	$	5,385
Elevation	$	5,985
Elm	$	4,485
Emporia	$	6,885
Ensenada	$	9,885
Falcon	$	5,925
Folly	$	6,785
Forest	$	8,700
Gardens	$	4,520
Goose	$	5,925
Grant	$	7,290
Greenhill	$	7,485
Gretal	$	-
Grove	$	4,485
Hadden	$	4,950
Hansard	$	4,400

Applicable Series	March 31, 2023
Hansel	$	2,095
Harrison	$	8,785
Henry	$	7,445
Heritage	$	6,049
Heron	$	5,685
Highland	$	5,685
Hines	$	4,885
Holcomb	$	6,285
Holland	$	4,350
Hollandaise	$	6,235
Holloway	$	7,500
Inglewood	$	10,311
Jack	$	7,685
Jake	$	11,785
Jefferson	$	-
Jill	$	6,585
Johnny	$	10,085
June	$	9,985
Jupiter	$	4,500
Kawana	$	5,085
Kennesaw	$	7,485
Kenny	$	9,285
KerriAnn	$	5,685
Kessler	$	4,785
Kingsley	$	6,885
Kirkwood	$	4,785
Korin	$	5,985
Lallie	$	7,485
Lanier	$	6,885
Lannister	$	3,920
Latte	$	6,655
Lennox	$	5,085
Lierly	$	5,250
Lily	$	8,385
Limestone	$	6,585
Litton	$	6,684

Applicable Series	March 31, 2023
Lookout	$	7,707
Loretta	$	9,722
Louise	$	5,685
Lovejoy	$	5,985
Luna	$	5,250
Lurleen	$	4,290
Madison	$	-
Mae	$	6,285
Magnolia	$	6,225
Malbec	$	6,735
Mammoth	$	6,285
Marcelo	$	5,176
Marie	$	2,539
Marietta	$	6,285
Matchingham	$	5,385
McGregor	$	5,685
McLovin	$	9,185
Meadow	$	5,385
Mimosa	$	4,520
Mojave	$	4,879
Murphy	$	6,885
Nugget	$	8,585
Odessa	$	8,385
Olive	$	5,685
Oly	$	5,950
Osprey	$	6,885
Otoro	$	8,385
Patrick	$	4,800
Peanut	$	4,185
Pearl	$	985
Pecan	$	4,875
Piedmont	$	6,885
Pinot	$	6,885
Pioneer	$	9,714
Plumtree	$	4,800
Point	$	6,885
Quincy	$	8,085
Redondo	$	6,869
Regency	$	6,854
Reginald	$	8,185
Reynolds	$	7,485
Ribbonwalk	$	5,985
Richardson	$	5,335
Ridge	$	5,085
Ritter	$	2,593
River	$	6,000
Riverwalk	$	7,185
Rooney	$	6,285

Applicable Series	March 31, 2023
Roseberry	$	6,900
Rosewood	$	5,605
Roxy	$	5,985
Saddlebred	$	5,090
Saint	$	6,185
Salem	$	6,585
Saturn	$	4,335
Scepter	$	5,385
Sequoyah	$	1,795
Shallowford	$	6,985
Shoreline	$	6,885
Sigma	$	6,930
Soapstone	$	4,950
Sodalis	$	3,593
Spencer	$	5,779
Splash	$	4,825
Spring	$	5,085
Stonebriar	$	4,185
Sugar	$	5,385
Summerset	$	5,100
Sundance	$	6,761
Sunnyside	$	4,625
Swift	$	6,885
Taylor	$	4,520
Terracotta	$	4,540
Tulip	$	6,285
Tuscan	$	6,960
Tuscarora	$	2,395
Tuxford	$	5,685
Vernon	$	5,685
Walton	$	3,740
Wave	$	6,585
Weldon	$	4,335
Wellington	$	7,185
Wentworth	$	4,860
Wescott	$	5,385
Westchester	$	7,530
Wildwood	$	4,885
Willow	$	5,285
Wilson	$	6,685
Windsor	$	7,800
Winston	$	5,385
Wisteria	$	6,585

TOTAL RECENT REVENUE	$	1,161,721

Operating Expenses

The company incurred $1,101,397 in operating expenses during the period between January 1, 2023 and March 31, 2023. The operating expenses incurred prior to the closing of an offering related to any of the series are being paid by our manager and are reimbursed by such series out of the gross offering proceeds upon closing of the relevant series offering. Such operating expenses include real estate taxes, property insurance, Home Ownership Association (HOA) fees, legal fees, other professional fees, depreciation, and repair and maintenance costs. Upon closing, each series becomes responsible for its own operating expenses.

During the period between January 1, 2023 and March 31, 2023, at the close of the respective offerings for the series, each individual series became or will become, as applicable, responsible for its own operating expenses. The following table summarizes the total operating expenses incurred by each series during the period between January 1, 2023 and March 31, 2023. For the avoidance of doubt, the below amounts are unaudited.

RECENT OPERATIONAL EXPENSES

	March 31, 2023
Applicable Series	Operating Expenses		Depreciation		Total Expenses
100	$	3,790	$	4,222	$	8,013
101	$	3,700	$	4,359	$	8,060
Abbington	$	3,264	$	3,289	$	6,553
Amber	$	1,505	$	2,104	$	3,609
Apollo	$	1,596	$	1,346	$	2,941
Aster	$	7,731	$	1,748	$	9,479
Avebury	$	3,832	$	1,998	$	5,829
Badminton	$	1,462	$	1,753	$	3,214
Bandelier	$	2,404	$	2,085	$	4,489
Baron	$	4,091	$	3,888	$	7,980
Basil	$	1,085	$	1,392	$	2,477
Bayside	$	2,942	$	1,762	$	4,705
Bazzel	$	2,260	$	1,837	$	4,097
Bedford	$	1,795	$	1,924	$	3,719
Belle	$	5,842	$	3,021	$	8,863
Blossom	$	2,445	$	1,748	$	4,193
Bonneau	$	6,151	$	2,302	$	8,453
Brainerd	$	6,127	$	1,994	$	8,121
Braxton	$	3,223	$	2,221	$	5,444
Brennan	$	2,839	$	1,557	$	4,396
Brooklyn	$	15,082	$	1,136	$	16,218
Burlington	$	3,840	$	4,458	$	8,298
Butter	$	2,417	$	2,595	$	5,011
Camino	$	2,003	$	1,822	$	3,825
Campbell	$	-	$	-	$	-
Centennial	$	2,059	$	1,958	$	4,017
Chaparral	$	1,674	$	1,350	$	3,024
Chattahoochee	$	-	$	2,304	$	2,304
Chelsea	$	3,120	$	2,117	$	5,237
Chester	$	2,923	$	2,556	$	5,479
Chickamauga	$	7,705	$	2,558	$	10,263
Chitwood	$	3,710	$	2,628	$	6,338
Clover	$	3,045	$	2,312	$	5,357
Coatbridge	$	1,930	$	1,865	$	3,795
Collier	$	2,736	$	2,439	$	5,175
Collinston	$	8,703	$	1,453	$	10,156
Conway	$	6,343	$	4,707	$	11,050
Creekside	$	2,003	$	2,140	$	4,143
Creekwood	$	4,020	$	1,984	$	6,003
Cumberland	$	1,774	$	2,030	$	3,804

	March 31, 2023
Applicable Series	Operating Expenses		Depreciation		Total Expenses
Cupcake	$	1,775	$	1,504	$	3,279
Cypress	$	6,553	$	2,508	$	9,061
Daisy	$	2,786	$	2,069	$	4,855
Davidson	$	1,030	$	1,455	$	2,485
Dawson	$	1,778	$	1,557	$	3,335
Delta	$	1,538	$	2,324	$	3,863
Dewberry	$	1,309	$	1,306	$	2,616
Diablo	$	1,772	$	1,785	$	3,557
Dogwood	$	3,736	$	1,650	$	5,387
Dolittle	$	1,833	$	2,111	$	3,943
Dolly	$	4,780	$	4,737	$	9,517
Dops	$	3,212	$	935	$	4,147
Dorchester	$	8,533	$	2,363	$	10,897
Dunbar	$	5,400	$	2,215	$	7,615
Duncan	$	1,617	$	2,213	$	3,830
Eagle	$	1,755	$	1,854	$	3,608
Eastfair	$	1,774	$	1,478	$	3,252
Elevation	$	2,126	$	1,828	$	3,954
Elm	$	1,052	$	1,150	$	2,202
Emporia	$	2,119	$	2,391	$	4,509
Ensenada	$	3,063	$	3,333	$	6,396
Falcon	$	1,654	$	1,856	$	3,510
Folly	$	14,596	$	2,138	$	16,734
Forest	$	2,565	$	2,411	$	4,977
Gardens	$	1,150	$	1,516	$	2,665
Goose	$	1,661	$	1,727	$	3,389
Grant	$	3,702	$	2,226	$	5,928
Greenhill	$	2,005	$	2,254	$	4,259
Gretal	$	3,395	$	3,091	$	6,486
Grove	$	1,440	$	1,551	$	2,991
Hadden	$	1,129	$	1,527	$	2,656
Hansard	$	8,161	$	1,387	$	9,547
Hansel	$	4,621	$	2,782	$	7,403
Harrison	$	3,282	$	3,161	$	6,443
Henry	$	6,075	$	2,956	$	9,031
Heritage	$	2,226	$	2,000	$	4,227
Heron	$	1,792	$	1,972	$	3,763
Highland	$	2,889	$	1,971	$	4,860
Hines	$	2,177	$	1,755	$	3,932
Holcomb	$	4,680	$	2,437	$	7,117
Holland	$	955	$	1,455	$	2,410
Hollandaise	$	1,971	$	2,514	$	4,485
Holloway	$	2,423	$	2,336	$	4,759
Inglewood	$	5,858	$	4,668	$	10,526
Jack	$	10,314	$	2,849	$	13,164
Jake	$	4,713	$	4,046	$	8,760

	March 31, 2023
Applicable Series	Operating Expenses			Depreciation		Total Expenses
Jefferson	$	5,688		$	1,255	$	6,943
Jill	$	2,929		$	2,769	$	5,698
Johnny	$	3,686		$	4,023	$	7,709
June	$	3,191		$	4,023	$	7,214
Jupiter	$	1,500		$	1,453	$	2,953
Kawana	$	1,410		$	1,893	$	3,303
Kennesaw	$	3,176		$	2,918	$	6,094
Kenny	$	4,267		$	4,737	$	9,004
KerriAnn	$	2,597		$	2,343	$	4,940
Kessler	$	3,665		$	1,761	$	5,426
Kingsley	$	1,947		$	2,145	$	4,092
Kirkwood	$	1,673		$	1,796	$	3,469
Korin	$	6,794		$	1,909	$	8,703
Lallie	$	1,677		$	2,558	$	4,235
Lanier	$	2,197		$	2,597	$	4,794
Lannister	$	2,454		$	1,208	$	3,662
Latte	$	2,803		$	2,505	$	5,308
Lennox	$	1,447		$	1,489	$	2,936
Lierly	$	(299	)	$	1,466	$	1,167
Lily	$	4,044		$	3,460	$	7,503
Limestone	$	1,817		$	2,011	$	3,828
Litton	$	4,807		$	2,200	$	7,007
Lookout	$	4,263		$	2,371	$	6,634
Loretta	$	7,660		$	4,704	$	12,364
Louise	$	1,537		$	1,894	$	3,431
Lovejoy	$	3,374		$	2,005	$	5,379
Luna	$	1,397		$	1,478	$	2,875
Lurleen	$	13,491		$	1,005	$	14,496
Madison	$	1,821		$	1,414	$	3,235
Mae	$	2,972		$	2,432	$	5,404
Magnolia	$	1,503		$	1,724	$	3,228
Malbec	$	1,978		$	2,194	$	4,173
Mammoth	$	2,759		$	2,343	$	5,102
Marcelo	$	5,182		$	1,956	$	7,138
Marie	$	7,137		$	1,461	$	8,598
Marietta	$	2,074		$	2,095	$	4,169
Matchingham	$	1,550		$	1,456	$	3,006
McGregor	$	2,833		$	2,066	$	4,899
McLovin	$	3,451		$	3,109	$	6,560
Meadow	$	1,830		$	2,205	$	4,035
Mimosa	$	2,290		$	1,474	$	3,764
Mojave	$	1,697		$	1,629	$	3,326
Murphy	$	1,831		$	2,043	$	3,874
Nugget	$	4,801		$	3,847	$	8,648
Odessa	$	9,681		$	3,666	$	13,347
Olive	$	3,448		$	1,592	$	5,040
Oly	$	3,089		$	3,132	$	6,222
Osprey	$	3,822		$	2,400	$	6,222

	March 31, 2023
Applicable Series	Operating Expenses			Depreciation		Total Expenses
Otoro	$	5,245		$	2,698	$	7,943
Patrick	$	(1,240	)	$	1,443	$	203
Peanut	$	1,145		$	1,482	$	2,627
Pearl	$	3,771		$	3,749	$	7,520
Pecan	$	(1,099	)	$	1,431	$	333
Piedmont	$	3,005		$	2,646	$	5,651
Pinot	$	2,049		$	2,215	$	4,263
Pioneer	$	5,087		$	3,922	$	9,010
Plumtree	$	(1,432	)	$	1,384	$	(49	)
Point	$	3,204		$	2,625	$	5,829
Quincy	$	6,592		$	3,757	$	10,349
Redondo	$	13,775		$	2,152	$	15,927
Regency	$	4,008		$	1,261	$	5,268
Reginald	$	5,750		$	2,990	$	8,740
Reynolds	$	3,358		$	2,953	$	6,311
Ribbonwalk	$	2,450		$	2,198	$	4,647
Richardson	$	3,068		$	2,157	$	5,225
Ridge	$	1,325		$	1,496	$	2,820
Ritter	$	7,614		$	3,466	$	11,080
River	$	1,680		$	1,831	$	3,511
Riverwalk	$	2,412		$	2,714	$	5,126
Rooney	$	2,769		$	2,211	$	4,980
Roseberry	$	2,265		$	2,256	$	4,522
Rosewood	$	1,568		$	1,859	$	3,428
Roxy	$	2,415		$	2,240	$	4,655
Saddlebred	$	6,652		$	3,659	$	10,311
Saint	$	1,248		$	1,902	$	3,150
Salem	$	2,031		$	2,194	$	4,225
Saturn	$	1,129		$	1,492	$	2,621
Scepter	$	6,343		$	1,619	$	7,962
Sequoyah	$	10,495		$	1,698	$	12,193
Shallowford	$	2,857		$	2,488	$	5,345
Shoreline	$	1,789		$	2,130	$	3,919
Sigma	$	2,358		$	2,664	$	5,021
Soapstone	$	(706	)	$	1,500	$	794
Sodalis	$	3,560		$	1,990	$	5,550

	March 31, 2023
Applicable Series	Operating Expenses			Depreciation		Total Expenses
Spencer	$	1,735		$	2,078	$	3,813
Splash	$	(1,221	)	$	1,489	$	267
Spring	$	2,283		$	1,701	$	3,984
Stonebriar	$	4,090		$	1,394	$	5,483
Sugar	$	1,904		$	2,140	$	4,044
Summerset	$	1,717		$	1,753	$	3,469
Sundance	$	3,502		$	2,166	$	5,668
Sunnyside	$	3,770		$	1,036	$	4,805
Swift	$	3,030		$	2,362	$	5,392
Taylor	$	1,780		$	1,582	$	3,362
Terracotta	$	4,036		$	1,893	$	5,929
Tulip	$	1,816		$	2,182	$	3,997
Tuscan	$	(506	)	$	2,220	$	1,714
Tuscarora	$	5,707		$	1,530	$	7,236
Tuxford	$	3,823		$	1,801	$	5,624
Vernon	$	1,607		$	1,809	$	3,416
Walton	$	7,802		$	2,062	$	9,864
Wave	$	1,504		$	2,307	$	3,811
Weldon	$	1,780		$	1,453	$	3,233
Wellington	$	13,684		$	2,781	$	16,465
Wentworth	$	1,501		$	1,575	$	3,076
Wescott	$	1,900		$	1,883	$	3,783
Westchester	$	2,228		$	2,344	$	4,572
Wildwood	$	1,313		$	1,516	$	2,829
Willow	$	2,070		$	2,007	$	4,077
Wilson	$	3,422		$	2,641	$	6,063
Windsor	$	2,224		$	2,405	$	4,628
Winston	$	1,877		$	2,260	$	4,137
Wisteria	$	1,994		$	2,038	$	4,032

TOTAL EXPENSES	$	659,995		$	441,402	$	1,101,397

Other Expenses

During the period between January 1, 2023 and March 31, 2023, each series incurred interest expenses and for specific series insurance proceeds (other income). The following table summarizes the total of such expenses incurred by each series during the period between January 1, 2023 and March 31, 2023. For the avoidance of doubt, the below amounts are unaudited.

RECENT OTHER EXPENSES

Applicable Series	March 31, 2023
100	$	-
101	$	-
Abbington	$	-
Amber	$	2,068
Apollo	$	-
Aster	$	2,112
Avebury	$	1,967
Badminton	$	2,014
Bandelier	$	2,373
Baron	$	-
Basil	$	1,522
Bayside	$	1,916
Bazzel	$	-
Bedford	$	1,899
Belle	$	-
Blossom	$	-
Bonneau	$	-
Brainerd	$	-
Braxton	$	-
Brennan	$	2,215
Brooklyn	$	-
Burlington	$	-
Butter	$	2,542
Camino	$	-
Campbell	$	-
Centennial	$	2,197
Chaparral	$	1,078
Chattahoochee	$	-

Applicable Series	March 31, 2023
Chelsea	$	2,088
Chester	$	3,081
Chickamauga	$	-
Chitwood	$	-
Clover	$	-
Coatbridge	$	2,029
Collier	$	-
Collinston	$	1,322
Conway	$	-
Creekside	$	-
Creekwood	$	2,397
Cumberland	$	-
Cupcake	$	1,376
Cypress	$	3,023
Daisy	$	-
Davidson	$	1,424
Dawson	$	1,691
Delta	$	2,197
Dewberry	$	1,402
Diablo	$	2,014
Dogwood	$	-
Dolittle	$	2,011
Dolly	$	-
Dops	$	-
Dorchester	$	-
Dunbar	$	-
Duncan	$	-
Eagle	$	2,236
Eastfair	$	1,734
Elevation	$	1,992
Elm	$	1,240
Emporia	$	2,373
Ensenada	$	3,797
Falcon	$	2,236
Folly	$	-
Forest	$	2,630
Gardens	$	1,621
Goose	$	2,083

Applicable Series	March 31, 2023
Grant	$	2,509
Greenhill	$	2,207
Gretal	$	-
Grove	$	1,870
Hadden	$	1,390
Hansard	$	-
Hansel	$	3,346
Harrison	$	3,809
Henry	$	-
Heritage	$	2,411
Heron	$	2,386
Highland	$	-
Hines	$	-
Holcomb	$	-
Holland	$	1,424
Hollandaise	$	2,129
Holloway	$	2,555
Inglewood	$	-
Jack	$	3,168
Jake	$	-
Jefferson	$	-
Jill	$	3,334
Johnny	$	13,317
June	$	13,317
Jupiter	$	1,616
Kawana	$	1,865
Kennesaw	$	-
Kenny	$	-
KerriAnn	$	2,306
Kessler	$	-
Kingsley	$	2,486
Kirkwood	$	2,161
Korin	$	-
Lallie	$	2,781
Lanier	$	3,134
Lannister	$	1,769
Latte	$	-
Lennox	$	1,616
Lierly	$	1,355
Lily	$	3,018
Limestone	$	1,826
Litton	$	-
Lookout	$	-
Loretta	$	-
Louise	$	1,991
Lovejoy	$	2,373
Luna	$	1,734
Lurleen	$	-
Madison	$	1,079
Mae	$	-
Magnolia	$	2,461
Malbec	$	2,412

Applicable Series	March 31, 2023
Mammoth	$	2,826
Marcelo	$	-
Marie	$	-
Marietta	$	2,519
Matchingham	$	1,418
McGregor	$	-
McLovin	$	3,560
Meadow	$	2,082
Mimosa	$	-
Mojave	$	1,473
Murphy	$	2,008
Nugget	$	-
Odessa	$	3,628
Olive	$	1,458
Oly	$	3,567
Osprey	$	-
Otoro	$	2,658
Patrick	$	1,119
Peanut	$	1,225
Pearl	$	-
Pecan	$	1,166
Piedmont	$	3,188
Pinot	$	2,437
Pioneer	$	-
Plumtree	$	1,149
Point	$	3,180
Quincy	$	4,217
Redondo	$	-
Regency	$	-
Reginald	$	-
Reynolds	$	-
Ribbonwalk	$	2,170
Richardson	$	-
Ridge	$	1,623
Ritter	$	-
River	$	1,992
Riverwalk	$	-
Rooney	$	2,509
Roseberry	$	2,443
Rosewood	$	2,244
Roxy	$	2,618
Saddlebred	$	461
Saint	$	2,054
Salem	$	2,458
Saturn	$	1,616
Scepter	$	1,831
Sequoyah	$	-
Shallowford	$	2,998

Applicable Series	March 31, 2023
Shoreline	$	2,450
Sigma	$	2,197
Soapstone	$	1,325
Sodalis	$	-
Spencer	$	2,255
Splash	$	1,266
Spring	$	-
Stonebriar	$	1,596
Sugar	$	2,330
Summerset	$	1,916
Sundance	$	-
Sunnyside	$	-
Swift	$	-
Taylor	$	2,619
Terracotta	$	2,156
Tulip	$	2,635
Tuscan	$	1,875
Tuscarora	$	-
Tuxford	$	1,729
Vernon	$	1,762
Walton	$	6,562
Wave	$	2,170
Weldon	$	1,322
Wellington	$	-
Wentworth	$	1,534
Wescott	$	2,044
Westchester	$	2,300
Wildwood	$	1,513
Willow	$	-
Wilson	$	-
Windsor	$	2,630
Winston	$	-
Wisteria	$	2,464

	$	291,598

Liquidity and Capital Resources

Cash and Cash Equivalent Balances

Cash is held at the series level. The following table summarizes the cash and cash equivalents held by series as of March 31, 2023. For the avoidance of doubt, the below amounts are unaudited.

RECENT CASH & CASH EQUIVILENTS

Applicable Series	March 31, 2023
100	$	32,294
101	$	12,556
Abbington	$	9,876
Amber	$	6,939
Apollo	$	1,667
Aster	$	1,792
Avebury	$	3,018
Badminton	$	16,927
Bandelier	$	12,535
Baron	$	22,761
Basil	$	11,750
Bayside	$	20,361
Bazzel	$	15,760
Bedford	$	20,827
Belle	$	471
Blossom	$	27,557
Bonneau	$	3,443
Brainerd	$	3,718
Braxton	$	25,450
Brennan	$	6
Brooklyn	$	6,585
Burlington	$	17,655
Butter	$	14,339
Camino	$	19,833
Campbell	$	4,179
Centennial	$	13,955
Chaparral	$	18,485
Chattahoochee	$	-
Chelsea	$	1,696
Chester	$	2,528

Applicable Series	March 31, 2023
Chickamauga	$	25,961
Chitwood	$	11,241
Clover	$	22,350
Coatbridge	$	18,313
Collier	$	5,721
Collinston	$	491
Conway	$	10,795
Creekside	$	18,819
Creekwood	$	1,481
Cumberland	$	19,577
Cupcake	$	10,490
Cypress	$	547
Daisy	$	15,830
Davidson	$	7,315
Dawson	$	2,757
Delta	$	329
Dewberry	$	6,183
Diablo	$	348
Dogwood	$	17,912
Dolittle	$	17,948
Dolly	$	16,687
Dops	$	10,333
Dorchester	$	3,281
Dunbar	$	1,458
Duncan	$	4,592
Eagle	$	3,305
Eastfair	$	17,224
Elevation	$	6,169
Elm	$	7,484
Emporia	$	2,225
Ensenada	$	23,680
Falcon	$	9,802
Folly	$	7,009
Forest	$	2,255
Gardens	$	5,203
Goose	$	10,728
Grant	$	17,127
Greenhill	$	19,352
Gretal	$	34,396
Grove	$	2,585
Hadden	$	11,757
Hansard	$	-
Hansel	$	19,312
Harrison	$	2,221
Henry	$	14,894
Heritage	$	7,912
Heron	$	2,338
Highland	$	1,699

Applicable Series	March 31, 2023
Hines	$	10,459
Holcomb	$	15,764
Holland	$	3,314
Hollandaise	$	1,764
Holloway	$	19,014
Inglewood	$	25,338
Jack	$	3,213
Jake	$	20,793
Jefferson	$	12,651
Jill	$	3,022
Johnny	$	22,035
June	$	3,329
Jupiter	$	7,022
Kawana	$	1,693
Kennesaw	$	14,037
Kenny	$	20,709
KerriAnn	$	14,983
Kessler	$	1,705
Kingsley	$	18,692
Kirkwood	$	1,206
Korin	$	15,985
Lallie	$	3,935
Lanier	$	25,593
Lannister	$	1,618
Latte	$	21,686
Lennox	$	22,074
Lierly	$	22,956
Lily	$	38,331
Limestone	$	16,541
Litton	$	5,812
Lookout	$	19,529
Loretta	$	16,881
Louise	$	23,160
Lovejoy	$	5,035
Luna	$	16,560
Lurleen	$	9,213
Madison	$	8,318
Mae	$	31,099
Magnolia	$	301
Malbec	$	21,595

Applicable Series	March 31, 2023
Mammoth	$	13,313
Marcelo	$	20,862
Marie	$	-
Marietta	$	1,744
Matchingham	$	22,139
McGregor	$	10,813
McLovin	$	13,800
Meadow	$	5,354
Mimosa	$	254
Mojave	$	7,362
Murphy	$	21,937
Nugget	$	18,150
Odessa	$	2,648
Olive	$	9,385
Oly	$	18,323
Osprey	$	16,274
Otoro	$	898
Patrick	$	9,238
Peanut	$	5,962
Pearl	$	36,333
Pecan	$	22,553
Piedmont	$	1,615
Pinot	$	20,875
Pioneer	$	15,296
Plumtree	$	23,617
Point	$	16,594
Quincy	$	21,810
Redondo	$	6,471
Regency	$	-
Reginald	$	1,181
Reynolds	$	13,153
Ribbonwalk	$	8,109
Richardson	$	17,089
Ridge	$	18,581
Ritter	$	9,631
River	$	21,639
Riverwalk	$	12,558
Rooney	$	1,781
Roseberry	$	14,377
Rosewood	$	3,062
Roxy	$	2,014
Saddlebred	$	18,217
Saint	$	26,336
Salem	$	17,449
Saturn	$	7,288
Scepter	$	1,933

Applicable Series	March 31, 2023
Sequoyah	$	1,430
Shallowford	$	1,280
Shoreline	$	12,957
Sigma	$	34,784
Soapstone	$	19,817
Sodalis	$	3,152
Spencer	$	15,516
Splash	$	15,928
Spring	$	12,540
Stonebriar	$	29
Sugar	$	20,530
Summerset	$	4,901
Sundance	$	3,494
Sunnyside	$	13,017
Swift	$	7,291
Taylor	$	3,363
Terracotta	$	11,291
Tulip	$	771
Tuscan	$	16,748
Tuscarora	$	3,154
Tuxford	$	3,150
Vernon	$	7,401
Walton	$	453
Wave	$	735
Weldon	$	10,646
Wellington	$	20,615
Wentworth	$	8,464
Wescott	$	3,215
Westchester	$	21,582
Wildwood	$	8,609
Willow	$	1,251
Wilson	$	18,080
Windsor	$	19,622
Winston	$	19,849
Wisteria	$	19,434

TOTAL CASH & CASH EQUIVALENTS	$	2,298,481

Item 3. Directors AND Officers

General

The manager of our company is Arrived Holdings, Inc., a Delaware public benefit corporation. The manager has established a board of directors for our company, consisting of two members, Ryan Frazier and Kenneth Cason.

All of our directors and executive officers are employees of the manager. The executive offices of the manager are located at 1700 Westlake Avenue N, Suite 200, Seattle, WA 98109, and the telephone number of the manager’s executive offices is (814) 277-4833.

Executive Officers & Directors

The following table sets forth certain information with respect to each of the directors and executive officers of the manager:

Executive Officer	Age	Position Held with our Company^{(1) (2)}	Position Held with the Manager
Ryan Frazier	34	Chief Executive Officer and Director	Chief Executive Officer, President and Director
Joel Mezistrano	51	Chief Financial Officer	Chief Financial Officer
Kenneth Cason	36	Chief Technology Officer and Director	Chief Technology Officer and Director
Alejandro Chouza	42	Chief Operating Officer	Chief Operating Officer

(1)	The current executive officers and directors, whose terms in office began upon the organization of our company on July 13, 2020, will serve in these capacities indefinitely, or until their successors are duly elected and qualified.

(2)	The executive officers of the manager are currently devoting a significant amount of their working time to the operations of our company to satisfy their respective responsibilities to the management of our company.

Biographical Information

Set forth below is biographical information of our executive officers and directors.

Ryan Frazier, our Chief Executive Officer and a director, has served as the Chief Executive Officer, President, and a director of Arrived Holdings, Inc. since its inception in February 2019 and as CEO and director of our company since its inception. In 2011, Mr. Frazier co-founded and was the CEO of DataRank, Inc., a social media listening platform used by Fortune 500 companies, including Procter & Gamble, Coca Cola, and The Clorox Company, to garner insights from their consumers. Mr. Frazier led DataRank through a merger with Simply Measured, Inc. in 2015, and again through a merger with Sprout Social, Inc. in 2017, after which he acted in the role of General Manager, leading the integration of the Simply Measured, Inc. and Sprout Social businesses in Sprout Social’s Seattle office. Mr. Frazier is an alumnus of Y Combinator, S13, and he graduated from the University of Arkansas in 2010 with a B.S. in International Business.

Joel Mezistrano, our Chief Financial Officer, has served as the Chief Financial Officer of Arrived Holdings, Inc. since December 1, 2019 and as the Chief Financial Officer of our company since its inception. Mr. Mezistrano has been investing in residential real estate for over 25 years. He graduated from the Massachusetts Institute of Technology with degrees in Mathematics and Computer Science. He started his career at Accenture and then moved to hold executive roles at several high-growth venture backed startups in industries such as Banking, Insurance, and E-Commerce. For the last 10 years, Mr. Mezistrano has been a Principal and CFO at American Classic Homes which has annual revenues in excess of $100 million and operates several investment funds utilizing institutional capital, family offices, and high-net worth individuals. Joel is also a Principal and CFO at SeaLevel Properties which has a $250 million portfolio of apartments and mixed-use projects in the Seattle area.

Kenneth Cason, our Chief Technology Officer and a director, has served as the Chief Technology Officer and director of Arrived Holdings, Inc. since its inception in February 2019. Beginning in 2011, Mr. Cason served as the Co-Founder and Chief Technology Officer of DataRank, Inc. Mr. Cason worked extensively to help design and build large scale data collection, processing, and search systems. He remained employed with DataRank through two mergers; first with Simply Measured, Inc., in 2015, and then again with Sprout Social in 2017. During both mergers he worked to lead and integrate each company’s tech stack. Mr. Cason is an alumni of Y Combinator, S13, and he graduated from the University of Arkansas in 2010 with a B.S. in Computer Science and also received Associate degrees in Mathematics, Japanese and Chinese.

Alejandro Chouza, our Chief Operating Officer, has serviced as the Chief Operating Officer since July 2020. Mr. Chouza was previously the VP of Operations of Oyo Rooms beginning in May 2019. Prior to that, Mr. Chouza was the Regional General Manager of Uber Technologies, Inc., from September 2014 through May 2019, where he launched and managed operations in Mexico and the Northwest USA markets. Mr. Chouza graduated with a B.S. from Babson College and an M.B.A. from The Wharton School of the University of Pennsylvania.

There are no arrangements or understandings known to us pursuant to which any director was or is to be selected as a director or nominee. There are no agreements or understandings for any executive officer or director to resign at the request of another person and no officer or director is acting on behalf of nor will any of them act at the direction of any other person.

There are no family relationships between any director, executive officer, person nominated or chosen to become a director or executive officer or any significant employee.

The Manager and the Operating Agreement

The manager will be responsible for directing the management of our business and affairs, managing our day-to-day affairs, and implementing our investment strategy. The manager and its officers will not be required to devote all of their time to our business and are only required to devote such time to our affairs as their duties require.

The manager will perform its duties and responsibilities pursuant to the operating agreement. The manager will maintain a contractual, as opposed to a fiduciary relationship, with us and our investors. Furthermore, we have agreed to limit the liability of the manager and to indemnify the manager against certain liabilities.

The operating agreement further provides that our manager, in exercising its rights in its capacity as the managing member, will be entitled to consider only such interests and factors as it desires, including its own interests, and will have no duty or obligation (fiduciary or otherwise) to give any consideration to any interest of or factors affecting our company, any series of interests or any of the interest holders and will not be subject to any different standards imposed by the operating agreement, the LLC Act or under any other law, rule or regulation or in equity. In addition, the operating agreement provides that our manager will not have any duty (including any fiduciary duty) to our company, any series or any of the interest holders.

Our manager has not-sponsored any prior real estate investment programs. Accordingly, this offering circular does not contain any information concerning prior performance of our manager and its affiliates, which means that you will be unable to assess any results from their prior activities before deciding whether to purchase interests in our series.

Responsibilities of the Manager

The responsibilities of the manager include:

●

Investment Advisory, Origination and Acquisition Services such as approving and overseeing our overall investment strategy, which will consist of elements such as investment selection criteria, diversification strategies and asset disposition strategies;

●

Offering Services such as the development of our series offerings, including the determination of their specific terms;

●

Management Services such as investigating, selecting, and, on our behalf, engaging and conducting business with such persons as the manager deems necessary to the proper performance of its obligations under the operating agreement, including but not limited to consultants, accountants, lenders, technical managers, attorneys, corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents, developers, construction companies, property managers and any and all persons acting in any other capacity deemed by the manager necessary or desirable for the performance of any of the services under the operating agreement;

●

Accounting and Other Administrative Services such as maintaining accounting data and any other information concerning our activities as will be required to prepare and to file all periodic financial reports and returns required to be filed with the Commission and any other regulatory agency, including annual financial statements, and managing and performing the various administrative functions necessary for our day-to-day operations;

●

Investor Services such as managing communications with our investors, including answering phone calls, preparing and sending written and electronic reports and other communications;

●

Financing Services such as monitoring and overseeing the service of our debt facilities and other financings, if any; and

●

Disposition Services such as evaluating and approving potential asset dispositions, sales or liquidity transactions.

Management Compensation

Pursuant to the operating agreement, the manager, or affiliated entities, may receive fees and expense reimbursements for services relating to our series offerings and the investment and management of our series properties. The items of compensation are summarized in the following table:

Form of Compensation		Description
Operating Stage:

Asset Management Fee		Each series will pay the manager an annual asset management fee equal to six tenths of a percent (0.6%) of the purchase price of the series property for that series. This fee will be paid out of the net operating rental income of a series on a quarterly basis. To the extent leverage is utilized to acquire a series property, the asset management fee will be calculated on the actual amount of the purchase price of the property, which may be greater than the maximum offering amount of that series.

Property Management Fee		To the extent that a property manager is paid a fee less than the eight percent (8%) charged to a series, the manager will receive the difference as income. Property management fees will be negotiated with a local property manager on a case-by case, arms’ length basis.

Form of Compensation		Description
Interest Payments/Repayment of Advances and Loans		The manager may receive interest payments on loans and advances it makes to a series, which may include advances it may make with respect to the initial payment of the equity portion of a property acquisition and mortgage loans it may make if a third party loan is not available. Such advances and loans are expected to be repaid from the net proceeds of a series offering. See “Description of Business⸺Acquisition Mechanics.”
Reimbursement of Expenses		Organization and Offering Expenses. We will reimburse the manager for out-of-pocket expenses in connection with our organization and offering (up to a maximum of two percent (2%) of the gross offering proceeds per series offering), our operations and the acquisition of properties and in connection with third parties providing services to us. This does not include the manager’s overhead, employee costs borne by the manager, utilities or technology costs. Other Expenses. See “Reimbursement of Expenses” below.

Property Disposition Fee		To the extent that the actual property disposition fees are less than the amount charged to a series, the manager will receive the difference as income. We expect to charge each series a market rate disposition fee in the range of six percent (6%) to seven percent (7%) of a property sale price, our estimation of what actual disposition fees should total. Actual disposition fees, which cover property sale expenses such as brokerage commissions, and title, escrow and closing costs, are determined by local customary real estate market practices and applicable laws.

Fees from Other Services – Affiliates of the Manager		We may retain third parties, including certain of the manager’s affiliates, for necessary services relating to our investments or our operations, including any administrative services and construction, brokerage, leasing, development, property oversight and other property management services. Any such arrangements will be at market terms and rates.

Interest Payment – Insured Cash Operating Account		The manager maintains operating accounts for each series with a third-party bank and will be entitled to receive interest on the cash balances in such accounts. The interest payments will vary based on market rates and the amount of cash balances in such accounts from time to time.

Reimbursement of Expenses

Because the manager’s personnel will perform certain legal, accounting, due diligence tasks and other services that outside professionals or outside consultants otherwise would perform, the manager will be reimbursed for the documented cost of performing such tasks. We will also pay all fees, costs and expenses of the series, and of our company as applicable, other than those specifically required to be borne by the manager under the operating agreement. These expenses include, but are not limited to:

●

expenses associated with the listing of our interests (or any other securities of our company) on a securities exchange or alternative trading system (“ATS”), if applicable, or with the formation of our company or any series or subsidiary thereof and the offering, issuance and distribution of our interests (or any other securities of our company), such as selling commissions and fees, advertising expenses, taxes, legal and accounting fees, listing and registration fees;

●

expenses in connection with the transaction costs incident to the acquisition, origination, disposition and financing of our properties;

●

expenses of organizing, revising, amending, converting, modifying or terminating our company or any series or subsidiary thereof;

●

costs associated with the establishment and maintenance of any credit facilities, repurchase agreements, and securitization vehicles or other indebtedness of ours (including commitment fees, accounting fees, legal fees, closing and other similar costs);

●

expenses connected with communications to any lenders and holders of our securities or of our subsidiaries and other bookkeeping and clerical work necessary in maintaining relations with any lenders and holders of such securities and in complying with the continuous reporting and other requirements of governmental bodies or agencies, including, without limitation, all costs of preparing and filing required reports with the Commission, the costs payable by us to any transfer agent and registrar in connection with the listing and/or trading of our interests on any exchange, the fees payable by us to any such exchange in connection with its listing, and costs of preparing, printing and mailing our annual report to our investors and proxy materials with respect to any meeting of our investors;

●

expenses incurred by managers, officers, personnel and agents of the manager for travel on our behalf and other out-of-pocket expenses incurred by managers, officers, personnel and agents of the manager in connection with the purchase, origination, financing, refinancing, sale or other disposition of a property;

●

costs and expenses incurred with respect to market information systems and publications, pricing and valuation services, research publications and materials, and settlement, clearing and custodial fees and expenses;

●

compensation and expenses of our custodian and transfer agent, if any;

●

all other costs and expenses relating to our business operations, including, without limitation, the costs and expenses of acquiring, owning, protecting, maintaining, developing and disposing of properties, including appraisal, reporting, audit and legal fees;

●

all costs and expenses relating to the development and management of our website

●

any judgment or settlement of pending or threatened proceedings (whether civil, criminal or otherwise), including any costs or expenses incurred in connection therewith, against us or any subsidiary, or against any trustee, director or executive officer of us or of any subsidiary in his or her capacity as such for which we or any subsidiary is required to indemnify such trustee, director or executive officer by any court or governmental agency; and

●

all other expenses actually incurred by the manager (except as described below) which are reasonably necessary for the performance by the manager of its duties and functions under the operating agreement.

However, to the extent the manager advances the fees, costs and expenses that it is not obligated to pay under the operating agreement, our company will reimburse the manager for such fees, costs and expenses. Expense reimbursements shall be payable monthly in cash.

Indemnification of the Manager

The operating agreement provides that none of our manager, any current or former directors, officers, employees, partners, shareholders, members, controlling persons, agents or independent contractors of our manager nor persons acting at the request of our company in certain capacities with respect to other entities will be liable to our company, any series or any interest holders for any act or omission taken by them in connection with the business of our company or any series that has not been determined in a final, non-appealable decision of a court, arbitrator or other tribunal of competent jurisdiction to constitute fraud, willful misconduct or gross negligence.

Each series will indemnify these persons out of its assets against all liabilities and losses (including amounts paid in respect of judgments, fines, penalties or settlement of litigation, including legal fees and expenses) to which they become subject by virtue of serving our company or such series and with respect to any act or omission that has not been determined by a final, non-appealable decision of a court, arbitrator or other tribunal of competent jurisdiction to constitute fraud, willful misconduct or gross negligence.

Term and Removal of the Manager

The operating agreement provides that the manager will serve as the manager for an indefinite term, but that the manager only be removed as manager of our company and each series of interests in a very limited circumstance, following a non-appealable judgment of a court of competent jurisdiction to have committed fraud in connection with our company or a series of interests, by an affirmative vote of two-thirds of our company’s members. Additionally, the manager may choose to withdraw as the manager, under certain circumstances.

The manager may assign its rights under the operating agreement in its entirety or delegate certain of its duties under the operating agreement to any of its affiliates without the approval of our investors so long as the manager remains liable for any such affiliate’s performance.

The manager may withdraw as the manager if we become required to register as an investment company under the Investment Company Act, with such withdrawal deemed to occur immediately before such event.

In the event of the removal of the manager, the manager will cooperate with us and take all reasonable steps to assist in making an orderly transition of the management function. The manager will determine whether any succeeding manager possesses sufficient qualifications to perform the management function.

Other than any accrued fees payable to the manager, no additional compensation will be paid to the manager in the event of the removal of the manager.

Manager Affiliates

Our manager controls four affiliated entities:

Arrived Homes II, LLC – Arrived Homes II, LLC was formed on February 2, 2022 as a Delaware series limited liability company to permit public investment in individual real estate properties that will be owned by individual series of Arrived Homes II, LLC.

Arrived STR, LLC – Arrived STR, LLC was formed on July 11, 2022 as a Delaware series limited liability company to permit public investment in individual real estate properties that will be owned by individual series of Arrived STR, LLC.

Arrived Homes 3, LLC – Arrived Homes 3, LLC was formed on January 4, 2023 as a Delaware series limited liability company to permit public investment in individual real estate properties that will be owned by individual series of Arrived Homes 3, LLC.

Arrived STR 2, LLC – Arrived STR 2, LLC was formed on January 12, 2023 as a Delaware series limited liability company to permit public investment in individual real estate properties that will be owned by individual series of Arrived STR 2, LLC.

Compensation of Executive Officers

We do not currently have any employees nor do we currently intend to hire any employees who will be compensated directly by our company. Each of our executive officers, who are also executive officers of the manager, manages our day-to-day affairs, oversees the review, selection and recommendation of investment opportunities, services acquired properties and monitors the performance of these properties to ensure that they are consistent with our investment objectives. Each of these individuals receives compensation for his or her services, including services performed for us on behalf of the manager, from the manager. We do not intend to pay any compensation to these individuals.

Compensation of the Manager

The manager will receive compensation and reimbursement for costs incurred relating to this and other offerings (e.g., Offering Expenses and Acquisition Expenses) as discussed above. Neither the manager nor any of its affiliates will receive any selling commissions or dealer manager fees in connection with this or other series offerings. See “Plan of Distribution and Subscription Procedure—Fees and Expenses” and “Use of Proceeds to Issuer” for further details.

Item 4. Security Ownership of Management and Certain Securityholders

Our company is managed by Arrived Holdings, Inc., the manager, who will also be the manager of all of our series. The manager currently does not own, and at the closing of each series offering is not expected to own, any of the interests in any series.

The manager or an affiliate of the manager may purchase interests in any series of our company on the same terms as offered to investors. No brokerage fee will be paid on any interests purchased by the manager or its affiliates. Additionally, the manager may acquire interests in any series of our company in the event that a promissory note issued to the manager in connection with the acquisition of a series property, if outstanding, is not repaid on or prior to its maturity date, at which point, the outstanding balance of the promissory note will be converted into series interests under the same terms as in the applicable series offering.

The address of Arrived Holdings, Inc. is 1700 Westlake Avenue N, Suite 200, Seattle, WA 98109.

Item 5. INTEREST OF MANAGEMENT AND OTHERS IN CERTAIN Transactions

The following includes a summary of transactions since the end of our fiscal year on December 31, 2020, or any currently proposed transaction, in which we were or are to be a participant and the amount involved exceeded or exceeds the lesser of $120,000 and one percent of the average of our total assets at year-end for the last two completed fiscal years, and in which any related person had or will have a direct or indirect material interest (other than compensation described under “Compensation of Directors and Executive Officers”). We believe the terms obtained or consideration that we paid or received, as applicable, in connection with the transactions described below were comparable to terms available or the amounts that would be paid or received, as applicable, in arm’s-length transactions.

Arrived Homes Series Lierly LLC completed the acquisition of the Arrived Homes Series Lierly LLC property for a purchase price of $215,000 on January 20, 2021, prior to the start of its offering. Arrived Homes Series Lierly LLC purchased the Arrived Homes Series Lierly LLC property from Arrived Homes, LP, an affiliate of the manager, who originally paid $212,500 for the property. To pay the $215,000 Arrived Homes Series Lierly LLC property purchase price, Arrived Homes Series Lierly LLC issued a promissory note to our owner affiliate, the former owner of the Arrived Homes Series Lierly LLC property, in the amount of $215,000.

Arrived Homes Series Soapstone LLC completed the acquisition of the Arrived Homes Series Soapstone LLC property for a purchase price of $220,000 on January 20, 2021, prior to the start of its offering. Arrived Homes Series Soapstone LLC purchased the Arrived Homes Series Soapstone LLC property from Arrived Homes, LP, an affiliate of the manager, who originally paid $217,500 for the property. To pay the $220,000 Arrived Homes Series Soapstone LLC property purchase price, Arrived Homes Series Soapstone LLC issued a promissory note to our owner affiliate, the former owner of the Arrived Homes Series Soapstone LLC property, in the amount of $220,000.

Arrived Homes Series Patrick LLC completed the acquisition of the Arrived Homes Series Patrick LLC property for a purchase price of $210,205 on January 4, 2021, prior to the start of its offering. Arrived Homes Series Patrick LLC purchased the Arrived Homes Series Patrick LLC property from the manager, who originally paid $191,000 for the property. To pay the $210,205 Arrived Homes Series Patrick LLC property purchase price, Arrived Homes Series Patrick LLC issued a promissory note to the manager, the former owner of the Arrived Homes Series Patrick LLC property, in the amount of $210,205.

Arrived Homes Series Pecan LLC completed the acquisition of the Arrived Homes Series Pecan LLC property for a purchase price of $208,495 on January 1, 2021, prior to the start of its offering. Arrived Homes Series Pecan LLC purchased the Arrived Homes Series Pecan LLC property from the manager, who originally paid $198,500 for the property. To pay the $208,495 Arrived Homes Series Pecan LLC property purchase price, Arrived Homes Series Pecan LLC issued a promissory note to the manager, the former owner of the Arrived Homes Series Pecan LLC property, in the amount of $208,495.

Arrived Homes Series Plumtree LLC completed the acquisition of the Arrived Homes Series Plumtree LLC property for a purchase price of $202,950 on January 4, 2021, prior to the start of its offering. Arrived Homes Series Plumtree LLC purchased the Arrived Homes Series Plumtree LLC property from the manager, who originally paid $190,000 for the property. To pay the $202,950 Arrived Homes Series Plumtree LLC property purchase price, Arrived Homes Series Plumtree LLC issued a promissory note to the manager, the former owner of the Arrived Homes Series Plumtree LLC property, in the amount of $202,950.

Arrived Homes Series Chaparral LLC completed the acquisition of the Arrived Homes Series Chaparral LLC property for a purchase price of $197,965 on January 14, 2021, prior to the start of its offering. Arrived Homes Series Chaparral LLC purchased the Arrived Homes Series Chaparral LLC property from the manager, who originally paid $184,900 for the property. To pay the $197,965 Arrived Homes Series Chaparral LLC property purchase price, Arrived Homes Series Chaparral LLC issued a promissory note to the manager, the former owner of the Arrived Homes Series Chaparral LLC property, in the amount of $197,965.

Arrived Homes Series Splash LLC completed the acquisition of the Arrived Homes Series Splash LLC property for a purchase price of $215,000 on April 30, 2021, prior to the start of its offering. Arrived Homes Series Splash LLC purchased the Arrived Homes Series Splash LLC property from the manager, who originally paid $215,000 for the property. To pay the $215,000 Arrived Homes Series Splash LLC property purchase price, Arrived Homes Series Splash LLC issued a promissory note to the manager in the amount of $92,500 and secured a mortgage loan for the remaining $122,500 from Arvest Bank.

Arrived Homes Series Tuscan LLC completed the acquisition of the Arrived Homes Series Tuscan LLC property for a purchase price of $320,898 on May 12, 2021, prior to the start of its offering. Arrived Homes Series Tuscan LLC purchased the Arrived Homes Series Tuscan LLC property from the manager, who originally paid $320,898 for the property. To pay the $320,898 Arrived Homes Series Tuscan LLC property purchase price, Arrived Homes Series Tuscan LLC issued a promissory note to the manager in the amount of $139,418 and secured a mortgage loan for the remaining $181,480 from Arvest Bank.

Arrived Homes Series Kingsley LLC completed the acquisition of the Arrived Homes Series Kingsley LLC property from an unaffiliated seller for a purchase price of $315,000 on June 1, 2021, prior to the start of its offering. To pay the $315,000 Arrived Homes Series Kingsley LLC property purchase price, Arrived Homes Series Kingsley LLC borrowed $100,000 from the manager in exchange for issuing a promissory note to the manager in the amount of $100,000 and secured a mortgage loan for the remaining $215,000 from Certain Lending, Inc.

Arrived Homes Series Eastfair LLC completed the acquisition of the Arrived Homes Series Eastfair LLC property from an unaffiliated seller for a purchase price of $215,000 on June 4, 2021, prior to the start of its offering. To pay the $215,000 Arrived Homes Series Eastfair LLC property purchase price, Arrived Homes Series Eastfair LLC borrowed $65,000 from the manager in exchange for issuing a promissory note to the manager in the amount of $65,000 and secured a mortgage loan for the remaining $150,000 from Certain Lending, Inc.

Arrived Homes Series Centennial LLC completed the acquisition of the Arrived Homes Series Centennial LLC property from an unaffiliated seller for a purchase price of $285,000 on June 7, 2021, prior to the start of its offering. To pay the $285,000 Arrived Homes Series Centennial LLC property purchase price, Arrived Homes Series Centennial LLC borrowed $115,000 from the manager in exchange for issuing a promissory note to the manager in the amount of $115,000 and secured a mortgage loan for the remaining $190,000 from Certain Lending, Inc.

With respect to the additional series that will be offering their interests by way of this offering circular and other future series, their properties will be acquired in accordance with one of the acquisition methods discussed in the section titled “Description of Business – Acquisition Mechanics.” As such, the manager is expected to receive interest income from loans to the multiple series.

Item 6. Other Information

None.

Item 7. Financial Statements

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING FINANCIAL STATEMENTS

DECEMBER 31, 2022 and 2021

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (PCAOB ID #00536)	F-2
CONSOLIDATED AND CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2022	F-3
CONSOLIDATED AND CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2021	F-32
CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) FOR THE YEAR ENDED DECEMBER 31, 2022	F-42
CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) FOR THE YEAR ENDED DECEMBER 31, 2021	F-71
CONSOLIDATED AND CONSOLIDATING STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT) FOR THE YEAR ENDED DECEMBER 31, 2022	F-81
CONSOLIDATED AND CONSOLIDATING STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT) FOR THE YEAR ENDED DECEMBER 31, 2021	F-110
CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2022	F-120
CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2021	F-149
NOTES TO CONSOLIDATED AND CONSOLIDATING FINANCIAL STATEMENTS DECEMBER 31, 2022 AND 2021	F-159 to F-192

F-1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Manager and Members of
Arrived Homes, LLC and its Series

Seattle, Washington

Opinion on the Consolidated and Consolidating Financial Statements

We have audited the accompanying consolidated and consolidating balance sheet of Arrived Homes, LLC and its Series (the Company) as of December 31, 2022 and 2021 and the related consolidated and consolidating statements of comprehensive income (loss), members’ equity (deficit), and cash flows for the years then ended, and the related notes (collectively referred to as the consolidated and consolidating financial statements). In our opinion, the consolidated and consolidating financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2022 and 2021, and the results of their operations and their cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Going Concern

The accompanying consolidated and consolidating financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 3 to the consolidated and consolidating financial statements, the Company’s lack of liquidity raises substantial doubt about their ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 3. The consolidated and consolidating financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

These consolidated and consolidating financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated and consolidating financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated and consolidating financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated and consolidating financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated and consolidating financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated and consolidating financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Morison Cogen LLP

We have served as the Company’s auditor since 2021.

Blue Bell, Pennsylvania

May 1, 2023

F-2

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2022

	100			101			Abbington			Amber			Apollo			Aster			Avebury
ASSETS
Current assets:
Cash	$	34,876		$	15,458		$	12,352		$	6,844		$	24		$	97		$	1,134
Accounts receivable		3,495			-			4,498			-			-			-			-
Prepaid expenses		-			781			-			6,721			3,608			1,290			3,177
Due from related party		-			-			-			-			7,632			12,634			3,802
Total current assets		38,371			16,239			16,850			13,565			11,264			14,021			8,113
Property and equipment, net		603,813			630,661			475,786			297,164			194,680			254,498			286,985
Deposits		3,943			27			2,845			2,843			2,124			150			4,419
Total assets	$	646,128		$	646,926		$	495,481		$	313,571		$	208,067		$	268,669		$	299,517

LIABILITIES AND MEMBERS’ EQUITY
Current liabilities:
Accrued expenses	$	15,432		$	11,020		$	18,180		$	5,375		$	4,629		$	3,707		$	4,358
Due to related party		6,302			2,998			2,032			2,817			-			-			-
Total current liabilities		21,734			14,018			20,212			8,192			4,629			3,707			4,358
Tenant deposits		3,495			-			2,845			2,843			1,744			-			1,795
Mortgage payable, net		-			-			-			198,668			133,088			124,200			200,791
Total liabilities		25,229			14,018			23,057			209,702			139,461			127,907			206,944

Members’ equity (deficit)
Members’ capital		628,143			658,881			498,632			119,393			76,339			153,956			103,860
Retained earnings (accumulated deficit)		(7,243	)		(25,972	)		(26,207	)		(15,524	)		(7,732	)		(13,194	)		(11,286	)
Total members’ equity (deficit)		620,899			632,909			472,424			103,869			68,607			140,762			92,573
Total liabilities and members’ equity (deficit)	$	646,128		$	646,926		$	495,481		$	313,571		$	208,067		$	268,669		$	299,517

F-3

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2022

	Badminton			Bandelier			Baron			Basil			Bayside		Bazzel			Bedford
ASSETS
Current assets:
Cash	$	15,849		$	13,098		$	19,732		$	9,670		$	18,745	$	14,346		$	19,399
Accounts receivable		-			2,195			2,895			-			-		60			-
Prepaid expenses		3,625			6,221			3,273			2,527			5,039		689			3,281
Due from related party		-			-			-			-			-		-			-
Total current assets		19,474			21,514			25,900			12,198			23,784		15,095			22,679
Property and equipment, net		246,010			342,093			574,943			195,410			247,626		266,213			277,008
Deposits		2,993			2,195			3,751			1,495			2,619		1,902			4,590
Total assets	$	268,476		$	365,802		$	604,594		$	209,103		$	274,029	$	283,210		$	304,277

LIABILITIES AND MEMBERS’ EQUITY
Current liabilities:
Accrued expenses	$	7,870		$	9,495		$	14,188		$	5,893		$	4,433	$	5,992		$	4,738
Due to related party		1,720			1,534			11,904			1,759			3,700		18,973			1,593
Total current liabilities		9,590			11,028			26,092			7,652			8,133		24,965			6,332
Tenant deposits		2,993			2,195			4,395			1,495			2,619		1,795			4,590
Mortgage payable, net		171,839			242,444			-			129,668			163,463		-			194,483
Total liabilities		184,422			255,667			30,487			138,814			174,215		26,760			205,405

Members’ equity (deficit)
Members’ capital		88,616			126,458			585,815			73,775			99,417		264,281			101,219
Retained earnings (accumulated deficit)		(4,562	)		(16,323	)		(11,709	)		(3,487	)		397		(7,831	)		(2,347	)
Total members’ equity (deficit)		84,054			110,135			574,107			70,288			99,814		256,450			98,872
Total liabilities and members’ equity (deficit)	$	268,476		$	365,802		$	604,594		$	209,103		$	274,029	$	283,210		$	304,277

F-4

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2022

	Belle			Blossom			Bonneau			Brainerd		Braxton			Brennan			Brooklyn
ASSETS
Current assets:
Cash	$	471		$	27,514		$	6,661		$	8,705	$	27,902		$	2,706		$	10,118
Accounts receivable		-			2,765			-			4,190		2,693			319			-
Prepaid expenses		1,353			609			746			709		2,009			1,930			480
Due from related party		10,334			-			3,573			10,413		-			-			8,225
Total current assets		12,159			30,888			10,980			24,017		32,603			4,955			18,823
Property and equipment, net		438,049			253,977			339,646			292,405		322,755			224,785			172,922
Deposits		8,216			1,854			2,491			2,595		2,085			2,558			-
Total assets	$	458,424		$	286,719		$	353,117		$	319,017	$	357,444		$	232,297		$	191,745

LIABILITIES AND MEMBERS’ EQUITY
Current liabilities:
Accrued expenses	$	9,636		$	6,230		$	10,407		$	2,810	$	8,999		$	2,532		$	8,467
Due to related party		-			3,119			-			-		11,707			84,407			-
Total current liabilities		9,636			9,349			10,407			2,810		20,706			86,939			8,467
Tenant deposits		2,495			1,845			2,295			2,595		2,045			1,994			-
Mortgage payable, net		-			-			-			140,650		-			153,687			80,510
Total liabilities		12,131			11,194			12,702			146,055		22,751			242,620			88,977

Members’ equity (deficit)
Members’ capital		460,817			280,384			355,746			171,910		349,987			425			105,053
Retained earnings (accumulated deficit)		(14,524	)		(4,859	)		(15,332	)		1,052		(15,293	)		(10,748	)		(2,285	)
Total members’ equity (deficit)		446,293			275,525			340,414			172,962		334,693			(10,323	)		102,768
Total liabilities and members’ equity (deficit)	$	458,424		$	286,719		$	353,117		$	319,017	$	357,444		$	232,297		$	191,745

F-5

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2022

	Burlington			Butter			Camino			Campbell			Centennial			Chaparral			Chattahoochee
ASSETS
Current assets:
Cash	$	17,715		$	12,333		$	18,534		$	451		$	13,328		$	17,171		$	-
Accounts receivable		3,395			-			-			-			-			-			-
Prepaid expenses		4,442			6,026			348			-			5,521			-			-
Due from related party		-			-			2,423			-			-			-			-
Total current assets		25,552			18,359			21,305			451			18,850			17,171			-
Property and equipment, net		644,915			369,314			264,208			309,186			274,924			186,912			-
Deposits		3,553			5,469			2,142			451			1,895			2,016			-
Total assets	$	674,020		$	393,143		$	287,655		$	310,089		$	295,668		$	206,099		$	-

LIABILITIES AND MEMBERS’ EQUITY
Current liabilities:
Accrued expenses	$	13,447		$	7,693		$	5,411		$	3,346		$	9,936		$	6,126		$	878
Due to related party		13,554			6,632			-			326,179			1,311			4,754			50,300
Total current liabilities		27,001			14,325			5,411			329,525			11,247			10,879			51,178
Tenant deposits		6,895			2,795			1,994			-			1,895			3,000			-
Mortgage payable, net		-			259,806			-			-			187,490			103,034			-
Total liabilities		33,896			276,926			7,404			329,525			200,631			116,913			51,178

Members’ equity (deficit)
Members’ capital		653,466			131,404			283,930			3,161			104,673			90,241			3,382
Retained earnings (accumulated deficit)		(13,342	)		(15,187	)		(3,679	)		(22,596	)		(9,636	)		(1,056	)		(54,559	)
Total members’ equity (deficit)		640,125			116,216			280,251			(19,436	)		95,037			89,185			(51,178	)
Total liabilities and members’ equity (deficit)	$	674,020		$	393,143		$	287,655		$	310,089		$	295,668		$	206,099		$	-

F-6

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2022

	Chelsea			Chester			Chickamauga		Chitwood			Clover			Coatbridge			Collier
ASSETS
Current assets:
Cash	$	2,482		$	4,224		$	-	$	10,706		$	20,929		$	16,300		$	5,567
Accounts receivable		-			2,268			4,590		4,590			-			1,955			4,390
Prepaid expenses		5,973			4,850			1,073		-			642			5,647			734
Due from related party		10,475			15,615			-		7,766			7,427			-			-
Total current assets		18,929			26,957			5,663		23,062			28,998			23,902			10,690
Property and equipment, net		304,130			370,667			375,173		380,995			318,749			262,077			353,703
Deposits		2,250			2,454			2,545		2,816			1,980			4,490			2,429
Total assets	$	325,310		$	400,078		$	383,381	$	406,873		$	349,727		$	290,469		$	366,822

LIABILITIES AND MEMBERS’ EQUITY
Current liabilities:
Accrued expenses	$	7,592		$	5,438		$	1,489	$	12,835		$	7,188		$	4,219		$	6,288
Due to related party		-			-			376,298		-			-			5,529			1,093
Total current liabilities		7,592			5,438			377,788		12,835			7,188			9,748			7,381
Tenant deposits		1,895			2,445			2,545		2,795			1,895			2,993			2,445
Mortgage payable, net		213,191			181,530			-		-			-			173,120			-
Total liabilities		222,678			189,413			380,333		15,630			9,083			185,861			9,826

Members’ equity (deficit)
Members’ capital		113,185			220,014			425		401,369			345,455			106,363			371,538
Retained earnings (accumulated deficit)		(10,553	)		(9,349	)		2,624		(10,125	)		(4,811	)		(1,755	)		(14,541	)
Total members’ equity (deficit)		102,632			210,665			3,049		391,243			340,644			104,608			356,996
Total liabilities and members’ equity (deficit)	$	325,310		$	400,078		$	383,381	$	406,873		$	349,727		$	290,469		$	366,822

F-7

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2022

	Collinston			Conway			Creekside			Creekwood			Cumberland			Cupcake			Cypress
ASSETS
Current assets:
Cash	$	1,164		$	18,351		$	18,793		$	29		$	17,990		$	10,468		$	987
Accounts receivable		-			-			1,895			1,616			1,695			-			55
Prepaid expenses		2,316			1,469			616			4,153			1,291			4,056			5,804
Due from related party		-			-			890			19,662			4,102			4,622			16,487
Total current assets		3,480			19,820			22,194			25,460			25,078			19,147			23,334
Property and equipment, net		205,042			684,051			309,720			288,178			294,956			221,079			364,435
Deposits		794			27			2,404			2,353			1,695			1,595			4,437
Total assets	$	209,317		$	703,898		$	334,318		$	315,991		$	321,729		$	241,821		$	392,205

LIABILITIES AND MEMBERS’ EQUITY
Current liabilities:
Accrued expenses	$	3,476		$	10,975		$	7,310		$	4,918		$	6,300		$	7,406		$	6,133
Due to related party		5,460			11,169			-			-			-			-			-
Total current liabilities		8,936			22,143			7,310			4,918			6,300			7,406			6,133
Tenant deposits		-			-			2,395			1,795			1,695			1,595			2,395
Mortgage payable, net		134,800			-			-			141,105			-			149,969			178,936
Total liabilities		143,736			22,143			9,705			147,818			7,995			158,970			187,464

Members’ equity (deficit)
Members’ capital		86,188			709,419			327,695			173,802			316,748			82,859			216,252
Retained earnings (accumulated deficit)		(20,608	)		(27,664	)		(3,081	)		(5,628	)		(3,013	)		(8	)		(11,511	)
Total members’ equity (deficit)		65,580			681,755			324,614			168,173			313,735			82,851			204,742
Total liabilities and members’ equity (deficit)	$	209,317		$	703,898		$	334,318		$	315,991		$	321,729		$	241,821		$	392,205

F-8

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2022

	Daisy			Davidson			Dawson			Delta			Dewberry			Diablo			Dogwood
ASSETS
Current assets:
Cash	$	16,955		$	4,997		$	3,688		$	329		$	4,997		$	-		$	18,140
Accounts receivable		1,695			-			397			12,225			2,960			1,995			-
Prepaid expenses		788			3,317			3,197			4,388			2,460			5,082			657
Due from related party		130			-			-			-			-			-			-
Total current assets		19,569			8,314			7,282			16,942			10,417			7,077			18,797
Property and equipment, net		300,005			205,719			223,332			335,907			183,362			292,052			239,375
Deposits		2,362			3,276			1,745			-			3,190			3,392			2,341
Total assets	$	321,935		$	217,309		$	232,359		$	352,849		$	196,968		$	302,521		$	260,512

LIABILITIES AND MEMBERS’ EQUITY
Current liabilities:
Accrued expenses	$	5,130		$	4,925		$	6,354		$	10,237		$	5,375		$	6,718		$	5,606
Due to related party		-			4,363			6,173			18,070			622			11,182			1,672
Total current liabilities		5,130			9,288			12,527			28,307			5,996			17,901			7,278
Tenant deposits		1,695			1,806			1,745			-			2,393			1,995			2,243
Mortgage payable, net		-			145,220			144,148			224,424			119,366			205,668			-
Total liabilities		6,825			156,314			158,420			252,731			127,755			225,563			9,520

Members’ equity (deficit)
Members’ capital		320,102			75,902			88,941			121,594			76,635			105,099			253,801
Retained earnings (accumulated deficit)		(4,992	)		(14,907	)		(15,002	)		(21,476	)		(7,422	)		(28,142	)		(2,810	)
Total members’ equity (deficit)		315,110			60,995			73,939			100,118			69,213			76,957			250,991
Total liabilities and members’ equity (deficit)	$	321,935		$	217,309		$	232,359		$	352,849		$	196,968		$	302,521		$	260,512

F-9

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2022

	Dolittle			Dolly			Dops			Dorchester			Dunbar			Duncan			Eagle
ASSETS
Current assets:
Cash	$	18,533		$	23,914		$	-		$	10,872		$	2,823		$	4,592		$	2,681
Accounts receivable		1,000			-			-			3,658			1,895			-			-
Prepaid expenses		4,856			1,173			449			1,187			409			-			1,837
Due from related party		-			-			-			276			-			-			18,590
Total current assets		24,390			25,087			449			15,994			5,127			4,592			23,109
Property and equipment, net		299,130			686,935			205,730			342,700			320,429			-			277,167
Deposits		3,443			18			-			2,211			4,113			-			1,501
Total assets	$	326,962		$	712,039		$	206,179		$	360,905		$	329,670		$	4,592		$	301,777

LIABILITIES AND MEMBERS’ EQUITY
Current liabilities:
Accrued expenses	$	6,025		$	10,473		$	1,468		$	8,317		$	6,131		$	896		$	3,989
Due to related party		9,085			4,561			205,610			-			1,723			43,987			-
Total current liabilities		15,110			15,034			207,079			8,317			7,854			44,883			3,989
Tenant deposits		3,443			-			-			2,195			3,343			-			1,995
Mortgage payable, net		205,354			-			-			-			-			-			131,588
Total liabilities		223,906			15,034			207,079			10,512			11,196			44,883			137,572

Members’ equity (deficit)
Members’ capital		108,216			721,166			425			365,035			337,553			3,211			164,659
Retained earnings (accumulated deficit)		(5,160	)		(24,160	)		(1,325	)		(14,641	)		(19,079	)		(43,501	)		(455	)
Total members’ equity (deficit)		103,056			697,006			(900	)		350,394			318,473			(40,290	)		164,205
Total liabilities and members’ equity (deficit)	$	326,962		$	712,039		$	206,179		$	360,905		$	329,670		$	4,592		$	301,777

F-10

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2022

	Eastfair		Elevation			Elm			Emporia			Ensenada			Falcon			Folly
ASSETS
Current assets:
Cash	$	16,361	$	11,215		$	7,318		$	7,584		$	24,616		$	8,945		$	8,390
Accounts receivable		-		4,822			404			-			3,295			-			3,146
Prepaid expenses		3,648		9,865			3,408			6,099			8,671			2,064			968
Due from related party		-		-			-			6,420			-			8,747			-
Total current assets		20,009		25,902			11,129			20,102			36,581			19,756			12,504
Property and equipment, net		207,457		256,594			160,293			346,445			546,660			277,868			318,369
Deposits		3,590		4,679			663			4,590			3,306			1,950			2,704
Total assets	$	231,056	$	287,176		$	172,084		$	371,137		$	586,547		$	299,574		$	333,577

LIABILITIES AND MEMBERS’ EQUITY
Current liabilities:
Accrued expenses	$	7,040	$	10,498		$	2,758		$	10,433		$	9,593		$	4,322		$	7,057
Due to related party		2,602		3,327			1,902			-			7,218			-			1,157
Total current liabilities		9,642		13,825			4,660			10,433			16,811			4,322			8,213
Tenant deposits		3,590		3,990			-			4,590			3,295			1,950			2,695
Mortgage payable, net		147,869		170,310			105,765			242,492			388,454			131,579			-
Total liabilities		161,101		188,125			110,425			257,514			408,560			137,851			10,908

Members’ equity (deficit)
Members’ capital		68,396		106,463			66,375			128,635			196,762			162,747			329,293
Retained earnings (accumulated deficit)		1,559		(7,412	)		(4,716	)		(15,012	)		(18,775	)		(1,023	)		(6,624	)
Total members’ equity (deficit)		69,956		99,050			61,659			113,623			177,988			161,723			322,669
Total liabilities and members’ equity (deficit)	$	231,056	$	287,176		$	172,084		$	371,137		$	586,547		$	299,574		$	333,577

F-11

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2022

	Forest			Gardens			Goose			Grant			Greenhill			Gretal			Grove
ASSETS
Current assets:
Cash	$	5,242		$	3,979		$	9,998		$	16,831		$	17,898		$	35,493		$	1,780
Accounts receivable		2,495			-			-			-			-			-			-
Prepaid expenses		4,758			2,348			1,726			5,904			3,984			1,000			2,657
Due from related party		-			-			8,349			-			-			-			-
Total current assets		12,495			6,327			20,073			22,735			21,882			36,492			4,437
Property and equipment, net		338,295			218,241			258,302			363,931			321,344			451,744			235,221
Deposits		-			7,253			2,100			-			4,830			68			1,954
Total assets	$	350,790		$	231,821		$	280,475		$	386,666		$	348,057		$	488,304		$	241,611

LIABILITIES AND MEMBERS’ EQUITY
Current liabilities:
Accrued expenses	$	6,108		$	3,285		$	4,002		$	7,897		$	4,841		$	1,828		$	5,554
Due to related party		6,723			1,410			-			3,190			1,544			8,409			2,587
Total current liabilities		12,832			4,696			4,002			11,086			6,385			10,237			8,141
Tenant deposits		-			1,869			1,950			-			3,119			-			1,869
Mortgage payable, net		225,167			134,771			122,521			256,412			225,401			-			155,617
Total liabilities		237,998			141,335			128,473			267,499			234,904			10,237			165,627

Members’ equity (deficit)
Members’ capital		141,970			96,624			153,599			137,592			115,759			487,692			85,808
Retained earnings (accumulated deficit)		(29,178	)		(6,137	)		(1,598	)		(18,424	)		(2,607	)		(9,625	)		(9,824	)
Total members’ equity (deficit)		112,792			90,486			152,001			119,168			113,152			478,067			75,984
Total liabilities and members’ equity (deficit)	$	350,790		$	231,821		$	280,475		$	386,666		$	348,057		$	488,304		$	241,611

F-12

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2022

	Hadden			Hansard			Hansel			Harrison			Henry			Heritage			Heron
ASSETS
Current assets:
Cash	$	10,521		$	-		$	26,990		$	3,443		$	19,176		$	12,257		$	561
Accounts receivable		-			-			-			3,767			2,205			199			-
Prepaid expenses		2,033			1,301			2,355			4,485			-			4,153			1,710
Due from related party		816			-			-			17,417			-			-			10,769
Total current assets		13,369			1,301			29,345			29,112			21,381			16,609			13,041
Property and equipment, net		216,857			305,035			405,213			457,051			428,590			293,239			289,361
Deposits		1,645			-			25			3,145			-			7,987			2,524
Total assets	$	231,870		$	306,337		$	434,583		$	489,308		$	449,970		$	317,835		$	304,926

LIABILITIES AND MEMBERS’ EQUITY
Current liabilities:
Accrued expenses	$	3,990		$	1,325		$	3,925		$	7,072		$	10,560		$	4,484		$	5,684
Due to related party		-			305,912			11,103			-			19,030			21,851			-
Total current liabilities		3,990			307,237			15,028			7,072			29,590			26,334			5,684
Tenant deposits		1,645			-			-			3,145			2,450			1,995			2,369
Mortgage payable, net		141,730			-			197,258			224,650			-			200,778			198,693
Total liabilities		147,365			307,237			212,286			234,867			32,040			229,107			206,746

Members’ equity (deficit)
Members’ capital		93,209			425			237,726			266,027			434,595			106,079			105,482
Retained earnings (accumulated deficit)		(8,703	)		(1,325	)		(15,429	)		(11,586	)		(16,664	)		(17,352	)		(7,302	)
Total members’ equity (deficit)		84,506			(900	)		222,297			254,440			417,931			88,728			98,180
Total liabilities and members’ equity (deficit)	$	231,870		$	306,337		$	434,583		$	489,308		$	449,970		$	317,835		$	304,926

F-13

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2022

	Highland			Hines			Holcomb			Holland			Hollandaise			Holloway			Inglewood
ASSETS
Current assets:
Cash	$	-		$	10,080		$	19,039		$	2,472		$	2,675		$	18,012		$	32,769
Accounts receivable		632			1,595			1,800			-			2,045			405			-
Prepaid expenses		618			340			445			3,386			3,942			5,906			3,254
Due from related party		5,772			-			-			3,703			5,977			-			-
Total current assets		7,021			12,014			21,284			9,560			14,639			24,324			36,023
Property and equipment, net		285,796			253,890			352,776			205,234			361,194			327,934			678,357
Deposits		2,843			1,894			7,660			3,019			9,658			3,752			45
Total assets	$	295,660		$	267,798		$	381,720		$	217,814		$	385,491		$	356,010		$	714,425

LIABILITIES AND MEMBERS’ EQUITY
Current liabilities:
Accrued expenses	$	10,035		$	5,956		$	9,180		$	2,414		$	4,656		$	8,361		$	12,027
Due to related party		-			79			11,373			-			-			4,757			17,768
Total current liabilities		10,035			6,034			20,553			2,414			4,656			13,118			29,795
Tenant deposits		2,843			1,845			2,095			2,168			2,295			3,119			-
Mortgage payable, net		-			-			-			145,225			252,908			218,196			-
Total liabilities		12,877			7,879			22,648			149,806			259,859			234,433			29,795

Members’ equity (deficit)
Members’ capital		294,074			268,876			372,259			87,423			144,712			132,873			716,430
Retained earnings (accumulated deficit)		(11,292	)		(8,957	)		(13,187	)		(19,415	)		(19,080	)		(11,296	)		(31,800	)
Total members’ equity (deficit)		282,783			259,919			359,072			68,008			125,632			121,577			684,630
Total liabilities and members’ equity (deficit)	$	295,660		$	267,798		$	381,720		$	217,814		$	385,491		$	356,010		$	714,425

F-14

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2022

	Jack			Jake			Jefferson			Jill			Johnny			June			Jupiter
ASSETS
Current assets:
Cash	$	7,161		$	17,446		$	-		$	648		$	34,856		$	5,677		$	6,229
Accounts receivable		2,495			3,795			-			3,805			4,503			3,295			-
Prepaid expenses		5,724			882			1,262			4,356			947			959			5,446
Due from related party		3,011			-			-			21,589			417,430			454,717			-
Total current assets		18,390			22,123			1,262			30,397			457,736			464,648			11,674
Property and equipment, net		417,064			585,392			276,196			400,180			583,384			583,384			205,038
Deposits		2,975			8,351			-			2,204			4,125			3,545			1,869
Total assets	$	438,430		$	615,866		$	277,457		$	432,782		$	1,045,245		$	1,051,577		$	218,581

LIABILITIES AND MEMBERS’ EQUITY
Current liabilities:
Accrued expenses	$	5,418		$	12,359		$	1,324		$	5,026		$	10,423		$	14,861		$	4,763
Due to related party		-			1,366			277,033			-			-			-			2,191
Total current liabilities		5,418			13,725			278,357			5,026			10,423			14,861			6,954
Tenant deposits		2,995			4,693			-			2,195			3,795			3,545			1,869
Mortgage payable, net		286,779			-			-			196,544			462,708			462,708			138,027
Total liabilities		295,193			18,418			278,357			203,765			476,927			481,114			146,850

Members’ equity (deficit)
Members’ capital		152,458			614,589			425			237,502			603,784			603,586			86,944
Retained earnings (accumulated deficit)		(9,221	)		(17,141	)		(1,325	)		(8,485	)		(35,466	)		(33,123	)		(15,213	)
Total members’ equity (deficit)		143,237			597,448			(900	)		229,017			568,318			570,463			71,731
Total liabilities and members’ equity (deficit)	$	438,430		$	615,866		$	277,457		$	432,782		$	1,045,245		$	1,051,577		$	218,581

F-15

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2022

	Kawana			Kennesaw			Kenny			KerriAnn			Kessler			Kingsley			Kirkwood
ASSETS
Current assets:
Cash	$	836		$	17,930		$	24,406		$	14,504		$	2,740		$	17,910		$	1,921
Accounts receivable		-			-			3,095			-			1,595			440			1,595
Prepaid expenses		2,293			1,002			1,173			5,728			4,125			5,541			3,171
Due from related party		12,893			-			-			-			4,308			-			1,153
Total current assets		16,022			18,932			28,674			20,231			12,768			23,891			7,840
Property and equipment, net		271,942			423,144			686,935			331,779			262,681			303,954			259,228
Deposits		2,792			9,410			3,113			2,392			1,773			2,869			2,636
Total assets	$	290,757		$	451,486		$	718,722		$	354,403		$	277,222		$	330,714		$	269,703

LIABILITIES AND MEMBERS’ EQUITY
Current liabilities:
Accrued expenses	$	4,310		$	8,574		$	10,473		$	7,945		$	3,911		$	10,506		$	4,948
Due to related party		-			13,515			4,311			12,964			-			3,186			-
Total current liabilities		4,310			22,088			14,784			20,909			3,911			13,692			4,948
Tenant deposits		2,543			2,495			3,095			2,369			1,595			2,869			2,393
Mortgage payable, net		190,367			-			-			235,465			125,217			212,253			179,932
Total liabilities		197,219			24,583			17,879			258,743			130,723			228,814			187,272

Members’ equity (deficit)
Members’ capital		102,743			442,292			721,220			125,680			155,567			107,969			94,548
Retained earnings (accumulated deficit)		(9,206	)		(15,390	)		(20,377	)		(30,019	)		(9,068	)		(6,069	)		(12,116	)
Total members’ equity (deficit)		93,538			426,903			700,843			95,660			146,499			101,900			82,431
Total liabilities and members’ equity (deficit)	$	290,757		$	451,486		$	718,722		$	354,403		$	277,222		$	330,714		$	269,703

F-16

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2022

	Korin			Lallie			Lanier			Lannister			Latte			Lennox			Lierly
ASSETS
Current assets:
Cash	$	-		$	4,816		$	24,791		$	4,232		$	17,864		$	21,323		$	21,568
Accounts receivable		-			-			-			-			-			-			1,167
Prepaid expenses		452			9,284			4,454			2,108			754			1,544			-
Due from related party		-			-			-			-			-			-			-
Total current assets		452			14,101			29,246			6,339			18,618			22,867			22,735
Property and equipment, net		279,972			357,879			374,815			179,593			363,287			209,096			203,598
Deposits		-			2,495			4,406			341			4,593			1,695			1,750
Total assets	$	280,424		$	374,474		$	408,467		$	186,273		$	386,498		$	233,657		$	228,084

LIABILITIES AND MEMBERS’ EQUITY
Current liabilities:
Accrued expenses	$	1,930		$	5,346		$	4,818		$	4,754		$	4,292		$	3,592		$	8,152
Due to related party		279,802			5,275			8,564			1,575			3,784			5,580			6,931
Total current liabilities		281,732			10,621			13,382			6,329			8,075			9,172			15,083
Tenant deposits		-			2,495			2,295			1,943			3,293			1,695			1,750
Mortgage payable, net		-			237,511			261,231			112,500			-			137,710			129,551
Total liabilities		281,732			250,628			276,909			120,771			11,368			148,577			146,384

Members’ equity (deficit)
Members’ capital		425			127,885			138,044			81,590			378,945			85,589			81,546
Retained earnings (accumulated deficit)		(1,733	)		(4,039	)		(6,485	)		(16,088	)		(3,815	)		(509	)		154
Total members’ equity (deficit)		(1,308	)		123,846			131,558			65,502			375,130			85,080			81,700
Total liabilities and members’ equity (deficit)	$	280,424		$	374,474		$	408,467		$	186,273		$	386,498		$	233,657		$	228,084

F-17

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2022

	Lily			Limestone			Litton		Lookout			Loretta			Louise			Lovejoy
ASSETS
Current assets:
Cash	$	41,852		$	14,859		$	10,902	$	15,181		$	23,875		$	22,275		$	5,439
Accounts receivable		155			1,881			4,390		1,895			-			-			-
Prepaid expenses		9,859			4,886			704		522			1,469			2,510			4,116
Due from related party		-			9,765			11,031		-			-			-			4,632
Total current assets		51,866			31,391			27,026		17,599			25,344			24,785			14,186
Property and equipment, net		519,529			283,700			322,715		342,965			683,656			272,804			290,569
Deposits		2,802			3,308			2,399		2,395			34			2,994			2,008
Total assets	$	574,197		$	318,399		$	352,141	$	362,959		$	709,035		$	300,583		$	306,763

LIABILITIES AND MEMBERS’ EQUITY
Current liabilities:
Accrued expenses	$	11,015		$	7,825		$	2,576	$	5,929		$	10,860		$	2,817		$	8,197
Due to related party		90,222			-			-		11,299			1,835			10,592			-
Total current liabilities		101,237			7,825			2,576		17,228			12,696			13,410			8,197
Tenant deposits		2,395			3,293			2,445		2,395			-			2,369			1,995
Mortgage payable, net		308,542			200,822			155,200		-			-			179,938			202,882
Total liabilities		412,174			211,940			160,221		19,623			12,696			195,716			213,073

Members’ equity (deficit)
Members’ capital		217,605			112,906			190,597		351,271			707,719			108,670			106,750
Retained earnings (accumulated deficit)		(55,583	)		(6,447	)		1,323		(7,935	)		(11,380	)		(3,803	)		(13,061	)
Total members’ equity (deficit)		162,022			106,459			191,920		343,336			696,340			104,866			93,689
Total liabilities and members’ equity (deficit)	$	574,197		$	318,399		$	352,141	$	362,959		$	709,035		$	300,583		$	306,763

F-18

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2022

	Luna			Lurleen			Madison			Mae			Magnolia			Malbec			Mammoth
ASSETS
Current assets:
Cash	$	15,413		$	-		$	8,751		$	29,828		$	3,512		$	19,049		$	12,991
Accounts receivable		-			-			-			1,907			140			50			-
Prepaid expenses		3,348			462			2,385			1,019			2,935			3,016			3,069
Due from related party		-			-			-			-			-			-			-
Total current assets		18,762			462			11,137			32,754			6,587			22,115			16,060
Property and equipment, net		207,457			230,826			204,533			352,635			255,241			307,210			337,361
Deposits		1,750			-			-			4,190			6,677			2,220			6,294
Total assets	$	227,969		$	231,288		$	215,669		$	389,579		$	268,505		$	331,545		$	359,715

LIABILITIES AND MEMBERS’ EQUITY
Current liabilities:
Accrued expenses	$	8,388		$	12,181		$	4,517		$	8,045		$	3,992		$	4,572		$	4,319
Due to related party		1,521			114,003			6,283			3,237			12,458			6,680			6,407
Total current liabilities		9,908			126,184			10,800			11,282			16,450			11,251			10,726
Tenant deposits		1,750			-			-			4,190			1,795			2,195			2,095
Mortgage payable, net		147,869			106,700			99,754			-			170,844			204,766			235,528
Total liabilities		159,527			232,884			110,554			15,472			189,090			218,213			248,349

Members’ equity (deficit)
Members’ capital		71,740			425			117,868			382,186			94,796			113,451			122,952
Retained earnings (accumulated deficit)		(3,297	)		(2,021	)		(12,753	)		(8,079	)		(15,380	)		(118	)		(11,586	)
Total members’ equity (deficit)		68,442			(1,596	)		105,115			374,107			79,416			113,333			111,366
Total liabilities and members’ equity (deficit)	$	227,969		$	231,288		$	215,669		$	389,579		$	268,505		$	331,545		$	359,715

F-19

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2022

	Marcelo			Marie			Marietta			Matchingham		McGregor			McLovin			Meadow
ASSETS
Current assets:
Cash	$	23,489		$	-		$	1,248		$	20,963	$	11,409		$	16,279		$	4,686
Accounts receivable		3,390			-			2,095			-		1,895			2,995			1,770
Prepaid expenses		575			1,426			1,240			4,136		-			17,327			5,592
Due from related party		-			-			17,540			-		-			-			6,361
Total current assets		27,454			1,426			22,123			25,099		13,304			36,601			18,408
Property and equipment, net		284,214			321,473			301,994			205,667		298,184			514,356			311,523
Deposits		1,972			-			2,180			1,795		2,294			3,416			30
Total assets	$	313,641		$	322,899		$	326,296		$	232,562	$	313,783		$	554,373		$	329,962

LIABILITIES AND MEMBERS’ EQUITY
Current liabilities:
Accrued expenses	$	6,772		$	1,321		$	4,966		$	6,093	$	8,581		$	16,974		$	5,427
Due to related party		5,099			322,478			-			3,551		4,468			7,952			-
Total current liabilities		11,871			323,799			4,966			9,643		13,049			24,926			5,427
Tenant deposits		1,945			-			2,095			1,795		1,895			3,495			-
Mortgage payable, net		-			-			148,320			144,588		-			364,111			212,637
Total liabilities		13,816			323,799			155,381			156,026		14,944			392,532			218,064

Members’ equity (deficit)
Members’ capital		309,810			425			182,313			75,559		312,893			180,906			134,354
Retained earnings (accumulated deficit)		(9,986	)		(1,325	)		(11,398	)		977		(14,054	)		(19,065	)		(22,456	)
Total members’ equity (deficit)		299,825			(900	)		170,915			76,536		298,839			161,841			111,898
Total liabilities and members’ equity (deficit)	$	313,641		$	322,899		$	326,296		$	232,562	$	313,783		$	554,373		$	329,962

F-20

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2022

	Mimosa			Mojave			Murphy			Nugget			Odessa			Olive			Oly
ASSETS
Current assets:
Cash	$	-		$	5,449		$	20,675		$	18,287		$	8,131		$	10,245		$	20,613
Accounts receivable		847			-			-			2,795			2,795			179			5,690
Prepaid expenses		381			4,416			5,045			-			11,525			4,185			11,158
Due from related party		14,544			-			-			-			-			-			-
Total current assets		15,773			9,865			25,720			21,082			22,452			14,609			37,461
Property and equipment, net		215,236			235,563			289,461			556,495			518,681			228,240			515,071
Deposits		11,463			1,596			2,295			3,295			4,232			2,262			3,125
Total assets	$	242,472		$	247,024		$	317,476		$	580,871		$	545,365		$	245,112		$	555,657

LIABILITIES AND MEMBERS’ EQUITY
Current liabilities:
Accrued expenses	$	11,606		$	6,802		$	7,165		$	13,760		$	14,992		$	4,791		$	13,656
Due to related party		-			2,400			1,890			7,832			4,782			2,551			5,227
Total current liabilities		11,606			9,202			9,055			21,591			19,774			7,342			18,883
Tenant deposits		1,495			1,596			2,295			3,295			4,193			1,895			3,045
Mortgage payable, net		104,275			159,977			205,049			-			371,090			124,190			364,815
Total liabilities		117,376			170,775			216,399			24,886			395,056			133,426			386,743

Members’ equity (deficit)
Members’ capital		133,748			78,616			105,344			569,492			190,413			119,662			179,516
Retained earnings (accumulated deficit)		(8,652	)		(2,367	)		(4,268	)		(13,507	)		(40,104	)		(7,977	)		(10,602	)
Total members’ equity (deficit)		125,096			76,249			101,077			555,985			150,309			111,685			168,914
Total liabilities and members’ equity (deficit)	$	242,472		$	247,024		$	317,476		$	580,871		$	545,365		$	245,112		$	555,657

F-21

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2022

	Osprey			Otoro			Patrick			Peanut			Pearl			Pecan			Piedmont
ASSETS
Current assets:
Cash	$	15,951		$	2,223		$	14,028		$	5,669		$	34,369		$	21,146		$	3,075
Accounts receivable		-			8,385			-			-			-			1,600			2,295
Prepaid expenses		814			6,139			-			3,129			910			-			5,844
Due from related party		-			-			-			5,742			-			-			19,699
Total current assets		16,765			16,747			14,028			14,539			35,279			22,746			30,913
Property and equipment, net		354,213			388,421			199,889			213,432			542,384			198,235			382,564
Deposits		2,455			5,272			1,222			2,128			1,381			964			2,295
Total assets	$	373,433		$	410,440		$	215,139		$	230,099		$	579,044		$	221,945		$	415,772

LIABILITIES AND MEMBERS’ EQUITY
Current liabilities:
Accrued expenses	$	10,359		$	6,765		$	6,988		$	2,077		$	10,823		$	7,400		$	6,026
Due to related party		1,087			9,170			7,152			-			9,354			8,072			-
Total current liabilities		11,446			15,935			14,140			2,077			20,176			15,472			6,026
Tenant deposits		2,295			-			1,575			2,093			3,000			1,863			2,295
Mortgage payable, net		-			271,662			107,762			145,194			-			112,313			187,900
Total liabilities		13,741			287,598			123,478			149,363			23,176			129,648			196,221

Members’ equity (deficit)
Members’ capital		366,116			139,723			98,959			82,076			556,159			93,112			231,818
Retained earnings (accumulated deficit)		(6,425	)		(16,881	)		(7,298	)		(1,341	)		(291	)		(816	)		(12,267	)
Total members’ equity (deficit)		359,692			122,842			91,661			80,736			555,868			92,297			219,551
Total liabilities and members’ equity (deficit)	$	373,433		$	410,440		$	215,139		$	230,099		$	579,044		$	221,945		$	415,772

F-22

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2022

	Pinot			Pioneer			Plumtree			Point			Quincy			Redondo			Regency
ASSETS
Current assets:
Cash	$	20,217		$	16,528		$	22,430		$	17,871		$	27,074		$	1,721		$	-
Accounts receivable		-			-			-			797			4,156			-			-
Prepaid expenses		2,573			-			-			5,039			5,826			716			1,430
Due from related party		-			-			-			-			-			24,718			-
Total current assets		22,790			16,528			22,430			23,707			37,056			27,156			1,430
Property and equipment, net		310,171			583,726			191,474			378,872			544,809			314,974			277,367
Deposits		-			23			3,958			3,298			2,723			1,946			-
Total assets	$	332,961		$	600,277		$	217,862		$	405,877		$	584,588		$	344,075		$	278,797

LIABILITIES AND MEMBERS’ EQUITY
Current liabilities:
Accrued expenses	$	5,589		$	10,711		$	8,427		$	5,361		$	11,909		$	8,237		$	5,170
Due to related party		6,733			15,398			5,350			2,595			16,409			-			141,419
Total current liabilities		12,321			26,109			13,776			7,956			28,318			8,237			146,589
Tenant deposits		2,195			-			3,000			2,295			2,695			2,195			-
Mortgage payable, net		206,884			-			109,808			265,053			-			152,775			133,375
Total liabilities		221,400			26,109			126,584			275,304			31,013			163,207			279,964

Members’ equity (deficit)
Members’ capital		114,361			594,941			92,346			140,256			580,959			186,522			425
Retained earnings (accumulated deficit)		(2,800	)		(20,773	)		(1,068	)		(9,684	)		(27,384	)		(5,654	)		(1,592	)
Total members’ equity (deficit)		111,561			574,168			91,278			130,572			553,575			180,868			(1,167	)
Total liabilities and members’ equity (deficit)	$	332,961		$	600,277		$	217,862		$	405,877		$	584,588		$	344,075		$	278,797

F-23

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2022

	Reginald			Reynolds			Ribbonwalk			Richardson			Ridge			Ritter			River
ASSETS
Current assets:
Cash	$	2,299		$	17,087		$	7,106		$	16,699		$	17,882		$	14,795		$	21,045
Accounts receivable		2,695			-			-			3,990			-			-			-
Prepaid expenses		2,924			1,034			5,861			617			3,554			779			3,662
Due from related party		-			-			-			1,007			-			-			-
Total current assets		7,919			18,121			12,967			22,313			21,435			15,574			24,707
Property and equipment, net		442,303			428,112			311,484			313,533			210,060			501,430			257,264
Deposits		4,319			9,755			4,162			2,003			2,204			9			2,993
Total assets	$	454,541		$	455,988		$	328,613		$	337,849		$	233,699		$	517,013		$	284,963

LIABILITIES AND MEMBERS’ EQUITY
Current liabilities:
Accrued expenses	$	10,395		$	9,883		$	6,660		$	7,371		$	4,770		$	9,115		$	6,850
Due to related party		13,617			7,060			7,411			-			4,483			1,219			3,868
Total current liabilities		24,012			16,943			14,071			7,371			9,253			10,334			10,718
Tenant deposits		4,293			2,495			1,995			1,995			2,543			-			2,993
Mortgage payable, net		-			-			221,665			-			138,354			-			170,310
Total liabilities		28,305			19,438			237,730			9,366			150,149			10,334			184,021

Members’ equity (deficit)
Members’ capital		460,250			447,118			118,098			338,204			83,833			526,840			103,062
Retained earnings (accumulated deficit)		(34,013	)		(10,567	)		(27,215	)		(9,721	)		(283	)		(20,160	)		(2,120	)
Total members’ equity (deficit)		426,237			436,550			90,883			328,483			83,550			506,679			100,942
Total liabilities and members’ equity (deficit)	$	454,541		$	455,988		$	328,613		$	337,849		$	233,699		$	517,013		$	284,963

F-24

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2022

	Riverwalk			Rooney			Roseberry			Rosewood			Roxy			Saddlebred			Saint
ASSETS
Current assets:
Cash	$	12,003		$	3,150		$	11,158		$	1,800		$	2,685		$	21,247		$	26,429
Accounts receivable		4,790			2,095			1,630			785			1,995			6,867			3,990
Prepaid expenses		758			4,564			4,301			2,374			3,116			8,972			4,952
Due from related party		-			-			-			-			-			-			-
Total current assets		17,551			9,809			17,088			4,958			7,796			37,085			35,371
Property and equipment, net		393,483			362,399			317,420			268,383			323,243			475,107			314,445
Deposits		4,399			2,607			5,245			2,986			2,407			6,147			2,565
Total assets	$	415,433		$	374,815		$	339,753		$	276,327		$	333,446		$	518,339		$	352,381

LIABILITIES AND MEMBERS’ EQUITY
Current liabilities:
Accrued expenses	$	7,055		$	4,924		$	10,372		$	2,933		$	3,736		$	9,942		$	13,586
Due to related party		1,340			4,043			7,871			31			7,832			31,233			6,246
Total current liabilities		8,395			8,967			18,243			2,964			11,568			41,176			19,832
Tenant deposits		4,390			2,095			3,443			2,768			1,995			4,168			2,495
Mortgage payable, net		-			256,412			209,026			186,881			218,150			329,391			209,723
Total liabilities		12,785			267,474			230,711			192,612			231,712			374,734			232,050

Members’ equity (deficit)
Members’ capital		412,678			133,554			117,453			100,246			120,728			177,654			121,253
Retained earnings (accumulated deficit)		(10,030	)		(26,212	)		(8,411	)		(16,531	)		(18,994	)		(34,050	)		(922	)
Total members’ equity (deficit)		402,648			107,342			109,042			83,715			101,734			143,605			120,330
Total liabilities and members’ equity (deficit)	$	415,433		$	374,815		$	339,753		$	276,327		$	333,446		$	518,339		$	352,381

F-25

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2022

	Salem		Saturn			Scepter			Sequoyah			Shallowford			Shoreline			Sigma
ASSETS
Current assets:
Cash	$	16,872	$	6,596		$	7,959		$	10,446		$	1,845		$	12,274		$	28,918
Accounts receivable		-		-			-			-			2,739			-			5,049
Prepaid expenses		2,557		4,049			4,417			604			5,062			3,975			6,192
Due from related party		-		-			-			10,019			12,911			-			-
Total current assets		19,429		10,645			12,375			21,069			22,557			16,248			40,159
Property and equipment, net		307,174		215,621			265,014			249,039			359,892			299,730			378,585
Deposits		5,270		1,806			18			-			2,721			2,295			2,869
Total assets	$	331,873	$	228,072		$	277,408		$	270,108		$	385,170		$	318,273		$	421,612

LIABILITIES AND MEMBERS’ EQUITY
Current liabilities:
Accrued expenses	$	4,483	$	3,534		$	4,010		$	2,927		$	5,546		$	8,513		$	8,250
Due to related party		6,905		8,572			3,246			-			-			356			21,299
Total current liabilities		11,388		12,106			7,255			2,927			5,546			8,870			29,549
Tenant deposits		2,195		1,806			-			-			2,545			2,295			2,869
Mortgage payable, net		208,657		138,032			186,917			120,280			176,630			209,892			266,821
Total liabilities		222,240		151,944			194,172			123,207			184,721			221,057			299,239

Members’ equity (deficit)
Members’ capital		109,377		91,356			99,536			149,891			214,901			108,066			133,427
Retained earnings (accumulated deficit)		256		(15,228	)		(16,301	)		(2,991	)		(14,451	)		(10,850	)		(11,053	)
Total members’ equity (deficit)		109,633		76,128			83,236			146,901			200,450			97,216			122,373
Total liabilities and members’ equity (deficit)	$	331,873	$	228,072		$	277,408		$	270,108		$	385,170		$	318,273		$	421,612

F-26

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2022

	Soapstone			Sodalis			Spencer			Splash			Spring			Stonebriar			Sugar
ASSETS
Current assets:
Cash	$	18,435		$	6,342		$	16,586		$	17,449		$	11,480		$	1,421		$	20,024
Accounts receivable		-			-			-			-			-			-			-
Prepaid expenses		-			468			4,762			-			535			2,171			3,768
Due from related party		-			1,382			-			-			1,294			-			-
Total current assets		18,435			8,192			21,348			17,449			13,309			3,592			23,793
Property and equipment, net		208,333			288,526			290,215			207,594			246,601			201,133			300,610
Deposits		1,907			1,205			2,729			1,673			1,795			5,123			3,590
Total assets	$	228,676		$	297,922		$	314,291		$	226,716		$	261,706		$	209,848		$	327,993

LIABILITIES AND MEMBERS’ EQUITY
Current liabilities:
Accrued expenses	$	8,387		$	6,326		$	9,843		$	5,834		$	6,158		$	3,389		$	5,189
Due to related party		7,177			-			2,513			5,759			-			5,946			5,292
Total current liabilities		15,563			6,326			12,356			11,593			6,158			9,335			10,481
Tenant deposits		1,600			-			2,744			1,450			1,695			1,395			3,590
Mortgage payable, net		126,707			-			192,443			121,846			-			132,681			198,873
Total liabilities		143,870			6,326			207,542			134,889			7,853			143,411			212,944

Members’ equity (deficit)
Members’ capital		87,487			305,584			112,220			92,454			261,381			79,009			129,126
Retained earnings (accumulated deficit)		(2,681	)		(13,988	)		(5,471	)		(627	)		(7,529	)		(12,572	)		(14,078	)
Total members’ equity (deficit)		84,806			291,596			106,749			91,827			253,852			66,437			115,048
Total liabilities and members’ equity (deficit)	$	228,676		$	297,922		$	314,291		$	226,716		$	261,706		$	209,848		$	327,993

F-27

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2022

	Summerset			Sundance			Sunnyside			Swift			Taylor			Terracotta			Tulip
ASSETS
Current assets:
Cash	$	1,043		$	10,726		$	-		$	11,245		$	2,567		$	13,875		$	771
Accounts receivable		5,475			4,390			-			-			1,445			2,095			6,285
Prepaid expenses		3,991			695			1,091			-			1,154			4,903			3,066
Due from related party		-			10,868			-			-			15,904			3,263			-
Total current assets		10,509			26,680			1,091			11,245			21,070			24,136			10,122
Property and equipment, net		246,010			324,315			227,882			345,941			233,803			315,349			314,141
Deposits		2,644			8,290.52			-			11,067			1,610			2,095			3,143
Total assets	$	259,163		$	359,285		$	228,973		$	368,252		$	256,482		$	341,580		$	327,406

LIABILITIES AND MEMBERS’ EQUITY
Current liabilities:
Accrued expenses	$	6,599		$	19,720		$	6,284		$	9,130		$	4,326		$	6,146		$	5,213
Due to related party		2,263			-			223,589			6,733			-			-			2,064
Total current liabilities		8,862			19,720			229,873			15,862			4,326			6,146			7,277
Tenant deposits		2,119			2,695			-			2,295			1,495			2,095			3,143
Mortgage payable, net		163,470			152,775			-			-			111,950			220,248			219,546
Total liabilities		174,450			175,190			229,873			18,157			117,771			228,488			229,966

Members’ equity (deficit)
Members’ capital		96,302			186,325			425			355,656			143,855			120,435			113,863
Retained earnings (accumulated deficit)		(11,589	)		(2,229	)		(1,325	)		(5,561	)		(5,144	)		(7,344	)		(16,422	)
Total members’ equity (deficit)		84,713			184,096			(900	)		350,095			138,711			113,091			97,441
Total liabilities and members’ equity (deficit)	$	259,163		$	359,285		$	228,973		$	368,252		$	256,482		$	341,580		$	327,406

F-28

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2022

	Tuscan			Tuscarora			Tuxford			Vernon			Walton			Wave			Weldon
ASSETS
Current assets:
Cash	$	18,855		$	-		$	746		$	6,224		$	483		$	1,737		$	10,131
Accounts receivable		-			-			-			-			-			-			-
Prepaid expenses		-			1,347			11,904			3,370			2,753			3,901			4,623
Due from related party		-			-			-			-			225,165			-			-
Total current assets		18,855			1,347			12,649			9,594			228,401			5,638			14,754
Property and equipment, net		309,887			336,505			258,704			256,133			298,931			330,441			205,042
Deposits		6,919			-			2,571			10,017			16			4,774			2,168
Total assets	$	335,661		$	337,853		$	273,925		$	275,743		$	527,349		$	340,853		$	221,964

LIABILITIES AND MEMBERS’ EQUITY
Current liabilities:
Accrued expenses	$	8,889		$	3,188		$	8,917		$	4,842		$	10,571		$	4,622		$	5,737
Due to related party		9,732			335,565			7,709			5,533			-			12,744			6,646
Total current liabilities		18,621			338,753			16,625			10,375			10,571			17,366			12,383
Tenant deposits		4,490			-			1,895			2,843			-			2,744			2,168
Mortgage payable, net		180,686			-			176,469			179,799			226,708			221,638			134,800
Total liabilities		203,797			338,753			194,989			193,017			237,279			241,748			149,350

Members’ equity (deficit)
Members’ capital		136,641			425			97,910			93,941			315,086			118,413			86,937
Retained earnings (accumulated deficit)		(4,777	)		(1,325	)		(18,975	)		(11,215	)		(25,017	)		(19,308	)		(14,324	)
Total members’ equity (deficit)		131,864			(900	)		78,935			82,726			290,069			99,105			72,614
Total liabilities and members’ equity (deficit)	$	335,661		$	337,853		$	273,925		$	275,743		$	527,349		$	340,853		$	221,964

F-29

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2022

	Wellington			Wentworth			Wescott			Westchester			Wildwood			Willow			Wilson
ASSETS
Current assets:
Cash	$	27,539		$	8,400		$	1,739		$	20,902		$	8,765		$	965		$	18,254
Accounts receivable		-			1,595			1,795			-			1,595			1,695			2,195
Prepaid expenses		944			5,160			3,867			7,051			4,490			640			-
Due from related party		-			4,057			-			-			-			15,295			155
Total current assets		28,483			19,213			7,401			27,953			14,849			18,595			20,604
Property and equipment, net		404,211			227,961			272,352			329,511			218,766			291,692			388,328
Deposits		7,896			1,595			1,977			3,959			2,244			2,624			2,583
Total assets	$	440,589		$	248,768		$	281,731		$	361,423		$	235,859		$	312,911		$	411,514

LIABILITIES AND MEMBERS’ EQUITY
Current liabilities:
Accrued expenses	$	9,274		$	8,202		$	4,912		$	9,320		$	3,431		$	6,528		$	8,528
Due to related party		2,977			-			3,421			1,649			3,338			-			-
Total current liabilities		12,251			8,202			8,333			10,969			6,768			6,528			8,528
Tenant deposits		2,395			1,595			1,795			3,119			1,845			2,195			2,445
Mortgage payable, net		-			154,981			132,843			196,298			107,116			-			-
Total liabilities		14,646			164,778			142,970			210,386			115,729			8,723			10,973

Members’ equity (deficit)
Members’ capital		435,997			84,901			154,444			157,292			129,674			309,455			408,026
Retained earnings (accumulated deficit)		(10,053	)		(911	)		(15,683	)		(6,254	)		(9,544	)		(5,268	)		(7,484	)
Total members’ equity (deficit)		425,944			83,990			138,760			151,038			120,130			304,187			400,541
Total liabilities and members’ equity (deficit)	$	440,589		$	248,768		$	281,731		$	361,423		$	235,859		$	312,911		$	411,514

F-30

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2022

	Windsor			Winston			Wisteria			Consolidated
ASSETS
Current assets:
Cash	$	19,324		$	20,935		$	15,575		$	2,326,787
Accounts receivable		-			2,859			-			248,127
Prepaid expenses		3,250			831			3,559			583,408
Due from related party		-			3,239			-			1,566,736
Total current assets		22,575			27,863			19,134			4,725,058
Property and equipment, net		338,374			328,407			293,483			64,472,312
Deposits		5,610			1,795			5,724			557,106
Total assets	$	366,559		$	358,066		$	318,341		$	69,754,477

LIABILITIES AND MEMBERS’ EQUITY
Current liabilities:
Accrued expenses	$	10,671		$	4,601		$	5,094		$	1,385,744
Due to related party		2,681			-			2,452			3,969,826
Total current liabilities		13,352			4,601			7,547			5,355,571
Tenant deposits		3,893			1,795			3,293			412,844
Mortgage payable, net		224,626			-			205,228			25,020,030
Total liabilities		241,870			6,396			216,067			30,788,445

Members’ equity (deficit)
Members’ capital		128,899			352,925			106,607			41,187,227
Retained earnings (accumulated deficit)		(4,211	)		(1,255	)		(4,333	)		(2,221,195	)
Total members’ equity (deficit)		124,688			351,670			102,274			38,966,032
Total liabilities and members’ equity (deficit)	$	366,559		$	358,066		$	318,341		$	69,754,477

The accompanying notes are an integral part of these consolidated and consolidating financial statements.

F-31

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2021

	Series		Series			Series		Series			Series			Series			Series
	Chaparral		Cupcake			Lierly		Malbec			Mojave			Patrick			Pecan

ASSETS
Current assets:
Cash	$	13,754	$	6,540		$	15,054	$	13,709		$	6,496		$	10,913		$	16,203
Accounts receivable
Prepaid expenses		331		1,834			396		2,090			2,109			369			353
Due from related party		-		6,230			-		-			6,605			-			-
Total current assets		14,085		14,604			15,450		15,799			15,210			11,282			16,556
Property and equipment, net		192,311		227,192			209,462		315,986			242,676			205,661			203,960
Deposits held by property management companies		1,450		1,595			1,750		2,195			1,596			1,500			873
Total assets	$	207,846	$	243,391		$	226,662	$	333,980		$	259,482		$	218,443		$	221,389

LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)
Current liabilities:
Accrued expenses	$	1,883	$	1,360		$	3,541	$	1,199		$	1,537		$	2,973		$	3,134
Due to related party		1,886		-			2,857		3,127			-			3,428			4,270
Total current liabilities		3,769		1,360			6,398		4,326			1,537			6,401			7,404
Tenant deposits		1,450		1,595			1,750		2,195			1,596			1,500			1,600
Mortgage payable, net		102,876		149,345			129,359		204,632			159,845			107,696			112,245
Total liabilities		108,095		152,300			137,507		211,153			162,978			115,597			121,249

Members’ equity (deficit):
Members’ capital		98,188		91,779			88,886		123,585			98,151			106,158			100,602
Retained earnings (accumulated deficit)		1,563		(688	)		269		(758	)		(1,647	)		(3,312	)		(462	)
Total members’ equity (deficit)		99,751		91,091			89,155		122,827			96,504			102,846			100,140
Total liabilities and members’ equity (deficit)	$	207,846	$	243,391		$	226,662	$	333,980		$	259,482		$	218,443		$	221,389

F-32

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2021

	Series			Series		Series			Series		Series			Series			Series
	Pinot			Plumtree		Salem			Soapstone		Splash			Tuscan			Wentworth

ASSETS
Current assets:
Cash	$	14,131		$	18,569	$	13,926		$	12,913	$	12,537		$	15,689		$	6,607
Accounts receivable
Prepaid expenses		1,663			358		1,796			415		439			613			2,843
Due from related party		-			-		-			-		-			-			5,092
Total current assets		15,794			18,927		15,722			13,328		12,976			16,302			14,542
Property and equipment, net		319,030			197,009		315,949			214,333		213,550			318,765			234,858
Deposits held by property management companies		2,195			1,450		4,421			1,600		1,450			2,195			3,215
Total assets	$	337,019		$	217,386	$	336,092		$	229,261	$	227,976		$	337,262		$	252,615

LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)
Current liabilities:
Accrued expenses	$	1,248		$	3,054	$	1,246		$	3,623	$	2,426		$	2,818		$	1,403
Due to related party		3,160			1,508		3,050			2,967		2,605			2,231			-
Total current liabilities		4,408			4,562		4,296			6,590		5,031			5,049			1,403
Tenant deposits		2,195			1,450		3,930			1,600		1,450			2,195			1,595
Mortgage payable, net		206,741			109,643		208,521			126,515		121,823			180,658			154,889
Total liabilities		213,344			115,655		216,747			134,705		128,304			187,902			157,887

Members’ equity (deficit):
Members’ capital		124,639			101,731		119,718			94,319		100,559			150,001			95,085
Retained earnings (accumulated deficit)		(964	)		-		(373	)		237		(887	)		(641	)		(357	)
Total members’ equity (deficit)		123,675			101,731		119,345			94,556		99,672			149,360			94,728
Total liabilities and members’ equity (deficit)	$	337,019		$	217,386	$	336,092		$	229,261	$	227,976		$	337,262		$	252,615

F-33

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2021

	Series			Series		Series			Series			Series			Series			Series
	Bandelier			Diablo		Rooney			Scepter			Ensenada			Lily			McLovin

ASSETS
Current assets:
Cash	$	-		$	-	$	101		$	-		$	-		$	-		$	-
Accounts receivable
Prepaid expenses		2,702			1,926		2,134			2,329			6,722			5,063			7,532
Due from related party		-			-		-			-			-			-			-
Total current assets		2,702			1,926		2,235			2,329			6,722			5,063			7,532
Property and equipment, net		350,433			299,193		371,243			271,490			559,992			534,897			526,794
Deposits held by property management companies		-			-		-			-			-			-			-
Total assets	$	353,135		$	301,119	$	373,478		$	273,819		$	566,714		$	539,960		$	534,326

LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)
Current liabilities:
Accrued expenses	$	3,639		$	436	$	359		$	357		$	3,500		$	4,186		$	6,462
Due to related party		107,139			95,092		116,797			86,617			174,883			230,475			163,870
Total current liabilities		110,778			95,528		117,156			86,974			178,383			234,661			170,332
Tenant deposits		-			-		-			-			-			-			-
Mortgage payable, net		242,357			205,591		256,322			186,845			388,331			308,439			363,994
Total liabilities		353,135			301,119		373,478			273,819			566,714			543,100			534,326

Members’ equity (deficit):
Members’ capital		4,516			-		5,004			4,003			7,063			5,715			-
Retained earnings (accumulated deficit)		(4,516	)		-		(5,004	)		(4,003	)		(7,063	)		(8,855	)		-
Total members’ equity (deficit)		-			-		-			-			-			(3,140	)		-
Total liabilities and members’ equity (deficit)	$	353,135		$	301,119	$	373,478		$	273,819		$	566,714		$	539,960		$	534,326

F-34

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2021

	Series			Series		Series			Series			Series			Series			Series
	Odessa			Oly		Saddlebred			Grant			Amber			Centennial			Collinston

ASSETS
Current assets:
Cash	$	-		$	-	$	-		$	-		$	122		$	9,856		$	-
Accounts receivable
Prepaid expenses		5,525			5,746		4,487			2,201			2,600			3,320			657
Due from related party		-			-		-			-			-			1,595			-
Total current assets		5,525			5,746		4,487			2,201			2,722			14,771			657
Property and equipment, net		533,345			527,604		472,947			372,834			305,580			282,758			215,103
Deposits held by property management companies		-			-		-			-			-			1,895			-
Total assets	$	538,870		$	533,350	$	477,434		$	375,035		$	308,302		$	299,424		$	215,760

LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)
Current liabilities:
Accrued expenses	$	5,223		$	4,956	$	3,495		$	453		$	524		$	4,908		$	1,117
Due to related party		165,595			163,696		147,851			118,260			112,665			-			81,658
Total current liabilities		170,818			168,652		151,346			118,713			113,189			4,908			82,775
Tenant deposits		-			-		-			-			-			1,895			-
Mortgage payable, net		370,971			364,698		329,283			256,322			198,593			187,402			134,741
Total liabilities		541,789			533,350		480,629			375,035			311,782			194,205			217,516

Members’ equity (deficit):
Members’ capital		6,512			-		5,476			5,067			-			110,601			-
Retained earnings (accumulated deficit)		(9,431	)		-		(8,671	)		(5,067	)		(3,480	)		(5,382	)		(1,756	)
Total members’ equity (deficit)		(2,919	)		-		(3,195	)		-			(3,480	)		105,219			(1,756	)
Total liabilities and members’ equity (deficit)	$	538,870		$	533,350	$	477,434		$	375,035		$	308,302		$	299,424		$	215,760

F-35

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2021

	Series			Series			Series			Series			Series			Series			Series
	Davidson			Holland			Jupiter			KerriAnn			Meadow			Ribbonwalk			Saturn

ASSETS
Current assets:
Cash	$	-		$	1,110		$	-		$	209		$	-		$	-		$	77
Accounts receivable
Prepaid expenses		1,321			1,516			3,018			2,433			2,723			3,522			2,176
Due from related party		-			-			-			-			-			-			-
Total current assets		1,321			2,626			3,018			2,642			2,723			3,522			2,253
Property and equipment, net		214,858			214,423			214,419			341,151			320,343			320,275			221,804
Deposits held by property management companies		-			-			-			-			-			-			-
Total assets	$	216,179		$	217,049		$	217,437		$	343,793		$	323,066		$	323,797		$	224,057

LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)
Current liabilities:
Accrued expenses	$	801		$	1,054		$	1,718		$	543		$	454		$	538		$	1,517
Due to related party		70,380			72,774			79,581			116,213			116,883			104,796			86,529
Total current liabilities		71,181			73,828			81,299			116,756			117,337			105,334			88,046
Tenant deposits		-			-			-			-			-			-			-
Mortgage payable, net		145,158			145,163			137,967			235,377			212,558			221,584			137,972
Total liabilities		216,339			218,991			219,266			352,133			329,895			326,918			226,018

Members’ equity (deficit):
Members’ capital		-			-			-			4,919			4,033			4,402			4,071
Retained earnings (accumulated deficit)		(160	)		(1,942	)		(1,829	)		(13,259	)		(10,862	)		(7,523	)		(6,032	)
Total members’ equity (deficit)		(160	)		(1,942	)		(1,829	)		(8,340	)		(6,829	)		(3,121	)		(1,961	)
Total liabilities and members’ equity (deficit)	$	216,179		$	217,049		$	217,437		$	343,793		$	323,066		$	323,797		$	224,057

F-36

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2021

	Series		Series			Series			Series			Series			Series		Series
	Sigma		Weldon			Badminton			Basil			Bayside			Butter		Coatbridge

ASSETS
Current assets:
Cash	$	-	$	-		$	10,370		$	7,938		$	3,337		$	-	$	1,460
Accounts receivable																		1,336
Prepaid expenses		1,172		2,803			2,241			1,385			3,463			3,525		3,039
Due from related party		-		-			-			-			-			-		-
Total current assets		1,172		2,803			12,611			9,323			6,800			3,525		5,835
Property and equipment, net		389,239		214,173			253,020			200,978			254,675			379,693		269,537
Deposits held by property management companies		-		-			2,993			1,495			2,935			525		3,993
Total assets	$	390,411	$	216,976		$	268,624		$	211,796		$	264,410		$	383,743	$	279,365

LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)
Current liabilities:
Accrued expenses	$	355	$	1,390		$	3,658		$	2,914		$	2,374		$	640	$	2,431
Due to related party		123,327		82,844			88			262			96,372			123,388		103,495
Total current liabilities		123,682		84,234			3,746			3,176			98,746			124,028		105,926
Tenant deposits		-		-			2,993			1,495			2,619			-		2,993
Mortgage payable, net		266,729		134,741			171,756			129,599			163,383			259,715		173,037
Total liabilities		390,411		218,975			178,495			134,270			264,748			383,743		281,956

Members’ equity (deficit):
Members’ capital		-		-			95,481			80,080			-			-		-
Retained earnings (accumulated deficit)		-		(1,999	)		(5,352	)		(2,554	)		(338	)		-		(2,591	)
Total members’ equity (deficit)		-		(1,999	)		90,129			77,526			(338	)		-		(2,591	)
Total liabilities and members’ equity (deficit)	$	390,411	$	216,976		$	268,624		$	211,796		$	264,410		$	383,743	$	279,365

F-37

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2021

	Series			Series			Series		Series			Series			Series			Series
	Dawson			Dewberry			Dolittle		Eastfair			Elevation			Elm			Forest

ASSETS
Current assets:
Cash	$	4,852		$	5,617		$	-	$	10,835		$	776		$	477		$	-
Accounts receivable					820								520
Prepaid expenses		2,502			1,276			2,734		2,917			5,779			1,394			3,389
Due from related party		-			1,305			-		-			-			-			-
Total current assets		7,354			9,018			2,734		13,752			7,075			1,871			3,389
Property and equipment, net		224,952			188,587			307,573		213,369			263,908			164,892			347,941
Deposits held by property management companies		1,695			1,495			25		3,590			4,624			3,504			3,119
Total assets	$	234,001		$	199,100		$	310,332	$	230,711		$	275,607		$	170,267		$	354,449

LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)
Current liabilities:
Accrued expenses	$	1,522		$	2,614		$	602	$	3,525		$	4,529		$	747		$	3,261
Due to related party		88,229			-			104,453		1,202			98,470			61,478			132,410
Total current liabilities		89,751			2,614			105,055		4,727			102,999			62,225			135,671
Tenant deposits		1,695			1,495			-		3,590			3,990			3,190			3,119
Mortgage payable, net		144,074			119,301			205,277		147,794			170,242			105,713			225,085
Total liabilities		235,520			123,410			310,332		156,111			277,231			171,128			363,875

Members’ equity (deficit):
Members’ capital		-			81,658			-		74,674			4,496			-			7,441
Retained earnings (accumulated deficit)		(1,519	)		(5,968	)		-		(74	)		(6,120	)		(861	)		(16,867	)
Total members’ equity (deficit)		(1,519	)		75,690			-		74,600			(1,624	)		(861	)		(9,426	)
Total liabilities and members’ equity (deficit)	$	234,001		$	199,100		$	310,332	$	230,711		$	275,607		$	170,267		$	354,449

F-38

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2021

	Series			Series			Series			Series			Series			Series			Series
	Holloway			Kingsley			Lallie			Lennox			Limestone			Luna			Matchingham

ASSETS
Current assets:
Cash	$	11,032		$	12,813		$	14,420		$	4,431		$	-		$	9,299		$	86
Accounts receivable
Prepaid expenses		3,891			3,170			2,209			2,028			3,228			891			3,085
Due from related party		-			41			-			-			-			981			-
Total current assets		14,923			16,024			16,629			6,459			3,228			11,171			3,171
Property and equipment, net		337,278			312,535			368,110			215,051			291,746			213,369			211,492
Deposits held by property management companies		3,752			2,869			2,495			1,695			-			1,750			3,195
Total assets	$	355,953		$	331,428		$	387,234		$	223,205		$	294,974		$	226,290		$	217,858

LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)
Current liabilities:
Accrued expenses	$	2,767		$	4,860		$	1,538		$	1,655		$	1,031		$	3,532		$	858
Due to related party		1,901			-			3,042			84,097			96,002			-			70,679
Total current liabilities		4,668			4,860			4,580			85,752			97,033			3,532			71,537
Tenant deposits		3,119			2,869			2,495			1,695			-			1,750			1,795
Mortgage payable, net		218,098			212,156			237,406			137,639			200,746			147,794			144,526
Total liabilities		225,885			219,885			244,481			225,086			297,779			153,076			217,858

Members’ equity (deficit):
Members’ capital		141,748			116,305			147,498			-			-			77,705			-
Retained earnings (accumulated deficit)		(11,680	)		(4,762	)		(4,745	)		(1,881	)		(2,805	)		(4,491	)		-
Total members’ equity (deficit)		130,068			111,543			142,753			(1,881	)		(2,805	)		73,214			-
Total liabilities and members’ equity (deficit)	$	355,953		$	331,428		$	387,234		$	223,205		$	294,974		$	226,290		$	217,858

F-39

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2021

	Series		Series			Series			Series			Series			Series			Series
	Murphy		Olive			Ridge			River			Roseberry			Shoreline			Spencer

ASSETS
Current assets:
Cash	$	-	$	-		$	677		$	2,390		$	2,749		$	8,882		$	10,725
Accounts receivable
Prepaid expenses		2,693		1,905			2,459			2,596			4,555			2,778			2,566
Due from related party		-		-			-			-			-			1,428			802
Total current assets		2,693		1,905			3,136			4,986			7,304			13,088			14,093
Property and equipment, net		297,632		229,985			216,043			264,587			326,445			307,540			298,528
Deposits held by property management companies		25		3,758			5,933			2,993			3,443			2,295			2,744
Total assets	$	300,350	$	235,648		$	225,112		$	272,566		$	337,192		$	322,923		$	315,365

LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)
Current liabilities:
Accrued expenses	$	602	$	3,195		$	1,438		$	1,858		$	3,217		$	3,487		$	3,912
Due to related party		94,776		109,410			83,371			99,650			5,136			-			-
Total current liabilities		95,378		112,605			84,809			101,508			8,353			3,487			3,912
Tenant deposits		-		1,895			2,543			2,993			3,443			2,295			2,744
Mortgage payable, net		204,972		124,123			138,282			170,242			208,948			209,087			192,353
Total liabilities		300,350		238,623			225,634			274,743			220,744			214,869			199,009

Members’ equity (deficit):
Members’ capital		-		6,103			-			-			125,794			117,393			120,965
Retained earnings (accumulated deficit)		-		(9,078	)		(522	)		(2,177	)		(9,346	)		(9,339	)		(4,609	)
Total members’ equity (deficit)		-		(2,975	)		(522	)		(2,177	)		116,448			108,054			116,356
Total liabilities and members’ equity (deficit)	$	300,350	$	235,648		$	225,112		$	272,566		$	337,192		$	322,923		$	315,365

F-40

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2021

	Series			Series			Series		Series			Series
	Sugar			Summerset			Vernon		Westchester			Windsor			Consolidated

ASSETS
Current assets:
Cash	$	3,105		$	8,216		$	-	$	1,483		$	12,404		$	336,890
Accounts receivable																2,676
Prepaid expenses		2,790			2,265			1,333		4,448			3,574			175,345
Due from related party		-			-			-		-			-			24,079
Total current assets		5,895			10,481			1,333		5,931			15,978			538,990
Property and equipment, net		309,169			253,020			263,370		338,885			347,992			19,957,542
Deposits held by property management companies		3,590			2,644			-		3,397			3,893			109,844
Total assets	$	318,654		$	266,145		$	264,703	$	348,213		$	367,863		$	20,606,376

LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)
Current liabilities:
Accrued expenses	$	1,753		$	2,479		$	602	$	3,138		$	4,203		$	154,372
Due to related party		117,434			535			84,372		146,041			471			4,455,778
Total current liabilities		119,187			3,014			84,974		149,179			4,674			4,610,150
Tenant deposits		3,590			2,119			-		3,119			3,893			97,532
Mortgage payable, net		198,781			163,389			179,729		196,207			224,525			13,029,905
Total liabilities		321,558			168,522			264,703		348,505			233,092			17,737,587

Members’ equity (deficit):
Members’ capital		5,490			104,683			-		5,640			140,239			3,118,176
Retained earnings (accumulated deficit)		(8,394	)		(7,060	)		-		(5,932	)		(5,468	)		(249,387	)
Total members’ equity (deficit)		(2,904	)		97,623			-		(292	)		134,771			2,868,789
Total liabilities and members’ equity (deficit)	$	318,654		$	266,145		$	264,703	$	348,213		$	367,863		$	20,606,376

The accompanying notes are an integral part of these consolidated and consolidating financial statements.

F-41

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2022

	100			101			Abbington			Amber			Apollo			Aster			Avebury

Rental income	$	24,115		$	-		$	11,135		$	16,392		$	5,850		$	-		$	11,688
Total Revenue		24,115			-			11,135			16,392			5,850			-			11,688

Operating expenses:
Depreciation		15,482			8,719			6,578			8,416			2,691			2,331			5,993
Insurance		1,639			1,561			1,205			1,276			542			432			972
Management fees		4,395			4,237			3,370			2,234			643			510			1,500
Repair and maintenance		3,925			5,882			19,081			1,798			3,895			3,814			4,251
Property taxes		2,950			2,610			1,644			1,822			1,131			589			1,031
Other operating expenses		2,967			2,963			5,465			5,231			2,611			3,008			3,111
Total operating expenses		31,358			25,972			37,343			20,777			11,514			10,684			16,859

Income (loss) from operations		(7,243	)		(25,972	)		(26,207	)		(4,385	)		(5,664	)		(10,684	)		(5,171	)

Other income (expenses):
Other income		-			-			-			-			-			-			-
Other expense		-			-			-			-			-			-			-
Interest expense		-			-			-			(7,659	)		(2,068	)		(2,511	)		(6,116	)
Total other income (expenses)		-			-			-			(7,659	)		(2,068	)		(2,511	)		(6,116	)

Provision for income taxes		-			-			-			-			-			-			-
Net income (loss)	$	(7,243	)	$	(25,972	)	$	(26,207	)	$	(12,044	)	$	(7,732	)	$	(13,194	)	$	(11,286	)

F-42

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Badminton			Bandelier			Baron			Basil			Bayside			Bazzel			Bedford

Rental income	$	23,940		$	17,489		$	14,080		$	17,940		$	25,140		$	7,480		$	20,655
Total Revenue		23,940			17,489			14,080			17,940			25,140			7,480			20,655

Operating expenses:
Depreciation		7,010			8,340			7,777			5,562			7,050			3,254			5,771
Insurance		1,042			1,463			1,414			825			1,046			506			966
Management fees		2,369			1,966			3,879			1,913			2,674			1,600			1,768
Repair and maintenance		1,186			2,216			5,909			700			670			4,956			2,913
Property taxes		1,324			3,002			3,657			774			1,820			1,754			1,518
Other operating expenses		2,750			3,523			3,153			2,436			4,037			3,241			4,286
Total operating expenses		15,681			20,510			25,789			12,209			17,298			15,311			17,223

Income (loss) from operations		8,259			(3,021	)		(11,709	)		5,731			7,842			(7,831	)		3,433

Other income (expenses):
Other income		-			1,406			-			-			-			-			-
Other expense		-			-			-			-			-			-			-
Interest expense		(7,468	)		(8,786	)		-			(6,664	)		(7,107	)		-			(5,779	)
Total other income (expenses)		(7,468	)		(7,381	)		-			(6,664	)		(7,107	)		-			(5,779	)

Provision for income taxes		-			-			-			-			-			-			-
Net income (loss)	$	790		$	(10,402	)	$	(11,709	)	$	(933	)	$	735		$	(7,831	)	$	(2,347	)

F-43

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Belle			Blossom			Bonneau			Brainerd			Braxton			Brennan			Brooklyn

Rental income	$	9,814		$	6,437		$	-		$	4,190		$	7,243		$	6,380		$	-
Total Revenue		9,814			6,437			-			4,190			7,243			6,380			-

Operating expenses:
Depreciation		5,035			2,330			3,336			-			2,961			3,634			-
Insurance		831			501			598			96			533			640			63
Management fees		1,239			325			840			145			555			128			83
Repair and maintenance		5,100			3,522			3,974			54			7,210			2,492			-
Property taxes		7,858			935			2,240			271			2,190			654			143
Other operating expenses		4,274			3,683			4,343			1,325			3,349			4,202			1,365
Total operating expenses		24,337			11,296			15,332			1,891			16,798			11,750			1,654

Income (loss) from operations		(14,524	)		(4,859	)		(15,332	)		2,299			(9,556	)		(5,370	)		(1,654	)

Other income (expenses):
Other income		-			-			-			-			-			-			-
Other expense		-			-			-			-			-			-			-
Interest expense		-			-			-			(1,246	)		(5,738	)		(5,378	)		(631	)
Total other income (expenses)		-			-			-			(1,246	)		(5,738	)		(5,378	)		(631	)

Provision for income taxes		-			-			-			-			-			-			-
Net income (loss)	$	(14,524	)	$	(4,859	)	$	(15,332	)	$	1,052		$	(15,293	)	$	(10,748	)	$	(2,285	)

F-44

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Burlington			Butter			Camino			Campbell			Centennial			Chaparral			Chattahoochee

Rental income	$	13,685		$	22,546		$	6,431		$	-		$	22,740		$	15,276		$	-
Total Revenue		13,685			22,546			6,431			-			22,740			15,276			-

Operating expenses:
Depreciation		8,916			10,379			3,037			3,554			7,835			5,399			3,840
Insurance		1,606			1,583			518			661			857			906			433
Management fees		4,409			2,759			662			(4	)		2,396			2,102			-
Repair and maintenance		5,377			3,709			2,008			2,221			2,443			966			14,428
Property taxes		3,537			2,386			1,215			5,246			2,444			1,843			5,453
Other operating expenses		3,182			7,505			2,672			10,919			2,876			2,570			3,288
Total operating expenses		27,027			28,321			10,110			22,596			18,850			13,785			27,443

Income (loss) from operations		(13,342	)		(5,775	)		(3,679	)		(22,596	)		3,890			1,491			(27,443	)

Other income (expenses):
Other income		-			-			-			-			-			-			-
Other expense		-			-			-			-			-			-			(27,116	)
Interest expense		-			(9,412	)		-			-			(8,144	)		(4,110	)		-
Total other income (expenses)		-			(9,412	)		-			-			(8,144	)		(4,110	)		(27,116	)

Provision for income taxes		-			-			-			-			-			-			-
Net income (loss)	$	(13,342	)	$	(15,187	)	$	(3,679	)	$	(22,596	)	$	(4,253	)	$	(2,619	)	$	(54,559	)

F-45

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Chelsea			Chester			Chickamauga		Chitwood			Clover			Coatbridge			Collier

Rental income	$	11,811		$	8,854		$	4,590	$	8,599		$	9,169		$	25,925		$	7,111
Total Revenue		11,811			8,854			4,590		8,599			9,169			25,925			7,111

Operating expenses:
Depreciation		6,351			2,547			-		4,379			3,664			7,460			4,066
Insurance		1,047			599			119		737			642			829			744
Management fees		1,345			628			-		-			2,212			2,619			2,053
Repair and maintenance		956			6,915			136		8,038			2,870			1,102			9,281
Property taxes		2,418			1,164			286		2,240			1,547			1,961			784
Other operating expenses		3,757			2,756			1,425		3,331			3,046			3,595			4,724
Total operating expenses		15,874			14,609			1,966		18,724			13,980			17,565			21,653

Income (loss) from operations		(4,062	)		(5,755	)		2,624		(10,125	)		(4,811	)		8,360			(14,541	)

Other income (expenses):
Other income		-			-			-		-			-			-			-
Other expense		-			-			-		-			-			-			-
Interest expense		(6,491	)		(3,594	)		-		-			-			(7,524	)		-
Total other income (expenses)		(6,491	)		(3,594	)		-		-			-			(7,524	)		-

Provision for income taxes		-			-			-		-			-			-			-
Net income (loss)	$	(10,553	)	$	(9,349	)	$	2,624	$	(10,125	)	$	(4,811	)	$	836		$	(14,541	)

F-46

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Collinston			Conway			Creekside			Creekwood			Cumberland			Cupcake			Cypress

Rental income	$	7,849		$	-		$	9,424		$	7,180		$	8,639		$	19,740		$	7,588
Total Revenue		7,849			-			9,424			7,180			8,639			19,740			7,588

Operating expenses:
Depreciation		5,811			6,276			3,567			2,645			2,706			6,614			3,344
Insurance		723			1,049			666			478			522			984			581
Management fees		1,654			1,370			131			434			884			2,362			730
Repair and maintenance		5,198			3,274			3,970			595			3,463			255			4,443
Property taxes		74			2,346			1,399			896			927			1,467			1,423
Other operating expenses		8,333			2,950			2,773			4,830			3,150			2,209			4,078
Total operating expenses		21,793			17,265			12,506			9,878			11,652			13,891			14,599

Income (loss) from operations		(13,944	)		(17,265	)		(3,081	)		(2,698	)		(3,013	)		5,849			(7,011	)

Other income (expenses):
Other income		-			-			-			-			-			-			-
Other expense		-			-			-			-			-			-			-
Interest expense		(4,908	)		(10,399	)		-			(2,930	)		-			(5,168	)		(4,500	)
Total other income (expenses)		(4,908	)		(10,399	)		-			(2,930	)		-			(5,168	)		(4,500	)

Provision for income taxes		-			-			-			-			-			-			-
Net income (loss)	$	(18,852	)	$	(27,664	)	$	(3,081	)	$	(5,628	)	$	(3,013	)	$	681		$	(11,511	)

F-47

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Daisy			Davidson			Dawson			Delta			Dewberry			Diablo			Dogwood

Rental income	$	8,225		$	9,430		$	14,098		$	14,820		$	19,551		$	4,944		$	7,786
Total Revenue		8,225			9,430			14,098			14,820			19,551			4,944			7,786

Operating expenses:
Depreciation		3,448			5,818			6,648			7,747			5,225			7,141			2,750
Insurance		629			919			1,145			1,266			871			1,203			486
Management fees		825			1,392			1,844			2,034			1,837			1,501			1,611
Repair and maintenance		5,091			6,242			5,684			9,058			5,440			6,364			2,149
Property taxes		-			115			1,033			1,983			756			2,633			1,100
Other operating expenses		3,224			4,407			4,953			6,613			1,670			6,782			2,500
Total operating expenses		13,217			18,894			21,307			28,702			15,800			25,624			10,596

Income (loss) from operations		(4,992	)		(9,464	)		(7,209	)		(13,882	)		3,751			(20,680	)		(2,810	)

Other income (expenses):
Other income		-			-			-			-			-			-			-
Other expense		-			-			-			-			-			-			-
Interest expense		-			(5,283	)		(6,274	)		(7,594	)		(5,205	)		(7,462	)		-
Total other income (expenses)		-			(5,283	)		(6,274	)		(7,594	)		(5,205	)		(7,462	)		-

Provision for income taxes		-			-			-			-			-			-			-
Net income (loss)	$	(4,992	)	$	(14,747	)	$	(13,483	)	$	(21,476	)	$	(1,454	)	$	(28,142	)	$	(2,810	)

F-48

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Dolittle			Dolly			Dops			Dorchester			Dunbar			Duncan			Eagle

Rental income	$	24,660		$	-		$	-		$	4,390		$	4,656		$	-		$	7,980
Total Revenue		24,660			-			-			4,390			4,656			-			7,980

Operating expenses:
Depreciation		8,443			7,895			-			3,939			4,430			3,689			1,854
Insurance		1,203			1,386			-			680			886			70			388
Management fees		2,766			-			-			2,011			1,203			105			769
Repair and maintenance		2,444			4,201			-			6,064			8,883			4,349			279
Property taxes		1,540			2,488			-			2,718			1,203			4,766			561
Other operating expenses		5,974			2,712			1,325			3,619			7,130			9,698			1,639
Total operating expenses		22,370			18,681			1,325			19,031			23,735			22,678			5,490

Income (loss) from operations		2,290			(18,681	)		(1,325	)		(14,641	)		(19,079	)		(22,678	)		2,490

Other income (expenses):
Other income		-			-			-			-			-			-			-
Other expense		-			-			-			-			-			(20,824	)		-
Interest expense		(7,450	)		(5,479	)		-			-			-			-			(2,945	)
Total other income (expenses)		(7,450	)		(5,479	)		-			-			-			(20,824	)		(2,945	)

Provision for income taxes		-			-			-			-			-			-			-
Net income (loss)	$	(5,160	)	$	(24,160	)	$	(1,325	)	$	(14,641	)	$	(19,079	)	$	(43,501	)	$	(455	)

F-49

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Eastfair			Elevation			Elm			Emporia			Ensenada			Falcon			Folly

Rental income	$	21,540		$	24,107		$	15,259		$	14,362		$	32,206		$	6,175		$	8,908
Total Revenue		21,540			24,107			15,259			14,362			32,206			6,175			8,908

Operating expenses:
Depreciation		5,912			7,313			4,600			7,970			13,332			1,237			3,705
Insurance		694			1,074			614			1,310			2,231			291			618
Management fees		2,009			2,546			1,783			1,813			3,011			426			1,885
Repair and maintenance		574			374			4,029			1,719			3,812			362			1,435
Property taxes		1,384			3,826			308			3,165			2,911			470			2,172
Other operating expenses		2,900			2,895			2,354			5,275			4,573			1,751			5,719
Total operating expenses		13,473			18,029			13,688			21,252			29,870			4,537			15,533

Income (loss) from operations		8,068			6,078			1,571			(6,890	)		2,336			1,638			(6,624	)

Other income (expenses):
Other income		-			-			-			-			-			-			-
Other expense		-			-			-			-			-			-			-
Interest expense		(6,434	)		(7,371	)		(5,425	)		(8,122	)		(14,047	)		(2,811	)		-
Total other income (expenses)		(6,434	)		(7,371	)		(5,425	)		(8,122	)		(14,047	)		(2,811	)		-

Provision for income taxes		-			-			-			-			-			-			-
Net income (loss)	$	1,633		$	(1,292	)	$	(3,855	)	$	(15,012	)	$	(11,711	)	$	(1,173	)	$	(6,624	)

F-50

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Forest			Gardens			Goose			Grant			Greenhill			Gretal			Grove

Rental income	$	17,465		$	9,434		$	6,270		$	24,647		$	25,930		$	-		$	6,462
Total Revenue		17,465			9,434			6,270			24,647			25,930			-			6,462

Operating expenses:
Depreciation		9,646			4,042			1,727			8,902			7,514			2,061			5,219
Insurance		1,145			603			366			1,490			1,211			427			828
Management fees		2,966			922			408			2,961			2,564			225			820
Repair and maintenance		2,078			1,738			450			6,125			1,634			2,927			498
Property taxes		1,244			238			523			3,272			1,563			587			776
Other operating expenses		2,970			3,480			1,651			5,965			6,106			3,398			3,026
Total operating expenses		20,049			11,024			5,124			28,716			20,592			9,625			11,167

Income (loss) from operations		(2,584	)		(1,590	)		1,146			(4,069	)		5,339			(9,625	)		(4,705	)

Other income (expenses):
Other income		-			-			-			-			-			-			-
Other expense		-			-			-			-			-			-			-
Interest expense		(9,727	)		(4,547	)		(2,744	)		(9,289	)		(7,946	)		-			(5,119	)
Total other income (expenses)		(9,727	)		(4,547	)		(2,744	)		(9,289	)		(7,946	)		-			(5,119	)

Provision for income taxes		-			-			-			-			-			-			-
Net income (loss)	$	(12,310	)	$	(6,137	)	$	(1,598	)	$	(13,357	)	$	(2,607	)	$	(9,625	)	$	(9,824	)

F-51

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Hadden			Hansard			Hansel			Harrison			Henry			Heritage			Heron

Rental income	$	10,857		$	-		$	-		$	11,748		$	7,669		$	12,414		$	9,403
Total Revenue		10,857			-			-			11,748			7,669			12,414			9,403

Operating expenses:
Depreciation		5,090			-			2,782			4,215			4,926			5,173			5,131
Insurance		837			-			515			721			888			821			822
Management fees		1,145			-			404			990			125			2,002			1,185
Repair and maintenance		3,624			-			3,578			6,965			6,854			10,342			1,204
Property taxes		435			-			643			1,061			7,184			1,464			651
Other operating expenses		3,724			1,325			3,886			3,161			4,356			3,780			3,420
Total operating expenses		14,855			1,325			11,807			17,112			24,333			23,581			12,413

Income (loss) from operations		(3,998	)		(1,325	)		(11,807	)		(5,364	)		(16,664	)		(11,168	)		(3,010	)

Other income (expenses):
Other income		-			-			-			256			-			-			-
Other expense		-			-			-			-			-			-			-
Interest expense		(4,705	)		-			(3,622	)		(6,222	)		-			(6,184	)		(4,291	)
Total other income (expenses)		(4,705	)		-			(3,622	)		(5,966	)		-			(6,184	)		(4,291	)

Provision for income taxes		-			-			-			-			-			-			-
Net income (loss)	$	(8,703	)	$	(1,325	)	$	(15,429	)	$	(11,330	)	$	(16,664	)	$	(17,352	)	$	(7,302	)

F-52

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Highland			Hines			Holcomb			Holland			Hollandaise			Holloway			Inglewood

Rental income	$	4,090		$	7,869		$	10,224		$	9,104		$	13,499		$	29,940		$	-
Total Revenue		4,090			7,869			10,224			9,104			13,499			29,940			-

Operating expenses:
Depreciation		3,285			3,510			4,874			5,818			7,542			9,344			6,223
Insurance		574			679			920			919			1,221			1,379			1,033
Management fees		682			1,844			2,913			1,383			1,617			3,041			679
Repair and maintenance		4,248			6,445			5,143			8,458			10,419			1,187			2,306
Property taxes		2,383			1,345			6,561			99			1,277			2,155			2,791
Other operating expenses		4,209			3,004			3,000			4,615			3,326			2,981			2,611
Total operating expenses		15,382			16,826			23,411			21,293			25,403			20,087			15,643

Income (loss) from operations		(11,292	)		(8,957	)		(13,187	)		(12,190	)		(11,904	)		9,853			(15,643	)

Other income (expenses):
Other income		-			-			-			-			-			-			-
Other expense		-			-			-			-			-			-			-
Interest expense		-			-			-			(5,283	)		(7,177	)		(9,468	)		(16,157	)
Total other income (expenses)		-			-			-			(5,283	)		(7,177	)		(9,468	)		(16,157	)

Provision for income taxes		-			-			-			-			-			-			-
Net income (loss)	$	(11,292	)	$	(8,957	)	$	(13,187	)	$	(17,473	)	$	(19,080	)	$	385		$	(31,800	)

F-53

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Jack			Jake			Jefferson			Jill			Johnny			June			Jupiter

Rental income	$	19,900		$	7,928		$	-		$	8,780		$	10,017		$	17,325		$	13,841
Total Revenue		19,900			7,928			-			8,780			10,017			17,325			13,841

Operating expenses:
Depreciation		7,636			8,093			-			3,692			6,704			6,704			5,811
Insurance		1,123			1,453			-			642			1,154			1,172			919
Management fees		1,715			3,945			-			187			3,409			3,495			1,769
Repair and maintenance		3,630			5,357			-			3,655			3,551			3,999			6,709
Property taxes		1,965			3,154			-			1,157			2,805			2,805			2,019
Other operating expenses		4,144			3,068			1,325			4,006			3,288			3,262			4,012
Total operating expenses		20,213			25,069			1,325			13,338			20,912			21,438			21,240

Income (loss) from operations		(314	)		(17,141	)		(1,325	)		(4,558	)		(10,895	)		(4,113	)		(7,399	)

Other income (expenses):
Other income		-			-			-			-			-			-			-
Other expense		-			-			-			-			-			-			-
Interest expense		(8,908	)		-			-			(3,927	)		(24,571	)		(29,010	)		(5,985	)
Total other income (expenses)		(8,908	)		-			-			(3,927	)		(24,571	)		(29,010	)		(5,985	)

Provision for income taxes		-			-			-			-			-			-			-
Net income (loss)	$	(9,221	)	$	(17,141	)	$	(1,325	)	$	(8,485	)	$	(35,466	)	$	(33,123	)	$	(13,383	)

F-54

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Kawana			Kennesaw			Kenny			KerriAnn			Kessler			Kingsley			Kirkwood

Rental income	$	10,114		$	13,602		$	3,095		$	14,828		$	6,380		$	27,160		$	10,740
Total Revenue		10,114			13,602			3,095			14,828			6,380			27,160			10,740

Operating expenses:
Depreciation		5,679			4,864			7,895			9,371			3,416			8,580			4,191
Insurance		951			808			1,386			1,368			559			1,003			737
Management fees		1,436			3,281			-			2,239			456			2,659			1,038
Repair and maintenance		1,254			10,024			3,699			1,468			6,196			1,767			6,770
Property taxes		440			5,932			2,488			3,192			1,257			2,193			1,258
Other operating expenses		3,532			4,083			2,524			5,409			3,527			3,053			2,812
Total operating expenses		13,291			28,992			17,993			23,047			15,411			19,255			16,805

Income (loss) from operations		(3,177	)		(15,390	)		(14,898	)		(8,219	)		(9,031	)		7,905			(6,066	)

Other income (expenses):
Other income		-			-			-			-			-			-			-
Other expense		-			-			-			-			-			-			-
Interest expense		(6,028	)		-			(5,479	)		(8,542	)		(37	)		(9,212	)		(6,051	)
Total other income (expenses)		(6,028	)		-			(5,479	)		(8,542	)		(37	)		(9,212	)		(6,051	)

Provision for income taxes		-			-			-			-			-			-			-
Net income (loss)	$	(9,206	)	$	(15,390	)	$	(20,377	)	$	(16,760	)	$	(9,068	)	$	(1,307	)	$	(12,116	)

F-55

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Korin			Lallie			Lanier			Lannister			Latte			Lennox			Lierly

Rental income	$	-		$	29,955		$	18,960		$	2,625		$	9,205		$	20,340		$	22,167
Total Revenue		-			29,955			18,960			2,625			9,205			20,340			22,167

Operating expenses:
Depreciation		-			10,231			6,059			3,738			4,176			5,956			5,864
Insurance		93			1,490			1,048			507			699			665			1,082
Management fees		-			3,290			1,843			559			2,295			2,232			2,357
Repair and maintenance		-			798			3,079			6,996			506			742			1,025
Property taxes		289			194			1,598			387			1,715			1,032			4,496
Other operating expenses		1,351			2,944			3,609			2,654			3,630			2,345			2,299
Total operating expenses		1,733			18,948			17,237			14,842			13,020			12,972			17,122

Income (loss) from operations		(1,733	)		11,007			1,723			(12,217	)		(3,815	)		7,368			5,045

Other income (expenses):
Other income		-			-			-			-			-			-			-
Other expense		-			-			-			-			-			-			-
Interest expense		-			(10,301	)		(8,209	)		(3,872	)		-			(5,996	)		(5,160	)
Total other income (expenses)		-			(10,301	)		(8,209	)		(3,872	)		-			(5,996	)		(5,160	)

Provision for income taxes		-			-			-			-			-			-			-
Net income (loss)	$	(1,733	)	$	706		$	(6,485	)	$	(16,088	)	$	(3,815	)	$	1,372		$	(115	)

F-56

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Lily			Limestone			Litton			Lookout			Loretta			Louise			Lovejoy

Rental income	$	2,390		$	24,760		$	4,414		$	9,236		$	-		$	15,760		$	14,497
Total Revenue		2,390			24,760			4,414			9,236			-			15,760			14,497

Operating expenses:
Depreciation		15,368			8,046			-			4,741			6,272			5,052			6,015
Insurance		2,094			1,315			105			731			1,049			841			1,001
Management fees		2,669			2,592			160			1,336			1,028			1,461			1,835
Repair and maintenance		6,384			2,802			100			5,847			3,226			2,628			3,488
Property taxes		3,411			1,504			141			969			1,877			591			2,660
Other operating expenses		8,025			5,372			1,342			3,546			2,928			3,297			4,772
Total operating expenses		37,950			21,630			1,848			17,171			16,380			13,870			19,772

Income (loss) from operations		(35,560	)		3,130			2,566			(7,935	)		(16,380	)		1,890			(5,275	)

Other income (expenses):
Other income		-			-			-			-			5,000			-			-
Other expense		-			-			-			-			-			-			-
Interest expense		(11,168	)		(6,771	)		(1,243	)		-			-			(5,693	)		(7,786	)
Total other income (expenses)		(11,168	)		(6,771	)		(1,243	)		-			5,000			(5,693	)		(7,786	)

Provision for income taxes		-			-			-			-			-			-			-
Net income (loss)	$	(46,728	)	$	(3,642	)	$	1,323		$	(7,935	)	$	(11,380	)	$	(3,803	)	$	(13,061	)

F-57

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Luna			Lurleen			Madison			Mae			Magnolia			Malbec			Mammoth

Rental income	$	21,000		$	-		$	-		$	6,285		$	12,527		$	26,990		$	15,425
Total Revenue		21,000			-			-			6,285			12,527			26,990			15,425

Operating expenses:
Depreciation		5,912			173			2,828			4,053			4,729			8,776			6,247
Insurance		880			-			508			874			688			978			1,076
Management fees		2,024			-			856			531			1,168			3,134			1,484
Repair and maintenance		745			-			1,330			2,520			11,745			634			6,132
Property taxes		1,290			-			1,189			2,505			1,148			531			678
Other operating expenses		2,521			1,332			3,386			3,880			2,456			3,320			3,731
Total operating expenses		13,372			1,505			10,096			14,364			21,934			17,373			19,349

Income (loss) from operations		7,628			(1,505	)		(10,096	)		(8,079	)		(9,407	)		9,617			(3,923	)

Other income (expenses):
Other income		-			-			-			-			-			-			-
Other expense		-			-			-			-			-			-			-
Interest expense		(6,434	)		(516	)		(2,657	)		-			(5,973	)		(8,977	)		(7,663	)
Total other income (expenses)		(6,434	)		(516	)		(2,657	)		-			(5,973	)		(8,977	)		(7,663	)

Provision for income taxes		-			-			-			-			-			-			-
Net income (loss)	$	1,193		$	(2,021	)	$	(12,753	)	$	(8,079	)	$	(15,380	)	$	640		$	(11,586	)

F-58

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Marcelo			Marie			Marietta			Matchingham			McGregor			McLovin			Meadow

Rental income	$	3,390		$	-		$	4,190		$	21,540		$	11,812		$	29,025		$	17,476
Total Revenue		3,390			-			4,190			21,540			11,812			29,025			17,476

Operating expenses:
Depreciation		2,607			-			3,491			5,825			4,821			12,438			8,820
Insurance		478			-			695			892			855			2,104			1,347
Management fees		428			-			456			2,180			2,514			2,841			2,277
Repair and maintenance		5,688			-			1,995			1,374			12,047			6,643			1,777
Property taxes		1,042			-			1,570			1,601			2,109			5,964			1,859
Other operating expenses		3,133			1,325			4,413			3,430			3,519			4,930			5,278
Total operating expenses		13,376			1,325			12,621			15,303			25,866			34,919			21,358

Income (loss) from operations		(9,986	)		(1,325	)		(8,431	)		6,237			(14,054	)		(5,894	)		(3,882	)

Other income (expenses):
Other income		-			-			-			-			-			-			-
Other expense		-			-			-			-			-			-			-
Interest expense		-			-			(2,967	)		(5,260	)		-			(13,171	)		(7,712	)
Total other income (expenses)		-			-			(2,967	)		(5,260	)		-			(13,171	)		(7,712	)

Provision for income taxes		-			-			-			-			-			-			-
Net income (loss)	$	(9,986	)	$	(1,325	)	$	(11,398	)	$	977		$	(14,054	)	$	(19,065	)	$	(11,594	)

F-59

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Mimosa			Mojave			Murphy			Nugget			Odessa			Olive			Oly

Rental income	$	2,990		$	19,140		$	25,571		$	12,890		$	17,404		$	22,919		$	31,070
Total Revenue		2,990			19,140			25,571			12,890			17,404			22,919			31,070

Operating expenses:
Depreciation		983			7,113			8,171			7,694			14,664			6,789			12,533
Insurance		225			984			1,234			1,383			2,209			713			2,091
Management fees		108			2,433			2,654			3,834			2,755			2,698			2,786
Repair and maintenance		5,090			258			2,218			7,401			7,381			2,337			2,686
Property taxes		591			1,351			1,680			3,091			4,217			854			4,125
Other operating expenses		2,687			2,186			5,774			2,994			9,221			3,013			4,254
Total operating expenses		9,684			14,324			21,730			26,397			40,447			16,404			28,476

Income (loss) from operations		(6,694	)		4,816			3,841			(13,507	)		(23,043	)		6,515			2,594

Other income (expenses):
Other income		-			-			-			-			5,790			-			-
Other expense		-			-			-			-			-			-			-
Interest expense		(1,959	)		(5,535	)		(8,109	)		-			(13,421	)		(5,413	)		(13,196	)
Total other income (expenses)		(1,959	)		(5,535	)		(8,109	)		-			(7,631	)		(5,413	)		(13,196	)

Provision for income taxes		-			-			-			-			-			-			-
Net income (loss)	$	(8,652	)	$	(720	)	$	(4,268	)	$	(13,507	)	$	(30,674	)	$	1,101		$	(10,602	)

F-60

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Osprey			Otoro			Patrick			Peanut			Pearl			Pecan			Piedmont

Rental income	$	11,479		$	13,975		$	17,850		$	11,795		$	17,331		$	20,050		$	9,254
Total Revenue		11,479			13,975			17,850			11,795			17,331			20,050			9,254

Operating expenses:
Depreciation		4,690			7,350			5,772			3,952			7,498			5,725			4,410
Insurance		679			1,206			943			644			1,353			966			887
Management fees		2,174			1,654			2,265			1,104			3,896			2,356			648
Repair and maintenance		1,609			5,459			2,063			746			1,305			852			6,359
Property taxes		4,643			2,436			3,554			265			2,244			3,830			2,107
Other operating expenses		4,108			5,268			3,570			2,917			1,325			2,332			3,108
Total operating expenses		17,904			23,373			18,166			9,629			17,622			16,061			17,518

Income (loss) from operations		(6,425	)		(9,398	)		(316	)		2,166			(291	)		3,989			(8,264	)

Other income (expenses):
Other income		-			-			-			-			-			-			-
Other expense		-			-			-			-			-			-			-
Interest expense		-			(7,484	)		(4,170	)		(3,507	)		-			(4,344	)		(4,003	)
Total other income (expenses)		-			(7,484	)		(4,170	)		(3,507	)		-			(4,344	)		(4,003	)

Provision for income taxes		-			-			-			-			-			-			-
Net income (loss)	$	(6,425	)	$	(16,881	)	$	(4,486	)	$	(1,341	)	$	(291	)	$	(354	)	$	(12,267	)

F-61

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Pinot			Pioneer			Plumtree			Point			Quincy			Redondo			Regency

Rental income	$	24,429		$	-		$	19,200		$	13,770		$	5,390		$	-		$	-
Total Revenue		24,429			-			19,200			13,770			5,390			-			-

Operating expenses:
Depreciation		8,859			6,537			5,535			6,125			6,262			717			-
Insurance		1,237			1,070			978			1,062			1,112			208			-
Management fees		2,974			3,275			2,319			1,414			825			680			-
Repair and maintenance		267			4,563			1,301			2,535			5,418			-			-
Property taxes		531			1,863			3,690			1,637			3,529			705			-
Other operating expenses		3,320			3,465			2,070			2,282			4,937			1,574			1,325
Total operating expenses		17,187			20,773			15,892			15,055			22,083			3,885			1,325

Income (loss) from operations		7,241			(20,773	)		3,308			(1,285	)		(16,693	)		(3,885	)		(1,325	)

Other income (expenses):
Other income		-			-			-			-			-			-			-
Other expense		-			-			-			-			-			-			-
Interest expense		(9,077	)		-			(4,376	)		(8,399	)		(10,691	)		(1,768	)		(267	)
Total other income (expenses)		(9,077	)		-			(4,376	)		(8,399	)		(10,691	)		(1,768	)		(267	)

Provision for income taxes		-			-			-			-			-			-			-
Net income (loss)	$	(1,836	)	$	(20,773	)	$	(1,068	)	$	(9,684	)	$	(27,384	)	$	(5,654	)	$	(1,592	)

F-62

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Reginald			Reynolds			Ribbonwalk			Richardson			Ridge			Ritter			River

Rental income	$	6,092		$	12,153		$	13,397		$	5,488		$	20,016		$	1,000		$	23,970
Total Revenue		6,092			12,153			13,397			5,488			20,016			1,000			23,970

Operating expenses:
Depreciation		4,396			4,921			8,791			2,876			5,983			6,932			7,323
Insurance		696			815			1,292			503			884			1,272			1,079
Management fees		870			2,734			1,895			315			2,466			2,904			2,660
Repair and maintenance		10,819			3,193			4,177			6,301			570			5,844			776
Property taxes		7,240			7,250			2,498			1,155			995			2,122			1,460
Other operating expenses		8,111			3,808			6,397			4,059			2,855			2,086			3,245
Total operating expenses		32,131			22,720			25,050			15,209			13,753			21,160			16,543

Income (loss) from operations		(26,039	)		(10,567	)		(11,654	)		(9,721	)		6,263			(20,160	)		7,427

Other income (expenses):
Other income		-			-			-			-			-			-			-
Other expense		-			-			-			-			-			-			-
Interest expense		(7,974	)		-			(8,038	)		-			(6,024	)		-			(7,371	)
Total other income (expenses)		(7,974	)		-			(8,038	)		-			(6,024	)		-			(7,371	)

Provision for income taxes		-			-			-			-			-			-			-
Net income (loss)	$	(34,013	)	$	(10,567	)	$	(19,691	)	$	(9,721	)	$	239		$	(20,160	)	$	57

F-63

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Riverwalk			Rooney			Roseberry			Rosewood			Roxy			Saddlebred			Saint

Rental income	$	11,975		$	12,570		$	29,200		$	7,450		$	8,881		$	7,707		$	23,271
Total Revenue		11,975			12,570			29,200			7,450			8,881			7,707			23,271

Operating expenses:
Depreciation		4,523			8,844			9,026			4,339			5,226			15,441			6,339
Insurance		758			1,536			1,009			772			909			1,985			1,176
Management fees		2,278			1,931			2,805			969			1,059			2,176			1,806
Repair and maintenance		9,741			3,938			678			7,550			9,756			4,887			2,249
Property taxes		924			1,917			2,414			642			957			2,775			2,243
Other operating expenses		3,781			6,322			3,300			4,026			3,107			8,805			3,008
Total operating expenses		22,005			24,489			19,231			18,297			21,013			36,068			16,820

Income (loss) from operations		(10,030	)		(11,919	)		9,969			(10,847	)		(12,133	)		(28,361	)		6,451

Other income (expenses):
Other income		-			-			-			-			-			14,902			-
Other expense		-			-			-			-			-			-			-
Interest expense		-			(9,290	)		(9,034	)		(5,684	)		(6,861	)		(11,919	)		(7,373	)
Total other income (expenses)		-			(9,290	)		(9,034	)		(5,684	)		(6,861	)		2,983			(7,373	)

Provision for income taxes		-			-			-			-			-			-			-
Net income (loss)	$	(10,030	)	$	(21,208	)	$	935		$	(16,531	)	$	(18,994	)	$	(25,378	)	$	(922	)

F-64

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Salem			Saturn			Scepter			Sequoyah			Shallowford			Shoreline			Sigma

Rental income	$	28,535		$	11,513		$	9,600		$	-		$	6,930		$	27,540		$	9,624
Total Revenue		28,535			11,513			9,600			-			6,930			27,540			9,624

Operating expenses:
Depreciation		8,775			6,184			6,475			-			3,317			8,520			10,654
Insurance		1,225			919			1,093			87			705			1,259			1,538
Management fees		3,116			1,597			1,670			124			362			2,713			1,960
Repair and maintenance		1,791			762			2,394			-			9,441			2,772			6,699
Property taxes		531			917			1,961			240			732			1,298			2,444
Other operating expenses		3,320			4,345			5,108			1,475			3,160			3,410			6,467
Total operating expenses		18,759			14,724			18,702			1,925			17,718			19,972			29,762

Income (loss) from operations		9,776			(3,211	)		(9,102	)		(1,925	)		(10,787	)		7,568			(20,138	)

Other income (expenses):
Other income		-			-			3,590			-			-			-			17,232
Other expense		-			-			-			-			-			-			-
Interest expense		(9,148	)		(5,985	)		(6,786	)		(1,066	)		(3,664	)		(9,079	)		(8,148	)
Total other income (expenses)		(9,148	)		(5,985	)		(3,196	)		(1,066	)		(3,664	)		(9,079	)		9,085

Provision for income taxes		-			-			-			-			-			-			-
Net income (loss)	$	629		$	(9,196	)	$	(12,298	)	$	(2,991	)	$	(14,451	)	$	(1,511	)	$	(11,053	)

F-65

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Soapstone			Sodalis			Spencer			Splash			Spring			Stonebriar			Sugar

Rental income	$	19,500		$	-		$	26,340		$	17,750		$	7,108		$	5,208		$	21,540
Total Revenue		19,500			-			26,340			17,750			7,108			5,208			21,540

Operating expenses:
Depreciation		6,000			3,316			8,313			5,955			2,835			3,252			8,559
Insurance		1,136			728			1,218			878			632			591			1,100
Management fees		2,296			-			2,792			2,178			646			798			2,742
Repair and maintenance		988			5,724			1,412			634			5,227			6,168			1,554
Property taxes		4,877			1,208			1,859			924			1,737			632			1,423
Other operating expenses		2,070			3,011			2,497			2,256			3,561			2,292			3,211
Total operating expenses		17,367			13,988			18,093			12,825			14,637			13,733			18,589

Income (loss) from operations		2,133			(13,988	)		8,247			4,925			(7,529	)		(8,525	)		2,951

Other income (expenses):
Other income		-			-			-			-			-			-			-
Other expense		-			-			-			-			-			-			-
Interest expense		(5,051	)		-			(9,109	)		(4,665	)		-			(4,047	)		(8,635	)
Total other income (expenses)		(5,051	)		-			(9,109	)		(4,665	)		-			(4,047	)		(8,635	)

Provision for income taxes		-			-			-			-			-			-			-
Net income (loss)	$	(2,918	)	$	(13,988	)	$	(862	)	$	260		$	(7,529	)	$	(12,572	)	$	(5,684	)

F-66

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Summerset			Sundance			Sunnyside			Swift			Taylor			Terracotta			Tulip

Rental income	$	16,835		$	4,390		$	-		$	14,612		$	5,980		$	15,746		$	8,853
Total Revenue		16,835			4,390			-			14,612			5,980			15,746			8,853

Operating expenses:
Depreciation		7,010			975			-			6,075			2,994			5,049			5,817
Insurance		1,028			208			-			973			512			1,077			887
Management fees		2,034			158			-			2,772			230			1,368			1,089
Repair and maintenance		62			720			-			4,093			363			1,934			4,462
Property taxes		1,094			556			-			3,251			1,054			1,982			782
Other operating expenses		3,028			1,742			1,325			3,008			2,928			4,545			4,858
Total operating expenses		14,256			4,359			1,325			20,172			8,081			15,955			17,895

Income (loss) from operations		2,579			31			(1,325	)		(5,561	)		(2,101	)		(208	)		(9,042	)

Other income (expenses):
Other income		-			-			-			-			-			-			-
Other expense		-			-			-			-			-			-			-
Interest expense		(7,107	)		(2,261	)		-			-			(3,043	)		(7,136	)		(7,380	)
Total other income (expenses)		(7,107	)		(2,261	)		-			-			(3,043	)		(7,136	)		(7,380	)

Provision for income taxes		-			-			-			-			-			-			-
Net income (loss)	$	(4,529	)	$	(2,229	)	$	(1,325	)	$	(5,561	)	$	(5,144	)	$	(7,344	)	$	(16,422	)

F-67

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Tuscan			Tuscarora			Tuxford			Vernon			Walton			Wave			Weldon

Rental income	$	27,715		$	-		$	11,923		$	15,099		$	-		$	11,754		$	11,114
Total Revenue		27,715			-			11,923			15,099			-			11,754			11,114

Operating expenses:
Depreciation		8,879			-			5,402			7,238			3,436			6,921			5,811
Insurance		1,225			-			892			920			640			1,132			919
Management fees		3,291			-			1,581			1,859			1,735			1,488			1,519
Repair and maintenance		1,818			-			8,435			2,739			1,640			-			4,032
Property taxes		6,090			-			5,149			1,628			3,000			1,489			1,467
Other operating expenses		3,644			1,325			3,809			5,400			3,163			13,021			4,782
Total operating expenses		24,947			1,325			25,268			19,784			13,614			24,051			18,531

Income (loss) from operations		2,768			(1,325	)		(13,345	)		(4,685	)		(13,614	)		(12,297	)		(7,417	)

Other income (expenses):
Other income		-			-			-			-			-			-			-
Other expense		-			-			-			-			-			-			-
Interest expense		(6,904	)		-			(5,630	)		(6,529	)		(11,403	)		(7,011	)		(4,908	)
Total other income (expenses)		(6,904	)		-			(5,630	)		(6,529	)		(11,403	)		(7,011	)		(4,908	)

Provision for income taxes		-			-			-			-			-			-			-
Net income (loss)	$	(4,136	)	$	(1,325	)	$	(18,975	)	$	(11,215	)	$	(25,017	)	$	(19,308	)	$	(12,325	)

F-68

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Wellington			Wentworth			Wescott			Westchester			Wildwood			Willow			Wilson

Rental income	$	10,353		$	19,415		$	9,149		$	28,724		$	8,702		$	8,619		$	9,070
Total Revenue		10,353			19,415			9,149			28,724			8,702			8,619			9,070

Operating expenses:
Depreciation		3,708			6,897			3,765			9,374			3,537			2,676			4,788
Insurance		653			915			862			1,071			637			522			956
Management fees		798			2,385			1,185			3,420			1,044			870			1,033
Repair and maintenance		3,542			223			9,844			993			6,335			5,577			4,580
Property taxes		7,249			1,624			1,259			2,563			340			1,074			1,755
Other operating expenses		4,456			2,209			3,307			3,100			2,657			3,166			3,443
Total operating expenses		20,405			14,252			20,223			20,522			14,551			13,886			16,554

Income (loss) from operations		(10,053	)		5,163			(11,074	)		8,202			(5,849	)		(5,268	)		(7,484	)

Other income (expenses):
Other income		-			-			-			-			-			-			-
Other expense		-			-			-			-			-			-			-
Interest expense		-			(5,716	)		(4,609	)		(8,524	)		(3,696	)		-			-
Total other income (expenses)		-			(5,716	)		(4,609	)		(8,524	)		(3,696	)		-			-

Provision for income taxes		-			-			-			-			-			-			-
Net income (loss)	$	(10,053	)	$	(554	)	$	(15,683	)	$	(322	)	$	(9,544	)	$	(5,268	)	$	(7,484	)

F-69

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Windsor			Winston			Wisteria			Consolidated

Rental income	$	31,170		$	12,423		$	15,292		$	2,382,727
Total Revenue		31,170			12,423			15,292			2,382,727

Operating expenses:
Depreciation		9,618			3,013			5,435			1,096,563
Insurance		1,186			533			935			174,832
Management fees		3,230			709			1,391			322,448
Repair and maintenance		639			5,348			702			722,279
Property taxes		2,623			-			1,067			374,788
Other operating expenses		2,872			4,076			3,357			729,851
Total operating expenses		20,167			13,678			12,888			3,420,761

Income (loss) from operations		11,003			(1,255	)		2,404			(1,038,034	)

Other income (expenses):
Other income		-			-			-			48,175
Other expense		-			-			-			(47,940	)
Interest expense		(9,746	)		-			(6,737	)		(932,999	)
Total other income (expenses)		(9,746	)		-			(6,737	)		(932,764	)

Provision for income taxes		-			-			-			-
Net income (loss)	$	1,257		$	(1,255	)	$	(4,333	)	$	(1,970,798	)

The accompanying notes are an integral part of these consolidated and consolidating financial statements.

F-70

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2021

	Series			Series			Series			Series			Series			Series			Series
	Chaparral			Cupcake			Lierly			Malbec			Mojave			Patrick			Pecan

Rental income	$	13,050		$	4,382		$	14,796		$	8,980		$	3,653		$	9,000		$	13,900
Total revenue		13,050			4,382			14,796			8,980			3,653			9,000			13,900

Operating expenses:
Depreciation		4,049			1,510			4,398			2,925			1,623			4,329			4,294
Insurance		654			265			792			326			246			653			712
Management fees		1,830			642			1,754			-			678			1,572			1,894
Repair and maintenance		313			381			855			2,000			381			256			1,712
Property taxes		562			457			1,733			193			483			1,370			1,476
Other operating expenses		750			794			816			1,034			795			749			750
Total operating expenses		8,158			4,049			10,348			6,478			4,206			8,929			10,838

Income (loss) from operations		4,892			333			4,448			2,502			(553	)		71			3,062

Other income (expense), net
Other income		-			-			-			-			-			-			-
Interest expense		(3,329	)		(1,021	)		(4,179	)		(3,260	)		(1,094	)		(3,383	)		(3,524	)

Net income (loss) before income taxes		1,563			(688	)		269			(758	)		(1,647	)		(3,312	)		(462	)
Provision for income taxes
Net Income (loss)	$	1,563		$	(688	)	$	269		$	(758	)	$	(1,647	)	$	(3,312	)	$	(462	)

F-71

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2021

	Series			Series			Series			Series			Series			Series			Series
	Pinot			Plumtree			Salem			Soapstone			Splash			Tuscan			Wentworth

Rental income	$	8,915		$	13,025		$	9,536		$	14,400		$	5,890		$	9,130		$	5,110
Total revenue		8,915			13,025			9,536			14,400			5,890			9,130			5,110

Operating expenses:
Depreciation		2,953			4,151			2,925			4,500			1,985			2,960			1,563
Insurance		412			698			408			894			293			408			247
Management fees		-			1,745			-			1,982			-			-			630
Repair and maintenance		2,000			715			2,000			143			2,000			2,000			381
Property taxes		193			1,422			193			1,802			336			1,044			710
Other operating expenses		1,025			750			1,061			751			467			849			807
Total operating expenses		6,583			9,481			6,587			10,072			5,081			7,261			4,338

Income (loss) from operations		2,332			3,544			2,949			4,328			809			1,869			772

Other income (expense), net
Other income		-			-			-			-			-			-			-
Interest expense		(3,296	)		(3,544	)		(3,322	)		(4,091	)		(1,696	)		(2,510	)		(1,129	)

Net income (loss) before income taxes		(964	)		-			(373	)		237			(887	)		(641	)		(357	)
Provision for income taxes
Net Income (loss)	$	(964	)	$	-		$	(373	)	$	237		$	(887	)	$	(641	)	$	(357	)

F-72

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2021

	Series			Series		Series			Series			Series			Series			Series
	Bandelier			Diablo		Rooney			Scepter			Ensenada			Lily			McLovin

Rental income	$	-		$	-	$	-		$	-		$	-		$	-		$	-
Total revenue		-			-		-			-			-			-			-

Operating expenses:
Depreciation		1,390			-		1,474			1,079			2,222			3,460			-
Insurance		244			-		256			182			372			523			-
Management fees		-			-		-			-			-			-			-
Repair and maintenance		-			-		-			-			-			-			-
Property taxes		546			-		349			357			529			930			-
Other operating expenses		608			-		708			745			671			865			-
Total operating expenses		2,788			-		2,787			2,363			3,794			5,778			-

Income (loss) from operations		(2,788	)		-		(2,787	)		(2,363	)		(3,794	)		(5,778	)		-

Other income (expense), net
Other income		-			-		-			-			-			-			-
Interest expense		(1,728	)		-		(2,217	)		(1,640	)		(3,269	)		(3,077	)		-

Net income (loss) before income taxes		(4,516	)		-		(5,004	)		(4,003	)		(7,063	)		(8,855	)		-
Provision for income taxes		-
Net Income (loss)	$	(4,516	)	$	-	$	(5,004	)	$	(4,003	)	$	(7,063	)	$	(8,855	)	$	-

F-73

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2021

	Series			Series		Series			Series			Series			Series			Series
	Odessa			Oly		Saddlebred			Grant			Amber			Centennial			Collinston

Rental income	$	695		$	-	$	-		$	-		$	-		$	9,169		$	-
Total revenue		695			-		-			-			-			9,169			-

Operating expenses:
Depreciation		3,666			-		3,659			1,484			701			3,917			484
Insurance		552			-		496			248			106			493			60
Management fees		-			-		-			-			-			-			-
Repair and maintenance		-			-		-			-			1,311			285			250
Property taxes		1,150			-		757			595			166			1,391			40
Other operating expenses		1,060			-		475			969			500			2,951			476
Total operating expenses		6,428			-		5,387			3,296			2,784			9,037			1,310

Income (loss) from operations		(5,733	)		-		(5,387	)		(3,296	)		(2,784	)		132			(1,310	)

Other income (expense), net
Other income		-			-		-			-			-			-			-
Interest expense		(3,698	)		-		(3,284	)		(1,771	)		(696	)		(5,514	)		(446	)

Net income (loss) before income taxes		(9,431	)		-		(8,671	)		(5,067	)		(3,480	)		(5,382	)		(1,756	)
Provision for income taxes
Net Income (loss)	$	(9,431	)	$	-	$	(8,671	)	$	(5,067	)	$	(3,480	)	$	(5,382	)	$	(1,756	)

F-74

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2021

	Series			Series			Series			Series			Series			Series			Series
	Davidson			Holland			Jupiter			KerriAnn			Meadow			Ribbonwalk			Saturn

Rental income	$	-		$	-		$	-		$	-		$	-		$	-		$	-
Total revenue		-			-			-			-			-			-			-

Operating expenses:
Depreciation		-			485			484			1,562			2,205			1,465			1,988
Insurance		-			77			77			228			337			215			306
Management fees		-			-			-			-			-			-			-
Repair and maintenance		160			205			250			8,430			4,705			3,213			537
Property taxes		-			9			-			580			507			454			333
Other operating expenses		-			686			474			907			914			619			675
Total operating expenses		160			1,462			1,285			11,707			8,668			5,966			3,839

Income (loss) from operations		(160	)		(1,462	)		(1,285	)		(11,707	)		(8,668	)		(5,966	)		(3,839	)

Other income (expense), net
Other income		-			-			-			-			-			-			-
Interest expense		-			(480	)		(544	)		(1,552	)		(2,194	)		(1,557	)		(2,193	)

Net income (loss) before income taxes		(160	)		(1,942	)		(1,829	)		(13,259	)		(10,862	)		(7,523	)		(6,032	)
Provision for income taxes
Net Income (loss)	$	(160	)	$	(1,942	)	$	(1,829	)	$	(13,259	)	$	(10,862	)	$	(7,523	)	$	(6,032	)

F-75

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2021

	Series		Series			Series			Series			Series			Series		Series
	Sigma		Weldon			Badminton			Basil			Bayside			Butter		Coatbridge

Rental income	$	-	$	-		$	9,782		$	5,880		$	2,095		$	-	$	1,995
Total revenue		-		-			9,782			5,880			2,095			-		1,995

Operating expenses:
Depreciation		-		484			3,505			1,856			587			-		622
Insurance		-		77			558			275			87			-		69
Management fees		-		-			1,147			789			168			-		132
Repair and maintenance		-		260			1,840			1,353			263			-		2,365
Property taxes		-		133			634			238			165			-		178
Other operating expenses		-		599			2,901			1,871			517			-		537
Total operating expenses		-		1,553			10,585			6,382			1,787			-		3,903

Income (loss) from operations		-		(1,553	)		(803	)		(502	)		308			-		(1,908	)

Other income (expense), net
Other income		-		-			-			-			-			-		-
Interest expense		-		(446	)		(4,549	)		(2,052	)		(646	)		-		(683	)

Net income (loss) before income taxes		-		(1,999	)		(5,352	)		(2,554	)		(338	)		-		(2,591	)
Provision for income taxes
Net Income (loss)	$	-	$	(1,999	)	$	(5,352	)	$	(2,554	)	$	(338	)	$	-	$	(2,591	)

F-76

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2021

	Series			Series			Series		Series			Series			Series			Series
	Dawson			Dewberry			Dolittle		Eastfair			Elevation			Elm			Forest

Rental income	$	1,695		$	7,604		$	-	$	7,180		$	6,717		$	1,595		$	4,824
Total revenue		1,695			7,604			-		7,180			6,717			1,595			4,824

Operating expenses:
Depreciation		519			2,613			-		1,971			3,047			383			4,823
Insurance		95			443			-		231			358			51			382
Management fees		136			332			-		861			456			128			338
Repair and maintenance		1,275			4,488			-		310			1,327			1,322			7,911
Property taxes		94			414			-		503			1,743			-			566
Other operating expenses		525			2,365			-		1,040			2,553			568			3,246
Total operating expenses		2,644			10,655			-		4,916			9,484			2,452			17,266

Income (loss) from operations		(949	)		(3,051	)		-		2,264			(2,767	)		(857	)		(12,442	)

Other income (expense), net
Other income		-			-			-		-			-			-			-
Interest expense		(570	)		(2,917	)		-		(2,338	)		(3,353	)		(4	)		(4,425	)

Net income (loss) before income taxes		(1,519	)		(5,968	)		-		(74	)		(6,120	)		(861	)		(16,867	)
Provision for income taxes
Net Income (loss)	$	(1,519	)	$	(5,968	)	$	-	$	(74	)	$	(6,120	)	$	(861	)	$	(16,867	)

F-77

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2021

	Series			Series			Series			Series			Series			Series			Series
	Holloway			Kingsley			Lallie			Lennox			Limestone			Luna			Matchingham

Rental income	$	11,831		$	12,660		$	13,441		$	1,695		$	-		$	9,315		$	-
Total revenue		11,831			12,660			13,441			1,695			-			9,315			-

Operating expenses:
Depreciation		4,672			4,290			5,115			496			670			2,956			-
Insurance		751			585			799			55			110			489			-
Management fees		699			167			1,640			136			-			139			-
Repair and maintenance		7,314			1,422			1,100			1,775			717			2,729			-
Property taxes		1,177			1,357			105			94			137			702			-
Other operating expenses		2,993			3,229			3,153			475			509			2,653			-
Total operating expenses		17,606			11,050			11,912			3,031			2,143			9,668			-

Income (loss) from operations		(5,775	)		1,610			1,529			(1,336	)		(2,143	)		(353	)		-

Other income (expense), net
Other income		-			-			-			-			-			-			-
Interest expense		(5,905	)		(6,372	)		(6,274	)		(545	)		(662	)		(4,138	)		-

Net income (loss) before income taxes		(11,680	)		(4,762	)		(4,745	)		(1,881	)		(2,805	)		(4,491	)		-
Provision for income taxes
Net Income (loss)	$	(11,680	)	$	(4,762	)	$	(4,745	)	$	(1,881	)	$	(2,805	)	$	(4,491	)	$	-

F-78

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2021

	Series		Series			Series			Series			Series			Series			Series
	Murphy		Olive			Ridge			River			Roseberry			Shoreline			Spencer

Rental income	$	-	$	3,664		$	1,695		$	1,995		$	7,956		$	9,550		$	10,267
Total revenue		-		3,664			1,695			1,995			7,956			9,550			10,267

Operating expenses:
Depreciation		-		2,654			499			610			3,009			4,260			4,157
Insurance		-		238			74			90			336			675			639
Management fees		-		293			-			160			392			1,179			-
Repair and maintenance		-		3,590			500			1,997			6,620			3,349			1,800
Property taxes		-		377			90			133			877			611			929
Other operating expenses		-		3,126			507			512			2,785			3,285			2,423
Total operating expenses		-		10,278			1,670			3,502			14,019			13,359			9,948

Income (loss) from operations		-		(6,614	)		25			(1,507	)		(6,063	)		(3,809	)		319

Other income (expense), net
Other income		-		-			-			-			-			-			-
Interest expense		-		(2,464	)		(547	)		(670	)		(3,283	)		(5,530	)		(4,928	)

Net income (loss) before income taxes		-		(9,078	)		(522	)		(2,177	)		(9,346	)		(9,339	)		(4,609	)
Provision for income taxes
Net Income (loss)	$	-	$	(9,078	)	$	(522	)	$	(2,177	)	$	(9,346	)	$	(9,339	)	$	(4,609	)

F-79

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2021

	Series			Series			Series		Series			Series
	Sugar			Summerset			Vernon		Westchester			Windsor			Consolidated

Rental income	$	7,238		$	8,679		$	-	$	6,922		$	10,799		$	310,705
Total revenue		7,238			8,679			-		6,922			10,799			310,705

Operating expenses:
Depreciation		3,566			3,505			-		3,906			4,008			144,673
Insurance		367			551			-		357			524			21,046
Management fees		579			1,083			-		554			1,353			25,588
Repair and maintenance		2,397			3,219			-		267			945			96,938
Property taxes		647			717			-		1,163			1,194			35,645
Other operating expenses		4,147			2,335			-		2,728			3,544			80,827
Total operating expenses		11,703			11,410			-		8,975			11,568			404,717

Income (loss) from operations		(4,465	)		(2,731	)		-		(2,053	)		(769	)		(94,012	)

Other income (expense), net
Other income		-			-			-		-			-			-
Interest expense		(3,929	)		(4,329	)		-		(3,879	)		(4,699	)		(155,375	)

Net income (loss) before income taxes		(8,394	)		(7,060	)		-		(5,932	)		(5,468	)		(249,387	)
Provision for income taxes																-
Net Income (loss)	$	(8,394	)	$	(7,060	)	$	-	$	(5,932	)	$	(5,468	)	$	(249,387	)

The accompanying notes are an integral part of these consolidated and consolidating financial statements.

F-80

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT)

FOR THE YEAR ENDED DECEMBER 31, 2022

	100			101			Abbington			Amber			Apollo			Aster			Avebury

Balance at January 1, 2022	$	-		$	-		$	-		$	(3,480	)	$	-		$	-		$	-
Issuance of membership units, net of issuance costs		646,249			670,066			508,153			121,685			77,271			153,793			106,573
Deemed contribution from manager		875			425			3,177			2,898			980			2,242			1,452
Distributions		(18,981	)		(11,611	)		(12,698	)		(5,190	)		(1,912	)		(2,079	)		(4,164	)
Net income (loss)		(7,243	)		(25,972	)		(26,207	)		(12,044	)		(7,732	)		(13,194	)		(11,286	)
Balance at December 31, 2022	$	620,899		$	632,909		$	472,424		$	103,869		$	68,607		$	140,762		$	92,573

F-81

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Badminton			Bandelier			Baron			Basil			Bayside			Bazzel			Bedford

Balance at January 1, 2022	$	90,129		$	-		$	-		$	77,526		$	(338	)	$	-		$	-
Issuance of membership units, net of issuance costs		(400	)		125,963			602,898			(1,000	)		104,740			268,512			103,855
Deemed contribution from Manager		1,170			1,445			(2,075	)		1,170			1,445			425			1,798
Distributions		(7,635	)		(5,465	)		(15,008	)		(6,475	)		(6,768	)		(4,656	)		(4,434	)
Net income (loss)		790			(10,402	)		(11,709	)		(933	)		735			(7,831	)		(2,347	)
Balance at December 31, 2022	$	84,054		$	111,540		$	574,107		$	70,288		$	99,814		$	256,450		$	98,872

F-82

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Belle			Blossom			Bonneau			Brainerd		Braxton			Brennan			Brooklyn

Balance at January 1, 2022	$	-		$	-		$	-		$	-	$	-		$	-		$	-
Issuance of membership units, net of issuance costs		465,038			282,987			361,585			171,485		351,796			-			104,628
Deemed contribution from Manager		3,837			455			425			425		3,132			425			425
Distributions		(8,058	)		(3,058	)		(6,263	)		-		(4,941	)		-			-
Net income (loss)		(14,524	)		(4,859	)		(15,332	)		1,052		(15,293	)		(10,748	)		(2,285	)
Balance at December 31, 2022	$	446,293		$	275,525		$	340,414		$	172,962	$	334,693		$	(10,323	)	$	102,768

F-83

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Burlington			Butter			Camino			Campbell			Centennial			Chaparral			Chattahoochee

Balance at January 1, 2022	$	-		$	-		$	-		$	-		$	105,219		$	99,752		$	-
Issuance of membership units, net of issuance costs		673,521			137,859			287,061			-			-			-			-
Deemed contribution from Manager		(3,075	)		1,920			2,765			3,161			1,170			1,170			3,382
Distributions		(16,980	)		(8,376	)		(5,896	)		-			(7,098	)		(9,117	)		-
Net income (loss)		(13,342	)		(15,187	)		(3,679	)		(22,596	)		(4,253	)		(2,619	)		(54,559	)
Balance at December 31, 2022	$	640,125		$	116,216		$	280,251		$	(19,436	)	$	95,037		$	89,185		$	(51,178	)

F-84

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Chelsea			Chester			Chickamauga		Chitwood			Clover			Coatbridge			Collier

Balance at January 1, 2022	$	-		$	-		$	-	$	-		$	-		$	(2,591	)	$	-
Issuance of membership units, net of issuance costs		116,417			220,731			-		408,046			352,274			111,730			378,495
Deemed contribution from Manager		1,719			525			425		834			425			1,445			425
Distributions		(4,951	)		(1,242	)		-		(7,511	)		(7,245	)		(6,812	)		(7,383	)
Net income (loss)		(10,553	)		(9,349	)		2,624		(10,125	)		(4,811	)		836			(14,541	)
Balance at December 31, 2022	$	102,632		$	210,665		$	3,049	$	391,243		$	340,644		$	104,608		$	356,996

F-85

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Collinston			Conway			Creekside			Creekwood			Cumberland			Cupcake			Cypress

Balance at January 1, 2022	$	(1,756	)	$	-		$	-		$	-		$	-		$	91,090		$	-
Issuance of membership units, net of issuance costs		86,939			723,075			334,142			172,529			319,531			(1,000	)		218,631
Deemed contribution from Manager		2,741			425			425			2,244			3,087			1,170			575
Distributions		(3,492	)		(14,081	)		(6,872	)		(971	)		(5,870	)		(9,090	)		(2,954	)
Net income (loss)		(18,852	)		(27,664	)		(3,081	)		(5,628	)		(3,013	)		681			(11,511	)
Balance at December 31, 2022	$	65,580		$	681,755		$	324,614		$	168,173		$	313,735		$	82,851		$	204,742

F-86

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Daisy			Davidson			Dawson			Delta			Dewberry			Diablo			Dogwood

Balance at January 1, 2022	$	-		$	(160	)	$	(1,519	)	$	-		$	75,690		$	-		$	-
Issuance of membership units, net of issuance costs		325,660			77,126			93,203			122,469			-			108,210			258,129
Deemed contribution from Manager		425			1,920			1,445			5,363			1,170			1,920			425
Distributions		(5,983	)		(3,143	)		(5,706	)		(6,238	)		(6,193	)		(5,031	)		(4,752	)
Net income (loss)		(4,992	)		(14,747	)		(13,483	)		(21,476	)		(1,454	)		(28,142	)		(2,810	)
Balance at December 31, 2022	$	315,110		$	60,995		$	73,939		$	100,118		$	69,213		$	76,957		$	250,991

F-87

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Dolittle			Dolly			Dops			Dorchester			Dunbar			Duncan			Eagle

Balance at January 1, 2022	$	-		$	-		$	-		$	-		$	-		$	-		$	-
Issuance of membership units, net of issuance costs		112,713			733,443			-			371,042			342,781			-			165,218
Deemed contribution from Manager		1,920			425			425			425			725			3,211			1,296
Distributions		(6,417	)		(12,702	)		-			(6,432	)		(5,953	)		-			(1,854	)
Net income (loss)		(5,160	)		(24,160	)		(1,325	)		(14,641	)		(19,079	)		(43,501	)		(455	)
Balance at December 31, 2022	$	103,056		$	697,006		$	(900	)	$	350,394		$	318,473		$	(40,290	)	$	164,205

F-88

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Eastfair			Elevation			Elm			Emporia			Ensenada			Falcon			Folly

Balance at January 1, 2022	$	74,600		$	(1,624	)	$	(861	)	$	-		$	-		$	-		$	-
Issuance of membership units, net of issuance costs		(1,300	)		106,933			69,199			128,705			198,433			163,983			334,672
Deemed contribution from Manager		1,170			1,445			1,445			6,491			1,455			425			425
Distributions		(6,147	)		(6,411	)		(4,269	)		(6,561	)		(10,189	)		(1,662	)		(5,803	)
Net income (loss)		1,633			(1,292	)		(3,855	)		(15,012	)		(11,711	)		(1,173	)		(6,624	)
Balance at December 31, 2022	$	69,956		$	99,050		$	61,659		$	113,623		$	177,988		$	161,573		$	322,669

F-89

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Forest			Gardens			Goose			Grant			Greenhill			Gretal			Grove

Balance at January 1, 2022	$	(9,426	)	$	-		$	-		$	-		$	-		$	-		$	-
Issuance of membership units, net of issuance costs		141,388			99,841			154,254			138,704			118,705			483,863			86,767
Deemed contribution from Manager		1,445			605			1,250			1,620			3,799			3,830			1,326
Distributions		(8,304	)		(3,823	)		(1,905	)		(7,799	)		(6,744	)		-			(2,285	)
Net income (loss)		(12,310	)		(6,137	)		(1,598	)		(13,357	)		(2,607	)		(9,625	)		(9,824	)
Balance at December 31, 2022	$	112,792		$	90,486		$	152,001		$	119,168		$	113,152		$	478,067		$	75,984

F-90

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Hadden			Hansard			Hansel			Harrison			Henry			Heritage			Heron

Balance at January 1, 2022	$	-		$	-		$	-		$	-		$	-		$	-		$	-
Issuance of membership units, net of issuance costs		95,215			-			238,147			268,825			439,738			105,184			107,381
Deemed contribution from Manager		2,640			425			1,716			1,177			3,421			3,552			963
Distributions		(4,646	)		-			(2,137	)		(3,976	)		(8,564	)		(2,656	)		(2,863	)
Net income (loss)		(8,703	)		(1,325	)		(15,429	)		(11,330	)		(16,664	)		(17,352	)		(7,302	)
Balance at December 31, 2022	$	84,506		$	(900	)	$	222,297		$	254,696		$	417,931		$	88,728		$	98,180

F-91

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Highland			Hines			Holcomb			Holland			Hollandaise			Holloway			Inglewood

Balance at January 1, 2022	$	-		$	-		$	-		$	(1,942	)	$	-		$	130,067		$	-
Issuance of membership units, net of issuance costs		299,283			273,784			378,385			85,518			140,374			-			722,252
Deemed contribution from Manager		625			425			425			5,481			9,106			1,170			425
Distributions		(5,834	)		(5,334	)		(6,551	)		(3,577	)		(4,768	)		(10,045	)		(6,248	)
Net income (loss)		(11,292	)		(8,957	)		(13,187	)		(17,473	)		(19,080	)		385			(31,800	)
Balance at December 31, 2022	$	282,783		$	259,919		$	359,072		$	68,008		$	125,632		$	121,577		$	684,630

F-92

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Jack			Jake			Jefferson			Jill			Johnny			June			Jupiter

Balance at January 1, 2022	$	-		$	-		$	-		$	-		$	-		$	-		$	(1,829	)
Issuance of membership units, net of issuance costs		155,481			624,982			-			238,522			615,363			615,163			89,288
Deemed contribution from Manager		1,931			425			425			1,125			425			425			1,445
Distributions		(4,954	)		(10,818	)		-			(2,145	)		(12,004	)		(12,002	)		(3,788	)
Net income (loss)		(9,221	)		(17,141	)		(1,325	)		(8,485	)		(35,466	)		(33,123	)		(13,383	)
Balance at December 31, 2022	$	143,237		$	597,448		$	(900	)	$	229,017		$	568,318		$	570,463		$	71,731

F-93

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Kawana			Kennesaw			Kenny			KerriAnn			Kessler			Kingsley			Kirkwood

Balance at January 1, 2022	$	-		$	-		$	-		$	(8,340	)	$	-		$	111,544		$	-
Issuance of membership units, net of issuance costs		107,916			449,665			733,495			124,720			153,981			(650	)		95,854
Deemed contribution from Manager		798			425			425			1,445			2,451			1,170			1,115
Distributions		(5,970	)		(7,798	)		(12,700	)		(5,404	)		(866	)		(8,856	)		(2,422	)
Net income (loss)		(9,206	)		(15,390	)		(20,377	)		(16,760	)		(9,068	)		(1,307	)		(12,116	)
Balance at December 31, 2022	$	93,538		$	426,903		$	700,843		$	95,660		$	146,499		$	101,900		$	82,431

F-94

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Korin			Lallie			Lanier			Lannister			Latte			Lennox			Lierly

Balance at January 1, 2022	$	-		$	142,753		$	-		$	-		$	-		$	(1,881	)	$	89,156
Issuance of membership units, net of issuance costs		-			(10,200	)		140,238			82,845			385,191			89,971			-
Deemed contribution from Manager		425			1,170			1,311			850			425			1,445			1,170
Distributions		-			(10,583	)		(3,505	)		(2,105	)		(6,671	)		(5,826	)		(8,510	)
Net income (loss)		(1,733	)		706			(6,485	)		(16,088	)		(3,815	)		1,372			(115	)
Balance at December 31, 2022	$	(1,308	)	$	123,846		$	131,558		$	65,502		$	375,130		$	85,080		$	81,700

F-95

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Lily			Limestone			Litton		Lookout			Loretta			Louise			Lovejoy

Balance at January 1, 2022	$	(3,140	)	$	(2,805	)	$	-	$	-		$	-		$	-		$	-
Issuance of membership units, net of issuance costs		209,494			119,037			190,172		357,135			721,367			113,471			108,167
Deemed contribution from Manager		12,318			1,445			425		425			425			757			4,227
Distributions		(9,922	)		(7,576	)		-		(6,289	)		(14,073	)		(5,558	)		(5,643	)
Net income (loss)		(46,728	)		(3,642	)		1,323		(7,935	)		(11,380	)		(3,803	)		(13,061	)
Balance at December 31, 2022	$	162,022		$	106,459		$	191,920	$	343,336		$	696,340		$	104,866		$	93,689

F-96

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Luna			Lurleen			Madison			Mae			Magnolia			Malbec			Mammoth

Balance at January 1, 2022	$	73,214		$	-		$	-		$	-		$	-		$	122,827		$	-
Issuance of membership units, net of issuance costs		(650	)		-			120,379			381,912			94,984			-			124,064
Deemed contribution from Manager		1,170			425			914			3,992			2,202			1,170			1,993
Distributions		(6,485	)		-			(3,425	)		(3,719	)		(2,390	)		(11,305	)		(3,106	)
Net income (loss)		1,193			(2,021	)		(12,753	)		(8,079	)		(15,380	)		640			(11,586	)
Balance at December 31, 2022	$	68,442		$	(1,596	)	$	105,115		$	374,107		$	79,416		$	113,333		$	111,366

F-97

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Marcelo			Marie			Marietta			Matchingham			McGregor			McLovin			Meadow

Balance at January 1, 2022	$	-		$	-		$	-		$	-		$	-		$	-		$	(6,829	)
Issuance of membership units, net of issuance costs		312,649			-			181,169			78,848			321,129			188,651			133,621
Deemed contribution from Manager		539			425			4,825			1,920			900			1,930			2,013
Distributions		(3,378	)		-			(3,681	)		(5,209	)		(9,136	)		(9,675	)		(5,313	)
Net income (loss)		(9,986	)		(1,325	)		(11,398	)		977			(14,054	)		(19,065	)		(11,594	)
Balance at December 31, 2022	$	299,825		$	(900	)	$	170,915		$	76,536		$	298,839		$	161,841		$	111,898

F-98

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Mimosa			Mojave			Murphy			Nugget			Odessa			Olive			Oly

Balance at January 1, 2022	$	-		$	96,504		$	-		$	-		$	(2,918	)	$	(2,975	)	$	-
Issuance of membership units, net of issuance costs		133,438			(11,490	)		110,084			583,693			187,276			119,519			187,196
Deemed contribution from Manager		1,809			1,170			1,920			425			5,604			1,445			1,930
Distributions		(1,499	)		(9,215	)		(6,660	)		(14,626	)		(8,980	)		(7,404	)		(9,610	)
Net income (loss)		(8,652	)		(720	)		(4,268	)		(13,507	)		(30,674	)		1,101			(10,602	)
Balance at December 31, 2022	$	125,096		$	76,249		$	101,077		$	555,985		$	150,309		$	111,685		$	168,914

F-99

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Osprey			Otoro			Patrick			Peanut			Pearl			Pecan			Piedmont

Balance at January 1, 2022	$	-		$	-		$	102,846		$	-		$	-		$	100,141		$	-
Issuance of membership units, net of issuance costs		372,152			144,339			-			84,432			570,658			-			229,141
Deemed contribution from Manager		425			1,390			1,170			619			425			1,170			3,966
Distributions		(6,461	)		(6,006	)		(8,369	)		(2,975	)		(14,924	)		(8,660	)		(1,289	)
Net income (loss)		(6,425	)		(16,881	)		(4,486	)		(1,341	)		(291	)		(354	)		(12,267	)
Balance at December 31, 2022	$	359,692		$	122,842		$	91,161		$	80,736		$	555,868		$	92,297		$	219,551

F-100

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Pinot			Pioneer			Plumtree			Point			Quincy			Redondo			Regency

Balance at January 1, 2022	$	123,675		$	-		$	101,731		$	-		$	-		$	-		$	-
Issuance of membership units, net of issuance costs		(50	)		604,334			-			142,218			582,370			187,790			-
Deemed contribution from Manager		1,170			425			1,170			2,094			3,627			425			425
Distributions		(11,398	)		(9,818	)		(10,555	)		(4,055	)		(5,039	)		(1,694	)		-
Net income (loss)		(1,836	)		(20,773	)		(1,068	)		(9,684	)		(27,384	)		(5,654	)		(1,592	)
Balance at December 31, 2022	$	111,561		$	574,168		$	91,278		$	130,572		$	553,575		$	180,868		$	(1,167	)

F-101

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Reginald			Reynolds			Ribbonwalk			Richardson			Ridge			Ritter			River

Balance at January 1, 2022	$	-		$	-		$	(3,121	)	$	-		$	(522	)	$	-		$	(2,177	)
Issuance of membership units, net of issuance costs		464,881			454,569			116,972			341,276			88,030			536,706			108,634
Deemed contribution from Manager		4,425			425			1,445			1,834			1,445			(575	)		1,445
Distributions		(9,056	)		(7,876	)		(4,721	)		(4,906	)		(5,642	)		(9,292	)		(7,017	)
Net income (loss)		(34,013	)		(10,567	)		(19,691	)		(9,721	)		239			(20,160	)		57
Balance at December 31, 2022	$	426,237		$	436,550		$	90,883		$	328,483		$	83,550		$	506,679		$	100,942

F-102

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Riverwalk			Rooney			Roseberry			Rosewood			Roxy			Saddlebred			Saint

Balance at January 1, 2022	$	-		$	-		$	116,448		$	-		$	-		$	(3,195	)	$	-
Issuance of membership units, net of issuance costs		420,449			133,516			-			101,990			122,171			169,337			126,543
Deemed contribution from Manager		425			1,445			1,170			824			1,573			10,958			625
Distributions		(8,196	)		(6,411	)		(9,511	)		(2,568	)		(3,016	)		(8,117	)		(5,915	)
Net income (loss)		(10,030	)		(21,208	)		935			(16,531	)		(18,994	)		(25,378	)		(922	)
Balance at December 31, 2022	$	402,648		$	107,342		$	109,042		$	83,715		$	101,734		$	143,605		$	120,330

F-103

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Salem			Saturn			Scepter			Sequoyah			Shallowford			Shoreline			Sigma

Balance at January 1, 2022	$	119,345		$	(1,961	)	$	-		$	-		$	-		$	108,054		$	-
Issuance of membership units, net of issuance costs		(700	)		88,100			98,434			149,466			216,425			(2,100	)		138,010
Deemed contribution from Manager		1,170			2,741			1,445			425			425			1,170			1,920
Distributions		(10,810	)		(3,555	)		(4,346	)		-			(1,949	)		(8,397	)		(6,503	)
Net income (loss)		629			(9,196	)		(12,298	)		(2,991	)		(14,451	)		(1,511	)		(11,053	)
Balance at December 31, 2022	$	109,633		$	76,128		$	83,236		$	146,901		$	200,450		$	97,216		$	122,373

F-104

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Soapstone			Sodalis			Spencer			Splash			Spring			Stonebriar			Sugar

Balance at January 1, 2022	$	94,556		$	-		$	116,356		$	99,672		$	-		$	-		$	(2,903	)
Issuance of membership units, net of issuance costs		-			310,542			(500	)		(100	)		265,650			80,622			127,779
Deemed contribution from Manager		1,170			425			1,170			1,170			625			734			1,445
Distributions		(8,002	)		(5,383	)		(9,415	)		(9,175	)		(4,894	)		(2,347	)		(5,588	)
Net income (loss)		(2,918	)		(13,988	)		(862	)		260			(7,529	)		(12,572	)		(5,684	)
Balance at December 31, 2022	$	84,806		$	291,596		$	106,749		$	91,827		$	253,852		$	66,437		$	115,048

F-105

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Summerset			Sundance			Sunnyside			Swift			Taylor			Terracotta			Tulip

Balance at January 1, 2022	$	97,623		$	-		$	-		$	-		$	-		$	-		$	-
Issuance of membership units, net of issuance costs		(2,000	)		187,592			-			365,041			141,954			118,438			118,471
Deemed contribution from Manager		1,170			425			425			1,295			2,857			7,024			718
Distributions		(7,551	)		(1,692	)		-			(10,680	)		(956	)		(5,026	)		(5,326	)
Net income (loss)		(4,529	)		(2,229	)		(1,325	)		(5,561	)		(5,144	)		(7,344	)		(16,422	)
Balance at December 31, 2022	$	84,713		$	184,096		$	(900	)	$	350,095		$	138,711		$	113,091		$	97,441

F-106

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Tuscan			Tuscarora			Tuxford			Vernon			Walton			Wave			Weldon

Balance at January 1, 2022	$	149,360		$	-		$	-		$	-		$	-		$	-		$	(1,999	)
Issuance of membership units, net of issuance costs		(1,000	)		-			102,364			97,709			320,210			120,842			86,439
Deemed contribution from Manager		1,170			425			974			1,920			425			3,724			3,986
Distributions		(13,530	)		-			(5,428	)		(5,688	)		(5,548	)		(6,152	)		(3,488	)
Net income (loss)		(4,136	)		(1,325	)		(18,975	)		(11,215	)		(25,017	)		(19,308	)		(12,325	)
Balance at December 31, 2022	$	131,864		$	(900	)	$	78,935		$	82,726		$	290,069		$	99,105		$	72,614

F-107

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Wellington			Wentworth			Wescott			Westchester			Wildwood			Willow			Wilson

Balance at January 1, 2022	$	-		$	94,728		$	-		$	(293	)	$	-		$	-		$	-
Issuance of membership units, net of issuance costs		436,433			(2,000	)		157,315			159,639			131,948			314,821			415,235
Deemed contribution from Manager		3,339			1,170			879			1,445			1,166			425			425
Distributions		(3,775	)		(9,354	)		(3,751	)		(9,432	)		(3,440	)		(5,791	)		(7,635	)
Net income (loss)		(10,053	)		(554	)		(15,683	)		(322	)		(9,544	)		(5,268	)		(7,484	)
Balance at December 31, 2022	$	425,944		$	83,990		$	138,760		$	151,038		$	120,130		$	304,187		$	400,541

F-108

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT)

FOR THE YEAR ENDED DECEMBER 31, 2022

	Windsor			Winston			Wisteria			Consolidated

Balance at January 1, 2022	$	134,771		$	-		$	-		$	2,868,792
Issuance of membership units, net of issuance costs		(1,900	)		353,138			107,963			38,913,961
Deemed contribution from Manager		1,170			2,840			1,883			315,724
Distributions		(10,610	)		(3,053	)		(3,239	)		(1,160,635	)
Net income (loss)		1,257			(1,255	)		(4,333	)		(1,970,798	)
Balance at December 31, 2022	$	124,688		$	351,670		$	102,274		$	38,967,044

The accompanying notes are an integral part of these consolidated and consolidating financial statements.

F-109

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT)

FOR THE YEAR ENDED DECEMBER 31, 2021

	Series			Series			Series			Series			Series			Series			Series
	Chaparral			Cupcake			Lierly			Malbec			Mojave			Patrick			Pecan

January 1, 2021	$	-		$	-		$	-		$	-		$	-		$	-		$	-
Issuance of membership interests, net of offering costs		101,646			92,325			91,723			125,653			98,731			109,673			103,702
Deemed contribution from Manager		-			-			-			-			-			-			-
Distributions		(3,458	)		(546	)		(2,837	)		(2,068	)		(580	)		(3,515	)		(3,100	)
Net income (loss)		1,563			(688	)		269			(758	)		(1,647	)		(3,312	)		(462	)
Balance at December 31, 2021	$	99,751		$	91,091		$	89,155		$	122,827		$	96,504		$	102,846		$	100,140

F-110

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT)

FOR THE YEAR ENDED DECEMBER 31, 2021

	Series			Series			Series			Series			Series			Series			Series
	Pinot			Plumtree			Salem			Soapstone			Splash			Tuscan			Wentworth

January 1, 2021	$	-		$	-		$	-		$	-		$	-		$	-		$	-
Issuance of membership interests, net of offering costs		126,727			105,543			121,725			97,020			102,238			152,484			95,648
Deemed contribution from Manager		-			-			-			-			-			-			-
Distributions		(2,088	)		(3,812	)		(2,007	)		(2,701	)		(1,679	)		(2,483	)		(563	)
Net income (loss)		(964	)		-			(373	)		237			(887	)		(641	)		(357	)
Balance at December 31, 2021	$	123,675		$	101,731		$	119,345		$	94,556		$	99,672		$	149,360		$	94,728

F-111

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT)

FOR THE YEAR ENDED DECEMBER 31, 2021

	Series			Series		Series			Series			Series			Series			Series
	Bandelier			Diablo		Rooney			Scepter			Ensenada			Lily			McLovin

January 1, 2021	$	-		$	-	$	-		$	-		$	-		$	-		$	-
Issuance of membership interests, net of offering costs		-			-		-			-			-			-			-
Deemed contribution from Manager		4,516			-		5,004			4,003			7,063			5,715			-
Distributions		-			-		-			-			-			-			-
Net income (loss)		(4,516	)		-		(5,004	)		(4,003	)		(7,063	)		(8,855	)		-
Balance at December 31, 2021	$	-		$	-	$	-		$	-		$	-		$	(3,140	)	$	-

F-112

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT)

FOR THE YEAR ENDED DECEMBER 31, 2021

	Series			Series		Series			Series			Series			Series			Series
	Odessa			Oly		Saddlebred			Grant			Amber			Centennial			Collinston

January 1, 2021	$	-		$	-	$	-		$	-		$	-		$	-		$	-
Issuance of membership interests, net of offering costs		-			-		-			-			-			107,245			-
Deemed contribution from Manager		6,512			-		5,476			5,067			-			5,130			-
Distributions		-			-		-			-			-			(1,775	)		-
Net income (loss)		(9,431	)		-		(8,671	)		(5,067	)		(3,480	)		(5,382	)		(1,756	)
Balance at December 31, 2021	$	(2,919	)	$	-	$	(3,195	)	$	-		$	(3,480	)	$	105,219		$	(1,756	)

F-113

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT)

FOR THE YEAR ENDED DECEMBER 31, 2021

	Series			Series			Series			Series			Series			Series			Series
	Davidson			Holland			Jupiter			KerriAnn			Meadow			Ribbonwalk			Saturn

January 1, 2021	$	-		$	-		$	-		$	-		$	-		$	-		$	-
Issuance of membership interests, net of offering costs		-			-			-			-			-			-			-
Deemed contribution from Manager		-			-			-			4,919			4,033			4,402			4,071
Distributions		-			-			-			-			-			-			-
Net income (loss)		(160	)		(1,942	)		(1,829	)		(13,259	)		(10,862	)		(7,523	)		(6,032	)
Balance at December 31, 2021	$	(160	)	$	(1,942	)	$	(1,829	)	$	(8,340	)	$	(6,829	)	$	(3,121	)	$	(1,961	)

F-114

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT)

FOR THE YEAR ENDED DECEMBER 31, 2021

	Series		Series			Series			Series			Series			Series		Series
	Sigma		Weldon			Badminton			Basil			Bayside			Butter		Coatbridge

January 1, 2021	$	-	$	-		$	-		$	-		$	-		$	-	$	-
Issuance of membership interests, net of offering costs		-		-			91,274			80,558			-			-		-
Deemed contribution from Manager		-		-			4,759			-			-			-		-
Distributions		-		-			(551	)		(478	)		-			-		-
Net income (loss)		-		(1,999	)		(5,352	)		(2,554	)		(338	)		-		(2,591	)
Balance at December 31, 2021	$	-	$	(1,999	)	$	90,129		$	77,526		$	(338	)	$	-	$	(2,591	)

F-115

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT)

FOR THE YEAR ENDED DECEMBER 31, 2021

	Series			Series			Series		Series			Series			Series			Series
	Dawson			Dewberry			Dolittle		Eastfair			Elevation			Elm			Forest

January 1, 2021	$	-		$	-		$	-	$	-		$	-		$	-		$	-
Issuance of membership interests, net of offering costs		-			78,026			-		75,104			-			-			-
Deemed contribution from Manager		-			4,556			-		-			4,496			-			7,441
Distributions		-			(924	)		-		(430	)		-			-			-
Net income (loss)		(1,519	)		(5,968	)		-		(74	)		(6,120	)		(861	)		(16,867	)
Balance at December 31, 2021	$	(1,519	)	$	75,690		$	-	$	74,600		$	(1,624	)	$	(861	)	$	(9,426	)

F-116

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT)

FOR THE YEAR ENDED DECEMBER 31, 2021

	Series			Series			Series			Series			Series			Series			Series
	Holloway			Kingsley			Lallie			Lennox			Limestone			Luna			Matchingham

January 1, 2021	$	-		$	-		$	-		$	-		$	-		$	-		$	-
Issuance of membership interests, net of offering costs		132,787			113,291			144,232			-			-			74,894			-
Deemed contribution from Manager		10,439			4,917			4,115			-			-			4,172			-
Distributions		(1,478	)		(1,903	)		(849	)		-			-			(1,361	)		-
Net income (loss)		(11,680	)		(4,762	)		(4,745	)		(1,881	)		(2,805	)		(4,491	)		-
Balance at December 31, 2021	$	130,068		$	111,543		$	142,753		$	(1,881	)	$	(2,805	)	$	73,214		$	-

F-117

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT)

FOR THE YEAR ENDED DECEMBER 31, 2021

	Series		Series			Series			Series			Series			Series			Series
	Murphy		Olive			Ridge			River			Roseberry			Shoreline			Spencer

January 1, 2021	$	-	$	-		$	-		$	-		$	-		$	-		$	-
Issuance of membership interests, net of offering costs		-		-			-			-			127,258			110,732			117,852
Deemed contribution from Manager		-		6,103			-			-			-			7,286			5,195
Distributions		-		-			-			-			(1,464	)		(625	)		(2,082	)
Net income (loss)		-		(9,078	)		(522	)		(2,177	)		(9,346	)		(9,339	)		(4,609	)
Balance at December 31, 2021	$	-	$	(2,975	)	$	(522	)	$	(2,177	)	$	116,448		$	108,054		$	116,356

F-118

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT)

FOR THE YEAR ENDED DECEMBER 31, 2021

	Series			Series			Series		Series			Series
	Sugar			Summerset			Vernon		Westchester			Windsor			Consolidated

January 1, 2021	$	-		$	-		$	-	$	-		$	-		$	-
Issuance of membership interests, net of offering costs		-			100,535			-		-			136,609			3,015,235
Deemed contribution from Manager		5,490			4,742			-		5,640			4,416			149,676
Distributions		-			(594	)		-		-			(786	)		(46,735	)
Net income (loss)		(8,394	)		(7,060	)		-		(5,932	)		(5,468	)		(249,387	)
Balance at December 31, 2021	$	(2,904	)	$	97,623		$	-	$	(292	)	$	134,771		$	2,868,789

The accompanying notes are an integral part of these consolidated and consolidating financial statements.

F-119

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 2022

	100			101			Abbington			Amber			Apollo			Aster			Avebury

Cash flows from operating activities:
Net income (loss)	$	(7,243	)	$	(25,972	)	$	(26,207	)	$	(12,044	)	$	(7,732	)	$	(13,194	)	$	(11,286	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation		15,482			8,719			6,578			8,416			2,691			2,331			5,993
Amortization		-			-			-			75			68			-			63
Changes in assets and liabilities:
Accounts receivable		3,495			-			4,498			-			-			-			-
Prepaid expenses		-			(781	)		-			(4,121	)		(3,608	)		(1,290	)		(3,177	)
Due from related party		-			-			-			-			(7,632	)		(12,634	)		(3,802	)
Accrued expenses		15,432			11,020			18,180			4,851			4,629			3,707			4,358
Due to related party		50,119			54,395			36,350			24,630			23,035			35,048			26,162
Net cash provided by (used in) operating activities		77,285			47,381			39,398			21,807			11,451			13,968			18,311
Cash flows from financing activities:
Repayments of amounts due to related party and related party loans		(669,676	)		(690,379	)		(522,501	)		(131,580	)		(86,787	)		(165,585	)		(119,585	)
Net proceeds from the issuance of membership units		646,249			670,066			508,153			121,685			77,271			153,793			106,573
Distributions		(18,981	)		(11,611	)		(12,698	)		(5,190	)		(1,912	)		(2,079	)		(4,164	)
Net cash provided by (used in) financing activities		(42,408	)		(31,923	)		(27,046	)		(15,085	)		(11,428	)		(13,871	)		(17,177	)
Net change in cash and cash equivalents		34,876			15,458			12,352			6,722			24			97			1,134
Cash at beginning of year		-			-			-			122			-			-			-
Cash at end of year	$	34,876		$	15,458		$	12,352		$	6,844		$	24		$	97		$	1,134

Supplemental disclosure of cash flow information:
Cash paid for income taxes					-			-			-			-			-			-
Cash paid for interest	$	-		$	-		$	-		$	7,659		$	2,068		$	2,511		$	6,116

Supplemental disclosure of non-cash investing and financing activities:
Advance from related party for acquisition of property	$	619,296		$	639,380		$	482,364		$	-		$	60,871		$	129,329		$	89,978
Acquisition of property	$	619,296		$	639,380		$	482,364		$	-		$	197,371		$	256,829		$	292,978
Mortgage payable, net of capitalized loan costs for acquisition of property	$	-		$	-		$	-		$	-		$	136,500		$	127,500		$	203,000
Property improvements advanced from related party	$	-		$	-		$	-		$	-		$	-		$	-		$	-
Offering expenses	$	14,116		$	14,596		$	11,081		$	2,930		$	2,147		$	3,885		$	3,005
Deemed contribution from Manager	$	875		$	425		$	3,177		$	2,898		$	980		$	2,242		$	1,452

F-120

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 2022

	Badminton			Bandelier			Baron			Basil			Bayside			Bazzel			Bedford

Cash flows from operating activities:
Net income (loss)	$	790		$	(10,402	)	$	(11,709	)	$	(933	)	$	735		$	(7,831	)	$	(2,347	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation		7,010			8,340			7,777			5,562			7,050			3,254			5,771
Amortization		83			86			-			69			80			-			62
Changes in assets and liabilities:
Accounts receivable		-			2,195			2,895			-			-			60			-
Prepaid expenses		(1,384	)		(3,519	)		(3,273	)		(1,142	)		(1,576	)		(689	)		(3,281	)
Due from related party		-			-			-			-			-			-			-
Accrued expenses		4,212			5,856			14,188			2,979			2,059			5,992			4,738
Due to related party		2,802			19,794			37,136			2,673			20,439			21,739			21,467
Net cash provided by (used in) operating activities		13,514			22,350			47,013			9,207			28,787			22,525			26,410
Cash flows from financing activities:
Repayments of amounts due to related party and related party loans		-			(129,750	)		(615,172	)		-			(111,350	)		(272,035	)		(106,433	)
Net proceeds from the issuance of membership units		(400	)		125,963			602,898			(1,000	)		104,740			268,512			103,855
Distributions		(7,635	)		(5,465	)		(15,008	)		(6,475	)		(6,768	)		(4,656	)		(4,434	)
Net cash provided by (used in) financing activities		(8,035	)		(9,252	)		(27,282	)		(7,475	)		(13,378	)		(8,179	)		(7,012	)
Net change in cash and cash equivalents		5,479			13,098			19,732			1,732			15,408			14,346			19,399
Cash at beginning of year		10,370			-			-			7,938			3,337			-			-
Cash at end of year	$	15,849		$	13,098		$	19,732		$	9,670		$	18,745		$	14,346		$	19,399

Supplemental disclosure of cash flow information:
Cash paid for income taxes		-			-			-			-			-			-			-
Cash paid for interest	$	7,468		$	8,786		$	-		$	6,664		$	7,107		$	-		$	5,779

Supplemental disclosure of non-cash investing and financing activities:
Advance from related party for acquisition of property	$	-		$	-		$	582,719		$	-		$	-		$	249,938		$	86,138
Acquisition of property	$	-		$	-		$	582,719		$	-		$	-		$	249,938		$	282,138
Mortgage payable, net of capitalized loan costs for acquisition of property	$	-		$	-		$	-		$	-		$	-		$	-		$	196,000
Property improvements advanced from related party	$	-		$	-		$	-		$	-		$	-		$	19,530		$	-
Offering expenses	$	-		$	2,950		$	13,062		$	-		$	2,460		$	5,825		$	2,463
Deemed contribution from Manager	$	1,170		$	1,445		$	(2,075	)	$	1,170		$	1,445		$	425		$	1,798

F-121

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 2022

	Belle			Blossom			Bonneau			Brainerd			Braxton			Brennan			Brooklyn

Cash flows from operating activities:
Net income (loss)	$	(14,524	)	$	(4,859	)	$	(15,332	)	$	1,052		$	(15,293	)	$	(10,748	)	$	(2,285	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation		5,035			2,330			3,336			-			2,961			3,634			-
Amortization		-			-			-			-			7			87			-
Changes in assets and liabilities:
Accounts receivable		-			2,765			-			4,190			2,693			319			-
Prepaid expenses		(1,353	)		(609	)		(746	)		(709	)		(2,009	)		(1,930	)		(480	)
Due from related party		(10,334	)		-			(3,573	)		(10,413	)		-			-			(8,225	)
Accrued expenses		9,636			6,230			10,407			2,810			8,999			2,532			8,467
Due to related party		53,992			19,853			23,768			22,853			35,893			8,812			14,032
Net cash provided by (used in) operating activities		42,451			25,710			17,861			19,783			33,250			2,706			11,509
Cash flows from financing activities:
Repayments of amounts due to related party and related party loans		(498,960	)		(278,125	)		(366,521	)		(182,563	)		(352,203	)		-			(106,019	)
Net proceeds from the issuance of membership units		465,038			282,987			361,585			171,485			351,796			-			104,628
Distributions		(8,058	)		(3,058	)		(6,263	)		-			(4,941	)		-			-
Net cash provided by (used in) financing activities		(41,980	)		1,805			(11,200	)		(11,078	)		(5,348	)		-			(1,391	)
Net change in cash and cash equivalents		471			27,514			6,661			8,705			27,902			2,706			10,118
Cash at beginning of year		-			-			-			-			-			-			-
Cash at end of year	$	471		$	27,514		$	6,661		$	8,705		$	27,902		$	2,706		$	10,118

Supplemental disclosure of cash flow information:
Cash paid for income taxes		-			-			-			-			-			-			-
Cash paid for interest	$	-		$	-		$	-		$	2,492		$	5,738		$	5,378		$	1,262

Supplemental disclosure of non-cash investing and financing activities:
Advance from related party for acquisition of property	$	443,084		$	256,307		$	337,652		$	147,405		$	325,717		$	70,919		$	83,594
Acquisition of property	$	443,084		$	256,307		$	337,652		$	292,405		$	325,717		$	228,419		$	166,594
Mortgage payable, net of capitalized loan costs for acquisition of property	$	-		$	-		$	-		$	145,000		$	-		$	157,500		$	83,000
Property improvements advanced from related party	$	-		$	-		$	5,330		$	-		$	-		$	-		$	6,328
Offering expenses	$	10,082		$	6,135		$	7,841		$	4,163		$	7,603		$	-		$	2,519
Deemed contribution from Manager	$	3,837		$	455		$	425		$	425		$	3,132		$	425		$	425

F-122

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 2022

	Burlington			Butter			Camino			Campbell			Centennial			Chaparral			Chattahoochee

Cash flows from operating activities:
Net income (loss)	$	(13,342	)	$	(15,187	)	$	(3,679	)	$	(22,596	)	$	(4,253	)	$	(2,619	)	$	(54,559	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation		8,916			10,379			3,037			3,554			7,835			5,399			3,840
Amortization		-			91			-			-			88			158			-
Changes in assets and liabilities:
Accounts receivable		3,395			-			-			-			-			-			-
Prepaid expenses		(4,442	)		(2,501	)		(348	)		-			(2,201	)		331			-
Due from related party		-			-			(2,423	)		-			-			-			-
Accrued expenses		13,447			7,053			5,411			3,346			5,028			4,243			878
Due to related party		58,320			24,054			24,147			16,148			4,074			5,023			49,841
Net cash provided by (used in) operating activities		66,294			23,889			26,145			451			10,570			12,534			-
Cash flows from financing activities:
Repayments of amounts due to related party and related party loans		(705,121	)		(141,040	)		(288,776	)		-			-			-			-
Net proceeds from the issuance of membership units		673,521			137,859			287,061			-			-			-			-
Distributions		(16,980	)		(8,376	)		(5,896	)		-			(7,098	)		(9,117	)		-
Net cash provided by (used in) financing activities		(48,580	)		(11,556	)		(7,611	)		-			(7,098	)		(9,117	)		-
Net change in cash and cash equivalents		17,715			12,333			18,534			451			3,472			3,417			-
Cash at beginning of year		-			-			-			-			9,856			13,754			-
Cash at end of year	$	17,715		$	12,333		$	18,534		$	451		$	13,328		$	17,171		$	-

Supplemental disclosure of cash flow information:
Cash paid for income taxes		-			-			-			-			-			-			-
Cash paid for interest	$	-		$	9,412		$	-		$	-		$	8,144		$	4,110		$	-

Supplemental disclosure of non-cash investing and financing activities:
Advance from related party for acquisition of property	$	653,831		$	-		$	267,245		$	312,740		$	-		$	93,190		$	-
Acquisition of property	$	653,831		$	-		$	267,245		$	312,740		$	-		$	197,500		$	-
Mortgage payable, net of capitalized loan costs for acquisition of property	$	-		$	-		$	-		$	-		$	-		$	104,310		$	-
Property improvements advanced from related party	$	-		$	-		$	-		$	-		$	-		$	-		$	-
Offering expenses	$	14,881		$	3,220		$	6,206		$	-		$	-		$	-		$	-
Deemed contribution from Manager	$	(3,075	)	$	1,920		$	2,765		$	3,161		$	1,170		$	1,170		$	3,382

F-123

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 2022

	Chelsea			Chester			Chickamauga			Chitwood			Clover			Coatbridge			Collier

Cash flows from operating activities:
Net income (loss)	$	(10,553	)	$	(9,349	)	$	2,624		$	(10,125	)	$	(4,811	)	$	836		$	(14,541	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation		6,351			2,547			-			4,379			3,664			7,460			4,066
Amortization		66			-			-			-			-			84			-
Changes in assets and liabilities:
Accounts receivable		-			2,268			4,590			4,590			-			619			4,390
Prepaid expenses		(5,973	)		(4,850	)		(1,073	)		-			(642	)		(2,608	)		(734	)
Due from related party		(10,475	)		(15,615	)		-			(7,766	)		(7,427	)		-			-
Accrued expenses		7,592			5,438			1,489			12,835			7,188			1,788			6,288
Due to related party		37,404			50,954			(7,630	)		24,542			36,696			19,354			22,453
Net cash provided by (used in) operating activities		24,411			31,394			-			28,455			34,668			27,532			21,922
Cash flows from financing activities:
Repayments of amounts due to related party and related party loans		(133,395	)		(246,659	)		-			(418,283	)		(358,769	)		(117,610	)		(387,468	)
Net proceeds from the issuance of membership units		116,417			220,731			-			408,046			352,274			111,730			378,495
Distributions		(4,951	)		(1,242	)		-			(7,511	)		(7,245	)		(6,812	)		(7,383	)
Net cash provided by (used in) financing activities		(21,929	)		(27,170	)		-			(17,748	)		(13,739	)		(12,692	)		(16,355	)
Net change in cash and cash equivalents		2,482			4,224			-			10,706			20,929			14,840			5,567
Cash at beginning of year		-			-			-			-			-			1,460			-
Cash at end of year	$	2,482		$	4,224		$	-		$	10,706		$	20,929		$	16,300		$	5,567

Supplemental disclosure of cash flow information:
Cash paid for income taxes		-			-			-			-			-			-			-
Cash paid for interest	$	6,491		$	3,594		$	-		$	-		$	-		$	7,524		$	-

Supplemental disclosure of non-cash investing and financing activities:
Advance from related party for acquisition of property	$	94,990		$	187,215		$	375,173		$	385,375		$	322,413		$	-		$	357,769
Acquisition of property	$	310,481		$	373,215		$	375,173		$	385,375		$	322,413		$	-		$	357,769
Mortgage payable, net of capitalized loan costs for acquisition of property	$	215,492		$	186,000		$	-		$	-		$	-		$	-		$	-
Property improvements advanced from related party	$	-		$	-		$	-		$	-		$	-		$	-		$	-
Offering expenses	$	3,267		$	5,596		$	-		$	8,843		$	7,639		$	2,620		$	8,218
Deemed contribution from Manager	$	1,719		$	525		$	425		$	834		$	425		$	1,445		$	425

F-124

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 2022

	Collinston			Conway			Creekside			Creekwood			Cumberland			Cupcake			Cypress

Cash flows from operating activities:
Net income (loss)	$	(18,852	)	$	(27,664	)	$	(3,081	)	$	(5,628	)	$	(3,013	)	$	681		$	(11,511	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation		5,811			6,276			3,567			2,645			2,706			6,614			3,344
Amortization		59			7			-			-			-			122			-
Changes in assets and liabilities:
Accounts receivable		-			-			1,895			1,616			1,695			-			55
Prepaid expenses		(1,659	)		(1,469	)		(616	)		(4,153	)		(1,291	)		(2,222	)		(5,804	)
Due from related party		-			-			(890	)		(19,662	)		(4,102	)		(4,622	)		(16,487	)
Accrued expenses		2,359			10,975			7,310			4,918			6,300			6,046			6,133
Due to related party		22,178			65,825			21,968			40,386			24,321			7,399			51,267
Net cash provided by (used in) operating activities		9,897			53,949			30,152			20,121			26,615			14,018			26,997
Cash flows from financing activities:
Repayments of amounts due to related party and related party loans		(92,180	)		(744,592	)		(338,629	)		(191,650	)		(322,286	)		-			(241,687	)
Net proceeds from the issuance of membership units		86,939			723,075			334,142			172,529			319,531			(1,000	)		218,631
Distributions		(3,492	)		(14,081	)		(6,872	)		(971	)		(5,870	)		(9,090	)		(2,954	)
Net cash provided by (used in) financing activities		(8,733	)		(35,598	)		(11,359	)		(20,092	)		(8,625	)		(10,090	)		(26,010	)
Net change in cash and cash equivalents		1,164			18,351			18,793			29			17,990			3,928			987
Cash at beginning of year		-			-			-			-			-			6,540			-
Cash at end of year	$	1,164		$	18,351		$	18,793		$	29		$	17,990		$	10,468		$	987

Supplemental disclosure of cash flow information:
Cash paid for income taxes		-			-			-			-			-			-			-
Cash paid for interest	$	4,908		$	10,399		$	-		$	2,930		$	-		$	5,168		$	4,500

Supplemental disclosure of non-cash investing and financing activities:
Advance from related party for acquisition of property	$	-		$	690,327		$	313,287		$	146,073		$	297,662		$	-		$	184,442
Acquisition of property	$	-		$	690,327		$	313,287		$	290,823		$	297,662		$	-		$	366,942
Mortgage payable, net of capitalized loan costs for acquisition of property	$	-		$	-		$	-		$	144,750		$	-		$	-		$	182,500
Property improvements advanced from related party	$	-		$	-		$	-		$	-		$	-		$	8,000		$	-
Offering expenses	$	2,060		$	15,662		$	7,239		$	4,360		$	6,906		$	-		$	5,527
Deemed contribution from Manager	$	2,741		$	425		$	425		$	2,244		$	3,087		$	1,170		$	575

F-125

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 2022

	Daisy			Davidson			Dawson			Delta			Dewberry			Diablo			Dogwood

Cash flows from operating activities:
Net income (loss)	$	(4,992	)	$	(14,747	)	$	(13,483	)	$	(21,476	)	$	(1,454	)	$	(28,142	)	$	(2,810	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation		3,448			5,818			6,648			7,747			5,225			7,141			2,750
Amortization		-			62			74			75			65			77			-
Changes in assets and liabilities:
Accounts receivable		1,695			-			397			12,225			2,140			1,995			-
Prepaid expenses		(788	)		(1,996	)		(695	)		(4,388	)		(1,184	)		(3,156	)		(657	)
Due from related party		(130	)		-			-			-			-			-			-
Accrued expenses		5,130			4,124			4,832			10,237			2,761			6,282			5,606
Due to related party		21,126			19,503			12,517			5,948			(1,981	)		18,294			21,685
Net cash provided by (used in) operating activities		25,490			12,764			10,289			10,368			5,573			2,491			26,576
Cash flows from financing activities:
Repayments of amounts due to related party and related party loans		(328,211	)		(81,750	)		(98,950	)		(126,270	)		-			(105,670	)		(261,812	)
Net proceeds from the issuance of membership units		325,660			77,126			93,203			122,469			-			108,210			258,129
Distributions		(5,983	)		(3,143	)		(5,706	)		(6,238	)		(6,193	)		(5,031	)		(4,752	)
Net cash provided by (used in) financing activities		(8,534	)		(7,767	)		(11,454	)		(10,039	)		(6,193	)		(2,491	)		(8,436	)
Net change in cash and cash equivalents		16,955			4,997			(1,164	)		329			(620	)		-			18,140
Cash at beginning of year		-			-			4,852			-			5,617			-			-
Cash at end of year	$	16,955		$	4,997		$	3,688		$	329		$	4,997		$	-		$	18,140

Supplemental disclosure of cash flow information:
Cash paid for income taxes		-			-			-			-			-			-			-
Cash paid for interest	$	-		$	5,283		$	6,274		$	7,594		$	5,205		$	7,462		$	-

Supplemental disclosure of non-cash investing and financing activities:
Advance from related party for acquisition of property	$	303,453		$	-		$	-		$	116,854		$	-		$	-		$	242,125
Acquisition of property	$	303,453		$	-		$	-		$	343,654		$	-		$	-		$	242,125
Mortgage payable, net of capitalized loan costs for acquisition of property	$	-		$	-		$	-		$	226,800		$	-		$	-		$	-
Property improvements advanced from related party	$	-		$	-		$	5,028		$	-		$	-		$	-		$	-
Offering expenses	$	7,041		$	1,850		$	2,200		$	2,910		$	-		$	2,890		$	5,612
Deemed contribution from Manager	$	425		$	1,920		$	1,445		$	5,363		$	1,170		$	1,920		$	425

F-126

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 2022

	Dolittle			Dolly			Dops			Dorchester			Dunbar			Duncan			Eagle

Cash flows from operating activities:
Net income (loss)	$	(5,160	)	$	(24,160	)	$	(1,325	)	$	(14,641	)	$	(19,079	)	$	(43,501	)	$	(455	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation		8,443			7,895			-			3,939			4,430			3,689			1,854
Amortization		77			-			-			-			-			-			38
Changes in assets and liabilities:
Accounts receivable		1,000			-			-			3,658			1,895			-			-
Prepaid expenses		(2,122	)		(1,173	)		(449	)		(1,187	)		(409	)		-			(1,837	)
Due from related party		-			-			-			(276	)		-			-			(18,590	)
Accrued expenses		5,423			10,473			1,468			8,317			6,131			896			3,989
Due to related party		21,737			60,554			305			22,767			24,565			43,509			40,967
Net cash provided by (used in) operating activities		29,397			53,588			-			22,577			17,532			4,592			25,966
Cash flows from financing activities:
Repayments of amounts due to related party and related party loans		(117,160	)		(750,415	)		-			(376,315	)		(351,537	)		-			(186,649	)
Net proceeds from the issuance of membership units		112,713			733,443			-			371,042			342,781			-			165,218
Distributions		(6,417	)		(12,702	)		-			(6,432	)		(5,953	)		-			(1,854	)
Net cash provided by (used in) financing activities		(10,864	)		(29,674	)		-			(11,705	)		(14,709	)		-			(23,285	)
Net change in cash and cash equivalents		18,533			23,914			-			10,872			2,823			4,592			2,681
Cash at beginning of year		-			-			-			-			-			-			-
Cash at end of year	$	18,533		$	23,914		$	-		$	10,872		$	2,823		$	4,592		$	2,681

Supplemental disclosure of cash flow information:
Cash paid for income taxes		-			-			-			-			-			-			-
Cash paid for interest	$	7,450		$	5,479		$	-		$	-		$	-		$	-		$	2,945

Supplemental disclosure of non-cash investing and financing activities:
Advance from related party for acquisition of property	$	-		$	694,829		$	205,730		$	346,640		$	324,859		$	-		$	136,871
Acquisition of property	$	-		$	694,829		$	205,730		$	346,640		$	324,859		$	-		$	271,871
Mortgage payable, net of capitalized loan costs for acquisition of property	$	-		$	-		$	-		$	-		$	-		$	-		$	135,000
Property improvements advanced from related party	$	-		$	-		$	-		$	-		$	-		$	-		$	7,150
Offering expenses	$	2,680		$	15,885		$	-		$	8,045		$	7,467		$	-		$	3,708
Deemed contribution from Manager	$	1,920		$	425		$	425		$	425		$	725		$	3,211		$	1,296

F-127

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 2022

	Eastfair			Elevation			Elm			Emporia			Ensenada			Falcon			Folly

Cash flows from operating activities:
Net income (loss)	$	1,633		$	(1,292	)	$	(3,855	)	$	(15,012	)	$	(11,711	)	$	(1,173	)	$	(6,624	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation		5,912			7,313			4,600			7,970			13,332			1,237			3,705
Amortization		75			68			52			79			123			29			-
Changes in assets and liabilities:
Accounts receivable		-			4,302			404			-			3,295			-			3,146
Prepaid expenses		(731	)		(4,086	)		(2,014	)		(6,099	)		(1,949	)		(2,064	)		(968	)
Due from related party		-			-			-			(6,420	)		-			(8,747	)		-
Accrued expenses		3,515			5,969			2,011			10,433			6,093			4,322			7,057
Due to related party		2,570			11,933			13,522			34,278			32,208			30,638			13,825
Net cash provided by (used in) operating activities		12,973			24,207			14,721			25,229			41,392			24,241			20,141
Cash flows from financing activities:
Repayments of amounts due to related party and related party loans		-			(114,290	)		(72,810	)		(139,789	)		(205,020	)		(177,618	)		(340,619	)
Net proceeds from the issuance of membership units		(1,300	)		106,933			69,199			128,705			198,433			163,983			334,672
Distributions		(6,147	)		(6,411	)		(4,269	)		(6,561	)		(10,189	)		(1,662	)		(5,803	)
Net cash provided by (used in) financing activities		(7,447	)		(13,768	)		(7,880	)		(17,645	)		(16,776	)		(15,296	)		(11,751	)
Net change in cash and cash equivalents		5,526			10,439			6,841			7,584			24,616			8,945			8,390
Cash at beginning of year		10,835			776			477			-			-			-			-
Cash at end of year	$	16,361		$	11,215		$	7,318		$	7,584		$	24,616		$	8,945		$	8,390

Supplemental disclosure of cash flow information:
Cash paid for income taxes		-			-			-			-			-			-			-
Cash paid for interest	$	6,434		$	7,371		$	5,425		$	8,122		$	14,047		$	2,811		$	-

Supplemental disclosure of non-cash investing and financing activities:
Advance from related party for acquisition of property	$	-		$	-		$	-		$	109,415		$	-		$	137,106		$	313,570
Acquisition of property	$	-		$	-		$	-		$	354,415		$	-		$	272,106		$	313,570
Mortgage payable, net of capitalized loan costs for acquisition of property	$	-		$	-		$	-		$	245,000		$	-		$	135,000		$	-
Property improvements advanced from related party	$	-		$	-		$	-		$	-		$	-		$	7,000		$	8,504
Offering expenses	$	-		$	2,520		$	1,640		$	3,629		$	4,640		$	4,148		$	7,259
Deemed contribution from Manager	$	1,170		$	1,445		$	1,445		$	6,491		$	1,455		$	425		$	425

F-128

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 2022

	Forest			Gardens			Goose			Grant			Greenhill			Gretal			Grove

Cash flows from operating activities:
Net income (loss)	$	(12,310	)	$	(6,137	)	$	(1,598	)	$	(13,357	)	$	(2,607	)	$	(9,625	)	$	(9,824	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation		9,646			4,042			1,727			8,902			7,514			2,061			5,219
Amortization		82			44			36			90			75			-			48
Changes in assets and liabilities:
Accounts receivable		2,495			-			-			-			-			-			-
Prepaid expenses		(1,369	)		(2,348	)		(1,726	)		(3,703	)		(3,984	)		(1,000	)		(2,657	)
Due from related party		-			-			(8,349	)		-			-			-			-
Accrued expenses		2,847			3,285			4,002			7,444			4,841			1,828			5,554
Due to related party		18,168			12,531			28,887			26,050			24,499			40,871			6,570
Net cash provided by (used in) operating activities		19,558			11,418			22,980			25,426			30,338			34,135			4,910
Cash flows from financing activities:
Repayments of amounts due to related party and related party loans		(147,400	)		(103,457	)		(165,331	)		(139,500	)		(124,400	)		(482,505	)		(87,612	)
Net proceeds from the issuance of membership units		141,388			99,841			154,254			138,704			118,705			483,863			86,767
Distributions		(8,304	)		(3,823	)		(1,905	)		(7,799	)		(6,744	)		-			(2,285	)
Net cash provided by (used in) financing activities		(14,316	)		(7,439	)		(12,982	)		(8,595	)		(12,440	)		1,358			(3,130	)
Net change in cash and cash equivalents		5,242			3,979			9,998			16,831			17,898			35,493			1,780
Cash at beginning of year		-			-			-			-			-			-			-
Cash at end of year	$	5,242		$	3,979		$	9,998		$	16,831		$	17,898		$	35,493		$	1,780

Supplemental disclosure of cash flow information:
Cash paid for income taxes		-			-			-			-			-			-			-
Cash paid for interest	$	9,727		$	4,547		$	2,744		$	9,289		$	7,946		$	-		$	5,119

Supplemental disclosure of non-cash investing and financing activities:
Advance from related party for acquisition of property	$	-		$	85,783		$	127,579		$	-		$	101,074		$	453,805		$	69,939
Acquisition of property	$	-		$	222,283		$	253,329		$	-		$	328,858		$	453,805		$	227,439
Mortgage payable, net of capitalized loan costs for acquisition of property	$	-		$	136,500		$	125,750		$	-		$	227,784		$	-		$	157,500
Property improvements advanced from related party	$	-		$	-		$	6,700		$	-		$	-		$	-		$	13,000
Offering expenses	$	3,260		$	2,327		$	3,471		$	3,285		$	2,810		$	10,465		$	2,102
Deemed contribution from Manager	$	1,445		$	605		$	1,250		$	1,620		$	3,799		$	3,830		$	1,326

F-129

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 2022

	Hadden			Hansard			Hansel			Harrison			Henry			Heritage			Heron

Cash flows from operating activities:
Net income (loss)	$	(8,703	)	$	(1,325	)	$	(15,429	)	$	(11,330	)	$	(16,664	)	$	(17,352	)	$	(7,302	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation		5,090			-			2,782			4,215			4,926			5,173			5,131
Amortization		56			-			53			-			-			50			50
Changes in assets and liabilities:
Accounts receivable		-			-			-			3,767			2,205			199			-
Prepaid expenses		(2,033	)		(1,301	)		(2,355	)		(4,485	)		-			(4,153	)		(1,710	)
Due from related party		(816	)		-			-			(17,417	)		-			-			(10,769	)
Accrued expenses		3,990			1,325			3,925			7,072			10,560			4,484			5,684
Due to related party		17,947			1,301			33,856			54,662			34,510			38,091			32,486
Net cash provided by (used in) operating activities		15,531			-			22,832			36,484			35,537			26,492			23,570
Cash flows from financing activities:
Repayments of amounts due to related party and related party loans		(95,579	)		-			(231,852	)		(297,890	)		(447,535	)		(116,762	)		(127,527	)
Net proceeds from the issuance of membership units		95,215			-			238,147			268,825			439,738			105,184			107,381
Distributions		(4,646	)		-			(2,137	)		(3,976	)		(8,564	)		(2,656	)		(2,863	)
Net cash provided by (used in) financing activities		(5,011	)		-			4,158			(33,041	)		(16,361	)		(14,235	)		(23,008	)
Net change in cash and cash equivalents		10,521			-			26,990			3,443			19,176			12,257			561
Cash at beginning of year		-			-			-			-			-			-			-
Cash at end of year	$	10,521		$	-		$	26,990		$	3,443		$	19,176		$	12,257		$	561

Supplemental disclosure of cash flow information:
Cash paid for income taxes		-			-			-			-			-			-			-
Cash paid for interest	$	4,705		$	-		$	3,622		$	6,222		$	-		$	6,184		$	4,291

Supplemental disclosure of non-cash investing and financing activities:
Advance from related party for acquisition of property	$	78,447		$	305,035		$	205,999		$	231,265		$	433,516		$	90,356		$	88,287
Acquisition of property	$	221,947		$	305,035		$	407,994		$	461,265		$	433,516		$	293,356		$	289,187
Mortgage payable, net of capitalized loan costs for acquisition of property	$	143,500		$	-		$	201,995		$	230,000		$	-		$	203,000		$	200,900
Property improvements advanced from related party	$	-		$	-		$	-		$	-		$	-		$	5,056		$	5,305
Offering expenses	$	2,219		$	-		$	5,342		$	6,876		$	9,515		$	3,022		$	3,097
Deemed contribution from Manager	$	2,640		$	425		$	1,716		$	1,177		$	3,421		$	3,552		$	963

F-130

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 2022

	Highland			Hines			Holcomb			Holland			Hollandaise			Holloway			Inglewood

Cash flows from operating activities:
Net income (loss)	$	(11,292	)	$	(8,957	)	$	(13,187	)	$	(17,473	)	$	(19,080	)	$	385		$	(31,800	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation		3,285			3,510			4,874			5,818			7,542			9,344			6,223
Amortization		-			-			-			62			74			99			7
Changes in assets and liabilities:
Accounts receivable		632			1,595			1,800			-			2,045			405			-
Prepaid expenses		(618	)		(340	)		(445	)		(1,870	)		(3,942	)		(2,015	)		(3,254	)
Due from related party		(5,772	)		-			-			(3,703	)		(5,977	)		-			-
Accrued expenses		10,035			5,956			9,180			1,360			4,656			5,594			12,027
Due to related party		31,129			18,906			28,092			27,695			21,033			3,214			71,699
Net cash provided by (used in) operating activities		27,400			20,670			30,315			11,890			6,351			17,025			54,902
Cash flows from financing activities:
Repayments of amounts due to related party and related party loans		(320,849	)		(279,041	)		(383,110	)		(92,470	)		(139,282	)		-			(738,138	)
Net proceeds from the issuance of membership units		299,283			273,784			378,385			85,518			140,374			-			722,252
Distributions		(5,834	)		(5,334	)		(6,551	)		(3,577	)		(4,768	)		(10,045	)		(6,248	)
Net cash provided by (used in) financing activities		(27,400	)		(10,590	)		(11,276	)		(10,528	)		(3,676	)		(10,045	)		(22,133	)
Net change in cash and cash equivalents		-			10,080			19,039			1,362			2,675			6,980			32,769
Cash at beginning of year		-			-			-			1,110			-			11,032			-
Cash at end of year	$	-		$	10,080		$	19,039		$	2,472		$	2,675		$	18,012		$	32,769

Supplemental disclosure of cash flow information:
Cash paid for income taxes		-			-			-			-			-			-			-
Cash paid for interest	$	-		$	-		$	-		$	5,283		$	7,177		$	9,468		$	16,157

Supplemental disclosure of non-cash investing and financing activities:
Advance from related party for acquisition of property	$	289,081		$	257,400		$	357,651		$	-		$	113,236		$	-		$	684,581
Acquisition of property	$	289,081		$	257,400		$	357,651		$	-		$	368,736		$	-		$	684,581
Mortgage payable, net of capitalized loan costs for acquisition of property	$	-		$	-		$	-		$	-		$	255,500		$	-		$	-
Property improvements advanced from related party	$	-		$	-		$	-		$	-		$	-		$	-		$	-
Offering expenses	$	6,486		$	5,943		$	8,190		$	2,070		$	3,292		$	-		$	15,628
Deemed contribution from Manager	$	625		$	425		$	425		$	5,481		$	9,106		$	1,170		$	425

F-131

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 2022

	Jack			Jake			Jefferson			Jill			Johnny			June			Jupiter

Cash flows from operating activities:
Net income (loss)	$	(9,221	)	$	(17,141	)	$	(1,325	)	$	(8,485	)	$	(35,466	)	$	(33,123	)	$	(13,383	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation		7,636			8,093			-			3,692			6,704			6,704			5,811
Amortization		73			-			-			-			8			8			60
Changes in assets and liabilities:
Accounts receivable		2,495			3,795			-			3,805			4,503			3,295			-
Prepaid expenses		(5,724	)		(882	)		(1,262	)		(4,356	)		(947	)		(959	)		(2,428	)
Due from related party		(3,011	)		-			-			(21,589	)		(417,430	)		(454,717	)		-
Accrued expenses		5,418			12,359			1,324			5,026			10,423			14,861			3,045
Due to related party		42,371			37,363			1,262			61,053			462,058			502,724			21,864
Net cash provided by (used in) operating activities		40,038			43,588			-			39,145			29,855			38,794			14,969
Cash flows from financing activities:
Repayments of amounts due to related party and related party loans		(183,404	)		(640,306	)		-			(274,875	)		(598,358	)		(636,278	)		(94,240	)
Net proceeds from the issuance of membership units		155,481			624,982			-			238,522			615,363			615,163			89,288
Distributions		(4,954	)		(10,818	)		-			(2,145	)		(12,004	)		(12,002	)		(3,788	)
Net cash provided by (used in) financing activities		(32,877	)		(26,142	)		-			(38,498	)		5,001			(33,117	)		(8,741	)
Net change in cash and cash equivalents		7,161			17,446			-			648			34,856			5,677			6,229
Cash at beginning of year		-			-			-			-			-			-			-
Cash at end of year	$	7,161		$	17,446		$	-		$	648		$	34,856		$	5,677		$	6,229

Supplemental disclosure of cash flow information:
Cash paid for income taxes		-			-			-			-			-			-			-
Cash paid for interest	$	8,908		$	-		$	-		$	3,927		$	24,571		$	29,010		$	5,985

Supplemental disclosure of non-cash investing and financing activities:
Advance from related party for acquisition of property	$	128,290		$	593,485		$	276,196		$	202,552		$	126,889		$	126,889		$	-
Acquisition of property	$	417,918		$	593,485		$	276,196		$	403,872		$	590,089		$	590,089		$	-
Mortgage payable, net of capitalized loan costs for acquisition of property	$	289,629		$	-		$	-		$	201,320		$	463,200		$	463,200		$	-
Property improvements advanced from related party	$	6,782		$	-		$	-		$	-		$	-		$	-		$	-
Offering expenses	$	4,354		$	13,650		$	-		$	6,027		$	13,963		$	13,377		$	2,110
Deemed contribution from Manager	$	1,931		$	425		$	425		$	1,125		$	425		$	425		$	1,445

F-132

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 2022

	Kawana			Kennesaw			Kenny			KerriAnn			Kessler			Kingsley			Kirkwood

Cash flows from operating activities:
Net income (loss)	$	(9,206	)	$	(15,390	)	$	(20,377	)	$	(16,760	)	$	(9,068	)	$	(1,307	)	$	(12,116	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation		5,679			4,864			7,895			9,371			3,416			8,580			4,191
Amortization		61			-			-			88			37			97			47
Changes in assets and liabilities:
Accounts receivable		-			-			3,095			-			1,595			440			1,595
Prepaid expenses		(2,293	)		(1,002	)		(1,173	)		(3,295	)		(4,125	)		(2,371	)		(3,171	)
Due from related party		(12,893	)		-			-			-			(4,308	)		-			(1,153	)
Accrued expenses		4,310			8,574			10,473			7,402			3,911			5,646			4,948
Due to related party		41,128			40,401			54,113			25,393			28,660			3,519			26,638
Net cash provided by (used in) operating activities		26,785			37,447			54,026			22,199			20,119			14,603			20,978
Cash flows from financing activities:
Repayments of amounts due to related party and related party loans		(127,894	)		(461,384	)		(750,415	)		(127,220	)		(170,494	)		-			(112,490	)
Net proceeds from the issuance of membership units		107,916			449,665			733,495			124,720			153,981			(650	)		95,854
Distributions		(5,970	)		(7,798	)		(12,700	)		(5,404	)		(866	)		(8,856	)		(2,422	)
Net cash provided by (used in) financing activities		(25,949	)		(19,517	)		(29,620	)		(7,904	)		(17,379	)		(9,506	)		(19,058	)
Net change in cash and cash equivalents		836			17,930			24,406			14,295			2,740			5,097			1,921
Cash at beginning of year		-			-			-			209			-			12,813			-
Cash at end of year	$	836		$	17,930		$	24,406		$	14,504		$	2,740		$	17,910		$	1,921

Supplemental disclosure of cash flow information:
Cash paid for income taxes		-			-			-			-			-			-			-
Cash paid for interest	$	6,028		$	-		$	5,479		$	8,542		$	37		$	9,212		$	6,051

Supplemental disclosure of non-cash investing and financing activities:
Advance from related party for acquisition of property	$	85,121		$	428,008		$	694,829		$	-		$	132,072		$	-		$	81,419
Acquisition of property	$	277,621		$	428,008		$	694,829		$	-		$	260,572		$	-		$	263,419
Mortgage payable, net of capitalized loan costs for acquisition of property	$	192,500		$	-		$	-		$	-		$	128,500		$	-		$	182,000
Property improvements advanced from related party	$	-		$	-		$	-		$	-		$	5,526		$	-		$	-
Offering expenses	$	2,994		$	9,804		$	15,885		$	2,930		$	3,894		$	-		$	2,761
Deemed contribution from Manager	$	798		$	425		$	425		$	1,445		$	2,451		$	1,170		$	1,115

F-133

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 2022

	Korin			Lallie			Lanier			Lannister			Latte			Lennox			Lierly

Cash flows from operating activities:
Net income (loss)	$	(1,733	)	$	706		$	(6,485	)	$	(16,088	)	$	(3,815	)	$	1,372		$	(115	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation		-			10,231			6,059			3,738			4,176			5,956			5,864
Amortization		-			105			61			60			-			72			192
Changes in assets and liabilities:
Accounts receivable		-			-			-			-			-			-			1,167
Prepaid expenses		(452	)		(7,075	)		(4,454	)		(2,108	)		(754	)		484			396
Due from related party		-			-			-			-			-			-			-
Accrued expenses		1,930			3,808			4,818			4,754			4,292			1,937			4,611
Due to related party		255			3,404			28,311			17,943			32,024			17,757			2,910
Net cash provided by (used in) operating activities		-			11,179			28,309			8,299			35,923			27,577			15,025
Cash flows from financing activities:
Repayments of amounts due to related party and related party loans		-			-			(140,251	)		(84,807	)		(396,579	)		(94,830	)		-
Net proceeds from the issuance of membership units		-			(10,200	)		140,238			82,845			385,191			89,971			-
Distributions		-			(10,583	)		(3,505	)		(2,105	)		(6,671	)		(5,826	)		(8,510	)
Net cash provided by (used in) financing activities		-			(20,783	)		(3,518	)		(4,067	)		(18,059	)		(10,685	)		(8,510	)
Net change in cash and cash equivalents		-			(9,604	)		24,791			4,232			17,864			16,892			6,514
Cash at beginning of year		-			14,420			-			-			-			4,431			15,054
Cash at end of year	$	-		$	4,816		$	24,791		$	4,232		$	17,864		$	21,323		$	21,568

Supplemental disclosure of cash flow information:
Cash paid for income taxes		-			-			-			-			-			-			-
Cash paid for interest	$	-		$	10,301		$	8,209		$	3,872		$	-		$	5,996		$	5,160

Supplemental disclosure of non-cash investing and financing activities:
Advance from related party for acquisition of property	$	279,972		$	-		$	116,975		$	61,731		$	367,463		$	-		$	83,900
Acquisition of property	$	279,972		$	-		$	380,875		$	177,231		$	367,463		$	-		$	215,000
Mortgage payable, net of capitalized loan costs for acquisition of property	$	-		$	-		$	263,900		$	115,500		$	-		$	-		$	131,100
Property improvements advanced from related party	$	-		$	-		$	-		$	6,100		$	-		$	-		$	-
Offering expenses	$	-		$	-		$	3,361		$	2,067		$	8,352		$	2,120		$	-
Deemed contribution from Manager	$	425		$	1,170		$	1,311		$	850		$	425		$	1,445		$	1,170

F-134

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 2022

	Lily			Limestone			Litton			Lookout			Loretta			Louise			Lovejoy

Cash flows from operating activities:
Net income (loss)	$	(46,728	)	$	(3,642	)	$	1,323		$	(7,935	)	$	(11,380	)	$	(3,803	)	$	(13,061	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation		15,368			8,046			-			4,741			6,272			5,052			6,015
Amortization		103			76			-			-			-			53			70
Changes in assets and liabilities:
Accounts receivable		155			1,881			4,390			1,895			-			-			-
Prepaid expenses		(4,796	)		(1,658	)		(704	)		(522	)		(1,469	)		(2,510	)		(4,116	)
Due from related party		-			(9,765	)		(11,031	)		-			-			-			(4,632	)
Accrued expenses		6,829			6,794			2,576			5,929			10,860			2,817			8,197
Due to related party		56,889			26,056			25,312			36,491			56,890			29,450			27,692
Net cash provided by (used in) operating activities		27,820			27,789			21,866			40,599			61,173			31,059			20,165
Cash flows from financing activities:
Repayments of amounts due to related party and related party loans		(185,540	)		(124,390	)		(201,136	)		(376,264	)		(744,592	)		(116,697	)		(117,250	)
Net proceeds from the issuance of membership units		209,494			119,037			190,172			357,135			721,367			113,471			108,167
Distributions		(9,922	)		(7,576	)		-			(6,289	)		(14,073	)		(5,558	)		(5,643	)
Net cash provided by (used in) financing activities		14,032			(12,929	)		(10,964	)		(25,418	)		(37,298	)		(8,784	)		(14,726	)
Net change in cash and cash equivalents		41,852			14,859			10,902			15,181			23,875			22,275			5,439
Cash at beginning of year		-			-			-			-			-			-			-
Cash at end of year	$	41,852		$	14,859		$	10,902		$	15,181		$	23,875		$	22,275		$	5,439

Supplemental disclosure of cash flow information:
Cash paid for income taxes		-			-			-			-			-			-			-
Cash paid for interest	$	11,168		$	6,771		$	2,486		$	-		$	-		$	5,693		$	7,786

Supplemental disclosure of non-cash investing and financing activities:
Advance from related party for acquisition of property	$	-		$	-		$	162,715		$	347,707		$	689,928		$	95,856		$	91,484
Acquisition of property	$	-		$	-		$	322,715		$	347,707		$	689,928		$	277,856		$	296,584
Mortgage payable, net of capitalized loan costs for acquisition of property	$	-		$	-		$	160,000		$	-		$	-		$	182,000		$	205,100
Property improvements advanced from related party	$	31,533		$	-		$	-		$	-		$	-		$	-		$	-
Offering expenses	$	4,880		$	2,770		$	4,616		$	7,984		$	15,662		$	2,748		$	3,050
Deemed contribution from Manager	$	12,318		$	1,445		$	425		$	425		$	425		$	757		$	4,227

F-135

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 2022

	Luna			Lurleen			Madison			Mae			Magnolia			Malbec			Mammoth

Cash flows from operating activities:
Net income (loss)	$	1,193		$	(2,021	)	$	(12,753	)	$	(8,079	)	$	(15,380	)	$	640		$	(11,586	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation		5,912			173			2,828			4,053			4,729			8,776			6,247
Amortization		75			-			54			-			94			134			63
Changes in assets and liabilities:
Accounts receivable		-			-			-			1,907			140			50			-
Prepaid expenses		(2,457	)		(462	)		(2,385	)		(1,019	)		(2,935	)		(926	)		(3,069	)
Due from related party		-			-			-			-			-			-			-
Accrued expenses		4,856			12,181			4,517			8,045			3,992			3,373			4,319
Due to related party		3,671			(9,871	)		27,081			25,713			28,707			4,598			22,675
Net cash provided by (used in) operating activities		13,249			-			19,342			30,621			19,348			16,644			18,650
Cash flows from financing activities:
Repayments of amounts due to related party and related party loans		-			-			(127,544	)		(378,986	)		(108,430	)		-			(126,617	)
Net proceeds from the issuance of membership units		(650	)		-			120,379			381,912			94,984			-			124,064
Distributions		(6,485	)		-			(3,425	)		(3,719	)		(2,390	)		(11,305	)		(3,106	)
Net cash provided by (used in) financing activities		(7,135	)		-			(10,590	)		(793	)		(15,836	)		(11,305	)		(5,659	)
Net change in cash and cash equivalents		6,114			-			8,751			29,828			3,512			5,340			12,991
Cash at beginning of year		9,299			-			-			-			-			13,709			-
Cash at end of year	$	15,413		$	-		$	8,751		$	29,828		$	3,512		$	19,049		$	12,991

Supplemental disclosure of cash flow information:
Cash paid for income taxes		-			-			-			-			-			-			-
Cash paid for interest	$	6,434		$	1,033		$	2,657		$	-		$	5,973		$	8,977		$	7,663

Supplemental disclosure of non-cash investing and financing activities:
Advance from related party for acquisition of property	$	-		$	110,598		$	104,860		$	356,688		$	77,920		$	-		$	105,608
Acquisition of property	$	-		$	220,598		$	207,360		$	356,688		$	252,920		$	-		$	343,608
Mortgage payable, net of capitalized loan costs for acquisition of property	$	-		$	110,000		$	102,500		$	-		$	175,000		$	-		$	238,000
Property improvements advanced from related party	$	-		$	10,401		$	-		$	-		$	7,050		$	-		$	-
Offering expenses	$	-		$	-		$	2,934		$	8,266		$	2,708		$	-		$	2,977
Deemed contribution from Manager	$	1,170		$	425		$	914		$	3,992		$	2,202		$	1,170		$	1,993

F-136

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 2022

	Marcelo			Marie			Marietta			Matchingham			McGregor			McLovin			Meadow

Cash flows from operating activities:
Net income (loss)	$	(9,986	)	$	(1,325	)	$	(11,398	)	$	977		$	(14,054	)	$	(19,065	)	$	(11,594	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation		2,607			-			3,491			5,825			4,821			12,438			8,820
Amortization		-			-			-			62			-			117			79
Changes in assets and liabilities:
Accounts receivable		3,390			-			2,095			-			1,895			2,995			1,770
Prepaid expenses		(575	)		(1,426	)		(1,240	)		(1,051	)		-			(9,795	)		(2,869	)
Due from related party		-			-			(17,540	)		-			-			-			(6,361	)
Accrued expenses		6,772			1,321			4,966			5,235			8,581			10,512			4,973
Due to related party		23,042			1,430			37,782			18,571			27,109			31,931			25,230
Net cash provided by (used in) operating activities		25,250			-			18,156			29,618			28,351			29,133			20,048
Cash flows from financing activities:
Repayments of amounts due to related party and related party loans		(311,032	)		-			(194,396	)		(82,380	)		(328,935	)		(191,830	)		(143,670	)
Net proceeds from the issuance of membership units		312,649			-			181,169			78,848			321,129			188,651			133,621
Distributions		(3,378	)		-			(3,681	)		(5,209	)		(9,136	)		(9,675	)		(5,313	)
Net cash provided by (used in) financing activities		(1,761	)		-			(16,908	)		(8,741	)		(16,942	)		(12,854	)		(15,362	)
Net change in cash and cash equivalents		23,489			-			1,248			20,877			11,409			16,279			4,686
Cash at beginning of year		-			-			-			86