United States

Securities And Exchange Commission 

Washington, D.C. 20549

FORM 1-SA/A

(Amendment No. 1)

SEMIANNUAL REPORT PURSUANT TO REGULATION A

For the fiscal period ended

June 30, 2023

ARRIVED HOMES, LLC

(Exact name of issuer as specified in its Certificate of Formation)

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

1700 Westlake Avenue North, Suite 200

Seattle, WA 98109

(Full mailing address of principal executive offices)

814-277-4833

(Issuer’s telephone number)

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

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

Explanatory Note

This Amendment No. 1 to our semi-annual report on Form 1-SA/A is being filed to amend our semi-annual report on Form 1-SA for the semi-annual period ended June 30, 2023, originally filed with the Securities and Exchange Commission on September 28, 2023. This Amendment is being filed to amend and restate the Form 1-SA in its entirety.

TABLE OF CONTENTS

ITEM 1. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION	1
ITEM 2. OTHER INFORMATION	22
ITEM 3. FINANCIAL STATEMENTS	F-1
ITEM 4. EXHIBITS	23

i

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

The information contained in this Semiannual Report 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 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 Semiannual Report 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 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 also described in our Offering Circular under the headings “Summary – Summary Risk Factors” and “Risk Factors.” 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.

ii

ITEM 1. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION

Overview

Arrived Homes, LLC, a Delaware series limited liability company, was formed in July 2020 to permit public investment in individual residential properties. We believe people should have access to the wealth creation that real estate investment can provide. We believe in passive income, conservative debt, diversification, and aligned incentives.

Arrived is a marketplace for investing in real estate. We buy residential properties, 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 and they can invest in real estate without needing to apply for mortgages or take on personal debt.

Arrived does all of the work of sourcing, analyzing, maintaining, and managing all of the residential properties that we acquire. We analyze every property 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 arranges for a property manager to operate the properties as single-family rentals for 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 staying in at that time. By investing together, we align incentives towards creating value for everyone.

Arrived Homes, LLC and its series, as of June 30, 2022 had a total of 135 properties. As of June 30, 2023, Arrived Homes, LLC and its series has grown to 229 properties. The increase in property acquisitions, expansion in new markets, 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 Securities Exchange Act of 1934, as amended (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 of 1933, as amended, 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 would expect 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 $1.07 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.

1

Operating Results

Revenues

Revenues are generated at the series level and are derived from leases on the series property. All revenues generated during the six-month period ended June 30, 2023 and the six-month period ended June 30, 2022 are listed in the table below:

There are no material differences in the Series between the six-months ended June 30, 2023 and the six-months ended June 30, 2022 outside of occupancy that would impact Rental Income. The increase in Total Rental Revenue is due to the increase in the total series issued by Arrived, Homes, LLC as of June 30, 2023.  

Rental Income

Series Name	June 30, 2023		June 30, 2022
100	$	21,695	$	-
101		-		-
Abbington		17,107		-
Amber		11,370		-
Apollo		9,630		-
Aster		4,715		-
Augusta		-		-
Avebury		10,915		2,095
Avondale		-		-
Badminton		11,970		-
Bandelier		13,170		-
Baron		17,370		-
Basil		7,475		-
Bayside		12,570		-
Bazzel		9,075		-
Bedford		12,852		-
Bella		-		-
Belle		13,611		-
Belvedere		612		-
Bergenia		-		-
Blossom		8,575		-
Bonneau		13,400		-
Brainerd		10,271		-
Braxton		10,048		-
Brennan		3,625		-
Brooklyn		3,244		-
Burlington		20,483		-
Butter		18,379		-
Camino		8,775		-
Campbell		-		-
Cawley		-		-
Centennial		11,370		-
Chaparral		10,425		6,341
Chelsea		11,465		2,195
Chester		13,272		-
Chickamauga		11,051		-
Chinook		-		-
Chitwood		14,825		-
Clover		12,470		-
Coatbridge		6,115		-
Collier		11,150		-
Collinston		12,421		-
Conway		16,686		-
Cove		3,245		-
Creekside		11,720		-
Creekwood		10,960		-
Cumberland		10,170		-
Cupcake		9,970		9,870

2

Series Name	June 30, 2023		June 30, 2022
Cypress		13,927		-
Daisy		10,170		-
Davidson		8,626		-
Dawson		10,073		-
Delta		-		-
Dewberry		6,625		-
Diablo		730		-
Dogwood		9,838		-
Dolittle		12,800		-
Dolly		9,059		-
Dops		4,950		-
Dorchester		11,707		-
Dunbar		2,749		-
Eagle		12,120		-
Eastfair		10,770		-
Elevation		15		-
Ella		5,617		-
Ellen		-		-
Elm		7,311		-
Emporia		6,121		-
Ensenada		19,770		-
Falcon		14,159		-
Felix		-		-
Fenwick		698		-
Folly		12,569		-
Forest		10,841		-
Foster		-		-
Franklin		-		-
Gardens		9,100		1,495
General		-		-
Goose		11,850		-
Grant		14,392		-
Greenhill		14,970		-
Gretal		3,940		-
Grove		10,224		-
Hadden		9,920		-
Hansard		10,293		-
Hansel		8,312		-
Harrison		16,673		-
Henry		11,792		-
Heritage		11,835		-
Heron		12,654		-
Highland		10,738		-
Hines		9,745		-
Holcomb		10,770		-
Holland		8,385		-
Hollandaise		12,445		-
Holloway		14,580		-
Inglewood		15,210		-
Jack		15,320		-

3

Series Name	June 30, 2023		June 30, 2022
Jake		16,475		-
Jefferson		5,005		-
Jill		11,560		-
Johnny		18,924		-
June		19,945		-
Jupiter		9,020		-
Kawana		10,498		-
Kennesaw		14,970		-
Kenny		15,275		-
KerriAnn		14,528		-
Kessler		9,570		-
Kingsley		14,478		-
Kirkwood		9,570		-
Korin		10,104		-
Lallie		15,040		-
Lanier		13,622		-
Lannister		9,799		-
Latte		13,385		-
Lennox		10,170		-
Lierly		9,333		10,500
Lily		15,410		-
Limestone		11,529		-
Litton		11,078		-
Longwoods		-		-
Lookout		13,602		-
Loretta		17,658		-
Louis		-		-
Louise		9,876		4,390
Lovejoy		9,975		-
Luna		10,500		-
Lurleen		8,528		-
Madison		1,899		-
Mae		10,765		-
Magnolia		9,675		-
Malbec		8,930		13,470
Mammoth		16,985		-
Marcelo		8,040		-
Marie		9,395		-
Marietta		9,475		-
Marion		-		-
Marple		-		-
Martell		-		-
Mary		-		-
Matchingham		11,392		-
McGregor		11,370		-
McLovin		18,320		-
Meadow		9,200		-
Mimosa		9,893		-
Mojave		9,664		9,870

4

Series Name	June 30, 2023		June 30, 2022
Murphy		13,770		-
Mycroft		-		-
Nugget		17,120		-
Odessa		13,975		-
Olive		11,924		-
Oly		11,515		-
Onyx		-		-
Oscar		-		-
Osceola		-		-
Osprey		13,770		-
Otoro		-		-
Palmer		-		-
Patrick		9,600		-
Peanut		4,605		3,390
Pearl		6,780		-
Pecan		6,474		-
Piedmont		13,770		-
Pinot		13,860		-
Pioneer		18,442		-
Plumtree		11,479		-
Point		15,192		-
Porthos		-		-
Quincy		12,014		-
Redondo		12,746		-
Regency		12,094		-
Reginald		16,216		-
Reynolds		14,970		-
Ribbonwalk		6,110		-
Richardson		8,400		-
Ridge		10,769		-
Ritter		8,098		-
River		12,245		-
Riverwalk		11,975		-
Rooney		12,570		-
Roseberry		11,965		-
Rosewood		9,971		-
Roxy		11,970		-
Saddlebred		11,975		-
Saint		10,325		-
Sajni		8,454		-
Salem		11,130		-
Salinas		6,941		-
Saturn		7,820		-
Scepter		10,075		-
Sequoyah		5,848		-
Shallowford		13,501		-
Shoreline		16,965		-
Sigma		13,815		-
Simon		-		-
Sims		-		-
Soapstone		9,900		-

5

Series Name	June 30, 2023			June 30, 2022
Sodalis		8,368			-
Spencer		11,615			-
Splash		8,125			-
Spring		10,170			-
Stonebriar		6,975			-
Sugar		10,770			-
Summerset		10,880			-
Sundance		10,239			-
Sunnyside		12,303			-
Swift		13,770			-
Taylor		6,637			-
Terracotta		9,510			-
Theodore		-			-
Tulip		(73	)		-
Tuscan		11,600			-
Tuscarora		7,260			-
Tuxford		11,370			-
Vernon		11,370			-
Walton		5,492			-
Wave		-			-
Weldon		8,670			-
Wellington		14,370			-
Wentworth		8,389			-
Wescott		10,770			-
Westchester		15,845			-
Wildwood		13,047			-
Willow		10,520			-
Wilson		13,345			-
Windsor		23,750			-
Winston		7,911			-
Wisteria		11,000			2,195
Total Rental Revenue	$	2,182,209		$	65,811

Operating Expenses

The Company incurred the following operating expenses during the six-month period ended June 30, 2023 and the six-month period ended June 30, 2022. 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 fees and repairs and maintenance costs. Upon closing, each series becomes responsible for its own operating expenses.

The material impact in operating expenses for the six-month period ended June 30, 2023 compared to the six-month period ended June 30, 2022 was generally due to the period in which the Series begins its depreciation, repair and maintenance expenses, vacancy expenses, turnover expenses, bad debt expense, and other expenses associated to the operations of the Series.

6

During the six-month period ended June 30, 2023 and the six-month period ended June 30, 2022, 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 by series as of June 30, 2023 and June 30, 2022:

Operating Expenses

	June 30, 2023						June 30, 2022
Series Name	Operating Expenses		Depreciation		Total Expenses		Operating Expenses		Depreciation		Total Expenses
100	$	13,968	$	2,815	$	16,783	$	5,936	$	1,407	$	7,343
101		9,068		8,719		17,787		1,805		-		1,805
Abbington		10,336		6,578		16,913		1,644		-		1,644
Amber		11,842		4,208		16,049		5,848		4,208		10,056
Apollo		5,396		2,691		8,087		1,182		-		1,182
Aster		13,514		3,510		17,024		-		-		-
Augusta		1,262		-		1,262		-		-		-
Avebury		8,093		3,995		12,088		4,641		1,998		6,639
Avondale		3,975		-		3,975		-		-		-
Badminton		9,307		3,505		12,812		3,545		3,505		7,050
Bandelier		4,231		4,170		8,401		7,148		4,170		11,318
Baron		9,378		8,229		17,606		1,364		-		1,364
Basil		4,280		2,784		7,065		2,628		2,777		5,405
Bayside		11,727		3,525		15,252		4,149		3,525		7,674
Bazzel		4,725		3,763		8,489		770		568		1,338
Bedford		4,911		3,847		8,758		6,952		1,924		8,876
Bella		985		-		985		-		-		-
Belle		16,947		6,042		22,989		-		-		-
Belvedere		8,641		-		8,641		-		-		-
Bergenia		159		-		159		-		-		-
Blossom		5,974		3,495		9,469		-		-		-
Bonneau		10,816		5,137		15,953		-		-		-
Brainerd		9,596		3,998		13,594		-		-		-
Braxton		9,710		4,458		14,169		-		-		-
Brennan		6,370		3,115		9,484		-		-		-
Brooklyn		10,675		2,802		13,477		-		-		-
Burlington		10,577		8,916		19,493		1,415		-		1,415
Butter		10,635		5,190		15,824		10,884		5,190		16,074
Camino		4,463		3,644		8,107		-		-		-
Campbell		8,442		1,422		9,863		-		-		-
Cawley		3,881		-		3,881		-		-		-
Centennial		4,872		3,917		8,789		6,083		3,918		10,001
Chaparral		2,496		2,700		5,195		2,731		2,700		5,431
Chelsea		3,322		4,234		7,555		3,389		2,117		5,506
Chester		8,233		5,944		14,177		-		-		-
Chickamauga		12,082		5,129		17,211		-		-		-
Chinook		1,102		-		1,102		-		-		-
Chitwood		7,876		5,255		13,131		-		-		-
Clover		7,419		4,397		11,816		1,070		-		1,070
Coatbridge		11,478		3,730		15,208		4,361		3,730		8,091
Collier		9,764		4,879		14,642		770		-		770
Collinston		13,883		2,906		16,788		11,561		2,906		14,467
Conway		11,928		9,454		21,382		-		-		-
Cove		5,187		963		6,150		-		-		-
Creekside		6,707		4,260		10,967		-		-		-
Creekwood		6,734		3,975		10,709		-		-		-
Cumberland		5,024		4,059		9,083		-		-		-
Cupcake		4,436		3,275		7,711		3,086		3,275		6,361

7

	June 30, 2023						June 30, 2022
Series Name	Operating Expenses		Depreciation		Total Expenses		Operating Expenses		Depreciation		Total Expenses
Cypress		11,047		5,011		16,058		-		-		-
Daisy		6,681		4,138		10,819		-		-		-
Davidson		5,178		2,909		8,088		7,354		2,909		10,263
Dawson		7,807		3,617		11,425		3,168		3,114		6,282
Delta		18,059		4,749		22,808		16,289		3,099		19,388
Dewberry		5,729		2,613		8,342		5,746		2,613		8,359
Diablo		8,065		2,380		10,445		6,959		3,571		10,530
Dogwood		6,808		3,320		10,128		820		-		820
Dolittle		10,111		4,221		14,333		7,789		4,221		12,010
Dolly		12,923		9,477		22,400		-		-		-
Dops		7,951		2,341		10,292		-		-		-
Dorchester		13,435		4,727		18,162		770		788		1,558
Dunbar		11,546		4,430		15,976		1,470		-		1,470
Eagle		4,801		3,707		8,508		-		-		-
Eastfair		4,919		2,956		7,875		3,264		2,956		6,220
Elevation		8,383		3,657		12,039		5,090		3,657		8,747
Ella		14,179		2,391		16,570		-		-		-
Ellen		557		-		557		-		-		-
Elm		6,586		2,300		8,886		2,490		2,300		4,790
Emporia		8,444		4,918		13,363		7,734		3,188		10,922
Ensenada		9,581		6,666		16,247		8,609		6,666		15,275
Falcon		5,497		3,723		9,220		-		-		-
Felix		841		-		841		-		-		-
Fenwick		3,003		-		3,003		-		-		-
Folly		19,375		5,126		24,502		1,550		713		2,263
Forest		8,735		4,823		13,558		4,438		4,823		9,261
Foster		1,275		-		1,275		-		-		-
Franklin		1,371		-		1,371		-		-		-
Gardens		3,141		3,031		6,173		2,937		1,010		3,947
General		780		-		780		-		-		-
Goose		4,434		3,455		7,888		-		-		-
Grant		7,504		4,451		11,955		11,521		4,451		15,972
Greenhill		8,947		4,444		13,391		7,813		3,006		10,819
Gretal		9,654		6,213		15,867		-		-		-
Grove		3,498		4,401		7,899		1,840		1,034		2,874
Hadden		3,038		2,981		6,019		6,319		2,036		8,355
Hansard		11,646		3,475		15,121		-		-		-
Hansel		10,945		5,564		16,509		-		-		-
Harrison		8,034		6,278		14,313		-		-		-
Henry		8,494		5,912		14,406		-		-		-
Heritage		5,913		4,506		10,419		3,561		667		4,228
Heron		5,172		4,474		9,646		1,632		657		2,289
Highland		6,280		3,942		10,222		-		-		-
Hines		6,430		3,510		9,940		1,724		-		1,724
Holcomb		5,948		4,880		10,828		2,171		-		2,171
Holland		5,958		2,909		8,867		12,004		2,909		14,913
Hollandaise		8,065		5,028		13,093		4,529		2,514		7,043
Holloway		8,500		4,672		13,171		4,657		4,672		9,329
Inglewood		10,176		9,377		19,554		-		-		-

8

	June 30, 2023						June 30, 2022
Series Name	Operating Expenses		Depreciation		Total Expenses		Operating Expenses		Depreciation		Total Expenses
Jack		12,263		6,377		18,640		8,651		1,900		10,551
Jake		10,286		8,093		18,379		1,899		-		1,899
Jefferson		8,973		3,148		12,121		-		-		-
Jill		7,424		5,461		12,885		-		-		-
Johnny		9,344		8,049		17,393		1,617		1,341		2,958
June		9,335		8,049		17,384		1,670		1,341		3,011
Jupiter		6,562		2,906		9,468		11,124		2,906		14,030
Kawana		3,877		3,786		7,663		2,857		1,893		4,750
Kennesaw		6,967		5,836		12,804		1,173		973		2,146
Kenny		11,693		9,477		21,170		-		-		-
KerriAnn		7,444		4,686		12,130		7,547		4,686		12,233
Kessler		6,300		4,111		10,411		-		-		-
Kingsley		9,812		4,290		14,103		4,587		4,290		8,877
Kirkwood		5,161		3,592		8,753		3,423		599		4,022
Korin		10,059		3,823		13,882		-		-		-
Lallie		18,563		5,115		23,678		3,724		5,115		8,839
Lanier		6,121		5,194		11,314		6,452		866		7,318
Lannister		4,907		3,027		7,933		7,209		610		7,819
Latte		6,937		5,011		11,948		1,534		-		1,534
Lennox		7,514		2,978		10,491		2,991		2,978		5,969
Lierly		2,804		2,932		5,736		4,121		2,932		7,053
Lily		7,247		7,493		14,739		8,107		6,920		15,027
Limestone		7,164		4,023		11,187		8,204		4,023		12,227
Litton		8,945		4,413		13,358		-		-		-
Longwoods		1,546		-		1,546		-		-		-
Lookout		8,768		4,741		13,509		1,193		-		1,193
Loretta		13,778		9,445		23,224		-		-		-
Louis		2,018		-		2,018		-		-		-
Louise		4,334		3,789		8,123		3,597		1,263		4,860
Lovejoy		7,624		4,096		11,720		5,974		2,005		7,979
Luna		5,790		2,956		8,746		3,601		2,956		6,557
Lurleen		6,271		4,240		10,511		-		-		-
Madison		8,565		2,828		11,392		1,643		-		1,643
Mae		6,474		4,864		11,338		-		-		-
Magnolia		3,676		4,154		7,830		2,636		575		3,211
Malbec		7,496		4,388		11,884		4,080		4,388		8,468
Mammoth		7,873		4,686		12,559		4,689		1,562		6,251
Marcelo		8,382		3,911		12,293		-		-		-
Marie		10,871		3,664		14,535		-		-		-
Marietta		4,787		4,131		8,918		-		-		-
Marion		1,749		-		1,749		-		-		-
Marple		3,957		-		3,957		-		-		-
Martell		9,195		-		9,195		-		-		-
Mary		4,619		-		4,619		-		-		-
Matchingham		8,118		2,913		11,031		4,441		2,913		7,354
McGregor		6,536		4,132		10,668		4,071		689		4,760
McLovin		14,227		6,219		20,446		10,828		6,219		17,047
Meadow		7,810		4,410		12,220		6,950		4,410		11,360
Mimosa		4,574		2,956		7,530		-		-		-
Mojave		4,377		3,525		7,902		3,151		3,525		6,676
Murphy		9,510		4,085		13,595		7,658		4,085		11,743
Mycroft		3,886		-		3,886		-		-		-

9

	June 30, 2023						June 30, 2022
Series Name	Operating Expenses		Depreciation		Total Expenses		Operating Expenses		Depreciation		Total Expenses
Nugget		3,715		7,694		11,409		1,484		-		1,484
Odessa		14,214		7,332		21,546		8,127		7,332		15,459
Olive		11,243		3,689		14,932		3,715		3,184		6,899
Oly		8,610		6,265		14,875		7,763		6,267		14,030
Onyx		1,410		-		1,410		-		-		-
Oscar		725		-		725		-		-		-
Osceola		7,603		-		7,603		-		-		-
Osprey		9,766		5,490		15,256		2,242		-		2,242
Otoro		20,514		5,243		25,757		11,009		1,953		12,962
Palmer		1,327		-		1,327		-		-		-
Patrick		1,041		3,096		4,138		4,836		2,886		7,722
Peanut		4,249		2,964		7,213		2,840		988		3,828
Pearl		10,487		7,498		17,985		1,333		-		1,333
Pecan		1,238		2,863		4,100		3,870		2,863		6,733
Piedmont		9,568		5,255		14,823		-		-		-
Pinot		6,849		4,429		11,279		4,034		4,429		8,463
Pioneer		7,544		7,845		15,389		1,816		1,307		3,123
Plumtree		1,679		2,768		4,447		3,969		2,768		6,737
Point		9,100		5,250		14,350		4,242		875		5,117
Porthos		1,902		-		1,902		-		-		-
Quincy		11,228		7,515		18,742		-		-		-
Redondo		17,221		4,309		21,530		-		-		-
Regency		7,561		3,161		10,722		-		-		-
Reginald		6,915		6,826		13,741		-		-		-
Reynolds		4,846		5,905		10,751		1,427		-		1,427
Ribbonwalk		6,511		4,395		10,906		8,704		4,395		13,099
Richardson		5,910		4,325		10,235		-		-		-
Ridge		8,181		2,992		11,173		3,469		2,992		6,461
Ritter		18,988		6,932		25,920		1,608		-		1,608
River		6,124		3,662		9,785		4,063		3,662		7,725
Riverwalk		8,077		5,427		13,505		1,009		905		1,914
Rooney		8,245		4,422		12,667		8,916		4,422		13,338
Roseberry		1,083		4,513		5,596		4,486		4,513		8,999
Rosewood		5,678		3,719		9,397		6,329		620		6,949
Roxy		8,158		4,479		12,637		2,243		747		2,990
Saddlebred		10,004		7,639		17,643		29,158		7,642		36,800
Saint		5,622		3,771		9,393		5,436		2,536		7,972
Sajni		17,868		3,457		21,324		-		-		-
Salem		6,574		4,387		10,961		4,331		4,387		8,718
Salinas		21,840		2,093		23,933		-		-		-
Saturn		6,465		2,984		9,449		4,763		3,200		7,963
Scepter		10,816		3,238		14,053		6,359		3,238		9,597
Sequoyah		13,386		3,401		16,786		-		-		-
Shallowford		12,991		4,970		17,961		-		-		-
Shoreline		8,916		4,260		13,176		4,958		4,260		9,218
Sigma		8,899		5,327		14,226		10,220		5,327		15,547
Simon		4,607		-		4,607		-		-		-
Sims		4,861		-		4,861		-		-		-

10

	June 30, 2023						June 30, 2022
Series Name	Operating Expenses		Depreciation		Total Expenses		Operating Expenses		Depreciation		Total Expenses
Soapstone		1,699		3,000		4,699		3,831		3,000		6,831
Sodalis		6,428		3,980		10,408		-		-		-
Spencer		7,557		4,157		11,714		4,819		4,157		8,976
Splash		3,007		2,978		5,984		2,760		2,978		5,738
Spring		5,200		3,401		8,602		-		-		-
Stonebriar		7,723		2,787		10,510		1,455		465		1,920
Sugar		6,673		4,279		10,952		5,163		4,279		9,442
Summerset		5,155		3,505		8,660		3,240		3,505		6,745
Sundance		11,552		5,104		16,657		-		-		-
Sunnyside		7,006		2,533		9,539		-		-		-
Swift		5,452		5,287		10,739		3,706		787		4,493
Taylor		3,446		3,680		7,126		-		-		-
Terracotta		9,481		3,787		13,268		5,342		1,262		6,604
Theodore		1,828		-		1,828		-		-		-
Tulip		6,118		4,363		10,481		2,309		1,454		3,763
Tuscan		2,365		4,439		6,804		5,321		4,439		9,760
Tuscarora		13,078		3,826		16,904		-		-		-
Tuxford		9,848		3,601		13,449		11,028		1,801		12,829
Vernon		7,776		6,031		13,807		7,413		3,619		11,032
Walton		16,348		4,123		20,471		1,117		-		1,117
Wave		7,763		4,569		12,332		5,070		2,307		7,377
Weldon		5,502		2,906		8,407		8,279		2,906		11,185
Wellington		8,811		6,139		14,950		-		-		-
Wentworth		4,787		3,417		8,204		3,156		3,417		6,573
Wescott		7,658		3,765		11,423		982		-		982
Westchester		12,854		4,687		17,541		5,344		4,687		10,031
Wildwood		5,480		3,031		8,512		1,651		505		2,156
Willow		6,596		4,025		10,620		-		-		-
Wilson		7,999		5,861		13,860		-		-		-
Windsor		3,859		4,809		8,668		4,983		4,809		9,792
Winston		6,034		4,519		10,553		-		-		-
Wisteria		3,630		4,076		7,706		3,907		1,359		5,266
Total Operating Expenses	$	1,723,452	$	901,791	$	2,625,243	$	648,247	$	332,889	$	981,136

11

Other Income (Expenses)

Other Income (Expenses) for the six months ended June 30, 2023, consisted of a total interest expense of $659,153, an increase of $281,850 compared to a total interest expense of $ $377,303 for the six months ended June 30, 2022. The increase in interest expense is due to an increase in outstanding mortgage loans. Additionally, Series Campbell, which has not been offered was divested on February 28, 2023 and incurred a loss of sale of $31,381.

On a consolidated basis, Other Income (Expenses) are generated at the series level and are derived from the other income, interest expense, and other expenses on the series property. All other income (expenses) generated during the six-month period ended June 30, 2023 and the six-month period ended June 30, 2022 are listed in the table below:

Other Income (Expenses)

Applicable Series	June 30, 2023			June 30, 2022
100	$	-		$	-
101					-
Abbington		-			-
Amber		(3,929	)		(4,174	)
Apollo		(5,817	)		(1,046	)
Aster		(4,223	)		-
Augusta		-			-
Avebury		(3,971	)		(2,800	)
Avondale		-			-
Badminton		(4,070	)		(4,070	)
Bandelier		(4,789	)		(4,789	)
Baron		10			-
Basil		(2,228	)		(3,078	)
Bayside		(3,873	)		(3,873	)
Bazzel		-			-
Bedford		(3,835	)		(2,577	)
Bella		-			-
Belle		-			-
Belvedere		-			-
Bergenia		-			-
Blossom		-			-
Bonneau		-			-
Brainerd		(4,737	)		-
Braxton		(493	)		-
Brennan		(4,495	)		-
Brooklyn		(2,694	)		-
Burlington		43			-
Butter		(5,130	)		(5,130	)
Camino		-			-
Campbell		(31,381	)		-
Cawley		-			-
Centennial		(4,438	)		(4,438	)
Chaparral		(2,154	)		(2,235	)
Chelsea		(4,215	)		(2,972	)
Chester		(6,161	)		-
Chickamauga		8			-
Chinook		-			-
Chitwood		-			-
Clover		-			-
Coatbridge		(4,778	)		(4,100	)
Collier		-			-
Collinston		(2,674	)		(2,674	)
Conway		(493	)		-
Cove		2			-
Creekside		-			-

12

Applicable Series	June 30, 2023			June 30, 2022
Creekwood		(4,795	)		-
Cumberland		-			-
Cupcake		(2,814	)		(2,814	)
Cypress		(6,045	)		-
Daisy		-			-
Davidson		(2,879	)		(2,879	)
Dawson		(3,419	)		(3,419	)
Delta		(4,435	)		(3,891	)
Dewberry		(2,836	)		(2,836	)
Diablo		(4,067	)		(4,067	)
Dogwood		-			-
Dolittle		(4,060	)		(4,060	)
Dolly		-			-
Dops		-			-
Dorchester		-			-
Dunbar		15			-
Eagle		(4,529	)		-
Eastfair		(3,506	)		(3,506	)
Elevation		(4,240	)		(4,017	)
Ella		(4,024	)		-
Ellen		-			-
Elm		(1,887	)		(2,506	)
Emporia		(4,790	)		(4,124	)
Ensenada		(7,656	)		(7,656	)
Falcon		(4,529	)		-
Felix		-			-
Fenwick		-			-
Folly		-			-
Forest		(5,302	)		(5,302	)
Foster		-			-
Franklin		-			-
Gardens		(3,271	)		(1,816	)
General		-			-
Goose		(4,220	)		-
Grant		(5,063	)		(5,062	)
Greenhill		(4,454	)		(4,227	)
Gretal		25			-
Grove		(3,773	)		(1,970	)
Hadden		(2,811	)		(2,358	)
Hansard		-			-
Hansel		(6,771	)		-
Harrison		(7,619	)		-
Henry		-			-
Heritage		(4,859	)		(2,129	)
Heron		(7,195	)		(1,868	)
Highland		-			-
Hines		15			-
Holcomb		-			-
Holland		(2,879	)		(2,879	)
Hollandaise		(4,303	)		(3,584	)
Holloway		(5,160	)		(5,160	)
Inglewood		(458	)		-

13

Applicable Series	June 30, 2023			June 30, 2022
Jack		(6,384	)		(3,579	)
Jake		-			-
Jefferson		-			-
Jill		(6,644	)		-
Johnny		(15,288	)		(2,367	)
June		(15,288	)		(2,367	)
Jupiter		(3,262	)		(3,262	)
Kawana		(3,766	)		(2,884	)
Kennesaw		-			-
Kenny		-			-
KerriAnn		(4,655	)		(4,655	)
Kessler		(6,385	)		-
Kingsley		(5,020	)		(5,020	)
Kirkwood		(4,358	)		(1,693	)
Korin		-			-
Lallie		(5,614	)		(5,614	)
Lanier		(6,313	)		(2,940	)
Lannister		(3,588	)		(873	)
Latte		-			-
Lennox		(3,267	)		(3,267	)
Lierly		(2,645	)		(2,806	)
Lily		(6,087	)		(6,087	)
Limestone		(4,533	)		(3,690	)
Litton		(5,145	)		-
Longwoods		-			-
Lookout		-			-
Loretta		15			-
Louis		-			-
Louise		(4,017	)		(2,340	)
Lovejoy		(2,854	)		(3,786	)
Luna		(3,506	)		(3,506	)
Lurleen		(4,159	)		-
Madison		(4,038	)		(812	)
Mae		-			-
Magnolia		(4,993	)		(1,801	)
Malbec		(4,891	)		(4,891	)
Mammoth		(5,695	)		(2,910	)
Marcelo		-			-
Marie		-			-
Marietta		(5,039	)		-
Marion		-			-
Marple		-			-
Martell		-			-
Mary		-			-
Matchingham		(2,867	)		(2,867	)
McGregor		-			-
McLovin		(7,174	)		(7,179	)
Meadow		(4,203	)		(4,203	)
Mimosa		(3,954	)		-
Mojave		(3,731	)		(3,013	)
Murphy		(4,054	)		(4,054	)
Mycroft		-			-
Nugget		10			-

14

Applicable Series	June 30, 2023			June 30, 2022
Odessa		(7,315	)		(7,315	)
Olive		(2,950	)		(2,950	)
Oly		(7,147	)		(7,192	)
Onyx		-			-
Oscar		-			-
Osceola		-			-
Osprey		-			-
Otoro		(5,363	)		(3,007	)
Palmer		-			-
Patrick		(2,139	)		(2,271	)
Peanut		(4,911	)		(1,434	)
Pearl		10			-
Pecan		(2,228	)		(2,366	)
Piedmont		(6,377	)		-
Pinot		(4,945	)		(4,945	)
Pioneer		-			-
Plumtree		(2,243	)		(2,379	)
Point		(6,405	)		(3,054	)
Porthos		-			-
Quincy		(4,225	)		-
Redondo		(5,742	)		-
Regency		(5,150	)		-
Reginald		(493	)		-
Reynolds		-			-
Ribbonwalk		(4,380	)		(4,380	)
Richardson		-			-
Ridge		(3,680	)		(3,283	)
Ritter		-			-
River		(4,017	)		(4,017	)
Riverwalk		-			-
Rooney		(5,591	)		(5,063	)
Roseberry		(4,924	)		(4,924	)
Rosewood		(4,525	)		(1,907	)
Roxy		(5,252	)		(2,457	)
Saddlebred		(6,496	)		(6,496	)
Saint		(4,146	)		(3,912	)
Sajni		-			-
Salem		(4,983	)		(4,983	)
Salinas		-			-
Saturn		(3,262	)		(3,262	)
Scepter		(3,698	)		(3,698	)
Sequoyah		(4,030	)		-
Shallowford		(5,988	)		-
Shoreline		(4,948	)		(4,948	)
Sigma		(5,268	)		(4,440	)
Simon		-			-
Sims		-			-

15

Applicable Series	June 30, 2023			June 30, 2022
Soapstone		(2,561	)		(2,746	)
Sodalis		-			-
Spencer		(4,554	)		(4,554	)
Splash		(2,366	)		(2,543	)
Spring		-			-
Stonebriar		(3,221	)		(1,357	)
Sugar		(5,354	)		(4,706	)
Summerset		(3,873	)		(3,873	)
Sundance		(5,742	)		-
Sunnyside		-			-
Swift		-			-
Taylor		(3,095	)		-
Terracotta		(4,353	)		(3,501	)
Theodore		-			-
Tulip		(5,310	)		(2,948	)
Tuscan		(3,503	)		(3,765	)
Tuscarora		-			-
Tuxford		(3,493	)		(2,713	)
Vernon		(3,558	)		(3,558	)
Walton		(10,173	)		(508	)
Wave		(4,380	)		(3,354	)
Weldon		(2,674	)		(2,674	)
Wellington		-			-
Wentworth		(3,129	)		(3,129	)
Wescott		(4,125	)		(464	)
Westchester		(5,055	)		(4,645	)
Wildwood		(3,044	)		(1,126	)
Willow		-			-
Wilson		-			-
Windsor		(5,311	)		(5,311	)
Winston		-			-
Wisteria		(4,966	)		(2,593	)
Total other income (expenses)	$	(659,153	)	$	(377,303	)

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.

16

Cash and Cash Equivalent Balances

Cash is held at the series level. Any material differences in cash balances are results from cash received from net proceeds from operations, financing received from the issuance of membership units from each Series, and receipts and /or repayments of amounts due to related party.

The following table summarizes the cash and cash equivalents by series as of June 30, 2023, and June 30, 2022:

Cash & Cash Equivalents

Series Name	June 30, 2023		June 30, 2022
100	$	26,693	$	32,007
101		12,708		22,183
Abbington		7,354		28,877
Amber		5,007		8,024
Apollo		808		2,731
Aster		1,708		-
Augusta		-		-
Avebury		2,628		1,914
Avondale		25,496		-
Badminton		10,875		16,256
Bandelier		13,904		11,799
Baron		20,361		31,278
Basil		7,951		12,453
Bayside		10,147		20,107
Bazzel		14,795		-
Bedford		17,309		14,514
Bella		-		-
Belle		2,530		-
Belvedere		24,045		-
Bergenia		-		-
Blossom		24,967		-
Bonneau		5,016		-
Brainerd		7,819		-
Braxton		13,396		-
Brennan		14,230		-
Brooklyn		5,411		-
Burlington		4,397		31,211
Butter		6,000		12,151
Camino		17,466		-
Campbell		-		-
Cawley		-		-
Centennial		11,429		12,780
Chaparral		16,968		18,287
Chelsea		4,062		661
Chester		4,231		-
Chickamauga		20,668		-
Chinook		-		-
Chitwood		10,157		-
Clover		19,229		-
Coatbridge		5,521		18,400
Collier		9,444		-
Collinston		756		5,907
Conway		11,638		-
Cove		15,120		-
Creekside		18,709		-
Creekwood		1,100		-
Cumberland		19,960		-
Cupcake		10,862		12,852

17

Series Name	June 30, 2023		June 30, 2022
Cypress		1,386		-
Daisy		16,872		-
Davidson		5,026		6,822
Dawson		617		15,620
Delta		329		13,176
Dewberry		2,978		5,208
Diablo		756		-
Dogwood		15,041		-
Dolittle		6,330		15,855
Dolly		7,860		-
Dops		13,501		-
Dorchester		7,606		-
Dunbar		365		38,125
Eagle		5,781		-
Eastfair		13,456		15,809
Elevation		1,974		15,284
Ella		12,355		-
Ellen		-		-
Elm		3,735		13,777
Emporia		1,479		6,754
Ensenada		20,290		24,992
Falcon		8,994		-
Felix		-		-
Fenwick		-		-
Folly		10,150		-
Forest		333		18,993
Foster		-		-
Franklin		-		-
Gardens		6,315		10,139
General		-		-
Goose		11,055		-
Grant		10,542		18,692
Greenhill		8,502		13,872
Gretal		19,662		-
Grove		1,394		14,836
Hadden		9,814		11,613
Hansard		17,297		-
Hansel		14,596		-
Harrison		4,033		-
Henry		10,141		-
Heritage		3,953		7,183
Heron		813		1,362
Highland		3,442		-
Hines		10,999		13,276
Holcomb		12,491		21,655
Holland		2,399		6,862
Hollandaise		3,850		11,478
Holloway		9,342		17,797
Inglewood		3,215		-

18

Series Name	June 30, 2023		June 30, 2022
Jack		5,552		6,635
Jake		19,700		16,866
Jefferson		13,357		-
Jill		4,399		-
Johnny		24,853		601,306
June		11,519		659,380
Jupiter		5,976		5,589
Kawana		775		353
Kennesaw		10,151		17,925
Kenny		13,986		-
KerriAnn		12,084		14,773
Kessler		2,932		-
Kingsley		9,380		17,099
Kirkwood		2,050		486
Korin		18,288		-
Lallie		2,013		18,893
Lanier		13,178		23,739
Lannister		839		9,300
Latte		17,506		15,944
Lennox		11,801		20,603
Lierly		18,985		21,719
Lily		37,478		41,973
Limestone		10,059		13,527
Litton		8,852		-
Longwoods		-		-
Lookout		5,073		40,026
Loretta		11,582		-
Louis		-		-
Louise		9,318		23,928
Lovejoy		3,100		7,120
Luna		11,216		13,626
Lurleen		7,369		-
Madison		5,709		17,056
Mae		25,752		-
Magnolia		301		3,052
Malbec		14,839		19,612
Mammoth		8,233		18,462
Marcelo		15,067		-
Marie		16,827		-
Marietta		5		-
Marion		-		-
Marple		17,312		-
Martell		22,498		-
Mary		-		-
Matchingham		13,673		19,209
McGregor		7,246		20,313
McLovin		8,118		17,446
Meadow		3,774		8,692
Mimosa		4,549		-
Mojave		7,116		11,492
Murphy		15,304		17,386
Mycroft		17,402		-

19

Series Name	June 30, 2023		June 30, 2022
Nugget		11,154		25,483
Odessa		3,699		15,453
Olive		3,937		16,678
Oly		14,856		25,966
Onyx		7		-
Oscar		-		-
Osceola		-		-
Osprey		14,934		17,340
Otoro		1,752		8,846
Palmer		-		-
Patrick		6,064		15,021
Peanut		3,865		3,511
Pearl		22,990		29,135
Pecan		16,212		21,620
Piedmont		3,072		-
Pinot		16,081		20,207
Pioneer		16,858		27,814
Plumtree		23,069		24,714
Point		12,530		19,793
Porthos		-		-
Quincy		23,128		-
Redondo		3,004		-
Regency		10,552		-
Reginald		8,148		-
Reynolds		9,220		19,148
Ribbonwalk		5,220		12,892
Richardson		17,738		-
Ridge		9,501		17,483
Ritter		7,308		26,056
River		14,261		19,384
Riverwalk		12,390		-
Rooney		3,228		6,670
Roseberry		5,894		9,857
Rosewood		237		2,925
Roxy		2,814		14,073
Saddlebred		18,105		7,908
Saint		21,570		20,414
Sajni		3,092		-
Salem		10,638		18,815
Salinas		8,523		-
Saturn		5,365		5,669
Scepter		3,460		10,559
Sequoyah		2,086		-
Shallowford		3,422		-
Shoreline		6,640		14,401
Sigma		10,998		40,291
Simon		-		-
Sims		13,243		-
Soapstone		16,354		19,067
Sodalis		4,595		-

20

Series Name	June 30, 2023		June 30, 2022
Spencer		7,580		15,535
Splash		12,509		18,044
Spring		11,512		-
Stonebriar		855		1,839
Sugar		11,694		19,495
Summerset		5,152		12,019
Sundance		7,151		-
Sunnyside		18,290		-
Swift		7,291		17,971
Taylor		2,444		-
Terracotta		8,687		13,827
Theodore		-		-
Tulip		1,104		5,102
Tuscan		10,405		21,321
Tuscarora		22,101		-
Tuxford		3,577		428
Vernon		3,630		9,490
Walton		1,763		-
Wave		1,504		13,383
Weldon		8,964		7,866
Wellington		13,430		-
Wentworth		8,775		11,941
Wescott		4,768		7,505
Westchester		12,663		21,298
Wildwood		6,319		15,998
Willow		4,530		-
Wilson		19,230		-
Windsor		15,982		21,850
Winston		18,351		-
Wisteria		16,388		12,996
Total Cash & Cash Equivalents	$	2,029,499	$	3,182,203

21

Plan of Operations

We intend to hold and manage the series properties for five to seven years during which time we will operate the series properties as single-family 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, local regulatory changes, environmental and other factors that may reduce the desirability of single-family rentals in a particular market, and how operating history 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.

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 will not exceed the maximum amount allowed under Regulation A. It is anticipated that the proceeds from any offerings closed during the next twelve months will be used to acquire additional properties.

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.

ITEM 2. OTHER INFORMATION

We have no information to disclose that was required to be in a report on Form 1-U during the semiannual period ended June 30, 2023, but was not reported. 

22

ITEM 3. FINANCIAL STATEMENTS

ARRIVED HOMES, LLC AND ITS SERIES

UNAUDITED CONSOLIDATED AND CONSOLIDATING FINANCIAL STATEMENTS

AS OF AND FOR THE SIX MONTH ENDED JUNE 30, 2023 AND 2022

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET AS OF JUNE 30, 2023 (UNAUDITED)	F-2
CONSOLIDATED AND CONSOLIDATING BALANCE SHEET AS DECEMBER 31, 2022 (AUDITED)	F-35
CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) FOR THE SIX MONTHS ENDED JUNE 30, 2023 (UNAUDITED)	F-64
CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)	F-97
CONSOLIDATED AND CONSOLIDATING STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT) FOR THE SIX MONTHS ENDED JUNE 30, 2023 (UNAUDITED)	F-111
CONSOLIDATED AND CONSOLIDATING STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT) FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)	F-144
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2023 (UNAUDITED)	F-158
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)	F-191
NOTES TO CONSOLIDATED AND CONSOLIDATING FINANCIAL STATEMENTS	F-205

F-1

ARRIVED HOMES, LLC AND ITS SERIES

UNAUDITED CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF JUNE 30, 2023

		100			101			Abbington			Amber			Apollo			Aster			Augusta
ASSETS
Current assets:
Cash	$	26,693		$	12,708		$	7,354		$	5,007		$	808		$	1,708		$	-
Accounts receivable		-			30,460			-			-			-			-			-
Prepaid expenses		1,469			1,513			1,400			1,228			219			870			-
Due from related party		-			-			-			-			2,046			-			-
Due from third party property manager		9,158			-			-			6,458			4,914			3,508			-
Total current assets		37,319			44,681			8,754			12,693			7,987			6,086			-
Property and equipment, net		600,998			621,942			475,904			292,956			191,988			250,989			298,848
Deposits		-			-			-			-			-			-			-
Total assets	$	638,317		$	666,623		$	484,658		$	305,649		$	199,976		$	257,075		$	298,848
LIABILITIES AND MEMBERS’ EQUITY
Current liabilities:
Accrued expenses	$	14,224		$	7,856		$	7,789		$	5,351		$	2,197		$	3,779		$	936
Due to related party		10,823			43,228			6,198			5,635			-			2,658			298,848
Due to third party property manager		-			285			4,547			-			-			-			296
Total current liabilities		25,047			51,368			18,534			10,986			2,197			6,438			300,080
Tenant deposits		3,745			-			2,845			2,843			1,744			2,245			-
Mortgage payable, net		-			-			-			198,705			133,146			124,200			-
Total liabilities		28,792			51,368			21,379			212,534			137,087			132,883			300,080
Members’ equity (deficit):
Members’ capital		611,857			659,013			489,293			117,247			74,894			153,919			30
Retained earnings (accumulated deficit)		(2,331	)		(43,759	)		(26,014	)		(24,132	)		(12,006	)		(29,727	)		(1,262	)
Total members’ equity (deficit)		609,526			615,254			463,279			93,115			62,889			124,192			(1,232	)
Total liabilities and members’ equity (deficit)	$	638,317		$	666,623		$	484,658		$	305,649		$	199,976		$	257,075		$	298,848

F-2

ARRIVED HOMES, LLC AND ITS SERIES

UNAUDITED CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF JUNE 30, 2023

	Avebury			Avondale			Badminton			Bandelier			Baron			Basil			Bayside
ASSETS
Current assets:
Cash	$	2,628		$	25,496		$	10,875		$	13,904		$	20,361		$	7,951		$	10,147
Accounts receivable		-			-			-			-			-			-			-
Prepaid expenses		1,258			851			602			1,779			1,656			943			3,082
Due from related party		-			799			-			-			-			-			-
Due from third party property manager		7,177			-			3,734			6,107			6,090			1,401			6,504
Total current assets		11,064			27,146			15,212			21,790			28,107			10,294			19,732
Property and equipment, net		282,990			331,707			242,505			337,923			566,714			192,626			244,101
Deposits		-			-			-			-			-			-			-
Total assets	$	294,054		$	358,853		$	257,717		$	359,713		$	594,821		$	202,920		$	263,833
LIABILITIES AND MEMBERS’ EQUITY
Current liabilities:
Accrued expenses	$	3,972		$	3,343		$	3,379		$	3,139		$	7,920		$	2,775		$	4,818
Due to related party		2,532			-			3,767			4,137			19,036			3,313			3,448
Due to third party property manager		-			20			-			-			-			-			-
Total current liabilities		6,504			3,363			7,146			7,276			26,956			6,088			8,266
Tenant deposits		1,795			-			2,993			2,195			4,395			1,495			2,619
Mortgage payable, net		200,828			-			171,881			242,487			-			129,702			163,503
Total liabilities		209,128			3,363			182,019			251,957			31,351			137,285			174,388
Members’ equity (deficit):
Members’ capital		101,357			359,466			85,171			124,098			575,405			70,939			95,602
Retained earnings (accumulated deficit)		(16,431	)		(3,975	)		(9,474	)		(16,343	)		(11,935	)		(5,304	)		(6,157	)
Total members’ equity (deficit)		84,926			355,490			75,697			107,755			563,470			65,634			89,445
Total liabilities and members’ equity (deficit)	$	294,054		$	358,853		$	257,717		$	359,713		$	594,821		$	202,920		$	263,833

F-3

ARRIVED HOMES, LLC AND ITS SERIES

UNAUDITED CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF JUNE 30, 2023

	Bazzel			Bedford			Bella			Belle			Belvedere			Bergenia			Blossom
ASSETS
Current assets:
Cash	$	14,795		$	17,309		$	-		$	2,530		$	24,045		$	-		$	24,967
Accounts receivable		-			-			-			-			-			-			-
Prepaid expenses		1,035			1,299			-			1,885			779			721			953
Due from related party		-			-			-			-			126			-			-
Due from third party property manager		3,857			9,255			-			8,786			-			-			3,817
Total current assets		19,687			27,863			-			13,201			24,950			721			29,737
Property and equipment, net		262,450			273,160			308,439			432,007			297,105			-			250,482
Deposits		-			-			-			-			-			-			-
Total assets	$	282,137		$	301,023		$	308,439		$	445,207		$	322,055		$	721		$	280,219
LIABILITIES AND MEMBERS’ EQUITY
Current liabilities:
Accrued expenses	$	5,478		$	3,593		$	761		$	8,479		$	3,158		$	879		$	9,079
Due to related party		22,188			2,610			308,663			3,846			-			-			1,989
Due to third party property manager		-			-			-			-			1,757			-			-
Total current liabilities		27,666			6,202			309,424			12,325			4,914			879			11,068
Tenant deposits		1,795			4,590			-			2,495			2,295			-			1,845
Mortgage payable, net		-			194,520			-			-			-			-			-
Total liabilities		29,461			205,312			309,424			14,820			7,209			879			12,913
Members’ equity (deficit):
Members’ capital		259,921			97,798			-			454,289			322,875			-			273,058
Retained earnings (accumulated deficit)		(7,245	)		(2,087	)		(985	)		(23,902	)		(8,029	)		(159	)		(5,752	)
Total members’ equity (deficit)		252,677			95,711			(985	)		430,387			314,845			(159	)		267,306
Total liabilities and members’ equity (deficit)	$	282,137		$	301,023		$	308,439		$	445,207		$	322,055		$	721		$	280,219

F-4

ARRIVED HOMES, LLC AND ITS SERIES

UNAUDITED CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF JUNE 30, 2023

	Bonneau			Brainerd			Braxton			Brennan			Brooklyn			Burlington			Butter
ASSETS
Current assets:
Cash	$	5,016		$	7,819		$	13,396		$	14,230		$	5,411		$	4,397		$	6,000
Accounts receivable		-			-			-			-			-			-			-
Prepaid expenses		2,034			1,085			1,323			1,900			820			3,523			2,911
Due from related party		-			10,856			-			-			8,990			-			-
Due from third party property manager		6,793			6,436			4,914			2,133			-			9,901			11,232
Total current assets		13,843			26,196			19,633			18,263			15,221			17,820			20,144
Property and equipment, net		334,508			288,407			318,297			221,670			170,120			636,000			364,125
Deposits		-			-			-			-			-			-			-
Total assets	$	348,352		$	314,603		$	337,930		$	239,933		$	185,342		$	653,820		$	384,269
LIABILITIES AND MEMBERS’ EQUITY
Current liabilities:
Accrued expenses	$	8,125		$	8,978		$	10,930		$	2,425		$	5,615		$	8,271		$	5,311
Due to related party		6,334			-			4,855			14,910			-			12,593			9,160
Due to third party property manager		-			-			-			-			9,835			-			-
Total current liabilities		14,459			8,978			15,786			17,335			15,450			20,864			14,471
Tenant deposits		2,295			2,595			2,045			1,994			1,249			3,395			2,795
Mortgage payable, net		-			141,798			-			153,752			81,167			-			259,851
Total liabilities		16,754			153,371			17,831			173,080			97,867			24,259			277,117
Members’ equity (deficit):
Members’ capital		349,483			168,239			340,007			87,955			102,686			641,869			124,914
Retained earnings (accumulated deficit)		(17,885	)		(7,007	)		(19,908	)		(21,102	)		(15,211	)		(12,309	)		(17,762	)
Total members’ equity (deficit)		331,598			161,232			320,099			66,853			87,475			629,561			107,152
Total liabilities and members’ equity (deficit)	$	348,352		$	314,603		$	337,930		$	239,933		$	185,342		$	653,820		$	384,269

F-5

ARRIVED HOMES, LLC AND ITS SERIES

UNAUDITED CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF JUNE 30, 2023

	Camino			Campbell			Cawley			Centennial			Chaparral		Chelsea			Chester
ASSETS
Current assets:
Cash	$	17,466		$	-		$	-		$	11,429		$	16,968	$	4,062		$	4,231
Accounts receivable		-			-			-			-			-		-			-
Prepaid expenses		838			-			-			406			637		2,341			897
Due from related party		-			-			-			-			-		6,211			12,580
Due from third party property manager		5,269			9,738			-			3,774			2,441		6,235			6,235
Total current assets		23,573			9,738			-			15,608			20,045		18,850			23,944
Property and equipment, net		260,564			-			316,203			271,007			184,212		299,897			364,723
Deposits		-			-			-			-			-		-			-
Total assets	$	284,137		$	9,738		$	316,203		$	286,615		$	204,257	$	318,747		$	388,667
LIABILITIES AND MEMBERS’ EQUITY
Current liabilities:
Accrued expenses	$	8,145		$	663		$	2,309		$	3,009		$	5,774	$	4,593		$	3,825
Due to related party		216			69,756			314,993			3,837			4,301		-			-
Due to third party property manager		-			-			2,782			-			-		-			-
Total current liabilities		8,361			70,419			320,084			6,846			10,075		4,593			3,825
Tenant deposits		1,994			-			-			1,895			3,000		1,895			2,445
Mortgage payable, net		-			-			-			187,534			103,113		213,230			181,530
Total liabilities		10,355			70,419			320,084			196,275			116,188		219,719			187,800
Members’ equity (deficit):
Members’ capital		276,793			3,161			-			101,834			86,050		109,886			217,282
Retained earnings (accumulated deficit)		(3,011	)		(63,841	)		(3,881	)		(11,493	)		2,020		(10,858	)		(16,415	)
Total members’ equity (deficit)		273,782			(60,680	)		(3,881	)		90,341			88,070		99,028			200,866
Total liabilities and members’ equity (deficit)	$	284,137		$	9,738		$	316,203		$	286,615		$	204,257	$	318,747		$	388,667

F-6

ARRIVED HOMES, LLC AND ITS SERIES

UNAUDITED CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF JUNE 30, 2023

	Chickamauga			Chinook			Chitwood			Clover			Coatbridge			Collier			Collinston
ASSETS
Current assets:
Cash	$	20,668		$	-		$	10,157		$	19,229		$	5,521		$	9,444		$	756
Accounts receivable		-			-			-			-			-			-			-
Prepaid expenses		1,535			-			980			1,210			1,395			956			744
Due from related party		-			-			3,772			3,421			-			-			-
Due from third party property manager		6,476			-			6,740			5,895			4,948			4,813			8,010
Total current assets		28,679			-			21,649			29,755			11,864			15,213			9,510
Property and equipment, net		370,044			306,915			375,740			314,353			258,347			348,824			202,137
Deposits		-			-			-			-			-			-			-
Total assets	$	398,723		$	306,915		$	397,390		$	344,108		$	270,211		$	364,037		$	211,646
LIABILITIES AND MEMBERS’ EQUITY
Current liabilities:
Accrued expenses	$	8,864		$	2,219		$	10,046		$	9,628		$	3,482		$	5,247		$	1,984
Due to related party		1,713			305,696			-			-			3,240			9,470			13,690
Due to third party property manager		-			101			-			-			-			-			-
Total current liabilities		10,578			308,017			10,046			9,628			6,721			14,717			15,674
Tenant deposits		2,545			-			2,795			1,895			2,993			2,445			4,033
Mortgage payable, net		-			-			-			-			173,162			-			134,830
Total liabilities		13,123			308,017			12,841			11,523			182,876			17,162			154,538
Members’ equity (deficit):
Members’ capital		389,128			-			392,979			336,741			102,959			364,909			84,758
Retained earnings (accumulated deficit)		(3,528	)		(1,102	)		(8,431	)		(4,156	)		(15,625	)		(18,034	)		(27,649	)
Total members’ equity (deficit)		385,600			(1,102	)		384,549			332,585			87,335			346,875			57,109
Total liabilities and members’ equity (deficit)	$	398,723		$	306,915		$	397,390		$	344,108		$	270,211		$	364,037		$	211,646

F-7

ARRIVED HOMES, LLC AND ITS SERIES

UNAUDITED CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF JUNE 30, 2023

	Conway			Cove			Creekside			Creekwood			Cumberland			Cupcake			Cypress
ASSETS
Current assets:
Cash	$	11,638		$	15,120		$	18,709		$	1,100		$	19,960		$	10,862		$	1,386
Accounts receivable		-			-			-			-			-			-			-
Prepaid expenses		2,255			927			1,057			2,405			880			467			3,945
Due from related party		-			-			-			12,544			-			2,755			1,252
Due from third party property manager		8,598			4,471			5,908			7,051			4,945			1,458			13,581
Total current assets		22,491			20,518			25,673			23,100			25,785			15,542			20,164
Property and equipment, net		674,597			210,970			305,460			284,204			290,897			217,804			359,424
Deposits		-			-			-			-			-			-			-
Total assets	$	697,088		$	231,488		$	331,133		$	307,304		$	316,683		$	233,346		$	379,588
LIABILITIES AND MEMBERS’ EQUITY
Current liabilities:
Accrued expenses	$	9,195		$	3,249		$	10,452		$	2,911		$	6,428		$	3,727		$	4,644
Due to related party		19,809			1,249			2,408			-			989			-			-
Due to third party property manager		-			-			-			-			-			-			-
Total current liabilities		29,005			4,498			12,860			2,911			7,417			3,727			4,644
Tenant deposits		3,250			1,595			2,395			1,795			1,695			1,595			2,395
Mortgage payable, net		-			-			-			141,105			-			150,030			178,936
Total liabilities		32,255			6,093			15,255			145,811			9,112			155,352			185,975
Members’ equity (deficit):
Members’ capital		697,686			228,297			318,207			171,666			309,497			78,557			213,300
Retained earnings (accumulated deficit)		(32,853	)		(2,903	)		(2,328	)		(10,173	)		(1,926	)		(563	)		(19,687	)
Total members’ equity (deficit)		664,833			225,394			315,878			161,493			307,571			77,994			193,613
Total liabilities and members’ equity (deficit)	$	697,088		$	231,488		$	331,133		$	307,304		$	316,683		$	233,346		$	379,588

F-8

ARRIVED HOMES, LLC AND ITS SERIES

UNAUDITED CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF JUNE 30, 2023

	Daisy			Davidson			Dawson			Delta			Dewberry			Diablo			Dogwood
ASSETS
Current assets:
Cash	$	16,872		$	5,026		$	617		$	329		$	2,978		$	756		$	15,041
Accounts receivable		-			-			-			-			-			-			-
Prepaid expenses		969			1,925			2,015			2,296			24			1,255			1,107
Due from related party		-			-			-			-			-			-			-
Due from third party property manager		5,248			2,985			5,321			-			6,479			4,809			5,700
Total current assets		23,089			9,936			7,954			2,624			9,481			6,820			21,848
Property and equipment, net		295,867			202,810			219,715			331,158			180,749			289,671			236,054
Deposits		-			-			-			-			-			-			-
Total assets	$	318,955		$	212,746		$	227,668		$	333,782		$	190,230		$	296,492		$	257,902
LIABILITIES AND MEMBERS’ EQUITY
Current liabilities:
Accrued expenses	$	7,201		$	2,268		$	2,896		$	2,811		$	2,526		$	4,805		$	6,891
Due to related party		2,587			6,153			11,976			31,242			3,635			22,466			3,744
Due to third party property manager		-			-			-			4,711			-			-			-
Total current liabilities		9,788			8,421			14,872			38,764			6,161			27,271			10,636
Tenant deposits		1,695			1,806			1,745			-			2,393			2,145			2,243
Mortgage payable, net		-			145,251			144,185			224,465			119,399			205,706			-
Total liabilities		11,483			155,478			160,803			263,228			127,952			235,122			12,878
Members’ equity (deficit):
Members’ capital		313,113			74,516			86,639			119,272			74,253			103,293			248,124
Retained earnings (accumulated deficit)		(5,640	)		(17,248	)		(19,773	)		(48,719	)		(11,975	)		(41,923	)		(3,100	)
Total members’ equity (deficit)		307,472			57,268			66,866			70,553			62,278			61,369			245,024
Total liabilities and members’ equity (deficit)	$	318,955		$	212,746		$	227,668		$	333,782		$	190,230		$	296,492		$	257,902

F-9

ARRIVED HOMES, LLC AND ITS SERIES

UNAUDITED CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF JUNE 30, 2023

	Dolittle			Dolly			Dops			Dorchester			Dunbar			Eagle			Eastfair
ASSETS
Current assets:
Cash	$	6,330		$	7,860		$	13,501		$	7,606		$	365		$	5,781		$	13,456
Accounts receivable		-			-			-			-			-			-			-
Prepaid expenses		1,418			1,890			861			2,548			578			1,781			1,630
Due from related party		-			-			-			-			-			14,376			-
Due from third party property manager		8,038			8,481			2,993			6,356			2,658			1,501			5,695
Total current assets		15,786			18,231			17,354			16,510			3,602			23,439			20,781
Property and equipment, net		294,908			677,458			203,389			337,973			315,999			266,309			204,501
Deposits		-			-			-			-			-			-			-
Total assets	$	310,694		$	695,689		$	220,744		$	354,483		$	319,601		$	289,749		$	225,282
LIABILITIES AND MEMBERS’ EQUITY
Current liabilities:
Accrued expenses	$	4,374		$	9,382		$	5,415		$	5,913		$	4,334		$	3,865		$	4,018
Due to related party		3,097			13,040			518			8,448			14,555			-			3,304
Due to third party property manager		-			-			-			-			-			-			-
Total current liabilities		7,471			22,422			5,932			14,361			18,888			3,865			7,322
Tenant deposits		3,443			3,195			2,093			2,195			-			1,995			3,590
Mortgage payable, net		205,392			-			-			-			-			131,646			147,906
Total liabilities		216,306			25,617			8,025			16,556			18,888			137,505			158,818
Members’ equity (deficit):
Members’ capital		105,141			707,574			219,386			359,023			333,004			160,766			65,516
Retained earnings (accumulated deficit)		(10,753	)		(37,501	)		(6,667	)		(21,096	)		(32,292	)		(8,522	)		948
Total members’ equity (deficit)		94,388			670,072			212,719			337,927			300,712			152,243			66,464
Total liabilities and members’ equity (deficit)	$	310,694		$	695,689		$	220,744		$	354,483		$	319,601		$	289,749		$	225,282

F-10

ARRIVED HOMES, LLC AND ITS SERIES

UNAUDITED CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF JUNE 30, 2023

	Elevation			Ella			Ellen			Elm			Emporia			Ensenada			Falcon
ASSETS
Current assets:
Cash	$	1,974		$	12,355		$	-		$	3,735		$	1,479		$	20,290		$	8,994
Accounts receivable		-			-			-			-			-			-			-
Prepaid expenses		1,417			912			-			2,012			1,552			2,005			1,875
Due from related party		-			-			-			-			-			-			6,041
Due from third party property manager		7,847			5,052			-			6,956			4,547			10,081			5,828
Total current assets		11,238			18,319			-			12,703			7,578			32,376			22,738
Property and equipment, net		252,938			260,639			-			157,993			341,527			539,993			267,145
Deposits		-			-			-			-			-			-			-
Total assets	$	264,176		$	278,958		$	-		$	170,695		$	349,105		$	572,369		$	289,883
LIABILITIES AND MEMBERS’ EQUITY
Current liabilities:
Accrued expenses	$	2,453		$	7,565		$	-		$	2,264		$	2,909		$	5,774		$	4,853
Due to related party		6,614			5,368			-			5,000			1,963			6,018			-
Due to third party property manager		-			-			557			-			-			-			-
Total current liabilities		9,067			12,933			557			7,265			4,873			11,792			4,853
Tenant deposits		3,990			1,795			-			1,495			2,495			3,295			1,950
Mortgage payable, net		170,344			(1,795	)		-			105,791			242,535			388,515			131,636
Total liabilities		183,401			12,934			557			114,550			249,902			403,602			138,439
Members’ equity (deficit):
Members’ capital		104,451			281,001			-			64,322			126,247			191,675			159,058
Retained earnings (accumulated deficit)		(23,676	)		(14,977	)		(557	)		(8,177	)		(27,044	)		(22,908	)		(7,614	)
Total members’ equity (deficit)		80,775			266,024			(557	)		56,145			99,203			168,767			151,444
Total liabilities and members’ equity (deficit)	$	264,176		$	278,958		$	-		$	170,695		$	349,105		$	572,369		$	289,883

F-11

ARRIVED HOMES, LLC AND ITS SERIES

UNAUDITED CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF JUNE 30, 2023

	Felix		Fenwick		Folly		Forest		Foster		Franklin		Gardens
ASSETS
Current assets:
Cash	$	-	$	-	$	10,150	$	333	$	-	$	-	$	6,315
Accounts receivable		-		-		-		-		-		-		-
Prepaid expenses		-		-		2,208		3,741		817		-		1,875
Due from related party		-		-		-		-		-		-		-
Due from third party property manager		-		1,116		7,083		11,098		-		-		10,301
Total current assets		-		1,116		19,442		15,172		817		-		18,491
Property and equipment, net		249,528		302,140		313,243		333,472		315,843		300,987		215,210
Deposits		-		-		-		-		-		-		-
Total assets	$	249,528	$	303,256	$	332,685	$	348,644