PART II 2 ea028816201-1k_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, 2025

 

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

(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 13
     
ITEM 3. DIRECTORS AND OFFICERS 64
     
ITEM 4. SECURITY OWNERSHIP OF MANAGEMENT AND CERTAIN SECURITYHOLDERS 67
     
ITEM 5. INTEREST OF MANAGEMENT AND OTHERS IN CERTAIN TRANSACTIONS 67
     
ITEM 6. OTHER INFORMATION 67
     
ITEM 7. FINANCIAL STATEMENTS F-1
     
ITEM 8. EXHIBITS 68

 

i

 

 

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 Arrived Homes, LLC (the “Company”), Arrived Fund Manager, LLC (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 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 platform will be as currently anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which 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 our latest offering circular (the “Offering Circular”) filed by the Company with the Securities and Exchange Commission (the “Commission”), which may be accessed here and 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.

 

ii

 

 

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 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 is 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. 

 

1

 

 

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) bedrooms 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.

 

2

 

 

Our Manager

 

Our Company is managed by Arrived Fund Manager, LLC, a Delaware limited liability company and managing member of our Company. 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 wholly owned subsidiary of our sponsor, Arrived Holdings, Inc., a Delaware corporation, which is an asset management company that operates a web-based investment platform, the Arrived platform, used by our Company for the offer and sale of interests in the series of our Company. 

 

The nature of business to be conducted or promoted by us must at all times be to engage in any lawful act or activity for which LLCs may be organized under the Delaware Limited Liability Company Act.

 

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.

 

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. 

 

3

 

 

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. For example, certain losses are not insurable and may only be insured subject to limitations. Insurance coverage may also vary based on the specific property, geography and market covered. Our insurance coverage generally varies based on replacement cost (estimated with a cost to square foot analysis based on the market and finish level). Although we also maintain an “all-perils policy” (with some standard exclusions) for each series property which seeks to provide insurance coverage for the properties at their full value, there is no guarantee that such coverage will actually be sufficient or cover all costs and damages in the case of any loss.

 

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 of the manager. For a detailed description of our acquisition methods, please refer to our latest offering circular, filed with the Securities and Exchange Commission on January 30, 2025, which may be accessed here.

 

4

 

 

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.

 

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 an affiliate of 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.

 

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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 with an affiliate of the manager or a third-party property management company. We reserve the right to change property managers at any time.

 

Property Management Fee

 

The Company will appoint an affiliate of the manager or a third-party property management company to serve as property manager to manage the property of each series pursuant to a property management agreement. The fee arrangements for each property management company are set forth below:

 

Marketplace Homes

 

As compensation for the services provided by the property manager, each series will be charged a property management fee of $70 on a monthly basis and paid to the property manager pursuant to the property management agreement.

 

6

 

 

Mynd Property Management

 

As compensation for the services provided by the property manager, each series will be charged a property management fee equal to six percent (6%) of all rents and fees as remitted to the series or a minimum property management fee of $84 on a monthly basis and paid to the property manager pursuant to the property management agreement.

 

The property manager for each Series is specified in the latest Offering Circular under “The Series Properties Being Offered.”

 

Liquidity Platform

 

Overview of PPEX ATS Platform

 

The Company and its affiliates intend to enter into an arrangement with NCPS and its affiliates to facilitate secondary transactions in interests issued by the Company on the PPEX ATS. The PPEX ATS is owned and operated by NCPS. The arrangement with NCPS will be established to provide a venue for secondary trading of series interests and is designed to provide investors with an efficient means to buy and sell series interests in secondary transactions. The manager will enter into a brokerage agreement and a license agreement with the Executing Broker pursuant to which, subject to restrictions under state and federal securities laws and the transfer restrictions listed in the operating agreement, the Executing Broker is engaged to execute all resale transactions in interests based on the matching of orders on the PPEX ATS. The Executing Broker is a registered broker-dealer member of the PPEX ATS. NCPS is a broker-dealer registered with the Commission and a member of FINRA and SIPC. Neither the Company nor the manager matches any orders or executes or settles any transfer of interests with respect to secondary trading on the PPEX ATS. The manager may elect not to transmit to the Executing Broker or the PPEX ATS any order information submitted by users who have not previously purchased securities issued by the Company or its affiliates pursuant to Regulation A.

 

Secondary trades of series interests matched on the PPEX ATS are intended to comply with Blue Sky laws either through a manual exemption in states where available, through a direct filing with the state securities regulators where required, or as isolated non-issuer transactions.  

 

Process for Secondary Transactions

 

During specific trading windows, which we expect to occur quarterly and announce at least a week in advance of such trading window, isolated non-issuer transactions in interests of one or more series may be effected during trading hours established by NCPS as operator of the PPEX ATS (“Market Hours”) in accordance with the following process. Investors can submit bid and ask quotes through the user interface provided by the Arrived platform during a trading window. The Arrived platform immediately and automatically routes the quotes (i) to the Executing Broker, and (ii) by virtue of the Executing Broker’s status as a member of the PPEX ATS, to the PPEX ATS, which is owned and operated by NCPS, a registered broker-dealer. The PPEX ATS then matches orders in accordance with the rules established by the PPEX ATS, but no matching of buyers and sellers will occur other than during Market Hours in a trading window. Bid and ask quotes submitted during a trading window and Market Hours may be immediately matched by the PPEX ATS, while bid and ask quotes submitted during a trading window, but outside of Market Hours are eligible to match only upon the next commencement of Market Hours. To the extent that any bid or ask quote that does not result in a match still exists at the end of a trading window, such quote will be cancelled at the end of the relevant trading window.

 

Once matched by the PPEX ATS, orders are executed by the Executing Broker. When a trade is executed, the Executing Broker transmits the applicable information (including the number of interests and price at which they are being sold or purchased) to the Arrived platform, where it is displayed to the relevant investor. During Market Hours in a particular trading window, the Arrived platform periodically sends instructions regarding the transfer of funds for executed trades via the Executing Broker to Modern Treasury, Inc., the third-party holder of investor funds (“Modern Treasury”), which then effectuates the funds transfer between the buyer and seller. After Market Hours end, the Executing Broker provides instructions regarding any transfers of interests between investor accounts to the transfer agent, which transfers the interests accordingly. The clearing process, which includes the transfer of funds and interests, will be completed within one to two days following the conclusion of the relevant trading window. Neither the Arrived platform nor the Executing Broker clears or settles trades.

 

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User Interface and Role of the Platform

 

The Arrived platform serves merely as the user interface for the purpose of enabling secondary market trading in interests. On the Arrived platform, investors input the details of any orders to buy or sell interests in secondary transactions (including the number of interests subject to the offer to buy or sell, as the case may be, and the price, if any, at which such offer is being made), and the orders then are routed (i) to the Executing Broker, and (ii) by virtue of the Executing Broker’s status as a member of the PPEX ATS, to the PPEX ATS. The manager may elect not to transmit to the Executing Broker or the PPEX ATS any order information submitted by users who have not previously purchased securities issued by the Company or its affiliates pursuant to Regulation A. For clarity, because the Executing Broker is (i) a registered broker-dealer and a member of the PPEX ATS and (ii) licensed to use the Arrived platform to access and transmit order information entered onto the Arrived platform by Investors, such order information is automatically routed from the Arrived platform to both the Executing Broker and the PPEX ATS simultaneously. After the Executing Broker has executed a trade, information about the matched orders and executed trade is then communicated by the Executing Broker to the buyer and seller using the Arrived platform’s user interface. The PPEX ATS accepts orders transmitted from the Arrived platform only because the Executing Broker (which is a member of the PPEX ATS) is licensed to use the Arrived platform’s technology to transmit order information.

 

For the avoidance of doubt, the decision whether to engage in secondary market trading is left solely to the individual investors. Neither the Company nor any of its affiliates acts as a broker or dealer, and none of them provide investors any direction or recommendation as to the purchase or sale of any interests in secondary market transactions. In addition, neither the Executing Broker nor NCPS makes any direction or recommendation as to the purchase or sale of any interests.

 

The Arrived platform acts as a user interface to receive information from, and deliver and display information to, investors and the registered broker-dealers. None of the Company, the manager, or Arrived Holdings, Inc. will receive any compensation for its role in the trading procedure unless and until it, or one of its affiliates, registers as a broker-dealer. The manager or one of its affiliates in the future may register as a broker-dealer under state and federal securities laws, at which time it may charge fees in respect of trading of interests.

 

Agreements Relating to Secondary Trading on the PPEX ATS

 

The Company intends to enter into an agreement (the “PPEX ATS Company Agreement”) with NCPS, pursuant to which NCPS will review the Company’s and series’ governing documents, offering materials and regulatory filings so that the PPEX ATS may serve as an available venue for the potential resale transactions in interests to be conducted in accordance with the process described above. The PPEX ATS provides a matching platform for the Executing Broker as a broker-dealer member of the PPEX ATS to submit bid and ask quotes to purchase or sell interests on behalf of, and as directed by, investors.

 

The manager intends to enter into a Software and Services License Agreement with NCIT, the parent company of NCPS. Under this agreement, the Arrived platform’s technology is connected via an application programming interface to the PPEX ATS to facilitate the routing of information from the Arrived platform as a user interface to the PPEX ATS as described above.

 

The Company also intends to enter into an agreement with the Executing Broker (the “Secondary Brokerage Agreement”), separate and apart from the Broker Dealer Agreement. Pursuant to the Secondary Brokerage Agreement, the Executing Broker will perform certain services in support of the secondary trading of interests on the PPEX ATS and will ultimately be responsible for the execution of secondary trades of interests. As compensation, the Executing Broker will receive up to 5% of the gross proceeds received related to each transaction (2.5% from the buyer and 2.5% from the seller involved in such transaction). The manager may, from time to time and at its sole discretion, opt to pay the compensation earned by the Executing Broker in connection with its services related to the PPEX ATS. 

 

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;

 

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  ● 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.

 

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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 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)     Not allocable; to be borne by the manager  
    Brokerage fee payable per filing of a Form 1-A Post-Qualification Amendment ($1,000 per 1-A POS)   Allocable directly to the applicable series
    Preparation of marketing materials   Not allocable; to be borne by the manager
         
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.

 

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The Arrived Platform

 

Arrived Holdings, Inc., the sole member of Arrived Fund Manager, LLC, our manager, owns and operates a web-based and mobile accessible investment platform, the Arrived platform. Through the use of the Arrived 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 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.

 

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  ● 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.

 

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Item 2. 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.

 

Since its formation in July 2020, our Company has been engaged primarily in acquiring properties for its series offerings, developing the financial, offering and other materials to facilitate fundraising, and taking the steps necessary to effectuate the series offerings and the management of the associated series properties. As of December 31, 2025, our Company has acquired 248 properties.

 

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.

 

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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. 

 

Distributions

 

In order to qualify as a REIT, a series must distribute annually to investors at least 90% of its REIT taxable income (computed without regard to the dividends paid deduction and excluding net capital gain), and to avoid federal income and excise taxes on retained taxable income and gains it must distribute 100% of such income and gains annually. Our manager may authorize distributions in excess of those required for us to maintain our REIT status and/or avoid such taxes on retained taxable income and gains depending on our financial condition and such other factors as our manager deems relevant.

 

Our Company expects the manager to make distributions of any free cash flow on a monthly or other periodic basis as determined by the manager. However, the manager may change the timing of distributions in its sole discretion. Investors will be required to update their personal information on a regular basis to make sure they receive all allocated distributions. We will utilize a “mobile wallet” feature for payment of distributions (the “Arrived Homes Wallet”). The Arrived Homes Wallet will be used to allow investors to pay for subscriptions, receive distributions and reinvest distributions.

 

Valuation Policies

 

Following the six-month introductory period, at the end of each quarterly period, our manager’s internal accountants and asset management team will calculate a net asset value (“NAV”) per interest for each series using a process that reflects, among other matters,

 

  ● an estimated value of the series property, as determined by the manager’s asset management team, including related liabilities, based upon (a) information from publicly available sources related to (i) market rents, comparable sales information and interest rates and (ii) with respect to debt, default rates and discount rates, and (b) in certain instances, reports regarding the underlying real estate provided by an independent valuation expert or automated valuation models;

 

  ● the price of liquid assets for which third party market quotes are available;

 

  ● accruals of our periodic distributions on interests in the series; and

 

  ● estimated accruals of the revenues, fees and expenses of the series where we will (a) amortize the brokerage fee, offering expenses and sourcing fee over five years and (b) include accrued fees and operating expenses, accrued distributions payable, accrued management fees and any inter-company loans extended to the series by our manager.

 

Such determinations may include subjective judgments by the manager regarding the applicability of certain inputs to market rents and comparable sales information. While we do look at capitalization rates to help us to determine whether or not to acquire a property (see “Description of Business - Our Investment Criteria” in our latest Offering Circular), we do not utilize a capitalization rate approach in determining NAV, because given the nature of the series properties as primary residences, we do not believe that the value of a series’ primary asset can be determined based solely on the series’ rental revenues as the resale value of such asset will be decided independently of the success of such rental revenues.

 

Note, however, that the determination of the NAV for the interests of each series is not based on, nor intended to comply with, fair value standards under U.S. GAAP, and such NAV may not be indicative of the price that we would receive for our assets at current market conditions. In instances where we determine that an appraisal of the series property is necessary, including, but not limited to, instances where the manager is unsure of its ability on its own to accurately determine the estimated value of such series property, or instances where third party market values for comparable properties are either nonexistent or extremely inconsistent, we will engage an appraiser that has expertise in appraising residential real estate assets, to act as our independent valuation expert. The independent valuation expert is not responsible for, nor for preparing, our NAV per interest. See “Description of the Securities Being Offered⸺Valuation Policies” in our latest Offering Circular for more details about the NAV and how it will be calculated, including the subsection “NAV Estimates Determination and Valuation Methodology” for additional information regarding our manager’s NAV valuation methodology. 

 

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Critical Accounting Policies

 

Our accounting policies will conform with GAAP. The preparation of financial statements in conformity with GAAP will require us to use judgment in the application of accounting policies, including making estimates and assumptions. These judgments may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. We intend to make these estimates and assumptions in an appropriate manner and in a way that accurately reflects our financial condition. We will continually test and evaluate our estimates and assumptions using our historical knowledge of the business, as well as other factors, to ensure that they are reasonable for reporting purposes. However, actual results may differ from our estimates and assumptions.

 

We believe our critical accounting policies govern the significant judgments and estimates used in the preparation of our financial statements. Please refer to Note 2, Summary of Significant Accounting Policies, included in the financial statements, for a more thorough discussion of our accounting policies and procedures.

 

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 during the years ended December 31, 2025 and 2024 are listed in the table below. Consolidated rental income was $5,747,036 for the year ended December 31, 2025 compared to the rental income of $5,559,980 for the year ended December 31, 2024. The increase in rental revenue is primarily attributable to higher occupancy and rental rate increases of the Company’s existing properties. 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  
Series  December 31,
2025		   December 31,
2024		 
100  $29,261   $17,600 
101   21,665    37,140 
Abbington   32,220    31,830 
Abernant   19,140    16,264 
Alvin   30,311    27,840 
Amber   23,991    21,835 
Apollo   8,205    14,726 
Aster   19,379    18,840 
Augusta   24,270    23,940 
Avebury   19,663    17,587 
Avondale   23,940    18,209 
Badminton   27,185    26,130 
Ballinger   25,140    22,418 
Bandelier   24,240    19,459 
Baron   40,210    27,163 
Basil   21,230    19,134 
Bayside   26,675    25,925 
Bazzel   22,140    21,861 
Bedford   27,800    19,004 
Bella   24,390    23,340 
Belle   27,193    31,373 
Belvedere   27,990    27,540 
Bergenia   16,198    19,440 
Blossom   19,440    17,114 
Bonneau   28,560    28,050 
Brainerd   19,864    26,940 

 

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Series  December 31,
2025		   December 31,
2024		 
Braxton   22,680    22,260 
Brennan   15,307    17,836 
Briarwood   18,540    16,635 
Brooklyn   12,235    14,228 
Burlington   33,792    27,252 
Butter   33,720    28,052 
Calvin   24,059    21,740 
Camino   19,680    15,216 
Cawley   22,388    26,340 
Centennial   -    14,824 
Chaparral   20,340    18,844 
Chelsea   23,700    23,470 
Chester   28,140    24,498 
Chickamauga   28,240    27,840 
Chinook   24,365    23,940 
Chitwood   29,100    28,620 
Clover   19,394    24,520 
Coatbridge   25,500    24,795 
Collier   27,720    27,180 
Collinston   18,440    10,396 
Conway   41,040    33,918 
Cove   20,340    4,869 
Creekside   23,475    23,370 
Creekwood   20,340    23,740 
Cumberland   20,340    16,442 
Cupcake   20,239    19,298 
Cypress   28,690    30,032 
Daisy   20,700    20,520 
Davidson   17,940    16,835 
Dawson   21,600    21,370 
Delta   24,196    12,740 
Dewberry   19,038    17,457 
Diablo   23,950    23,040 
Dogwood   21,463    17,644 
Dolittle   28,680    28,935 
Dolly   43,580    34,755 
Dops   18,638    17,642 
Dorchester   22,890    22,609 

 

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Series  December 31,
2025		   December 31,
2024		 
Dunbar   14,693    20,065 
Eagle   23,455    25,239 
Eastfair   24,199    23,413 
Eastwood   24,197    14,270 
Elevation   21,294    15,552 
Ella   21,540    20,899 
Ellen   17,395    25,130 
Elm   17,316    17,505 
Emporia   21,676    27,695 
Ensenada   33,078    24,549 
Falcon   25,440    25,346 
Felix   19,500    16,499 
Fenwick   22,178    21,038 
Fletcher   17,580    17,040 
Folly   27,180    27,060 
Forest   29,640    27,802 
Foster   19,294    28,188 
Franklin   25,840    25,740 
Gardens   18,731    18,790 
General   30,900    32,350 
Goose   22,740    25,207 
Grant   29,905    29,894 
Greenhill   30,968    33,450 
Gretal   29,300    28,740 
Grove   18,480    18,515 
Hadden   18,729    20,254 
Hansard   26,381    26,780 
Hansel   25,140    18,355 
Hargrave   16,541    11,388 
Harrison   34,340    33,840 
Henry   29,980    20,243 
Heritage   24,660    24,093 
Heron   24,600    23,770 
Highland   15,257    23,309 
Hines   19,440    14,838 
Hobbes   19,140    13,770 
Holcomb   24,145    25,740 
Holland   18,240    17,660 

 

17

 

 

Series  December 31,
2025		   December 31,
2024		 
Hollandaise   22,740    15,233 
Holloway   32,340    31,140 
Inglewood   38,640    35,427 
Irene   16,980    16,740 
Jack   25,140    17,782 
Jake   35,940    34,601 
Jefferson   26,380    25,740 
Jill   27,180    26,260 
Johnny   38,935    30,053 
June   32,490    20,871 
Jupiter   18,900    16,014 
Kawana   16,543    20,670 
Kennesaw   29,645    28,915 
Kenny   19,949    18,943 
KerriAnn   24,153    19,605 
Kessler   17,675    14,790 
Kingsley   27,130    27,040 
Kirkwood   8,083    19,740 
Korin   24,780    24,290 
Lallie   11,649    26,748 
Lanier   25,930    29,373 
Lannister   14,795    12,156 
Latte   22,812    22,870 
Lennox   22,447    21,130 
Lierly   22,475    21,103 
Lily   30,600    28,170 
Limestone   26,609    19,589 
Litton   27,840    21,834 
Longwoods   20,702    23,940 
Lookout   24,240    23,491 
Loretta   31,575    39,258 
Louis   21,585    22,740 
Louise   24,133    24,085 
Lovejoy   24,272    23,790 
Luna   23,090    18,863 
Lurleen   15,411    20,390 

 

18

 

 

Series  December 31,
2025		   December 31,
2024		 
Madison   17,988    19,649 
Mae   26,100    25,313 
Magnolia   19,740    17,189 
Malbec   24,745    33,287 
Mammoth   25,740    16,326 
Marcelo   19,590    20,640 
Marie   30,840    29,940 
Marietta   26,940    24,151 
Marion   22,330    22,140 
Marple   14,393    8,370 
Martell   23,340    20,163 
Mary   25,420    25,140 
Matchingham   22,922    25,748 
McGregor   23,580    21,978 
McLovin   37,740    37,440 
Meadow   22,200    21,668 
Mimosa   19,876    16,265 
Mojave   21,270    18,771 
Murphy   24,040    21,570 
Mycroft   15,593    17,040 
Nugget   28,991    34,670 
Odessa   30,334    35,340 
Olive   23,440    22,925 
Oly   35,940    31,751 
Onyx   23,540    28,080 
Oscar   19,707    16,412 
Osceola   20,861    20,340 
Osprey   28,620    23,449 
Otoro   25,729    18,411 
Palmer   23,235    20,782 
Patrick   19,140    17,768 
Peanut   16,595    18,080 
Pearl   18,614    32,640 
Pecan   20,622    20,315 
Peterson   21,467    19,140 
Piedmont   28,800    28,170 
Pinot   28,740    31,133 
Pioneer   38,640    32,400 

 

19

 

 

Series  December 31,
2025		   December 31,
2024		 
Plumtree   19,980    16,343 
Point   25,140    16,342 
Porthos   27,940    27,540 
Quincy   36,540    35,500 
Redondo   27,272    20,902 
Regency   21,497    27,660 
Reginald   12,094    25,009 
Reynolds   31,800    30,870 
Ribbonwalk   12,471    24,419 
Richardson   20,891    21,870 
Richmond   27,540    27,427 
Ridge   23,100    22,032 
Ritter   29,940    26,613 
River   26,006    27,750 
Riverwalk   32,133    25,990 
Rooney   28,451    24,396 
Roseberry   29,613    31,135 
Rosewood   22,980    22,216 
Roxy   25,835    24,660 
Saddlebred   34,003    30,865 
Saint   27,485    26,155 
Sajni   26,476    30,240 
Salem   19,690    21,034 
Salinas   21,340    20,640 
Saturn   18,888    16,385 
Scepter   18,711    19,266 
Sequoyah   22,140    13,678 
Shallowford   22,700    17,401 
Shoreline   17,580    27,260 
Sigma   28,500    28,371 
Simon   22,895    25,140 
Sims   22,560    22,140 

 

20

 

 

Series  December 31,
2025		   December 31,
2024		 
Soapstone   23,160    21,631 
Sodalis   16,681    22,174 
Spencer   24,342    27,548 
Splash   20,600    19,215 
Spring   22,346    20,870 
Stonebriar   17,980    17,010 
Sugar   25,429    24,600 
Summerset   27,147    23,415 
Sundance   25,740    19,055 
Sunnyside   19,301    17,906 
Swift   26,340    21,928 
Taylor   13,437    20,858 
Terracotta   18,653    8,380 
Theodore   24,465    22,220 
Tulip   26,991    26,790 
Tuscan   30,200    24,475 
Tuscarora   27,880    29,040 
Tuxford   23,984    19,326 
Vernon   23,400    23,178 
Walton   22,740    22,553 
Wave   24,215    14,800 
Weldon   18,787    17,595 
Wellington   29,986    29,280 
Wentworth   23,415    24,207 
Wescott   19,790    19,440 
Westchester   28,550    27,505 
Wildwood   20,880    20,640 
Willow   18,540    13,681 
Wilson   27,300    25,770 
Winchester   24,985    21,230 
Windsor   28,914    21,155 
Winston   21,855    18,974 
Wisteria   25,740    24,578 
Arlo   -    8,579*
Hualapai   -    5,265*
Brentwood   -    2,292*
Bellvue   -    10,690*
Lorenz   -    6,888*
Lexie   -    8,399*
Hartsfield   -    3,198*
   $5,747,036   $5,559,980 

 

*The following series ceased to be offered through the Company as of December 31, 2024. As of that date, the manager has transferred these series out of the Company. Accordingly, these series will no longer be included in any subsequent public reporting, financial statements, or investor communications under the Company.

 

21

 

 

Operating Expenses

 

The Company incurred the following operating expenses during the years ended December 31, 2025 and 2024. Consolidated operating expenses decreased from $6,077,667 for the year ended December 31, 2024 to $5,993,328 for the year ended December 31, 2025. The decrease was primarily due to the disposition of properties prior to 2025, partially offset by increased property operating costs, including higher property taxes, insurance premiums, repairs and maintenance, and utilities. 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 individual series becomes responsible to fund its own operating expenses. The following table summarizes the total operating expenses by series as of December 31, 2025 and 2024. Such amounts are based on the audited financial statements of the Company and each series included in this Annual Report on Form 1-K:

 

OPERATIONAL EXPENSES  
   December 31, 2025   December 31, 2024 
Series  Operating expenses   Depreciation   Total
expenses		   Operating expenses   Depreciation   Total
expenses		 
100  $20,388   $16,890   $37,277   $20,372   $16,890   $37,261 
101   20,507    18,734    39,241    20,638    17,438    38,076 
Abbington   17,857    14,494    32,351    7,917    14,494    22,411 
Abernant   7,933    6,248    14,181    11,622    6,248    17,869 
Alvin   10,690    8,735    19,426    12,261    8,735    20,996 
Amber   13,381    8,416    21,797    12,197    8,416    20,612 
Apollo   12,260    7,867    20,127    12,506    6,418    18,923 
Aster   10,902    7,793    18,695    9,780    7,009    16,789 
Augusta   11,768    8,150    19,918    11,823    8,150    19,974 
Avebury   15,003    7,990    22,993    12,689    7,990    20,679 
Avondale   11,168    9,047    20,215    13,985    9,047    23,032 
Badminton   17,592    8,461    26,053    15,087    8,461    23,548 
Ballinger   22,772    8,215    30,987    14,189    8,215    22,404 
Bandelier   10,427    8,268    18,694    17,139    8,268    25,406 
Baron   22,608    17,007    39,615    23,120    16,005    39,125 
Basil   13,839    5,569    19,407    7,257    5,569    12,825 
Bayside   19,576    7,050    26,625    18,297    7,050    25,346 
Bazzel   16,813    7,527    24,340    16,674    7,527    24,200 
Bedford   21,194    7,695    28,889    32,396    7,695    40,090 
Bella   13,478    9,162    22,640    16,267    8,412    24,679 
Belle   26,544    12,084    38,628    19,760    12,084    31,844 
Belvedere   11,181    8,103    19,284    12,827    8,103    20,930 
Bergenia   10,761    5,973    16,734    6,541    7,963    14,504 
Blossom   8,270    6,990    15,260    25,140    6,990    32,130 
Bonneau   18,888    10,275    29,163    18,271    10,275    28,545 
Brainerd   11,047    7,997    19,044    9,445    7,997    17,442 
Braxton   11,205    8,903    20,108    15,026    8,903    23,929 
Brennan   24,688    6,230    30,917    21,731    6,230    27,961 
Briarwood   7,284    5,733    13,017    6,567    5,733    12,299 
Brooklyn   21,172    5,814    26,987    5,735    5,814    11,549 

 

22

 

 

   December 31, 2025   December 31, 2024 
Series  Operating expenses   Depreciation   Total
expenses		   Operating expenses   Depreciation   Total
expenses		 
Burlington   23,659    17,935    41,594    27,315    17,832    45,146 
Butter   17,831    10,379    28,210    27,172    10,379    37,551 
Calvin   8,848    6,491    15,339    10,897    6,491    17,388 
Camino   9,628    7,289    16,917    12,923    7,289    20,212 
Cawley   18,411    8,624    27,035    11,604    8,624    20,228 
Centennial   -    -    -    (62,008)   5,875    (56,133)
Chaparral   9,671    5,399    15,070    9,782    5,399    15,181 
Chelsea   11,291    8,468    19,758    10,998    8,468    19,465 
Chester   14,036    10,190    24,226    14,141    10,190    24,330 
Chickamauga   12,032    10,258    22,290    11,494    10,258    21,752 
Chinook   11,492    9,903    21,395    11,809    9,903    21,712 
Chitwood   16,419    10,510    26,929    14,348    10,510    24,858 
Clover   17,745    8,793    26,538    21,452    8,793    30,245 
Coatbridge   16,166    9,052    25,218    19,973    9,052    29,025 
Collier   11,879    9,757    21,637    11,621    9,757    21,378 
Collinston   18,509    5,811    24,320    22,196    5,811    28,007 
Conway   23,313    18,876    42,189    20,954    18,876    39,829 
Cove   12,606    5,780    18,386    29,572    5,780    35,352 
Creekside   10,096    8,539    18,634    9,589    8,539    18,127 
Creekwood   12,213    7,944    20,157    12,067    7,944    20,011 
Cumberland   10,071    8,118    18,189    12,265    8,118    20,383 
Cupcake   10,015    6,550    16,565    9,502    6,550    16,052 
Cypress   28,733    10,589    39,321    19,518    10,025    29,543 
Daisy   7,116    8,276    15,392    13,508    8,276    21,784 
Davidson   8,560    5,818    14,378    15,853    5,818    21,672 
Dawson   15,725    7,235    22,960    17,531    7,235    24,766 
Delta   14,902    11,052    25,954    37,584    10,492    48,077 
Dewberry   11,587    5,225    16,812    23,005    5,225    28,231 
Diablo   13,650    7,141    20,791    15,246    7,141    22,387 
Dogwood   13,137    6,623    19,760    15,118    6,623    21,741 
Dolittle   16,396    8,443    24,839    23,473    8,443    31,916 
Dolly   18,458    18,951    37,409    20,228    18,951    39,178 
Dops   6,813    5,617    12,431    11,541    5,617    17,159 
Dorchester   58,227    10,212    68,440    20,789    9,454    30,243 
Dunbar   21,464    13,182    34,646    23,562    11,622    35,184 
Eagle   13,970    7,891    21,862    10,390    7,891    18,281 
Eastfair   15,278    5,912    21,190    19,421    5,912    25,333 
Eastwood   10,795    8,757    19,552    18,825    8,757    27,582 

 

23

 

 

   December 31, 2025   December 31, 2024 
Series  Operating expenses   Depreciation   Total
expenses		   Operating expenses   Depreciation   Total
expenses		 
Elevation   11,656    10,113    21,769    33,495    10,113    43,608 
Ella   11,272    7,174    18,446    11,986    7,174    19,159 
Ellen   14,207    6,807    21,015    8,166    6,807    14,973 
Elm   16,359    4,600    20,959    10,349    4,600    14,948 
Emporia   27,780    9,666    37,445    16,701    9,666    26,366 
Ensenada   22,619    13,332    35,951    29,502    13,332    42,835 
Falcon   11,652    7,907    19,559    13,450    7,907    21,357 
Felix   8,927    8,201    17,128    7,020    8,201    15,222 
Fenwick   12,920    8,240    21,160    18,306    8,240    26,546 
Fletcher   6,376    4,824    11,199    4,512    4,824    9,336 
Folly   19,136    10,253    29,389    19,034    10,253    29,287 
Forest   19,196    12,141    31,337    22,446    12,141    34,587 
Foster   18,605    8,614    27,219    13,433    8,614    22,047 
Franklin   15,467    9,246    24,713    16,863    9,246    26,109 
Gardens   8,050    7,172    15,222    9,806    7,172    16,978 
General   12,157    8,684    20,841    15,898    8,684    24,583 
Goose   11,527    7,356    18,882    11,316    7,356    18,672 
Grant   13,968    8,902    22,870    14,500    8,902    23,403 
Greenhill   18,300    8,969    27,269    21,051    8,969    30,020 
Gretal   13,109    12,411    25,520    11,264    12,411    23,675 
Grove   10,480    8,803    19,283    15,890    8,803    24,693 
Hadden   19,447    6,053    25,501    16,114    6,053    22,167 
Hansard   15,895    8,339    24,234    10,356    8,339    18,695 
Hansel   11,214    11,127    22,341    14,250    11,127    25,377 
Hargrave   28,115    6,423    34,538    16,693    6,423    23,116 
Harrison   13,471    12,591    26,063    14,030    12,591    26,622 
Henry   15,872    11,823    27,695    34,202    11,823    46,025 
Heritage   15,945    9,012    24,957    15,466    9,012    24,477 
Heron   18,822    8,948    27,770    20,060    8,948    29,008 
Highland   16,350    7,884    24,234    12,149    7,884    20,033 
Hines   11,545    8,810    20,355    14,834    8,810    23,644 
Hobbes   7,589    6,432    14,020    16,020    6,432    22,452 
Holcomb   16,039    9,754    25,793    16,633    9,754    26,387 
Holland   11,110    5,818    16,929    10,259    5,818    16,077 
Hollandaise   16,957    10,056    27,013    22,318    10,056    32,374 
Holloway   22,393    9,344    31,737    19,240    9,344    28,583 
Inglewood   22,159    18,721    40,880    19,676    18,721    38,397 
Irene   6,478    4,824    11,302    3,895    4,824    8,719 
Jack   11,145    12,754    23,899    15,000    12,754    27,754 
Jake   30,264    16,186    46,450    34,747    16,186    50,933 

 

24

 

 

   December 31, 2025   December 31, 2024 
Series  Operating expenses   Depreciation   Total
expenses		   Operating expenses   Depreciation   Total
expenses		 
Jefferson   9,234    7,555    16,789    7,906    7,555    15,460 
Jill   11,047    10,983    22,030    10,887    10,983    21,870 
Johnny   21,804    16,094    37,898    19,054    16,094    35,149 
June   20,141    16,094    36,235    18,719    16,094    34,813 
Jupiter   8,081    5,811    13,892    10,761    5,811    16,572 
Kawana   14,432    7,572    22,003    9,937    7,572    17,509 
Kennesaw   22,971    11,673    34,644    22,497    11,673    34,170 
Kenny   20,946    18,951    39,897    18,355    18,951    37,306 
KerriAnn   15,742    9,371    25,113    24,881    9,371    34,252 
Kessler   11,774    8,212    19,986    14,324    8,212    22,536 
Kingsley   24,613    8,580    33,194    21,296    8,580    29,876 
Kirkwood   24,627    8,598    33,225    9,450    7,538    16,987 
Korin   9,421    7,646    17,067    9,935    7,646    17,581 
Lallie   38,008    12,405    50,412    24,756    12,405    37,160 
Lanier   16,207    11,412    27,618    22,492    11,412    33,904 
Lannister   7,937    6,054    13,990    15,424    6,054    21,477 
Latte   26,200    10,022    36,221    18,431    10,022    28,453 
Lennox   11,311    5,956    17,267    17,730    5,956    23,686 
Lierly   10,403    5,864    16,267    10,275    5,864    16,138 
Lily   19,734    14,986    34,720    15,419    14,986    30,405 
Limestone   18,608    8,046    26,654    28,861    8,046    36,906 
Litton   10,223    8,826    19,049    13,621    8,826    22,447 
Longwoods   22,427    7,404    29,831    17,530    7,404    24,934 
Lookout   10,688    9,483    20,171    11,916    9,483    21,399 
Loretta   20,710    18,861    39,571    17,003    18,861    35,864 
Louis   12,841    7,401    20,243    8,887    7,401    16,288 
Louise   9,651    7,578    17,229    16,551    7,578    24,129 
Lovejoy   14,377    8,089    22,466    12,726    8,089    20,814 
Luna   13,629    5,912    19,541    15,956    5,912    21,868 
Lurleen   15,907    8,097    24,003    10,282    6,190    16,472 
Madison   8,795    5,655    14,450    10,375    5,655    16,031 
Mae   16,307    9,728    26,035    16,191    9,728    25,919 
Magnolia   9,213    8,308    17,521    16,687    8,308    24,995 
Malbec   16,140    8,776    24,917    14,363    8,776    23,139 
Mammoth   16,233    9,371    25,604    32,575    9,371    41,946 
Marcelo   10,680    7,822    18,503    9,571    7,822    17,393 
Marie   10,976    8,794    19,770    7,846    8,794    16,640 
Marietta   18,613    8,316    26,928    25,395    8,316    33,710 
Marion   12,505    9,225    21,730    14,763    9,039    23,803 
Marple   7,604    4,824    12,428    10,485    4,824    15,309 
Martell   11,131    7,144    18,276    18,770    7,144    25,915 
Mary   9,338    7,465    16,802    7,994    7,465    15,458 

 

25

 

 

   December 31, 2025   December 31, 2024 
Series  Operating expenses   Depreciation   Total
expenses		   Operating expenses   Depreciation   Total
expenses		 
Matchingham   16,604    5,825    22,429    16,438    5,825    22,263 
McGregor   14,447    8,264    22,710    13,499    8,264    21,763 
McLovin   18,269    14,218    32,488    19,137    12,438    31,575 
Meadow   11,963    8,820    20,783    14,769    8,820    23,589 
Mimosa   12,033    5,908    17,941    13,009    5,908    18,917 
Mojave   9,830    7,049    16,880    8,800    7,049    15,849 
Murphy   14,566    8,171    22,737    19,783    8,171    27,954 
Mycroft   19,640    4,933    24,572    4,946    4,933    9,878 
Nugget   23,029    15,387    38,416    21,248    15,387    36,635 
Odessa   21,938    14,664    36,602    16,952    14,664    31,616 
Olive   15,224    7,377    22,601    15,897    7,377    23,275 
Oly   21,207    12,529    33,736    18,484    12,529    31,014 
Onyx   16,460    12,016    28,476    13,407    12,016    25,423 
Oscar   9,575    8,036    17,610    4,610    8,036    12,646 
Osceola   22,278    7,701    29,979    16,258    7,701    23,959 
Osprey   20,665    10,980    31,645    25,796    10,980    36,776 
Otoro   20,383    12,169    32,551    38,180    12,169    50,349 
Palmer   15,176    9,298    24,473    13,526    9,172    22,698 
Patrick   8,855    7,036    15,891    10,491    7,036    17,527 
Peanut   10,290    5,929    16,218    7,470    5,929    13,398 
Pearl   23,849    14,997    38,846    17,497    14,997    32,494 
Pecan   12,019    5,725    17,744    7,967    5,725    13,692 
Peterson   10,251    6,208    16,459    7,710    6,208    13,918 
Piedmont   20,779    10,544    31,323    18,768    10,544    29,312 
Pinot   15,031    8,859    23,890    15,230    8,859    24,089 
Pioneer   20,263    16,234    36,497    26,182    16,234    42,417 
Plumtree   13,029    5,535    18,564    7,419    5,535    12,954 
Point   15,140    10,500    25,640    17,448    10,500    27,948 
Porthos   17,069    8,295    25,364    17,784    8,295    26,080 
Quincy   21,845    15,029    36,874    17,985    15,029    33,014 
Redondo   15,385    8,616    24,001    21,547    8,616    30,163 
Regency   31,133    9,195    40,328    14,891    7,586    22,477 
Reginald   38,274    18,429    56,704    30,227    13,991    44,218 
Reynolds   17,611    11,810    29,421    18,835    11,810    30,645 
Ribbonwalk   36,143    8,791    44,934    19,456    8,791    28,247 
Richardson   10,446    8,642    19,088    8,609    8,642    17,251 
Richmond   13,088    10,463    23,551    25,002    10,463    35,466 
Ridge   15,304    5,983    21,288    14,341    5,983    20,324 
Ritter   17,733    13,864    31,598    22,685    13,864    36,549 
River   15,542    7,323    22,866    14,889    7,323    22,212 
Riverwalk   20,199    10,855    31,054    18,261    10,855    29,116 
Rooney   11,697    8,844    20,541    9,604    8,844    18,449 
Roseberry   22,756    9,026    31,782    14,961    9,026    23,986 
Rosewood   9,530    7,438    16,967    10,716    7,438    18,154 
Roxy   10,766    8,958    19,725    11,743    8,958    20,702 
Saddlebred   23,814    15,278    39,091    14,525    15,278    29,803 

 

26

 

 

   December 31, 2025   December 31, 2024 
Series  Operating expenses   Depreciation   Total
expenses		   Operating expenses   Depreciation   Total
expenses		 
Saint   10,156    7,582    17,738    9,604    7,582    17,186 
Sajni   27,477    13,319    40,796    18,537    11,077    29,614 
Salem   15,124    8,775    23,899    17,548    8,775    26,322 
Salinas   14,913    8,078    22,990    8,422    8,078    16,500 
Saturn   13,198    7,264    20,462    14,452    7,264    21,716 
Scepter   11,271    6,475    17,746    9,506    6,475    15,981 
Sequoyah   14,237    7,810    22,046    17,208    7,305    24,513 
Shallowford   15,015    9,917    24,932    15,924    9,917    25,841 
Shoreline   26,253    8,520    34,773    15,703    8,520    24,223 
Sigma   18,092    10,479    28,571    14,767    10,479    25,246 
Simon   11,558    7,953    19,511    7,815    7,953    15,768 
Sims   11,453    7,498    18,951    12,285    7,498    19,783 
Soapstone   11,295    8,235    19,531    10,728    6,745    17,474 
Sodalis   47,932    8,838    56,770    13,329    7,959    21,288 
Spencer   17,349    8,313    25,662    15,672    8,313    23,986 
Splash   8,910    6,432    15,342    15,572    5,955    21,527 
Spring   17,360    6,803    24,163    18,520    6,803    25,323 
Stonebriar   10,244    5,574    15,818    11,383    5,574    16,957 
Sugar   18,579    8,559    27,138    15,890    8,559    24,449 
Summerset   15,197    10,115    25,312    11,970    10,115    22,085 
Sundance   12,663    10,205    22,868    17,136    10,205    27,341 
Sunnyside   9,170    6,079    15,249    9,776    6,079    15,855 
Swift   16,239    10,575    26,814    22,393    10,575    32,967 
Taylor   17,227    7,377    24,605    16,080    7,377    23,457 
Terracotta   17,730    7,573    25,303    31,290    7,573    38,863 
Theodore   9,643    7,893    17,536    9,482    7,893    17,376 
Tulip   11,927    8,726    20,653    12,630    8,726    21,356 
Tuscan   14,135    8,879    23,013    12,039    8,879    20,917 
Tuscarora   15,363    9,182    24,545    14,703    9,182    23,885 
Tuxford   20,122    7,203    27,324    24,613    7,203    31,816 
Vernon   14,269    7,238    21,506    15,525    7,238    22,762 
Walton   13,722    8,733    22,455    13,827    8,246    22,073 
Wave   10,907    9,192    20,099    52,773    9,192    61,964 
Weldon   11,185    5,811    16,996    10,268    5,811    16,080 
Wellington   21,147    12,832    33,979    20,282    12,482    32,764 
Wentworth   9,504    6,833    16,337    9,054    6,833    15,887 
Wescott   12,072    7,530    19,602    19,042    7,530    26,572 
Westchester   29,634    9,374    39,008    24,605    9,374    33,980 
Wildwood   8,845    6,063    14,908    9,168    6,063    15,231 
Willow   11,917    8,041    19,957    15,737    8,041    23,778 
Wilson   14,319    11,722    26,041    15,082    11,722    26,804 
Winchester   12,369    8,418    20,786    14,237    8,418    22,655 
Windsor   34,753    9,618    44,371    46,105    9,618    55,724 
Winston   12,998    9,039    22,037    13,960    9,039    22,999 
Wisteria   10,555    9,735    20,289    14,024    9,735    23,759 
Arlo   -    -    -    7,086    1,840    8,926*
Hualapai   -    -    -    10,864    1,813    12,677*
Brentwood   -    -    -    17,654    1,511    19,165*
Bellvue   -    -    -    6,658    3,085    9,742*
Lorenz   -    -    -    6,500    1,911    8,411*
Lexie   -    -    -    17,594    2,889    20,482*
Hartsfield   -    -    -    7,689    2,658    10,347*
   $3,796,890   $2,196,438   $5,993,328   $3,884,016   $2,193,651   $6,077,667 

 

*The following series ceased to be offered through the Company as of December 31, 2024. As of that date, the manager has transferred these series out of the Company. Accordingly, these series will no longer be included in any subsequent public reporting, financial statements, or investor communications under the Company.

 

27

 

 

Other Expenses (Income)

 

During the years ended December 31, 2025 and 2024, some series incurred interest expenses, including bridge financing interest and amortization of loan fees. The following table summarizes the total of such expenses incurred by each series during the years ended December 31, 2025 and 2024. Interest expense increased from $1,230,452 for the year ended December 31, 2024 to $1,247,535 for the year ended December 31, 2025. The slight increase was primarily attributable to the Company’s increased utilization of bridge financing. 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 (INCOME)
Series  December 31,
2025		   December 31,
2024		 
100  $-   $- 
101   1,573    48 
Abbington   -    - 
Abernant   -    - 
Alvin   -    - 
Amber   8,375    7,876 
Apollo   9,294    7,848 
Aster   9,390    8,721 
Augusta   -    - 
Avebury   8,415    7,957 
Avondale   -    - 
Badminton   9,437    8,187 
Ballinger   (5,900)   - 
Bandelier   9,577    9,577 
Baron   -    - 
Basil   6,884    6,183 
Bayside   8,496    7,773 
Bazzel   1,628    59 
Bedford   8,543    7,609 
Bella   114    - 
Belle   1,641    64 
Belvedere   -    - 
Bergenia   -    - 
Blossom   555    20 
Bonneau   419    - 
Brainerd   9,354    10,073 
Braxton   803    29 
Brennan   11,629    9,085 
Briarwood   -    - 
Brooklyn   6,457    5,801 
Burlington   300    - 
Butter   12,074    10,323 

 

28

 

 

Series  December 31,
2025		   December 31,
2024		 
Calvin   -    - 
Camino   -    - 
Cawley   -    - 
Centennial   -    14,115 
Chaparral   4,283    4,400 
Chelsea   8,429    8,429 
Chester   12,471    12,658 
Chickamauga   -    - 
Chinook   390    14 
Chitwood   -    - 
Clover   182    - 
Coatbridge   10,105    8,269 
Collier   -    - 
Collinston   7,755    5,428 
Conway   895    32 
Cove   1,791    79 
Creekside   -    - 
Creekwood   9,711    9,863 
Cumberland   -    - 
Cupcake   6,034    5,998 
Cypress   12,412    12,358 
Daisy   -    - 
Davidson   6,853    5,798 
Dawson   8,630    6,903 
Delta   16,048    9,129 
Dewberry   7,066    5,722 
Diablo   10,256    8,210 
Dogwood   -    - 
Dolittle   8,593    8,138 
Dolly   -    - 
Dops   -    - 
Dorchester   1,051    - 
Dunbar   3,634    111 
Eagle   9,059    9,059 

 

29

 

 

Series  December 31,
2025		   December 31,
2024		 
Eastfair   8,322    7,057 
Eastwood   -    - 
Elevation   12,167    8,184 
Ella   -    - 
Ellen   -    - 
Elm   5,942    5,046 
Emporia   11,213    9,623 
Ensenada   16,315    15,342 
Falcon   9,059    9,059 
Felix   -    - 
Fenwick   -    - 
Fletcher   -    - 
Folly   495    18 
Forest   15,134    10,767 
Foster   -    - 
Franklin   -    - 
Gardens   7,368    6,573 
General   -    - 
Goose   8,440    8,440 
Grant   10,126    10,126 
Greenhill   8,990    8,909 
Gretal   -    - 
Grove   8,378    7,576 
Hadden   5,712    5,622 
Hansard   -    - 
Hansel   14,965    13,586 
Hargrave   (2,606)   - 
Harrison   15,416    15,639 
Henry   3,583    340 
Heritage   11,166    9,770 
Heron   10,151    9,636 
Highland   -    - 
Hines   110    - 
Hobbes   -    - 
Holcomb   -    - 
Holland   5,758    5,758 

 

30

 

 

Series  December 31,
2025		   December 31,
2024		 
Hollandaise   10,985    10,025 
Holloway   11,062    10,347 
Inglewood   -    - 
Irene   -    - 
Jack   13,736    12,795 
Jake   1,302    40 
Jefferson   -    - 
Jill   13,497    13,696 
Johnny   1,362    52 
June   729    25 
Jupiter   7,041    6,542 
Kawana   7,532    7,532 
Kennesaw   -    - 
Kenny   187    - 
KerriAnn   11,080    9,374 
Kessler   9,298    8,734 
Kingsley   11,218    10,082 
Kirkwood   9,749    8,742 
Korin   -    - 
Lallie   15,518    11,383 
Lanier   13,511    12,658 
Lannister   8,579    7,227 
Latte   168    - 
Lennox   7,263    6,561 
Lierly   5,381    5,524 
Lily   16,974    12,347 
Limestone   9,547    8,000 
Litton   10,318    11,112 
Longwoods   -    - 
Lookout   -    - 
Loretta   168    5,000 
Louis   -    - 
Louise   8,033    8,033 
Lovejoy   8,946    8,057 
Luna   8,348    7,061 
Lurleen   8,828    8,900 

 

31

 

 

Series  December 31,
2025		   December 31,
2024		 
Madison   7,436    6,286 
Mae   -    - 
Magnolia   11,770    10,050 
Malbec   9,868    9,781 
Mammoth   14,712    11,509 
Marcelo   -    - 
Marie   -    - 
Marietta   11,621    10,413 
Marion   402    - 
Marple   -    - 
Martell   430    - 
Mary   -    - 
Matchingham   5,733    5,733 
McGregor   -    - 
McLovin   15,455    14,380 
Meadow   8,406    8,406 
Mimosa   7,736    8,252 
Mojave   6,704    6,480 
Murphy   8,113    8,107 
Mycroft   -    - 
Nugget   -    - 
Odessa   17,468    14,726 
Olive   7,324    5,951 
Oly   14,773    14,382 
Onyx   -    - 
Oscar   -    - 
Osceola   537    19 
Osprey   -    - 
Otoro   16,629    10,940 
Palmer   5    - 
Patrick   4,414    4,471 
Peanut   7,044    7,044 
Pearl   104    - 
Pecan   4,600    4,657 
Peterson   -    - 
Piedmont   12,906    13,098 

 

32

 

 

Series  December 31,
2025		   December 31,
2024		 
Pinot   9,961    9,882 
Pioneer   -    - 
Plumtree   4,563    6,044 
Point   13,854    12,840 
Porthos   -    - 
Quincy   1,705    56 
Redondo   11,783    12,090 
Regency   (4,674)   11,100 
Reginald   3,579    84 
Reynolds   -    - 
Ribbonwalk   9,661    8,793 
Richardson   -    - 
Richmond   -    - 
Ridge   6,640    6,565 
Ritter   1,251    47 
River   8,035    8,035 
Riverwalk   -    - 
Rooney   10,831    10,151 
Roseberry   10,361    9,863 
Rosewood   9,412    9,063 
Roxy   11,694    10,595 
Saddlebred   14,748    13,056 
Saint   8,293    8,293 
Sajni   (3,366)   83 
Salem   10,375    9,967 
Salinas   1,523    55 
Saturn   7,416    6,556 
Scepter   7,617    7,396 
Sequoyah   9,293    8,658 
Shallowford   12,843    12,342 
Shoreline   11,131    9,858 
Sigma   10,536    10,536 

 

33

 

 

Series  December 31,
2025		   December 31,
2024		 
Simon   -    - 
Sims   -    - 
Soapstone   5,737    5,426 
Sodalis   (23,476)   - 
Spencer   9,814    9,134 
Splash   5,581    5,198 
Spring   -    - 
Stonebriar   7,643    6,486 
Sugar   9,800    9,411 
Summerset   9,584    7,813 
Sundance   11,791    12,108 
Sunnyside   -    - 
Swift   -    - 
Taylor   8,553    7,878 
Terracotta   10,797    8,758 
Theodore   -    - 
Tulip   12,443    10,687 
Tuscan   7,388    7,578 
Tuscarora   -    - 
Tuxford   8,922    7,056 
Vernon   7,671    7,135 
Walton   2,185    79 
Wave   15,826    9,016 
Weldon   5,349    5,349 
Wellington   7    - 
Wentworth   6,251    6,249 
Wescott   9,851    8,347 
Westchester   10,644    9,335 
Wildwood   6,148    6,148 
Willow   -    - 
Wilson   -    - 
Winchester   -    - 
Windsor   13,864    10,711 
Winston   -    - 
Wisteria   10,630    9,957 
Arlo   -    7,001*
Hualapai   -    7,605*
Brentwood   -    6,009*
Bellvue   -    12,681*
Lorenz   -    9,089*
Lexie   -    9,223*
Hartsfield   -    13,431*
   $1,247,535   $1,230,452 

 

*The following series ceased to be offered through the Company as of December 31, 2024. As of that date, the manager has transferred these series out of the Company. Accordingly, these series will no longer be included in any subsequent public reporting, financial statements, or investor communications under the Company.

 

34

 

 

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.

 

As discussed in Note 3 to the consolidated financial statements, the Company’s ability to continue as a going concern is dependent upon the ability to generate cash flow from rental activities and/or obtain financing from the manager. Management believes that the continued support of the manager, the planned launch of additional series offerings, and the cash generated from rental operations will provide sufficient liquidity to meet the Company’s obligations. However, there can be no assurance that these plans will be successful.

 

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, 2025 and 2024. 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 & CASH EQUIVILENTS  
Series  December 31,
2025		   December 31,
2024		 
100  $12,326   $14,219 
101   4,228    4,848 
Abbington   9,178    10,672 
Abernant   12,958    12,076 
Alvin   22,932    26,090 
Amber   4,702    3,964 
Apollo   54    1,694 
Aster   4,913    5,281 
Augusta   17,250    19,643 
Avebury   2,476    3,606 
Avondale   8,474    6,934 
Badminton   4,378    5,085 
Ballinger   6,761    12,717 
Bandelier   7,664    6,425 
Baron   10,966    13,820 
Basil   4,860    6,984 
Bayside   2,455    4,921 
Bazzel   7,586    7,449 
Bedford   4,534    3,820 
Bella   5,005    6,160 
Belle   4,092    6,393 
Belvedere   14,538    16,602 
Bergenia   12,233    15,462 
Blossom   8,523    7,063 
Bonneau   8,515    5,771 
Brainerd   12,763    17,919 
Braxton   7,329    6,295 
Brennan   2,009    4,049 

 

35

 

 

Series  December 31,
2025		   December 31,
2024		 
Briarwood   10,325    15,889 
Brooklyn   2,129    4,299 
Burlington   12,778    5,097 
Butter   7,842    5,879 
Calvin   17,776    20,020 
Camino   6,897    7,713 
Cawley   9,347    17,482 
Centennial   -    - 
Chaparral   8,336    9,712 
Chelsea   7,246    8,741 
Chester   7,410    10,082 
Chickamauga   15,865    18,721 
Chinook   8,058    6,864 
Chitwood   11,010    13,968 
Clover   5,183    3,654 
Coatbridge   2,617    4,367 
Collier   8,465    5,342 
Collinston   1,310    1,002 
Conway   10,401    6,782 
Cove   7,364    2,682 
Creekside   9,038    10,948 
Creekwood   6,255    9,400 
Cumberland   7,561    10,567 
Cupcake   6,658    8,611 
Cypress   1,021    4,137 
Daisy   7,443    6,204 
Davidson   4,390    1,690 
Dawson   3,589    3,807 
Delta   4,257    3,316 
Dewberry   3,723    1,707 
Diablo   5,934    5,138 
Dogwood   8,316    8,906 
Dolittle   5,538    5,223 
Dolly   7,050    7,104 

 

36

 

 

Series  December 31,
2025		   December 31,
2024		 
Dops   6,913    5,867 
Dorchester   12,640    5,646 
Dunbar   4,434    426 
Eagle   7,963    13,114 
Eastfair   5,741    4,031 
Eastwood   12,782    12,167 
Elevation   2,621    1,609 
Ella   8,185    8,722 
Ellen   15,373    22,186 
Elm   1,210    3,599 
Emporia   3,290    5,187 
Ensenada   8,028    5,455 
Falcon   7,647    9,362 
Felix   6,166    7,195 
Fenwick   8,442    6,766 
Fletcher   15,615    16,718 
Folly   8,906    6,899 
Forest   5,345    6,769 
Foster   15,297    22,788 
Franklin   8,208    11,854 
Gardens   5,221    4,183 
General   5,522    9,492 
Goose   6,806    11,278 
Grant   7,591    6,958 
Greenhill   6,982    5,904 
Gretal   14,377    18,017 
Grove   4,023    2,003 
Hadden   4,004    3,675 
Hansard   14,413    18,918 
Hansel   6,810    4,001 
Hargrave   5,818    12,446 
Harrison   11,822    14,150 
Henry   6,861    5,077 
Heritage   5,102    7,302 

 

37

 

 

Series  December 31,
2025		   December 31,
2024		 
Heron   4,937    6,112 
Highland   5,279    5,332 
Hines   8,644    106 
Hobbes   6,321    10,734 
Holcomb   12,059    12,761 
Holland   4,993    2,840 
Hollandaise   6,535    3,549 
Holloway   1,944    6,286 
Inglewood   8,670    10,103 
Irene   13,815    17,882 
Jack   6,107    1,571 
Jake   8,525    5,636 
Jefferson   14,643    17,605 
Jill   6,906    7,824 
Johnny   9,804    7,839 
June   7,778    4,951 
Jupiter   7,421    6,961 
Kawana   3,969    9,329 
Kennesaw   5,850    10,695 
Kenny   5,955    7,269 
KerriAnn   2,480    1,987 
Kessler   4,116    2,283 
Kingsley   3,490    7,981 
Kirkwood   1,936    1,311 
Korin   13,317    15,433 
Lallie   1,613    5,901 
Lanier   3,950    6,484 
Lannister   2,178    1,504 
Latte   15,885    7,920 
Lennox   4,684    3,680 
Lierly   11,313    12,250 
Lily   4,372    7,504 
Limestone   3,582    6,065 
Litton   11,985    13,102 
Longwoods   4,341    12,962 
Lookout   10,530    12,269 

 

38

 

 

Series  December 31,
2025		   December 31,
2024		 
Loretta   8,678    7,031 
Louis   17,359    18,130 
Louise   5,937    4,541 
Lovejoy   3,929    4,669 
Luna   3,852    4,217 
Lurleen   1,873    1,792 
Madison   5,646    5,617 
Mae   9,035    10,408 
Magnolia   4,419    6,885 
Malbec   3,802    5,920 
Mammoth   3,697    3,385 
Marcelo   8,292    7,477 
Marie   16,085    21,404 
Marietta   3,255    4,505 
Marion   7,303    3,900 
Marple   6,362    4,534 
Martell   7,027    3,557 
Mary   13,685    15,993 
Matchingham   3,304    6,184 
McGregor   8,301    6,890 
McLovin   5,326    6,004 
Meadow   5,032    3,595 
Mimosa   6,936    2,486 
Mojave   5,636    2,210 
Murphy   3,638    4,252 
Mycroft   2,972    13,827 
Nugget   9,228    7,300 
Odessa   7,397    6,061 
Olive   4,191    4,215 
Oly   3,777    7,918 
Onyx   4,524    5,934 
Oscar   6,621    3,177 
Osceola   6,009    6,913 
Osprey   9,828    9,493 
Otoro   248    1,310 
Palmer   7,443    6,345 

 

39

 

 

Series  December 31,
2025		   December 31,
2024		 
Patrick   7,045    6,535 
Peanut   4,099    6,822 
Pearl   6,992    6,421 
Pecan   8,880    12,097 
Peterson   17,144    16,634 
Piedmont   5,323    9,652 
Pinot   7,873    7,603 
Pioneer   8,603    7,993 
Plumtree   5,575    10,009 
Point   8,501    4,225 
Porthos   12,110    14,714 
Quincy   8,085    7,047 
Redondo   5,755    4,546 
Regency   6,266    14,652 
Reginald   572    3,677 
Reynolds   13,793    16,194 
Ribbonwalk   905    7,225 
Richardson   11,137    13,581 
Richmond   16,001    16,627 
Ridge   3,484    4,424 
Ritter   7,963    7,416 
River   5,489    4,648 
Riverwalk   14,598    14,359 
Rooney   10,136    7,631 
Roseberry   4,604    2,382 
Rosewood   8,307    6,677 
Roxy   5,754    6,359 
Saddlebred   5,510    7,936 
Saint   11,686    12,217 
Sajni   3,714    6,044 
Salem   5,580    2,035 
Salinas   6,527    5,932 
Saturn   3,501    3,172 
Scepter   5,623    3,385 
Sequoyah   4,473    3,513 
Shallowford   4,733    3,698 
Shoreline   1,988    7,940 
Sigma   6,888    8,321 

 

40

 

 

Series  December 31,
2025		   December 31,
2024		 
Simon   14,658    17,998 
Sims   10,264    12,444 
Soapstone   6,886    6,932 
Sodalis   5,987    6,783 
Spencer   4,372    7,027 
Splash   5,946    6,893 
Spring   5,140    5,343 
Stonebriar   4,401    7,013 
Sugar   3,242    3,972 
Summerset   6,738    5,299 
Sundance   6,238    3,838 
Sunnyside   15,864    14,812 
Swift   7,662    10,298 
Taylor   743    3,404 
Terracotta   1,877    1,314 
Theodore   12,760    15,244 
Tulip   4,790    5,906 
Tuscan   12,402    15,475 
Tuscarora   9,622    11,464 
Tuxford   2,895    5,512 
Vernon   4,326    4,514 
Walton   6,815    6,916 
Wave   3,693    1,969 
Weldon   5,111    3,840 
Wellington   5,475    7,114 
Wentworth   7,375    8,105 
Wescott   4,234    2,273 
Westchester   4,351    7,646 
Wildwood   7,246    7,637 
Willow   2,402    3,572 
Wilson   6,888    8,153 
Winchester   7,823    4,347 
Windsor   3,407    4,831 
Winston   10,795    9,599 
Wisteria   7,828    6,681 
Arlo   -    -*
Hualapai   -    -*
Brentwood   -    -*
Bellvue   -    -*
Lorenz   -    -*
Lexie   -    -*
Hartsfield   -    -*
   $1,721,037   $1,881,389 

 

*The following series ceased to be offered through the Company as of December 31, 2024. As of that date, the manager has transferred these series out of the Company. Accordingly, these series will no longer be included in any subsequent public reporting, financial statements, or investor communications under the Company.

 

41

 

 

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.

 

42

 

 

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 January 1, 2026 through February 28, 2026 are listed below. For the avoidance of doubt, the below amounts are unaudited.

 

RECENT REVENUES  
Series  February 28,
2026		 
100  $5,090 
101   - 
Abbington   5,370 
Abernant   3,240 
Alvin   5,629 
Amber   3,990 
Apollo   2,590 
Aster   3,340 
Augusta   4,100 
Avebury   3,560 
Avondale   3,990 
Badminton   4,650 
Ballinger   4,190 
Bandelier   4,040 
Baron   6,190 
Basil   3,425 
Bayside   4,500 
Bazzel   3,899 
Bedford   4,640 
Bella   4,190 
Belle   4,841 
Belvedere   4,740 
Bergenia   2,990 
Blossom   3,240 
Bonneau   4,760 
Brainerd   4,090 
Braxton   3,780 
Brennan   3,100 
Briarwood   3,090 
Brooklyn   2,590 

 

43

 

 

Series  February 28,
2026		 
Burlington   6,840 
Butter   5,590 
Calvin   4,089 
Camino   3,309 
Cawley   4,190 
Chaparral   3,390 
Chelsea   3,950 
Chester   8,133 
Chickamauga   4,800 
Chinook   4,160 
Chitwood   4,850 
Clover   3,990 
Coatbridge   4,370 
Collier   4,620 
Collinston   2,890 
Conway   6,790 
Cove   3,429 
Creekside   5,850 
Creekwood   3,700 
Cumberland   3,323 
Cupcake   3,440 
Cypress   5,080 
Daisy   3,450 
Davidson   2,990 
Dawson   3,600 
Delta   4,390 
Dewberry   3,505 
Diablo   4,100 
Dogwood   3,690 
Dolittle   4,786 

 

44

 

 

Series  February 28,
2026		 
Dolly   7,350 
Dops   2,994 
Dorchester   4,590 
Dunbar   3,690 
Eagle   4,040 
Eastfair   4,150 
Eastwood   4,640 
Elevation   3,846 
Ella   3,590 
Ellen   3,750 
Elm   3,300 
Emporia   4,790 
Ensenada   13,752 
Falcon   4,240 
Felix   3,310 
Fenwick   4,190 
Fletcher   2,910 
Folly   4,530 
Forest   2,470 
Foster   1,533 
Franklin   4,330 
Gardens   1,595 
General   5,150 
Goose   3,790 
Grant   5,225 
Greenhill   5,240 
Gretal   4,950 
Grove   3,080 
Hadden   3,390 
Hansard   2,320 
Hansel   4,190 
Hargrave   3,440 

 

45

 

 

Series  February 28,
2026		 
Harrison   5,840 
Henry   5,100 
Heritage   4,110 
Heron   4,100 
Highland   3,870 
Hines   3,240 
Hobbes   1,648 
Holcomb   4,390 
Holland   3,040 
Hollandaise   3,790 
Holloway   5,500 
Inglewood   6,440 
Irene   2,870 
Jack   4,190 
Jake   4,493 
Jefferson   4,450 
Jill   4,530 
Johnny   - 
June   5,390 
Jupiter   3,150 
Kawana   - 
Kennesaw   5,590 
Kenny   3,536 
KerriAnn   4,240 
Kessler   3,190 
Kingsley   5,060 
Kirkwood   3,300 
Korin   4,130 
Lallie   4,990 
Lanier   4,770 
Lannister   4,153 
Latte   4,390 
Lennox   3,840 
Lierly   3,810 

 

46

 

 

Series  February 28,
2026		 
Lily   5,100 
Limestone   4,450 
Litton   4,640 
Longwoods   3,900 
Lookout   4,040 
Loretta   6,390 
Louis   3,840 
Louise   4,100 
Lovejoy   4,130 
Luna   3,890 
Lurleen   3,390 
Madison   2,998 
Mae   4,350 
Magnolia   3,290 
Malbec   4,390 
Mammoth   4,290 
Marcelo   3,500 
Marie   5,190 
Marietta   4,490 
Marion   3,770 
Marple   2,590 
Martell   3,890 
Mary   4,330 
Matchingham   3,870 
McGregor   3,930 
McLovin   3,707 
Meadow   1,850 
Mimosa   1,495 
Mojave   3,600 
Murphy   4,040 
Mycroft   2,790 
Nugget   5,840 
Odessa   5,890 
Olive   4,000 

 

47

 

 

Series  February 28,
2026		 
Oly   5,990 
Onyx   4,790 
Oscar   1,720 
Osceola   4,080 
Osprey   4,770 
Otoro   4,689 
Palmer   3,900 
Patrick   3,190 
Peanut   2,900 
Pearl   5,040 
Pecan   3,690 
Peterson   3,300 
Piedmont   4,800 
Pinot   4,790 
Pioneer   6,440 
Plumtree   2,720 
Point   4,190 
Porthos   4,750 
Quincy   6,090 
Redondo   4,390 
Regency   4,590 
Reginald   4,390 
Reynolds   5,300 
Ribbonwalk   8,039 
Richardson   3,790 
Richmond   4,472 
Ridge   3,850 
Ritter   4,990 
River   4,550 
Riverwalk   5,240 
Rooney   - 
Roseberry   5,060 
Rosewood   3,830 
Roxy   4,360 
Saddlebred   5,640 
Saint   4,600 

 

48

 

 

Series  February 28,
2026		 
Sajni   2,394 
Salem   4,390 
Salinas   3,651 
Saturn   3,080 
Scepter   3,490 
Sequoyah   3,690 
Shallowford   4,190 
Shoreline   4,190 
Sigma   4,750 
Simon   4,240 
Sims   3,830 
Soapstone   3,920 
Sodalis   3,790 
Spencer   3,020 
Splash   3,540 
Spring   3,870 
Stonebriar   2,880 
Sugar   4,350 
Summerset   - 
Sundance   4,290 
Sunnyside   3,190 
Swift   4,441 
Taylor   3,390 
Terracotta   3,490 
Theodore   4,180 
Tulip   4,330 
Tuscan   5,150 
Tuscarora   4,890 
Tuxford   4,170 
Vernon   3,900 
Walton   3,790 
Wave   3,763 
Weldon   3,190 
Wellington   4,970 
Wentworth   3,950 
Wescott   1,915 
Westchester   5,190 
Wildwood   3,560 
Willow   3,090 
Wilson   4,550 
Winchester   4,000 
Windsor   5,314 
Winston   3,680 
Wisteria   1,245 
   $978,424 

 

49

 

 

Operating Expenses

 

The Company incurred the following operating expenses during the period January 1, 2026 through February 28, 2026. 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 January 1, 2026 through February 28, 2026, 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 January 1, 2026 through February 28, 2026. For the avoidance of doubt, the below amounts are unaudited.

 

RECENT OPERATIONAL EXPENSES  
   February 28, 2026 
Series  Operating
Expenses		   Depreciation   Total
Expenses		 
100  $3,262   $2,815   $6,077 
101   4,795    3,142    7,937 
Abbington   3,130    2,416    5,545 
Abernant   1,914    1,041    2,955 
Alvin   3,324    1,456    4,780 
Amber   1,527    1,403    2,930 
Apollo   4,323    1,311    5,635 
Aster   2,071    1,430    3,501 
Augusta   2,384    1,358    3,742 
Avebury   2,022    1,332    3,354 
Avondale   2,229    1,508    3,737 
Badminton   3,042    1,410    4,452 
Ballinger   2,151    1,369    3,520 
Bandelier   2,468    1,378    3,846 
Baron   3,355    2,868    6,223 
Basil   1,874    928    2,802 
Bayside   2,636    1,175    3,811 
Bazzel   4,562    1,254    5,817 
Bedford   2,916    1,282    4,199 
Bella   2,833    1,652    4,485 
Belle   4,096    2,014    6,110 
Belvedere   2,999    1,350    4,349 
Bergenia   1,153    995    2,149 
Blossom   2,419    1,165    3,584 
Bonneau   4,216    1,712    5,928 
Brainerd   2,565    1,333    3,898 
Braxton   3,734    1,484    5,218 
Brennan   2,186    1,038    3,225 

 

50

 

 

   February 28, 2026 
Series  Operating Expenses   Depreciation   Total Expenses 
Briarwood   3,126    955    4,081 
Brooklyn   1,540    969    2,510 
Burlington   6,510    3,178    9,688 
Butter   3,179    1,730    4,908 
Calvin   2,392    1,082    3,474 
Camino   2,116    1,215    3,331 
Cawley   2,474    1,437    3,911 
Centennial   -    -    - 
Chaparral   1,454    900    2,354 
Chelsea   1,721    1,411    3,132 
Chester   2,572    1,698    4,270 
Chickamauga   3,791    1,710    5,501 
Chinook   2,674    1,651    4,324 
Chitwood   3,812    1,752    5,563 
Clover   2,383    1,466    3,848 
Coatbridge   3,016    1,509    4,525 
Collier   2,684    1,626    4,310 
Collinston   7,855    969    8,824 
Conway   3,988    3,146    7,134 
Cove   (768)   963    195 
Creekside   2,366    1,423    3,789 
Creekwood   1,576    1,324    2,900 
Cumberland   2,380    1,353    3,733 
Cupcake   1,573    1,092    2,664 
Cypress   2,938    1,896    4,834 
Daisy   1,606    1,379    2,985 
Davidson   1,755    970    2,725 
Dawson   2,623    1,206    3,828 
Delta   3,985    1,842    5,827 
Dewberry   2,607    871    3,478 
Diablo   2,508    1,190    3,698 
Dogwood   2,119    1,104    3,223 
Dolittle   2,526    1,407    3,933 
Dolly   4,221    3,158    7,380 
Dops   4,568    936    5,505 
Dorchester   4,712    1,792    6,504 

 

51

 

 

   February 28, 2026 
Series  Operating Expenses   Depreciation   Total Expenses 
Dunbar   3,053    2,197    5,250 
Eagle   2,212    1,315    3,528 
Eastfair   4,082    985    5,067 
Eastwood   2,314    1,459    3,774 
Elevation   3,570    1,685    5,256 
Ella   2,419    1,196    3,615 
Ellen   4,608    1,135    5,743 
Elm   1,887    767    2,653 
Emporia   2,620    1,611    4,231 
Ensenada   5,838    2,222    8,060 
Falcon   2,487    1,318    3,805 
Felix   1,781    1,367    3,148 
Fenwick   2,759    1,373    4,133 
Fletcher   3,042    804    3,846 
Folly   4,493    1,709    6,202 
Forest   847    2,023    2,871 
Foster   6,154    1,436    7,589 
Franklin   4,098    1,541    5,639 
Gardens   3,392    1,195    4,587 
General   2,975    1,447    4,422 
Goose   1,742    1,226    2,968 
Grant   2,421    1,484    3,904 
Greenhill   2,903    1,495    4,398 
Gretal   5,222    2,069    7,291 
Grove   1,674    1,467    3,142 
Hadden   2,259    1,009    3,268 
Hansard   2,672    1,390    4,062 
Hansel   2,829    1,855    4,684 
Hargrave   2,320    1,071    3,391 
Harrison   4,194    2,099    6,293 
Henry   3,172    1,971    5,142 
Heritage   2,530    1,502    4,032 
Heron   3,621    1,491    5,113 
Highland   1,884    1,314    3,198 

 

52

 

 

   February 28, 2026 
Series  Operating Expenses   Depreciation   Total Expenses 
Hines   2,583    1,468    4,051 
Hobbes   6,444    1,072    7,516 
Holcomb   2,925    1,626    4,551 
Holland   1,236    970    2,206 
Hollandaise   1,698    1,676    3,374 
Holloway   2,874    1,557    4,432 
Inglewood   4,441    3,120    7,561 
Irene   3,668    804    4,472 
Jack   2,777    2,126    4,903 
Jake   4,449    2,698    7,147 
Jefferson   2,979    1,259    4,238 
Jill   2,430    1,831    4,261 
Johnny   4,104    2,682    6,786 
June   4,508    2,682    7,190 
Jupiter   1,376    969    2,344 
Kawana   2,502    1,262    3,764 
Kennesaw   3,584    1,945    5,529 
Kenny   5,468    3,158    8,626 
KerriAnn   2,560    1,562    4,122 
Kessler   1,722    1,369    3,090 
Kingsley   3,297    1,430    4,727 
Kirkwood   2,943    1,433    4,376 
Korin   2,924    1,274    4,199 
Lallie   4,376    2,067    6,444 
Lanier   2,982    1,902    4,884 
Lannister   2,170    1,009    3,179 
Latte   2,991    1,670    4,661 
Lennox   1,984    993    2,976 
Lierly   1,771    977    2,748 
Lily   3,332    2,498    5,829 
Limestone   2,853    1,341    4,194 
Litton   723    1,471    2,194 
Longwoods   4,281    1,234    5,515 
Lookout   2,339    1,580    3,920 
Loretta   3,566    3,144    6,710 
Louis   2,146    1,234    3,380 

 

53

 

 

   February 28, 2026 
Series  Operating Expenses   Depreciation   Total Expenses 
Louise   1,784    1,263    3,047 
Lovejoy   5,634    1,348    6,982 
Luna   3,023    985    4,008 
Lurleen   1,897    1,349    3,246 
Madison   1,537    943    2,480 
Mae   2,952    1,621    4,574 
Magnolia   1,773    1,385    3,157 
Malbec   2,042    1,463    3,504 
Mammoth   3,315    1,562    4,877 
Marcelo   1,812    1,304    3,116 
Marie   2,515    1,466    3,980 
Marietta   3,447    1,386    4,833 
Marion   3,059    1,538    4,597 
Marple   2,702    804    3,506 
Martell   3,930    1,191    5,121 
Mary   3,483    1,244    4,727 
Matchingham   2,154    971    3,125 
McGregor   1,995    1,377    3,372 
McLovin   3,499    2,429    5,928 
Meadow   1,455    1,470    2,925 
Mimosa   2,462    985    3,447 
Mojave   1,677    1,175    2,852 
Murphy   2,397    1,362    3,759 
Mycroft   2,613    822    3,436 
Nugget   4,741    2,565    7,306 
Odessa   3,522    2,444    5,966 
Olive   2,206    1,230    3,435 
Oly   3,626    2,088    5,714 
Onyx   2,193    2,003    4,196 
Oscar   1,992    1,339    3,331 
Osceola   2,899    1,283    4,182 
Osprey   3,778    1,830    5,608 
Otoro   3,625    2,028    5,654 
Palmer   2,903    1,780    4,683 
Patrick   1,752    1,173    2,924 
Peanut   1,275    988    2,263 

 

54

 

 

   February 28, 2026 
Series  Operating Expenses   Depreciation   Total Expenses 
Pearl   6,460    2,499    8,960 
Pecan   2,046    954    3,000 
Peterson   1,586    1,035    2,621 
Piedmont   2,863    1,757    4,621 
Pinot   1,917    1,476    3,394 
Pioneer   3,709    2,706    6,415 
Plumtree   1,598    923    2,521 
Point   3,793    1,750    5,543 
Porthos   2,900    1,383    4,282 
Quincy   4,501    2,505    7,006 
Redondo   2,272    1,436    3,708 
Regency   2,925    1,586    4,511 
Reginald   5,752    3,294    9,047 
Reynolds   3,349    1,968    5,317 
Ribbonwalk   3,478    1,465    4,943 
Richardson   2,295    1,440    3,736 
Richmond   2,607    1,744    4,351 
Ridge   2,042    997    3,039 
Ritter   1,210    2,311    3,521 
River   2,151    1,221    3,372 
Riverwalk   3,102    1,809    4,911 
Rooney   8,563    1,474    10,037 
Roseberry   3,925    1,504    5,429 
Rosewood   1,594    1,240    2,834 
Roxy   2,074    1,493    3,567 
Saddlebred   3,171    2,546    5,717 
Saint   2,102    1,264    3,366 
Sajni   13,259    2,295    15,554 
Salem   2,704    1,462    4,166 
Salinas   2,622    1,346    3,969 
Saturn   1,457    1,211    2,667 
Scepter   1,775    1,079    2,854 
Sequoyah   2,442    1,302    3,744 
Shallowford   2,307    1,653    3,960 
Shoreline   2,603    1,420    4,023 
Sigma   2,075    1,747    3,822 

 

55

 

 

   February 28, 2026 
Series  Operating Expenses   Depreciation   Total Expenses 
Simon   3,132    1,325    4,457 
Sims   2,645    1,250    3,895 
Soapstone   1,602    1,373    2,975 
Sodalis   3,246    1,912    5,158 
Spencer   4,601    1,386    5,986 
Splash   1,926    1,310    3,237 
Spring   2,364    1,134    3,498 
Stonebriar   1,529    929    2,458 
Sugar   2,357    1,426    3,784 
Summerset   8,734    1,686    10,420 
Sundance   2,403    1,701    4,103 
Sunnyside   2,302    1,013    3,315 
Swift   2,380    1,762    4,142 
Taylor   1,570    1,230    2,800 
Terracotta   4,677    1,262    5,939 
Theodore   3,148    1,316    4,464 
Tulip   2,632    1,454    4,087 
Tuscan   2,427    1,480    3,907 
Tuscarora   3,653    1,530    5,183 
Tuxford   2,944    1,200    4,145 
Vernon   2,198    1,206    3,405 
Walton   4,883    1,699    6,582 
Wave   2,217    1,532    3,749 
Weldon   1,272    969    2,241 
Wellington   2,586    2,255    4,841 
Wentworth   1,615    1,139    2,754 
Wescott   6,276    1,255    7,531 
Westchester   3,601    1,562    5,164 
Wildwood   1,554    1,010    2,564 
Willow   2,347    1,340    3,687 
Wilson   2,245    1,954    4,199 
Winchester   2,741    1,403    4,144 
Windsor   3,908    1,603    5,511 
Winston   2,336    1,506    3,842 
Wisteria   2,814    1,622    4,437 
   $709,615   $368,471   $1,078,086 

 

56

 

 

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 February 28, 2026. For the avoidance of doubt, the below amounts are unaudited.

 

CASH & CASH EQUIVILENTS  
Series  February 28,
2026		 
100  $11,691 
101   3,376 
Abbington   10,615 
Abernant   12,039 
Alvin   17,968 
Amber   5,835 
Apollo   303 
Aster   3,585 
Augusta   15,852 
Avebury   2,395 
Avondale   7,735 
Badminton   5,074 
Ballinger   6,001 
Bandelier   6,211 
Baron   7,797 
Basil   5,067 
Bayside   3,291 
Bazzel   9,096 
Bedford   5,305 
Bella   4,203 
Belle   7,197 
Belvedere   13,461 
Bergenia   11,277 
Blossom   8,237 
Bonneau   9,401 
Brainerd   11,625 
Braxton   6,982 
Brennan   2,258 
Briarwood   9,337 
Brooklyn   3,138 

 

57

 

 

Series  February 28,
2026		 
Burlington   593 
Butter   8,755 
Calvin   15,951 
Camino   7,358 
Cawley   8,197 
Chaparral   7,475 
Chelsea   7,294 
Chester   5,999 
Chickamauga   14,239 
Chinook   7,311 
Chitwood   9,621 
Clover   6,703 
Coatbridge   2,743 
Collier   7,566 
Collinston   6,820 
Conway   10,454 
Cove   8,654 
Creekside   9,319 
Creekwood   6,785 
Cumberland   6,759 
Cupcake   5,160 
Cypress   2,946 
Daisy   6,898 
Davidson   4,841 
Dawson   2,943 
Delta   4,771 
Dewberry   4,021 
Diablo   5,044 
Dogwood   8,534 
Dolittle   6,032 
Dolly   7,096 
Dops   7,482 

 

58

 

 

Series  February 28,
2026		 
Dorchester   13,377 
Dunbar   4,439 
Eagle   5,972 
Eastfair   5,390 
Eastwood   11,628 
Elevation   2,381 
Ella   7,091 
Ellen   14,779 
Elm   1,619 
Emporia   3,555 
Ensenada   2,815 
Falcon   5,843 
Felix   5,615 
Fenwick   7,856 
Fletcher   14,597 
Folly   9,189 
Forest   6,642 
Foster   14,919 
Franklin   7,545 
Gardens   4,645 
General   6,880 
Goose   4,876 
Grant   8,732 
Greenhill   7,306 
Gretal   12,810 
Grove   4,516 
Hadden   3,945 
Hansard   13,077 
Hansel   4,640 
Hargrave   5,227 
Harrison   9,250 
Henry   8,988 
Heritage   5,149 
Heron   4,853 

 

59

 

 

Series  February 28,
2026		 
Highland   6,930 
Hines   8,078 
Hobbes   7,282 
Holcomb   13,190 
Holland   5,940 
Hollandaise   4,982 
Holloway   3,477 
Inglewood   9,655 
Irene   12,775 
Jack   3,779 
Jake   7,771 
Jefferson   13,156 
Jill   5,004 
Johnny   9,610 
June   7,543 
Jupiter   7,989 
Kawana   806 
Kennesaw   9,237 
Kenny   5,193 
KerriAnn   3,695 
Kessler   2,692 
Kingsley   4,586 
Kirkwood   1,159 
Korin   12,275 
Lallie   3,177 
Lanier   4,017 
Lannister   1,299 
Latte   17,725 
Lennox   4,887 
Lierly   9,518 
Lily   2,413 
Limestone   4,880 
Litton   9,957 
Longwoods   4,028 

 

60

 

 

Series  February 28,
2026		 
Lookout   9,277 
Loretta   9,021 
Louis   19,327 
Louise   7,088 
Lovejoy   4,005 
Luna   4,442 
Lurleen   3,234 
Madison   6,036 
Mae   10,886 
Magnolia   4,437 
Malbec   2,001 
Mammoth   4,144 
Marcelo   5,750 
Marie   14,459 
Marietta   5,177 
Marion   6,790 
Marple   6,051 
Martell   6,462 
Mary   12,302 
Matchingham   3,632 
McGregor   7,661 
McLovin   3,475 
Meadow   5,586 
Mimosa   6,006 
Mojave   4,167 
Murphy   3,864 
Mycroft   2,837 
Nugget   8,955 
Odessa   4,306 
Olive   3,833 
Oly   2,144 
Onyx   6,902 

 

61

 

 

Series  February 28,
2026		 
Oscar   5,973 
Osceola   8,471 
Osprey   12,216 
Otoro   2,678 
Palmer   5,565 
Patrick   6,314 
Peanut   4,695 
Pearl   6,097 
Pecan   8,155 
Peterson   16,202 
Piedmont   2,473 
Pinot   6,076 
Pioneer   7,886 
Plumtree   4,709 
Point   6,702 
Porthos   11,553 
Quincy   7,446 
Redondo   6,616 
Regency   5,704 
Reginald   1,817 
Reynolds   16,045 
Ribbonwalk   5,240 
Richardson   10,151 
Richmond   14,864 
Ridge   4,184 
Ritter   7,371 
River   5,922 
Riverwalk   13,428 
Rooney   8,746 
Roseberry   4,508 
Rosewood   9,091 
Roxy   4,577 
Saddlebred   4,535 
Saint   9,973 
Sajni   1,889 
Salem   4,004 
Salinas   6,034 
Saturn   3,813 

 

62

 

 

Series  February 28,
2026		 
Scepter   3,802 
Sequoyah   4,294 
Shallowford   3,471 
Shoreline   2,525 
Sigma   4,511 
Simon   13,311 
Sims   8,853 
Soapstone   6,566 
Sodalis   7,616 
Spencer   2,538 
Splash   5,362 
Spring   7,043 
Stonebriar   5,223 
Sugar   3,289 
Summerset   6,807 
Sundance   4,000 
Sunnyside   15,385 
Swift   9,774 
Taylor   1,731 
Terracotta   677 
Theodore   11,333 
Tulip   4,931 
Tuscan   5,369 
Tuscarora   15,138 
Tuxford   3,239 
Vernon   4,692 
Walton   6,545 
Wave   3,870 
Weldon   5,596 
Wellington   6,862 
Wentworth   6,095 
Wescott   2,900 
Westchester   4,054 
Wildwood   6,098 
Willow   2,285 
Wilson   6,075 
Winchester   7,258 
Windsor   4,894 
Winston   12,000 
Wisteria   10,037 
   $1,651,602 

 

63

 

 

Item 3. Directors and Officers

 

General

 

The manager of our Company is Arrived Fund Manager, LLC, a Delaware limited liability company. The manager has established a board of directors for our Company, consisting of two members, Ryan Frazier and Kenneth Cason.

 

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 LLCs may be organized under the Delaware Limited Liability Company Act.

 

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   37   Chief Executive Officer and Director   Chief Executive Officer, President and Director
Sue Korn   56   Chief Financial Officer   Chief Financial Officer
Kenneth Cason   39   Chief Technology Officer and Director   Chief Technology Officer and Director
Alejandro Chouza   45   Chief Operating Officer   Chief Operating Officer

 

(1) The terms in office of Mr. Frazier, Mr. Cason, and Mr. Chouza began upon the organization of our Company on July 13, 2020. Ms. Korn’s term in office began upon her appointment as CFO on January 11, 2024. The current executive officers and directors will serve in these capacities indefinitely, or until their successors are duly appointed or elected, as applicable.

 

(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. Our officers will be working on a part-time basis for our business and are expected to devote at least forty (40) hours per month to the operations and 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.

 

64

 

 

Sue Korn, our Chief Financial Officer, has served as the Chief Financial Officer of Arrived Holdings since January 2024. Ms. Korn began her career in equity research for diversified financial services companies at Kidder, Peabody in 1992, later moving to investment banking in Salomon Smith Barney’s Financial Institutions Group in 1997. She joined Providian Financial in 1998 where she oversaw planning and analysis, data management and reporting for a $33 billion credit card business. In 2011 she transitioned to FinTech, bringing her financial expertise to companies such as Prosper Marketplace (FP&A and back office operations), LendingClub (marketplace operations and treasury), Oportun (FP&A and accounting) and was co-founder/CFO/Head of Operations for online lender Vouch Financial. Ms. Korn graduated from Colby College with a B.A. in Philosophy/Math in 1991 and earned her M.B.A from Kellogg Graduate School of Management at Northwestern University in 1997 with majors in Finance, Management and Strategy and Organizational Behavior. She has held the Chartered Financial Analyst® designation since 1998.

 

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 alumnus 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 served as the Chief Operating Officer of Arrived Holdings, Inc. since its inception in February 2019. 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.

 

65

 

 

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.

 

Manager Affiliates

 

Our manager controls nine affiliated entities also conducting offerings under Tier 2 of Regulation A:

 

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 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 Homes 4, LLC – Arrived Homes 4, LLC was formed on July 28, 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 4, LLC.

 

Arrived Homes 5, LLC – Arrived Homes 5, LLC was formed on July 12, 2024 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 5, 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 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.

 

66

 

 

Arrived SFR Genesis Fund, LLC – Arrived SFR Genesis Fund, LLC was formed on May 1, 2023 as a Delaware limited liability company to originate, invest in and manage a diversified portfolio of single family residential real estate properties. 

 

Arrived Debt Fund, LLC – Arrived Debt Fund, LLC was formed on December 21, 2023 as a Delaware limited liability company to invest in and manage a diversified portfolio of residential real estate investments.

 

Arrived Seattle Fund, LLC – Arrived Seattle Fund, LLC was formed on February 25, 2025 as a Delaware limited liability company to invest in and manage a diversified portfolio of real estate properties located in the Seattle/Tacoma, Washington area, and real estate credit investments.

 

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 our series offerings (e.g., Offering Expenses and Acquisition Expenses). 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 “Management—Management Compensation” in our offering circular and Note 8, Related Party Transactions in our financial statements for further details.

 

Item 4. Security Ownership of Management and Certain Securityholders

 

Our Company is managed by Arrived Fund Manager, LLC, 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.

 

As of April 20, 2026, no executive officers and directors beneficially own more than 10% of any series of our Company. Additionally, as of April 20, 2026, no other security holders beneficially own more than 10% of any series of our Company.

 

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 Fund Manager, LLC is 1700 Westlake Avenue N, Suite 200, Seattle, WA 98109.

 

Item 5. Interest of Management and Others in Certain Transactions

 

Since our formation in July 2020, we have entered into a number of transactions in which we were a participant and the amount involved exceeded or exceeds the lesser of $120,000 and one percent of the average of our total assets as of the date of formation, and in which any related person had a direct or indirect material interest (other than compensation described under “Compensation of Directors and Executive Officers”). See “The Series Properties Being Offered” section in our latest offering circular, which can be accessed here, for a description of the manager’s involvement in the purchase of properties on the relevant series’ behalf and the subsequent issuance of promissory notes by the series to the manager. See “Management—Management Compensation” section in our offering circular for a description of the fees paid to the manager. We believe the terms obtained or consideration that we paid or received, as applicable, in connection with such transactions were comparable to terms available or the amounts that would be paid or received, as applicable, in arm’s-length transactions. 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” in our offering circular. Therefore, the manager is expected to continue to receive interest income from loans to the multiple series.

 

Item 6. Other Information

 

None.

 

67

 

 

Item 7. Financial Statements

 

ARRIVED HOMES, LLC AND ITS SERIES

 

CONSOLIDATED AND CONSOLIDATING FINANCIAL STATEMENTS

 

DECEMBER 31, 2025 AND 2024

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (PCAOB ID #3523)   F-2
CONSOLIDATED AND CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2025   F-3
CONSOLIDATED AND CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2024   F-38
CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) FOR THE YEAR ENDED DECEMBER 31, 2025   F-74
CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) FOR THE YEAR ENDED DECEMBER 31, 2024   F-109
CONSOLIDATED AND CONSOLIDATING STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT) FOR THE YEAR ENDED DECEMBER 31, 2025   F-145
CONSOLIDATED AND CONSOLIDATING STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT) FOR THE YEAR ENDED DECEMBER 31, 2024   F-180
CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2025   F-216
CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2024   F-251
NOTES TO CONSOLIDATED AND CONSOLIDATING FINANCIAL STATEMENTS   F-287 to F-351


 

F-1

 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Manager and Members of
Arrived Homes, LLC

Seattle, Washington

 

Opinion on the Consolidated and Consolidating Financial Statements

 

We have audited the accompanying consolidated and consolidating balance sheets of Arrived Homes, LLC and its series (the Company) as of December 31, 2025 and 2024, and the related consolidated and consolidating statements of comprehensive income (loss), changes in members’ equity (deficit), and cash flows for each of the two years in the period ended December 31, 2025, 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, 2025 and 2024, and the results of their operations and their cash flows for each of the two years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

 

Substantial Doubt About the Company’s Ability to Continue as a 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/ Stephano Slack LLC

 

We have served as the Company’s auditor since 2024.

 

Wayne, Pennsylvania

April 30, 2026

 

F-2

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2025

 

 

   100   101   Abbington   Abernant   Alvin   Amber   Apollo 
ASSETS                            
Current assets:                            
Cash  $12,326   $4,228   $9,178   $12,958   $22,932   $4,702   $54 
Other receivables   -    -    2,250    -    -    -    410 
Prepaid expenses   -    -    233    212    254    2,748    2,299 
Due from third party property managers   5,469    -    5,050    3,275    5,315    4,515    691 
Total current assets   17,796    4,228    16,711    16,445    28,500    11,965    3,454 
Property and equipment, net   558,774    584,124    439,668    215,028    300,640    271,917    187,432 
Total assets  $576,569   $588,352   $456,378   $231,473   $329,140   $283,882   $190,887 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $6,611   $4,865   $4,116   $1,356   $6,611   $2,200   $1,768 
Tenant deposits   2,995    -    2,845    1,745    2,545    1,995    648 
Due to related parties   25,635    26,111    20,219    5,236    4,120    7,519    12,148 
Total current liabilities   35,240    30,975    27,180    8,337    13,276    11,715    14,563 
Mortgage payables, net   -    -    -    -    -    198,894    133,436 
Operational notes, related party   -    25,000    -    -    -    6,900    20,000 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   35,240    55,975    27,180    8,337    13,276    217,508    167,999 
Members’ equity (deficit)                                   
Members’ capital   567,589    620,417    444,017    227,751    303,418    107,850    69,677 
Retained earnings (accumulated deficit)   (26,260)   (88,041)   (14,819)   (4,615)   12,446    (41,476)   (46,789)
Total members’ equity (deficit)   541,329    532,377    429,198    223,136    315,864    66,374    22,888 
Total liabilities and members’ equity (deficit)  $576,569   $588,352   $456,378   $231,473   $329,140   $283,882   $190,887 

 

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

 

F-3

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2025

 

 

   Aster   Augusta   Avebury   Avondale   Badminton   Ballinger   Bandelier 
ASSETS                            
Current assets:                            
Cash  $4,913   $17,250   $2,476   $8,474   $4,378   $6,761   $7,664 
Other receivables   -    -    757    -    -    -    - 
Prepaid expenses   2,957    509    1,179    -    672    0    3,273 
Due from third party property managers   3,712    3,412    4,644    3,860    4,455    4,025    4,316 
Total current assets   11,582    21,171    9,056    12,335    9,504    10,786    15,252 
Property and equipment, net   240,529    278,472    263,014    309,091    229,090    284,790    315,375 
Total assets  $252,112   $299,643   $272,070   $321,425   $238,594   $295,576   $330,627 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $1,204   $1,523   $1,094   $1,076   $1,027   $2,920   $1,193 
Tenant deposits   2,245    1,995    1,795    1,995    2,195    2,320    2,245 
Due to related parties   5,557    4,508    9,948    7,495    5,732    3,777    6,293 
Total current liabilities   9,006    8,025    12,837    10,566    8,953    9,018    9,730 
Mortgage payables, net   124,558    -    201,018    -    172,089    -    242,703 
Operational notes, related party   19,100    -    5,400    -    17,300    -    - 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   152,664    8,025    219,255    10,566    198,342    9,018    252,433 
Members’ equity (deficit)                                   
Members’ capital   146,586    291,010    92,478    325,252    74,542    294,000    114,610 
Retained earnings (accumulated deficit)   (47,138)   607    (39,663)   (14,393)   (34,290)   (7,441)   (36,415)
Total members’ equity (deficit)   99,448    291,617    52,815    310,859    40,252    286,558    78,194 
Total liabilities and members’ equity (deficit)  $252,112   $299,643   $272,070   $321,425   $238,594   $295,576   $330,627 

 

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

 

F-4

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2025

 

 

   Baron   Basil   Bayside   Bazzel   Bedford   Bella   Belle 
ASSETS                            
Current assets:                            
Cash  $10,966   $4,860   $2,455   $7,586   $4,534   $5,005   $4,092 
Other receivables   -    -    -    -    -    -    - 
Prepaid expenses   -    1,655    2,074    943    811    492    799 
Due from third party property managers   6,521    3,623    5,029    4,001    5,352    2,976    2,947 
Total current assets   17,488    10,138    9,557    12,529    10,697    8,473    7,838 
Property and equipment, net   531,710    178,704    226,477    243,633    253,924    294,859    401,797 
Total assets  $549,198   $188,842   $236,034   $256,163   $264,621   $303,333   $409,634 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $8,852   $1,206   $1,305   $6,591   $1,083   $3,490   $850 
Tenant deposits   3,345    1,695    2,619    1,845    2,295    1,945    3,593 
Due to related parties   23,835    4,325    6,053    10,348    4,792    6,204    9,133 
Total current liabilities   36,032    7,225    9,977    18,784    8,170    11,639    13,576 
Mortgage payables, net   -    129,874    163,704    -    194,623    -    - 
Operational notes, related party   -    9,700    10,000    21,700    13,300    8,500    25,900 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   36,032    146,800    183,681    40,484    216,093    20,139    39,476 
Members’ equity (deficit)                                   
Members’ capital   535,053    59,778    82,354    244,654    88,210    306,079    424,526 
Retained earnings (accumulated deficit)   (21,887)   (17,736)   (30,000)   (28,975)   (39,682)   (22,886)   (54,367)
Total members’ equity (deficit)   513,166    42,042    52,353    215,679    48,528    283,193    370,159 
Total liabilities and members’ equity (deficit)  $549,198   $188,842   $236,034   $256,163   $264,621   $303,333   $409,634 

 

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

 

F-5

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2025

 

 

   Belvedere   Bergenia   Blossom   Bonneau   Brainerd   Braxton   Brennan 
ASSETS                            
Current assets:                            
Cash  $14,538   $12,233   $8,523   $8,515   $12,763   $7,329   $2,009 
Other receivables   -    -    -    -    -    -    - 
Prepaid expenses   0    -    208    267    325    487    3,053 
Due from third party property managers   4,401    2,920    3,371    4,869    4,457    4,296    5,210 
Total current assets   18,938    15,153    12,103    13,651    17,544    12,111    10,273 
Property and equipment, net   276,848    205,057    233,006    308,822    268,415    296,039    206,096 
Total assets  $295,786   $220,210   $245,109   $322,473   $285,960   $308,150   $216,369 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $781   $1,080   $3,306   $8,982   $4,369   $1,143   $2,328 
Tenant deposits   2,295    1,495    1,845    2,295    2,495    2,045    1,550 
Due to related parties   4,812    4,874    7,262    7,207    5,702    8,464    20,465 
Total current liabilities   7,888    7,449    12,413    18,484    12,566    11,652    24,343 
Mortgage payables, net   -    -    -    -    143,610    -    154,077 
Operational notes, related party   -    -    7,400    5,000    -    10,700    35,200 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   7,888    7,449    19,813    23,484    156,177    22,352    213,619 
Members’ equity (deficit)                                   
Members’ capital   277,133    212,646    244,545    320,505    146,157    301,378    84,906 
Retained earnings (accumulated deficit)   10,765    115    (19,250)   (21,516)   (16,374)   (15,580)   (82,156)
Total members’ equity (deficit)   287,898    212,761    225,296    298,989    129,783    285,798    2,750 
Total liabilities and members’ equity (deficit)  $295,786   $220,210   $245,109   $322,473   $285,960   $308,150   $216,369 

 

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

 

F-6

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2025

 

 

   Briarwood   Brooklyn   Burlington   Butter   Calvin   Camino   Cawley 
ASSETS                            
Current assets:                            
Cash  $10,325   $2,129   $12,778   $7,842   $17,776   $6,897   $9,347 
Other receivables   -    -    -    -    -    -    - 
Prepaid expenses   237    227    1,428    963    199    3    545 
Due from third party property managers   3,492    2,801    -    9,714    3,113    3,432    3,467 
Total current assets   14,054    5,157    14,206    18,519    21,088    10,331    13,359 
Property and equipment, net   197,296    155,584    597,497    338,177    222,855    242,343    295,362 
Total assets  $211,350   $160,741   $611,704   $356,696   $243,943   $252,673   $308,721 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $1,532   $1,689   $14,513   $556   $2,145   $1,069   $1,343 
Tenant deposits   1,995    1,295    3,645    2,795    1,795    1,595    2,095 
Due to related parties   2,626    4,791    26,789    6,769    2,947    7,522    4,905 
Total current liabilities   6,154    7,776    44,947    10,120    6,887    10,186    8,343 
Mortgage payables, net   -    82,205    -    260,075    -    -    - 
Operational notes, related party   -    24,100    4,000    24,200    -    -    - 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   6,154    114,080    48,947    294,395    6,887    10,186    8,343 
Members’ equity (deficit)                                   
Members’ capital   206,239    94,432    601,877    110,703    229,731    244,466    303,468 
Retained earnings (accumulated deficit)   (1,042)   (47,772)   (39,121)   (48,402)   7,325    (1,979)   (3,090)
Total members’ equity (deficit)   205,197    46,661    562,757    62,301    237,056    242,487    300,378 
Total liabilities and members’ equity (deficit)  $211,350   $160,741   $611,704   $356,696   $243,943   $252,673   $308,721 

 

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

 

F-7

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2025

 

 

   Centennial   Chaparral   Chelsea   Chester   Chickamauga   Chinook   Chitwood 
ASSETS                            
Current assets:                            
Cash  $-   $8,336   $7,246   $7,410   $15,865   $8,058   $11,010 
Other receivables   -    -    -    2,548    -    -    - 
Prepaid expenses   -    29    2,994    1,656    597    624    17 
Due from third party property managers   -    3,320    3,921    5,779    5,900    3,911    4,272 
Total current assets   -    11,685    14,161    17,393    22,361    12,593    15,299 
Property and equipment, net   -    170,715    278,727    339,249    344,399    290,647    349,465 
Total assets  $-   $182,400   $292,888   $356,642   $366,760   $303,240   $364,763 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $-   $4,850   $2,189   $977   $3,519   $1,287   $6,848 
Tenant deposits   -    1,695    1,895    3,943    3,693    1,995    2,795 
Due to related parties   -    5,109    6,012    7,567    6,945    6,142    8,026 
Total current liabilities   -    11,654    10,096    12,487    14,157    9,424    17,669 
Mortgage payables, net   -    103,402    213,428    182,014    -    -    - 
Operational notes, related party   -    -    -    -    -    5,200    - 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   -    115,056    223,523    194,502    14,157    14,624    17,669 
Members’ equity (deficit)                                   
Members’ capital   (42,205)   66,611    91,513    202,070    342,296    301,845    349,457 
Retained earnings (accumulated deficit)   42,205    733    (22,149)   (39,930)   10,307    (13,229)   (2,362)
Total members’ equity (deficit)   -    67,344    69,365    162,140    352,603    288,616    347,095 
Total liabilities and members’ equity (deficit)  $-   $182,400   $292,888   $356,642   $366,760   $303,240   $364,763 

 

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

 

F-8

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2025

 

 

   Clover   Coatbridge   Collier   Collinston   Conway   Cove   Creekside 
ASSETS                            
Current assets:                            
Cash  $5,183   $2,617   $8,465   $1,310   $10,401   $7,364   $9,038 
Other receivables   -    -    -    -    -    3,225    - 
Prepaid expenses   214    1,505    27    567    630    219    172 
Due from third party property managers   6,065    4,160    4,648    6,959    6,562    7,122    4,138 
Total current assets   11,461    8,281    13,141    8,836    17,593    17,931    13,348 
Property and equipment, net   302,410    243,944    324,431    187,609    627,408    196,520    284,113 
Total assets  $313,872   $252,225   $337,572   $196,445   $645,001   $214,451   $297,462 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $916   $1,441   $1,845   $1,808   $5,832   $1,170   $4,364 
Tenant deposits   1,995    3,143    2,445    1,595    3,645    1,695    2,395 
Due to related parties   17,535    6,274    17,134    7,837    14,187    6,314    6,402 
Total current liabilities   20,446    10,858    21,424    11,240    23,664    9,179    13,161 
Mortgage payables, net   -    173,371    -    134,978    -    -    - 
Operational notes, related party   5,600    25,400    -    35,600    13,400    24,700    - 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   26,046    209,629    21,424    181,818    37,064    33,879    13,161 
Members’ equity (deficit)                                   
Members’ capital   305,298    93,984    318,423    81,241    652,317    214,133    274,142 
Retained earnings (accumulated deficit)   (17,473)   (51,388)   (2,275)   (66,614)   (44,380)   (33,562)   10,158 
Total members’ equity (deficit)   287,826    42,596    316,148    14,628    607,937    180,571    284,300 
Total liabilities and members’ equity (deficit)  $313,872   $252,225   $337,572   $196,445   $645,001   $214,451   $297,462 

 

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

 

F-9

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2025

 

 

   Creekwood   Cumberland   Cupcake   Cypress   Daisy   Davidson   Dawson 
ASSETS                            
Current assets:                            
Cash  $6,255   $7,561   $6,658   $1,021   $7,443   $4,390   $3,589 
Other receivables   -    -    -    -    -    -    - 
Prepaid expenses   3,671    210    1,233    1,689    113    2,079    2,196 
Due from third party property managers   3,833    3,636    3,595    5,837    3,716    3,195    2,610 
Total current assets   13,759    11,406    11,485    8,547    11,272    9,664    8,395 
Property and equipment, net   264,345    270,602    201,429    340,558    275,177    188,264    201,628 
Total assets  $278,103   $282,008   $212,915   $349,104   $286,449   $197,928   $210,024 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $1,046   $3,341   $1,112   $1,552   $3,277   $1,497   $805 
Tenant deposits   1,795    2,145    1,945    2,395    1,695    1,495    1,745 
Due to related parties   5,800    6,257    4,858    8,793    8,353    6,255    6,732 
Total current liabilities   8,641    11,743    7,915    12,739    13,326    9,247    9,282 
Mortgage payables, net   141,500    -    150,266    179,322    -    145,405    144,370 
Operational notes, related party   -    -    -    15,200    -    14,600    23,900 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   150,141    11,743    158,181    207,261    13,326    169,252    177,552 
Members’ equity (deficit)                                   
Members’ capital   161,649    271,998    58,302    200,749    274,036    68,590    79,094 
Retained earnings (accumulated deficit)   (33,686)   (1,733)   (3,568)   (58,906)   (912)   (39,914)   (46,622)
Total members’ equity (deficit)   127,963    270,265    54,734    141,843    273,123    28,676    32,472 
Total liabilities and members’ equity (deficit)  $278,103   $282,008   $212,915   $349,104   $286,449   $197,928   $210,024 

 

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

 

F-10

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2025

 

 

   Delta   Dewberry   Diablo   Dogwood   Dolittle   Dolly   Dops 
ASSETS                            
Current assets:                            
Cash  $4,257   $3,723   $5,934   $8,316   $5,538   $7,050   $6,913 
Other receivables   -    897    -    -    -    -    - 
Prepaid expenses   4,131    1,693    1,776    333    2,186    249    1,690 
Due from third party property managers   4,331    5,806    4,251    1,870    4,837    7,582    2,530 
Total current assets   12,719    12,120    11,961    10,518    12,560    14,881    11,133 
Property and equipment, net   313,327    167,685    270,628    219,498    273,801    630,081    189,346 
Total assets  $326,046   $179,805   $282,589   $230,016   $286,360   $644,962   $200,479 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $1,966   $1,145   $3,521   $1,067   $2,315   $4,470   $1,129 
Tenant deposits   2,195    1,695    2,145    1,750    2,295    3,995    1,495 
Due to related parties   13,331    4,041    6,698    11,364    9,080    14,326    5,069 
Total current liabilities   17,491    6,881    12,365    14,180    13,690    22,791    7,694 
Mortgage payables, net   224,669    119,563    205,898    -    205,585    -    - 
Operational notes, related party   95,700    24,700    28,300    -    6,300    -    - 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   337,860    151,144    246,563    14,180    225,574    22,791    7,694 
Members’ equity (deficit)                                   
Members’ capital   118,520    66,076    94,827    218,792    93,844    654,668    190,870 
Retained earnings (accumulated deficit)   (130,334)   (37,415)   (58,801)   (2,957)   (33,058)   (32,497)   1,915 
Total members’ equity (deficit)   (11,815)   28,662    36,026    215,836    60,786    622,171    192,785 
Total liabilities and members’ equity (deficit)  $326,046   $179,805   $282,589   $230,016   $286,360   $644,962   $200,479 

 

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

 

F-11

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2025

 

 

   Dorchester   Dunbar   Eagle   Eastfair   Eastwood   Elevation   Ella 
ASSETS                            
Current assets:                            
Cash  $12,640   $4,434   $7,963   $5,741   $12,782   $2,621   $8,185 
Other receivables   -    -    1,177    -    -    -    - 
Prepaid expenses   703    -    3,134    2,439    245    1,104    193 
Due from third party property managers   4,525    3,953    4,132    4,661    4,112    7,872    3,780 
Total current assets   17,868    8,387    16,406    12,841    17,139    11,597    12,158 
Property and equipment, net   320,081    307,686    253,255    189,722    301,376    242,352    242,705 
Total assets  $337,948   $316,073   $269,660   $202,563   $318,515   $253,949   $254,863 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $10,757   $3,199   $1,247   $1,157   $3,082   $1,601   $3,301 
Tenant deposits   2,295    2,295    2,245    1,949    2,795    1,895    1,995 
Due to related parties   14,863    15,556    5,448    5,029    4,051    11,755    6,594 
Total current liabilities   27,915    21,050    8,940    8,135    9,927    15,251    11,890 
Mortgage payables, net   -    -    131,933    148,094    -    170,514    - 
Operational notes, related party   52,800    58,200    -    17,500    -    55,100    - 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   80,715    79,250    140,873    173,728    9,927    240,866    11,890 
Members’ equity (deficit)                                   
Members’ capital   338,578    319,110    139,580    59,630    326,225    100,104    251,719 
Retained earnings (accumulated deficit)   (81,345)   (82,288)   (10,793)   (30,796)   (17,637)   (87,021)   (8,746)
Total members’ equity (deficit)   257,233    236,823    128,787    28,835    308,588    13,084    242,973 
Total liabilities and members’ equity (deficit)  $337,948   $316,073   $269,660   $202,563   $318,515   $253,949   $254,863 

 

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

 

F-12

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2025

 

 

   Ellen   Elm   Emporia   Ensenada   Falcon   Felix   Fenwick 
ASSETS                            
Current assets:                            
Cash  $15,373   $1,210   $3,290   $8,028   $7,647   $6,166   $8,442 
Other receivables   -    -    -    -    1,175    -    - 
Prepaid expenses   350    1,290    2,143    4,854    3,419    334    518 
Due from third party property managers   3,883    3,791    4,831    2,186    4,483    3,913    6,195 
Total current assets   19,606    6,291    10,264    15,068    16,724    10,413    15,154 
Property and equipment, net   233,716    146,493    317,362    505,663    253,911    236,920    281,540 
Total assets  $253,323   $152,784   $327,626   $520,730   $270,635   $247,333   $296,694 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $4,075   $1,198   $1,461   $1,128   $2,245   $1,436   $1,352 
Tenant deposits   2,100    1,650    2,395    3,195    2,345    2,393    4,190 
Due to related parties   3,731    5,126    10,082    10,532    5,867    3,721    4,545 
Total current liabilities   9,906    7,974    13,938    14,855    10,457    7,549    10,087 
Mortgage payables, net   -    105,920    242,750    388,823    131,924    -    - 
Operational notes, related party   -    12,400    29,700    16,100    -    -    - 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   9,906    126,294    286,389    419,778    142,381    7,549    10,087 
Members’ equity (deficit)                                   
Members’ capital   248,891    56,736    117,072    179,659    138,888    241,531    298,217 
Retained earnings (accumulated deficit)   (5,474)   (30,246)   (75,835)   (78,707)   (10,633)   (1,747)   (11,611)
Total members’ equity (deficit)   243,417    26,490    41,237    100,952    128,255    239,784    286,607 
Total liabilities and members’ equity (deficit)  $253,323   $152,784   $327,626   $520,730   $270,635   $247,333   $296,694 

 

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

 

F-13

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2025

 

 

   Fletcher   Folly   Forest   Foster   Franklin   Gardens   General 
ASSETS                            
Current assets:                            
Cash  $15,615   $8,906   $5,345   $15,297   $8,208   $5,221   $5,522 
Other receivables   -    -    -    -    -    -    - 
Prepaid expenses   -    556    2,300    -    523    554    467 
Due from third party property managers   3,178    4,835    16,226    -    4,309    2,518    7,336 
Total current assets   18,793    14,297    23,870    15,297    13,040    8,293    13,325 
Property and equipment, net   165,614    287,611    316,841    294,309    283,829    203,383    297,432 
Total assets  $184,407   $301,908   $340,712   $309,606   $296,869   $211,676   $310,757 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $1,149   $8,248   $404   $6,246   $7,937   $1,149   $3,509 
Tenant deposits   1,395    2,695    2,445    -    2,595    -    2,495 
Due to related parties   2,214    13,006    10,382    5,076    4,406    5,173    4,752 
Total current liabilities   4,758    23,949    13,231    11,322    14,938    6,322    10,756 
Mortgage payables, net   -    -    225,412    -    -    134,948    - 
Operational notes, related party   -    6,600    60,400    -    -    11,000    - 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   4,758    30,549    299,042    11,322    14,938    152,271    10,756 
Members’ equity (deficit)                                   
Members’ capital   173,260    299,045    131,864    304,917    296,502    81,220    303,387 
Retained earnings (accumulated deficit)   6,389    (27,686)   (90,195)   (6,634)   (14,571)   (21,815)   (3,385)
Total members’ equity (deficit)   179,649    271,359    41,669    298,283    281,930    59,405    300,002 
Total liabilities and members’ equity (deficit)  $184,407   $301,908   $340,712   $309,606   $296,869   $211,676   $310,757 

 

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

 

F-14

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2025

 

 

   Goose   Grant   Greenhill   Gretal   Grove   Hadden   Hansard 
ASSETS                            
Current assets:                            
Cash  $6,806   $7,591   $6,982   $14,377   $4,023   $4,004   $14,413 
Other receivables   -    -    -    -    -    -    - 
Prepaid expenses   2,884    3,006    2,566    197    1,996    1,916    100 
Due from third party property managers   3,610    5,366    5,892    4,595    3,997    3,583    7,060 
Total current assets   13,301    15,963    15,439    19,169    10,016    9,504    21,573 
Property and equipment, net   236,011    337,224    294,478    414,503    208,812    198,743    280,713 
Total assets  $249,312   $353,187   $309,917   $433,672   $218,828   $208,247   $302,286 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $3,137   $890   $1,206   $2,897   $1,342   $1,194   $3,244 
Tenant deposits   1,895    -    3,119    2,395    1,869    1,695    4,840 
Due to related parties   3,005    6,838    5,688    8,659    6,323    4,276    5,379 
Total current liabilities   8,037    7,728    10,013    13,951    9,533    7,165    13,464 
Mortgage payables, net   122,848    256,682    225,647    -    155,810    141,912    - 
Operational notes, related party   -    -    6,100    -    11,100    6,800    - 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   130,884    264,409    241,760    13,951    176,443    155,877    13,464 
Members’ equity (deficit)                                   
Members’ capital   127,243    115,703    92,377    429,207    80,727    78,781    280,364 
Retained earnings (accumulated deficit)   (8,815)   (26,925)   (24,221)   (9,486)   (38,342)   (26,411)   8,458 
Total members’ equity (deficit)   118,428    88,777    68,157    419,720    42,385    52,370    288,822 
Total liabilities and members’ equity (deficit)  $249,312   $353,187   $309,917   $433,672   $218,828   $208,247   $302,286 

 

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

 

F-15

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2025

 

 

   Hansel   Hargrave   Harrison   Henry   Heritage   Heron   Highland 
ASSETS                            
Current assets:                            
Cash  $6,810   $5,818   $11,822   $6,861   $5,102   $4,937   $5,279 
Other receivables   2,663    -    3,757    -    512    -    - 
Prepaid expenses   3,480    199    1,682    63    3,000    2,358    - 
Due from third party property managers   4,730    3,483    5,838    2,035    3,747    4,591    3,959 
Total current assets   17,684    9,500    23,099    8,958    12,360    11,886    9,238 
Property and equipment, net   371,831    220,532    419,294    393,120    266,204    262,517    262,144 
Total assets  $389,515   $230,032   $442,393   $402,078   $278,564   $274,404   $271,382 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $1,239   $2,431   $2,441   $2,675   $1,135   $1,644   $5,342 
Tenant deposits   3,003    1,945    3,045    2,395    1,995    2,369    1,845 
Due to related parties   8,447    2,925    9,605    12,817    5,545    9,344    9,981 
Total current liabilities   12,689    7,301    15,092    17,888    8,675    13,357    17,168 
Mortgage payables, net   197,737    -    225,230    -    201,005    198,918    - 
Operational notes, related party   22,600    10,300    -    45,500    19,300    7,100    - 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   233,026    17,601    240,321    63,388    228,980    219,375    17,168 
Members’ equity (deficit)                                   
Members’ capital   222,261    245,477    236,668    405,076    96,521    97,892    266,616 
Retained earnings (accumulated deficit)   (65,772)   (33,046)   (34,597)   (66,386)   (46,937)   (42,863)   (12,402)
Total members’ equity (deficit)   156,489    212,431    202,072    338,691    49,583    55,029    254,214 
Total liabilities and members’ equity (deficit)  $389,515   $230,032   $442,393   $402,078   $278,564   $274,404   $271,382 

 

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

 

F-16

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2025

 

 

   Hines   Hobbes   Holcomb   Holland   Hollandaise   Holloway   Inglewood 
ASSETS                            
Current assets:                            
Cash  $8,644   $6,321   $12,059   $4,993   $6,535   $1,944   $8,670 
Other receivables   -    -    -    1,455    2,977    -    - 
Prepaid expenses   -    199    -    1,997    1,940    2,444    1,033 
Due from third party property managers   3,224    4,586    620    3,891    3,582    6,599    6,219 
Total current assets   11,867    11,107    12,679    12,336    15,033    10,987    15,922 
Property and equipment, net   237,305    220,821    323,511    187,779    331,024    299,903    622,177 
Total assets  $249,173   $231,928   $336,190   $200,115   $346,058   $310,891   $638,099 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $3,221   $2,229   $2,593   $1,156   $984   $310   $5,832 
Tenant deposits   1,845    2,393    2,095    2,168    1,895    3,119    3,445 
Due to related parties   10,823    2,905    14,851    9,231    6,392    9,086    13,354 
Total current liabilities   15,889    7,527    19,539    12,554    9,271    12,515    22,632 
Mortgage payables, net   -    -    -    145,410    253,175    218,492    - 
Operational notes, related party   8,200    -    -    -    18,500    9,900    - 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   24,089    7,527    19,539    157,965    280,946    240,907    22,632 
Members’ equity (deficit)                                   
Members’ capital   243,057    236,710    331,148    78,207    131,076    112,058    653,620 
Retained earnings (accumulated deficit)   (17,973)   (12,309)   (14,497)   (36,056)   (65,964)   (42,075)   (38,153)
Total members’ equity (deficit)   225,084    224,401    316,651    42,151    65,112    69,983    615,467 
Total liabilities and members’ equity (deficit)  $249,173   $231,928   $336,190   $200,115   $346,058   $310,891   $638,099 

 

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

 

F-17

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2025

 

 

   Irene   Jack   Jake   Jefferson   Jill   Johnny   June 
ASSETS                            
Current assets:                            
Cash  $13,815   $6,107   $8,525   $14,643   $6,906   $9,804   $7,778 
Other receivables   -    4,592    -    -    4,967    -    - 
Prepaid expenses   211    718    380    873    2,415    177    178 
Due from third party property managers   2,832    4,729    4,890    4,809    4,134    -    5,500 
Total current assets   16,858    16,146    13,795    20,324    18,422    9,981    13,456 
Property and equipment, net   165,614    378,802    536,834    254,161    367,262    535,100    535,100 
Total assets  $182,472   $394,948   $550,630   $274,486   $385,684   $545,081   $548,556 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $1,375   $1,043   $8,187   $2,784   $970   $4,456   $8,852 
Tenant deposits   1,395    3,143    2,995    2,595    2,195    -    2,945 
Due to related parties   2,202    8,546    24,653    4,870    8,520    23,915    23,747 
Total current liabilities   4,971    12,732    35,835    10,249    11,685    28,372    35,545 
Mortgage payables, net   -    287,072    -    -    197,061    -    - 
Operational notes, related party   -    17,200    16,900    -    -    15,200    12,600 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   4,971    317,003    52,735    10,249    208,746    43,572    48,145 
Members’ equity (deficit)                                   
Members’ capital   172,369    140,476    565,640    248,300    214,282    552,405    560,784 
Retained earnings (accumulated deficit)   5,131    (62,532)   (67,746)   15,937    (37,345)   (50,897)   (60,372)
Total members’ equity (deficit)   177,500    77,944    497,895    264,237    176,938    501,509    500,411 
Total liabilities and members’ equity (deficit)  $182,472   $394,948   $550,630   $274,486   $385,684   $545,081   $548,556 

 

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

 

F-18

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2025

 

 

   Jupiter   Kawana   Kennesaw   Kenny   KerriAnn   Kessler   Kingsley 
ASSETS                            
Current assets:                            
Cash  $7,421   $3,969   $5,850   $5,955   $2,480   $4,116   $3,490 
Other receivables   1,653    741    -    -    2,268    1,518    - 
Prepaid expenses   849    2,056    288    249    1,868    2,368    - 
Due from third party property managers   3,326    -    6,042    -    5,877    3,110    5,516 
Total current assets   13,248    6,766    12,181    6,204    12,493    11,111    9,007 
Property and equipment, net   187,605    249,228    388,125    630,081    303,665    238,041    278,213 
Total assets  $200,853   $255,993   $400,306   $636,285   $316,158   $249,152   $287,219 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $1,199   $2,532   $846   $5,531   $1,316   $2,088   $1,617 
Tenant deposits   1,550    -    2,795    -    1,995    1,595    2,395 
Due to related parties   4,365    6,138    17,741    13,878    14,005    6,087    5,556 
Total current liabilities   7,114    8,671    21,382    19,409    17,316    9,770    9,568 
Mortgage payables, net   138,206    190,586    -    -    235,729    125,549    212,543 
Operational notes, related party   6,900    -    -    5,100    23,600    13,600    22,200 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   152,220    199,257    21,382    24,509    276,645    148,919    244,311 
Members’ equity (deficit)                                   
Members’ capital   77,123    84,911    402,598    674,153    114,391    146,559    95,286 
Retained earnings (accumulated deficit)   (28,490)   (28,175)   (23,674)   (62,377)   (74,878)   (46,326)   (52,377)
Total members’ equity (deficit)   48,633    56,736    378,924    611,776    39,513    100,234    42,909 
Total liabilities and members’ equity (deficit)  $200,853   $255,993   $400,306   $636,285   $316,158   $249,152   $287,219 

 

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

 

F-19

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2025

 

 

   Kirkwood   Korin   Lallie   Lanier   Lannister   Latte   Lennox 
ASSETS                            
Current assets:                            
Cash  $1,936   $13,317   $1,613   $3,950   $2,178   $15,885   $4,684 
Other receivables   1,638    -    -    -    2,103    -    - 
Prepaid expenses   2,105    -    213    2,913    2,400    289    499 
Due from third party property managers   3,132    4,195    5,135    4,832    1,606    5,662    3,870 
Total current assets   8,811    17,511    6,962    11,695    8,287    21,835    9,053 
Property and equipment, net   242,977    257,035    333,164    346,470    161,432    333,222    191,229 
Total assets  $251,788   $274,546   $340,126   $358,164   $169,719   $355,057   $200,281 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $2,450   $4,532   $2,490   $1,033   $1,714   $848   $1,181 
Tenant deposits   1,650    1,995    2,495    2,295    1,395    2,195    1,795 
Due to related parties   5,122    4,931    39,068    8,343    6,269    20,351    5,162 
Total current liabilities   9,222    11,458    44,053    11,671    9,378    23,394    8,138 
Mortgage payables, net   180,144    -    237,827    261,504    112,806    -    137,925 
Operational notes, related party   34,100    -    57,200    11,800    18,700    12,600    9,700 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   223,466    11,458    339,080    284,975    140,884    35,994    155,763 
Members’ equity (deficit)                                   
Members’ capital   86,877    250,902    121,831    124,976    74,454    340,926    68,810 
Retained earnings (accumulated deficit)   (58,554)   12,186    (120,786)   (51,787)   (45,618)   (21,863)   (24,292)
Total members’ equity (deficit)   28,322    263,089    1,045    73,189    28,835    319,063    44,518 
Total liabilities and members’ equity (deficit)  $251,788   $274,546   $340,126   $358,164   $169,719   $355,057   $200,281 

 

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

 

F-20

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2025

 

 

   Lierly   Lily   Limestone   Litton   Longwoods   Lookout   Loretta 
ASSETS                            
Current assets:                            
Cash  $11,313   $4,372   $3,582   $11,985   $4,341   $10,530   $8,678 
Other receivables   -    4,147    1,860    -    -    -    - 
Prepaid expenses   35    4,069    749    223    -    104    630 
Due from third party property managers   2,331    4,641    5,097    4,223    1,637    4,232    9,278 
Total current assets   13,679    17,230    11,287    16,431    5,978    14,867    18,586 
Property and equipment, net   186,007    474,572    259,563    296,237    252,959    314,517    627,058 
Total assets  $199,686   $491,802   $270,850   $312,668   $258,937   $329,384   $645,644 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $5,360    -   $1,743   $2,723   $5,618   $2,191   $5,766 
Tenant deposits   1,750    2,395    2,095    2,545    1,950    2,245    6,390 
Due to related parties   4,656    12,915    7,582    6,251    4,515    13,449    13,857 
Total current liabilities   11,766    15,310    11,419    11,519    12,083    17,885    26,013 
Mortgage payables, net   130,000    308,851    201,049    158,467    -    -    - 
Operational notes, related party   -    64,000    21,400    -    -    -    3,200 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   141,766    388,161    233,868    169,986    12,083    17,885    29,213 
Members’ equity (deficit)                                   
Members’ capital   54,785    205,030    103,398    161,610    266,859    310,891    642,057 
Retained earnings (accumulated deficit)   3,135    (101,389)   (66,417)   (18,928)   (20,004)   608    (25,626)
Total members’ equity (deficit)   57,920    103,641    36,981    142,682    246,854    311,498    616,431 
Total liabilities and members’ equity (deficit)  $199,686   $491,802   $270,850   $312,668   $258,937   $329,384   $645,644 

 

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

 

F-21

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2025

 

 

   Louis   Louise   Lovejoy   Luna   Lurleen   Madison   Mae 
ASSETS                            
Current assets:                            
Cash  $17,359   $5,937   $3,929   $3,852   $1,873   $5,646   $9,035 
Other receivables   3,101    1,667    1,176    -    -    1,361    - 
Prepaid expenses   562    2,139    2,819    1,501    216    977    397 
Due from third party property managers   3,994    4,075    2,550    4,263    3,584    3,667    6,740 
Total current assets   25,015    13,817    10,473    9,616    5,673    11,652    16,171 
Property and equipment, net   252,880    250,070    266,252    189,722    207,211    187,567    323,451 
Total assets  $277,896   $263,888   $276,725   $199,338   $212,884   $199,218   $339,623 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $1,426   $1,017   $1,304   $1,627   $1,656   $1,206   $8,612 
Tenant deposits   2,145    1,895    1,995    1,895    1,695    2,174    4,190 
Due to related parties   7,126    7,317    7,716    6,189    6,949    5,319    7,062 
Total current liabilities   10,697    10,228    11,014    9,711    10,300    8,698    19,865 
Mortgage payables, net   -    180,150    203,111    148,094    108,900    100,035    - 
Operational notes, related party   -    -    12,300    17,800    12,400    15,900    - 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   10,697    190,378    226,425    175,605    131,600    124,633    19,865 
Members’ equity (deficit)                                   
Members’ capital   264,800    90,210    91,179    59,442    121,234    111,071    327,208 
Retained earnings (accumulated deficit)   2,398    (16,700)   (40,879)   (35,709)   (39,950)   (36,485)   (7,449)
Total members’ equity (deficit)   267,198    73,510    50,300    23,733    81,284    74,586    319,758 
Total liabilities and members’ equity (deficit)  $277,896   $263,888   $276,725   $199,338   $212,884   $199,218   $339,623 

 

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

 

F-22

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2025

 

 

   Magnolia   Malbec   Mammoth   Marcelo   Marie   Marietta   Marion 
ASSETS                            
Current assets:                            
Cash  $4,419   $3,802   $3,697   $8,292   $16,085   $3,255   $7,303 
Other receivables   1,750    -    1,331    -    -    1,833    - 
Prepaid expenses   1,671    3,005    3,134    -    105    2,302    1,169 
Due from third party property managers   5,131    4,329    4,423    255    5,080    4,574    3,892 
Total current assets   12,972    11,136    12,586    8,547    21,271    11,964    12,364 
Property and equipment, net   230,318    280,882    309,247    260,747    295,822    277,074    245,545 
Total assets  $243,290   $292,018   $321,833   $269,294   $317,093   $289,037   $257,909 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $1,224   $575   $1,487   $1,090   $2,134   $1,098   $3,795 
Tenant deposits   3,290    2,195    2,095    1,750    2,745    2,195    2,295 
Due to related parties   4,973    6,597    10,833    6,140    5,690    7,956    4,535 
Total current liabilities   9,487    9,367    14,416    8,980    10,568    11,249    10,625 
Mortgage payables, net   171,270    205,168    235,782    -    -    148,731    - 
Operational notes, related party   23,800    6,500    44,300    -    -    18,900    5,800 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   204,557    221,035    294,497    8,980    10,568    178,880    16,425 
Members’ equity (deficit)                                   
Members’ capital   87,495    93,546    118,444    267,767    283,146    169,505    257,598 
Retained earnings (accumulated deficit)   (48,762)   (22,563)   (91,108)   (7,453)   23,378    (59,348)   (16,114)
Total members’ equity (deficit)   38,733    70,983    27,335    260,314    306,524    110,157    241,484 
Total liabilities and members’ equity (deficit)  $243,290   $292,018   $321,833   $269,294   $317,093   $289,037   $257,909 

 

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

 

F-23

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2025

 

 

   Marple   Martell   Mary   Matchingham   McGregor   McLovin   Meadow 
ASSETS                            
Current assets:                            
Cash  $6,362   $7,027   $13,685   $3,304   $8,301   $5,326   $5,032 
Other receivables   -    -    -    -    -    4,330    2,125 
Prepaid expenses   -    -    481    3,063    -    5,863    1,822 
Due from third party property managers   3,271    3,686    4,428    4,002    3,772    6,556    2,034 
Total current assets   9,632    10,713    18,593    10,369    12,072    22,074    11,013 
Property and equipment, net   164,810    244,102    255,042    188,192    273,393    485,947    285,064 
Total assets  $174,442   $254,815   $273,635   $198,561   $285,465   $508,021   $296,077 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $1,217   $3,738   $2,640   $1,067   $4,808    -   $1,421 
Tenant deposits   1,943    1,945    2,095    1,895    1,895    3,495    - 
Due to related parties   5,596    4,201    4,140    7,763    15,448    11,113    10,658 
Total current liabilities   8,755    9,885    8,875    10,726    22,151    14,608    12,080 
Mortgage payables, net   -    -    -    144,772    -    364,461    212,873 
Operational notes, related party   -    6,200    -    -    -    20,900    - 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   8,755    16,085    8,875    155,498    22,151    399,969    224,953 
Members’ equity (deficit)                                   
Members’ capital   179,284    259,455    253,450    56,666    272,673    158,241    120,941 
Retained earnings (accumulated deficit)   (13,597)   (20,724)   11,309    (13,603)   (9,359)   (50,189)   (49,817)
Total members’ equity (deficit)   165,687    238,731    264,760    43,063    263,314    108,053    71,124 
Total liabilities and members’ equity (deficit)  $174,442   $254,815   $273,635   $198,561   $285,465   $508,021   $296,077 

 

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

 

F-24

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2025

 

 

   Mimosa   Mojave   Murphy   Mycroft   Nugget   Odessa   Olive 
ASSETS                            
Current assets:                            
Cash  $6,936   $5,636   $3,638   $2,972   $9,228   $7,397   $4,191 
Other receivables   -    2,085    1,918    -    -    1,354    1,280 
Prepaid expenses   81    1,284    2,046    -    -    3,592    1,354 
Due from third party property managers   4,371    3,925    4,189    2,714    5,993    4,648    7,229 
Total current assets   11,388    12,930    11,791    5,686    15,220    16,992    14,054 
Property and equipment, net   195,010    214,415    264,948    168,543    510,334    474,689    206,108 
Total assets  $206,398   $227,346   $276,738   $174,229   $525,554   $491,681   $220,162 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $1,716   $1,139   $2,422   $1,254   $9,582   $1,786   $1,184 
Tenant deposits   1,495    2,195    1,995    1,395    3,145    3,395    1,895 
Due to related parties   5,451    7,167    5,373    4,517    26,439    9,817    7,527 
Total current liabilities   8,662    10,501    9,789    7,166    39,165    14,998    10,606 
Mortgage payables, net   106,559    160,375    205,277    -    -    371,446    124,391 
Operational notes, related party   5,800    6,900    5,300    -    -    41,400    19,000 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   121,022    177,776    220,366    7,166    39,165    427,843    153,997 
Members’ equity (deficit)                                   
Members’ capital   114,304    60,147    90,341    175,271    515,791    176,018    103,676 
Retained earnings (accumulated deficit)   (28,927)   (10,578)   (33,968)   (8,208)   (29,403)   (112,180)   (37,511)
Total members’ equity (deficit)   85,377    49,569    56,373    167,063    486,389    63,837    66,165 
Total liabilities and members’ equity (deficit)  $206,398   $227,346   $276,738   $174,229   $525,554   $491,681   $220,162 

 

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

 

F-25

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2025

 

 

   Oly   Onyx   Oscar   Osceola   Osprey   Otoro   Palmer 
ASSETS                            
Current assets:                            
Cash  $3,777   $4,524   $6,621   $6,009   $9,828   $248   $7,443 
Other receivables   4,490    -    -    -    -    1,780    - 
Prepaid expenses   3,498    -    752    2,196    362    1,527    509 
Due from third party property managers   5,925    3,250    4,443    4,208    2,687    10,325    - 
Total current assets   17,691    7,774    11,816    12,413    12,878    13,879    7,952 
Property and equipment, net   477,484    313,365    238,376    263,107    321,272    359,975    285,510 
Total assets  $495,175   $321,139   $250,193   $275,520   $334,150   $373,854   $293,461 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $-   $3,303   $1,438   $1,437   $9,557   $1,800   $5,933 
Tenant deposits   2,995    2,395    2,793    1,995    2,295    2,319    1,895 
Due to related parties   9,357    4,808    5,460    6,772    14,325    24,822    4,188 
Total current liabilities   12,352    10,507    9,691    10,205    26,177    28,940    12,016 
Mortgage payables, net   365,163    -    -    -    -    271,943    - 
Operational notes, related party   6,000    -    -    8,200    -    78,700    6,000 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   383,515    10,507    9,691    18,405    26,177    379,583    18,016 
Members’ equity (deficit)                                   
Members’ capital   160,366    320,768    253,527    292,330    333,097    130,815    291,320 
Retained earnings (accumulated deficit)   (48,706)   (10,136)   (13,026)   (35,215)   (25,123)   (136,544)   (15,875)
Total members’ equity (deficit)   111,660    310,632    240,502    257,115    307,973    (5,729)   275,445 
Total liabilities and members’ equity (deficit)  $495,175   $321,139   $250,193   $275,520   $334,150   $373,854   $293,461 

 

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

 

F-26

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2025

 

 

   Patrick   Peanut   Pearl   Pecan   Peterson   Piedmont   Pinot 
ASSETS                            
Current assets:                            
Cash  $7,045   $4,099   $6,992   $8,880   $17,144   $5,323   $7,873 
Other receivables   -    1,384    -    -    -    3,445    - 
Prepaid expenses   55    856    233    31    239    3,106    4,549 
Due from third party property managers   3,022    3,751    5,241    4,070    3,230    3,716    4,720 
Total current assets   10,122    10,090    12,466    12,982    20,612    15,590    17,142 
Property and equipment, net   185,523    195,646    497,393    181,059    213,663    350,951    283,596 
Total assets  $195,645   $205,735   $509,859   $194,041   $234,275   $366,540   $300,738 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $4,590   $1,104   $4,468   $4,796   $1,354   $1,116   $1,139 
Tenant deposits   1,595    2,093    2,745    2,295    1,650    2,295    2,395 
Due to related parties   8,903    5,811    23,184    5,229    5,223    10,479    6,720 
Total current liabilities   15,088    9,007    30,397    12,320    8,227    13,890    10,254 
Mortgage payables, net   107,917    145,379    -    112,471    -    188,398    207,298 
Operational notes, related party   -    -    7,800    -    -    -    5,900 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   123,005    154,387    38,197    124,791    8,227    202,288    223,451 
Members’ equity (deficit)                                   
Members’ capital   83,036    69,093    520,958    67,518    225,301    217,571    92,401 
Retained earnings (accumulated deficit)   (10,396)   (17,745)   (49,296)   1,732    747    (53,319)   (15,115)
Total members’ equity (deficit)   72,640    51,349    471,662    69,250    226,048    164,253    77,286 
Total liabilities and members’ equity (deficit)  $195,645   $205,735   $509,859   $194,041   $234,275   $366,540   $300,738 

 

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

 

F-27

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2025

 

 

   Pioneer   Plumtree   Point   Porthos   Quincy   Redondo   Regency 
ASSETS                            
Current assets:                            
Cash  $8,603   $5,575   $8,501   $12,110   $8,085   $5,755   $6,266 
Other receivables   -    -    -    -    -    1,895    - 
Prepaid expenses   47    32    3,876    -    -    208    711 
Due from third party property managers   6,571    3,145    3,824    4,596    5,989    3,762    4,357 
Total current assets   15,222    8,752    16,201    16,706    14,074    11,620    11,334 
Property and equipment, net   535,023    174,869    347,372    284,106    499,721    289,125    263,285 
Total assets  $550,245   $183,621   $363,573   $300,812   $513,796   $300,745   $274,619 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $8,484   $4,758   $1,012   $6,297   $6,143   $4,309   $6,011 
Tenant deposits   3,445    1,550    2,095    2,295    3,495    2,195    2,295 
Due to related parties   23,452    5,296    6,509    4,770    11,202    9,223    8,699 
Total current liabilities   35,380    11,603    9,616    13,362    20,840    15,726    17,005 
Mortgage payables, net   -    110,191    265,329    -    -    156,056    136,125 
Operational notes, related party   -    -    17,600    -    24,400    9,300    5,000 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   35,380    121,794    292,545    13,362    45,240    181,083    158,130 
Members’ equity (deficit)                                   
Members’ capital   547,448    63,327    128,078    290,014    514,325    172,586    140,738 
Retained earnings (accumulated deficit)   (32,584)   (1,500)   (57,049)   (2,564)   (45,769)   (52,923)   (24,249)
Total members’ equity (deficit)   514,864    61,827    71,029    287,450    468,556    119,662    116,489 
Total liabilities and members’ equity (deficit)  $550,245   $183,621   $363,573   $300,812   $513,796   $300,745   $274,619 

 

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

 

F-28

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2025

 

 

   Reginald   Reynolds   Ribbonwalk   Richardson   Richmond   Ridge   Ritter 
ASSETS                            
Current assets:                            
Cash  $572   $13,793   $905   $11,137   $16,001   $3,484   $7,963 
Other receivables   -    -    2,051    -    -    897    - 
Prepaid expenses   275    491    1,700    215    347    2,920    103 
Due from third party property managers   503    5,656    2,159    3,735    5,575    5,032    4,971 
Total current assets   1,351    19,940    6,816    15,086    21,922    12,333    13,037 
Property and equipment, net   426,919    392,682    285,113    287,602    360,117    192,111    459,836 
Total assets  $428,270   $412,623   $291,929   $302,688   $382,039   $204,444   $472,873 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $1,382   $832   $1,321   $3,823   $3,918   $1,262   $6,299 
Tenant deposits   2,195    2,495    2,195    1,895    3,443    2,543    2,495 
Due to related parties   8,752    17,420    33,030    6,148    6,080    4,670    20,666 
Total current liabilities   12,329    20,747    36,545    11,866    13,440    8,474    29,460 
Mortgage payables, net   -    -    221,908    -    -    138,569    - 
Operational notes, related party   82,500    -    12,000    -    -    5,600    15,800 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   94,829    20,747    270,453    11,866    13,440    152,643    45,260 
Members’ equity (deficit)                                   
Members’ capital   434,047    394,343    110,520    294,555    381,485    70,521    486,580 
Retained earnings (accumulated deficit)   (100,606)   (2,468)   (89,044)   (3,733)   (12,887)   (18,720)   (58,968)
Total members’ equity (deficit)   333,441    391,875    21,476    290,822    368,599    51,801    427,613 
Total liabilities and members’ equity (deficit)  $428,270   $412,623   $291,929   $302,688   $382,039   $204,444   $472,873 

 

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

 

F-29

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2025

 

 

   River   Riverwalk   Rooney   Roseberry   Rosewood   Roxy   Saddlebred 
ASSETS                            
Current assets:                            
Cash  $5,489   $14,598   $10,136   $4,604   $8,307   $5,754   $5,510 
Other receivables   -    -    3,189    4,050    -    2,980    - 
Prepaid expenses   674    -    2,131    1,571    685    1,573    3,610 
Due from third party property managers   5,426    4,978    1,075    8,586    4,863    4,185    6,112 
Total current assets   11,590    19,576    16,530    18,811    13,855    14,492    15,231 
Property and equipment, net   235,294    360,918    335,117    290,343    246,069    296,369    429,273 
Total assets  $246,884   $380,494   $351,646   $309,154   $259,924   $310,860   $444,505 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $1,232   $2,608   $1,109   $814   $1,037   $1,101   $- 
Tenant deposits   2,993    2,845    -    3,443    2,768    1,995    3,045 
Due to related parties   7,257    16,351    7,373    6,845    5,340    5,555    8,789 
Total current liabilities   11,482    21,804    8,482    11,101    9,145    8,651    11,834 
Mortgage payables, net   170,514    -    256,682    209,259    187,097    218,390    329,716 
Operational notes, related party   -    -    9,400    13,000    4,100    15,200    23,400 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   181,996    21,804    274,564    233,360    200,342    242,242    364,949 
Members’ equity (deficit)                                   
Members’ capital   83,665    366,404    117,830    103,199    88,921    107,807    162,365 
Retained earnings (accumulated deficit)   (18,777)   (7,714)   (40,747)   (27,405)   (29,339)   (39,188)   (82,810)
Total members’ equity (deficit)   64,888    358,690    77,083    75,794    59,582    68,619    79,555 
Total liabilities and members’ equity (deficit)  $246,884   $380,494   $351,646   $309,154   $259,924   $310,860   $444,505 

 

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

 

F-30

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2025

 

 

   Saint   Sajni   Salem   Salinas   Saturn   Scepter   Sequoyah 
ASSETS                            
Current assets:                            
Cash  $11,686   $3,714   $5,580   $6,527   $3,501   $5,623   $4,473 
Other receivables   1,971    -    -    -    1    1,861    - 
Prepaid expenses   1,693    10    4,029    -    1,072    2,581    257 
Due from third party property managers   4,641    -    4,342    3,635    3,238    3,126    4,268 
Total current assets   19,991    3,724    13,950    10,162    7,812    13,190    8,999 
Property and equipment, net   291,718    296,651    280,850    217,383    192,533    244,589    232,163 
Total assets  $311,709   $300,375   $294,800   $227,545   $200,345   $257,779   $241,162 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $1,033   $1,265   $946   $2,728   $1,253   $1,126   $4,688 
Tenant deposits   2,495    -    2,195    1,945    1,495    2,195    2,295 
Due to related parties   6,099    6,963    5,904    8,610    8,349    7,037    4,768 
Total current liabilities   9,627    8,228    9,045    13,283    11,096    10,358    11,750 
Mortgage payables, net   209,957    -    209,067    -    138,211    187,134    122,812 
Operational notes, related party   -    23,700    19,500    20,300    11,900    6,800    23,500 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   219,585    31,928    237,613    33,583    161,208    204,291    158,062 
Members’ equity (deficit)                                   
Members’ capital   94,499    286,988    93,530    223,932    82,739    88,543    134,782 
Retained earnings (accumulated deficit)   (2,375)   (18,540)   (36,342)   (29,970)   (43,601)   (35,055)   (51,682)
Total members’ equity (deficit)   92,124    268,448    57,188    193,962    39,138    53,488    83,100 
Total liabilities and members’ equity (deficit)  $311,709   $300,375   $294,800   $227,545   $200,345   $257,779   $241,162 

 

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, 2025

 

 

   Shallowford   Shoreline   Sigma   Simon   Sims   Soapstone   Sodalis 
ASSETS                            
Current assets:                            
Cash  $4,733   $1,988   $6,888   $14,658   $10,264   $6,886   $5,987 
Other receivables   2,586    -    1,055    -    -    -    - 
Prepaid expenses   2,209    1,646    2,369    470    478    -    52 
Due from third party property managers   4,125    4,982    786    4,338    4,017    4,182    3,715 
Total current assets   13,653    8,617    11,098    19,467    14,760    11,068    9,754 
Property and equipment, net   330,131    274,170    344,235    272,378    256,183    198,530    281,338 
Total assets  $343,784   $282,787   $355,333   $291,845   $270,943   $209,598   $291,092 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $1,424   $751   $1,294   $3,151   $1,033   $4,826   $6,963 
Tenant deposits   2,095    2,095    2,869    2,345    2,768    2,350    1,895 
Due to related parties   7,153    8,181    6,868    4,534    4,396    7,143    5,004 
Total current liabilities   10,672    11,027    11,031    10,030    8,196    14,318    13,863 
Mortgage payables, net   177,103    210,073    267,098    -    -    127,154    - 
Operational notes, related party   14,500    30,200    -    -    -    3,900    30,200 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   202,276    251,300    278,129    10,030    8,196    145,372    44,063 
Members’ equity (deficit)                                   
Members’ capital   202,601    94,561    114,555    277,237    265,908    67,543    279,646 
Retained earnings (accumulated deficit)   (61,093)   (63,074)   (37,352)   4,578    (3,161)   (3,317)   (32,617)
Total members’ equity (deficit)   141,508    31,486    77,204    281,815    262,747    64,226    247,029 
Total liabilities and members’ equity (deficit)  $343,784   $282,787   $355,333   $291,845   $270,943   $209,598   $291,092 

 

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

 

F-32

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2025

 

 

   Spencer   Splash   Spring   Stonebriar   Sugar   Summerset   Sundance 
ASSETS                            
Current assets:                            
Cash  $4,372   $5,946   $5,140   $4,401   $3,242   $6,738   $6,238 
Other receivables   -    -    -    1,261    1,522    410    - 
Prepaid expenses   1,032    150    139    1,572    3,765    -    178 
Due from third party property managers   1,833    3,250    5,327    3,394    5,430    4,909    4,867 
Total current assets   7,237    9,345    10,606    10,628    13,959    12,057    11,283 
Property and equipment, net   265,274    198,779    226,193    184,411    274,934    233,778    293,699 
Total assets  $272,511   $208,124   $236,799   $195,038   $288,893   $245,836   $304,983 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $1,209   $4,138   $6,685   $1,437   $514   $2,560   $5,485 
Tenant deposits   2,349    1,550    3,590    1,395    3,590    -    2,595 
Due to related parties   7,760    4,923    7,003    4,075    10,376    5,595    6,083 
Total current liabilities   11,319    10,611    17,278    6,907    14,480    8,155    14,163 
Mortgage payables, net   192,713    122,087    -    132,857    199,150    163,710    156,056 
Operational notes, related party   9,400    17,700    -    16,000    6,000    24,500    12,700 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   213,431    150,398    17,278    155,764    219,630    196,366    182,919 
Members’ equity (deficit)                                   
Members’ capital   91,238    69,790    231,753    70,888    116,943    86,146    169,961 
Retained earnings (accumulated deficit)   (32,158)   (12,064)   (12,232)   (31,613)   (47,680)   (36,676)   (47,898)
Total members’ equity (deficit)   59,080    57,726    219,521    39,274    69,263    49,470    122,064 
Total liabilities and members’ equity (deficit)  $272,511   $208,124   $236,799   $195,038   $288,893   $245,836   $304,983 

 

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

 

F-33

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2025

 

 

   Sunnyside   Swift   Taylor   Terracotta   Theodore   Tulip   Tuscan 
ASSETS                            
Current assets:                            
Cash  $15,864   $7,662   $743   $1,877   $12,760   $4,790   $12,402 
Other receivables   -    -    1,597    2,333    -    -    - 
Prepaid expenses   219    -    902    1,552    470    3,930    454 
Due from third party property managers   3,013    4,553    561    3,435    4,277    4,648    4,800 
Total current assets   19,096    12,215    3,803    9,197    17,507    13,368    17,656 
Property and equipment, net   205,153    314,217    211,680    292,630    270,351    287,963    283,251 
Total assets  $224,249   $326,432   $215,483   $301,827   $287,858   $301,331   $300,907 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $1,103   $3,179   $1,295   $1,838   $3,135   $1,815   $11,860 
Tenant deposits   1,595    2,195    848    1,745    2,245    2,195    2,295 
Due to related parties   6,132    16,884    11,397    8,557    4,207    6,245    7,444 
Total current liabilities   8,830    22,258    13,540    12,139    9,587    10,255    21,599 
Mortgage payables, net   -    -    112,280    220,490    -    219,788    180,940 
Operational notes, related party   -    -    11,100    32,400    -    24,300    - 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   8,830    22,258    136,920    265,029    9,587    254,342    202,539 
Members’ equity (deficit)                                   
Members’ capital   207,630    316,097    134,819    110,159    278,497    100,561    105,201 
Retained earnings (accumulated deficit)   7,789    (11,923)   (56,256)   (73,361)   (226)   (53,572)   (6,833)
Total members’ equity (deficit)   215,419    304,173    78,563    36,798    278,271    46,989    98,368 
Total liabilities and members’ equity (deficit)  $224,249   $326,432   $215,483   $301,827   $287,858   $301,331   $300,907 

 

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

 

F-34

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2025

 

 

   Tuscarora   Tuxford   Vernon   Walton   Wave   Weldon   Wellington 
ASSETS                            
Current assets:                            
Cash  $9,622   $2,895   $4,326   $6,815   $3,693   $5,111   $5,475 
Other receivables   6,076    -    1,683    -    2,618    1,455    - 
Prepaid expenses   110    4,731    2,600    81    1,466    990    - 
Due from third party property managers   5,293    2,465    4,971    3,816    9,190    3,962    3,076 
Total current assets   21,100    10,090    13,580    10,712    16,967    11,518    8,551 
Property and equipment, net   309,724    237,095    232,007    283,431    302,893    187,609    378,420 
Total assets  $330,824   $247,185   $245,587   $294,144   $319,860   $199,127   $386,971 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $4,049   $1,678   $1,340   $5,952   $1,592   $1,156   $1,268 
Tenant deposits   2,895    1,995    2,843    1,895    2,195    2,168    2,395 
Due to related parties   5,963    10,465    7,861    12,229    11,826    7,518    7,947 
Total current liabilities   12,907    14,138    12,043    20,077    15,613    10,841    11,610 
Mortgage payables, net   -    176,678    180,009    -    221,881    134,978    - 
Operational notes, related party   -    25,800    7,400    37,500    94,200    -    8,200 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   12,907    216,616    199,452    57,577    331,693    145,819    19,810 
Members’ equity (deficit)                                   
Members’ capital   315,572    91,763    81,328    286,030    111,541    77,965    386,649 
Retained earnings (accumulated deficit)   2,345    (61,193)   (35,193)   (49,463)   (123,374)   (24,657)   (19,487)
Total members’ equity (deficit)   317,917    30,570    46,135    236,567    (11,833)   53,308    367,161 
Total liabilities and members’ equity (deficit)  $330,824   $247,185   $245,587   $294,144   $319,860   $199,127   $386,971 

 

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

 

F-35

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2025

 

 

   Wentworth   Wescott   Westchester   Wildwood   Willow   Wilson   Winchester 
ASSETS                            
Current assets:                            
Cash  $7,375   $4,234   $4,351   $7,246   $2,402   $6,888   $7,823 
Other receivables   775    -    -    1,221    -    -    - 
Prepaid expenses   1,482    80    1,787    1,343    222    61    426 
Due from third party property managers   3,500    5,068    5,224    3,687    2,934    4,644    3,979 
Total current assets   13,132    9,382    11,362    13,498    5,559    11,593    12,228 
Property and equipment, net   207,461    249,761    301,388    200,578    267,566    352,149    252,922 
Total assets  $220,593   $259,143   $312,751   $214,075   $273,125   $363,742   $265,150 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $1,112   $1,171   $1,266   $1,137   $3,341   $5,233   $1,264 
Tenant deposits   1,595    3,440    2,595    1,945    1,545    2,445    1,895 
Due to related parties   5,051    11,481    7,621    5,829    8,796    8,542    8,708 
Total current liabilities   7,758    16,093    11,482    8,910    13,682    16,220    11,867 
Mortgage payables, net   155,333    133,190    196,572    107,410    -    -    - 
Operational notes, related party   -    20,800    27,300    -    -    -    - 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   163,090    170,083    235,353    116,321    13,682    16,220    11,867 
Members’ equity (deficit)                                   
Members’ capital   59,116    143,156    139,161    108,462    274,527    353,841    264,871 
Retained earnings (accumulated deficit)   (1,614)   (54,096)   (61,764)   (10,707)   (15,085)   (6,319)   (11,588)
Total members’ equity (deficit)   57,502    89,060    77,397    97,755    259,442    347,522    253,283 
Total liabilities and members’ equity (deficit)  $220,593   $259,143   $312,751   $214,075   $273,125   $363,742   $265,150 

 

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

 

F-36

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2025

 

 

   Windsor   Winston   Wisteria   Unallocated members’ capital   Consolidated 
ASSETS                    
Current assets:                    
Cash  $3,407   $10,795   $7,828   $             -   $1,721,037 
Other receivables   -    -    1,403    -    130,591 
Prepaid expenses   1,823    213    1,090    -    272,991 
Due from third party property managers   5,217    5,497    5,457    -    1,018,404 
Total current assets   10,447    16,505    15,777    -    3,143,023 
Property and equipment, net   309,519    301,291    273,510    -    70,161,226 
Total assets  $319,966   $317,796   $289,287   $-   $73,304,250 
                          
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                         
Current liabilities:                         
Accrued expenses  $801   $1,430   $930   $-   $645,998 
Tenant deposits   2,595    1,795    3,143    -    530,771 
Due to related parties   13,868    10,077    4,953    -    2,109,385 
Total current liabilities   17,264    13,302    9,026    -    3,286,154 
Mortgage payables, net   224,929    -    205,459    -    23,738,051 
Operational notes, related party   48,300    -    9,300    -    2,693,700 
Due to commonly controlled entity   -    -    -    179,235    179,235 
Total liabilities   290,493    13,302    223,785    179,235    29,897,139 
Members’ equity (deficit)                         
Members’ capital   114,006    312,210    93,606    -    51,037,102 
Retained earnings (accumulated deficit)   (84,532)   (7,716)   (28,104)   (179,235)   (7,629,992)
Total members’ equity (deficit)   29,474    304,494    65,502    (179,235)   43,407,111 
Total liabilities and members’ equity (deficit)  $319,966   $317,796   $289,287   $-   $73,304,250 

 

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

 

F-37

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2024 

 

 

   100   101   Abbington   Abernant   Alvin   Amber   Apollo 
ASSETS                                   
Current assets:                                   
Cash  $14,219   $4,848   $10,672   $12,076   $26,090   $3,964   $1,694 
Other receivables   -    -    -    -    -    -    - 
Prepaid expenses   662    665    764    555    781    3,109    3,152 
Due from (to) third party property managers   102    5,803    8,601    3,489    1,559    3,734    4,316 
Total current assets   14,983    11,316    20,037    16,120    28,430    10,807    9,162 
Property and equipment, net   575,664    595,785    454,162    221,276    309,375    280,333    195,299 
Total assets  $590,647   $607,102   $474,200   $237,396   $337,806   $291,140   $204,461 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $6,905   $5,654   $6,723   $2,895   $6,261   $2,679   $1,569 
Tenant deposits   -    3,095    2,845    1,745    2,545    1,950    1,345 
Due to (from) related parties   17,813    19,046    14,398    1,358    2,019    4,504    2,784 
Total current liabilities   24,718    27,795    23,966    5,998    10,824    9,133    5,699 
Mortgage payables, net   -    -    -    -    -    198,818    133,320 
Operational notes, related party   -    17,900    -    -    -    6,900    20,000 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   24,718    45,695    23,966    5,998    10,824    214,851    159,018 
Members’ equity (deficit)                                   
Members’ capital   584,173    630,298    464,920    240,972    325,421    111,583    71,017 
Retained earnings (accumulated deficit)   (18,244)   (68,891)   (14,687)   (9,574)   1,560    (35,295)   (25,574)
Total members’ equity (deficit)   565,929    561,406    450,233    231,398    326,981    76,289    45,443 
Total liabilities and members’ equity (deficit)  $590,647   $607,102   $474,200   $237,396   $337,806   $291,140   $204,461 

 

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

 

F-38

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2024 

 

 

   Aster   Augusta   Avebury   Avondale   Badminton   Ballinger   Bandelier 
ASSETS                            
Current assets:                            
Cash  $5,281   $19,643   $3,606   $6,934   $5,085   $12,717   $6,425 
Other receivables   -    -    -    -    -    -    - 
Prepaid expenses   2,564    912    2,404    471    2,281    414    4,370 
Due from (to) third party property managers   3,783    3,905    4,320    3,977    4,789    4,838    3,529 
Total current assets   11,628    24,460    10,330    11,381    12,155    17,970    14,324 
Property and equipment, net   240,476    286,622    271,005    318,137    237,551    293,005    323,643 
Total assets  $252,103   $311,082   $281,335   $329,519   $249,706   $310,975   $337,967 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $1,708   $2,995   $1,747   $2,576   $1,967   $4,882   $1,551 
Tenant deposits   2,245    1,995    1,795    1,995    2,195    2,320    2,245 
Due to (from) related parties   3,674    2,711    4,186    3,314    3,709    1,986    4,759 
Total current liabilities   7,627    7,702    7,728    7,885    7,871    9,189    8,555 
Mortgage payables, net   124,448    -    200,942    -    172,006    -    242,616 
Operational notes, related party   9,700    -    5,400    -    17,300    -    - 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   141,774    7,702    214,070    7,885    197,176    9,189    251,171 
Members’ equity (deficit)                                   
Members’ capital   148,761    307,126    95,183    339,751    78,514    309,281    119,179 
Retained earnings (accumulated deficit)   (38,432)   (3,745)   (27,918)   (18,118)   (25,985)   (7,495)   (32,384)
Total members’ equity (deficit)   110,329    303,380    67,265    321,633    52,529    301,786    86,796 
Total liabilities and members’ equity (deficit)  $252,103   $311,082   $281,335   $329,519   $249,706   $310,975   $337,967 

 

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

 

F-39

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2024 

 

 

   Baron   Basil   Bayside   Bazzel   Bedford   Bella   Belle 
ASSETS                            
Current assets:                            
Cash  $13,820   $6,984   $4,921   $7,449   $3,820   $6,160   $6,393 
Other receivables   -    -    -    -    -    -    - 
Prepaid expenses   800    2,164    4,634    1,366    3,460    916    1,398 
Due from (to) third party property managers   2,062    3,700    4,173    3,704    519    2,868    4,888 
Total current assets   16,682    12,848    13,728    12,519    7,799    9,944    12,679 
Property and equipment, net   542,706    184,273    233,527    251,160    261,618    296,522    413,881 
Total assets  $559,388   $197,121   $247,254   $263,679   $269,418   $306,466   $426,560 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $8,820   $1,842   $2,150   $7,393   $1,505   $4,498   $2,434 
Tenant deposits   3,345    1,595    2,619    1,845    2,295    1,945    2,649 
Due to (from) related parties   16,903    3,151    3,784    7,288    10,701    6,605    6,454 
Total current liabilities   29,068    6,588    8,552    16,526    14,501    13,048    11,536 
Mortgage payables, net   -    129,806    163,623    -    194,570    -    - 
Operational notes, related party   -    9,700    10,000    21,700    -    -    23,600 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   29,068    146,093    182,176    38,226    209,071    13,048    35,136 
Members’ equity (deficit)                                   
Members’ capital   552,801    63,701    86,632    250,601    90,397    317,941    432,714 
Retained earnings (accumulated deficit)   (22,481)   (12,674)   (21,554)   (25,148)   (30,050)   (24,522)   (41,290)
Total members’ equity (deficit)   530,319    51,027    65,078    225,453    60,346    293,418    391,424 
Total liabilities and members’ equity (deficit)  $559,388   $197,121   $247,254   $263,679   $269,418   $306,466   $426,560 

 

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

 

F-40

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2024 

 

 

   Belvedere   Bergenia   Blossom   Bonneau   Brainerd   Braxton   Brennan 
ASSETS                            
Current assets:                            
Cash  $16,602   $15,462   $7,063   $5,771   $17,919   $6,295   $4,049 
Other receivables   -    -    -    -    -    -    - 
Prepaid expenses   524    346    502    1,271    672    839    3,532 
Due from (to) third party property managers   4,549    3,425    3,281    4,568    4,812    3,605    5,085 
Total current assets   21,675    19,233    10,845    11,611    23,403    10,738    12,666 
Property and equipment, net   284,951    211,029    239,996    319,096    276,412    304,942    212,325 
Total assets  $306,626   $230,262   $250,842   $330,707   $299,815   $315,681   $224,991 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $2,770   $2,898   $4,829   $10,180   $5,806   $2,575   $1,947 
Tenant deposits   2,295    1,845    1,845    2,295    2,595    2,045    1,545 
Due to (from) related parties   3,030    1,788    3,338    8,221    3,489    4,433    2,363 
Total current liabilities   8,095    6,532    10,011    20,696    11,890    9,053    5,855 
Mortgage payables, net   -    -    -    -    142,885    -    153,947 
Operational notes, related party   -    -    7,400    -    -    10,700    35,200 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   8,095    6,532    17,411    20,696    154,776    19,753    195,001 
Members’ equity (deficit)                                   
Members’ capital   296,472    223,079    256,305    330,505    152,880    313,277    84,906 
Retained earnings (accumulated deficit)   2,060    651    (22,875)   (20,494)   (7,840)   (17,349)   (54,916)
Total members’ equity (deficit)   298,531    223,730    233,430    310,011    145,040    295,928    29,990 
Total liabilities and members’ equity (deficit)  $306,626   $230,262   $250,842   $330,707   $299,815   $315,681   $224,991 

 

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 BALANCE SHEET

AS OF DECEMBER 31, 2024 

 

 

   Briarwood   Brooklyn   Burlington   Butter   Calvin   Camino   Cawley 
ASSETS                            
Current assets:                            
Cash  $15,889   $4,299   $5,097   $5,879   $20,020   $7,713   $17,482 
Other receivables   -    -    -    -    -    -    - 
Prepaid expenses   586    506    2,349    5,455    464    360    1,014 
Due from (to) third party property managers   3,387    3,535    5,494    8,779    3,620    2,221    3,951 
Total current assets   19,861    8,340    12,940    20,113    24,104    10,293    22,447 
Property and equipment, net   203,029    161,399    609,252    348,556    229,346    249,631    303,986 
Total assets  $222,890   $169,738   $622,192   $368,669   $253,450   $259,924   $326,433 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $3,931   $1,818   $8,914   $2,446   $5,159   $2,419   $3,531 
Tenant deposits   1,995    1,249    3,195    2,795    1,795    1,595    2,195 
Due to (from) related parties   1,367    2,057    23,193    5,048    1,514    3,462    3,037 
Total current liabilities   7,292    5,124    35,302    10,289    8,468    7,475    8,763 
Mortgage payables, net   -    81,790    -    259,985    -    -    - 
Operational notes, related party   -    13,100    -    24,200    -    -    - 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   7,292    100,014    35,302    294,474    8,468    7,475    8,763 
Members’ equity (deficit)                                   
Members’ capital   222,164    96,287    617,909    116,033    246,377    257,191    316,113 
Retained earnings (accumulated deficit)   (6,566)   (26,563)   (31,019)   (41,837)   (1,396)   (4,742)   1,557 
Total members’ equity (deficit)   215,598    69,725    586,890    74,196    244,981    252,448    317,670 
Total liabilities and members’ equity (deficit)  $222,890   $169,738   $622,192   $368,669   $253,450   $259,924   $326,433 

 

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

 

F-42

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2024 

 

 

   Centennial   Chaparral   Chelsea   Chester   Chickamauga   Chinook   Chitwood 
ASSETS                            
Current assets:                            
Cash  $-   $9,712   $8,741   $10,082   $18,721   $6,864   $13,968 
Other receivables   -    -    -    -    -    -    - 
Prepaid expenses   -    353    3,509    3,849    1,074    1,161    479 
Due from (to) third party property managers   -    3,320    3,745    6,242    5,817    4,166    5,009 
Total current assets   -    13,384    15,995    20,173    25,612    12,191    19,456 
Property and equipment, net   -    176,114    287,195    349,439    354,657    300,550    359,975 
Total assets  $-   $189,498   $303,190   $369,612   $380,269   $312,742   $379,431 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $-   $5,998   $3,062   $1,966   $6,321   $3,339   $8,972 
Tenant deposits   -    1,695    1,895    3,943    3,693    1,995    2,795 
Due to (from) related parties   -    4,061    3,381    4,967    4,699    2,677    5,638 
Total current liabilities   -    11,754    8,338    10,875    14,713    8,011    17,405 
Mortgage payables, net   -    103,349    213,349    181,865    -    -    - 
Operational notes, related party   -    -    -    -    -    5,200    - 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   -    115,103    221,687    192,741    14,713    13,211    17,405 
Members’ equity (deficit)                                   
Members’ capital   (42,205)   74,649    99,165    208,244    361,199    315,340    366,559 
Retained earnings (accumulated deficit)   42,205    (254)   (17,661)   (31,373)   4,357    (15,809)   (4,533)
Total members’ equity (deficit)   -    74,394    81,503    176,872    365,556    299,531    362,026 
Total liabilities and members’ equity (deficit)  $-   $189,498   $303,190   $369,612   $380,269   $312,742   $379,431 

 

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

 

F-43

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2024 

 

 

   Clover   Coatbridge   Collier   Collinston   Conway   Cove   Creekside 
ASSETS                            
Current assets:                            
Cash  $3,654   $4,367   $5,342   $1,002   $6,782   $2,682   $10,948 
Other receivables   -    -    -    -    -    -    - 
Prepaid expenses   756    2,989    479    2,015    1,330    630    520 
Due from (to) third party property managers   6,111    3,447    4,633    5,927    6,583    7,277    4,190 
Total current assets   10,521    10,803    10,454    8,945    14,696    10,589    15,658 
Property and equipment, net   311,203    252,996    334,188    193,420    646,284    202,300    292,652 
Total assets  $321,724   $263,799   $344,643   $202,365   $660,980   $212,889   $308,310 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $2,696   $2,052   $3,792   $1,778   $7,901   $1,443   $6,191 
Tenant deposits   1,995    3,143    2,445    1,595    3,645    1,695    2,395 
Due to (from) related parties   14,196    4,042    12,951    4,756    9,946    4,115    4,537 
Total current liabilities   18,887    9,236    19,188    8,128    21,492    7,252    13,123 
Mortgage payables, net   -    173,287    -    134,919    -    -    - 
Operational notes, related party   -    25,400    -    29,400    11,800    18,700    - 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   18,887    207,923    19,188    172,447    33,292    25,952    13,123 
Members’ equity (deficit)                                   
Members’ capital   312,983    97,440    333,813    82,897    670,024    220,661    289,869 
Retained earnings (accumulated deficit)   (10,146)   (41,564)   (8,359)   (52,978)   (42,336)   (33,725)   5,318 
Total members’ equity (deficit)   302,837    55,876    325,455    29,918    627,687    186,936    295,187 
Total liabilities and members’ equity (deficit)  $321,724   $263,799   $344,643   $202,365   $660,980   $212,889   $308,310 

 

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

 

F-44

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2024 

 

 

   Creekwood   Cumberland   Cupcake   Cypress   Daisy   Davidson   Dawson 
ASSETS                            
Current assets:                            
Cash  $9,400   $10,567   $8,611   $4,137   $6,204   $1,690   $3,807 
Other receivables   -    -    -    -    -    -    - 
Prepaid expenses   4,075    576    1,886    8,906    481    3,377    3,417 
Due from (to) third party property managers   3,895    3,690    3,270    5,086    3,505    1,535    3,837 
Total current assets   17,371    14,833    13,767    18,129    10,190    6,601    11,061 
Property and equipment, net   272,288    278,720    207,979    344,386    283,453    194,082    208,863 
Total assets  $289,659   $293,553   $221,747   $362,515   $293,642   $200,684   $219,924 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $1,720   $5,129   $2,027   $2,410   $5,359   $1,753   $1,732 
Tenant deposits   1,795    2,145    1,595    2,395    1,695    1,495    1,745 
Due to (from) related parties   3,780    4,409    3,642    8,675    4,899    2,826    3,432 
Total current liabilities   7,295    11,682    7,264    13,480    11,953    6,074    6,908 
Mortgage payables, net   141,379    -    150,160    179,203    -    145,343    144,296 
Operational notes, related party   -    -    -    -    -    14,600    23,900 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   148,674    11,682    157,425    192,683    11,953    166,017    175,104 
Members’ equity (deficit)                                   
Members’ capital   165,143    285,755    65,530    205,695    287,909    71,290    81,451 
Retained earnings (accumulated deficit)   (24,158)   (3,884)   (1,207)   (35,863)   (6,220)   (36,623)   (36,632)
Total members’ equity (deficit)   140,985    281,871    64,322    169,832    281,689    34,667    44,820 
Total liabilities and members’ equity (deficit)  $289,659   $293,553   $221,747   $362,515   $293,642   $200,684   $219,924 

 

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

 

F-45

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2024 

 

 

   Delta   Dewberry   Diablo   Dogwood   Dolittle   Dolly   Dops 
ASSETS                            
Current assets:                            
Cash  $3,316   $1,707   $5,138   $8,906   $5,223   $7,104   $5,867 
Other receivables   -    -    -    -    -    -    - 
Prepaid expenses   4,773    1,776    3,782    692    3,623    961    467 
Due from (to) third party property managers   4,049    5,274    5,277    1,362    341    7,369    3,045 
Total current assets   12,138    8,757    14,198    10,960    9,187    15,434    9,379 
Property and equipment, net   324,379    172,911    277,769    226,120    282,244    649,032    194,963 
Total assets  $336,517   $181,668   $291,967   $237,080   $291,431   $664,466   $204,342 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $1,990   $1,421   $4,466   $2,955   $2,649   $7,423   $1,371 
Tenant deposits   2,195    1,695    2,145    1,750    2,295    3,995    1,495 
Due to (from) related parties   5,923    4,066    4,400    6,658    4,275    11,793    2,384 
Total current liabilities   10,108    7,182    11,011    11,363    9,218    23,211    5,250 
Mortgage payables, net   224,587    119,497    205,822    -    205,508    -    - 
Operational notes, related party   95,700    18,500    28,300    -    6,300    -    - 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   330,395    145,179    245,132    11,363    221,026    23,211    5,250 
Members’ equity (deficit)                                   
Members’ capital   118,650    69,064    98,540    230,377    98,711    679,924    203,384 
Retained earnings (accumulated deficit)   (112,528)   (32,574)   (51,705)   (4,660)   (28,306)   (38,669)   (4,292)
Total members’ equity (deficit)   6,122    36,489    46,835    225,717    70,405    641,255    199,092 
Total liabilities and members’ equity (deficit)  $336,517   $181,668   $291,967   $237,080   $291,431   $664,466   $204,342 

 

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

 

F-46

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2024 

 

 

   Dorchester   Dunbar   Eagle   Eastfair   Eastwood   Elevation   Ella 
ASSETS                            
Current assets:                            
Cash  $5,646   $426   $13,114   $4,031   $12,167   $1,609   $8,722 
Other receivables   -    -    -    -    -    -    - 
Prepaid expenses   1,753    447    3,476    4,268    753    2,906    518 
Due from (to) third party property managers   1,525    7,068    4,015    4,005    4,269    5,628    906 
Total current assets   8,925    7,941    20,606    12,304    17,189    10,143    10,147 
Property and equipment, net   323,793    313,068    261,146    195,634    310,133    252,465    249,878 
Total assets  $332,718   $321,009   $281,752   $207,937   $327,322   $262,608   $260,025 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $11,289   $3,353   $2,309   $1,418   $5,904   $1,795   $4,798 
Tenant deposits   2,195    2,495    1,995    1,949    2,395    1,895    1,995 
Due to (from) related parties   11,238    10,485    3,697    4,903    2,050    6,352    2,602 
Total current liabilities   24,721    16,333    8,000    8,270    10,349    10,042    9,395 
Mortgage payables, net   -    -    131,818    148,019    -    170,446    - 
Operational notes, related party   -    41,000    -    17,500    -    55,100    - 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   24,721    57,333    139,819    173,789    10,349    235,588    9,395 
Members’ equity (deficit)                                   
Members’ capital   342,741    322,376    145,260    59,630    339,255    101,398    262,470 
Retained earnings (accumulated deficit)   (34,745)   (58,700)   (3,328)   (25,482)   (22,282)   (74,378)   (11,840)
Total members’ equity (deficit)   307,996    263,676    141,933    34,148    316,973    27,020    250,630 
Total liabilities and members’ equity (deficit)  $332,718   $321,009   $281,752   $207,937   $327,322   $262,608   $260,025 

 

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

 

F-47

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2024 

 

 

   Ellen   Elm   Emporia   Ensenada   Falcon   Felix   Fenwick 
ASSETS                            
Current assets:                            
Cash  $22,186   $3,599   $5,187   $5,455   $9,362   $7,195   $6,766 
Other receivables   -    -    -    -    -    -    - 
Prepaid expenses   734    3,375    4,157    5,781    3,571    622    952 
Due from (to) third party property managers   3,401    4,696    1,116    6,470    3,937    3,872    3,246 
Total current assets   26,321    11,669    10,460    17,706    16,870    11,689    10,964 
Property and equipment, net   240,524    151,093    327,028    518,995    261,818    245,121    289,780 
Total assets  $266,845   $162,762   $337,488   $536,701   $278,688   $256,811   $300,744 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $5,830   $1,963   $2,185   $(587)  $2,570   $2,941   $2,476 
Tenant deposits   2,693    1,495    2,495    3,195    2,345    2,393    1,850 
Due to (from) related parties   2,015    2,524    5,021    9,840    3,409    1,901    (351)
Total current liabilities   10,537    5,981    9,701    12,447    8,324    7,234    3,976 
Mortgage payables, net   -    105,868    242,664    388,700    131,809    -    - 
Operational notes, related party   -    12,400    15,700    10,700    -    -    - 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   10,537    124,250    268,065    411,847    140,132    7,234    3,976 
Members’ equity (deficit)                                   
Members’ capital   258,163    59,174    118,276    184,372    146,011    253,695    309,397 
Retained earnings (accumulated deficit)   (1,854)   (20,662)   (48,853)   (59,519)   (7,455)   (4,119)   (12,629)
Total members’ equity (deficit)   256,308    38,512    69,423    124,854    138,556    249,576    296,768 
Total liabilities and members’ equity (deficit)  $266,845   $162,762   $337,488   $536,701   $278,688   $256,811   $300,744 

 

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

 

F-48

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2024 

 

 

   Fletcher   Folly   Forest   Foster   Franklin   Gardens   General 
ASSETS                            
Current assets:                            
Cash  $16,718   $6,899   $6,769   $22,788   $11,854   $4,183   $9,492 
Other receivables   -    -    -    -    -    -    - 
Prepaid expenses   277    1,345    5,730    410    985    1,932    869 
Due from (to) third party property managers   4,335    4,904    15,199    4,670    4,017    4,256    4,668 
Total current assets   21,329    13,148    27,698    27,868    16,856    10,371    15,029 
Property and equipment, net   170,437    297,864    328,982    302,923    293,074    210,555    306,116 
Total assets  $191,767   $311,012   $356,680   $330,791   $309,931   $220,925   $321,145 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $2,175   $8,803   $2,297   $7,863   $9,665   $2,136   $5,366 
Tenant deposits   1,395    2,695    2,445    2,349    2,595    1,595    2,495 
Due to (from) related parties   1,094    9,221    5,159    2,913    2,603    3,170    2,779 
Total current liabilities   4,664    20,719    9,901    13,126    14,863    6,901    10,640 
Mortgage payables, net   -    -    225,330    -    -    134,889    - 
Operational notes, related party   -    6,600    60,400    -    -    11,000    - 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   4,664    27,319    295,631    13,126    14,863    152,790    10,640 
Members’ equity (deficit)                                   
Members’ capital   187,094    308,675    134,412    316,374    310,765    86,092    323,949 
Retained earnings (accumulated deficit)   8    (24,982)   (73,364)   1,291    (15,698)   (17,956)   (13,444)
Total members’ equity (deficit)   187,102    283,693    61,048    317,665    295,067    68,136    310,505 
Total liabilities and members’ equity (deficit)  $191,767   $311,012   $356,680   $330,791   $309,931   $220,925   $321,145 

 

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

 

F-49

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2024 

 

 

   Goose   Grant   Greenhill   Gretal   Grove   Hadden   Hansard 
ASSETS                            
Current assets:                            
Cash  $11,278   $6,958   $5,904   $18,017   $2,003   $3,675   $18,918 
Other receivables   -    -    -    -    -    -    - 
Prepaid expenses   3,510    4,759    4,322    711    3,032    3,153    660 
Due from (to) third party property managers   2,747    4,657    5,323    4,838    4,057    3,812    4,666 
Total current assets   17,535    16,374    15,549    23,565    9,093    10,640    24,244 
Property and equipment, net   243,367    346,126    303,446    426,914    217,615    204,796    289,052 
Total assets  $260,902   $362,500   $318,995   $450,479   $226,707   $215,436   $313,296 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $2,285   $2,164   $2,194   $6,129   $1,552   $1,371   $5,893 
Tenant deposits   1,895    -    3,119    2,395    1,869    1,645    2,450 
Due to (from) related parties   3,302    4,840    8,663    5,665    4,229    3,707    3,318 
Total current liabilities   7,482    7,003    13,976    14,189    7,650    6,723    11,661 
Mortgage payables, net   122,739    256,592    225,565    -    155,746    141,851    - 
Operational notes, related party   -    -    -    -    11,100    -    - 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   130,221    263,595    239,541    14,189    174,496    148,574    11,661 
Members’ equity (deficit)                                   
Members’ capital   134,914    122,739    98,384    449,556    81,372    80,789    295,324 
Retained earnings (accumulated deficit)   (4,233)   (23,834)   (18,930)   (13,266)   (29,161)   (13,927)   6,311 
Total members’ equity (deficit)   130,681    98,905    79,454    436,291    52,212    66,862    301,635 
Total liabilities and members’ equity (deficit)  $260,902   $362,500   $318,995   $450,479   $226,707   $215,436   $313,296 

 

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

 

F-50

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2024 

 

 

   Hansel   Hargrave   Harrison   Henry   Heritage   Heron   Highland 
ASSETS                            
Current assets:                            
Cash  $4,001   $12,446   $14,150   $5,077   $7,302   $6,112   $5,332 
Other receivables   -    -    -    -    -    -    - 
Prepaid expenses   5,341    464    4,630    686    4,671    3,893    404 
Due from (to) third party property managers   5,064    2,880    5,677    1,442    4,245    5,107    2,664 
Total current assets   14,407    15,790    24,456    7,205    16,218    15,112    8,400 
Property and equipment, net   382,958    226,956    431,885    404,943    275,216    271,465    270,028 
Total assets  $397,365   $242,746   $456,341   $412,148   $291,434   $286,577   $278,428 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $1,895   $5,030   $3,851   $4,084   $1,423   $2,370   $5,849 
Tenant deposits   3,003    3,190    3,045    2,395    1,995    2,369    - 
Due to (from) related parties   6,909    1,100    6,039    5,792    3,954    6,189    3,724 
Total current liabilities   11,807    9,320    12,935    12,271    7,372    10,927    9,573 
Mortgage payables, net   197,578    -    225,051    -    200,929    198,843    - 
Operational notes, related party   16,200    -    -    49,500    19,300    7,100    - 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   225,585    9,320    237,987    61,771    227,601    216,870    9,573 
Members’ equity (deficit)                                   
Members’ capital   225,386    251,079    245,813    415,466    99,307    99,250    272,280 
Retained earnings (accumulated deficit)   (53,606)   (17,654)   (27,458)   (65,088)   (35,474)   (29,543)   (3,425)
Total members’ equity (deficit)   171,780    233,425    218,355    350,378    63,833    69,707    268,855 
Total liabilities and members’ equity (deficit)  $397,365   $242,746   $456,341   $412,148   $291,434   $286,577   $278,428 

 

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

 

F-51

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2024 

 

 

   Hines   Hobbes   Holcomb   Holland   Hollandaise   Holloway   Inglewood 
ASSETS                            
Current assets:                            
Cash  $106   $10,734   $12,761   $2,840   $3,549   $6,286   $10,103 
Other receivables   -    -    -    -    -    -    - 
Prepaid expenses   292    464    434    3,294    4,384    3,625    1,753 
Due from (to) third party property managers   2,889    3,547    2,573    4,668    10,633    5,023    6,482 
Total current assets   3,287    14,744    15,768    10,802    18,566    14,934    18,338 
Property and equipment, net   246,115    227,252    333,265    193,598    341,081    309,247    640,898 
Total assets  $249,402   $241,997   $349,033   $204,399   $359,647   $324,181   $659,236 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $3,386   $5,319   $4,310   $1,573   $1,948   $2,003   $8,695 
Tenant deposits   1,845    2,393    2,095    2,168    1,895    3,119    3,445 
Due to (from) related parties   9,229    1,435    10,678    5,206    5,999    5,026    8,935 
Total current liabilities   14,460    9,147    17,083    8,946    9,842    10,148    21,075 
Mortgage payables, net   -    -    -    145,348    253,086    218,393    - 
Operational notes, related party   -    -    -    -    13,200    9,900    - 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   14,460    9,147    17,083    154,295    276,127    238,441    21,075 
Members’ equity (deficit)                                   
Members’ capital   251,890    250,279    344,800    81,714    134,225    117,355    674,075 
Retained earnings (accumulated deficit)   (16,949)   (17,429)   (12,849)   (31,610)   (50,706)   (31,615)   (35,913)
Total members’ equity (deficit)   234,942    232,850    331,950    50,105    83,519    85,740    638,161 
Total liabilities and members’ equity (deficit)  $249,402   $241,997   $349,033   $204,399   $359,647   $324,181   $659,236 

 

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

 

F-52

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2024 

 

 

   Irene   Jack   Jake   Jefferson   Jill   Johnny   June 
ASSETS                            
Current assets:                            
Cash  $17,882   $1,571   $5,636   $17,605   $7,824   $7,839   $4,951 
Other receivables   -    -    -    -    -    -    - 
Prepaid expenses   488    4,916    1,229    1,277    6,684    811    812 
Due from (to) third party property managers   2,740    5,041    7,280    4,744    4,461    6,015    3,098 
Total current assets   21,110    11,528    14,145    23,626    18,968    14,665    8,861 
Property and equipment, net   170,437    391,556    553,020    261,716    378,245    551,194    551,194 
Total assets  $191,548   $403,084   $567,165   $285,342   $397,213   $565,859   $560,055 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $3,427   $1,397   $8,929   $5,359   $2,068   $6,769   $10,192 
Tenant deposits   1,395    3,143    2,995    2,595    2,195    2,995    2,945 
Due to (from) related parties   1,139    7,293    17,675    3,061    4,544    17,006    16,679 
Total current liabilities   5,961    11,832    29,599    11,015    8,807    26,769    29,816 
Mortgage payables, net   -    286,974    -    -    196,902    -    - 
Operational notes, related party   -    9,600    14,800    -    -    19,200    9,300 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   5,961    308,407    44,399    11,015    205,709    45,969    39,116 
Members’ equity (deficit)                                   
Members’ capital   186,133    144,715    578,700    267,982    220,502    570,461    576,837 
Retained earnings (accumulated deficit)   (547)   (50,037)   (55,934)   6,346    (28,998)   (50,571)   (55,898)
Total members’ equity (deficit)   185,586    94,678    522,766    274,328    191,504    519,889    520,939 
Total liabilities and members’ equity (deficit)  $191,548   $403,084   $567,165   $285,342   $397,213   $565,859   $560,055 

 

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

 

F-53

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2024 

 

 

   Jupiter   Kawana   Kennesaw   Kenny   KerriAnn   Kessler   Kingsley 
ASSETS                            
Current assets:                            
Cash  $6,961   $9,329   $10,695   $7,269   $1,987   $2,283   $7,981 
Other receivables   -    -    -    -    -    -    - 
Prepaid expenses   2,343    3,730    868    973    2,919    2,466    658 
Due from (to) third party property managers   3,467    4,733    3,101    6,331    5,502    -    3,227 
Total current assets   12,770    17,791    14,665    14,572    10,408    4,750    11,866 
Property and equipment, net   193,416    256,799    399,798    649,032    313,036    246,253    286,793 
Total assets  $206,186   $274,590   $414,463   $663,604   $323,444   $251,002   $298,659 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $1,810   $2,082   $2,825   $7,507   $1,889   $2,816   $2,009 
Tenant deposits   1,550    2,543    2,595    3,345    1,995    -    2,869 
Due to (from) related parties   3,280    3,834    12,374    10,019    5,894    9,676    4,245 
Total current liabilities   6,640    8,458    17,794    20,871    9,778    12,493    9,122 
Mortgage payables, net   138,146    190,513    -    -    235,641    125,438    212,446 
Operational notes, related party   6,900    -    -    -    23,600    -    15,600 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   151,686    198,971    17,794    20,871    269,019    137,931    237,169 
Members’ equity (deficit)                                   
Members’ capital   80,957    90,801    415,345    684,974    117,262    147,788    96,586 
Retained earnings (accumulated deficit)   (26,457)   (15,182)   (18,676)   (42,241)   (62,837)   (34,716)   (35,096)
Total members’ equity (deficit)   54,500    75,619    396,669    642,733    54,425    113,071    61,490 
Total liabilities and members’ equity (deficit)  $206,186   $274,590   $414,463   $663,604   $323,444   $251,002   $298,659 

 

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

 

F-54

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2024 

 

 

   Kirkwood   Korin   Lallie   Lanier   Lannister   Latte   Lennox 
ASSETS                            
Current assets:                            
Cash  $1,311   $15,433   $5,901   $6,484   $1,504   $7,920   $3,680 
Other receivables   -    -    -    -    -    -    - 
Prepaid expenses   4,111    362    3,517    5,241    4,549    936    1,879 
Due from (to) third party property managers   6,656    3,881    5,177    2,264    3,181    747    3,780 
Total current assets   12,079    19,677    14,594    13,988    9,234    9,604    9,339 
Property and equipment, net   251,575    264,681    345,569    357,882    167,486    343,244    197,184 
Total assets  $263,654   $284,357   $360,163   $371,870   $176,720   $352,848   $206,524 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $2,350   $6,258   $1,889   $1,667   $1,734   $1,371   $1,938 
Tenant deposits   2,393    1,995    2,295    -    1,395    -    1,795 
Due to (from) related parties   4,722    3,258    5,730    4,823    3,496    10,489    3,256 
Total current liabilities   9,464    11,511    9,914    6,490    6,625    11,860    6,988 
Mortgage payables, net   180,073    -    237,722    261,413    112,704    -    137,853 
Operational notes, related party   9,700    -    57,200    11,800    18,700    -    9,700 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   199,238    11,511    304,836    279,703    138,029    11,860    154,542 
Members’ equity (deficit)                                   
Members’ capital   88,079    268,373    121,831    128,754    76,536    349,273    74,191 
Retained earnings (accumulated deficit)   (23,663)   4,473    (66,504)   (36,588)   (37,844)   (8,285)   (22,209)
Total members’ equity (deficit)   64,416    272,847    55,327    92,166    38,691    340,988    51,982 
Total liabilities and members’ equity (deficit)  $263,654   $284,357   $360,163   $371,870   $176,720   $352,848   $206,524 

 

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

 

F-55

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2024 

 

 

   Lierly   Lily   Limestone   Litton   Longwoods   Lookout   Loretta 
ASSETS                            
Current assets:                            
Cash  $12,250   $7,504   $6,065   $13,102   $12,962   $12,269   $7,031 
Other receivables   -    -    -    -    -    -    - 
Prepaid expenses   414    8,246    2,830    659    1,254    502    1,340 
Due from (to) third party property managers   3,530    5,510    3,725    4,686    3,952    1,301    3,518 
Total current assets   16,194    21,259    12,620    18,447    18,168    14,072    11,889 
Property and equipment, net   191,871    489,558    267,609    305,063    260,363    324,000    645,919 
Total assets  $208,065   $510,817   $280,229   $323,510   $278,531   $338,072   $657,809 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $6,394   $132   $2,322   $4,836   $7,790   $4,223   $5,307 
Tenant deposits   1,750    2,395    2,095    2,545    1,995    2,245    - 
Due to (from) related parties   3,702    7,755    4,261    4,003    2,609    9,553    14,824 
Total current liabilities   11,846    10,281    8,678    11,384    12,395    16,021    20,130 
Mortgage payables, net   129,936    308,748    200,974    157,667    -    -    - 
Operational notes, related party   -    64,000    21,400    -    -    -    - 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   141,781    383,029    231,052    169,051    12,395    16,021    20,130 
Members’ equity (deficit)                                   
Members’ capital   63,976    208,084    106,002    171,860    277,011    325,512    655,141 
Retained earnings (accumulated deficit)   2,308    (80,296)   (56,825)   (17,401)   (10,875)   (3,461)   (17,463)
Total members’ equity (deficit)   66,284    127,788    49,177    154,459    266,136    322,051    637,678 
Total liabilities and members’ equity (deficit)  $208,065   $510,817   $280,229   $323,510   $278,531   $338,072   $657,809 

 

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

 

F-56

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2024 

 

 

   Louis   Louise   Lovejoy   Luna   Lurleen   Madison   Mae 
ASSETS                            
Current assets:                            
Cash  $18,130   $4,541   $4,669   $4,217   $1,792   $5,617   $10,408 
Other receivables   -    -    -    -    -    -    - 
Prepaid expenses   886    3,884    3,580    1,841    783    2,337    950 
Due from (to) third party property managers   6,745    4,384    2,541    3,556    3,711    4,891    6,858 
Total current assets   25,762    12,808    10,790    9,615    6,287    12,845    18,216 
Property and equipment, net   260,282    257,648    274,340    195,634    215,308    193,222    333,179 
Total assets  $286,043   $270,456   $285,130   $205,248   $221,594   $206,067   $351,396 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $3,316   $1,742   $2,230   $2,363   $2,121   $1,537   $10,369 
Tenant deposits   1,895    1,895    1,995    1,895    1,695    2,174    4,190 
Due to (from) related parties   2,337    5,855    4,262    3,086    2,533    3,840    4,862 
Total current liabilities   7,548    9,492    8,487    7,344    6,349    7,550    19,421 
Mortgage payables, net   -    180,079    203,034    148,019    108,350    99,941    - 
Operational notes, related party   -    -    12,300    17,800    7,100    15,900    - 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   7,548    189,571    223,822    173,162    121,799    123,391    19,421 
Members’ equity (deficit)                                   
Members’ capital   277,440    96,455    95,047    62,997    122,325    115,263    339,489 
Retained earnings (accumulated deficit)   1,056    (15,570)   (33,739)   (30,911)   (22,529)   (32,587)   (7,514)
Total members’ equity (deficit)   278,495    80,885    61,308    32,086    99,796    82,675    331,975 
Total liabilities and members’ equity (deficit)  $286,043   $270,456   $285,130   $205,248   $221,594   $206,067   $351,396 

 

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

 

F-57

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2024 

 

 

   Magnolia   Malbec   Mammoth   Marcelo   Marie   Marietta   Marion 
ASSETS                            
Current assets:                            
Cash  $6,885   $5,920   $3,385   $7,477   $21,404   $4,505   $3,900 
Other receivables   -    -    -    -    -    -    - 
Prepaid expenses   2,806    2,377    4,921    336    616    3,882    2,096 
Due from (to) third party property managers   4,198    4,520    4,738    3,618    5,115    4,407    3,967 
Total current assets   13,889    12,818    13,044    11,431    27,135    12,794    9,963 
Property and equipment, net   238,626    289,658    318,618    268,570    304,617    285,389    254,770 
Total assets  $252,514   $302,475   $331,662   $280,000   $331,752   $298,183   $264,733 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $1,435   $1,963   $1,725   $2,722   $5,291   $1,422   $2,711 
Tenant deposits   3,290    2,295    2,095    1,945    2,745    2,195    2,295 
Due to (from) related parties   3,455    7,931    5,802    3,983    3,569    4,187    8,007 
Total current liabilities   8,180    12,190    9,622    8,650    11,605    7,804    13,013 
Mortgage payables, net   171,128    205,034    235,697    -    -    148,605    - 
Operational notes, related party   23,800    -    44,300    -    -    18,900    - 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   203,108    217,224    289,619    8,650    11,605    175,308    13,013 
Members’ equity (deficit)                                   
Members’ capital   88,617    97,775    118,575    279,890    307,839    170,613    268,032 
Retained earnings (accumulated deficit)   (39,211)   (12,523)   (76,533)   (8,540)   12,308    (47,738)   (16,312)
Total members’ equity (deficit)   49,406    85,252    42,043    271,350    320,147    122,875    251,720 
Total liabilities and members’ equity (deficit)  $252,514   $302,475   $331,662   $280,000   $331,752   $298,183   $264,733 

 

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

 

F-58

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2024 

 

 

   Marple   Martell   Mary   Matchingham   McGregor   McLovin   Meadow 
ASSETS                            
Current assets:                            
Cash  $4,534   $3,557   $15,993   $6,184   $6,890   $6,004   $3,595 
Other receivables   -    -    -    -    -    -    - 
Prepaid expenses   277    898    883    2,072    416    6,157    3,236 
Due from (to) third party property managers   -    3,805    4,226    4,049    4,120    6,521    1,352 
Total current assets   4,811    8,261    21,102    12,305    11,426    18,682    8,182 
Property and equipment, net   169,633    251,246    262,506    194,017    281,657    489,481    293,884 
Total assets  $174,444   $259,507   $283,609   $206,322   $293,082   $508,162   $302,066 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $1,812   $2,485   $4,852   $2,561   $6,931   $(1,273)  $1,616 
Tenant deposits   -    1,945    2,095    1,795    1,895    3,495    - 
Due to (from) related parties   1,610    8,660    2,357    3,920    9,607    9,335    5,013 
Total current liabilities   3,422    13,090    9,304    8,276    18,433    11,556    6,629 
Mortgage payables, net   -    -    -    144,711    -    364,344    212,794 
Operational notes, related party   -    -    -    -    -    8,300    - 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   3,422    13,090    9,304    152,987    18,433    384,201    219,423 
Members’ equity (deficit)                                   
Members’ capital   186,584    271,776    271,612    61,698    284,878    163,948    125,471 
Retained earnings (accumulated deficit)   (15,562)   (25,359)   2,692    (8,362)   (10,228)   (39,986)   (42,828)
Total members’ equity (deficit)   171,022    246,417    274,304    53,335    274,650    123,962    82,643 
Total liabilities and members’ equity (deficit)  $174,444   $259,507   $283,609   $206,322   $293,082   $508,162   $302,066 

 

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

 

F-59

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2024 

 

 

   Mimosa   Mojave   Murphy   Mycroft   Nugget   Odessa   Olive 
ASSETS                            
Current assets:                            
Cash  $2,486   $2,210   $4,252   $13,827   $7,300   $6,061   $4,215 
Other receivables   -    -    -    -    -    -    - 
Prepaid expenses   416    1,823    3,493    304    753    6,172    3,170 
Due from (to) third party property managers   1,716    3,870    3,818    3,080    6,079    6,332    6,977 
Total current assets   4,618    7,903    11,563    17,212    14,132    18,565    14,361 
Property and equipment, net   200,918    221,465    273,119    173,476    525,721    489,353    213,486 
Total assets  $205,537   $229,367   $284,682   $190,688   $539,853   $507,919   $227,847 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $2,279   $1,869   $2,956   $3,130   $11,841   $(1,107)  $2,194 
Tenant deposits   1,495    2,195    1,995    1,645    3,295    3,395    1,895 
Due to (from) related parties   2,839    7,936    7,472    1,797    18,978    9,268    4,248 
Total current liabilities   6,613    12,001    12,423    6,572    34,114    11,556    8,337 
Mortgage payables, net   106,022    160,242    205,200    -    -    371,327    124,324 
Operational notes, related party   -    -    -    -    -    35,100    19,000 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   112,635    172,243    217,623    6,572    34,114    417,983    151,660 
Members’ equity (deficit)                                   
Members’ capital   116,028    65,388    94,216    183,344    525,716    178,379    107,212 
Retained earnings (accumulated deficit)   (23,126)   (8,264)   (27,158)   771    (19,977)   (88,444)   (31,026)
Total members’ equity (deficit)   92,902    57,124    67,058    184,116    505,739    89,936    76,187 
Total liabilities and members’ equity (deficit)  $205,537   $229,367   $284,682   $190,688   $539,853   $507,919   $227,847 

 

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

 

F-60

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2024 

 

 

   Oly   Onyx   Oscar   Osceola   Osprey   Otoro   Palmer 
ASSETS                            
Current assets:                            
Cash  $7,918   $5,934   $3,177   $6,913   $9,493   $1,310   $6,345 
Other receivables   -    -    -    -    -    -    - 
Prepaid expenses   5,720    522    1,040    3,906    1,363    3,980    948 
Due from (to) third party property managers   5,389    4,490    5,323    3,584    2,448    3,365    3,827 
Total current assets   19,028    10,946    9,540    14,404    13,304    8,655    11,119 
Property and equipment, net   490,013    325,381    246,412    270,808    332,252    372,144    287,270 
Total assets  $509,041   $336,327   $255,953   $285,211   $345,556   $380,799   $298,389 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $(356)  $5,152   $1,671   $3,271   $11,264   $1,991   $2,799 
Tenant deposits   2,995    2,295    3,390    1,695    2,295    2,319    1,895 
Due to (from) related parties   11,799    2,590    4,278    2,356    10,201    7,133    5,553 
Total current liabilities   14,438    10,037    9,339    7,322    23,760    11,443    10,246 
Mortgage payables, net   365,046    -    -    -    -    271,849    - 
Operational notes, related party   -    -    -    7,000    -    78,700    - 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   379,484    10,037    9,339    14,322    23,760    361,993    10,246 
Members’ equity (deficit)                                   
Members’ capital   165,693    331,490    261,736    296,449    343,894    131,900    302,774 
Retained earnings (accumulated deficit)   (36,136)   (5,200)   (15,122)   (25,560)   (22,098)   (113,093)   (14,631)
Total members’ equity (deficit)   129,557    326,290    246,614    270,889    321,796    18,807    288,143 
Total liabilities and members’ equity (deficit)  $509,041   $336,327   $255,953   $285,211   $345,556   $380,799   $298,389 

 

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

 

F-61

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2024 

 

 

   Patrick   Peanut   Pearl   Pecan   Peterson   Piedmont   Pinot 
ASSETS                            
Current assets:                            
Cash  $6,535   $6,822   $6,421   $12,097   $16,634   $9,652   $7,603 
Other receivables   -    -    -    -    -    -    - 
Prepaid expenses   389    2,265    785    380    582    4,913    3,064 
Due from (to) third party property managers   1,867    3,798    3,892    3,455    3,299    4,239    4,720 
Total current assets   8,791    12,884    11,097    15,932    20,514    18,804    15,386 
Property and equipment, net   192,559    201,575    512,390    186,784    219,871    361,494    292,454 
Total assets  $201,350   $214,459   $523,488   $202,716   $240,385   $380,299   $307,840 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $5,717   $1,811   $6,519   $5,987   $3,025   $2,015   $2,038 
Tenant deposits   1,595    2,093    2,945    1,750    1,595    2,295    2,395 
Due to (from) related parties   6,987    3,846    16,454    4,150    1,360    5,253    7,321 
Total current liabilities   14,300    7,749    25,918    11,887    5,979    9,563    11,753 
Mortgage payables, net   107,895    145,317    -    112,448    -    188,245    207,162 
Operational notes, related party   -    -    -    -    -    -    - 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   122,195    153,067    25,918    124,335    5,979    197,808    218,915 
Members’ equity (deficit)                                   
Members’ capital   88,386    72,469    526,530    74,927    238,666    220,380    98,928 
Retained earnings (accumulated deficit)   (9,231)   (11,077)   (28,960)   3,454    (4,260)   (37,890)   (10,003)
Total members’ equity (deficit)   79,155    61,392    497,570    78,381    234,406    182,490    88,925 
Total liabilities and members’ equity (deficit)  $201,350   $214,459   $523,488   $202,716   $240,385   $380,299   $307,840 

 

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

 

F-62

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2024 

 

 

   Pioneer   Plumtree   Point   Porthos   Quincy   Redondo   Regency 
ASSETS                            
Current assets:                            
Cash  $7,993   $10,009   $4,225   $14,714   $7,047   $4,546   $14,652 
Other receivables   -    -    -    -    -    -    - 
Prepaid expenses   796    352    6,022    1,695    675    606    1,170 
Due from (to) third party property managers   6,660    4,590    5,689    4,509    6,383    2,567    6,035 
Total current assets   15,449    14,951    15,937    20,917    14,104    7,718    21,857 
Property and equipment, net   551,258    180,404    357,872    292,401    514,751    297,741    262,827 
Total assets  $566,707   $195,355   $373,809   $313,318   $528,855   $305,459   $284,684 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $11,132   $5,936   $1,999   $8,612   $8,698   $4,740   $7,169 
Tenant deposits   3,445    1,550    2,095    2,295    3,495    3,143    3,793 
Due to (from) related parties   20,324    4,207    6,304    2,030    7,686    10,688    3,083 
Total current liabilities   34,901    11,694    10,397    12,937    19,879    18,570    14,044 
Mortgage payables, net   -    110,136    265,237    -    -    155,269    135,437 
Operational notes, related party   -    -    11,100    -    20,800    -    - 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   34,901    121,830    286,734    12,937    40,679    173,839    149,482 
Members’ equity (deficit)                                   
Members’ capital   566,533    71,879    129,770    305,520    531,906    176,031    145,294 
Retained earnings (accumulated deficit)   (34,727)   1,646    (42,696)   (5,139)   (43,730)   (44,411)   (10,091)
Total members’ equity (deficit)   531,806    73,525    87,075    300,381    488,176    131,621    135,203 
Total liabilities and members’ equity (deficit)  $566,707   $195,355   $373,809   $313,318   $528,855   $305,459   $284,684 

 

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

 

F-63

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2024 

 

 

   Reginald   Reynolds   Ribbonwalk   Richardson   Richmond   Ridge   Ritter 
ASSETS                            
Current assets:                            
Cash  $3,677   $16,194   $7,225   $13,581   $16,627   $4,424   $7,416 
Other receivables   -    -    -    -    -    -    - 
Prepaid expenses   1,052    1,089    3,611    569    843    2,537    910 
Due from (to) third party property managers   -    4,970    1,759    3,531    5,019    4,425    4,883 
Total current assets   4,729    22,252    12,595    17,680    22,489    11,386    13,209 
Property and equipment, net   433,339    404,492    293,903    296,244    370,580    198,094    473,701 
Total assets  $438,068   $426,744   $306,498   $313,924   $393,069   $209,480   $486,909 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $16,546   $2,795   $1,708   $5,957   $5,402   $1,995   $6,492 
Tenant deposits   -    2,495    1,995    1,995    3,443    2,543    2,495 
Due to (from) related parties   6,047    12,415    4,315    4,255    2,150    6,291    14,732 
Total current liabilities   22,593    17,705    8,018    12,207    10,995    10,829    23,719 
Mortgage payables, net   -    -    221,827    -    -    138,497    - 
Operational notes, related party   31,000    -    12,000    -    -    -    17,200 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   53,593    17,705    241,844    12,207    10,995    149,326    40,919 
Members’ equity (deficit)                                   
Members’ capital   436,892    413,887    111,574    307,254    398,949    74,046    502,049 
Retained earnings (accumulated deficit)   (52,418)   (4,847)   (46,920)   (5,536)   (16,875)   (13,892)   (56,059)
Total members’ equity (deficit)   384,474    409,040    64,654    301,717    382,074    60,154    445,991 
Total liabilities and members’ equity (deficit)  $438,068   $426,744   $306,498   $313,924   $393,069   $209,480   $486,909 

 

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

 

F-64

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2024 

 

 

   River   Riverwalk   Rooney   Roseberry   Rosewood   Roxy   Saddlebred 
ASSETS                            
Current assets:                            
Cash  $4,648   $14,359   $7,631   $2,382   $6,677   $6,359   $7,936 
Other receivables   -    -    -    -    -    -    1,377 
Prepaid expenses   2,540    465    4,881    5,096    2,546    3,833    4,465 
Due from (to) third party property managers   7,498    6,370    4,684    7,560    5,305    4,395    8,626 
Total current assets   14,687    21,193    17,197    15,038    14,527    14,587    22,403 
Property and equipment, net   242,617    371,773    343,961    299,368    253,507    305,327    444,551 
Total assets  $257,304   $392,966   $361,158   $314,406   $268,034   $319,913   $466,954 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $2,205   $5,571   $2,193   $1,686   $1,819   $1,928   $(128)
Tenant deposits   2,993    3,993    2,095    3,443    2,768    1,995    4,168 
Due to (from) related parties   7,397    11,685    4,987    4,961    3,729    3,967    6,305 
Total current liabilities   12,594    21,249    9,275    10,090    8,316    7,890    10,344 
Mortgage payables, net   170,446    -    256,592    209,181    187,025    218,310    329,608 
Operational notes, related party   -    -    9,400    5,700    5,100    15,200    23,400 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   183,041    21,249    275,267    224,971    200,441    241,400    363,352 
Members’ equity (deficit)                                   
Members’ capital   88,146    380,510    123,718    104,311    93,533    112,118    166,577 
Retained earnings (accumulated deficit)   (13,882)   (8,793)   (37,827)   (14,875)   (25,940)   (33,604)   (62,974)
Total members’ equity (deficit)   74,263    371,717    85,891    89,436    67,594    78,514    103,603 
Total liabilities and members’ equity (deficit)  $257,304   $392,966   $361,158   $314,406   $268,034   $319,913   $466,954 

 

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

 

F-65

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2024 

 

 

   Saint   Sajni   Salem   Salinas   Saturn   Scepter   Sequoyah 
ASSETS                            
Current assets:                            
Cash  $12,217   $6,044   $2,035   $5,932   $3,172   $3,385   $3,513 
Other receivables   -    -    -    -    -    -    - 
Prepaid expenses   3,739    1,865    3,550    288    2,372    3,545    587 
Due from (to) third party property managers   4,680    4,344    -    3,585    1,432    -    4,095 
Total current assets   20,635    12,254    5,585    9,806    6,976    6,929    8,194 
Property and equipment, net   299,300    296,520    289,625    225,461    199,797    251,064    239,973 
Total assets  $319,936   $308,774   $295,210   $235,266   $206,773   $257,993   $248,167 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $2,391   $1,440   $1,805   $4,137   $1,403   $1,904   $5,627 
Tenant deposits   2,495    2,745    -    1,945    1,495    -    2,295 
Due to (from) related parties   4,524    3,613    10,111    2,618    3,286    5,162    3,170 
Total current liabilities   9,410    7,798    11,916    8,700    6,184    7,066    11,092 
Mortgage payables, net   209,879    -    208,930    -    138,151    187,061    122,192 
Operational notes, related party   -    11,000    -    20,300    11,900    -    17,200 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   219,289    18,798    220,846    29,000    156,236    194,127    150,483 
Members’ equity (deficit)                                   
Members’ capital   104,476    297,561    96,122    233,064    85,149    92,271    140,166 
Retained earnings (accumulated deficit)   (3,830)   (7,585)   (21,758)   (26,797)   (34,612)   (28,404)   (42,482)
Total members’ equity (deficit)   100,647    289,976    74,364    206,266    50,537    63,866    97,684 
Total liabilities and members’ equity (deficit)  $319,936   $308,774   $295,210   $235,266   $206,773   $257,993   $248,167 

 

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

 

F-66

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2024 

 

 

   Shallowford   Shoreline   Sigma   Simon   Sims   Soapstone   Sodalis 
ASSETS                            
Current assets:                            
Cash  $3,698   $7,940   $8,321   $17,998   $12,444   $6,932   $6,783 
Other receivables   -    -    -    -    -    -    - 
Prepaid expenses   4,417    2,672    4,021    885    879    401    471 
Due from (to) third party property managers   4,503    3,993    3,751    4,063    4,568    4,180    3,727 
Total current assets   12,618    14,605    16,093    22,947    17,891    11,513    10,981 
Property and equipment, net   340,047    282,690    354,714    280,331    263,681    206,765    272,607 
Total assets  $352,665   $297,295   $370,807   $303,277   $281,572   $218,279   $283,587 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $2,117   $2,364   $2,517   $5,575   $3,061   $5,829   $7,257 
Tenant deposits   2,345    2,295    2,869    2,095    2,768    2,350    - 
Due to (from) related parties   4,822    4,197    4,881    2,655    2,748    3,845    7,983 
Total current liabilities   9,284    8,856    10,267    10,324    8,577    12,024    15,240 
Mortgage payables, net   176,958    210,001    267,006    -    -    127,090    - 
Operational notes, related party   8,600    16,600    -    -    -    6,900    - 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   194,841    235,457    277,273    10,324    8,577    146,014    15,240 
Members’ equity (deficit)                                   
Members’ capital   203,842    96,589    120,280    291,759    279,766    73,474    284,350 
Retained earnings (accumulated deficit)   (46,018)   (34,750)   (26,746)   1,194    (6,770)   (1,209)   (16,003)
Total members’ equity (deficit)   157,824    61,839    93,534    292,953    272,996    72,265    268,347 
Total liabilities and members’ equity (deficit)  $352,665   $297,295   $370,807   $303,277   $281,572   $218,279   $283,587 

 

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

 

F-67

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2024 

 

 

   Spencer   Splash   Spring   Stonebriar   Sugar   Summerset   Sundance 
ASSETS                            
Current assets:                            
Cash  $7,027   $6,893   $5,343   $7,013   $3,972   $5,299   $3,838 
Other receivables   -    -    -    -    -    -    - 
Prepaid expenses   2,732    466    451    2,722    4,577    2,358    681 
Due from (to) third party property managers   4,811    3,170    3,601    2,942    5,726    6,738    12,302 
Total current assets   14,570    10,529    9,395    12,677    14,276    14,396    16,822 
Property and equipment, net   273,588    195,684    232,996    189,985    283,493    243,894    303,904 
Total assets  $288,157   $206,213   $242,391   $202,662   $297,768   $258,289   $320,726 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $3,099   $5,143   $7,847   $1,879   $1,723   $2,345   $12,805 
Tenant deposits   2,349    1,550    1,695    1,395    3,590    2,843    2,595 
Due to (from) related parties   4,522    3,850    4,463    2,816    9,541    4,007    7,535 
Total current liabilities   9,970    10,543    14,005    6,090    14,855    9,195    22,936 
Mortgage payables, net   192,623    122,064    -    132,798    199,058    163,630    155,269 
Operational notes, related party   9,400    8,200    -    16,000    -    24,500    6,700 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   211,993    140,807    14,005    154,888    213,912    197,325    184,904 
Members’ equity (deficit)                                   
Members’ capital   97,189    77,147    238,802    73,907    120,027    89,891    174,800 
Retained earnings (accumulated deficit)   (21,024)   (11,741)   (10,415)   (26,133)   (36,171)   (28,927)   (38,979)
Total members’ equity (deficit)   76,164    65,406    228,386    47,774    83,856    60,964    135,821 
Total liabilities and members’ equity (deficit)  $288,157   $206,213   $242,391   $202,662   $297,768   $258,289   $320,726 

 

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

 

F-68

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2024 

 

 

   Sunnyside   Swift   Taylor   Terracotta   Theodore   Tulip   Tuscan 
ASSETS                            
Current assets:                            
Cash  $14,812   $10,298   $3,404   $1,314   $15,244   $5,906   $15,475 
Other receivables   -    -    -    -    -    -    - 
Prepaid expenses   542    486    2,381    3,638    885    3,123    879 
Due from (to) third party property managers   3,390    4,551    4,682    -    2,787    4,044    - 
Total current assets   18,744    15,335    10,466    4,952    18,917    13,072    16,354 
Property and equipment, net   211,231    324,791    219,057    300,203    278,244    296,689    292,129 
Total assets  $229,975   $340,127   $229,523   $305,155   $297,161   $309,761   $308,483 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $3,004   $3,976   $1,895   $4,209   $4,933   $2,037   $8,782 
Tenant deposits   1,845    2,195    1,645    -    2,245    2,195    2,295 
Due to (from) related parties   2,458    15,209    2,988    6,103    2,329    4,451    5,767 
Total current liabilities   7,307    21,380    6,528    10,312    9,507    8,682    16,844 
Mortgage payables, net   -    -    112,179    220,409    -    219,707    180,912 
Operational notes, related party   -    -    11,100    19,100    -    24,300    - 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   7,307    21,380    129,806    249,821    9,507    252,690    197,755 
Members’ equity (deficit)                                   
Members’ capital   218,931    330,196    136,252    111,248    294,808    104,538    117,359 
Retained earnings (accumulated deficit)   3,737    (11,449)   (36,535)   (55,914)   (7,155)   (47,467)   (6,631)
Total members’ equity (deficit)   222,668    318,747    99,717    55,334    287,654    57,071    110,728 
Total liabilities and members’ equity (deficit)  $229,975   $340,127   $229,523   $305,155   $297,161   $309,761   $308,483 

 

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

 

F-69

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2024 

 

 

   Tuscarora   Tuxford   Vernon   Walton   Wave   Weldon   Wellington 
ASSETS                            
Current assets:                            
Cash  $11,464   $5,512   $4,514   $6,916   $1,969   $3,840   $7,114 
Other receivables   -    -    -    -    -    -    - 
Prepaid expenses   567    3,553    2,967    431    3,476    2,286    571 
Due from (to) third party property managers   11,711    1,881    4,915    3,676    8,829    3,798    4,933 
Total current assets   23,742    10,946    12,396    11,022    14,274    9,924    12,619 
Property and equipment, net   318,906    244,298    239,245    282,438    312,084    193,420    385,999 
Total assets  $342,648   $255,244   $251,641   $293,461   $326,359   $203,344   $398,618 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $5,890   $1,537   $2,047   $6,531   $1,626   $1,698   $3,136 
Tenant deposits   3,145    1,895    2,843    1,895    2,195    2,168    2,395 
Due to (from) related parties   3,778    5,691    3,637    8,823    5,826    4,448    7,286 
Total current liabilities   12,812    9,124    8,526    17,250    9,647    8,313    12,817 
Mortgage payables, net   -    176,608    179,939    -    221,800    134,919    - 
Operational notes, related party   -    25,800    7,400    29,000    94,200    -    - 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   12,812    211,532    195,865    46,250    325,646    143,232    12,817 
Members’ equity (deficit)                                   
Members’ capital   330,825    92,643    85,191    294,775    112,377    81,211    401,288 
Retained earnings (accumulated deficit)   (989)   (48,931)   (29,415)   (47,564)   (111,665)   (21,099)   (15,487)
Total members’ equity (deficit)   329,836    43,712    55,776    247,211    713    60,113    385,801 
Total liabilities and members’ equity (deficit)  $342,648   $255,244   $251,641   $293,461   $326,359   $203,344   $398,618 

 

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 BALANCE SHEET

AS OF DECEMBER 31, 2024 

 

 

   Wentworth   Wescott   Westchester   Wildwood   Willow   Wilson   Winchester 
ASSETS                            
Current assets:                            
Cash  $8,105   $2,273   $7,646   $7,637   $3,572   $8,153   $4,347 
Other receivables   -    -    -    -    -    -    - 
Prepaid expenses   2,137    1,291    3,596    2,431    534    509    906 
Due from (to) third party property managers   3,405    4,980    2,853    4,000    2,718    4,766    340 
Total current assets   13,647    8,544    14,095    14,069    6,823    13,428    5,593 
Property and equipment, net   214,294    257,291    310,763    206,640    275,607    363,871    261,340 
Total assets  $227,941   $265,836   $324,858   $220,709   $282,430   $377,299   $266,933 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $2,232   $2,013   $2,162   $2,266   $4,567   $7,237   $2,793 
Tenant deposits   1,595    3,440    3,119    1,945    1,545    2,445    1,895 
Due to (from) related parties   3,792    5,174    5,698    3,657    7,794    5,807    1,463 
Total current liabilities   7,619    10,628    10,979    7,868    13,906    15,489    6,151 
Mortgage payables, net   155,217    133,074    196,481    107,312    -    -    - 
Operational notes, related party   -    20,800    16,600    -    -    -    - 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   162,836    164,502    224,059    115,180    13,906    15,489    6,151 
Members’ equity (deficit)                                   
Members’ capital   67,546    145,767    141,460    116,060    282,191    369,388    276,569 
Retained earnings (accumulated deficit)   (2,440)   (44,433)   (40,662)   (10,531)   (13,668)   (7,578)   (15,787)
Total members’ equity (deficit)   65,105    101,334    100,798    105,529    268,524    361,810    260,782 
Total liabilities and members’ equity (deficit)  $227,941   $265,836   $324,858   $220,709   $282,430   $377,299   $266,933 

 

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

 

F-71

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2024 

 

 

   Windsor   Winston   Wisteria   Arlo   Hualapai   Brentwood   Bellvue 
ASSETS                            
Current assets:                            
Cash  $4,831   $9,599   $6,681   $    -   $       -   $       -   $      - 
Other receivables   -    -    -    -    -    -    - 
Prepaid expenses   4,768    610    3,050    -    -    -    - 
Due from (to) third party property managers   -    5,345    4,931    -    -    -    - 
Total current assets   9,599    15,554    14,662    -    -    -    - 
Property and equipment, net   319,138    310,330    283,244    -    -    -    - 
Total assets  $328,736   $325,883   $297,906   $-   $-   $-   $- 
                                    
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                                   
Current liabilities:                                   
Accrued expenses  $2,047   $2,873   $1,920   $-   $-   $-   $- 
Tenant deposits   2,595    1,795    3,143    -    -    -    - 
Due to (from) related parties   7,972    4,457    3,562    -    -    -    - 
Total current liabilities   12,614    9,124    8,624    -    -    -    - 
Mortgage payables, net   224,828    -    205,382    -    -    -    - 
Operational notes, related party   32,500    -    9,300    -    -    -    - 
Due to commonly controlled entity   -    -    -    -    -    -    - 
Total liabilities   269,942    9,124    223,306    -    -    -    - 
Members’ equity (deficit)                                   
Members’ capital   114,006    324,293    97,526    -    -    -    - 
Retained earnings (accumulated deficit)   (55,211)   (7,534)   (22,925)   -    -    -    - 
Total members’ equity (deficit)   58,795    316,759    74,600    -    -    -    - 
Total liabilities and members’ equity (deficit)  $328,736   $325,883   $297,906   $-   $-   $-   $- 

 

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

 

F-72

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2024 

 

 

   Lorenz   Lexie   Hartsfield   Unallocated members’ capital   Consolidated 
ASSETS                    
Current assets:                    
Cash  $     -   $     -   $     -   $     -   $1,881,389 
Other receivables   -    -    -    -    1,377 
Prepaid expenses   -    -    -    -    505,829 
Due from (to) third party property managers   -    -    -    -    1,014,907 
Total current assets   -    -    -    -    3,403,502 
Property and equipment, net   -    -    -    -    72,206,586 
Total assets  $-   $-   $-   $-   $75,610,088 
                          
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)                         
Current liabilities:                         
Accrued expenses  $-   $-   $-   $-   $907,183 
Tenant deposits   -    -    -    -    526,298 
Due to (from) related parties   -    -    -    -    1,386,475 
Total current liabilities   -    -    -    -    2,819,955 
Mortgage payables, net   -    -    -    -    23,721,589 
Operational notes, related party   -    -    -    -    2,045,300 
Due to commonly controlled entity   -    -    -    179,235    179,235 
Total liabilities   -    -    -    179,235    28,766,079 
Members’ equity (deficit)                         
Members’ capital   -    -    -    -    52,980,174 
Retained earnings (accumulated deficit)   -    -    -    (179,235)   (6,136,165)
Total members’ equity (deficit)   -    -    -    (179,235)   46,844,009 
Total liabilities and members’ equity (deficit)  $-   $-   $-   $-   $75,610,088 

 

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

 

F-73

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2025

 

 

   100   101   Abbington   Abernant   Alvin   Amber   Apollo 
                             
Rental income  $29,261   $21,665   $32,220   $19,140   $30,311   $23,991   $8,205 
                                    
Operating expenses:                                   
Depreciation   16,890    18,734    14,494    6,248    8,735    8,416    7,867 
Insurance   1,673    1,681    1,347    891    1,336    844    727 
Management fees, related party   8,559    8,508    7,278    2,055    3,490    2,064    1,334 
Management Fees   893    1,507    885    840    840    1,398    588 
Repairs & maintenance   525    1,140    145    -    -    1,420    5,330 
Property taxes   3,389    3,402    3,222    2,390    2,230    2,701    1,559 
Other operating expenses   5,350    4,268    4,980    1,758    2,795    4,955    2,723 
Total operating expenses   37,277    39,241    32,351    14,181    19,426    21,797    20,127 
                                    
Income (loss) from operations   (8,016)   (17,576)   (131)   4,959    10,886    2,194    (11,921)
                                    
Other expenses (income)                                   
Interest expenses   -    1,573    -    -    -    8,375    9,294 
Insurance claim proceeds   -    -    -    -    -    -    - 
Total other income (expense)   -    1,573    -    -    -    8,375    9,294 
                                    
Net income (loss)  $(8,016)  $(19,149)  $(131)  $4,959   $10,886   $(6,181)  $(21,215)

 

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

 

F-74

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2025

 

 

   Aster   Augusta   Avebury   Avondale   Badminton   Ballinger   Bandelier 
                             
Rental income  $19,379   $24,270   $19,663   $23,940   $27,185   $25,140   $24,240 
                                    
Operating expenses:                                   
Depreciation   7,793    8,150    7,990    9,047    8,461    8,215    8,268 
Insurance   835    1,027    1,117    1,195    1,288    1,492    1,059 
Management fees, related party   2,240    2,889    1,855    3,055    1,649    2,962    2,576 
Management Fees   1,657    951    1,264    861    1,628    2,006    903 
Repairs & maintenance   470    728    4,723    -    2,295    11,453    525 
Property taxes   3,548    3,604    2,409    3,941    7,385    1,908    3,442 
Other operating expenses   2,152    2,569    3,635    2,116    3,347    2,950    1,922 
Total operating expenses   18,695    19,918    22,993    20,215    26,053    30,987    18,694 
                                    
Income (loss) from operations   684    4,352    (3,330)   3,725    1,132    (5,847)   5,546 
                                    
Other expenses (income)                                   
Interest expenses   9,390    -    8,415    -    9,437    -    9,577 
Insurance claim proceeds   -    -    -    -    -    (5,900)   - 
Total other income (expense)   9,390    -    8,415    -    9,437    (5,900)   9,577 
                                    
Net income (loss)  $(8,706)  $4,352   $(11,745)  $3,725   $(8,305)  $53   $(4,032)

 

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

 

F-75

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2025

 

 

   Baron   Basil   Bayside   Bazzel   Bedford   Bella   Belle 
                             
Rental income  $40,210   $21,230   $26,675   $22,140   $27,800   $24,390   $27,193 
                                    
Operating expenses:                                   
Depreciation   17,007    5,569    7,050    7,527    7,695    9,162    12,084 
Insurance   2,018    724    1,097    1,077    1,420    1,078    1,515 
Management fees, related party   8,676    1,462    1,768    3,351    1,791    2,941    3,447 
Management Fees   1,656    1,247    1,597    1,333    1,668    1,802    1,500 
Repairs & maintenance   1,451    3,648    4,204    3,055    733    2,121    9,540 
Property taxes   7,037    3,516    8,552    5,320    12,636    4,151    5,860 
Other operating expenses   1,770    3,243    2,358    2,678    2,946    1,384    4,684 
Total operating expenses   39,615    19,407    26,625    24,340    28,889    22,640    38,628 
                                    
Income (loss) from operations   595    1,822    50    (2,200)   (1,089)   1,750    (11,435)
                                    
Other expenses (income)                                   
Interest expenses   -    6,884    8,496    1,628    8,543    114    1,641 
Insurance claim proceeds   -    -    -    -    -    -    - 
Total other income (expense)   -    6,884    8,496    1,628    8,543    114    1,641 
                                    
Net income (loss)  $595   $(5,062)  $(8,446)  $(3,827)  $(9,632)  $1,637   $(13,077)

 

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

 

F-76

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2025

 

 

   Belvedere   Bergenia   Blossom   Bonneau   Brainerd   Braxton   Brennan 
                             
Rental income  $27,990   $16,198   $19,440   $28,560   $19,864   $22,680   $15,307 
                                    
Operating expenses:                                   
Depreciation   8,103    5,973    6,990    10,275    7,997    8,903    6,230 
Insurance   1,328    899    882    2,527    888    902    991 
Management fees, related party   3,159    1,858    2,245    3,461    2,633    2,915    1,695 
Management Fees   887    1,244    852    993    815    904    847 
Repairs & maintenance   -    2,479    267    1,006    862    920    14,929 
Property taxes   3,821    1,628    2,143    8,534    2,571    3,643    2,343 
Other operating expenses   1,988    2,653    1,880    2,367    3,277    1,920    3,883 
Total operating expenses   19,284    16,734    15,260    29,163    19,044    20,108    30,917 
                                    
Income (loss) from operations   8,706    (535)   4,180    (603)   820    2,572    (15,611)
                                    
Other expenses (income)                                   
Interest expenses   -    -    555    419    9,354    803    11,629 
Insurance claim proceeds   -    -    -    -    -    -    - 
Total other income (expense)   -    -    555    419    9,354    803    11,629 
                                    
Net income (loss)  $8,706   $(535)  $3,625   $(1,022)  $(8,534)  $1,770   $(27,240)

 

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

 

F-77

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2025

 

 

   Briarwood   Brooklyn   Burlington   Butter   Calvin   Camino   Cawley 
                             
Rental income  $18,540   $12,235   $33,792   $33,720   $24,059   $19,680   $22,388 
                                    
Operating expenses:                                   
Depreciation   5,733    5,814    17,935    10,379    6,491    7,289    8,624 
Insurance   891    732    2,318    3,191    682    926    1,192 
Management fees, related party   1,903    1,253    9,417    2,299    2,484    1,950    2,900 
Management Fees   873    672    1,763    2,017    926    1,280    1,480 
Repairs & maintenance   459    11,262    402    101    757    2,165    4,998 
Property taxes   1,541    1,339    7,519    7,017    2,605    2,079    3,664 
Other operating expenses   1,617    5,914    2,240    3,206    1,394    1,229    4,178 
Total operating expenses   13,017    26,987    41,594    28,210    15,339    16,917    27,035 
                                    
Income (loss) from operations   5,523    (14,752)   (7,802)   5,510    8,720    2,763    (4,647)
                                    
Other expenses (income)                                   
Interest expenses   -    6,457    300    12,074    -    -    - 
Insurance claim proceeds   -    -    -    -    -    -    - 
Total other income (expense)   -    6,457    300    12,074    -    -    - 
                                    
Net income (loss)  $5,523   $(21,209)  $(8,102)  $(6,564)  $8,720   $2,763   $(4,647)

 

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

 

F-78

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2025

 

 

   Centennial   Chaparral   Chelsea   Chester   Chickamauga   Chinook   Chitwood 
                             
Rental income  $-   $20,340   $23,700   $28,140   $28,240   $24,365   $29,100 
                                    
Operating expenses:                                   
Depreciation   -    5,399    8,468    10,190    10,258    9,903    10,510 
Insurance   (79)   828    985    1,141    1,212    1,361    1,173 
Management fees, related party   -    1,835    2,103    3,643    3,653    2,939    3,798 
Management Fees   -    1,052    1,427    1,018    841    840    1,112 
Repairs & maintenance   (1,159)   2,115    -    932    171    -    2,118 
Property taxes   -    2,169    2,597    3,954    2,570    3,524    5,130 
Other operating expenses   1,238    1,672    4,179    3,348    3,586    2,827    3,088 
Total operating expenses   -    15,070    19,758    24,226    22,290    21,395    26,929 
                                    
Income (loss) from operations   -    5,270    3,942    3,914    5,950    2,970    2,171 
                                    
Other expenses (income)                                   
Interest expenses   -    4,283    8,429    12,471    -    390    - 
Insurance claim proceeds   -    -    -    -    -    -    - 
Total other income (expense)   -    4,283    8,429    12,471    -    390    - 
                                    
Net income (loss)  $-   $987   $(4,487)  $(8,557)  $5,950   $2,580   $2,171 

 

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

 

F-79

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2025

 

 

   Clover   Coatbridge   Collier   Collinston   Conway   Cove   Creekside 
                             
Rental income  $19,394   $25,500   $27,720   $18,440   $41,040   $20,340   $23,475 
                                    
Operating expenses:                                   
Depreciation   8,793    9,052    9,757    5,811    18,876    5,780    8,539 
Insurance   1,387    960    1,147    696    1,770    1,059    890 
Management fees, related party   4,253    1,767    5,487    1,414    6,553    1,634    2,907 
Management Fees   1,183    1,698    851    1,148    1,150    1,253    897 
Repairs & maintenance   4,379    944    -    3,824    3,791    3,864    371 
Property taxes   3,603    8,758    870    3,268    5,034    2,889    3,096 
Other operating expenses   2,940    2,041    3,525    8,159    5,016    1,906    1,934 
Total operating expenses   26,538    25,218    21,637    24,320    42,189    18,386    18,634 
                                    
Income (loss) from operations   (7,144)   282    6,083    (5,880)   (1,149)   1,954    4,841 
                                    
Other expenses (income)                                   
Interest expenses   182    10,105    -    7,755    895    1,791    - 
Insurance claim proceeds   -    -    -    -    -    -    - 
Total other income (expense)   182    10,105    -    7,755    895    1,791    - 
                                    
Net income (loss)  $(7,326)  $(9,824)  $6,083   $(13,635)  $(2,044)  $163   $4,841 

 

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

 

F-80

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2025

 

 

   Creekwood   Cumberland   Cupcake   Cypress   Daisy   Davidson   Dawson 
                             
Rental income  $20,340   $20,340   $20,239   $28,690   $20,700   $17,940   $21,600 
                                    
Operating expenses:                                   
Depreciation   7,944    8,118    6,550    10,589    8,276    5,818    7,235 
Insurance   985    936    807    1,797    939    696    988 
Management fees, related party   2,189    2,557    1,871    3,124    2,628    1,284    1,531 
Management Fees   1,324    895    890    1,569    883    1,076    1,296 
Repairs & maintenance   1,573    551    60    4,651    435    -    1,647 
Property taxes   3,663    2,282    3,566    6,294    2,296    3,220    7,212 
Other operating expenses   2,479    2,850    2,822    11,298    (65)   2,282    3,050 
Total operating expenses   20,157    18,189    16,565    39,321    15,392    14,378    22,960 
                                    
Income (loss) from operations   183    2,151    3,673    (10,631)   5,308    3,562    (1,360)
                                    
Other expenses (income)                                   
Interest expenses   9,711    -    6,034    12,412    -    6,853    8,630 
Insurance claim proceeds   -    -    -    -    -    -    - 
Total other income (expense)   9,711    -    6,034    12,412    -    6,853    8,630 
                                    
Net income (loss)  $(9,528)  $2,151   $(2,361)  $(23,043)  $5,308   $(3,291)  $(9,990)

 

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

 

F-81

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2025

 

 

   Delta   Dewberry   Diablo   Dogwood   Dolittle   Dolly   Dops 
                             
Rental income  $24,196   $19,038   $23,950   $21,463   $28,680   $43,580   $18,638 
                                    
Operating expenses:                                   
Depreciation   11,052    5,225    7,141    6,623    8,443    18,951    5,617 
Insurance   1,066    780    1,171    931    1,048    1,799    216 
Management fees, related party   1,933    1,430    2,522    3,241    2,199    6,786    1,618 
Management Fees   1,592    1,017    978    1,282    1,434    950    1,225 
Repairs & maintenance   1,647    572    1,381    3,127    700    1,258    282 
Property taxes   5,932    6,089    3,845    1,394    8,040    3,757    1,525 
Other operating expenses   2,731    1,698    3,752    3,162    2,975    3,908    1,948 
Total operating expenses   25,954    16,812    20,791    19,760    24,839    37,409    12,431 
                                    
Income (loss) from operations   (1,758)   2,226    3,159    1,703    3,841    6,171    6,207 
                                    
Other expenses (income)                                   
Interest expenses   16,048    7,066    10,256    -    8,593    -    - 
Insurance claim proceeds   -    -    -    -    -    -    - 
Total other income (expense)   16,048    7,066    10,256    -    8,593    -    - 
                                    
Net income (loss)  $(17,806)  $(4,840)  $(7,096)  $1,703   $(4,752)  $6,171   $6,207 

 

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

 

F-82

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2025

 

 

   Dorchester   Dunbar   Eagle   Eastfair   Eastwood   Elevation   Ella 
                             
Rental income  $22,890   $14,693   $23,455   $24,199   $24,197   $21,294   $21,540 
                                    
Operating expenses:                                   
Depreciation   10,212    13,182    7,891    5,912    8,757    10,113    7,174 
Insurance   2,643    1,137    968    966    1,290    1,131    834 
Management fees, related party   5,321    4,279    2,692    1,544    3,102    1,670    2,443 
Management Fees   5,488    2,032    1,200    1,470    894    1,365    904 
Repairs & maintenance   9,695    6,217    671    1,467    323    555    - 
Property taxes   9,909    1,627    5,442    6,704    1,782    5,584    2,200 
Other operating expenses   25,172    6,173    2,997    3,128    3,405    1,351    4,891 
Total operating expenses   68,440    34,646    21,862    21,190    19,552    21,769    18,446 
                                    
Income (loss) from operations   (45,549)   (19,954)   1,593    3,009    4,645    (475)   3,094 
                                    
Other expenses (income)                                   
Interest expenses   1,051    3,634    9,059    8,322    -    12,167    - 
Insurance claim proceeds   -    -    -    -    -    -    - 
Total other income (expense)   1,051    3,634    9,059    8,322    -    12,167    - 
                                    
Net income (loss)  $(46,600)  $(23,588)  $(7,466)  $(5,314)  $4,645   $(12,642)  $3,094 

 

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

 

F-83

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2025

 

 

   Ellen   Elm   Emporia   Ensenada   Falcon   Felix   Fenwick 
                             
Rental income  $17,395   $17,316   $21,676   $33,078   $25,440   $19,500   $22,178 
                                    
Operating expenses:                                   
Depreciation   6,807    4,600    9,666    13,332    7,907    8,201    8,240 
Insurance   980    784    1,304    2,051    969    739    1,104 
Management fees, related party   2,189    1,229    2,561    4,266    2,815    2,208    2,734 
Management Fees   1,254    1,074    987    1,007    840    840    1,052 
Repairs & maintenance   2,552    5,940    8,806    1,667    -    -    1,774 
Property taxes   4,806    4,727    6,200    8,574    5,406    2,314    3,078 
Other operating expenses   2,428    2,605    7,921    5,054    1,622    2,825    3,179 
Total operating expenses   21,015    20,959    37,445    35,951    19,559    17,128    21,160 
                                    
Income (loss) from operations   (3,620)   (3,642)   (15,769)   (2,873)   5,881    2,372    1,018 
                                    
Other expenses (income)                                   
Interest expenses   -    5,942    11,213    16,315    9,059    -    - 
Insurance claim proceeds   -    -    -    -    -    -    - 
Total other income (expense)   -    5,942    11,213    16,315    9,059    -    - 
                                    
Net income (loss)  $(3,620)  $(9,584)  $(26,982)  $(19,188)  $(3,178)  $2,372   $1,018 

 

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

 

F-84

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2025

 

 

   Fletcher   Folly   Forest   Foster   Franklin   Gardens   General 
                             
Rental income  $17,580   $27,180   $29,640   $19,294   $25,840   $18,731   $30,900 
                                    
Operating expenses:                                   
Depreciation   4,824    10,253    12,141    8,614    9,246    7,172    8,684 
Insurance   754    1,989    3,512    1,044    1,172    898    1,024 
Management fees, related party   1,601    4,964    2,666    2,862    3,027    1,524    3,592 
Management Fees   899    978    1,337    1,226    1,015    1,153    931 
Repairs & maintenance   375    830    1,630    3,893    1,745    1,621    910 
Property taxes   1,130    7,570    6,632    6,955    6,933    1,059    4,210 
Other operating expenses   1,616    2,804    3,419    2,625    1,575    1,795    1,491 
Total operating expenses   11,199    29,389    31,337    27,219    24,713    15,222    20,841 
                                    
Income (loss) from operations   6,381    (2,209)   (1,697)   (7,924)   1,127    3,509    10,059 
                                    
Other expenses (income)                                   
Interest expenses   -    495    15,134    -    -    7,368    - 
Insurance claim proceeds   -    -    -    -    -    -    - 
Total other income (expense)   -    495    15,134    -    -    7,368    - 
                                    
Net income (loss)  $6,381   $(2,704)  $(16,831)  $(7,924)  $1,127   $(3,859)  $10,059 

 

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

 

F-85

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2025

 

 

   Goose   Grant   Greenhill   Gretal   Grove   Hadden   Hansard 
                             
Rental income  $22,740   $29,905   $30,968   $29,300   $18,480   $18,729   $26,381 
                                    
Operating expenses:                                   
Depreciation   7,356    8,902    8,969    12,411    8,803    6,053    8,339 
Insurance   911    1,360    1,277    1,302    1,149    693    1,418 
Management fees, related party   2,477    2,231    2,027    4,216    1,320    1,479    3,277 
Management Fees   901    1,801    1,855    963    1,116    1,251    1,113 
Repairs & maintenance   652    -    -    172    -    4,871    2,835 
Property taxes   3,763    5,325    10,485    1,985    3,890    7,358    2,379 
Other operating expenses   2,823    3,250    2,655    4,471    3,005    3,795    4,873 
Total operating expenses   18,882    22,870    27,269    25,520    19,283    25,501    24,234 
                                    
Income (loss) from operations   3,858    7,034    3,699    3,780    (803)   (6,772)   2,147 
                                    
Other expenses (income)                                   
Interest expenses   8,440    10,126    8,990    -    8,378    5,712    - 
Insurance claim proceeds   -    -    -    -    -    -    - 
Total other income (expense)   8,440    10,126    8,990    -    8,378    5,712    - 
                                    
Net income (loss)  $(4,582)  $(3,091)  $(5,291)  $3,780   $(9,181)  $(12,484)  $2,147 

 

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

 

F-86

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2025

 

 

   Hansel   Hargrave   Harrison   Henry   Heritage   Heron   Highland 
                             
Rental income  $25,140   $16,541   $34,340   $29,980   $24,660   $24,600   $15,257 
                                    
Operating expenses:                                   
Depreciation   11,127    6,423    12,591    11,823    9,012    8,948    7,884 
Insurance   1,160    682    1,410    1,578    1,049    2,029    1,028 
Management fees, related party   3,595    2,161    4,667    3,225    2,113    2,040    2,022 
Management Fees   963    2,061    933    1,646    1,371    1,476    897 
Repairs & maintenance   530    14,037    662    366    2,186    2,450    3,717 
Property taxes   2,141    2,941    2,608    6,042    6,548    8,377    4,310 
Other operating expenses   2,825    6,233    3,192    3,016    2,678    2,450    4,376 
Total operating expenses   22,341    34,538    26,063    27,695    24,957    27,770    24,234 
                                    
Income (loss) from operations   2,799    (17,998)   8,277    2,285    (297)   (3,170)   (8,977)
                                    
Other expenses (income)                                   
Interest expenses   14,965    138    15,416    3,583    11,166    10,151    - 
Insurance claim proceeds   -    (2,743)   -    -    -    -    - 
Total other income (expense)   14,965    (2,606)   15,416    3,583    11,166    10,151    - 
                                    
Net income (loss)  $(12,166)  $(15,392)  $(7,138)  $(1,298)  $(11,463)  $(13,320)  $(8,977)

 

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

 

F-87

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2025

 

 

    Hines     Hobbes     Holcomb     Holland     Hollandaise     Holloway     Inglewood  
                                           
Rental income   $ 19,440     $ 19,140     $ 24,145     $ 18, 240     $ 22,740     $ 32,340     $ 38,640  
                                                         
Operating expenses:                                                        
Depreciation     8,810       6,432       9,754       5,818       10,056       9,344       18,721  
Insurance     749       682       1,105       695       1,165       1,581       1,818  
Management fees, related party     3,751       2,086       4,666       1,360       2,625       2,135       6,325  
Management Fees     989       841       1,463       1,194       905       1,931       1,215  
Repairs & maintenance     1,491       -       1,446       648       549       4,988       3,754  
Property taxes     2,042       2,672       5,050       3,248       2,335       8,784       5,127  
Other operating expenses     2,523       1,308       2,309       3,965       9,377       2,974       3,919  
Total operating expenses     20,355       14,020       25,793       16,929       27,013       31,737       40,880  
                                                         
Income (loss) from operations     (915 )     5,120       (1,648 )     1,311       (4,273 )     603       (2,240 )
                                                         
Other expenses (income)                                                        
Interest expenses     110       -       -       5,758       10,985       11,062       -  
Insurance claim proceeds     -       -       -       -       -       -       -  
Total other income (expense)     110       -       -       5,758       10,985       11,062       -  
                                                         
Net income (loss)   $ (1,025 )   $ 5,120     $ (1,648 )   $ (4,447 )   $ (15,258 )   $ (10,459 )   $ (2,240 )

 

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

 

F-88

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2025

 

 

   Irene   Jack   Jake   Jefferson   Jill   Johnny   June 
                             
Rental income  $16,980   $25,140   $35,940   $26,380   $27,180   $38,935   $32,490 
                                    
Operating expenses:                                   
Depreciation   4,824    12,754    16,186    7,555    10,983    16,094    16,094 
Insurance   712    1,228    2,138    1,029    1,158    1,603    1,603 
Management fees, related party   1,574    3,348    8,798    2,913    3,750    9,024    8,438 
Management Fees   840    1,034    1,325    840    926    1,064    1,004 
Repairs & maintenance   -    1,075    4,846    -    -    2,755    1,640 
Property taxes   1,769    2,041    7,183    1,762    2,104    3,553    3,553 
Other operating expenses   1,583    2,418    5,974    2,690    3,109    3,805    3,902 
Total operating expenses   11,302    23,899    46,450    16,789    22,030    37,898    36,235 
                                    
Income (loss) from operations   5,678    1,241    (10,510)   9,591    5,150    1,037    (3,745)
                                    
Other expenses (income)                                   
Interest expenses   -    13,736    1,302    -    13,497    1,362    729 
Insurance claim proceeds   -    -    -    -    -    -    - 
Total other income (expense)   -    13,736    1,302    -    13,497    1,362    729 
                                    
Net income (loss)  $5,678   $(12,495)  $(11,812)  $9,591   $(8,347)  $(325)  $(4,474)

 

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

 

F-89

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2025

 

 

   Jupiter   Kawana   Kennesaw   Kenny   KerriAnn   Kessler   Kingsley 
                             
Rental income  $18,900   $16,543   $29,645   $19,949   $24,153   $17,675   $27,130 
                                    
Operating expenses:                                   
Depreciation   5,811    7,572    11,673    18,951    9,371    8,212    8,580 
Insurance   695    1,354    1,468    1,827    1,187    733    1,459 
Management fees, related party   1,431    1,946    5,685    5,316    1,937    2,116    1,828 
Management Fees   1,134    985    1,679    1,236    1,498    933    1,612 
Repairs & maintenance   -    4,153    4,421    4,236    3,431    1,085    4,109 
Property taxes   2,605    2,317    4,814    4,094    4,169    4,077    10,971 
Other operating expenses   2,215    3,677    4,903    4,236    3,519    2,829    4,634 
Total operating expenses   13,892    22,003    34,644    39,897    25,113    19,986    33,194 
                                    
Income (loss) from operations   5,008    (5,461)   (4,998)   (19,949)   (961)   (2,311)   (6,064)
                                    
Other expenses (income)                                   
Interest expenses   7,041    7,532    -    187    11,080    9,298    11,218 
Insurance claim proceeds   -    -    -    -    -    -    - 
Total other income (expense)   7,041    7,532    -    187    11,080    9,298    11,218 
                                    
Net income (loss)  $(2,033)  $(12,993)  $(4,998)  $(20,136)  $(12,041)  $(11,609)  $(17,282)

 

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

 

F-90

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2025

 

 

   Kirkwood   Korin   Lallie   Lanier   Lannister   Latte   Lennox 
                             
Rental income  $8,083   $24,780   $11,649   $25,930   $14,795   $22,812   $22,447 
                                    
Operating expenses:                                   
Depreciation   8,598    7,646    12,405    11,412    6,054    10,022    5,956 
Insurance   1,521    928    2,650    1,186    758    1,651    784 
Management fees, related party   1,605    2,816    1,986    2,121    1,270    4,925    1,510 
Management Fees   1,714    856    617    1,634    1,085    1,353    1,345 
Repairs & maintenance   9,319    163    7,635    192    487    8,681    - 
Property taxes   2,417    3,304    13,306    4,710    1,702    5,579    5,456 
Other operating expenses   8,050    1,355    11,813    6,364    2,635    4,011    2,216 
Total operating expenses   33,225    17,067    50,412    27,618    13,990    36,221    17,267 
                                    
Income (loss) from operations   (25,141)   7,713    (38,763)   (1,688)   805    (13,409)   5,180 
                                    
Other expenses (income)                                   
Interest expenses   9,749    -    15,518    13,511    8,579    168    7,263 
Insurance claim proceeds   -    -    -    -    -    -    - 
Total other income (expense)   9,749    -    15,518    13,511    8,579    168    7,263 
                                    
Net income (loss)  $(34,891)  $7,713   $(54,281)  $(15,199)  $(7,774)  $(13,577)  $(2,082)

 

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

 

F-91

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2025

 

 

   Lierly   Lily   Limestone   Litton   Longwoods   Lookout   Loretta 
                             
Rental income  $22,475   $30,600   $26,609   $27,840   $20,702   $24,240   $31,575 
                                    
Operating expenses:                                   
Depreciation   5,864    14,986    8,046    8,826    7,404    9,483    18,861 
Insurance   968    2,704    1,221    1,107    3,151    1,013    1,794 
Management fees, related party   1,904    4,046    1,911    3,307    2,527    5,091    5,955 
Management Fees   1,039    1,411    1,565    952    1,660    886    983 
Repairs & maintenance   1,991    5,318    1,476    1,121    6,143    464    2,035 
Property taxes   2,732    3,763    8,516    939    5,448    1,162    5,034 
Other operating expenses   1,770    2,492    3,919    2,796    3,499    2,072    4,908 
Total operating expenses   16,267    34,720    26,654    19,049    29,831    20,171    39,571 
                                    
Income (loss) from operations   6,208    (4,120)   (44)   8,791    (9,129)   4,069    (7,995)
                                    
Other expenses (income)                                   
Interest expenses   5,381    16,974    9,547    10,318    -    -    168 
Insurance claim proceeds   -    -    -    -    -    -    - 
Total other income (expense)   5,381    16,974    9,547    10,318    -    -    168 
                                    
Net income (loss)  $827   $(21,093)  $(9,591)  $(1,527)  $(9,129)  $4,069   $(8,163)

 

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

 

F-92

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2025

 

 

   Louis   Louise   Lovejoy   Luna   Lurleen   Madison   Mae 
                             
Rental income  $21,585   $24,133   $24,272   $23,090   $15,411   $17,988   $26,100 
                                    
Operating expenses:                                   
Depreciation   7,401    7,578    8,089    5,912    8,097    5,655    9,728 
Insurance   830    1,055    985    922    1,450    832    1,403 
Management fees, related party   2,527    1,808    2,010    1,367    1,703    1,822    2,601 
Management Fees   1,136    1,446    1,457    1,387    1,014    1,084    1,697 
Repairs & maintenance   2,750    -    870    403    5,859    -    - 
Property taxes   3,039    2,181    5,906    6,555    2,725    2,302    7,740 
Other operating expenses   2,558    3,162    3,149    2,995    3,157    2,754    2,867 
Total operating expenses   20,243    17,229    22,466    19,541    24,003    14,450    26,035 
                                    
Income (loss) from operations   1,342    6,904    1,806    3,549    (8,593)   3,538    65 
                                    
Other expenses (income)                                   
Interest expenses   -    8,033    8,946    8,348    8,828    7,436    - 
Insurance claim proceeds   -    -    -    -    -    -    - 
Total other income (expense)   -    8,033    8,946    8,348    8,828    7,436    - 
                                    
Net income (loss)  $1,342   $(1,130)  $(7,140)  $(4,798)  $(17,421)  $(3,898)  $65 

 

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

 

F-93

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2025

 

 

   Magnolia   Malbec   Mammoth   Marcelo   Marie   Marietta   Marion 
                             
Rental income  $19,740   $24,745   $25,740   $19,590   $30,840   $26,940   $22,330 
                                    
Operating expenses:                                   
Depreciation   8,308    8,776    9,371    7,822    8,794    8,316    9,225 
Insurance   895    1,082    1,241    863    1,296    1,135    2,334 
Management fees, related party   1,847    2,483    1,999    2,493    3,538    2,360    2,476 
Management Fees   1,086    1,062    1,549    914    926    1,621    998 
Repairs & maintenance   510    2,334    1,160    607    908    1,549    1,089 
Property taxes   2,960    4,732    8,011    2,852    1,219    10,261    2,954 
Other operating expenses   1,914    4,448    2,273    2,951    3,089    1,686    2,653 
Total operating expenses   17,521    24,917    25,604    18,503    19,770    26,928    21,730 
                                    
Income (loss) from operations   2,219    (172)   136    1,087    11,070    12    600 
                                    
Other expenses (income)                                   
Interest expenses   11,770    9,868    14,712    -    -    11,621    402 
Insurance claim proceeds   -    -    -    -    -    -    - 
Total other income (expense)   11,770    9,868    14,712    -    -    11,621    402 
                                    
Net income (loss)  $(9,551)  $(10,039)  $(14,576)  $1,087   $11,070   $(11,609)  $198 

 

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

 

F-94

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2025

 

 

   Marple   Martell   Mary   Matchingham   McGregor   McLovin   Meadow 
                             
Rental income  $14,393   $23,340   $25,420   $22,922   $23,580   $37,740   $22,200 
                                    
Operating expenses:                                   
Depreciation   4,824    7,144    7,465    5,825    8,264    14,218    8,820 
Insurance   712    2,263    1,026    823    1,059    2,009    967 
Management fees, related party   1,367    2,587    2,821    1,428    4,584    4,379    2,065 
Management Fees   881    876    840    1,427    1,062    1,969    1,362 
Repairs & maintenance   455    -    -    2,771    2,224    419    - 
Property taxes   1,173    3,173    1,863    6,628    2,354    7,568    3,345 
Other operating expenses   3,016    2,232    2,787    3,528    3,163    1,926    4,225 
Total operating expenses   12,428    18,276    16,802    22,429    22,710    32,488    20,783 
                                    
Income (loss) from operations   1,965    5,064    8,618    492    870    5,252    1,417 
                                    
Other expenses (income)                                   
Interest expenses   -    430    -    5,733    -    15,455    8,406 
Insurance claim proceeds   -    -    -    -    -    -    - 
Total other income (expense)   -    430    -    5,733    -    15,455    8,406 
                                    
Net income (loss)  $1,965   $4,634   $8,618   $(5,241)  $870   $(10,203)  $(6,989)

 

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

 

F-95

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2025

 

 

   Mimosa   Mojave   Murphy   Mycroft   Nugget   Odessa   Olive 
                             
Rental income  $19,876   $21,270   $24,040   $15,593   $28,991   $30,334   $23,440 
                                    
Operating expenses:                                   
Depreciation   5,908    7,049    8,171    4,933    15,387    14,664    7,377 
Insurance   870    831    1,048    780    1,900    1,716    1,110 
Management fees, related party   2,028    2,021    1,803    1,497    7,844    3,860    1,842 
Management Fees   1,152    883    1,442    1,772    870    1,369    1,406 
Repairs & maintenance   4,412    429    -    8,800    1,089    2,594    1,008 
Property taxes   1,230    3,616    7,788    1,319    6,695    8,168    7,183 
Other operating expenses   2,341    2,049    2,485    5,471    4,631    4,230    2,675 
Total operating expenses   17,941    16,880    22,737    24,572    38,416    36,602    22,601 
                                    
Income (loss) from operations   1,935    4,390    1,303    (8,979)   (9,426)   (6,268)   839 
                                    
Other expenses (income)                                   
Interest expenses   7,736    6,704    8,113    -    -    17,468    7,324 
Insurance claim proceeds   -    -    -    -    -    -    - 
Total other income (expense)   7,736    6,704    8,113    -    -    17,468    7,324 
                                    
Net income (loss)  $(5,801)  $(2,314)  $(6,810)  $(8,979)  $(9,426)  $(23,736)  $(6,486)

 

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

 

F-96

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2025

 

 

   Oly   Onyx   Oscar   Osceola   Osprey   Otoro   Palmer 
                             
Rental income  $35,940   $23,540   $19,707   $20,861   $28,620   $25,729   $23,235 
                                    
Operating expenses:                                   
Depreciation   12,529    12,016    8,036    7,701    10,980    12,169    9,298 
Insurance   1,797    1,324    739    4,304    2,519    1,544    1,116 
Management fees, related party   4,226    2,697    2,358    2,205    4,618    2,538    2,777 
Management Fees   1,399    1,270    1,102    1,246    1,717    1,949    1,992 
Repairs & maintenance   5,588    2,653    631    6,179    405    3,403    3,597 
Property taxes   6,520    3,936    2,314    5,346    9,133    7,215    3,461 
Other operating expenses   1,677    4,580    2,430    2,998    2,274    3,733    2,233 
Total operating expenses   33,736    28,476    17,610    29,979    31,645    32,551    24,473 
                                    
Income (loss) from operations   2,204    (4,936)   2,096    (9,118)   (3,025)   (6,822)   (1,238)
                                    
Other expenses (income)                                   
Interest expenses   14,773    -    -    537    -    16,629    5 
Insurance claim proceeds   -    -    -    -    -    -    - 
Total other income (expense)   14,773    -    -    537    -    16,629    5 
                                    
Net income (loss)  $(12,570)  $(4,936)  $2,096   $(9,655)  $(3,025)  $(23,451)  $(1,244)

 

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

 

F-97

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2025

 

 

   Patrick   Peanut   Pearl   Pecan   Peterson   Piedmont   Pinot 
                             
Rental income  $19,140   $16,595   $18,614   $20,622   $21,467   $28,800   $28,740 
                                    
Operating expenses:                                   
Depreciation   7,036    5,929    14,997    5,725    6,208    10,544    8,859 
Insurance   855    840    1,398    891    891    1,246    763 
Management fees, related party   1,822    1,481    7,067    1,894    2,241    3,774    2,852 
Management Fees   977    1,044    1,441    1,342    1,041    1,437    1,001 
Repairs & maintenance   1,372    2,655    7,538    2,679    1,218    4,764    1,612 
Property taxes   2,159    1,618    3,552    2,327    2,390    6,477    4,759 
Other operating expenses   1,670    2,651    2,854    2,885    2,472    3,081    4,045 
Total operating expenses   15,891    16,218    38,846    17,744    16,459    31,323    23,890 
                                    
Income (loss) from operations   3,249    377    (20,232)   2,878    5,007    (2,523)   4,850 
                                    
Other expenses (income)                                   
Interest expenses   4,414    7,044    104    4,600    -    12,906    9,961 
Insurance claim proceeds   -    -    -    -    -    -    - 
Total other income (expense)   4,414    7,044    104    4,600    -    12,906    9,961 
                                    
Net income (loss)  $(1,165)  $(6,668)  $(20,336)  $(1,722)  $5,007   $(15,429)  $(5,111)

 

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

 

F-98

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2025

 

 

   Pioneer   Plumtree   Point   Porthos   Quincy   Redondo   Regency 
                             
Rental income  $38,640   $19,980   $25,140   $27,940   $36,540   $27,272   $21,497 
                                    
Operating expenses:                                   
Depreciation   16,234    5,535    10,500    8,295    15,029    8,616    9,195 
Insurance   1,889    820    1,316    4,249    1,704    1,013    1,377 
Management fees, related party   8,809    1,846    2,872    3,207    5,383    3,313    2,602 
Management Fees   859    1,210    1,057    864    1,453    1,017    3,643 
Repairs & maintenance   190    3,695    2,172    245    4,741    1,461    15,683 
Property taxes   5,914    2,262    3,689    6,568    4,939    4,720    4,572 
Other operating expenses   2,601    3,195    4,034    1,936    3,625    3,861    3,255 
Total operating expenses   36,497    18,564    25,640    25,364    36,874    24,001    40,328 
                                    
Income (loss) from operations   2,143    1,416    (500)   2,576    (334)   3,271    (18,832)
                                    
Other expenses (income)                                   
Interest expenses   -    4,563    13,854    -    1,705    11,783    10,516 
Insurance claim proceeds   -    -    -    -    -    -    (15,190)
Total other income (expense)   -    4,563    13,854    -    1,705    11,783    (4,674)
                                    
Net income (loss)  $2,143   $(3,146)  $(14,353)  $2,576   $(2,039)  $(8,512)  $(14,157)

 

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

 

F-99

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2025

 

 

   Reginald   Reynolds   Ribbonwalk   Richardson   Richmond   Ridge   Ritter 
                             
Rental income  $12,094   $31,800   $12,471   $20,891   $27,540   $23,100   $29,940 
                                    
Operating expenses:                                   
Depreciation   18,429    11,810    8,791    8,642    10,463    5,983    13,864 
Insurance   1,958    1,512    1,189    904    1,260    818    2,034 
Management fees, related party   3,206    5,723    1,816    2,781    3,642    1,592    7,363 
Management Fees   3,302    1,749    916    902    849    1,290    852 
Repairs & maintenance   14,236    -    16,765    560    90    2,348    - 
Property taxes   6,075    6,049    3,808    2,790    4,978    6,398    5,559 
Other operating expenses   9,499    2,578    11,648    2,510    2,269    2,859    1,924 
Total operating expenses   56,704    29,421    44,934    19,088    23,551    21,288    31,598 
                                    
Income (loss) from operations   (44,610)   2,379    (32,463)   1,803    3,989    1,812    (1,658)
                                    
Other expenses (income)                                   
Interest expenses   3,579    -    9,661    -    -    6,640    1,251 
Insurance claim proceeds   -    -    -    -    -    -    - 
Total other income (expense)   3,579    -    9,661    -    -    6,640    1,251 
                                    
Net income (loss)  $(48,188)  $2,379   $(42,124)  $1,803   $3,989   $(4,828)  $(2,909)

 

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

 

F-100

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2025

 

 

   River   Riverwalk   Rooney   Roseberry   Rosewood   Roxy   Saddlebred 
                             
Rental income  $26,006   $32,133   $28,451   $29,613   $22,980   $25,835   $34,003 
                                    
Operating expenses:                                   
Depreciation   7,323    10,855    8,844    9,026    7,438    8,958    15,278 
Insurance   1,066    1,180    964    2,469    1,090    1,070    2,617 
Management fees, related party   2,527    6,372    3,001    2,082    1,875    2,663    3,940 
Management Fees   1,556    1,186    895    1,751    1,494    840    1,743 
Repairs & maintenance   320    3,012    -    500    -    -    6,123 
Property taxes   5,090    1,633    2,708    12,722    2,384    3,274    4,519 
Other operating expenses   4,985    6,816    4,129    3,232    2,687    2,919    4,872 
Total operating expenses   22,866    31,054    20,541    31,782    16,967    19,725    39,091 
                                    
Income (loss) from operations   3,140    1,079    7,910    (2,169)   6,013    6,110    (5,088)
                                    
Other expenses (income)                                   
Interest expenses   8,035    -    10,831    10,361    9,412    11,694    14,748 
Insurance claim proceeds   -    -    -    -    -    -    - 
Total other income (expense)   8,035    -    10,831    10,361    9,412    11,694    14,748 
                                    
Net income (loss)  $(4,895)  $1,079   $(2,921)  $(12,530)  $(3,400)  $(5,584)  $(19,836)

 

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

 

F-101

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2025

 

 

   Saint   Sajni   Salem   Salinas   Saturn   Scepter   Sequoyah 
                             
Rental income  $27,485   $26,476   $19,690   $21,340   $18,888   $18,711   $22,140 
                                    
Operating expenses:                                   
Depreciation   7,582    13,319    8,775    8,078    7,264    6,475    7,810 
Insurance   1,008    5,574    1,080    740    695    868    844 
Management fees, related party   2,838    3,236    2,237    2,247    1,558    1,835    2,419 
Management Fees   848    2,733    815    1,397    1,136    967    1,336 
Repairs & maintenance   -    6,368    1,232    5,653    1,695    520    3,008 
Property taxes   3,059    3,813    4,497    2,927    4,754    2,703    2,814 
Other operating expenses   2,403    5,753    5,263    1,949    3,359    4,378    3,815 
Total operating expenses   17,738    40,796    23,899    22,990    20,462    17,746    22,046 
                                    
Income (loss) from operations   9,747    (14,321)   (4,209)   (1,650)   (1,574)   966    94 
                                    
Other expenses (income)                                   
Interest expenses   8,293    1,090    10,375    1,523    7,416    7,617    9,293 
Insurance claim proceeds   -    (4,456)   -    -    -    -    - 
Total other income (expense)   8,293    (3,366)   10,375    1,523    7,416    7,617    9,293 
                                    
Net income (loss)  $1,454   $(10,955)  $(14,584)  $(3,173)  $(8,990)  $(6,651)  $(9,199)

 

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

 

F-102

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2025

 

 

   Shallowford   Shoreline   Sigma   Simon   Sims   Soapstone   Sodalis 
                             
Rental income  $22,700   $17,580   $28,500   $22,895   $22,560   $23,160   $16,681 
                                    
Operating expenses:                                   
Depreciation   9,917    8,520    10,479    7,953    7,498    8,235    8,838 
Insurance   1,177    1,254    1,274    1,056    1,020    1,021    1,259 
Management fees, related party   3,260    1,709    2,447    2,696    2,592    2,013    2,514 
Management Fees   925    1,051    1,710    1,018    939    1,089    5,219 
Repairs & maintenance   2,222    9,964    3,552    567    282    2,412    28,223 
Property taxes   3,711    7,031    5,244    1,793    3,366    2,841    6,000 
Other operating expenses   3,720    5,243    3,865    4,427    3,255    1,919    4,717 
Total operating expenses   24,932    34,773    28,571    19,511    18,951    19,531    56,770 
                                    
Income (loss) from operations   (2,232)   (17,193)   (71)   3,384    3,609    3,629    (40,090)
                                    
Other expenses (income)                                   
Interest expenses   12,843    11,131    10,536    -    -    5,737    300 
Insurance claim proceeds   -    -    -    -    -    -    (23,776)
Total other income (expense)   12,843    11,131    10,536    -    -    5,737    (23,476)
                                    
Net income (loss)  $(15,075)  $(28,324)  $(10,606)  $3,384   $3,609   $(2,108)  $(16,614)

 

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

 

F-103

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2025

 

 

   Spencer   Splash   Spring   Stonebriar   Sugar   Summerset   Sundance 
                             
Rental income  $24,342   $20,600   $22,346   $17,980   $25,429   $27,147   $25,740 
                                    
Operating expenses:                                   
Depreciation   8,313    6,432    6,803    5,574    8,559    10,115    10,205 
Insurance   2,308    811    800    756    3,269    1,736    1,276 
Management fees, related party   1,902    1,927    1,961    1,494    1,987    1,958    3,109 
Management Fees   1,905    1,825    1,315    1,099    1,518    1,690    883 
Repairs & maintenance   885    325    3,561    724    2,903    3,032    262 
Property taxes   6,058    2,218    5,359    3,103    5,551    4,395    3,780 
Other operating expenses   4,291    1,804    4,364    3,068    3,351    2,386    3,353 
Total operating expenses   25,662    15,342    24,163    15,818    27,138    25,312    22,868 
                                    
Income (loss) from operations   (1,320)   5,258    (1,817)   2,162    (1,709)   1,835    2,872 
                                    
Other expenses (income)                                   
Interest expenses   9,814    5,581    -    7,643    9,800    9,584    11,791 
Insurance claim proceeds   -    -    -    -    -    -    - 
Total other income (expense)   9,814    5,581    -    7,643    9,800    9,584    11,791 
                                    
Net income (loss)  $(11,134)  $(323)  $(1,817)  $(5,480)  $(11,509)  $(7,749)  $(8,919)

 

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

 

F-104

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2025

 

 

   Sunnyside   Swift   Taylor   Terracotta   Theodore   Tulip   Tuscan 
                             
Rental income  $19,301   $26,340   $13,437   $18,653   $24,465   $26,991   $30,200 
                                    
Operating expenses:                                   
Depreciation   6,079    10,575    7,377    7,573    7,893    8,726    8,879 
Insurance   842    1,234    883    969    1,056    1,364    1,081 
Management fees, related party   2,148    4,609    1,860    2,050    2,837    2,202    3,231 
Management Fees   935    1,455    787    1,428    967    1,621    885 
Repairs & maintenance   660    1,199    6,013    5,266    836    1,001    450 
Property taxes   1,871    4,983    2,114    3,149    1,780    3,134    3,702 
Other operating expenses   2,714    2,760    5,571    4,868    2,167    2,605    4,785 
Total operating expenses   15,249    26,814    24,605    25,303    17,536    20,653    23,013 
                                    
Income (loss) from operations   4,052    (474)   (11,168)   (6,650)   6,929    6,338    7,187 
                                    
Other expenses (income)                                   
Interest expenses   -    -    8,553    10,797    -    12,443    7,388 
Insurance claim proceeds   -    -    -    -    -    -    - 
Total other income (expense)   -    -    8,553    10,797    -    12,443    7,388 
                                    
Net income (loss)  $4,052   $(474)  $(19,721)  $(17,447)  $6,929   $(6,105)  $(202)

 

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

 

F-105

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2025

 

 

   Tuscarora   Tuxford   Vernon   Walton   Wave   Weldon   Wellington 
                             
Rental income  $27,880   $23,984   $23,400   $22,740   $24,215   $18,787   $29,986 
                                    
Operating expenses:                                   
Depreciation   9,182    7,203    7,238    8,733    9,192    5,811    12,832 
Insurance   1,161    961    977    893    1,076    696    1,447 
Management fees, related party   3,444    1,934    1,631    4,449    2,044    1,412    3,158 
Management Fees   975    1,394    1,404    2,023    1,452    1,121    1,671 
Repairs & maintenance   318    2,920    1,207    547    (450)   788    5,020 
Property taxes   6,159    8,862    6,547    2,717    5,591    3,507    6,586 
Other operating expenses   3,304    4,050    2,504    3,092    1,193    3,660    3,265 
Total operating expenses   24,545    27,324    21,506    22,455    20,099    16,996    33,979 
                                    
Income (loss) from operations   3,334    (3,341)   1,894    285    4,117    1,790    (3,993)
                                    
Other expenses (income)                                   
Interest expenses   -    8,922    7,671    2,185    15,826    5,349    7 
Insurance claim proceeds   -    -    -    -    -    -    - 
Total other income (expense)   -    8,922    7,671    2,185    15,826    5,349    7 
                                    
Net income (loss)  $3,334   $(12,262)  $(5,778)  $(1,899)  $(11,709)  $(3,558)  $(4,000)

 

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

 

F-106

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2025

 

 

   Wentworth   Wescott   Westchester   Wildwood   Willow   Wilson 
                         
Rental income  $23,415   $19,790   $28,550   $20,880   $18,540   $27,300 
                               
Operating expenses:                              
Depreciation   6,833    7,530    9,374    6,063    8,041    11,722 
Insurance   807    982    1,510    744    797    1,138 
Management fees, related party   2,159    2,760    2,393    2,334    2,391    3,654 
Management Fees   854    1,091    1,894    840    1,144    1,100 
Repairs & maintenance   135    2,513    6,738    -    3,081    2,496 
Property taxes   3,540    2,328    11,508    1,996    2,156    4,026 
Other operating expenses   2,010    2,398    5,590    2,930    2,347    1,905 
Total operating expenses   16,337    19,602    39,008    14,908    19,957    26,041 
                               
Income (loss) from operations   7,078    188    (10,458)   5,972    (1,417)   1,259 
                               
Other expenses (income)                              
Interest expenses   6,251    9,851    10,644    6,148    -    - 
Insurance claim proceeds   -    -    -    -    -    - 
Total other income (expense)   6,251    9,851    10,644    6,148    -    - 
                               
Net income (loss)  $826   $(9,663)  $(21,102)  $(176)  $(1,417)  $1,259 

 

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

 

F-107

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2025

 

 

   Winchester   Windsor   Winston   Wisteria   Consolidated 
                     
Rental income  $24,985   $28,914   $21,855   $25,740   $5,747,036 
                          
Operating expenses:                         
Depreciation   8,418    9,618    9,039    9,735    2,196,438 
Insurance   1,231    5,697    1,024    1,418    310,219 
Management fees, related party   2,749    2,008    2,399    1,816    709,124 
Management Fees   1,014    1,877    1,324    1,549    306,791 
Repairs & maintenance   980    (318)   2,175    868    586,651 
Property taxes   3,919    22,665    3,510    2,943    1,060,272 
Other operating expenses   2,476    2,824    2,566    1,961    823,832 
Total operating expenses   20,786    44,371    22,037    20,289    5,993,328 
                          
Income (loss) from operations   4,199    (15,457)   (182)   5,451    (246,292)
                          
Other expenses (income)                         
Interest expenses   -    13,864    -    10,630    1,299,600 
Insurance claim proceeds   -    -    -    -    (52,065)
Total other income (expense)   -    13,864    -    10,630    1,247,535 
                          
Net income (loss)  $4,199   $(29,321)  $(182)  $(5,179)  $(1,493,827)

 

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

 

F-108

 

 

ARRIVED HOMES, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2024

 

 

   100   101   Abbington   Abernant   Alvin   Amber   Apollo 
                             
Rental income  $17,600   $37,140   $31,830   $16,264   $27,840   $21,835   $14,726 
                                    
Operating expenses:                                   
Depreciation   16,890    17,438    14,494    6,248    8,735    8,416    6,418 
Insurance   1,716    1,696    1,388    1,073    1,673    1,017    1,047 
Management fees, related party   8,116    9,396    7,247    1,895    3,292    1,658    1,132 
Management Fees   719    1,052    873    900    880    1,553    1,120 
Repairs & maintenance   2,762    1,980    (6,529)   669    -    2,061    3,880 
Property taxes   3,076    3,089    2,609    1,366    1,159    1,691