United States

Securities And Exchange Commission 

Washington, D.C. 20549

FORM 1-SA

SEMIANNUAL REPORT PURSUANT TO REGULATION A

For the fiscal semiannual period ended

June 30, 2025

ARRIVED STR, LLC

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

Delaware	88-3444701
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

1700 Westlake Avenue North, Suite 200

Seattle, WA 98109

(Full mailing address of principal executive offices)

814-277-4833

(Issuer’s telephone number) 

TABLE OF CONTENTS

ITEM 1. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION	1
ITEM 2. OTHER INFORMATION	7
ITEM 3. FINANCIAL STATEMENTS	F-1
ITEM 4. EXHIBITS	8

i

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

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

The forward-looking statements contained in this Form 1-SA 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

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

Overview

Arrived STR, LLC, a Delaware series limited liability company, was formed in July 2022 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 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 arranges for a property manager to operate the properties as short-term rentals for guests 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 2022, 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 management of the associated series properties. As of June 30, 2025, our company has acquired 29 properties.

Risk Factors

We face risks and uncertainties that could affect us and our business as well as the real estate industry generally. These risks are outlined under the heading “Risk Factors” beginning on page 13 in our Offering Circular which may be accessed here, as the same may be updated from time to time by our future filings under Regulation A (“Regulation A”) of the Securities Act of 1933 (the “Securities Act”). In addition, new risks may emerge at any time and we cannot predict such risks or estimate the extent to which they may affect our financial performance. Th ese risks could result in a decrease in the value of the membership interests in each of the series of our company.

Emerging Growth Company

While we currently have no intention of making such an election, we may elect to become a public reporting company under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). If we elect to do so, we will be required to publicly report on an ongoing basis as an emerging growth company, as defined in the JOBS Act, under the reporting rules set forth under the Exchange Act. For so long as we remain an emerging growth company, we may take advantage of certain exemptions from various reporting requirements that are applicable to other Exchange Act reporting companies that are not emerging growth companies, including, but not limited to:

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

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

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

1

In addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended, for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We would expect to take advantage of the benefits of this extended transition period. Our financial statements may therefore not be comparable to those of companies that comply with such new or revised accounting standards.

We would expect to take advantage of these reporting exemptions until we are no longer an emerging growth company. We would remain an emerging growth company for up to five years, or until the earliest of (i) the last day of the first fiscal year in which our total annual gross revenues exceed $1.07 billion; (ii) the date that we become a large accelerated filer as defined in Rule 12b-2 under the Exchange Act, which would occur if the market value of our common shares that is held by non-affiliates exceeds $700 million as of the last business day of our most recently completed second fiscal quarter; or (iii) the date on which we have issued more than $1 billion in non-convertible debt during the preceding three-year period.

Distributions

The manager has sole discretion in determining what distributions of Free Cash Flow, if any, are made to interest holders except as otherwise limited by law or the operating agreement. 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.

Any distributions that we make directly impacts the NAV for each of our series, by reducing the amount of our assets. Our goal is to provide a reasonably predictable and stable level of current income, through monthly or other periodic distributions, while at the same time maintaining a fair level of consistency in our NAV for each series. Over the course of your investment, your distributions plus the change in NAV per interest (either positive or negative) will produce your total return.

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.

2

Operating Results

Revenues

Revenues are generated at the series level and are derived from leases on the series property. All revenues generated during the six months ended June 30, 2025 and 2024 are listed in the table below:

Rental Income
Series Name	June 30, 2025		June 30, 2024
Ace	$	56,965		68,791
Billingswood		19,815		10,829
Cactus		58,020		71,620
Cardinal		61,362		86,311
Coolbaugh		5,025		24,480
Hammock		33,811		27,342
Havasu		19,616		19,560
Hickorybear		21,324		23,118
Kinlani		39,005		43,471
Koi		72,693		67,136
Lakeridge		16,708		19,098
Lodge		38,705		50,902
Longbranch		25,836		34,006
Loop		15,386		18,625
Mirage		11,702		28,295
Myrtle		23,828		30,431
Oasis		25,187		31,440
Opry		28,947		21,067
Orchard		16,230		13,375
Palm		1,048		41,151
Pasquin		15,253		20,991
Pickler		82,413		86,389
Pointbreak		30,049		37,494
Regal		25,638		25,500
Serenity		32,318		51,541
Smokey		15,130		21,679
Solstice		15,332		18,382
Sugarcreek		13,094		9,555
SuiteSpot		67,669		79,910
	$	888,106		1,082,489

3

Operating Expenses

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, repair and maintenance costs, and FF&E not capitalized. Upon closing, each series becomes responsible to fund its own operating expenses.

The following table summarizes the total operating expenses by series as of June 30, 2025 and 2024:

	Operating Expenses
	June 30, 2025						June 30, 2024
Series Name	Operating Expenses		Depreciation		Total Expenses		Operating Expenses		Depreciation		Total Expenses
Ace	$	29,917	$	20,258	$	50,175	$	32,663	$	20,258	$	52,921
Billingswood		39,189		33,723		72,912		39,118		28,880		67,998
Cactus		32,320		20,761		53,080		34,264		20,761		55,025
Cardinal		32,819		24,682		57,500		36,550		21,281		57,831
Coolbaugh		24,388		18,537		42,925		23,950		18,536		42,487
Hammock		30,415		12,511		42,926		43,183		12,511		55,694
Havasu		35,513		22,240		57,753		19,049		21,467		40,516
Hickorybear		23,052		17,391		40,443		31,379		17,497		48,877
Kinlani		17,140		17,151		34,292		23,052		17,151		40,203
Koi		35,779		31,333		67,111		32,984		30,739		63,723
Lakeridge		19,051		14,015		33,067		24,205		13,630		37,835
Lodge		38,241		27,106		65,347		45,303		25,294		70,597
Longbranch		27,427		21,190		48,617		25,601		21,285		46,885
Loop		18,839		19,113		37,952		30,562		20,241		50,803
Mirage		51,803		10,154		61,957		27,027		10,154		37,181
Myrtle		21,480		13,977		35,456		28,266		13,475		41,741
Oasis		25,142		21,841		46,983		32,997		20,514		53,511
Opry		24,176		16,530		40,705		23,285		15,772		39,057
Orchard		18,144		16,690		34,834		24,307		16,690		40,997
Palm		36,778		19,390		56,168		51,110		16,322		67,433
Pasquin		19,576		17,944		37,519		32,368		17,944		50,312
Pickler		35,018		29,528		64,546		42,791		29,528		72,319
Pointbreak		28,218		12,117		40,335		32,329		11,008		43,337
Regal		25,430		18,938		44,368		55,203		18,272		73,475
Serenity		21,466		26,493		47,959		30,492		26,493		56,985
Smokey		20,932		17,498		38,431		38,772		17,498		56,270
Solstice		14,324		19,088		33,412		18,455		18,979		37,434
Sugarcreek		13,230		11,608		24,838		21,880		11,608		33,488
SuiteSpot		43,129		22,451		65,580		47,913		21,616		69,530
	$	802,934	$	574,257	$	1,377,191	$	949,060	$	555,404	$	1,504,464

4

Other Expenses

Other expenses for the six months ended June 30, 2025 and 2024, consisted of interest expenses and loan expenses. The following table summarizes the total of such expenses incurred by each series during the six months ended June 30, 2025 and 2024.

OTHER EXPENSES
Series Name	June 30, 2025		June 30, 2024
Ace	$	16,451	$	14,768
Billingswood		5,768		-
Cactus		16,262		18,119
Cardinal		11,896		10,468
Coolbaugh		338		-
Hammock		9,365		8,000
Havasu		15,237		17,580
Hickorybear		1,575		-
Kinlani		-		-
Koi		754		-
Lakeridge		9,823		10,511
Lodge		1,238		-
Longbranch		-		-
Loop		450		-
Mirage		3,446		-
Myrtle		-		-
Oasis		18,783		16,761
Opry		16,459		19,009
Orchard		360		-
Palm		13,349		11,628
Pasquin		1,313		-
Pickler		-		-
Pointbreak		7,604		5,290
Regal		17,789		20,556
Serenity		15,891		18,334
Smokey		-		-
Solstice		-		-
Sugarcreek		8,828		7,814
SuiteSpot		263		-
	$	193,241	$	178,838

5

Liquidity and Capital Resources

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

Cash and Cash Equivalent Balances

Cash is held at the series level. The following table summarizes the cash and cash equivalents held by series as of June 30, 2025 and 2024:

Cash & Cash Equivalents
Series Name	June 30, 2025		June 30, 2024
Ace	$	10,461	$	35,219
Billingswood		6,283		22,597
Cactus		16,703		20,267
Cardinal		18,482		9,057
Coolbaugh		852		3,487
Hammock		4,924		13,481
Havasu		10		23,640
Hickorybear		314		20,412
Kinlani		41,254		35,930
Koi		37,290		32,842
Lakeridge		193		3,373
Lodge		1,069		41,500
Longbranch		1,470		26,009
Loop		5,823		12,348
Mirage		1,872		18,077
Myrtle		14,214		31,480
Oasis		6,740		9,413
Opry		4,588		47,911
Orchard		2,323		8,255
Palm		168		12,881
Pasquin		1,438		6,197
Pickler		94,904		108,094
Pointbreak		8,301		80,962
Regal		5,216		60,588
Serenity		57,312		102,344
Smokey		1,122		21,771
Solstice		48,498		79,101
Sugarcreek		478		-
SuiteSpot		17,454		29,150
	$	409,757	$	916,387

6

Plan of Operations

We intend to hold and manage the series properties for five to fifteen years during which time we will operate the series properties as short-term 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 short-term 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 fifteen 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.

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:

- Elevated interest rates or fluctuations 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.

- Sustained levels of remote and hybrid work arrangements may lead to greater rental activity in our target markets.

ITEM 2. OTHER INFORMATION

None.

7

ITEM 3. FINANCIAL STATEMENTS

ARRIVED STR, LLC AND ITS SERIES

UNAUDITED CONSOLIDATED AND CONSOLIDATING FINANCIAL STATEMENTS

AS OF AND FOR THE SIX MONTHS ENDED JUNE 30, 2025 AND 2024

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET AS OF JUNE 30, 2025 (UNAUDITED)	F-2
CONSOLIDATED AND CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2024 (DERIVED FROM AUDITED FINANCIAL STATEMENTS)	F-7
CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) FOR THE SIX MONTHS ENDED JUNE 30, 2025 (UNAUDITED)	F-12
CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) FOR THE SIX MONTHS ENDED JUNE 30, 2024 (UNAUDITED)	F-17
CONSOLIDATED AND CONSOLIDATING STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT) FOR THE SIX MONTHS ENDED JUNE 30, 2025 (UNAUDITED)	F-22
CONSOLIDATED AND CONSOLIDATING STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT) FOR THE SIX MONTHS ENDED JUNE 30, 2024 (UNAUDITED)	F-27
CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2025 (UNAUDITED)	F-32
CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2024 (UNAUDITED)	F-37
NOTES TO CONSOLIDATED AND CONSOLIDATING FINANCIAL STATEMENTS	F-42

F-1

ARRIVED STR, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET (UNAUDITED)

AS OF JUNE 30, 2025

	Ace			Billingswood			Cactus			Cardinal			Coolbaugh			Hammock
ASSETS
Current assets
Cash	$	10,461		$	6,283		$	16,703		$	18,482		$	852		$	4,924
Other receivables		-			-			-			-			-			-
Prepaid expenses		13,134			-			0			9,687			0			-
Due from related parties, property manager		-			-			-			-			-			-
Due from (to) third party property managers		693			8,821			-			991			-			7,500
Total current assets		24,288			15,104			16,703			29,160			852			12,424
Property and equipment, net		1,011,620			894,262			1,006,281			776,457			473,919			527,542
Total assets	$	1,035,909		$	909,366		$	1,022,985		$	805,617		$	474,771		$	539,966
LIABILITIES AND MEMBERS’ EQUITY
Current liabilities
Accrued expenses	$	822		$	13,492		$	6,553		$	2,543		$	4,992		$	20,524
Due to third party property manager		-			-			1,159			-			1,115			-
Due from related parties, property manager		-			-			-			-			-			-
Due to (from) related parties		15,498			8,286			15,639			21,192			6,747			12,725
Total current liabilities		16,320			21,779			23,351			23,735			12,854			33,250
Mortgage payable, net		432,307			-			435,416			306,122			-			224,168
Operational notes, related party		44,900			161,200			15,300			38,100			20,000			33,800
Total liabilities		493,527			182,979			474,067			367,957			32,854			291,217
Members’ equity
Members’ capital		665,053			1,066,978			667,596			482,943			616,222			544,341
Accumulated deficit		(122,671	)		(340,591	)		(118,679	)		(45,282	)		(174,305	)		(295,593	)
Total members’ equity		542,381			726,387			548,918			437,661			441,917			248,748
Total liabilities and members’ equity	$	1,035,909		$	909,366		$	1,022,985		$	805,617		$	474,771		$	539,966

See the accompanying notes to these consolidated and consolidating financial statements.

F-2

ARRIVED STR, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET (UNAUDITED)

AS OF JUNE 30, 2025

	Havasu			Hickorybear			Kinlani			Koi			Lakeridge			Lodge
ASSETS
Current assets
Cash	$	10		$	314		$	41,254		$	37,290		$	193		$	1,069
Other receivables		-			-			-			-			-			-
Prepaid expenses		0			-			0			-			-			0
Due from related parties, property manager		-			-			-			-			-			-
Due from (to) third party property managers		2,694			4,539			3,767			1,374			4,366			11,113
Total current assets		2,704			4,853			45,021			38,663			4,559			12,182
Property and equipment, net		1,033,990			724,807			744,237			784,348			562,416			1,030,555
Total assets	$	1,036,694		$	729,659		$	789,258		$	823,011		$	566,974		$	1,042,737
LIABILITIES AND MEMBERS’ EQUITY
Current liabilities
Accrued expenses	$	6,861		$	6,080		$	4,199		$	4,257		$	5,279		$	9,082
Due to third party property manager		-			-			-			-			-			-
Due from related parties, property manager		-			-			-			-			-			-
Due to (from) related parties		7,771			6,331			10,838			11,953			8,502			14,927
Total current liabilities		14,632			12,411			15,037			16,211			13,781			24,010
Mortgage payable, net		466,791			-			-			-			279,087			-
Operational notes, related party		42,000			47,500			-			20,100			25,000			33,900
Total liabilities		523,423			59,911			15,037			36,311			317,868			57,910
Members’ equity
Members’ capital		750,867			840,725			792,358			874,781			405,171			1,190,321
Accumulated deficit		(237,595	)		(170,976	)		(18,137	)		(88,080	)		(156,065	)		(205,493	)
Total members’ equity		513,272			669,749			774,221			786,700			249,106			984,827
Total liabilities and members’ equity	$	1,036,694		$	729,659		$	789,258		$	823,011		$	566,974		$	1,042,737

See the accompanying notes to these consolidated and consolidating financial statements.

F-3

ARRIVED STR, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET (UNAUDITED)

AS OF JUNE 30, 2025

	Longbranch			Loop			Mirage			Myrtle			Oasis			Opry
ASSETS
Current assets
Cash	$	1,470		$	5,823		$	1,872		$	14,214		$	6,740		$	4,588
Other receivables		4,544			-			-			-			-			-
Prepaid expenses		585			-			512			-			11,097			-
Due from related parties, property manager		-			-			-			5,308			-			-
Due from (to) third party property managers		6,336			-			-			-			-			-
Total current assets		12,936			5,823			2,384			19,522			17,837			4,588
Property and equipment, net		822,312			681,075			595,167			429,855			951,499			1,044,145
Total assets	$	835,248		$	686,898		$	597,551		$	449,377		$	969,336		$	1,048,732
LIABILITIES AND MEMBERS’ EQUITY
Current liabilities
Accrued expenses	$	9,942		$	2,718		$	6,495		$	6,403		$	2,684		$	9,242
Due to third party property manager		-			-			1,556			-			-			77
Due from related parties, property manager		-			25,263			-			-			16,890			5,032
Due to (from) related parties		7,389			5,502			9,528			6,059			10,297			8,128
Total current liabilities		17,331			33,483			17,579			12,463			29,872			22,480
Mortgage payable, net		-			-			-			-			477,963			456,033
Operational notes, related party		-			12,000			128,700			-			81,800			8,400
Total liabilities		17,331			45,483			146,279			12,463			589,634			486,912
Members’ equity
Members’ capital		935,960			782,388			718,725			557,778			575,176			757,182
Accumulated deficit		(118,042	)		(140,973	)		(267,453	)		(120,864	)		(195,474	)		(195,362	)
Total members’ equity		817,918			641,415			451,272			436,914			379,702			561,820
Total liabilities and members’ equity	$	835,248		$	686,898		$	597,551		$	449,377		$	969,336		$	1,048,732

See the accompanying notes to these consolidated and consolidating financial statements.

F-4

ARRIVED STR, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET (UNAUDITED)

AS OF JUNE 30, 2025

	Orchard			Palm			Pasquin			Pickler			Pointbreak			Regal
ASSETS
Current assets
Cash	$	2,323		$	168		$	1,438		$	94,904		$	8,301		$	5,216
Other receivables		-			-			-			-			-			-
Prepaid expenses		923			-			-			-			4,642			0
Due from related parties, property manager		-			-			-			-			-			-
Due from (to) third party property managers		2,419			-			4,499			3,683			-			-
Total current assets		5,665			168			5,937			98,587			12,942			5,216
Property and equipment, net		555,624			716,227			500,246			1,112,085			394,200			930,389
Total assets	$	561,289		$	716,395		$	506,183		$	1,210,671		$	407,142		$	935,606
LIABILITIES AND MEMBERS’ EQUITY
Current liabilities
Accrued expenses	$	-		$	16,904		$	3,881		$	4,196		$	5,749		$	6,302
Due to third party property manager		-			12,909			-			-			-			-
Due from related parties, property manager		-			-			-			-			1,856			901
Due to (from) related parties		9,941			11,611			12,797			14,998			14,409			8,234
Total current liabilities		9,941			41,425			16,677			19,193			22,013			15,437
Mortgage payable, net		-			308,725			-			-			153,526			469,063
Operational notes, related party		9,600			152,122			35,000			-			69,000			-
Total liabilities		19,541			502,271			51,677			19,193			244,539			484,499
Members’ equity
Members’ capital		707,345			541,981			631,805			1,197,537			380,800			645,168
Accumulated deficit		(165,596	)		(327,857	)		(177,300	)		(6,059	)		(218,197	)		(194,061	)
Total members’ equity		541,749			214,124			454,506			1,191,478			162,603			451,107
Total liabilities and members’ equity	$	561,289		$	716,395		$	506,183		$	1,210,671		$	407,142		$	935,606

See the accompanying notes to these consolidated and consolidating financial statements.

F-5

ARRIVED STR, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET (UNAUDITED)

AS OF JUNE 30, 2025

	Serenity			Smokey			Solstice			Sugarcreek			SuiteSpot			Consolidated
ASSETS
Current assets
Cash	$	57,312		$	1,122		$	48,498		$	478		$	17,454		$	409,757
Other receivables		-			-			-			-			-			4,544
Prepaid expenses		-			-			4,979			-			1,013			46,572
Due from related parties, property manager		-			-			-			-			-			5,308
Due from (to) third party property managers		-			-			7,438			3,187			-			73,420
Total current assets		57,312			1,122			60,915			3,665			18,466			539,601
Property and equipment, net		1,064,603			736,713			747,884			427,332			910,662			22,190,449
Total assets	$	1,121,915		$	737,835		$	808,799		$	430,998		$	929,128		$	22,730,050
LIABILITIES AND MEMBERS’ EQUITY
Current liabilities
Accrued expenses	$	7,562		$	6,530		$	4,103		$	3,884		$	14,120		$	195,400
Due to third party property manager		467			315			-			-			-			17,599
Due from related parties, property manager		-			2,760			-			-			4,022			56,724
Due to (from) related parties		13,246			1,986			4,745			12,388			12,481			304,148
Total current liabilities		21,275			11,591			8,848			16,272			30,623			573,872
Mortgage payable, net		487,001			-			-			207,463			-			4,703,663
Operational notes, related party		-			-			-			54,800			7,000			1,040,222
Total liabilities		508,276			11,591			8,848			278,535			37,623			6,317,756
Members’ equity
Members’ capital		774,961			852,087			879,416			306,050			1,038,421			21,180,132
Accumulated deficit		(161,322	)		(125,843	)		(79,465	)		(153,587	)		(146,916	)		(4,767,838	)
Total members’ equity		613,638			726,244			799,951			152,463			891,505			16,412,294
Total liabilities and members’ equity	$	1,121,915		$	737,835		$	808,799		$	430,998		$	929,128		$	22,730,050

See the accompanying notes to these consolidated and consolidating financial statements.

F-6

ARRIVED STR, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET (DERIVED FROM AUDITED FINANCIAL STATEMENTS)

AS OF DECEMBER 31, 2024

	Ace			Billingswood			Cactus			Cardinal			Coolbaugh			Hammock
ASSETS
Current assets
Cash	$	11,204		$	23,769		$	13,750		$	9,676		$	4,409		$	4,476
Other receivables		-			-			-			-			-			-
Prepaid expenses		10,555			1,015			1,055			8,029			764			3,266
Due from related parties, property manager		-			-			-			-			-			-
Due from third party property manager		7,146			5,277			4,967			7,089			564			4,286
Total current assets		28,905			30,061			19,771			24,794			5,737			12,028
Property and equipment, net		1,031,878			927,985			1,027,042			801,139			492,455			540,053
Total assets	$	1,060,783		$	958,045		$	1,046,813		$	825,933		$	498,192		$	552,081
LIABILITIES AND MEMBERS’ EQUITY
Current liabilities
Accrued expenses	$	4,503		$	4,472		$	10,623		$	5,799		$	3,818		$	17,644
Due to related parties, property manager		-			-			-			-			-			-
Due to related parties		14,275			50,725			11,064			18,958			3,796			6,138
Total current liabilities		18,778			55,197			21,687			24,757			7,614			23,782
Mortgage payable, net		432,148			-			434,315			306,005			-			223,583
Operational notes, related party		44,900			112,000			15,300			38,100			9,000			33,800
Total liabilities		495,826			167,197			471,303			368,862			16,614			281,165
Members’ equity
Members’ capital		677,967			1,072,573			682,867			494,319			617,645			548,028
Accumulated deficit		(113,009	)		(281,725	)		(107,356	)		(37,248	)		(136,067	)		(277,112	)
Total members’ equity		564,957			790,849			575,511			457,071			481,577			270,915
Total liabilities and members’ equity	$	1,060,783		$	958,045		$	1,046,813		$	825,933		$	498,192		$	552,081

See the accompanying notes to these consolidated and consolidating financial statements.

F-7

ARRIVED STR, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET (DERIVED FROM AUDITED FINANCIAL STATEMENTS)

AS OF DECEMBER 31, 2024

	Havasu			Hickorybear			Kinlani			Koi			Lakeridge			Lodge
ASSETS
Current assets
Cash	$	12,195		$	3,807		$	41,377		$	13,340		$	5,776		$	5,577
Other receivables		-			-			-			-			-			-
Prepaid expenses		1,115			1,501			808			914			513			2,095
Due from related parties, property manager		-			-			-			-			-			-
Due from third party property manager		-			4,917			7,979			6,727			2,404			8,907
Total current assets		13,310			10,225			50,164			20,981			8,694			16,579
Property and equipment, net		1,039,141			742,198			761,388			815,680			576,431			1,057,661
Total assets	$	1,052,450		$	752,423		$	811,553		$	836,662		$	585,124		$	1,074,240
LIABILITIES AND MEMBERS’ EQUITY
Current liabilities
Accrued expenses	$	10,877		$	7,465		$	9,381		$	8,069		$	5,958		$	12,008
Due to related parties, property manager		-			-			-			-			-			-
Due to related parties		4,727			7,505			7,572			6,592			3,801			13,066
Total current liabilities		15,604			14,970			16,953			14,660			9,759			25,074
Mortgage payable, net		465,610			-			-			-			278,381			-
Operational notes, related party		-			42,000			-			20,100			19,000			27,900
Total liabilities		481,214			56,970			16,953			34,760			307,139			52,974
Members’ equity
Members’ capital		755,457			845,736			817,449			894,809			407,868			1,198,880
Accumulated deficit		(184,220	)		(150,283	)		(22,850	)		(92,908	)		(129,883	)		(177,614	)
Total members’ equity		571,237			695,454			794,599			801,901			277,985			1,021,266
Total liabilities and members’ equity	$	1,052,450		$	752,423		$	811,553		$	836,662		$	585,124		$	1,074,240

See the accompanying notes to these consolidated and consolidating financial statements.

F-8

ARRIVED STR, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET (DERIVED FROM AUDITED FINANCIAL STATEMENTS)

AS OF DECEMBER 31, 2024

	Longbranch			Loop			Mirage			Myrtle			Oasis			Opry
ASSETS
Current assets
Cash	$	10,512		$	7,428		$	8,807		$	25,169		$	7,494		$	12,023
Other receivables		4,544			-			-			-			-			-
Prepaid expenses		2,755			815			1,207			1,747			8,760			-
Due from related parties, property manager		-			-			-			-			-			732
Due from third party property manager		4,772			-			-			-			-			-
Total current assets		22,583			8,243			10,014			26,915			16,254			12,755
Property and equipment, net		843,502			700,188			605,321			443,831			973,340			1,060,674
Total assets	$	866,086		$	708,431		$	615,335		$	470,746		$	989,594		$	1,073,429
LIABILITIES AND MEMBERS’ EQUITY
Current liabilities
Accrued expenses	$	8,992		$	4,622		$	8,699		$	11,846		$	3,497		$	15,778
Due to related parties, property manager		-			21,406			-			6			9,902			-
Due to related parties		5,710			1,425			5,561			3,905			15,770			8,091
Total current liabilities		14,702			27,453			14,260			15,757			29,169			23,869
Mortgage payable, net		-			-			-			-			477,788			454,878
Operational notes, related party		-			12,000			91,900			-			58,700			-
Total liabilities		14,702			39,453			106,160			15,757			565,657			478,746
Members’ equity
Members’ capital		946,645			786,935			722,927			564,226			578,832			761,828
Accumulated deficit		(95,261	)		(117,958	)		(213,752	)		(109,236	)		(154,894	)		(167,145	)
Total members’ equity		851,384			668,977			509,175			454,990			423,937			594,683
Total liabilities and members’ equity	$	866,086		$	708,431		$	615,335		$	470,746		$	989,594		$	1,073,429

See the accompanying notes to these consolidated and consolidating financial statements.

F-9

ARRIVED STR, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET (DERIVED FROM AUDITED FINANCIAL STATEMENTS)

AS OF DECEMBER 31, 2024

	Orchard			Palm			Pasquin			Pickler			Pointbreak			Regal
ASSETS
Current assets
Cash	$	3,535		$	-		$	1,940		$	97,847		$	5,064		$	20,282
Other receivables		-			-			-			-			-			-
Prepaid expenses		584			4,534			73			1,007			5,520			1,049
Due from related parties, property manager		-			-			-			-			-			3,586
Due from third party property manager		5,193			5,380			5,320			8,328			-			-
Total current assets		9,312			9,914			7,332			107,182			10,584			24,916
Property and equipment, net		572,314			664,886			518,189			1,141,613			400,717			949,328
Total assets	$	581,626		$	674,800		$	525,522		$	1,248,795		$	411,301		$	974,244
LIABILITIES AND MEMBERS’ EQUITY
Current liabilities
Accrued expenses	$	3,904		$	11,972		$	4,000		$	12,441		$	6,405		$	9,058
Due to related parties, property manager		-			40			-			-			1,609			-
Due to related parties		3,269			6,952			4,780			9,561			4,691			5,663
Total current liabilities		7,173			18,964			8,780			22,002			12,706			14,721
Mortgage payable, net		-			307,943			-			-			153,453			467,875
Operational notes, related party		9,600			65,300			35,000			-			61,700			-
Total liabilities		16,773			392,207			43,780			22,002			227,859			482,596
Members’ equity
Members’ capital		711,486			541,981			635,462			1,250,719			383,749			649,190
Accumulated deficit		(146,632	)		(259,388	)		(153,721	)		(23,926	)		(200,307	)		(157,542	)
Total members’ equity		564,853			282,593			481,741			1,226,793			183,442			491,648
Total liabilities and members’ equity	$	581,626		$	674,800		$	525,522		$	1,248,795		$	411,301		$	974,244

See the accompanying notes to these consolidated and consolidating financial statements.

F-10

ARRIVED STR, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET (DERIVED FROM AUDITED FINANCIAL STATEMENTS)

AS OF DECEMBER 31, 2024

	Serenity			Smokey			Solstice			Sugarcreek			SuiteSpot			Consolidated
ASSETS
Current assets
Cash	$	71,400		$	13,163		$	66,103		$	815		$	3,225		$	504,161
Other receivables		-			-			-			-			-			4,544
Prepaid expenses		977			832			5,817			420			2,004			69,731
Due from related parties, property manager		-			3,304			-			-			-			7,622
Due from third party property manager		7,056			-			408			4,435			-			101,155
Total current assets		79,433			17,299			72,328			5,670			5,229			687,214
Property and equipment, net		1,091,096			754,211			766,972			438,940			933,113			22,671,286
Total assets	$	1,170,529		$	771,510		$	839,299		$	444,610		$	938,342		$	23,358,500
LIABILITIES AND MEMBERS’ EQUITY
Current liabilities
Accrued expenses	$	10,362		$	10,158		$	6,490		$	4,610		$	9,606		$	243,057
Due to related parties, property manager		-			-			-			551			2,673			36,188
Due to related parties		10,314			3,947			2,435			2,826			9,503			252,621
Total current liabilities		20,676			14,104			8,925			7,987			21,783			531,866
Mortgage payable, net		485,769			-			-			206,938			-			4,694,685
Operational notes, related party		-			-			-			54,800			7,000			758,100
Total liabilities		506,445			14,104			8,925			269,724			28,783			5,984,651
Members’ equity
Members’ capital		793,874			859,948			891,759			307,901			1,058,301			21,459,361
Accumulated deficit		(129,790	)		(102,542	)		(61,384	)		(133,015	)		(148,742	)		(4,085,513	)
Total members’ equity		664,084			757,406			830,375			174,886			909,559			17,373,848
Total liabilities and members’ equity	$	1,170,529		$	771,510		$	839,299		$	444,610		$	938,342		$	23,358,500

See the accompanying notes to these consolidated and consolidating financial statements.

F-11

ARRIVED STR, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Ace			Billingswood			Cactus			Cardinal			Coolbaugh			Hammock
Rental income	$	56,965		$	19,815		$	58,020		$	61,362		$	5,025		$	33,811
Operating expenses:
Depreciation		20,258			33,723			20,761			24,682			18,537			12,511
Insurance		1,606			1,723			1,582			1,539			1,192			5,100
Management fees		8,491			3,711			8,255			8,744			937			6,321
Management fees, related party		2,848			991			2,901			3,068			251			1,691
Repairs & maintenance		4,636			3,744			6,136			6,560			4,910			5,541
Property taxes		1,911			17,766			1,814			1,945			4,880			4,252
Other operating expenses		10,425			11,255			11,631			10,962			12,218			7,510
Total operating expenses		50,175			72,912			53,080			57,500			42,925			42,926
Income (loss) from operations		6,789			(53,098	)		4,939			3,862			(37,900	)		(9,115	)
Other expenses
Interest expense		16,451			5,768			16,262			11,896			338			9,365
Total other expenses		16,451			5,768			16,262			11,896			338			9,365
Net income (loss)	$	(9,662	)	$	(58,866	)	$	(11,323	)	$	(8,034	)	$	(38,237	)	$	(18,480	)

See the accompanying notes to these consolidated and consolidating financial statements.

F-12

ARRIVED STR, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Havasu			Hickorybear			Kinlani		Koi		Lakeridge			Lodge
Rental income	$	19,616		$	21,324		$	39,005	$	72,693	$	16,708		$	38,705
Operating expenses:
Depreciation		22,240			17,391			17,151		31,333		14,015			27,106
Insurance		1,982			3,106			1,212		1,371		1,187			3,653
Management fees		9,133			3,464			5,851		10,830		3,074			7,202
Management fees, related party		983			1,066			1,950		3,635		835			1,935
Repairs & maintenance		18,187			6,347			1,545		4,977		5,864			11,453
Property taxes		2,219			2,613			2,053		1,883		1,242			4,285
Other operating expenses		3,010			6,455			4,529		13,084		6,849			9,713
Total operating expenses		57,753			40,443			34,292		67,111		33,067			65,347
Income (loss) from operations		(38,137	)		(19,118	)		4,713		5,581		(16,359	)		(26,642	)
Other expenses
Interest expense		15,237			1,575			-		754		9,823			1,238
Total other expenses		15,237			1,575			-		754		9,823			1,238
Net income (loss)	$	(53,375	)	$	(20,693	)	$	4,713	$	4,827	$	(26,182	)	$	(27,879	)

See the accompanying notes to these consolidated and consolidating financial statements.

F-13

ARRIVED STR, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Longbranch			Loop			Mirage			Myrtle			Oasis			Opry
Rental income	$	25,836		$	15,386		$	11,702		$	23,828		$	25,187		$	28,947
Operating expenses:
Depreciation		21,190			19,113			10,154			13,977			21,841			16,530
Insurance		3,811			903			1,322			2,624			499			2,046
Management fees		5,074			-			8,160			-			-			-
Management fees, related party		1,312			3,847			633			5,937			6,322			7,217
Repairs & maintenance		4,692			6,286			14,327			2,372			2,013			2,929
Property taxes		6,187			1,332			4,637			4,476			8,558			7,159
Other operating expenses		6,351			6,472			22,725			6,071			7,750			4,825
Total operating expenses		48,617			37,952			61,957			35,456			46,983			40,705
Income (loss) from operations		(22,781	)		(22,565	)		(50,255	)		(11,628	)		(21,796	)		(11,758	)
Other expenses
Interest expense		-			450			3,446			-			18,783			16,459
Total other expenses		-			450			3,446			-			18,783			16,459
Net income (loss)	$	(22,781	)	$	(23,015	)	$	(53,701	)	$	(11,628	)	$	(40,579	)	$	(28,217	)

See the accompanying notes to these consolidated and consolidating financial statements.

F-14

ARRIVED STR, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Orchard			Palm			Pasquin			Pickler		Pointbreak			Regal
Rental income	$	16,230		$	1,048		$	15,253		$	82,413	$	30,049		$	25,638
Operating expenses:
Depreciation		16,690			19,390			17,944			29,528		12,117			18,938
Insurance		1,279			7,947			1,343			1,510		3,146			1,535
Management fees		2,967			193			2,525			12,321		-			-
Management fees, related party		812			52			763			4,121		7,102			6,259
Repairs & maintenance		4,385			15,162			1,799			6,374		8,727			8,316
Property taxes		1,362			4,132			3,173			1,950		2,713			3,577
Other operating expenses		7,340			9,292			9,973			8,742		6,530			5,742
Total operating expenses		34,834			56,168			37,519			64,546		40,335			44,368
Income (loss) from operations		(18,604	)		(55,121	)		(22,266	)		17,867		(10,286	)		(18,731	)
Other expenses
Interest expense		360			13,349			1,313			-		7,604			17,789
Total other expenses		360			13,349			1,313			-		7,604			17,789
Net income (loss)	$	(18,964	)	$	(68,469	)	$	(23,579	)	$	17,867	$	(17,890	)	$	(36,519	)

See the accompanying notes to these consolidated and consolidating financial statements.

F-15

ARRIVED STR, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Serenity			Smokey			Solstice			Sugarcreek			SuiteSpot		Consolidated
Rental income	$	32,318		$	15,130		$	15,332		$	13,094		$	67,669	$	888,106
Operating expenses:
Depreciation		26,493			17,498			19,088			11,608			22,451		574,257
Insurance		1,509			1,676			1,426			1,002			2,339		61,169
Management fees		4,840			-			2,851			2,388			-		117,331
Management fees, related party		1,616			3,536			767			655			16,917		90,021
Repairs & maintenance		5,941			5,698			4,858			3,907			11,587		189,272
Property taxes		2,931			3,704			1,024			698			1,848		106,323
Other operating expenses		4,629			6,318			3,399			4,580			10,438		238,818
Total operating expenses		47,959			38,431			33,412			24,838			65,580		1,377,191
Income (loss) from operations		(15,641	)		(23,300	)		(18,080	)		(11,744	)		2,088		(489,085	)
Other expenses
Interest expense		15,891			-			-			8,828			263		193,241
Total other expenses		15,891			-			-			8,828			263		193,241
Net income (loss)	$	(31,532	)	$	(23,300	)	$	(18,080	)	$	(20,572	)	$	1,826	$	(682,326	)

See the accompanying notes to these consolidated and consolidating financial statements.

F-16

ARRIVED STR, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2024

	Ace		Billingswood			Cactus			Cardinal		Coolbaugh			Hammock
Rental income	$	68,791	$	10,829		$	71,620		$	86,311	$	24,480		$	27,342
Operating expenses:
Depreciation		20,258		28,880			20,761			21,281		18,536			12,511
Insurance		1,468		1,505			1,450			1,889		1,804			12,445
Management fees		10,305		2,166			10,229			12,437		10,309			10,096
Management fees, related party		3,440		541			3,581			4,316		1,224			1,367
Repairs & maintenance		4,688		3,670			5,331			6,746		2,049			7,178
Property taxes		2,835		7,034			5,766			2,517		2,310			2,970
Credit loss expense		-		-			-			-		-			-
Other operating expenses		9,928		24,202			7,907			8,646		6,254			9,127
Total operating expenses		52,921		67,998			55,025			57,831		42,487			55,694
Income (loss) from operations		15,870		(57,169	)		16,595			28,480		(18,007	)		(28,352	)
Other expenses
Interest expenses		14,768		-			18,119			10,468		-			8,000
Total other expenses		14,768		-			18,119			10,468		-			8,000
Net income (loss)	$	1,102	$	(57,169	)	$	(1,524	)	$	18,012	$	(18,007	)	$	(36,352	)

See the accompanying notes to these consolidated and consolidating financial statements.

F-17

ARRIVED STR, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2024

	Havasu			Hickorybear			Kinlani		Koi		Lakeridge			Lodge
Rental income	$	19,560		$	23,118		$	43,471	$	67,136	$	19,098		$	50,902
Operating expenses:
Depreciation		21,467			17,497			17,151		30,739		13,630			25,294
Insurance		1,469			2,043			1,101		1,311		1,113			4,331
Management fees		2,934			4,116			6,521		10,070		3,568			9,544
Management fees, related party		978			1,156			2,174		3,357		955			2,545
Repairs & maintenance		2,792			7,777			3,320		3,920		8,701			8,445
Property taxes		5,778			3,960			4,128		3,714		3,108			5,664
Credit loss expense		-			-			-		-		-			-
Other operating expenses		5,099			12,327			5,809		10,612		6,760			14,774
Total operating expenses		40,516			48,877			40,203		63,723		37,835			70,597
Income (loss) from operations		(20,956	)		(25,758	)		3,268		3,413		(18,737	)		(19,695	)
Other expenses
Interest expenses		17,580			-			-		-		10,511			-
Total other expenses		17,580			-			-		-		10,511			-
Net income (loss)	$	(38,536	)	$	(25,758	)	$	3,268	$	3,413	$	(29,248	)	$	(19,695	)

See the accompanying notes to these consolidated and consolidating financial statements.

F-18

ARRIVED STR, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2024

	Longbranch			Loop			Mirage			Myrtle			Oasis			Opry
Rental income	$	34,006		$	18,625		$	28,295		$	30,431		$	31,440		$	21,067
Operating expenses:
Depreciation		21,285			20,241			10,154			13,475			20,514			15,772
Insurance		(340	)		1,965			979			2,895			1,238			1,407
Management fees		6,330			-			7,618			-			4,674			3,130
Management fees, related party		1,700			4,656			1,415			7,588			1,647			1,128
Repairs & maintenance		5,118			4,829			4,937			6,192			9,596			3,181
Property taxes		4,102			3,607			3,462			2,226			9,236			6,048
Credit loss expense		-			-			-			-			-			-
Other operating expenses		8,691			15,505			8,616			9,365			6,607			8,391
Total operating expenses		46,885			50,803			37,181			41,741			53,511			39,057
Income (loss) from operations		(12,879	)		(32,178	)		(8,886	)		(11,311	)		(22,070	)		(17,990	)
Other expenses
Interest expenses		-			-			-			-			16,761			19,009
Total other expenses		-			-			-			-			16,761			19,009
Net income (loss)	$	(12,879	)	$	(32,178	)	$	(8,886	)	$	(11,311	)	$	(38,832	)	$	(36,999	)

See the accompanying notes to these consolidated and consolidating financial statements.

F-19

ARRIVED STR, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2024

	Orchard			Palm			Pasquin			Pickler		Pointbreak			Regal
Rental income	$	13,375		$	41,151		$	20,991		$	86,389	$	37,494		$	25,500
Operating expenses:
Depreciation		16,690			16,322			17,944			29,528		11,008			18,272
Insurance		1,140			10,976			1,319			1,434		5,165			1,729
Management fees		3,491			12,745			9,648			12,942		-			3,825
Management fees, related party		669			2,058			1,050			4,857		8,954			2,550
Repairs & maintenance		8,521			13,166			6,331			3,536		5,356			16,728
Property taxes		3,024			3,438			2,478			6,048		1,098			5,226
Credit loss expense		-			-			-			-		-			-
Other operating expenses		7,462			8,728			11,542			13,974		11,758			25,145
Total operating expenses		40,997			67,433			50,312			72,319		43,337			73,475
Income (loss) from operations		(27,622	)		(26,282	)		(29,320	)		14,070		(5,843	)		(47,975	)
Other expenses
Interest expenses		-			11,628			-			-		5,290			20,556
Total other expenses		-			11,628			-			-		5,290			20,556
Net income (loss)	$	(27,622	)	$	(37,909	)	$	(29,320	)	$	14,070	$	(11,133	)	$	(68,531	)

See the accompanying notes to these consolidated and consolidating financial statements.

F-20

ARRIVED STR, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2024

	Serenity			Smokey			Solstice			Sugarcreek			SuiteSpot		Consolidated
Rental income	$	51,541		$	21,679		$	18,382		$	9,555		$	79,910	$	1,082,489
Operating expenses:
Depreciation		26,493			17,498			18,979			11,608			21,616		555,404
Insurance		1,536			1,870			1,528			966			1,818		69,554
Management fees		7,775			-			3,418			1,755			-		169,645
Management fees, related party		2,577			5,420			919			478			19,977		93,274
Repairs & maintenance		4,164			3,532			3,169			8,896			7,953		179,823
Property taxes		6,024			4,098			3,984			2,310			4,950		121,142
Credit loss expense		-			-			-			-			-		-
Other operating expenses		8,416			23,853			5,437			7,475			13,215		315,623
Total operating expenses		56,985			56,270			37,434			33,488			69,530		1,504,464
Income (loss) from operations		(5,444	)		(34,591	)		(19,053	)		(23,933	)		10,380		(421,975	)
Other expenses
Interest expenses		18,334			-			-			7,814			-		178,838
Total other expenses		18,334			-			-			7,814			-		178,838
Net income (loss)	$	(23,778	)	$	(34,591	)	$	(19,053	)	$	(31,747	)	$	10,380	$	(600,813	)

See the accompanying notes to these consolidated and consolidating financial statements.

F-21

ARRIVED STR, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT) (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Ace			Billingswood			Cactus			Cardinal			Coolbaugh			Hammock
Balance at January 1, 2025	$	564,957		$	790,849		$	575,511		$	457,071		$	481,577		$	270,915
Distributions		(12,914	)		(5,595	)		(15,271	)		(11,376	)		(1,423	)		(3,686	)
Net income (loss)		(9,662	)		(58,866	)		(11,323	)		(8,034	)		(38,237	)		(18,480	)
Balance at June 30, 2025	$	542,381		$	726,387		$	548,918		$	437,661		$	441,917		$	248,748

See the accompanying notes to these consolidated and consolidating financial statements.

F-22

ARRIVED STR, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT) (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Havasu			Hickorybear			Kinlani			Koi			Lakeridge			Lodge
Balance at January 1, 2025	$	571,237		$	695,454		$	794,599		$	801,901		$	277,985		$	1,021,266
Distributions		(4,590	)		(5,012	)		(25,091	)		(20,028	)		(2,697	)		(8,559	)
Net income (loss)		(53,375	)		(20,693	)		4,713			4,827			(26,182	)		(27,879	)
Balance at June 30, 2025	$	513,272		$	669,749		$	774,221		$	786,700		$	249,106		$	984,827

See the accompanying notes to these consolidated and consolidating financial statements.

F-23

ARRIVED STR, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT) (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Longbranch			Loop			Mirage			Myrtle			Oasis			Opry
Balance at January 1, 2025	$	851,384		$	668,977		$	509,175		$	454,990		$	423,937		$	594,683
Distributions		(10,686	)		(4,547	)		(4,202	)		(6,448	)		(3,656	)		(4,645	)
Net income (loss)		(22,781	)		(23,015	)		(53,701	)		(11,628	)		(40,579	)		(28,217	)
Balance at June 30, 2025	$	817,918		$	641,415		$	451,272		$	436,914		$	379,702		$	561,820

See the accompanying notes to these consolidated and consolidating financial statements.

F-24

ARRIVED STR, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT) (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Orchard			Palm			Pasquin			Pickler			Pointbreak			Regal
Balance at January 1, 2025	$	564,853		$	282,593		$	481,741		$	1,226,793		$	183,442		$	491,648
Distributions		(4,141	)		-			(3,657	)		(53,182	)		(2,949	)		(4,022	)
Net income (loss)		(18,964	)		(68,469	)		(23,579	)		17,867			(17,890	)		(36,519	)
Balance at June 30, 2025	$	541,749		$	214,124		$	454,506		$	1,191,478		$	162,603		$	451,107

See the accompanying notes to these consolidated and consolidating financial statements.

F-25

ARRIVED STR, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT) (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Serenity			Smokey			Solstice			Sugarcreek			SuiteSpot			Consolidated
Balance at January 1, 2025	$	664,084		$	757,406		$	830,375		$	174,886		$	909,559		$	17,373,848
Distributions		(18,913	)		(7,862	)		(12,343	)		(1,851	)		(19,880	)		(279,228	)
Net income (loss)		(31,532	)		(23,300	)		(18,080	)		(20,572	)		1,826			(682,326	)
Balance at June 30, 2025	$	613,638		$	726,244		$	799,951		$	152,463		$	891,505		$	16,412,294

See the accompanying notes to these consolidated and consolidating financial statements.

F-26

ARRIVED STR, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT) (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2024

	Ace			Billingswood			Cactus			Cardinal			Coolbaugh			Hammock
Balance at January 1, 2024	$	624,704		$	918,654		$	633,528		$	480,013		$	531,274		$	337,382
Redemption of membership interests		(100	)		(300	)		(1,200	)		(650	)		(300	)		(100	)
Deemed contribution from Manager		-			23,130			-			-			6,207			22,235
Distributions		(23,003	)		(14,106	)		(23,067	)		(17,079	)		(9,825	)		(6,267	)
Net income (loss)		1,102			(57,169	)		(1,524	)		18,012			(18,007	)		(36,352	)
Balance at June 30, 2024	$	602,704		$	870,209		$	607,737		$	480,296		$	509,350		$	316,897

See the accompanying notes to these consolidated and consolidating financial statements.

F-27

ARRIVED STR, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT) (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2024

	Havasu			Hickorybear			Kinlani			Koi			Lakeridge			Lodge
Balance at January 1, 2024	$	650,225		$	770,616		$	820,096		$	833,110		$	335,750		$	1,125,737
Redemption of membership interests		-			(400	)		(300	)		-			-			(400	)
Deemed contribution from Manager		-			-			-			-			-			-
Distributions		(12,310	)		(21,255	)		(23,621	)		(10,476	)		(5,001	)		(31,676	)
Net income (loss)		(38,536	)		(25,758	)		3,268			3,413			(29,248	)		(19,695	)
Balance at June 30, 2024	$	599,379		$	723,203		$	799,443		$	826,048		$	301,501		$	1,073,966

See the accompanying notes to these consolidated and consolidating financial statements.

F-28

ARRIVED STR, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT) (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2024

	Longbranch			Loop			Mirage			Myrtle			Oasis			Opry
Balance at January 1, 2024	$	918,565		$	729,603		$	547,678		$	496,670		$	529,741		$	683,641
Redemption of membership interests		(300	)		(400	)		(450	)		-			-			(700	)
Deemed contribution from Manager		-			-			-			1,428			-			-
Distributions		(23,852	)		(12,556	)		(10,089	)		(10,704	)		(14,186	)		(15,619	)
Net income (loss)		(12,879	)		(32,178	)		(8,886	)		(11,311	)		(38,832	)		(36,999	)
Balance at June 30, 2024	$	881,534		$	684,469		$	528,253		$	476,083		$	476,724		$	630,323

See the accompanying notes to these consolidated and consolidating financial statements.

F-29

ARRIVED STR, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT) (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2024

	Orchard			Palm			Pasquin			Pickler			Pointbreak			Regal
Balance at January 1, 2024	$	623,085		$	373,979		$	546,609		$	1,274,074		$	226,185		$	613,512
Redemption of membership interests		(1,050	)		(450	)		(100	)		(300	)		(500	)		(300	)
Deemed contribution from Manager		-			-			-			-			-			-
Distributions		(8,455	)		(6,459	)		(10,096	)		(29,669	)		(4,562	)		(14,001	)
Net income (loss)		(27,622	)		(37,909	)		(29,320	)		14,070			(11,133	)		(68,531	)
Balance at June 30, 2024	$	585,958		$	329,161		$	507,092		$	1,258,175		$	209,990		$	530,680

See the accompanying notes to these consolidated and consolidating financial statements.

F-30

ARRIVED STR, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT) (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2024

	Serenity			Smokey			Solstice			Sugarcreek			SuiteSpot			Consolidated
Balance at January 1, 2024	$	755,875		$	816,006		$	897,576		$	231,687		$	970,565		$	19,296,141
Redemption of membership interests		(500	)		(300	)		-			(100	)		(100	)		(9,300	)
Deemed contribution from Manager		-			-			-			-			-			53,000
Distributions		(27,820	)		(13,565	)		(19,957	)		(3,776	)		(33,302	)		(456,352	)
Net income (loss)		(23,778	)		(34,591	)		(19,053	)		(31,747	)		10,380			(600,813	)
Balance at June 30, 2024	$	703,777		$	767,550		$	858,567		$	196,063		$	947,543		$	18,282,675

See the accompanying notes to these consolidated and consolidating financial statements.

F-31

ARRIVED STR, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Ace			Billingswood			Cactus			Cardinal			Coolbaugh			Hammock
Cash flows from operating activities
Net income (loss)	$	(9,662	)	$	(58,866	)	$	(11,323	)	$	(8,034	)	$	(38,237	)	$	(18,480	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation		20,258			33,723			20,761			24,682			18,537			12,511
Amortization		159			-			1,101			117			-			585
(Increase) decrease in assets
Due (from) to third party property managers		6,453			(3,544	)		6,126			6,098			1,679			(3,214	)
Prepaid expenses		(2,579	)		1,015			1,055			(1,657	)		764			3,266
Increase (decrease) in liabilities
Accrued expenses		(3,681	)		9,020			(4,070	)		(3,256	)		1,174			2,880
Accounts payable		-			-			-			-			-			-
Due from related parties, property manager		-			-			-			-			-			-
Due to (from) related parties		1,223			(42,438	)		4,575			2,233			2,950			6,587
Net cash provided by (used in) operating activities		12,171			(61,090	)		18,224			20,182			(13,133	)		4,135
Cash flows from investing activities
Purchase of property improvements		-			-			-			-			-			-
Net cash used in investing activities		-			-			-			-			-			-
Cash flows from financing activities
Proceeds from operational notes payable, related party		-			49,200			-			-			11,000			-
Distributions		(12,914	)		(5,595	)		(15,271	)		(11,376	)		(1,423	)		(3,686	)
Net cash provided by (used in) financing activities		(12,914	)		43,605			(15,271	)		(11,376	)		9,577			(3,686	)
Net change in cash		(743	)		(17,486	)		2,953			8,806			(3,557	)		449
Cash at beginning of the period		11,204			23,769			13,750			9,676			4,409			4,476
Cash at end of the period	$	10,461		$	6,283		$	16,703		$	18,482		$	852		$	4,924
Cash paid for income taxes	$	116		$	25		$	107		$	50		$	-		$	-
Cash paid for interest expenses	$	16,451		$	5,768		$	16,262		$	11,896		$	338		$	9,365

See the accompanying notes to these consolidated and consolidating financial statements.

F-32

ARRIVED STR, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Havasu			Hickorybear			Kinlani			Koi			Lakeridge			Lodge
Cash flows from operating activities
Net income (loss)	$	(53,375	)	$	(20,693	)	$	4,713		$	4,827		$	(26,182	)	$	(27,879	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation		22,240			17,391			17,151			31,333			14,015			27,106
Amortization		1,181			-			-			-			706			-
(Increase) decrease in assets
Due (from) to third party property managers		(2,694	)		378			4,212			5,353			(1,962	)		(2,206	)
Prepaid expenses		1,115			1,501			808			914			513			2,095
Increase (decrease) in liabilities
Accrued expenses		(4,016	)		(1,385	)		(5,182	)		(3,811	)		(679	)		(2,926	)
Accounts payable		-			-			-			-			-			-
Due from related parties, property manager		-			-			-			-			-			-
Due to (from) related parties		3,044			(1,174	)		3,266			5,362			4,701			1,861
Net cash provided by (used in) operating activities		(32,505	)		(3,981	)		24,968			43,978			(8,886	)		(1,949	)
Cash flows from investing activities
Purchase of property improvements		(17,089	)		-			-			-			-			-
Net cash used in investing activities		(17,089	)		-			-			-			-			-
Cash flows from financing activities
Proceeds from operational notes payable, related party		42,000			5,500			-			-			6,000			6,000
Distributions		(4,590	)		(5,012	)		(25,091	)		(20,028	)		(2,697	)		(8,559	)
Net cash provided by (used in) financing activities		37,410			488			(25,091	)		(20,028	)		3,303			(2,559	)
Net change in cash		(12,185	)		(3,493	)		(123	)		23,950			(5,584	)		(4,508	)
Cash at beginning of the period		12,195			3,807			41,377			13,340			5,776			5,577
Cash at end of the period	$	10		$	314		$	41,254		$	37,290		$	193		$	1,069
Cash paid for income taxes	$	50		$	(970	)	$	50		$	-		$	250		$	(1,746	)
Cash paid for interest expenses	$	15,237		$	1,575		$	-		$	754		$	9,823		$	1,238

See the accompanying notes to these consolidated and consolidating financial statements.

F-33

ARRIVED STR, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Longbranch			Loop			Mirage			Myrtle			Oasis			Opry
Cash flows from operating activities
Net income (loss)	$	(22,781	)	$	(23,015	)	$	(53,701	)	$	(11,628	)	$	(40,579	)	$	(28,217	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation		21,190			19,113			10,154			13,977			21,841			16,530
Amortization		-			-			-			-			175			1,155
(Increase) decrease in assets
Due (from) to third party property managers		(1,564	)		-			1,556			-			-			77
Prepaid expenses		2,170			815			696			1,747			(2,337	)		-
Increase (decrease) in liabilities
Accrued expenses		950			(1,904	)		(2,204	)		(5,442	)		(813	)		(6,535	)
Accounts payable		-			-			-			-			-			-
Due from related parties, property manager		-			3,857			-			(6	)		6,988			5,764
Due to (from) related parties		1,679			4,077			3,967			(3,153	)		(5,473	)		37
Net cash provided by (used in) operating activities		1,644			2,942			(39,533	)		(4,506	)		(20,198	)		(11,190	)
Cash flows from investing activities
Purchase of property improvements		-			-			-			-			-			-
Net cash used in investing activities		-			-			-			-			-			-
Cash flows from financing activities
Proceeds from operational notes payable, related party		-			-			36,800			-			23,100			8,400
Distributions		(10,686	)		(4,547	)		(4,202	)		(6,448	)		(3,656	)		(4,645	)
Net cash provided by (used in) financing activities		(10,686	)		(4,547	)		32,599			(6,448	)		19,444			3,755
Net change in cash		(9,042	)		(1,605	)		(6,935	)		(10,954	)		(754	)		(7,435	)
Cash at beginning of the period		10,512			7,428			8,807			25,169			7,494			12,023
Cash at end of the period	$	1,470		$	5,823		$	1,872		$	14,214		$	6,740		$	4,588
Cash paid for income taxes	$	(1,238	)	$	993		$	857		$	988		$	2,266		$	2,792
Cash paid for interest expenses	$	-		$	450		$	3,446		$	-		$	18,783		$	16,459

See the accompanying notes to these consolidated and consolidating financial statements.

F-34

ARRIVED STR, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Orchard			Palm			Pasquin			Pickler			Pointbreak			Regal
Cash flows from operating activities
Net income (loss)	$	(18,964	)	$	(68,469	)	$	(23,579	)	$	17,867		$	(17,890	)	$	(36,519	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation		16,690			19,390			17,944			29,528			12,117			18,938
Amortization		-			781			-			-			73			1,187
(Increase) decrease in assets
Due (from) to third party property managers		2,773			18,289			821			4,646			-			-
Prepaid expenses		(339	)		4,534			73			1,007			878			1,049
Increase (decrease) in liabilities
Accrued expenses		(3,904	)		4,932			(120	)		(8,245	)		(657	)		(2,757	)
Accounts payable		-			-			-			-			-			-
Due from related parties, property manager		-			(40	)		-			-			247			4,487
Due to (from) related parties		6,672			4,659			8,017			5,437			9,717			2,571
Net cash provided by (used in) operating activities		2,929			(15,923	)		3,156			50,239			4,486			(11,044	)
Cash flows from investing activities
Purchase of property improvements		-			(70,731	)		-			-			(5,600	)		-
Net cash used in investing activities		-			(70,731	)		-			-			(5,600	)		-
Cash flows from financing activities
Proceeds from operational notes payable, related party		-			86,822			-			-			7,300			-
Distributions		(4,141	)		-			(3,657	)		(53,182	)		(2,949	)		(4,022	)
Net cash provided by (used in) financing activities		(4,141	)		86,822			(3,657	)		(53,182	)		4,351			(4,022	)
Net change in cash		(1,212	)		168			(501	)		(2,943	)		3,236			(15,065	)
Cash at beginning of the period		3,535			-			1,940			97,847			5,064			20,282
Cash at end of the period	$	2,323		$	168		$	1,438		$	94,904		$	8,301		$	5,216
Cash paid for income taxes	$	300		$	-		$	-		$	50		$	1,450		$	2,359
Cash paid for interest expenses	$	360		$	13,349		$	1,313		$	-		$	7,604		$	17,789

See the accompanying notes to these consolidated and consolidating financial statements.

F-35

ARRIVED STR, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Serenity			Smokey			Solstice			Sugarcreek			SuiteSpot			Consolidated
Cash flows from operating activities
Net income (loss)	$	(31,532	)	$	(23,300	)	$	(18,080	)	$	(20,572	)	$	1,826		$	(682,326	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation		26,493			17,498			19,088			11,608			22,451			574,257
Amortization		1,232			-			-			525			-			8,978
(Increase) decrease in assets
Due (from) to third party property managers		7,523			315			(7,030	)		1,248			-			45,335
Prepaid expenses		977			832			838			420			991			23,159
Increase (decrease) in liabilities
Accrued expenses		(2,799	)		(3,628	)		(2,387	)		(726	)		4,513			(47,657	)
Accounts payable		-			-			-			-			-			-
Due from related parties, property manager		-			6,064			-			(551	)		1,349			28,158
Due to (from) related parties		2,932			(1,960	)		2,310			9,562			2,979			46,219
Net cash provided by (used in) operating activities		4,826			(4,179	)		(5,261	)		1,514			34,109			(3,877	)
Cash flows from investing activities
Purchase of property improvements		-			-			-			-			-			(93,420	)
Net cash used in investing activities		-			-			-			-			-			(93,420	)
Cash flows from financing activities
Proceeds from operational notes payable, related party		-			-			-			-			-			282,122
Distributions		(18,913	)		(7,862	)		(12,343	)		(1,851	)		(19,880	)		(279,228	)
Net cash provided by (used in) financing activities		(18,913	)		(7,862	)		(12,343	)		(1,851	)		(19,880	)		2,893
Net change in cash		(14,088	)		(12,041	)		(17,605	)		(337	)		14,228			(94,404	)
Cash at beginning of the period		71,400			13,163			66,103			815			3,225			504,161
Cash at end of the period	$	57,312		$	1,122		$	48,498		$	478		$	17,454		$	409,757
Cash paid for income taxes	$	107		$	2,240		$	-		$	200		$	739		$	12,035
Cash paid for interest expenses	$	15,891		$	-		$	-		$	8,828		$	263		$	193,241

See the accompanying notes to these consolidated and consolidating financial statements.

F-36

ARRIVED STR, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2024

	Ace			Billingswood			Cactus			Cardinal			Coolbaugh			Hammock
Cash flows from operating activities
Net income (loss)	$	1,102		$	(57,169	)	$	(1,524	)	$	18,012		$	(18,007	)	$	(36,352	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation		20,258			28,880			20,761			21,281			18,536			12,511
Amortization		159			-			1,101			117			-			487
(Increase) decrease in assets
Other receivables		-			-			-			-			-			-
Due (from) to third party property managers		(2,860	)		4,119			(3,581	)		(5,102	)		(3,905	)		(1,979	)
Prepaid expenses		(5,877	)		(5,157	)		-			(4,321	)		-			-
Increase (decrease) in liabilities
Accrued expenses		9,862			-			18,072			7,866			5,978			20,990
Accounts payable		100			300			3,631			650			300			100
Due to (from) related parties, property manager		-			4,119			-			-			-			-
Due to (from) related parties		35,597			3,932			(12,633	)		(8,676	)		(9,197	)		(25,038	)
Net cash provided by (used in) operating activities		45,560			8,351			9,071			(160	)		(2,919	)		(3,948	)
Cash flows from financing activities
Redemption of membership interests		(100	)		(300	)		(1,200	)		(650	)		(300	)		(100	)
Contributions		-			23,130			-			-			6,207			22,235
Distributions		(23,003	)		(14,106	)		(23,067	)		(17,079	)		(9,825	)		(6,267	)
Net cash provided by (used in) financing activities		(23,103	)		8,724			(24,267	)		(17,729	)		(3,918	)		15,868
Net change in cash		22,457			17,075			(15,196	)		(17,889	)		(6,837	)		11,920
Cash at beginning of the period		12,762			5,522			35,462			26,945			10,324			1,561
Cash at end of the period	$	35,219		$	22,597		$	20,267		$	9,057		$	3,487		$	13,481
Cash paid for income taxes	$	-		$	-		$	-		$	-		$	-		$	-
Cash paid for interest expenses	$	14,768		$	-		$	18,119		$	10,468		$	-		$	8,000
Supplemental disclosure of non-cash investing and financing activities
Advance from related party for acquisition of property	$	-		$	-		$	-		$	-		$	-		$	-
Mortgage payable, net of capitalized loan costs for acquisition of property	$	441,000		$	-		$	440,370		$	312,480		$	-		$	226,800

See the accompanying notes to these consolidated and consolidating financial statements.

F-37

ARRIVED STR, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2024

	Havasu			Hickorybear			Kinlani			Koi			Lakeridge			Lodge
Cash flows from operating activities
Net income (loss)	$	(38,536	)	$	(25,758	)	$	3,268		$	3,413		$	(29,248	)	$	(19,695	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation		21,467			17,497			17,151			30,739			13,630			25,294
Amortization		1,181			-			-			-			706			-
(Increase) decrease in assets
Other receivables		-			-			-			-			-			-
Due (from) to third party property managers		363			(1,632	)		(4,647	)		(3,202	)		(4,664	)		(7,788	)
Prepaid expenses		-			-			-			-			-			-
Increase (decrease) in liabilities
Accrued expenses		12,177			13,364			14,068			9,325			10,215			13,652
Accounts payable		2,343			400			300			-			-			400
Due to (from) related parties, property manager		363			-			-			-			-			-
Due to (from) related parties		5,726			231			(14,404	)		33,992			(21,961	)		16,232
Net cash provided by (used in) operating activities		20,608			13,995			(37	)		43,317			(11,746	)		30,284
Cash flows from financing activities
Redemption of membership interests		-			(400	)		(300	)		-			-			(400	)
Contributions		-			-			-			-			-			-
Distributions		(12,310	)		(21,255	)		(23,621	)		(10,476	)		(5,001	)		(31,676	)
Net cash provided by (used in) financing activities		(12,310	)		(21,655	)		(23,921	)		(10,476	)		(5,001	)		(32,076	)
Net change in cash		8,298			(7,661	)		(23,958	)		32,842			(16,747	)		(1,792	)
Cash at beginning of the period		15,342			28,072			59,888			-			20,120			43,291
Cash at end of the period	$	23,640		$	20,412		$	35,930		$	32,842		$	3,373		$	41,500
Cash paid for income taxes	$	-		$	-		$	-		$	-		$	-		$	-
Cash paid for interest expenses	$	17,580		$	-		$	-		$	-		$	10,511		$	-
Supplemental disclosure of non-cash investing and financing activities
Advance from related party for acquisition of property	$	-		$	-		$	-		$	680,206		$	-		$	-
Mortgage payable, net of capitalized loan costs for acquisition of property	$	472,500		$	-		$	-		$	-		$	282,500		$	-

See the accompanying notes to these consolidated and consolidating financial statements.

F-38

ARRIVED STR, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2024

	Longbranch			Loop			Mirage			Myrtle			Oasis			Opry
Cash flows from operating activities
Net income (loss)	$	(12,879	)	$	(32,178	)	$	(8,886	)	$	(11,311	)	$	(38,832	)	$	(36,999	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation		21,285			20,241			10,154			13,475			20,514			15,772
Amortization		-			-			-			-			613			1,155
(Increase) decrease in assets
Other receivables		(4,544	)		-			-			-			-			-
Due (from) to third party property managers		(5,419	)		-			1,545			-			(6,786	)		(4,264	)
Prepaid expenses		(585	)		-			(512	)		-			(4,601	)		-
Increase (decrease) in liabilities
Accrued expenses		14,600			9,831			8,834			8,630			4,331			29,440
Accounts payable		300			400			450			-			-			3,251
Due to (from) related parties, property manager		-			-			1,545			-			-			-
Due to (from) related parties		(18,272	)		5,820			(967	)		6,775			12,834			(47,989	)
Net cash provided by (used in) operating activities		(3,373	)		16,051			9,863			15,405			17,165			(15,298	)
Cash flows from financing activities
Redemption of membership interests		(300	)		(400	)		(450	)		-			-			(700	)
Contributions		-			-			-			1,428			-			-
Distributions		(23,852	)		(12,556	)		(10,089	)		(10,704	)		(14,186	)		(15,619	)
Net cash provided by (used in) financing activities		(24,152	)		(12,956	)		(10,539	)		(9,275	)		(14,186	)		(16,319	)
Net change in cash		(27,525	)		3,095			(676	)		6,130			2,979			(31,617	)
Cash at beginning of the period		53,534			9,253			18,754			25,351			6,434			79,528
Cash at end of the period	$	26,009		$	12,348		$	18,077		$	31,480		$	9,413		$	47,911
Cash paid for income taxes	$	-		$	-		$	-		$	-		$	-		$	-
Cash paid for interest expenses	$	-		$	-		$	-		$	-		$	16,761		$	19,009
Supplemental disclosure of non-cash investing and financing activities
Advance from related party for acquisition of property	$	-		$	-		$	-		$	-		$	-		$	-
Mortgage payable, net of capitalized loan costs for acquisition of property	$	-		$	-		$	-		$	-		$	487,500		$	462,000

See the accompanying notes to these consolidated and consolidating financial statements.

F-39

ARRIVED STR, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2024

	Orchard			Palm			Pasquin			Pickler			Pointbreak			Regal
Cash flows from operating activities
Net income (loss)	$	(27,622	)	$	(37,909	)	$	(29,320	)	$	14,070		$	(11,133	)	$	(68,531	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation		16,690			16,322			17,944			29,528			11,008			18,272
Amortization		-			781			-			-			73			1,188
(Increase) decrease in assets
Other receivables		-			-			-			-			-			-
Due (from) to third party property managers		(245	)		(688	)		(2,443	)		(4,446	)		-			1,000
Prepaid expenses		-			-			-			-			(1,755	)		-
Increase (decrease) in liabilities
Accrued expenses		7,796			17,632			5,638			18,102			6,598			14,524
Accounts payable		1,050			2,000			100			300			500			3,067
Due to (from) related parties, property manager		-			-			-			-			(1,761	)		1,000
Due to (from) related parties		(17,711	)		(5,758	)		(8,247	)		38,127			(8,190	)		673
Net cash provided by (used in) operating activities		(8,865	)		13,873			(2,510	)		56,529			(2,852	)		19,264
Cash flows from financing activities
Redemption of membership interests		(1,050	)		(450	)		(100	)		(300	)		(500	)		(300	)
Contributions		-			-			-			-			-			-
Distributions		(8,455	)		(6,459	)		(10,096	)		(29,669	)		(4,562	)		(14,001	)
Net cash provided by (used in) financing activities		(9,505	)		(6,909	)		(10,196	)		(29,969	)		(5,062	)		(14,301	)
Net change in cash		(18,370	)		6,964			(12,706	)		26,560			(7,914	)		4,963
Cash at beginning of the period		26,625			5,917			18,902			81,534			88,877			55,625
Cash at end of the period	$	8,255		$	12,881		$	6,197		$	108,094		$	80,962		$	60,588
Cash paid for income taxes	$	-		$	-		$	-		$	-		$	-		$	-
Cash paid for interest expenses	$	-		$	11,628		$	-		$	-		$	5,290		$	20,556
Supplemental disclosure of non-cash investing and financing activities
Advance from related party for acquisition of property	$	-		$	-		$	-		$	-		$	-		$	-
Mortgage payable, net of capitalized loan costs for acquisition of property	$	-		$	312,500		$	-		$	-		$	157,500		$	475,000

See the accompanying notes to these consolidated and consolidating financial statements.

F-40

ARRIVED STR, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2024

	Serenity			Smokey			Solstice			Sugarcreek			SuiteSpot			Consolidated
Cash flows from operating activities
Net income (loss)	$	(23,778	)	$	(34,591	)	$	(19,053	)	$	(31,747	)	$	10,380		$	(600,813	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation		26,493			17,498			18,979			11,608			21,616			555,404
Amortization		1,232			-			-			525			-			9,318
(Increase) decrease in assets
Other receivables		-			-			-			-			-			(4,544	)
Due (from) to third party property managers		437			315			(4,750	)		2,572			-			(58,053	)
Prepaid expenses		-			-			(4,979	)		-			(1,013	)		(28,799	)
Increase (decrease) in liabilities
Accrued expenses		19,455			10,697			12,489			5,853			19,868			349,890
Accounts payable		2,943			1,000			-			1,141			100			25,125
Due to (from) related parties, property manager		437			315			-			2,572			-			8,590
Due to (from) related parties		29,442			(10,131	)		(39,564	)		(10,807	)		16,522			(53,642	)
Net cash provided by (used in) operating activities		52,278			1,882			(27,075	)		(1,241	)		36,491			329,964
Cash flows from financing activities
Redemption of membership interests		(500	)		(300	)		-			(100	)		(100	)		(9,300	)
Contributions		-			-			-			-			-			53,000
Distributions		(27,820	)		(13,565	)		(19,957	)		(3,776	)		(33,302	)		(456,352	)
Net cash provided by (used in) financing activities		(28,320	)		(13,865	)		(19,957	)		(3,876	)		(33,402	)		(412,653	)
Net change in cash		23,958			(11,984	)		(47,032	)		(5,117	)		3,089			(82,689	)
Cash at beginning of the period		78,386			33,755			126,133			5,117			26,062			999,076
Cash at end of the period	$	102,344		$	21,771		$	79,101		$	-		$	29,150		$	916,387
Cash paid for income taxes	$	-		$	-		$	-		$	-		$	-		$	-
Cash paid for interest expenses	$	18,334		$	-		$	-		$	7,814		$	-		$	178,838
Supplemental disclosure of non-cash investing and financing activities
Advance from related party for acquisition of property	$	-		$	-		$	-		$	-		$	-		$	680,206
Mortgage payable, net of capitalized loan costs for acquisition of property	$	492,750		$	-		$	-		$	210,000		$	-		$	4,772,900

See the accompanying notes to these consolidated and consolidating financial statements.

F-41

ARRIVED STR, LLC AND ITS SERIES

NOTES TO THE UNAUDITED CONSOLIDATED AND CONSOLIDATING FINANCIAL STATEMENTS

NOTE 1: NATURE OF OPERATIONS

Arrived STR, LLC is a Delaware Series limited liability company formed on July 11, 2022 under the laws of Delaware. Arrived STR, LLC was formed to permit public investment in individual single family short-term rental homes, each of which will be held by a separate property-owning subsidiary owned by a separate Series of limited liability interests, or “Series,” that Arrived Fund Manager, LLC (the “Manager”) established. 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.

The following list represents each Arrived STR, LLC’s Series and each Series’ wholly-owned limited liability company (“LLC”), which was used to acquire the Series’ single family short-term rental property, along with the date the Series was formed and the date that the Series’ LLC acquired the single family short-term rental as of June 30, 2025.

Series Name	State LLC Name and wholly owned subsidiary of the Series	Date Formed	Acquisition Date
Arrived Series Ace, a Series of Arrived STR, LLC (Ace)	Arrived AZ Ace, LLC	9/6/2022	9/15/2022
Arrived Series Billingswood, a Series of Arrived STR, LLC (Billingswood)	Arrived NY Billingswood, LLC	2/24/2023	4/13/2023
Arrived Series Cactus, a Series of Arrived STR, LLC (Cactus)	Arrived AZ Cactus, LLC	9/13/2022	9/30/2022
Arrived Series Cardinal, a Series of Arrived STR, LLC (Cardinal)	Arrived AZ Cardinal, LLC	8/25/2022	9/14/2022
Arrived Series Coolbaugh, a Series of Arrived STR, LLC (Coolbaugh)	Arrived PA Coolbaugh, LLC	2/2/2023	3/31/2023
Arrived Series Hammock, a Series of Arrived STR, LLC (Hammock)	Arrived FL Hammock, LLC	8/29/2022	9/23/2022
Arrived Series Havasu, a Series of Arrived STR, LLC (Havasu)	Arrived AZ Havasu, LLC	10/21/2022	11/17/2022
Arrived Series Hickorybear, a Series of Arrived STR, LLC (Hickorybear)	Arrived OK Hickorybear, LLC	1/25/2023	2/16/2023
Arrived Series Kinlani, a Series of Arrived STR, LLC (Kinlani)	Arrived AZ Kinlani, LLC	1/23/2023	2/14/2023
Arrived Series Koi, a Series of Arrived STR, LLC (Koi)	Arrived AZ Koi, LLC	2/22/2023	3/29/2023
Arrived Series Lakeridge, a Series of Arrived STR, LLC (Lakeridge)	Arrived GA Lakeridge, LLC	10/8/2022	11/4/2022
Arrived Series Lodge, a Series of Arrived STR, LLC (Lodge)	Arrived OK Lodge, LLC	11/2/2022	11/21/2022
Arrived Series Longbranch, a Series of Arrived STR, LLC (Longbranch)	Arrived OK Longbranch, LLC	2/17/2023	3/29/2023
Arrived Series Loop, a Series of Arrived STR, LLC (Loop)	Arrived TN Loop, LLC	3/6/2023	4/11/2023
Arrived Series Mirage, a Series of Arrived STR, LLC (Mirage)	Arrived Series Mirage, a series of Arrived STR, LLC	4/7/2023	9/16/2022
Arrived Series Myrtle, a Series of Arrived STR, LLC (Myrtle)	Arrived SC Myrtle, LLC	12/2/2022	12/22/2022
Arrived Series Oasis, a Series of Arrived STR, LLC (Oasis)	Arrived TN Oasis, LLC	7/25/2022	8/26/2022
Arrived Series Opry, a Series of Arrived STR, LLC (Opry)	Arrived TN Opry, LLC	9/19/2022	1/11/2023
Arrived Series Orchard, a Series of Arrived STR, LLC (Orchard)	Arrived GA Orchard, LLC	8/25/2022	9/30/2022
Arrived Series Palm, a Series of Arrived STR, LLC (Palm)	Arrived FL Palm, LLC	10/10/2022	11/17/2022
Arrived Series Pasquin, a Series of Arrived STR, LLC (Pasquin)	Arrived PA Pasquin, LLC	1/23/2023	2/8/2023
Arrived Series Pickler, a Series of Arrived STR, LLC (Pickler)	Arrived AZ Pickler, LLC	3/16/2023	4/5/2023
Arrived Series Pointbreak, a Series of Arrived STR, LLC (Pointbreak)	Arrived FL Pointbreak, LLC	8/29/2022	9/20/2022
Arrived Series Regal, a Series of Arrived STR, LLC (Regal)	Arrived TN Regal, LLC	11/21/2022	12/19/2022
Arrived Series Serenity, a Series of Arrived STR, LLC (Serenity)	Arrived AZ Serenity, LLC	9/28/2022	10/20/2022
Arrived Series Smokey, a Series of Arrived STR, LLC (Smokey)	Arrived TN Smokey, LLC	3/10/2023	4/25/2023
Arrived Series Solstice, a Series of Arrived STR, LLC (Solstice)	Arrived MO Solstice, LLC	5/24/2023	7/5/2023
Arrived Series Sugarcreek, a Series of Arrived STR, LLC (Sugarcreek)	Arrived GA Sugarcreek, LLC	10/8/2022	11/2/2022
Arrived Series SuiteSpot, a Series of Arrived STR, LLC (SuiteSpot)	Arrived AZ SuiteSpot, LLC	5/15/2023	5/23/2023

F-42

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (GAAP). The Company has adopted a calendar year as its fiscal year.

The Company is an emerging growth company as the term is used in The Jumpstart Our Business Startups Act, enacted on April 5, 2012, and has elected to comply with certain reduced public company reporting requirements, however, the Company may adopt accounting standards based on the effective dates for public entities.

Principles of Consolidation

These consolidated and consolidating financial statements include the accounts of Arrived STR, LLC and its Series listed in Note 1. All inter-company transactions and balances have been eliminated upon consolidation.

Use of Estimates

The preparation of the consolidated and consolidating financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities at the date of the consolidated and consolidating financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ significantly from those estimates.

Deferred Offering Costs

The Company complies with the requirements of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 340-10-S99-1 with regards to offering costs. Prior to the completion of an offering, offering costs are capitalized. The deferred offering costs are charged to members’ equity upon the completion of an offering or to expense if the offering is not completed. Offering costs include offering expense reimbursements and sourcing fees as noted below.

Per the operating agreement, the Manager is eligible to receive up to a maximum of 2% of the gross offering proceeds per the Series offering, as reimbursement for offering expenses including legal, accounting, escrow, underwriting, filing and compliance costs, as applicable, related to a specific offering.

Upon completion of an offering, each Series may also be required to pay the Manager sourcing fees as defined in the offering documents. The Manager is responsible for sourcing and analyzing the Series’ property.

F-43

Fair Value of Financial Instruments

FASB guidance specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are as follows:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 1 primarily consists of financial instruments whose value is based on quoted market prices such as exchange-traded instruments and listed equities.

Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly (e.g., quoted prices of similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active).

Level 3 - Unobservable inputs for the asset or liability. Financial instruments are considered Level 3 when their fair values are determined using pricing models, discounted cash flows or similar techniques and at least one significant model assumption or input is unobservable.

The carrying amounts of the Company’s consolidated and consolidating financial instruments, such as cash and accrued expenses approximate fair value due to the short-term nature of these instruments. The carrying value of the mortgage payables and operational notes payable, related party approximate their fair values based on interest rates and terms currently available for similar instruments

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:

Old Town Rentals LLC

Initially, as compensation for the services provided by the property manager, each Series will be charged a property management fee equal to fifteen percent (15%) of all rents and fees as remitted to the series on a monthly basis. Such property management fee will increase to twenty percent (20%) of all rents and fees immediately following the time at which the net operating income of the Series in a calendar year exceeds nine percent (9%) of the sum of the purchase price of the Series property, the related furniture, fixtures and equipment and any setup costs for such Series.

Boutiq, Inc.

As compensation for the services provided by the property manager, each Series will be charged a property management fee equal to nineteen and one-half percent (19.5%) of all rents and fees as remitted to the Series on a monthly basis. Such property management fee will be reduced to eighteen (18%) beginning immediately following the first accounting period that Boutiq, Inc. manages properties for any entity managed by the Manager or its affiliates with a combined purchase price equal to or greater than $10 million.

Arrived Property Manager, LLC

As compensation for the property management services provided by the affiliated property manager, each Series will be charged a property management fee equal to twenty percent (20%) of all rents as remitted to the Series on a monthly basis. The Series managed by Arrived Property Manager, LLC are listed in Note 7.

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

F-44

Furniture, Fixture and Equipment

In addition to the Management Fee, each Series shall pay Property Manager a one-time fee equal to twenty percent (20%) of out-of-pocket costs for furniture, fixture and equipment (“FF&E Fee”). Each Series shall pay property manager the FF&E Fee upon the purchase of such furniture, fixture and equipment.

Property Disposition Fee

Upon the disposition and sale of the Series’ property, the Manager will charge each Series 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 the disposition fee charged to each 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 each Series, the Manager will receive the difference.

Prepaid and Accrued Expenses

Prepaid expenses consist of prepaid insurance. Accrued expenses includes accrued property taxes, interest payable on the Series’ mortgages payable, and interest payable for the Series’ operational notes payable– related party.

Due From (To) Third-party Property Managers

Due from (to) third-party property managers are uncollateralized obligations due under normal trade terms generally requiring payment within 30 days from the approved prior month financial statements. Due from (to) property managers are presented net of receipts and expenses for the reported month. The Company uses a loss-rate approach based on historical loss information, adjusted for management’s expectations about current and future economic conditions, as the basis to determine expected cash receipts and distributions. Management exercises significant judgment in determining expected credit losses. Key inputs include macroeconomic factors, industry trends, and the creditworthiness of counterparties. Management believes that the composition of receivables at year-end is consistent with historical conditions as credit terms and practices and the property managers have not changed significantly. The Company and Series determined it was not necessary to record an allowance for credit losses as of June 30, 2025 and December 31, 2024.

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation. The Company’s property and equipment includes the cost of the purchased property, including the building and related land. The Company allocates certain capitalized title fees and relevant acquisition expenses to the capitalized costs of the building. All capitalized property costs, except for the value attributable to the land, are depreciated using the straight-line method over the estimated useful life of 27.5 years. Additions and property improvements in excess of $5,000 are capitalized and depreciated using the straight-line method over the estimated useful lives of 5-7 years, while routine repairs and maintenance are charged to expense as incurred. At the time of retirement or other disposition of property and equipment, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in the statement of comprehensive income.

Impairment of Long-Lived Assets

The Company and Series continually monitors events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances are present, each Series assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, each Series recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell. The Company and Series did not record any impairment losses on long-lived assets for the six months ended June 30, 2025 and 2024.

F-45

Operating Expenses

Each Series is responsible for the costs and expenses attributable to the activities of such Series. The Manager will bear its own expenses of an ordinary nature. 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 the Series, the Manager may (a) pay such operating expenses and not seek reimbursement, in which case the expenses would be recognized by the Series with a credit to contributed capital. (b) loan the amount of the operating expenses to the Series, on which the Manager and its affiliates may impose a reasonable rate of interest and be entitled to reimbursement of such amount from future revenues generated by Series’ property, and/or (c) cause additional interests to be issued in the Series in order to cover such additional amounts.

Revenue Recognition

The Company adopted FASB ASC 606, Revenue from Contracts with Customers, and its related amendments, effective at inception using the modified retrospective transition approach applied to all contracts. There were no cumulative impacts that were made. The Company determines revenue recognition through the following steps:

● Identification of a contract with a customer;

● Identification of the performance obligations in the contract;

● Determination of the transaction price;

● Allocation of the transaction price to the performance obligations in the contract; and

● Recognition of revenue when or as the performance obligations are satisfied.

Revenue is recognized when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. As a practical expedient, the Company does not adjust the transaction price for the effects of a significant financing component if, at contract inception, the period between customer payment and the transfer of goods or services is expected to be one year or less.

The Company’s wholly-owned Series operate rental properties and recognizes rental revenue on a monthly basis as it is earned. Revenue from leasing arrangements falls outside the scope of FASB ASC 606 and is accounted for under the provisions of FASB ASC 842.

Comprehensive Income (loss)

The Company follows FASB ASC 220 in reporting comprehensive income (loss). Comprehensive income (loss) is a more inclusive financial reporting methodology that includes disclosure of certain financial information that historically has not been recognized in the calculation of net income (loss). Since the Company has no items of other comprehensive income (loss), comprehensive income (loss) is equal to net income (loss).

Organizational Costs

In accordance with FASB ASC 720, Organizational Costs, accounting fees, legal fees, and costs of incorporation are expensed as incurred.

F-46

Income Taxes

The Company follows FASB ASC 740 when accounting for income taxes, which requires an asset and liability approach to financial accounting and reporting for income taxes.  Deferred income tax assets and liabilities are computed annually for temporary differences between the financial statements and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income.  Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized.  Income tax expense is the tax payable or refundable for the period plus or minus the change during the period in deferred tax assets and liabilities. 

The Series have elected and qualify to be taxed as a C corporation.

Each Series is organized as an LLC for legal purposes and makes a subsequent election with the IRS to be treated as a C corporation for tax purposes. C corporations pay income tax at both the federal and state level. At the Federal level the tax rate is 21%. At the state level income taxes will be based on the tax table for that state. C corporations cannot allocate tax losses directly to shareholders, but under current law, federal losses may be accumulated and carried forward indefinitely and be used to offset up to 80% of taxable income in any future year, thereby reducing the reported taxable income. 

Recently Issued and Recently Adopted Accounting Pronouncements

In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842). This ASU requires a lessee to recognize a right-of-use asset and a lease liability under most operating leases in its balance sheet. The ASU is effective for annual and interim periods beginning after December 15, 2021. Early adoption is permitted. The Company adopted the updates effective July 11, 2022 (date of inception) and the adoption of the standard had no effect on the consolidated and consolidating financial statements.

In June 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments, as modified by FASB ASU No. 2019-10 and other subsequently issued related ASUs. The amendments in this Update affect loans, debt securities, trade receivables, and any other financial assets that have the contractual right to receive cash. The ASU requires an entity to recognize expected credit losses rather than incurred losses for financial assets. The amendments in this Update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company adopted this new guidance effective July 11, 2022 (date of inception) utilizing the modified retrospective transition method. The adoption of this standard did not have a material impact on the Company’s consolidated and consolidating financial statements, but did change how the allowance for credit losses is determined.

Management does not believe that any other recently issued, but not yet effective, accounting standards could have a material effect on the accompanying consolidated financial statements. As new accounting pronouncements are issued, the Company will adopt those that are applicable under the circumstances.

NOTE 3: GOING CONCERN

The accompanying consolidated and consolidating financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has a lack of liquidity, nominal cash, and has limited operations since inception. These factors, among others, raise substantial doubt about the ability of the Company to continue as a going concern for a reasonable period of time. The Company’s ability to continue as a going concern in the next twelve months from the filing of this Semi-Annual Report is dependent upon their ability to continue to generate cash flow from their rental properties and/or obtain financing from the Manager. However, there are assurances that the Company can continue to generate cash flow from their rental properties or that the Manager will always be in the position to provide funding when needed. The consolidated and consolidating financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

F-47

NOTE 4: PROPERTY AND EQUIPMENT

Property and equipment, net consists of the following as of June 30, 2025 and December 31, 2024.

June 30, 2025

Series	Building		Land		Property improvements and furniture, fixture & equipment		Total		Less: accumulated depreciation			Property and equipment, net
Ace	$	784,055	$	262,500	$	72,244	$	1,118,799	$	(107,179	)	$	1,011,620
Billingswood		580,572		193,524		231,673		1,005,769		(111,507	)		894,262
Cactus		786,585		262,125		64,590		1,113,300		(107,019	)		1,006,281
Cardinal		558,670		186,000		145,239		889,909		(113,451	)		776,457
Coolbaugh		316,854		105,618		127,756		550,228		(76,309	)		473,919
Hammock		408,491		135,000		50,840		594,331		(66,789	)		527,542
Havasu		787,910		262,500		90,532		1,140,942		(106,952	)		1,033,990
Hickorybear		542,965		180,988		75,189		799,143		(74,336	)		724,807
Kinlani		563,096		187,699		69,134		819,929		(75,692	)		744,237
Koi		506,779		168,926		221,186		896,892		(112,544	)		784,348
Lakeridge		427,248		141,250		62,470		630,968		(68,552	)		562,416
Lodge		776,434		257,500		129,892		1,163,826		(133,271	)		1,030,555
Longbranch		607,063		202,354		101,524		910,941		(88,629	)		822,312
Loop		491,284		163,761		101,804		756,849		(75,774	)		681,075
Mirage		474,155		157,250		17,235		648,640		(53,473	)		595,167
Myrtle		304,778		101,250		84,351		490,379		(60,524	)		429,855
Oasis		735,013		245,004		84,775		1,064,792		(113,293	)		951,499
Opry		827,688		275,896		14,806		1,118,391		(74,246	)		1,044,145
Orchard		415,974		137,500		91,267		644,741		(89,117	)		555,624
Palm		467,428		156,250		176,312		799,990		(83,763	)		716,227
Pasquin		343,350		114,450		117,008		574,808		(74,562	)		500,246
Pickler		811,789		270,596		147,682		1,230,067		(117,982	)		1,112,085
Pointbreak		285,408		93,750		74,877		454,035		(59,836	)		394,200
Regal		718,253		237,500		58,793		1,014,546		(84,156	)		930,389
Serenity		806,520		273,750		118,291		1,198,561		(133,958	)		1,064,603
Smokey		551,134		183,711		74,777		809,622		(72,909	)		736,713
Solstice		543,583		181,194		92,045		816,822		(68,938	)		747,884
Sugarcreek		317,894		105,000		58,281		481,174		(53,842	)		427,332
SuiteSpot		670,968		223,656		102,519		997,143		(86,482	)		910,662
	$	16,411,939	$	5,466,504	$	2,857,091	$	24,735,535	$	(2,545,086	)	$	22,190,449

F-48

December 31, 2024

Series Name	Building		Land		Property improvements and furniture, fixture & equipment		Total		Less: accumulated depreciation			Property and equipment, net
Ace	$	784,055	$	262,500	$	72,244	$	1,118,799	$	(86,921	)	$	1,031,878
Billingswood		580,572		193,524		231,673		1,005,769		(77,784	)		927,985
Cactus		786,585		262,125		64,590		1,113,300		(86,258	)		1,027,042
Cardinal		558,670		186,000		145,239		889,909		(88,770	)		801,139
Coolbaugh		316,854		105,618		127,756		550,228		(57,773	)		492,455
Hammock		408,491		135,000		50,840		594,331		(54,278	)		540,053
Havasu		787,910		262,500		73,443		1,123,853		(84,712	)		1,039,141
Hickorybear		542,965		180,988		75,189		799,143		(56,945	)		742,198
Kinlani		563,096		187,699		69,134		819,929		(58,540	)		761,388
Koi		506,779		168,926		221,186		896,892		(81,212	)		815,680
Lakeridge		427,248		141,250		62,470		630,968		(54,537	)		576,431
Lodge		776,434		257,500		129,892		1,163,826		(106,165	)		1,057,661
Longbranch		607,063		202,354		101,524		910,941		(67,439	)		843,502
Loop		491,284		163,761		101,804		756,849		(56,661	)		700,188
Mirage		474,155		157,250		17,235		648,640		(43,319	)		605,321
Myrtle		304,778		101,250		84,351		490,379		(46,548	)		443,831
Oasis		735,013		245,004		84,775		1,064,792		(91,451	)		973,340
Opry		827,688		275,896		14,806		1,118,391		(57,716	)		1,060,674
Orchard		415,974		137,500		91,267		644,741		(72,427	)		572,314
Palm		467,428		156,250		105,581		729,260		(64,373	)		664,886
Pasquin		343,350		114,450		117,008		574,808		(56,619	)		518,189
Pickler		811,789		270,596		147,682		1,230,067		(88,454	)		1,141,613
Pointbreak		285,408		93,750		69,277		448,435		(47,719	)		400,717
Regal		718,253		237,500		58,793		1,014,546		(65,218	)		949,328
Serenity		806,520		273,750		118,291		1,198,561		(107,465	)		1,091,096
Smokey		551,134		183,711		74,777		809,622		(55,411	)		754,211
Solstice		543,583		181,194		92,045		816,822		(49,850	)		766,972
Sugarcreek		317,894		105,000		58,281		481,174		(42,234	)		438,940
SuiteSpot		670,968		223,656		102,519		997,143		(64,031	)		933,113
	$	16,411,939	$	5,466,504	$	2,763,672	$	24,642,115	$	(1,970,829	)	$	22,671,286

Depreciation expense was $574,257 and $555,404, respectively, for the six months ended June 30, 2025 and 2024.

NOTE 5: MORTGAGE PAYABLES, NET

Mortgage payables are secured by each Series’ property and are interest-only obligations. Interest is payable monthly, with principal due at maturity or upon earlier repayment. The balances presented reflect outstanding principal amounts only. Certain mortgage payables were issued by a related party, Arrived Short Term Notes, LLC. As of June 30, 2025, all mortgage payables mature in more than one year and are therefore presented as non-current liabilities on the consolidated and consolidating balance sheets.

F-49

The following is a summary of Series mortgage payables as of June 30, 2025:

June 30, 2025

Series	Lender	Address	Mortgage principal		Cash/financing	Term (years)	Interest only period (years)	Interest rate
Ace	Certain Lending	14249 N. 49th Street, Scottsdale, AZ 85254	$	441,000	Term	30	7		6.625	%
Cactus	Arrived Short Term Notes, LLC	5108 E Janice Way, Scottsdale, AZ 85254		440,370	Term	30	5		6.625	%
Cardinal	Certain Lending	6085 North 85th Avenue, Glendale, AZ 85305		312,480	Term	30	7		6.625	%
Hammock	Private Lender	10736 Frances Lane, Largo, FL 33774		226,800	Term	30	5		6.625	%
Havasu	Certain Lending	520 Jones Drive, Havasu City, AZ 86406		472,500	Term	30	5		5.950	%
Lakeridge	Arrived Short Term Notes, LLC	105 Lake Ridge Drive, Blue Ridge, GA 30513		282,500	Term	30	5		5.950	%
Oasis	Certain Lending	964 Youngs Lane, Nashville, TN 37207		487,500	Term	30	7		6.625	%
Opry	Arrived Short Term Notes, LLC	3226 Charlotte Avenue, Nashville, TN 37209		462,000	Term	30	5		6.625	%
Palm	Arrived Short Term Notes, LLC	2299 Kentucky Street, West Palm Beach, FL 33406		312,500	Term	30	5		5.950	%
Pointbreak	Certain Lending	6410 Sunset Avenue #A & #B, Panama City, FL 32408		157,500	Term	30	7		6.625	%
Regal	Arrived Short Term Notes, LLC	2635 King Hollow Road, Sevierville, TN 37876		475,000	Term	30	5		6.990	%
Serenity	Arrived Short Term Notes, LLC	32 San Patricio Dr, Sedona, AZ 86336		492,750	Term	30	5		5.950	%
Sugarcreek	Arrived Short Term Notes, LLC	555 Sugar Creek Road, Blue Ridge, GA 30513		210,000	Term	30	5		5.950	%
			$	4,772,900

There were no changes in the composition or principal amounts of mortgage payables compared to December 31, 2024. Unamortized loan fees, presented as a deduction from mortgage payables, totaled $69,237 and $78,215, respectively, as of June 30, 2025 and December 31, 2024.

NOTE 6: OPERATIONAL NOTES, RELATED PARTY

As of June 30, 2025 and December 31, 2024, several Series obtained operational notes from a related party, Arrived Short Term Notes, LLC, in an aggregate amount of $1,040,222 and $758,100, respectively. These notes have a term of 18 months and bear interest at a rate of 6.5% to 7.5% per annum. The operational notes do not have any prepayment penalties. The proceeds were used for property improvements and other operating needs. Interest expense associated with these notes for the six months ended June 30, 2025 and 2024 was $31,269 and $0, respectively.

NOTE 7: MEMBERS’ EQUITY

During the six months ended June 30, 2024, each Series was managed by Arrived Holdings, Inc., a Delaware corporation. Effective January 2025, management responsibilities were transferred to Arrived Fund Manager, LLC, a Delaware limited liability company. Arrived Fund Manager, LLC is under common control with Arrived Holdings, Inc. and is therefore a related party.

Each Series is managed by Arrived Fund Manager, LLC, a Delaware limited liability company and managing member of the Company. Pursuant to the terms of the operating agreement, the Manager will provide certain management and advisory services, as well as management team and appropriate support personnel to the Company.

The Manager will be responsible for directing the management of Series’ business and affairs, managing the day-to-day affairs, and implementing the Series’ investment strategy. The Manager has a unilateral ability to amend the operating agreement and the allocation policy in certain circumstances without the consent of the investors. The investors only have limited voting rights with respect to the Series.

The Manager has sole discretion in determining what distributions, if any, are made to interest holders except as otherwise limited by law or the operating agreement. The Series expects the Manager to make distributions on a quarterly basis. However, the Manager may change the timing of distributions or determine that no distributions shall be made, in its sole discretion.

F-50

Membership Interests

During the six months ended June 30, 2025 and June 30, 2024, no Series had closed on a public offering of membership interests. During the six months ended June 30, 2024, certain Series redeemed an aggregate of 930 membership interests for total redemption proceeds of $9,300. There were no redemptions during the six months ended June 30, 2025.

Distributions

During the six months ended June 30, 2025 and 2024, distributions to investors were made by 29 Series, totaling $279,228 and $456,352, respectively, which were recorded as a reduction to members’ capital.

The following table reflects total distributions by Series during the six months ended June 30, 2025 and 2024.

Series	June 30, 2025		June 30, 2024
Ace	$	12,914	$	23,003
Billingswood		5,595		14,106
Cactus		15,271		23,067
Cardinal		11,376		17,079
Coolbaugh		1,423		9,825
Hammock		3,686		6,267
Havasu		4,590		12,310
Hickorybear		5,012		21,255
Kinlani		25,091		23,621
Koi		20,028		10,476
Lakeridge		2,697		5,001
Lodge		8,559		31,676
Longbranch		10,686		23,852
Loop		4,547		12,556
Mirage		4,202		10,089
Myrtle		6,448		10,704
Oasis		3,656		14,186
Opry		4,645		15,619
Orchard		4,141		8,455
Palm		-		6,459
Pasquin		3,657		10,096
Pickler		53,182		29,669
Pointbreak		2,949		4,562
Regal		4,022		14,001
Serenity		18,913		27,820
Smokey		7,862		13,565
Solstice		12,343		19,957
Sugarcreek		1,851		3,776
SuiteSpot		19,880		33,302
	$	279,228	$	456,352

NOTE 8: RELATED PARTY TRANSACTIONS

The Series’ Manager, Arrived Fund Manager, LLC, is the managing member with common management of the Series.

Due from (to) Related Party

Each Series enters into various transactions with the Manager and its affiliates in the normal course of operating and financing activities. As of June 30, 2025 and December 31, 2024, certain Series had outstanding payables of $304,148 and $252,621, respectively, to the Manager. These advances are interest-free, do not have defined repayment terms, and are used to support the ongoing operations of the business.

Due from (to) Related Party Property Manager

As of June 30, 2025 and December 31, 2024, certain Series had aggregate payables of $56,724 and $36,188, respectively, to Arrived Property Manager, LLC, while other Series had aggregate receivables of $5,308 and $7,622, respectively, from Arrived Property Manager, LLC.

F-51

Deemed Contributions

During the six months ended June 30, 2025 and 2024, certain Series received deemed contributions from the Manager amounting to $0 and $53,000, respectively, in exchange for forgiveness of amounts previously due to the Manager.

Management Compensation

During the six months ended June 30, 2025 and 2024, total management fees charged by the Manager, including asset management fees and property management fees, were $90,021 and $93,274, respectively. The following table reflects details of the total fees paid by Series to the Manager during the six months ended June 30, 2025 and 2024:

June 30, 2025

Series	Asset management fee		Property management fee, related party		Total
Ace	$	2,848	$	-	$	2,848
Billingswood		991		-		991
Cactus		2,901		-		2,901
Cardinal		3,068		-		3,068
Coolbaugh		251		-		251
Hammock		1,691		-		1,691
Havasu		983		-		983
Hickorybear		1,066		-		1,066
Kinlani		1,950		-		1,950
Koi		3,635		-		3,635
Lakeridge		835		-		835
Lodge		1,935		-		1,935
Longbranch		1,312		-		1,312
Loop		769		3,077		3,847
Mirage		633		-		633
Myrtle		1,191		4,746		5,937
Oasis		1,284		5,037		6,322
Opry		1,447		5,769		7,217
Orchard		812		-		812
Palm		52		-		52
Pasquin		763		-		763
Pickler		4,121		-		4,121
Pointbreak		1,472		5,630		7,102
Regal		1,282		4,978		6,259
Serenity		1,616		-		1,616
Smokey		695		2,841		3,536
Solstice		767		-		767
Sugarcreek		655		-		655
SuiteSpot		3,383		13,534		16,917
	$	44,409	$	45,612	$	90,021

F-52

June 30, 2024

Series	Asset management fee		Property management fee, related party		Total
Ace	$	3,440	$	-		3,440
Billingswood		541		-		541
Cactus		3,581		-		3,581
Cardinal		4,316		-		4,316
Coolbaugh		1,224		-		1,224
Hammock		1,367		-		1,367
Havasu		978		-		978
Hickorybear		1,156		-		1,156
Kinlani		2,174		-		2,174
Koi		3,357		-		3,357
Lakeridge		955		-		955
Lodge		2,545		-		2,545
Longbranch		1,700		-		1,700
Loop		931		3,725		4,656
Mirage		1,415		-		1,415
Myrtle		1,522		6,066		7,588
Oasis		1,647		-		1,647
Opry		1,128		-		1,128
Orchard		669		-		669
Palm		2,058		-		2,058
Pasquin		1,050		-		1,050
Pickler		4,857		-		4,857
Pointbreak		1,875		7,079		8,954
Regal		1,275		1,275		2,550
Serenity		2,577		-		2,577
Smokey		1,084		4,336		5,420
Solstice		919		-		919
Sugarcreek		478		-		478
SuiteSpot		3,996		15,982		19,977
	$	54,811	$	38,463	$	93,274

NOTE 9: INCOME TAXES

The Company is organized as a limited liability company for legal purposes but has elected to be treated as a C corporation for U.S. federal income tax purposes. As a result, the Company is subject to U.S. federal, state, and local income taxes.

For the six months ended June 30, 2025 and 2024, no provision for federal and state income taxes has been recorded. For Series that generated net income, prior year net operating loss carryforwards were utilized to reduce projected annual taxable income to zero. For Series with net losses, no income tax benefit has been recognized, as the Company has established a full valuation allowance against its net operating loss carryforwards.

In accordance with ASC 740, the Company evaluates temporary differences between the financial reporting basis and the tax basis of its assets and liabilities. As of June 30, 2025 and December 31, 2024, the Company did not have any material temporary differences other than net operating losses, which were fully reserved. Accordingly, no net deferred tax assets or liabilities were recorded.

The Company may be subject to state and local income or franchise taxes in various jurisdictions. These taxes are generally imposed based on the Company’s legal entity status or as a result of owning or operating real estate assets within those jurisdictions. For the six months ended June 30, 2025 and 2024, such state and local tax obligations, if any, were not material to the consolidated and consolidating financial statements.

The Company’s policy is to record interest and penalties related to unrecognized tax benefits, if any, as a component of income tax expense in the consolidated statements of operations. As of December 31, 2024, the Company had no unrecognized tax benefits and did not incur any interest or penalties related to uncertain tax positions during the six months ended June 30, 2025. Accordingly, no accrual for uncertain tax positions was recorded as of June 30, 2025 and December 31, 2024.

The Company is not currently subject to any income tax audits in any taxing jurisdiction. However, the Company’s 2024 and 2023 tax years remain open and subject to examination by the relevant taxing authorities.

NOTE 10: SUBSEQUENT EVENTS

During the period from July 1, 2025 through August 31, 2025, the Company has declared and paid aggregate dividends totaling $80,232.

F-53

ITEM 4. EXHIBITS

Exhibit No.	Description
2.1*	Certificate of Formation of Arrived STR, LLC
2.2*	Limited Liability Company Agreement of Arrived STR, LLC
3.1*	Form of Series Designation of Arrived Series [*], a series of Arrived STR, LLC
4.1*	Form of Subscription Agreement of Arrived Series [*], a series of Arrived STR, LLC
6.1*	Broker Dealer Agreement, dated July 26, 2022, between Arrived STR, LLC and Dalmore Group, LLC
6.2*	Transfer Agency and Registrar Services Agreement, dated July 27, 2022, between Arrived STR, LLC and Colonial Stock Transfer Company, Inc.
6.3*	Form of Promissory Note
6.4*	Form of Property Management Agreement, dated [*], 202[*], between Misfit Homes LLC and Arrived Series [*], a series of Arrived STR, LLC
6.5*	Software and Services License Agreement, dated [*], 202[*], by and between North Capital Investment Technology, Inc. and Arrived Holdings, Inc.
6.6*	Purchase and Sale Agreement dated July 19, 2022 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Oasis property
6.6.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Oasis dated July 25, 2022 for Arrived Series Oasis property
6.7*	Purchase and Sale Agreement dated August 17, 2022 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Ace property
6.7.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Ace dated August 26, 2022 for Arrived Series Ace property
6.7.2*	Counteroffer to Offer dated August 18, 2022 between Arrived Holdings, Inc./Assignee and Seller for Series Ace Property
6.7.3*	Addendum to Purchase and Sale Agreement dated August 23, 2022 between Arrived Holdings, Inc./Assignee and Seller for Series Ace Property
6.8*	Purchase and Sale Agreement dated August 15, 2022 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Cardinal property
6.8.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Cardinal dated August 26, 2022 for Arrived Series Cardinal property
6.9*	Purchase and Sale Agreement dated August 23, 2022 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Hammock property
6.9.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Hammock dated August 30, 2022 for Arrived Series Hammock property
6.10*	Purchase and Sale Agreement dated August 10, 2022 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Mirage property
6.10.1*	Counteroffer to Offer dated August 15, 2022 between Arrived Holdings, Inc./Assignee and Seller for Series Mirage Property

8

6.11*	Purchase and Sale Agreement dated August 23, 2022 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Orchard property
6.11.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Orchard dated August 26, 2022 for Arrived Series Orchard property
6.11.2*	Addendum to Purchase and Sale Agreement dated August 23, 2022 between Arrived Holdings, Inc./Assignee and Seller for Series Orchard Property
6.12*	Purchase and Sale Agreement dated August 11, 2022 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Pointbreak property
6.12.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Pointbreak dated August 30, 2022 for Arrived Series Pointbreak property
6.12.2*	Addendum to Purchase and Sale Agreement dated September 28, 2022 between Arrived Holdings, Inc./Assignee and Seller for Series Pointbreak Property
6.13*	Form of Property Management Agreement, dated [*], 202[*], between Old Town Rentals LLC and Arrived Series [*], a series of Arrived STR, LLC
6.14*	Form of Property Management Agreement, dated [*], 202[*], between Roseus Hospitality Group LLC and Arrived Series [*], a series of Arrived STR, LLC
6.15*	Form of Property Management Agreement, dated [*], 202[*], between Southern Comfort Cabin Rentals, LLC and Arrived Series [*], a series of Arrived STR, LLC
6.16*	Form of Property Management Agreement, dated [*], 202[*], between Alpha Geek Capital 2 LLC and Arrived Series [*], a series of Arrived STR, LLC
6.17*	Purchase and Sale Agreement dated September 9, 2022 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Cactus property
6.17.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Cactus dated September 13, 2022 for Arrived Series Cactus property
6.17.2*	Counteroffer to Offer dated September 10, 2022 between Arrived Holdings, Inc./Assignee and Seller for Series Cactus Property
6.18*	Purchase and Sale Agreement dated August 18, 2022 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Opry property
6.18.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Opry dated September 19, 2022 for Arrived Series Opry property
6.19*	Purchase and Sale Agreement dated October 4, 2022 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Lakeridge property
6.19.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Lakeridge dated October 8, 2022 for Arrived Series Lakeridge property

9

6.20*	Purchase and Sale Agreement dated October 7, 2022 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Palm property
6.20.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Palm dated September 13, 2022 for Arrived Series Palm property
6.20.2*	Addendum to Purchase and Sale Agreement dated September 23, 2022 between Arrived Holdings, Inc./Assignee and Seller for Series Palm Property
6.21*	Purchase and Sale Agreement dated September 9, 2022 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Serenity property
6.21.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Serenity dated September 28, 2022 for Arrived Series Serenity property
6.21.2*	Addendum to Purchase and Sale Agreement dated September 24, 2022 between Arrived Holdings, Inc./Assignee and Seller for Series Serenity Property
6.21.3*	Addendum to Purchase and Sale Agreement dated September 24, 2022 between Arrived Holdings, Inc./Assignee and Seller for Series Serenity Property
6.22*	Purchase and Sale Agreement dated October 6, 2022 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Sugarcreek property
6.22.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Sugarcreek dated October 8, 2022 for Arrived Series Sugarcreek property
6.23*	Purchase and Sale Agreement dated October 18, 2022 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Havasu property
6.23.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Havasu dated October 19, 2022 for Arrived Series Havasu property
6.24*	Form of Property Management Agreement, dated [*], 202[*], between AvantStay, Inc. and Arrived Series [*], a series of Arrived STR, LLC
6.25*	Purchase and Sale Agreement dated November 18, 2022 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Regal property
6.25.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Regal dated November 29, 2022 for Arrived Series Regal property
6.26*	Purchase and Sale Agreement dated October 28, 2022 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Lodge property
6.26.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Lodge dated November 10, 2022 for Arrived Series Lodge property
6.27*	Form of Property Management Agreement, dated [*], 202[*], between Cabins in Broken Bow and Arrived Series [*], a series of Arrived STR, LLC
6.26*	Purchase and Sale Agreement dated January 14, 2023 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Hickorybear property
6.26.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Hickorybear dated January 25, 2023 for Arrived Series Hickorybear property
6.26.2*	Addendum to Purchase and Sale Agreement dated January 12, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Hickorybear Property
6.27*	Purchase and Sale Agreement dated January 16, 2023 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Kinlani property
6.27.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Kinlani dated January 23, 2023 for Arrived Series Kinlani property
6.28*	Purchase and Sale Agreement dated January 20, 2023 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Myrtle property
6.28.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Myrtle dated January 20, 2022 for Arrived Series Myrtle property
6.28.2*	Addendum to Purchase and Sale Agreement dated December 3, 2022 between Arrived Holdings, Inc./Assignee and Seller for Series Myrtle Property
6.29*	Purchase and Sale Agreement dated January 11, 2023 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Pasquin property

10

6.29.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Pasquin dated January 23, 2023 for Arrived Series Pasquin property
6.29.2*	Addendum to Purchase and Sale Agreement dated January 10, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Pasquin Property
6.30*	Purchase and Sale Agreement dated January 19, 2023 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Coolbaugh property
6.30.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Coolbaugh dated February 3, 2023 for Arrived Series Coolbaugh property
6.31*	Purchase and Sale Agreement dated February 10, 2023 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Koi property
6.31.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Koi dated February 22, 2023 for Arrived Series Koi property
6.31.2*	Counteroffer to Offer dated February 15, 2022 between Arrived Holdings, Inc./Assignee and Seller for Series Koi Property
6.32*	Purchase and Sale Agreement dated February 10, 2023 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Longbranch property
6.32.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Longbranch dated February 22, 2023 for Arrived Series Longbranch property
6.33*	Purchase and Sale Agreement dated March 4, 2023 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Loop property
6.33.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Loop dated March 6, 2023 for Arrived Series Loop property
6.33.2*	Addendum to Purchase and Sale Agreement dated March 5, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Loop Property
6.33.4*	Counteroffer to Offer dated March 5, 2022 between Arrived Holdings, Inc./Assignee and Seller for Series Loop Property
6.34*	Purchase and Sale Agreement dated March 9, 2023 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Pickler property
6.34.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Pickler dated March 16, 2023 for Arrived Series Pickler property
6.35*	Purchase and Sale Agreement dated February 10, 2023 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Billingswood property
6.35.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Billingswood dated February 24, 2023 for Arrived Series Billingswood property
6.36*	Purchase and Sale Agreement dated March 3, 2023 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Smokey property
6.36.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Smokey dated March 10, 2023 for Arrived Series Smokey property
6.36.2*	Counteroffer to Offer dated March 8, 2022 between Arrived Holdings, Inc./Assignee and Seller for Series Smokey Property
6.37*	Purchase and Sale Agreement dated May 24, 2023 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Solstice property
6.37.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Solstice dated May 24, 2023 for Arrived Series Solstice property
6.38*	Purchase and Sale Agreement dated April 30, 2023 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series SuiteSpot property
6.38.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series SuiteSpot dated May 15, 2023 for Arrived Series SuiteSpot property
6.39*	Form of Property Management Agreement, dated [*], 202[*], between Arrived Property Manager, LLC and Arrived Series [*], a series of Arrived STR, LLC
8.1*	Form of Escrow Agreement, dated [*], 202[*], by and among North Capital Private Securities Corporation, Arrived Holdings, Inc. and Arrived Series [*], a series of Arrived STR, LLC

* Previously Filed

11

SIGNATURES

Pursuant to the requirements of Regulation A, the issuer has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

ARRIVED STR, LLC
By:	Arrived Fund Manager, LLC, its managing member
By:	/s/ Ryan Frazier
	Name:	Ryan Frazier
	Title:	Chief Executive Officer
	Date:	September 29, 2025

Pursuant to the requirements of Regulation A, this report has been signed below by the following persons on behalf of the issuer and in the capacities and on the dates indicated.

SIGNATURE		TITLE	DATE
/s/ Ryan Frazier		Chief Executive Officer of Arrived Holdings, Inc.	September 29, 2025
Ryan Frazier		(principal executive officer) Chief Executive Officer and Director of Arrived STR, LLC
/s/ Sue Korn		Principal Financial and	September 29, 2025
Sue Korn		Accounting Officer of Arrived Holdings, Inc. Principal Financial and Accounting Officer of Arrived STR, LLC
Arrived Fund Manager, LLC		Managing Member	September 29, 2025
By:	/s/ Ryan Frazier
Name:	Ryan Frazier
Title:	Chief Executive Officer

12