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 HOMES 4, LLC

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

Delaware	93-2644213
(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 Homes platform (defined below); and various other matters (including contingent liabilities and obligations and changes in accounting policies, standards and interpretations). These forward-looking statements express the manager’s expectations, hopes, beliefs, and intentions regarding the future. In addition, without limiting the foregoing, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements.  The words “anticipates,” “believes,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “might,” “plans,” “possible,” “potential,” “predicts,” “projects,” “seeks,” “should,” “will,” “would” and similar expressions and variations, or comparable terminology, or the negatives of any of the foregoing, may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements contained in this Form 1-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 Post-Qualification Amendment No. 13 to our Offering Statement on Form 1-A filed by the company with the Securities and Exchange Commission (the “Commission”), as may be amended, and in our subsequent reports and offering statements filed from time to time with the Commission. Should one or more of these risks or uncertainties materialize, or should any of the parties’ assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. You should not place undue reliance on any forward-looking statements and should not make an investment decision based solely on these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

ii

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

Overview

Arrived Homes 4, LLC, a Delaware series limited liability company, was formed in July 2023 to permit public investment in individual residential properties. We believe people should have access to the wealth creation that real estate investment can provide. We believe in passive income, conservative debt, diversification, and aligned incentives.

Arrived is a marketplace for investing in real estate. We buy residential properties, divide them into multiple interests, and offer them as investments on a per interest basis through our web-based platform. Investors can manage their risk by spreading their investments across a portfolio of homes and they can invest in real estate without needing to apply for mortgages or take on personal debt.

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

Arrived arranges for a property manager to operate the properties as single-family rentals for tenants who can also invest through the same process as any other member of the Arrived Platform, becoming part owners of the homes they’re staying in at that time. By investing together, we align incentives towards creating value for everyone.

Since its formation in July 2023, our company has been engaged primarily in acquiring properties for its series offerings, developing the financial, offering and other materials to facilitate fundraising, and taking the steps necessary to effectuate the series offerings and the management of the associated series properties. As of June 30, 2025, our company has acquired 36 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. These 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.

In addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We may elect 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.

1

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

Distributions

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

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

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
Allen	$	12,776	$	2,165
Annadale		12,570		-
Arcola		8,459		-
Arnold		12,720		-
Breckenridge		11,587		5,290
Bristol		12,145		-
Cher		6,348		-
Cole		13,320		-
Commodore		15,570		-
Cordelia		13,770		-
Cranberry		7,730		-
Dan		10,770		-
Flintwood		14,870		-
Gentry		14,070		-
Gerald		11,220		-
Harold		12,191		-
Holly		7,375		-
Monterey		10,802		-
Mystic		11,820		-
Nicole		12,720		-
Olivia		7,803		-
Prakash		8,063		-
Resolana		11,520		-
Sachi		13,170		-
Sandridge		7,651		-
Sanford		9,270		-
Satjanon		8,715		-
Shawnee		8,157		-
Sonny		7,093		-
Sullivan		12,720		-
Troxler		12,728		-
Tyner		13,920		-
Wendell		12,120		-
Westbury		10,920		-
Westgate		9,258		-
Wizard		16,600		-
	$	402,540	$	7,455

3

Operating Expenses

The Company incurred the following operating expenses during the six months ended June 30, 2025 and 2024. The operating expenses incurred prior to the closing of an offering related to any of the series are being paid by our manager and are reimbursed by such series out of the gross offering proceeds upon closing of the relevant series offering. Such operating expenses include real estate taxes, property insurance, home ownership association fees and repairs and maintenance costs. Upon closing, each series becomes responsible for its own operating expenses.

The 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
Allen	$	7,912	$	4,158	$	12,069	$	8,070	$	-	$	8,070
Annadale		7,955		4,837		12,792		-		-		-
Arcola		10,105		3,442		13,547		-		-		-
Arnold		5,900		4,098		9,997		-		-		-
Breckenridge		7,757		5,138		12,895		9,940		856		10,796
Bristol		10,036		4,821		14,857		-		-		-
Cher		10,363		3,971		14,334		-		-		-
Cole		5,531		4,073		9,604		-		-		-
Commodore		7,365		5,320		12,685		-		-		-
Cordelia		6,516		4,813		11,329		4,444		-		4,444
Cranberry		10,837		3,625		14,462		-		-		-
Dan		4,840		3,653		8,493		2,968		-		2,968
Flintwood		6,389		5,029		11,418		-		-		-
Gentry		10,871		4,702		15,573		-		-		-
Gerald		6,602		4,233		10,834		-		-		-
Harold		7,112		4,172		11,284		-		-		-
Holly		10,621		2,855		13,475		-		-		-
Monterey		5,976		3,915		9,891		1,723		-		1,723
Mystic		6,472		4,255		10,727		-		-		-
Nicole		4,978		4,212		9,190		-		-		-
Olivia		9,157		2,135		11,293		-		-		-
Prakash		9,712		2,316		12,028		-		-		-
Resolana		4,478		4,049		8,527		12,989		-		12,989
Sachi		8,564		4,633		13,197		-		-		-
Sandridge		12,477		4,668		17,146		781		-		781
Sanford		3,954		2,454		6,407		3,939		-		3,939
Satjanon		13,231		2,597		15,828		-		-		-
Shawnee		10,538		2,887		13,425		-		-		-
Sonny		10,313		3,971		14,284		-		-		-
Sullivan		5,382		4,411		9,793		1,707		-		1,707
Troxler		10,636		3,445		14,081		-		-		-
Tyner		6,803		5,919		12,723		4,587		-		4,587
Wendell		6,905		4,133		11,039		-		-		-
Westbury		6,905		3,982		10,886		-		-		-
Westgate		7,436		4,733		12,169		1,734		-		1,734
Wizard		6,525		4,589		11,114		-		-		-
	$	287,154	$	146,240	$	433,394	$	52,882	$	856	$	53,739

4

Other Expenses

Other expenses for the six months ended June 30, 2025 and 2024, consisted of the following interest expenses:

Other Expenses
Series Name	June 30, 2025		June 30, 2024
Allen	$	-	$	2,943
Annadale		-		-
Arcola		3,159		-
Arnold		-		-
Breckenridge		-		3,999
Bristol		-		-
Cher		2,435		-
Cole		-		-
Commodore		-		-
Cordelia		-		1,821
Cranberry		4,806		-
Dan		-		1,820
Flintwood		-		-
Gentry		1,958		-
Gerald		-		-
Harold		-		-
Holly		2,554		-
Monterey		-		1,820
Mystic		-		-
Nicole		-		-
Olivia		7,316		-
Prakash		8,419		-
Resolana		-		1,859
Sachi		-		-
Sandridge		-		335
Sanford		-		1,172
Satjanon		3,740		-
Shawnee		2,762		-
Sonny		1,663		-
Sullivan		-		830
Troxler		2,033		-
Tyner		-		1,659
Wendell		-		-
Westbury		-		-
Westgate		-		1,765
Wizard		-		-
	$	40,845	$	20,022

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.

5

Cash and Cash Equivalent Balances

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

The following table summarizes the cash and cash equivalents by series as of June 30, 2025 and 2024:

Cash & Cash Equivalents
Series Name	June 30, 2025		June 30, 2024
Allen	$	18,239	$	20,174
Annadale		22,882		-
Arcola		13,182		-
Arnold		17,387		-
Breckenridge		21,608		27,632
Bristol		24,030		-
Cher		16,658		-
Cole		18,537		-
Commodore		28,297		-
Cordelia		22,758		-
Cranberry		16,292		-
Dan		43,161		-
Flintwood		27,025		-
Gentry		23,864		-
Gerald		15,170		-
Harold		24,690		-
Holly		22,923		-
Monterey		20,740		-
Mystic		16,240		-
Nicole		18,087		-
Olivia		2,225		-
Prakash		2,325		-
Resolana		12,058		-
Sachi		18,227		-
Sandridge		20,221		-
Sanford		8,300		-
Satjanon		25,549		-
Shawnee		24,335		-
Sonny		14,284		-
Sullivan		28,632		-
Troxler		23,004		-
Tyner		18,656		-
Wendell		15,515		-
Westbury		17,604		-
Westgate		25,691		-
Wizard		24,400		-
	$	712,797	$	47,805

6

Plan of Operations

We intend to hold and manage the series properties for five to seven years during which time we will operate the series properties as single-family rental income properties. During this period, we intend to distribute any Free Cash Flow to investors.

As each of our properties reaches what we believe to be its optimum value, we will consider disposing of the property. The determination of when a particular property should be sold or otherwise disposed of will be made after consideration of relevant factors, including prevailing and projected economic conditions, whether the value of the property is anticipated to appreciate or decline substantially, local regulatory changes, environmental and other factors that may reduce the desirability of single-family rentals in a particular market, and how operating history may impact the potential sales price. The manager may determine that it is in the best interests of members to sell a property earlier than five years or to hold a property for more than seven years.

We plan to launch a number of additional series and related offerings in the next twelve months.  As of the current date, we do not know how many series we will be offering. However, in any case, the aggregate dollar amount of all of the series interests that we will sell within the 12-month period will not exceed the maximum amount allowed under Regulation A. It is anticipated that the proceeds from any offerings closed during the next twelve months will be used to acquire additional properties.

Our Policies for Approving New Tenants 

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

Trend Information

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

- 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 HOMES 4, LLC AND ITS SERIES

UNAUDITED CONSOLIDATED AND CONSOLIDATING FINANCIAL STATEMENTS

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

UNAUDITED CONSOLIDATED AND CONSOLIDATING BALANCE SHEET AS OF JUNE 30, 2025	F-2
AUDITED CONSOLIDATED AND CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2024	F-6
UNAUDITED CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) FOR THE SIX MONTHS ENDED JUNE 30, 2025	F-10
UNAUDITED CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) FOR THE SIX MONTHS ENDED JUNE 30, 2024	F-14
UNAUDITED CONSOLIDATED AND CONSOLIDATING STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT) FOR THE SIX MONTHS ENDED JUNE 30, 2025	F-15
UNAUDITED CONSOLIDATED AND CONSOLIDATING STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT) FOR THE SIX MONTHS ENDED JUNE 30, 2024	F-19
UNAUDITED CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2025	F-20
UNAUDITED CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2024	F-24
NOTES TO UNAUDITED CONSOLIDATED AND CONSOLIDATING FINANCIAL STATEMENTS	F-25

F-1

ARRIVED HOMES 4, LLC AND ITS SERIES

UNAUDITED CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF JUNE 30, 2025

	Allen			Annadale			Arcola			Arnold			Breckenridge			Bristol			Cher			Cole			Commodore
ASSETS
Current assets:
Cash	$	18,239		$	22,882		$	13,182		$	17,387		$	21,608		$	24,030		$	16,658		$	18,537		$	28,297
Due from (to) third party property managers		2,455			4,435			6,215			4,251			2,891			6,108			4,252			4,616			5,141
Due to (from) related party		-			-			6,175			-			-			-			-			-			-
Total current assets		20,694			27,317			25,572			21,639			24,499			30,138			20,910			23,153			33,437
Property and equipment, net		295,613			346,194			301,584			306,479			364,377			346,699			285,814			290,996			382,955
Total assets	$	316,306		$	373,511		$	327,156		$	328,118		$	388,875		$	376,837		$	306,725		$	314,149		$	416,392
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)
Current liabilities:
Accrued expenses	$	2,669		$	4,006		$	3,603		$	5,210		$	3,385		$	7,768		$	3,937		$	2,994		$	5,612
Due to (from) related party		3,001			2,217			-			2,319			3,657			2,073			1,547			2,312			2,282
Total Current liabilities		5,670			6,223			3,603			7,529			7,042			9,841			5,484			5,306			7,894
Tenant deposits		2,545			2,095			4,190			2,345			3,095			3,843			2,345			2,445			2,595
Bridge financing, related party		-			-			-			-			-			-			-			-			-
Total Liabilities		8,215			8,318			7,793			9,874			10,137			13,684			7,829			7,751			10,489
Members’ equity (deficit)
Members’ capital		314,003			382,127			335,801			327,854			388,472			380,660			316,317			314,093			423,415
Accumulated deficit		(5,912	)		(16,933	)		(16,439	)		(9,610	)		(9,734	)		(17,507	)		(17,421	)		(7,695	)		(17,512	)
Total members’ equity (deficit)		308,091			365,193			319,363			318,244			378,738			363,153			298,896			306,398			405,903
Total liabilities and members’ equity (deficit)	$	316,306		$	373,511		$	327,156		$	328,118		$	388,875		$	376,837		$	306,725		$	314,149		$	416,392

F-2

ARRIVED HOMES 4, LLC AND ITS SERIES

UNAUDITED CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF JUNE 30, 2025

	Cordelia			Cranberry			Dan			Flintwood			Gentry			Gerald			Harold			Holly			Monterey
ASSETS
Current assets:
Cash	$	22,758		$	16,292		$	43,161		$	27,025		$	23,864		$	15,170		$	24,690		$	22,923		$	20,740
Due from (to) third party property managers		4,498			4,060			4,128			4,927			5,072			3,780			2,285			4,214			2,552
Due to (from) related party		-			-			-			-			-			-			-			3,085			-
Total current assets		27,256			20,352			47,290			31,952			28,936			18,950			26,975			30,221			23,292
Property and equipment, net		344,637			314,362			268,605			360,704			338,605			309,938			306,300			311,392			293,494
Total assets	$	371,893		$	334,714		$	315,895		$	392,656		$	367,541		$	328,888		$	333,275		$	341,614		$	316,786
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)
Current liabilities:
Accrued expenses	$	3,692		$	4,143		$	3,601		$	3,922		$	3,986		$	5,034		$	5,054		$	2,978		$	3,842
Due to (from) related party		2,973			1,457			2,547			2,524			1,873			2,101			2,178			-			2,598
Total Current liabilities		6,665			5,600			6,148			6,446			5,859			7,135			7,232			2,978			6,440
Tenant deposits		2,295			2,095			2,468			2,495			2,795			2,095			2,843			2,195			1,750
Bridge financing, related party		-			-			-			-			-			-			-			-			-
Total Liabilities		8,960			7,695			8,615			8,941			8,654			9,230			10,075			5,173			8,190
Members’ equity (deficit)
Members’ capital		376,049			346,129			318,501			395,508			373,478			340,187			338,300			345,094			322,896
Accumulated deficit		(13,117	)		(19,110	)		(11,221	)		(11,793	)		(14,591	)		(20,529	)		(15,099	)		(8,654	)		(14,299	)
Total members’ equity (deficit)		362,932			327,019			307,279			383,715			358,887			319,659			323,200			336,440			308,596
Total liabilities and members’ equity (deficit)	$	371,893		$	334,714		$	315,895		$	392,656		$	367,541		$	328,888		$	333,275		$	341,614		$	316,786

F-3

ARRIVED HOMES 4, LLC AND ITS SERIES

UNAUDITED CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF JUNE 30, 2025

	Mystic			Nicole			Olivia			Prakash			Resolana			Sachi			Sandridge			Sanford			Satjanon
ASSETS
Current assets:
Cash	$	16,240		$	18,087		$	2,225		$	2,325		$	12,058		$	18,227		$	20,221		$	8,300		$	25,549
Due from (to) third party property managers		3,683			4,432			2,170			4,665			4,092			4,071			2,233			3,734			4,932
Due to (from) related party		-			-			-			-			-			-			-			-			-
Total current assets		19,923			22,519			4,395			6,990			16,150			22,298			22,454			12,034			30,482
Property and equipment, net		303,940			300,722			312,171			338,742			287,972			332,871			332,942			174,926			377,033
Total assets	$	323,864		$	323,241		$	316,566		$	345,732		$	304,122		$	355,170		$	355,396		$	186,960		$	407,515
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)
Current liabilities:
Accrued expenses	$	3,904		$	2,413		$	10,330		$	11,945		$	1,682		$	3,411		$	3,847		$	3,097		$	3,039
Due to (from) related party		2,357			2,351			16,041			15,775			2,427			2,015			2,554			1,950			278
Total Current liabilities		6,261			4,764			26,371			27,721			4,109			5,425			6,401			5,047			3,318
Tenant deposits		2,195			2,345			-			2,395			2,145			2,195			-			1,995			2,495
Bridge financing, related party		-			-			301,000			328,000			-			-			-			-			-
Total Liabilities		8,456			7,109			327,371			358,116			6,254			7,620			6,401			7,042			5,813
Members’ equity (deficit)
Members’ capital		333,900			322,351			-			-			314,030			366,787			365,057			185,403			412,556
Accumulated deficit		(18,493	)		(6,219	)		(10,806	)		(12,383	)		(16,163	)		(19,237	)		(16,062	)		(5,485	)		(10,853	)
Total members’ equity (deficit)		315,407			316,132			(10,806	)		(12,383	)		297,868			347,549			348,995			179,918			401,702
Total liabilities and members’ equity (deficit)	$	323,864		$	323,241		$	316,566		$	345,732		$	304,122		$	355,170		$	355,396		$	186,960		$	407,515

F-4

ARRIVED HOMES 4, LLC AND ITS SERIES

UNAUDITED CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF JUNE 30, 2025

	Shawnee			Sonny			Sullivan			Troxler			Tyner			Wendell			Westbury			Westgate			Wizard			Consolidated
ASSETS
Current assets:
Cash	$	24,335		$	14,284		$	28,632		$	23,004		$	18,656		$	15,515		$	17,604		$	25,691		$	24,400		$	712,797
Due from (to) third party property managers		4,207			3,654			4,542			4,595			5,980			4,407			3,099			2,297			4,172			146,844
Due to (from) related party		280			-			-			-			-			-			-			-			-			9,539
Total current assets		28,822			17,937			33,174			27,599			24,636			19,922			20,703			27,989			28,572			869,180
Property and equipment, net		314,012			285,814			315,763			301,825			420,674			296,479			286,180			337,399			329,188			11,417,402
Total assets	$	342,834		$	303,752		$	348,937		$	329,424		$	445,310		$	316,400		$	306,883		$	365,388		$	357,759		$	12,286,582
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)
Current liabilities:
Accrued expenses	$	3,066		$	3,946		$	3,335		$	4,089		$	2,572		$	3,788		$	7,245		$	3,325		$	4,030		$	154,502
Due to (from) related party		-			1,711			2,454			1,600			3,840			2,051			1,820			2,788			2,241			101,913
Total Current liabilities		3,066			5,658			5,789			5,690			6,412			5,839			9,065			6,113			6,271			256,415
Tenant deposits		2,195			1,895			2,345			2,445			3,693			2,245			2,045			2,495			2,445			84,095
Bridge financing, related party		-			-			-			-			-			-			-			-			-			629,000
Total Liabilities		5,261			7,553			8,134			8,135			10,104			8,084			11,110			8,608			8,716			969,510
Members’ equity (deficit)
Members’ capital		345,604			312,526			349,581			333,372			446,351			319,682			316,159			365,108			356,496			11,783,848
Accumulated deficit		(8,031	)		(16,327	)		(8,777	)		(12,082	)		(11,146	)		(11,366	)		(20,386	)		(8,328	)		(7,453	)		(466,776	)
Total members’ equity (deficit)		337,573			296,199			340,804			321,289			435,205			308,316			295,772			356,780			349,043			11,317,072
Total liabilities and members’ equity (deficit)	$	342,834		$	303,752		$	348,937		$	329,424		$	445,310		$	316,400		$	306,883		$	365,388		$	357,759		$	12,286,582

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

F-5

ARRIVED HOMES 4, LLC AND ITS SERIES

AUDITED CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2024

	Allen			Annadale			Arcola			Arnold			Breckenridge			Bristol			Cher			Cole			Commodore
ASSETS
Current assets:
Cash	$	18,165		$	23,407		$	-		$	18,401		$	21,972		$	25,453		$	-		$	23,775		$	23,132
Prepaid expenses		448			-			-			-			562			-			-			-			-
Due from related parties		-			3,411			-			-			-			1,774			-			-			7,162
Due from (to) third party property manager		4,873			-			-			3,458			5,525			-			-			4,445			4,860
Total current assets		23,486			26,818			-			21,860			28,059			27,227			-			28,220			35,153
Property and equipment, net		299,770			351,031			305,026			310,577			369,515			351,520			289,786			295,069			388,274
Total assets	$	323,257		$	377,849		$	305,026		$	332,437		$	397,574		$	378,747		$	289,786		$	323,289		$	423,428
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)
Current liabilities:
Accrued expenses	$	5,892		$	3,315		$	8,046		$	5,021		$	6,508		$	7,288		$	5,921		$	6,472		$	8,649
Tenant deposits		2,545			2,095			-			2,345			3,095			-			-			2,445			2,595
Due to (from) related parties		2,100			-			9,755			2,291			2,927			-			5,743			2,832			-
Total Current liabilities		10,537			5,410			17,801			9,657			12,530			7,288			11,664			11,749			11,244
Bridge financing, related party		-			-			295,415			-			-			-			285,121			-			-
Total Liabilities		10,537			5,410			313,217			9,657			12,530			7,288			296,785			11,749			11,244
Members’ capital		319,338			389,151			-			335,113			393,469			386,254			-			322,952			432,581
Accumulated deficit		(6,618	)		(16,712	)		(8,191	)		(12,333	)		(8,425	)		(14,795	)		(7,000	)		(11,412	)		(20,397	)
Total members’ equity (deficit)		312,720			372,439			(8,191	)		322,780			385,044			371,459			(7,000	)		311,540			412,184
Total liabilities and members’ equity (deficit)	$	323,257		$	377,849		$	305,026		$	332,437		$	397,574		$	378,747		$	289,786		$	323,289		$	423,428

F-6

ARRIVED HOMES 4, LLC AND ITS SERIES

AUDITED CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2024

	Cordelia			Cranberry			Dan			Flintwood			Gentry			Gerald			Harold			Monterey			Mystic
ASSETS
Current assets:
Cash	$	19,134		$	-		$	44,522		$	27,294		$	-		$	19,932		$	21,294		$	20,574		$	17,989
Prepaid expenses		-			-			370			-			-			-			-			438			-
Due from related parties		5,356			-			-			-			-			-			-			959			-
Due from (to) third party property manager		4,404			-			3,472			4,696			2,348			3,400			4,096			2,436			3,580
Total current assets		28,894			-			48,365			31,990			2,348			23,332			25,390			24,406			21,569
Property and equipment, net		349,450			317,987			272,258			365,732			343,307			314,171			310,472			297,409			308,195
Total assets	$	378,343		$	317,987		$	320,623		$	397,722		$	345,655		$	337,503		$	335,862		$	321,815		$	329,764
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)
Current liabilities:
Accrued expenses	$	7,506		$	6,655		$	4,782		$	4,268		$	7,533		$	4,985		$	4,956		$	4,662		$	3,566
Tenant deposits		2,295			-			2,468			2,495			2,795			2,095			2,843			1,750			2,195
Due to (from) related parties		-			23,155			1,047			763			18,206			5,535			1,322			-			2,834
Total Current liabilities		9,801			29,810			8,296			7,526			28,534			12,615			9,120			6,412			8,594
Bridge financing, related party		-			295,750			-			-			324,000			-			-			-			-
Total Liabilities		9,801			325,560			8,296			7,526			352,534			12,615			9,120			6,412			8,594
Members’ capital		384,100			-			325,825			405,442			4,253			345,802			342,748			330,613			340,755
Accumulated deficit		(15,558	)		(7,573	)		(13,498	)		(15,246	)		(11,131	)		(20,915	)		(16,007	)		(15,210	)		(19,586	)
Total members’ equity (deficit)		368,543			(7,573	)		312,326			390,196			(6,879	)		324,888			326,741			315,403			321,170
Total liabilities and members’ equity (deficit)	$	378,343		$	317,987		$	320,623		$	397,722		$	345,655		$	337,503		$	335,862		$	321,815		$	329,764

F-7

ARRIVED HOMES 4, LLC AND ITS SERIES

AUDITED CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2024

	Nicole			Resolana			Sachi			Sandridge			Sanford			Sonny			Sullivan			Troxler			Tyner
ASSETS
Current assets:
Cash	$	24,022		$	9,989		$	19,946		$	26,649		$	9,222		$	-		$	25,897		$	-		$	24,219
Prepaid expenses		-			321			-			-			269			-			-			-			391
Due from related parties		-			1,402			2,223			1,385			179			-			3,755			-			-
Due from (to) third party property manager		4,289			3,958			-			7,380			3,502			-			4,435			-			6,008
Total current assets		28,311			15,671			22,169			35,415			13,171			-			34,088			-			30,617
Property and equipment, net		304,934			292,021			337,504			337,610			177,380			289,786			320,174			305,270			426,593
Total assets	$	333,245		$	307,692		$	359,673		$	373,025		$	190,552		$	289,786		$	354,262		$	305,270		$	457,210
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)
Current liabilities:
Accrued expenses	$	6,074		$	4,125		$	3,514		$	4,714		$	4,844		$	6,335		$	5,946		$	8,548		$	6,908
Tenant deposits		2,345			2,145			2,195			4,990			1,995			-			2,345			-			3,693
Due to (from) related parties		2,194			-			-			-			-			3,288			-			9,718			1,942
Total Current liabilities		10,613			6,270			5,709			9,704			6,839			9,623			8,291			18,266			12,543
Bridge financing, related party		-			-			-			-			-			285,141			-			295,701			-
Total Liabilities		10,613			6,270			5,709			9,704			6,839			294,764			8,291			313,967			12,543
Members’ capital		332,381			320,577			373,174			369,888			192,060			2,495			357,675			-			457,010
Accumulated deficit		(9,749	)		(19,156	)		(19,210	)		(6,568	)		(8,348	)		(7,474	)		(11,704	)		(8,697	)		(12,343	)
Total members’ equity (deficit)		322,632			301,421			353,964			363,321			183,713			(4,979	)		345,971			(8,697	)		444,667
Total liabilities and members’ equity (deficit)	$	333,245		$	307,692		$	359,673		$	373,025		$	190,552		$	289,786		$	354,262		$	305,270		$	457,210

F-8

ARRIVED HOMES 4, LLC AND ITS SERIES

AUDITED CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2024

	Wendell			Westbury			Westgate			Wizard			Consolidated
ASSETS
Current assets:
Cash	$	18,073		$	19,486		$	28,798		$	23,490		$	554,836
Prepaid expenses		-			-			-			-			2,799
Due from related parties		681			573			-			-			28,861
Due from (to) third party property manager		1,148			415			4,939			1,066			88,732
Total current assets		19,902			20,475			33,737			24,556			675,228
Property and equipment, net		300,612			290,162			342,132			333,776			9,897,502
Total assets	$	320,514		$	310,636		$	375,869		$	358,332		$	10,572,730
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)
Current liabilities:
Accrued expenses	$	3,623		$	6,449		$	6,967		$	3,653		$	177,725
Tenant deposits		2,245			2,045			2,495			2,445			62,993
Due to (from) related parties		-			-			552			1,055			97,258
Total Current liabilities		5,868			8,494			10,014			7,153			337,976
Bridge financing, related party		-			-			-			-			1,781,129
Total Liabilities		5,868			8,494			10,014			7,153			2,119,104
Members’ capital		327,094			322,562			371,271			364,119			8,848,703
Accumulated deficit		(12,448	)		(20,420	)		(5,416	)		(12,940	)		(395,077	)
Total members’ equity (deficit)		314,646			302,142			365,855			351,179			8,453,626
Total liabilities and members’ equity (deficit)	$	320,514		$	310,636		$	375,869		$	358,332		$	10,572,730

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

F-9

ARRIVED HOMES 4, LLC AND ITS SERIES

UNAUDITED CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Allen		Annadale			Arcola			Arnold		Breckenridge			Bristol			Cher			Cole		Commodore
Rental income	$	12,776	$	12,570		$	8,459		$	12,720	$	11,587		$	12,145		$	6,348		$	13,320	$	15,570
Operating expenses:
Depreciation		4,158		4,837			3,442			4,098		5,138			4,821			3,971			4,073		5,320
Insurance		672		768			560			775		843			810			674			732		714
Management fees		286		420			350			420		356			420			280			420		420
Management fees, related party		1,645		1,635			1,153			1,564		1,692			1,598			980			1,531		1,995
Repairs & maintenance		2,605		285			653			194		440			672			645			-		-
Property taxes		911		1,924			1,698			1,845		1,287			1,918			1,720			1,047		2,372
Other operating expenses		1,793		2,924			5,692			1,101		3,139			4,620			6,063			1,802		1,865
Total operating expenses		12,069		12,792			13,547			9,997		12,895			14,857			14,334			9,604		12,685
Loss from operations		706		(222	)		(5,089	)		2,723		(1,309	)		(2,712	)		(7,986	)		3,716		2,885
Other expense
Interest expense		-		-			3,159			-		-			-			2,435			-		-
Other income		-		-			-			-		-			-			-			-		-
Total other expense		-		-			3,159			-		-			-			2,435			-		-
Net income (loss)	$	706	$	(222	)	$	(8,248	)	$	2,723	$	(1,309	)	$	(2,712	)	$	(10,421	)	$	3,716	$	2,885

F-10

ARRIVED HOMES 4, LLC AND ITS SERIES

UNAUDITED CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Cordelia		Cranberry			Dan		Flintwood		Gentry			Gerald		Harold		Holly			Monterey
Rental income	$	13,770	$	7,730		$	10,770	$	14,870	$	14,070		$	11,220	$	12,191	$	7,375		$	10,802
Operating expenses:
Depreciation		4,813		3,625			3,653		5,029		4,702			4,233		4,172		2,855			3,915
Insurance		620		567			555		928		864			589		684		567			657
Management fees		420		350			420		420		420			420		350		280			420
Management fees, related party		1,747		969			1,286		1,880		1,732			1,436		1,575		1,104			1,382
Repairs & maintenance		245		493			-		316		175			89		391		575			-
Property taxes		1,670		1,733			1,599		1,778		1,881			1,797		1,785		1,444			1,806
Other operating expenses		1,815		6,726			981		1,067		5,799			2,271		2,327		6,651			1,711
Total operating expenses		11,329		14,462			8,493		11,418		15,573			10,834		11,284		13,475			9,891
Loss from operations		2,441		(6,732	)		2,277		3,452		(1,503	)		386		907		(6,100	)		911
Other expense
Interest expense		-		4,806			-		-		1,958			-		-		2,554			-
Other income		-		-			-		-		-			-		-		-			-
Total other expense		-		4,806			-		-		1,958			-		-		2,554			-
Net income (loss)	$	2,441	$	(11,537	)	$	2,277	$	3,452	$	(3,460	)	$	386	$	907	$	(8,654	)	$	911

F-11

ARRIVED HOMES 4, LLC AND ITS SERIES

UNAUDITED CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Mystic		Nicole		Olivia			Prakash			Resolana		Sachi			Sandridge			Sanford		Satjanon
Rental income	$	11,820	$	12,720	$	7,803		$	8,063		$	11,520	$	13,170		$	7,651		$	9,270	$	8,715
Operating expenses:
Depreciation		4,255		4,212		2,135			2,316			4,049		4,633			4,668			2,454		2,597
Insurance		1,076		500		477			518			481		1,181			515			404		564
Management fees		420		420		280			280			420		420			420			420		280
Management fees, related party		1,450		1,511		344			365			1,382		1,645			1,406			860		1,169
Repairs & maintenance		95		-		3,730			3,670			-		659			3,710			-		1,039
Property taxes		1,694		433		1,156			1,255			1,049		1,200			1,864			987		1,378
Other operating expenses		1,738		2,114		3,171			3,624			1,146		3,460			4,562			1,283		8,801
Total operating expenses		10,727		9,190		11,293			12,028			8,527		13,197			17,146			6,407		15,828
Loss from operations		1,093		3,530		(3,490	)		(3,965	)		2,993		(27	)		(9,494	)		2,863		(7,113	)
Other expense
Interest expense		-		-		7,316			8,419			-		-			-			-		3,740
Other income		-		-		-			-			-		-			-			-		-
Total other expense		-		-		7,316			8,419			-		-			-			-		3,740
Net income (loss)	$	1,093	$	3,530	$	(10,806	)	$	(12,383	)	$	2,993	$	(27	)	$	(9,494	)	$	2,863	$	(10,853	)

F-12

ARRIVED HOMES 4, LLC AND ITS SERIES

UNAUDITED CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Shawnee			Sonny			Sullivan		Troxler			Tyner		Wendell		Westbury		Westgate			Wizard		Consolidated
Rental income	$	8,157		$	7,093		$	12,720	$	12,728		$	13,920	$	12,120	$	10,920	$	9,258		$	16,600	$	402,540
Operating expenses:
Depreciation		2,887			3,971			4,411		3,445			5,919		4,133		3,982		4,733			4,589		146,240
Insurance		567			708			563		561			586		605		1,100		1,014			785		24,786
Management fees		280			350			420		420			420		420		420		286			420		13,667
Management fees, related party		1,072			1,182			1,573		1,361			1,977		1,445		1,324		1,490			1,903		50,360
Repairs & maintenance		400			305			-		490			-		-		835		2,035			35		24,781
Property taxes		1,443			1,730			1,331		1,699			560		1,642		1,687		1,143			1,825		54,290
Other operating expenses		6,776			6,038			1,495		6,104			3,260		2,792		1,539		1,468			1,556		119,271
Total operating expenses		13,425			14,284			9,793		14,081			12,723		11,039		10,886		12,169			11,114		433,394
Loss from operations		(5,268	)		(7,191	)		2,927		(1,353	)		1,198		1,081		34		(2,912	)		5,486		(30,854	)
Other expense
Interest expense		2,767			1,663			-		2,033			-		-		-		-			-		40,850
Other income		(5	)		-			-		-			-		-		-		-			-		(5	)
Total other expense		2,762			1,663			-		2,033			-		-		-		-			-		40,845
Net income (loss)	$	(8,031	)	$	(8,854	)	$	2,927	$	(3,386	)	$	1,198	$	1,081	$	34	$	(2,912	)	$	5,486	$	(71,699	)

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

F-13

ARRIVED HOMES 4, LLC AND ITS SERIES

UNAUDITED CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS

FOR THE SIX MONTHS ENDED JUNE 30, 2024

	Allen			Breckenridge			Cordelia			Dan			Monterey			Resolana			Sandridge			Sanford			Sullivan			Tyner			Westgate			Consolidated
Rental income	$	2,165		$	5,290		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	7,455
Operating expenses:
Depreciation		-			856			-			-			-			-			-			-			-			-			-			856
Insurance		224			281			-			185			219			160			-			135			-			195			-			1,400
Management fees		70			140			-			-			-			-			-			-			-			-			-			210
Management fees, related party		254			655			-			-			-			-			-			90			-			428			-			1,426
Repairs & maintenance		2,365			2,885			4,070			1,155			765			11,605			-			3,154			1,188			908			1,106			29,199
Property taxes		276			666			-			275			315			269			-			165			-			392			-			2,358
Other operating expenses		4,882			5,312			374			1,353			424			955			781			396			519			2,664			629			18,289
Total operating expenses		8,070			10,796			4,444			2,968			1,723			12,989			781			3,939			1,707			4,587			1,734			53,739
Loss from operations		(5,905	)		(5,506	)		(4,444	)		(2,968	)		(1,723	)		(12,989	)		(781	)		(3,939	)		(1,707	)		(4,587	)		(1,734	)		(46,283	)
Other expense
Interest expense		2,943			3,999			1,821			1,820			1,820			1,859			335			1,172			830			1,659			1,765			20,022
Other expenses		-			-			-			-			-			-			-			-			-			-			-			-
Total other expense		2,943			3,999			1,821			1,820			1,820			1,859			335			1,172			830			1,659			1,765			20,022
Net loss	$	(8,848	)	$	(9,505	)	$	(6,265	)	$	(4,788	)	$	(3,543	)	$	(14,848	)	$	(1,116	)	$	(5,111	)	$	(2,536	)	$	(6,245	)	$	(3,499	)	$	(66,306	)

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

F-14

ARRIVED HOMES 4, LLC AND ITS SERIES

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

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Allen			Annadale			Arcola			Arnold			Breckenridge			Bristol			Cher			Cole			Commodore
Balance at January 1, 2025	$	312,720		$	372,439		$	(8,191	)	$	322,780		$	385,044		$	371,459		$	(7,000	)	$	311,540		$	412,184
Issuance of membership units, net of offering costs		-			-			335,520			-			-			-			313,904			-			-
Deemed contribution from Manager		-			-			4,882			-			-			-			4,514			-			-
Distributions		(5,335	)		(7,024	)		(4,601	)		(7,259	)		(4,997	)		(5,594	)		(2,102	)		(8,858	)		(9,166	)
Net income (loss)		706			(222	)		(8,248	)		2,723			(1,309	)		(2,712	)		(10,421	)		3,716			2,885
Balance at June 30, 2025	$	308,091		$	365,193		$	319,363		$	318,244		$	378,738		$	363,153		$	298,896		$	306,398		$	405,903

F-15

ARRIVED HOMES 4, LLC AND ITS SERIES

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

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Cordelia			Cranberry			Dan			Flintwood			Gentry			Gerald			Harold			Holly			Monterey
Balance at January 1, 2025	$	368,543		$	(7,573	)	$	312,326		$	390,196		$	(6,879	)	$	324,888		$	326,741		$	-		$	315,403
Issuance of membership units, net of offering costs		-			344,416			-			-			376,588			-			-			345,414			-
Deemed contribution from Manager		-			5,658			-			-			-			-			-			2,554			-
Distributions		(8,051	)		(3,945	)		(7,324	)		(9,934	)		(7,362	)		(5,615	)		(4,449	)		(2,873	)		(7,717	)
Net income (loss)		2,441			(11,537	)		2,277			3,452			(3,460	)		386			907			(8,654	)		911
Balance at June 30, 2025	$	362,932		$	327,019		$	307,279		$	383,715		$	358,887		$	319,659		$	323,200		$	336,440		$	308,596

F-16

ARRIVED HOMES 4, LLC AND ITS SERIES

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

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Mystic			Nicole			Olivia			Prakash			Resolana			Sachi			Sandridge			Sanford			Satjanon
Balance at January 1, 2025	$	321,170		$	322,632		$	-		$	-		$	301,421		$	353,964		$	363,321		$	183,713		$	-
Issuance of membership units, net of offering costs		-			-			-			-			-			594			-			-			411,841
Deemed contribution from Manager		-			-			-			-			-			-			-			-			3,740
Distributions		(6,856	)		(10,029	)		-			-			(6,547	)		(6,982	)		(4,831	)		(6,657	)		(3,026	)
Net income (loss)		1,093			3,530			(10,806	)		(12,383	)		2,993			(27	)		(9,494	)		2,863			(10,853	)
Balance at June 30, 2025	$	315,407		$	316,132		$	(10,806	)	$	(12,383	)	$	297,868		$	347,549		$	348,995		$	179,918		$	401,702

F-17

ARRIVED HOMES 4, LLC AND ITS SERIES

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

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Shawnee			Sonny			Sullivan			Troxler			Tyner			Wendell			Westbury			Westgate			Wizard			Consolidated
Balance at January 1, 2025	$	-		$	(4,979	)	$	345,971		$	(8,697	)	$	444,667		$	314,646		$	302,142		$	365,855		$	351,179		$	8,453,626
Issuance of membership units, net of offering costs		346,620			314,102			-			335,889			-			-			-			-			-			3,124,888
Deemed contribution from Manager		2,952			-			-			3,758			-			-			-			-			-			28,059
Distributions		(3,968	)		(4,071	)		(8,094	)		(6,275	)		(10,659	)		(7,412	)		(6,403	)		(6,163	)		(7,623	)		(217,802	)
Net income (loss)		(8,031	)		(8,854	)		2,927			(3,386	)		1,198			1,081			34			(2,912	)		5,486			(71,699	)
Balance at June 30, 2025	$	337,573		$	296,199		$	340,804		$	321,289		$	435,205		$	308,316		$	295,772		$	356,780		$	349,043		$	11,317,072

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

F-18

ARRIVED HOMES 4, LLC AND ITS SERIES

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

FOR THE SIX MONTHS ENDED JUNE 30, 2024

	Allen			Breckenridge			Cordelia			Dan			Monterey			Resolana			Sandridge			Sanford			Sullivan			Tyner			Westgate			Consolidated
Balance at January 1, 2024	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-
Issuance of membership units, net of offering costs		329,307			405,679			-			-			-			-			-			198,878			-			465,256			-			1,399,120
Deemed contribution from Manager		1,412			2,036			1,821			1,820			-			-			-			355			-			-			1,765			9,210
Distributions		(1,387	)		(3,375	)		-			-			-			-			-			(838	)		-			-			-			(5,600	)
Net loss		(8,848	)		(9,505	)		(6,265	)		(4,788	)		(3,543	)		(14,848	)		(1,116	)		(5,111	)		(2,536	)		(6,245	)		(3,499	)		(66,306	)
Balance at June 30, 2024	$	320,485		$	394,834		$	(4,444	)	$	(2,968	)	$	(3,543	)	$	(14,848	)	$	(1,116	)	$	193,284		$	(2,536	)	$	459,011		$	(1,734	)	$	1,336,424

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

F-19

ARRIVED HOMES 4, LLC AND ITS SERIES

UNAUDITED CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Allen			Annadale			Arcola			Arnold			Breckenridge			Bristol			Cher			Cole			Commodore
Cash Flows from Operating Activities:
Net income (loss)	$	706		$	(222	)	$	(8,248	)	$	2,723		$	(1,309	)	$	(2,712	)	$	(10,421	)	$	3,716		$	2,885
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation		4,158			4,837			3,442			4,098			5,138			4,821			3,971			4,073			5,320
(Increase) Decrease in assets
Prepaid expenses		448			(0	)		-			0			562			-			-			-			-
Due from (to) third party property managers		2,418			(4,435	)		(9,463	)		(793	)		2,634			(6,108	)		(4,252	)		(171	)		(281	)
Increase (decrease) in liabilities
Accrued expenses		(3,223	)		691			(1,195	)		189			(3,123	)		480			(1,984	)		(3,479	)		(3,037	)
Tenant deposits		-			-			4,190			-			-			3,843			2,345			-			-
Due to (from) related parties		902			5,629			(11,047	)		28			730			3,847			319			(520	)		9,443
Net cash provided by (used in) operating activities		5,409			6,500			(22,321	)		6,245			4,632			4,171			(10,023	)		3,620			14,330
Cash flows from financing activities
Repayments of amounts due to related party		-			-			(14,661	)		-			-			-			(8,994	)		-			-
Repayments of bridge financing, related party		-			-			(295,415	)		-			-			-			(285,121	)		-			-
Net proceeds from the issuance of membership units		-			-			335,520			-			-			-			313,904			-			-
Distributions		(5,335	)		(7,024	)		(4,601	)		(7,259	)		(4,997	)		(5,594	)		(2,102	)		(8,858	)		(9,166	)
Net cash provided by (used in) financing activities		(5,335	)		(7,024	)		35,504			(7,259	)		(4,997	)		(5,594	)		26,681			(8,858	)		(9,166	)
Net change in cash		74			(524	)		13,182			(1,014	)		(365	)		(1,423	)		16,658			(5,238	)		5,164
Cash at beginning of the period		18,165			23,407			-			18,401			21,972			25,453			-			23,775			23,132
Cash at end of the period	$	18,239		$	22,882		$	13,182		$	17,387		$	21,608		$	24,030		$	16,658		$	18,537		$	28,297
Cash paid for income taxes	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-
Cash paid for interest expenses	$	8,186		$	12,570		$	8,459		$	12,570		$	11,368		$	12,014		$	6,165		$	13,170		$	15,570
Supplemental disclosure of non-cash financing activities:
Advance from related party for acquisition of property	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-
Acquisition of property	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-
Bridge financing, related party	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-
Deemed contributions from Manager	$	-		$	-		$	4,882		$	-		$	-		$	-		$	4,514		$	-		$	-

F-20

ARRIVED HOMES 4, LLC AND ITS SERIES

UNAUDITED CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Cordelia			Cranberry			Dan			Flintwood			Gentry			Gerald			Harold			Holly			Monterey
Cash Flows from Operating Activities:
Net income (loss)	$	2,441		$	(11,537	)	$	2,277		$	3,452		$	(3,460	)	$	386		$	907		$	(8,654	)	$	911
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation		4,813			3,625			3,653			5,029			4,702			4,233			4,172			2,855			3,915
(Increase) Decrease in assets
Prepaid expenses		-			-			370			(0	)		-			-			0			-			438
Due from (to) third party property managers		(95	)		(4,060	)		(656	)		(231	)		(2,724	)		(380	)		1,812			(4,214	)		(116	)
Increase (decrease) in liabilities
Accrued expenses		(3,814	)		(2,512	)		(1,181	)		(346	)		(3,547	)		49			98			2,978			(820	)
Tenant deposits		-			2,095			-			-			-			-			-			2,195			-
Due to (from) related parties		8,330			(16,040	)		1,500			1,761			(16,333	)		(3,434	)		856			(15,778	)		3,556
Net cash provided by (used in) operating activities		11,675			(28,430	)		5,963			9,665			(21,362	)		853			7,845			(20,617	)		7,884
Cash flows from financing activities
Repayments of amounts due to related party		-			(27,537	)		-			-			(25,570	)		-			-			(20,027	)		-
Repayments of bridge financing, related party		-			(295,750	)		-			-			(324,000	)		-			-			(299,000	)		-
Net proceeds from the issuance of membership units		-			344,416			-			-			376,588			-			-			345,414			-
Distributions		(8,051	)		(3,945	)		(7,324	)		(9,934	)		(7,362	)		(5,615	)		(4,449	)		(2,873	)		(7,717	)
Net cash provided by (used in) financing activities		(8,051	)		44,721			(7,324	)		(9,934	)		45,226			(5,615	)		(4,449	)		43,540			(7,717	)
Net change in cash		3,624			16,292			(1,361	)		(269	)		23,864			(4,762	)		3,396			22,923			166
Cash at beginning of the period		19,134			-			44,522			27,294			-			19,932			21,294			-			20,574
Cash at end of the period	$	22,758		$	16,292		$	43,161		$	27,025		$	23,864		$	15,170		$	24,690		$	22,923		$	20,740
Cash paid for income taxes	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-
Cash paid for interest expenses	$	13,770		$	7,730		$	9,870		$	14,870		$	13,770		$	11,070		$	8,401		$	7,375		$	10,802
Supplemental disclosure of non-cash financing activities:
Advance from related party for acquisition of property	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	20,027		$	-
Acquisition of property	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	314,990		$	-
Bridge financing, related party	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	299,000		$	-
Deemed contributions from Manager	$	-		$	5,658		$	-		$	-		$	-		$	-		$	-		$	2,554		$	-

F-21

ARRIVED HOMES 4, LLC AND ITS SERIES

UNAUDITED CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Mystic			Nicole			Olivia			Prakash			Resolana			Sachi			Sandridge			Sanford			Satjanon
Cash Flows from Operating Activities:
Net income (loss)	$	1,093		$	3,530		$	(10,806	)	$	(12,383	)	$	2,993		$	(27	)	$	(9,494	)	$	2,863		$	(10,853	)
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation		4,255			4,212			2,135			2,316			4,049			4,633			4,668			2,454			2,597
(Increase) Decrease in assets
Prepaid expenses		0			-			-			-			321			-			0			269			-
Due from (to) third party property managers		(104	)		(144	)		(2,170	)		(4,665	)		(133	)		(4,071	)		5,147			(232	)		(4,932	)
Increase (decrease) in liabilities
Accrued expenses		339			(3,661	)		10,330			11,945			(2,444	)		(104	)		(868	)		(1,747	)		3,039
Tenant deposits		-			-			-			2,395			-			-			(4,990	)		-			2,495
Due to (from) related parties		(477	)		157			2,735			2,717			3,830			4,238			3,939			2,128			(23,580	)
Net cash provided by (used in) operating activities		5,106			4,094			2,225			2,325			8,616			4,669			(1,597	)		5,735			(31,234	)
Cash flows from financing activities
Repayments of amounts due to related party		-			-			-			-			-			-			-			-			(33,318	)
Repayments of bridge financing, related party		-			-			-			-			-			-			-			-			(352,032	)
Net proceeds from the issuance of membership units		-			-			-			-			-			594			-			-			411,841
Distributions		(6,856	)		(10,029	)		-			-			(6,547	)		(6,982	)		(4,831	)		(6,657	)		(3,026	)
Net cash provided by (used in) financing activities		(6,856	)		(10,029	)		-			-			(6,547	)		(6,388	)		(4,831	)		(6,657	)		56,784
Net change in cash		(1,749	)		(5,935	)		2,225			2,325			2,069			(1,718	)		(6,428	)		(922	)		25,549
Cash at beginning of the period		17,989			24,022			-			-			9,989			19,946			26,649			9,222			-
Cash at end of the period	$	16,240		$	18,087		$	2,225		$	2,325		$	12,058		$	18,227		$	20,221		$	8,300		$	25,549
Cash paid for income taxes	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-
Cash paid for interest expenses	$	11,670		$	12,570		$	7,803		$	8,063		$	11,370		$	13,170		$	7,651		$	8,970		$	8,715
Supplemental disclosure of non-cash financing activities:
Advance from related party for acquisition of property	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	33,318
Acquisition of property	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	375,920
Bridge financing, related party	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	352,032
Deemed contributions from Manager	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	3,740

F-22

ARRIVED HOMES 4, LLC AND ITS SERIES

UNAUDITED CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Shawnee			Sonny			Sullivan			Troxler			Tyner			Wendell			Westbury			Westgate			Wizard			Consolidated
Cash Flows from Operating Activities:
Net income (loss)	$	(8,031	)	$	(8,854	)	$	2,927		$	(3,386	)	$	1,198		$	1,081		$	34		$	(2,912	)	$	5,486		$	(71,699	)
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation		2,887			3,971			4,411			3,445			5,919			4,133			3,982			4,733			4,589			146,240
(Increase) Decrease in assets
Prepaid expenses		-			-			-			-			391			-			-			-			-			2,799
Due from (to) third party property managers		(4,207	)		(3,654	)		(107	)		(4,595	)		28			(3,259	)		(2,684	)		2,641			(3,106	)		(61,360	)
Increase (decrease) in liabilities
Accrued expenses		3,066			(2,389	)		(2,611	)		(4,458	)		(4,336	)		165			796			(3,642	)		378			(19,975	)
Tenant deposits		2,195			1,895			-			2,445			-			-			-			-			-			21,103
Due to (from) related parties		(19,011	)		(1,576	)		6,209			(4,360	)		1,897			2,732			2,393			2,236			1,186			(38,857	)
Net cash provided by (used in) operating activities		(23,101	)		(10,606	)		10,829			(10,909	)		5,097			4,853			4,521			3,056			8,533			(21,750	)
Cash flows from financing activities
Repayments of amounts due to related party		(26,053	)		(8,974	)		-			(14,619	)		-			-			-			-			-			(179,754	)
Repayments of bridge financing, related party		(295,216	)		(285,141	)		-			(295,701	)		-			-			-			-			-			(2,727,376	)
Net proceeds from the issuance of membership units		346,620			314,102			-			335,889			-			-			-			-			-			3,124,888
Distributions		(3,968	)		(4,071	)		(8,094	)		(6,275	)		(10,659	)		(7,412	)		(6,403	)		(6,163	)		(7,623	)		(217,802	)
Net cash provided by (used in) financing activities		47,436			24,890			(8,094	)		33,913			(10,659	)		(7,412	)		(6,403	)		(6,163	)		(7,623	)		(43	)
Net change in cash		24,335			14,284			2,735			23,004			(5,563	)		(2,558	)		(1,883	)		(3,107	)		910			157,961
Cash at beginning of the period		-			-			25,897			-			24,219			18,073			19,486			28,798			23,490			554,836
Cash at end of the period	$	24,335		$	14,284		$	28,632		$	23,004		$	18,656		$	15,515		$	17,604		$	25,691		$	24,400		$	712,797
Cash paid for income taxes	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-
Cash paid for interest expenses	$	8,157		$	7,093		$	12,570		$	12,585		$	13,770		$	11,970		$	10,770		$	8,733		$	12,073		$	385,431
Supplemental disclosure of non-cash financing activities:
Advance from related party for acquisition of property	$	26,053		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	79,398
Acquisition of property	$	314,900		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	1,005,810
Bridge financing, related party	$	295,216		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	946,247
Deemed contributions from Manager	$	2,952		$	-		$	-		$	3,758		$	-		$	-		$	-		$	-		$	-		$	28,059

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

F-23

ARRIVED HOMES 4, LLC AND ITS SERIES

UNAUDITED CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2024

	Allen			Breckenridge			Cordelia			Dan			Monterey			Resolana			Sandridge			Sanford			Sullivan			Tyner			Westgate			Consolidated
Cash Flows from Operating Activities:
Net loss	$	(8,848	)	$	(9,505	)	$	(6,265	)	$	(4,788	)	$	(3,543	)	$	(14,848	)	$	(1,116	)	$	(5,111	)	$	(2,536	)	$	(6,245	)	$	(3,499	)	$	(66,306	)
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation		-			856			-			-			-			-			-			-			-			-			-			856
(Increase) Decrease in assets
Other receivables		-			-			-			-			-			-			-			(40,895	)		-			(98,005	)		-			(138,900	)
Prepaid expenses		-			-			-			-			-			-			-			-			-			-			-			-
Deposits		(2,545	)		(3,095	)		-			-			-			-			-			-			-			-			-			(5,640	)
Due from (to) third party property managers		1,657			(2,194	)		4,444			1,580			815			12,149			-			3,260			1,573			1,487			1,592			26,362
Increase (decrease) in liabilities
Accrued expenses		2,296			3,316			3,237			3,382			3,500			3,416			596			15,237			2,028			34,303			2,796			74,107
Accounts payable		1,657			-			4,444			1,580			815			12,149			-			3,260			1,573			1,487			1,592			28,557
Tenant deposits		2,545			3,095			-			-			-			-			-			-			-			-			-			5,640
Due to (from) related parties		26,058			38,859			(4,040	)		66			(1,586	)		(12,867	)		520			(2,874	)		(2,637	)		(74	)		(714	)		40,711
Net cash provided by (used in) operating activities		22,821			31,332			1,821			1,820			-			-			-			(27,124	)		-			(67,047	)		1,765			(34,613	)
Cash flows from financing activities
Repayment amounts due to related party		(330,567	)		(406,004	)		(1,821	)		(1,820	)		-			-			-			(170,916	)		-			(398,209	)		(1,765	)		(1,311,102	)
Net proceeds from the issuance of membership units		329,307			405,679			-			-			-			-			-			198,878			-			465,256			-			1,399,120
Distributions		(1,387	)		(3,375	)		-			-			-			-			-			(838	)		-			-			-			(5,600	)
Net cash provided by (used in) financing activities		(2,647	)		(3,700	)		(1,821	)		(1,820	)		-			-			-			27,124			-			67,047			(1,765	)		82,418
Net change in cash		20,174			27,632			-			-			-			-			-			-			-			-			-			47,805
Cash at beginning of the period		-			-			-			-			-			-			-			-			-			-			-			-
Cash at end of the period	$	20,174		$	27,632		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	47,805
Cash paid for income taxes	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-
Cash paid for interest expenses	$	151		$	372		$	-		$	-		$	-		$	-		$	-		$	90		$	-		$	428		$	-		$	1,040
Supplemental disclosure of non-cash financing activities:
Advance from related party for acquisition of property	$	309,128		$	379,559		$	17,333		$	11,174		$	19,532		$	17,245		$	19,501		$	184,234		$	17,564		$	436,563		$	20,227		$	1,432,058
Mortgage payable, net of capitalized loan costs for acquisition of property	$	-		$	-		$	336,127		$	264,737		$	281,792		$	278,825		$	322,000		$	-		$	306,286		$	-		$	325,850		$	2,115,617
Deemed contribution from Manager	$	1,412		$	2,036		$	1,821		$	1,820		$	-		$	-		$	-		$	355		$	-		$	-		$	1,765		$	9,210

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

F-24

ARRIVED HOMES 4, LLC AND ITS SERIES

NOTES TO THE UNAUDITED CONSOLIDATED AND CONSOLIDATING FINANCIAL STATEMENTS

NOTE 1: NATURE OF OPERATIONS

Arrived Homes 4, LLC is a Delaware Series limited liability company formed on July 28, 2023 under the laws of Delaware. Arrived Homes 4, LLC was formed to permit public investment in individual single family 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 Homes 4, LLC’s Series and each Series’ wholly-owned limited liability company (“LLC”), which was used to acquire the Series’ single family rental property, along with the date the Series was formed and the date the Series’ LLC acquired the single family rental property. 

SERIES OFFERING TABLE

As of June 30, 2025

Series Name	State LLC Name and wholly owned subsidiary of the Series	Date Formed	Acquisition Date
Allen	Arrived TN Allen, LLC	4/24/2024	5/8/2024
Annadale	Arrived TN Annadale, LLC	8/6/2024	8/28/2024
Arcola	Arrived NC Arcola, LLC	11/20/2024	12/4/2024
Arnold	Arrived Series Arnold, a series of Arrived Homes 4, LLC	6/28/2024	8/28/2024
Breckenridge	Arrived TN Breckenridge, LLC	3/19/2024	4/3/2024
Bristol	Arrived TN Bristol, LLC	10/1/2024	10/23/2024
Cher	Arrived Series Cher, a series of Arrived Homes 4, LLC	10/3/2024	11/27/2024
Cole	Arrived TN Cole, LLC	7/10/2024	7/24/2024
Commodore	Arrived VA Commodore, LLC	6/28/2024	9/18/2024
Cordelia	Arrived TN Cordelia, LLC	5/13/2024	6/5/2024
Cranberry	Arrived TN Cranberry, LLC	12/11/2024	12/18/2024
Dan	Arrived Series Dan, a series of Arrived Homes 4, LLC	5/13/2024	5/29/2024
Flintwood	Arrived KY Flintwood, LLC	7/10/2024	7/24/2024
Gentry	Arrived TN Gentry, LLC	9/23/2024	10/30/2024
Gerald	Arrived Series Gerald, a series of Arrived Homes 4, LLC	6/10/2024	8/28/2024
Harold	Arrived Series Harold, a series of Arrived Homes 4, LLC	6/28/2024	8/28/2024
Holly	Arrived MS Holly, LLC	12/20/2024	1/8/2025
Monterey	Arrived Series Monterey, a series of Arrived Homes 4, LLC	5/27/2024	5/31/2024
Mystic	Arrived GA Mystic, LLC	6/20/2024	7/3/2024
Nicole	Arrived TN Nicole, LLC	7/2/2024	7/24/2024
Olivia	Arrived NC Olivia, LLC	2/21/2025	2/26/2025
Prakash	Arrived NC Prakash, LLC	2/21/2025	2/19/2025
Resolana	Arrived NM Resolana, LLC	4/11/2024	5/30/2024
Sachi	Arrived TN Sachi, LLC	12/27/2022	9/25/2024
Sandridge	Arrived MS Sandridge, LLC	6/20/2024	6/26/2024
Sanford	Arrived AR Sanford, LLC	5/7/2024	5/22/2024
Satjanon	Arrived TN Satjanon, LLC	10/3/2024	2/5/2025
Shawnee	Arrived KY Shawnee, LLC	10/21/2024	1/29/2025
Sonny	Arrived Series Sonny, a series of Arrived Homes 4, LLC	10/7/2024	11/20/2024
Sullivan	Arrived TN Sullivan, LLC	6/10/2024	6/18/2024
Troxler	Arrived NC Troxler, LLC	11/20/2024	12/4/2024
Tyner	Arrived TN Tyner, LLC	3/22/2024	5/8/2024
Wendell	Arrived TN Wendell, LLC	7/2/2024	9/25/2024
Westbury	Arrived Series Westbury, a series of Arrived Homes 4, LLC	7/10/2024	9/25/2024
Westgate	Arrived TN Westgate, LLC	5/22/2024	6/5/2024
Wizard	Arrived TN Wizard, LLC	7/2/2024	9/25/2024

F-25

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accounting and reporting policies of the Series conform to accounting principles generally accepted in the United States of America (GAAP). The Series 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.

The accompanying unaudited condensed financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission for interim financial reporting. In the opinion of management, all adjustments necessary for a fair presentation of the interim financial statements have been included and are of a normal recurring nature.

These interim financial statements do not include all of the information and footnotes required by GAAP for complete annual financial statements and should be read in conjunction with the Company’s audited financial statements and related notes as of and for the year ended December 31, 2024, included in the Company’s Annual Report on Form 1-K. The December 31, 2024 balance sheet presented herein has been derived from those audited financial statements.

Principles of Consolidation

These consolidated and consolidating financial statements include the accounts of Arrived Homes 4, 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 and each Series 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, the 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-26

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 bridge financing, related party payables approximate their fair values based on interest rates and terms currently available for similar instruments 

Management Fee

The Manager will receive from each Series an annual asset management fee equal to six tenths of a percent (0.6%) of the purchase price of the series property for that series, paid out of the series’ net operating rental income on a quarterly basis. Additionally, pursuant to the operating agreement, the Manager will receive reimbursements for out-of-pocket expenses in connection with the Company’s organization and offerings (up to a maximum of 2% of the gross offering proceeds per series offering) and in connection with the Company’s operations and the acquisition of properties and in connection with third parties providing services to the Company. The Manager may also receive a portion of the property management fee, which will be equal to the difference between eight percent (8%) and the amount actually charged by the property manager when the series property is occupied, and the property disposition fee as described below. With respect to the operating accounts for each series that the manager maintains with a third-party bank, the manager will be entitled to receive any interest earned on the cash balances in such accounts. The Manager reserves the right to waive any fees or reimbursements it is due in its sole discretion.

F-27

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 arrangement for the property management company is set forth below:

Marketplace Homes

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

Property Disposition Fee

Upon the disposition and sale of the Series’ property, the Manager will charge the 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 the Series will range from six to seven percent of the property sale price. To the extent that the actual property disposition fees are less than the amount charged to the Series, the Manager will receive the difference.

Prepaid and Accrued Expenses

Prepaid expenses consist of prepaid insurance. Accrued expenses includes accrued property taxes, audit and tax fees, and interest payable on the Series’ bridge financing, 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 Series’ 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 monitor 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, the Company 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, the Company 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 did not record any impairment losses on long-lived assets for the six months ended June 30, 2025.

F-28

Tenant Deposits

Tenant deposit liabilities represent security deposits received by tenants.

Operating Expenses

The Series is responsible for the costs and expenses attributable to the activities of the 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 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 Series adopted ASU 2014-09, Revenue from Contracts with Customers, and its related amendments (collectively known as “ASC 606”), effective at inception using the modified retrospective transition approach applied to all contracts. There were no cumulative impacts that were made. The Series 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 Series expects to be entitled to in exchange for those goods or services. As a practical expedient, the Series 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 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, including accounting fees, legal fees, and costs of incorporation, are expensed as incurred.

F-29

Income Taxes 

The Company is organized as an LLC for legal purposes and has elected to be treated as a C corporation for tax purposes, pursuant to subchapter C of the Internal Revenue Code.

Furthermore, each Series complies with the requirements to be a Real Estate Investment Trust (“REIT”), a special type of C corporation that files tax form 1120-REIT. A REIT may not be required to pay income tax at the corporate level because this form of corporation is permitted to deduct dividends paid to members as an expense. Therefore, if a REIT paid out all profit and capital gains to its members it could potentially report no taxable income. Tax losses of REITs are not allocated directly to members but, under current law, 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 of the REIT.

Most states give REIT’s a deduction for dividends paid. Since the Series generally pay dividends in excess of the taxable income generated, there would be no state tax liability in these states. In states that do not give a deduction for dividends paid, there may be a state income tax due that is assessed based on the tax table for that particular state. There is no state tax liability for members based on the locations of properties held in the REIT’s. The rules for state tax loss carryforwards vary by state as some conform to the Federal rules while others have restrictions on timeframes and/or the percentage of loss that can be carried forward.

Recently Issued and Not Yet Adopted and Adopted Accounting Pronouncements

In February 2016, FASB issued 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 this standard upon inception and it did not have a material impact on their consolidated and consolidating financial statements.

In June 2016, the FASB issued 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 upon 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 and consolidating 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-30

NOTE 4: PROPERTY AND EQUIPMENT

Property and equipment, net consists of the following:

June 30, 2025

Series	Building		Land		Total		Less: Accumulated depreciation			Property and equipment, net
Allen	$	228,665	$	75,263	$	303,928	$	(8,315	)	$	295,613
Annadale		266,008		87,441		353,449		(7,255	)		346,194
Arcola		227,189		77,838		305,026		(3,442	)		301,584
Arnold		225,370		87,256		312,626		(6,146	)		306,479
Breckenridge		282,601		92,909		375,509		(11,133	)		364,377
Bristol		265,160		87,164		352,323		(5,625	)		346,699
Cher		218,411		71,375		289,786		(3,971	)		285,814
Cole		224,035		73,750		297,785		(6,789	)		290,996
Commodore		292,577		97,471		390,048		(7,093	)		382,955
Cordelia		264,711		88,750		353,461		(8,824	)		344,637
Cranberry		239,219		78,768		317,987		(3,625	)		314,362
Dan		200,914		74,998		275,911		(7,306	)		268,605
Flintwood		276,585		92,500		369,085		(8,381	)		360,704
Gentry		258,590		85,500		344,090		(5,485	)		338,605
Gerald		232,790		83,498		316,287		(6,349	)		309,938
Harold		229,435		83,123		312,558		(6,257	)		306,300
Holly		235,499		78,748		314,247		(2,855	)		311,392
Monterey		215,321		86,003		301,324		(7,830	)		293,494
Mystic		234,032		77,000		311,032		(7,092	)		303,940
Nicole		231,652		76,090		307,742		(7,020	)		300,722
Olivia		234,894		79,413		314,306		(2,135	)		312,171
Prakash		254,708		86,350		341,058		(2,316	)		338,742
Resolana		222,695		73,375		296,070		(8,098	)		287,972
Sachi		254,798		84,250		339,048		(6,177	)		332,871
Sandridge		256,753		84,748		341,501		(8,558	)		332,942
Sanford		134,959		44,875		179,834		(4,908	)		174,926
Satjanon		285,650		93,980		379,630		(2,597	)		377,033
Shawnee		238,174		78,725		316,899		(2,887	)		314,012
Sonny		218,411		71,375		289,786		(3,971	)		285,814
Sullivan		242,600		81,250		323,850		(8,087	)		315,763
Troxler		227,358		77,913		305,270		(3,445	)		301,825
Tyner		325,560		106,953		432,513		(11,839	)		420,674
Wendell		227,335		74,655		301,990		(5,511	)		296,479
Westbury		218,989		72,500		291,489		(5,309	)		286,180
Westgate		260,327		85,750		346,077		(8,678	)		337,399
Wizard		252,372		82,934		335,306		(6,118	)		329,188
	$	8,704,342	$	2,934,484	$	11,638,826	$	(221,424	)	$	11,417,402

June 30, 2024

Series Name	Series	Building		Land		Total		Less: Accumulated depreciation			Property and equipment, net
E08_Allen	Allen	$	228,665	$	75,263	$	303,928	$	-		$	303,928
E08_Breckenridge	Breckenridge		282,601		92,909		375,509		(856	)		374,653
E08_Cordelia	Cordelia		264,711		88,750		353,461		-			353,461
E08_Dan	Dan		200,914		74,998		275,911		-			275,911
E08_Monterey	Monterey		215,321		86,003		301,324		-			301,324
E08_Resolana	Resolana		222,695		73,375		296,070		-			296,070
E08_Sandridge	Sandridge		256,753		84,748		341,501		-			341,501
E08_Sanford	Sanford		134,959		44,875		179,834		-			179,834
E08_Sullivan	Sullivan		242,600		81,250		323,850		-			323,850
E08_Tyner	Tyner		325,560		106,953		432,513		-			432,513
E08_Westgate	Westgate		260,327		85,750		346,077		-			346,077
		$	2,635,104	$	894,871	$	3,529,975	$	(856	)	$	3,529,119

Depreciation expense was $146,240 and $856, respectively, for the six months ended June 30, 2025 and 2024.

F-31

NOTE 5: BRIDGE FINANCING, RELATED PARTY

The Company has obtained bridge financing from Arrived Short Term Notes, LLC, an affiliate of the Manager. The following is a summary of the bridge financing by each Series as of June 30, 2025:

● On February 21, 2025, the Manager established Arrived NC Prakash, LLC, a wholly owned subsidiary of Arrived Series Prakash, a Series of Arrived Homes 4, LLC. Arrived NC Prakash closed on the acquisition of a property on February 19, 2025, with a purchase price of $339,400, and obtained bridge financing from Arrived Short Term Notes, LLC in the amount of $328,000. The bridge financing is secured by the property, and bears interest at 6.5% (interest-only), with all accrued interest due at maturity or repayment. The bridge financing matures in 18 months and has no prepayment penalties.

● On February 21, 2025, the Manager established Arrived NC Olivia, LLC, a wholly owned subsidiary of Arrived Series Olivia, a Series of Arrived Homes 4, LLC. Arrived NC Olivia closed on the acquisition of a property on February 26, 2025, with a purchase price of $312,650, and obtained bridge financing from Arrived Short Term Notes, LLC in the amount of $301,000. The bridge financing is secured by the property, and bears interest at 6.5% (interest-only), with all accrued interest due at maturity or repayment. The bridge financing matures in 18 months and has no prepayment penalties.

NOTE 6: MEMBERS’ EQUITY

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 monthly basis. However, the Manager may change the timing of distributions or determine that no distributions shall be made, in its sole discretion.

F-32

Membership Interests

During the six months ended June 30, 2025 and 2024, the Series closed on its public offerings for net proceeds of $3,124,888 and $1,399,120, respectively. The following is a summary of the public offerings by each Series.

June 30, 2025
Series Name	# of Units Issued		Net proceeds from the issuance of membership units		Issuance expense (1%)		Offering expense (2%)
Allen		-	$	-	$	-	$	-
Annadale		-		-		-		-
Arcola		36,230		335,520		3,623		7,247
Arnold		-		-		-		-
Breckenridge		-		-		-		-
Bristol		-		-		-		-
Cher		33,906		313,904		3,391		6,785
Cole		-		-		-		-
Commodore		-		-		-		-
Cordelia		-		-		-		-
Cranberry		37,216		344,416		3,737		7,477
Dan		-		-		-		-
Flintwood		-		-		-		-
Gentry		40,674		376,588		4,067		8,135
Gerald		-		-		-		-
Harold		-		-		-		-
Holly		37,314		345,414		3,731		7,465
Monterey		-		-		-		-
Mystic		-		-		-		-
Nicole		-		-		-		-
Olivia		-		-		-		-
Prakash		-		-		-		-
Resolana		-		-		-		-
Sachi		60		594		6		-
Sandridge		-		-		-		-
Sanford		-		-		-		-
Satjanon		44,492		411,841		4,449		8,910
Shawnee		37,439		346,620		3,744		7,496
Sonny		33,926		314,102		3,393		6,785
Sullivan		-		-		-		-
Troxler		36,270		335,889		3,627		7,254
Tyner		-		-		-		-
Wendell		-		-		-		-
Westbury		-		-		-		-
Westgate		-		-		-		-
Wizard		-		-		-		-
		337,527	$	3,124,888	$	33,768	$	67,554

F-33

June 30, 2024
Series Name	# of Units Issued		Net proceeds from the issuance of membership units		Issuance expense (1%)		Offering expense (2%)
Allen		35,577	$	329,307	$	3,558	$	7,115
Breckenridge		43,833		405,679		4,383		8,768
Cordelia		-		-		-		-
Dan		-		-		-		-
Monterey		-		-		-		-
Resolana		-		-		-		-
Sandridge		-		-		-		-
Sanford		21,474		198,878		2,147		4,295
Sullivan		-		-		-		-
Tyner		50,279		465,256		5,028		10,056
Westgate		-		-		-		-
		151,163	$	1,399,120	$	15,116	$	30,234

In connection with the public offering, each Series incurred brokerage fees of 1% of gross proceeds, which is paid directly to the broker as a deduction from gross proceeds. In accordance with the operating agreement, the Manager received the following reimbursements, deducted from the gross proceeds of the offering. For the six months ended June 30, 2025 and 2024, the following were reimbursements and fees paid to the Manager:

· Out-of-pocket expenses: up to 2% of gross proceeds, $67,554 and $30,234, respectively.

· Sourcing fees: up to 3.5% of gross proceeds, $99,390 and $44,780, respectively.

· Financing and holding expenses: up to 2.5% of gross proceeds, $49,670 and $22,380, respectively.

Distributions

During the six months ended June 30, 2025 and 2024, 34 Series made aggregate distributions to investors of $217,802 and 3 Series made aggregate distributions to investors of $5,600, respectively. Such distributions were recorded as reductions to members’ capital.

F-34

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
Allen	$	5,335	$	1,387
Annadale		7,024		-
Arcola		4,601		-
Arnold		7,259		-
Breckenridge		4,997		3,375
Bristol		5,594		-
Cher		2,102		-
Cole		8,858		-
Commodore		9,166		-
Cordelia		8,051		-
Cranberry		3,945		-
Dan		7,324		-
Flintwood		9,934		-
Gentry		7,362		-
Gerald		5,615		-
Harold		4,449		-
Holly		2,873		-
Monterey		7,717		-
Mystic		6,856		-
Nicole		10,029		-
Olivia		-		-
Prakash		-		-
Resolana		6,547		-
Sachi		6,982		-
Sandridge		4,831		-
Sanford		6,657		838
Satjanon		3,026		-
Shawnee		3,968		-
Sonny		4,071		-
Sullivan		8,094		-
Troxler		6,275		-
Tyner		10,659		-
Wendell		7,412		-
Westbury		6,403		-
Westgate		6,163		-
Wizard		7,623		-
	$	217,802	$	5,600

NOTE 7: RELATED PARTY TRANSACTIONS

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

Due from (to) Related Party

The Series engage in various transactions with the Manager and its affiliates in the ordinary course of operating and financing activities. As of June 30, 2025, certain Series owed the Manager an aggregate of $101,913, primarily related to initial funding for property acquisitions. In addition, the Manager owed certain Series an aggregate of $9,539. These advances are non-interest bearing and have no stated repayment terms.

Deemed Contributions

During the six months ended June 30, 2025 and 2024, certain Series received deemed contributions from the Manager totaling $28,059 and $9,210, respectively, in exchange for forgiveness of amounts previously due.

F-35

Management Compensation

During the six months ended June 30, 2025 and 2024, total management compensation charged by the Manager, including sourcing fees, financing and holding expenses, offering expenses, asset management fees, reimbursements of acquisition expenses, property management fees, and interest expense from affiliates of Manager, were an aggregate of $330,323 and $103,820, respectively.

The following table reflects the total management fee paid by each Series during the six months ended June 30, 2025 and 2024.

June 30, 2025

Series	Sourcing fees		Financing and holding expenses		Offering expenses		Asset management fee		Reimbursements of acquisition expenses		Property management fee, related party		Interest expense from affiliates of the manager
Allen	$	-	$	-	$	-	$	903	$	-	$	742	$	-
Annadale		-		-		-		1,049		-		586		-
Arcola		10,610		5,300		7,247		762		2,500		390		3,159
Arnold		-		-		-		966		-		598		-
Breckenridge		-		-		-		1,115		-		577		-
Bristol		-		-		-		1,046		-		552		-
Cher		9,990		4,990		6,785		736		2,500		245		2,435
Cole		-		-		-		885		-		646		-
Commodore		-		-		-		1,170		-		826		-
Cordelia		-		-		-		1,065		-		682		-
Cranberry		11,020		5,510		7,477		630		2,500		338		4,806
Dan		-		-		-		844		-		442		-
Flintwood		-		-		-		1,110		-		770		-
Gentry		11,970		5,980		8,135		1,026		2,500		706		1,958
Gerald		-		-		-		958		-		478		-
Harold		-		-		-		949		-		625		-
Holly		11,020		5,510		7,465		788		2,500		317		2,554
Monterey		-		-		-		938		-		444		-
Mystic		-		-		-		924		-		526		-
Nicole		-		-		-		913		-		598		-
Olivia		-		-		-		-		-		344		7,316
Prakash		-		-		-		-		-		365		8,419
Resolana		-		-		-		881		-		502		-
Sachi		-		-		-		1,011		-		634		-
Sandridge		-		-		-		1,017		-		389		-
Sanford		-		-		-		539		-		322		-
Satjanon		13,150		6,570		8,910		752		2,500		417		3,740
Shawnee		11,020		5,510		7,496		630		2,500		443		2,767
Sonny		9,990		4,990		6,785		900		2,500		282		1,663
Sullivan		-		-		-		975		-		598		-
Troxler		10,620		5,310		7,254		763		2,500		598		2,033
Tyner		-		-		-		1,283		-		694		-
Wendell		-		-		-		896		-		550		-
Westbury		-		-		-		870		-		454		-
Westgate		-		-		-		1,029		-		461		-
Wizard		-		-		-		995		-		908		-
	$	99,390	$	49,670	$	67,554	$	31,318	$	22,500	$	19,042	$	40,850

F-36

June 30, 2024

Series	Sourcing fees		Financing and holding expenses		Offering expenses		Asset management fee		Reimbursements of acquisition expenses		Property management fee, related party
Allen	$	10,530	$	5,260	$	7,115	$	151	$	2,500	$	103
Breckenridge		13,000		6,500		8,768		372		2,500		283
Cordelia		-		-		-		-		-		-
Dan		-		-		-		-		-		-
Monterey		-		-		-		-		-		-
Resolana		-		-		-		-		-		-
Sandridge		-		-		-		-		-		-
Sanford		6,280		3,140		4,295		90		-		-
Sullivan		-		-		-		-		-		-
Tyner		14,970		7,480		10,056		428		-		-
Westgate		-		-		-		-		-		-
	$	44,780	$	22,380	$	30,234	$	1,040	$	5,000	$	386

NOTE 8: SUBSEQUENT EVENTS

The following list represents acquisitions that are in contract but were not closed or were not been submitted to the Securities and Exchange Commission as of June 30, 2025.

Acquisitions post June 30, 2025

Series	Address	Acquisition close date	Offering close date	Purchase price		Bridge financing, related party		Interest rate
Funderburk	2758 Lily Circle, Northport, AL 35473	7/30/2025	Not Closed	$	259,900	$	246,000		6.50	%
Kern	10056 Meadowvista Court, Independence, KY 41051	7/30/2025	Not Closed		387,000		367,000		6.50	%
Skitt	8334 Bright Water Drive, Ooltewah, TN 37363	7/30/2025	Not Closed		418,000		391,315		6.50	%
Jasmine	100 Hartmann Crossing Drive, Lebanon, TN 37087	8/20/2025	Not Closed		437,990		394,542		6.50	%
Rose	341 Arrowhead Drive, Johnson City, TN 37601	8/6/2025	Not Closed		343,785		391,925		6.50	%
Lendrum	7646 Belhaven Lane, Knoxville, TN 37918	8/20/2025	Not Closed		353,570		330,791		6.50	%
				$	2,200,245	$	2,121,573

F-37

ITEM 4. EXHIBITS 

Exhibit No.	Description
2.1*	Certificate of Formation of Arrived Homes 4, LLC
2.2*	Limited Liability Company Agreement of Arrived Homes 4, LLC
2.3*	First Amendment to Limited Liability Company Agreement of Arrived Homes 4, LLC
3.1*	Form of Series Designation of Arrived Series [*], a series of Arrived Homes 4, LLC
4.1*	Form of Subscription Agreement of Arrived Series [*], a Series of Arrived Homes 4, LLC
6.1*	Broker Dealer Agreement, dated March 5, 2024 between Arrived Homes 4, LLC and Dalmore Group, LLC
6.3*	Form of Promissory Note
6.4*	Form of Property Management Agreement dated [*], 202[*], between Marketplace Homes and Arrived Series [*], a series of Arrived Homes 4, LLC
6.5*	Purchase and Sale Agreement dated March 7, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Breckenridge Property
6.5.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Breckenridge dated March 19, 2024 for Arrived Series Breckenridge Property
6.6*	Purchase and Sale Agreement dated February 22, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Tyner Property
6.6.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Tyner dated March 22, 2024 for Arrived Series Tyner Property
6.7*	Purchase and Sale Agreement dated April 8, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Allen Property
6.7.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Allen dated April 8, 2024 for Arrived Series Allen Property
6.8*	Purchase and Sale Agreement dated April 27, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Cordelia Property
6.8.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Cordelia dated May 13, 2024 for Arrived Series Cordelia Property
6.9*	Purchase and Sale Agreement dated April 29, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Sanford Property
6.9.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Sanford dated May 7, 2024 for Arrived Series Sanford Property
6.10*	Purchase and Sale Agreement dated May 9, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Dan Property
6.10.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Dan dated May 16, 2024 for Arrived Series Dan Property
6.11*	Purchase and Sale Agreement dated May 23, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Monterey Property
6.11.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Monterey dated May 27, 2024 for Arrived Series Monterey Property
6.12*	Purchase and Sale Agreement dated January 2, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Resolana Property
6.12.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Resolana dated April 17, 2024 for Arrived Series Resolana Property
6.12.2*	Counteroffer to Offer dated January 7, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Resolana Property

8

6.13*	Purchase and Sale Agreement dated May 3 , 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Westgate Property
6.13.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Westgate dated May 22, 2024 for Arrived Series Westgate Property
6.13.2*	Counteroffer to Offer dated May 3, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Westgate Property
6.14*	Purchase and Sale Agreement dated August 2, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Arnold Property
6.14.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Arnold dated June 28, 2024 for Arrived Series Arnold Property
6.14.2*	Addendum to Purchase and Sale Agreement dated August 2,2024 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Arnold Property
6.14.3*	Addendum to Purchase and Sale Agreement dated August 2, 2024 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Arnold Property
6.15*	Purchase and Sale Agreement dated August 2, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Gerald Property
6.15.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Gerald dated June 10, 2024 for Arrived Series Gerald Property
6.15.2*	Addendum to Purchase and Sale Agreement dated August 2, 2024 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Gerald Property
6.16*	Purchase and Sale Agreement dated May 23, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Harold Property
6.16.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Harold dated July 2, 2024 for Arrived Series Harold Property
6.16.2*	Addendum to Purchase and Sale Agreement dated August 2, 2024 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Harold Property
6.17*	Purchase and Sale Agreement dated May 8, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Mystic Property
6.17.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Mystic dated June 20, 2024 for Arrived Series Mystic Property
6.18*	Purchase and Sale Agreement dated June 27, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Nicole Property
6.18.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Nicole dated July 2, 2024 for Arrived Series Nicole Property
6.19*	Purchase and Sale Agreement dated May 9, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Sandridge Property
6.19.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Sandridge dated June 20, 2024 for Arrived Series Sandbridge Property
6.20*	Purchase and Sale Agreement dated May 9, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Sullivan Property
6.20.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Sullivan dated June 10, 2024 for Arrived Series Sullivan Property
6.21*	Purchase and Sale Agreement dated June 28, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Wendell Property
6.21.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Wendell dated July 2, 2024 for Arrived Series Wendell Property
6.22*	Purchase and Sale Agreement dated June 28, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Wizard Property

9

6.22.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Wizard dated July 2, 2024 for Arrived Series Wizard Property
6.23*	Purchase and Sale Agreement dated July 26, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Annadale Property
6.23.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Annadale dated August 6, 2024 for Arrived Series Annadale Property
6.24*	Purchase and Sale Agreement dated June 28, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Cole Property
6.24.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Cole dated July 11, 2024 for Arrived Series Cole Property
6.25*	Purchase and Sale Agreement dated June 28, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Flintwood Property
6.25.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Flintwood dated July 11, 2024 for Arrived Series Flintwood Property
6.26*	Purchase and Sale Agreement dated September 19, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Bristol Property
6.26.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Bristol dated October 1, 2024 for Arrived Series Bristol Property
6.27*	Purchase and Sale Agreement dated September 25, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Cher Property
6.27.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Cher dated October 3, 2024 for Arrived Series Cher Property
6.28*	Purchase and Sale Agreement dated May 23, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Commodore Property
6.28.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Commodore dated June 28, 2024 for Arrived Series Commodore Property
6.29*	Purchase and Sale Agreement dated August 26, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Sachi Property
6.29.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Sachi dated September 16, 2024 for Arrived Series Sachi Property
6.30*	Purchase and Sale Agreement dated September 30, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Satjanon Property
6.30.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Satjanon dated October 3, 2024 for Arrived Series Satjanon Property
6.31*	Purchase and Sale Agreement dated September 25, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Sonny Property
6.31.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Sonny dated October 3, 2024 for Arrived Series Sonny Property
6.32*	Purchase and Sale Agreement dated August 20, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Westbury Property
6.32.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Westbury dated September 16, 2024 for Arrived Series Westbury Property
6.32.2*	Counteroffer to Offer dated August 21, 2023 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Westbury Property

10

6.33*	Purchase and Sale Agreement dated September 27, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Arcola Property
6.33.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Arcola dated November 20, 2024 for Arrived Series Arcola Property
6.34*	Purchase and Sale Agreement dated December 11, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Cranberry Property
6.34.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Cranberry dated December 11, 2024 for Arrived Series Cranberry Property
6.35*	Purchase and Sale Agreement dated September 10, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Gentry Property
6.35.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Gentry dated September 23, 2024 for Arrived Series Gentry Property
6.36*	Purchase and Sale Agreement dated December 10, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Holly Property
6.36.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Holly dated December 20, 2024 for Arrived Series Holly Property
6.37*	Purchase and Sale Agreement dated September 23, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Shawnee Property
6.37.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Shawnee dated October 21, 2024 for Arrived Series Shawnee Property
6.38*	Purchase and Sale Agreement dated September 27, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Troxler Property
6.38.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Troxler dated November 20, 2024 for Arrived Series Troxler Property
6.39*	Purchase and Sale Agreement dated February 7, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Olivia Property
6.39.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Olivia dated January 4, 2025 for Arrived Series Olivia Property
6.40*	Purchase and Sale Agreement dated February 7, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Prakash Property
6.40.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Prakash dated January 25, 2025 for Arrived Series Prakash Property
6.41*	NCPS PPEX ATS Company Agreement
6.42*	Secondary Brokerage Agreement
6.43*	NCIT Software and Services License Agreement
6.44*	Purchase and Sale Agreement dated June 30, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Funderbunk Property

11

6.44.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Funderbunk dated July 16, 2025 for Arrived Series Funderbunk Property
6.45*	Purchase and Sale Agreement dated June 10, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Humphreys Property
6.45.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Humphreys dated July 23, 2025 for Arrived Series Humphreys Property
6.46*	Purchase and Sale Agreement dated June 10, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Jasmine Property
6.46.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Jasmine dated July 16, 2025 for Arrived Series Jasmine Property
6.47*	Purchase and Sale Agreement dated July 7, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Kern Property
6.47.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Kern dated July 23, 2025 for Arrived Series Kern Property
6.48*	Purchase and Sale Agreement dated July 23, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Lendrum Property
6.48.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Lendrum dated July 23, 2025 for Arrived Series Lendrum Property
6.49*	Purchase and Sale Agreement dated June 24, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Rose Property
6.49.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Rose dated July 16, 2025 for Arrived Series Rose Property
6.50*	Purchase and Sale Agreement dated July 2, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Skitt Property
6.50.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Skitt dated July 16, 2025 for Arrived Series Skitt Property
99.1*	Valuation Policy

* Previously filed

12

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 HOMES 4, LLC
By:	Arrived Fund Manager, LLC, its managing member
By:	/s/ Ryan Frazier
Name:	Ryan Frazier
Title:	Chief Executive Officer
Date:	September 25, 2025

Pursuant to the requirements of Regulation A, this report has been signed 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 25, 2025
Ryan Frazier	(principal executive officer) Chief Executive Officer and Director of Arrived Homes 4, LLC
/s/ Sue Korn	Principal Financial and	September 25, 2025
Sue Korn	Accounting Officer of Arrived Holdings, Inc. Principal Financial and Accounting Officer of Arrived Homes 4, LLC
Arrived Fund Manager, LLC	Managing Member	September 25, 2025

By:	/s/ Ryan Frazier
Name:	Ryan Frazier
Title:	Chief Executive Officer

13