UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 1-K

ANNUAL REPORT PURSUANT TO REGULATION A

For the fiscal year ended:

December 31, 2025

ARRIVED HOMES 4, LLC
(Exact name of issuer as specified in its charter)

Delaware	92-1716073
State of other jurisdiction of incorporation or Organization	(I.R.S. Employer Identification No.)

1700 Westlake Ave North, Suite 200

Seattle, WA 98109

(Full mailing address of principal executive offices)

(814) 277-4833

(Issuer’s telephone number, including area code)

www.arrived.com
(Issuer’s website)

Arrived Series Breckenridge; Arrived Series Tyner; Arrived Series Cordelia; Arrived Series Allen; Arrived Series Sanford; Arrived Series Dan; Arrived Series Resolana; Arrived Series Westgate; Arrived Series Monterey; Arrived Series Gerald; Arrived Series Mystic; Arrived Series Nicole; Arrived Series Harold; Arrived Series Sandridge; Arrived Series Sullivan; Arrived Series Wendell; Arrived Series Wizard; Arrived Series Arnold; Arrived Series Cole; Arrived Series Annadale; Arrived Series Flintwood; Arrived Series Commodore; Arrived Series Cher; Arrived Series Sachi; Arrived Series Satjanon; Arrived Series Bristol; Arrived Series Westbury; Arrived Series Sonny; Arrived Series Arcola; Arrived Series Holly; Arrived Series Gentry; Arrived Series Cranberry; Arrived Series Troxler; Arrived Series Shawnee; Arrived Series Olivia; Arrived Series Prakash; Arrived Series Lendrum; Arrived Series Funderburk; Arrived Series Kern; Arrived Series Humphreys; Arrived Series Jasmine; Arrived Series Rose; Arrived Series Skitt; Arrived Series 500; Arrived Series Chesterfield; Arrived Series Brownster; Arrived Series Jennie; Arrived Series Rattler; Arrived Series Savannah; Arrived Series Travis; Arrived Series Hutchins; Arrived Series Kimble; Arrived Series Hawthorn; Arrived Series Garnet; Arrived Series Moraine; Arrived Series Ruby; Arrived Series Zube

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

TABLE OF CONTENTS

ITEM 1.	DESCRIPTION OF BUSINESS	1
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION	13
ITEM 3.	DIRECTORS AND OFFICERS	24
ITEM 4.	SECURITY OWNERSHIP OF MANAGEMENT AND CERTAIN SECURITYHOLDERS	27
ITEM 5.	INTEREST OF MANAGEMENT AND OTHERS IN CERTAIN TRANSACTIONS	27
ITEM 6.	OTHER INFORMATION	27
ITEM 7.	FINANCIAL STATEMENTS	F-1
ITEM 8.	EXHIBITS	28

i

CAUTIONARY STATEMENT REGARDING Forward-Looking StatementS

The information contained in this Annual Report on Form 1-K (this “Form 1-K”) includes some statements that are not historical and that are considered “forward-looking statements.” Such forward-looking statements include, but are not limited to, statements regarding our development plans for our business; our strategies and business outlook; anticipated development of Arrived Homes 4, LLC (the “Company”), Arrived Fund Manager, LLC (the “manager”), each series of our Company and the Arrived platform (defined below); and various other matters (including contingent liabilities and obligations and changes in accounting policies, standards and interpretations). These forward-looking statements express the manager’s expectations, hopes, beliefs, and intentions regarding the future. In addition, without limiting the foregoing, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipates,” “believes,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “might,” “plans,” “possible,” “potential,” “predicts,” “projects,” “seeks,” “should,” “will,” “would” and similar expressions and variations, or comparable terminology, or the negatives of any of the foregoing, may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

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

All forward-looking statements attributable to us are expressly qualified in their entirety by these risks and uncertainties. These risks and uncertainties, along with others, are detailed under the headings “Summary – Summary Risk Factors” and “Risk Factors” in Post-Qualification Amendment No. 16 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

MARKET AND OTHER INDUSTRY DATA

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

iii

Item 1. Description of Business

Company Overview – Our Mission

Arrived Homes 4, LLC, a Delaware series limited liability company, was formed in July 2023 to permit public investment in specific single-family rental homes. We believe people should have the freedom to move to pursue new opportunities in their lives while still having access to the wealth creation that long-term home ownership and real estate investment can provide. To support this idea, we are building what we believe to be a new model for home ownership and real estate investment that doesn’t lock people into a single home or city. We believe in passive income, conservative debt, freedom to move, diversification, and aligned incentives.

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

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

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

Our Series LLC Structure

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

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

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

Investment Objectives

Our investment objectives are: 

● Consistent cash flow;

● Long term capital appreciation with moderate leverage;

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

● Capital preservation.

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

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Our Investment Criteria

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

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

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

● Homes less than 30 years old;

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

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

Our Investment Process

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

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

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

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

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

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

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Our Manager

Our Company is managed by Arrived Fund Manager, LLC, a Delaware limited liability company and managing member of our Company, which we refer to herein as the “manager.” Pursuant to the terms of our operating agreement, the manager will provide certain management and advisory services to us and to each of our series and their subsidiaries, if any, as well as a management team and appropriate support personnel. The manager is a wholly owned subsidiary of our sponsor, Arrived Holdings, Inc., a Delaware corporation, which is an asset management company that operates a web-based investment platform, which we refer to as the Arrived platform, used by our Company for the offer and sale of interests in the series of our Company.

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

Investment Strategy – Our Market Opportunity

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

Market Selection

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

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

● Job and income growth forecasts of 3% or greater;

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

● Large university and skilled workforce;

● Popular with millennials; and

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

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

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

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Investments in Real Property

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

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

● plans and specifications;

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

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

● title and liability insurance policies.

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

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

Leverage Policy

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

Acquisition Mechanics

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

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

A series may acquire its property either from an unaffiliated third party or from an affiliate of the manager. For a detailed description of our acquisition methods, please refer to Post-Qualification Amendment No. 16 to our Offering Statement on Form 1-A, filed with the Securities and Exchange Commission on January 22, 2026.

4

Operating Policies

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

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

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

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

Disposition Policies

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

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

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

Property Disposition Fee

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

Scaled Acquisition Fee

As a result of the manager’s relationships and transaction volume with certain sellers, the manager may be able to negotiate purchase price incentives, discounts or other reductions to or rebates on the purchase price of a series property that are not generally available to other purchasers. For each such series, the manager may charge a scaled acquisition fee equal to the lesser of (i) 20% of any such incentive or discount and (ii) $10,000. This fee will be paid from, and increase the total amount of, funds allocated to the acquisition of the series property at the closing of the offering.

Description of the Property Management Agreement

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

5

The services provided by the property manager will include:

● Collecting rent and maintaining books and records;

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

● Routine property maintenance and responding to tenant maintenance requests;

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

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

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

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

Currently, we intend to enter into a property management agreement on behalf of each series with an affiliate of the manager or a third-party property management company. We reserve the right to change property managers at any time.

Property Management Fee

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

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

6

Liquidity Platform

Overview of PPEX ATS Platform

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

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

Process for Secondary Transactions

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

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

User Interface and Role of the Platform

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

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

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

Agreements Relating to Secondary Trading on the PPEX ATS

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

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

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

Asset Management Fee

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

Operating Expenses

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

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

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

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

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

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

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

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

8

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

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

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

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

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

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

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

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

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

Allocations of Expenses

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

9

Revenue or Expense Item	Details	Allocation Policy (if revenue or expense is not clearly allocable to a specific series property)
Revenue	Each of the series will have monthly rental income from the series property.	Allocable directly to the applicable series property
Acquisition Expenses	Appraisal and valuation fees (if incurred pre-closing)	Allocable directly to the applicable series property
	Appraisal and valuation fees (if incurred post-closing)	Allocable directly to the applicable series property
	Pre-purchase inspection	Allocable directly to the applicable series property
	Closing Costs	Allocable directly to the applicable series property
	Interest expense, if any, when an underlying series property is purchased by a series through a loan prior to the closing of a series offering	Allocable directly to the applicable series property
Offering Expenses	Legal expenses related to the preparation of regulatory paperwork (offering materials) for a series	Not allocable; to be borne by the manager
	Audit and accounting work related to the regulatory paperwork or a series	Allocable directly to the applicable series property
	Compliance work including diligence related to the preparation of a series	Not allocable; to be borne by the manager
	Insurance of a series property as at time of acquisition	Allocable directly to the applicable series property
	Broker fees other than cash commissions (e.g., expense reimbursement)	Not allocable; to be borne by the manager
	Brokerage fee payable per filing of a Form 1-A Post-Qualification Amendment ($1,000 per 1-A POS)	Allocable directly to the applicable series
	Preparation of marketing materials	Not allocable; to be borne by the manager
Operating Expense	Property management fees	Allocable directly to the applicable series property
	Asset management fees	Allocable directly to the applicable series property
	Audit and accounting work related to the regulatory paperwork of a series	Allocable pro rata to the number of series properties
	Security (e.g., surveillance and patrols)	Allocable pro rata to the value of each series property
	Insurance	Allocable directly to the applicable series property
	Maintenance	Allocable directly to the applicable series property
	Property marketing or lease concessions, including special offers and terms	Allocable directly to the applicable series property
	Property disposition fee	Allocable directly to the applicable series property
	Interest expense, if any, when a series property holds any type of term loan or line of credit	Allocable directly to the applicable series property
	Audit, accounting and bookkeeping related to the reporting requirements of a series	Allocable pro rata to the number of series properties
Indemnification Payments	Indemnification payments under the operating agreement	Allocable pro rata to the value of each series property

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

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The Arrived Platform

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

Competition

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

● our focus on the single-family residential rental market;

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

● consistent rental income with use of moderate amounts of leverage;

● our unique investment strategy and approach to market selection;

● lower minimum investment amounts; and

● favorable tax treatment associated with REIT elections.

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

Conflicts of Interest

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

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

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

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

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

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

Employees

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

Legal Proceedings

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

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

Overview

Arrived Homes 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 December 31, 2025 and 2024, our Company has acquired 66 and 31 properties, respectively.

Emerging Growth Company

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

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

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

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

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

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

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Distributions

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

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

Valuation Policies

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

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

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

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

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

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

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

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.

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Operating Results

Revenues

Revenues are generated at the series level and are derived from leases on the series property. All revenues generated by each series during the years ended December 31, 2025 and 2024 are listed in the table below. Consolidated rental income was $898,023 for the year ended December 31, 2025 compared to the rental income of $173,783 for the year ended December 31, 2024. The increase in rental revenue is primarily due to an increase in the number of properties acquired by the Company. Such amounts are based on the audited financial statements of the Company and each series included in this Annual Report on Form 1-K:

Rental Income
Series Name	December 31, 2025		December 31, 2024
500	$	6,546	$	-
Allen		24,508		16,010
Annadale		25,140		129
Arcola		21,029		-
Arnold		25,590		6,643
Aurora		-		-
Beanery		-		-
Breckenridge		28,057		21,160
Bristol		26,665		-
Brownster		-		-
Cher		17,718		-
Chesterfield		1,932		-
Cole		26,640		9,028
Commodore		31,140		2,428
Cordelia		27,540		8,733
Cranberry		20,300		-
Dan		20,591		6,520
Flintwood		29,840		10,146
Funderburk		4,625		-
Garnet		-		-
Gentry		28,140		594
Gerald		22,440		2,754
Greengrove		-		-
Harold		18,311		1,548
Hawthorn		-		-
Holly		20,545		-
Humphreys		-		-
Hutchins		-		-
Jasmine		4,072		-
Jennie		2,295		-
Joyce		-		-
Kern		8,564		-
Kimble		-		-
Lavon		-		-
Lendrum		5,122		-
Lincoln		-		-
Monterey		21,302		4,758
Moraine		-		-
Mystic		23,640		3,406
Nicole		25,440		8,409
Oakmont		1,105		-
Olivia		21,573		-
Prakash		20,038		-
Rattler		-		-
Resolana		23,040		11,008
Rose		6,885		-
Ruby		-		-
Sachi		26,340		371
Salsa		1,258		-
Sandridge		22,621		14,637
Sanford		18,540		9,270
Satjanon		23,685		-
Savannah		-		-
Shawnee		21,327		-
Skitt		77		-
Sonny		18,463		-
Sullivan		25,440		10,812
Travis		-		-
Troxler		26,048		-
Tyner		27,840		10,172
Wendell		24,240		208
Westbury		21,840		-
Westgate		22,311		15,024
Winnebago		-		-
Wizard		27,622		16
Zube		-		-
	$	898,023	$	173,783

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Operating Expenses

The Company incurred the following operating expenses during the years ended December 31, 2025 and 2024. Consolidated operating expenses increased from $458,709 for the year ended December 31, 2024 to $1,055,622 for the year ended December 31, 2025. This increase of approximately 130% is primarily attributable to: (i) the significant increase in the number of properties acquired and operating during 2025, (ii) higher depreciation expense of $331,712 in 2025 compared to $75,184 in 2024 due to the expanded property portfolio and (iii) increased repairs and maintenance, insurance, and property tax costs associated with the additional properties. 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, HOA fees, legal fees, other professional fees, depreciation, and repair and maintenance costs.

Upon closing, each individual series becomes responsible for funding its own operating expenses. The following table summarizes the total operating expenses by series as of December 31, 2025 and 2024. Such amounts are based on the audited financial statements of the Company and each series included in this Annual Report on Form 1-K:

Operating Expenses
	December 31, 2025						December 31, 2024
Series Name	Operating expenses		Depreciation		Total expenses		Operating expenses		Depreciation		Total expenses
500	$	9,167	$	2,090	$	11,256	$	-	$	-	$	-
Allen		15,768		8,315		24,083		15,528		4,158		19,686
Annadale		11,289		9,673		20,963		9,728		2,418		12,146
Arcola		15,045		7,573		22,618		6,467		-		6,467
Arnold		9,683		8,195		17,879		14,101		2,049		16,150
Aurora		6,675		-		6,675		-		-		-
Beanery		4,248		-		4,248		-		-		-
Breckenridge		12,849		10,276		23,126		19,591		5,995		25,586
Bristol		14,320		9,642		23,962		10,209		804		11,012
Brownster		12,137		127		12,264		-		-		-
Cher		12,664		7,942		20,606		4,921		-		4,921
Chesterfield		6,881		-		6,881		-		-		-
Cole		9,715		8,147		17,862		14,337		2,716		17,053
Commodore		12,955		10,639		23,594		15,116		1,773		16,890
Cordelia		10,535		9,626		20,160		17,409		4,011		21,420
Cranberry		14,749		7,974		22,723		6,711		-		6,711
Dan		7,666		7,306		14,972		13,166		3,653		16,819
Flintwood		12,879		10,058		22,937		16,474		3,353		19,827
Funderburk		14,812		2,370		17,182		-		-		-
Garnet		17,097		-		17,097		-		-		-
Gentry		14,238		9,403		23,642		6,690		784		7,473
Gerald		10,136		8,465		18,601		15,640		2,116		17,756
Greengrove		2,035		-		2,035		-		-		-
Harold		13,156		8,343		21,500		13,286		2,086		15,372
Hawthorn		4,336		-		4,336		-		-		-
Holly		17,435		7,136		24,572		-		-		-
Humphreys		11,606		1,843		13,449		-		-		-
Hutchins		3,546		-		3,546		-		-		-
Jasmine		10,859		2,981		13,840		-		-		-
Jennie		11,214		698		11,912		-		-		-
Joyce		17,609		869		18,478		-		-		-
Kern		17,412		3,549		20,960		-		-		-
Kimble		4,262		-		4,262		-		-		-
Lavon		3,449		-		3,449		-		-		-
Lendrum		15,894		2,443		18,336		-		-		-
Lincoln		3,953		-		3,953		-		-		-
Monterey		10,051		7,830		17,881		11,298		3,915		15,213
Moraine		11,573		-		11,573		-		-		-
Mystic		10,712		8,510		19,222		16,018		2,837		18,855
Nicole		8,159		8,424		16,583		12,448		2,808		15,256
Oakmont		10,389		1,358		11,747		-		-		-
Olivia		16,317		6,406		22,723		-		-		-
Prakash		16,353		6,947		23,300		-		-		-
Rattler		10,067		877		10,943		-		-		-
Resolana		8,453		8,098		16,551		22,223		4,049		26,272
Rose		12,715		2,373		15,088		-		-		-
Ruby		8,198		113		8,311		-		-		-
Sachi		11,807		9,265		21,073		11,570		1,544		13,114
Salsa		7,036		740		7,776		-		-		-
Sandridge		20,693		9,336		30,030		12,686		3,890		16,577
Sanford		6,683		4,908		11,591		13,992		2,454		16,446
Satjanon		19,656		7,790		27,447		-		-		-
Savannah		5,011		-		5,011		-		-		-
Shawnee		15,257		7,217		22,474		-		-		-
Skitt		9,258		3,849		13,107		-		-		-
Sonny		12,307		7,942		20,250		4,979		-		4,979
Sullivan		9,105		8,822		17,927		12,970		3,676		16,645
Travis		7,506		112		7,619		-		-		-
Troxler		14,063		7,579		21,642		6,422		-		6,422
Tyner		11,671		11,839		23,510		14,937		5,919		20,857
Wendell		9,810		8,267		18,076		8,369		1,378		9,747
Westbury		13,958		7,963		21,921		13,900		1,327		15,227
Westgate		13,339		9,466		22,805		13,238		3,944		17,182
Winnebago		4,989		818		5,807		-		-		-
Wizard		12,417		9,177		21,594		9,102		1,530		10,631
Zube		4,083		-		4,083		-		-		-
	$	723,910	$	331,712	$	1,055,622	$	383,525	$	75,184	$	458,709

16

Other Expenses (Income)

During the years ended December 31, 2025 and 2024, some series incurred interest expenses, including bridge financing interest and amortization of loan fees. The following table summarizes the total of such expenses incurred by each series during the years ended December 31, 2025 and 2024. Interest expense increased from $110,151 for the year ended December 31, 2024 to $164,718 for the year ended December 31, 2025. This increase is primarily attributable to an increase in the number of properties acquired by the Company and the utilization of bridge financing to fund property acquisitions prior to series offerings closing. Such amounts are based on the audited financial statements of the Company and each series included in this Annual Report on Form 1-K:

OTHER EXPENSES (INCOME)
Series Name	December 31, 2025			December 31, 2024
500	$	7,842		$	-
Allen		-			2,943
Annadale		(15	)		4,694
Arcola		3,159			1,723
Arnold		-			2,825
Aurora		887			-
Beanery		3,202			-
Breckenridge		-			3,999
Bristol		-			3,782
Brownster		3,274			-
Cher		2,435			2,079
Chesterfield		4,125			-
Cole		-			3,387
Commodore		-			5,935
Cordelia		-			2,871
Cranberry		4,793			863
Dan		-			3,199
Flintwood		-			5,565
Funderburk		2,725			-
Garnet		1,367			-
Gentry		1,958			4,253
Gerald		-			5,912
Greengrove		1,871			-
Harold		-			2,183
Hawthorn		816			-
Holly		2,554			-
Humphreys		6,724			-
Hutchins		100			-
Jasmine		9,404			-
Jennie		3,726			-
Joyce		4,129			-
Kern		8,813			-
Kimble		1,005			-
Lavon		99			-
Lendrum		7,944			-
Lincoln		2,138			-
Monterey		-			4,756
Moraine		1,615			-
Mystic		-			4,136
Nicole		-			2,903
Oakmont		4,596			-
Olivia		10,473			-
Prakash		11,672			-
Rattler		5,536			-
Resolana		-			3,892
Rose		7,350			-
Ruby		563			-
Sachi		-			6,467
Salsa		4,702			-
Sandridge		-			4,629
Sanford		-			1,172
Satjanon		3,732			-
Savannah		3,569			-
Shawnee		2,947			-
Skitt		10,873			-
Sonny		1,663			2,495
Sullivan		-			5,871
Travis		2,449			-
Troxler		2,033			2,275
Tyner		-			1,659
Wendell		-			2,909
Westbury		-			5,193
Westgate		-			3,259
Winnebago		3,788			-
Wizard		-			2,325
Zube		2,084			-
	$	164,718		$	110,151

17

Liquidity and Capital Resources

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

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

Cash and Cash Equivalent Balances

Cash is held at the series level. The following table summarizes the cash and cash equivalents held by each series as of December 31, 2025 and 2024. Such amounts are based on the audited financial statements of the Company and each series included in this Annual Report on Form 1-K:

Cash & Cash Equivalents
Series Name	December 31, 2025		December 31, 2024
500	$	2,772	$	-
Allen		13,112		18,165
Annadale		22,812		23,407
Arcola		17,326		-
Arnold		16,924		18,401
Aurora		-		-
Beanery		-		-
Breckenridge		19,470		21,972
Bristol		22,202		25,453
Brownster		-		-
Cher		16,303		-
Chesterfield		-		-
Cole		16,753		23,775
Commodore		27,602		23,132
Cordelia		22,465		19,134
Cranberry		16,301		-
Dan		40,117		44,522
Flintwood		21,974		27,294
Funderburk		18,152		-
Garnet		-		-
Gentry		23,396		-
Gerald		14,870		19,932
Greengrove		-		-
Harold		19,543		21,294
Hawthorn		-		-
Holly		25,918		-
Humphreys		-		-
Hutchins		-		-
Jasmine		8,925		-
Jennie		-		-
Joyce		-		-
Kern		15,717		-
Kimble		-		-
Lavon		-		-
Lendrum		1,894		-
Lincoln		-		-
Monterey		18,463		20,574
Moraine		-		-
Mystic		12,965		17,989
Nicole		16,991		24,022
Oakmont		1,824		-
Olivia		29,372		-
Prakash		30,582		-
Rattler		-		-
Resolana		9,721		9,989
Rose		23,253		-
Ruby		-		-
Sachi		18,531		19,946
Salsa		-		-
Sandridge		19,097		26,649
Sanford		7,960		9,222
Satjanon		27,026		-
Savannah		-		-
Shawnee		23,791		-
Skitt		-		-
Sonny		14,362		-
Sullivan		26,151		25,897
Travis		-		-
Troxler		19,827		-
Tyner		17,679		24,219
Wendell		15,561		18,073
Westbury		13,952		19,486
Westgate		22,924		28,798
Winnebago		-		-
Wizard		20,018		23,490
Zube		-		-
	$	794,598	$	554,836

18

Plan of Operations

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

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

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

Our Policies for Approving New Tenants 

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

Trend Information

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

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

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

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

19

Recent Developments

Revenues

Revenues are generated at the series level and are derived from leases on the series property. All revenues generated by any series during the period January 1, 2026 through February 28, 2026 are listed below. For the avoidance of doubt, the below amounts are unaudited.

Rental Income
Series Name	February 28, 2026
500	$	4,790
Allen		4,190
Annadale		4,190
Arcola		4,190
Arnold		4,290
Aurora		-
Beanery		3,215
Breckenridge		5,490
Bristol		4,840
Brownster		-
Cher		3,790
Chesterfield		5,040
Cole		4,440
Commodore		5,190
Cordelia		4,590
Cranberry		4,190
Dan		2,744
Flintwood		4,990
Funderburk		3,700
Garnet		2,074
Gentry		4,690
Gerald		2,805
Greengrove		-
Harold		3,600
Hawthorn		387
Holly		4,390
Humphreys		4,452
Hutchins		1,171
Jasmine		4,790
Jennie		4,590
Joyce		-
Kern		5,190
Kimble		1,011
Lavon		-
Lendrum		4,390
Lincoln		2,626
Monterey		3,500
Moraine		1,261
Mystic		3,940
Nicole		4,240
Oakmont		3,900
Olivia		4,590
Prakash		7,185
Rattler		4,590
Resolana		3,840
Rose		4,590
Ruby		1,808
Sachi		4,390
Salsa		4,440
Sandridge		4,990
Sanford		3,090
Satjanon		4,990
Savannah		1,680
Shawnee		4,390
Skitt		4,590
Sonny		3,790
Sullivan		4,240
Travis		3,049
Troxler		4,440
Tyner		4,640
Wendell		4,040
Westbury		3,640
Westgate		4,690
Winnebago		2,155
Wizard		4,690
Zube		546
	$	235,957

20

Operating Expenses

The Company incurred the following operating expenses during the period January 1, 2026 through February 28, 2026. The operating expenses incurred prior to the closing of an offering related to any of the series are being paid by our manager and are reimbursed by such series out of the gross offering proceeds upon closing of the relevant series offering. Such operating expenses include real estate taxes, property insurance, HOA fees, legal fees, other professional fees, depreciation, and repair and maintenance costs. Upon closing, each series becomes responsible for its own operating expenses.

The following table summarizes the total operating expenses incurred by each series during the period January 1, 2026 through February 28, 2026. For the avoidance of doubt, the below amounts are unaudited.

Operating Expenses
February 28, 2026
Series Name	Operating Expenses		Depreciation		Total Expenses
500	$	4,172	$	1,982	$	6,154
Allen		1,774		1,386		3,160
Annadale		2,583		1,612		4,195
Arcola		1,779		1,377		3,156
Arnold		2,039		1,366		3,405
Aurora		2,399		1,695		4,094
Beanery		2,923		1,381		4,304
Breckenridge		2,443		1,713		4,155
Bristol		2,569		1,607		4,176
Brownster		3,075		2,028		5,103
Cher		1,483		1,324		2,806
Chesterfield		6,191		1,982		8,174
Cole		1,884		1,358		3,241
Commodore		2,671		1,773		4,444
Cordelia		5,972		1,604		7,576
Cranberry		2,748		1,450		4,198
Dan		3,127		1,218		4,345
Flintwood		3,272		1,676		4,949
Funderburk		2,009		1,185		3,194
Garnet		3,971		1,009		4,980
Gentry		2,082		1,567		3,649
Gerald		1,833		1,411		3,244
Greengrove		3,471		1,780		5,250
Harold		1,571		1,391		2,962
Hawthorn		2,825		1,560		4,385
Holly		2,476		1,427		3,903
Humphreys		6,752		1,843		8,595
Hutchins		9,558		1,367		10,925
Jasmine		2,380		1,988		4,368
Jennie		5,137		1,397		6,534
Joyce		2,668		1,738		4,406
Kern		2,217		1,774		3,992
Kimble		3,091		1,279		4,370
Lavon		9,167		1,346		10,514
Lendrum		4,308		1,629		5,937
Lincoln		3,829		1,382		5,211
Monterey		2,076		1,305		3,381
Moraine		5,158		1,031		6,188
Mystic		2,072		1,418		3,490
Nicole		2,370		1,404		3,774
Oakmont		2,238		1,358		3,596
Olivia		1,445		1,424		2,869
Prakash		2,402		1,544		3,946
Rattler		4,863		1,753		6,616
Resolana		1,940		1,350		3,289
Rose		1,442		1,582		3,024
Ruby		5,601		1,262		6,863
Sachi		2,738		1,544		4,282
Salsa		2,713		1,480		4,193
Sandridge		1,929		1,556		3,485
Sanford		1,595		818		2,413
Satjanon		2,080		1,731		3,811
Savannah		4,709		1,712		6,421
Shawnee		2,365		1,443		3,809
Skitt		3,065		1,924		4,989
Sonny		2,207		1,324		3,530
Sullivan		2,216		1,470		3,686
Travis		6,571		1,783		8,354
Troxler		2,265		1,378		3,643
Tyner		2,323		1,973		4,296
Wendell		2,111		1,378		3,489
Westbury		1,714		1,327		3,041
Westgate		2,048		1,578		3,626
Winnebago		5,460		1,635		7,095
Wizard		2,110		1,530		3,640
Zube		5,235		1,384		6,619
	$	209,506	$	100,004	$	309,510

21

Other Expenses

During the period between January 1, 2026 and February 28, 2026, certain series incurred interest expenses. The following table summarizes the total of such expenses incurred by each series. For the avoidance of doubt, the below amounts are unaudited.

OTHER EXPENSES
Series Name	February 28, 2026
500	$	2,372
Allen		-
Annadale		-
Arcola		-
Arnold		-
Aurora		3,613
Beanery		2,897
Breckenridge		-
Bristol		-
Brownster		4,009
Cher		-
Chesterfield		2,137
Cole		-
Commodore		-
Cordelia		-
Cranberry		-
Dan		-
Flintwood		-
Funderburk		-
Garnet		2,344
Gentry		-
Gerald		-
Greengrove		3,808
Harold		-
Hawthorn		3,499
Holly		-
Humphreys		1,990
Hutchins		3,011
Jasmine		-
Jennie		1,118
Joyce		3,932
Kern		-
Kimble		2,871
Lavon		2,957
Lendrum		717
Lincoln		2,901
Monterey		-
Moraine		2,115
Mystic		-
Nicole		-
Oakmont		2,847
Olivia		-
Prakash		-
Rattler		3,954
Resolana		-
Rose		-
Ruby		2,211
Sachi		-
Salsa		3,190
Sandridge		-
Sanford		-
Satjanon		-
Savannah		3,824
Shawnee		-
Skitt		4,239
Sonny		-
Sullivan		-
Travis		2,391
Troxler		-
Tyner		-
Wendell		-
Westbury		-
Westgate		-
Winnebago		3,427
Wizard		-
Zube		2,978
	$	75,354

22

Cash and Cash Equivalent Balances

Cash is held at the series level. The following table summarizes the cash and cash equivalents held by series as of February 28, 2026. For the avoidance of doubt, the below amounts are unaudited.

Cash & Cash Equivalents
Series Name	February 28, 2026
500	$	29,136
Allen		12,046
Annadale		21,453
Arcola		16,016
Arnold		14,998
Aurora		-
Beanery		-
Breckenridge		18,526
Bristol		20,463
Brownster		-
Cher		14,565
Chesterfield		32,251
Cole		15,270
Commodore		26,223
Cordelia		21,060
Cranberry		15,287
Dan		39,591
Flintwood		20,584
Funderburk		17,323
Garnet		-
Gentry		21,977
Gerald		13,272
Greengrove		-
Harold		18,026
Hawthorn		-
Holly		24,915
Humphreys		23,237
Hutchins		-
Jasmine		24,428
Jennie		34,748
Joyce		-
Kern		14,991
Kimble		-
Lavon		-
Lendrum		22,265
Lincoln		-
Monterey		17,452
Moraine		22,067
Mystic		12,063
Nicole		15,433
Oakmont		412
Olivia		26,881
Prakash		26,658
Rattler		-
Resolana		8,445
Rose		21,979
Ruby		17,950
Sachi		17,126
Salsa		-
Sandridge		18,444
Sanford		7,002
Satjanon		25,055
Savannah		-
Shawnee		22,246
Skitt		-
Sonny		13,250
Sullivan		24,567
Travis		27,152
Troxler		18,459
Tyner		14,528
Wendell		13,894
Westbury		12,959
Westgate		21,294
Winnebago		-
Wizard		18,557
Zube		-
	$	956,522

23

Item 3. Directors AND Officers

General

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

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

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

Executive Officers & Directors

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

Executive Officer	Age	Position Held with our Company(1) (2)	Position Held with the Manager
Ryan Frazier	37	Chief Executive Officer and Director	Chief Executive Officer, President and Director
Sue Korn	56	Chief Financial Officer	Chief Financial Officer
Kenneth Cason	39	Chief Technology Officer and Director	Chief Technology Officer and Director
Alejandro Chouza	45	Chief Operating Officer	Chief Operating Officer

(1) The terms in office of Mr. Frazier, Mr. Cason, and Mr. Chouza began upon the organization of our Company on July 28, 2023. Ms. Korn’s term in office began upon her appointment as CFO on January 11, 2024. The current executive officers and directors will serve in these capacities indefinitely, or until their successors are duly appointed or elected, as applicable.

(2) The executive officers of the manager are currently devoting a significant amount of their working time to the operations of our Company to satisfy their respective responsibilities to the management of our Company. Our officers will be working on a part-time basis for our business and are expected to devote at least forty (40) hours per month to the operations and management of our Company.

Biographical Information

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

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

24

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

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

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

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

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

The Manager and the Operating Agreement

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

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

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

25

Responsibilities of the Manager 

The responsibilities of the manager include:

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

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

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

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

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

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

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

Manager Affiliates

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

Arrived Homes, LLC – Arrived Homes, LLC was formed on July 13, 2020 as a Delaware series limited liability company to permit public investment in individual real estate properties that will be owned by individual series of Arrived Homes, LLC.

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

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

Arrived Homes 5, LLC – Arrived Homes 5, LLC was formed on July 12, 2024 as a Delaware series limited liability company to permit public investment in individual real estate properties that will be owned by individual series of Arrived Homes 5, LLC.

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

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

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

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

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

26

Compensation of Executive Officers

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

Compensation of the Manager

The manager will receive compensation and reimbursement for costs incurred relating to our series offerings (e.g., Offering Expenses and Acquisition Expenses). Neither the manager nor any of its affiliates will receive any selling commissions or dealer manager fees in connection with this or other series offerings. See “Management—Management Compensation” in our offering circular and Note 7, Related Party Transactions in our financial statements for further details.

Item 4. Security Ownership of Management and Certain Securityholders

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

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

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

The address of Arrived Fund Manager, LLC is 1700 Westlake Avenue N, Suite 200, Seattle, WA 98109.

Item 5. INTEREST OF MANAGEMENT AND OTHERS IN CERTAIN Transactions

Since our formation in July 2023, we have entered into a number of transactions in which we were a participant and the amount involved exceeded or exceeds the lesser of $120,000 and one percent of the average of our total assets as of the date of formation, and in which any related person had a direct or indirect material interest (other than compensation described under “Compensation of Directors and Executive Officers”). See “The Series Properties Being Offered” section in our offering circular contained in Post-Qualification Amendment No. 16 to our Offering Statement on Form 1-A for a description of the manager’s involvement in the purchase of properties on the relevant series’ behalf and the subsequent issuance of promissory notes by the series to the manager. See “Management—Management Compensation” section in our offering circular for a description of the fees paid to the manager. We believe the terms obtained or consideration that we paid or received, as applicable, in connection with such transactions were comparable to terms available or the amounts that would be paid or received, as applicable, in arm’s-length transactions. With respect to the additional series that will be offering their interests by way of this offering circular and other future series, their properties will be acquired in accordance with one of the acquisition methods discussed in the section titled “Description of Business - Acquisition Mechanics” in our offering circular. Therefore, the manager is expected to continue to receive interest income from loans to the multiple series.

Item 6. Other Information

None.

27

Item 7. Financial Statements

ARRIVED HOMES 4, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING FINANCIAL STATEMENTS

DECEMBER 31, 2025 AND 2024

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (PCAOB ID #3523)	F-2
CONSOLIDATED AND CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2025	F-3
CONSOLIDATED AND CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2024	F-12
CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) FOR THE YEAR ENDED DECEMBER 31, 2025	F-16
CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) FOR THE YEAR ENDED DECEMBER 31, 2024	F-25
CONSOLIDATED AND CONSOLIDATING STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT) FOR THE YEAR ENDED DECEMBER 31, 2025	F-29
CONSOLIDATED AND CONSOLIDATING STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT) FOR THE YEAR ENDED DECEMBER 31, 2024	F-38
CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2025	F-42
CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2024	F-51
NOTES TO CONSOLIDATED AND CONSOLIDATING FINANCIAL STATEMENTS	F-55 to F-71

F-1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Manager and Members of
Arrived Homes 4, LLC

Seattle, Washington

Opinion on the Consolidated and Consolidating Financial Statements

We have audited the accompanying consolidated and consolidating balance sheets of Arrived Homes 4, LLC and its series (the Company) as of December 31, 2025 and 2024, and the related consolidated and consolidating statements of comprehensive income (loss), changes in members’ equity (deficit), and cash flows for each of the two years in the period ended December 31, 2025, and the related notes (collectively referred to as the consolidated and consolidating financial statements). In our opinion, the consolidated and consolidating financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of their operations and their cash flows for each of the two years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

Substantial Doubt About the Company’s Ability to Continue as a Going Concern

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

Basis for Opinion

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

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

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

/s/ Stephano Slack LLC

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

Wayne, Pennsylvania

April 29, 2026

F-2

ARRIVED HOMES 4, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2025

		500			Allen			Annadale			Arcola			Arnold			Aurora			Beanery			Breckenridge
ASSETS
Current assets:
Cash	$	2,772		$	13,112		$	22,812		$	17,326		$	16,924		$	-		$	-		$	19,470
Other receivables		-			-			-			-			-			-			-			-
Due from related parties		-			-			-			-			-			-			-			-
Due from (to) third party property manager		4,720			3,697			3,686			5,887			3,968			(3,840	)		1,607			7,237
Total current assets		7,492			16,808			26,499			23,213			20,892			(3,840	)		1,607			26,708
Property and equipment, net		392,150			291,455			341,358			297,453			302,382			372,157			302,891			359,238
Total assets	$	399,642		$	308,263		$	367,857		$	320,666		$	323,274		$	368,317		$	304,497		$	385,946
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)
Current liabilities:
Accrued expenses	$	11,687		$	2,439		$	3,145		$	1,166		$	1,075		$	2,858		$	5,270		$	2,660
Tenant deposits		2,395			2,095			2,095			4,190			2,595			-			2,045			4,543
Accounts payable		-			-			-			-			-			-			-			-
Due to (from) related parties		33,112			3,105			2,735			1,868			5,646			22,021			23,127			4,066
Total current liabilities		47,194			7,639			7,974			7,224			9,316			24,880			30,442			11,269
Bridge financing, related party		365,000			-			-			-			-			351,000			281,506			-
Total liabilities		412,194			7,639			7,974			7,224			9,316			375,880			311,948			11,269
Members’ equity (deficit)
Members’ capital		-			306,819			372,401			326,381			318,579			-			-			378,171
Accumulated deficit		(12,552	)		(6,194	)		(12,519	)		(12,939	)		(4,621	)		(7,562	)		(7,451	)		(3,495	)
Total members’ equity (deficit)		(12,552	)		300,624			359,882			313,442			313,958			(7,562	)		(7,451	)		374,677
Total liabilities and members’ equity (deficit)	$	399,642		$	308,263		$	367,857		$	320,666		$	323,274		$	368,317		$	304,497		$	385,946

F-3

	Bristol			Brownster			Cher			Chesterfield			Cole			Commodore			Cordelia			Cranberry
ASSETS
Current assets:
Cash	$	22,202		$	-		$	16,303		$	-		$	16,753		$	27,602		$	22,465		$	16,301
Other receivables		-			-			-			-			-			-			-			-
Due from related parties		-			-			-			-			-			-			-			-
Due from (to) third party property manager		5,916			(14,453	)		3,658			3,563			4,596			5,336			4,454			4,058
Total current assets		28,117			(14,453	)		19,961			3,563			21,350			32,938			26,919			20,359
Property and equipment, net		341,878			397,651			281,843			434,594			286,923			377,635			339,824			310,013
Total assets	$	369,995		$	383,198		$	301,805		$	438,158		$	308,272		$	410,573		$	366,743		$	330,372
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)
Current liabilities:
Accrued expenses	$	6,374		$	5,725		$	1,130		$	6,638		$	3,021		$	4,716		$	4,385		$	4,842
Tenant deposits		3,843			-			2,345			2,745			2,445			2,595			2,295			2,095
Accounts payable		-			-			-			-			-			-			-			-
Due to (from) related parties		2,563			23,010			2,846			29,849			2,675			4,131			3,472			1,771
Total current liabilities		12,780			28,735			6,321			39,232			8,141			11,442			10,153			8,707
Bridge financing, related party		-			370,000			-			408,000			-			-			-			-
Total liabilities		12,780			398,735			6,321			447,232			8,141			11,442			10,153			8,707
Members’ equity (deficit)
Members’ capital		369,306			-			307,806			-			302,765			411,982			364,769			336,453
Accumulated deficit		(12,091	)		(15,538	)		(12,323	)		(9,074	)		(2,633	)		(12,851	)		(8,178	)		(14,789	)
Total members’ equity (deficit)		357,215			(15,538	)		295,483			(9,074	)		300,131			399,131			356,591			321,665
Total liabilities and members’ equity (deficit)	$	369,995		$	383,198		$	301,805		$	438,158		$	308,272		$	410,573		$	366,743		$	330,372

F-4

	Dan			Flintwood			Funderburk			Garnet			Gentry			Gerald			Greengrove			Harold
ASSETS
Current assets:
Cash	$	40,117		$	21,974		$	18,152		$	-		$	23,396		$	14,870		$	-		$	19,543
Other receivables		-			-			-			-			-			-			-			-
Due from related parties		-			-			-			-			-			-			-			-
Due from (to) third party property manager		3,293			4,781			3,670			(7,575	)		4,996			3,211			-			3,069
Total current assets		43,409			26,755			21,821			(7,575	)		28,392			18,081			-			22,611
Property and equipment, net		264,952			355,675			258,146			221,203			333,903			305,706			391,006			302,129
Total assets	$	308,362		$	382,430		$	279,967		$	213,628		$	362,296		$	323,787		$	391,006		$	324,740
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)
Current liabilities:
Accrued expenses	$	1,194		$	1,020		$	2,674		$	3,674		$	3,461		$	2,374		$	3,848		$	1,118
Tenant deposits		2,468			2,495			1,850			-			2,795			2,095			-			2,250
Accounts payable		-			-			-			-			-			-			-			-
Due to (from) related parties		4,389			3,084			546			12,036			2,337			4,647			21,065			4,862
Total current liabilities		8,050			6,599			5,069			15,710			8,593			9,116			24,912			8,231
Bridge financing, related party		-			-			-			216,382			-			-			370,000			-
Total liabilities		8,050			6,599			5,069			232,092			8,593			9,116			394,912			8,231
Members’ equity (deficit)
Members’ capital		308,191			384,174			290,180			-			362,293			331,746			-			335,705
Accumulated deficit		(7,879	)		(8,343	)		(15,282	)		(18,464	)		(8,591	)		(17,075	)		(3,906	)		(19,195	)
Total members’ equity (deficit)		300,311			375,831			274,898			(18,464	)		353,702			314,671			(3,906	)		316,510
Total liabilities and members’ equity (deficit)	$	308,362		$	382,430		$	279,967		$	213,628		$	362,296		$	323,787		$	391,006		$	324,740

F-5

	Hawthorn			Holly			Humphreys			Hutchins			Jasmine			Jennie			Joyce			Kern
ASSETS
Current assets:
Cash	$	-		$	25,918		$	-		$	-		$	8,925		$	-		$	-		$	15,717
Other receivables		-			-			-			-			95,010			-			-			-
Due from related parties		-			-			-			-			-			-			-			-
Due from (to) third party property manager		(1,971	)		4,551			(3,308	)		-			4,818			335			(283	)		6,001
Total current assets		(1,971	)		30,469			(3,308	)		-			108,754			335			(283	)		21,718
Property and equipment, net		342,477			307,110			402,392			298,793			434,461			306,018			381,578			385,981
Total assets	$	340,506		$	337,579		$	399,084		$	298,793		$	543,214		$	306,353		$	381,294		$	407,699
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)
Current liabilities:
Accrued expenses	$	2,778		$	4,911		$	9,176		$	2,048		$	1,753		$	9,109		$	8,591		$	1,051
Tenant deposits		-			2,195			2,745			-			2,395			2,295			-			3,893
Accounts payable		-			-			-			-			-			-			-			-
Due to (from) related parties		19,880			2,072			27,335			22,391			74,859			13,477			32,310			469
Total current liabilities		22,659			9,177			39,256			24,439			79,007			24,881			40,901			5,413
Bridge financing, related party		323,000			-			380,000			278,000			-			294,815			363,000			-
Total liabilities		345,659			9,177			419,256			302,439			79,007			319,696			403,901			5,413
Members’ equity (deficit)
Members’ capital		-			334,982			-			-			483,380			-			-			423,496
Accumulated deficit		(5,153	)		(6,580	)		(20,172	)		(3,646	)		(19,172	)		(13,343	)		(22,607	)		(21,210	)
Total members’ equity (deficit)		(5,153	)		328,402			(20,172	)		(3,646	)		464,207			(13,343	)		(22,607	)		402,286
Total liabilities and members’ equity (deficit)	$	340,506		$	337,579		$	399,084		$	298,793		$	543,214		$	306,353		$	381,294		$	407,699

F-6

	Kimble			Lavon			Lendrum			Lincoln			Monterey			Moraine			Mystic			Nicole
ASSETS
Current assets:
Cash	$	-		$	-		$	1,894		$	-		$	18,463		$	-		$	12,965		$	16,991
Other receivables		-			-			-			-			-			-			-			-
Due from related parties		-			-			-			-			-			-			-			-
Due from (to) third party property manager		(2,000	)		-			4,215			(172	)		3,371			(280	)		3,822			4,494
Total current assets		(2,000	)		-			6,109			(172	)		21,834			(280	)		16,787			21,485
Property and equipment, net		280,960			294,248			354,654			302,969			289,579			226,291			299,685			296,510
Total assets	$	278,960		$	294,248		$	360,763		$	302,797		$	311,413		$	226,011		$	316,472		$	317,995
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)
Current liabilities:
Accrued expenses	$	2,949		$	2,045		$	11,099		$	4,273		$	1,137		$	3,966		$	1,141		$	2,940
Tenant deposits		-			-			2,195			-			1,750			-			2,195			2,345
Accounts payable		-			-			-			-			-			-			-			-
Due to (from) related parties		16,278			22,751			37,836			22,723			5,461			22,233			2,689			2,734
Total current liabilities		19,227			24,796			51,130			26,995			8,348			26,199			6,025			8,019
Bridge financing, related party		265,000			273,000			330,791			281,893			-			213,000			-			-
Total liabilities		284,227			297,796			381,921			308,888			8,348			239,199			6,025			8,019
Members’ equity (deficit)
Members’ capital		-			-			-			-			314,854			-			325,614			310,868
Accumulated deficit		(5,267	)		(3,548	)		(21,158	)		(6,091	)		(11,789	)		(13,188	)		(15,168	)		(892	)
Total members’ equity (deficit)		(5,267	)		(3,548	)		(21,158	)		(6,091	)		303,065			(13,188	)		310,447			309,976
Total liabilities and members’ equity (deficit)	$	278,960		$	294,248		$	360,763		$	302,797		$	311,413		$	226,011			316,472		$	317,995

F-7

	Oakmont			Olivia			Prakash			Rattler			Resolana			Rose			Ruby			Sachi
ASSETS
Current assets:
Cash	$	1,824		$	29,372		$	30,582		$	-		$	9,721		$	23,253		$	-		$	18,531
Other receivables		668			-			-			-			-			-			-			-
Due from related parties		-			-			-			-			-			3,524			-			-
Due from (to) third party property manager		(129	)		3,510			2,325			1,821			4,020			4,989			(12,774	)		4,501
Total current assets		2,362			32,882			32,907			1,821			13,741			31,766			(12,774	)		23,031
Property and equipment, net		296,529			307,900			334,111			384,627			283,923			344,604			234,171			328,239
Total assets	$	298,892		$	340,782		$	367,018		$	386,448		$	297,664		$	376,370		$	221,398		$	351,270
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)
Current liabilities:
Accrued expenses	$	6,884		$	1,922		$	2,038		$	12,269		$	196		$	3,701		$	2,606		$	3,674
Tenant deposits		1,950			2,295			2,395			2,295			2,145			3,443			-			2,195
Accounts payable		-			-			-			-			-			-			-			-
Due to (from) related parties		28,623			1,059			1,020			23,363			2,712			-			5,000			2,452
Total current liabilities		37,457			5,275			5,453			37,927			5,053			7,144			7,606			8,320
Bridge financing, related party		276,673			-			-			365,000			-			-			222,665			-
Total liabilities		314,130			5,275			5,453			402,927			5,053			7,144			230,271			8,320
Members’ equity (deficit)
Members’ capital		-			347,129			376,498			-			305,277			384,779			-			356,893
Accumulated deficit		(15,238	)		(11,623	)		(14,933	)		(16,479	)		(12,667	)		(15,553	)		(8,874	)		(13,943	)
Total members’ equity (deficit)		(15,238	)		335,506			361,565			(16,479	)		292,611			369,226			(8,874	)		342,949
Total liabilities and members’ equity (deficit)	$	298,892		$	340,782		$	367,018		$	386,448		$	297,664		$	376,370		$	221,398		$	351,270

F-8

	Salsa			Sandridge			Sanford			Satjanon			Savannah			Shawnee			Skitt			Sonny
ASSETS
Current assets:
Cash	$	-		$	19,097		$	7,960		$	27,026		$	-		$	23,791		$	-		$	14,362
Other receivables		-			-			-			-			-			-			-			-
Due from related parties		-			-			-			-			-			-			-			-
Due from (to) third party property manager		2,200			5,747			3,506			4,351			(255	)		4,581			1,125			3,158
Total current assets		2,200			24,844			11,466			31,376			(255	)		28,372			1,125			17,520
Property and equipment, net		325,217			328,274			172,472			371,840			375,568			309,682			418,176			281,843
Total assets	$	327,417		$	353,118		$	183,939		$	403,216		$	375,313		$	338,054		$	419,302		$	299,363
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)
Current liabilities:
Accrued expenses	$	6,525		$	5,015		$	3,357		$	4,594		$	5,994		$	2,323		$	14,642		$	1,120
Tenant deposits		2,445			3,743			1,995			2,495			-			2,195			2,295			1,895
Accounts payable		-			-			-			-			-			-			-			-
Due to (from) related parties		19,666			3,021			1,862			2,189			24,899			1,836			34,952			2,684
Total current liabilities		28,636			11,780			7,214			9,278			30,893			6,354			51,890			5,698
Bridge financing, related party		310,000			-			-			-			353,000			-			391,315			-
Total liabilities		338,636			11,780			7,214			9,278			383,893			6,354			443,204			5,698
Members’ equity (deficit)
Members’ capital		-			355,315			178,124			401,432			-			335,795			-			304,588
Accumulated deficit		(11,219	)		(13,976	)		(1,399	)		(7,494	)		(8,581	)		(4,095	)		(23,903	)		(10,923	)
Total members’ equity (deficit)		(11,219	)		341,338			176,725			393,938			(8,581	)		331,700			(23,903	)		293,665
Total liabilities and members’ equity (deficit)	$	327,417		$	353,118		$	183,939		$	403,216		$	375,313		$	338,054		$	419,302		$	299,363

F-9

	Sullivan			Travis			Troxler			Tyner			Wendell			Westbury
ASSETS
Current assets:
Cash	$	26,151		$	-		$	19,827		$	17,679		$	15,561		$	13,952
Other receivables		-			-			-			-			-			-
Due from related parties		-			-			-			-			-			-
Due from (to) third party property manager		4,131			(11,110	)		4,595			4,363			3,809			3,737
Total current assets		30,281			(11,110	)		24,422			22,042			19,370			17,690
Property and equipment, net		311,352			348,726			297,691			414,755			292,345			282,198
Total assets	$	341,634		$	337,616		$	322,114		$	436,797		$	311,716		$	299,888
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)
Current liabilities:
Accrued expenses	$	2,359		$	5,856		$	1,163		$	2,676		$	2,986		$	4,509
Tenant deposits		2,345			-			2,445			3,693			2,245			2,045
Accounts payable		-			-			-			-			-			-
Due to (from) related parties		2,849			18,828			1,939			4,609			2,359			5,664
Total current liabilities		7,553			24,684			5,547			10,978			7,590			12,218
Bridge financing, related party		-			323,000			-			-			-			-
Total liabilities		7,553			347,684			5,547			10,978			7,590			12,218
Members’ equity (deficit)
Members’ capital		338,272			-			322,890			433,832			310,409			308,172
Accumulated deficit		(4,191	)		(10,068	)		(6,323	)		(8,013	)		(6,284	)		(20,501	)
Total members’ equity (deficit)		334,080			(10,068	)		316,566			425,818			304,125			287,671
Total liabilities and members’ equity (deficit)	$	341,634		$	337,616		$	322,114		$	436,797		$	311,716		$	299,888

F-10

	Westgate			Winnebago			Wizard			Zube			Consolidated
ASSETS
Current assets:
Cash	$	22,924		$	-		$	20,018		$	-		$	794,598
Other receivables		-			-			-			-			95,678
Due from related parties		-			-			-			-			3,524
Due from (to) third party property manager		4,822			(584	)		4,673			(1,528	)		132,715
Total current assets		27,746			(584	)		24,692			(1,528	)		1,026,515
Property and equipment, net		332,666			357,723			324,599			304,665			21,429,764
Total assets	$	360,412		$	357,139		$	349,291		$	303,137		$	22,456,279
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)
Current liabilities:
Accrued expenses	$	3,388		$	5,886		$	3,177		$	4,425		$	268,744
Tenant deposits		2,795			-			2,795			-			126,425
Accounts payable		-			-			-			-			-
Due to (from) related parties		3,372			27,883			2,773			30,000			800,077
Total current liabilities		9,555			33,769			8,745			34,425			1,195,245
Bridge financing, related party		-			332,965			-			274,879			8,213,884
Total liabilities		9,555			366,733			8,745			309,304			9,409,129
Members’ equity (deficit)
Members’ capital		356,768			-			347,459			-			13,764,544
Accumulated deficit		(5,910	)		(9,594	)		(6,913	)		(6,167	)		(717,395	)
Total members’ equity (deficit)		350,857			(9,594	)		340,546			(6,167	)		13,047,149
Total liabilities and members’ equity (deficit)	$	360,412		$	357,139		$	349,291		$	303,137		$	22,456,279

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

F-11

ARRIVED HOMES 4, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2024

	Allen			Annadale			Arcola			Arnold			Breckenridge			Bristol			Cher			Cole
ASSETS
Current assets:
Cash	$	18,165		$	23,407		$	-		$	18,401		$	21,972		$	25,453		$	-		$	23,775
Prepaid expenses		448			-			-			-			562			-			-			-
Due from related parties		-			3,411			-			-			-			1,774			-			-
Due from (to) third party property manager		4,873			-			-			3,458			5,525			-			-			4,445
Total current assets		23,486			26,818			-			21,860			28,059			27,227			-			28,220
Property and equipment, net		299,770			351,031			305,026			310,577			369,515			351,520			289,786			295,069
Total assets	$	323,257		$	377,849		$	305,026		$	332,437		$	397,574		$	378,747		$	289,786		$	323,289
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
Tenant deposits		2,545			2,095			-			2,345			3,095			-			-			2,445
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
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
Members’ equity (deficit)
Members’ capital		319,338			389,151			-			335,113			393,469			386,254			-			322,952
Accumulated deficit		(6,618	)		(16,712	)		(8,191	)		(12,333	)		(8,425	)		(14,795	)		(7,000	)		(11,412	)
Total members’ equity (deficit)		312,720			372,439			(8,191	)		322,780			385,044			371,459			(7,000	)		311,540
Total liabilities and members’ equity (deficit)	$	323,257		$	377,849		$	305,026		$	332,437		$	397,574		$	378,747		$	289,786		$	323,289

F-12

	Commodore			Cordelia			Cranberry			Dan			Flintwood			Gentry			Gerald			Harold
ASSETS
Current assets:
Cash	$	23,132		$	19,134		$	-		$	44,522		$	27,294		$	-		$	19,932		$	21,294
Prepaid expenses		-			-			-			370			-			-			-			-
Due from related parties		7,162			5,356			-			-			-			-			-			-
Due from (to) third party property manager		4,860			4,404			-			3,472			4,696			2,348			3,400			4,096
Total current assets		35,153			28,894			-			48,365			31,990			2,348			23,332			25,390
Property and equipment, net		388,274			349,450			317,987			272,258			365,732			343,307			314,171			310,472
Total assets	$	423,428		$	378,343		$	317,987		$	320,623		$	397,722		$	345,655		$	337,503		$	335,862
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)
Current liabilities:
Accrued expenses	$	8,649		$	7,506		$	6,655		$	4,782		$	4,268		$	7,533		$	4,985		$	4,956
Tenant deposits		2,595			2,295			-			2,468			2,495			2,795			2,095			2,843
Due to (from) related parties		-			-			23,155			1,047			763			18,206			5,535			1,322
Total current liabilities		11,244			9,801			29,810			8,296			7,526			28,534			12,615			9,120
Bridge financing, related party		-			-			295,750			-			-			324,000			-			-
Total liabilities		11,244			9,801			325,560			8,296			7,526			352,534			12,615			9,120
Members’ equity (deficit)
Members’ capital		432,581			384,100			-			325,825			405,442			4,253			345,802			342,748
Accumulated deficit		(20,397	)		(15,558	)		(7,573	)		(13,498	)		(15,246	)		(11,131	)		(20,915	)		(16,007	)
Total members’ equity (deficit)		412,184			368,543			(7,573	)		312,326			390,196			(6,879	)		324,888			326,741
Total liabilities and members’ equity (deficit)	$	423,428		$	378,343		$	317,987		$	320,623		$	397,722		$	345,655		$	337,503		$	335,862

F-13

	Monterey			Mystic			Nicole			Resolana			Sachi			Sandridge			Sanford			Sonny
ASSETS
Current assets:
Cash	$	20,574		$	17,989		$	24,022		$	9,989		$	19,946		$	26,649		$	9,222		$	-
Prepaid expenses		438			-			-			321			-			-			269			-
Due from related parties		959			-			-			1,402			2,223			1,385			179			-
Due from (to) third party property manager		2,436			3,580			4,289			3,958			-			7,380			3,502			-
Total current assets		24,406			21,569			28,311			15,671			22,169			35,415			13,171			-
Property and equipment, net		297,409			308,195			304,934			292,021			337,504			337,610			177,380			289,786
Total assets	$	321,815		$	329,764		$	333,245		$	307,692		$	359,673		$	373,025		$	190,552		$	289,786
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)
Current liabilities:
Accrued expenses	$	4,662		$	3,566		$	6,074		$	4,125		$	3,514		$	4,714		$	4,844		$	6,335
Tenant deposits		1,750			2,195			2,345			2,145			2,195			4,990			1,995			-
Due to (from) related parties		-			2,834			2,194			-			-			-			-			3,288
Total current liabilities		6,412			8,594			10,613			6,270			5,709			9,704			6,839			9,623
Bridge financing, related party		-			-			-			-			-			-			-			285,141
Total liabilities		6,412			8,594			10,613			6,270			5,709			9,704			6,839			294,764
Members’ equity (deficit)
Members’ capital		330,613			340,755			332,381			320,577			373,174			369,888			192,060			2,495
Accumulated deficit		(15,210	)		(19,586	)		(9,749	)		(19,156	)		(19,210	)		(6,568	)		(8,348	)		(7,474	)
Total members’ equity (deficit)		315,403			321,170			322,632			301,421			353,964			363,321			183,713			(4,979	)
Total liabilities and members’ equity (deficit)	$	321,815		$	329,764		$	333,245		$	307,692		$	359,673		$	373,025		$	190,552		$	289,786

F-14

	Sullivan			Troxler			Tyner			Wendell			Westbury			Westgate			Wizard			Consolidated
ASSETS
Current assets:
Cash	$	25,897		$	-		$	24,219		$	18,073		$	19,486		$	28,798		$	23,490		$	554,836
Prepaid expenses		-			-			391			-			-			-			-			2,799
Due from related parties		3,755			-			-			681			573			-			-			28,861
Due from (to) third party property manager		4,435			-			6,008			1,148			415			4,939			1,066			88,732
Total current assets		34,088			-			30,617			19,902			20,475			33,737			24,556			675,228
Property and equipment, net		320,174			305,270			426,593			300,612			290,162			342,132			333,776			9,897,502
Total assets	$	354,262		$	305,270		$	457,210		$	320,514		$	310,636		$	375,869		$	358,332		$	10,572,730
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)
Current liabilities:
Accrued expenses	$	5,946		$	8,548		$	6,908		$	3,623		$	6,449		$	6,967		$	3,653		$	177,725
Tenant deposits		2,345			-			3,693			2,245			2,045			2,495			2,445			62,993
Due to (from) related parties		-			9,718			1,942			-			-			552			1,055			97,258
Total current liabilities		8,291			18,266			12,543			5,868			8,494			10,014			7,153			337,976
Bridge financing, related party		-			295,701			-			-			-			-			-			1,781,129
Total liabilities		8,291			313,967			12,543			5,868			8,494			10,014			7,153			2,119,104
Members’ equity (deficit)
Members’ capital		357,675			-			457,010			327,094			322,562			371,271			364,119			8,848,703
Accumulated deficit		(11,704	)		(8,697	)		(12,343	)		(12,448	)		(20,420	)		(5,416	)		(12,940	)		(395,077	)
Total members’ equity (deficit)		345,971			(8,697	)		444,667			314,646			302,142			365,855			351,179			8,453,626
Total liabilities and members’ equity (deficit)	$	354,262		$	305,270		$	457,210		$	320,514		$	310,636		$	375,869		$	358,332		$	10,572,730

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

F-15

ARRIVED HOMES 4, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2025

	500			Allen		Annadale			Arcola			Arnold		Aurora			Beanery			Breckenridge
Rental income	$	6,546		$	24,508	$	25,140		$	21,029		$	25,590	$	-		$	-		$	28,057
Operating expenses:
Depreciation		2,090			8,315		9,673			7,573			8,195		-			-			10,276
Insurance		505			1,139		1,383			1,241			1,389		111			257			1,424
Management fees		1,236			1,301		914			865			956		349			98			1,020
Management fees, related party		243			3,036		3,270			2,648			3,099		-			-			3,555
Repairs & maintenance		3,205			3,422		381			653			667		3,295			541			510
Property taxes		931			2,662		2,073			3,615			1,698		167			604			3,347
Other operating expenses		3,047			4,207		3,269			6,023			1,874		2,754			2,748			2,994
Total operating expenses		11,256			24,083		20,963			22,618			17,879		6,675			4,248			23,126
Loss from operations		(4,710	)		424		4,177			(1,589	)		7,711		(6,675	)		(4,248	)		4,931
Other expense
Interest expense		7,842			-		-			3,159			-		887			3,202			-
Other income		-			-		(15	)		-			-		-			-			-
Total other expense		7,842			-		(15	)		3,159			-		887			3,202			-
Net income (loss)	$	(12,552	)	$	424	$	4,192		$	(4,748	)	$	7,711	$	(7,562	)	$	(7,451	)	$	4,931

F-16

	Bristol		Brownster			Cher			Chesterfield			Cole		Commodore		Cordelia		Cranberry
Rental income	$	26,665	$	-		$	17,718		$	1,932		$	26,640	$	31,140	$	27,540	$	20,300
Operating expenses:
Depreciation		9,642		127			7,942			-			8,147		10,639		9,626		7,974
Insurance		1,483		234			1,299			258			1,228		1,346		1,133		1,284
Management fees		937		1,345			766			259			929		840		865		815
Management fees, related party		3,385		-			2,326			85			3,061		3,990		3,493		2,499
Repairs & maintenance		954		5,188			645			1,711			886		-		245		493
Property taxes		3,176		826			876			962			2,011		4,890		3,242		3,707
Other operating expenses		4,385		4,544			6,752			3,605			1,600		1,888		1,557		5,951
Total operating expenses		23,962		12,264			20,606			6,881			17,862		23,594		20,160		22,723
Loss from operations		2,703		(12,264	)		(2,888	)		(4,949	)		8,778		7,546		7,380		(2,423	)
Other expense
Interest expense		-		3,274			2,435			4,125			-		-		-		4,806
Other income		-		-			-			-			-		-		-		(13	)
Total other expense		-		3,274			2,435			4,125			-		-		-		4,793
Net income (loss)	$	2,703	$	(15,538	)	$	(5,323	)	$	(9,074	)	$	8,778	$	7,546	$	7,380	$	(7,215	)

F-17

	Dan		Flintwood		Funderburk			Garnet			Gentry		Gerald		Greengrove			Harold
Rental income	$	20,591	$	29,840	$	4,625		$	-		$	28,140	$	22,440	$	-		$	18,311
Operating expenses:
Depreciation		7,306		10,058		2,370			-			9,403		8,465		-			8,343
Insurance		993		1,567		566			141			1,602		1,151		117			1,260
Management fees		840		872		843			1,369			878		949		-			1,224
Management fees, related party		2,469		3,767		546			-			3,463		2,850		-			2,722
Repairs & maintenance		-		316		5,744			12,969			375		157		-			1,905
Property taxes		1,706		4,992		1,191			201			2,452		2,160		59			1,072
Other operating expenses		1,658		1,365		5,922			2,417			5,468		2,869		1,860			4,974
Total operating expenses		14,972		22,937		17,182			17,097			23,642		18,601		2,035			21,500
Loss from operations		5,619		6,903		(12,557	)		(17,097	)		4,498		3,839		(2,035	)		(3,188	)
Other expense
Interest expense		-		-		2,754			1,367			1,958		-		1,871			-
Other income		-		-		(29	)		-			-		-		-			-
Total other expense		-		-		2,725			1,367			1,958		-		1,871			-
Net income (loss)	$	5,619	$	6,903	$	(15,282	)	$	(18,464	)	$	2,541	$	3,839	$	(3,906	)	$	(3,188	)

F-18

	Hawthorn			Holly			Humphreys			Hutchins			Jasmine			Jennie			Joyce			Kern
Rental income	$	-		$	20,545		$	-		$	-		$	4,072		$	2,295		$	-		$	8,564
Operating expenses:
Depreciation		-			7,136			1,843			-			2,981			698			869			3,549
Insurance		102			1,216			506			88			1,239			382			382			867
Management fees		175			880			674			-			429			747			1,406			972
Management fees, related party		-			2,683			-			-			186			114			-			606
Repairs & maintenance		1,560			1,804			5,904			-			1,405			6,200			12,801			6,399
Property taxes		136			3,465			1,164			15			879			587			701			1,670
Other operating expenses		2,363			7,387			3,358			3,443			6,721			3,185			2,318			6,898
Total operating expenses		4,336			24,572			13,449			3,546			13,840			11,912			18,478			20,960
Loss from operations		(4,336	)		(4,027	)		(13,449	)		(3,546	)		(9,769	)		(9,617	)		(18,478	)		(12,397	)
Other expense
Interest expense		816			2,554			6,724			100			9,404			3,726			4,129			8,813
Other income		-			-			-			-			-			-			-			-
Total other expense		816			2,554			6,724			100			9,404			3,726			4,129			8,813
Net income (loss)	$	(5,153	)	$	(6,580	)	$	(20,172	)	$	(3,646	)	$	(19,172	)	$	(13,343	)	$	(22,607	)	$	(21,210	)

F-19

	Kimble			Lavon			Lendrum			Lincoln			Monterey		Moraine			Mystic		Nicole
Rental income	$	-		$	-		$	5,122		$	-		$	21,302	$	-		$	23,640	$	25,440
Operating expenses:
Depreciation		-			-			2,443			-			7,830		-			8,510		8,424
Insurance		84			87			1,090			-			1,174		135			1,397		989
Management fees		199			-			1,012			78			933		791			888		840
Management fees, related party		-			-			211			-			2,693		-			2,899		3,021
Repairs & maintenance		1,801			-			7,463			781			746		7,481			162		-
Property taxes		0			35			1,296			310			2,599		206			3,689		1,742
Other operating expenses		2,178			3,328			4,820			2,784			1,905		2,959			1,676		1,567
Total operating expenses		4,262			3,449			18,336			3,953			17,881		11,573			19,222		16,583
Loss from operations		(4,262	)		(3,449	)		(13,215	)		(3,953	)		3,421		(11,573	)		4,418		8,857
Other expense
Interest expense		1,005			99			7,944			2,138			-		1,615			-		-
Other income		-			-			-			-			-		-			-		-
Total other expense		1,005			99			7,944			2,138			-		1,615			-		-
Net income (loss)	$	(5,267	)	$	(3,548	)	$	(21,158	)	$	(6,091	)	$	3,421	$	(13,188	)	$	4,418	$	8,857

F-20

	Oakmont			Olivia			Prakash			Rattler			Resolana		Rose			Ruby			Sachi
Rental income	$	1,105		$	21,573		$	20,038		$	-		$	23,040	$	6,885		$	-		$	26,340
Operating expenses:
Depreciation		1,358			6,406			6,947			877			8,098		2,373			113			9,265
Insurance		383			1,159			1,403			390			853		1,234			72			1,645
Management fees		586			1,165			1,067			669			880		749			1,155			906
Management fees, related party		18			1,807			1,822			-			2,764		399			-			3,289
Repairs & maintenance		4,759			4,350			3,670			5,285			-		3,402			4,583			659
Property taxes		890			1,803			2,102			706			1,831		324			-			2,580
Other operating expenses		3,752			6,033			6,290			3,017			2,124		6,607			2,388			2,729
Total operating expenses		11,747			22,723			23,300			10,943			16,551		15,088			8,311			21,073
Loss from operations		(10,642	)		(1,150	)		(3,261	)		(10,943	)		6,489		(8,203	)		(8,311	)		5,267
Other expense
Interest expense		4,596			10,473			11,672			5,536			-		7,350			563			-
Other income		-			-			-			-			-		-			-			-
Total other expense		4,596			10,473			11,672			5,536			-		7,350			563			-
Net income (loss)	$	(15,238	)	$	(11,623	)	$	(14,933	)	$	(16,479	)	$	6,489	$	(15,553	)	$	(8,874	)	$	5,267

F-21

	Salsa			Sandridge			Sanford		Satjanon			Savannah			Shawnee			Skitt			Sonny
Rental income	$	1,258		$	22,621		$	18,540	$	23,685		$	-		$	21,327		$	77		$	18,463
Operating expenses:
Depreciation		740			9,336			4,908		7,790			-			7,217			3,849			7,942
Insurance		366			1,057			708		1,200			224			1,229			726			1,318
Management fees		393			1,523			840		873			287			740			461			842
Management fees, related party		31			3,200			1,720		3,074			-			2,651			-			2,528
Repairs & maintenance		2,395			6,369			-		1,142			2,105			400			1,734			305
Property taxes		605			3,859			1,974		2,983			344			2,919			1,046			500
Other operating expenses		3,245			4,686			1,441		10,384			2,053			7,318			5,292			6,814
Total operating expenses		7,776			30,030			11,591		27,447			5,011			22,474			13,107			20,250
Loss from operations		(6,518	)		(7,409	)		6,949		(3,762	)		(5,011	)		(1,148	)		(13,030	)		(1,787	)
Other expense
Interest expense		4,702			-			-		3,740			3,569			2,952			10,881			1,663
Other income		-			-			-		(8	)		-			(5	)		(8	)		-
Total other expense		4,702			-			-		3,732			3,569			2,947			10,873			1,663
Net income (loss)	$	(11,219	)	$	(7,409	)	$	6,949	$	(7,494	)	$	(8,581	)	$	(4,095	)	$	(23,903	)	$	(3,450	)

F-22

	Sullivan		Travis			Troxler		Tyner		Wendell		Westbury
Rental income	$	25,440	$	-		$	26,048	$	27,840	$	24,240	$	21,840
Operating expenses:
Depreciation		8,822		112			7,579		11,839		8,267		7,963
Insurance		1,064		204			1,241		996		1,134		1,531
Management fees		866		1,087			941		995		911		1,171
Management fees, related party		3,145		-			2,918		3,954		2,891		2,647
Repairs & maintenance		-		3,475			490		620		-		3,349
Property taxes		2,432		312			2,817		1,485		1,692		3,579
Other operating expenses		1,599		2,428			5,657		3,622		3,182		1,681
Total operating expenses		17,927		7,619			21,642		23,510		18,076		21,921
Loss from operations		7,513		(7,619	)		4,406		4,330		6,164		(81	)
Other expense
Interest expense		-		2,449			2,033		-		-		-
Other income		-		-			-		-		-		-
Total other expense		-		2,449			2,033		-		-		-
Net income (loss)	$	7,513	$	(10,068	)	$	2,373	$	4,330	$	6,164	$	(81	)

F-23

	Westgate			Winnebago			Wizard		Zube			Consolidated
Rental income	$	22,311		$	-		$	27,622	$	-		$	898,023
Operating expenses:
Depreciation		9,466			818			9,177		-			331,712
Insurance		1,513			310			1,419		183			56,405
Management fees		1,043			125			1,041		175			51,982
Management fees, related party		3,107			-			3,369		-			108,258
Repairs & maintenance		2,289			738			1,012		1,180			153,079
Property taxes		2,334			680			1,978		277			109,162
Other operating expenses		3,054			3,136			3,599		2,268			245,024
Total operating expenses		22,805			5,807			21,594		4,083			1,055,622
Loss from operations		(494	)		(5,807	)		6,027		(4,083	)		(157,599	)
Other expense
Interest expense		-			3,788			-		2,084			164,796
Other income		-			-			-		-			(78	)
Total other expense		-			3,788			-		2,084			164,718
Net income (loss)	$	(494	)	$	(9,594	)	$	6,027	$	(6,167	)	$	(322,318	)

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

F-24

ARRIVED HOMES 4, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEAR ENDED DECEMBER 31, 2024

	Allen			Annadale			Arcola			Arnold			Breckenridge			Bristol			Cher			Cole
Rental income	$	16,010		$	129		$	-		$	6,643		$	21,160		$	-		$	-		$	9,028
Operating expenses:
Depreciation		4,158			2,418			-			2,049			5,995			804			-			2,716
Insurance		896			420			-			419			1,124			209			99			443
Management fees		705			380			291			552			1,001			240			109			691
Management fees, related party		1,845			211			-			775			2,619			174			-			962
Repairs & maintenance		2,150			2,445			2,907			2,203			4,413			2,400			675			3,465
Property taxes		1,762			(2,551	)		27			1,281			2,504			720			63			905
Other operating expenses		8,170			8,822			3,243			8,873			7,929			6,465			3,975			7,873
Total operating expenses		19,686			12,146			6,467			16,150			25,586			11,012			4,921			17,053
Loss from operations		(3,676	)		(12,017	)		(6,467	)		(9,508	)		(4,426	)		(11,012	)		(4,921	)		(8,025	)
Other expense
Interest expense		2,943			4,694			1,723			2,825			3,999			3,782			2,079			3,387
Other expenses		-			-			-			-			-			-			-			-
Total other expense		2,943			4,694			1,723			2,825			3,999			3,782			2,079			3,387
Net loss	$	(6,618	)	$	(16,712	)	$	(8,191	)	$	(12,333	)	$	(8,425	)	$	(14,795	)	$	(7,000	)	$	(11,412	)

F-25

	Commodore			Cordelia			Cranberry			Dan			Flintwood			Gentry			Gerald			Harold
Rental income	$	2,428		$	8,733		$	-		$	6,520		$	10,146		$	594		$	2,754		$	1,548
Operating expenses:
Depreciation		1,773			4,011			-			3,653			3,353			784			2,116			2,086
Insurance		351			639			-			740			555			205			401			399
Management fees		393			830			243			526			819			239			568			383
Management fees, related party		249			1,414			-			1,142			1,017			(22	)		414			483
Repairs & maintenance		2,525			4,854			2,425			2,105			4,687			1,685			4,283			2,428
Property taxes		4,769			1,902			4			(552	)		1,478			393			1,225			1,220
Other operating expenses		6,830			7,770			4,039			9,205			7,919			4,190			8,749			8,374
Total operating expenses		16,890			21,420			6,711			16,819			19,827			7,473			17,756			15,372
Loss from operations		(14,462	)		(12,687	)		(6,711	)		(10,299	)		(9,680	)		(6,879	)		(15,002	)		(13,824	)
Other expense
Interest expense		5,935			2,871			863			3,199			5,565			4,253			5,912			2,183
Other expenses		-			-			-			-			-			-			-			-
Total other expense		5,935			2,871			863			3,199			5,565			4,253			5,912			2,183
Net loss	$	(20,397	)	$	(15,558	)	$	(7,573	)	$	(13,498	)	$	(15,246	)	$	(11,131	)	$	(20,915	)	$	(16,007	)

F-26

	Monterey			Mystic			Nicole			Resolana			Sachi			Sandridge			Sanford			Sonny
Rental income	$	4,758		$	3,406		$	8,409		$	11,008		$	371		$	14,637		$	9,270		$	-
Operating expenses:
Depreciation		3,915			2,837			2,808			4,049			1,544			3,890			2,454			-
Insurance		876			462			457			641			-			610			538			99
Management fees		453			699			579			1,475			337			457			804			113
Management fees, related party		961			678			1,001			1,194			128			1,429			950			-
Repairs & maintenance		1,775			5,015			3,040			10,550			2,670			372			3,841			720
Property taxes		(419	)		460			(1,104	)		211			528			279			99			64
Other operating expenses		7,652			8,704			8,475			8,152			7,907			9,539			7,760			3,983
Total operating expenses		15,213			18,855			15,256			26,272			13,114			16,577			16,446			4,979
Loss from operations		(10,454	)		(15,449	)		(6,846	)		(15,264	)		(12,743	)		(1,939	)		(7,176	)		(4,979	)
Other expense
Interest expense		4,756			4,136			2,903			3,892			6,467			4,629			1,172			2,495
Other expenses		-			-			-			-			-			-			-			-
Total other expense		4,756			4,136			2,903			3,892			6,467			4,629			1,172			2,495
Net loss	$	(15,210	)	$	(19,586	)	$	(9,749	)	$	(19,156	)	$	(19,210	)	$	(6,568	)	$	(8,348	)	$	(7,474	)

F-27

	Sullivan			Troxler			Tyner			Wendell			Westbury			Westgate			Wizard			Consolidated
Rental income	$	10,812		$	-		$	10,172		$	208		$	-		$	15,024		$	16		$	173,783
Operating expenses:
Depreciation		3,676			-			5,919			1,378			1,327			3,944			1,530			75,184
Insurance		585			-			781			269			-			617			299			13,135
Management fees		551			291			499			200			367			521			255			15,567
Management fees, related party		1,095			(44	)		2,175			281			45			1,811			429			23,415
Repairs & maintenance		1,305			2,907			1,494			1,300			2,840			1,005			1,850			86,332
Property taxes		1,465			27			250			(1,185	)		3,415			1,241			(1,365	)		19,118
Other operating expenses		7,969			3,241			9,737			7,504			7,233			8,043			7,635			225,959
Total operating expenses		16,645			6,422			20,857			9,747			15,227			17,182			10,631			458,709
Loss from operations		(5,833	)		(6,422	)		(10,685	)		(9,539	)		(15,227	)		(2,158	)		(10,615	)		(284,926	)
Other expense
Interest expense		5,871			1,725			1,659			2,909			4,814			3,259			2,325			109,223
Other expenses		-			550			-			-			379			-			-			929
Total other expense		5,871			2,275			1,659			2,909			5,193			3,259			2,325			110,151
Net loss	$	(11,704	)	$	(8,697	)	$	(12,343	)	$	(12,448	)	$	(20,420	)	$	(5,416	)	$	(12,940	)	$	(395,077	)

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

F-28

ARRIVED HOMES 4, LLC AND ITS SERIES

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

FOR THE YEAR ENDED DECEMBER 31, 2025

	500			Allen			Annadale			Arcola			Arnold			Aurora			Beanery			Breckenridge
Balance at January 1, 2025	$	-		$	312,720		$	372,439		$	(8,191	)	$	322,780		$	-		$	-		$	385,044
Issuance of membership units, net of offering costs		-			-			-			335,520			-			-			-			-
Deemed contribution from manager		-			-			-			4,882			-			-			-			-
Distributions		-			(12,520	)		(16,749	)		(14,021	)		(16,534	)		-			-			(15,298	)
Net loss		(12,552	)		424			4,192			(4,748	)		7,711			(7,562	)		(7,451	)		4,931
Balance at December 31, 2025	$	(12,552	)	$	300,624		$	359,882		$	313,442		$	313,958		$	(7,562	)	$	(7,451	)	$	374,677

F-29

	Bristol			Brownster			Cher			Chesterfield			Cole			Commodore			Cordelia			Cranberry
Balance at January 1, 2025	$	371,459		$	-		$	(7,000	)	$	-		$	311,540		$	412,184		$	368,543		$	(7,573	)
Issuance of membership units, net of offering costs		-			-			313,904			-			-			-			-			344,416
Deemed contribution from manager		-			-			4,514			-			-			-			-			5,658
Distributions		(16,947	)		-			(10,613	)		-			(20,187	)		(20,599	)		(19,332	)		(13,621	)
Net loss		2,703			(15,538	)		(5,323	)		(9,074	)		8,778			7,546			7,380			(7,215	)
Balance at December 31, 2025	$	357,215		$	(15,538	)	$	295,483		$	(9,074	)	$	300,131		$	399,131		$	356,591		$	321,665

F-30

	Dan			Flintwood			Funderburk			Garnet			Gentry			Gerald			Greengrove			Harold
Balance at January 1, 2025	$	312,326		$	390,196		$	-		$	-		$	(6,879	)	$	324,888		$	-		$	326,741
Issuance of membership units, net of offering costs		-			-			288,642			-			376,588			-			-			-
Deemed contribution from manager		-			-			2,754			-			-			-			-			-
Distributions		(17,634	)		(21,268	)		(1,216	)		-			(18,547	)		(14,056	)		-			(7,044	)
Net loss		5,619			6,903			(15,282	)		(18,464	)		2,541			3,839			(3,906	)		(3,188	)
Balance at December 31, 2025	$	300,311		$	375,831		$	274,898		$	(18,464	)	$	353,702		$	314,671		$	(3,906	)	$	316,510

F-31

	Hawthorn			Holly			Humphreys			Hutchins			Jasmine			Jennie			Joyce			Kern
Balance at January 1, 2025	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-
Issuance of membership units, net of offering costs		-			345,414			-			-			473,976			-			-			415,952
Deemed contribution from manager		-			2,554			-			-			9,404			-			-			8,813
Distributions		-			(12,985	)		-			-			-			-			-			(1,269	)
Net loss		(5,153	)		(6,580	)		(20,172	)		(3,646	)		(19,172	)		(13,343	)		(22,607	)		(21,210	)
Balance at December 31, 2025	$	(5,153	)	$	328,402		$	(20,172	)	$	(3,646	)	$	464,207		$	(13,343	)	$	(22,607	)	$	402,286

F-32

	Kimble			Lavon			Lendrum			Lincoln			Monterey			Moraine			Mystic			Nicole
Balance at January 1, 2025	$	-		$	-		$	-		$	-		$	315,403		$	-		$	321,170		$	322,632
Issuance of membership units, net of offering costs		-			-			-			-			-			-			-			-
Deemed contribution from manager		-			-			-			-			-			-			-			-
Distributions		-			-			-			-			(15,759	)		-			(15,141	)		(21,512	)
Net loss		(5,267	)		(3,548	)		(21,158	)		(6,091	)		3,421			(13,188	)		4,418			8,857
Balance at December 31, 2025	$	(5,267	)	$	(3,548	)	$	(21,158	)	$	(6,091	)	$	303,065		$	(13,188	)	$	310,447		$	309,976

F-33

	Oakmont			Olivia			Prakash			Rattler			Resolana			Rose			Ruby			Sachi
Balance at January 1, 2025	$	-		$	-		$	-		$	-		$	301,421		$	-		$	-		$	353,964
Issuance of membership units, net of offering costs		-			343,106			371,529			-			-			378,467			-			594
Deemed contribution from manager		-			10,473			11,672			-			-			7,350			-			-
Distributions		-			(6,449	)		(6,703	)		-			(15,300	)		(1,038	)		-			(16,876	)
Net loss		(15,238	)		(11,623	)		(14,933	)		(16,479	)		6,489			(15,553	)		(8,874	)		5,267
Balance at December 31, 2025	$	(15,238	)	$	335,506		$	361,565		$	(16,479	)	$	292,611		$	369,226		$	(8,874	)	$	342,949

F-34

	Salsa			Sandridge			Sanford			Satjanon			Savannah			Shawnee			Skitt			Sonny
Balance at January 1, 2025	$	-		$	363,321		$	183,713		$	-		$	-		$	-		$	-		$	(4,979	)
Issuance of membership units, net of offering costs		-			-			-			411,841			-			346,620			-			314,102
Deemed contribution from manager		-			-			-			3,740			-			2,952			-			-
Distributions		-			(14,574	)		(13,937	)		(14,149	)		-			(13,778	)		-			(12,010	)
Net loss		(11,219	)		(7,409	)		6,949			(7,494	)		(8,581	)		(4,095	)		(23,903	)		(3,450	)
Balance at December 31, 2025	$	(11,219	)	$	341,338		$	176,725		$	393,938		$	(8,581	)	$	331,700		$	(23,903	)	$	293,665

F-35

	Sullivan			Travis			Troxler			Tyner			Wendell			Westbury
Balance at January 1, 2025	$	345,971		$	-		$	(8,697	)	$	444,667		$	314,646		$	302,142
Issuance of membership units, net of offering costs		-			-			335,889			-			-			-
Deemed contribution from manager		-			-			3,758			-			-			-
Distributions		(19,403	)		-			(16,757	)		(23,179	)		(16,685	)		(14,390	)
Net loss		7,513			(10,068	)		2,373			4,330			6,164			(81	)
Balance at December 31, 2025	$	334,080		$	(10,068	)	$	316,566		$	425,818		$	304,125		$	287,671

F-36

	Westgate			Winnebago			Wizard			Zube			Consolidated
Balance at January 1, 2025	$	365,855		$	-		$	351,179		$	-		$	8,453,626
Issuance of membership units, net of offering costs		-			-			-			-			5,396,560
Deemed contribution from manager		-			-			-			-			78,523
Distributions		(14,504	)		-			(16,660	)		-			(559,242	)
Net loss		(494	)		(9,594	)		6,027			(6,167	)		(322,318	)
Balance at December 31, 2025	$	350,857		$	(9,594	)	$	340,546		$	(6,167	)	$	13,047,149

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

F-37

ARRIVED HOMES 4, LLC AND ITS SERIES

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

FOR THE YEAR ENDED DECEMBER 31, 2024

	Allen			Annadale			Arcola			Arnold			Breckenridge			Bristol			Cher			Cole
Balance at January 1, 2024	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-
Issuance of membership units, net of offering costs		329,307			384,792			-			336,486			405,679			383,620			-			326,851
Deemed contribution from manager		1,412			4,359			-			2,183			2,036			2,634			-			2,277
Distributions		(11,382	)		-			-			(3,556	)		(14,246	)		-			-			(6,176	)
Net loss		(6,618	)		(16,712	)		(8,191	)		(12,333	)		(8,425	)		(14,795	)		(7,000	)		(11,412	)
Balance at December 31, 2024	$	312,720		$	372,439		$	(8,191	)	$	322,780		$	385,044		$	371,459		$	(7,000	)	$	311,540

F-38

	Commodore			Cordelia			Cranberry			Dan			Flintwood			Gentry			Gerald			Harold
Balance at January 1, 2024	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-
Issuance of membership units, net of offering costs		428,543			388,235			-			329,231			405,072			-			342,658			341,678
Deemed contribution from manager		5,704			1,821			-			1,820			5,053			4,253			4,223			2,183
Distributions		(1,666	)		(5,955	)		-			(5,226	)		(4,682	)		-			(1,078	)		(1,112	)
Net loss		(20,397	)		(15,558	)		(7,573	)		(13,498	)		(15,246	)		(11,131	)		(20,915	)		(16,007	)
Balance at December 31, 2024	$	412,184		$	368,543		$	(7,573	)	$	312,326		$	390,196		$	(6,879	)	$	324,888		$	326,741

F-39

	Monterey			Mystic			Nicole			Resolana			Sachi			Sandridge			Sanford			Sonny
Balance at January 1, 2024	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-
Issuance of membership units, net of offering costs		330,796			339,452			336,502			324,215			368,708			372,721			198,878			-
Deemed contribution from manager		3,640			3,650			2,310			1,859			4,467			4,495			355			2,495
Distributions		(3,823	)		(2,346	)		(6,432	)		(5,496	)		-			(7,327	)		(7,172	)		-
Net loss		(15,210	)		(19,586	)		(9,749	)		(19,156	)		(19,210	)		(6,568	)		(8,348	)		(7,474	)
Balance at December 31, 2024	$	315,403		$	321,170		$	322,632		$	301,421		$	353,964		$	363,321		$	183,713		$	(4,979	)

F-40

	Sullivan			Troxler			Tyner			Wendell			Westbury			Westgate			Wizard			Consolidated
Balance at January 1, 2024	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-
Issuance of membership units, net of offering costs		358,621			-			465,256			324,941			318,722			380,641			363,732			8,885,334
Deemed contribution from manager		4,786			-			-			2,152			3,840			1,765			387			76,158
Distributions		(5,732	)		-			(8,246	)		-			-			(11,135	)		-			(112,790	)
Net loss		(11,704	)		(8,697	)		(12,343	)		(12,448	)		(20,420	)		(5,416	)		(12,940	)		(395,077	)
Balance at December 31, 2024	$	345,971		$	(8,697	)	$	444,667		$	314,646		$	302,142		$	365,855		$	351,179		$	8,453,626

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

F-41

ARRIVED HOMES 4, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 2025

	500			Allen			Annadale			Arcola			Arnold			Aurora			Beanery			Breckenridge
Cash Flows from Operating Activities:
Net loss	$	(12,552	)	$	424		$	4,192		$	(4,748	)	$	7,711		$	(7,562	)	$	(7,451	)	$	4,931
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation		2,090			8,315			9,673			7,573			8,195			-			-			10,276
Increase in assets
Other receivables		-			-			-			-			-			-			-			-
Prepaid expenses		-			448			0			-			(0	)		-			-			562
Due from (to) third party property managers		(4,720	)		1,177			(3,686	)		(5,887	)		(509	)		3,840			(1,607	)		(1,713	)
Increase in liabilities
Accrued expenses		11,687			(3,453	)		(170	)		(6,880	)		(3,946	)		2,858			5,270			(3,848	)
Due to (from) related parties		6,267			556			6,146			39,003			3,605			865			3,788			2,587
Net cash provided by operating activities		2,772			7,466			16,155			29,060			15,057			-			-			12,795
Cash flows from financing activities
Repayments of amounts due to related party		-			-			-			(37,818	)		-			-			-			-
Repayments of bridge financing - related party		-			-			-			(295,415	)		-			-			-			-
Net proceeds from the issuance of membership units		-			-			-			335,520			-			-			-			-
Distributions		-			(12,520	)		(16,749	)		(14,021	)		(16,534	)		-			-			(15,298	)
Net cash provided by (used in) financing activities		-			(12,520	)		(16,749	)		(11,734	)		(16,534	)		-			-			(15,298	)
Net change in cash		2,772			(5,053	)		(594	)		17,326			(1,477	)		-			-			(2,502	)
Cash at beginning of the year		-			18,165			23,407			-			18,401			-			-			21,972
Cash at end of the year	$	2,772		$	13,112		$	22,812		$	17,326		$	16,924		$	-		$	-		$	19,470
Cash paid for income taxes	$	-		$	100		$	100		$	200		$	-		$	-		$	-		$	100
Cash paid for interest expenses	$	7,842		$	-		$	-		$	3,159		$	-		$	887		$	3,202		$	-
Supplemental disclosure of non-cash investing and financing activities:
Advance from manager for acquisition of property	$	387,779		$	21,433		$	31,573		$	14,661		$	4,414		$	372,157		$	302,891		$	26,483
Bridge financing, related party for acquisition of property	$	-		$	282,495		$	321,876		$	295,415		$	308,212		$	-		$	-		$	349,026
Deemed contribution from manager for forgiveness of amounts due to manager	$	-		$	-		$	-		$	4,882		$	-		$	-		$	-		$	-

F-42

	Bristol			Brownster			Cher			Chesterfield			Cole			Commodore			Cordelia			Cranberry
Cash Flows from Operating Activities:
Net loss	$	2,703		$	(15,538	)	$	(5,323	)	$	(9,074	)	$	8,778		$	7,546		$	7,380		$	(7,215	)
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation		9,642			127			7,942			-			8,147			10,639			9,626			7,974
Increase in assets
Other receivables		-			-			-			-			-			-			-			-
Prepaid expenses		-			-			-			-			-			-			-			-
Due from (to) third party property managers		(5,916	)		14,453			(3,658	)		(3,563	)		(151	)		(476	)		(51	)		(4,058	)
Increase in liabilities
Accrued expenses		(914	)		5,725			(4,792	)		6,638			(3,452	)		(3,933	)		(3,120	)		(1,814	)
Due to (from) related parties		8,180			(4,768	)		34,723			6,000			(156	)		11,293			8,829			37,912
Net cash provided by operating activities		13,696			-			28,892			-			13,166			25,069			22,663			32,800
Cash flows from financing activities
Repayments of amounts due to related party		-			-			(30,759	)		-			-			-			-			(51,544	)
Repayments of bridge financing - related party		-			-			(285,121	)		-			-			-			-			(295,750	)
Net proceeds from the issuance of membership units		-			-			313,904			-			-			-			-			344,416
Distributions		(16,947	)		-			(10,613	)		-			(20,187	)		(20,599	)		(19,332	)		(13,621	)
Net cash provided by (used in) financing activities		(16,947	)		-			(12,589	)		-			(20,187	)		(20,599	)		(19,332	)		(16,499	)
Net change in cash		(3,251	)		-			16,303			-			(7,022	)		4,470			3,331			16,301
Cash at beginning of the year		25,453			-			-			-			23,775			23,132			19,134			-
Cash at end of the year	$	22,202		$	-		$	16,303		$	-		$	16,753		$	27,602		$	22,465		$	16,301
Cash paid for income taxes	$	100		$	-		$	-		$	-		$	20		$	-		$	100		$	100
Cash paid for interest expenses	$	-		$	3,274		$	2,435		$	4,125		$	-		$	-		$	-		$	4,806
Supplemental disclosure of non-cash investing and financing activities:
Advance from manager for acquisition of property	$	28,135		$	390,132		$	8,994		$	434,594		$	17,535		$	20,048		$	17,333		$	27,537
Bridge financing, related party for acquisition of property	$	324,188		$	-		$	285,121		$	-		$	280,250		$	370,000		$	336,127		$	295,750
Deemed contribution from manager for forgiveness of amounts due to manager	$	-		$	-		$	4,514		$	-		$	-		$	-		$	-		$	5,658

F-43

	Dan			Flintwood			Funderburk			Garnet			Gentry			Gerald			Greengrove			Harold
Cash Flows from Operating Activities:
Net loss	$	5,619		$	6,903		$	(15,282	)	$	(18,464	)	$	2,541		$	3,839		$	(3,906	)	$	(3,188	)
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation		7,306			10,058			2,370			-			9,403			8,465			-			8,343
Increase in assets
Other receivables		-			-			-			-			-			-			-			-
Prepaid expenses		370			0			-			-			-			-			-			(0	)
Due from (to) third party property managers		179			(86	)		(3,670	)		7,575			(2,647	)		188			-			1,028
Increase in liabilities
Accrued expenses		(3,588	)		(3,248	)		2,674			3,674			(4,072	)		(2,611	)		3,848			(3,838	)
Due to (from) related parties		3,342			2,321			29,161			7,215			35,786			(888	)		59			2,948
Net cash provided by operating activities		13,228			15,948			15,253			-			41,011			8,994			-			5,293
Cash flows from financing activities
Repayments of amounts due to related party		-			-			(38,527	)		-			(51,655	)		-			-			-
Repayments of bridge financing - related party		-			-			(246,000	)		-			(324,000	)		-			-			-
Net proceeds from the issuance of membership units		-			-			288,642			-			376,588			-			-			-
Distributions		(17,634	)		(21,268	)		(1,216	)		-			(18,547	)		(14,056	)		-			(7,044	)
Net cash provided by (used in) financing activities		(17,634	)		(21,268	)		2,899			-			(17,615	)		(14,056	)		-			(7,044	)
Net change in cash		(4,406	)		(5,320	)		18,152			-			23,396			(5,062	)		-			(1,751	)
Cash at beginning of the year		44,522			27,294			-			-			-			19,932			-			21,294
Cash at end of the year	$	40,117		$	21,974		$	18,152		$	-		$	23,396		$	14,870		$	-		$	19,543
Cash paid for income taxes	$	-		$	-		$	-		$	-		$	100		$	-		$	-		$	-
Cash paid for interest expenses	$	-		$	-		$	2,754		$	1,367		$	1,958		$	-		$	1,871		$	-
Supplemental disclosure of non-cash investing and financing activities:
Advance from manager for acquisition of property	$	11,174		$	17,585		$	264,656		$	221,203		$	25,570		$	4,414		$	391,006		$	4,414
Bridge financing, related party for acquisition of property	$	264,737		$	351,500		$	-		$	-		$	324,000		$	311,873		$	-		$	308,144
Deemed contribution from manager for forgiveness of amounts due to manager	$	-		$	-		$	2,754		$	-		$	-		$	-		$	-		$	-

F-44

	Hawthorn			Holly			Humphreys			Hutchins			Jasmine			Jennie			Joyce			Kern
Cash Flows from Operating Activities:
Net loss	$	(5,153	)	$	(6,580	)	$	(20,172	)	$	(3,646	)	$	(19,172	)	$	(13,343	)	$	(22,607	)	$	(21,210	)
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation		-			7,136			1,843			-			2,981			698			869			3,549
Increase in assets
Other receivables		-			-			-			-			(95,010	)		-			-			-
Prepaid expenses		-			-			-			-			-			-			-			-
Due from (to) third party property managers		1,971			(4,551	)		3,308			-			(4,818	)		(335	)		283			(6,001	)
Increase in liabilities
Accrued expenses		2,778			4,911			9,176			2,048			1,753			9,109			8,591			1,051
Due to (from) related parties		403			35,596			5,846			1,598			126,118			3,871			12,863			47,264
Net cash provided by operating activities		-			36,511			-			-			11,851			-			-			24,654
Cash flows from financing activities
Repayments of amounts due to related party		-			(44,022	)		-			-			(82,360	)		-			-			(56,620	)
Repayments of bridge financing - related party		-			(299,000	)		-			-			(394,542	)		-			-			(367,000	)
Net proceeds from the issuance of membership units		-			345,414			-			-			473,976			-			-			415,952
Distributions		-			(12,985	)		-			-			-			-			-			(1,269	)
Net cash provided by (used in) financing activities		-			(10,593	)		-			-			(2,926	)		-			-			(8,937	)
Net change in cash		-			25,918			-			-			8,925			-			-			15,717
Cash at beginning of the year		-			-			-			-			-			-			-			-
Cash at end of the year	$	-		$	25,918		$	-		$	-		$	8,925		$	-		$	-		$	15,717
Cash paid for income taxes	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-
Cash paid for interest expenses	$	816		$	2,554		$	6,724		$	100		$	9,404		$	3,726		$	4,129		$	8,813
Supplemental disclosure of non-cash investing and financing activities:
Advance from manager for acquisition of property	$	342,477		$	20,027		$	404,235		$	298,793		$	443,592		$	306,716		$	382,447		$	394,170
Bridge financing, related party for acquisition of property	$	-		$	299,000		$	-		$	-		$	-		$	-		$	-		$	-
Deemed contribution from manager for forgiveness of amounts due to manager	$	-		$	2,554		$	-		$	-		$	9,404		$	-		$	-		$	8,813

F-45

	Kimble			Lavon			Lendrum			Lincoln			Monterey			Moraine			Mystic			Nicole
Cash Flows from Operating Activities:
Net loss	$	(5,267	)	$	(3,548	)	$	(21,158	)	$	(6,091	)	$	3,421		$	(13,188	)	$	4,418		$	8,857
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation		-			-			2,443			-			7,830			-			8,510			8,424
Increase in assets
Other receivables		-			-			-			-			-			-			-			-
Prepaid expenses		-			-			-			-			438			-			(0	)		-
Due from (to) third party property managers		2,000			-			(4,215	)		172			(935	)		280			(242	)		(205	)
Increase in liabilities
Accrued expenses		2,949			2,045			11,099			4,273			(3,525	)		3,966			(2,425	)		(3,134	)
Due to (from) related parties		318			1,503			13,725			1,647			6,419			8,942			(144	)		540
Net cash provided by operating activities		-			-			1,894			-			13,649			-			10,117			14,481
Cash flows from financing activities
Repayments of amounts due to related party		-			-			-			-			-			-			-			-
Repayments of bridge financing - related party		-			-			-			-			-			-			-			-
Net proceeds from the issuance of membership units		-			-			-			-			-			-			-			-
Distributions		-			-			-			-			(15,759	)		-			(15,141	)		(21,512	)
Net cash provided by (used in) financing activities		-			-			-			-			(15,759	)		-			(15,141	)		(21,512	)
Net change in cash		-			-			1,894			-			(2,110	)		-			(5,024	)		(7,031	)
Cash at beginning of the year		-			-			-			-			20,574			-			17,989			24,022
Cash at end of the year	$	-		$	-		$	1,894		$	-		$	18,463		$	-		$	12,965		$	16,991
Cash paid for income taxes	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	100
Cash paid for interest expenses	$	1,005		$	99		$	7,944		$	2,138		$	-		$	1,615		$	-		$	-
Supplemental disclosure of non-cash investing and financing activities:
Advance from manager for acquisition of property	$	280,960		$	294,248		$	357,097		$	302,969		$	19,532		$	226,291		$	19,032		$	23,404
Bridge financing, related party for acquisition of property	$	-		$	-		$	-		$	-		$	281,792		$	-		$	292,000		$	284,338
Deemed contribution from manager for forgiveness of amounts due to manager	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-

F-46

	Oakmont			Olivia			Prakash			Rattler			Resolana			Rose			Ruby			Sachi
Cash Flows from Operating Activities:
Net loss	$	(15,238	)	$	(11,623	)	$	(14,933	)	$	(16,479	)	$	6,489		$	(15,553	)	$	(8,874	)	$	5,267
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation		1,358			6,406			6,947			877			8,098			2,373			113			9,265
Increase in assets
Other receivables		(668	)		-			-			-			-			-			-			-
Prepaid expenses		-			-			-			-			321			-			-			-
Due from (to) third party property managers		129			(3,510	)		(2,325	)		(1,821	)		(61	)		(4,989	)		12,774			(4,501	)
Increase in liabilities
Accrued expenses		6,884			1,922			2,038			12,269			(3,929	)		3,701			2,606			160
Due to (from) related parties		9,358			42,724			46,064			5,154			4,114			38,984			(6,619	)		4,675
Net cash provided by operating activities		1,824			35,920			37,790			-			15,032			24,516			-			14,867
Cash flows from financing activities
Repayments of amounts due to related party		-			(42,204	)		(44,035	)		-			-			(58,767	)		-			-
Repayments of bridge financing - related party		-			(301,000	)		(328,000	)		-			-			(319,925	)		-			-
Net proceeds from the issuance of membership units		-			343,106			371,529			-			-			378,467			-			594
Distributions		-			(6,449	)		(6,703	)		-			(15,300	)		(1,038	)		-			(16,876	)
Net cash provided by (used in) financing activities		-			(6,548	)		(7,208	)		-			(15,300	)		(1,263	)		-			(16,282	)
Net change in cash		1,824			29,372			30,582			-			(268	)		23,253			-			(1,415	)
Cash at beginning of the year		-			-			-			-			9,989			-			-			19,946
Cash at end of the year	$	1,824		$	29,372		$	30,582		$	-		$	9,721		$	23,253		$	-		$	18,531
Cash paid for income taxes	$	-		$	-		$	-		$	-		$	100		$	-		$	-		$	100
Cash paid for interest expenses	$	4,596		$	10,473		$	11,672		$	5,536		$	-		$	7,350		$	563		$	-
Supplemental disclosure of non-cash investing and financing activities:
Advance from manager for acquisition of property	$	297,888		$	319,376		$	346,208		$	385,504		$	17,245		$	352,477		$	227,512		$	19,048
Bridge financing, related party for acquisition of property	$	-		$	-		$	-		$	-		$	278,825		$	-		$	-		$	320,000
Deemed contribution from manager for forgiveness of amounts due to manager	$	-		$	10,473		$	11,672		$	-		$	-		$	7,350		$	-		$	-

F-47

	Salsa			Sandridge			Sanford			Satjanon			Savannah			Shawnee			Skitt			Sonny
Cash Flows from Operating Activities:
Net loss	$	(11,219	)	$	(7,409	)	$	6,949		$	(7,494	)	$	(8,581	)	$	(4,095	)	$	(23,903	)	$	(3,450	)
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation		740			9,336			4,908			7,790			-			7,217			3,849			7,942
Increase in assets
Other receivables		-			-			-			-			-			-			-			-
Prepaid expenses		-			(0	)		269			-			-			-			-			-
Due from (to) third party property managers		(2,200	)		1,633			(5	)		(4,351	)		255			(4,581	)		(1,125	)		(3,158	)
Increase in liabilities
Accrued expenses		6,525			301			(1,487	)		4,594			5,994			2,323			14,642			(5,215	)
Due to (from) related parties		6,154			3,160			2,041			42,774			2,331			35,379			6,537			32,030
Net cash provided by operating activities		-			7,022			12,675			43,314			-			36,243			-			28,149
Cash flows from financing activities
Repayments of amounts due to related party		-			-			-			(61,948	)		-			(50,079	)		-			(30,739	)
Repayments of bridge financing - related party		-			-			-			(352,032	)		-			(295,216	)		-			(285,141	)
Net proceeds from the issuance of membership units		-			-			-			411,841			-			346,620			-			314,102
Distributions		-			(14,574	)		(13,937	)		(14,149	)		-			(13,778	)		-			(12,010	)
Net cash provided by (used in) financing activities		-			(14,574	)		(13,937	)		(16,288	)		-			(12,452	)		-			(13,788	)
Net change in cash		-			(7,552	)		(1,262	)		27,026			-			23,791			-			14,362
Cash at beginning of the year		-			26,649			9,222			-			-			-			-			-
Cash at end of the year	$	-		$	19,097		$	7,960		$	27,026		$	-		$	23,791		$	-		$	14,362
Cash paid for income taxes	$	-		$	-		$	153		$	100		$	-		$	-		$	-		$	-
Cash paid for interest expenses	$	4,702		$	-		$	-		$	3,740		$	3,569		$	2,952		$	10,881		$	1,663
Supplemental disclosure of non-cash investing and financing activities:
Advance from manager for acquisition of property	$	325,957		$	19,501		$	9,309		$	33,318		$	375,568		$	26,053		$	422,025		$	8,974
Bridge financing, related party for acquisition of property	$	-		$	322,000		$	170,525		$	352,032		$	-		$	295,216		$	-		$	285,141
Deemed contribution from manager for forgiveness of amounts due to manager	$	-		$	-		$	-		$	3,740		$	-		$	2,952		$	-		$	-

F-48

	Sullivan			Travis			Troxler			Tyner			Wendell			Westbury
Cash Flows from Operating Activities:
Net loss	$	7,513		$	(10,068	)	$	2,373		$	4,330		$	6,164		$	(81	)
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation		8,822			112			7,579			11,839			8,267			7,963
Increase in assets
Other receivables		-			-			-			-			-			-
Prepaid expenses		-			-			-			391			-			-
Due from (to) third party property managers		304			11,110			(4,595	)		1,644			(2,661	)		(3,322	)
Increase in liabilities
Accrued expenses		(3,587	)		5,856			(7,385	)		(4,232	)		(637	)		(1,941	)
Due to (from) related parties		6,605			(7,010	)		36,227			2,667			3,040			6,237
Net cash provided by operating activities		19,657			-			34,199			16,639			14,173			8,856
Cash flows from financing activities
Repayments of amounts due to related party		-			-			(37,803	)		-			-			-
Repayments of bridge financing - related party		-			-			(295,701	)		-			-			-
Net proceeds from the issuance of membership units		-			-			335,889			-			-			-
Distributions		(19,403	)		-			(16,757	)		(23,179	)		(16,685	)		(14,390	)
Net cash provided by (used in) financing activities		(19,403	)		-			(14,372	)		(23,179	)		(16,685	)		(14,390	)
Net change in cash		253			-			19,827			(6,540	)		(2,512	)		(5,534	)
Cash at beginning of the year		25,897			-			-			24,219			18,073			19,486
Cash at end of the year	$	26,151		$	-		$	19,827		$	17,679		$	15,561		$	13,952
Cash paid for income taxes	$	-		$	-		$	402		$	100		$	100		$	-
Cash paid for interest expenses	$	-		$	2,449		$	2,033		$	-		$	-		$	-
Supplemental disclosure of non-cash investing and financing activities:
Advance from manager for acquisition of property	$	17,564		$	342,090		$	14,619		$	34,414		$	22,767		$	16,411
Bridge financing, related party for acquisition of property	$	306,286		$	-		$	295,701		$	398,098		$	279,222		$	275,078
Deemed contribution from manager for forgiveness of amounts due to manager	$	-		$	-		$	3,758		$	-		$	-		$	-

F-49

	Westgate			Winnebago			Wizard			Zube			Consolidated
Cash Flows from Operating Activities:
Net loss	$	(494	)	$	(9,594	)	$	6,027		$	(6,167	)	$	(322,318	)
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation		9,466			818			9,177			-			331,712
Increase in assets
Other receivables		-			-			-			-			(95,678	)
Prepaid expenses		-			-			-			-			2,799
Due from (to) third party property managers		117			584			(3,607	)		1,528			(43,983	)
Increase in liabilities
Accrued expenses		(3,580	)		5,886			(476	)		4,425			91,018
Due to (from) related parties		3,121			2,307			2,068			215			841,617
Net cash provided by operating activities		8,630			-			13,189			-			805,168
Cash flows from financing activities
Repayments of amounts due to related party		-			-			-			-			(718,880	)
Repayments of bridge financing - related party		-			-			-			-			(4,683,843	)
Net proceeds from the issuance of membership units		-			-			-			-			5,396,560
Distributions		(14,504	)		-			(16,660	)		-			(559,242	)
Net cash provided by (used in) financing activities		(14,504	)		-			(16,660	)		-			(565,405	)
Net change in cash		(5,874	)		-			(3,471	)		-			239,763
Cash at beginning of the year		28,798			-			23,490			-			554,836
Cash at end of the year	$	22,924		$	-		$	20,018		$	-		$	794,598
Cash paid for income taxes	$	100		$	-		$	-		$	-		$	2,175
Cash paid for interest expenses	$	-		$	3,788		$	-		$	2,084		$	164,796
Supplemental disclosure of non-cash investing and financing activities:
Advance from manager for acquisition of property	$	20,227		$	358,541		$	25,363		$	304,665		$	11,504,331
Bridge financing, related party for acquisition of property	$	325,850		$	-		$	309,943		$	-		$	10,379,762
Deemed contribution from manager for forgiveness of amounts due to manager	$	-		$	-		$	-		$	-		$	78,523

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

F-50

ARRIVED HOMES 4, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 2024

	Allen			Annadale			Arcola			Arnold			Breckenridge			Bristol			Cher			Cole
Cash Flows from Operating Activities:
Net loss	$	(6,618	)	$	(16,712	)	$	(8,191	)	$	(12,333	)	$	(8,425	)	$	(14,795	)	$	(7,000	)	$	(11,412	)
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation		4,158			2,418			-			2,049			5,995			804			-			2,716
Increase in assets
Prepaid expenses		(448	)		-			-			-			(562	)		-			-			-
Due from (to) third party property managers		(4,873	)		-			-			(3,458	)		(5,525	)		-			-			(4,445	)
Increase in liabilities
Accrued expenses		5,892			3,315			8,046			5,021			6,508			7,288			5,921			6,472
Due to (from) related parties		34,162			35,254			145			37,667			40,376			32,977			1,078			35,254
Net cash provided by operating activities		32,272			24,276			-			28,945			38,367			26,274			-			28,585
Cash flows from financing activities
Repayments of amounts due to related party		(49,538	)		(63,785	)		-			(35,262	)		(58,801	)		(60,252	)		-			(45,235	)
Repayments of bridge financing - related party		(282,495	)		(321,876	)		-			(308,212	)		(349,026	)		(324,188	)		-			(280,250	)
Net proceeds from the issuance of membership units		329,307			384,792			-			336,486			405,679			383,620			-			326,851
Distributions		(11,382	)		-			-			(3,556	)		(14,246	)		-			-			(6,176	)
Net cash provided by (used in) financing activities		(14,107	)		(869	)		-			(10,544	)		(16,394	)		(821	)		-			(4,810	)
Net change in cash		18,165			23,407			-			18,401			21,972			25,453			-			23,775
Cash at beginning of the year		-			-			-			-			-			-			-			-
Cash at end of the year	$	18,165		$	23,407		$	-		$	18,401		$	21,972		$	25,453		$	-		$	23,775
Cash paid for income taxes	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-
Cash paid for interest expenses	$	11,382		$	-		$	-		$	3,556		$	14,246		$	-		$	-		$	6,176
Supplemental disclosure of non-cash investing and financing activities:
Advance from manager for acquisition of property	$	26,633		$	37,113		$	9,611		$	8,804		$	30,533		$	33,665		$	4,664		$	22,695
Mortgage payable, related party for acquisition of property	$	282,495		$	321,876		$	295,415		$	308,212		$	349,026		$	324,188		$	285,121		$	280,250
Deemed contribution from manager for forgiveness of amounts due to manager	$	1,412		$	4,359		$	-		$	2,183		$	2,036		$	2,634		$	-		$	2,277

F-51

	Commodore			Cordelia			Cranberry			Dan			Flintwood			Gentry			Gerald			Harold
Cash Flows from Operating Activities:
Net loss	$	(20,397	)	$	(15,558	)	$	(7,573	)	$	(13,498	)	$	(15,246	)	$	(11,131	)	$	(20,915	)	$	(16,007	)
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation		1,773			4,011			-			3,653			3,353			784			2,116			2,086
Increase in assets
Prepaid expenses		-			-			-			(370	)		-			-			-			-
Due from (to) third party property managers		(4,860	)		(4,404	)		-			(3,472	)		(4,696	)		(2,348	)		(3,400	)		(4,096	)
Increase in liabilities
Accrued expenses		8,649			7,506			6,655			4,782			4,268			7,533			4,985			4,956
Due to (from) related parties		38,026			31,360			918			32,428			41,053			5,163			41,652			36,022
Net cash provided by operating activities		23,191			22,915			-			23,522			28,732			-			24,439			22,961
Cash flows from financing activities
Repayments of amounts due to related party		(56,936	)		(49,934	)		-			(38,267	)		(50,327	)		-			(34,213	)		(34,089	)
Repayments of bridge financing - related party		(370,000	)		(336,127	)		-			(264,737	)		(351,500	)		-			(311,873	)		(308,144	)
Net proceeds from the issuance of membership units		428,543			388,235			-			329,231			405,072			-			342,658			341,678
Distributions		(1,666	)		(5,955	)		-			(5,226	)		(4,682	)		-			(1,078	)		(1,112	)
Net cash provided by (used in) financing activities		(59	)		(3,782	)		-			21,001			(1,438	)		-			(4,507	)		(1,667	)
Net change in cash		23,132			19,134			-			44,522			27,294			-			19,932			21,294
Cash at beginning of the year		-			-			-			-			-			-			-			-
Cash at end of the year	$	23,132		$	19,134		$	-		$	44,522		$	27,294		$	-		$	19,932		$	21,294
Cash paid for income taxes	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-
Cash paid for interest expenses	$	1,666		$	5,955		$	-		$	5,226		$	4,682		$	-		$	1,078		$	1,112
Supplemental disclosure of non-cash investing and financing activities:
Advance from manager for acquisition of property	$	27,218		$	22,913		$	22,237		$	15,424		$	22,155		$	20,090		$	8,764		$	8,754
Mortgage payable, related party for acquisition of property	$	370,000		$	336,127		$	295,750		$	264,737		$	351,500		$	324,000		$	311,873		$	308,144
Deemed contribution from manager for forgiveness of amounts due to manager	$	5,704		$	1,821		$	-		$	1,820		$	5,053		$	4,253		$	4,223		$	2,183

F-52

	Monterey			Mystic			Nicole			Resolana			Sachi			Sandridge			Sanford			Sonny
Cash Flows from Operating Activities:
Net loss	$	(15,210	)	$	(19,586	)	$	(9,749	)	$	(19,156	)	$	(19,210	)	$	(6,568	)	$	(8,348	)	$	(7,474	)
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation		3,915			2,837			2,808			4,049			1,544			3,890			2,454			-
Increase in assets
Prepaid expenses		(438	)		-			-			(321	)		-			-			(269	)		-
Due from (to) third party property managers		(2,436	)		(3,580	)		(4,289	)		(3,958	)		-			(7,380	)		(3,502	)		-
Increase in liabilities
Accrued expenses		4,662			3,566			6,074			4,125			3,514			4,714			4,844			6,335
Due to (from) related parties		35,019			36,231			35,313			30,146			35,547			38,802			20,287			1,138
Net cash provided by operating activities		25,512			19,468			30,158			14,885			21,395			33,459			15,466			-
Cash flows from financing activities
Repayments of amounts due to related party		(50,120	)		(46,584	)		(51,868	)		(44,789	)		(50,157	)		(50,204	)		(27,424	)		-
Repayments of bridge financing - related party		(281,792	)		(292,000	)		(284,338	)		(278,825	)		(320,000	)		(322,000	)		(170,525	)		-
Net proceeds from the issuance of membership units		330,796			339,452			336,502			324,215			368,708			372,721			198,878			-
Distributions		(3,823	)		(2,346	)		(6,432	)		(5,496	)		-			(7,327	)		(7,172	)		-
Net cash provided by (used in) financing activities		(4,938	)		(1,479	)		(6,135	)		(4,895	)		(1,450	)		(6,810	)		(6,244	)		-
Net change in cash		20,574			17,989			24,022			9,989			19,946			26,649			9,222			-
Cash at beginning of the year		-			-			-			-			-			-			-			-
Cash at end of the year	$	20,574		$	17,989		$	24,022		$	9,989		$	19,946		$	26,649		$	9,222		$	-
Cash paid for income taxes	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-
Cash paid for interest expenses	$	3,823		$	2,346		$	6,432		$	5,496		$	-		$	7,327		$	7,172		$	-
Supplemental disclosure of non-cash investing and financing activities:
Advance from manager for acquisition of property	$	23,902		$	23,082		$	28,624		$	22,385		$	24,498		$	24,361		$	13,709		$	4,644
Mortgage payable, related party for acquisition of property	$	281,792		$	292,000		$	284,338		$	278,825		$	320,000		$	322,000		$	170,525		$	285,141
Deemed contribution from manager for forgiveness of amounts due to manager	$	3,640		$	3,650		$	2,310		$	1,859		$	4,467		$	4,495		$	355		$	2,495

F-53

	Sullivan			Troxler			Tyner			Wendell			Westbury			Westgate			Wizard			Consolidated
Cash Flows from Operating Activities:
Net loss	$	(11,704	)	$	(8,697	)	$	(12,343	)	$	(12,448	)	$	(20,420	)	$	(5,416	)	$	(12,940	)	$	(395,077	)
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation		3,676			-			5,919			1,378			1,327			3,944			1,530			75,185
Increase in assets
Prepaid expenses		-			-			(391	)		-			-			-			-			(2,799	)
Due from (to) third party property managers		(4,435	)		-			(6,008	)		(1,148	)		(415	)		(4,939	)		(1,066	)		(88,732	)
Increase in liabilities
Accrued expenses		5,946			8,548			6,908			3,623			6,449			6,967			3,653			177,725
Due to (from) related parties		33,541			149			42,191			31,667			31,636			36,521			34,567			886,290
Net cash provided by operating activities		27,024			-			36,277			23,072			18,578			37,077			25,743			652,593
Cash flows from financing activities
Repayments of amounts due to related party		(47,730	)		-			(70,970	)		(50,718	)		(42,736	)		(51,936	)		(56,042	)		(1,217,916	)
Repayments of bridge financing - related party		(306,286	)		-			(398,098	)		(279,222	)		(275,078	)		(325,850	)		(309,943	)		(7,652,386	)
Net proceeds from the issuance of membership units		358,621			-			465,256			324,941			318,722			380,641			363,732			8,885,334
Distributions		(5,732	)		-			(8,246	)		-			-			(11,135	)		-			(112,790	)
Net cash provided by (used in) financing activities		(1,127	)		-			(12,058	)		(4,999	)		909			(8,279	)		(2,253	)		(97,757	)
Net change in cash		25,897			-			24,219			18,073			19,486			28,798			23,490			554,836
Cash at beginning of the year		-			-			-			-			-			-			-			-
Cash at end of the year	$	25,897		$	-		$	24,219		$	18,073		$	19,486		$	28,798		$	23,490		$	554,836
Cash paid for income taxes	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-
Cash paid for interest expenses	$	5,732		$	-		$	8,246		$	-		$	-		$	11,135		$	-		$	11,382
Supplemental disclosure of non-cash investing and financing activities:
Advance from manager for acquisition of property	$	22,934		$	9,569		$	38,464		$	27,947		$	20,631		$	25,717		$	30,773		$	662,512
Mortgage payable, related party for acquisition of property	$	306,286		$	295,701		$	398,098		$	279,222		$	275,078		$	325,850		$	309,943		$	9,433,515
Deemed contribution from manager for forgiveness of amounts due to manager	$	4,786		$	-		$	-		$	2,152		$	3,840		$	1,765		$	387		$	76,158

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

F-54

ARRIVED HOMES 4, LLC

NOTES TO THE CONSOLIDATED AND CONSOLIDATING FINANCIAL STATEMENTS

NOTE 1: NATURE OF OPERATIONS

Arrived Homes 4, LLC (the “Company”) is a Delaware series limited liability company formed on July 28, 2023 under the laws of the state 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 that Arrived Fund Manager, LLC (the “manager”) establishes. 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 the wholly-owned limited liability company, which was used to acquire the single family rental property for each series, along with the date the series was formed and the date the series LLC acquired the single family rental property.

Series Name	Name of the wholly-owned subsidiary of the series	Date Formed	Acquisition Date
Arrived Series 500 a series of Arrived Homes 4, LLC (“500”)	Arrived MS 500, LLC	7/16/2025	9/3/2025
Arrived Series Allen a series of Arrived Homes 4, LLC (“Allen”)	Arrived TN Allen, LLC	4/24/2024	5/8/2024
Arrived Series Annadale a series of Arrived Homes 4, LLC (“Annadale”)	Arrived TN Annadale, LLC	8/6/2024	8/28/2024
Arrived Series Arcola a series of Arrived Homes 4, LLC (“Arcola”)	Arrived NC Arcola, LLC	11/20/2024	12/4/2024
Arrived Series Arnold a series of Arrived Homes 4, LLC (“Arnold”)	Arrived Series Arnold, a series of Arrived Homes 4, LLC	6/28/2024	8/28/2024
Arrived Series Aurora a series of Arrived Homes 4, LLC (“Aurora”)	Arrived KY Aurora, LLC	12/1/2025	12/17/2025
Arrived Series Beanery a series of Arrived Homes 4, LLC (“Beanery”)	Arrived TN Beanery, LLC	10/16/2025	10/29/2025
Arrived Series Breckenridge a series of Arrived Homes 4, LLC (“Breckenridge”)	Arrived TN Breckenridge, LLC	3/19/2024	4/3/2024
Arrived Series Bristol a series of Arrived Homes 4, LLC (“Bristol”)	Arrived TN Bristol, LLC	10/1/2024	10/23/2024
Arrived Series Brownster a series of Arrived Homes 4, LLC (“Brownster”)	Arrived NC Brownster, LLC	10/30/2025	11/12/2025
Arrived Series Cher a series of Arrived Homes 4, LLC (“Cher”)	Arrived Series Cher, a series of Arrived Homes 4, LLC	10/3/2024	11/27/2024
Arrived Series Chesterfield a series of Arrived Homes 4, LLC (“Chesterfield”)	Arrived VA Chesterfield, LLC	10/29/2025	11/5/2025
Arrived Series Cole a series of Arrived Homes 4, LLC (“Cole”)	Arrived TN Cole, LLC	7/10/2024	7/24/2024
Arrived Series Commodore a series of Arrived Homes 4, LLC (“Commodore”)	Arrived VA Commodore, LLC	6/28/2024	9/18/2024
Arrived Series Cordelia a series of Arrived Homes 4, LLC (“Cordelia”)	Arrived TN Cordelia, LLC	5/13/2024	6/5/2024
Arrived Series Cranberry a series of Arrived Homes 4, LLC (“Cranberry”)	Arrived TN Cranberry, LLC	12/11/2024	12/18/2024
Arrived Series Dan a series of Arrived Homes 4, LLC (“Dan”)	Arrived Series Dan, a series of Arrived Homes 4, LLC	5/13/2024	5/29/2024
Arrived Series Flintwood a series of Arrived Homes 4, LLC (“Flintwood”)	Arrived KY Flintwood, LLC	7/10/2024	7/24/2024
Arrived Series Funderburk a series of Arrived Homes 4, LLC (“Funderburk”)	Arrived Series Funderburk, a series of Arrived Homes 4, LLC	7/16/2025	7/30/2025
Arrived Series Garnet a series of Arrived Homes 4, LLC (“Garnet”)	Arrived OK Garnet, LLC	11/5/2025	11/26/2025
Arrived Series Gentry a series of Arrived Homes 4, LLC (“Gentry”)	Arrived TN Gentry, LLC	9/23/2024	10/30/2024
Arrived Series Gerald a series of Arrived Homes 4, LLC (“Gerald”)	Arrived Series Gerald, a series of Arrived Homes 4, LLC	6/10/2024	8/28/2024
Arrived Series Greengrove a series of Arrived Homes 4, LLC (“Greengrove”)	Arrived NC Greengrove, LLC	11/5/2025	12/3/2025
Arrived Series Harold a series of Arrived Homes 4, LLC (“Harold”)	Arrived Series Harold, a series of Arrived Homes 4, LLC	6/28/2024	8/28/2024
Arrived Series Hawthorn a series of Arrived Homes 4, LLC (“Hawthorn”)	Arrived MS Hawthorn, LLC	12/1/2025	12/17/2025
Arrived Series Holly a series of Arrived Homes 4, LLC (“Holly”)	Arrived MS Holly, LLC	12/20/2024	1/8/2025
Arrived Series Humphreys a series of Arrived Homes 4, LLC (“Humphreys”)	Arrived TN Humphreys, LLC	7/23/2025	9/24/2025
Arrived Series Hutchins a series of Arrived Homes 4, LLC (“Hutchins”)	Arrived TX Hutchins, LLC	1/25/2024	12/29/2025
Arrived Series Jasmine a series of Arrived Homes 4, LLC (“Jasmine”)	Arrived TN Jasmine, LLC	7/16/2025	8/20/2025
Arrived Series Jennie a series of Arrived Homes 4, LLC (“Jennie”)	Arrived MO Jennie, LLC	9/17/2025	10/22/2025
Arrived Series Joyce a series of Arrived Homes 4, LLC (“Joyce”)	Arrived AR Joyce, LLC	10/2/2025	10/29/2025
Arrived Series Kern a series of Arrived Homes 4, LLC (“Kern”)	Arrived KY Kern, LLC	7/16/2025	7/30/2025
Arrived Series Kimble a series of Arrived Homes 4, LLC (“Kimble”)	Arrived OK Kimble, LLC	11/5/2025	12/10/2025
Arrived Series Lavon a series of Arrived Homes 4, LLC (“Lavon”)	Arrived TX Lavon, LLC	11/9/2023	12/29/2025
Arrived Series Lendrum a series of Arrived Homes 4, LLC (“Lendrum”)	Arrived TN Lendrum, LLC	7/23/2025	8/20/2025
Arrived Series Lincoln a series of Arrived Homes 4, LLC (“Lincoln”)	Arrived TN Lincoln, LLC	10/16/2025	11/21/2025
Arrived Series Monterey a series of Arrived Homes 4, LLC (“Monterey”)	Arrived Series Monterey, a series of Arrived Homes 4, LLC	5/27/2024	5/31/2024
Arrived Series Moraine a series of Arrived Homes 4, LLC (“Moraine”)	Arrived AR Moraine, LLC	11/4/2025	11/19/2025
Arrived Series Mystic a series of Arrived Homes 4, LLC (“Mystic”)	Arrived GA Mystic, LLC	6/20/2024	7/3/2024
Arrived Series Nicole a series of Arrived Homes 4, LLC (“Nicole”)	Arrived TN Nicole, LLC	7/2/2024	7/24/2024
Arrived Series Oakmont a series of Arrived Homes 4, LLC (“Oakmont”)	Arrived TN Oakmont, LLC	9/29/2025	9/30/2025
Arrived Series Olivia a series of Arrived Homes 4, LLC (“Olivia”)	Arrived NC Olivia, LLC	2/21/2025	2/26/2025
Arrived Series Prakash a series of Arrived Homes 4, LLC (“Prakash”)	Arrived NC Prakash, LLC	2/21/2025	2/19/2025
Arrived Series Rattler a series of Arrived Homes 4, LLC (“Rattler”)	Arrived NM Rattler, LLC	9/3/2025	10/8/2025
Arrived Series Resolana a series of Arrived Homes 4, LLC (“Resolana”)	Arrived NM Resolana, LLC	4/11/2024	5/30/2024
Arrived Series Rose a series of Arrived Homes 4, LLC (“Rose”)	Arrived TN Rose, LLC	7/16/2025	8/6/2025
Arrived Series Ruby a series of Arrived Homes 4, LLC (“Ruby”)	Arrived OK Ruby, LLC	11/26/2025	12/17/2025
Arrived Series Sachi a series of Arrived Homes 4, LLC (“Sachi”)	Arrived TN Sachi, LLC	12/27/2022	9/25/2024
Arrived Series Salsa a series of Arrived Homes 4, LLC (“Salsa”)	Arrived NC Salsa, LLC	9/3/2025	10/8/2025
Arrived Series Sandridge a series of Arrived Homes 4, LLC (“Sandridge”)	Arrived MS Sandridge, LLC	6/20/2024	6/26/2024
Arrived Series Sanford a series of Arrived Homes 4, LLC (“Sanford”)	Arrived AR Sanford, LLC	5/7/2024	5/22/2024
Arrived Series Satjanon a series of Arrived Homes 4, LLC (“Satjanon”)	Arrived TN Satjanon, LLC	10/3/2024	2/5/2025
Arrived Series Savannah a series of Arrived Homes 4, LLC (“Savannah”)	Arrived GA Savannah, LLC	10/29/2025	11/5/2025
Arrived Series Shawnee a series of Arrived Homes 4, LLC (“Shawnee”)	Arrived KY Shawnee, LLC	10/21/2024	1/29/2025
Arrived Series Skitt a series of Arrived Homes 4, LLC (“Skitt”)	Arrived TN Skitt, LLC	7/16/2025	7/30/2025
Arrived Series Sonny a series of Arrived Homes 4, LLC (“Sonny”)	Arrived Series Sonny, a series of Arrived Homes 4, LLC	10/7/2024	11/20/2024
Arrived Series Sullivan a series of Arrived Homes 4, LLC (“Sullivan”)	Arrived TN Sullivan, LLC	6/10/2024	6/18/2024
Arrived Series Travis a series of Arrived Homes 4, LLC (“Travis”)	Arrived MS Travis, LLC	11/5/2025	11/19/2025
Arrived Series Troxler a series of Arrived Homes 4, LLC (“Troxler”)	Arrived NC Troxler, LLC	11/20/2024	12/4/2024
Arrived Series Tyner a series of Arrived Homes 4, LLC (“Tyner”)	Arrived TN Tyner, LLC	3/22/2024	5/8/2024
Arrived Series Wendell a series of Arrived Homes 4, LLC (“Wendell”)	Arrived TN Wendell, LLC	7/2/2024	9/25/2024
Arrived Series Westbury a series of Arrived Homes 4, LLC (“Westbury”)	Arrived Series Westbury, a series of Arrived Homes 4, LLC	7/10/2024	9/25/2024
Arrived Series Westgate a series of Arrived Homes 4, LLC (“Westgate”)	Arrived TN Westgate, LLC	5/22/2024	6/5/2024
Arrived Series Winnebago a series of Arrived Homes 4, LLC (“Winnebago”)	Arrived TN Winnebago, LLC	10/16/2025	10/29/2025
Arrived Series Wizard a series of Arrived Homes 4, LLC (“Wizard”)	Arrived TN Wizard, LLC	7/2/2024	9/25/2024
Arrived Series Zube a series of Arrived Homes 4, LLC (“Zube”)	Arrived Series Zube, a series of Arrived Homes 4, LLC	11/5/2025	11/19/2025

F-55

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

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

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

Principles of Consolidation

These consolidated and consolidating financial statements include the accounts of Arrived Homes 4, LLC and its series. All inter-company transactions and balances have been eliminated upon consolidation.

Use of Estimates

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

Deferred Offering Costs

The Company complies with the requirements of the 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.

F-56

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.

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, approximates their fair values based on interest rates and terms currently available for similar instruments.

Management Compensation    

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, paid out of the net operating rental income of the series 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 8% and the amount actually charged by the property manager when the series 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.

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 third-party property management company is set forth below:

F-57

Marketplace Homes

As compensation for the services provided by the third-party property manager, Marketplace Homes, 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, 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.

Accrued Expenses

Accrued expenses include accrued property taxes and interest payable on the bridge financing for the series.

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 December 31, 2025 and 2024.

Property and Equipment

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

Impairment of Long-Lived Assets

The Company continually monitors events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances are present, 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 years ended December 31, 2025 and 2024.

Tenant Deposits

Tenant deposit liabilities represent security deposits received by tenant customers.

F-58

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 a series property, and/or (c) cause additional interests to be issued in the series in order to cover such additional amounts. 

Revenue Recognition

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

● Identification of a contract with a customer;

● Identification of the performance obligations in the contract;

● Determination of the transaction price;

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

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

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

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

Comprehensive Income (loss)

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

Organizational Costs

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

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.

F-59

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 REITs 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 REITs. 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 Recently Adopted Accounting Pronouncements

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.

In November 2024, the FASB issued ASU 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” which requires the disaggregated disclosure of specific expense categories, including purchases of inventory, employee compensation, depreciation, and amortization included in each relevant expense caption presented on the statement of operations. The standard also requires disclosure of a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, as well as the total amount of selling expenses and an entity’s definition of selling expenses. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The Company is currently evaluating the impact this standard will have on its financial statements.

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 and limited cash. 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 for a period of one year from the issuance of these consolidated financial statements is dependent upon their ability to generate cash flow from their rental activity and/or obtain financing from the manager. However, there are no assurances that the Company can be successful in generating cash flow from their rental activities 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-60

NOTE 4: PROPERTY AND EQUIPMENT

Property and equipment, net consists of the following:

December 31, 2025

Series	Building		Land		Property Improvements		Total		Less: Accumulated Depreciation		Property and equipment, net
500	$	291,529	$	96,250	$	6,461	$	394,240	$	2,090	$	392,150
Allen		228,665		75,263		-		303,928		12,473		291,455
Annadale		266,008		87,441		-		353,449		12,091		341,358
Arcola		227,189		77,838		-		305,026		7,573		297,453
Arnold		225,370		87,256		-		312,626		10,244		302,382
Aurora		279,657		92,500		-		372,157		-		372,157
Beanery		227,891		75,000		-		302,891		-		302,891
Breckenridge		282,601		92,909		-		375,509		16,271		359,238
Bristol		265,160		87,164		-		352,323		10,446		341,878
Brownster		292,632		97,500		7,646		397,778		127		397,651
Cher		218,411		71,375		-		289,786		7,942		281,843
Chesterfield		327,094		107,500		-		434,594		-		434,594
Cole		224,035		73,750		-		297,785		10,862		286,923
Commodore		292,577		97,471		-		390,048		12,412		377,635
Cordelia		264,711		88,750		-		353,461		13,637		339,824
Cranberry		239,219		78,768		-		317,987		7,974		310,013
Dan		200,914		74,998		-		275,911		10,959		264,952
Flintwood		276,585		92,500		-		369,085		13,410		355,675
Funderburk		195,541		64,975		-		260,516		2,370		258,146
Garnet		166,446		54,757		-		221,203		-		221,203
Gentry		258,590		85,500		-		344,090		10,187		333,903
Gerald		232,790		83,498		-		316,287		10,581		305,706
Greengrove		293,631		97,375		-		391,006		-		391,006
Harold		229,435		83,123		-		312,558		10,429		302,129
Hawthorn		257,477		85,000		-		342,477		-		342,477
Holly		235,499		78,748		-		314,247		7,136		307,110
Humphreys		304,095		100,140		-		404,235		1,843		402,392
Hutchins		225,573		73,220		-		298,793		-		298,793
Jasmine		327,945		109,498		-		437,442		2,981		434,461
Jennie		230,466		76,250		-		306,716		698		306,018
Joyce		286,822		95,625		-		382,447		869		381,578
Kern		292,780		96,750		-		389,530		3,549		385,981
Kimble		211,017		69,943		-		280,960		-		280,960
Lavon		222,167		72,081		-		294,248		-		294,248
Lendrum		268,705		88,393		-		357,097		2,443		354,654
Lincoln		227,969		75,000		-		302,969		-		302,969
Monterey		215,321		86,003		-		301,324		11,745		289,579
Moraine		170,041		56,250		-		226,291		-		226,291
Mystic		234,032		77,000		-		311,032		11,347		299,685
Nicole		231,652		76,090		-		307,742		11,232		296,510
Oakmont		224,138		73,750		-		297,888		1,358		296,529
Olivia		234,894		79,413		-		314,306		6,406		307,900
Prakash		254,708		86,350		-		341,058		6,947		334,111
Rattler		289,254		96,250		-		385,504		877		384,627
Resolana		222,695		73,375		-		296,070		12,147		283,923
Rose		261,031		85,946		-		346,977		2,373		344,604
Ruby		170,987		56,526		6,772		234,284		113		234,171
Sachi		254,798		84,250		-		339,048		10,810		328,239
Salsa		244,232		81,725		-		325,957		740		325,217
Sandridge		256,753		84,748		-		341,501		13,227		328,274
Sanford		134,959		44,875		-		179,834		7,361		172,472
Satjanon		285,650		93,980		-		379,630		7,790		371,840
Savannah		282,443		93,125		-		375,568		-		375,568
Shawnee		238,174		78,725		-		316,899		7,217		309,682
Skitt		317,525		104,500		-		422,025		3,849		418,176
Sonny		218,411		71,375		-		289,786		7,942		281,843
Sullivan		242,600		81,250		-		323,850		12,498		311,352
Travis		257,090		85,000		6,748		348,838		112		348,726
Troxler		227,358		77,913		-		305,270		7,579		297,691
Tyner		325,560		106,953		-		432,513		17,758		414,755
Wendell		227,335		74,655		-		301,990		9,644		292,345
Westbury		218,989		72,500		-		291,489		9,290		282,198
Westgate		260,327		85,750		-		346,077		13,411		332,666
Winnebago		269,791		88,750		-		358,541		818		357,723
Wizard		252,372		82,934		-		335,306		10,707		324,599
Zube		228,440		76,225		-		304,665		-		304,665
	$	16,348,746	$	5,460,287	$	27,627	$	21,836,660	$	406,896	$	21,429,764

F-61

December 31, 2024

Series	Building		Land		Property Improvements		Total		Less: Accumulated Depreciation		Property and equipment, net
Allen	$	228,665	$	75,263		-	$	303,928	$	4,158	$	299,770
Annadale		266,008		87,441		-		353,449		2,418		351,031
Arcola		227,189		77,838		-		305,026		-		305,026
Arnold		225,370		87,256		-		312,626		2,049		310,577
Breckenridge		282,601		92,909		-		375,509		5,995		369,515
Bristol		265,160		87,164		-		352,323		804		351,520
Cher		218,411		71,375		-		289,786		-		289,786
Cole		224,035		73,750		-		297,785		2,716		295,069
Commodore		292,577		97,471		-		390,048		1,773		388,274
Cordelia		264,711		88,750		-		353,461		4,011		349,450
Cranberry		239,219		78,768		-		317,987		-		317,987
Dan		200,914		74,998		-		275,911		3,653		272,258
Flintwood		276,585		92,500		-		369,085		3,353		365,732
Gentry		258,590		85,500		-		344,090		784		343,307
Gerald		232,790		83,498		-		316,287		2,116		314,171
Harold		229,435		83,123		-		312,558		2,086		310,472
Monterey		215,321		86,003		-		301,324		3,915		297,409
Mystic		234,032		77,000		-		311,032		2,837		308,195
Nicole		231,652		76,090		-		307,742		2,808		304,934
Resolana		222,695		73,375		-		296,070		4,049		292,021
Sachi		254,798		84,250		-		339,048		1,544		337,504
Sandridge		256,753		84,748		-		341,501		3,890		337,610
Sanford		134,959		44,875		-		179,834		2,454		177,380
Sonny		218,411		71,375		-		289,786		-		289,786
Sullivan		242,600		81,250		-		323,850		3,676		320,174
Troxler		227,358		77,913		-		305,270		-		305,270
Tyner		325,560		106,953		-		432,513		5,919		426,593
Wendell		227,335		74,655		-		301,990		1,378		300,612
Westbury		218,989		72,500		-		291,489		1,327		290,162
Westgate		260,327		85,750		-		346,077		3,944		342,132
Wizard		252,372		82,934		-		335,306		1,530		333,776
	$	7,455,417	$	2,517,269	$	-	$	9,972,687	$	75,184	$	9,897,502

For the years ended December 31, 2025 and 2024, depreciation expense was $331,712 and $75,185, respectively.

F-62

NOTE 5: BRIDGE FINANCING, RELATED PARTY

The Company has obtained bridge financing from Arrived Short Term Notes, LLC, an affiliate of our manager. The following is a summary of the bridge financing by each series as of December 31, 2025 and 2024:

Series	Series Name	Lender	Address	Bridge financing, related party		Maturity Date	Interest Rate
500	Arrived MS 500, LLC	Arrived Short Term Notes, LLC	5233 Nail Road E, Olive Branch, MS 38654	$	365,000	3/3/2027		6.50	%
Aurora	Arrived KY Aurora, LLC	Arrived Short Term Notes, LLC	8436 Gateway Run Road, Louisville, KY 40229		351,000	6/17/2027		6.50	%
Beanery	Arrived TN Beanery, LLC	Arrived Short Term Notes, LLC	4321 Scenic Meadow Drive NE, Cleveland, TN 37323		281,506	4/29/2027		6.50	%
Brownster	Arrived NC Brownster, LLC	Arrived Short Term Notes, LLC	923 Elliott Road, Charlotte, NC 28216		370,000	5/12/2027		6.50	%
Chesterfield	Arrived VA Chesterfield, LLC	Arrived Short Term Notes, LLC	807 Sun Valley Way, North Chesterfield, VA 23236		408,000	5/5/2027		6.50	%
Garnet	Arrived OK Garnet, LLC	Arrived Short Term Notes, LLC	812 NE 102nd Terrace, Oklahoma City, OK 73131		216,382	5/26/2027		6.50	%
Greengrove	Arrived NC Greengrove, LLC	Arrived Short Term Notes, LLC	1200 Pavo Path, Wendell, NC 27591		370,000	6/3/2027		6.50	%
Hawthorn	Arrived MS Hawthorn, LLC	Arrived Short Term Notes, LLC	3430 Oodie Lane, Southaven, MS 38672		323,000	6/17/2027		6.50	%
Humphreys	Arrived TN Humphreys, LLC	Arrived Short Term Notes, LLC	6647 Prickly Loop, Ooltewah, TN 37363		380,000	3/24/2027		6.50	%
Hutchins	Arrived TX Hutchins, LLC	Arrived Short Term Notes, LLC	1220 Ponchartrain Drive, Dallas, TX 75253		278,000	6/29/2027		6.50	%
Jennie	Arrived MO Jennie, LLC	Arrived Short Term Notes, LLC	5473 Misty Crossing Court, Florissant, MO 63034		294,815	4/22/2027		6.50	%
Joyce	Arrived AR Joyce, LLC	Arrived Short Term Notes, LLC	904 SW Loudon Drive, Bentonville, AR 72712		363,000	4/29/2027		6.50	%
Kimble	Arrived OK Kimble, LLC	Arrived Short Term Notes, LLC	10812 S. 274th E. Ave, Coweta, OK 74429		265,000	6/10/2027		6.50	%
Lavon	Arrived TX Lavon, LLC	Arrived Short Term Notes, LLC	3526 Fox Valley Lane, Crandall, TX 75114		273,000	6/29/2027		6.50	%
Lendrum	Arrived TN Lendrum, LLC	Arrived Short Term Notes, LLC	7646 Belhaven Lane, Knoxville, TN 37918		330,791	2/20/2027		6.50	%
Lincoln	Arrived TN Lincoln, LLC	Arrived Short Term Notes, LLC	4006 Wendell Road NE, Cleveland, TN 37323		281,893	5/19/2027		6.50	%
Moraine	Arrived AR Moraine, LLC	Arrived Short Term Notes, LLC	8903 Preston Wood Drive, Fort Smith, AR 72916		213,000	5/19/2027		6.50	%
Oakmont	Arrived TN Oakmont, LLC	Arrived Short Term Notes, LLC	4151 Hines Lane NE, Cleveland, TN 37323		276,673	3/30/2027		6.50	%
Rattler	Arrived NM Rattler, LLC	Arrived Short Term Notes, LLC	10660 Aspiration Lane SW, Albuquerque, NM 87121		365,000	4/8/2027		6.50	%
Ruby	Arrived OK Ruby, LLC	Arrived Short Term Notes, LLC	800 NE 102nd Terrace, Oklahoma City, OK 73131		222,665	6/17/2027		6.50	%
Salsa	Arrived NC Salsa, LLC	Arrived Short Term Notes, LLC	3526 Marksbury Drive, Greensboro, NC 27405		310,000	4/8/2027		6.50	%
Savannah	Arrived GA Savannah, LLC	Arrived Short Term Notes, LLC	54 Winslow Circle, Savannah, GA 31407		353,000	5/5/2027		6.50	%
Skitt	Arrived TN Skitt, LLC	Arrived Short Term Notes, LLC	8334 Bright Water Drive, Ooltewah, TN 37363		391,315	1/30/2027		6.50	%
Travis	Arrived MS Travis, LLC	Arrived Short Term Notes, LLC	155 Magnolia Heights Drive, Hernando, MS 38632		323,000	5/19/2027		6.50	%
Winnebago	Arrived TN Winnebago, LLC	Arrived Short Term Notes, LLC	7661 Belhaven Lane, Knoxville, TN 37918		332,965	4/29/2027		6.50	%
Zube	Arrived Series Zube, a series of Arrived Homes 4, LLC	Arrived Short Term Notes, LLC	3814 Magnolia Hills Drive, Northport, AL 35473		274,879	5/19/2027		6.50	%
				$	8,213,884

F-63

Series	Series Name	Lender	Address	Bridge financing, related party		Maturity Date	Interest Rate
Arcola	Arrived NC Arcola, LLC	Arrived Short Term Notes, LLC	3909 Arcola Way, Greensboro, NC 27405		295,415	6/4/2026		7.50	%
Cher	Arrived Series Cher, a series of Arrived Homes 4, LLC	Arrived Short Term Notes, LLC	154 Southern Trail, Huntsville, AL 35811		285,121	5/27/2026		7.50	%
Cranberry	Arrived TN Cranberry, LLC	Arrived Short Term Notes, LLC	2020 Southwood Circle, Morristown, TN 37813		295,750	6/17/2026		7.50	%
Gentry	Arrived TN Gentry, LLC	Arrived Short Term Notes, LLC	1220 Cole Drive, Talbott, TN 37887		324,000	4/30/2026		7.50	%
Sonny	Arrived Series Sonny, a series of Arrived Homes 4, LLC	Arrived Short Term Notes, LLC	153 Southern Trail, Huntsville, AL 35811		285,141	5/20/2026		7.50	%
Troxler	Arrived NC Troxler, LLC	Arrived Short Term Notes, LLC	3513 Marksbury Drive, Greensboro, NC 27405		295,701	6/4/2026		7.50	%
				$	1,781,129

Bridge financing from related party is secured by each series property and bears interest-only terms, with all accrued interest due at maturity or repayment. As of December 31, 2025 and 2024, the Company has the ability and intent to extend or refinance these obligations beyond one year. Accordingly, all outstanding balances are classified as non-current liabilities in the consolidated and consolidating balance sheets.

The following is a summary of series that repaid the outstanding principal and accrued interest in full as of December 31, 2025 and 2024:

Series Name	Lender	Address	Repaid Principal
Arrived NC Arcola, LLC	Arrived Short Term Notes, LLC	3909 Arcola Way, Greensboro, NC 27405	$	295,415
Arrived Series Cher, a series of Arrived Homes 4, LLC	Arrived Short Term Notes, LLC	154 Southern Trail, Huntsville, AL 35811		285,121
Arrived TN Cranberry, LLC	Arrived Short Term Notes, LLC	2020 Southwood Circle, Morristown, TN 37813		295,750
Arrived Series Funderburk, a series of Arrived Homes 4, LLC	Arrived Short Term Notes, LLC	2758 Lily Circle, Northport, AL 35473		246,000
Arrived TN Gentry, LLC	Arrived Short Term Notes, LLC	1220 Cole Drive, Talbott, TN 37887		324,000
Arrived MS Holly, LLC	Arrived Short Term Notes, LLC	2107 Hyacinth Lane, Hernando, MS 38632		299,000
Arrived TN Jasmine, LLC	Arrived Short Term Notes, LLC	100 Hartmann Crossing Drive, Lebanon, TN 37087		394,542
Arrived KY Kern, LLC	Arrived Short Term Notes, LLC	10056 Meadowvista Court, Independence, KY 41051		367,000
Arrived NC Olivia, LLC	Arrived Short Term Notes, LLC	3906 Arcola Way, Greensboro, NC 27405		301,000
Arrived NC Prakash, LLC	Arrived Short Term Notes, LLC	3504 Marksbury Dr, Greensboro, NC 27405		328,000
Arrived TN Rose, LLC	Arrived Short Term Notes, LLC	341 Arrowhead Drive, Johnson City, TN 37601		319,925
Arrived TN Satjanon, LLC	Arrived Short Term Notes, LLC	8587 Dewberry Drive, Ooltewah, TN 37363		352,032
Arrived KY Shawnee, LLC	Arrived Short Term Notes, LLC	9011 Auburn Woods Road, Louisville, KY 40214		295,216
Arrived Series Sonny, a series of Arrived Homes 4, LLC	Arrived Short Term Notes, LLC	153 Southern Trail, Huntsville, AL 35811		285,141
Arrived NC Troxler, LLC	Arrived Short Term Notes, LLC	3513 Marksbury Drive, Greensboro, NC 27405		295,701
			$	4,683,843

F-64

Series Name	Lender	Address	Repaid Principal
Arrived TN Allen, LLC	Arrived Short Term Notes, LLC	702 Newtons Way, Kingsport, TN 37663	$	282,495
Arrived TN Annadale, LLC	Arrived Short Term Notes, LLC	4349 Lone Oak Trail NE, Cleveland, TN 37323		321,876
Arrived Series Arnold, a series of Arrived Homes 4, LLC	Arrived Short Term Notes, LLC	316 McHenry Drive, Huntsville, AL 35811		308,212
Arrived TN Breckenridge, LLC	Arrived Short Term Notes, LLC	148 Breckenridge Trace, Kingsport, TN 37663		349,026
Arrived TN Bristol, LLC	Arrived Short Term Notes, LLC	805 Magnolia Ridge Drive, Blountville, TN 37617		324,188
Arrived TN Cole, LLC	Arrived Short Term Notes, LLC	1208 Cole Drive, Talbott, TN 37877		280,250
Arrived VA Commodore, LLC	Arrived Short Term Notes, LLC	2109 Richmond Avenue, Portsmouth, VA 23704		370,000
Arrived TN Cordelia, LLC	Arrived Short Term Notes, LLC	7814 Hancock Road, Chattanooga, TN 37416		336,127
Arrived Series Dan, a series of Arrived Homes 4, LLC	Arrived Short Term Notes, LLC	15678 Brickman Lane, Athens, AL 35613		264,737
Arrived KY Flintwood, LLC	Arrived Short Term Notes, LLC	10660 Fremont Drive, Independence, KY 41051		351,500
Arrived Series Gerald, a series of Arrived Homes 4, LLC	Arrived Short Term Notes, LLC	313 McHenry Drive, Huntsville, AL 35811		311,873
Arrived Series Harold, a series of Arrived Homes 4, LLC	Arrived Short Term Notes, LLC	315 McHenry Drive, Huntsville, AL 35811		308,144
Arrived Series Monterey, a series of Arrived Homes 4, LLC	Arrived Short Term Notes, LLC	14456 Mountain Stream Drive, Athens, AL 35613		281,792
Arrived GA Mystic, LLC	Arrived Short Term Notes, LLC	110 Autumn Gold Court, Augusta, GA 30906		292,000
Arrived TN Nicole, LLC	Arrived Short Term Notes, LLC	3036 Nicole Circle, Morristown, TN 37814		284,338
Arrived NM Resolana, LLC	Arrived Short Term Notes, LLC	1000 El Paseo St NW, Rio Ranch, NM 87144		278,825
Arrived TN Sachi, LLC	Arrived Short Term Notes, LLC	216 Belle Court, Talbott, TN 37877		320,000
Arrived MS Sandridge, LLC	Arrived Short Term Notes, LLC	2135 Hyacinth Lane, Hernando, MS 38632		322,000
Arrived AR Sanford, LLC	Arrived Short Term Notes, LLC	2004 W Long 17th Street, North Little Rock, AR 72114		170,525
Arrived TN Sullivan, LLC	Arrived Short Term Notes, LLC	1240 Stamp Lodge Road, Kingsport, TN 37660		306,286
Arrived TN Tyner, LLC	Arrived Short Term Notes, LLC	8227 Wind Lake Court, Ooltewah, TN 37363		398,098
Arrived TN Wendell, LLC	Arrived Short Term Notes, LLC	4022 Wendell Road Northeast, Cleveland, TN 37323		279,222
Arrived Series Westbury, a series of Arrived Homes 4, LLC	Arrived Short Term Notes, LLC	6079 Thorntons Way Circle NW, Huntsville, AL 35810		275,078
Arrived TN Westgate, LLC	Arrived Short Term Notes, LLC	813 Greene Meadow Drive, Talbott, TN 37877		325,850
Arrived TN Wizard, LLC	Arrived Short Term Notes, LLC	4146 Hines Lane Northeast, Cleveland, TN 37323		309,943
			$	7,652,386

For the years ended December 31, 2025 and 2024, interest expense was $164,796 and $109,223, respectively.

NOTE 6: MEMBER’S EQUITY (DEFICIT)

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

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

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

F-65

Membership Interests

For the years ended December 31, 2025 and 2024, the series closed on their public offerings with net proceeds of $5,396,560 and $8,885,334, respectively. The following table below outlines the details of the offerings by each series:

December 31, 2025
Series	# of Units Issued		Net proceeds from the issuance of membership units		Brokerage fee (1%)		Offering expense (2%)
500	$	-	$	-	$	-	$	-
Allen		-		-		-		-
Annadale		-		-		-		-
Arcola		36,230		335,520		3,623		7,247
Arnold		-		-		-		-
Aurora		-		-		-		-
Beanery		-		-		-		-
Breckenridge		-		-		-		-
Bristol		-		-		-		-
Brownster		-		-		-		-
Cher		33,906		313,904		3,391		6,785
Chesterfield		-		-		-		-
Cole		-		-		-		-
Commodore		-		-		-		-
Cordelia		-		-		-		-
Cranberry		37,216		344,416		3,737		7,477
Dan		-		-		-		-
Flintwood		-		-		-		-
Funderburk		31,163		288,642		3,117		6,241
Garnet		-		-		-		-
Gentry		40,674		376,588		4,067		8,135
Gerald		-		-		-		-
Greengrove		-		-		-		-
Harold		-		-		-		-
Hawthorn		-		-		-		-
Holly		37,314		345,414		3,731		7,465
Humphreys		-		-		-		-
Hutchins		-		-		-		-
Jasmine		51,241		473,976		5,124		10,330
Jennie		-		-		-		-
Joyce		-		-		-		-
Kern		44,997		415,952		4,568		9,140
Kimble		-		-		-		-
Lavon		-		-		-		-
Lendrum		-		-		-		-
Lincoln		-		-		-		-
Monterey		-		-		-		-
Moraine		-		-		-		-
Mystic		-		-		-		-
Nicole		-		-		-		-
Oakmont		-		-		-		-
Olivia		37,064		343,106		3,706		7,418
Prakash		40,137		371,529		4,014		8,027
Rattler		-		-		-		-
Resolana		-		-		-		-
Rose		40,877		378,467		4,088		8,175
Ruby		-		-		-		-
Sachi		60		594		6		-
Salsa		-		-		-		-
Sandridge		-		-		-		-
Sanford		-		-		-		-
Satjanon		44,492		411,841		4,449		8,910
Savannah		-		-		-		-
Shawnee		37,439		346,620		3,744		7,496
Skitt		-		-		-		-
Sonny		33,926		314,102		3,393		6,785
Sullivan		-		-		-		-
Travis		-		-		-		-
Troxler		36,270		335,889		3,627		7,254
Tyner		-		-		-		-
Wendell		-		-		-		-
Westbury		-		-		-		-
Westgate		-		-		-		-
Winnebago		-		-		-		-
Wizard		-		-		-		-
Zube		-		-		-		-
	$	583,006	$	5,396,560	$	58,385	$	116,885

F-66

December 31, 2024
Series	# of Units Issued		Net proceeds from the issuance of membership units		Brokerage fee (1%)		Offering expense (2%)
Allen		35,577	$	329,307	$	3,558	$	7,115
Annadale		41,562		384,792		4,156		8,312
Arcola		-		-		-		-
Arnold		36,661		336,486		3,666		8,148
Breckenridge		43,833		405,679		4,383		8,768
Bristol		41,435		383,620		4,144		8,287
Cher		-		-		-		-
Cole		35,292		326,851		3,529		7,060
Commodore		46,289		428,543		4,629		9,258
Cordelia		41,945		388,235		4,195		8,391
Cranberry		-		-		-		-
Dan		35,563		329,231		3,556		7,113
Flintwood		43,762		405,072		4,376		8,752
Gentry		-		-		-		-
Gerald		37,185		342,658		3,744		7,929
Harold		37,072		341,678		3,707		7,895
Monterey		36,062		330,796		3,606		8,158
Mystic		36,662		339,452		3,666		7,332
Nicole		36,338		336,502		3,634		7,274
Resolana		35,012		324,215		3,501		7,004
Sachi		39,835		368,708		3,984		7,979
Sandridge		40,259		372,721		4,026		8,053
Sanford		21,474		198,878		2,147		4,295
Sonny		-		-		-		-
Sullivan		38,729		358,621		3,873		7,746
Troxler		-		-		-		-
Tyner		50,279		465,256		5,028		10,056
Wendell		35,126		324,941		3,548		7,101
Westbury		34,427		318,722		3,443		6,885
Westgate		41,097		380,641		4,110		8,219
Wizard		39,293		363,732		3,929		7,859
		960,769	$	8,885,334	$	96,137	$	194,989

In connection with the public offering, each series incurred a brokerage fee of 1% of gross proceeds, which is paid directly to the broker and recorded 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 years ended December 31, 2025 and 2024, the manager received the following reimbursements of fees:

● Out-of-pocket expenses: up to 2% of gross proceeds $116,885 and $194,989, respectively.

● Sourcing fees: up to 3.5% of gross proceeds $172,180 and $287,530, respectively.

● Financing and holding expenses: up to 2.5% of gross proceeds $86,050 and $143,700, respectively.

Distributions

As of December 31, 2025, and 2024, distributions to investors were made by 39 and 19 series, respectively, totaling $559,242 and $112,790, which were recognized as a reduction of members’ capital.

F-67

The following table presents total distributions to investors by series for the years ended December 31, 2025 and 2024:

Series	2025 Distributions		2024 Distributions
500	$	-	$	-
Allen		12,520		11,382
Annadale		16,749		-
Arcola		14,021		-
Arnold		16,534		3,556
Aurora		-		-
Beanery		-		-
Breckenridge		15,298		14,246
Bristol		16,947		-
Brownster		-		-
Cher		10,613		-
Chesterfield		-		-
Cole		20,187		6,176
Commodore		20,599		1,666
Cordelia		19,332		5,955
Cranberry		13,621		-
Dan		17,634		5,226
Flintwood		21,268		4,682
Funderburk		1,216		-
Garnet		-		-
Gentry		18,547		-
Gerald		14,056		1,078
Greengrove		-		-
Harold		7,044		1,112
Hawthorn		-		-
Holly		12,985		-
Humphreys		-		-
Hutchins		-		-
Jasmine		-		-
Jennie		-		-
Joyce		-		-
Kern		1,269		-
Kimble		-		-
Lendrum		-		-
Lincoln		-		-
Monterey		15,759		3,823
Moraine		-		-
Mystic		15,141		2,346
Nicole		21,512		6,432
Oakmont		-		-
Olivia		6,449		-
Prakash		6,703		-
Rattler		-		-
Resolana		15,300		5,496
Rose		1,038		-
Ruby		-		-
Sachi		16,876		-
Salsa		-		-
Sandridge		14,574		7,327
Sanford		13,937		7,172
Satjanon		14,149		-
Savannah		-		-
Shawnee		13,778		-
Skitt		-		-
Sonny		12,010		-
Sullivan		19,403		5,732
Travis		-		-
Troxler		16,757		-
Tyner		23,179		8,246
Wendell		16,685		-
Westbury		14,390		-
Westgate		14,504		11,135
Winnebago		-		-
Wizard		16,660		-
Zube		-		-
	$	559,242	$	112,790

F-68

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 enter into various transactions with the manager and affiliates of the manager in the normal course of operating and financing activities. As of December 31, 2025 and 2024, certain series owed an aggregate of $800,077 and $97,258, respectively, to the manager, including amounts related to the initial funding for certain series property acquisitions. As of December 31, 2025 and 2024, certain series repaid the manager an aggregate of $718,880 and $1,217,916, respectively, after the series’ respective offerings. As of December 31, 2025 and 2024, certain series were owed an aggregate of $3,524 and $28,861, respectively, from the manager. These advances are interest-free for short term due to (from) related party and do not have defined repayment terms.

Deemed Contributions

During the years ended December 31, 2025 and 2024, certain series received deemed contributions from the manager, amounting to $78,523 and $76,158, respectively, in exchange for forgiveness of amounts previously due to the manager.

Management Compensation

The following table reflects details of the total fees paid by series to the manager for the years ended December 31, 2025 and 2024.

Series	Sourcing fees		Financing and holding expenses		Offering expenses		Asset management fee		Reimbursements of acquisition expenses		Property management fee, related party		Total
500	$	-	$	-	$	-	$	-	$	-	$	243		243
Allen		-		-		-		1,806		-		1,230		3,036
Annadale		-		-		-		2,099		-		1,171		3,270
Arcola		10,610		5,300		7,247		1,672		2,500		976		28,305
Arnold		-		-		-		1,891		-		1,207		3,099
Aurora		-		-		-		-		-		-		-
Beanery		-		-		-		-		-		-		-
Breckenridge		-		-		-		2,230		-		1,325		3,555
Bristol		-		-		-		2,092		-		1,293		3,385
Brownster		-		-		-		-		-		-		-
Cher		9,990		4,990		6,785		1,592		2,500		734		26,591
Chesterfield		-		-		-		-		-		85		85
Cole		-		-		-		1,770		-		1,291		3,061
Commodore		-		-		-		2,339		-		1,651		3,990
Cordelia		-		-		-		2,130		-		1,363		3,493
Cranberry		11,020		5,510		7,477		1,575		2,500		924		29,006
Dan		-		-		-		1,660		-		810		2,469
Flintwood		-		-		-		2,220		-		1,547		3,767
Funderburk		9,090		4,540		6,241		390		2,500		156		22,917
Garnet		-		-		-		-		-		-		-
Gentry		11,970		5,980		8,135		2,052		2,500		1,411		32,048
Gerald		-		-		-		1,895		-		955		2,850
Greengrove		-		-		-		-		-		-		-
Harold		-		-		-		1,875		-		847		2,722
Hawthorn		-		-		-		-		-		-		-
Holly		11,020		5,510		7,465		1,733		2,500		950		29,178
Humphreys		-		-		-		-		-		-		-
Hutchins		-		-		-		-		-		-		-
Jasmine		15,320		7,660		10,330		-		2,500		186		35,996
Jennie		-		-		-		-		-		114		114
Joyce		-		-		-		-		-		-		-
Kern		13,540		6,770		9,140		194		2,500		413		32,556
Kimble		-		-		-		-		-		-		-
Lavon		-		-		-		-		-		-		-
Lendrum		-		-		-		-		-		211		211
Lincoln		-		-		-		-		-		-		-
Monterey		-		-		-		1,829		-		864		2,693
Moraine		-		-		-		-		-		-		-
Mystic		-		-		-		1,848		-		1,051		2,899
Nicole		-		-		-		1,826		-		1,195		3,021
Oakmont		-		-		-		-		-		18		18
Olivia		10,940		5,470		7,418		782		2,500		1,026		28,135
Prakash		11,870		5,930		8,027		849		2,500		973		30,149
Rattler		-		-		-		-		-		-		-
Resolana		-		-		-		1,761		-		1,003		2,764
Rose		12,030		6,010		8,175		172		2,500		227		29,114
Ruby		-		-		-		-		-		-		-
Sachi		-		-		-		2,022		-		1,267		3,289
Salsa		-		-		-		-		-		31		31
Sandridge		-		-		-		2,034		-		1,166		3,200
Sanford		-		-		-		1,077		-		643		1,720
Satjanon		13,150		6,570		8,910		1,880		2,500		1,195		34,204
Savannah		-		-		-		-		-		-		-
Shawnee		11,020		5,510		7,496		1,575		2,500		1,076		29,177
Skitt		-		-		-		-		-		-		-
Sonny		9,990		4,990		6,785		1,757		2,500		772		26,793
Sullivan		-		-		-		1,950		-		1,195		3,145
Travis		-		-		-		-		-		-		-
Troxler		10,620		5,310		7,254		1,674		2,500		1,244		28,602
Tyner		-		-		-		2,567		-		1,387		3,954
Wendell		-		-		-		1,792		-		1,099		2,891
Westbury		-		-		-		1,740		-		907		2,647
Westgate		-		-		-		2,058		-		1,049		3,107
Winnebago		-		-		-		-		-		-		-
Wizard		-		-		-		1,990		-		1,378		3,369
Zube		-		-		-		-		-		-		-
	$	172,180	$	86,050	$	116,885	$	66,396	$	37,500	$	41,862	$	520,873

F-69

Series	Sourcing fees		Financing and holding expenses		Offering expenses		Asset management fee		Reimbursements of acquisition expenses		Property management fee, related party			Total
Allen	$	10,530	$	5,260	$	3,558	$	1,054	$	2,500	$	791		$	23,692
Annadale		12,240		6,120		4,156		341		2,500		(130	)		25,227
Arcola		-		-		-		-		-		-			-
Arnold		12,210		6,100		3,666		524		2,500		251			25,251
Breckenridge		13,000		6,500		4,383		1,487		2,500		1,133			29,003
Bristol		12,200		6,100		4,144		174		2,500		-			25,118
Cher		-		-		-		-		-		-			-
Cole		10,320		5,160		3,529		590		2,500		372			22,471
Commodore		13,640		6,820		4,629		195		2,500		54			27,838
Cordelia		12,420		6,210		4,195		1,065		2,500		349			26,738
Cranberry		-		-		-		-		-		-			-
Dan		10,490		5,240		3,556		900		2,500		242			22,928
Flintwood		12,950		6,470		4,376		555		2,500		462			27,313
Gentry		-		-		-		-		-		(22	)		(22	)
Gerald		11,680		5,840		3,744		333		2,500		80			24,177
Harold		11,630		5,810		3,707		499		2,500		(16	)		24,130
Monterey		12,040		6,020		3,606		860		2,500		101			25,127
Mystic		10,780		5,390		3,666		616		2,500		62			23,015
Nicole		10,650		5,320		3,634		609		2,500		393			23,105
Resolana		10,270		5,130		3,501		734		2,500		461			22,596
Sachi		11,790		5,890		3,984		169		2,500		(40	)		24,292
Sandridge		11,860		5,930		4,026		678		2,500		751			25,745
Sanford		6,280		3,140		2,147		628		2,500		322			15,017
Sonny		-		-		-		-		-		-			-
Sullivan		11,370		5,680		3,873		650		2,500		445			24,518
Troxler		-		-		-		-		-		(44	)		(44	)
Tyner		14,970		7,480		5,028		1,711		2,500		464			32,153
Wendell		10,450		5,220		3,548		334		2,500		(53	)		21,999
Westbury		10,150		5,070		3,443		145		2,500		(100	)		21,207
Westgate		12,000		6,000		4,110		1,029		2,500		782			26,421
Wizard		11,610		5,800		3,929		498		2,500		(69	)		24,268
	$	287,530	$	143,700	$	96,137	$	16,376	$	62,500	$	7,038		$	613,282

NOTE 8: INCOME TAXES

Deferred tax assets and liabilities are recognized for temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as for net operating loss carryforwards. As of December 31, 2025 and 2024, gross deferred tax assets were $81,979 and $106,467, respectively, primarily attributable to net loss carryforwards. 

Deferred tax assets are recognized to the extent that management believes such amounts are more likely than not to be realized. In making this determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. Based on the cumulative losses incurred by the series in 2025 and 2024, management concluded that a full valuation allowance was required as of December 31, 2025 and 2024. Accordingly, a valuation allowance of $81,979 and $106,467 was recorded as of December 31, 2025 and 2024, respectively.

Deferred tax assets were calculated using the applicable federal and state tax rates of the Company and its series, which it estimated to range from 21.0% to 28.0% based on the state of the respective series. Because those deferred tax assets were fully offset by a valuation allowance, no net income tax benefit was recognized for 2025 or 2024. Accordingly, the effective tax rate was 0% for 2025 and 2024.

F-70

As of December 31, 2025 and 2024, the Company and its series had net operating loss carryforwards available to offset future taxable income in the amount of $322,318 and $395,077, respectively. These federal net operating loss carryforwards may be carried forward indefinitely; however, their utilization is generally limited to 80% of taxable income in any future year. State net operating loss carryforwards may have different carryforward periods and utilization limitations depending on the applicable jurisdiction.

The Company and its series' policy is to record interest and penalties associated with unrecognized tax benefits as a component of income tax expense in the statement of comprehensive income (loss). As of December 31, 2025 and December 31, 2024, the Company and its series had no unrecognized tax benefits and did not incur any interest or penalties related to uncertain tax positions. Accordingly, no accrual for uncertain tax positions was recorded as of those dates.

The Company and its series are not currently subject to any income tax audits in any taxing jurisdiction. U.S. federal and applicable state returns for tax years 2023 and forward remain subject to examination.

NOTE 9: SUBSEQUENT EVENTS

The following list represents acquisitions that were closed subsequent to December 31, 2025.

Series Member Name	Address	Closing Date	Closed Initial Raise
Humphreys	6647 Prickly Loop, Ooltewah, TN 37363	1/29/2026	$	472,000
Skitt	8334 Bright Water Drive, Ooltewah, TN 37363	3/11/2026		227,380
Lendrum	7646 Belhaven Lane, Knoxville, TN 37918	1/12/2026		419,860
500	5233 Nail Road E, Olive Branch, MS 38654	2/5/2026		458,210
Rattler	10660 Aspiration Lane SW, Albuquerque, NM 87121	3/11/2026		456,970
Jennie	5473 Misty Crossing Court, Florissant, MO 63034	1/21/2026		393,120
Savannah	54 Winslow Circle, Savannah, GA 31407	3/5/2026		442,750
Chesterfield	807 Sun Valley Way, North Chesterfield, VA 23236	1/30/2026		510,440
Ruby	800 NE 102nd Terrace, Oklahoma City, OK 73131	2/27/2026		278,020
Hutchins	1220 Ponchartrain Drive, Dallas, TX 75253	3/27/2026		364,620
			$	4,983,720

The following list represents escrow fundings closed subsequent to December 31, 2025.

Series Member Name	Address	Initial Closing Date	Amount of Membership Units		Initial Raise Amount
Lendrum	7646 Belhaven Lane, Knoxville, TN 37918	1/12/2026		41,986	$	419,860
Jennie	5473 Misty Crossing Court, Florissant, MO 63034	1/21/2026		39,312		393,120
Humphreys	6647 Prickly Loop, Ooltewah, TN 37363	1/29/2026		47,200		472,000
Chesterfield	807 Sun Valley Way, North Chesterfield, VA 23236	1/30/2026		51,044		510,440
500	5233 Nail Road E, Olive Branch, MS 38654	2/5/2026		45,821		458,210
Travis	155 Magnolia Heights Drive, Hernando, MS 38632	2/13/2026		40,691		406,910
Moraine	8903 Preston Wood Drive, Fort Smith, AR 72916	2/27/2026		28,263		282,630
Ruby	800 NE 102nd Terrace, Oklahoma City, OK 73131	2/27/2026		27,802		278,020
Savannah	54 Winslow Circle, Savannah, GA 31407	3/5/2026		44,275		442,750
Skitt	8334 Bright Water Drive, Ooltewah, TN 37363	3/11/2026		30,458		304,580
Rattler	10660 Aspiration Lane SW, Albuquerque, NM 87121	3/11/2026		45,697		456,970
Garnet	812 NE 102nd Terrace, Oklahoma City, OK 73131	3/27/2026		27,081		270,810
Hutchins	1220 Ponchartrain Drive, Dallas, TX 75253	3/27/2026		36,462		364,620
Kimble	10812 S. 274th E. Ave, Coweta, OK 74429	4/13/2026		33,619		336,190
Hawthorn	3430 Oodie Lane, Southaven, MS 38672	4/15/2026		40,425		404,250
					$	5,397,110

F-71

ITEM 8. 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
6.13*	Purchase and Sale Agreement dated May 3, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Westgate Property

28

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 Sandridge 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
6.22.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Wizard dated July 2, 2024 for Arrived Series Wizard Property

29

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
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

30

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 Funderburk Property
6.44.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Funderburk dated July 16, 2025 for Arrived Series Funderburk 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
6.51*	Purchase and Sale Agreement dated August 6, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series 500 Property
6.51.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series 500 dated August 13, 2025 for Arrived Series 500 Property
6.52*	Purchase and Sale Agreement dated October 9, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Brownster Property
6.52.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Brownster dated October 31, 2025 for Arrived Series Brownster Property
6.53*	Purchase and Sale Agreement dated October 9, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Chesterfield Property
6.53.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Chesterfield dated October 29, 2025 for Arrived Series Chesterfield Property
6.54*	Purchase and Sale Agreement dated September 9, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Jennie Property
6.54.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Jennie dated September 17, 2025 for Arrived Series Jennie Property
6.55*	Purchase and Sale Agreement dated September 24, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Joyce Property
6.55.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Joyce dated October 6, 2025 for Arrived Series Joyce Property
6.56*	Purchase and Sale Agreement dated August 21, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Rattler Property
6.56.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Rattler dated September 12, 2025 for Arrived Series Rattler Property

31

6.57*	Purchase and Sale Agreement dated September 24, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Savannah Property
6.57.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Savannah dated October 31, 2025 for Arrived Series Savannah Property
6.58*	Purchase and Sale Agreement dated October 17, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Travis Property
6.58.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Travis dated November 5, 2025 for Arrived Series Travis Property
6.59*	Purchase and Sale Agreement dated October 18, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Garnet Property
6.59.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Garnet dated November 8, 2025 for Arrived Series Garnet Property
6.60*	Purchase and Sale Agreement dated November 20, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Hawthorn Property
6.60.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Hawthorn dated December 1, 2025 for Arrived Series Hawthorn Property
6.61*	Purchase and Sale Agreement dated November 8, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Hutchins Property
6.61.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Hutchins dated December 1, 2025 for Arrived Series Hutchins Property
6.62*	Purchase and Sale Agreement dated October 21, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Kimble Property
6.62.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Kimble dated November 8, 2025 for Arrived Series Kimble Property
6.63*	Purchase and Sale Agreement dated November 19, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Lavon Property
6.63.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Lavon dated December 3, 2025 for Arrived Series Lavon Property
6.63.2*	Addendum to Purchase and Sale Agreement dated December 5, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Lavon Property
6.64*	Purchase and Sale Agreement dated October 22, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Moraine Property
6.64.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Moraine dated November 8, 2025 for Arrived Series Moraine Property
6.65*	Purchase and Sale Agreement dated October 18, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Ruby Property
6.65.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Ruby dated November 26, 2025 for Arrived Series Ruby Property
6.66*	Purchase and Sale Agreement dated October 28, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Zube Property
6.66.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Zube dated November 5, 2025 for Arrived Series Zube Property
99.1*	Valuation Policy

* Previously filed

32

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:	April 29, 2026

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.	April 29, 2026
Ryan Frazier		(principal executive officer)
		Chief Executive Officer and Director of Arrived Homes 4, LLC
/s/ Sue Korn		Principal Financial and	April 29, 2026
Sue Korn		Accounting Officer of Arrived Holdings, Inc.
		Principal Financial and Accounting Officer of Arrived Homes 4, LLC
/s/ Kenneth Cason		Chief Technology Officer of Arrived Holdings, Inc.	April 29, 2026
Kenneth Cason		Chief Technology Officer and Director of Arrived Homes 4, LLC
Arrived Fund Manager, LLC		Managing Member	April 29, 2026
By:	/s/ Ryan Frazier
Name:	Ryan Frazier
Title:	Chief Executive Officer

33