1-U 1 current_report.htm

  

  

  

  

  

  

   

   

   

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

   

FORM 1-U

   

CURRENT REPORT PURSUANT TO REGULATION A

   

Date of Report:

January 27, 2026

ARRIVED HOMES 4, LLC

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

Delaware

93-2644213

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

   

1700 Westlake Ave North, Suite 200

Seattle, WA 98109

   

(Full mailing address of principal executive offices)

   

(814)-277-4833

   

(Issuer's telephone number)

   

   

   

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 Jennie; Arrived Series Rattler; Arrived Series Savannah; Arrived Series Travis

 

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

 

ITEM 9. OTHER EVENTS

Net Asset Value as of January 25, 2026

 

As of 8:00 AM Eastern Time, Sunday, January 25, 2026, our net asset value ("NAV") per interest for each series is set in the table below. This NAV per interest shall be effective until updated by us on or about April 25, 2026.

 

Series

 

NAV Per Interest

 

Allen

 

$10.12

 

Annadale

 

$9.67

 

Arnold

 

$9.91

 

Breckenridge

 

$10.28

 

Bristol

 

$9.59

 

Cole

 

$9.84

 

Commodore

 

$9.54

 

Cordelia

 

$9.98

 

Dan

 

$10.15

 

Flintwood

 

$10.01

 

Gerald

 

$9.62

 

Harold

 

$9.71

 

Monterey

 

$10.38

 

Mystic

 

$9.69

 

Nicole

 

$9.61

 

Resolana

 

$9.89

 

Sachi

 

$9.42

 

Sandridge

 

$9.74

 

Sanford

 

$9.29

 

Sullivan

 

$10.15

 

Tyner

 

$9.46

 

Wendell

 

$9.87

 

Westbury

 

$9.38

 

Westgate

 

$10.55

 

Wizard

 

$10.06

 

 

The following sets forth the calculation of each series' NAV per interest:

 



BALANCE SHEET (UNAUDITED) [1]

 

 

 

Allen

 

 

Annadale

 

 

Arnold

 

 

Breckenridge

 

 

Bristol

 

 

Cole

 

 

Commodore

ASSETS

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Current assets:

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Cash

$

17,154 

 

$

25,304 

 

$

19,311 

 

$

23,514 

 

$

26,761 

 

$

20,254 

 

$

29,686 

Other receivables

 

 

 

 

 

 

 

 

 

 

 

 

 

Prepaid expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

4,560 

 

 

4,176 

 

 

4,451 

 

 

5,770 

 

 

6,183 

 

 

3,544 

 

 

5,380 

Property and equipment, net

 

292,148 

 

 

342,164 

 

 

303,065 

 

 

360,095 

 

 

342,681 

 

 

287,601 

 

 

378,522 

Total assets

$

313,862 

 

$

371,644 

 

$

326,827 

 

$

389,379 

 

$

375,625 

 

$

311,399 

 

$

413,587 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

LIABILITIES

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Current liabilities:

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Accrued expenses

$

2,257 

 

$

5,030 

 

$

6,158 

 

$

2,966 

 

$

7,190 

 

$

3,869 

 

$

6,317 

Accounts payable

 

 

 

 

 

 

 

 

 

 

 

 

 

Due to (from) related parties

 

7,300 

 

 

4,773 

 

 

5,352 

 

 

8,339 

 

 

6,670 

 

 

4,802 

 

 

5,678 

Tenant deposits

 

2,545 

 

 

2,095 

 

 

2,345 

 

 

3,095 

 

 

3,843 

 

 

2,445 

 

 

2,595 

Note payable, related party

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage payables

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

$

12,102 

 

$

11,899 

 

$

13,856 

 

$

14,400 

 

$

17,703 

 

$

11,116 

 

$

14,590 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

MEMBERS' EQUITY (DEFICIT)

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Members' capital

 

308,384 

 

 

374,562 

 

 

320,082 

 

 

380,231 

 

 

371,751 

 

 

304,882 

 

 

413,648 

Accumulated deficit

 

(6,623) 

 

 

(14,817) 

 

 

(7,111) 

 

 

(5,253) 

 

 

(13,829) 

 

 

(4,599) 

 

 

(14,652) 

Total members' equity (deficit)

$

301,760 

 

$

359,745 

 

$

312,971 

 

$

374,979 

 

$

357,922 

 

$

300,284 

 

$

398,997 

Total liabilities and members' equity (deficit)

$

313,862 

 

$

371,644 

 

$

326,827 

 

$

389,379 

 

$

375,625 

 

$

311,399 

 

$

413,587 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

NET FAIR VALUE OF ASSETS

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Net asset value with members' equity (without fair value adjustments)

 

301,760 

 

 

359,745 

 

 

312,971 

 

 

374,979 

 

 

357,922 

 

 

300,284 

 

 

398,997 

Net adjustments to fair value

 

58,217 

 

 

42,007 

 

 

50,157 

 

 

75,583 

 

 

39,374 

 

 

46,844 

 

 

42,607 

TOTAL NET ASSETS

$

359,978 

 

$

401,752 

 

$

363,129 

 

$

450,561 

 

$

397,296 

 

$

347,128 

 

$

441,603 

NET ASSET VALUE PER INTEREST

$

10.12 

 

$

9.67 

 

$

9.91 

 

$

10.28 

 

$

9.59 

 

$

9.84 

 

$

9.54 

 

 

 

Cordelia

 

 

Dan

 

 

Flintwood

 

 

Gerald

 

 

Harold

 

 

Monterey

 

 

Mystic

ASSETS

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Current assets:

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Cash

$

24,939 

 

$

43,002 

 

$

24,788 

 

$

17,185 

 

$

21,396 

 

$

20,758 

 

$

18,436 

Other receivables

 

 

 

 

 

 

 

 

 

 

 

 

 

Prepaid expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

4,555 

 

 

3,798 

 

 

4,835 

 

 

3,913 

 

 

4,507 

 

 

3,469 

 

 

4,276 

Property and equipment, net

 

340,626 

 

 

265,561 

 

 

356,513 

 

 

306,411 

 

 

302,824 

 

 

290,231 

 

 

300,394 

Total assets

$

370,120 

 

$

312,361 

 

$

386,136 

 

$

327,510 

 

$

328,727 

 

$

314,459 

 

$

323,106 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

LIABILITIES

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Current liabilities:

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Accrued expenses

$

5,051 

 

$

4,560 

 

$

1,057 

 

$

6,088 

 

$

6,101 

 

$

4,913 

 

$

1,947 

Accounts payable

 

 

 

 

 

 

 

 

 

 

 

 

 

Due to (from) related parties

 

5,601 

 

 

4,972 

 

 

5,992 

 

 

4,835 

 

 

4,736 

 

 

5,219 

 

 

8,740 

Tenant deposits

 

2,295 

 

 

2,468 

 

 

2,495 

 

 

2,095 

 

 

2,843 

 

 

1,750 

 

 

2,195 

Note payable, related party

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage payables

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

$

12,947 

 

$

11,999 

 

$

9,544 

 

$

13,019 

 

$

13,679 

 

$

11,882 

 

$

12,881 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

MEMBERS' EQUITY (DEFICIT)

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Members' capital

 

367,033 

 

 

309,933 

 

 

386,056 

 

 

333,197 

 

 

336,780 

 

 

316,260 

 

 

326,824 

Accumulated deficit

 

(9,860) 

 

 

(9,570) 

 

 

(9,463) 

 

 

(18,705) 

 

 

(21,732) 

 

 

(13,683) 

 

 

(16,599) 

Total members' equity (deficit)

$

357,174 

 

$

300,362 

 

$

376,593 

 

$

314,491 

 

$

315,048 

 

$

302,577 

 

$

310,225 

Total liabilities and members' equity (deficit)

$

370,120 

 

$

312,361 

 

$

386,136 

 

$

327,510 

 

$

328,727 

 

$

314,459 

 

$

323,106 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

NET FAIR VALUE OF ASSETS

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Net asset value with members' equity (without fair value adjustments)

 

357,174 

 

 

300,362 

 

 

376,593 

 

 

314,491 

 

 

315,048 

 

 

302,577 

 

 

310,225 

Net adjustments to fair value

 

61,434 

 

 

60,661 

 

 

61,518 

 

 

43,146 

 

 

44,794 

 

 

71,911 

 

 

44,923 

TOTAL NET ASSETS

$

418,607 

 

$

361,023 

 

$

438,110 

 

$

357,637 

 

$

359,841 

 

$

374,488 

 

$

355,147 

NET ASSET VALUE PER INTEREST

$

9.98 

 

$

10.15 

 

$

10.01 

 

$

9.62 

 

$

9.71 

 

$

10.38 

 

$

9.69 

 

 

 

Nicole

 

 

Resolana

 

 

Sachi

 

 

Sandridge

 

 

Sanford

 

 

Sullivan

 

 

Tyner

ASSETS

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Current assets:

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Cash

$

19,233 

 

$

13,819 

 

$

21,020 

 

$

22,865 

 

$

9,453 

 

$

29,801 

 

$

19,696 

Other receivables

 

 

 

 

 

 

 

 

 

 

 

 

 

Prepaid expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

4,418 

 

 

4,071 

 

 

4,322 

 

 

1,002 

 

 

3,598 

 

 

4,414 

 

 

6,084 

Property and equipment, net

 

297,212 

 

 

284,598 

 

 

329,011 

 

 

329,052 

 

 

172,881 

 

 

312,088 

 

 

415,741 

Total assets

$

320,863 

 

$

302,488 

 

$

354,353 

 

$

352,919 

 

$

185,932 

 

$

346,302 

 

$

441,521 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

LIABILITIES

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Current liabilities:

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Accrued expenses

$

3,332 

 

$

2,434 

 

$

4,558 

 

$

5,422 

 

$

4,102 

 

$

3,205 

 

$

3,301 

Accounts payable

 

 

 

 

 

 

 

 

 

 

 

 

 

Due to (from) related parties

 

4,626 

 

 

5,084 

 

 

4,789 

 

 

5,590 

 

 

3,712 

 

 

6,436 

 

 

6,125 

Tenant deposits

 

2,345 

 

 

2,145 

 

 

2,195 

 

 

 

 

1,995 

 

 

2,345 

 

 

3,693 

Note payable, related party

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage payables

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

$

10,303 

 

$

9,663 

 

$

11,542 

 

$

11,012 

 

$

9,809 

 

$

11,986 

 

$

13,118 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

MEMBERS' EQUITY (DEFICIT)

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Members' capital

 

312,940 

 

 

306,818 

 

 

358,847 

 

 

357,167 

 

 

179,176 

 

 

340,092 

 

 

436,295 

Accumulated deficit

 

(2,380) 

 

 

(13,993) 

 

 

(16,037) 

 

 

(15,259) 

 

 

(3,053) 

 

 

(5,775) 

 

 

(7,893) 

Total members' equity (deficit)

$

310,560 

 

$

292,825 

 

$

342,810 

 

$

341,907 

 

$

176,123 

 

$

334,317 

 

$

428,403 

Total liabilities and members' equity (deficit)

$

320,863 

 

$

302,488 

 

$

354,353 

 

$

352,919 

 

$

185,932 

 

$

346,302 

 

$

441,521 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

NET FAIR VALUE OF ASSETS

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Net asset value with members' equity (without fair value adjustments)

 

310,560 

 

 

292,825 

 

 

342,810 

 

 

341,907 

 

 

176,123 

 

 

334,317 

 

 

428,403 

Net adjustments to fair value

 

38,712 

 

 

53,398 

 

 

32,928 

 

 

50,166 

 

 

23,401 

 

 

58,684 

 

 

47,071 

TOTAL NET ASSETS

$

349,272 

 

$

346,223 

 

$

375,738 

 

$

392,073 

 

$

199,524 

 

$

393,001 

 

$

475,473 

NET ASSET VALUE PER INTEREST

$

9.61 

 

$

9.89 

 

$

9.42 

 

$

9.74 

 

$

9.29 

 

$

10.15 

 

$

9.46 

 

 

 

Wendell

 

 

Westbury

 

 

Westgate

 

 

Wizard

ASSETS

 

  

 

 

  

 

 

  

 

 

  

Current assets:

 

  

 

 

  

 

 

  

 

 

  

Cash

$

17,816 

 

$

16,748 

 

$

25,651 

 

$

22,387 

Other receivables

 

 

 

 

 

 

 

Prepaid expenses

 

 

 

 

 

 

 

Deposits

 

4,249 

 

 

3,517 

 

 

4,738 

 

 

4,720 

Property and equipment, net

 

293,034 

 

 

282,862 

 

 

333,455 

 

 

325,364 

Total assets

$

315,100 

 

$

303,126 

 

$

363,843 

 

$

352,471 

 

 

  

 

 

  

 

 

  

 

 

  

LIABILITIES

 

  

 

 

  

 

 

  

 

 

  

Current liabilities:

 

  

 

 

  

 

 

  

 

 

  

Accrued expenses

$

4,774 

 

$

8,874 

 

$

4,228 

 

$

4,995 

Accounts payable

 

 

 

 

 

 

 

Due to (from) related parties

 

4,431 

 

 

4,499 

 

 

5,537 

 

 

5,158 

Tenant deposits

 

2,245 

 

 

2,045 

 

 

2,495 

 

 

2,445 

Note payable, related party

 

 

 

 

 

 

 

Mortgage payables

 

 

 

 

 

 

 

Total liabilities

$

11,450 

 

$

15,418 

 

$

12,260 

 

$

12,598 

 

 

  

 

 

  

 

 

  

 

 

  

MEMBERS' EQUITY (DEFICIT)

 

  

 

 

  

 

 

  

 

 

  

Members' capital

 

312,306 

 

 

309,755 

 

 

359,233 

 

 

349,384 

Accumulated deficit

 

(8,657) 

 

 

(22,047) 

 

 

(7,650) 

 

 

(9,511) 

Total members' equity (deficit)

$

303,649 

 

$

287,709 

 

$

351,583 

 

$

339,873 

Total liabilities and members' equity (deficit)

$

315,100 

 

$

303,126 

 

$

363,843 

 

$

352,471 

 

 

  

 

 

  

 

 

  

 

 

  

NET FAIR VALUE OF ASSETS

 

  

 

 

  

 

 

  

 

 

  

Net asset value with members' equity (without fair value adjustments)

 

303,649 

 

 

287,709 

 

 

351,583 

 

 

339,873 

Net adjustments to fair value

 

43,093 

 

 

35,347 

 

 

81,957 

 

 

55,565 

TOTAL NET ASSETS

$

346,742 

 

$

323,056 

 

$

433,540 

 

$

395,438 

NET ASSET VALUE PER INTEREST

$

9.87 

 

$

9.38 

 

$

10.55 

 

$

10.06 

[1] Estimated Balance Sheet as of December 31, 2025.

 

 

 

As described in the section "Description of the Securities Being Offered—Valuation Policies," in the Offering Circular, our operating agreement provides that, following the initial period, at the end of each quarterly period our Manager's internal accountants and asset management team will calculate our NAV using a process that reflects, among other matters:

 

 

an estimated value of our investments, as determined by the Manager's asset management team, including related liabilities, based upon (a) information from publicly available sources about (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 of 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 our common shares; and

 

 

estimated accruals of the revenues, fees and expenses 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 Company 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. We do not utilize a capitalization rate approach in determining NAV, because given the nature of our investments in primary residences, we do not believe that the value of a many of our assets can be determined based solely on the business activities as the resale value of such asset will be decided independently of the success of such business activities.

 

Note, however, that the determination of our NAV is not based on, nor intended to comply with, fair value standards under U.S. GAAP, and such NAV may not be indicative of the price that we would receive for our assets at current market conditions. As a result, the calculation of our NAV may not reflect the precise amount that might be paid for your interests in a market transaction, and any potential disparity in our NAV may be in favor of either holders who redeem their interests, or holders who repurchase such interests, or existing holders. In instances where we determine that an appraisal of a property is necessary, including, but not limited to, 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.

 

As there is no market value for the interests of any series as they are not expected to be listed or traded on any stock exchange (though periodic trading may become available pursuant to our arrangement with North Capital Private Securities ("NCPS"), which is intended to facilitate secondary transactions in interests on an alternative trading system owned and operated by NCPS, as described in the section "Description of Business—Liquidity Platform" in the Offering Circular), our goal in setting NAV on a quarterly basis is to provide a reasonable estimate of the value of our interests on a quarterly basis. However, each series property consists of residential real estate and, as with any residential real estate valuation protocol, the conclusions reached by the Manager's asset management team or internal accountants, as the case may be, are based on a number of judgments, assumptions and opinions about future events that may or may not prove to be correct. The use of different judgments, assumptions or opinions would likely result in different estimates of the value of our investments. In addition, for any given period, our published NAV may not fully reflect certain material events, to the extent that the financial impact of such events on our portfolio is not immediately quantifiable.

 

 

Safe Harbor Statement

The information contained in this Current Report on Form 1-U includes some statements that are not historical and that are considered "forward-looking statements."  Such forward-looking statements include, but are not limited to, statements regarding our development plans for our business; our strategies and business outlook; anticipated development of our company, the manager and the Arrived platform (defined in the Offering Circular); 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 Current Report on Form 1-U 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 or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements.

All forward-looking statements attributable to us are expressly qualified in their entirety by these risks and uncertainties.  These risks and uncertainties, along with others, are also described in the Offering Circular under the headings "Summary – Summary Risk Factors" and "Risk Factors." Should one or more of these risks or uncertainties materialize, or should any of the parties' assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements.  You should not place undue reliance on any forward-looking statements and should not make an investment decision based solely on these forward-looking statements.  We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

 


SIGNATURES

 

Pursuant to the requirements of Regulation A, the issuer has duly caused this Current Report on Form 1-U to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York, on January 27, 2026.

 

 

 

 

 

ARRIVED HOMES 4, LLC

 

 

 

 

By:

Arrived Fund Manager, LLC

 

Its:

Managing Member

 

 

 

 

By:

/s/ Ryan Frazier

 

 

Name: Ryan Frazier

 

 

Title:  Chief Executive Officer