United States

Securities And Exchange Commission 

Washington, D.C. 20549

FORM 1-SA

SEMIANNUAL REPORT PURSUANT TO REGULATION A

For the fiscal semiannual period ended

June 30, 2025

ARRIVED HOMES 5, LLC

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

Delaware	99-3997278
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

1700 Westlake Avenue North, Suite 200

Seattle, WA 98109

(Full mailing address of principal executive offices)

814-277-4833

(Issuer’s telephone number)

TABLE OF CONTENTS

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

i

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

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

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

All forward-looking statements attributable to us are expressly qualified in their entirety by these risks and uncertainties. These risks and uncertainties, along with others, are detailed under the headings “Summary – Summary Risk Factors” and “Risk Factors” in Post-Qualification Amendment No. 8 to our Offering Statement on Form 1-A filed by the company with the Securities and Exchange Commission (the “Commission”), as may be amended, and in our subsequent reports and offering statements filed from time to time with the Commission. Should one or more of these risks or uncertainties materialize, or should any of the parties’ assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. You should not place undue reliance on any forward-looking statements and should not make an investment decision based solely on these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

ii

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

Overview

Arrived Homes 5, LLC, a Delaware series limited liability company, was formed in July 2024 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.

Since its formation in July 2024, our company has been engaged primarily in acquiring properties for its series offerings, developing the financial, offering and other materials to facilitate fundraising, and taking the steps necessary to effectuate the series offerings and the management of the associated series properties. As of June 30, 2025, our company has acquired 45 properties.

Risk Factors

We face risks and uncertainties that could affect us and our business as well as the real estate industry generally. These risks are outlined under the heading “Risk Factors” beginning on page 16 in our Offering Circular which may be accessed here, as the same may be updated from time to time by our future filings under Regulation A (“Regulation A”) of the Securities Act of 1933 (the “Securities Act”). In addition, new risks may emerge at any time and we cannot predict such risks or estimate the extent to which they may affect our financial performance. These risks could result in a decrease in the value of the membership interests in each of the series of our company.

Emerging Growth Company

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

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

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

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

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

1

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

Distributions

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

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

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

Critical Accounting Policies

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

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

2

Operating Results

Revenues

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

Rental Income

Series Name	June 30, 2025
Adela	$	-
Adler		3,039
Alex		790
Ameris		4,186
Arbolado		-
Belleglade		4,072
Blair		-
Briarmanor		-
Camphor		2,501
Chesterton		-
Clark		7,753
Cyrus		-
Evie		243
Fortress		3,342
Galleta		-
Gerardo		1,407
Goldfinger		3,244
Hendricks		1,704
Lenka		6,071
Liam		7,559
Lilinoe		2,768
Lois		11,225
Marilyn		-
Metcalf		3,742
Monroe		-
Nathan		-
Poshington		-
Pumpkin		9,125
Raider		-
Sambino		10,082
Sandpiper		-
Scarlett		469
Sinalda		805
Stonemill		-
Targaryen		4,132
Tilly		-
Troncos		5,835
Tully		-
Tyrell		2,793
Vega		2,395
Wasilla		-
Wendover		-
Whippoorwill		-
Windgate		2,724
Wyndsong		-
	$	102,005

3

Operating Expenses

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

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

Operating Expenses

Series Name	Operating expenses		Depreciation		Total expenses
Adela	$	11,958	$	538	$	12,496
Adler		9,503		818		10,321
Alex		9,481		2,383		11,864
Ameris		17,237		1,151		18,388
Arbolado		7,751		775		8,526
Belleglade		10,382		1,721		12,102
Blair		10,536		-		10,536
Briarmanor		4,003		335		4,338
Camphor		14,308		2,272		16,580
Chesterton		416		-		416
Clark		12,576		4,369		16,945
Cyrus		3,641		891		4,533
Evie		15,954		-		15,954
Fortress		18,306		2,044		20,350
Galleta		1,004		-		1,004
Gerardo		4,389		-		4,389
Goldfinger		16,125		4,974		21,099
Hendricks		11,628		-		11,628
Lenka		13,045		2,276		15,321
Liam		21,867		2,973		24,840
Lilinoe		9,990		855		10,845
Lois		7,881		4,550		12,432
Marilyn		651		-		651
Metcalf		8,855		961		9,816
Monroe		651		-		651
Nathan		5,723		-		5,723
Poshington		1,602		-		1,602
Pumpkin		13,895		3,003		16,898
Raider		572		-		572
Sambino		13,349		3,451		16,800
Sandpiper		1,232		-		1,232
Scarlett		12,306		999		13,305
Sinalda		12,737		2,657		15,395
Stonemill		11,463		-		11,463
Targaryen		7,570		892		8,462
Tilly		8,355		897		9,252
Troncos		12,023		3,197		15,220
Tully		10,360		2,192		12,552
Tyrell		8,534		1,479		10,013
Vega		7,102		891		7,994
Wasilla		9,181		2,317		11,498
Wendover		3,625		-		3,625
Whippoorwill		6,692		-		6,692
Windgate		10,676		695		11,371
Wyndsong		18,328		-		18,328
	$	417,466	$	56,556	$	474,021

4

Other Expenses

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

OTHER EXPENSES

Series Name	June 30, 2025
Adela	$	2,713
Adler		5,315
Alex		3,594
Ameris		4,667
Arbolado		3,894
Belleglade		4,361
Blair		3,297
Briarmanor		3,774
Camphor		4,344
Chesterton		1,199
Clark		1,044
Cyrus		5,971
Evie		1,821
Fortress		7,315
Galleta		348
Gerardo		2,979
Goldfinger		5,168
Hendricks		2,054
Lenka		3,677
Liam		6,822
Lilinoe		5,468
Lois		-
Marilyn		1,687
Metcalf		1,748
Monroe		1,687
Nathan		1,482
Poshington		2,210
Pumpkin		3,728
Raider		1,297
Sambino		3,230
Sandpiper		268
Scarlett		7,280
Sinalda		5,453
Stonemill		3,674
Targaryen		5,549
Tilly		3,544
Troncos		10,252
Tully		8,886
Tyrell		5,558
Vega		5,396
Wasilla		7,738
Wendover		2,185
Whippoorwill		3,068
Windgate		3,070
Wyndsong		2,093
	$	170,907

Liquidity and Capital Resources

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

5

Cash and Cash Equivalents

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

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

Cash & Cash Equivalents

Series Name	June 30, 2025
Adela	$	-
Adler		25,130
Alex		23,392
Ameris		8,911
Arbolado		-
Belleglade		22,344
Blair		-
Briarmanor		-
Camphor		1,776
Chesterton		-
Clark		12,603
Cyrus		1,550
Evie		6,824
Fortress		27,198
Galleta		-
Gerardo		-
Goldfinger		29,043
Hendricks		-
Lenka		18,470
Liam		10,512
Lilinoe		28,590
Lois		18,442
Marilyn		-
Metcalf		25,552
Monroe		-
Nathan		-
Poshington		-
Pumpkin		22,500
Raider		-
Sambino		21,476
Sandpiper		-
Scarlett		-
Sinalda		24,282
Stonemill		-
Targaryen		24,797
Tilly		10,716
Troncos		15,219
Tully		28,925
Tyrell		24,175
Vega		23,823
Wasilla		5,570
Wendover		-
Whippoorwill		2,579
Windgate		21,196
Wyndsong		-
	$	485,594

6

Plan of Operations

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

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

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

Our Policies for Approving New Tenants 

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

Trend Information

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

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

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

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

ITEM 2. OTHER INFORMATION

None.

7

ITEM 3. FINANCIAL STATEMENTS

ARRIVED HOMES 5, LLC, AND ITS SERIES

UNAUDITED CONSOLIDATED AND CONSOLIDATING FINANCIAL STATEMENTS

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

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET AS OF JUNE 30, 2025 (UNAUDITED)	F-2
CONSOLIDATED AND CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2024 (DERIVED FROM AUDITED FINANCIAL STATEMENTS)	F-9
CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) FOR THE SIX MONTHS ENDED JUNE 30, 2025 (UNAUDITED)	F-10
CONSOLIDATED AND CONSOLIDATING STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIT) FOR THE SIX MONTHS ENDED JUNE 30, 2025 (UNAUDITED)	F-17
CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2025 (UNAUDITED)	F-23
NOTES TO UNAUDITED CONSOLIDATED AND CONSOLIDATING FINANCIAL STATEMENTS	F-31

F-1

ARRIVED HOMES 5, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET (UNAUDITED)

AS OF JUNE 30, 2025

	Adela			Adler			Alex			Ameris			Arbolado			Belleglade			Blair
ASSETS
Current assets:
Cash	$	-		$	25,130		$	23,392		$	8,911		$	-		$	22,344		$	-
Due from (to) third party property managers		-			981			-			1,206			-			1,195			-
Due from related party		-			2,330			3,402			3,429			-			4,806			-
Total current assets		-			28,441			26,794			13,546			-			28,345			-
Property and equipment, net		236,431			360,363			346,867			251,982			339,884			375,920			351,235
Total assets	$	236,431		$	388,804		$	373,661		$	265,529		$	339,884		$	404,266		$	351,235
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)
Current liabilities:
Accrued expenses	$	3,957		$	1,662		$	2,448		$	3,114		$	5,554		$	2,359		$	5,481
Due to third party property managers		603			-			2,236			-			571			-			-
Due to (from) related party		22,080			-			-			-			23,178			-			27,587
Total Current liabilities		26,639			1,662			4,684			3,114			29,304			2,359			33,068
Tenant deposits		-			-			-			-			-			-			-
Bridge financing, related party		225,000			-			-			-			323,000			-			332,000
Total Liabilities		251,639			1,662			4,684			3,114			352,304			2,359			365,068
Members’ equity (deficit)
Members’ capital		-			399,740			383,644			281,283			-			414,298			-
Accumulated deficit		(15,209	)		(12,598	)		(14,667	)		(18,869	)		(12,420	)		(12,391	)		(13,833	)
Total members’ equity (deficit)		(15,209	)		387,142			368,977			262,414			(12,420	)		401,907			(13,833	)
Total liabilities and members’ equity (deficit)	$	236,431		$	388,804		$	373,661		$	265,529		$	339,884		$	404,266		$	351,235

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

F-2

ARRIVED HOMES 5, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET (UNAUDITED)

AS OF JUNE 30, 2025

	Briarmanor			Camphor			Chesterton			Clark			Cyrus			Evie			Fortress
ASSETS
Current assets:
Cash	$	-		$	1,776		$	-		$	12,603		$	1,550		$	6,824		$	27,198
Due from (to) third party property managers		-			549			-			3,633			-			-			-
Due from related party		-			7,615			-			-			-			-			6,251
Total current assets		-			9,940			-			16,236			1,550			6,824			33,448
Property and equipment, net		409,977			270,365			539,518			316,958			391,099			260,276			367,351
Total assets	$	409,977		$	280,305		$	539,518		$	333,194		$	392,648		$	267,100		$	400,800
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)
Current liabilities:
Accrued expenses	$	6,552		$	3,679		$	1,485		$	4,166		$	8,353		$	3,390		$	4,674
Due to third party property managers		66			-			-			-			2,290			14,251			13,260
Due to (from) related party		31,471			-			28,648			1,468			22,510			20,991			-
Total Current liabilities		38,088			3,679			30,133			5,634			33,153			38,632			17,935
Tenant deposits		-			-			-			2,095			-			-			-
Bridge financing, related party		380,000			-			511,000			-			370,000			246,000			-
Total Liabilities		418,088			3,679			541,133			7,729			403,153			284,632			17,935
Members’ equity (deficit)
Members’ capital		-			295,049			-			356,077			-			-			407,188
Accumulated deficit		(8,111	)		(18,423	)		(1,615	)		(30,612	)		(10,504	)		(17,533	)		(24,323	)
Total members’ equity (deficit)		(8,111	)		276,626			(1,615	)		325,465			(10,504	)		(17,533	)		382,865
Total liabilities and members’ equity (deficit)	$	409,977		$	280,305		$	539,518		$	333,194		$	392,648		$	267,100		$	400,800

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

F-3

ARRIVED HOMES 5, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET (UNAUDITED)

AS OF JUNE 30, 2025

	Galleta			Gerardo			Goldfinger			Hendricks			Lenka			Liam			Lilinoe
ASSETS
Current assets:
Cash	$	-		$	-		$	29,043		$	-		$	18,470		$	10,512		$	28,590
Due from (to) third party property managers		-			283			-			804			2,233			3,152			-
Due from related party		-			-			6,391			-			624			7,341			3,063
Total current assets		-			283			35,433			804			21,326			21,005			31,653
Property and equipment, net		293,903			371,614			542,839			249,945			330,531			431,574			375,164
Total assets	$	293,903		$	371,897		$	578,273		$	250,749		$	351,857		$	452,579		$	406,817
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)
Current liabilities:
Accrued expenses	$	3,828		$	5,966		$	4,130		$	4,199		$	2,178		$	3,592		$	2,577
Due to third party property managers		-			-			170			-			-			-			2,293
Due to (from) related party		15,852			28,151			-			21,527			-			-			-
Total Current liabilities		19,680			34,116			4,301			25,727			2,178			3,592			4,870
Tenant deposits		-			-			-			-			-			-			-
Bridge financing, related party		275,576			343,742			-			237,000			-			-			-
Total Liabilities		295,256			377,859			4,301			262,727			2,178			3,592			4,870
Members’ equity (deficit)
Members’ capital		-			-			596,996			-			362,606			473,091			415,492
Accumulated deficit		(1,353	)		(5,961	)		(23,024	)		(11,978	)		(12,927	)		(24,104	)		(13,546	)
Total members’ equity (deficit)		(1,353	)		(5,961	)		573,972			(11,978	)		349,679			448,987			401,947
Total liabilities and members’ equity (deficit)	$	293,903		$	371,897		$	578,273		$	250,749		$	351,857		$	452,579		$	406,817

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

F-4

ARRIVED HOMES 5, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET (UNAUDITED)

AS OF JUNE 30, 2025

	Lois			Marilyn			Metcalf			Monroe			Nathan			Poshington			Pumpkin
ASSETS
Current assets:
Cash	$	18,442		$	-		$	25,552		$	-		$	-		$	-		$	22,500
Due from (to) third party property managers		2,695			-			-			-			-			-			4,826
Due from related party		-			-			1,868			-			-			-			-
Total current assets		21,137			-			27,420			-			-			-			27,326
Property and equipment, net		322,187			363,554			311,540			364,054			180,998			379,648			326,310
Total assets	$	343,324		$	363,554		$	338,959		$	364,054		$	180,998		$	379,648		$	353,636
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)
Current liabilities:
Accrued expenses	$	4,166		$	2,583		$	2,278		$	2,583		$	2,796		$	1,838		$	2,762
Due to third party property managers		-			-			5,540			-			1,128			235			-
Due to (from) related party		6,685			17,308			-			17,808			13,279			21,388			619
Total Current liabilities		10,851			19,891			7,818			20,391			17,203			23,461			3,381
Tenant deposits		2,695			-			-			-			-			-			2,545
Bridge financing, related party		-			346,000			-			346,000			171,000			360,000			-
Total Liabilities		13,546			365,891			7,818			366,391			188,203			383,461			5,926
Members’ equity (deficit)
Members’ capital		348,529			-			338,963			-			-			-			359,210
Accumulated deficit		(18,752	)		(2,337	)		(7,822	)		(2,337	)		(7,205	)		(3,812	)		(11,500	)
Total members’ equity (deficit)		329,778			(2,337	)		331,141			(2,337	)		(7,205	)		(3,812	)		347,710
Total liabilities and members’ equity (deficit)	$	343,324		$	363,554		$	338,959		$	364,054		$	180,998		$	379,648		$	353,636

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

F-5

ARRIVED HOMES 5, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET (UNAUDITED)

AS OF JUNE 30, 2025

	Raider			Sambino			Sandpiper			Scarlett			Sinalda			Stonemill			Targaryen
ASSETS
Current assets:
Cash	$	-		$	21,476		$	-		$	-		$	24,282		$	-		$	24,797
Due from (to) third party property managers		-			4,697			-			-			-			-			563
Due from related party		-			-			-			-			2,560			-			3,038
Total current assets		-			26,174			-			-			26,842			-			28,399
Property and equipment, net		359,146			299,287			391,940			438,302			386,887			391,284			391,730
Total assets	$	359,146		$	325,461		$	391,940		$	438,302		$	413,729		$	391,284		$	420,128
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)
Current liabilities:
Accrued expenses	$	3,855		$	2,724		$	706		$	8,609		$	4,767		$	5,464		$	2,395
Due to third party property managers		-			-			-			9,963			2,828			1,676			-
Due to (from) related party		15,160			8,610			21,734			23,847			-			29,281			-
Total Current liabilities		19,015			11,334			22,440			42,418			7,594			36,421			2,395
Tenant deposits		-			2,645			-			-			-			-			-
Bridge financing, related party		342,000			-			371,000			416,000			-			370,000			-
Total Liabilities		361,015			13,979			393,440			458,418			7,594			406,421			2,395
Members’ equity (deficit)
Members’ capital		-			331,418			-			-			426,177			-			427,611
Accumulated deficit		(1,869	)		(19,936	)		(1,500	)		(20,116	)		(20,043	)		(15,138	)		(9,878	)
Total members’ equity (deficit)		(1,869	)		311,482			(1,500	)		(20,116	)		406,134			(15,138	)		417,733
Total liabilities and members’ equity (deficit)	$	359,146		$	325,461		$	391,940		$	438,302		$	413,729		$	391,284		$	420,128

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

F-6

ARRIVED HOMES 5, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET (UNAUDITED)

AS OF JUNE 30, 2025

	Tilly			Troncos			Tully			Tyrell			Vega			Wasilla			Wendover
ASSETS
Current assets:
Cash	$	10,716		$	15,219		$	28,925		$	24,175		$	23,823		$	5,570		$	-
Due from (to) third party property managers		-			2,184			-			1,107			707			-			-
Due from related party		-			7,588			2,835			2,191			5,963			-			-
Total current assets		10,716			24,990			31,760			27,474			30,493			5,570			-
Property and equipment, net		316,946			348,036			479,763			322,947			391,099			419,443			377,255
Total assets	$	327,662		$	373,026		$	511,522		$	350,421		$	421,592		$	425,013		$	377,255
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)
Current liabilities:
Accrued expenses	$	5,944		$	4,768		$	5,279		$	4,593		$	2,023		$	2,351		$	4,429
Due to third party property managers		11,748			-			709			-			-			1,255			2,109
Due to (from) related party		28,766			-			-			-			-			57,775			20,527
Total Current liabilities		46,458			4,768			5,988			4,593			2,023			61,382			27,066
Tenant deposits		-			-			-			-			-			-			-
Bridge financing, related party		294,000			-			-			-			-			-			356,000
Total Liabilities		340,458			4,768			5,988			4,593			2,023			61,382			383,066
Members’ equity (deficit)
Members’ capital		-			387,895			526,972			358,606			430,564			382,867			-
Accumulated deficit		(12,796	)		(19,637	)		(21,438	)		(12,778	)		(10,994	)		(19,236	)		(5,811	)
Total members’ equity (deficit)		(12,796	)		368,258			505,534			345,829			419,569			363,631			(5,811	)
Total liabilities and members’ equity (deficit)	$	327,662		$	373,026		$	511,522		$	350,421		$	421,592		$	425,013		$	377,255

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

F-7

ARRIVED HOMES 5, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET (UNAUDITED)

AS OF JUNE 30, 2025

	Whippoorwill			Windgate			Wyndsong			Consolidated
ASSETS
Current assets:
Cash	$	2,579		$	21,196		$	-		$	485,594
Due from (to) third party property managers		-			3,552			-			34,367
Due from related party		-			-			-			71,295
Total current assets		2,579			24,748			-			591,256
Property and equipment, net		375,616			304,293			359,680			16,015,737
Total assets	$	378,195		$	329,041		$	359,680		$	16,606,993
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)
Current liabilities:
Accrued expenses	$	5,199		$	2,124		$	4,733		$	172,314
Due to third party property managers		4,985			-			16,887			94,804
Due to (from) related party		23,770			1,586			17,481			569,085
Total Current liabilities		33,955			3,710			39,101			836,203
Tenant deposits		-			-			-			9,980
Bridge financing, related party		354,000			-			341,000			7,310,318
Total Liabilities		387,955			3,710			380,101			8,156,501
Members’ equity (deficit)
Members’ capital		-			337,049			-			9,041,325
Accumulated deficit		(9,760	)		(11,717	)		(20,421	)		(590,833	)
Total members’ equity (deficit)		(9,760	)		325,332			(20,421	)		8,450,492
Total liabilities and members’ equity (deficit)	$	378,195		$	329,041		$	359,680		$	16,606,993

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

F-8

ARRIVED HOMES 5, LLC AND ITS SERIES

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

AS OF DECEMBER 31, 2024

	Clark			Lois			Sambino			Consolidated
ASSETS
Current assets:
Cash		-		$	18,879			-		$	18,879
Due from related parties		-			698			-			698
Due from (to) third party property manager		-			4,474			-			4,474
Total current assets		-			24,051			-			24,051
Property and equipment, net		321,327.24			326,737			302,738.22			950,802
Total assets		321,327.24		$	350,788			302,738.22		$	974,854
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT)
Current liabilities:
Accrued expenses		14,245.88		$	8,970			8,885.11		$	32,101
Tenant deposits		-			2,695			-			2,695
Due to (from) related parties		8,066.96			-			21,994.50			30,061
Total Current liabilities		22,312.84			11,665			30,879.61			64,857
Bridge financing, related party		313,000.00			-			281,847.00			594,847
Total Liabilities		335,312.84			11,665			312,726.61			659,704
Members’ equity (deficit)
Members’ capital		6,390.42			356,668			-			363,059
Accumulated deficit		(20,376.02	)		(17,545	)		(9,988.39	)		(47,909	)
Total members’ equity (deficit)		(13,985.60	)		339,123			(9,988.39	)		315,149
Total liabilities and members’ equity (deficit)		321,327.24		$	350,788			302,738.22		$	974,854

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

F-9

ARRIVED HOMES 5, LLC AND ITS SERIES

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

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Adela			Adler			Alex			Ameris			Arbolado			Belleglade			Blair
Rental income	$	-		$	3,039		$	790		$	4,186		$	-		$	4,072		$	-
Operating expenses:
Depreciation		538			818			2,383			1,151			775			1,721			-
Insurance		213			329			523			304			306			450			210
Management fees		-			140			70			210			-			140			-
Management fees, related party		-			353			523			402			-			561			-
Repairs & maintenance		9,074			2,843			545			9,217			5,027			3,047			7,285
Property taxes		430			660			1,278			692			623			1,031			642
Other operating expenses		2,240			5,179			6,542			6,412			1,795			5,153			2,399
Total operating expenses		12,496			10,321			11,864			18,388			8,526			12,102			10,536
Loss from operations		(12,496	)		(7,283	)		(11,073	)		(14,202	)		(8,526	)		(8,030	)		(10,536	)
Other expense
Interest expense		2,713			5,315			3,594			4,667			3,894			4,361			3,297
Total other expense		2,713			5,315			3,594			4,667			3,894			4,361			3,297
Net loss	$	(15,209	)	$	(12,598	)	$	(14,667	)	$	(18,869	)	$	(12,420	)	$	(12,391	)	$	(13,833	)

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

F-10

ARRIVED HOMES 5, LLC AND ITS SERIES

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

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Briarmanor			Camphor			Chesterton			Clark			Cyrus			Evie			Fortress
Rental income	$	-		$	2,501		$	-		$	7,753		$	-		$	243		$	3,342
Operating expenses:
Depreciation		335			2,272			-			4,369			891			-			2,044
Insurance		240			398			161			546			352			155			432
Management fees		-			140			-			350			-			70			140
Management fees, related party		-			467			-			913			-			-			307
Repairs & maintenance		459			4,257			-			800			475			11,627			9,691
Property taxes		733			972			-			1,799			718			475			990
Other operating expenses		2,571			8,075			254			8,168			2,097			3,627			6,746
Total operating expenses		4,338			16,580			416			16,945			4,533			15,954			20,350
Loss from operations		(4,338	)		(14,079	)		(416	)		(9,193	)		(4,533	)		(15,712	)		(17,008	)
Other expense
Interest expense		3,774			4,344			1,199			1,044			5,971			1,821			7,315
Total other expense		3,774			4,344			1,199			1,044			5,971			1,821			7,315
Net loss	$	(8,111	)	$	(18,423	)	$	(1,615	)	$	(10,236	)	$	(10,504	)	$	(17,533	)	$	(24,323	)

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

F-11

ARRIVED HOMES 5, LLC AND ITS SERIES

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

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Galleta			Gerardo			Goldfinger			Hendricks			Lenka			Liam			Lilinoe
Rental income	$	-		$	1,407		$	3,244		$	1,704		$	6,071		$	7,559		$	2,768
Operating expenses:
Depreciation		-			-			4,974			-			2,276			2,973			855
Insurance		88			221			1,020			150			495			645			338
Management fees		-			70			140			-			210			210			140
Management fees, related party		-			43			1,229			136			771			1,040			325
Repairs & maintenance		-			804			2,866			8,751			3,880			11,407			3,545
Property taxes		-			675			2,567			458			1,210			1,392			688
Other operating expenses		917			2,576			8,302			2,132			6,480			7,174			4,955
Total operating expenses		1,004			4,389			21,099			11,628			15,321			24,840			10,845
Loss from operations		(1,004	)		(2,982	)		(17,856	)		(9,924	)		(9,250	)		(17,281	)		(8,077	)
Other expense
Interest expense		348			2,979			5,168			2,054			3,677			6,822			5,468
Total other expense		348			2,979			5,168			2,054			3,677			6,822			5,468
Net loss	$	(1,353	)	$	(5,961	)	$	(23,024	)	$	(11,978	)	$	(12,927	)	$	(24,104	)	$	(13,546	)

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

F-12

ARRIVED HOMES 5, LLC AND ITS SERIES

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

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Lois			Marilyn			Metcalf			Monroe			Nathan			Poshington			Pumpkin
Rental income	$	11,225		$	-		$	3,742		$	-		$	-		$	-		$	9,125
Operating expenses:
Depreciation		4,550			-			961			-			-			-			3,003
Insurance		546			109			366			109			108			227			587
Management fees		350			-			140			-			-			-			280
Management fees, related party		1,521			-			465			-			-			-			1,103
Repairs & maintenance		150			-			2,133			-			4,067			80			2,907
Property taxes		1,799			-			839			-			330			695			1,496
Other operating expenses		3,515			541			4,912			541			1,219			600			7,523
Total operating expenses		12,432			651			9,816			651			5,723			1,602			16,898
Loss from operations		(1,207	)		(651	)		(6,074	)		(651	)		(5,723	)		(1,602	)		(7,772	)
Other expense
Interest expense		-			1,687			1,748			1,687			1,482			2,210			3,728
Total other expense		-			1,687			1,748			1,687			1,482			2,210			3,728
Net loss	$	(1,207	)	$	(2,337	)	$	(7,822	)	$	(2,337	)	$	(7,205	)	$	(3,812	)	$	(11,500	)

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

F-13

ARRIVED HOMES 5, LLC AND ITS SERIES

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

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Raider			Sambino			Sandpiper			Scarlett			Sinalda			Stonemill			Targaryen
Rental income	$	-		$	10,082		$	-		$	469		$	805		$	-		$	4,132
Operating expenses:
Depreciation		-			3,451			-			999			2,657			-			892
Insurance		108			540			117			394			583			234			354
Management fees		-			350			-			70			70			-			140
Management fees, related party		-			1,276			-			-			583			-			385
Repairs & maintenance		-			330			-			7,782			1,795			8,368			2,211
Property taxes		-			1,650			-			803			1,426			715			169
Other operating expenses		464			9,203			1,115			3,256			8,280			2,147			4,312
Total operating expenses		572			16,800			1,232			13,305			15,395			11,463			8,462
Loss from operations		(572	)		(6,718	)		(1,232	)		(12,836	)		(14,590	)		(11,463	)		(4,329	)
Other expense
Interest expense		1,297			3,230			268			7,280			5,453			3,674			5,549
Total other expense		1,297			3,230			268			7,280			5,453			3,674			5,549
Net loss	$	(1,869	)	$	(9,947	)	$	(1,500	)	$	(20,116	)	$	(20,043	)	$	(15,138	)	$	(9,878	)

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

F-14

ARRIVED HOMES 5, LLC AND ITS SERIES

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

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Tilly			Troncos			Tully			Tyrell			Vega			Wasilla			Wendover
Rental income	$	-		$	5,835		$	-		$	2,793		$	2,395		$	-		$	-
Operating expenses:
Depreciation		897			3,197			2,192			1,479			891			2,317			-
Insurance		279			630			577			386			352			498			225
Management fees		-			210			-			140			140			-			-
Management fees, related party		-			607			481			419			317			208			-
Repairs & maintenance		3,804			2,627			3,230			1,225			525			1,959			1,595
Property taxes		568			1,604			1,323			884			718			1,141			688
Other operating expenses		3,703			6,345			4,749			5,480			5,050			5,375			1,118
Total operating expenses		9,252			15,220			12,552			10,013			7,994			11,498			3,625
Loss from operations		(9,252	)		(9,385	)		(12,552	)		(7,220	)		(5,599	)		(11,498	)		(3,625	)
Other expense
Interest expense		3,544			10,252			8,886			5,558			5,396			7,738			2,185
Total other expense		3,544			10,252			8,886			5,558			5,396			7,738			2,185
Net loss	$	(12,796	)	$	(19,637	)	$	(21,438	)	$	(12,778	)	$	(10,994	)	$	(19,236	)	$	(5,811	)

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

F-15

ARRIVED HOMES 5, LLC AND ITS SERIES

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

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Whippoorwill			Windgate			Wyndsong			Consolidated
Rental income	$	-		$	2,724		$	-		$	102,005
Operating expenses:
Depreciation		-			695			-			56,556
Insurance		224			272			215			15,619
Management fees		-			140			-			4,060
Management fees, related party		-			249			-			14,684
Repairs & maintenance		3,803			4,225			15,239			163,653
Property taxes		684			555			658			36,778
Other operating expenses		1,981			5,235			2,215			182,672
Total operating expenses		6,692			11,371			18,328			474,021
Loss from operations		(6,692	)		(8,648	)		(18,328	)		(372,017	)
Other expense
Interest expense		3,068			3,070			2,093			170,907
Total other expense		3,068			3,070			2,093			170,907
Net loss	$	(9,760	)	$	(11,717	)	$	(20,421	)	$	(542,924	)

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

F-16

ARRIVED HOMES 5, LLC AND ITS SERIES

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

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Adela			Adler			Alex			Ameris			Arbolado			Belleglade			Blair			Briarmanor
Balance at January 1, 2025	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-
Issuance of membership units, net of offering costs		-			394,425			380,050			279,041			-			409,937			-			-
Deemed contribution from Manager		-			5,315			3,594			3,267			-			4,361			-			-
Distributions		-			-			-			(1,024	)		-			-			-			-
Net loss		(15,209	)		(12,598	)		(14,667	)		(18,869	)		(12,420	)		(12,391	)		(13,833	)		(8,111	)
Balance at June 30, 2025	$	(15,209	)	$	387,142		$	368,977		$	262,414		$	(12,420	)	$	401,907		$	(13,833	)	$	(8,111	)

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

F-17

ARRIVED HOMES 5, LLC AND ITS SERIES

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

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Camphor			Chesterton			Clark			Cyrus			Evie			Fortress			Galleta			Gerardo
Balance at January 1, 2025	$	-		$	-		$	(13,986	)	$	-		$	-		$	-		$	-		$	-
Issuance of membership units, net of offering costs		292,218			-			353,969			-			-			401,935			-			-
Deemed contribution from Manager		2,831			-			-			-			-			5,254			-			-
Distributions		-			-			(4,282	)		-			-			-			-			-
Net loss		(18,423	)		(1,615	)		(10,236	)		(10,504	)		(17,533	)		(24,323	)		(1,353	)		(5,961	)
Balance at June 30, 2025	$	276,626		$	(1,615	)	$	325,465		$	(10,504	)	$	(17,533	)	$	382,865		$	(1,353	)	$	(5,961	)

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

F-18

ARRIVED HOMES 5, LLC AND ITS SERIES

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

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Goldfinger			Hendricks			Lenka			Liam			Lilinoe			Lois			Marilyn			Metcalf
Balance at January 1, 2025	$	-		$	-		$	-		$	-		$	-		$	339,123		$	-		$	-
Issuance of membership units, net of offering costs		591,504			-			360,526			470,558			410,024			-			-			337,215
Deemed contribution from Manager		5,491			-			3,677			4,363			5,468			-			-			1,748
Distributions		-			-			(1,597	)		(1,830	)		-			(8,139	)		-			-
Net loss		(23,024	)		(11,978	)		(12,927	)		(24,104	)		(13,546	)		(1,207	)		(2,337	)		(7,822	)
Balance at June 30, 2025	$	573,972		$	(11,978	)	$	349,679		$	448,987		$	401,947		$	329,778		$	(2,337	)	$	331,141

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

F-19

ARRIVED HOMES 5, LLC AND ITS SERIES

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

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Monroe			Nathan			Poshington			Pumpkin			Raider			Sambino			Sandpiper			Scarlett
Balance at January 1, 2025	$	-		$	-		$	-		$	-		$	-		$	(9,988	)	$	-		$	-
Issuance of membership units, net of offering costs		-			-			-			359,521			-			332,102			-			-
Deemed contribution from Manager		-			-			-			3,728			-			4,874			-			-
Distributions		-			-			-			(4,038	)		-			(5,558	)		-			-
Net loss		(2,337	)		(7,205	)		(3,812	)		(11,500	)		(1,869	)		(9,947	)		(1,500	)		(20,116	)
Balance at June 30, 2025	$	(2,337	)	$	(7,205	)	$	(3,812	)	$	347,710		$	(1,869	)	$	311,482		$	(1,500	)	$	(20,116	)

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

F-20

ARRIVED HOMES 5, LLC AND ITS SERIES

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

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Sinalda			Stonemill			Targaryen			Tilly			Troncos			Tully			Tyrell			Vega
Balance at January 1, 2025	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-
Issuance of membership units, net of offering costs		422,948			-			424,311			-			381,859			520,752			354,803			425,168
Deemed contribution from Manager		3,229			-			3,300			-			8,174			6,220			3,803			5,396
Distributions		-			-			-			-			(2,138	)		-			-			-
Net loss		(20,043	)		(15,138	)		(9,878	)		(12,796	)		(19,637	)		(21,438	)		(12,778	)		(10,994	)
Balance at June 30, 2025	$	406,134		$	(15,138	)	$	417,733		$	(12,796	)	$	368,258		$	505,534		$	345,829		$	419,569

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

F-21

ARRIVED HOMES 5, LLC AND ITS SERIES

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

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Wasilla			Wendover			Whippoorwill			Windgate			Wyndsong			Consolidated
Balance at January 1, 2025	$	-		$	-		$	-		$	-		$	-		$	315,149
Issuance of membership units, net of offering costs		375,129			-			-			333,979			-			8,611,974
Deemed contribution from Manager		7,738			-			-			3,070			-			94,899
Distributions		-			-			-			-			-			(28,607	)
Net loss		(19,236	)		(5,811	)		(9,760	)		(11,717	)		(20,421	)		(542,924	)
Balance at June 30, 2025	$	363,631		$	(5,811	)	$	(9,760	)	$	325,332		$	(20,421	)	$	8,450,492

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

F-22

ARRIVED HOMES 5, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Adela			Adler			Alex			Ameris			Arbolado			Belleglade
Cash Flows from Operating Activities:
Net loss	$	(15,209	)	$	(12,598	)	$	(14,667	)	$	(18,869	)	$	(12,420	)	$	(12,391	)
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation		538			818			2,383			1,151			775			1,721
(Increase) Decrease in assets
Due from (to) third party property managers		603			(981	)		2,236			(1,206	)		571			(1,195	)
Increase (decrease) in liabilities
Accrued expenses		3,957			1,662			2,448			3,114			5,554			2,359
Tenant deposits		-			-			-			-			-			-
Due to (from) related parties		10,111			1,804			(384	)		(2,200	)		5,520			(3,187	)
Net cash provided by (used in) operating activities		-			(9,295	)		(7,984	)		(18,010	)		-			(12,692	)
Cash flows from financing activities
Repayments of amounts due to related party		-			(14,000	)		(18,675	)		(11,095	)		-			(18,900	)
Repayments of bridge financing, related party		-			(346,000	)		(330,000	)		(240,000	)		-			(356,000	)
Net proceeds from the issuance of membership units		-			394,425			380,050			279,041			-			409,937
Distributions		-			-			-			(1,024	)		-			-
Net cash provided by (used in) financing activities		-			34,425			31,375			26,921			-			35,037
Net change in cash		-			25,130			23,392			8,911			-			22,344
Cash at beginning of the period		-			-			-			-			-			-
Cash at end of the period	$	-		$	25,130		$	23,392		$	8,911		$	-		$	22,344
Cash paid for income taxes	$	-		$	-		$	-		$	-		$	-		$	-
Cash paid for interest expenses	$	2,713		$	5,315		$	3,594		$	4,667		$	3,894		$	4,361
Supplemental disclosure of non-cash financing activities:
Advance from related party for acquisition of property	$	10,100		$	14,000		$	18,675		$	11,095		$	17,000		$	18,900
Acquisition of property - Purchase price	$	235,100		$	360,000		$	348,675		$	251,095		$	340,000		$	374,900
Bridge Financing, related party	$	225,000		$	346,000		$	330,000		$	240,000		$	323,000		$	356,000
Property improvements advanced from related party	$	-		$	-		$	-		$	-		$	-		$	-
Deemed contribution from Manager	$	-		$	5,315		$	3,594		$	3,267		$	-		$	4,361

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

F-23

ARRIVED HOMES 5, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Blair			Briarmanor			Camphor			Chesterton			Clark			Cyrus
Cash Flows from Operating Activities:
Net loss	$	(13,833	)	$	(8,111	)	$	(18,423	)	$	(1,615	)	$	(10,236	)	$	(10,504	)
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation		-			335			2,272			-			4,369			891
(Increase) Decrease in assets
Due from (to) third party property managers		-			66			(549	)		-			(3,633	)		2,290
Increase (decrease) in liabilities
Accrued expenses		5,481			6,552			3,679			1,485			(10,080	)		8,353
Tenant deposits		-			-			-			-			2,095			-
Due to (from) related parties		8,352			1,159			(12,421	)		130			1,901			520
Net cash provided by (used in) operating activities		-			-			(25,442	)		-			(15,584	)		1,550
Cash flows from financing activities
Repayments of amounts due to related party		-			-			(14,000	)		-			(8,500	)		-
Repayments of bridge financing, related party		-			-			(251,000	)		-			(313,000	)		-
Net proceeds from the issuance of membership units		-			-			292,218			-			353,969			-
Distributions		-			-			-			-			(4,282	)		-
Net cash provided by (used in) financing activities		-			-			27,218			-			28,187			-
Net change in cash		-			-			1,776			-			12,603			1,550
Cash at beginning of the period		-			-			-			-			-			-
Cash at end of the period	$	-		$	-		$	1,776		$	-		$	12,603		$	1,550
Cash paid for income taxes	$	-		$	-		$	-		$	-		$	-		$	-
Cash paid for interest expenses	$	3,297		$	3,774		$	4,344		$	1,199		$	1,044		$	5,971
Supplemental disclosure of non-cash financing activities:
Advance from related party for acquisition of property	$	18,000		$	20,000		$	14,000		$	27,000		$	8,500		$	21,390
Acquisition of property - Purchase price	$	350,000		$	400,000		$	265,000		$	538,000		$	321,500		$	391,390
Bridge Financing, related party	$	332,000		$	380,000		$	251,000		$	511,000		$	313,000		$	370,000
Property improvements advanced from related party	$	-		$	-		$	-		$	-		$	-		$	-
Deemed contribution from Manager	$	-		$	-		$	2,831		$	-		$	-		$	-

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

F-24

ARRIVED HOMES 5, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Evie			Fortress			Galleta			Gerardo			Goldfinger			Hendricks
Cash Flows from Operating Activities:
Net loss	$	(17,533	)	$	(24,323	)	$	(1,353	)	$	(5,961	)	$	(23,024	)	$	(11,978	)
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation		-			2,044			-			-			4,974			-
(Increase) Decrease in assets
Due from (to) third party property managers		14,251			13,260			-			(283	)		170			(804	)
Increase (decrease) in liabilities
Accrued expenses		3,390			4,674			3,828			5,966			4,130			4,199
Tenant deposits		-			-			-			-			-			-
Due to (from) related parties		6,716			(10,392	)		(2,475	)		279			1,180			8,582
Net cash provided by (used in) operating activities		6,824			(14,737	)		-			-			(12,569	)		-
Cash flows from financing activities
Repayments of amounts due to related party		-			(18,000	)		-			-			(33,060	)		-
Repayments of bridge financing, related party		-			(342,000	)		-			-			(516,833	)		-
Net proceeds from the issuance of membership units		-			401,935			-			-			591,504			-
Distributions		-			-			-			-			-			-
Net cash provided by (used in) financing activities		-			41,935			-			-			41,611			-
Net change in cash		6,824			27,198			-			-			29,043			-
Cash at beginning of the period		-			-			-			-			-			-
Cash at end of the period	$	6,824		$	27,198		$	-		$	-		$	29,043		$	-
Cash paid for income taxes	$	-		$	-		$	-		$	-		$	-		$	-
Cash paid for interest expenses	$	1,821		$	7,315		$	348		$	2,979		$	5,168		$	2,054
Supplemental disclosure of non-cash financing activities:
Advance from related party for acquisition of property	$	13,000		$	18,000		$	17,017		$	24,618		$	33,060		$	13,000
Acquisition of property - Purchase price	$	259,000		$	360,000		$	292,593		$	368,360		$	549,893		$	250,000
Bridge Financing, related party	$	246,000		$	342,000		$	275,576		$	343,742		$	516,833		$	237,000
Property improvements advanced from related party	$	-		$	-		$	-		$	-		$	-		$	-
Deemed contribution from Manager	$	-		$	5,254		$	-		$	-		$	5,491		$	-

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

F-25

ARRIVED HOMES 5, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Lenka			Liam			Lilinoe			Lois			Marilyn			Metcalf
Cash Flows from Operating Activities:
Net loss	$	(12,927	)	$	(24,104	)	$	(13,546	)	$	(1,207	)	$	(2,337	)	$	(7,822	)
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation		2,276			2,973			855			4,550			-			961
(Increase) Decrease in assets
Due from (to) third party property managers		(2,233	)		(3,152	)		2,293			1,779			-			5,540
Increase (decrease) in liabilities
Accrued expenses		2,178			3,592			2,577			(4,804	)		2,583			2,278
Tenant deposits		-			-			-			-			-			-
Due to (from) related parties		247			(7,525	)		1,386			7,383			(246	)		(7,420	)
Net cash provided by (used in) operating activities		(10,458	)		(28,216	)		(6,434	)		7,701			-			(6,464	)
Cash flows from financing activities
Repayments of amounts due to related party		(20,000	)		(22,000	)		(19,000	)		-			-			(15,200	)
Repayments of bridge financing, related party		(310,000	)		(408,000	)		(356,000	)		-			-			(290,000	)
Net proceeds from the issuance of membership units		360,526			470,558			410,024			-			-			337,215
Distributions		(1,597	)		(1,830	)		-			(8,139	)		-			-
Net cash provided by (used in) financing activities		28,929			38,728			35,024			(8,139	)		-			32,015
Net change in cash		18,470			10,512			28,590			(437	)		-			25,552
Cash at beginning of the period		-			-			-			18,879			-			-
Cash at end of the period	$	18,470		$	10,512		$	28,590		$	18,442		$	-		$	25,552
Cash paid for income taxes	$	-		$	-		$	-		$	-		$	-		$	-
Cash paid for interest expenses	$	3,677		$	6,822		$	5,468		$	-		$	1,687		$	1,748
Supplemental disclosure of non-cash financing activities:
Advance from related party for acquisition of property	$	20,000		$	22,000		$	19,000		$	-		$	18,900		$	15,200
Acquisition of property - Purchase price	$	330,000		$	430,000		$	375,000		$	-		$	364,900		$	305,200
Bridge Financing, related party	$	310,000		$	408,000		$	356,000		$	-		$	346,000		$	290,000
Property improvements advanced from related party	$	-		$	-		$	-		$	-		$	-		$	-
Deemed contribution from Manager	$	3,677		$	4,363		$	5,468		$	-		$	-		$	1,748

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

F-26

ARRIVED HOMES 5, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Monroe			Nathan			Poshington			Pumpkin			Raider			Sambino
Cash Flows from Operating Activities:
Net loss	$	(2,337	)	$	(7,205	)	$	(3,812	)	$	(11,500	)	$	(1,869	)	$	(9,947	)
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation		-			-			-			3,003			-			3,451
(Increase) Decrease in assets
Due from (to) third party property managers		-			1,128			235			(4,826	)		-			(4,697	)
Increase (decrease) in liabilities
Accrued expenses		2,583			2,796			1,838			2,762			3,855			(6,161	)
Tenant deposits		-			-			-			2,545			-			2,645
Due to (from) related parties		(246	)		3,281			1,740			1,359			(1,986	)		9,567
Net cash provided by (used in) operating activities		-			-			-			(6,657	)		-			(5,142	)
Cash flows from financing activities
Repayments of amounts due to related party		-			-			-			(17,833	)		-			(18,078	)
Repayments of bridge financing, related party		-			-			-			(308,492	)		-			(281,847	)
Net proceeds from the issuance of membership units		-			-			-			359,521			-			332,102
Distributions		-			-			-			(4,038	)		-			(5,558	)
Net cash provided by (used in) financing activities		-			-			-			29,157			-			26,619
Net change in cash		-			-			-			22,500			-			21,476
Cash at beginning of the period		-			-			-			-			-			-
Cash at end of the period	$	-		$	-		$	-		$	22,500		$	-		$	21,476
Cash paid for income taxes	$	-		$	-		$	-		$	-		$	-		$	-
Cash paid for interest expenses	$	1,687		$	1,482		$	2,210		$	3,728		$	1,297		$	3,230
Supplemental disclosure of non-cash financing activities:
Advance from related party for acquisition of property	$	18,900		$	9,000		$	19,000		$	17,833		$	18,000		$	18,078
Acquisition of property - Purchase price	$	364,900		$	180,000		$	379,000		$	326,325		$	360,000		$	299,925
Bridge Financing, related party	$	346,000		$	171,000		$	360,000		$	308,492		$	342,000		$	281,847
Property improvements advanced from related party	$	-		$	-		$	-		$	-		$	-		$	-
Deemed contribution from Manager	$	-		$	-		$	-		$	3,728		$	-		$	4,874

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

F-27

ARRIVED HOMES 5, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Sandpiper			Scarlett			Sinalda			Stonemill			Targaryen			Tilly
Cash Flows from Operating Activities:
Net loss	$	(1,500	)	$	(20,116	)	$	(20,043	)	$	(15,138	)	$	(9,878	)	$	(12,796	)
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation		-			999			2,657			-			892			897
(Increase) Decrease in assets
Due from (to) third party property managers		-			9,963			2,828			1,676			(563	)		11,748
Increase (decrease) in liabilities
Accrued expenses		706			8,609			4,767			5,464			2,395			5,944
Tenant deposits		-			-			-			-			-			-
Due to (from) related parties		794			545			73			7,997			(4,360	)		4,923
Net cash provided by (used in) operating activities		-			-			(9,717	)		-			(11,513	)		10,716
Cash flows from financing activities
Repayments of amounts due to related party		-			-			(19,949	)		-			(15,000	)		-
Repayments of bridge financing, related party		-			-			(369,000	)		-			(373,000	)		-
Net proceeds from the issuance of membership units		-			-			422,948			-			424,311			-
Distributions		-			-			-			-			-			-
Net cash provided by (used in) financing activities		-			-			33,999			-			36,311			-
Net change in cash		-			-			24,282			-			24,797			10,716
Cash at beginning of the period		-			-			-			-			-			-
Cash at end of the period	$	-		$	-		$	24,282		$	-		$	24,797		$	10,716
Cash paid for income taxes	$	-		$	-		$	-		$	-		$	-		$	-
Cash paid for interest expenses	$	268		$	7,280		$	5,453		$	3,674		$	5,549		$	3,544
Supplemental disclosure of non-cash financing activities:
Advance from related party for acquisition of property	$	20,390		$	22,000		$	19,949		$	20,000		$	15,000		$	16,000
Acquisition of property - Purchase price	$	391,390		$	438,000		$	388,949		$	390,000		$	388,000		$	310,000
Bridge Financing, related party	$	371,000		$	416,000		$	369,000		$	370,000		$	373,000		$	294,000
Property improvements advanced from related party	$	-		$	-		$	-		$	-		$	-		$	-
Deemed contribution from Manager	$	-		$	-		$	3,229		$	-		$	3,300		$	-

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

F-28

ARRIVED HOMES 5, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Troncos			Tully			Tyrell			Vega			Wasilla			Wendover
Cash Flows from Operating Activities:
Net loss	$	(19,637	)	$	(21,438	)	$	(12,778	)	$	(10,994	)	$	(19,236	)	$	(5,811	)
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation		3,197			2,192			1,479			891			2,317			-
(Increase) Decrease in assets
Due from (to) third party property managers		(2,184	)		709			(1,107	)		(707	)		1,255			2,109
Increase (decrease) in liabilities
Accrued expenses		4,768			5,279			4,593			2,023			2,351			4,429
Tenant deposits		-			-			-			-			-			-
Due to (from) related parties		(646	)		2,536			(1,330	)		(1,168	)		58,753			(728	)
Net cash provided by (used in) operating activities		(14,502	)		(10,722	)		(9,143	)		(9,955	)		45,441			-
Cash flows from financing activities
Repayments of amounts due to related party		(17,500	)		(24,105	)		(20,599	)		(21,390	)		(21,000	)		-
Repayments of bridge financing, related party		(332,500	)		(457,000	)		(300,886	)		(370,000	)		(394,000	)		-
Net proceeds from the issuance of membership units		381,859			520,752			354,803			425,168			375,129			-
Distributions		(2,138	)		-			-			-			-			-
Net cash provided by (used in) financing activities		29,721			39,647			33,318			33,778			(39,871	)		-
Net change in cash		15,219			28,925			24,175			23,823			5,570			-
Cash at beginning of the period		-			-			-			-			-			-
Cash at end of the period	$	15,219		$	28,925		$	24,175		$	23,823		$	5,570		$	-
Cash paid for income taxes	$	-		$	-		$	-		$	-		$	-		$	-
Cash paid for interest expenses	$	10,252		$	8,886		$	5,558		$	5,396		$	7,738		$	2,185
Supplemental disclosure of non-cash financing activities:
Advance from related party for acquisition of property	$	17,500		$	24,105		$	20,599		$	21,390		$	21,000		$	19,000
Acquisition of property - Purchase price	$	350,000		$	481,105		$	321,485		$	391,390		$	415,000		$	375,000
Bridge Financing, related party	$	332,500		$	457,000		$	300,886		$	370,000		$	394,000		$	356,000
Property improvements advanced from related party	$	-		$	-		$	-		$	-		$	-		$	-
Deemed contribution from Manager	$	8,174		$	6,220		$	3,803		$	5,396		$	7,738		$	-

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

F-29

ARRIVED HOMES 5, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Whippoorwill			Windgate			Wyndsong			Consolidated
Cash Flows from Operating Activities:
Net loss	$	(9,760	)	$	(11,717	)	$	(20,421	)	$	(542,924	)
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation		-			695			-			56,556
(Increase) Decrease in assets
Due from (to) third party property managers		4,985			(3,552	)		16,887			64,912
Increase (decrease) in liabilities
Accrued expenses		5,199			2,124			4,733			140,213
Tenant deposits		-			-			-			7,285
Due to (from) related parties		2,154			2,267			(1,199	)		93,347
Net cash provided by (used in) operating activities		2,579			(10,183	)		-			(73,423	)
Cash flows from financing activities
Repayments of amounts due to related party		-			(15,600	)		-			(403,483	)
Repayments of bridge financing, related party		-			(287,000	)		-			(7,532,559	)
Net proceeds from the issuance of membership units		-			333,979			-			8,611,974
Distributions		-			-			-			(28,607	)
Net cash provided by (used in) financing activities		-			31,379			-			647,325
Net change in cash		2,579			21,196			-			81,553
Cash at beginning of the period		-			-			-			18,879
Cash at end of the period	$	2,579		$	21,196		$	-		$	485,594
Cash paid for income taxes	$	-		$	-		$	-		$	-
Cash paid for interest expenses	$	3,068		$	3,070		$	2,093		$	170,907
Supplemental disclosure of non-cash financing activities:
Advance from related party for acquisition of property	$	19,000		$	15,600		$	18,000		$	802,798
Acquisition of property - Purchase price	$	373,000		$	302,600		$	359,000		$	15,645,675
Bridge Financing, related party	$	354,000		$	287,000		$	341,000		$	14,842,877
Property improvements advanced from related party	$	-		$	-		$	-		$	-
Deemed contribution from Manager	$	-		$	3,070		$	-		$	94,899

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

F-30

ARRIVED HOMES 5, LLC AND ITS SERIES

NOTES TO THE UNAUDITED CONSOLIDATED AND CONSOLIDATING FINANCIAL STATEMENTS

NOTE 1: NATURE OF OPERATIONS

Arrived Homes 5, LLC (the “Company”) is a Delaware Series limited liability company formed on July 12, 2024 under the laws of the State of Delaware. Arrived Homes 5, LLC was formed to permit public investment in individual single family rental homes, each of which will be held by a separate property-owning subsidiary owned by a separate Series of limited liability interests, or “Series,” that Arrived Fund Manager, LLC (the “Manager”) established. As a Delaware Series limited liability company, the debts, liabilities, obligations, and expenses incurred, contracted for or otherwise existing with respect to a particular Series are segregated and enforceable only against the assets of such Series, as provided under Delaware law.

The following list represents each Arrived Homes 5, LLC’s Series and each Series’ wholly-owned limited liability company (“LLC”), which was used to acquire the Series’ single family rental property, along with the date the Series was formed and the date the Series’ LLC acquired the single family rental property.

F-31

SERIES OFFERING TABLE

As of June 30, 2025

Series Name	State LLC Name and wholly owned subsidiary of the Series	Date Formed	Acquisition Date
Arrived Series Adela, a series of Arrived Homes 5, LLC (Adela)	Arrived OK Adela, LLC	3/27/2025	4/30/2025
Arrived Series Adler, a series of Arrived Homes 5, LLC (Adler)	Arrived AR Adler, LLC	3/28/2025	4/2/2025
Arrived Series Alex, a series of Arrived Homes 5, LLC (Alex)	Arrived AZ Alex, LLC	2/20/2025	2/28/2025
Arrived Series Ameris, a series of Arrived Homes 5, LLC (Ameris)	Arrived OK Ameris, LLC	2/28/2025	3/12/2025
Arrived Series Arbolado, a series of Arrived Homes 5, LLC (Arbolado)	Arrived NM Arbolado, LLC	4/23/2025	4/30/2025
Arrived Series Belleglade, a series of Arrived Homes 5, LLC (Belleglade)	Arrived KY Belleglade, LLC	3/18/2025	3/28/2025
Arrived Series Blair, a series of Arrived Homes 5, LLC (Blair)	Arrived TN Blair, LLC	4/30/2025	5/7/2025
Arrived Series Briarmanor, a series of Arrived Homes 5, LLC (Briarmanor)	Arrived MO Briarmanor, LLC	4/30/2025	5/7/2025
Arrived Series Camphor, a series of Arrived Homes 5, LLC (Camphor)	Arrived Series Camphor, a series of Arrived Homes 5, LLC	2/6/2025	2/19/2025
Arrived Series Chesterton, a series of Arrived Homes 5, LLC (Chesterton)	Arrived WA Chesterton, LLC	6/5/2025	6/18/2025
Arrived Series Clark, a series of Arrived Homes 5, LLC (Clark)	Arrived AR Clark, LLC	7/19/2024	9/25/2024
Arrived Series Cyrus, a series of Arrived Homes 5, LLC (Cyrus)	Arrived AZ Cyrus, LLC	3/27/2025	4/9/2025
Arrived Series Evie, a series of Arrived Homes 5, LLC (Evie)	Arrived Series Evie, a series of Arrived Homes 5, LLC	5/1/2025	5/21/2025
Arrived Series Fortress, a series of Arrived Homes 5, LLC (Fortress)	Arrived MS Fortress, LLC	3/19/2025	3/26/2025
Arrived Series Galleta, a series of Arrived Homes 5, LLC (Galleta)	Arrived NC Galleta, LLC	6/18/2025	6/25/2025
Arrived Series Gerardo, a series of Arrived Homes 5, LLC (Gerardo)	Arrived TN Gerardo, LLC	5/1/2025	5/14/2025
Arrived Series Goldfinger, a series of Arrived Homes 5, LLC (Goldfinger)	Arrived UT Goldfinger, LLC	1/14/2025	1/29/2025
Arrived Series Hendricks, a series of Arrived Homes 5, LLC (Hendricks)	Arrived IN Hendricks, LLC	5/1/2025	5/14/2025
Arrived Series Lenka, a series of Arrived Homes 5, LLC (Lenka)	Arrived KY Lenka, LLC	2/20/2025	2/28/2025
Arrived Series Liam, a series of Arrived Homes 5, LLC (Liam)	Arrived VA Liam, LLC	2/13/2025	2/26/2025
Arrived Series Lilinoe, a series of Arrived Homes 5, LLC (Lilinoe)	Arrived MO Lilinoe, LLC	3/27/2025	4/2/2025
Arrived Series Lois, a series of Arrived Homes 5, LLC (Lois)	Arrived AR Lois, LLC	7/19/2024	9/25/2024
Arrived Series Marilyn, a series of Arrived Homes 5, LLC (Marilyn)	Arrived OH Marilyn, LLC	2/13/2025	6/4/2025
Arrived Series Metcalf, a series of Arrived Homes 5, LLC (Metcalf)	Arrived MS Metcalf, LLC	3/6/2025	3/14/2025
Arrived Series Monroe, a series of Arrived Homes 5, LLC (Monroe)	Arrived OH Monroe, LLC	5/20/2025	6/4/2025
Arrived Series Nathan, a series of Arrived Homes 5, LLC (Nathan)	Arrived AR Nathan, LLC	4/25/2025	5/14/2025
Arrived Series Poshington, a series of Arrived Homes 5, LLC (Poshington)	Arrived VA Poshington, LLC	5/13/2025	5/28/2025
Arrived Series Pumpkin, a series of Arrived Homes 5, LLC (Pumpkin)	Arrived TN Pumpkin, LLC	1/23/2025	1/29/2025
Arrived Series Raider, a series of Arrived Homes 5, LLC (Raider)	Arrived OH Raider, LLC	6/3/2025	6/11/2025
Arrived Series Sambino, a series of Arrived Homes 5, LLC (Sambino)	Arrived TN Sambino, LLC	11/21/2024	12/4/2024
Arrived Series Sandpiper, a series of Arrived Homes 5, LLC (Sandpiper)	Arrived AZ Sandpiper, LLC	6/19/2025	6/27/2025
Arrived Series Scarlett, a series of Arrived Homes 5, LLC (Scarlett)	Arrived AR Scarlett, LLC	3/19/2025	4/2/2025
Arrived Series Sinalda, a series of Arrived Homes 5, LLC (Sinalda)	Arrived AZ Sinalda, LLC	2/20/2025	2/28/2025
Arrived Series Stonemill, a series of Arrived Homes 5, LLC (Stonemill)	Arrived AR Stonemill, LLC	4/22/2025	5/7/2025
Arrived Series Targaryen, a series of Arrived Homes 5, LLC (Targaryen)	Arrived VA Targaryen, LLC	4/9/2025	4/23/2025
Arrived Series Tilly, a series of Arrived Homes 5, LLC (Tilly)	Arrived TN Tilly, LLC	4/25/2025	4/30/2025
Arrived Series Troncos, a series of Arrived Homes 5, LLC (Troncos)	Arrived AR Troncos, LLC	12/13/2024	1/15/2025
Arrived Series Tully, a series of Arrived Homes 5, LLC (Tully)	Arrived CO Tully, LLC	2/28/2025	3/12/2025
Arrived Series Tyrell, a series of Arrived Homes 5, LLC (Tyrell)	Arrived TN Tyrell, LLC	3/5/2025	3/19/2025
Arrived Series Vega, a series of Arrived Homes 5, LLC (Vega)	Arrived AZ Vega, LLC	3/27/2025	4/9/2025
Arrived Series Wasilla, a series of Arrived Homes 5, LLC (Wasilla)	Arrived NM Wasilla, LLC	3/5/2025	3/21/2025
Arrived Series Wendover, a series of Arrived Homes 5, LLC (Wendover)	Arrived GA Wendover, LLC	5/20/2025	5/28/2025
Arrived Series Whippoorwill, a series of Arrived Homes 5, LLC (Whippoorwill)	Arrived TN Whippoorwill, LLC	5/1/2025	5/14/2025
Arrived Series Windgate, a series of Arrived Homes 5, LLC (Windgate)	Arrived MS Windgate, LLC	4/23/2025	4/30/2025
Arrived Series Wyndsong, a series of Arrived Homes 5, LLC (Wyndsong)	Arrived NC Wyndsong, LLC	5/13/2025	5/28/2025

F-32

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

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

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

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

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

Principles of Consolidation

These consolidated and consolidating financial statements include the accounts of Arrived Homes 5, LLC and its Series listed in Note 1. All inter-company transactions and balances have been eliminated upon consolidation.

Use of Estimates

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

F-33

Deferred Offering Costs

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

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

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

Fair Value of Financial Instruments

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

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

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

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

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

Management Fee

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

F-34

Property Management Fee

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

Marketplace Homes

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

Property Disposition Fee

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

Prepaid and Accrued Expenses

Prepaid expenses consist of prepaid insurance. Accrued expenses includes accrued property taxes, audit and tax fees, and interest payable on the Series’ bridge financing, related party

Due From (To) Third-party Property Managers

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

Property and Equipment

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

Impairment of Long-Lived Assets

The Company 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 six months ended June 30, 2025. 

F-35

Tenant Deposits

Tenant deposit liabilities represent security deposits received by tenant customers. This encompasses deposits administered by property management entities and liabilities associated with tenant deposits.

Operating Expenses

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

Revenue Recognition

The Series adopted ASU 2014-09, Revenue from Contracts with Customers, and its related amendments (collectively known as “ASC 606”), effective at inception using the modified retrospective transition approach applied to all contracts. There were no cumulative impacts that were made. The Series determines revenue recognition through the following steps:

● Identification of a contract with a customer;

● Identification of the performance obligations in the contract;

● Determination of the transaction price;

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

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

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

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

Comprehensive Income (Loss)

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

F-36

Organizational Costs

In accordance with FASB ASC 720, Organizational Costs, including 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.

Furthermore, each Series complies with the requirements to be a Real Estate Investment Trust (“REIT”), a special type of C corporation that files tax form 1120-REIT. A REIT may not be required to pay income tax at the corporate level because this form of corporation is permitted to deduct dividends paid to members as an expense. Therefore, if a REIT paid out all profit and capital gains to its members it could potentially report no taxable income. Tax losses of REITs are not allocated directly to members but, under current law, losses may be accumulated and carried forward indefinitely and be used to offset up to 80% of taxable income in any future year, thereby reducing the reported taxable income of the REIT.

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

Recently Issued and Not Yet Adopted and Adopted Accounting Pronouncements

In February 2016, FASB issued ASU 2016-02, Leases (Topic 842). This ASU requires a lessee to recognize a right-of-use asset and a lease liability under most operating leases in its balance sheet. The ASU is effective for annual and interim periods beginning after December 15, 2021. Early adoption is permitted. The Company adopted this standard upon inception and it did not have a material impact on their consolidated and consolidating financial statements.

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

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

NOTE 3: GOING CONCERN

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

F-37

NOTE 4: PROPERTY AND EQUIPMENT

Property and equipment, net consists of the following:

As of June 30, 2025

Series	Building		Land		Property Improvements		Total		Less: Accumulated Depreciation			Property and equipment, net
Adela	$	177,694	$	59,275	$	-	$	236,969	$	(538	)	$	236,431
Adler		269,931		91,250		-		361,181		(818	)		360,363
Alex		262,081		87,169		-		349,250		(2,383	)		346,867
Ameris		189,859		63,274		-		253,133		(1,151	)		251,982
Arbolado		255,659		85,000		-		340,659		(775	)		339,884
Belleglade		283,916		93,725		-		377,641		(1,721	)		375,920
Blair		263,735		87,500		-		351,235		-			351,235
Briarmanor		300,263		100,000		10,049		410,312		(335	)		409,977
Camphor		199,512		66,250		6,875		272,637		(2,272	)		270,365
Chesterton		405,018		134,500		-		539,518		-			539,518
Clark		240,284		82,500		-		322,784		(5,825	)		316,958
Cyrus		294,143		97,848		-		391,990		(891	)		391,099
Evie		195,526		64,750		-		260,276		-			260,276
Fortress		271,420		90,000		7,975		369,395		(2,044	)		367,351
Galleta		220,755		73,148		-		293,903		-			293,903
Gerardo		279,524		92,090		-		371,614		-			371,614
Goldfinger		410,340		137,473		-		547,813		(4,974	)		542,839
Hendricks		187,445		62,500		-		249,945		-			249,945
Lenka		250,306		82,500		-		332,806		(2,276	)		330,531
Liam		327,047		107,500		-		434,547		(2,973	)		431,574
Lilinoe		282,269		93,750		-		376,019		(855	)		375,164
Lois		240,284		82,500		5,440		328,224		(6,037	)		322,187
Marilyn		272,329		91,225		-		363,554		-			363,554
Metcalf		230,983		76,300		5,217		312,500		(961	)		311,540
Monroe		272,829		91,225		-		364,054		-			364,054
Nathan		135,998		45,000		-		180,998		-			180,998
Poshington		284,898		94,750		-		379,648		-			379,648
Pumpkin		247,731		81,581		-		329,312		(3,003	)		326,310
Raider		269,146		90,000		-		359,146		-			359,146
Sambino		227,757		74,981		-		302,738		(3,451	)		299,287
Sandpiper		294,093		97,848		-		391,940		-			391,940
Scarlett		329,801		109,500		-		439,301		(999	)		438,302
Sinalda		292,307		97,237		-		389,544		(2,657	)		386,887
Stonemill		293,784		97,500		-		391,284		-			391,284
Targaryen		294,372		98,250		-		392,622		(892	)		391,730
Tilly		234,773		77,500		5,570		317,843		(897	)		316,946
Troncos		263,733		87,500		-		351,233		(3,197	)		348,036
Tully		361,678		120,276		-		481,955		(2,192	)		479,763
Tyrell		244,055		80,371		-		324,426		(1,479	)		322,947
Vega		294,143		97,848		-		391,990		(891	)		391,099
Wasilla		309,135		103,750		8,875		421,760		(2,317	)		419,443
Wendover		283,505		93,750		-		377,255		-			377,255
Whippoorwill		282,366		93,250		-		375,616		-			375,616
Windgate		229,338		75,650		-		304,988		(695	)		304,293
Wyndsong		269,930		89,750		-		359,680		-			359,680
	$	12,025,691	$	3,999,544	$	50,001	$	16,075,236	$	(59,498	)	$	16,015,737

Depreciation expense was $56,556 for the six months ended June 30, 2025.

F-38

NOTE 5: BRIDGE FINANCING, RELATED PARTY

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

Series Name	Lender	Address	Bridge financing, related party		Interest Rate			Interest Only Period
Arrived OK Adela, LLC	Arrived Short Term Notes, LLC	1111 W. Fargo Road, Claremore, OK 74019	$	225,000		7.00	%	1 Year
Arrived NM Arbolado, LLC	Arrived Short Term Notes, LLC	3747 Greg Avenue Southwest, Albuquerque, NM 87121		323,000		7.00	%	1 Year
Arrived TN Blair, LLC	Arrived Short Term Notes, LLC	1425 Willow Springs Drive, Johnson City, TN 37604		332,000		6.50	%	1 Year
Arrived MO Briarmanor, LLC	Arrived Short Term Notes, LLC	1717 Briarmanor Drive, Lake Saint Louis, MO 63367		380,000		6.50	%	1 Year
Arrived WA Chesterton, LLC	Arrived Short Term Notes, LLC	304 NW 25th Place, Battle Ground, WA 98604		511,000		6.50	%	1 Year
Arrived AZ Cyrus, LLC	Arrived Short Term Notes, LLC	11513 W. Deanne Drive, Youngtown, AZ 85363		370,000		7.00	%	1 Year
Arrived Series Evie, a series of Arrived Homes 5, LLC	Arrived Short Term Notes, LLC	7229 Dowery Dell Way, Northport, AL 35473		246,000		6.50	%	1 Year
Arrived NC Galleta, LLC	Arrived Short Term Notes, LLC	3402 Saddlebred Drive, Gastonia, NC 28052		275,576		6.50	%	1 Year
Arrived TN Gerardo, LLC	Arrived Short Term Notes, LLC	445 Quiver Street, Johnson City, TN 37604		343,742		6.50	%	1 Year
Arrived IN Hendricks, LLC	Arrived Short Term Notes, LLC	216 Hendricks Place, Indianapolis, IN 46201		237,000		6.50	%	1 Year
Arrived OH Marilyn, LLC	Arrived Short Term Notes, LLC	3039 Lamptonridge Drive, Columbus, OH 43232		346,000		6.50	%	1 Year
Arrived OH Monroe, LLC	Arrived Short Term Notes, LLC	3051 Lamptonridge Drive, Columbus, OH 43232		346,000		6.50	%	1 Year
Arrived AR Nathan, LLC	Arrived Short Term Notes, LLC	1402 West 11th Street, North Little Rock, AR 72114		171,000		6.50	%	1 Year
Arrived VA Poshington, LLC	Arrived Short Term Notes, LLC	3120 Stony Valley Drive, Richmond, VA 23223		360,000		6.50	%	1 Year
Arrived OH Raider, LLC	Arrived Short Term Notes, LLC	1502 Winwood Drive, Loveland, OH 45140		342,000		6.50	%	1 Year
Arrived AZ Sandpiper, LLC	Arrived Short Term Notes, LLC	10281 North 115th Ave, Youngtown, AZ 85363		371,000		6.50	%	1 Year
Arrived AR Scarlett, LLC	Arrived Short Term Notes, LLC	954 Glass Street, Cave Springs, AR 72718		416,000		7.00	%	1 Year
Arrived AR Stonemill, LLC	Arrived Short Term Notes, LLC	2340 Stonemill Drive, Fayetteville, AR 72701		370,000		6.50	%	1 Year
Arrived TN Tilly, LLC	Arrived Short Term Notes, LLC	495 Cox Hollow Road, Kingsport, TN 37663		294,000		7.00	%	1 Year
Arrived GA Wendover, LLC	Arrived Short Term Notes, LLC	517 Windsong Drive, Rincon, GA 31326		356,000		6.50	%	1 Year
Arrived TN Whippoorwill, LLC	Arrived Short Term Notes, LLC	3047 Berna Way, Morristown, TN 37814		354,000		6.50	%	1 Year
Arrived NC Wyndsong, LLC	Arrived Short Term Notes, LLC	11320 Joe Morrison Lane, Charlotte, NC 28214		341,000		6.50	%	1 Year
			$	7,310,318

F-39

Bridge financings are secured by each Series’ property, generally have a term of 18 months, and bear interest at rates ranging from 6.5% to 7.5% per annum. These financings accrue interest on an interest-only basis, with all accrued interest payable at maturity or upon earlier repayment. As of June 30, 2025, all outstanding bridge financings mature in more than one year and are therefore presented as non-current liabilities on the consolidated and consolidating balance sheets. The notes do not carry any prepayment penalties.

During the six months ended June 30, 2025, several Series repaid bridge financings from Arrived Short Term Notes, LLC, in an aggregate amount of $7,532,559. The repayments, which were funded through proceeds from the issuance of membership units, settled the principal and all accrued interest in full.

Interest expense related to this financing for the six months ended June 30, 2025 was $170,907.

NOTE 6: MEMBERS’ EQUITY

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

The Manager will be responsible for directing the management of Series’ business and affairs, managing the day-to-day affairs, and implementing the Series’ investment strategy.

The Manager has a unilateral ability to amend the operating agreement and the allocation policy in certain circumstances without the consent of the investors. The investors only have limited voting rights with respect to the Series. The Manager has sole discretion in determining what distributions, if any, are made to interest holders except as otherwise limited by law or the operating agreement. The Series expects the Manager to make distributions on a monthly basis. However, the Manager may change the timing of distributions or determine that no distributions shall be made, in its sole discretion.

F-40

Membership Interests

During the six months ended June 30, 2025, the Series closed on its public offerings for net proceeds of $8,611,974. The following is a summary of the public offerings by each Series.

June 30, 2025

Series Name	# of Units Issued		Proceeds from the issuance of membership units		Issuance expense (1%)		Offering expense (2%)
Adela		-	$	-	$	-	$	-
Adler		42,611		394,425		4,261		8,524
Alex		41,068		380,050		4,107		8,223
Ameris		30,125		279,041		3,013		6,027
Arbolado		-		-		-		-
Belleglade		44,291		409,937		4,429		8,864
Blair		-		-		-		-
Briarmanor		-		-		-		-
Camphor		31,559		292,218		3,156		6,316
Chesterton		-		-		-		-
Clark		38,231		353,969		3,823		7,648
Cyrus		-		-		-		-
Evie		-		-		-		-
Fortress		43,385		401,935		4,339		8,677
Galleta		-		-		-		-
Gerardo		-		-		-		-
Goldfinger		63,956		591,504		6,396		12,800
Hendricks		-		-		-		-
Lenka		38,954		360,526		3,895		7,799
Liam		50,839		470,558		5,084		10,178
Lilinoe		44,300		410,024		4,430		8,866
Lois		-		-		-		-
Marilyn		-		-		-		-
Metcalf		36,416		337,215		3,642		7,283
Monroe		-		-		-		-
Nathan		-		-		-		-
Poshington		-		-		-		-
Pumpkin		38,831		359,521		3,883		7,776
Raider		-		-		-		-
Sambino		35,859		332,102		3,586		7,172
Sandpiper		-		-		-		-
Scarlett		-		-		-		-
Sinalda		45,707		422,948		4,571		9,141
Stonemill		-		-		-		-
Targaryen		45,844		424,311		4,584		9,175
Tilly		-		-		-		-
Troncos		41,261		381,859		4,126		8,255
Tully		56,288		520,752		5,629		11,259
Tyrell		38,317		354,803		3,832		7,665
Vega		45,949		425,168		4,595		9,197
Wasilla		41,088		375,129		4,109		9,862
Wendover		-		-		-		-
Whippoorwill		-		-		-		-
Windgate		36,069		333,979		3,607		7,224
Wyndsong		-		-		-		-
		930,948	$	8,611,974	$	93,095	$	187,931
			$	8,611,974	$	93,095	$	187,931
			$	-	$	-	$	-

F-41

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

● Out-of-pocket expenses: up to 2% of gross proceeds, $187,931.

● Sourcing fees: up to 3.5% of gross proceeds, $277,690.

● Financing and holding expenses: up to 2.5% of gross proceeds, $138,790.

Distributions

During the six months ended June 30, 2025, 8 Series made aggregate distributions to the investors of $28,607. Such distributions were recorded as reductions to members’ capital.

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

Series	June 30, 2025
Adela	$	-
Adler		-
Alex		-
Ameris		1,024
Arbolado		-
Belleglade		-
Blair		-
Briarmanor		-
Camphor		-
Chesterton		-
Clark		4,282
Cyrus		-
Evie		-
Fortress		-
Galleta		-
Gerardo		-
Goldfinger		-
Hendricks		-
Lenka		1,597
Liam		1,830
Lilinoe		-
Lois		8,139
Marilyn		-
Metcalf		-
Monroe		-
Nathan		-
Poshington		-
Pumpkin		4,038
Raider		-
Sambino		5,558
Sandpiper		-
Scarlett		-
Sinalda		-
Stonemill		-
Targaryen		-
Tilly		-
Troncos		2,138
Tully		-
Tyrell		-
Vega		-
Wasilla		-
Wendover		-
Whippoorwill		-
Windgate		-
Wyndsong		-
	$	28,607

F-42

NOTE 7: RELATED PARTY TRANSACATIONS

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

Due from (to) Related Party

The Series engage in various transactions with the Manager and its affiliates in the ordinary course of operating and financing activities. As of June 30, 2025, certain Series owed the Manager an aggregate of $569,085, primarily related to initial funding for property acquisitions. In addition, the Manager owed certain Series an aggregate of $71,295. These advances are non-interest bearing and have no stated repayment terms.

Deemed Contributions

During the six months ended June 30, 2025, certain Series received deemed contributions from the Manager totaling $94,899 in exchange for forgiveness of amounts previously due.

Management Compensation

During the six months ended June 30, 2025, total management compensation charged by the Manager, including sourcing fees, financing and holding expenses, offering expenses, asset management fees, reimbursements of acquisition expenses, property management fees, and interest expense from affiliates of Manager, were an aggregate of $674,095.

F-43

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

June 30, 2025

Series	Sourcing fees		Financing and holding expenses		Offering expenses		Asset management fee		Reimbursements of acquisition expenses		Property management fee, related party		Total
Adela	$	-	$	-	$	-	$	-	$	-	$	-	$	-
Adler		12,600		6,300		8,524		180		2,500		173		30,277
Alex		12,200		6,100		8,223		523		2,500		-		29,546
Ameris		8,780		4,390		6,027		251		2,500		151		22,099
Arbolado		-		-		-		-		-		-		-
Belleglade		13,120		6,560		8,864		375		2,500		186		31,605
Blair		-		-		-		-		-		-		-
Briarmanor		-		-		-		-		-		-		-
Camphor		9,270		4,630		6,316		398		2,500		70		23,183
Chesterton		-		-		-		-		-		-		-
Clark		11,250		5,620		7,648		643		2,500		270		27,931
Cyrus		-		-		-		-		-		-		-
Evie		-		-		-		-		-		-		-
Fortress		12,600		6,300		8,677		180		2,500		127		30,384
Galleta		-		-		-		-		-		-		-
Gerardo		-		-		-		-		-		43		43
Goldfinger		19,240		9,620		12,800		1,100		2,500		130		45,389
Hendricks		-		-		-		-		-		136		136
Lenka		11,550		5,770		7,799		495		2,500		276		28,390
Liam		15,050		7,520		10,178		645		2,500		395		36,288
Lilinoe		13,120		6,560		8,866		188		2,500		138		31,371
Lois		-		-		-		973		-		548		1,521
Marilyn		-		-		-		-		-		-		-
Metcalf		10,680		5,340		7,283		305		2,500		159		26,268
Monroe		-		-		-		-		-		-		-
Nathan		-		-		-		-		-		-		-
Poshington		-		-		-		-		-		-		-
Pumpkin		11,420		5,710		7,776		653		2,500		450		28,509
Raider		-		-		-		-		-		-		-
Sambino		10,490		5,240		7,172		750		2,500		527		26,678
Sandpiper		-		-		-		-		-		-		-
Scarlett		-		-		-		-		-		-		-
Sinalda		13,610		6,800		9,141		583		2,500		-		32,634
Stonemill		-		-		-		-		-		-		-
Targaryen		13,580		6,790		9,175		194		2,500		191		32,430
Tilly		-		-		-		-		-		-		-
Troncos		12,250		6,120		8,255		350		2,500		257		29,732
Tully		16,830		8,410		11,259		481		2,500		-		39,480
Tyrell		11,250		5,620		7,665		321		2,500		98		27,454
Vega		13,690		6,840		9,197		196		2,500		122		32,544
Wasilla		14,520		7,260		9,862		208		2,500		-		34,350
Wendover		-		-		-		-		-		-		-
Whippoorwill		-		-		-		-		-		-		-
Windgate		10,590		5,290		7,224		151		2,500		98		25,853
Wyndsong		-		-		-		-		-		-		-
	$	277,690	$	138,790	$	187,931	$	10,142	$	55,000	$	4,542	$	674,095

F-44

NOTE 8: INCOME TAXES

The Company is taxed as a C corporation for U.S. federal income tax purposes. In connection with its real estate activities, the Company is treated as a real estate investment trust (“REIT”) under the Internal Revenue Code.

As a REIT, the Company generally is not subject to U.S. federal income tax on taxable income that is distributed to stockholders, provided it meets all REIT qualification requirements, including distributing at least 90% of its taxable income and satisfying certain asset and income tests. For the year ended December 31, 2025, the Company anticipates that it will qualify as a REIT. As a result, the Company does not expect to incur a current federal tax liability for the year and thus, no tax provision is reflected for Series with net income for the six months ended June 30, 2025. For Series with net losses for the six months ended June 30, 2025, no income tax benefit is recognized as the Company has established a full valuation allowance on the net operating loss tax benefit.

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

Although the Company expects to qualify and be taxed as a REIT for U.S. federal income tax purposes, it may be subject to state and local income or franchise taxes in various jurisdictions. These taxes are generally imposed either due to the Company's legal entity status or as a result of owning or operating real estate assets within those jurisdictions. The Company evaluates its exposure to such taxes on a jurisdictional basis. For the six months ended June 30, 2025, state income and franchise tax obligations, if any, were not material to the consolidated and consolidating financial statements.

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

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

F-45

NOTE 9: SUBSEQUENT EVENTS

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

Acquisitions post June 30, 2025

LocationID	Series	Address	Acquisition Closing Date	Offering Closing Date	Purchase Price
E09_Fizzy	Fizzy	1019 Tomahawk Terrace, Johnson City, TN 37604	7/2/2025	Not Closed	$	366,810
E09_Camila	Camila	2504 Elmwood Avenue, Lowell, Arkansas 72745	7/9/2025	Not Closed		380,000
E09_Terrien	Terrien	5698 Prickly Loop, Ooltewah, TN 37363	7/23/2025	Not Closed		414,855
E09_Ashland	Ashland	400 Arrowhead Drive, Johnson City, TN 37601	7/23/2025	Not Closed		343,785
E09_Wildcat	Wildcat	2069 Southwood Circle, Morristown, TN 37813	7/23/2025	Not Closed		320,000
E09_Gracianna	Gracianna	5462 Rothermund Drive, Canal Winchester, OH 43110	8/20/2025	Not Closed		335,000
E09_Rivendell	Rivendell	117 Nettle Leaf Drive, Meridianville, AL 35759	8/27/2025	Not Closed		235,000
					$	2,395,450

The following list represents the following Series closed with the Securities and Exchange Commissions after June 30, 2025

Offerings closed post June 30, 2025

LocationID	Series	Address	Offering Closing Date	Closed Initial Raise Amount
E09_Gerardo	Gerardo	445 Quiver Street, Johnson City, TN 37604	7/10/2025	$	434,180
E09_Adela	Adela	1111 W. Fargo Road, Claremore, OK 74019	7/18/2025		283,070
E09_Tilly	Tilly	495 Cox Hollow Road, Kingsport, TN 37663	7/31/2025		370,140
E09_Hendricks	Hendricks	216 Hendricks Place, Indianapolis, IN 46201	7/16/2025		303,290
E09_Whippoorwill	Whippoorwill	3047 Berna Way, Morristown, TN 37814	7/31/2025		441,890
E09_Evie	Evie	7229 Dowery Dell Way, Northport, AL 35473	7/22/2025		308,840
E09_Nathan	Nathan	1402 West 11th Street, North Little Rock, AR 72114	7/14/2025		217,380
E09_Poshington	Poshington	3120 Stony Valley Drive, Richmond, VA 23223	7/31/2025		474,130
E09_Raider	Raider	1502 Winwood Drive, Loveland, OH 45140	8/21/2025		432,980
E09_Wyndsong	Wyndsong	11320 Joe Morrison Lane, Charlotte, NC 28214	8/14/2025		433,800
E09_Wendover	Wendover	517 Windsong Drive, Rincon, GA 31326	8/22/2025		440,660
E09_Cyrus	Cyrus	11513 W. Deanne Drive, Youngtown, AZ 85363	8/29/2025		459,840
E09_Marilyn	Marilyn	3039 Lamptonridge Drive, Columbus, OH 43232	8/29/2025		431,040
				$	5,031,240

During the period from July 1, 2025 through August 31, 2025, the Company has declared and paid aggregate dividends totaling $62,358.

F-46

ITEM 4. EXHIBITS

PART III – EXHIBITS

Exhibit No.	Description
2.1*	Certificate of Formation of Arrived Homes 5, LLC
2.2*	Limited Liability Company Agreement of Arrived Homes 5, LLC
3.1*	Form of Series Designation of Arrived Series [*], a series of Arrived Homes 5, LLC
4.1*	Form of Subscription Agreement of Arrived Series [*], a series of Arrived Homes 5, LLC
6.1*	Broker Dealer Agreement, dated October 14, 2024 between Arrived Homes 5, LLC and Dalmore Group, LLC
6.2*	Form of Promissory Note
6.3*	Form of Property Management Agreement dated [*], 202[*], between Marketplace Homes and Arrived Series [*], a series of Arrived Homes 5, LLC
6.4*	NCPS PPEX ATS Company Agreement
6.5*	Secondary Brokerage Agreement
6.7*	NCIT Software and Services License Agreement
6.8*	Purchase and Sale Agreement dated June 22, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Clark Property
6.8.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Clark dated July 19, 2024 for Arrived Series Clark Property
6.9*	Purchase and Sale Agreement dated June 22, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Lois Property
6.9.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Lois dated July 19, 2024 for Arrived Series Lois Property
6.10*	Purchase and Sale Agreement dated December 16, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Goldfinger Property
6.10.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Goldfinger dated [ ], 2025 for Arrived Series Goldfinger Property
6.11*	Purchase and Sale Agreement dated December 10, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Pumpkin Property
6.11.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Pumpkin dated January 24, 2025 for Arrived Series Pumpkin Property
6.12*	Purchase and Sale Agreement dated November 5, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Sambino Property
6.12.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Sambino dated November 21, 2024 for Arrived Series Sambino Property
6.13*	Purchase and Sale Agreement dated December 10, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Troncos Property
6.13.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Troncos dated December 13, 2024 for Arrived Series Troncos Property
6.14*	Purchase and Sale Agreement dated February 10, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Alex Property
6.14.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Alex dated February 21, 2025 for Arrived Series Alex Property
6.15*	Purchase and Sale Agreement dated January 11, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Camphor Property

8

6.15.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Camphor dated February 6, 2025 for Arrived Series Camphor Property
6.16*	Purchase and Sale Agreement dated February 11, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Lenka Property
6.16.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Lenka dated February 21, 2025 for Arrived Series Lenka Property
6.17*	Purchase and Sale Agreement dated January 12, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Liam Property
6.17.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Liam dated February 13, 2025 for Arrived Series Liam Property
6.18*	Purchase and Sale Agreement dated February 11, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Sinalda Property
6.18.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Sinaldi dated February 21, 2025 for Arrived Series Sinalda Property
6.19*	Purchase and Sale Agreement dated February 27, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Adler Property
6.19.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Adler dated March 18, 2025 for Arrived Series Adler Property
6.20*	Purchase and Sale Agreement dated February 19, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Ameris Property
6.20.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Ameris dated March 4, 2025 for Arrived Series Ameris Property
6.21*	Purchase and Sale Agreement dated February 20, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Belleglade Property
6.21.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Belleglade dated March 18, 2025 for Arrived Series Belleglade Property
6.22*	Purchase and Sale Agreement dated December 4, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Metcalf Property
6.22.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Metcalf dated March 27, 2025 for Arrived Series Metcalf Property
6.23*	Purchase and Sale Agreement dated March 5, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Scarlett Property
6.23.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Scarlett dated March 19, 2025 for Arrived Series Scarlett Property
6.24*	Purchase and Sale Agreement dated February 14, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Tully Property
6.24.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Tully dated March 4, 2025 for Arrived Series Tully Property
6.25*	Purchase and Sale Agreement dated February 20, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Tyrell Property
6.25.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Tyrell dated March 5, 2025 for Arrived Series Tyrell Property
6.26*	Purchase and Sale Agreement dated March 14, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Wasilla Property
6.26.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Wasilla dated March 17, 2025 for Arrived Series Wasilla Property
6.27*	Purchase and Sale Agreement dated February 13, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Adela Property
6.27.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Adela dated Month Day, 2025 for Arrived Series Adela Property
6.28*	Purchase and Sale Agreement dated April 14, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Arbolado Property
6.28.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Arbolado dated April 23, 2025 for Arrived Series Arbolado Property
6.29*	Purchase and Sale Agreement dated April 10, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Cyrus Property
6.29.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Cyrus dated March 27, 2025 for Arrived Series Cyrus Property
6.30*	Purchase and Sale Agreement dated February 11, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Fortress Property
6.30.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Fortress dated March 19, 2025 for Arrived Series Fortress Property

9

6.31*	Purchase and Sale Agreement dated February 11, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Lilinoe Property
6.31.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Lilinoe dated March 27, 2025 for Arrived Series Lilinoe Property
6.32*	Purchase and Sale Agreement dated March 12, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Targaryen Property
6.32.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Targaryen dated April 9, 2025 for Arrived Series Targaryen Property
6.33*	Purchase and Sale Agreement dated April 9, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Tilly Property
6.33.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Tilly dated April 25, 2025 for Arrived Series Tilly Property
6.34*	Purchase and Sale Agreement dated March 10, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Vega Property
6.34.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Vega dated March 27, 2025 for Arrived Series Vega Property
6.35*	Purchase and Sale Agreement dated April 9, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Blair Property
6.35.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Blair dated April 30, 2025 for Arrived Series Blair Property
6.36*	Purchase and Sale Agreement dated May 7, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Briarmanor Property
6.36.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Briarmanor dated April 30, 2025 for Arrived Series Briarmanor Property
6.37*	Purchase and Sale Agreement dated April 12, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Evie Property
6.37.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Evie dated May 1, 2025 for Arrived Series Evie Property
6.38*	Purchase and Sale Agreement dated February 6, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Fizzy Property
6.38.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Fizzy dated May 15, 2025 for Arrived Series Fizzy Property
6.39*	Purchase and Sale Agreement dated February 6, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Gerardo Property
6.39.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Gerardo dated May 1, 2025 for Arrived Series Gerardo Property
6.40*	Purchase and Sale Agreement dated May 7, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Hendricks Property
6.40.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Hendricks dated May 1, 2025 for Arrived Series Hendricks Property
6.41*	Purchase and Sale Agreement dated May 7, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Nathan Property
6.41.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Nathan dated May 9, 2025 for Arrived Series Nathan Property
6.42*	Purchase and Sale Agreement dated April 15, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Stonemill Property
6.42.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Stonemill dated April 22, 2025 for Arrived Series Stonemill Property
6.43*	Purchase and Sale Agreement dated April 14, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Terrien Property
6.43.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Terrien dated May 14, 2025 for Arrived Series Terrien Property
6.44*	Purchase and Sale Agreement dated April 10, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Whippoorwill Property
6.44.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Whippoorwill dated May 1, 2025 for Arrived Series Whippoorwill Property
6.45*	Purchase and Sale Agreement dated April 10, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Windgate Property
6.45.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Windgate dated April 23, 2025 for Arrived Series Windgate Property
6.46*	Purchase and Sale Agreement dated April 9, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Wyndsong Property
6.46.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Wyndsong dated May 13, 2025 for Arrived Series Wyndsong Property

10

6.47*	Purchase and Sale Agreement dated April 18, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Ashland Property
6.47.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Ashland dated June 20, 2025 for Arrived Series Ashland Property
6.48*	Purchase and Sale Agreement dated May 25, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Chesterton
6.48.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Chesterton dated June 11, 2025 for Arrived Series Chesterton
6.49*	Purchase and Sale Agreement dated April 14, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Galleta Property
6.49.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Galleta dated June 4, 2025 for Arrived Series Galleta Property
6.50*	Purchase and Sale Agreement dated April 23, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Marilyn Property
6.50.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Marilyn dated May 20, 2025 for Arrived Series Marilyn Property
6.51*	Purchase and Sale Agreement dated April 25, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Monroe Property
6.51.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Monroe dated May 20, 2025 for Arrived Series Monroe Property
6.52*	Purchase and Sale Agreement dated April 23, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Poshington Property
6.52.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Poshington dated May 13, 2025 for Arrived Series Poshington Property
6.53*	Purchase and Sale Agreement dated June 2, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Sandpiper Property
6.53.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Sandpiper dated June 20, 2025 for Arrived Series Sandpiper Property
6.54*	Purchase and Sale Agreement dated May 14, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Raider Property
6.54.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Raider dated June 3, 2025 for Arrived Series Raider Property
6.55*	Purchase and Sale Agreement dated April 10, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Wendover Property
6.55.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Wendover dated May 20, 2025 for Arrived Series Wendover Property
6.56*	Purchase and Sale Agreement dated April 10, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Wesley Property
6.56.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Wesley dated May 20, 2025 for Arrived Series Wesley Property
6.57*	Purchase and Sale Agreement dated June 20, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Wildcat Property
6.57.1*	Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Wildcat dated June 20, 2025 for Arrived Series Wildcat Property
11.1	Consent of Stephano Slack LLC
11.2	Consent of Maynard Nexsen PC (included in Exhibit 12.1)
12.1	Opinion of Maynard Nexsen PC
99.1*	Valuation Policy

11

SIGNATURES

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

ARRIVED HOMES 5, LLC
By:	Arrived Fund Manager, LLC, its managing member
By:	/s/ Ryan Frazier
Name:	Ryan Frazier
Title:	Chief Executive Officer
Date:	September 26, 2025

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

SIGNATURE	TITLE	DATE
/s/ Ryan Frazier	Chief Executive Officer of Arrived Holdings, Inc.	September 26, 2025
Ryan Frazier	(principal executive officer) Chief Executive Officer and Director of Arrived Homes 5, LLC
/s/ Sue Korn	Principal Financial and	September 26, 2025
Sue Korn	Accounting Officer of Arrived Holdings, Inc. Principal Financial and Accounting Officer of Arrived Homes 5, LLC
Arrived Fund Manager, LLC	Managing Member	September 26, 2025

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

12