# EDGAR Filing Document

**Accession Number:** 0001965132
**File Stem:** 0001965132-26-000001
**Filing Date:** 2026-2
**Character Count:** 67580
**Document Hash:** d75d76f21926ad570c139cfb5e96bbe8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001965132-26-000001.hdr.sgml**: 20260211

**ACCESSION NUMBER**: 0001965132-26-000001

**CONFORMED SUBMISSION TYPE**: 1-SA

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260211

**FILED AS OF DATE**: 20260211

**DATE AS OF CHANGE**: 20260211

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Landa Financing LLC
- **CENTRAL INDEX KEY:** 0001965132
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE [6500]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 922028006
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 1-SA
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 24R-00838
- **FILM NUMBER:** 26618852

**BUSINESS ADDRESS:**
- **STREET 1:** 996 GREENWOOD AVE NE
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30306
- **BUSINESS PHONE:** 646-905-0931

**MAIL ADDRESS:**
- **STREET 1:** 996 GREENWOOD AVE NE
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30306

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **UNITED STATES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **SECURITIES AND EXCHANGE COMMISSION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Washington, D.C. 20549**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **FORM 1-SA**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **SEMIANNUAL REPORT PURSUANT TO REGULATION A**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **or**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **SPECIAL FINANCIAL REPORT PURSUANT TO REGULATION A**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **For the fiscal semiannual period ended June 30, 2025**

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| |
|:---|
| **Landa Financing LLC** |
| (Exact name of issuer as specified in its charter) |

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| | |
|:---|:---|
| **Delaware** | **92-2028006** |
| (State or other jurisdiction of<br> incorporation or organization) | (I.R.S. Employer <br> Identification No.) |

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| | |
|:---|:---|
| **996 Greenwood Ave NE</sup> <br> Atlanta, GA** | **30306** |
| (Address of principal executive offices) | (Zip Code) |

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| |
|:---|
| **646-905-0931** |
| Issuer's telephone number, including area code |

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**THIS SEMI-ANNUAL REPORT MAY CONTAIN FORWARD-LOOKING STATEMENTS AND INFORMATION RELATING TO, AMONG OTHER THINGS, THE COMPANY, ITS BUSINESS PLAN** AND STRATEGY, AND ITS INDUSTRY. THESE FORWARD-LOOKING STATEMENTS ARE BASED ON THE BELIEFS OF, ASSUMPTIONS MADE BY, AND INFORMATION CURRENTLY AVAILABLE TO THE COMPANY'S MANAGEMENT. WHEN USED HEREIN, THE WORDS "ESTIMATE," "PROJECT," "BELIEVE," "ANTICIPATE," "INTEND," "EXPECT" AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY FORWARD-LOOKING STATEMENTS. THESE STATEMENTS REFLECT MANAGEMENT'S CURRENT VIEWS WITH RESPECT TO FUTURE EVENTS AND ARE SUBJECT TO RISKS AND UNCERTAINTIES THAT COULD CAUSE THE COMPANY'S ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE CONTAINED IN THE FORWARD-LOOKING STATEMENTS. INVESTORS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS, WHICH SPEAK ONLY AS OF THE DATE ON WHICH THEY ARE MADE.

**Factors that could cause or contribute to these differences include those contained in the section of THE COMPANY's latest offering circular (the "Offering Circular") FILED WITH the Securities and Exchange Commission ("SEC") entitled "**[**Risk Factors**](https://www.sec.gov/Archives/edgar/data/1965132/000121390023078431/ea185563-253g2_landafin.htm#a_005)**", which section is incorporated herein by reference.**

**Item 1. Management's Discussion and Analysis of Financial Condition and Results of Operations**

*You should read the following discussion and analysis of our financial condition and results of our operations together with our financial statements and related notes included in this report. This discussion contains forward-looking statements reflecting our current expectations that involve risks and uncertainties. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "would," "should," "expect," "plan," "anticipate," "believe," "estimate," "future," "intend," "could," "hope," "predict," "target," "potential," or "continue" or variations of these terms, the negative of these terms or other similar expressions. Actual results and the timing of events may differ materially from those contained in these forward-looking statements due to a number of factors, including those discussed in the section entitled "[Risk Factors](https://www.sec.gov/Archives/edgar/data/1965132/000121390023078431/ea185563-253g2_landafin.htm#a_005)" in our Offering Circular filed with the Securities Exchange Commission on September 21, 2023.*

**Overview**

Landa Financing LLC (the "Company") is a Delaware limited liability company, incorporated on January 18, 2023, that intends to qualify to be taxed as a real estate investment trust, or REIT, beginning with the taxable year ending December 31, 2023. The Company initially intends to provide first mortgage loans primarily to individual series limited liability companies that are managed by the parent of the Manager, specifically to series of Landa App LLC, Landa App 2 LLC, Landa App 3 LLC and other entities which in turn are managed by Landa Holdings, the parent company of the Manager (collectively, the "Landa Series LLCs"). The Manager's real estate team has experience investing in real estate across different cycles, property types and risk profiles. Thus, the Company may make loans to a wide variety of residential properties including single-tenant, multifamily and other real properties, including to borrowers that are not affiliated with the Manager. The properties owned by the Landa Series LLCs may be existing, income-producing properties, newly constructed properties or properties under development and are expected to be offered for leasing by their respective owners. The Company's debt investments will emphasize the payment of current returns to investors and preservation of invested capital as its primary investment objectives. The Company expects that its portfolio of investments will be secured primarily by U.S. based collateral.

The Company is managed by Landa Management LLC (our "Manager"). The Manager is a wholly-owned subsidiary of, Landa Holdings, Inc ("Landa Holdings"). Landa Holdings owns and operates an online investment platform, which is available on iOS and Android devices or our website at www.landa.app (the "Landa Platform"), through which the common shares of the Company ("Shares") will be made available for investment. Organization and offering expenses incurred through June 30, 2023 were paid by Landa Holdings. The Company does not currently have any employees nor do we currently intend to hire any employees who will be compensated directly by the Company. The Manager has the authority to make all of the decisions regarding our investments pursuant to the terms of the Company's amended and restated limited liability company agreement (the "Operating Agreement").

With respect to loans we make to series of Landa Series LLCs that do not yet own Properties, the initial loan amount is expected to be equal to 100% of the acquisition cost of a Property. Each such series will be conducting an offering, with the proceeds of such offering being used to prepay a portion of our loan to bring the loan to value ratio for our loan down to approximately 65%. There can be no assurance that a series of the Landa Series LLCs will conduct its offering or that the proceeds of such offering will be sufficient to pay down our loan to achieve a 65% loan to value ratio. With respect to loans we make to series of the Landa Series LLCs that already own Properties, we expect to use a portion of the net proceeds of the Offering to refinance existing debt of such series held by third parties and secured by the Properties. Following such refinancing, the Company may own all outstanding debt of such series, or only part of such debt, which may be subordinate to remaining third party debt. The target loan to value ratio for such refinanced loans is also 65%.

The Company's investment objectives are:

● to grow net cash from operations so that an increasing amount of cash flow is available for distributions to Shareholders;

● to enable Shareholders to realize returns on their investments by making distributions to Shareholders; and

● t o preserve, protect and return Shareholders' initial investments.

The Company may also seek to realize growth in the value of its investments by timing their liquidation to maximize value. See "Investment Objectives and Strategy – Investment Strategy" and "Estimated Use of Proceeds" from the Company's most recent Offering Circular for a description of the terms of our loans to the Landa Series LLCs, which can be found [**here**](https://www.sec.gov/Archives/edgar/data/1965132/000121390023078431/ea185563-253g2_landafin.htm#a_011) and [**here**](https://www.sec.gov/Archives/edgar/data/1965132/000121390023078431/ea185563-253g2_landafin.htm#a_006).

**Offering Results**

As of June 30, 2025, the company has not raised any sum from settled subscriptions. The Company does not currently intend to list the Shares for trading on a stock exchange or other trading market. However, the Company has adopted a redemption plan pursuant to which the Company may repurchase Shares from the holders of the outstanding Shares (each, a "Shareholder" and, collectively, the "Shareholders"). This redemption plan is currently suspended in line with disclosures made in our offering circular.

The initial offering price per Share set forth herein was determined by the Manager in its sole discretion. This initial price per Share bears no relationship to the Company's NAV Per Share or to any other established criteria for valuing equity interests. The initial price per share is not indicative of the proceeds that prospective investors would receive upon liquidation. Further, the initial price per Share may be significantly more than the price at which the Shares would trade if they were to be listed on an exchange or actively traded by broker-dealers. From the commencement of this Offering through June 30, 2025 (the "Initial Pricing Period"), the per Share purchase price for the Shares will be $10.00 per Share. Following the Initial Pricing Period, the per Share purchase price will be determined by the Manager on the first day of each calendar quarter that follows, in accordance with the Operating Agreement, and will equal the Company's NAV Per Share. Employees of the Manager will perform valuations of the Company's assets using a process that reflects (1) estimated values of each of the Company's real estate assets and investments (including properties underlying its loans), including related liabilities, based upon any of (a) with respect to properties underlying our mortgage loans (or properties we may own), market capitalization rates, comparable sales information, interest rates, net operating income, (b) with respect to debt, default rates, discount rates and loss severity rates, (c) for properties that have development or value add plans, progress along such development or value add plan, and (d) in certain instances reports of the underlying real estate provided by an independent valuation expert, (2) the price of liquid assets for which third party market quotes are available, (3) accruals of the Company's periodic distributions, if any, and (4) estimated accruals of the Company's operating revenues and expenses. Estimates will be based on information available to the Manager and the expertise and judgment of employees of the Manager. Actual values and results could differ from the estimates used by to value the Company's assets, and that difference could be significant. This valuation approach may result in a substantially different per Share price than Shareholders might receive for their Shares if they tried to sell them or if the Company liquidated its investment portfolio. The company has updated its NAV Price Per Share once the end of the initial pricing period. The details of the Company's revised NAV Price Per Share can be found [here](https://www.sec.gov/Archives/edgar/data/1965132/000196513225000011/financingnavpps1007.htm).

**Distributions**

To qualify as a REIT, and maintain our qualification as a REIT, we will be required to make aggregate annual distributions to our shareholders of at least 90% of our 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 we must distribute 100% of such income and gains annually. Our Manager may authorize distributions in excess of those required for us to maintain 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. Provided we have sufficient available cash flow, we intend to authorize and declare distributions based on daily record dates and pay distributions on a monthly or other periodic basis. We have not established a minimum distribution level.

The Company declared NO distributions for the period January 1, 2025 through June 30, 2025.

**Recent Developments**

The tables below provide information with respect to recent developments of the Company including dividend payments and loans. These recent developments are incorporated by reference to their respective hyperlinked Form 1-U filed by the Company and incorporated herein by reference.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Form 1-U | &nbsp;&nbsp;Subject | &nbsp;&nbsp;Subject |  |
| &nbsp;&nbsp;Filing Date and hyperlink | &nbsp;&nbsp;Loans | &nbsp;&nbsp;Distributions | &nbsp;&nbsp;Other |
| &nbsp;&nbsp;[01/09/2024](https://www.sec.gov/Archives/edgar/data/1965132/000196513224000001/oneulenddividend20240108.htm) | &nbsp;&nbsp;- | &nbsp;&nbsp;X | &nbsp;&nbsp;- |
| &nbsp;&nbsp;[03/04/2024](https://www.sec.gov/Archives/edgar/data/1965132/000196513224000002/oneulenddividend20240304.htm) | &nbsp;&nbsp;- | &nbsp;&nbsp;X | &nbsp;&nbsp;- |
| &nbsp;&nbsp;[05/13/2024](https://www.sec.gov/Archives/edgar/data/1965132/000196513224000006/oneulenddividend20240508.htm) | &nbsp;&nbsp;- | &nbsp;&nbsp;X | &nbsp;&nbsp;- |
| &nbsp;&nbsp;[06/11/2024](https://www.sec.gov/Archives/edgar/data/1965132/000196513224000016/oneulenddividend20240610.htm) | &nbsp;&nbsp;- | &nbsp;&nbsp;X | &nbsp;&nbsp;- |
| &nbsp;&nbsp;[07/05/2024](https://www.sec.gov/Archives/edgar/data/1965132/000188660624000019/oneulenddividend20240701.htm) | &nbsp;&nbsp;- | &nbsp;&nbsp;X | &nbsp;&nbsp;- |
| &nbsp;&nbsp;[08/14/2024](https://www.sec.gov/Archives/edgar/data/1965132/000188660624000028/oneulenddividend20240814.htm) | &nbsp;&nbsp;- | &nbsp;&nbsp;X | &nbsp;&nbsp;- |
| &nbsp;&nbsp;[09/05/2024](https://https://www.sec.gov/Archives/edgar/data/1965132/000188660624000037/oneulenddividend20240903.htm) | &nbsp;&nbsp;- | &nbsp;&nbsp;X | &nbsp;&nbsp;- |
| &nbsp;&nbsp;[10/07/2024](https://www.sec.gov/Archives/edgar/data/1965132/000188660624000046/landafinancing1004.htm) | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;Changes in Issuer's Certifying Accountant |
| &nbsp;&nbsp;[10/16/2024](https://www.sec.gov/Archives/edgar/data/1965132/000181510324000025/oneulenddividend20241015.htm) | &nbsp;&nbsp;- | &nbsp;&nbsp;X | &nbsp;&nbsp;- |
| &nbsp;&nbsp;[11/15/2024](https://www.sec.gov/Archives/edgar/data/1965132/000196513224000024/beltwayfinancing.htm) | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;Loan Sell Agreement |
| &nbsp;&nbsp;[11/20/2024](https://www.sec.gov/Archives/edgar/data/1965132/000196513224000026/financingnavpps1120.htm) | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;Quarterly NAV Share Price Adjustment |
| &nbsp;&nbsp;[01/21/2025](https://www.sec.gov/Archives/edgar/data/1965132/000196513225000002/financingnavpps1301.htm) | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;Quarterly NAV Share Price Adjustments |
| &nbsp;&nbsp;[04/09/2025](https://www.sec.gov/Archives/edgar/data/1965132/000188660625000008/040525platformfinancing.htm) | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;Technology and Service Provider Disruptions |
| &nbsp;&nbsp;[04/16/2025](https://www.sec.gov/Archives/edgar/data/1965132/000196513225000006/financingnavpps0415.htm) | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;Quarterly NAV Share Price Adjustments |
| &nbsp;&nbsp;[07/18/2025](https://www.sec.gov/Archives/edgar/data/1965132/000196513225000009/financingnavpps0718.htm) | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;Quarterly NAV Share Price Adjustments |
| &nbsp;&nbsp;[10/07/2025](https://www.sec.gov/Archives/edgar/data/1965132/000196513225000011/financingnavpps1007.htm) | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;Quarterly NAV Share Price Adjustments |

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**Results of Operations**

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| | | |
|:---|:---|:---|
| **Category** | **Six months ended June 30,** | **Six months ended June 30,** |
| | **2025** | **2024** |
| Interest Income | $26459 | $33808 |
| Management Fee | 5603 | 4781 |
| Platform fee | 1867 | 2301 |
| Professional Fee | 0 | 24000 |
| Other Expenses | 9950 |  |
| Loss on sale of mortgage loans receivable, related party | 0 |  |
| Total Expenses | 17420 | 31082 |
| Net Operating Income (Loss) before Income Taxes | 9039 | 2726 |
| Provision for Income Taxes |  |  |
| **Total Income (Loss)** | $**9039** | $**2726** |

---

*Interest Income.* The Company generated $26,459 in Interest Income for the six months ended June 30, 2025.

*Operating Expenses.* The Company incurred Operating Expenses of $17,420 for the period for the six months ended June 30, 2025.

*Net loss.* The Company incurred a total Loss of $9,039 for the six months ended June 30, 2025.

**Income Taxes**

We were organized and intend to operate to qualify for taxation as a REIT under the Internal Revenue Code, as amended. Our qualification and taxation as a REIT depends upon our ability to meet numerous requirements established under highly technical and complex income tax provisions, which are subject to interpretation and change, sometimes with retroactive effect.

**Liquidity and Capital Resources**

The Company will be dependent principally upon the net proceeds of its Offering to conduct its operations. The Company may obtain additional funds from any future offerings it may conduct, from secured or unsecured financings from banks and other lenders and from any undistributed funds from its operations. The Company may employ leverage in the sole discretion of the Manager, including without limitation for the purpose of quickly building a diversified investment portfolio. The exact amount of leverage accessed by the Company will depend on many factors, including the amount of collateral required to be posted, and availability and cost from financing providers, and will be determined by the Manager in its sole discretion.

In addition to making investments in accordance with the Company's investment objectives, the Company will use its funds to make certain payments to the Manager and its affiliates. These payments will include reimbursements for certain organization and offering expenses incurred by or on behalf of the Company, and payments to the Manager in connection with the management of the Company's assets and services provided to the Company by the Manager.

The Company intends to make an election to be taxed as a REIT under the Code, commencing with its taxable year ending December 31, 2023, and intends to continue to operate so as to remain qualified as a REIT for U.S. federal income tax purposes thereafter. To maintain its qualification as a REIT, the Company will be required to make aggregate annual distributions to the Shareholders of at least 90% of the Company's 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 the Company must distribute 100% of such income and gains annually. The Manager may authorize dividends in excess of those required for the Company to maintain its REIT status and/or to avoid such taxes on retained taxable income and gains depending on the Company's financial condition and such other factors as the Manager deems relevant. Provided the Company has sufficient available cash flow, it intends to authorize and declare dividends on a monthly basis (or otherwise as determined by the Manager) in arrears. For the avoidance of doubt, any dividends by the Company, and the amount of any such dividends, will be at the sole discretion of the Manager.

As of June 30, 2025, the Company had total assets of $818,164, which included $1,007 of cash and $318,540 of loans, $498,616 due from related party and $1,007 cash.

Organization and offering expenses incurred as of June 30, 2025 were paid by Landa Holdings. The company paid the Manager $0 for offering expenses during the period from January 1st, 2025 through June 30, 2025.

For further information regarding liquidity and capital resources, please see Statement of Cash Flows in the financial statements included in this Semi–Annual Report on Form 1-SA.

**Off-Balance Sheet Arrangements**

As of June 30, 2025, we had no off-balance sheet arrangements.

**Critical Accounting Policies and Accounting Estimates**

Critical accounting policies are defined as those that are reflective of significant judgments and uncertainties, and which could potentially result in materially different results under different assumptions and conditions. The Company believes that the most critical accounting policies upon which its financial condition depends, and which involve the most complex or subjective decisions or assessments, are set forth below.

***Allowance for Loan Losses*.** The allowance for loan losses is established through a provision for loan losses charged to expense, which affects our earnings directly. Loans are charged against the allowance for loan losses when the Company believes that the collectability of all or some of the principal is unlikely. Subsequent recoveries are added to the allowance. The allowance is an amount that reflects the Company's estimate of the level of probable incurred losses in the loan portfolio. Factors considered by the Company in determining the adequacy of the allowance include, but are not limited to, detailed reviews of individual loans, historical and current trends in loan charge-offs for the various portfolio segments evaluated, the level of the allowance in relation to total loans and to historical loss levels, levels and trends in non-performing and past due loans, external factors including regulatory, competition, and the Company's assessment of economic conditions.

The provision for loan losses is the charge to operating earnings necessary to maintain an adequate allowance for loan losses. We have developed policies and procedures for evaluating the overall quality of our loan portfolio and the timely identification of problem loans. The Company continuously reviews these policies and procedures and makes further improvements as needed. However, the Company's methodology may not accurately estimate inherent loss or external factors and changing economic conditions may impact the loan portfolio and the level of reserves in ways currently unforeseen.

Currently, the Company doesn't expect to accrue a provision for loan losses given the recent issuance of the loan and has not yet had sufficient time to assess the credit risk.

***Fair Value of Mortgage Loans Receivable***. The Company has the intent and ability to hold its mortgage loans to maturity. Therefore, mortgage loans are stated at their outstanding unpaid principal balance with interest thereon being accrued as earned. Mortgage loans receivable make up the only class of financing receivables within the Company's lending portfolio.

If the probable ultimate recovery of the carrying amount of a loan, with due consideration for the fair value of collateral, is less than amounts due according to the contractual terms of the loan agreement and the shortfall in the amounts due are not insignificant, the carrying amount of the loan will be reduced to the present value of estimated future cash flows discounted at the loan's effective interest rate. If a loan is collateral-dependent, it is valued at the estimated fair value of the related collateral. If events and or changes in circumstances cause the Company to have serious doubts about the further collectability of the contractual payments, a loan may be categorized as impaired and interest is no longer accrued. Any subsequent payments on impaired loans are applied to reduce the outstanding loan balances including accrued interest and advances.

For more information, please see "Plan of Operation" in the Company's most recent Offering Circular, which may be found [**here**](https://www.sec.gov/Archives/edgar/data/1965132/000121390023078431/ea185563-253g2_landafin.htm#a_012).

**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 Company believes the carrying amounts reported in the balance sheets approximate their fair value due to their short-term maturities.

**Related Party Arrangements**

For further information regarding related party arrangements, please see *Note 7* to the financial statements included in this Semi-Annual Report on Form 1-SA.

**Manager Compensation**

The Manager and its affiliates will receive fees and expense reimbursements for services relating to this Offering and the investment and management of the Company's assets. The items of compensation are summarized in the following table. Neither the Manager nor its affiliates will receive any sales commissions or dealer manager fees in connection with the offer and sale of the Shares.

*Organization and Offering Expenses – Manager or other affiliate*: The Company will reimburse the Manager and any applicable affiliates thereof for organization and offering expenses and for any future organization and offering expenses they may incur on behalf of the Company. The Manager may, in its sole discretion, suspend or waive, in whole or in part, the reimbursement by the Company of all or any portion of any such operating expenses incurred by the Manager on behalf of the Company.

*Management Fee – Manager*: The Management Fee is calculated as follows: (i) for the Initial Pricing Period, the Manager will be paid an amount equal to 1.5% of the total amount raised in the immediately preceding quarter; and (ii) following the Initial Pricing Period, the Manager will be paid an amount equal to 1.5% of the NAV of the Company at the end of each of the immediately preceding quarter. The Management Fee is payable quarterly in arrears. The Management Fee may be suspended, or waived, in whole or in part, in the sole discretion of the Manager. All or any portion of the Management Fee which is so deferred, suspended or waived will be deferred without interest and may be payable in any succeeding quarter as the Manager may determine in its sole discretion.

*Other Operating Expenses – Manager or other affiliate*: The Company will reimburse the Manager for out-of-pocket expenses paid by the Manager to third parties who provide services to the Company, including without limitation the Company's independent accountants. Such reimbursements will not include the Manager's overhead, payroll, utilities, technology costs or similar expenses payable by the Manager in connection with its business operations. The Manager may, in its sole discretion, suspend or waive, in whole or in part, the reimbursement by the Company of all or any portion of any such operating expenses incurred by the Manager on behalf of the Company. The expense reimbursements that we pay to the Manager also include expenses incurred by Landa Holdings in the performance of services under the shared services agreement between the Manager and Landa Holdings, including any increases in insurance attributable to the management or operation of our Company.

*Origination Fees and Other Fees Associated with Investments – Manager of other affiliate*: The Manager or its affiliates may charge fees to borrowers in connection with the Company's investments, including without limitation origination fees, upfront fees, exit fees, and lender discount points. The Manager or its affiliates will be entitled to retain the full amount of any such fees. Extension and modification fees may be collected from counterparties and payable to the Manager in its capacity as the servicer of the applicable asset. In the loan context, such fees are typically between one and three percent (1-3%) of the original or outstanding underlying loan amount, but could be higher depending on market rates and conditions. The Company will pay to the Manager the full amount of any such fees. Investment processing and other documentation fees, including without limitation underwriting fees, appraisal fees, title fees, inspection fees, escrow fees, environmental assessment fees, administration fees and other similar charges, may be collected from counterparties and payable to the Manager or its affiliates at prevailing industry rates. The Manager or its affiliates will be entitled to retain, or the Company will pay to such party, the full amount of any such fees.

*Platform Fee – Landa Holdings*: The Company will pay Landa Holdings a fee in connection with the Company's use of the Landa Platform on an annual basis in an amount equal to 0.50% of the Company's NAV as of the end of the applicable year.

*ACH Transfer Fees – Manager*: Investors can select between same-day ACH or standard ACH transfer timing. If an investor chooses standard ACH transfer timing (3-5 business days), the Manager pays all ACH fees on behalf of investors. If an investor chooses same-day ACH, the Manager may charge a fee of up to $1.99 for such ACH transfers.

*Repayment of Affiliate Loans – Manager, Sponsor or other affiliate*: The loan proceeds of the Company's loans to series of the Landa Series LLCs may be used by such entities to repay mortgage loans encumbering the Properties that were previously provided by the Manager or Sponsor.

*Recording Fee – Transfer Agent*: Upon each Closing, the Broker Dealer will pay the Transfer Agent a shareholder recording fee equal to $0.40.

The Company also notes that Landa Holdings will earn a portion of the interest revenue generated from funds held in customer Landa Accounts maintained by the Custodian.

**Trend Information**

*Interest Rates and Inflation*

While government stimulus and low interest rates encouraged 2021's robust economic rebound, this highly accommodative monetary policy also drove inflation to highs not seen in almost 40 years. As the consensus outlook on inflation has recently moved from "transitory" to more persistent, the Federal Reserve has markedly changed its stance to become more hawkish, signaling a prompt end to bond buying and a high likelihood of several rate increases in 2023. Significant increases in market interest rates on loans, or the perception that an increase may occur, could adversely affect our ability to originate new loans and our borrowers' ability to repay our loans. If this occurred, it could cause an increase in nonperforming assets and charge offs, which could adversely affect our business.

Despite expectations of tighter monetary policy and forthcoming Federal Reserve interest rate hikes, economic fundamentals remain sound. Furthermore, current forecasts capture expectations of broad rent growth, occupancy, and asset pricing in the real estate industry. We believe that our lending strategy combined with the experience and expertise of our Manager's management team will continue to provide attractive long-term returns for Shareholders.

**Subsequent Events**

For further information regarding "Subsequent Events", please see Note 8, *Subsequent Events*, in our financial statements below.

**Item 2. Other Information**

The mortgage loans to the following Series LLC were matured. The Company extended these loans by two years. No extension fees were charged.

---

| | | | |
|:---|:---|:---|:---|
| **Borrower** | **Loan Term Dates** | **Loan Term Dates** | **Loan Term Dates** |
| | **Loan Start Date** | **Loan End Date** | **Extension date** |
| Landa App LLC - 773 VILLA WAY JONESBORO GEORGIA LLC | 2023-09-01 | 2025-09-01 | 2027-09-01 |
| Landa App LLC - 8658 ASHLEY WAY DOUGLASVILLE GEORGIA LLC | 2023-08-18 | 2025-08-18 | 2027-08-18 |
| Landa App LLC - 8671 ASHLEY WAY DOUGLASVILLE GEORGIA LLC | 2024-01-25 | 2026-01-25 | 2028-01-25 |

---

**Item 3. Financial Statement (unaudited)**

The accompanying semiannual financial statements of the Company have been prepared in accordance with the instructions to Form 1-SA. Therefore, they do not include all information and footnotes necessary for a complete presentation of financial position, results of operations, cash flows, and stockholders' equity in conformity with accounting principles generally accepted in the United States of America. In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations and financial position have been included, and all such adjustments are of a normal recurring nature.

**LANDA FINANCING LLC.**

**INDEX TO FINANCIAL STATEMENTS (UNAUDITED)**

---

| | |
|:---|:---|
| [Balance Sheet as of June 30, 2025 (Unaudited) and December 31, 2024](#a_001) | F-1 |
| [Statement of Operations for the Period June 30, 2024 to June 30, 2025 (Unaudited)](#a_002) | F-2 |
| [Statement of Members' Equity for the Period June 30, 2024 to June 30, 2025 (Unaudited)](#a_003) | F-3 |
| [Statement of Cash Flows for the Period June 30, 2024 to June 30, 2025 (Unaudited)](#a_004) | F-4 |
| [Notes to Financial Statements](#a_005) | F-5 - F-9 |

---

**LANDA FINANCING LLC<br> COMBINED BALANCE SHEET**

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **Landa Financing LLC** | **As of June 30, 2025** | **As of December 31, 2024** |
| **COMBINED BALANCE SHEETS** | **2025** | **2024** |
| **Assets** |  |  |
| Cash & restricted cash | $1007.40 | $536971.00 |
| Due from related party | $498616.11 | $61774.00 |
| Mortgage loans receivable | $318540.00 | $306916.00 |
| Total assets | $818163.51 | $905661.00 |
| **Liabilities and members' equity** |  |  |
| Cash & restricted cash- Liability | $38.10 |  |
| Accrued expenses | $72035.00 | $89986.00 |
| Due to related party | $0.00 |  |
| Total liabilities | $72073.10 | $89986.00 |
| Members' equity | $746090.41 | $815675.00 |
| Total liabilities and members' equity | $818163.51 | $905661.00 |

---

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

**LANDA FINANCING LLC<br> STATEMENT OF OPERATIONS**

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **Results of Operations** | **Six months ended June 30, 2025** | **Six months ended June 30, 2024** |
| Interest Income | $26459 | $33808 |
| Management Fee | 5603 | 4781 |
| Platform fee | 1867 | 2301 |
| Professional Fee | 0 | 24000 |
| Other Expenses | 9950 |  |
| Loss on sale of mortgage loans receivable, related party | 0 |  |
| Total Expenses | 17420 | 31082 |
| Net Operating Income (Loss) before Income Taxes | 9039 | 2726 |
| Provision for Income Taxes |  |  |
| **Total Income (Loss)** | $**9039** | $**2726** |

---

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

**LANDA FINANCING LLC<br> STATEMENT OF MEMBERS' EQUITY**

**(UNAUDITED)**

---

| | |
|:---|:---|
| Balance at December 31, 2024 | $815675 |
| Members' contributions | -78624 |
| Distributions |  |
| Net loss | 9039 |
| **Balance at June 30, 2025 (unaudited)** | $**746090** |
| **Balance at June 30, 2023** | $**201192** |
| Balance at December 31, 2023 | $646424 |
| Members' contributions | 318711 |
| Distributions | (34006) |
| Net loss | 2726 |
| **Balance at June 30, 2024** | $**933855** |

---

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

**LANDA FINANCING LLC**

**STATEMENT OF CASH FLOWS**

**(UNAUDITED)**

<br> ---

| | | |
|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2024** |
| **Cash flows from operating activities:** |  |  |
| Net loss | $9039 | $2726 |
| Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |
| Loss on sale of mortgage loans receivable, related party |  |  |
| Accrued expenses | (17491.90) | 1187 |
| Due to related party | (411449.11) | (68829) |
| Net cash provided by operating activities | (419902) | (64916) |
| **Cash flows from investing activities:** |  |  |
| Proceeds from sale of mortgage loans receivable, related party | (11623) |  |
| Issuances of mortgage loans receivable, related party |  |  |
| Loans funded |  | (251541) |
| Net cash used in investing activities | (11623) | (251541) |
| **Cash flows from financing activities:** |  |  |
| Members' contributions | (104439.16) | 318710 |
| Acquisition note receivable |  |  |
| Distributions |  | (34005) |
| Net cash provided by financing activities | (104439) | 284705 |
| Net change in cash | (535964) | (31752) |
| Cash at beginning of period | 536971 | 26307 |
| **Cash at end of period** | $**1007** | $**(5445)** |
| **Supplemental disclosure of cash flow information:** |  |  |
| Cash paid for income taxes | $- | $- |
| Cash paid for interest | $- | $- |

---

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

**LANDA FINANCING LLC**

**NOTES TO FINANCIAL STATEMENTS**

**(UNAUDITED)**

**1. BUSINESS AND ORGANIZATION**

Landa Financing LLC (the "Company") is a limited liability company that was incorporated on January 18, 2023 under the laws of the State of Delaware and is managed by Landa Management LLC (the "Manager"). The Company intends to qualify as a real estate investment trust (REIT) as of the year ended December 31, 2023, with authority to issue up to $75,000,000 in 7,500,00 shares of common stock, $0.001 par value per share. The minimum initial investment by any investor is 25 shares ($250). The Company was formed to primarily lend in related party transactions to individual series limited liability companies that are managed by Landa Holdings, Inc. (Landa Holdings), the parent company of the Manager, specifically to series of the Landa Series LLCs. The Manager's real estate team has experience investing in real estate across different cycles, property types and risk profiles. Thus, in addition to the related party transactions, the Company may make loans to a wide variety of residential properties including single-tenant, multifamily and other real properties, including to borrowers that are not affiliated with the Manager. The properties owned by the Landa Series LLCs may be existing, income-producing properties, newly constructed properties or properties under development and are expected to be offered for leasing by their respective owners.

With respect to loans we make to series of Landa Series LLCs that do not yet own Properties, the initial loan amount is expected to be equal to 100% of the acquisition cost of a Property. Each such series will be conducting an offering, with the proceeds of such offering being used to prepay a portion of our loan to bring the loan to value ratio for our loan down to approximately 65%. There can be no assurance that a series of the Landa Series LLCs will conduct its offering or that the proceeds of such offering will be sufficient to pay down our loan to achieve a 65% loan to value ratio. With respect to loans we make to series of the Landa Series LLCs that already own Properties, we expect to use a portion of the net proceeds of the Offering to refinance existing debt of such series held by third parties and secured by the Properties. Following such refinancing, the Company may own all outstanding debt of such series, or only part of such debt, which may be subordinate to remaining third party debt. The target loan to value ratio for such refinanced loans is also 65%.

On April 12, 2023, the Company filed an offering statement with the Securities and Exchange Commission (the "SEC") pursuant to Regulation A under the Securities Act, also known as "Reg A+" to publicly offer 75,000,000 shares of its common stock for a price equal to $10 per share (the "Offering"). The Company obtained its notice of qualification from the SEC on May 1, 2023 and commenced selling shares of its common stock on May 2, 2023.

**2. GOING CONCERN**

The accompanying 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 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 is dependent upon its ability to continue to generate cash flow from interest income and/or obtain financing. However, there are no assurances that the Company can continue to generate cash flow from interest income or that financing can always be obtained when needed. The 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.

**3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

<u>Mortgage Loans Receivable</u>

Mortgage loans, which the Company has the intent and ability to hold to maturity, generally are stated at their outstanding unpaid principal balance with interest thereon being accrued as earned. Mortgage loans receivable make up the only class of financing receivables within the Company's lending portfolio. As a result, further segmentation of the loan portfolio is not considered necessary.

If the probable ultimate recovery of the carrying amount of a loan, with due consideration for the fair value of collateral, is less than amounts due according to the contractual terms of the loan agreement and the shortfall in the amounts due are not insignificant, the carrying amount of the investment shall be reduced to the present value of estimated future cash flows discounted at the loan's effective interest rate. If a loan is collateral dependent, it is valued at the estimated fair value of the related collateral.

Interest is accrued daily based on the principal of the loans. If events and or changes in circumstances cause management to have serious doubts about the further collectability of the contractual payments, a loan may be categorized as impaired and interest is no longer accrued. Any subsequent payments on impaired loans are applied to reduce the outstanding loan balances including accrued interest and advances.

<u>Membership Interest Secured Loans</u>

Beginning in January 2025, the Company also originates loans secured by pledged membership interests in affiliated or third–party entities. These loans are structured as promissory notes with accompanying Membership Interest Pledge Agreements, under which the borrower grants a security interest in equity interests rather than real estate.

<u>Allowance for Loan Losses</u>

Loans and the related accrued interest are analyzed on a periodic basis for recoverability. Delinquencies are identified and followed as part of the loan system. A provision is made for loan losses to adjust the allowance for loan losses to an amount considered by management to be adequate, with due consideration to collateral value, to provide for unrecoverable loans and receivables, including impaired loans, accrued interest and advances on loans. As a collateral-based lender, the Company does not consider credit risks which may be inherent in a further segmented loan portfolio as a basis for determining the adequacy of its allowance for loan losses but rather focuses solely on the underlying collateral value of the loans in its portfolio to do so. As a result, the Company does not consider further segmentation of its loan portfolio and related disclosures necessary. The Company writes off uncollectible loans and related receivables directly to the allowance for loan losses once it is determined that the full amount is not collectible. No allowance was provided for during the period ended June 30, 2025.

<u>Income Taxes</u>

We were organized and intend to operate so as to qualify for taxation as a REIT under the Internal Revenue Code, as amended. Our qualification and taxation as a REIT depends upon our ability to meet numerous requirements established under highly technical and complex income tax provisions, which are subject to interpretation and change, sometimes with retroactive effect.

If we fail to qualify as a REIT in any fiscal year, we will be subject to federal income tax (including any applicable alternative minimum tax) on our taxable income at regular corporate rates. Moreover, unless we are entitled to relief under specific statutory provisions, we would also be disqualified as a REIT for four taxable years following the year in which our REIT qualification was lost.

The Company intends, although is not legally obligated, to make regular monthly distributions to holders of its shares at least at the level required to maintain REIT status unless the results of operations, general financial condition, general economic conditions or other factors inhibits the Company from doing so. Distributions are authorized at the discretion of the manager which is directed, in substantial part, by its obligations to cause the Company to comply with the REIT requirements of the Internal Revenue Code.

The REIT must pass these four tests annually in order to retain its special tax status:

1. *Distribution test*. The REIT must distribute at least 90 percent of its annual taxable income, excluding capital gains, as dividends to its stockholders.

2. *Assets test.* The REIT must have at least 75 percent of its assets invested in real estate, mortgage loans, shares in other REITs, cash, or government securities.

3. *Income test.* The REIT must derive at least 75 percent of its gross income from rents, mortgage interest, or gains from the sale of real property. And at least 95 percent must come from these sources, together with dividends, interest and gains on securities sales.

4. *Stockholders test.* The REIT must have at least 100 stockholders and must have less than 50 percent of its outstanding shares concentrated in the hands of five or fewer individuals.

The Company has concluded that there are no other significant uncertain tax positions requiring recognition in its financial statements. The Company has not been assessed material interest or penalties by any major tax jurisdictions.

<u>Use of Estimates</u>

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions.

<u>Concentration of Risk</u> 

The Company is exposed to a concentration of revenue and asset risk as a result of its dependence on a limited number of borrowers. The Company's revenue is primarily derived from interest income from mortgage activities, and there is currently one borrower whose interest payment represented 100% of total interest income and mortgage loans receivable as of June 30, 2025. To mitigate this risk, the Company is actively pursuing efforts to expand its borrower base.

**4. FAIR VALUE MEASUREMENTS**

Fair value is an exit price, representing the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants based on the highest and best use of the asset or liability. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The Company uses valuation techniques to measure fair value that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized as follows:

 

*Level 1* - Observable inputs, such as quoted prices for identical assets or liabilities in active markets;

*Level 2* - Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly, such as quoted prices for similar assets or liabilities, or market-corroborated inputs; and

 

*Level 3* - Unobservable inputs for which there is little or no market data which require the reporting entity to develop its own assumptions about how market participants would price the assets or liabilities.

The valuation techniques that may be used to measure fair value are as follows:

 

*Market approach* - Uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.

 

*Income approach* - Uses valuation techniques to convert future amounts to a single present amount based on current market expectations about those future amounts, including present value techniques, option-pricing models, and excess earnings method.

 

*Cost approach* - Based on the amount that currently would be required to replace the service capacity of an asset (replacement cost).

The carrying amount of the Company's financial instruments, such as cash, accrued expenses, and due to/from related party approximate their fair value because of their short maturities. The Company believes the carrying amount of the mortgage loan receivable approximates fair value based on interest rates and other terms currently available to the Company for debt instruments.

**5. LOANS RECEIVABLE**

As of June 30, 2025, the mortgage loans receivable portfolio consisted of a loans with a total value of $306,917.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Borrower** | **Loan Start Date** | **Loan End Date** | **Term (in<br>months)** | **Interest Rate** | **Loan Amount** | **Monthly Payment** |
| Landa App LLC - 773 VILLA WAY JONESBORO GEORGIA LLC | 2023-09-01 | 2025-09-01 | 24 | SOFR + 3.5% | $71906 | $530.05 |
| Landa App LLC - 8658 ASHLEY WAY DOUGLASVILLE GEORGIA LLC | 2023-08-18 | 2025-08-18 | 24 | SOFR + 3.5% | $114545 | $844.36 |
| Landa App LLC - 8671 ASHLEY WAY DOUGLASVILLE GEORGIA LLC | 2024-01-25 | 2026-01-25 | 24 | SOFR + 3.5% | $120466 | $888.01 |

---

For the six months period ended in June 30, 2025, interest income from mortgage loans receivable amounted to $879.

**Other Loans Receivables**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Property name** | **Loan start date** | **Loan End Date** | **Term (in<br>months)** | **Interest Rate** | **Loan Amount** | **Monthly Payment<br>(Principal + interest)** |
| Landa App 2 LLC - 2174 Scarbrough Road Stone Mountain GA LLC | January 17, 2025 | January 17, 2027 | 24 | 10% | $9618.79 | $480.94 |
| Landa App 2 LLC - 303 Kellys Walk Locust Grove GA LLC | January 28, 2025 | January 28, 2027 | 24 | 10% | $11382.55 | $569.13 |
| Landa App 2 LLC - 3192 Lake Monroe Road Douglasville GA LLC | January 17, 2025 | January 17, 2027 | 24 | 10% | $10682.83 | $534.14 |
| Landa App 2 LLC - 4085 Springvale Way Mcdonough GA LLC | January 17, 2025 | January 17, 2027 | 24 | 10% | $10053.69 | $502.68 |
| Landa App LLC - 1007 Leeward Way Jonesboro GA LLC | January 17, 2025 | January 17, 2027 | 24 | 10% | $8798.33 | $439.92 |
| Landa App LLC - 10167 Port Royal Court Jonesboro GA LLC | January 21, 2025 | January 21, 2027 | 24 | 10% | $9935.43 | $496.77 |
| Landa App LLC - 107 Oakwood Circle Griffin GA LLC | February 3, 2025 | February 3, 2027 | 24 | 10% | $1290.10 | $64.51 |
| Landa App LLC - 1394 Oakview Circle Forest Park GA LLC | January 28, 2025 | January 28, 2027 | 24 | 10% | $6582.95 | $329.15 |
| Landa App LLC - 157 Wells Road Jenkinsburg GA LLC | February 3, 2025 | February 3, 2027 | 24 | 10% | $1770.74 | $88.54 |
| Landa App LLC - 1703 Summerwoods Lane Griffin GA LLC | January 17, 2025 | January 17, 2027 | 24 | 10% | $8668.26 | $433.41 |
| Landa App LLC - 1712 Summerwoods Lane Griffin GA LLC | January 17, 2025 | January 17, 2027 | 24 | 10% | $8514.72 | $425.74 |
| Landa App LLC - 1741 Park Lane Griffin GA LLC \* | January 28, 2025 | January 28, 2027 | 24 | 10% | $9656.69 | $482.83 |
| Landa App LLC - 1743 Summerwoods Lane Griffin GA LLC | January 17, 2025 | January 17, 2027 | 24 | 10% | $591.38 | $29.57 |
| Landa App LLC - 1750 Summerwoods Lane Griffin GA LLC | January 17, 2025 | January 17, 2027 | 24 | 10% | $610.76 | $30.54 |
| Landa App LLC - 1910 Grove Way Hampton GA LLC | January 28, 2025 | January 28, 2027 | 24 | 10% | $9210.68 | $460.53 |
| Landa App LLC - 440 Freestone Drive Newnan GA LLC \*\* | January 14, 2025 | January 14, 2027 | 24 | 10% | $1540.29 | $77.01 |
| Landa App LLC - 4474 Highwood Park Drive East Point GA LLC | January 17, 2025 | January 17, 2027 | 24 | 10% | $888.02 | $44.40 |
| Landa App LLC - 5329 Shirewick Lane Lithonia GA LLC \*\* | January 14, 2025 | January 14, 2027 | 24 | 10% | $1674.50 | $83.73 |
| Landa App LLC - 593 Country Lane Drive Jonesboro GA LLC \* | January 28, 2025 | January 28, 2027 | 24 | 10% | $8253.92 | $412.70 |
| Landa App LLC - 6386 Forester Way Lithonia GA LLC | January 14, 2025 | January 14, 2027 | 24 | 10% | $1559.58 | $77.98 |
| Landa App LLC - 6436 Stone Terrace Morrow GA LLC | January 21, 2025 | January 21, 2027 | 24 | 10% | $7412.56 | $370.63 |
| Landa App LLC - 6440 Woodstone Terrace Morrow GA LLC | January 28, 2025 | January 28, 2027 | 24 | 10% | $7362.61 | $368.13 |
| Landa App LLC - 6848 Sandy Creek Drive Riverdale GA LLC | January 28, 2025 | January 28, 2027 | 24 | 10% | $8042.66 | $402.13 |
| Landa App LLC - 687 Utoy Court Jonesboro GA LLC | January 29, 2025 | January 29, 2027 | 24 | 10% | $8574.72 | $428.74 |
| Landa App LLC - 70 Shenandoah Lane Covington GA LLC | January 14, 2025 | January 14, 2027 | 24 | 10% | $1539.06 | $76.95 |
| Landa App LLC - 7349 Exeter Court Riverdale GA LLC | January 21, 2025 | January 21, 2027 | 24 | 10% | $8335.29 | $416.76 |
| Landa App LLC - 843 Tramore Drive Stockbridge GA LLC | February 3, 2025 | February 3, 2027 | 24 | 10% | $1561.96 | $78.10 |
| Landa App LLC - 8641 Ashley Way Douglasville GA LLC | January 21, 2025 | January 21, 2027 | 24 | 10% | $9905.46 | $495.27 |
| Landa App LLC - 8645 Embrey Drive Jonesboro GA LLC | January 29, 2025 | January 29, 2027 | 24 | 10% | $8545.54 | $427.28 |
| Landa App LLC - 8651 Ashley Way Douglasville GA LLC | January 21, 2025 | January 21, 2027 | 24 | 10% | $8453.66 | $422.68 |
| Landa App LLC - 8652 Ashley Way Douglasville GA LLC | January 21, 2025 | January 21, 2027 | 24 | 10% | $8796.50 | $439.83 |
| Landa App LLC - 8653 Ashley Way Douglasville GA LLC | January 24, 2025 | January 24, 2027 | 24 | 10% | $7945.92 | $397.30 |
| Landa App LLC - 8654 Ashley Way Douglasville GA LLC | January 24, 2025 | January 24, 2027 | 24 | 10% | $9678.78 | $483.94 |
| Landa App LLC - 8655 Ashley Way Douglasville GA LLC | January 24, 2025 | January 24, 2027 | 24 | 10% | $8005.35 | $400.27 |
| Landa App LLC - 8659 Ashley Way Douglasville GA LLC | January 24, 2025 | January 24, 2027 | 24 | 10% | $7989.43 | $399.47 |
| Landa App LLC - 8662 Ashley Way Douglasville GA LLC | January 24, 2025 | January 24, 2027 | 24 | 10% | $572.26 | $28.61 |
| Landa App LLC - 8667 Ashley Way Douglasville GA LLC | February 3, 2025 | February 3, 2027 | 24 | 10% | $1092.54 | $54.63 |
| Landa App LLC - 8668 Ashley Way Douglasville GA LLC | January 24, 2025 | January 24, 2027 | 24 | 10% | $685.9 | $34.30 |
| Landa App LLC - 8670 Ashley Way Douglasville GA LLC | January 24, 2025 | January 24, 2027 | 24 | 10% | $9106.87 | $455.34 |
| Landa App LLC - 8674 Ashley Way Douglasville GA LLC | January 24, 2025 | January 24, 2027 | 24 | 10% | $8483.97 | $424.20 |
| Landa App LLC - 8675 Ashley Way Douglasville GA LLC | January 24, 2025 | January 24, 2027 | 24 | 10% | $8859.57 | $442.98 |
| Landa App LLC - 8677 Ashley Way Douglasville GA LLC | January 28, 2025 | January 28, 2027 | 24 | 10% | $9453.32 | $472.67 |
| Landa App LLC - 8678 Ashley Way Douglasville GA LLC | January 28, 2025 | January 28, 2027 | 24 | 10% | $10268.98 | $513.45 |
| Landa App LLC - 8679 Ashley Way Douglasville GA LLC | January 28, 2025 | January 28, 2027 | 24 | 10% | $10277.46 | $513.87 |
| Landa App LLC - 8691 Ashley Way Douglasville GA LLC | February 3, 2025 | February 3, 2027 | 24 | 10% | $1186.94 | $59.35 |
| Landa App LLC - 8697 Ashley Way Douglasville GA LLC | February 3, 2025 | February 3, 2027 | 24 | 10% | $1745.48 | $87.27 |
| Landa App LLC - 8780 Churchill Place Jonesboro GA LLC | January 29, 2025 | January 29, 2027 | 24 | 10% | $11597.10 | $579.86 |
| Landa App LLC - 8796 Parliament Place Jonesboro GA LLC | January 13, 2025 | January 13, 2027 | 24 | 10% | $5500.00 | $275.00 |
| Landa App LLC - 9439 Lakeview Road Union City GA LLC | January 17, 2025 | January 17, 2027 | 24 | 10% | $13050.49 | $652.52 |
| **Total** |  |  |  |  | $**325314.59** |  |

---

\* The properties underlying these Series were sold by the Manager. The loan provided by Landa Financing to 593 Country Lane was repaid/not repaid and remains outstanding against the Series.

\*\* The properties underlying these Series were foreclosed by the respective Lenders holding foreclosure rights upon default senior to Company. The loans provided by the Company were not repaid and still remain outstanding against the Series.

For the six months period ended in June 30, 2025, interest income from other loans receivable amounted to $5,935.

**6. RELATED PARTY TRANSACTIONS**

<u>Management Fee</u>

For managing the Company's operations, the Manager will receive a quarterly management fee. During the 'Initial Pricing Period', defined as commencement of the Offering, May 2, 2023, through June 30, 2024, the Company will pay the manager a management fee equal to 1.50% of the total amount raised in the immediately preceding quarter. Following the 'Initial Pricing Period', the Manager will be paid an amount equal to 1.5% of the net asset value ("NAV") of the Company at the end the immediately preceding quarter.

For the six months period ended in June 30, 2025, the Company incurred $5,603 in management fees.

<u>Platform Fee</u>

The Company will pay Landa Holdings up to 0.50% of total investment value of the assets in connection with the Company's use of the Landa Platform on an annual basis. For the period June 30, 2024 to June 30, 2025, the Company incurred $1,867 for such platform fees.

**7. MEMBERS' EQUITY**

The Company is organized as a limited liability company. As such, the liability of the members of the Company for the financial obligations of the Company is limited to each member's contribution of capital.

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.

<br> 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. For the six month period ended in June 30, 2025 the Company made no distributions.

**8. COMMITMENTS AND CONTINGENCIES**

<u>Redemption of Membership Interests</u>

The Company has adopted a share repurchase program that enables stockholders to sell their common stock to the Company in limited circumstances. However, in line with the disclosures contained in our Offering Circular, the redemption plan is suspended until further notice by the Manager.

For more information on the share redemption plan, please see the "Redemption Plan" in the Company's most recent offering circular, which may be found **[here](https://www.sec.gov/Archives/edgar/data/1965132/000196513224000020/landafinancing253g0712.htm)**.

<u>Legal Proceedings</u>

From time-to-time, the Company may become party to legal proceedings that arise in the ordinary course of its business. The Company is not a party to any legal proceeding, nor is the Company aware of any pending or threatened litigation that would have a material adverse effect on the Company's business, operating results, cash flows or financial condition should such litigation be resolved unfavorably.

**9. SUBSEQUENT EVENTS**

On April 15th, 2025, the Company updated its NAV Price Per Share, according to its NAV. The details of the Company's revised NAV Per Share can be found [here](https://www.sec.gov/Archives/edgar/data/1965132/000196513225000006/financingnavpps0415.htm).

For the period from July 1, 2025 through December, 2025, the Company has not declared and distributed dividends.

*Sale of Properties by Series LLC*

The following Series LLC owed a total of $17,910 in Other Loans to the Company. The Management of these Series LLC sold the underlying properties. The loan provided to Landa App LLC – 593 Country Lane Drive Jonesboro GA LLC was not repaid.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Property name** | **Loan start date** | **Loan End Date** | **Term (in<br>months)** | **Interest Rate** | **Loan Amount** |
| Landa App LLC - 1741 Park Lane Griffin GA LLC \* | January 28, 2025 | January 28, 2027 | 24 | 10% | $9656.69 |
| Landa App LLC - 593 Country Lane Drive Jonesboro GA LLC \* | January 28, 2025 | January 28, 2027 | 24 | 10% | $8253.92 |

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*Foreclosure of Properties held by Series LLC* 

The following Series LLC owed a total of $3,214.79 in other loans to the Company. However, the properties underlying these Series were foreclosed by lender holding senior mortgage lien on the properties. The total loan outstanding as of the sale foreclosure has not been repaid and therefore written off.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Property name** | **Loan start date** | **Loan End Date** | **Term (in<br>months)** | **Interest Rate** | **Loan Amount** |
| Landa App LLC - 440 Freestone Drive Newnan GA LLC \*\* | January 14, 2025 | January 14, 2027 | 24 | 10% | $1540.29 |
| Landa App LLC - 5329 Shirewick Lane Lithonia GA LLC \*\* | January 14, 2025 | January 14, 2027 | 24 | 10% | $1674.50 |

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Commencement of Membership Interest Secured Lending Activity

Beginning January 25, 2025, the Company launched a new investment initiative focused on originating secured loans backed by pledged membership interests. These loans are formalized through promissory notes and Membership Interest Pledge Agreements. This strategy represents an expansion of the Company's financing model and was previously referenced in a supplement to the Offering Circular filed pursuant to Rule 253(g)(2) on January 29, 2025.

For the period from July 1, 2025 through February 11, 2026, the Company loaned an aggregate of $87,503 to various Series LLCs to support their operating cash flow needs. The loans bear interest at a rate of 10% per annum, payable monthly, with principal repayment due 24 months from the date of each loan.

*Assumption of Loan*

The mortgage loan availed by Landa App LLC – 773 Villa Way Jonesboro GA LLC was assumed by Mazz GA LLC on January 29, 2026.

**ITEM 4. EXHIBITS**

**INDEX OF EXHIBITS**

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| | |
|:---|:---|
| **No.** | **Exhibit Description** |
| 2.1 | [Certificate of Formation\* (incorporated by reference to the copy thereof submitted as an exhibit to the Company's Form 1-A filed on March 22, 2023)](http://www.sec.gov/Archives/edgar/data/1965132/000121390023022142/ea175606ex2-1_landafinan.htm) |
| 2.2 | [Form of Amended and Restated Operating Agreement\* (incorporated by reference to the copy thereof submitted as an exhibit to the Company's Form 1-A/A filed on March 24, 2023)](http://www.sec.gov/Archives/edgar/data/1965132/000121390023022852/ea175737ex2-2_landafinan.htm) |
| 4.1 | [Form of Subscription Agreement\* (incorporated by reference to the copy thereof submitted as an exhibit to the Company's Form 1-A/A filed on March 24, 2023)](http://www.sec.gov/Archives/edgar/data/1965132/000121390023022852/ea175737ex4-1_landafinan.htm) |
| 6.1 | [Shared Services Agreement\* (incorporated by reference to the copy thereof submitted as an exhibit to the Company's Form 1-A/A filed on March 24, 2023)](http://www.sec.gov/Archives/edgar/data/1965132/000121390023022852/ea175737ex6-1_landafinan.htm) |

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\* Previously filed

**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.

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| | |
|:---|:---|
| **LANDA FINANCING LLC** | **LANDA FINANCING LLC** |
| By: | Landa Management LLC, as manager |
| By: | Landa Holdings, Inc., as member manager |
| By: | /s/ Yishai Cohen |
|  | Yishai Cohen <br> Chairman, Chief Executive Officer and<br> President of Landa Holdings, Inc. |

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Date: February 11, 2026

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

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| | | |
|:---|:---|:---|
| **Name** | **Title** | **Date** |
| /s/ Yishai Cohen | Chairman, Chief Executive Officer and President of Landa Holdings, Inc. | February 11, 2026 |
| Yishai Cohen | (principal executive officer, principal financial officer) |  |

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