# EDGAR Filing Document

**Accession Number:** 0001962723
**File Stem:** 0001213900-26-049888
**Filing Date:** 2026-4
**Character Count:** 465901
**Document Hash:** 88b1cf2977ce7c1c17c8705ddd3f25b1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-049888.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001213900-26-049888

**CONFORMED SUBMISSION TYPE**: 1-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Arrived Homes 3, LLC
- **CENTRAL INDEX KEY:** 0001962723
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE [6500]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 921716073
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 1-K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 24R-00880
- **FILM NUMBER:** 26921455

**BUSINESS ADDRESS:**
- **STREET 1:** 1 WEST MOUNTAIN STREET, SUITE 109
- **CITY:** FAYETTEVILLE
- **STATE:** AR
- **ZIP:** 72701
- **BUSINESS PHONE:** 814-277-4833

**MAIL ADDRESS:**
- **STREET 1:** 1 WEST MOUNTAIN STREET, SUITE 109
- **CITY:** FAYETTEVILLE
- **STATE:** AR
- **ZIP:** 72701

## Part

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 1-K**

**ANNUAL REPORT PURSUANT TO REGULATION A**

For the fiscal year ended:

**December 31, 2025**

**ARRIVED HOMES 3, LLC**<br> (Exact name of issuer as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **92-1716073** |
| State of other jurisdiction of <br> incorporation or Organization | (I.R.S. Employer <br> Identification No.) |

---

**1700 Westlake Ave North, Suite 200**

**Seattle, WA 98109**

(Full mailing address of principal executive offices)

**(814)-277-4833**<br> (Issuer's telephone number, including area code)

**www.arrived.com**<br> (Issuer's website)

**Arrived Series Haven; Arrived Series Chilhowee; Arrived Series Sheezy; Arrived Series Cristalino; Arrived Series Hermanos; Arrived Series Bowling; Arrived Series Emelina; Arrived Series Caden; Arrived Series Camellia; Arrived Series Palmore; Arrived Series Brookwood; Arrived Series Lithonia; Arrived Series Haverhill; Arrived Series Woodwind; Arrived Series Aspen; Arrived Series Thomas; Arrived Series Bennett; Arrived Series Benny; Arrived Series Montgomery; Arrived Series Summerglen; Arrived Series Portsmouth; Arrived Series Westhaven; Arrived Series Cordero; Arrived Series Wheeler; Arrived Series Watson; Arrived Series Holmes; Arrived Series Hamblen; Arrived Series Ethan; Arrived Series Helmerich; Arrived Series Claremore; Arrived Series Bryant; Arrived Series Hancock; Arrived Series Wynde; Arrived Series Haikey; Arrived Series Arkoma; Arrived Series Gordon; Arrived Series Lucas; Arrived Series Woodland; Arrived Series Macomber; Arrived Series Meridian; Arrived Series Pongo; Arrived Series Perdita; Arrived Series Bean; Arrived Series Ellie; Arrived Series Antares; Arrived Series Bluebell; Arrived Series Aramis; Arrived Series Barclay; Arrived Series Athos; Arrived Series Bradford; Arrived Series Caterpillar; Arrived Series Liberty; Arrived Series Mallard; Arrived Series Riverwood; Arrived Series Roanoke; Arrived Series Zane; Arrived Series Sherwood; Arrived Series Tansel; Arrived Series Tytus; Arrived Series Williamson; Arrived Series Arya; Arrived Series Sansa; Arrived Series Marcy; Arrived Series Hedgecrest; Arrived Series Haybridge; Arrived Series Layla; Arrived Series Lola; Arrived Series Ratliff; Arrived Series Collinison; Arrived Series Hardman; Arrived Series Pebblestone; Arrived Series Keystone; Arrived Series Northbrook; Arrived Series Rachel; Arrived Series Frances; Arrived Series Ross; Arrived Series Northridge; Arrived Series Wyndhurst; Arrived Series Vanzant; Arrived Series Glenncrest; Arrived Series Oakland; Arrived Series Laurel; Arrived Series Phoebe; Arrived Series Johnson; Arrived Series Sedgefield; Arrived Series Robinson; Arrived Series Seneca; Arrived Series Adams; Arrived Series Bayne; Arrived Series Boxwood; Arrived Series Langley; Arrived Series Misty; Arrived Series Metallo; Arrived Series Presidio; Arrived Series Spangler; Arrived Series Tomlinson**

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

**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
| ITEM 1. | <u>[DESCRIPTION OF BUSINESS](#a_001)</u> | 1 |
| ITEM 2. | <u>[MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION](#a_002)</u> | 13 |
| ITEM 3. | [<u>DIRECTORS AND OFFICERS</u>](#a_003) | 32 |
| ITEM 4. | [<u>SECURITY OWNERSHIP OF MANAGEMENT AND CERTAIN SECURITYHOLDERS</u>](#a_004) | 35 |
| ITEM 5. | [<u>INTEREST OF MANAGEMENT AND OTHERS IN CERTAIN TRANSACTIONS</u>](#a_005) | 35 |
| ITEM 6. | [<u>OTHER INFORMATION</u>](#a_006) | 35 |
| ITEM 7. | [<u>FINANCIAL STATEMENTS</u>](#a_007) | F-1 |
| ITEM 8. | <u>[EXHIBITS](#a_008)</u> | 36 |

---

i

**CAUTIONARY STATEMENT REGARDING Forward-Looking StatementS**

The information contained in this Annual Report on Form 1-K (this "Form 1-K") includes some statements that are not historical and that are considered "forward-looking statements." Such forward-looking statements include, but are not limited to, statements regarding our development plans for our business; our strategies and business outlook; anticipated development of Arrived Homes 3, LLC (the "Company"), Arrived Fund Manager, LLC (the "manager"), each series of our Company and the Arrived platform (defined below); and various other matters (including contingent liabilities and obligations and changes in accounting policies, standards and interpretations). These forward-looking statements express the manager's expectations, hopes, beliefs, and intentions regarding the future. In addition, without limiting the foregoing, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipates," "believes," "continue," "could," "estimates," "expects," "intends," "may," "might," "plans," "possible," "potential," "predicts," "projects," "seeks," "should," "will," "would" and similar expressions and variations, or comparable terminology, or the negatives of any of the foregoing, may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

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

All forward-looking statements attributable to us are expressly qualified in their entirety by these risks and uncertainties. These risks and uncertainties, along with others, are detailed under the headings "Summary – Summary Risk Factors" and "Risk Factors" in our latest offering circular (the "Offering Circular") filed by the Company with the Securities and Exchange Commission (the "Commission"), which may be accessed [here](https://www.sec.gov/Archives/edgar/data/1962723/000196272325000004/arrived3-253g2.htm#tocAnchor7) and may be amended, and in our subsequent reports and offering statements filed from time to time with the Commission. Should one or more of these risks or uncertainties materialize, or should any of the parties' assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. You should not place undue reliance on any forward-looking statements and should not make an investment decision based solely on these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

ii

**MARKET AND OTHER INDUSTRY DATA**

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

iii

**Item 1. Description of Business**

**Company Overview – Our Mission**

Arrived Homes 3, LLC, a Delaware series limited liability company, was formed in January 2023 to permit public investment in specific single-family rental homes. We believe people should have the freedom to move to pursue new opportunities in their lives while still having access to the wealth creation that long-term home ownership and real estate investment can provide. To support this idea, we are building what we believe to be a new model for home ownership and real estate investment that doesn't lock people into a single home or city. We believe in passive income, conservative debt, freedom to move, diversification, and aligned incentives.

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

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

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

**Our Series LLC Structure**

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

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

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

**Investment Objectives**

Our investment objectives are:

● Consistent cash flow;

● Long term capital appreciation with moderate leverage;

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

● Capital preservation.

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

**Our Investment Criteria**

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

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

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

● Homes less than 30 years old;

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

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

**Our Investment Process**

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

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

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

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

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

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

**Our Manager**

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

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

**Investment Strategy – Our Market Opportunity**

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

**Market Selection**

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

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

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

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

● Large university and skilled workforce;

● Popular with millennials; and

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

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

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

***Investments in Real Property***

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

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

● plans and specifications;

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

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

● title and liability insurance policies.

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

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

**Leverage Policy**

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

**Acquisition Mechanics**

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

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

A series may acquire its property either from an unaffiliated third party or from an affiliate of the manager. For a detailed description of our acquisition methods, please refer to our latest offering circular, filed with the Securities and Exchange Commission on January 30, 2025, which may be accessed [here](https://www.sec.gov/Archives/edgar/data/1962723/000196272325000004/arrived3-253g2.htm).

**Operating Policies**

 ****

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

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

 ****

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

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

**Disposition Policies**

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

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

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

**Property Disposition Fee**

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

**Description of the Property Management Agreement**

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

The services provided by the property manager will include:

● Collecting rent and maintaining books and records;

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

● Routine property maintenance and responding to tenant maintenance requests;

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

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

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

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

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

**Property Management Fee**

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

**Mynd Property Management**

As compensation for the services provided by the property manager, each series will be charged a property management fee equal to six percent (6%) of all rents and fees as remitted to the series or a minimum property management fee of $84 on a monthly basis and paid to the property manager pursuant to the property management agreement.

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

**Liquidity Platform**

*Overview of PPEX ATS Platform*

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

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

*Process for Secondary Transactions*

 

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

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

*User Interface and Role of the Platform*

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

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

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

 

*Agreements Relating to Secondary Trading on the PPEX ATS*

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

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

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

**Asset Management Fee**

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

**Operating Expenses**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**Allocations of Expenses**

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

---

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

---

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

**The Arrived Platform**

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

**Competition**

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

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

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

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

● our unique investment strategy and approach to market selection;

● lower minimum investment amounts; and

● favorable tax treatment associated with REIT elections.

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

**Conflicts of Interest**

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

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

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

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

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

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

**Employees**

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

**Legal Proceedings**

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

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

**Overview**

Arrived Homes 3, LLC, a Delaware series limited liability company, was formed in January 2023 to permit public investment in individual residential properties. We believe people should have access to the wealth creation that real estate investment can provide. We believe in passive income, conservative debt, diversification, and aligned incentives.

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

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

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

Since its formation in January 2023, our Company has been engaged primarily in acquiring properties for its series offerings, developing the financial, offering and other materials to facilitate fundraising, and taking the steps necessary to effectuate the series offerings and the management of the associated series properties. As of December 31, 2025, our Company has acquired 82 properties.

**Emerging Growth Company**

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

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

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

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

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

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

**Distributions**

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

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

**Valuation Policies**

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

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

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

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

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

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

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

**Critical Accounting Policies**

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

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

**Operating Results**

***Revenues***

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| | | |
|:---|:---|:---|
| **Rental Income** | **Rental Income** | **Rental Income** |
| **Series Name** | **December 31,<br> 2025** | **December 31,<br> 2024** |
| Adams | $25690 | $(559) |
| Antares | 23820 | 23340 |
| Aramis | 24940 | 24540 |
| Arkoma | 19492 | 19140 |
| Arya | 13815 | 16740 |
| Aspen | 24860 | 17776 |
| Athos | 25620 | 25140 |
| Barclay | 24360 | 23586 |
| Bayne | 27720 | 72 |
| Bean | 26490 | 25740 |
| Bennett | 20927 | 20340 |
| Benny | 21960 | 21184 |
| Bluebell | 21236 | 25440 |
| Bowling | 18960 | 17953 |
| Boxwood | 22448 |  |
| Bradford | 23460 | 22686 |
| Brookwood | 22963 | 22440 |
| Bryant | 25465 | 25140 |
| Caden | 19140 | 17313 |
| Camellia | 22464 | 21540 |
| Caterpillar | 12358 | 21540 |
| Chilhowee | 28740 | 19000 |
| Claremore | 18240 | 11334 |
| Collinison | 25140 | 24860 |
| Cordero | 12270 | 24540 |
| Cristalino | 30540 | 26214 |
| Ellie | 18883 | 8362 |
| Emelina | 18997 | 20940 |
| Ethan | 18300 | 17700 |
| Frances | 24660 | 23163 |
| Glenncrest | 13767 | 23741 |
| Gordon | 25346 | 22740 |
| Haikey | 18459 | 20574 |
| Hamblen | 22251 | 25140 |
| Hancock | 24490 | 23870 |
| Hardman | 30340 | 29940 |
| Haven | 17940 | 13820 |
| Haverhill | 24088 | 24819 |
| Haybridge | 18502 | 22626 |
| Hedgecrest | 19950 | 18554 |
| Helmerich | 18219 | 19306 |
| Hermanos | 26340 | 16270 |
| Holmes | 14655 | 16740 |

---

---

| | | |
|:---|:---|:---|
| **Series Name** | **December 31,<br> 2025** | **December 31,<br> 2024** |
| Johnson | 29040 | 13185 |
| Keystone | 21854 | 25322 |
| Langley | 30540 | 114 |
| Laurel | 26304 | 24710 |
| Layla | 26840 | 24845 |
| Liberty | 23340 | 21787 |
| Lithonia | 23940 | 17689 |
| Lola | 25790 | 25440 |
| Lucas | 18024 | 24540 |
| Macomber | 25692 | 26005 |
| Mallard | 14506 | 20940 |
| Marcy | 16735 | 15692 |
| Meridian | 22155 | 22245 |
| Metallo | 12508 |  |
| Misty | 31140 | 1403 |
| Montgomery | 19740 | 16624 |
| Northbrook | 22740 | 17055 |
| Northridge | 11761 | 10679 |
| Oakland | 26640 | 20129 |
| Palmore | 12303 | 17040 |
| Pebblestone | 27540 | 24394 |
| Perdita | 19163 | 23452 |
| Phoebe | 23850 | 18240 |
| Pongo | 16760 | 24577 |
| Portsmouth | 15117 | 21540 |
| Presidio | 17822 |  |
| Rachel | 21955 | 18315 |
| Ratliff | 25440 | 21200 |
| Riverwood | 14623 | 24528 |
| Roanoke | 30340 | 32239 |
| Robinson | 28390 | 3799 |
| Ross | 28400 | 27531 |
| Sansa | 17190 | 16740 |
| Sedgefield | 26239 | 16766 |
| Seneca | 26940 | 4065 |
| Sheezy | 22540 | 21840 |
| Sherwood | 9932 | 16740 |
| Spangler | 22311 |  |
| Summerglen | 21870 | 20122 |
| Tansel | 24697 | 28740 |
| Thomas | 16092 | 21390 |
| Tomlinson | 16680 |  |
| Tytus | 25020 | 24540 |
| Vanzant | 26940 | 24022 |
| Watson | 13203 | 16740 |
| Westhaven | 23040 | 18979 |
| Wheeler | 20655 | 19788 |
| Williamson | 16588 | 26640 |
| Woodland | 14745 | 15540 |
| Woodwind | 14036 | 20327 |
| Wynde | 21116 | 23640 |
| Wyndhurst | 16268 | 23142 |
| Zane | 15600 | 15300 |
|  | $**2060996** | $**1805660** |

---

 ****

***Operating Expenses***

The Company incurred the following operating expenses during the years ended December 31, 2025 and 2024. Consolidated operating expenses increased from $1,777,769 for the year ended December 31, 2024 to $2,101,805 for the year ended December 31, 2025. The increase is primarily attributable to higher property operating costs, including increases in property taxes, insurance premiums, repairs and maintenance, and utilities. The operating expenses incurred prior to the closing of an offering related to any of the series are being paid by our manager and are reimbursed by such series out of the gross offering proceeds upon closing of the relevant series offering. Such operating expenses include real estate taxes, property insurance, HOA fees, legal fees, other professional fees, depreciation, and repair and maintenance costs.

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Operating Expenses** | **Operating Expenses** | **Operating Expenses** | **Operating Expenses** | **Operating Expenses** | **Operating Expenses** | **Operating Expenses** |
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| <br>**Series Name** | **Operating Expenses** | **Depreciation** | **Total Expenses** | **Operating Expenses** | **Depreciation** | **Total Expenses** |
| Adams | $13450 | $8394 | $21844 | $7544 | $- | $7544 |
| Antares | 13105 | 8514 | 21618 | 10338 | 8514 | 18851 |
| Aramis | 12304 | 8246 | 20551 | 13342 | 8246 | 21588 |
| Arkoma | 10571 | 6489 | 17060 | 6860 | 6489 | 13349 |
| Arya | 8491 | 4933 | 13424 | 21869 | 4933 | 26802 |
| Aspen | 9652 | 7358 | 17010 | 15238 | 7358 | 22596 |
| Athos | 14367 | 9155 | 23522 | 21888 | 9155 | 31043 |
| Barclay | 12160 | 8416 | 20576 | 11125 | 8416 | 19541 |
| Bayne | 16190 | 9614 | 25804 | 5318 |  | 5318 |
| Bean | 11594 | 8057 | 19651 | 12755 | 8057 | 20813 |
| Bennett | 8351 | 5820 | 14171 | 8493 | 5820 | 14313 |
| Benny | 16332 | 7006 | 23338 | 11919 | 7006 | 18925 |
| Bluebell | 23450 | 8215 | 31665 | 12729 | 8215 | 20945 |
| Bowling | 8214 | 5724 | 13938 | 7443 | 5724 | 13167 |
| Boxwood | 17007 | 8840 | 25847 | 2762 |  | 2762 |
| Bradford | 10267 | 8361 | 18628 | 9306 | 8361 | 17667 |
| Brookwood | 11440 | 7707 | 19147 | 10331 | 7707 | 18038 |
| Bryant | 33673 | 8784 | 42457 | 14739 | 8784 | 23523 |
| Caden | 10997 | 6875 | 17872 | 19153 | 6875 | 26028 |
| Camellia | 10510 | 9622 | 20132 | 12614 | 9622 | 22236 |
| Caterpillar | 29131 | 8248 | 37379 | 15256 | 8248 | 23504 |
| Chilhowee | 11498 | 8941 | 20439 | 12714 | 8941 | 21655 |
| Claremore | 9021 | 6464 | 15485 | 20068 | 6464 | 26532 |
| Collinison | 12506 | 9331 | 21837 | 11689 | 8303 | 19992 |
| Cordero | 13236 | 7720 | 20956 | 12313 | 7720 | 20034 |
| Cristalino | 12501 | 8450 | 20952 | 22796 | 8450 | 31246 |
| Ellie | 22165 | 7897 | 30062 | 11336 | 7897 | 19232 |
| Emelina | 12209 | 8243 | 20452 | 9860 | 8243 | 18103 |
| Ethan | 17643 | 8294 | 25937 | 12484 | 7279 | 19763 |
| Frances | 10755 | 7674 | 18429 | 10682 | 7035 | 17717 |
| Glenncrest | 14414 | 7982 | 22396 | 11161 | 7982 | 19143 |
| Gordon | 11584 | 7024 | 18608 | 10072 | 7024 | 17097 |
| Haikey | 15818 | 6735 | 22553 | 11171 | 6735 | 17906 |
| Hamblen | 12196 | 7053 | 19249 | 6772 | 7053 | 13826 |
| Hancock | 15403 | 8454 | 23856 | 10887 | 8454 | 19340 |
| Hardman | 14335 | 10652 | 24986 | 13004 | 10652 | 23656 |
| Haven | 6800 | 5098 | 11898 | 9471 | 5098 | 14570 |
| Haverhill | 16552 | 6449 | 23001 | 10290 | 6449 | 16740 |
| Haybridge | 13902 | 9862 | 23763 | 12079 | 9862 | 21941 |
| Hedgecrest | 19252 | 10874 | 30126 | 14192 | 9862 | 24053 |
| Helmerich | 13634 | 6925 | 20558 | 8486 | 6925 | 15411 |
| Hermanos | 12282 | 11828 | 24110 | 17028 | 11828 | 28856 |
| Holmes | 14906 | 4839 | 19745 | 4973 | 4839 | 9812 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| <br>**Series Name** | **Operating Expenses** | **Depreciation** | **Total Expenses** | **Operating Expenses** | **Depreciation** | **Total Expenses** |
| Johnson | 12708 | 9021 | 21729 | 14483 | 3759 | 18242 |
| Keystone | 12947 | 9569 | 22515 | 13600 | 8771 | 22371 |
| Langley | 17161 | 9119 | 26280 | 9918 |  | 9918 |
| Laurel | 14214 | 9261 | 23475 | 16617 | 7718 | 24335 |
| Layla | 11926 | 8906 | 20832 | 14987 | 8906 | 23893 |
| Liberty | 13049 | 11091 | 24139 | 17468 | 9716 | 27184 |
| Lithonia | 15659 | 9926 | 25585 | 26680 | 9389 | 36069 |
| Lola | 12506 | 8831 | 21337 | 9723 | 8288 | 18011 |
| Lucas | 18949 | 8140 | 27090 | 16994 | 8140 | 25134 |
| Macomber | 19692 | 8571 | 28264 | 17840 | 8571 | 26411 |
| Mallard | 8481 | 5724 | 14204 | 12419 | 5724 | 18142 |
| Marcy | 7747 | 4933 | 12680 | 7201 | 4933 | 12134 |
| Meridian | 14768 | 8983 | 23751 | 11094 | 8697 | 19791 |
| Metallo | 17725 | 7348 | 25073 | 6023 |  | 6023 |
| Misty | 15159 | 9445 | 24605 | 8297 |  | 8297 |
| Montgomery | 8793 | 8347 | 17140 | 16133 | 7441 | 23574 |
| Northbrook | 11862 | 7744 | 19605 | 12428 | 7744 | 20172 |
| Northridge | 13265 | 7070 | 20336 | 14367 | 6481 | 20848 |
| Oakland | 11553 | 8444 | 19997 | 12917 | 8444 | 21361 |
| Palmore | 17348 | 6911 | 24259 | 9853 | 6911 | 16764 |
| Pebblestone | 12620 | 9284 | 21903 | 12145 | 8510 | 20655 |
| Perdita | 13479 | 9121 | 22600 | 10120 | 9121 | 19241 |
| Phoebe | 10140 | 7636 | 17776 | 13098 | 7000 | 20098 |
| Pongo | 12846 | 9121 | 21966 | 11008 | 9121 | 20129 |
| Portsmouth | 17289 | 6862 | 24152 | 10119 | 5864 | 15983 |
| Presidio | 14152 | 6575 | 20727 | 13782 |  | 13782 |
| Rachel | 10559 | 7943 | 18502 | 12582 | 7943 | 20526 |
| Ratliff | 9261 | 8789 | 18049 | 12835 | 8789 | 21624 |
| Riverwood | 18631 | 10040 | 28671 | 11757 | 10040 | 21797 |
| Roanoke | 12258 | 9207 | 21465 | 13440 | 9207 | 22647 |
| Robinson | 11835 | 8819 | 20653 | 8156 | 735 | 8891 |
| Ross | 11188 | 9164 | 20352 | 13125 | 9164 | 22290 |
| Sansa | 7450 | 4933 | 12383 | 4906 | 4933 | 9839 |
| Sedgefield | 11426 | 8027 | 19453 | 16115 | 6020 | 22135 |
| Seneca | 14264 | 8114 | 22378 | 8324 | 1352 | 9676 |
| Sheezy | 16350 | 6430 | 22780 | 11205 | 6430 | 17635 |
| Sherwood | 16252 | 4796 | 21048 | 4666 | 4796 | 9463 |
| Spangler | 22458 | 11745 | 34203 | 7144 |  | 7144 |
| Summerglen | 11172 | 6661 | 17832 | 7762 | 6661 | 14423 |
| Tansel | 17487 | 8951 | 26438 | 13937 | 8951 | 22889 |
| Thomas | 16907 | 6030 | 22936 | 8859 | 6030 | 14889 |
| Tomlinson | 30829 | 6664 | 37493 | 2459 |  | 2459 |
| Tytus | 10009 | 7158 | 17167 | 10469 | 7158 | 17628 |
| Vanzant | 14778 | 9724 | 24502 | 18342 | 8914 | 27255 |
| Watson | 8367 | 4839 | 13205 | 3397 | 4839 | 8235 |
| Westhaven | 10960 | 7017 | 17976 | 18890 | 7017 | 25907 |
| Wheeler | 7387 | 5729 | 13116 | 6579 | 5729 | 12308 |
| Williamson | 38909 | 7880 | 46790 | 9714 | 7880 | 17594 |
| Woodland | 7827 | 5853 | 13680 | 6312 | 5853 | 12165 |
| Woodwind | 13719 | 7008 | 20727 | 13585 | 7008 | 20594 |
| Wynde | 11397 | 8048 | 19445 | 11538 | 8048 | 19585 |
| Wyndhurst | 12385 | 8514 | 20899 | 15188 | 8514 | 23701 |
| Zane | 8003 | 4602 | 12605 | 6251 | 4481 | 10732 |
|  | $**1341971** | $**759834** | $**2101805** | $**1131403** | $**646366** | $**1777769** |

---

***Other Expenses (Income)***

During the years ended December 31, 2025 and 2024, some series incurred interest expenses, including bridge financing interest and amortization of loan fees. The following table summarizes the total of such expenses incurred by each series during the years ended December 31, 2025 and 2024. Total other income (expense) changed from net expense of $65,117 for the year ended December 31, 2024 to net income of $7,307 for the year ended December 31, 2025. This change of $72,424 is primarily attributable to the repayment of outstanding debt and interest income earned on the Company's cash balances during the year. Such amounts are based on the audited financial statements of the Company and each series included in this Annual Report on Form 1-K:

---

| | | |
|:---|:---|:---|
| **OTHER EXPENSES (INCOME)** | **OTHER EXPENSES (INCOME)** | **OTHER EXPENSES (INCOME)** |
| **Series Name** | **December 31,<br> 2025** | **December 31,<br> 2024** |
| Adams | $540 | $3000 |
| Antares |  |  |
| Aramis |  |  |
| Arkoma |  |  |
| Arya | 389 |  |
| Aspen |  |  |
| Athos |  |  |
| Barclay |  |  |
| Bayne | 2260 | 2876 |
| Bean |  |  |
| Bennett |  |  |
| Benny |  |  |
| Bluebell |  |  |
| Bowling |  |  |
| Boxwood | 3080 | 2695 |
| Bradford |  |  |
| Brookwood |  |  |
| Bryant | (14762) |  |
| Caden | 413 | 15 |
| Camellia |  |  |
| Caterpillar | 9 |  |
| Chilhowee |  |  |
| Claremore |  |  |
| Collinison |  |  |
| Cordero |  |  |
| Cristalino | 1175 | 46 |
| Ellie | 119 |  |
| Emelina |  |  |
| Ethan | (1200) | 98 |
| Frances |  |  |
| Glenncrest |  | 6314 |
| Gordon |  |  |
| Haikey |  |  |
| Hamblen |  |  |
| Hancock |  |  |
| Hardman |  |  |
| Haven | 395 |  |
| Haverhill |  |  |
| Haybridge |  |  |
| Hedgecrest |  |  |
| Helmerich |  |  |
| Hermanos | 487 |  |
| Holmes |  |  |

---

---

| | | |
|:---|:---|:---|
| **Series Name** | **December 31,<br> 2025** | **December 31,<br> 2024** |
| Johnson |  | 2993 |
| Keystone |  |  |
| Langley | 663 | 3644 |
| Laurel |  | 7746 |
| Layla |  |  |
| Liberty | 600 | 60 |
| Lithonia | 1823 | 66 |
| Lola |  |  |
| Lucas |  |  |
| Macomber |  |  |
| Mallard |  |  |
| Marcy |  |  |
| Meridian |  |  |
| Metallo | 1657 | 1657 |
| Misty |  | 3270 |
| Montgomery | 803 | (6969) |
| Northbrook |  |  |
| Northridge |  |  |
| Oakland |  | 8263 |
| Palmore |  |  |
| Pebblestone |  |  |
| Perdita |  |  |
| Phoebe |  | 6011 |
| Pongo |  |  |
| Portsmouth |  |  |
| Presidio | 2576 | 2338 |
| Rachel |  |  |
| Ratliff |  |  |
| Riverwood | 5 |  |
| Roanoke |  |  |
| Robinson |  | 3134 |
| Ross |  |  |
| Sansa |  |  |
| Sedgefield |  | 9583 |
| Seneca |  | 2743 |
| Sheezy |  |  |
| Sherwood |  |  |
| Spangler | 2489 | 3168 |
| Summerglen |  |  |
| Tansel | 5 |  |
| Thomas |  |  |
| Tomlinson | 4156 | 2368 |
| Tytus |  |  |
| Vanzant |  |  |
| Watson |  |  |
| Westhaven |  |  |
| Wheeler |  |  |
| Williamson | (15391) |  |
| Woodland |  |  |
| Woodwind |  |  |
| Wynde | 402 |  |
| Wyndhurst |  |  |
| Zane | - | - |
|  | $**(7307)** | $**65117** |

---

***Liquidity and Capital Resources***

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

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

***Cash and Cash Equivalent Balances***

Cash is held at the series level. The following table summarizes the cash and cash equivalents held by each series as of December 31, 2025 and 2024. Total consolidated cash and cash equivalents decreased from $1,129,818 as of December 31, 2024 to $1,054,521 as of December 31, 2025. This decrease was primarily attributable to distributions to investors of $1,217,737 during 2025, partially offset by cash provided by operating activities and net proceeds from the issuance of membership units of $2,711,403. Such amounts are based on the audited financial statements of the Company and each series included in this Annual Report on Form 1-K:

---

| | | |
|:---|:---|:---|
| **Cash & Cash Equivalents** | **Cash & Cash Equivalents** | **Cash & Cash Equivalents** |
| **Series Name** | **December 31,<br> 2025** | **December 31,<br> 2024** |
| Adams | $17449 | $- |
| Antares | 10441 | 12203 |
| Aramis | 8460 | 7204 |
| Arkoma | 18959 | 23313 |
| Arya | 5000 | 2277 |
| Aspen | 6987 | 3249 |
| Athos | 7823 | 9313 |
| Barclay | 23120 | 24025 |
| Bayne | 20693 |  |
| Bean | 9210 | 11429 |
| Bennett | 7383 | 7455 |
| Benny | 7499 | 3024 |
| Bluebell | 9768 | 19029 |
| Bowling | 5912 | 5720 |
| Boxwood | 22179 |  |
| Bradford | 21592 | 22583 |
| Brookwood | 5814 | 6608 |
| Bryant | 9087 | 8432 |
| Caden | 5048 | 1152 |
| Camellia | 7649 | 5838 |
| Caterpillar | 3475 | 11778 |
| Chilhowee | 11278 | 12661 |
| Claremore | 5478 |  |
| Collinison | 14600 | 24688 |
| Cordero | 8053 | 14543 |
| Cristalino | 8211 | 6894 |
| Ellie | 11100 | 4683 |
| Emelina | 5986 | 3176 |
| Ethan | 6809 | 3281 |
| Frances | 15231 | 19302 |
| Glenncrest | 14445 | 18053 |
| Gordon | 11415 | 14335 |
| Haikey | 8750 | 10753 |
| Hamblen | 10196 | 13581 |
| Hancock | 7279 | 7665 |
| Hardman | 15198 | 18728 |
| Haven | 7071 | 2123 |
| Haverhill | 7384 | 6658 |
| Haybridge | 17840 | 18262 |
| Hedgecrest | 11384 | 16561 |
| Helmerich | 13100 | 15946 |
| Hermanos | 8110 | 6549 |
| Holmes | 7168 | 12837 |

---

---

| | | |
|:---|:---|:---|
| **Series Name** | **December 31,<br> 2025** | **December 31,<br> 2024** |
| Johnson | 20851 | 23239 |
| Keystone | 11359 | 16296 |
| Langley | 10723 |  |
| Laurel | 17601 | 24838 |
| Layla | 10760 | 14604 |
| Liberty | 7694 | 4897 |
| Lithonia | 5603 | 6926 |
| Lola | 8921 | 20051 |
| Lucas | 8321 | 15168 |
| Macomber | 8254 | 10353 |
| Mallard | 10438 | 11162 |
| Marcy | 6595 | 10940 |
| Meridian | 3298 | 4306 |
| Metallo | 13131 |  |
| Misty | 24756 | 25490 |
| Montgomery | 8198 | 4362 |
| Northbrook | 14424 | 16387 |
| Northridge | 9949 | 19278 |
| Oakland | 14331 | 18656 |
| Palmore | 704 | 4155 |
| Pebblestone | 10154 | 14763 |
| Perdita | 17167 | 20002 |
| Phoebe | 13273 | 17909 |
| Pongo | 21033 | 22874 |
| Portsmouth | 2270 | 8984 |
| Presidio | 7747 |  |
| Rachel | 11023 | 17393 |
| Ratliff | 10698 | 14030 |
| Riverwood | 4342 | 7240 |
| Roanoke | 15280 | 22621 |
| Robinson | 26868 | 24787 |
| Ross | 18303 | 23357 |
| Sansa | 11946 | 13296 |
| Sedgefield | 26098 | 23488 |
| Seneca | 18665 | 23414 |
| Sheezy | 7284 | 14858 |
| Sherwood | 631 | 8977 |
| Spangler | 13075 |  |
| Summerglen | 7409 | 6370 |
| Tansel | 8065 | 6633 |
| Thomas | 5351 | 9480 |
| Tomlinson | 8009 |  |
| Tytus | 16773 | 19226 |
| Vanzant | 6993 | 15649 |
| Watson | 10942 | 14142 |
| Westhaven | 7364 | 6388 |
| Wheeler | 16527 | 14689 |
| Williamson | 6845 | 20047 |
| Woodland | 5923 | 4751 |
| Woodwind | 3710 | 4408 |
| Wynde | 7666 | 4051 |
| Wyndhurst | 18563 | 22986 |
| Zane | 12979 | 15987 |
|  | $**1054521** | $**1129818** |

---

**Plan of Operations** 

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

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

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

**Our Policies for Approving New Tenants** 

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

 

**Trend Information**

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

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

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

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

**Recent Developments**

***Revenues***

---

| | |
|:---|:---|
| **Rental Income** | **Rental Income** |
| **Series Name** | **February 28,<br> 2026** |
| Adams | $4290 |
| Antares | 1951 |
| Aramis | 4250 |
| Arkoma | 3490 |
| Arya | 2700 |
| Aspen | 3740 |
| Athos | 4350 |
| Barclay | 4110 |
| Bayne | 5040 |
| Bean | 4590 |
| Bennett | 3590 |
| Benny | 3730 |
| Bluebell | 4240 |
| Bowling | 3200 |
| Boxwood | 4390 |
| Bradford | 3980 |
| Brookwood | 3970 |
| Bryant | 4320 |
| Caden | 3190 |
| Camellia | 3810 |
| Caterpillar | 3500 |
| Chilhowee | 4790 |
| Claremore | 3040 |
| Collinison | 4190 |
| Cordero | 1578 |
| Cristalino | 5090 |
| Ellie | 3039 |
| Emelina | 3590 |
| Ethan | 3150 |
| Frances | 4160 |
| Glenncrest | 3500 |
| Gordon | 4659 |
| Haikey | 3690 |
| Hamblen | 4290 |
| Hancock | 261 |
| Hardman | 5150 |
| Haven | 2990 |
| Haverhill | 3651 |
| Haybridge | 3990 |
| Hedgecrest |  |
| Helmerich | 3500 |
| Hermanos | 4390 |
| Holmes | 2750 |

---

---

| | |
|:---|:---|
| **Series Name** | **February 28,<br> 2026** |
| Johnson | 4840 |
| Keystone | 4040 |
| Langley | 5090 |
| Laurel | 2395 |
| Layla | 4490 |
| Liberty | 3890 |
| Lithonia | 3990 |
| Lola | 4380 |
| Lucas | 3890 |
| Macomber | 4490 |
| Mallard | 2990 |
| Marcy | 2860 |
| Meridian | 3700 |
| Metallo | 3540 |
| Misty | 5190 |
| Montgomery | 3290 |
| Northbrook | 3790 |
| Northridge | 3300 |
| Oakland | 4440 |
| Palmore | 930 |
| Pebblestone | 4590 |
| Perdita | 4190 |
| Phoebe | 4020 |
| Pongo |  |
| Portsmouth | 2842 |
| Presidio | 3490 |
| Rachel | 3990 |
| Ratliff | 4240 |
| Riverwood | 3228 |
| Roanoke | 5150 |
| Robinson | 3555 |
| Ross | 4800 |
| Sansa | 2970 |
| Sedgefield | 3863 |
| Seneca | 4490 |
| Sheezy | 3780 |
| Sherwood | 2440 |
| Spangler | 5090 |
| Summerglen | 3700 |
| Tansel | 4590 |
| Thomas | 3441 |
| Tomlinson | 3600 |
| Tytus | 4250 |
| Vanzant | 4490 |
| Watson | 2750 |
| Westhaven | 3840 |
| Wheeler |  |
| Williamson | 3700 |
| Woodland |  |
| Woodwind | 3190 |
| Wynde | 3890 |
| Wyndhurst | 3490 |
| Zane | 2670 |
|  | $**345732** |

---

***Operating Expenses***

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

During the period January 1, 2026 through February 28, 2026, at the close of the respective offerings for the series, each individual series became or will become, as applicable, responsible for its own operating expenses. The following table summarizes the total operating expenses incurred by each series during the period January 1, 2026 through February 28, 2026. For the avoidance of doubt, the below amounts are unaudited.

---

| | | | |
|:---|:---|:---|:---|
| **Operating Expenses** | **Operating Expenses** | **Operating Expenses** | **Operating Expenses** |
| **February 28, 2026** | **February 28, 2026** | **February 28, 2026** | **February 28, 2026** |
| **Series Name** | **Operating Expenses** | **Depreciation** | **Total Expenses** |
| Adams | $2468 | $1399 | $3867 |
| Antares | 5781 | 1419 | 7200 |
| Aramis | 2008 | 1374 | 3382 |
| Arkoma | 1543 | 1082 | 2624 |
| Arya | 2393 | 822 | 3215 |
| Aspen | 1765 | 1226 | 2991 |
| Athos | 3237 | 1526 | 4763 |
| Barclay | 1638 | 1403 | 3041 |
| Bayne | 2345 | 1602 | 3948 |
| Bean | 1517 | 1343 | 2860 |
| Bennett | 1614 | 970 | 2584 |
| Benny | 3275 | 1168 | 4443 |
| Bluebell | 3125 | 1369 | 4494 |
| Bowling | 1971 | 954 | 2925 |
| Boxwood | 2038 | 1473 | 3511 |
| Bradford | 1620 | 1393 | 3014 |
| Brookwood | 1924 | 1285 | 3209 |
| Bryant | 2640 | 1464 | 4104 |
| Caden | 2619 | 1146 | 3765 |
| Camellia | 1546 | 1604 | 3149 |
| Caterpillar | 3975 | 1375 | 5350 |
| Chilhowee | 2329 | 1490 | 3819 |
| Claremore | 1613 | 1077 | 2691 |
| Collinison | 2066 | 1555 | 3621 |
| Cordero | 3919 | 1287 | 5206 |
| Cristalino | 2761 | 1408 | 4169 |
| Ellie | 3460 | 1316 | 4776 |
| Emelina | 2001 | 1374 | 3375 |
| Ethan | 1644 | 1382 | 3027 |
| Frances | 1497 | 1279 | 2776 |
| Glenncrest | 1713 | 1330 | 3043 |
| Gordon | 2782 | 1171 | 3953 |
| Haikey | 1908 | 1123 | 3031 |
| Hamblen | 2696 | 1176 | 3871 |
| Hancock | 2261 | 1409 | 3670 |
| Hardman | 2387 | 1775 | 4163 |
| Haven | 2129 | 850 | 2979 |
| Haverhill | 4637 | 1075 | 5712 |
| Haybridge | 1733 | 1644 | 3376 |
| Hedgecrest | 2727 | 1846 | 4573 |
| Helmerich | 1910 | 1154 | 3064 |
| Hermanos | 3607 | 1971 | 5579 |
| Holmes | 1448 | 806 | 2255 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Series Name** | **Operating Expenses** | **Depreciation** | **Total Expenses** |
| Johnson | 2583 | 1503 | 4086 |
| Keystone | 2945 | 1595 | 4540 |
| Langley | 1990 | 1520 | 3510 |
| Laurel | 1851 | 1544 | 3394 |
| Layla | 2089 | 1484 | 3573 |
| Liberty | 2480 | 1848 | 4329 |
| Lithonia | 4347 | 1654 | 6001 |
| Lola | 1980 | 1562 | 3542 |
| Lucas | 2660 | 1357 | 4017 |
| Macomber | 2630 | 1429 | 4058 |
| Mallard | 1429 | 954 | 2383 |
| Marcy | 1370 | 822 | 2192 |
| Meridian | 2146 | 1497 | 3643 |
| Metallo | 1797 | 1336 | 3133 |
| Misty | 2546 | 1574 | 4120 |
| Montgomery | 1559 | 1391 | 2950 |
| Northbrook | 1773 | 1291 | 3064 |
| Northridge | 1392 | 1178 | 2571 |
| Oakland | 2289 | 1407 | 3696 |
| Palmore | 6625 | 1152 | 7777 |
| Pebblestone | 1697 | 1547 | 3244 |
| Perdita | 1740 | 1520 | 3260 |
| Phoebe | 1732 | 1273 | 3005 |
| Pongo | 2484 | 1520 | 4004 |
| Portsmouth | 1820 | 1177 | 2997 |
| Presidio | 2805 | 1096 | 3901 |
| Rachel | 2446 | 1324 | 3770 |
| Ratliff | 2078 | 1465 | 3543 |
| Riverwood | 9809 | 1673 | 11482 |
| Roanoke | 2831 | 1535 | 4366 |
| Robinson | 2593 | 1470 | 4062 |
| Ross | 2676 | 1527 | 4203 |
| Sansa | 1590 | 822 | 2412 |
| Sedgefield | 2214 | 1338 | 3552 |
| Seneca | 2287 | 1352 | 3639 |
| Sheezy | 2812 | 1072 | 3884 |
| Sherwood | 2449 | 799 | 3248 |
| Spangler | 2015 | 1957 | 3973 |
| Summerglen | 1941 | 1110 | 3051 |
| Tansel | 3038 | 1492 | 4530 |
| Thomas | 1431 | 1005 | 2436 |
| Tomlinson | 1195 | 1111 | 2306 |
| Tytus | 2375 | 1193 | 3568 |
| Vanzant | 2187 | 1621 | 3808 |
| Watson | 1417 | 806 | 2224 |
| Westhaven | 3692 | 1169 | 4861 |
| Wheeler | 2969 | 955 | 3924 |
| Williamson | 3574 | 1313 | 4888 |
| Woodland | 2079 | 976 | 3055 |
| Woodwind | 2052 | 1168 | 3220 |
| Wynde | 1755 | 1341 | 3097 |
| Wyndhurst | 1487 | 1419 | 2906 |
| Zane | 1249 | 989 | 2237 |
|  | $**233270** | $**127129** | $**360400** |

---

***Other Expenses***

 ****

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

---

| | |
|:---|:---|
| **OTHER EXPENSES** | **OTHER EXPENSES** |
| **Series Name** | **February 28,<br> 2026** |
| Adams | $- |
| Antares |  |
| Aramis |  |
| Arkoma |  |
| Arya | 75 |
| Aspen |  |
| Athos |  |
| Barclay |  |
| Bayne |  |
| Bean |  |
| Bennett |  |
| Benny |  |
| Bluebell |  |
| Bowling |  |
| Boxwood |  |
| Bradford |  |
| Brookwood |  |
| Bryant |  |
| Caden | 69 |
| Camellia |  |
| Caterpillar | 109 |
| Chilhowee |  |
| Claremore |  |
| Collinison |  |
| Cordero |  |
| Cristalino | 128 |
| Ellie | 96 |
| Emelina |  |
| Ethan | 210 |
| Frances |  |
| Glenncrest |  |
| Gordon |  |
| Haikey |  |
| Hamblen |  |
| Hancock |  |
| Hardman |  |
| Haven | 71 |
| Haverhill |  |
| Haybridge |  |
| Hedgecrest |  |
| Helmerich |  |
| Hermanos | 51 |
| Holmes |  |

---

---

| | |
|:---|:---|
| **Series Name** | **February 28,<br> 2026** |
| Johnson |  |
| Keystone |  |
| Langley |  |
| Laurel |  |
| Layla |  |
| Liberty | 100 |
| Lithonia | 304 |
| Lola |  |
| Lucas |  |
| Macomber |  |
| Mallard |  |
| Marcy |  |
| Meridian |  |
| Metallo |  |
| Misty |  |
| Montgomery | 134 |
| Northbrook |  |
| Northridge |  |
| Oakland |  |
| Palmore |  |
| Pebblestone |  |
| Perdita |  |
| Phoebe |  |
| Pongo |  |
| Portsmouth |  |
| Presidio |  |
| Rachel |  |
| Ratliff |  |
| Riverwood | 65 |
| Roanoke |  |
| Robinson |  |
| Ross |  |
| Sansa |  |
| Sedgefield |  |
| Seneca |  |
| Sheezy |  |
| Sherwood |  |
| Spangler |  |
| Summerglen |  |
| Tansel | 60 |
| Thomas |  |
| Tomlinson |  |
| Tytus |  |
| Vanzant |  |
| Watson |  |
| Westhaven |  |
| Wheeler |  |
| Williamson |  |
| Woodland |  |
| Woodwind |  |
| Wynde | 73 |
| Wyndhurst |  |
| Zane | - |
|  | $**1544** |

---

 ****

 ****

***Cash and Cash Equivalent Balances***

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

---

| | |
|:---|:---|
| **Cash & Cash Equivalents** | **Cash & Cash Equivalents** |
| **Series Name** | **February 28, 2026** |
| Adams | $16088 |
| Antares | 10742 |
| Aramis | 7834 |
| Arkoma | 17744 |
| Arya | 4694 |
| Aspen | 8131 |
| Athos | 7952 |
| Barclay | 19897 |
| Bayne | 18755 |
| Bean | 7795 |
| Bennett | 8211 |
| Benny | 5187 |
| Bluebell | 9279 |
| Bowling | 7106 |
| Boxwood | 20886 |
| Bradford | 20151 |
| Brookwood | 7234 |
| Bryant | 8807 |
| Caden | 4384 |
| Camellia | 9026 |
| Caterpillar | 5835 |
| Chilhowee | 9823 |
| Claremore | 5267 |
| Collinison | 13016 |
| Cordero | 7466 |
| Cristalino | 8245 |
| Ellie | 9547 |
| Emelina | 5679 |
| Ethan | 6489 |
| Frances | 13690 |
| Glenncrest | 12731 |
| Gordon | 10231 |
| Haikey | 8459 |
| Hamblen | 8969 |
| Hancock | 6326 |
| Hardman | 13687 |
| Haven | 6692 |
| Haverhill | 2744 |
| Haybridge | 15927 |
| Hedgecrest | 7379 |
| Helmerich | 12293 |
| Hermanos | 7605 |
| Holmes | 6596 |

---

---

| | |
|:---|:---|
| **Series Name** | **February 28,<br> 2026** |
| Johnson | 18904 |
| Keystone | 9580 |
| Langley | 9006 |
| Laurel | 16073 |
| Layla | 9239 |
| Liberty | 7730 |
| Lithonia | 8076 |
| Lola | 7541 |
| Lucas | 7905 |
| Macomber | 8071 |
| Mallard | 9540 |
| Marcy | 5702 |
| Meridian | 4106 |
| Metallo | 12424 |
| Misty | 23550 |
| Montgomery | 7922 |
| Northbrook | 13715 |
| Northridge | 9717 |
| Oakland | 13186 |
| Palmore | 704 |
| Pebblestone | 8654 |
| Perdita | 16498 |
| Phoebe | 12039 |
| Pongo | 20793 |
| Portsmouth | 750 |
| Presidio | 6791 |
| Rachel | 9800 |
| Ratliff | 8902 |
| Riverwood | 2594 |
| Roanoke | 13960 |
| Robinson | 25407 |
| Ross | 16772 |
| Sansa | 10898 |
| Sedgefield | 24745 |
| Seneca | 17725 |
| Sheezy | 5728 |
| Sherwood | 631 |
| Spangler | 11811 |
| Summerglen | 6856 |
| Tansel | 8296 |
| Thomas | 6729 |
| Tomlinson | 7630 |
| Tytus | 15487 |
| Vanzant | 5918 |
| Watson | 10010 |
| Westhaven | 6940 |
| Wheeler | 16583 |
| Williamson | 5683 |
| Woodland | 5722 |
| Woodwind | 4174 |
| Wynde | 7227 |
| Wyndhurst | 17640 |
| Zane | 4901 |
|  | $**971584** |

---

**Item 3. Directors AND Officers**

**General**

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

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

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

**Executive Officers & Directors**

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

---

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

---

(1) The terms in office of Mr.
Frazier, Mr. Cason, and Mr. Chouza began upon the organization of our Company on January 4, 2023. Ms. Korn's term in office began
upon her appointment as CFO on January 11, 2024. The current executive officers and directors will serve in these capacities indefinitely,
or until their successors are duly appointed or elected, as applicable.

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

**Biographical Information**

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

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

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

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

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

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

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

**The Manager and the Operating Agreement**

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

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

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

***Responsibilities of the Manager***

The responsibilities of the manager include:

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

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

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

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

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

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

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

**Manager Affiliates**

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

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

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

**Arrived Homes 4, LLC** – Arrived Homes 4, LLC was formed on July 28, 2023 as a Delaware series limited liability company to permit public investment in individual real estate properties that will be owned by individual series of Arrived Homes 4, LLC.

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

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

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

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

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

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

**Compensation of Executive Officers**

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

**Compensation of the Manager**

The manager will receive compensation and reimbursement for costs incurred relating to our series offerings (e.g., Offering Expenses and Acquisition Expenses). Neither the manager nor any of its affiliates will receive any selling commissions or dealer manager fees in connection with this or other series offerings. See "Management—Management Compensation" in our offering circular and *Note 8, Related Party Transactions* in our financial statements for further details.

**Item 4. Security Ownership of Management and Certain Securityholders**

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

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

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

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

**Item 5. INTEREST OF MANAGEMENT AND OTHERS IN CERTAIN Transactions**

Since our formation in January 2023, we have entered into a number of transactions in which we were a participant and the amount involved exceeded or exceeds the lesser of $120,000 and one percent of the average of our total assets as of the date of formation, and in which any related person had a direct or indirect material interest (other than compensation described under "Compensation of Directors and Executive Officers"). See "The Series Properties Being Offered" section in our latest offering circular, which can be accessed [here](https://www.sec.gov/Archives/edgar/data/1962723/000196272325000004/arrived3-253g2.htm), for a description of the manager's involvement in the purchase of properties on the relevant series' behalf and the subsequent issuance of promissory notes by the series to the manager. See "Management—Management Compensation" section in our offering circular for a description of the fees paid to the manager. We believe the terms obtained or consideration that we paid or received, as applicable, in connection with such transactions were comparable to terms available or the amounts that would be paid or received, as applicable, in arm's-length transactions. With respect to the additional series that will be offering their interests by way of this offering circular and other future series, their properties will be acquired in accordance with one of the acquisition methods discussed in the section titled "Description of Business-Acquisition Mechanics" in our offering circular. Therefore, the manager is expected to continue to receive interest income from loans to the multiple series.

**Item 6. Other Information**

None.

**Item 7. Financial Statements**

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING FINANCIAL STATEMENTS** 

**DECEMBER 31, 2025 AND 2024**

---

| | |
|:---|:---|
| [REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (PCAOB ID #3523)](#fin_001) | F-2 |
| [CONSOLIDATED AND CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2025](#fin_002) | F-3 |
| [CONSOLIDATED AND CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2024](#fin_003) | F-15 |
| [CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) FOR THE YEAR ENDED DECEMBER 31, 2025](#fin_004) | F-27 |
| [CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) FOR THE YEAR ENDED DECEMBER 31, 2024](#fin_005) | F-39 |
| [CONSOLIDATED AND CONSOLIDATING STATEMENT OF CHANGES IN MEMBERS' EQUITY (DEFICIT) FOR THE YEAR ENDED DECEMBER 31, 2025](#fin_006) | F-51 |
| [CONSOLIDATED AND CONSOLIDATING STATEMENT OF CHANGES IN MEMBERS' EQUITY (DEFICIT) FOR THE YEAR ENDED DECEMBER 31, 2024](#fin_007) | F-63 |
| [CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2025](#fin_008) | F-75 |
| [CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2024](#fin_009) | F-87 |
| [NOTES TO CONSOLIDATED AND CONSOLIDATING FINANCIAL STATEMENTS](#fin_010) | F-99 to F-123 |

---

****

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Manager and Members of<br> Arrived Homes 3, LLC

Seattle, Washington

**Opinion on the Consolidated and Consolidating Financial Statements**

We have audited the accompanying consolidated and consolidating balance sheets of Arrived Homes 3, LLC and its series (the Company) as of December 31, 2025 and 2024, and the related consolidated and consolidating statements of comprehensive income (loss), changes in members' equity (deficit), and cash flows for each of the two years in the period ended December 31, 2025, and the related notes (collectively referred to as the consolidated and consolidating financial statements). In our opinion, the consolidated and consolidating financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of their operations and their cash flows for each of the two years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

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

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

**Basis for Opinion**

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

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

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

/s/ Stephano Slack LLC

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

Wayne, Pennsylvania

April 30, 2026

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING BALANCE SHEET**

**AS OF DECEMBER 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Adams** | **Antares** | **Aramis** | **Arkoma** | **Arya** | **Aspen** | **Athos** | **Barclay** |
| **ASSETS** | | | | | | | | |
| Current assets: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $17449 | $10441 | $8460 | $18959 | $5000 | $6987 | $7823 | $23120 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses |  | 104 | 101 | 82 |  | 1883 | 101 | 102 |
| &nbsp;&nbsp;&nbsp;Due from (to) third party property manager | 4879 | 1854 | 5633 | 5338 | 2659 | 3848 | 6449 | 14 |
| Total current assets | 22328 | 12400 | 14194 | 24380 | 7659 | 12719 | 14373 | 23236 |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 298435 | 290881 | 281743 | 221181 | 170599 | 250169 | 276205 | 286843 |
| Total assets | $320763 | $303280 | $295936 | $245561 | $178257 | $262888 | $290578 | $310079 |
| **LIABILITIES AND MEMBERS' EQUITY** |  |  |  |  |  |  |  |  |
| Current liabilities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 3013 | 1188 | 1545 | 1463 | 1420 |  | 5671 | 1219 |
| &nbsp;&nbsp;&nbsp;Tenant deposits | 2595 |  | 3790 | 3890 | 1350 | 1795 | 4190 |  |
| &nbsp;&nbsp;&nbsp;Due to related parties | 2077 | 7165 | 6063 | 3339 | 3916 | 8158 | 5044 | 6972 |
| Total current liabilities | 7685 | 8353 | 11398 | 8692 | 6686 | 9953 | 14905 | 8191 |
| &nbsp;&nbsp;&nbsp;Operational notes, related party | - | - | - | - | 6000 | - | - | - |
| Total liabilities | 7685 | 8353 | 11398 | 8692 | 12686 | 9953 | 14905 | 8191 |
| Members' equity |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Members' capital | 320874 | 305940 | 298278 | 231163 | 189806 | 264964 | 292341 | 293800 |
| &nbsp;&nbsp;&nbsp;Retained earnings (accumulated deficit) | (7796) | (11012) | (13740) | 5706 | (24235) | (12029) | (16667) | 8088 |
| Total members' equity | 313078 | 294928 | 284538 | 236869 | 165571 | 252935 | 275673 | 301888 |
| Total liabilities and members' equity | $320763 | $303280 | $295936 | $245561 | $178257 | $262888 | $290578 | $310079 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING BALANCE SHEET**

**AS OF DECEMBER 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Bayne** | **Bean** | **Bennett** | **Benny** | **Bluebell** | **Bowling** | **Boxwood** | **Bradford** |
| **ASSETS** | | | | | | | | |
| Current assets: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $20693 | $9210 | $7383 | $7499 | $9768 | $5912 | $22179 | $21592 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses |  |  | 196 | 952 | 101 | 769 |  | 102 |
| &nbsp;&nbsp;&nbsp;Due from (to) third party property manager | 4836 | 4005 | 3677 | 579 | 3774 | 1799 | 6495 | 4065 |
| Total current assets | 25528 | 13214 | 11257 | 9031 | 13643 | 8480 | 28674 | 25759 |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 341673 | 277980 | 197882 | 238204 | 280688 | 194134 | 315510 | 285064 |
| Total assets | $367201 | $291195 | $209139 | $247235 | $294331 | $202614 | $344183 | $310823 |
| **LIABILITIES AND MEMBERS' EQUITY** |  |  |  |  |  |  |  |  |
| Current liabilities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 2882 | 2905 | 1272 | 643 | 1145 | 1236 | 4558 | 1226 |
| &nbsp;&nbsp;&nbsp;Tenant deposits | 2745 | 2145 | 1695 | 1795 | 2345 |  | 4390 | 2145 |
| &nbsp;&nbsp;&nbsp;Due to related parties | 2225 | 4179 | 4830 | 9600 | 7953 | 5228 | 2847 | 6854 |
| Total current liabilities | 7852 | 9229 | 7797 | 12038 | 11443 | 6464 | 11795 | 10225 |
| &nbsp;&nbsp;&nbsp;Operational notes, related party | - | - | - | - | - | - | - | - |
| Total liabilities | 7852 | 9229 | 7797 | 12038 | 11443 | 6464 | 11795 | 10225 |
| Members' equity |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Members' capital | 367815 | 281192 | 195048 | 249301 | 293967 | 190606 | 344325 | 299871 |
| &nbsp;&nbsp;&nbsp;Retained earnings (accumulated deficit) | (8465) | 774 | 6293 | (14105) | (11080) | 5545 | (11937) | 727 |
| Total members' equity | 359350 | 281965 | 201342 | 235197 | 282888 | 196151 | 332388 | 300598 |
| Total liabilities and members' equity | $367201 | $291195 | $209139 | $247235 | $294331 | $202614 | $344183 | $310823 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING BALANCE SHEET**

**AS OF DECEMBER 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Brookwood** | **Bryant** | **Caden** | **Camellia** | **Caterpillar** | **Chilhowee** | **Claremore** | **Collinison** |
| **ASSETS** | | | | | | | | |
| Current assets: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $5814 | $9087 | $5048 | $7649 | $3475 | $11278 | $5478 | $14600 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 257 | 95 | 607 | 258 | 184 | 673 | 79 |  |
| &nbsp;&nbsp;&nbsp;Due from (to) third party property manager | 3956 | 3954 | 3795 | 4153 | 2840 | 4291 | 3313 | 4034 |
| Total current assets | 10027 | 13136 | 9450 | 12060 | 6499 | 16243 | 8870 | 18635 |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 262054 | 264826 | 233169 | 244088 | 281795 | 300764 | 220330 | 291094 |
| Total assets | $272080 | $277962 | $242619 | $256148 | $288294 | $317006 | $229201 | $309728 |
| **LIABILITIES AND MEMBERS' EQUITY** |  |  |  |  |  |  |  |  |
| Current liabilities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 1248 | 5833 | 1210 | 1173 |  | 2315 | 871 | 2966 |
| &nbsp;&nbsp;&nbsp;Tenant deposits | 1795 | 2095 | 2393 | 1795 | 1750 | 2395 | 1745 | 2095 |
| &nbsp;&nbsp;&nbsp;Due to related parties | 6347 | 9508 | 7730 | 7555 | 4092 | 5748 | 8956 | 3807 |
| Total current liabilities | 9390 | 17436 | 11333 | 10523 | 5842 | 10459 | 11572 | 8869 |
| &nbsp;&nbsp;&nbsp;Operational notes, related party | - | - | 5500 | - | 10100 | - | - | - |
| Total liabilities | 9390 | 17436 | 16833 | 10523 | 15942 | 10459 | 11572 | 8869 |
| Members' equity |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Members' capital | 265417 | 270042 | 249527 | 245133 | 318935 | 301917 | 234911 | 300584 |
| &nbsp;&nbsp;&nbsp;Retained earnings (accumulated deficit) | (2726) | (9516) | (23741) | 493 | (46583) | 4631 | (17282) | 275 |
| Total members' equity | 262691 | 260527 | 225786 | 245625 | 272352 | 306548 | 217629 | 300860 |
| Total liabilities and members' equity | $272080 | $277962 | $242619 | $256148 | $288294 | $317006 | $229201 | $309728 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING BALANCE SHEET**

**AS OF DECEMBER 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Cordero** | **Cristalino** | **Ellie** | **Emelina** | **Ethan** | **Frances** | **Glenncrest** | **Gordon** |
| **ASSETS** | | | | | | | | |
| Current assets: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $8053 | $8211 | $11100 | $5986 | $6809 | $15231 | $14445 | $11415 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 161 | 384 | 0.01 | 261 | 138 |  |  | 176 |
| &nbsp;&nbsp;&nbsp;Due from (to) third party property manager | - | 5618 | - | 3608 | 2953 | 4221 | 1213 | 3816 |
| Total current assets | 8214 | 14214 | 11100 | 9856 | 9900 | 19452 | 15658 | 15407 |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 255950 | 286605 | 272436 | 235505 | 190635 | 265838 | 276045 | 239410 |
| Total assets | $264164 | $300818 | $283536 | $245360 | $200535 | $285290 | $291702 | $254817 |
| **LIABILITIES AND MEMBERS' EQUITY** |  |  |  |  |  |  |  |  |
| Current liabilities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 3455 | 3413 | 4835 | 1156 | 1343 | 5221 | 1164 | 793 |
| &nbsp;&nbsp;&nbsp;Tenant deposits |  | 2995 |  | 1795 | 1475 | 2245 | 1750 | 1895 |
| &nbsp;&nbsp;&nbsp;Due to related parties | 4158 | 6789 | 3870 | 9141 | 5808 | 3529 | 6682 | 3675 |
| Total current liabilities | 7613 | 13197 | 8704 | 12092 | 8626 | 10995 | 9596 | 6363 |
| &nbsp;&nbsp;&nbsp;Operational notes, related party | - | 11800 | 8900 | - | 19400 | - | - | - |
| Total liabilities | 7613 | 24997 | 17604 | 12092 | 28026 | 10995 | 9596 | 6363 |
| Members' equity |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Members' capital | 272759 | 313479 | 299220 | 242587 | 197650 | 265918 | 295426 | 247997 |
| &nbsp;&nbsp;&nbsp;Retained earnings (accumulated deficit) | (16208) | (37658) | (33288) | (9319) | (25140) | 8377 | (13319) | 458 |
| Total members' equity | 256551 | 275821 | 265931 | 233268 | 172509 | 274295 | 282106 | 248454 |
| Total liabilities and members' equity | $264164 | $300818 | $283536 | $245360 | $200535 | $285290 | $291702 | $254817 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING BALANCE SHEET**

**AS OF DECEMBER 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Haikey** | **Hamblen** | **Hancock** | **Hardman** | **Haven** | **Haverhill** | **Haybridge** | **Hedgecrest** |
| **ASSETS** | | | | | | | | |
| Current assets: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $8750 | $10196 | $7279 | $15198 | $7071 | $7384 | $17840 | $11384 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses |  | 635 | 93 |  | 882 | 257 |  |  |
| &nbsp;&nbsp;&nbsp;Due from (to) third party property manager | 4146 | 4767 | 2276 | 4963 | 2906 | - | 5076 | - |
| Total current assets | 12896 | 15598 | 9647 | 20161 | 10859 | 7641 | 22916 | 11384 |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 230117 | 239812 | 255442 | 369255 | 172908 | 219271 | 341048 | 346109 |
| Total assets | $243014 | $255410 | $265089 | $389416 | $183768 | $226912 | $363964 | $357493 |
| **LIABILITIES AND MEMBERS' EQUITY** |  |  |  |  |  |  |  |  |
| Current liabilities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 843 | 3024 | 1425 | 4683 | 1303 | 2473 | 1188 | 5192 |
| &nbsp;&nbsp;&nbsp;Tenant deposits | 2295 | 2595 | 2045 | 2495 | 1495 | 1745 | 3990 |  |
| &nbsp;&nbsp;&nbsp;Due to related parties | 7864 | 4304 | 8215 | 4922 | 5814 | 4024 | 7349 | 7627 |
| Total current liabilities | 11002 | 9923 | 11685 | 12100 | 8611 | 8241 | 12526 | 12820 |
| &nbsp;&nbsp;&nbsp;Operational notes, related party | - | - | - | - | 5700 | - | - | - |
| Total liabilities | 11002 | 9923 | 11685 | 12100 | 14311 | 8241 | 12526 | 12820 |
| Members' equity |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Members' capital | 237625 | 241930 | 262857 | 373041 | 178703 | 229061 | 364251 | 368517 |
| &nbsp;&nbsp;&nbsp;Retained earnings (accumulated deficit) | (5614) | 3558 | (9453) | 4274 | (9247) | (10391) | (12813) | (23843) |
| Total members' equity | 232011 | 245488 | 253404 | 377315 | 169456 | 218670 | 351438 | 344673 |
| Total liabilities and members' equity | $243014 | $255410 | $265089 | $389416 | $183768 | $226912 | $363964 | $357493 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING BALANCE SHEET**

**AS OF DECEMBER 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Helmerich** | **Hermanos** | **Holmes** | **Johnson** | **Keystone** | **Langley** | **Laurel** | **Layla** |
| **ASSETS** | | | | | | | | |
| Current assets: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $13100 | $8110 | $7168 | $20851 | $11359 | $10723 | $17601 | $10760 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 84 | 1320 | 110 |  |  | 1100 |  |  |
| &nbsp;&nbsp;&nbsp;Due from (to) third party property manager | 3072 | 4907 | 2980 | 4427 | 1634 | 5432 | 4725 | 4543 |
| Total current assets | 16257 | 14337 | 10258 | 25278 | 12993 | 17254 | 22326 | 15303 |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 236021 | 294500 | 164508 | 316802 | 331495 | 325393 | 321514 | 308736 |
| Total assets | $252277 | $308836 | $174766 | $342081 | $344488 | $342647 | $343840 | $324040 |
| **LIABILITIES AND MEMBERS' EQUITY** |  |  |  |  |  |  |  |  |
| Current liabilities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 874 | 3487 | 1322 | 4901 | 3579 |  | 2848 | 3326 |
| &nbsp;&nbsp;&nbsp;Tenant deposits | 1750 | 3293 | 1600 | 2645 | 2245 | 2995 | 2395 | 2695 |
| &nbsp;&nbsp;&nbsp;Due to related parties | 6889 | 7903 | 5498 | 3069 | 4540 | 2302 | 3478 | 4427 |
| Total current liabilities | 9514 | 14682 | 8420 | 10615 | 10364 | 5297 | 8721 | 10448 |
| &nbsp;&nbsp;&nbsp;Operational notes, related party | - | 4700 | - | - | - | - | - | - |
| Total liabilities | 9514 | 19382 | 8420 | 10615 | 10364 | 5297 | 8721 | 10448 |
| Members' equity |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Members' capital | 245285 | 309002 | 168685 | 332204 | 338004 | 347200 | 339661 | 314875 |
| &nbsp;&nbsp;&nbsp;Retained earnings (accumulated deficit) | (2521) | (19548) | (2339) | (739) | (3880) | (9850) | (4542) | (1284) |
| Total members' equity | 242764 | 289454 | 166346 | 331466 | 334124 | 337350 | 335118 | 313591 |
| Total liabilities and members' equity | $252277 | $308836 | $174766 | $342081 | $344488 | $342647 | $343840 | $324040 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING BALANCE SHEET**

**AS OF DECEMBER 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Liberty** | **Lithonia** | **Lola** | **Lucas** | **Macomber** | **Mallard** | **Marcy** | **Meridian** |
| **ASSETS** | | | | | | | | |
| Current assets: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $7694 | $5603 | $8921 | $8321 | $8254 | $10438 | $6595 | $3298 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 86 | 260 |  | 87 | 94 | 123 |  | 181 |
| &nbsp;&nbsp;&nbsp;Due from (to) third party property manager | 4290 | 6310 | 4099 | 3942 | 4868 | 2907 | 4149 | 3856 |
| Total current assets | 12071 | 12174 | 13020 | 12351 | 13216 | 13467 | 10744 | 7336 |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 248115 | 271416 | 292217 | 242175 | 260834 | 195079 | 170599 | 253152 |
| Total assets | $260186 | $283590 | $305237 | $254525 | $274050 | $208546 | $181342 | $260488 |
| **LIABILITIES AND MEMBERS' EQUITY** |  |  |  |  |  |  |  |  |
| Current liabilities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 5240 | 578 | 3026 | 6046 | 5754 | 1227 | 1383 | 1089 |
| &nbsp;&nbsp;&nbsp;Tenant deposits | 2395 | 3990 | 2345 | 2395 | 2695 | 1495 | 2690 | 1850 |
| &nbsp;&nbsp;&nbsp;Due to related parties | 5377 | 6669 | 4125 | 3614 | 7417 | 4562 | 2429 | 6089 |
| Total current liabilities | 13011 | 11237 | 9496 | 12055 | 15866 | 7284 | 6501 | 9029 |
| &nbsp;&nbsp;&nbsp;Operational notes, related party | 8000 | 24300 | - | - | - | - | - | - |
| Total liabilities | 21011 | 35537 | 9496 | 12055 | 15866 | 7284 | 6501 | 9029 |
| Members' equity |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Members' capital | 252617 | 288794 | 291983 | 258837 | 272658 | 202315 | 178926 | 264319 |
| &nbsp;&nbsp;&nbsp;Retained earnings (accumulated deficit) | (13442) | (40740) | 3757 | (16367) | (14474) | (1052) | (4085) | (12860) |
| Total members' equity | 239175 | 248053 | 295741 | 242471 | 258184 | 201263 | 174841 | 251459 |
| Total liabilities and members' equity | $260186 | $283590 | $305237 | $254525 | $274050 | $208546 | $181342 | $260488 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING BALANCE SHEET**

**AS OF DECEMBER 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Metallo** | **Misty** | **Montgomery** | **Northbrook** | **Northridge** | **Oakland** | **Palmore** | **Pebblestone** |
| **ASSETS** | | | | | | | | |
| Current assets: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $13131 | $24756 | $8198 | $14424 | $9949 | $14331 | $704 | $10154 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses |  |  | 129 |  |  | 0 | 2688 |  |
| &nbsp;&nbsp;&nbsp;Due from (to) third party property manager | 3695 | 7780 | 4029 | 3587 | 3590 | 4543 | - | 4970 |
| Total current assets | 16826 | 32536 | 12357 | 18011 | 13539 | 18873 | 3391 | 15125 |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 287835 | 336547 | 200437 | 268450 | 248360 | 292018 | 190941 | 321615 |
| Total assets | $304661 | $369082 | $212794 | $286460 | $261900 | $310891 | $194332 | $336739 |
| **LIABILITIES AND MEMBERS' EQUITY** |  |  |  |  |  |  |  |  |
| Current liabilities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 4368 | 1302 | 1289 | 5751 | 1516 | 3258 | 6727 | 3622 |
| &nbsp;&nbsp;&nbsp;Tenant deposits | 1995 | 5190 | 2468 | 1895 | 1650 | 2445 |  | 2795 |
| &nbsp;&nbsp;&nbsp;Due to related parties | 1912 | 8175 | 5836 | 3619 | 3354 | 3028 | 6784 | 4264 |
| Total current liabilities | 8275 | 14667 | 9593 | 11265 | 6520 | 8731 | 13511 | 10682 |
| &nbsp;&nbsp;&nbsp;Operational notes, related party | - | - | 10700 | - | - | - | - | - |
| Total liabilities | 8275 | 14667 | 20293 | 11265 | 6520 | 8731 | 13511 | 10682 |
| Members' equity |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Members' capital | 318286 | 358043 | 211003 | 281694 | 277020 | 309394 | 201484 | 322951 |
| &nbsp;&nbsp;&nbsp;Retained earnings (accumulated deficit) | (21901) | (3628) | (18502) | (6499) | (21640) | (7233) | (20662) | 3107 |
| Total members' equity | 296385 | 354415 | 192501 | 275195 | 255380 | 302160 | 180821 | 326058 |
| Total liabilities and members' equity | $304661 | $369082 | $212794 | $286460 | $261900 | $310891 | $194332 | $336739 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING BALANCE SHEET**

**AS OF DECEMBER 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Perdita** | **Phoebe** | **Pongo** | **Portsmouth** | **Presidio** | **Rachel** | **Ratliff** | **Riverwood** |
| **ASSETS** | | | | | | | | |
| Current assets: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $17167 | $13273 | $21033 | $2270 | $7747 | $11023 | $10698 | $4342 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 110 |  | 110 | 134 |  |  |  | 98 |
| &nbsp;&nbsp;&nbsp;Due from (to) third party property manager | 4053 | 4245 | - | - | 3397 | 4086 | 4616 | - |
| Total current assets | 21330 | 17518 | 21143 | 2404 | 11144 | 15109 | 15314 | 4440 |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 310866 | 264391 | 310866 | 204378 | 234750 | 275368 | 303936 | 274950 |
| Total assets | $332197 | $281909 | $332009 | $206782 | $245893 | $290477 | $319250 | $279390 |
| **LIABILITIES AND MEMBERS' EQUITY** |  |  |  |  |  |  |  |  |
| Current liabilities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 1176 | 3041 | 1415 | 2514 | 3701 | 2250 | 2061 | 1334 |
| &nbsp;&nbsp;&nbsp;Tenant deposits | 2095 | 2145 |  | 1495 | 1745 | 1995 | 2345 |  |
| &nbsp;&nbsp;&nbsp;Due to related parties | 7409 | 2855 | 7529 | 5033 | 1520 | 3643 | 4348 | 3888 |
| Total current liabilities | 10680 | 8041 | 8944 | 9041 | 6966 | 7888 | 8754 | 5222 |
| &nbsp;&nbsp;&nbsp;Operational notes, related party | - | - | - | - | - | - | - | 6000 |
| Total liabilities | 10680 | 8041 | 8944 | 9041 | 6966 | 7888 | 8754 | 11222 |
| Members' equity |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Members' capital | 330804 | 279385 | 330070 | 211719 | 260529 | 285353 | 312559 | 301786 |
| &nbsp;&nbsp;&nbsp;Retained earnings (accumulated deficit) | (9287) | (5516) | (7005) | (13978) | (21601) | (2764) | (2064) | (33618) |
| Total members' equity | 321517 | 273869 | 323065 | 197741 | 238927 | 282589 | 310495 | 268168 |
| Total liabilities and members' equity | $332197 | $281909 | $332009 | $206782 | $245893 | $290477 | $319250 | $279390 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING BALANCE SHEET**

**AS OF DECEMBER 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Roanoke** | **Robinson** | **Ross** | **Sansa** | **Sedgefield** | **Seneca** | **Sheezy** | **Sherwood** |
| **ASSETS** | | | | | | | | |
| Current assets: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $15280 | $26868 | $18303 | $11946 | $26098 | $18665 | $7284 | $631 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 1280 |  |  |  |  |  | 181 | 64 |
| &nbsp;&nbsp;&nbsp;Due from (to) third party property manager | 5222 | 5100 | 5031 | 2895 | 5173 | 4536 | 3213 | 444 |
| Total current assets | 21781 | 31969 | 23333 | 14841 | 31271 | 23201 | 10677 | 1139 |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 314574 | 313956 | 317692 | 170599 | 282423 | 287404 | 216331 | 163473 |
| Total assets | $336354 | $345925 | $341026 | $185439 | $313695 | $310605 | $227009 | $164612 |
| **LIABILITIES AND MEMBERS' EQUITY** |  |  |  |  |  |  |  |  |
| Current liabilities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses |  | 4774 | 3103 | 3289 | 1167 | 1128 | 3790 | 1321 |
| &nbsp;&nbsp;&nbsp;Tenant deposits | 2495 | 2595 | 2545 | 1395 | 3243 | 2695 | 2045 | 1445 |
| &nbsp;&nbsp;&nbsp;Due to related parties | 4795 | 2544 | 4241 | 2438 | 2806 | 2531 | 4123 | 5967 |
| Total current liabilities | 7290 | 9914 | 9889 | 7121 | 7216 | 6354 | 9958 | 8733 |
| &nbsp;&nbsp;&nbsp;Operational notes, related party | - | - | - | - | - | - | - | - |
| Total liabilities | 7290 | 9914 | 9889 | 7121 | 7216 | 6354 | 9958 | 8733 |
| Members' equity |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Members' capital | 321449 | 336500 | 322030 | 176353 | 314644 | 308043 | 212200 | 178732 |
| &nbsp;&nbsp;&nbsp;Retained earnings (accumulated deficit) | 7616 | (489) | 9107 | 1965 | (8165) | (3793) | 4851 | (22852) |
| Total members' equity | 329065 | 336011 | 331137 | 178318 | 306479 | 304250 | 217050 | 155880 |
| Total liabilities and members' equity | $336354 | $345925 | $341026 | $185439 | $313695 | $310605 | $227009 | $164612 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING BALANCE SHEET**

**AS OF DECEMBER 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Spangler** | **Summerglen** | **Tansel** | **Thomas** | **Tomlinson** | **Tytus** | **Vanzant** | **Watson** |
| **ASSETS** | | | | | | | | |
| Current assets: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $13075 | $7409 | $8065 | $5351 | $8009 | $16773 | $6993 | $10942 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses |  | 149 | 110 | 203 |  | 89 |  | 110 |
| &nbsp;&nbsp;&nbsp;Due from (to) third party property manager | 5047 | 3364 | 4562 | 3614 | 3980 | 4439 | 4781 | 2899 |
| Total current assets | 18122 | 10922 | 12737 | 9169 | 11989 | 21301 | 11774 | 13951 |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 378344 | 226467 | 305092 | 205013 | 237836 | 243975 | 337528 | 164508 |
| Total assets | $396466 | $237389 | $317828 | $214182 | $249825 | $265276 | $349302 | $178459 |
| **LIABILITIES AND MEMBERS' EQUITY** |  |  |  |  |  |  |  |  |
| Current liabilities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 1318 | 910 | 618 | 1300 | 1430 | 5049 | 2365 | 1322 |
| &nbsp;&nbsp;&nbsp;Tenant deposits | 2995 | 1795 | 2295 | 1695 | 2250 | 2495 | 2695 | 1600 |
| &nbsp;&nbsp;&nbsp;Due to related parties | 2418 | 7049 | 4521 | 7791 | 5986 | 3710 | 4479 | 2901 |
| Total current liabilities | 6731 | 9754 | 7435 | 10786 | 9666 | 11254 | 9539 | 5823 |
| &nbsp;&nbsp;&nbsp;Operational notes, related party | - | - | 5500 | - | - | - | - | - |
| Total liabilities | 6731 | 9754 | 12935 | 10786 | 9666 | 11254 | 9539 | 5823 |
| Members' equity |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Members' capital | 414428 | 227477 | 329270 | 207558 | 269956 | 247401 | 347110 | 171913 |
| &nbsp;&nbsp;&nbsp;Retained earnings (accumulated deficit) | (24692) | 157 | (24376) | (4162) | (29797) | 6621 | (7348) | 724 |
| Total members' equity | 389735 | 227635 | 304894 | 203397 | 240159 | 254022 | 339763 | 172636 |
| Total liabilities and members' equity | $396466 | $237389 | $317828 | $214182 | $249825 | $265276 | $349302 | $178459 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING BALANCE SHEET**

**AS OF DECEMBER 31, 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Westhaven** | **Wheeler** | **Williamson** | **Woodland** | **Woodwind** | **Wynde** | **Wyndhurst** | **Zane** | **Consolidated** |
| **ASSETS** | | | | | | | | | |
| Current assets: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $7364 | $16527 | $6845 | $5923 | $3710 | $7666 | $18563 | $12979 | $1054521 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 158 | 129 | 174 | 84 | 234 | 86 |  | 60 | 19459 |
| &nbsp;&nbsp;&nbsp;Due from (to) third party property manager | 3904 | 57 | 688 | 1094 | 3114 | 4086 | 3061 | - | 334841 |
| Total current assets | 11425 | 16713 | 7707 | 7101 | 7058 | 11839 | 21624 | 13040 | 1408820 |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 238563 | 194770 | 269239 | 153685 | 238285 | 237228 | 295149 | 160247 | 25012345 |
| Total assets | $249989 | $211483 | $276945 | $160786 | $245343 | $249067 | $316774 | $173286 | $26421165 |
| **LIABILITIES AND MEMBERS' EQUITY** |  |  |  |  |  |  |  |  |  |
| Current liabilities: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 1982 | 1236 | 1215 | 1284 | 1283 | 1135 | 1352 | 6037 | $226926 |
| &nbsp;&nbsp;&nbsp;Tenant deposits | 2145 |  | 1850 | 1295 | 1595 | 2395 | 1745 | 1275 | 198055 |
| &nbsp;&nbsp;&nbsp;Due to related parties | 8068 | 5050 | 3939 | 5280 | 9100 | 7413 | 5999 | 3690 | 502389 |
| Total current liabilities | 12195 | 6285 | 7004 | 7860 | 11977 | 10943 | 9096 | 11002 | 927370 |
| &nbsp;&nbsp;&nbsp;Operational notes, related party | - | - | - | - | - | 5800 | - | - | 132400 |
| Total liabilities | 12195 | 6285 | 7004 | 7860 | 11977 | 16743 | 9096 | 11002 | 1059770 |
| Members' equity |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Members' capital | 246794 | 192821 | 279866 | 160193 | 249152 | 247769 | 316503 | 159440 | 26231825 |
| &nbsp;&nbsp;&nbsp;Retained earnings (accumulated deficit) | (9000) | 12376 | (9925) | (7266) | (15786) | (15444) | (8825) | 2844 | (870430) |
| Total members' equity | 237794 | 205198 | 269941 | 152927 | 233366 | 232325 | 307677 | 162284 | 25361395 |
| Total liabilities and members' equity | $249989 | $211483 | $276945 | $160786 | $245343 | $249067 | $316774 | $173286 | $26421165 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING BALANCE SHEET**

**AS OF DECEMBER 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Adams** | **Antares** | **Aramis** | **Arkoma** | **Arya** | **Aspen** | **Athos** | **Barclay** |
| **ASSETS** | | | | | | | | |
| Current assets: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $- | $12203 | $7204 | $23313 | $2277 | $3249 | $9313 | $24025 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses |  | 499 | 551 | 438 | 277 | 633 | 1623 | 465 |
| &nbsp;&nbsp;&nbsp;Due from related parties |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due from (to) third party property manager | 548 | 4379 | 5453 | 2770 | 2766 | 3778 | 3173 | 1925 |
| Total current assets | 548 | 17082 | 13209 | 26522 | 5320 | 7660 | 14110 | 26415 |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 306829 | 299395 | 289989 | 227671 | 175531 | 257527 | 285361 | 295259 |
| Total assets | $307377 | $316476 | $303197 | $254193 | $180851 | $265187 | $299471 | $321674 |
| **LIABILITIES AND MEMBERS' EQUITY (DEFICIT)** |  |  |  |  |  |  |  |  |
| Current liabilities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 4871 | 3092 | 2964 | 3796 | 2375 | 2399 | 8074 | 3518 |
| &nbsp;&nbsp;&nbsp;Tenant deposits | 2345 | 2395 | 3790 | 1595 | 1395 | 1795 | 4190 |  |
| &nbsp;&nbsp;&nbsp;Bridge financing, related party | 288000 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due to related party | 20263 | 2341 | 2437 | 1893 | 6278 | 4610 | 1505 | 2453 |
| Total current liabilities | 315479 | 7828 | 9191 | 7284 | 10048 | 8804 | 13770 | 5971 |
| &nbsp;&nbsp;&nbsp;Operational notes, related party | - | - | - | - | - | - | - | - |
| Total liabilities | 315479 | 7828 | 9191 | 7284 | 10048 | 8804 | 13770 | 5971 |
| Members' equity (deficit) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Members' capital | 3000 | 321862 | 312136 | 243635 | 195041 | 276262 | 304467 | 311399 |
| &nbsp;&nbsp;&nbsp;Retained earnings (accumulated deficit) | (11102) | (13214) | (18129) | 3274 | (24237) | (19879) | (18766) | 4304 |
| Total members' equity (deficit) | (8102) | 308648 | 294006 | 246908 | 170803 | 256383 | 285701 | 315703 |
| Total liabilities and members' equity | $307377 | $316476 | $303197 | $254193 | $180851 | $265187 | $299471 | $321674 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING BALANCE SHEET**

**AS OF DECEMBER 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Bayne** | **Bean** | **Bennett** | **Benny** | **Bluebell** | **Bowling** | **Boxwood** | **Bradford** |
| **ASSETS** | | | | | | | | |
| Current assets: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $- | $11429 | $7455 | $3024 | $19029 | $5720 | $- | $22583 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses |  | 450 | 507 | 1892 | 541 | 1116 |  | 458 |
| &nbsp;&nbsp;&nbsp;Due from related parties |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due from (to) third party property manager | - | 4206 | 3192 | 3586 | 4258 | 2016 | - | 3929 |
| Total current assets |  | 16085 | 11154 | 8503 | 23828 | 8851 |  | 26970 |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 351287 | 286038 | 203702 | 245210 | 288903 | 199858 | 324350 | 293425 |
| Total assets | $351287 | $302123 | $214856 | $253713 | $312731 | $208709 | $324350 | $320395 |
| **LIABILITIES AND MEMBERS' EQUITY (DEFICIT)** |  |  |  |  |  |  |  |  |
| Current liabilities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 4831 | 5100 | 3050 | 2432 | 2938 | 2808 | 5161 | 3288 |
| &nbsp;&nbsp;&nbsp;Tenant deposits |  | 2145 | 1695 | 1795 | 2345 |  |  | 2145 |
| &nbsp;&nbsp;&nbsp;Bridge financing, related party | 328683 |  |  |  |  |  | 308000 |  |
| &nbsp;&nbsp;&nbsp;Due to related party | 25894 | 2425 | 1666 | 2796 | 2449 | 2159 | 16646 | 2285 |
| Total current liabilities | 359409 | 9670 | 6410 | 7023 | 7732 | 4967 | 329807 | 7718 |
| &nbsp;&nbsp;&nbsp;Operational notes, related party | - | - | - | - | - | - | - | - |
| Total liabilities | 359409 | 9670 | 6410 | 7023 | 7732 | 4967 | 329807 | 7718 |
| Members' equity (deficit) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Members' capital |  | 298518 | 208908 | 259416 | 305649 | 203219 |  | 316782 |
| &nbsp;&nbsp;&nbsp;Retained earnings (accumulated deficit) | (8122) | (6065) | (463) | (12727) | (650) | 524 | (5457) | (4105) |
| Total members' equity (deficit) | (8122) | 292453 | 208445 | 246690 | 304999 | 203742 | (5457) | 312677 |
| Total liabilities and members' equity | $351287 | $302123 | $214856 | $253713 | $312731 | $208709 | $324350 | $320395 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING BALANCE SHEET**

**AS OF DECEMBER 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Brookwood** | **Bryant** | **Caden** | **Camellia** | **Caterpillar** | **Chilhowee** | **Claremore** | **Collinison** |
| **ASSETS** | | | | | | | | |
| Current assets: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $6608 | $8432 | $1152 | $5838 | $11778 | $12661 | $- | $24688 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 591 | 1347 | 1013 | 667 | 1772 | 1185 | 790 | 414 |
| &nbsp;&nbsp;&nbsp;Due from related parties |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due from (to) third party property manager | 3849 | 4300 | 1370 | 4258 | 3624 | 2355 | 2097 | 558 |
| Total current assets | 11047 | 14079 | 3535 | 10764 | 17174 | 16200 | 2887 | 25660 |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 269761 | 273609 | 240044 | 253710 | 290043 | 309705 | 226795 | 295285 |
| Total assets | $280808 | $287689 | $243580 | $264474 | $307216 | $325905 | $229682 | $320945 |
| **LIABILITIES AND MEMBERS' EQUITY (DEFICIT)** |  |  |  |  |  |  |  |  |
| Current liabilities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 2668 | 8257 | 1533 | 2720 | 2251 | 3821 | 2780 | 4542 |
| &nbsp;&nbsp;&nbsp;Tenant deposits | 1795 | 2095 | 2393 | 1795 | 1795 | 2395 | 1745 | 2095 |
| &nbsp;&nbsp;&nbsp;Bridge financing, related party |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due to related party | 4262 | 2300 | 1969 | 2525 | 2322 | 3595 | 2138 | 1694 |
| Total current liabilities | 8725 | 12652 | 5895 | 7039 | 6368 | 9811 | 6663 | 8330 |
| &nbsp;&nbsp;&nbsp;Operational notes, related party | - | - | 5500 | - | - | - | - | - |
| Total liabilities | 8725 | 12652 | 11395 | 7039 | 6368 | 9811 | 6663 | 8330 |
| Members' equity (deficit) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Members' capital | 278625 | 282322 | 256781 | 259274 | 322402 | 319764 | 243056 | 315642 |
| &nbsp;&nbsp;&nbsp;Retained earnings (accumulated deficit) | (6542) | (7286) | (24596) | (1840) | (21554) | (3670) | (20037) | (3027) |
| Total members' equity (deficit) | 272083 | 275037 | 232185 | 257434 | 300848 | 316094 | 223019 | 312615 |
| Total liabilities and members' equity | $280808 | $287689 | $243580 | $264474 | $307216 | $325905 | $229682 | $320945 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING BALANCE SHEET**

**AS OF DECEMBER 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Cordero** | **Cristalino** | **Ellie** | **Emelina** | **Ethan** | **Frances** | **Glenncrest** | **Gordon** |
| **ASSETS** | | | | | | | | |
| Current assets: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $14543 | $6894 | $4683 | $3176 | $3281 | $19302 | $18053 | $14335 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 501 | 944 | 482 | 687 | 483 | 376 | 418 | 552 |
| &nbsp;&nbsp;&nbsp;Due from related parties |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due from (to) third party property manager | 4390 | 5553 | 2092 | 3878 | 2378 | 4154 | 5781 | 3815 |
| Total current assets | 19434 | 13391 | 7257 | 7741 | 6142 | 23833 | 24252 | 18702 |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 263670 | 295055 | 280333 | 243748 | 198929 | 273512 | 284027 | 246434 |
| Total assets | $283104 | $308446 | $287590 | $251488 | $205071 | $297345 | $308279 | $265137 |
| **LIABILITIES AND MEMBERS' EQUITY (DEFICIT)** |  |  |  |  |  |  |  |  |
| Current liabilities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 4368 | 4984 | 2001 | 2506 | 2463 | 4901 | 3437 | 2949 |
| &nbsp;&nbsp;&nbsp;Tenant deposits | 2495 | 2995 | 2445 | 2195 | 1475 | 2245 | 3990 | 1895 |
| &nbsp;&nbsp;&nbsp;Bridge financing, related party |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due to related party | 2616 | 3480 | 2467 | 4744 | 2320 | 1851 | 100 | 2076 |
| Total current liabilities | 9479 | 11459 | 6913 | 9445 | 6259 | 8997 | 7527 | 6920 |
| &nbsp;&nbsp;&nbsp;Operational notes, related party | - | 16800 | - | - | 13000 | - | - | - |
| Total liabilities | 9479 | 28259 | 6913 | 9445 | 19259 | 8997 | 7527 | 6920 |
| Members' equity (deficit) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Members' capital | 281147 | 326259 | 302667 | 249907 | 204516 | 286202 | 305441 | 264497 |
| &nbsp;&nbsp;&nbsp;Retained earnings (accumulated deficit) | (7522) | (46071) | (21990) | (7864) | (18704) | 2146 | (4690) | (6280) |
| Total members' equity (deficit) | 273626 | 280188 | 280678 | 242043 | 185812 | 288348 | 300751 | 258217 |
| Total liabilities and members' equity | $283104 | $308446 | $287590 | $251488 | $205071 | $297345 | $308279 | $265137 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING BALANCE SHEET**

**AS OF DECEMBER 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Haikey** | **Hamblen** | **Hancock** | **Hardman** | **Haven** | **Haverhill** | **Haybridge** | **Hedgecrest** |
| **ASSETS** | | | | | | | | |
| Current assets: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $10753 | $13581 | $7665 | $18728 | $2123 | $6658 | $18262 | $16561 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 738 | 1038 | 570 | 406 | 1197 | 642 | 394 | 394 |
| &nbsp;&nbsp;&nbsp;Due from related parties |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due from (to) third party property manager | 3511 | 4184 | 4837 | 5009 | 2910 | 1885 | 3814 | 3920 |
| Total current assets | 15002 | 18803 | 13071 | 24143 | 6230 | 9185 | 22471 | 20875 |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 236852 | 246865 | 263896 | 379906 | 178006 | 225720 | 350910 | 350910 |
| Total assets | $251854 | $265668 | $276967 | $404049 | $184236 | $234905 | $373380 | $371785 |
| **LIABILITIES AND MEMBERS' EQUITY (DEFICIT)** |  |  |  |  |  |  |  |  |
| Current liabilities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 2647 | 5338 | 3565 | 6713 | 2388 | 1518 | 1280 | 2928 |
| &nbsp;&nbsp;&nbsp;Tenant deposits | 1795 | 2095 | 2045 | 2495 | 1495 | 1745 |  | 1995 |
| &nbsp;&nbsp;&nbsp;Bridge financing, related party |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due to related party | 2129 | 2581 | 6373 | 2584 | 7690 | 2501 | 2559 | 2339 |
| Total current liabilities | 6572 | 10014 | 11982 | 11792 | 11573 | 5764 | 3840 | 7262 |
| &nbsp;&nbsp;&nbsp;Operational notes, related party | - | - | - | - | - | - | - | - |
| Total liabilities | 6572 | 10014 | 11982 | 11792 | 11573 | 5764 | 3840 | 7262 |
| Members' equity (deficit) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Members' capital | 246803 | 255098 | 275072 | 393337 | 187557 | 240619 | 377092 | 378190 |
| &nbsp;&nbsp;&nbsp;Retained earnings (accumulated deficit) | (1521) | 556 | (10087) | (1080) | (14893) | (11477) | (7552) | (13668) |
| Total members' equity (deficit) | 245282 | 255655 | 264985 | 392257 | 172663 | 229141 | 369541 | 364523 |
| Total liabilities and members' equity | $251854 | $265668 | $276967 | $404049 | $184236 | $234905 | $373380 | $371785 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING BALANCE SHEET**

**AS OF DECEMBER 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Helmerich** | **Hermanos** | **Holmes** | **Johnson** | **Keystone** | **Langley** | **Laurel** | **Layla** |
| **ASSETS** | | | | | | | | |
| Current assets: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $15946 | $6549 | $12837 | $23239 | $16296 | $- | $24838 | $14604 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 791 | 1784 | 385 |  | 539 |  | 482 | 506 |
| &nbsp;&nbsp;&nbsp;Due from related parties |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due from (to) third party property manager | 3503 | 4808 | 2743 | 4864 | 2913 | 869 | 4708 | 4856 |
| Total current assets | 20240 | 13141 | 15965 | 28103 | 19748 | 869 | 30028 | 19966 |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 242946 | 306328 | 169346 | 325823 | 341063 | 334512 | 330775 | 317642 |
| Total assets | $263186 | $319468 | $185311 | $353926 | $360811 | $335380 | $360803 | $337608 |
| **LIABILITIES AND MEMBERS' EQUITY (DEFICIT)** |  |  |  |  |  |  |  |  |
| Current liabilities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 3168 | 4584 | 3102 | 5609 | 6396 | 5524 | 5854 | 5282 |
| &nbsp;&nbsp;&nbsp;Tenant deposits | 2095 | 3293 | 1395 | 2645 | 2295 | 2995 | 2295 | 2695 |
| &nbsp;&nbsp;&nbsp;Bridge financing, related party |  |  |  |  |  | 318000 |  |  |
| &nbsp;&nbsp;&nbsp;Due to related party | 2138 | 11685 | 1846 | 971 | 2308 | 18665 | 1427 | 2485 |
| Total current liabilities | 7402 | 19561 | 6343 | 9224 | 10999 | 345185 | 9576 | 10462 |
| &nbsp;&nbsp;&nbsp;Operational notes, related party | - | - | - | - | - | - | - | - |
| Total liabilities | 7402 | 19561 | 6343 | 9224 | 10999 | 345185 | 9576 | 10462 |
| Members' equity (deficit) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Members' capital | 255965 | 321198 | 176217 | 352751 | 353031 | 3644 | 358598 | 334437 |
| &nbsp;&nbsp;&nbsp;Retained earnings (accumulated deficit) | (181) | (21291) | 2751 | (8050) | (3219) | (13448) | (7371) | (7291) |
| Total members' equity (deficit) | 255784 | 299907 | 178968 | 344701 | 349812 | (9804) | 351227 | 327146 |
| Total liabilities and members' equity | $263186 | $319468 | $185311 | $353926 | $360811 | $335380 | $360803 | $337608 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING BALANCE SHEET**

**AS OF DECEMBER 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Liberty** | **Lithonia** | **Lola** | **Lucas** | **Macomber** | **Mallard** | **Marcy** | **Meridian** |
| **ASSETS** | | | | | | | | |
| Current assets: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $4897 | $6926 | $20051 | $15168 | $10353 | $11162 | $10940 | $4306 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 1186 | 674 | 415 | 1379 | 1464 | 477 | 277 | 674 |
| &nbsp;&nbsp;&nbsp;Due from related parties |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due from (to) third party property manager | 4319 | 6186 | 4388 | 1662 | 4507 | 3921 | 4156 | 3602 |
| Total current assets | 10402 | 13786 | 24854 | 18209 | 16324 | 15560 | 15373 | 8581 |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 259206 | 281343 | 295617 | 250315 | 269405 | 200803 | 175531 | 262135 |
| Total assets | $269608 | $295129 | $320471 | $268524 | $285729 | $216363 | $190904 | $270716 |
| **LIABILITIES AND MEMBERS' EQUITY (DEFICIT)** |  |  |  |  |  |  |  |  |
| Current liabilities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 6111 | 2379 | 4945 | 7547 | 8153 | 3100 | 3166 | 3127 |
| &nbsp;&nbsp;&nbsp;Tenant deposits | 2395 | 3990 | 2345 |  | 2445 | 2195 | 2690 | 1850 |
| &nbsp;&nbsp;&nbsp;Bridge financing, related party |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due to related party | 1913 | 3000 | 2307 | 2100 | 1519 | 1544 | 1335 | 2146 |
| Total current liabilities | 10420 | 9369 | 9598 | 9647 | 12118 | 6839 | 7192 | 7123 |
| &nbsp;&nbsp;&nbsp;Operational notes, related party | 8000 | 24300 | - | - | - | - | - | - |
| Total liabilities | 18420 | 33669 | 9598 | 9647 | 12118 | 6839 | 7192 | 7123 |
| Members' equity (deficit) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Members' capital | 263232 | 298733 | 311569 | 266178 | 285515 | 210878 | 191853 | 274857 |
| &nbsp;&nbsp;&nbsp;Retained earnings (accumulated deficit) | (12043) | (37273) | (696) | (7301) | (11903) | (1354) | (8141) | (11264) |
| Total members' equity (deficit) | 251189 | 261460 | 310873 | 258877 | 273612 | 209524 | 183713 | 263593 |
| Total liabilities and members' equity | $269608 | $295129 | $320471 | $268524 | $285729 | $216363 | $190904 | $270716 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING BALANCE SHEET**

**AS OF DECEMBER 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Metallo** | **Misty** | **Montgomery** | **Northbrook** | **Northridge** | **Oakland** | **Palmore** | **Pebblestone** |
| **ASSETS** | | | | | | | | |
| Current assets: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $- | $25490 | $4362 | $16387 | $19278 | $18656 | $4155 | $14763 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses |  |  | 489 | 376 | 390 | 439 | 1520 | 539 |
| &nbsp;&nbsp;&nbsp;Due from related parties |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due from (to) third party property manager | - | 5493 | 3557 | 4005 | 2002 | 4273 | 1545 | 4926 |
| Total current assets |  | 30983 | 8408 | 20768 | 21671 | 23367 | 7220 | 20228 |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 295182 | 345992 | 208784 | 276193 | 255431 | 300462 | 197852 | 330898 |
| Total assets | $295182 | $376975 | $217192 | $296961 | $277101 | $323829 | $205072 | $351127 |
| **LIABILITIES AND MEMBERS' EQUITY (DEFICIT)** |  |  |  |  |  |  |  |  |
| Current liabilities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 7777 | 1884 | 2263 | 6945 | 2928 | 4847 | 2654 | 6424 |
| &nbsp;&nbsp;&nbsp;Tenant deposits |  | 5190 | 2468 | 1895 | 2543 | 2445 | 1645 | 2795 |
| &nbsp;&nbsp;&nbsp;Bridge financing, related party | 284000 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due to related party | 9429 | 1539 | 2264 | 1855 | 1479 | 1136 | 3743 | 2246 |
| Total current liabilities | 301205 | 8612 | 6995 | 10695 | 6950 | 8428 | 8042 | 11465 |
| &nbsp;&nbsp;&nbsp;Operational notes, related party | - | - | 10700 | - | - | - | - | - |
| Total liabilities | 301205 | 8612 | 17695 | 10695 | 6950 | 8428 | 8042 | 11465 |
| Members' equity (deficit) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Members' capital | 1657 | 378527 | 219798 | 295899 | 283217 | 329278 | 205736 | 342191 |
| &nbsp;&nbsp;&nbsp;Retained earnings (accumulated deficit) | (7680) | (10164) | (20300) | (9633) | (13066) | (13877) | (8706) | (2529) |
| Total members' equity (deficit) | (6023) | 368363 | 199498 | 286266 | 270152 | 315401 | 197030 | 339662 |
| Total liabilities and members' equity | $295182 | $376975 | $217192 | $296961 | $277101 | $323829 | $205072 | $351127 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING BALANCE SHEET**

**AS OF DECEMBER 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Perdita** | **Phoebe** | **Pongo** | **Portsmouth** | **Presidio** | **Rachel** | **Ratliff** | **Riverwood** |
| **ASSETS** | | | | | | | | |
| Current assets: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $20002 | $17909 | $22874 | $8984 | $- | $17393 | $14030 | $7240 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 516 | 414 | 516 | 454 |  | 414 | 415 | 552 |
| &nbsp;&nbsp;&nbsp;Due from related parties |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due from (to) third party property manager | 3920 | 4008 | 5168 | 4386 | - | 4663 | 4329 | 4253 |
| Total current assets | 24438 | 22331 | 28557 | 13824 |  | 22469 | 18774 | 12046 |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 319987 | 272028 | 319987 | 205252 | 241325 | 283311 | 312724 | 284990 |
| Total assets | $344425 | $294359 | $348545 | $219076 | $241325 | $305781 | $331498 | $297036 |
| **LIABILITIES AND MEMBERS' EQUITY (DEFICIT)** |  |  |  |  |  |  |  |  |
| Current liabilities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 3322 | 5516 | 3438 | 3688 | 6735 | 4777 | 4750 | 2887 |
| &nbsp;&nbsp;&nbsp;Tenant deposits | 1995 | 2145 | 3143 | 2693 |  | 3093 | 2345 | 1995 |
| &nbsp;&nbsp;&nbsp;Bridge financing, related party |  |  |  |  | 229000 |  |  |  |
| &nbsp;&nbsp;&nbsp;Due to related party | 2467 | 1119 | 2485 | 2384 | 21709 | 1899 | 2433 | 2243 |
| Total current liabilities | 7784 | 8780 | 9065 | 8764 | 257445 | 9769 | 9529 | 7125 |
| &nbsp;&nbsp;&nbsp;Operational notes, related party | - | - | - | - | - | - | - | - |
| Total liabilities | 7784 | 8780 | 9065 | 8764 | 257445 | 9769 | 9529 | 7125 |
| Members' equity (deficit) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Members' capital | 342491 | 297169 | 341277 | 215255 |  | 302229 | 331424 | 309475 |
| &nbsp;&nbsp;&nbsp;Retained earnings (accumulated deficit) | (5849) | (11590) | (1798) | (4943) | (16120) | (6217) | (9455) | (19564) |
| Total members' equity (deficit) | 336641 | 285579 | 339479 | 210312 | (16120) | 296012 | 321970 | 289911 |
| Total liabilities and members' equity | $344425 | $294359 | $348545 | $219076 | $241325 | $305781 | $331498 | $297036 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING BALANCE SHEET**

**AS OF DECEMBER 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Roanoke** | **Robinson** | **Ross** | **Sansa** | **Sedgefield** | **Seneca** | **Sheezy** | **Sherwood** |
| **ASSETS** | | | | | | | | |
| Current assets: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $22621 | $24787 | $23357 | $13296 | $23488 | $23414 | $14858 | $8977 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 636 |  | 527 | 277 | 418 |  | 531 | 340 |
| &nbsp;&nbsp;&nbsp;Due from related parties |  | 3128 |  |  | 6955 | 2 |  |  |
| &nbsp;&nbsp;&nbsp;Due from (to) third party property manager | 1788 | 4012 | 4828 | 2764 | 3123 | 3692 | 3690 | 2742 |
| Total current assets | 25046 | 31928 | 28711 | 16337 | 33983 | 27107 | 19079 | 12059 |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 323781 | 322775 | 326857 | 175531 | 290451 | 295518 | 222762 | 168270 |
| Total assets | $348826 | $354702 | $355568 | $191868 | $324434 | $322626 | $241841 | $180328 |
| **LIABILITIES AND MEMBERS' EQUITY (DEFICIT)** |  |  |  |  |  |  |  |  |
| Current liabilities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 3343 | 4094 | 5694 | 2901 | 3242 | 3770 | 5515 | 3034 |
| &nbsp;&nbsp;&nbsp;Tenant deposits | 2495 | 2345 | 2545 | 1395 | 3243 | 2695 | 2045 | 1395 |
| &nbsp;&nbsp;&nbsp;Bridge financing, related party |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due to related party | 2569 | - | 2230 | 1343 | - | - | 2583 | 1396 |
| Total current liabilities | 8407 | 6439 | 10469 | 5639 | 6485 | 6465 | 10143 | 5824 |
| &nbsp;&nbsp;&nbsp;Operational notes, related party | - | - | - | - | - | - | - | - |
| Total liabilities | 8407 | 6439 | 10469 | 5639 | 6485 | 6465 | 10143 | 5824 |
| Members' equity (deficit) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Members' capital | 341678 | 356490 | 344040 | 189071 | 332900 | 324515 | 226607 | 186239 |
| &nbsp;&nbsp;&nbsp;Retained earnings (accumulated deficit) | (1259) | (8226) | 1059 | (2842) | (14952) | (8355) | 5091 | (11736) |
| Total members' equity (deficit) | 340419 | 348264 | 345099 | 186229 | 317949 | 316161 | 231698 | 174504 |
| Total liabilities and members' equity | $348826 | $354702 | $355568 | $191868 | $324434 | $322626 | $241841 | $180328 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING BALANCE SHEET**

**AS OF DECEMBER 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Spangler** | **Summerglen** | **Tansel** | **Thomas** | **Tomlinson** | **Tytus** | **Vanzant** | **Watson** |
| **ASSETS** | | | | | | | | |
| Current assets: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $- | $6370 | $6633 | $9480 | $- | $19226 | $15649 | $14142 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses |  | 820 | 1080 | 489 |  | 437 | 357 | 385 |
| &nbsp;&nbsp;&nbsp;Due from related parties |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due from (to) third party property manager | - | 3211 | 4676 | 3789 | - | 4281 | 4847 | 2739 |
| Total current assets |  | 10402 | 12389 | 13757 |  | 23945 | 20853 | 17266 |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 390088 | 233128 | 314043 | 211043 | 244500 | 251134 | 347252 | 169346 |
| Total assets | $390088 | $243529 | $326432 | $224800 | $244500 | $275078 | $368104 | $186612 |
| **LIABILITIES AND MEMBERS' EQUITY (DEFICIT)** |  |  |  |  |  |  |  |  |
| Current liabilities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 15631 | 2837 | 2941 | 2785 | 4523 | 6810 | 5775 | 3083 |
| &nbsp;&nbsp;&nbsp;Tenant deposits |  | 1795 | 2395 | 1795 |  | 2495 | 2695 | 1395 |
| &nbsp;&nbsp;&nbsp;Bridge financing, related party | 362000 |  |  |  | 232000 |  |  |  |
| &nbsp;&nbsp;&nbsp;Due to related party | 22769 | 2223 | 4607 | 3000 | 12804 | 2010 | 2349 | 1846 |
| Total current liabilities | 400400 | 6855 | 9943 | 7580 | 249328 | 11315 | 10819 | 6324 |
| &nbsp;&nbsp;&nbsp;Operational notes, related party | - | - | - | - | - | - | - | - |
| Total liabilities | 400400 | 6855 | 9943 | 7580 | 249328 | 11315 | 10819 | 6324 |
| Members' equity (deficit) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Members' capital |  | 240554 | 339118 | 214538 |  | 264995 | 367071 | 179562 |
| &nbsp;&nbsp;&nbsp;Retained earnings (accumulated deficit) | (10312) | (3880) | (22629) | 2682 | (4828) | (1232) | (9786) | 726 |
| Total members' equity (deficit) | (10312) | 236674 | 316489 | 217221 | (4828) | 263763 | 357285 | 180288 |
| Total liabilities and members' equity | $390088 | $243529 | $326432 | $224800 | $244500 | $275078 | $368104 | $186612 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING BALANCE SHEET**

**AS OF DECEMBER 31, 2024**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Westhaven** | **Wheeler** | **Williamson** | **Woodland** | **Woodwind** | **Wynde** | **Wyndhurst** | **Zane** | **Consolidated** |
| **ASSETS** | | | | | | | | | |
| Current assets: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $6388 | $14689 | $20047 | $4751 | $4408 | $4051 | $22986 | $15987 | $1129818 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 502 | 476 | 542 | 382 | 535 | 570 | 461 | 362 | 55245 |
| &nbsp;&nbsp;&nbsp;Due from related parties |  |  |  |  |  |  |  |  | 10085 |
| &nbsp;&nbsp;&nbsp;Due from (to) third party property manager | 565 | 3232 | 5790 | 2163 | 3172 | 4838 | 344 | 2462 | 321782 |
| Total current assets | 7455 | 18397 | 26379 | 7296 | 8115 | 9459 | 23792 | 18811 | 1516931 |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 245580 | 200499 | 277119 | 159538 | 245293 | 245276 | 303663 | 157597 | 25742294 |
| Total assets | $253035 | $218895 | $303498 | $166834 | $253408 | $254735 | $327455 | $176408 | $27259224 |
| **LIABILITIES AND MEMBERS' EQUITY (DEFICIT)** |  |  |  |  |  |  |  |  |  |
| Current liabilities: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 5070 | 2970 | 3131 | 2651 | 1518 | 2622 | 1750 | 2742 | $390569 |
| &nbsp;&nbsp;&nbsp;Tenant deposits | 2145 | 1649 | 3543 | 1295 | 1695 | 2645 |  | 1275 | 196117 |
| &nbsp;&nbsp;&nbsp;Bridge financing, related party |  |  |  |  |  |  |  |  | 2349683 |
| &nbsp;&nbsp;&nbsp;Due to related party | 2601 | 2047 | 2228 | 1751 | 4436 | 8331 | 1868 | 1205 | 371332 |
| Total current liabilities | 9816 | 6666 | 8901 | 5696 | 7649 | 13598 | 3618 | 5222 | 3307700 |
| &nbsp;&nbsp;&nbsp;Operational notes, related party | - | - | - | - | - | - | - | - | 78300 |
| Total liabilities | 9816 | 6666 | 8901 | 5696 | 7649 | 13598 | 3618 | 5222 | 3386000 |
| Members' equity (deficit) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Members' capital | 257282 | 207393 | 289712 | 169469 | 254853 | 257851 | 328032 | 171337 | 24710152 |
| &nbsp;&nbsp;&nbsp;Retained earnings (accumulated deficit) | (14063) | 4837 | 4885 | (8331) | (9095) | (16713) | (4194) | (151) | (836928) |
| Total members' equity (deficit) | 243218 | 212230 | 294597 | 161138 | 245758 | 241137 | 323837 | 171186 | 23873224 |
| Total liabilities and members' equity | $253035 | $218895 | $303498 | $166834 | $253408 | $254735 | $327455 | $176408 | $27259224 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

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

**FOR THE YEAR ENDED DECEMBER 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Adams** | **Antares** | **Aramis** | **Arkoma** | **Arya** | **Aspen** | **Athos** | **Barclay** |
| Rental income | $25690 | $23820 | $24940 | $19492 | $13815 | $24860 | $25620 | $24360 |
| Operating expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 8394 | 8514 | 8246 | 6489 | 4933 | 7358 | 9155 | 8416 |
| &nbsp;&nbsp;&nbsp;Insurance | 1183 | 1008 | 1144 | 910 | 1086 | 1016 | 3820 | 926 |
| &nbsp;&nbsp;&nbsp;Management fees | 909 | 1160 | 981 | 1015 | 989 | 1447 | 886 | 1061 |
| &nbsp;&nbsp;&nbsp;Management fees, related party | 3039 | 2926 | 2955 | 2141 | 1447 | 2293 | 2950 | 2940 |
| &nbsp;&nbsp;&nbsp;Repairs & maintenance | 695 | 3000 | 1174 | 1182 | 932 | 880 | 390 | 2105 |
| &nbsp;&nbsp;&nbsp;Property taxes | 1933 | 3202 | 4026 | 2552 | 1363 | 3033 | 5814 | 3315 |
| &nbsp;&nbsp;&nbsp;Other operating expenses | 5691 | 1809 | 2024 | 2770 | 2674 | 984 | 508 | 1813 |
| Total operating expenses | 21844 | 21618 | 20551 | 17060 | 13424 | 17010 | 23522 | 20576 |
| Income (loss) from operations | 3846 | 2202 | 4389 | 2432 | 391 | 7850 | 2098 | 3784 |
| Other expense (income) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | 540 |  |  |  | 389 |  |  |  |
| &nbsp;&nbsp;&nbsp;Insurance claim proceeds | - | - | - | - | - | - | - | - |
| Total other income (expense) | 540 | - | - | - | 389 | - | - | - |
| Net income (loss) | $3306 | $2202 | $4389 | $2432 | $2 | $7850 | $2098 | $3784 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

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

**FOR THE YEAR ENDED DECEMBER 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Bayne** | **Bean** | **Bennett** | **Benny** | **Bluebell** | **Bowling** | **Boxwood** | **Bradford** |
| Rental income | $27720 | $26490 | $20927 | $21960 | $21236 | $18960 | $22448 | $23460 |
| Operating expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 9614 | 8057 | 5820 | 7006 | 8215 | 5724 | 8840 | 8361 |
| &nbsp;&nbsp;&nbsp;Insurance | 1444 | 1143 | 795 | 2366 | 1139 | 899 | 1189 | 910 |
| &nbsp;&nbsp;&nbsp;Management fees | 891 | 881 | 1250 | 1193 | 1757 | 1131 | 872 | 898 |
| &nbsp;&nbsp;&nbsp;Management fees, related party | 3290 | 3036 | 1694 | 2447 | 2863 | 1633 | 2831 | 2867 |
| &nbsp;&nbsp;&nbsp;Repairs & maintenance | 50 |  | 350 | 3527 | 9273 | 427 | 672 | 583 |
| &nbsp;&nbsp;&nbsp;Property taxes | 3460 | 3566 | 1824 | 3894 | 4668 | 1628 | 3618 | 3229 |
| &nbsp;&nbsp;&nbsp;Other operating expenses | 7055 | 2968 | 2437 | 2906 | 3749 | 2495 | 7826 | 1780 |
| Total operating expenses | 25804 | 19651 | 14171 | 23338 | 31665 | 13938 | 25847 | 18628 |
| Income (loss) from operations | 1917 | 6839 | 6756 | (1378) | (10430) | 5022 | (3399) | 4832 |
| Other expense (income) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | 2260 |  |  |  |  |  | 3080 |  |
| &nbsp;&nbsp;&nbsp;Insurance claim proceeds | - | - | - | - | - | - | - | - |
| Total other income (expense) | 2260 | - | - | - | - | - | 3080 | - |
| Net income (loss) | $(344) | $6839 | $6756 | $(1378) | $(10430) | $5022 | $(6479) | $4832 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

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

**FOR THE YEAR ENDED DECEMBER 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Brookwood** | **Bryant** | **Caden** | **Camellia** | **Caterpillar** | **Chilhowee** | **Claremore** | **Collinison** |
| Rental income | $22963 | $25465 | $19140 | $22464 | $12358 | $28740 | $18240 | $25140 |
| Operating expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 7707 | 8784 | 6875 | 9622 | 8248 | 8941 | 6464 | 9331 |
| &nbsp;&nbsp;&nbsp;Insurance | 854 | 3146 | 1048 | 1055 | 4653 | 1296 | 1794 | 1300 |
| &nbsp;&nbsp;&nbsp;Management fees | 1371 | 2572 | 1103 | 1346 | 744 | 875 | 840 | 1445 |
| &nbsp;&nbsp;&nbsp;Management fees, related party | 2149 | 2877 | 2261 | 1981 | 2152 | 3402 | 2026 | 2977 |
| &nbsp;&nbsp;&nbsp;Repairs & maintenance | 897 | 16878 | 2679 |  | 11737 |  |  | 988 |
| &nbsp;&nbsp;&nbsp;Property taxes | 3855 | 5705 | 1442 | 3271 | 4933 | 2484 | 2463 | 2513 |
| &nbsp;&nbsp;&nbsp;Other operating expenses | 2314 | 2496 | 2464 | 2857 | 4912 | 3441 | 1898 | 3284 |
| Total operating expenses | 19147 | 42457 | 17872 | 20132 | 37379 | 20439 | 15485 | 21837 |
| Income (loss) from operations | 3816 | (16992) | 1268 | 2332 | (25020) | 8301 | 2755 | 3303 |
| Other expense (income) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense |  |  | 413 |  | 9 |  |  |  |
| &nbsp;&nbsp;&nbsp;Insurance claim proceeds | - | (14762) | - | - | - | - | - | - |
| Total other income (expense) | - | (14762) | 413 | - | 9 | - | - | - |
| Net income (loss) | $3816 | $(2230) | $855 | $2332 | $(25030) | $8301 | $2755 | $3303 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

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

**FOR THE YEAR ENDED DECEMBER 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Cordero** | **Cristalino** | **Ellie** | **Emelina** | **Ethan** | **Frances** | **Glenncrest** | **Gordon** |
| Rental income | $12270 | $30540 | $18883 | $18997 | $18300 | $24660 | $13767 | $25346 |
| Operating expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 7720 | 8450 | 7897 | 8243 | 8294 | 7674 | 7982 | 7024 |
| &nbsp;&nbsp;&nbsp;Insurance | 870 | 1419 | 1224 | 1097 | 894 | 959 | 1342 | 959 |
| &nbsp;&nbsp;&nbsp;Management fees | 979 | 859 | 1352 | 1196 | 1743 | 871 | 990 | 939 |
| &nbsp;&nbsp;&nbsp;Management fees, related party | 2092 | 3463 | 2741 | 2244 | 1782 | 2801 | 2328 | 2718 |
| &nbsp;&nbsp;&nbsp;Repairs & maintenance | 3230 | 190 | 7809 | 2167 | 8881 |  | 2010 | 370 |
| &nbsp;&nbsp;&nbsp;Property taxes | 3369 | 4705 | 3053 | 2946 | 2195 | 3901 | 3807 | 3612 |
| &nbsp;&nbsp;&nbsp;Other operating expenses | 2696 | 1866 | 5986 | 2558 | 2148 | 2223 | 3938 | 2986 |
| Total operating expenses | 20956 | 20952 | 30062 | 20452 | 25937 | 18429 | 22396 | 18608 |
| Income (loss) from operations | (8686) | 9588 | (11180) | (1455) | (7637) | 6231 | (8630) | 6737 |
| Other expense (income) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense |  | 1175 | 119 |  | 1034 |  |  |  |
| &nbsp;&nbsp;&nbsp;Insurance claim proceeds | - | - | - | - | (2234) | - | - | - |
| Total other income (expense) | - | 1175 | 119 | - | (1200) | - | - | - |
| Net income (loss) | $(8686) | $8413 | $(11298) | $(1455) | $(6436) | $6231 | $(8630) | $6737 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

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

**FOR THE YEAR ENDED DECEMBER 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Haikey** | **Hamblen** | **Hancock** | **Hardman** | **Haven** | **Haverhill** | **Haybridge** | **Hedgecrest** |
| Rental income | $18459 | $22251 | $24490 | $30340 | $17940 | $24088 | $18502 | $19950 |
| Operating expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 6735 | 7053 | 8454 | 10652 | 5098 | 6449 | 9862 | 10874 |
| &nbsp;&nbsp;&nbsp;Insurance | 1862 | 1026 | 1212 | 1209 | 821 | 983 | 1243 | 1243 |
| &nbsp;&nbsp;&nbsp;Management fees | 1122 | 1127 | 1179 | 981 | 905 | 1468 | 966 | 1799 |
| &nbsp;&nbsp;&nbsp;Management fees, related party | 2237 | 2446 | 2739 | 3912 | 1705 | 1693 | 2966 | 3187 |
| &nbsp;&nbsp;&nbsp;Repairs & maintenance | 3651 | 1737 | 3377 | 1410 | 650 | 5450 | 2655 | 4915 |
| &nbsp;&nbsp;&nbsp;Property taxes | 4290 | 3217 | 3886 | 4489 | 915 | 3928 | 3051 | 3776 |
| &nbsp;&nbsp;&nbsp;Other operating expenses | 2656 | 2643 | 3010 | 2333 | 1803 | 3030 | 3020 | 4333 |
| Total operating expenses | 22553 | 19249 | 23856 | 24986 | 11898 | 23001 | 23763 | 30126 |
| Income (loss) from operations | (4093) | 3002 | 634 | 5354 | 6042 | 1086 | (5261) | (10176) |
| Other expense (income) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense |  |  |  |  | 395 |  |  |  |
| &nbsp;&nbsp;&nbsp;Insurance claim proceeds | - | - | - | - | - | - | - | - |
| Total other income (expense) | - | - | - | - | 395 | - | - | - |
| Net income (loss) | $(4093) | $3002 | $634 | $5354 | $5646 | $1086 | $(5261) | $(10176) |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

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

**FOR THE YEAR ENDED DECEMBER 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Helmerich** | **Hermanos** | **Holmes** | **Johnson** | **Keystone** | **Langley** | **Laurel** | **Layla** |
| Rental income | $18219 | $26340 | $14655 | $29040 | $21854 | $30540 | $26304 | $26840 |
| Operating expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 6925 | 11828 | 4839 | 9021 | 9569 | 9119 | 9261 | 8906 |
| &nbsp;&nbsp;&nbsp;Insurance | 1786 | 1178 | 705 | 1174 | 1365 | 1592 | 1224 | 1639 |
| &nbsp;&nbsp;&nbsp;Management fees | 1089 | 902 | 1367 | 947 | 1390 | 1219 | 1330 | 871 |
| &nbsp;&nbsp;&nbsp;Management fees, related party | 2190 | 3117 | 1494 | 3440 | 3199 | 3588 | 3301 | 3249 |
| &nbsp;&nbsp;&nbsp;Repairs & maintenance | 2666 | 511 | 6374 | 655 | 837 | 3998 | 3047 | 100 |
| &nbsp;&nbsp;&nbsp;Property taxes | 2680 | 4746 | 1368 | 3481 | 2963 | 2121 | 3052 | 3069 |
| &nbsp;&nbsp;&nbsp;Other operating expenses | 3223 | 1829 | 3598 | 3011 | 3192 | 4643 | 2260 | 2998 |
| Total operating expenses | 20558 | 24110 | 19745 | 21729 | 22515 | 26280 | 23475 | 20832 |
| Income (loss) from operations | (2340) | 2230 | (5090) | 7311 | (661) | 4260 | 2829 | 6008 |
| Other expense (income) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense |  | 487 |  |  |  | 663 |  |  |
| &nbsp;&nbsp;&nbsp;Insurance claim proceeds | - | - | - | - | - | - | - | - |
| Total other income (expense) | - | 487 | - | - | - | 663 | - | - |
| Net income (loss) | $(2340) | $1743 | $(5090) | $7311 | $(661) | $3598 | $2829 | $6008 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

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

**FOR THE YEAR ENDED DECEMBER 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Liberty** | **Lithonia** | **Lola** | **Lucas** | **Macomber** | **Mallard** | **Marcy** | **Meridian** |
| Rental income | $23340 | $23940 | $25790 | $18024 | $25692 | $14506 | $16735 | $22155 |
| Operating expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 11091 | 9926 | 8831 | 8140 | 8571 | 5724 | 4933 | 8983 |
| &nbsp;&nbsp;&nbsp;Insurance | 2766 | 1054 | 1304 | 3245 | 3440 | 920 | 966 | 1264 |
| &nbsp;&nbsp;&nbsp;Management fees | 853 | 1436 | 1507 | 1073 | 1258 | 866 | 890 | 1297 |
| &nbsp;&nbsp;&nbsp;Management fees, related party | 2527 | 2177 | 3030 | 2300 | 2865 | 1778 | 1579 | 2557 |
| &nbsp;&nbsp;&nbsp;Repairs & maintenance | 125 | 3080 | 1034 | 2527 | 4179 | 513 | 505 | 4574 |
| &nbsp;&nbsp;&nbsp;Property taxes | 4909 | 5602 | 2636 | 5958 | 5744 | 1654 | 1870 | 2360 |
| &nbsp;&nbsp;&nbsp;Other operating expenses | 1869 | 2310 | 2995 | 3847 | 2206 | 2749 | 1937 | 2717 |
| Total operating expenses | 24139 | 25585 | 21337 | 27090 | 28264 | 14204 | 12680 | 23751 |
| Income (loss) from operations | (799) | (1645) | 4453 | (9066) | (2571) | 301 | 4055 | (1596) |
| Other expense (income) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | 600 | 1823 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Insurance claim proceeds | - | - | - | - | - | - | - | - |
| Total other income (expense) | 600 | 1823 | - | - | - | - | - | - |
| Net income (loss) | $(1399) | $(3468) | $4453 | $(9066) | $(2571) | $301 | $4055 | $(1596) |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

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

**FOR THE YEAR ENDED DECEMBER 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Metallo** | **Misty** | **Montgomery** | **Northbrook** | **Northridge** | **Oakland** | **Palmore** | **Pebblestone** |
| Rental income | $12508 | $31140 | $19740 | $22740 | $11761 | $26640 | $12303 | $27540 |
| Operating expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 7348 | 9445 | 8347 | 7744 | 7070 | 8444 | 6911 | 9284 |
| &nbsp;&nbsp;&nbsp;Insurance | 1178 | 1729 | 932 | 959 | 1009 | 1466 | 535 | 1365 |
| &nbsp;&nbsp;&nbsp;Management fees | 914 | 908 | 982 | 857 | 867 | 976 | 1647 | 1015 |
| &nbsp;&nbsp;&nbsp;Management fees, related party | 2270 | 3711 | 1969 | 2671 | 2137 | 3133 | 1626 | 3382 |
| &nbsp;&nbsp;&nbsp;Repairs & maintenance | 3578 | 120 | 868 | 161 | 2362 | 1357 | 8638 | 1145 |
| &nbsp;&nbsp;&nbsp;Property taxes | 3387 | 5924 | 2329 | 4394 | 2277 | 2904 | 1063 | 3022 |
| &nbsp;&nbsp;&nbsp;Other operating expenses | 6398 | 2768 | 1713 | 2820 | 4613 | 1716 | 3839 | 2692 |
| Total operating expenses | 25073 | 24605 | 17140 | 19605 | 20336 | 19997 | 24259 | 21903 |
| Income (loss) from operations | (12565) | 6535 | 2600 | 3135 | (8574) | 6643 | (11956) | 5637 |
| Other expense (income) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | 1657 |  | 803 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Insurance claim proceeds | - | - | - | - | - | - | - | - |
| Total other income (expense) | 1657 | - | 803 | - | - | - | - | - |
| Net income (loss) | $(14222) | $6535 | $1798 | $3135 | $(8574) | $6643 | $(11956) | $5637 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

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

**FOR THE YEAR ENDED DECEMBER 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Perdita** | **Phoebe** | **Pongo** | **Portsmouth** | **Presidio** | **Rachel** | **Ratliff** | **Riverwood** |
| Rental income | $19163 | $23850 | $16760 | $15117 | $17822 | $21955 | $25440 | $14623 |
| Operating expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 9121 | 7636 | 9121 | 6862 | 6575 | 7943 | 8789 | 10040 |
| &nbsp;&nbsp;&nbsp;Insurance | 1035 | 1054 | 1035 | 959 | 1042 | 1268 | 1354 | 1155 |
| &nbsp;&nbsp;&nbsp;Management fees | 1088 | 874 | 1047 | 1780 | 802 | 845 | 897 | 1044 |
| &nbsp;&nbsp;&nbsp;Management fees, related party | 2828 | 2725 | 2776 | 1946 | 2027 | 2657 | 3110 | 2852 |
| &nbsp;&nbsp;&nbsp;Repairs & maintenance | 1125 | 335 | 2149 | 4796 | 370 | 50 |  | 5510 |
| &nbsp;&nbsp;&nbsp;Property taxes | 3427 | 3250 | 3427 | 2451 | 2546 | 2643 | 1699 | 4673 |
| &nbsp;&nbsp;&nbsp;Other operating expenses | 3976 | 1903 | 2412 | 5358 | 7365 | 3096 | 2201 | 3397 |
| Total operating expenses | 22600 | 17776 | 21966 | 24152 | 20727 | 18502 | 18049 | 28671 |
| Income (loss) from operations | (3437) | 6074 | (5206) | (9035) | (2905) | 3453 | 7391 | (14048) |
| Other expense (income) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense |  |  |  |  | 2576 |  |  | 5 |
| &nbsp;&nbsp;&nbsp;Insurance claim proceeds | - | - | - | - | - | - | - | - |
| Total other income (expense) | - | - | - | - | 2576 | - | - | 5 |
| Net income (loss) | $(3437) | $6074 | $(5206) | $(9035) | $(5482) | $3453 | $7391 | $(14054) |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

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

**FOR THE YEAR ENDED DECEMBER 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Roanoke** | **Robinson** | **Ross** | **Sansa** | **Sedgefield** | **Seneca** | **Sheezy** | **Sherwood** |
| Rental income | $30340 | $28390 | $28400 | $17190 | $26239 | $26940 | $22540 | $9932 |
| Operating expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 9207 | 8819 | 9164 | 4933 | 8027 | 8114 | 6430 | 4796 |
| &nbsp;&nbsp;&nbsp;Insurance | 1331 | 1193 | 1649 | 966 | 1225 | 1330 | 896 | 709 |
| &nbsp;&nbsp;&nbsp;Management fees | 849 | 840 | 848 | 851 | 938 | 840 | 1443 | 1253 |
| &nbsp;&nbsp;&nbsp;Management fees, related party | 3597 | 3362 | 3430 | 1605 | 3066 | 3085 | 2361 | 1300 |
| &nbsp;&nbsp;&nbsp;Repairs & maintenance | 90 |  | 75 |  | 150 |  | 6490 | 6548 |
| &nbsp;&nbsp;&nbsp;Property taxes | 4759 | 3827 | 3360 | 2133 | 3492 | 3297 | 3130 | 1306 |
| &nbsp;&nbsp;&nbsp;Other operating expenses | 1632 | 2613 | 1826 | 1897 | 2555 | 5712 | 2029 | 5137 |
| Total operating expenses | 21465 | 20653 | 20352 | 12383 | 19453 | 22378 | 22780 | 21048 |
| Income (loss) from operations | 8875 | 7737 | 8048 | 4807 | 6786 | 4562 | (240) | (11116) |
| Other expense (income) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Insurance claim proceeds | - | - | - | - | - | - | - | - |
| Total other income (expense) | - | - | - | - | - | - | - | - |
| Net income (loss) | $8875 | $7737 | $8048 | $4807 | $6786 | $4562 | $(240) | $(11116) |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

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

**FOR THE YEAR ENDED DECEMBER 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Spangler** | **Summerglen** | **Tansel** | **Thomas** | **Tomlinson** | **Tytus** | **Vanzant** | **Watson** |
| Rental income | $22311 | $21870 | $24697 | $16092 | $16680 | $25020 | $26940 | $13203 |
| Operating expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 11745 | 6661 | 8951 | 6030 | 6664 | 7158 | 9724 | 4839 |
| &nbsp;&nbsp;&nbsp;Insurance | 1761 | 1696 | 2440 | 732 | 1096 | 890 | 911 | 705 |
| &nbsp;&nbsp;&nbsp;Management fees | 967 | 955 | 999 | 922 | 2343 | 840 | 1051 | 1013 |
| &nbsp;&nbsp;&nbsp;Management fees, related party | 3256 | 2431 | 3235 | 1647 | 1891 | 2722 | 3445 | 1429 |
| &nbsp;&nbsp;&nbsp;Repairs & maintenance | 2811 | 550 | 2995 | 7146 | 16427 |  | 2107 | 1088 |
| &nbsp;&nbsp;&nbsp;Property taxes | 5502 | 2902 | 4124 | 2414 | 2745 | 3678 | 5244 | 1347 |
| &nbsp;&nbsp;&nbsp;Other operating expenses | 8162 | 2638 | 3694 | 4046 | 6328 | 1879 | 2020 | 2785 |
| Total operating expenses | 34203 | 17832 | 26438 | 22936 | 37493 | 17167 | 24502 | 13205 |
| Income (loss) from operations | (11892) | 4038 | (1742) | (6844) | (20813) | 7853 | 2438 | (3) |
| Other expense (income) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | 2489 |  | 5 |  | 4156 |  |  |  |
| &nbsp;&nbsp;&nbsp;Insurance claim proceeds | - | - | - | - | - | - | - | - |
| Total other income (expense) | 2489 | - | 5 | - | 4156 | - | - | - |
| Net income (loss) | $(14381) | $4038 | $(1747) | $(6844) | $(24969) | $7853 | $2438 | $(3) |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

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

**FOR THE YEAR ENDED DECEMBER 31, 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Westhaven** | **Wheeler** | **Williamson** | **Woodland** | **Woodwind** | **Wynde** | **Wyndhurst** | **Zane** | **Consolidated** |
| Rental income | $23040 | $20655 | $16588 | $14745 | $14036 | $21116 | $16268 | $15600 | $2060996 |
| Operating expenses: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 7017 | 5729 | 7880 | 5853 | 7008 | 8048 | 8514 | 4602 | 759834 |
| &nbsp;&nbsp;&nbsp;Insurance | 880 | 899 | 1106 | 779 | 772 | 1241 | 1186 | 788 | 125363 |
| &nbsp;&nbsp;&nbsp;Management fees | 951 | 840 | 3118 | 974 | 754 | 1000 | 849 | 1037 | 107401 |
| &nbsp;&nbsp;&nbsp;Management fees, related party | 2533 | 2120 | 2578 | 1370 | 2035 | 2419 | 2495 | 1386 | 245237 |
| &nbsp;&nbsp;&nbsp;Repairs & maintenance | 1108 |  | 23962 | 1343 | 4162 | 979 | 1325 | 1464 | 255030 |
| &nbsp;&nbsp;&nbsp;Property taxes | 3491 | 1628 | 4803 | 1515 | 2543 | 3242 | 2124 | 1497 | 310661 |
| &nbsp;&nbsp;&nbsp;Other operating expenses | 1997 | 1900 | 3342 | 1845 | 3454 | 2516 | 4407 | 1831 | 298280 |
| Total operating expenses | 17976 | 13116 | 46790 | 13680 | 20727 | 19445 | 20899 | 12605 | 2101805 |
| Income (loss) from operations | 5064 | 7539 | (30201) | 1065 | (6691) | 1672 | (4631) | 2995 | (40809) |
| Other expense (income) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense |  |  |  |  |  | 402 |  |  | 25080 |
| &nbsp;&nbsp;&nbsp;Insurance claim proceeds |  |  | (15391) |  |  |  |  |  | (32387) |
| Total other income (expense) | - | - | (15391) | - | - | 402 | - | - | (7307) |
| Net income (loss) | $5064 | $7539 | $(14810) | $1065 | $(6691) | $1269 | $(4631) | $2995 | $(33502) |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

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

**FOR THE YEAR ENDED DECEMBER 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Adams** | **Antares** | **Aramis** | **Arkoma** | **Arya** | **Aspen** | **Athos** | **Barclay** |
| Rental income | $(559) | $23340 | $24540 | $19140 | $16740 | $17776 | $25140 | $23586 |
| Operating expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation |  | 8514 | 8246 | 6489 | 4933 | 7358 | 9155 | 8416 |
| &nbsp;&nbsp;&nbsp;Insurance | 91 | 1332 | 1338 | 1219 | 662 | 1166 | 4824 | 1178 |
| &nbsp;&nbsp;&nbsp;Management fees | 463 | 856 | 1047 | 1038 | 2368 | 1067 | 1342 | 964 |
| &nbsp;&nbsp;&nbsp;Management fees, related party | (115) | 3042 | 3073 | 2232 | 1669 | 1962 | 3056 | 3042 |
| &nbsp;&nbsp;&nbsp;Repairs & maintenance | 3930 | 150 | 1729 | 1608 | 15279 | 3327 | 4951 | 559 |
| &nbsp;&nbsp;&nbsp;Property taxes | 228 | 3183 | 3568 | (1340) | (243) | 2621 | 5629 | 2482 |
| &nbsp;&nbsp;&nbsp;Other operating expenses | 2946 | 1775 | 2588 | 2103 | 2134 | 5095 | 2086 | 2899 |
| Total operating expenses | 7544 | 18851 | 21588 | 13349 | 26802 | 22596 | 31043 | 19541 |
| Income (loss) from operations | (8102) | 4489 | 2952 | 5791 | (10062) | (4820) | (5903) | 4046 |
| Other expense (income) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | 3000 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Insurance claim proceeds | - | - | - | - | - | - | - | - |
| Total other income (expense) | 3000 | - | - | - | - | - | - | - |
| Net income (loss) | $(11102) | $4489 | $2952 | $5791 | $(10062) | $(4820) | $(5903) | $4046 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

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

**FOR THE YEAR ENDED DECEMBER 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Bayne** | **Bean** | **Bennett** | **Benny** | **Bluebell** | **Bowling** | **Boxwood** | **Bradford** |
| Rental income | $72 | $25740 | $20340 | $21184 | $25440 | $17953 | $- | $22686 |
| Operating expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation |  | 8057 | 5820 | 7006 | 8215 | 5724 |  | 8361 |
| &nbsp;&nbsp;&nbsp;Insurance | 104 | 1691 | 887 | 3003 | 1235 | 953 | 98 | 924 |
| &nbsp;&nbsp;&nbsp;Management fees | 252 | 1100 | 1322 | 859 | 850 | 1199 | 5 | 840 |
| &nbsp;&nbsp;&nbsp;Management fees, related party | 6 | 3122 | 1575 | 2385 | 3145 | 1485 |  | 2957 |
| &nbsp;&nbsp;&nbsp;Repairs & maintenance | 2515 | 2254 | 1336 |  |  |  | 45 |  |
| &nbsp;&nbsp;&nbsp;Property taxes | 16 | 1373 | 1474 | 3666 | 5632 | 1628 | 61 | 2507 |
| &nbsp;&nbsp;&nbsp;Other operating expenses | 2426 | 3216 | 1899 | 2007 | 1867 | 2178 | 2555 | 2078 |
| Total operating expenses | 5318 | 20813 | 14313 | 18925 | 20945 | 13167 | 2762 | 17667 |
| Income (loss) from operations | (5246) | 4927 | 6027 | 2258 | 4495 | 4786 | (2762) | 5019 |
| Other expense (income) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | 2876 |  |  |  |  |  | 2695 |  |
| &nbsp;&nbsp;&nbsp;Insurance claim proceeds | - | - | - | - | - | - | - | - |
| Total other income (expense) | 2876 | - | - | - | - | - | 2695 | - |
| Net income (loss) | $(8122) | $4927 | $6027 | $2258 | $4495 | $4786 | $(5457) | $5019 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

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

**FOR THE YEAR ENDED DECEMBER 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Brookwood** | **Bryant** | **Caden** | **Camellia** | **Caterpillar** | **Chilhowee** | **Claremore** | **Collinison** |
| Rental income | $22440 | $25140 | $17313 | $21540 | $21540 | $19000 | $11334 | $24860 |
| Operating expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 7707 | 8784 | 6875 | 9622 | 8248 | 8941 | 6464 | 8303 |
| &nbsp;&nbsp;&nbsp;Insurance | 866 | 3692 | 1130 | 1130 | 4327 | 1880 | 2088 | 1099 |
| &nbsp;&nbsp;&nbsp;Management fees | 1459 | 874 | 2596 | 1580 | 1460 | 858 | 1142 | 979 |
| &nbsp;&nbsp;&nbsp;Management fees, related party | 2020 | 2851 | 1405 | 1674 | 2213 | 2903 | 1614 | 3025 |
| &nbsp;&nbsp;&nbsp;Repairs & maintenance | 505 |  | 10126 | 3276 |  | 2865 | 3959 | 1462 |
| &nbsp;&nbsp;&nbsp;Property taxes | 3657 | 5488 | 1348 | 3354 | 4581 | (1329) | 797 | 1618 |
| &nbsp;&nbsp;&nbsp;Other operating expenses | 1824 | 1835 | 2548 | 1601 | 2675 | 5537 | 10469 | 3507 |
| Total operating expenses | 18038 | 23523 | 26028 | 22236 | 23504 | 21655 | 26532 | 19992 |
| Income (loss) from operations | 4402 | 1617 | (8715) | (696) | (1964) | (2655) | (15198) | 4868 |
| Other expense (income) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense |  |  | 15 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Insurance claim proceeds | - | - | - | - | - | - | - | - |
| Total other income (expense) | - | - | 15 | - | - | - | - | - |
| Net income (loss) | $4402 | $1617 | $(8730) | $(696) | $(1964) | $(2655) | $(15198) | $4868 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

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

**FOR THE YEAR ENDED DECEMBER 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Cordero** | **Cristalino** | **Ellie** | **Emelina** | **Ethan** | **Frances** | **Glenncrest** | **Gordon** |
| Rental income | $24540 | $26214 | $8362 | $20940 | $17700 | $23163 | $23741 | $22740 |
| Operating expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 7720 | 8450 | 7897 | 8243 | 7279 | 7035 | 7982 | 7024 |
| &nbsp;&nbsp;&nbsp;Insurance | 936 | 1796 | 1805 | 1216 | 974 | 1086 | 1096 | 1092 |
| &nbsp;&nbsp;&nbsp;Management fees | 1141 | 1453 | 822 | 930 | 2134 | 873 | 854 | 925 |
| &nbsp;&nbsp;&nbsp;Management fees, related party | 2653 | 3187 | 1762 | 2335 | 1734 | 2264 | 1639 | 2637 |
| &nbsp;&nbsp;&nbsp;Repairs & maintenance | 2525 | 6830 | 140 | 675 | 3956 |  |  | 252 |
| &nbsp;&nbsp;&nbsp;Property taxes | 3247 | 4814 | (700) | 2693 | 2052 | 551 | 1547 | 3130 |
| &nbsp;&nbsp;&nbsp;Other operating expenses | 1811 | 4717 | 7506 | 2010 | 1634 | 5910 | 6024 | 2037 |
| Total operating expenses | 20034 | 31246 | 19232 | 18103 | 19763 | 17717 | 19143 | 17097 |
| Income (loss) from operations | 4506 | (5033) | (10870) | 2837 | (2063) | 5445 | 4598 | 5643 |
| Other expense (income) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense |  | 46 |  |  | 98 |  | 6314 |  |
| &nbsp;&nbsp;&nbsp;Insurance claim proceeds | - | - | - | - | - | - | - | - |
| Total other income (expense) | - | 46 | - | - | 98 | - | 6314 | - |
| Net income (loss) | $4506 | $(5078) | $(10870) | $2837 | $(2160) | $5445 | $(1716) | $5643 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

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

**FOR THE YEAR ENDED DECEMBER 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Haikey** | **Hamblen** | **Hancock** | **Hardman** | **Haven** | **Haverhill** | **Haybridge** | **Hedgecrest** |
| Rental income | $20574 | $25140 | $23870 | $29940 | $13820 | $24819 | $22626 | $18554 |
| Operating expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 6735 | 7053 | 8454 | 10652 | 5098 | 6449 | 9862 | 9862 |
| &nbsp;&nbsp;&nbsp;Insurance | 2534 | 713 | 1507 | 1161 | 359 | 1172 | 1005 | 1005 |
| &nbsp;&nbsp;&nbsp;Management fees | 946 | 870 | 919 | 944 | 946 | 1588 | 824 | 1051 |
| &nbsp;&nbsp;&nbsp;Management fees, related party | 2274 | 2709 | 2690 | 3880 | 1516 | 1805 | 3270 | 2944 |
| &nbsp;&nbsp;&nbsp;Repairs & maintenance | 739 |  | 790 | 843 | 2457 | 605 | 980 | 3510 |
| &nbsp;&nbsp;&nbsp;Property taxes | 1945 | 346 | 3290 | 3549 | 856 | 3465 | 2088 | 2068 |
| &nbsp;&nbsp;&nbsp;Other operating expenses | 2734 | 2134 | 1691 | 2628 | 3338 | 1655 | 3912 | 3614 |
| Total operating expenses | 17906 | 13826 | 19340 | 23656 | 14570 | 16740 | 21941 | 24053 |
| Income (loss) from operations | 2668 | 11314 | 4529 | 6284 | (749) | 8080 | 685 | (5500) |
| Other expense (income) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Insurance claim proceeds | - | - | - | - | - | - | - | - |
| Total other income (expense) | - | - | - | - | - | - | - | - |
| Net income (loss) | $2668 | $11314 | $4529 | $6284 | $(749) | $8080 | $685 | $(5500) |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

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

**FOR THE YEAR ENDED DECEMBER 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Helmerich** | **Hermanos** | **Holmes** | **Johnson** | **Keystone** | **Langley** | **Laurel** | **Layla** |
| Rental income | $19306 | $16270 | $16740 | $13185 | $25322 | $114 | $24710 | $24845 |
| Operating expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 6925 | 11828 | 4839 | 3759 | 8771 |  | 7718 | 8906 |
| &nbsp;&nbsp;&nbsp;Insurance | 1996 | 1667 | 932 | 587 | 1494 | 101 | 1606 | 1304 |
| &nbsp;&nbsp;&nbsp;Management fees | 897 | 1056 | 981 | 694 | 1013 | 657 | 993 | 1199 |
| &nbsp;&nbsp;&nbsp;Management fees, related party | 2231 | 2602 | 1557 | 1450 | 3266 | (61) | 2380 | 3251 |
| &nbsp;&nbsp;&nbsp;Repairs & maintenance |  | 2274 | 1406 | 2744 | 1430 | 5870 | 2225 | 3293 |
| &nbsp;&nbsp;&nbsp;Property taxes | 884 | 4680 | (1430) | 1780 | 2279 | 596 | 2878 | 1831 |
| &nbsp;&nbsp;&nbsp;Other operating expenses | 2478 | 4750 | 1528 | 7228 | 4118 | 2755 | 6535 | 4108 |
| Total operating expenses | 15411 | 28856 | 9812 | 18242 | 22371 | 9918 | 24335 | 23893 |
| Income (loss) from operations | 3895 | (12586) | 6928 | (5057) | 2950 | (9804) | 375 | 952 |
| Other expense (income) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense |  |  |  | 2993 |  | 3644 | 7746 |  |
| &nbsp;&nbsp;&nbsp;Insurance claim proceeds | - | - | - | - | - | - | - | - |
| Total other income (expense) | - | - | - | 2993 | - | 3644 | 7746 | - |
| Net income (loss) | $3895 | $(12586) | $6928 | $(8050) | $2950 | $(13448) | $(7371) | $952 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

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

**FOR THE YEAR ENDED DECEMBER 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Liberty** | **Lithonia** | **Lola** | **Lucas** | **Macomber** | **Mallard** | **Marcy** | **Meridian** |
| Rental income | $21787 | $17689 | $25440 | $24540 | $26005 | $20940 | $15692 | $22245 |
| Operating expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 9716 | 9389 | 8288 | 8140 | 8571 | 5724 | 4933 | 8697 |
| &nbsp;&nbsp;&nbsp;Insurance | 3220 | 1209 | 1101 | 4640 | 4249 | 988 | 662 | 1474 |
| &nbsp;&nbsp;&nbsp;Management fees | 2572 | 1446 | 892 | 1040 | 940 | 1246 | 970 | 1841 |
| &nbsp;&nbsp;&nbsp;Management fees, related party | 2528 | 1668 | 3153 | 2781 | 3028 | 2187 | 1585 | 2662 |
| &nbsp;&nbsp;&nbsp;Repairs & maintenance | 1899 | 11214 | 220 | 1741 | 999 | 4058 | 1298 | 956 |
| &nbsp;&nbsp;&nbsp;Property taxes | 4543 | 4659 | 1582 | 5002 | 5392 | 1654 | (238) | 2021 |
| &nbsp;&nbsp;&nbsp;Other operating expenses | 2706 | 6484 | 2776 | 1790 | 3232 | 2286 | 2923 | 2139 |
| Total operating expenses | 27184 | 36069 | 18011 | 25134 | 26411 | 18142 | 12134 | 19791 |
| Income (loss) from operations | (5397) | (18380) | 7429 | (594) | (406) | 2798 | 3558 | 2454 |
| Other expense (income) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | 60 | 66 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Insurance claim proceeds | - | - | - | - | - | - | - | - |
| Total other income (expense) | 60 | 66 | - | - | - | - | - | - |
| Net income (loss) | $(5457) | $(18446) | $7429 | $(594) | $(406) | $2798 | $3558 | $2454 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

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

**FOR THE YEAR ENDED DECEMBER 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Metallo** | **Misty** | **Montgomery** | **Northbrook** | **Northridge** | **Oakland** | **Palmore** | **Pebblestone** |
| Rental income | $- | $1403 | $16624 | $17055 | $10679 | $20129 | $17040 | $24394 |
| Operating expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation |  |  | 7441 | 7744 | 6481 | 8444 | 6911 | 8510 |
| &nbsp;&nbsp;&nbsp;Insurance |  | 104 | 1014 | 1006 | 1485 | 1062 | 2032 | 1481 |
| &nbsp;&nbsp;&nbsp;Management fees | 369 | 235 | 3652 | 666 | 651 | 762 | 1095 | 812 |
| &nbsp;&nbsp;&nbsp;Management fees, related party |  | 215 | 1450 | 2426 | 1844 | 1441 | 1723 | 3200 |
| &nbsp;&nbsp;&nbsp;Repairs & maintenance | 3695 | 1650 | 3958 |  | 199 | 1316 | 2282 |  |
| &nbsp;&nbsp;&nbsp;Property taxes | (25) | 575 | 2177 | 3362 | 2411 | 1366 | 994 | 2349 |
| &nbsp;&nbsp;&nbsp;Other operating expenses | 1984 | 5518 | 3881 | 4968 | 7777 | 6971 | 1727 | 4303 |
| Total operating expenses | 6023 | 8297 | 23574 | 20172 | 20848 | 21361 | 16764 | 20655 |
| Income (loss) from operations | (6023) | (6894) | (6949) | (3117) | (10170) | (1232) | 276 | 3740 |
| Other expense (income) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | 1657 | 3270 | 29 |  |  | 8263 |  |  |
| &nbsp;&nbsp;&nbsp;Insurance claim proceeds | - | - | (6998) | - | - | - | - | - |
| Total other income (expense) | 1657 | 3270 | (6969) | - | - | 8263 | - | - |
| Net income (loss) | $(7680) | $(10164) | $19 | $(3117) | $(10170) | $(9496) | $276 | $3740 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

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

**FOR THE YEAR ENDED DECEMBER 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Perdita** | **Phoebe** | **Pongo** | **Portsmouth** | **Presidio** | **Rachel** | **Ratliff** | **Riverwood** |
| Rental income | $23452 | $18240 | $24577 | $21540 | $- | $18315 | $21200 | $24528 |
| Operating expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 9121 | 7000 | 9121 | 5864 |  | 7943 | 8789 | 10040 |
| &nbsp;&nbsp;&nbsp;Insurance | 1093 | 1526 | 1093 | 1122 | 73 | 1087 | 1021 | 1377 |
| &nbsp;&nbsp;&nbsp;Management fees | 859 | 865 | 931 | 980 | 1029 | 821 | 909 | 1719 |
| &nbsp;&nbsp;&nbsp;Management fees, related party | 3197 | 1311 | 3287 | 2161 |  | 2064 | 3001 | 2115 |
| &nbsp;&nbsp;&nbsp;Repairs & maintenance | 190 | 1650 | 910 | 1405 | 10293 | 810 | 990 | 880 |
| &nbsp;&nbsp;&nbsp;Property taxes | 2672 | 1534 | 2672 | 2976 | 378 | 819 | 422 | 4039 |
| &nbsp;&nbsp;&nbsp;Other operating expenses | 2109 | 6211 | 2115 | 1474 | 2009 | 6980 | 6492 | 1626 |
| Total operating expenses | 19241 | 20098 | 20129 | 15983 | 13782 | 20526 | 21624 | 21797 |
| Income (loss) from operations | 4211 | (1858) | 4448 | 5557 | (13782) | (2211) | (424) | 2731 |
| Other expense (income) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense |  | 6011 |  |  | 2338 |  |  |  |
| &nbsp;&nbsp;&nbsp;Insurance claim proceeds | - | - | - | - | - | - | - | - |
| Total other income (expense) | - | 6011 | - | - | 2338 | - | - | - |
| Net income (loss) | $4211 | $(7869) | $4448 | $5557 | $(16120) | $(2211) | $(424) | $2731 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

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

**FOR THE YEAR ENDED DECEMBER 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Roanoke** | **Robinson** | **Ross** | **Sansa** | **Sedgefield** | **Seneca** | **Sheezy** | **Sherwood** |
| Rental income | $32239 | $3799 | $27531 | $16740 | $16766 | $4065 | $21840 | $16740 |
| Operating expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 9207 | 735 | 9164 | 4933 | 6020 | 1352 | 6430 | 4796 |
| &nbsp;&nbsp;&nbsp;Insurance | 1602 | 194 | 1353 | 662 | 1018 | 265 | 1025 | 939 |
| &nbsp;&nbsp;&nbsp;Management fees | 1208 | 197 | 880 | 846 | 1123 | 225 | 937 | 1008 |
| &nbsp;&nbsp;&nbsp;Management fees, related party | 3917 | 488 | 2861 | 1669 | 1399 | 628 | 2305 | 1637 |
| &nbsp;&nbsp;&nbsp;Repairs & maintenance | 3683 | 572 |  | 60 | 4232 | 466 | 1224 | 819 |
| &nbsp;&nbsp;&nbsp;Property taxes | 1965 | 124 | 1875 | (243) | 2736 | 191 | 2382 | (1260) |
| &nbsp;&nbsp;&nbsp;Other operating expenses | 1065 | 6580 | 6156 | 1912 | 5608 | 6549 | 3331 | 1524 |
| Total operating expenses | 22647 | 8891 | 22290 | 9839 | 22135 | 9676 | 17635 | 9463 |
| Income (loss) from operations | 9592 | (5092) | 5241 | 6901 | (5369) | (5612) | 4205 | 7277 |
| Other expense (income) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense |  | 3134 |  |  | 9583 | 2743 |  |  |
| &nbsp;&nbsp;&nbsp;Insurance claim proceeds | - | - | - | - | - | - | - | - |
| Total other income (expense) | - | 3134 | - | - | 9583 | 2743 | - | - |
| Net income (loss) | $9592 | $(8226) | $5241 | $6901 | $(14952) | $(8355) | $4205 | $7277 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

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

**FOR THE YEAR ENDED DECEMBER 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Spangler** | **Summerglen** | **Tansel** | **Thomas** | **Tomlinson** | **Tytus** | **Vanzant** | **Watson** |
| Rental income | $- | $20122 | $28740 | $21390 | $- | $24540 | $24022 | $16740 |
| Operating expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation |  | 6661 | 8951 | 6030 |  | 7158 | 8914 | 4839 |
| &nbsp;&nbsp;&nbsp;Insurance | 115 | 1883 | 2844 | 762 | 74 | 963 | 1139 | 932 |
| &nbsp;&nbsp;&nbsp;Management fees | 961 | 912 | 995 | 1421 | 27 | 879 | 1322 | 840 |
| &nbsp;&nbsp;&nbsp;Management fees, related party |  | 2182 | 3581 | 1606 |  | 2813 | 2749 | 1557 |
| &nbsp;&nbsp;&nbsp;Repairs & maintenance | 3300 | 150 | 1271 | 1116 | 274 | 386 | 6260 |  |
| &nbsp;&nbsp;&nbsp;Property taxes | 578 | 647 | 3340 | 2098 | 251 | 3796 | 1003 | (1430) |
| &nbsp;&nbsp;&nbsp;Other operating expenses | 2190 | 1988 | 1907 | 1856 | 1833 | 1632 | 5868 | 1498 |
| Total operating expenses | 7144 | 14423 | 22889 | 14889 | 2459 | 17628 | 27255 | 8235 |
| Income (loss) from operations | (7144) | 5699 | 5851 | 6501 | (2459) | 6912 | (3234) | 8505 |
| Other expense (income) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | 3168 |  |  |  | 2368 |  |  |  |
| &nbsp;&nbsp;&nbsp;Insurance claim proceeds | - | - | - | - | - | - | - | - |
| Total other income (expense) | 3168 | - | - | - | 2368 | - | - | - |
| Net income (loss) | $(10312) | $5699 | $5851 | $6501 | $(4828) | $6912 | $(3234) | $8505 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

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

**FOR THE YEAR ENDED DECEMBER 31, 2024**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Westhaven** | **Wheeler** | **Williamson** | **Woodland** | **Woodwind** | **Wynde** | **Wyndhurst** | **Zane** | **Consolidated** |
| Rental income | $18979 | $19788 | $26640 | $15540 | $20327 | $23640 | $23142 | $15300 | $1805660 |
| Operating expenses: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 7017 | 5729 | 7880 | 5853 | 7008 | 8048 | 8514 | 4481 | 646366 |
| &nbsp;&nbsp;&nbsp;Insurance | 1174 | 953 | 1009 | 839 | 769 | 1462 | 1686 | 1040 | 124881 |
| &nbsp;&nbsp;&nbsp;Management fees | 1661 | 840 | 840 | 840 | 1321 | 980 | 1243 | 855 | 100890 |
| &nbsp;&nbsp;&nbsp;Management fees, related party | 2278 | 1991 | 3144 | 1443 | 1835 | 2551 | 2553 | 1444 | 201974 |
| &nbsp;&nbsp;&nbsp;Repairs & maintenance | 7101 |  |  |  | 5420 | 1234 | 4013 | 150 | 197763 |
| &nbsp;&nbsp;&nbsp;Property taxes | 4839 | 1628 | 2882 | 1416 | 2341 | 3246 | 497 | 1531 | 190208 |
| &nbsp;&nbsp;&nbsp;Other operating expenses | 1836 | 1167 | 1839 | 1774 | 1899 | 2064 | 5196 | 1231 | 315688 |
| Total operating expenses | 25907 | 12308 | 17594 | 12165 | 20594 | 19585 | 23701 | 10732 | 1777769 |
| Income (loss) from operations | (6927) | 7480 | 9046 | 3375 | (267) | 4055 | (559) | 4568 | 27892 |
| Other expense (income) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense |  |  |  |  |  |  |  |  | 72115 |
| &nbsp;&nbsp;&nbsp;Insurance claim proceeds | - | - | - | - | - | - | - | - | (6998) |
| Total other income (expense) | - | - | - | - | - | - | - | - | 65117 |
| Net income (loss) | $(6927) | $7480 | $9046 | $3375 | $(267) | $4055 | $(559) | $4568 | $(37225) |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS' EQUITY (DEFICIT)**

**FOR THE YEAR ENDED DECEMBER 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Adams** | **Antares** | **Aramis** | **Arkoma** | **Arya** | **Aspen** | **Athos** | **Barclay** |
| **Balance at January 1, 2025** | $(8102) | $308648 | $294006 | $246908 | $170803 | $256383 | $285701 | $315703 |
| Issuance of membership units, net of offering costs | 334077 |  |  |  |  |  |  |  |
| Deemed contribution from Manager |  |  |  |  |  |  |  |  |
| Distributions | (16203) | (15922) | (13858) | (12471) | (5234) | (11299) | (12126) | (17599) |
| Net income (loss) | 3306 | 2202 | 4389 | 2432 | 2 | 7850 | 2098 | 3784 |
| **Balance at December 31, 2025** | $313078 | $294928 | $284538 | $236869 | $165571 | $252935 | $275673 | $301888 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS' EQUITY (DEFICIT)**

**FOR THE YEAR ENDED DECEMBER 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Bayne** | **Bean** | **Bennett** | **Benny** | **Bluebell** | **Bowling** | **Boxwood** | **Bradford** |
| **Balance at January 1, 2025** | $(8122) | $292453 | $208445 | $246690 | $304999 | $203742 | $(5457) | $312677 |
| Issuance of membership units, net of offering costs | 380478 |  |  |  |  |  | 353436 |  |
| Deemed contribution from Manager | 5136 |  |  |  |  |  | 5775 |  |
| Distributions | (17798) | (17326) | (13860) | (10115) | (11682) | (12613) | (14886) | (16911) |
| Net income (loss) | (344) | 6839 | 6756 | (1378) | (10430) | 5022 | (6479) | 4832 |
| **Balance at December 31, 2025** | $359350 | $281965 | $201342 | $235197 | $282888 | $196151 | $332388 | $300598 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS' EQUITY (DEFICIT)**

**FOR THE YEAR ENDED DECEMBER 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Brookwood** | **Bryant** | **Caden** | **Camellia** | **Caterpillar** | **Chilhowee** | **Claremore** | **Collinison** |
| **Balance at January 1, 2025** | $272083 | $275037 | $232185 | $257434 | $300848 | $316094 | $223019 | $312615 |
| Issuance of membership units, net of offering costs |  |  |  |  |  |  |  |  |
| Deemed contribution from Manager |  |  |  |  |  |  |  |  |
| Distributions | (13208) | (12280) | (7254) | (14141) | (3467) | (17847) | (8145) | (15058) |
| Net income (loss) | 3816 | (2230) | 855 | 2332 | (25030) | 8301 | 2755 | 3303 |
| **Balance at December 31, 2025** | $262691 | $260527 | $225786 | $245625 | $272352 | $306548 | $217629 | $300860 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS' EQUITY (DEFICIT)**

**FOR THE YEAR ENDED DECEMBER 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Cordero** | **Cristalino** | **Ellie** | **Emelina** | **Ethan** | **Frances** | **Glenncrest** | **Gordon** |
| **Balance at January 1, 2025** | $273626 | $280188 | $280678 | $242043 | $185812 | $288348 | $300751 | $258217 |
| Issuance of membership units, net of offering costs |  |  |  |  |  |  |  |  |
| Deemed contribution from Manager |  |  |  |  |  |  |  |  |
| Distributions | (8388) | (12780) | (3448) | (7320) | (6866) | (20283) | (10015) | (16500) |
| Net income (loss) | (8686) | 8413 | (11298) | (1455) | (6436) | 6231 | (8630) | 6737 |
| **Balance at December 31, 2025** | $256551 | $275821 | $265931 | $233268 | $172509 | $274295 | $282106 | $248454 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS' EQUITY (DEFICIT)**

**FOR THE YEAR ENDED DECEMBER 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Haikey** | **Hamblen** | **Hancock** | **Hardman** | **Haven** | **Haverhill** | **Haybridge** | **Hedgecrest** |
| **Balance at January 1, 2025** | $245282 | $255655 | $264985 | $392257 | $172663 | $229141 | $369541 | $364523 |
| Issuance of membership units, net of offering costs |  |  |  |  |  |  |  |  |
| Deemed contribution from Manager |  |  |  |  |  |  |  |  |
| Distributions | (9178) | (13169) | (12215) | (20296) | (8853) | (11558) | (12841) | (9674) |
| Net income (loss) | (4093) | 3002 | 634 | 5354 | 5646 | 1086 | (5261) | (10176) |
| **Balance at December 31, 2025** | $232011 | $245488 | $253404 | $377315 | $169456 | $218670 | $351438 | $344673 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS' EQUITY (DEFICIT)**

**FOR THE YEAR ENDED DECEMBER 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Helmerich** | **Hermanos** | **Holmes** | **Johnson** | **Keystone** | **Langley** | **Laurel** | **Layla** |
| **Balance at January 1, 2025** | $255784 | $299907 | $178968 | $344701 | $349812 | $(9804) | $351227 | $327146 |
| Issuance of membership units, net of offering costs |  |  |  |  |  | 362757 |  |  |
| Deemed contribution from Manager |  |  |  |  |  |  |  |  |
| Distributions | (10681) | (12196) | (7532) | (20547) | (15027) | (19200) | (18938) | (19563) |
| Net income (loss) | (2340) | 1743 | (5090) | 7311 | (661) | 3598 | 2829 | 6008 |
| **Balance at December 31, 2025** | $242764 | $289454 | $166346 | $331466 | $334124 | $337350 | $335118 | $313591 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS' EQUITY (DEFICIT)**

**FOR THE YEAR ENDED DECEMBER 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Liberty** | **Lithonia** | **Lola** | **Lucas** | **Macomber** | **Mallard** | **Marcy** | **Meridian** |
| **Balance at January 1, 2025** | $251189 | $261460 | $310873 | $258877 | $273612 | $209524 | $183713 | $263593 |
| Issuance of membership units, net of offering costs |  |  |  |  |  |  |  |  |
| Deemed contribution from Manager |  |  |  |  |  |  |  |  |
| Distributions | (10615) | (9939) | (19585) | (7341) | (12857) | (8562) | (12927) | (10538) |
| Net income (loss) | (1399) | (3468) | 4453 | (9066) | (2571) | 301 | 4055 | (1596) |
| **Balance at December 31, 2025** | $239175 | $248053 | $295741 | $242471 | $258184 | $201263 | $174841 | $251459 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS' EQUITY (DEFICIT)**

**FOR THE YEAR ENDED DECEMBER 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Metallo** | **Misty** | **Montgomery** | **Northbrook** | **Northridge** | **Oakland** | **Palmore** | **Pebblestone** |
| **Balance at January 1, 2025** | $(6023) | $368363 | $199498 | $286266 | $270152 | $315401 | $197030 | $339662 |
| Issuance of membership units, net of offering costs | 322979 | 495 |  |  |  |  |  |  |
| Deemed contribution from Manager |  |  |  |  |  |  |  |  |
| Distributions | (6349) | (20978) | (8794) | (14206) | (6197) | (19885) | (4253) | (19241) |
| Net income (loss) | (14222) | 6535 | 1798 | 3135 | (8574) | 6643 | (11956) | 5637 |
| **Balance at December 31, 2025** | $296385 | $354415 | $192501 | $275195 | $255380 | $302160 | $180821 | $326058 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS' EQUITY (DEFICIT)**

**FOR THE YEAR ENDED DECEMBER 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Perdita** | **Phoebe** | **Pongo** | **Portsmouth** | **Presidio** | **Rachel** | **Ratliff** | **Riverwood** |
| **Balance at January 1, 2025** | $336641 | $285579 | $339479 | $210312 | $(16120) | $296012 | $321970 | $289911 |
| Issuance of membership units, net of offering costs |  |  |  |  | 265302 |  |  |  |
| Deemed contribution from Manager |  |  |  |  | 4914 |  |  |  |
| Distributions | (11687) | (17784) | (11208) | (3536) | (9688) | (16876) | (18865) | (7690) |
| Net income (loss) | (3437) | 6074 | (5206) | (9035) | (5482) | 3453 | 7391 | (14054) |
| **Balance at December 31, 2025** | $321517 | $273869 | $323065 | $197741 | $238927 | $282589 | $310495 | $268168 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS' EQUITY (DEFICIT)**

**FOR THE YEAR ENDED DECEMBER 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Roanoke** | **Robinson** | **Ross** | **Sansa** | **Sedgefield** | **Seneca** | **Sheezy** | **Sherwood** |
| **Balance at January 1, 2025** | $340419 | $348264 | $345099 | $186229 | $317949 | $316161 | $231698 | $174504 |
| Issuance of membership units, net of offering costs |  |  |  |  |  |  |  |  |
| Deemed contribution from Manager |  |  |  |  |  |  |  |  |
| Distributions | (20229) | (19989) | (22010) | (12718) | (18256) | (16472) | (14407) | (7508) |
| Net income (loss) | 8875 | 7737 | 8048 | 4807 | 6786 | 4562 | (240) | (11116) |
| **Balance at December 31, 2025** | $329065 | $336011 | $331137 | $178318 | $306479 | $304250 | $217050 | $155880 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS' EQUITY (DEFICIT)**

**FOR THE YEAR ENDED DECEMBER 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Spangler** | **Summerglen** | **Tansel** | **Thomas** | **Tomlinson** | **Tytus** | **Vanzant** | **Watson** |
| **Balance at January 1, 2025** | $(10312) | $236674 | $316489 | $217221 | $(4828) | $263763 | $357285 | $180288 |
| Issuance of membership units, net of offering costs | 420629 |  |  |  | 271251 |  |  |  |
| Deemed contribution from Manager | 5657 |  |  |  | 6525 |  |  |  |
| Distributions | (11858) | (13077) | (9849) | (6980) | (7820) | (17593) | (19960) | (7649) |
| Net income (loss) | (14381) | 4038 | (1747) | (6844) | (24969) | 7853 | 2438 | (3) |
| **Balance at December 31, 2025** | $389735 | $227635 | $304894 | $203397 | $240159 | $254022 | $339763 | $172636 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS' EQUITY (DEFICIT)**

**FOR THE YEAR ENDED DECEMBER 31, 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Westhaven** | **Wheeler** | **Williamson** | **Woodland** | **Woodwind** | **Wynde** | **Wyndhurst** | **Zane** | **Consolidated** |
| **Balance at January 1, 2025** | $243218 | $212230 | $294597 | $161138 | $245758 | $241137 | $323837 | $171186 | $23873224 |
| Issuance of membership units, net of offering costs |  |  |  |  |  |  |  |  | 2711403 |
| Deemed contribution from Manager |  |  |  |  |  |  |  |  | 28006 |
| Distributions | (10488) | (14572) | (9846) | (9276) | (5701) | (10082) | (11529) | (11897) | (1217737) |
| Net income (loss) | 5064 | 7539 | (14810) | 1065 | (6691) | 1269 | (4631) | 2995 | (33502) |
| **Balance at December 31, 2025** | $237794 | $205198 | $269941 | $152927 | $233366 | $232325 | $307677 | $162284 | $25361395 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS' EQUITY (DEFICIT)**

**FOR THE YEAR ENDED DECEMBER 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Adams** | **Antares** | **Aramis** | **Arkoma** | **Arya** | **Aspen** | **Athos** | **Barclay** |
| **Balance at January 1, 2024** | $- | $319898 | $305955 | $255800 | $189707 | $271438 | $304549 | $329476 |
| Issuance of membership units, net of offering costs |  |  | 650 |  |  |  | 762 | 289 |
| Redemption of membership units |  |  |  |  |  | (100) |  |  |
| Deemed contribution from Manager | 3000 |  |  |  |  |  |  |  |
| Distributions |  | (15739) | (15551) | (14682) | (8841) | (10135) | (13706) | (18107) |
| Net income (loss) | (11102) | 4489 | 2952 | 5791 | (10062) | (4820) | (5903) | 4046 |
| **Balance at December 31, 2024** | $(8102) | $308648 | $294006 | $246908 | $170803 | $256383 | $285701 | $315703 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS' EQUITY (DEFICIT)**

**FOR THE YEAR ENDED DECEMBER 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Bayne** | **Bean** | **Bennett** | **Benny** | **Bluebell** | **Bowling** | **Boxwood** | **Bradford** |
| **Balance at January 1, 2024** | $- | $305397 | $216679 | $258203 | $318328 | $211130 | $- | $324785 |
| Issuance of membership units, net of offering costs |  |  |  |  |  |  |  |  |
| Redemption of membership units |  |  |  | (300) |  |  |  |  |
| Deemed contribution from Manager |  |  |  |  |  |  |  |  |
| Distributions |  | (17871) | (14261) | (13472) | (17824) | (12174) |  | (17127) |
| Net income (loss) | (8122) | 4927 | 6027 | 2258 | 4495 | 4786 | (5457) | 5019 |
| **Balance at December 31, 2024** | $(8122) | $292453 | $208445 | $246690 | $304999 | $203742 | $(5457) | $312677 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS' EQUITY (DEFICIT)**

**FOR THE YEAR ENDED DECEMBER 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Brookwood** | **Bryant** | **Caden** | **Camellia** | **Caterpillar** | **Chilhowee** | **Claremore** | **Collinison** |
| **Balance at January 1, 2024** | $282410 | $288572 | $246877 | $273042 | $314213 | $333585 | $246890 | $321701 |
| Issuance of membership units, net of offering costs |  |  |  |  |  |  |  |  |
| Redemption of membership units | (300) | (300) |  |  |  |  | (300) |  |
| Deemed contribution from Manager |  |  |  |  |  |  |  |  |
| Distributions | (14429) | (14852) | (5962) | (14912) | (11401) | (14836) | (8373) | (13954) |
| Net income (loss) | 4402 | 1617 | (8730) | (696) | (1964) | (2655) | (15198) | 4868 |
| **Balance at December 31, 2024** | $272083 | $275037 | $232185 | $257434 | $300848 | $316094 | $223019 | $312615 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS' EQUITY (DEFICIT)**

**FOR THE YEAR ENDED DECEMBER 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Cordero** | **Cristalino** | **Ellie** | **Emelina** | **Ethan** | **Frances** | **Glenncrest** | **Gordon** |
| **Balance at January 1, 2024** | $287156 | $293548 | $299850 | $250360 | $195283 | $(3010) | $(2974) | $268739 |
| Issuance of membership units, net of offering costs |  |  |  |  |  | 304290 | 310787 |  |
| Redemption of membership units |  | (100) |  |  |  |  |  |  |
| Deemed contribution from Manager |  |  |  |  |  |  | 5510 |  |
| Distributions | (18036) | (8182) | (8302) | (11154) | (7310) | (18377) | (10856) | (16165) |
| Net income (loss) | 4506 | (5078) | (10870) | 2837 | (2160) | 5445 | (1716) | 5643 |
| **Balance at December 31, 2024** | $273626 | $280188 | $280678 | $242043 | $185812 | $288348 | $300751 | $258217 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS' EQUITY (DEFICIT)**

**FOR THE YEAR ENDED DECEMBER 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Haikey** | **Hamblen** | **Hancock** | **Hardman** | **Haven** | **Haverhill** | **Haybridge** | **Hedgecrest** |
| **Balance at January 1, 2024** | $257206 | $262776 | $275115 | $406226 | $179568 | $230845 | $382626 | $382695 |
| Issuance of membership units, net of offering costs |  |  |  |  |  |  |  |  |
| Redemption of membership units |  | (300) | (800) |  |  |  |  |  |
| Deemed contribution from Manager |  |  |  |  |  |  |  |  |
| Distributions | (14591) | (18136) | (13859) | (20252) | (6156) | (9784) | (13771) | (12673) |
| Net income (loss) | 2668 | 11314 | 4529 | 6284 | (749) | 8080 | 685 | (5500) |
| **Balance at December 31, 2024** | $245282 | $255655 | $264985 | $392257 | $172663 | $229141 | $369541 | $364523 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS' EQUITY (DEFICIT)**

**FOR THE YEAR ENDED DECEMBER 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Helmerich** | **Hermanos** | **Holmes** | **Johnson** | **Keystone** | **Langley** | **Laurel** | **Layla** |
| **Balance at January 1, 2024** | $267521 | $316341 | $184876 | $- | $366522 | $- | $- | $346216 |
| Issuance of membership units, net of offering costs |  |  |  | 359646 |  |  | 364407 |  |
| Redemption of membership units |  |  |  |  |  |  |  |  |
| Deemed contribution from Manager |  |  |  | 2165 |  | 3644 | 6988 |  |
| Distributions | (15632) | (3847) | (12836) | (9060) | (19661) |  | (12796) | (20022) |
| Net income (loss) | 3895 | (12586) | 6928 | (8050) | 2950 | (13448) | (7371) | 952 |
| **Balance at December 31, 2024** | $255784 | $299907 | $178968 | $344701 | $349812 | $(9804) | $351227 | $327146 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS' EQUITY (DEFICIT)**

**FOR THE YEAR ENDED DECEMBER 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Liberty** | **Lithonia** | **Lola** | **Lucas** | **Macomber** | **Mallard** | **Marcy** | **Meridian** |
| **Balance at January 1, 2024** | $264873 | $288681 | $321499 | $275513 | $289132 | $221670 | $192203 | $276379 |
| Issuance of membership units, net of offering costs | 658 |  |  |  |  | 549 |  |  |
| Redemption of membership units |  | (300) |  |  |  |  |  |  |
| Deemed contribution from Manager |  | 3192 |  |  |  |  |  |  |
| Distributions | (8885) | (11667) | (18054) | (16041) | (15114) | (15492) | (12048) | (15239) |
| Net income (loss) | (5457) | (18446) | 7429 | (594) | (406) | 2798 | 3558 | 2454 |
| **Balance at December 31, 2024** | $251189 | $261460 | $310873 | $258877 | $273612 | $209524 | $183713 | $263593 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS' EQUITY (DEFICIT)**

**FOR THE YEAR ENDED DECEMBER 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Metallo** | **Misty** | **Montgomery** | **Northbrook** | **Northridge** | **Oakland** | **Palmore** | **Pebblestone** |
| **Balance at January 1, 2024** | $- | $- | $205383 | $302255 | $(2896) | $(4381) | $206903 | $355515 |
| Issuance of membership units, net of offering costs |  | 377301 |  |  | 295804 | 333402 |  |  |
| Redemption of membership units |  |  |  |  |  |  |  |  |
| Deemed contribution from Manager | 1657 | 1226 |  |  |  | 7656 |  |  |
| Distributions |  |  | (5904) | (12872) | (12586) | (11779) | (10149) | (19593) |
| Net income (loss) | (7680) | (10164) | 19 | (3117) | (10170) | (9496) | 276 | 3740 |
| **Balance at December 31, 2024** | $(6023) | $368363 | $199498 | $286266 | $270152 | $315401 | $197030 | $339662 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS' EQUITY (DEFICIT)**

**FOR THE YEAR ENDED DECEMBER 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Perdita** | **Phoebe** | **Pongo** | **Portsmouth** | **Presidio** | **Rachel** | **Ratliff** | **Riverwood** |
| **Balance at January 1, 2024** | $349607 | $(3721) | $353449 | $219491 | $- | $(3470) | $340241 | $301731 |
| Issuance of membership units, net of offering costs |  | 302613 |  |  |  | 316212 |  | 864 |
| Redemption of membership units |  |  |  | (300) |  |  |  |  |
| Deemed contribution from Manager |  | 5246 |  |  |  |  |  |  |
| Distributions | (17178) | (10690) | (18418) | (14436) |  | (14519) | (17848) | (15414) |
| Net income (loss) | 4211 | (7869) | 4448 | 5557 | (16120) | (2211) | (424) | 2731 |
| **Balance at December 31, 2024** | $336641 | $285579 | $339479 | $210312 | $(16120) | $296012 | $321970 | $289911 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS' EQUITY (DEFICIT)**

**FOR THE YEAR ENDED DECEMBER 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Roanoke** | **Robinson** | **Ross** | **Sansa** | **Sedgefield** | **Seneca** | **Sheezy** | **Sherwood** |
| **Balance at January 1, 2024** | $351576 | $- | $(3646) | $191739 | $- | $- | $243643 | $178874 |
| Issuance of membership units, net of offering costs | 671 | 356598 | 364451 |  | 334076 | 325931 |  |  |
| Redemption of membership units |  |  |  |  |  |  |  |  |
| Deemed contribution from Manager |  | 1471 |  |  | 7917 | 1576 |  |  |
| Distributions | (21419) | (1579) | (20947) | (12411) | (9092) | (2992) | (16151) | (11648) |
| Net income (loss) | 9592 | (8226) | 5241 | 6901 | (14952) | (8355) | 4205 | 7277 |
| **Balance at December 31, 2024** | $340419 | $348264 | $345099 | $186229 | $317949 | $316161 | $231698 | $174504 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS' EQUITY (DEFICIT)**

**FOR THE YEAR ENDED DECEMBER 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Spangler** | **Summerglen** | **Tansel** | **Thomas** | **Tomlinson** | **Tytus** | **Vanzant** | **Watson** |
| **Balance at January 1, 2024** | $- | $246203 | $328603 | $225638 | $- | $274145 | $(6552) | $184838 |
| Issuance of membership units, net of offering costs |  |  |  |  |  | 699 | 384745 |  |
| Redemption of membership units |  |  |  |  |  |  |  | (300) |
| Deemed contribution from Manager |  |  |  |  |  |  |  |  |
| Distributions |  | (15228) | (17966) | (14918) |  | (17993) | (17674) | (12755) |
| Net income (loss) | (10312) | 5699 | 5851 | 6501 | (4828) | 6912 | (3234) | 8505 |
| **Balance at December 31, 2024** | $(10312) | $236674 | $316489 | $217221 | $(4828) | $263763 | $357285 | $180288 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS' EQUITY (DEFICIT)**

**FOR THE YEAR ENDED DECEMBER 31, 2024**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Westhaven** | **Wheeler** | **Williamson** | **Woodland** | **Woodwind** | **Wynde** | **Wyndhurst** | **Zane** | **Consolidated** |
| **Balance at January 1, 2024** | $262942 | $219997 | $303669 | $169207 | $258538 | $248596 | $(3113) | $178916 | $19969988 |
| Issuance of membership units, net of offering costs |  |  | 465 |  |  |  | 339809 |  | 5075676 |
| Redemption of membership units | (300) |  |  |  |  |  |  |  | (3700) |
| Deemed contribution from Manager |  |  |  |  |  |  |  |  | 51247 |
| Distributions | (12496) | (15248) | (18583) | (11444) | (12513) | (11513) | (12300) | (12298) | (1182761) |
| Net income (loss) | (6927) | 7480 | 9046 | 3375 | (267) | 4055 | (559) | 4568 | (37225) |
| **Balance at December 31, 2024** | $243218 | $212230 | $294597 | $161138 | $245758 | $241137 | $323837 | $171186 | $23873224 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS**

**FOR THE YEAR ENDED DECEMBER 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Adams** | **Antares** | **Aramis** | **Arkoma** | **Arya** | **Aspen** | **Athos** | **Barclay** |
| **Cash Flows from Operating Activities:** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $3306 | $2202 | $4389 | $2432 | $2 | $7850 | $2098 | $3784 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 8394 | 8514 | 8246 | 6489 | 4933 | 7358 | 9155 | 8416 |
| Increase in assets |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses |  | 395 | 450 | 356 | 277 | (1251) | 1522 | 363 |
| &nbsp;&nbsp;&nbsp;Due (from) to third party property managers | (4331) | 2525 | (180) | (2568) | 107 | (70) | (3276) | 1911 |
| Increase (decrease) in liabilities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | (1858) | (1904) | (1419) | (2333) | (955) | (2399) | (2403) | (2299) |
| &nbsp;&nbsp;&nbsp;Tenant deposits | 250 | (2395) |  | 2295 | (45) |  |  |  |
| &nbsp;&nbsp;&nbsp;Due to (from) related parties | (2186) | 4823 | 3626 | 1446 | (2361) | 3548 | 3538 | 4518 |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | 3575 | 14160 | 15113 | 8117 | 1957 | 15036 | 10635 | 16694 |
| **Cash Flows from Investing Activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Additions to property and equipment | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Net cash used in investing activities | - | - | - | - | - | - | - | - |
| **Cash flows from financing activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from operational notes, related party |  |  |  |  | 6000 |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayment of operational notes, related party |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayments of amounts due to related party | (16000) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayments of bridge financing, related party | (288000) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Redemption of membership units |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from the issuance of membership units | 334077 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (16203) | (15922) | (13858) | (12471) | (5234) | (11299) | (12126) | (17599) |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | 13874 | (15922) | (13858) | (12471) | 766 | (11299) | (12126) | (17599) |
| **Net change in cash** | 17449 | (1762) | 1256 | (4354) | 2723 | 3738 | (1491) | (905) |
| **Cash at beginning of year** | - | 12203 | 7204 | 23313 | 2277 | 3249 | 9313 | 24025 |
| **Cash at end of year** | $17449 | $10441 | $8460 | $18959 | $5000 | $6987 | $7823 | $23120 |
| **Cash paid for income taxes** | $100 | $250 | $200 | $153 | $153 | $200 | $200 | $676 |
| **Cash paid for interest expenses** | $540 | $- | $- | $- | $389 | $- | $- | $- |
| **Supplemental disclosure of non-cash investing and financing activities:** |  |  |  |  |  |  |  |  |
| Advance from related party for acquisition of property | $16000 | $- | $- | $- | $- | $- | $- | $- |
| Acquisition of property purchase price | $304000 | $- | $- | $- | $- | $- | $- | $- |
| **Bridge financing, related party for acquisition of property** | $288000 | $- | $- | $- | $- | $- | $- | $- |
| Deemed contribution from manager for forgiveness of amounts due to manager | $- | $- | $- | $- | $- | $- | $- | $- |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS**

**FOR THE YEAR ENDED DECEMBER 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Bayne** | **Bean** | **Bennett** | **Benny** | **Bluebell** | **Bowling** | **Boxwood** | **Bradford** |
| **Cash Flows from Operating Activities:** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $(344) | $6839 | $6756 | $(1378) | $(10430) | $5022 | $(6479) | $4832 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 9614 | 8057 | 5820 | 7006 | 8215 | 5724 | 8840 | 8361 |
| Increase in assets |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses |  | 450 | 310 | 940 | 440 | 346 |  | 356 |
| &nbsp;&nbsp;&nbsp;Due (from) to third party property managers | (4836) | 201 | (486) | 3007 | 484 | 216 | (6495) | (136) |
| Increase (decrease) in liabilities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | (1950) | (2195) | (1778) | (1789) | (1793) | (1573) | (603) | (2063) |
| &nbsp;&nbsp;&nbsp;Tenant deposits | 2745 |  |  |  |  |  | 4390 |  |
| &nbsp;&nbsp;&nbsp;Due to (from) related parties | 409 | 1754 | 3164 | 6804 | 5504 | 3069 | 6481 | 4569 |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | 5638 | 15106 | 13787 | 14590 | 2421 | 12805 | 6134 | 15919 |
| **Cash Flows from Investing Activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Additions to property and equipment | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Net cash used in investing activities | - | - | - | - | - | - | - | - |
| **Cash flows from financing activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from operational notes, related party |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayment of operational notes, related party |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayments of amounts due to related party | (18942) |  |  |  |  |  | (14505) |  |
| &nbsp;&nbsp;&nbsp;Repayments of bridge financing, related party | (328683) |  |  |  |  |  | (308000) |  |
| &nbsp;&nbsp;&nbsp;Redemption of membership units |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from the issuance of membership units | 380478 |  |  |  |  |  | 353436 |  |
| &nbsp;&nbsp;&nbsp;Distributions | (17798) | (17326) | (13860) | (10115) | (11682) | (12613) | (14886) | (16911) |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | 15054 | (17326) | (13860) | (10115) | (11682) | (12613) | 16045 | (16911) |
| **Net change in cash** | 20693 | (2220) | (72) | 4475 | (9261) | 192 | 22179 | (992) |
| **Cash at beginning of year** | - | 11429 | 7455 | 3024 | 19029 | 5720 | - | 22583 |
| **Cash at end of year** | $20693 | $9210 | $7383 | $7499 | $9768 | $5912 | $22179 | $21592 |
| **Cash paid for income taxes** | $100 | $731 | $200 | $- | $- | $- | $25 | $671 |
| **Cash paid for interest expenses** | $2260 | $- | $- | $- | $- | $- | $3080 | $- |
| **Supplemental disclosure of non-cash investing and financing activities:** |  |  |  |  |  |  |  |  |
| Advance from related party for acquisition of property | $18942 | $- | $- | $- | $- | $- | $14505 | $- |
| Acquisition of property purchase price | $347625 | $- | $- | $- | $- | $- | $322505 | $- |
| **Bridge financing, related party for acquisition of property** | $328683 | $- | $- | $- | $- | $- | $308000 | $- |
| Deemed contribution from manager for forgiveness of amounts due to manager | $5136 | $- | $- | $- | $- | $- | $5775 | $- |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS**

**FOR THE YEAR ENDED DECEMBER 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Brookwood** | **Bryant** | **Caden** | **Camellia** | **Caterpillar** | **Chilhowee** | **Claremore** | **Collinison** |
| **Cash Flows from Operating Activities:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $3816 | $(2230) | $855 | $2332 | $(25030) | $8301 | $2755 | $3303 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 7707 | 8784 | 6875 | 9622 | 8248 | 8941 | 6464 | 9331 |
| Increase in assets |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 334 | 1252 | 406 | 409 | 1588 | 511 | 711 | 414 |
| &nbsp;&nbsp;&nbsp;Due (from) to third party property managers | (107) | 345 | (2425) | 105 | 783 | (1936) | (1216) | (3476) |
| Increase (decrease) in liabilities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | (1420) | (2424) | (323) | (1546) | (2251) | (1506) | (1909) | (1575) |
| &nbsp;&nbsp;&nbsp;Tenant deposits |  |  |  |  | (45) |  |  |  |
| &nbsp;&nbsp;&nbsp;Due to (from) related parties | 2085 | 7208 | 5761 | 5030 | 1770 | 2153 | 6818 | 2114 |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | 12414 | 12935 | 11150 | 15952 | (14936) | 16465 | 13623 | 10110 |
| **Cash Flows from Investing Activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Additions to property and equipment | - | - | - | - | - | - | - | (5140) |
| &nbsp;&nbsp;&nbsp;Net cash used in investing activities | - | - | - | - | - | - | - | (5140) |
| **Cash flows from financing activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from operational notes, related party |  |  |  |  | 10100 |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayment of operational notes, related party |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayments of amounts due to related party |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayments of bridge financing, related party |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Redemption of membership units |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from the issuance of membership units |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (13208) | (12280) | (7254) | (14141) | (3467) | (17847) | (8145) | (15058) |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | (13208) | (12280) | (7254) | (14141) | 6633 | (17847) | (8145) | (15058) |
| **Net change in cash** | (794) | 655 | 3896 | 1810 | (8303) | (1382) | 5478 | (10088) |
| **Cash at beginning of year** | 6608 | 8432 | 1152 | 5838 | 11778 | 12661 | - | 24688 |
| **Cash at end of year** | $5814 | $9087 | $5048 | $7649 | $3475 | $11278 | $5478 | $14600 |
| **Cash paid for income taxes** | $200 | $200 | $- | $- | $- | $1239 | $- | $738 |
| **Cash paid for interest expenses** | $- | $- | $413 | $- | $9 | $- | $- | $- |
| **Supplemental disclosure of non-cash investing and financing activities:** |  |  |  |  |  |  |  |  |
| Advance from related party for acquisition of property | $- | $- | $- | $- | $- | $- | $- | $- |
| Acquisition of property purchase price | $- | $- | $- | $- | $- | $- | $- | $- |
| **Bridge financing, related party for acquisition of property** | $- | $- | $- | $- | $- | $- | $- | $- |
| Deemed contribution from manager for forgiveness of amounts due to manager | $- | $- | $- | $- | $- | $- | $- | $- |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS**

**FOR THE YEAR ENDED DECEMBER 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Cordero** | **Cristalino** | **Ellie** | **Emelina** | **Ethan** | **Frances** | **Glenncrest** | **Gordon** |
| **Cash Flows from Operating Activities:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $(8686) | $8413 | $(11298) | $(1455) | $(6436) | $6231 | $(8630) | $6737 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 7720 | 8450 | 7897 | 8243 | 8294 | 7674 | 7982 | 7024 |
| Increase in assets |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 340 | 560 | 482 | 426 | 344 | 376 | 418 | 376 |
| &nbsp;&nbsp;&nbsp;Due (from) to third party property managers | 4390 | (65) | 2092 | 269 | (575) | (67) | 4568 | (1) |
| Increase (decrease) in liabilities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | (913) | (1571) | 2834 | (1349) | (1121) | 320 | (2273) | (2156) |
| &nbsp;&nbsp;&nbsp;Tenant deposits | (2495) |  | (2445) | (400) |  |  | (2240) |  |
| &nbsp;&nbsp;&nbsp;Due to (from) related parties | 1542 | 3310 | 1403 | 4397 | 3487 | 1678 | 6582 | 1599 |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | 1899 | 19097 | 964 | 10130 | 3994 | 16212 | 6407 | 13580 |
| **Cash Flows from Investing Activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Additions to property and equipment | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Net cash used in investing activities | - | - | - | - | - | - | - | - |
| **Cash flows from financing activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from operational notes, related party |  |  | 8900 |  | 6400 |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayment of operational notes, related party |  | (5000) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayments of amounts due to related party |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayments of bridge financing, related party |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Redemption of membership units |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from the issuance of membership units |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (8388) | (12780) | (3448) | (7320) | (6866) | (20283) | (10015) | (16500) |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | (8388) | (17780) | 5452 | (7320) | (466) | (20283) | (10015) | (16500) |
| **Net change in cash** | (6490) | 1318 | 6417 | 2810 | 3528 | (4071) | (3608) | (2920) |
| **Cash at beginning of year** | 14543 | 6894 | 4683 | 3176 | 3281 | 19302 | 18053 | 14335 |
| **Cash at end of year** | $8053 | $8211 | $11100 | $5986 | $6809 | $15231 | $14445 | $11415 |
| **Cash paid for income taxes** | $116 | $50 | $702 | $253 | $- | $219 | $- | $200 |
| **Cash paid for interest expenses** | $- | $1175 | $119 | $- | $1034 | $- | $- | $- |
| **Supplemental disclosure of non-cash investing and financing activities:** |  |  |  |  |  |  |  |  |
| Advance from related party for acquisition of property | $- | $- | $- | $- | $- | $- | $- | $- |
| Acquisition of property purchase price | $- | $- | $- | $- | $- | $- | $- | $- |
| **Bridge financing, related party for acquisition of property** | $- | $- | $- | $- | $- | $- | $- | $- |
| Deemed contribution from manager for forgiveness of amounts due to manager | $- | $- | $- | $- | $- | $- | $- | $- |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS**

**FOR THE YEAR ENDED DECEMBER 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Haikey** | **Hamblen** | **Hancock** | **Hardman** | **Haven** | **Haverhill** | **Haybridge** | **Hedgecrest** |
| **Cash Flows from Operating Activities:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $(4093) | $3002 | $634 | $5354 | $5646 | $1086 | $(5261) | $(10176) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 6735 | 7053 | 8454 | 10652 | 5098 | 6449 | 9862 | 10874 |
| Increase in assets |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 738 | 403 | 477 | 406 | 315 | 386 | 394 | 394 |
| &nbsp;&nbsp;&nbsp;Due (from) to third party property managers | (635) | (583) | 2561 | 46 | 3 | 1885 | (1261) | 3920 |
| Increase (decrease) in liabilities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | (1804) | (2314) | (2139) | (2029) | (1085) | 955 | (93) | 2264 |
| &nbsp;&nbsp;&nbsp;Tenant deposits | 500 | 500 |  |  |  |  | 3990 | (1995) |
| &nbsp;&nbsp;&nbsp;Due to (from) related parties | 5734 | 1723 | 1843 | 2338 | (1876) | 1523 | 4789 | 5288 |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | 7175 | 9784 | 11829 | 16766 | 8101 | 12284 | 12420 | 10570 |
| **Cash Flows from Investing Activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Additions to property and equipment | - | - | - | - | - | - | - | (6073) |
| &nbsp;&nbsp;&nbsp;Net cash used in investing activities | - | - | - | - | - | - | - | (6073) |
| **Cash flows from financing activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from operational notes, related party |  |  |  |  | 5700 |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayment of operational notes, related party |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayments of amounts due to related party |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayments of bridge financing, related party |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Redemption of membership units |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from the issuance of membership units |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (9178) | (13169) | (12215) | (20296) | (8853) | (11558) | (12841) | (9674) |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | (9178) | (13169) | (12215) | (20296) | (3153) | (11558) | (12841) | (9674) |
| **Net change in cash** | (2002) | (3385) | (386) | (3530) | 4948 | 726 | (421) | (5176) |
| **Cash at beginning of year** | 10753 | 13581 | 7665 | 18728 | 2123 | 6658 | 18262 | 16561 |
| **Cash at end of year** | $8750 | $10196 | $7279 | $15198 | $7071 | $7384 | $17840 | $11384 |
| **Cash paid for income taxes** | $495 | $1372 | $200 | $981 | $- | $200 | $202 | $948 |
| **Cash paid for interest expenses** | $- | $- | $- | $- | $395 | $- | $- | $- |
| **Supplemental disclosure of non-cash investing and financing activities:** |  |  |  |  |  |  |  |  |
| Advance from related party for acquisition of property | $- | $- | $- | $- | $- | $- | $- | $- |
| Acquisition of property purchase price | $- | $- | $- | $- | $- | $- | $- | $- |
| **Bridge financing, related party for acquisition of property** | $- | $- | $- | $- | $- | $- | $- | $- |
| Deemed contribution from manager for forgiveness of amounts due to manager | $- | $- | $- | $- | $- | $- | $- | $- |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS**

**FOR THE YEAR ENDED DECEMBER 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Helmerich** | **Hermanos** | **Holmes** | **Johnson** | **Keystone** | **Langley** | **Laurel** | **Layla** |
| **Cash Flows from Operating Activities:** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $(2340) | $1743 | $(5090) | $7311 | $(661) | $3598 | $2829 | $6008 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 6925 | 11828 | 4839 | 9021 | 9569 | 9119 | 9261 | 8906 |
| Increase in assets |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 707 | 464 | 274 |  | 539 | (1100) | 482 | 506 |
| &nbsp;&nbsp;&nbsp;Due (from) to third party property managers | 431 | (98) | (236) | 436 | 1279 | (4563) | (17) | 312 |
| Increase (decrease) in liabilities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | (2294) | (1097) | (1780) | (707) | (2818) | (5524) | (3006) | (1956) |
| &nbsp;&nbsp;&nbsp;Tenant deposits | (345) |  | 205 |  | (50) |  | 100 |  |
| &nbsp;&nbsp;&nbsp;Due to (from) related parties | 4751 | (3782) | 3652 | 2098 | 2232 | (4363) | 2051 | 1942 |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | 7835 | 9057 | 1863 | 18159 | 10090 | (2834) | 11701 | 15719 |
| **Cash Flows from Investing Activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Additions to property and equipment | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Net cash used in investing activities | - | - | - | - | - | - | - | - |
| **Cash flows from financing activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from operational notes, related party |  | 4700 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayment of operational notes, related party |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayments of amounts due to related party |  |  |  |  |  | (12000) |  |  |
| &nbsp;&nbsp;&nbsp;Repayments of bridge financing, related party |  |  |  |  |  | (318000) |  |  |
| &nbsp;&nbsp;&nbsp;Redemption of membership units |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from the issuance of membership units |  |  |  |  |  | 362757 |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (10681) | (12196) | (7532) | (20547) | (15027) | (19200) | (18938) | (19563) |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | (10681) | (7496) | (7532) | (20547) | (15027) | 13557 | (18938) | (19563) |
| **Net change in cash** | (2846) | 1561 | (5669) | (2388) | (4937) | 10723 | (7237) | (3844) |
| **Cash at beginning of year** | 15946 | 6549 | 12837 | 23239 | 16296 | - | 24838 | 14604 |
| **Cash at end of year** | $13100 | $8110 | $7168 | $20851 | $11359 | $10723 | $17601 | $10760 |
| **Cash paid for income taxes** | $- | $59 | $181 | $100 | $851 | $- | $100 | $818 |
| **Cash paid for interest expenses** | $- | $487 | $- | $- | $- | $663 | $- | $- |
| **Supplemental disclosure of non-cash investing and financing activities:** |  |  |  |  |  |  |  |  |
| Advance from related party for acquisition of property | $- | $- | $- | $- | $- | $12000 | $- | $- |
| Acquisition of property purchase price | $- | $- | $- | $- | $- | $330000 | $- | $- |
| **Bridge financing, related party for acquisition of property** | $- | $- | $- | $- | $- | $318000 | $- | $- |
| Deemed contribution from manager for forgiveness of amounts due to manager | $- | $- | $- | $- | $- | $- | $- | $- |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS**

**FOR THE YEAR ENDED DECEMBER 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Liberty** | **Lithonia** | **Lola** | **Lucas** | **Macomber** | **Mallard** | **Marcy** | **Meridian** |
| **Cash Flows from Operating Activities:** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $(1399) | $(3468) | $4453 | $(9066) | $(2571) | $301 | $4055 | $(1596) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 11091 | 9926 | 8831 | 8140 | 8571 | 5724 | 4933 | 8983 |
| Increase in assets |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 1100 | 414 | 415 | 1292 | 1370 | 355 | 277 | 492 |
| &nbsp;&nbsp;&nbsp;Due (from) to third party property managers | 28 | (124) | 289 | (2281) | (361) | 1014 | 7 | (254) |
| Increase (decrease) in liabilities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | (872) | (1801) | (1919) | (1501) | (2399) | (1873) | (1784) | (2038) |
| &nbsp;&nbsp;&nbsp;Tenant deposits |  |  |  | 2395 | 250 | (700) |  |  |
| &nbsp;&nbsp;&nbsp;Due to (from) related parties | 3463 | 3669 | 1818 | 1514 | 5898 | 3017 | 1094 | 3944 |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | 13411 | 8616 | 13886 | 494 | 10757 | 7838 | 8582 | 9531 |
| **Cash Flows from Investing Activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Additions to property and equipment | - | - | (5432) | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Net cash used in investing activities | - | - | (5432) | - | - | - | - | - |
| **Cash flows from financing activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from operational notes, related party |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayment of operational notes, related party |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayments of amounts due to related party |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayments of bridge financing, related party |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Redemption of membership units |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from the issuance of membership units |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (10615) | (9939) | (19585) | (7341) | (12857) | (8562) | (12927) | (10538) |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | (10615) | (9939) | (19585) | (7341) | (12857) | (8562) | (12927) | (10538) |
| **Net change in cash** | 2797 | (1323) | (11131) | (6847) | (2099) | (724) | (4345) | (1007) |
| **Cash at beginning of year** | 4897 | 6926 | 20051 | 15168 | 10353 | 11162 | 10940 | 4306 |
| **Cash at end of year** | $7694 | $5603 | $8921 | $8321 | $8254 | $10438 | $6595 | $3298 |
| **Cash paid for income taxes** | $200 | $200 | $777 | $200 | $200 | $- | $153 | $277 |
| **Cash paid for interest expenses** | $600 | $1823 | $- | $- | $- | $- | $- | $- |
| **Supplemental disclosure of non-cash investing and financing activities:** |  |  |  |  |  |  |  |  |
| Advance from related party for acquisition of property | $- | $- | $- | $- | $- | $- | $- | $- |
| Acquisition of property purchase price | $- | $- | $- | $- | $- | $- | $- | $- |
| **Bridge financing, related party for acquisition of property** | $- | $- | $- | $- | $- | $- | $- | $- |
| Deemed contribution from manager for forgiveness of amounts due to manager | $- | $- | $- | $- | $- | $- | $- | $- |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS**

**FOR THE YEAR ENDED DECEMBER 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Metallo** | **Misty** | **Montgomery** | **Northbrook** | **Northridge** | **Oakland** | **Palmore** | **Pebblestone** |
| **Cash Flows from Operating Activities:** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $(14222) | $6535 | $1798 | $3135 | $(8574) | $6643 | $(11956) | $5637 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 7348 | 9445 | 8347 | 7744 | 7070 | 8444 | 6911 | 9284 |
| Increase in assets |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses |  |  | 360 | 376 | 390 | 439 | (1167) | 539 |
| &nbsp;&nbsp;&nbsp;Due (from) to third party property managers | (3695) | (2287) | (472) | 418 | (1588) | (270) | 1545 | (44) |
| Increase (decrease) in liabilities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | (3408) | (581) | (974) | (1193) | (1412) | (1589) | 4073 | (2802) |
| &nbsp;&nbsp;&nbsp;Tenant deposits | 1995 |  |  |  | (893) |  | (1645) |  |
| &nbsp;&nbsp;&nbsp;Due to (from) related parties | 2483 | 6637 | 3573 | 1764 | 1875 | 1892 | 3041 | 2019 |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | (9499) | 19749 | 12631 | 12243 | (3132) | 15559 | 801 | 14632 |
| **Cash Flows from Investing Activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Additions to property and equipment | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Net cash used in investing activities | - | - | - | - | - | - | - | - |
| **Cash flows from financing activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from operational notes, related party |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayment of operational notes, related party |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayments of amounts due to related party | (10000) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayments of bridge financing, related party | (284000) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Redemption of membership units |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from the issuance of membership units | 322979 | 495 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (6349) | (20978) | (8794) | (14206) | (6197) | (19885) | (4253) | (19241) |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | 22630 | (20483) | (8794) | (14206) | (6197) | (19885) | (4253) | (19241) |
| **Net change in cash** | 13131 | (734) | 3836 | (1963) | (9329) | (4325) | (3451) | (4609) |
| **Cash at beginning of year** | - | 25490 | 4362 | 16387 | 19278 | 18656 | 4155 | 14763 |
| **Cash at end of year** | $13131 | $24756 | $8198 | $14424 | $9949 | $14331 | $704 | $10154 |
| **Cash paid for income taxes** | $153 | $- | $- | $187 | $- | $789 | $- | $849 |
| **Cash paid for interest expenses** | $1657 | $- | $803 | $- | $- | $- | $- | $- |
| **Supplemental disclosure of non-cash investing and financing activities:** |  |  |  |  |  |  |  |  |
| Advance from related party for acquisition of property | $10000 | $- | $- | $- | $- | $- | $- | $- |
| Acquisition of property purchase price | $294000 | $- | $- | $- | $- | $- | $- | $- |
| **Bridge financing, related party for acquisition of property** | $284000 | $- | $- | $- | $- | $- | $- | $- |
| Deemed contribution from manager for forgiveness of amounts due to manager | $- | $- | $- | $- | $- | $- | $- | $- |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS**

**FOR THE YEAR ENDED DECEMBER 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Perdita** | **Phoebe** | **Pongo** | **Portsmouth** | **Presidio** | **Rachel** | **Ratliff** | **Riverwood** |
| **Cash Flows from Operating Activities:** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $(3437) | $6074 | $(5206) | $(9035) | $(5482) | $3453 | $7391 | $(14054) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 9121 | 7636 | 9121 | 6862 | 6575 | 7943 | 8789 | 10040 |
| Increase in assets |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 406 | 414 | 406 | 319 |  | 414 | 415 | 455 |
| &nbsp;&nbsp;&nbsp;Due (from) to third party property managers | (133) | (236) | 5168 | 4386 | (3397) | 577 | (288) | 4253 |
| Increase (decrease) in liabilities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | (2146) | (2475) | (2023) | (1174) | (3034) | (2527) | (2689) | (1554) |
| &nbsp;&nbsp;&nbsp;Tenant deposits | 100 |  | (3143) | (1198) | 1745 | (1098) |  | (1995) |
| &nbsp;&nbsp;&nbsp;Due to (from) related parties | 4942 | 1735 | 5044 | 2649 | (2275) | 1744 | 1915 | 1645 |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | 8853 | 13148 | 9367 | 2810 | (5868) | 10506 | 15532 | (1208) |
| **Cash Flows from Investing Activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Additions to property and equipment | - | - | - | (5989) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Net cash used in investing activities | - | - | - | (5989) | - | - | - | - |
| **Cash flows from financing activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from operational notes, related party |  |  |  |  |  |  |  | 6000 |
| &nbsp;&nbsp;&nbsp;Repayment of operational notes, related party |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayments of amounts due to related party |  |  |  |  | (13000) |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayments of bridge financing, related party |  |  |  |  | (229000) |  |  |  |
| &nbsp;&nbsp;&nbsp;Redemption of membership units |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from the issuance of membership units |  |  |  |  | 265302 |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (11687) | (17784) | (11208) | (3536) | (9688) | (16876) | (18865) | (7690) |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | (11687) | (17784) | (11208) | (3536) | 13614 | (16876) | (18865) | (1690) |
| **Net change in cash** | (2834) | (4636) | (1841) | (6715) | 7747 | (6369) | (3333) | (2898) |
| **Cash at beginning of year** | 20002 | 17909 | 22874 | 8984 | - | 17393 | 14030 | 7240 |
| **Cash at end of year** | $17167 | $13273 | $21033 | $2270 | $7747 | $11023 | $10698 | $4342 |
| **Cash paid for income taxes** | $702 | $1387 | $702 | $- | $- | $708 | $805 | $200 |
| **Cash paid for interest expenses** | $- | $- | $- | $- | $2576 | $- | $- | $5 |
| **Supplemental disclosure of non-cash investing and financing activities:** |  |  |  |  |  |  |  |  |
| Advance from related party for acquisition of property | $- | $- | $- | $- | $13000 | $- | $- | $- |
| Acquisition of property purchase price | $- | $- | $- | $- | $242000 | $- | $- | $- |
| **Bridge financing, related party for acquisition of property** | $- | $- | $- | $- | $229000 | $- | $- | $- |
| Deemed contribution from manager for forgiveness of amounts due to manager | $- | $- | $- | $- | $4914 | $- | $- | $- |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS**

**FOR THE YEAR ENDED DECEMBER 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Roanoke** | **Robinson** | **Ross** | **Sansa** | **Sedgefield** | **Seneca** | **Sheezy** | **Sherwood** |
| **Cash Flows from Operating Activities:** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $8875 | $7737 | $8048 | $4807 | $6786 | $4562 | $(240) | $(11116) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 9207 | 8819 | 9164 | 4933 | 8027 | 8114 | 6430 | 4796 |
| Increase in assets |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | (643) |  | 527 | 277 | 418 |  | 351 | 276 |
| &nbsp;&nbsp;&nbsp;Due (from) to third party property managers | (3433) | (1088) | (203) | (131) | (2051) | (844) | 478 | 2298 |
| Increase (decrease) in liabilities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | (3343) | 681 | (2591) | 388 | (2075) | (2642) | (1725) | (1713) |
| &nbsp;&nbsp;&nbsp;Tenant deposits |  | 250 |  |  |  |  |  | 50 |
| &nbsp;&nbsp;&nbsp;Due to (from) related parties | 2225 | 5673 | 2011 | 1094 | 9761 | 2533 | 1540 | 4571 |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | 12888 | 22071 | 16956 | 11368 | 20867 | 11723 | 6834 | (838) |
| **Cash Flows from Investing Activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Additions to property and equipment | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Net cash used in investing activities | - | - | - | - | - | - | - | - |
| **Cash flows from financing activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from operational notes, related party |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayment of operational notes, related party |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayments of amounts due to related party |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayments of bridge financing, related party |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Redemption of membership units |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from the issuance of membership units |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (20229) | (19989) | (22010) | (12718) | (18256) | (16472) | (14407) | (7508) |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | (20229) | (19989) | (22010) | (12718) | (18256) | (16472) | (14407) | (7508) |
| **Net change in cash** | (7342) | 2081 | (5054) | (1350) | 2611 | (4749) | (7574) | (8346) |
| **Cash at beginning of year** | 22621 | 24787 | 23357 | 13296 | 23488 | 23414 | 14858 | 8977 |
| **Cash at end of year** | $15280 | $26868 | $18303 | $11946 | $26098 | $18665 | $7284 | $631 |
| **Cash paid for income taxes** | $- | $214 | $863 | $153 | $679 | $- | $572 | $153 |
| **Cash paid for interest expenses** | $- | $- | $- | $- | $- | $- | $- | $- |
| **Supplemental disclosure of non-cash investing and financing activities:** |  |  |  |  |  |  |  |  |
| Advance from related party for acquisition of property | $- | $- | $- | $- | $- | $- | $- | $- |
| Acquisition of property purchase price | $- | $- | $- | $- | $- | $- | $- | $- |
| **Bridge financing, related party for acquisition of property** | $- | $- | $- | $- | $- | $- | $- | $- |
| Deemed contribution from manager for forgiveness of amounts due to manager | $- | $- | $- | $- | $- | $- | $- | $- |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS**

**FOR THE YEAR ENDED DECEMBER 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Spangler** | **Summerglen** | **Tansel** | **Thomas** | **Tomlinson** | **Tytus** | **Vanzant** | **Watson** |
| **Cash Flows from Operating Activities:** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $(14381) | $4038 | $(1747) | $(6844) | $(24969) | $7853 | $2438 | $(3) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 11745 | 6661 | 8951 | 6030 | 6664 | 7158 | 9724 | 4839 |
| Increase in assets |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses |  | 671 | 970 | 285 |  | 349 | 357 | 274 |
| &nbsp;&nbsp;&nbsp;Due (from) to third party property managers | (5047) | (153) | 114 | 174 | (3980) | (157) | 66 | (160) |
| Increase (decrease) in liabilities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | (14313) | (1927) | (2323) | (1485) | (3093) | (1761) | (3411) | (1761) |
| &nbsp;&nbsp;&nbsp;Tenant deposits | 2995 |  | (100) | (100) | 2250 |  |  | 205 |
| &nbsp;&nbsp;&nbsp;Due to (from) related parties | 5306 | 4826 | (85) | 4791 | 12706 | 1700 | 2130 | 1055 |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | (13696) | 14116 | 5780 | 2851 | (10422) | 15141 | 11305 | 4448 |
| **Cash Flows from Investing Activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Additions to property and equipment | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Net cash used in investing activities | - | - | - | - | - | - | - | - |
| **Cash flows from financing activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from operational notes, related party |  |  | 5500 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayment of operational notes, related party |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayments of amounts due to related party | (20000) |  |  |  | (13000) |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayments of bridge financing, related party | (362000) |  |  |  | (232000) |  |  |  |
| &nbsp;&nbsp;&nbsp;Redemption of membership units |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from the issuance of membership units | 420629 |  |  |  | 271251 |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (11858) | (13077) | (9849) | (6980) | (7820) | (17593) | (19960) | (7649) |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | 26771 | (13077) | (4349) | (6980) | 18431 | (17593) | (19960) | (7649) |
| **Net change in cash** | 13075 | 1039 | 1431 | (4129) | 8009 | (2453) | (8656) | (3200) |
| **Cash at beginning of year** | - | 6370 | 6633 | 9480 | - | 19226 | 15649 | 14142 |
| **Cash at end of year** | $13075 | $7409 | $8065 | $5351 | $8009 | $16773 | $6993 | $10942 |
| **Cash paid for income taxes** | $- | $- | $250 | $200 | $- | $- | $153 | $161 |
| **Cash paid for interest expenses** | $2489 | $- | $5 | $- | $4156 | $- | $- | $- |
| **Supplemental disclosure of non-cash investing and financing activities:** |  |  |  |  |  |  |  |  |
| Advance from related party for acquisition of property | $20000 | $- | $- | $- | $13000 | $- | $- | $- |
| Acquisition of property purchase price | $382000 | $- | $- | $- | $245000 | $- | $- | $- |
| **Bridge financing, related party for acquisition of property** | $362000 | $- | $- | $- | $232000 | $- | $- | $- |
| Deemed contribution from manager for forgiveness of amounts due to manager | $5657 | $- | $- | $- | $6525 | $- | $- | $- |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS**

**FOR THE YEAR ENDED DECEMBER 31, 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Westhaven** | **Wheeler** | **Williamson** | **Woodland** | **Woodwind** | **Wynde** | **Wyndhurst** | **Zane** | **Consolidated** |
| **Cash Flows from Operating Activities:** | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $5064 | $7539 | $(14810) | $1065 | $(6691) | $1269 | $(4631) | $2995 | $(33502) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 7017 | 5729 | 7880 | 5853 | 7008 | 8048 | 8514 | 4602 | 759834 |
| Increase in assets |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 344 | 346 | 368 | 298 | 301 | 483 | 461 | 302 | 35787 |
| &nbsp;&nbsp;&nbsp;Due (from) to third party property managers | (3339) | 3176 | 5102 | 1069 | 58 | 752 | (2717) | 2462 | (13059) |
| Increase (decrease) in liabilities |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | (3088) | (1735) | (1916) | (1367) | (235) | (1487) | (398) | 3295 | (163643) |
| &nbsp;&nbsp;&nbsp;Tenant deposits |  | (1649) | (1693) |  | (100) | (250) | 1745 |  | 1939 |
| &nbsp;&nbsp;&nbsp;Due to (from) related parties | 5467 | 3003 | 1712 | 3530 | 4663 | (918) | 4131 | 2485 | 286596 |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | 11464 | 16410 | (3356) | 10449 | 5004 | 7897 | 7106 | 16141 | 873951 |
| **Cash Flows from Investing Activities** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Additions to property and equipment | - | - | - | - | - | - | - | (7252) | (29885) |
| &nbsp;&nbsp;&nbsp;Net cash used in investing activities | - | - | - | - | - | - | - | (7252) | (29885) |
| **Cash flows from financing activities** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from operational notes, related party |  |  |  |  |  | 5800 |  |  | 59100 |
| &nbsp;&nbsp;&nbsp;Repayment of operational notes, related party |  |  |  |  |  |  |  |  | (5000) |
| &nbsp;&nbsp;&nbsp;Repayments of amounts due to related party |  |  |  |  |  |  |  |  | (117447) |
| &nbsp;&nbsp;&nbsp;Repayments of bridge financing, related party |  |  |  |  |  |  |  |  | (2349683) |
| &nbsp;&nbsp;&nbsp;Redemption of membership units |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from the issuance of membership units |  |  |  |  |  |  |  |  | 2711403 |
| &nbsp;&nbsp;&nbsp;Distributions | (10488) | (14572) | (9846) | (9276) | (5701) | (10082) | (11529) | (11897) | (1217737) |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | (10488) | (14572) | (9846) | (9276) | (5701) | (4282) | (11529) | (11897) | (919364) |
| **Net change in cash** | 976 | 1838 | (13202) | 1173 | (698) | 3615 | (4423) | (3008) | (75298) |
| **Cash at beginning of year** | 6388 | 14689 | 20047 | 4751 | 4408 | 4051 | 22986 | 15987 | 1129818 |
| **Cash at end of year** | $7364 | $16527 | $6845 | $5923 | $3710 | $7666 | $18563 | $12979 | $1054521 |
| **Cash paid for income taxes** | $- | $- | $- | $- | $200 | $- | $- | $- | $26170 |
| **Cash paid for interest expenses** | $- | $- | $- | $- | $- | $402 | $- | $- | $25080 |
| **Supplemental disclosure of non-cash investing and financing activities:** |  |  |  |  |  |  |  |  |  |
| Advance from related party for acquisition of property | $- | $- | $- | $- | $- | $- | $- | $- | $117447 |
| Acquisition of property purchase price | $- | $- | $- | $- | $- | $- | $- | $- | $2467130 |
| **Bridge financing, related party for acquisition of property** | $- | $- | $- | $- | $- | $- | $- | $- | $2349683 |
| Deemed contribution from manager for forgiveness of amounts due to manager | $- | $- | $- | $- | $- | $- | $- | $- | $28006 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS**

**FOR THE YEAR ENDED DECEMBER 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Adams** | **Antares** | **Aramis** | **Arkoma** | **Arya** | **Aspen** | **Athos** | **Barclay** |
| **Cash Flows from Operating Activities:** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $(11102) | $4489 | $2952 | $5791 | $(10062) | $(4820) | $(5903) | $4046 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation |  | 8514 | 8246 | 6489 | 4933 | 7358 | 9155 | 8416 |
| Increase in assets |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses |  | (73) | (136) | (75) | (277) | (111) | (610) | (45) |
| Due (from) to third party property managers | (548) | (95) | (10145) | 3455 | (10382) | (3739) | (3235) | 4204 |
| Increase (decrease) in liabilities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 4871 | (2293) | 1239 | (2851) | 148 | 674 | (1075) | (1875) |
| &nbsp;&nbsp;&nbsp;Tenant deposits | 2345 | 500 |  |  |  | 1795 |  |  |
| &nbsp;&nbsp;&nbsp;Due to (from) related parties | 4434 | 447 | 2903 | (1212) | 7276 | 2740 | 2459 | (3274) |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | - | 11488 | 5059 | 11597 | (8364) | 3897 | 791 | 11471 |
| **Cash Flows from Investing Activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Additions to property and equipment | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) investing activities | - | - | - | - | - | - | - | - |
| **Cash flows from financing activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from operational notes, related party |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayments of bridge financing, related party |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Redemption of membership units |  |  |  |  |  | (100) |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | - | (15739) | (15551) | (14682) | (8841) | (10135) | (13706) | (18107) |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | - | (15739) | (15551) | (14682) | (8841) | (10235) | (13706) | (18107) |
| **Net change in cash** |  | (4251) | (10492) | (3085) | (17205) | (6338) | (12916) | (6636) |
| **Cash at beginning of year** | - | 16454 | 17696 | 26399 | 19482 | 9587 | 22229 | 30661 |
| **Cash at end of year** | $- | $12203 | $7204 | $23313 | $2277 | $3249 | $9313 | $24025 |
| **Cash paid for income taxes** | $- | $- | $- | $- | $- | $- | $- | $294 |
| **Cash paid for interest expenses** | $3000 | $- | $- | $- | $- | $- | $- | $- |
| **Supplemental disclosure of non-cash investing and financing activities:** |  |  |  |  |  |  |  |  |
| Advance from related party for acquisition of property | $- | $- | $- | $- | $- | $- | $- | $- |
| Acquisition of property purchase price | $304000 | $- | $- | $- | $- | $- | $- | $- |
| Bridge financing, related party for acquisition of property | $288000 | $- | $- | $- | $- | $- | $- | $- |
| Deemed contribution from manager for forgiveness of amounts due to manager | $3000 | $- | $- | $- | $- | $- | $- | $- |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS**

**FOR THE YEAR ENDED DECEMBER 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Bayne** | **Bean** | **Bennett** | **Benny** | **Bluebell** | **Bowling** | **Boxwood** | **Bradford** |
| **Cash Flows from Operating Activities:** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $(8122) | $4927 | $6027 | $2258 | $4495 | $4786 | $(5457) | $5019 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation |  | 8057 | 5820 | 7006 | 8215 | 5724 |  | 8361 |
| &nbsp;&nbsp;&nbsp;Increase in assets |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses |  | (450) | (76) | (389) | (96) | (66) |  | (40) |
| Due (from) to third party property managers |  | (5622) | (112) | 514 | 3923 | 7810 |  | 3585 |
| Increase (decrease) in liabilities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 4831 | 1415 | (1688) | (3963) | (2693) | (1595) | 5161 | (1689) |
| &nbsp;&nbsp;&nbsp;Tenant deposits |  |  |  |  | 250 | (1869) |  | 250 |
| &nbsp;&nbsp;&nbsp;Due to (from) related parties | 3291 | 3355 | (3260) | (939) | (113) | (12748) | 297 | 3926 |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | - | 11683 | 6711 | 4487 | 13982 | 2042 | - | 19413 |
| **Cash Flows from Investing Activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Additions to property and equipment | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) investing activities | - | - | - | - | - | - | - | - |
| **Cash flows from financing activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from operational notes, related party |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayments of bridge financing, related party |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Redemption of membership units |  |  |  | (300) |  |  |  |  |
| Distributions | - | (17871) | (14261) | (13472) | (17824) | (12174) | - | (17127) |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | - | (17871) | (14261) | (13772) | (17824) | (12174) | - | (17127) |
| **Net change in cash** |  | (6188) | (7550) | (9285) | (3842) | (10133) |  | 2286 |
| **Cash at beginning of year** | - | 17617 | 15006 | 12309 | 22871 | 15852 | - | 20297 |
| **Cash at end of year** | $- | $11429 | $7455 | $3024 | $19029 | $5720 | $- | $22583 |
| **Cash paid for income taxes** | $- | $625 | $- | $425 | $- | $- | $- | $293 |
| **Cash paid for interest expenses** | $2876 | $- | $- | $- | $- | $- | $2695 | $- |
| **Supplemental disclosure of non-cash investing and financing activities:** |  |  |  |  |  |  |  |  |
| Advance from related party for acquisition of property | $- | $- | $- | $- | $- | $- | $- | $- |
| Acquisition of property purchase price | $347625 | $- | $- | $- | $- | $- | $322505 | $- |
| Bridge financing, related party for acquisition of property | $328683 | $- | $- | $- | $- | $- | $308000 | $- |
| Deemed contribution from manager for forgiveness of amounts due to manager | $- | $- | $- | $- | $- | $- | $- | $- |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS**

**FOR THE YEAR ENDED DECEMBER 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Brookwood** | **Bryant** | **Caden** | **Camellia** | **Caterpillar** | **Chilhowee** | **Claremore** | **Collinison** |
| **Cash Flows from Operating Activities:** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $4402 | $1617 | $(8730) | $(696) | $(1964) | $(2655) | $(15198) | $4868 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 7707 | 8784 | 6875 | 9622 | 8248 | 8941 | 6464 | 8303 |
| &nbsp;&nbsp;&nbsp;Increase in assets |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | (38) | (363) | (84) | (81) | (793) | (173) | (202) | (414) |
| Due (from) to third party property managers | (4) | 3814 | 5171 | (2873) | (1282) | 9607 | 6671 | (1148) |
| Increase (decrease) in liabilities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | (2347) | (2119) | (2836) | (2702) | (2333) | (5983) | (3733) | 2450 |
| &nbsp;&nbsp;&nbsp;Tenant deposits |  | 46 | 698 |  |  | (100) | (798) |  |
| &nbsp;&nbsp;&nbsp;Due to (from) related parties | (1554) | 344 | (10340) | (3022) | 1671 | (2762) | (2432) | 21604 |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | 8167 | 12123 | (9247) | 248 | 3547 | 6874 | (9227) | 35664 |
| **Cash Flows from Investing Activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Additions to property and equipment | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) investing activities | - | - | - | - | - | - | - | - |
| **Cash flows from financing activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from operational notes, related party |  |  | 5500 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayments of bridge financing, related party |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Redemption of membership units | (300) | (300) |  |  |  |  | (300) |  |
| Distributions | (14429) | (14852) | (5962) | (14912) | (11401) | (14836) | (8373) | (13954) |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | (14729) | (15152) | (462) | (14912) | (11401) | (14836) | (8673) | (13954) |
| **Net change in cash** | (6562) | (3029) | (9709) | (14664) | (7854) | (7961) | (17900) | 21709 |
| **Cash at beginning of year** | 13170 | 11462 | 10861 | 20502 | 19632 | 20622 | 17900 | 2979 |
| **Cash at end of year** | $6608 | $8432 | $1152 | $5838 | $11778 | $12661 | $- | $24688 |
| **Cash paid for income taxes** | $- | $- | $- | $- | $- | $909 | $410 | $137 |
| **Cash paid for interest expenses** | $- | $- | $15 | $- | $- | $- | $- | $- |
| **Supplemental disclosure of non-cash investing and financing activities:** |  |  |  |  |  |  |  |  |
| Advance from related party for acquisition of property | $- | $- | $- | $- | $- | $- | $- | $- |
| Acquisition of property purchase price | $- | $- | $- | $- | $- | $- | $- | $- |
| Bridge financing, related party for acquisition of property | $- | $- | $- | $- | $- | $- | $- | $- |
| Deemed contribution from manager for forgiveness of amounts due to manager | $- | $- | $- | $- | $- | $- | $- | $- |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS**

**FOR THE YEAR ENDED DECEMBER 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Cordero** | **Cristalino** | **Ellie** | **Emelina** | **Ethan** | **Frances** | **Glenncrest** | **Gordon** |
| **Cash Flows from Operating Activities:** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $4506 | $(5078) | $(10870) | $2837 | $(2160) | $5445 | $(1716) | $5643 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 7720 | 8450 | 7897 | 8243 | 7279 | 7035 | 7982 | 7024 |
| &nbsp;&nbsp;&nbsp;Increase in assets |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | (65) | (235) | (482) | (104) | (79) | (376) | (418) | (101) |
| Due (from) to third party property managers | 3738 | (2964) | (5487) | 3649 | 2359 | (5166) | (6080) | 3414 |
| Increase (decrease) in liabilities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | (2877) | 2113 | (821) | (1834) | (1364) | 3176 | 1359 | (2125) |
| &nbsp;&nbsp;&nbsp;Tenant deposits |  | 2995 | 2445 |  |  | 2245 | 3990 |  |
| &nbsp;&nbsp;&nbsp;Due to (from) related parties | 254 | (14674) | 2756 | (3653) | (2117) | 25320 | 299291 | (504) |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | 13277 | (9393) | (4563) | 9139 | 3917 | 37679 | 304409 | 13352 |
| **Cash Flows from Investing Activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Additions to property and equipment | - | - | - | - | (8700) | - | - | - |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) investing activities | - | - | - | - | (8700) | - | - | - |
| **Cash flows from financing activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from operational notes, related party |  | 16800 |  |  | 13000 |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayments of bridge financing, related party |  |  |  |  |  |  | (275500) |  |
| &nbsp;&nbsp;&nbsp;Redemption of membership units |  | (100) |  |  |  |  |  |  |
| Distributions | (18036) | (8182) | (8302) | (11154) | (7310) | (18377) | (10856) | (16165) |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | (18036) | 8518 | (8302) | (11154) | 5690 | (18377) | (286356) | (16165) |
| **Net change in cash** | (4759) | (875) | (12865) | (2015) | 906 | 19302 | 18053 | (2813) |
| **Cash at beginning of year** | 19302 | 7769 | 17548 | 5191 | 2375 | - | - | 17148 |
| **Cash at end of year** | $14543 | $6894 | $4683 | $3176 | $3281 | $19302 | $18053 | $14335 |
| **Cash paid for income taxes** | $50 | $100 | $230 | $- | $- | $- | $101 | $- |
| **Cash paid for interest expenses** | $- | $46 | $- | $- | $98 | $- | $6314 | $- |
| **Supplemental disclosure of non-cash investing and financing activities:** |  |  |  |  |  |  |  |  |
| Advance from related party for acquisition of property | $- | $- | $- | $- | $- | $- | $- | $- |
| Acquisition of property purchase price | $- | $- | $- | $- | $- | $- | $- | $- |
| Bridge financing, related party for acquisition of property | $- | $- | $- | $- | $- | $- | $275500 | $- |
| Deemed contribution from manager for forgiveness of amounts due to manager | $- | $- | $- | $- | $- | $- | $5510 | $- |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS**

**FOR THE YEAR ENDED DECEMBER 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Haikey** | **Hamblen** | **Hancock** | **Hardman** | **Haven** | **Haverhill** | **Haybridge** | **Hedgecrest** |
| **Cash Flows from Operating Activities:** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $2668 | $11314 | $4529 | $6284 | $(749) | $8080 | $685 | $(5500) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 6735 | 7053 | 8454 | 10652 | 5098 | 6449 | 9862 | 9862 |
| &nbsp;&nbsp;&nbsp;Increase in assets |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | (405) | (127) | (189) | (406) | (58) | (130) | (394) | (394) |
| Due (from) to third party property managers | 3740 | 3893 | 2004 | (5148) | 2602 | (249) | (6128) | (6165) |
| Increase (decrease) in liabilities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | (3853) | (2211) | (1367) | 4795 | (1512) | (207) | (1263) | 384 |
| &nbsp;&nbsp;&nbsp;Tenant deposits |  |  |  |  | 100 |  |  | 1995 |
| &nbsp;&nbsp;&nbsp;Due to (from) related parties | (2374) | (2869) | 1707 | 2481 | (5976) | (1740) | 3624 | 3404 |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | 6512 | 17054 | 15139 | 18658 | (495) | 12204 | 6385 | 3585 |
| **Cash Flows from Investing Activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Additions to property and equipment | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) investing activities | - | - | - | - | - | - | - | - |
| **Cash flows from financing activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from operational notes, related party |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayments of bridge financing, related party |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Redemption of membership units |  | (300) | (800) |  |  |  |  |  |
| Distributions | (14591) | (18136) | (13859) | (20252) | (6156) | (9784) | (13771) | (12673) |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | (14591) | (18436) | (14659) | (20252) | (6156) | (9784) | (13771) | (12673) |
| **Net change in cash** | (8079) | (1382) | 480 | (1595) | (6651) | 2420 | (7386) | (9087) |
| **Cash at beginning of year** | 18832 | 14963 | 7185 | 20323 | 8774 | 4238 | 25648 | 25648 |
| **Cash at end of year** | $10753 | $13581 | $7665 | $18728 | $2123 | $6658 | $18262 | $16561 |
| **Cash paid for income taxes** | $424 | $- | $- | $172 | $167 | $- | $599 | $374 |
| **Cash paid for interest expenses** | $- | $- | $- | $- | $- | $- | $- | $- |
| **Supplemental disclosure of non-cash investing and financing activities:** |  |  |  |  |  |  |  |  |
| Advance from related party for acquisition of property | $- | $- | $- | $- | $- | $- | $- | $- |
| Acquisition of property purchase price | $- | $- | $- | $- | $- | $- | $- | $- |
| Bridge financing, related party for acquisition of property | $- | $- | $- | $- | $- | $- | $- | $- |
| Deemed contribution from manager for forgiveness of amounts due to manager | $- | $- | $- | $- | $- | $- | $- | $- |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS**

**FOR THE YEAR ENDED DECEMBER 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Helmerich** | **Hermanos** | **Holmes** | **Johnson** | **Keystone** | **Langley** | **Laurel** | **Layla** |
| **Cash Flows from Operating Activities:** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $3895 | $(12586) | $6928 | $(8050) | $2950 | $(13448) | $(7371) | $952 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 6925 | 11828 | 4839 | 3759 | 8771 |  | 7718 | 8906 |
| &nbsp;&nbsp;&nbsp;Increase in assets |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | (161) | (138) | (54) |  | (539) |  | (482) | (506) |
| Due (from) to third party property managers | 5680 | 4672 | 2685 | (4864) | (4253) | (869) | (4708) | (7980) |
| Increase (decrease) in liabilities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | (3726) | (1697) | (3051) | 5609 | 4671 | 5524 | 5854 | 3183 |
| &nbsp;&nbsp;&nbsp;Tenant deposits | 300 | 898 |  | 2645 | 2295 | 2995 | 2295 | 2695 |
| &nbsp;&nbsp;&nbsp;Due to (from) related parties | 641 | (13078) | (1745) | 338863 | 1670 | 5797 | 294329 | 1947 |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | 13554 | (10102) | 9601 | 337962 | 15565 | - | 297633 | 9196 |
| **Cash Flows from Investing Activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Additions to property and equipment | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) investing activities | - | - | - | - | - | - | - | - |
| **Cash flows from financing activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from operational notes, related party |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayments of bridge financing, related party |  |  |  | (305663) |  |  | (260000) |  |
| &nbsp;&nbsp;&nbsp;Redemption of membership units |  |  |  |  |  |  |  |  |
| Distributions | (15632) | (3847) | (12836) | (9060) | (19661) | - | (12796) | (20022) |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | (15632) | (3847) | (12836) | (314723) | (19661) | - | (272796) | (20022) |
| **Net change in cash** | (2078) | (13949) | (3235) | 23239 | (4095) |  | 24838 | (10826) |
| **Cash at beginning of year** | 18024 | 20497 | 16072 | - | 20391 | - | - | 25430 |
| **Cash at end of year** | $15946 | $6549 | $12837 | $23239 | $16296 | $- | $24838 | $14604 |
| **Cash paid for income taxes** | $416 | $50 | $- | $- | $156 | $- | $- | $165 |
| **Cash paid for interest expenses** | $- | $- | $- | $2993 | $- | $3644 | $7746 | $- |
| **Supplemental disclosure of non-cash investing and financing activities:** |  |  |  |  |  |  |  |  |
| Advance from related party for acquisition of property | $- | $- | $- | $- | $- | $- | $- | $- |
| Acquisition of property purchase price | $- | $- | $- | $326070 | $- | $330000 | $335245 | $- |
| Bridge financing, related party for acquisition of property | $- | $- | $- | $305663 | $- | $318000 | $260000 | $- |
| Deemed contribution from manager for forgiveness of amounts due to manager | $- | $- | $- | $2165 | $- | $3644 | $6988 | $- |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS**

**FOR THE YEAR ENDED DECEMBER 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Liberty** | **Lithonia** | **Lola** | **Lucas** | **Macomber** | **Mallard** | **Marcy** | **Meridian** |
| **Cash Flows from Operating Activities:** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $(5457) | $(18446) | $7429 | $(594) | $(406) | $2798 | $3558 | $2454 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 9716 | 9389 | 8288 | 8140 | 8571 | 5724 | 4933 | 8697 |
| &nbsp;&nbsp;&nbsp;Increase in assets |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | (308) | (115) | (415) | (382) | (502) | (73) | (277) | (154) |
| Due (from) to third party property managers | 2839 | (6052) | (5333) | 6706 | 2846 | 1501 | (10691) | 2684 |
| Increase (decrease) in liabilities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | (3373) | (2663) | 2873 | (3295) | (2113) | (2140) | 945 | (2069) |
| &nbsp;&nbsp;&nbsp;Tenant deposits | 500 | 3990 | 250 | (2495) | 450 |  | 2690 |  |
| &nbsp;&nbsp;&nbsp;Due to (from) related parties | 6767 | 1146 | 1720 | 8468 | 590 | (3301) | 2328 | 2109 |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | 10685 | (12751) | 14812 | 16548 | 9435 | 4507 | 3486 | 13721 |
| **Cash Flows from Investing Activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Additions to property and equipment | (13749) | (10745) | - | - | - | - | - | (8575) |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) investing activities | (13749) | (10745) | - | - | - | - | - | (8575) |
| **Cash flows from financing activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from operational notes, related party | 8000 | 24300 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayments of bridge financing, related party |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Redemption of membership units |  | (300) |  |  |  |  |  |  |
| Distributions | (8885) | (11667) | (18054) | (16041) | (15114) | (15492) | (12048) | (15239) |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | (885) | 12333 | (18054) | (16041) | (15114) | (15492) | (12048) | (15239) |
| **Net change in cash** | (3950) | (11162) | (3242) | 507 | (5679) | (10986) | (8562) | (10093) |
| **Cash at beginning of year** | 8847 | 18089 | 23293 | 14661 | 16032 | 22147 | 19502 | 14399 |
| **Cash at end of year** | $4897 | $6926 | $20051 | $15168 | $10353 | $11162 | $10940 | $4306 |
| **Cash paid for income taxes** | $- | $- | $152 | $- | $- | $- | $- | $- |
| **Cash paid for interest expenses** | $60 | $66 | $- | $- | $- | $- | $- | $- |
| **Supplemental disclosure of non-cash investing and financing activities:** |  |  |  |  |  |  |  |  |
| Advance from related party for acquisition of property | $- | $- | $- | $- | $- | $- | $- | $- |
| Acquisition of property purchase price | $- | $- | $- | $- | $- | $- | $- | $- |
| Bridge financing, related party for acquisition of property | $- | $- | $- | $- | $- | $- | $- | $- |
| Deemed contribution from manager for forgiveness of amounts due to manager | $- | $3192 | $- | $- | $- | $- | $- | $- |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS**

**FOR THE YEAR ENDED DECEMBER 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Metallo** | **Misty** | **Montgomery** | **Northbrook** | **Northridge** | **Oakland** | **Palmore** | **Pebblestone** |
| **Cash Flows from Operating Activities:** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $(7680) | $(10164) | $19 | $(3117) | $(10170) | $(9496) | $276 | $3740 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation |  |  | 7441 | 7744 | 6481 | 8444 | 6911 | 8510 |
| &nbsp;&nbsp;&nbsp;Increase in assets |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses |  |  | (81) | (376) | (390) | (439) | (59) | (539) |
| Due (from) to third party property managers |  | (5493) | (7298) | (5058) | (2821) | (5036) | (9318) | (6366) |
| Increase (decrease) in liabilities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 7777 | 1884 | 538 | 4876 | 1203 | 2677 | (1730) | 4699 |
| &nbsp;&nbsp;&nbsp;Tenant deposits |  | 5190 | 2468 | 1895 | 2543 | 2445 |  | 2795 |
| &nbsp;&nbsp;&nbsp;Due to (from) related parties | (97) | 361074 | 844 | 1184 | 35019 | 323015 | (2734) | 1603 |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | - | 352490 | 3932 | 7147 | 31865 | 321611 | (6654) | 14442 |
| **Cash Flows from Investing Activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Additions to property and equipment | - | - | (13590) | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) investing activities | - | - | (13590) | - | - | - | - | - |
| **Cash flows from financing activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from operational notes, related party |  |  | 10700 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayments of bridge financing, related party |  | (327000) |  |  |  | (291650) |  |  |
| &nbsp;&nbsp;&nbsp;Redemption of membership units |  |  |  |  |  |  |  |  |
| Distributions | - | - | (5904) | (12872) | (12586) | (11779) | (10149) | (19593) |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | - | (327000) | 4796 | (12872) | (12586) | (303429) | (10149) | (19593) |
| **Net change in cash** |  | 25490 | (4863) | (5725) | 19278 | 18181 | (16802) | (5151) |
| **Cash at beginning of year** | - | - | 9225 | 22111 | - | 474 | 20957 | 19914 |
| **Cash at end of year** | $- | $25490 | $4362 | $16387 | $19278 | $18656 | $4155 | $14763 |
| **Cash paid for income taxes** | $- | $- | $- | $254 | $- | $100 | $- | $151 |
| **Cash paid for interest expenses** | $1657 | $3270 | $29 | $- | $- | $8263 | $- | $- |
| **Supplemental disclosure of non-cash investing and financing activities:** |  |  |  |  |  |  |  |  |
| Advance from related party for acquisition of property | $- | $- | $- | $- | $- | $- | $- | $- |
| Acquisition of property purchase price | $294000 | $345000 | $- | $- | $- | $- | $- | $- |
| Bridge financing, related party for acquisition of property | $284000 | $327000 | $- | $- | $- | $291650 | $- | $- |
| Deemed contribution from manager for forgiveness of amounts due to manager | $1657 | $1226 | $- | $- | $- | $7656 | $- | $- |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS**

**FOR THE YEAR ENDED DECEMBER 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Perdita** | **Phoebe** | **Pongo** | **Portsmouth** | **Presidio** | **Rachel** | **Ratliff** | **Riverwood** |
| **Cash Flows from Operating Activities:** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $4211 | $(7869) | $4448 | $5557 | $(16120) | $(2211) | $(424) | $2731 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 9121 | 7000 | 9121 | 5864 |  | 7943 | 8789 | 10040 |
| &nbsp;&nbsp;&nbsp;Increase in assets |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | (65) | (414) | (65) | (82) |  | (414) | (415) | (150) |
| Due (from) to third party property managers | 3137 | (4668) | 4574 | 934 |  | (5624) | (4755) | (49) |
| Increase (decrease) in liabilities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | (1933) | 3791 | (2206) | (3481) | 6735 | 2726 | 2361 | (2349) |
| &nbsp;&nbsp;&nbsp;Tenant deposits |  | 2145 |  |  |  | 3093 | 250 |  |
| &nbsp;&nbsp;&nbsp;Due to (from) related parties | 1824 | 290913 | 1524 | (987) | 9384 | 26398 | 2055 | 2382 |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | 16296 | 290898 | 17396 | 7805 | - | 31912 | 7862 | 12605 |
| **Cash Flows from Investing Activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Additions to property and equipment | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) investing activities | - | - | - | - | - | - | - | - |
| **Cash flows from financing activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from operational notes, related party |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayments of bridge financing, related party |  | (262299) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Redemption of membership units |  |  |  | (300) |  |  |  |  |
| Distributions | (17178) | (10690) | (18418) | (14436) | - | (14519) | (17848) | (15414) |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | (17178) | (272989) | (18418) | (14736) | - | (14519) | (17848) | (15414) |
| **Net change in cash** | (882) | 17909 | (1022) | (6931) |  | 17393 | (9986) | (2810) |
| **Cash at beginning of year** | 20883 | - | 23895 | 15915 | - | - | 24017 | 10050 |
| **Cash at end of year** | $20002 | $17909 | $22874 | $8984 | $- | $17393 | $14030 | $7240 |
| **Cash paid for income taxes** | $324 | $100 | $330 | $- | $- | $100 | $172 | $- |
| **Cash paid for interest expenses** | $- | $6011 | $- | $- | $2338 | $- | $- | $- |
| **Supplemental disclosure of non-cash investing and financing activities:** |  |  |  |  |  |  |  |  |
| Advance from related party for acquisition of property | $- | $- | $- | $- | $- | $- | $- | $- |
| Acquisition of property purchase price | $- | $- | $- | $- | $242000 | $- | $- | $- |
| Bridge financing, related party for acquisition of property | $- | $262299 | $- | $- | $229000 | $- | $- | $- |
| Deemed contribution from manager for forgiveness of amounts due to manager | $- | $5246 | $- | $- | $- | $- | $- | $- |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS**

**FOR THE YEAR ENDED DECEMBER 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Roanoke** | **Robinson** | **Ross** | **Sansa** | **Sedgefield** | **Seneca** | **Sheezy** | **Sherwood** |
| **Cash Flows from Operating Activities:** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $9592 | $(8226) | $5241 | $6901 | $(14952) | $(8355) | $4205 | $7277 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 9207 | 735 | 9164 | 4933 | 6020 | 1352 | 6430 | 4796 |
| &nbsp;&nbsp;&nbsp;Increase in assets |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | (179) |  | (527) | (277) | (418) |  | (97) | (56) |
| Due (from) to third party property managers | 4772 | (4012) | (5844) | (7285) | (3123) | (3692) | 3739 | (8790) |
| Increase (decrease) in liabilities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | (5292) | 4094 | 3704 | (1745) | 3242 | 3770 | (2584) | (2339) |
| &nbsp;&nbsp;&nbsp;Tenant deposits |  | 2345 | 2545 | 1395 | 3243 | 2695 |  |  |
| &nbsp;&nbsp;&nbsp;Due to (from) related parties | 3120 | 338431 | 30020 | 2284 | 288566 | 310790 | 385 | 2781 |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | 21219 | 333366 | 44304 | 6206 | 282580 | 306560 | 12078 | 3670 |
| **Cash Flows from Investing Activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Additions to property and equipment | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) investing activities | - | - | - | - | - | - | - | - |
| **Cash flows from financing activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from operational notes, related party |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayments of bridge financing, related party |  | (307000) |  |  | (250000) | (280155) |  |  |
| &nbsp;&nbsp;&nbsp;Redemption of membership units |  |  |  |  |  |  |  |  |
| Distributions | (21419) | (1579) | (20947) | (12411) | (9092) | (2992) | (16151) | (11648) |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | (21419) | (308579) | (20947) | (12411) | (259092) | (283147) | (16151) | (11648) |
| **Net change in cash** | (200) | 24787 | 23357 | (6205) | 23488 | 23414 | (4072) | (7978) |
| **Cash at beginning of year** | 22821 | - | - | 19502 | - | - | 18930 | 16955 |
| **Cash at end of year** | $22621 | $24787 | $23357 | $13296 | $23488 | $23414 | $14858 | $8977 |
| **Cash paid for income taxes** | $- | $- | $100 | $- | $- | $- | $702 | $- |
| **Cash paid for interest expenses** | $- | $3134 | $- | $- | $9583 | $2743 | $- | $- |
| **Supplemental disclosure of non-cash investing and financing activities:** |  |  |  |  |  |  |  |  |
| Advance from related party for acquisition of property | $- | $- | $- | $- | $- | $- | $- | $- |
| Acquisition of property purchase price | $- | $321450 | $- | $- | $302900 | $294900 | $- | $- |
| Bridge financing, related party for acquisition of property | $- | $307000 | $- | $- | $250000 | $280155 | $- | $- |
| Deemed contribution from manager for forgiveness of amounts due to manager | $- | $1471 | $- | $- | $7917 | $1576 | $- | $- |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS**

**FOR THE YEAR ENDED DECEMBER 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Spangler** | **Summerglen** | **Tansel** | **Thomas** | **Tomlinson** | **Tytus** | **Vanzant** | **Watson** |
| **Cash Flows from Operating Activities:** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $(10312) | $5699 | $5851 | $6501 | $(4828) | $6912 | $(3234) | $8505 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation |  | 6661 | 8951 | 6030 |  | 7158 | 8914 | 4839 |
| &nbsp;&nbsp;&nbsp;Increase in assets |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses |  | (147) | (274) | (43) |  | (69) | (357) | (54) |
| Due (from) to third party property managers |  | 4812 | (12722) | (205) |  | 3312 | (9324) | 2807 |
| Increase (decrease) in liabilities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 15631 | (4437) | (3015) | (2044) | 4523 | (2240) | 4050 | (2653) |
| &nbsp;&nbsp;&nbsp;Tenant deposits |  |  |  |  |  | 500 | 2695 |  |
| &nbsp;&nbsp;&nbsp;Due to (from) related parties | 989 | (3031) | 7637 | (2124) | 304 | 1785 | 30578 | (1417) |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | 6308 | 9557 | 6429 | 8115 | - | 17359 | 33322 | 12027 |
| **Cash Flows from Investing Activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Additions to property and equipment | (6308) | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) investing activities | (6308) | - | - | - | - | - | - | - |
| **Cash flows from financing activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from operational notes, related party |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repayments of bridge financing, related party |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Redemption of membership units |  |  |  |  |  |  |  | (300) |
| Distributions | - | (15228) | (17966) | (14918) | - | (17993) | (17674) | (12755) |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | - | (15228) | (17966) | (14918) | - | (17993) | (17674) | (13055) |
| **Net change in cash** |  | (5671) | (11537) | (6803) |  | (635) | 15649 | (1028) |
| **Cash at beginning of year** | - | 12041 | 18170 | 16283 | - | 19860 | - | 15170 |
| **Cash at end of year** | $- | $6370 | $6633 | $9480 | $- | $19226 | $15649 | $14142 |
| **Cash paid for income taxes** | $- | $410 | $- | $- | $- | $- | $- | $- |
| **Cash paid for interest expenses** | $3168 | $- | $- | $- | $2368 | $- | $- | $- |
| **Supplemental disclosure of non-cash investing and financing activities:** |  |  |  |  |  |  |  |  |
| Advance from related party for acquisition of property | $- | $- | $- | $- | $- | $- | $- | $- |
| Acquisition of property purchase price | $382000 | $- | $- | $- | $245000 | $- | $- | $- |
| Bridge financing, related party for acquisition of property | $362000 | $- | $- | $- | $232000 | $- | $- | $- |
| Deemed contribution from manager for forgiveness of amounts due to manager | $- | $- | $- | $- | $- | $- | $- | $- |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS**

**FOR THE YEAR ENDED DECEMBER 31, 2024**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Westhaven** | **Wheeler** | **Williamson** | **Woodland** | **Woodwind** | **Wynde** | **Wyndhurst** | **Zane** | **Consolidated** |
| **Cash Flows from Operating Activities:** | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $(6927) | $7480 | $9046 | $3375 | $(267) | $4055 | $(559) | $4568 | $(37225) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 7017 | 5729 | 7880 | 5853 | 7008 | 8048 | 8514 | 4481 | 646366 |
| &nbsp;&nbsp;&nbsp;Increase in assets |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | (70) | (66) | (68) | (66) | (28) | (159) | (461) | (67) | (19637) |
| Due (from) to third party property managers | 6126 | 3186 | 3823 | 2996 | 104 | 3033 | (886) | 2545 | (80024) |
| Increase (decrease) in liabilities |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | (2450) | (2010) | (4791) | (1808) | (3508) | (2086) | (498) | (1591) | (2568) |
| &nbsp;&nbsp;&nbsp;Tenant deposits | (1098) |  | 250 |  |  | 750 |  |  | 74537 |
| &nbsp;&nbsp;&nbsp;Due to (from) related parties | (1853) | (3094) | 123 | 2746 | (1274) | (2812) | 29177 | 289 | 3054076 |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | 744 | 11225 | 16263 | 13095 | 2035 | 10828 | 35286 | 10224 | 3635525 |
| **Cash Flows from Investing Activities** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Additions to property and equipment | - | - | - | - | - | - | - | - | (61668) |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) investing activities | - | - | - | - | - | - | - | - | (61668) |
| **Cash flows from financing activities** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from operational notes, related party |  |  |  |  |  |  |  |  | 78300 |
| &nbsp;&nbsp;&nbsp;Repayments of bridge financing, related party |  |  |  |  |  |  |  |  | (2559267) |
| &nbsp;&nbsp;&nbsp;Redemption of membership units | (300) |  |  |  |  |  |  |  | (3700) |
| Distributions | (12496) | (15248) | (18583) | (11444) | (12513) | (11513) | (12300) | (12298) | (1182761) |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | (12796) | (15248) | (18583) | (11444) | (12513) | (11513) | (12300) | (12298) | (3667428) |
| **Net change in cash** | (12053) | (4023) | (2320) | 1651 | (10477) | (686) | 22986 | (2074) | (93571) |
| **Cash at beginning of year** | 18441 | 18711 | 22367 | 3099 | 14885 | 4736 | - | 18061 | 1223390 |
| **Cash at end of year** | $6388 | $14689 | $20047 | $4751 | $4408 | $4051 | $22986 | $15987 | $1129818 |
| **Cash paid for income taxes** | $- | $- | $- | $- | $- | $- | $50 | $- | $9042 |
| **Cash paid for interest expenses** | $- | $- | $- | $- | $- | $- | $- | $- | $72115 |
| **Supplemental disclosure of non-cash investing and financing activities:** |  |  |  |  |  |  |  |  |  |
| Advance from related party for acquisition of property | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Acquisition of property purchase price | $- | $- | $- | $- | $- | $- | $- | $- | $4392695 |
| Bridge financing, related party for acquisition of property | $- | $- | $- | $- | $- | $- | $- | $- | $4908950 |
| Deemed contribution from manager for forgiveness of amounts due to manager | $- | $- | $- | $- | $- | $- | $- | $- | $51247 |

---

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

**ARRIVED HOMES 3, LLC AND ITS SERIES**

**NOTES TO THE CONSOLIDATED AND CONSOLIDATING FINANCIAL STATEMENTS**

**NOTE 1: NATURE OF OPERATIONS** 

Arrived Homes 3, LLC (the "Company") is a Delaware series limited liability company formed on January 4, 2023 under the laws of Delaware. Arrived Homes 3, 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") establishes. As a Delaware series limited liability company, the debts, liabilities, obligations, and expenses incurred, contracted for or otherwise existing with respect to a particular series are segregated and enforceable only against the assets of such series, as provided under Delaware law.

The following list represents each Arrived Homes 3, LLC's series and the wholly-owned limited liability company, which was used to acquire the single family rental property for each series, along with the date the series was formed and the date the series LLC acquired the single family rental property.

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| | | | |
|:---|:---|:---|:---|
| **Series Name** | **Name of the wholly-owned subsidiary of the Series** | **Date Formed** | **Acquisition Date** |
| Arrived Series Adams, a series of Arrived Homes 3, LLC (Arrived Series Adams) | Arrived TN Adams, LLC | 10/28/2024 | 11/12/2024 |
| Arrived Series Antares, a series of Arrived Homes 3, LLC (Arrived Series Antares) | Arrived GA Antares, LLC | 4/24/2023 | 5/5/2023 |
| Arrived Series Aramis, a series of Arrived Homes 3, LLC (Arrived Series Aramis) | Arrived GA Aramis, LLC | 4/27/2023 | 5/4/2023 |
| Arrived Series Arkoma, a series of Arrived Homes 3, LLC (Arrived Series Arkoma) | Arrived AR Arkoma, LLC | 4/6/2023 | 4/18/2023 |
| Arrived Series Arya, a series of Arrived Homes 3, LLC (Arrived Series Arya) | Arrived AR Arya, LLC | 9/27/2023 | 10/18/2023 |
| Arrived Series Aspen, a series of Arrived Homes 3, LLC (Arrived Series Aspen) | Arrived GA Aspen, LLC | 2/27/2023 | 3/16/2023 |
| Arrived Series Athos, a series of Arrived Homes 3, LLC (Arrived Series Athos) | Arrived GA Athos, LLC | 4/27/2023 | 5/9/2023 |
| Arrived Series Barclay, a series of Arrived Homes 3, LLC (Arrived Series Barclay) | Arrived NC Barclay, LLC | 4/17/2023 | 4/26/2023 |
| Arrived Series Bayne, a series of Arrived Homes 3, LLC (Arrived Series Bayne) | Arrived TN Bayne, LLC | 10/28/2024 | 11/20/2024 |
| Arrived Series Bean, a series of Arrived Homes 3, LLC (Arrived Series Bean) | Arrived TN Bean, LLC | 2/23/2023 | 9/13/2023 |
| Arrived Series Bennett, a series of Arrived Homes 3, LLC (Arrived Series Bennett) | Arrived GA Bennett, LLC | 2/27/2023 | 3/16/2023 |
| Arrived Series Benny, a series of Arrived Homes 3, LLC (Arrived Series Benny) | Arrived OK Benny, LLC | 2/22/2023 | 3/21/2023 |
| Arrived Series Bluebell, a series of Arrived Homes 3, LLC (Arrived Series Bluebell) | Arrived KY Bluebell, LLC | 4/6/2023 | 5/4/2023 |
| Arrived Series Bowling, a series of Arrived Homes 3, LLC (Arrived Series Bowling) | Arrived Series Bowling, a series of Arrived Homes 3, LLC | 12/7/2022 | 2/14/2023 |
| Arrived Series Boxwood, a series of Arrived Homes 3, LLC (Arrived Series Boxwood) | Arrived MS Boxwood, LLC | 10/28/2024 | 11/20/2024 |
| Arrived Series Bradford, a series of Arrived Homes 3, LLC (Arrived Series Bradford) | Arrived NC Bradford, LLC | 4/6/2023 | 4/25/2023 |
| Arrived Series Brookwood, a series of Arrived Homes 3, LLC (Arrived Series Brookwood) | Arrived GA Brookwood, LLC | 2/27/2023 | 3/9/2023 |

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| | | | |
|:---|:---|:---|:---|
| **Series Name** | **Name of the wholly-owned subsidiary<br> of the Series** | **Date Formed** | **Acquisition Date** |
| Arrived Series Bryant, a series of Arrived Homes 3, LLC (Arrived Series Bryant) | Arrived GA Bryant, LLC | 3/21/2023 | 4/20/2023 |
| Arrived Series Caden, a series of Arrived Homes 3, LLC (Arrived Series Caden) | Arrived Series Caden, a series of Arrived Homes 3, LLC | 1/23/2023 | 2/21/2023 |
| Arrived Series Camellia, a series of Arrived Homes 3, LLC (Arrived Series Camellia) | Arrived Series Camellia, a series of Arrived Homes 3, LLC | 1/23/2023 | 2/14/2023 |
| Arrived Series Caterpillar, a series of Arrived Homes 3, LLC (Arrived Series Caterpillar) | Arrived FL Caterpillar, LLC | 4/21/2023 | 5/2/2023 |
| Arrived Series Chilhowee, a series of Arrived Homes 3, LLC (Arrived Series Chilhowee) | Arrived TN Chilhowee, LLC | 12/21/2022 | 1/21/2023 |
| Arrived Series Claremore, a series of Arrived Homes 3, LLC (Arrived Series Claremore) | Arrived OK Claremore, LLC | 2/17/2023 | 4/27/2023 |
| Arrived Series Collinison, a series of Arrived Homes 3, LLC (Arrived Series Collinison) | Arrived TN Collinison, LLC | 10/30/2023 | 11/15/2023 |
| Arrived Series Cordero, a series of Arrived Homes 3, LLC (Arrived Series Cordero) | Arrived NM Cordero, LLC | 1/24/2023 | 4/18/2023 |
| Arrived Series Cristalino, a series of Arrived Homes 3, LLC (Arrived Series Cristalino) | Arrived NM Cristalino, LLC | 12/21/2022 | 2/13/2023 |
| Arrived Series Ellie, a series of Arrived Homes 3, LLC (Arrived Series Ellie) | Arrived TN Ellie, LLC | 9/11/2023 | 9/13/2023 |
| Arrived Series Emelina, a series of Arrived Homes 3, LLC (Arrived Series Emelina) | Arrived Series Emelina, a series of Arrived Homes 3, LLC | 1/10/2023 | 2/8/2023 |
| Arrived Series Ethan, a series of Arrived Homes 3, LLC (Arrived Series Ethan) | Arrived Series Ethan, a series of Arrived Homes 3, LLC | 3/16/2023 | 4/27/2023 |
| Arrived Series Frances, a series of Arrived Homes 3, LLC (Arrived Series Frances) | Arrived MS Frances, LLC | 10/18/2023 | 12/6/2023 |
| Arrived Series Glenncrest, a series of Arrived Homes 3, LLC (Arrived Series Glenncrest) | Arrived Series Glenncrest, a series of Arrived Homes 3, LLC | 11/1/2023 | 11/15/2023 |
| Arrived Series Gordon, a series of Arrived Homes 3, LLC (Arrived Series Gordon) | Arrived GA Gordon, LLC | 3/21/2023 | 4/11/2023 |
| Arrived Series Haikey, a series of Arrived Homes 3, LLC (Arrived Series Haikey) | Arrived OK Haikey, LLC | 2/17/2023 | 5/17/2023 |
| Arrived Series Hamblen, a series of Arrived Homes 3, LLC (Arrived Series Hamblen) | Arrived TN Hamblen, LLC | 3/10/2023 | 3/30/2023 |
| Arrived Series Hancock, a series of Arrived Homes 3, LLC (Arrived Series Hancock) | Arrived GA Hancock, LLC | 3/28/2023 | 4/27/2023 |
| Arrived Series Hardman, a series of Arrived Homes 3, LLC (Arrived Series Hardman) | Arrived TN Hardman, LLC | 10/24/2023 | 11/2/2023 |
| Arrived Series Haven, a series of Arrived Homes 3, LLC (Arrived Series Haven) | Arrived Series Haven, a series of Arrived Homes 3, LLC | 11/30/2022 | 2/21/2023 |
| Arrived Series Haverhill, a series of Arrived Homes 3, LLC (Arrived Series Haverhill) | Arrived GA Haverhill, LLC | 2/27/2023 | 3/16/2023 |
| Arrived Series Haybridge, a series of Arrived Homes 3, LLC (Arrived Series Haybridge) | Arrived NC Haybridge, LLC | 9/28/2023 | 10/18/2023 |
| Arrived Series Hedgecrest, a series of Arrived Homes 3, LLC (Arrived Series Hedgecrest) | Arrived NC Hedgecrest, LLC | 9/28/2023 | 10/18/2023 |
| Arrived Series Helmerich, a series of Arrived Homes 3, LLC (Arrived Series Helmerich) | Arrived OK Helmerich, LLC | 2/17/2023 | 4/19/2023 |
| Arrived Series Hermanos, a series of Arrived Homes 3, LLC (Arrived Series Hermanos) | Arrived NM Hermanos, LLC | 12/22/2022 | 1/31/2023 |
| Arrived Series Holmes, a series of Arrived Homes 3, LLC (Arrived Series Holmes) | Arrived AR Holmes, LLC | 3/7/2023 | 3/29/2023 |
| Arrived Series Johnson, a series of Arrived Homes 3, LLC (Arrived Series Johnson) | Arrived TN Johnson, LLC | 6/20/2024 | 6/26/2024 |
| Arrived Series Keystone, a series of Arrived Homes 3, LLC (Arrived Series Keystone) | Arrived TN Keystone, LLC | 10/31/2023 | 12/6/2023 |
| Arrived Series Langley, a series of Arrived Homes 3, LLC (Arrived Series Langley) | Arrived VA Langley, LLC | 10/23/2024 | 11/6/2024 |
| Arrived Series Laurel, a series of Arrived Homes 3, LLC (Arrived Series Laurel) | Arrived TN Laurel, LLC | 1/19/2024 | 1/24/2024 |

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| | | | |
|:---|:---|:---|:---|
| **Series Name** | **Name of the wholly-owned subsidiary of the Series** | **Date Formed** | **Acquisition Date** |
| Arrived Series Layla, a series of Arrived Homes 3, LLC (Arrived Series Layla) | Arrived TN Layla, LLC | 10/23/2023 | 11/15/2023 |
| Arrived Series Liberty, a series of Arrived Homes 3, LLC (Arrived Series Liberty) | Arrived GA Liberty, LLC | 3/10/2023 | 4/25/2023 |
| Arrived Series Lithonia, a series of Arrived Homes 3, LLC (Arrived Series Lithonia) | Arrived GA Lithonia, LLC | 2/27/2023 | 3/16/2023 |
| Arrived Series Lola, a series of Arrived Homes 3, LLC (Arrived Series Lola) | Arrived TN Lola, LLC | 10/23/2023 | 11/15/2023 |
| Arrived Series Lucas, a series of Arrived Homes 3, LLC (Arrived Series Lucas) | Arrived GA Lucas, LLC | 3/21/2023 | 4/20/2023 |
| Arrived Series Macomber, a series of Arrived Homes 3, LLC (Arrived Series Macomber) | Arrived GA Macomber, LLC | 3/28/2023 | 5/2/2023 |
| Arrived Series Mallard, a series of Arrived Homes 3, LLC (Arrived Series Mallard) | Arrived Series Mallard, a series of Arrived Homes 3, LLC | 3/16/2023 | 4/28/2023 |
| Arrived Series Marcy, a series of Arrived Homes 3, LLC (Arrived Series Marcy) | Arrived AR Marcy, LLC | 9/27/2023 | 10/18/2023 |
| Arrived Series Meridian, a series of Arrived Homes 3, LLC (Arrived Series Meridian) | Arrived Series Meridian, a series of Arrived Homes 3, LLC | 3/28/2023 | 4/21/2023 |
| Arrived Series Metallo, a series of Arrived Homes 3, LLC (Arrived Series Metallo) | Arrived AR Metallo, LLC | 11/18/2024 | 12/4/2024 |
| Arrived Series Misty, a series of Arrived Homes 3, LLC (Arrived Series Misty) | Arrived MO Misty, LLC | 10/29/2024 | 11/13/2024 |
| Arrived Series Montgomery, a series of Arrived Homes 3, LLC (Arrived Series Montgomery) | Arrived Series Montgomery, a series of Arrived Homes 3, LLC | 2/28/2023 | 3/22/2023 |
| Arrived Series Northbrook, a series of Arrived Homes 3, LLC (Arrived Series Northbrook) | Arrived MS Northbrook, LLC | 10/18/2023 | 11/20/2023 |
| Arrived Series Northridge, a series of Arrived Homes 3, LLC (Arrived Series Northridge) | Arrived KY Northridge, LLC | 11/21/2023 | 12/13/2023 |
| Arrived Series Oakland, a series of Arrived Homes 3, LLC (Arrived Series Oakland) | Arrived TN Oakland, LLC | 10/19/2023 | 10/25/2023 |
| Arrived Series Palmore, a series of Arrived Homes 3, LLC (Arrived Series Palmore) | Arrived Series Palmore, a series of Arrived Homes 3, LLC | 1/26/2023 | 2/23/2023 |
| Arrived Series Pebblestone, a series of Arrived Homes 3, LLC (Arrived Series Pebblestone) | Arrived TN Pebblestone, LLC | 10/31/2023 | 12/6/2023 |
| Arrived Series Perdita, a series of Arrived Homes 3, LLC (Arrived Series Perdita) | Arrived NC Perdita, LLC | 4/17/2023 | 4/27/2023 |
| Arrived Series Phoebe, a series of Arrived Homes 3, LLC (Arrived Series Phoebe) | Arrived TN Phoebe, LLC | 12/13/2023 | 12/27/2023 |
| Arrived Series Pongo, a series of Arrived Homes 3, LLC (Arrived Series Pongo) | Arrived NC Pongo, LLC | 4/17/2023 | 4/27/2023 |
| Arrived Series Portsmouth, a series of Arrived Homes 3, LLC (Arrived Series Portsmouth) | Arrived VA Portsmouth, LLC | 3/2/2023 | 3/15/2023 |
| Arrived Series Presidio, a series of Arrived Homes 3, LLC (Arrived Series Presidio) | Arrived IN Presidio, LLC | 10/28/2024 | 11/13/2024 |
| Arrived Series Rachel, a series of Arrived Homes 3, LLC (Arrived Series Rachel) | Arrived TN Rachel, LLC | 11/1/2023 | 11/29/2023 |
| Arrived Series Ratliff, a series of Arrived Homes 3, LLC (Arrived Series Ratliff) | Arrived TN Ratliff, LLC | 10/19/2023 | 10/25/2023 |
| Arrived Series Riverwood, a series of Arrived Homes 3, LLC (Arrived Series Riverwood) | Arrived GA Riverwood, LLC | 3/21/2023 | 4/26/2023 |
| Arrived Series Roanoke, a series of Arrived Homes 3, LLC (Arrived Series Roanoke) | Arrived VA Roanoke, LLC | 4/28/2023 | 5/11/2023 |

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| | | | |
|:---|:---|:---|:---|
| **Series Name** | **Name of the wholly-owned subsidiary<br> of the Series** | **Date Formed** | **Acquisition Date** |
| Arrived Series Robinson, a series of Arrived Homes 3, LLC (Arrived Series Robinson) | Arrived MS Robinson, LLC | 9/5/2024 | 10/9/2024 |
| Arrived Series Ross, a series of Arrived Homes 3, LLC (Arrived Series Ross) | Arrived TN Ross, LLC | 11/1/2023 | 11/29/2023 |
| Arrived Series Sansa, a series of Arrived Homes 3, LLC (Arrived Series Sansa) | Arrived AR Sansa, LLC | 9/27/2023 | 10/18/2023 |
| Arrived Series Sedgefield, a series of Arrived Homes 3, LLC (Arrived Series Sedgefield) | Arrived NC Sedgefield, LLC | 1/22/2024 | 1/31/2024 |
| Arrived Series Seneca, a series of Arrived Homes 3, LLC (Arrived Series Seneca) | Arrived KY Seneca, LLC | 8/23/2024 | 9/4/2024 |
| Arrived Series Sheezy, a series of Arrived Homes 3, LLC (Arrived Series Sheezy) | Arrived TN Sheezy, LLC | 11/30/2022 | 1/21/2023 |
| Arrived Series Sherwood, a series of Arrived Homes 3, LLC (Arrived Series Sherwood) | Arrived AR Sherwood, LLC | 3/28/2023 | 4/25/2023 |
| Arrived Series Spangler, a series of Arrived Homes 3, LLC (Arrived Series Spangler) | Arrived KY Spangler, LLC | 10/30/2024 | 11/20/2024 |
| Arrived Series Summerglen, a series of Arrived Homes 3, LLC (Arrived Series Summerglen) | Arrived OK Summerglen, LLC | 2/17/2023 | 3/29/2023 |
| Arrived Series Tansel, a series of Arrived Homes 3, LLC (Arrived Series Tansel) | Arrived GA Tansel, LLC | 4/18/2023 | 4/26/2023 |
| Arrived Series Thomas, a series of Arrived Homes 3, LLC (Arrived Series Thomas) | Arrived GA Thomas, LLC | 2/27/2023 | 3/16/2023 |
| Arrived Series Tomlinson, a series of Arrived Homes 3, LLC (Arrived Series Tomlinson) | Arrived KY Tomlinson, LLC | 10/30/2024 | 11/13/2024 |
| Arrived Series Tytus, a series of Arrived Homes 3, LLC (Arrived Series Tytus) | Arrived OH Tytus, LLC | 4/13/2023 | 4/27/2023 |
| Arrived Series Vanzant, a series of Arrived Homes 3, LLC (Arrived Series Vanzant) | Arrived AR Vanzant, LLC | 11/29/2023 | 12/6/2023 |
| Arrived Series Watson, a series of Arrived Homes 3, LLC (Arrived Series Watson) | Arrived AR Watson, LLC | 3/7/2023 | 3/29/2023 |
| Arrived Series Westhaven, a series of Arrived Homes 3, LLC (Arrived Series Westhaven) | Arrived VA Westhaven, LLC | 3/2/2023 | 3/31/2023 |
| Arrived Series Wheeler, a series of Arrived Homes 3, LLC (Arrived Series Wheeler) | Arrived Series Wheeler, a series of Arrived Homes 3, LLC | 3/6/2023 | 3/31/2023 |
| Arrived Series Williamson, a series of Arrived Homes 3, LLC (Arrived Series Williamson) | Arrived VA Williamson, LLC | 3/2/2023 | 5/8/2023 |
| Arrived Series Woodland, a series of Arrived Homes 3, LLC (Arrived Series Woodland) | Arrived Series Woodland, a series of Arrived Homes 3, LLC | 3/21/2023 | 4/19/2023 |
| Arrived Series Woodwind, a series of Arrived Homes 3, LLC (Arrived Series Woodwind) | Arrived GA Woodwind, LLC | 2/27/2023 | 3/9/2023 |
| Arrived Series Wynde, a series of Arrived Homes 3, LLC (Arrived Series Wynde) | Arrived Series Wynde, a series of Arrived Homes 3, LLC | 3/28/2023 | 4/26/2023 |
| Arrived Series Wyndhurst, a series of Arrived Homes 3, LLC (Arrived Series Wyndhurst) | Arrived Series Wyndhurst, a series of Arrived Homes 3, LLC | 11/17/2023 | 11/29/2023 |
| Arrived Series Zane, a series of Arrived Homes 3, LLC (Arrived Series Zane) | Arrived Series Zane, a series of Arrived Homes 3, LLC | 4/13/2023 | 5/5/2023 |

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**NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

***Basis of Presentation***

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

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

***Principles of Consolidation***

 ****

These consolidated and consolidating financial statements include the accounts of Arrived Homes 3, LLC and its series. All inter-company transactions and balances have been eliminated upon consolidation.

***Use of Estimates***

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

***Deferred Offering Costs***

 ****

The Company complies with the requirements of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 340-10-S99-1 with regard 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 mortgage payables approximate their fair values based on interest rates and terms currently available for similar instruments.

***Management Compensation***

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

***Property Management Fee***

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

 ****

***Marketplace Homes***

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

 **

***Mynd Property Management***

 **

As compensation for the services provided by the property manager, each series will be charged a property management fee equal to six percent (6%) of all rents and fees as remitted to the series or a minimum property management fee of $84 on a monthly basis and paid to the property manager pursuant to the property management agreement.

 ****

***Property Disposition Fee***

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

***Prepaid and Accrued Expenses***

Prepaid expenses consist of prepaid insurance. Accrued expenses include accrued property taxes, audit and tax fees, and interest payable on the series' mortgage.

 ****

 **

***Due From (To) Third-party Property Managers***

 **

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

 **

***Property and Equipment***

 **

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

Insurance claim proceeds related to property damage are recognized in the consolidated statement of comprehensive income (loss) in the period in which the proceeds are received.

 **

***Impairment of Long-Lived Assets***

 **

The Company continually monitors events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances are present, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell. The Company did not record any impairment losses on long-lived assets for the years ended December 31, 2025 and 2024.

 **

***Tenant Deposits***

 **

Tenant deposit liabilities represent security deposits received by tenant customers.

 ****

***Operating Expenses***

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

***Revenue Recognition***

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

● Identification of a contract with a customer;

● Identification of the performance obligations in the contract;

● Determination of the transaction price;

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

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

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

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

***Comprehensive Income (loss)***

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

***Organizational Costs***

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

***Income Taxes***

 ****

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

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

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

***Recently Issued and Recently Adopted Accounting Pronouncements***

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

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

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

**NOTE 3: GOING CONCERN**

The accompanying consolidated and consolidating financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has a lack of liquidity and limited cash. These factors, among others, raise substantial doubt about the ability of the Company to continue as a going concern for a reasonable period of time. The Company's ability to continue as a going concern for a period of one year from the issuance of these consolidated and consolidating financial statements is dependent upon their ability to generate cash flow from their rental activity and/or obtain financing from the manager. However, there are no assurances that the Company can be successful in generating cash flow from their rental activities or that the manager will always be in the position to provide funding when needed. The consolidated and consolidating financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

**NOTE 4: PROPERTY AND EQUIPMENT**

Property and equipment, net consists of the following:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Series** | **Building** | **Land** | **Property Improvements** | **Total** | **Less: Accumulated Depreciation** | **Property and equipment, net** |
| Adams | $230829 | $76000 | $- | $306829 | $(8394) | $298435 |
| Antares | 234124 | 78041 |  | 312165 | (21284) | 290881 |
| Aramis | 226769 | 75590 |  | 302358 | (20615) | 281743 |
| Arkoma | 178459 | 59486 |  | 237946 | (16764) | 221181 |
| Arya | 135657 | 45219 |  | 180876 | (10277) | 170599 |
| Aspen | 202343 | 67448 |  | 269791 | (19621) | 250169 |
| Athos | 219648 | 73216 | 5840 | 298704 | (22499) | 276205 |
| Barclay | 231439 | 77146 |  | 308585 | (21741) | 286843 |
| Bayne | 264381 | 86906 |  | 351287 | (9614) | 341673 |
| Bean | 221579 | 73860 |  | 295438 | (17458) | 277980 |
| Bennett | 160052 | 53351 |  | 213402 | (15520) | 197882 |
| Benny | 192665 | 64222 |  | 256887 | (18683) | 238204 |
| Bluebell | 225920 | 75307 |  | 301226 | (20538) | 280688 |
| Bowling | 157406 | 52469 |  | 209875 | (15741) | 194134 |
| Boxwood | 243102 | 81248 |  | 324350 | (8840) | 315510 |
| Bradford | 229997 | 76666 |  | 306663 | (21599) | 285064 |
| Brookwood | 211955 | 70652 |  | 282607 | (20553) | 262054 |
| Bryant | 211467 | 70489 | 5470 | 287426 | (22600) | 264826 |
| Caden | 189056 | 63019 |  | 252075 | (18906) | 233169 |
| Camellia | 192475 | 64158 | 13114 | 269747 | (25659) | 244088 |
| Caterpillar | 226811 | 75604 |  | 302414 | (20619) | 281795 |
| Chilhowee | 245882 | 80960 |  | 326842 | (26079) | 300764 |
| Claremore | 177773 | 59258 |  | 237030 | (16700) | 220330 |
| Collinison | 228338 | 75250 | 5140 | 308728 | (17634) | 291094 |
| Cordero | 190960 | 63653 | 21346 | 275959 | (20009) | 255950 |
| Cristalino | 232382 | 77461 |  | 309843 | (23238) | 286605 |
| Ellie | 217159 | 72386 |  | 289546 | (17110) | 272436 |
| Emelina | 188311 | 62770 | 6975 | 258056 | (22551) | 235505 |
| Ethan | 146204 | 48735 | 14886 | 209824 | (19189) | 190635 |
| Frances | 211050 | 69498 |  | 280547 | (14709) | 265838 |
| Glenncrest | 219509 | 72500 |  | 292009 | (15964) | 276045 |
| Gordon | 193167 | 64389 |  | 257556 | (18146) | 239410 |
| Haikey | 185216 | 61739 |  | 246955 | (16838) | 230117 |
| Hamblen | 193966 | 64655 |  | 258621 | (18809) | 239812 |
| Hancock | 204015 | 68005 | 5175 | 277195 | (21753) | 255442 |
| Hardman | 292918 | 97639 |  | 390558 | (21303) | 369255 |
| Haven | 140196 | 46732 |  | 186928 | (14020) | 172908 |
| Haverhill | 177351 | 59117 |  | 236468 | (17198) | 219271 |
| Haybridge | 271195 | 90398 |  | 361593 | (20545) | 341048 |
| Hedgecrest | 271195 | 90398 | 6073 | 367666 | (21557) | 346109 |
| Helmerich | 190433 | 63478 |  | 253910 | (17889) | 236021 |
| Hermanos | 232856 | 77619 | 16803 | 327278 | (32778) | 294500 |
| Holmes | 133058 | 44353 |  | 177411 | (12903) | 164508 |
| Johnson | 248064 | 81518 |  | 329582 | (12779) | 316802 |
| Keystone | 263140 | 86695 |  | 349835 | (18340) | 331495 |
| Langley | 250762 | 83750 |  | 334512 | (9119) | 325393 |
| Laurel | 254681 | 83811 |  | 338492 | (16979) | 321514 |
| Layla | 244911 | 81637 |  | 326548 | (17812) | 308736 |
| Liberty | 189606 | 63202 | 20979 | 273787 | (25672) | 248115 |
| Lithonia | 213879 | 71293 | 10745 | 295917 | (24501) | 271416 |
| Lola | 227929 | 75976 | 5432 | 309337 | (17120) | 292217 |
| Lucas | 192650 | 64217 | 5675 | 262542 | (20367) | 242175 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Series** | **Building** | **Land** | **Property Improvements** | **Total** | **Less: Accumulated Depreciation** | **Property and equipment, net** |
| Macomber | 207833 | 69278 | 5068 | 282178 | (21343) | 260834 |
| Mallard | 157399 | 52466 |  | 209866 | (14786) | 195079 |
| Marcy | 135657 | 45219 |  | 180876 | (10277) | 170599 |
| Meridian | 199873 | 66624 | 8575 | 275072 | (21920) | 253152 |
| Metallo | 220432 | 74750 |  | 295182 | (7348) | 287835 |
| Misty | 259742 | 86250 |  | 345992 | (9445) | 336547 |
| Montgomery | 154790 | 51597 | 13590 | 219977 | (19540) | 200437 |
| Northbrook | 212953 | 70984 |  | 283937 | (15487) | 268450 |
| Northridge | 194437 | 67475 |  | 261912 | (13552) | 248360 |
| Oakland | 232207 | 77402 |  | 309609 | (17592) | 292018 |
| Palmore | 151605 | 50535 | 6990 | 209131 | (18190) | 190941 |
| Pebblestone | 255302 | 84106 |  | 339409 | (17794) | 321615 |
| Perdita | 250821 | 83607 |  | 334428 | (23562) | 310866 |
| Phoebe | 210002 | 69026 |  | 279028 | (14637) | 264391 |
| Pongo | 250821 | 83607 |  | 334428 | (23562) | 310866 |
| Portsmouth | 161270 | 53757 | 5989 | 221015 | (16636) | 204378 |
| Presidio | 180825 | 60500 |  | 241325 | (6575) | 234750 |
| Rachel | 218441 | 72814 |  | 291255 | (15887) | 275368 |
| Ratliff | 241684 | 80561 |  | 322245 | (18309) | 303936 |
| Riverwood | 217223 | 72408 | 10721 | 300352 | (25402) | 274950 |
| Roanoke | 253193 | 84398 |  | 337591 | (23018) | 314574 |
| Robinson | 242512 | 80998 |  | 323510 | (9554) | 313956 |
| Ross | 252016 | 84005 |  | 336021 | (18328) | 317692 |
| Sansa | 135657 | 45219 |  | 180876 | (10277) | 170599 |
| Sedgefield | 220746 | 75725 |  | 296471 | (14048) | 282423 |
| Seneca | 223146 | 73725 |  | 296871 | (9467) | 287404 |
| Sheezy | 176837 | 58250 |  | 235087 | (18755) | 216331 |
| Sherwood | 131898 | 43966 |  | 175864 | (12390) | 163473 |
| Spangler | 288280 | 95500 | 6308 | 390088 | (11745) | 378344 |
| Summerglen | 183172 | 61057 |  | 244229 | (17762) | 226467 |
| Tansel | 246162 | 82054 |  | 328216 | (23124) | 305092 |
| Thomas | 165820 | 55273 |  | 221093 | (16079) | 205013 |
| Tomlinson | 183250 | 61250 |  | 244500 | (6664) | 237836 |
| Tytus | 196851 | 65617 |  | 262468 | (18492) | 243975 |
| Vanzant | 267416 | 88750 |  | 356166 | (18638) | 337528 |
| Watson | 133058 | 44353 |  | 177411 | (12903) | 164508 |
| Westhaven | 192956 | 64319 |  | 257274 | (18711) | 238563 |
| Wheeler | 157535 | 52512 |  | 210047 | (15276) | 194770 |
| Williamson | 216704 | 72235 |  | 288939 | (19700) | 269239 |
| Woodland | 121075 | 40358 | 7252 | 168685 | (15000) | 153685 |
| Woodwind | 192730 | 64243 |  | 256974 | (18689) | 238285 |
| Wynde | 188783 | 62928 | 5914 | 257624 | (20395) | 237228 |
| Wyndhurst | 234133 | 78044 |  | 312177 | (17028) | 295149 |
| Zane | 123239 | 41080 | 7252 | 171571 | (11324) | 160247 |
|  | $**19855368** | $**6612008** | $**221311** | $**26688687** | $**(1676342)** | $**25012345** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Series** | **Building** | **Land** | **Property Improvements** | **Total** | **Less: Accumulated Depreciation** | **Property and equipment, net** |
| Adams | $230829 | $76000 | $- | $306829 | $- | $306829 |
| Antares | 234124 | 78041 |  | 312165 | (12770) | 299395 |
| Aramis | 226769 | 75590 |  | 302358 | (12369) | 289989 |
| Arkoma | 178459 | 59486 |  | 237946 | (10275) | 227671 |
| Arya | 135657 | 45219 |  | 180876 | (5344) | 175531 |
| Aspen | 202343 | 67448 |  | 269791 | (12263) | 257527 |
| Athos | 219648 | 73216 | 5840 | 298704 | (13343) | 285361 |
| Barclay | 231439 | 77146 |  | 308585 | (13325) | 295259 |
| Bayne | 264381 | 86906 |  | 351287 |  | 351287 |
| Bean | 221579 | 73860 |  | 295438 | (9400) | 286038 |
| Bennett | 160052 | 53351 |  | 213402 | (9700) | 203702 |
| Benny | 192665 | 64222 |  | 256887 | (11677) | 245210 |
| Bluebell | 225920 | 75307 |  | 301226 | (12323) | 288903 |
| Bowling | 157406 | 52469 |  | 209875 | (10017) | 199858 |
| Boxwood | 243102 | 81248 |  | 324350 |  | 324350 |
| Bradford | 229997 | 76666 |  | 306663 | (13238) | 293425 |
| Brookwood | 211955 | 70652 |  | 282607 | (12846) | 269761 |
| Bryant | 211467 | 70489 | 5470 | 287426 | (13816) | 273609 |
| Caden | 189056 | 63019 |  | 252075 | (12031) | 240044 |
| Camellia | 192475 | 64158 | 13114 | 269747 | (16037) | 253710 |
| Caterpillar | 226811 | 75604 |  | 302414 | (12371) | 290043 |
| Chilhowee | 245882 | 80960 |  | 326842 | (17137) | 309705 |
| Claremore | 177773 | 59258 |  | 237030 | (10235) | 226795 |
| Collinison | 228338 | 75250 |  | 303588 | (8303) | 295285 |
| Cordero | 190960 | 63653 | 21346 | 275959 | (12288) | 263670 |
| Cristalino | 232382 | 77461 |  | 309843 | (14788) | 295055 |
| Ellie | 217159 | 72386 |  | 289546 | (9213) | 280333 |
| Emelina | 188311 | 62770 | 6975 | 258056 | (14308) | 243748 |
| Ethan | 146204 | 48735 | 14886 | 209824 | (10895) | 198929 |
| Frances | 211050 | 69498 |  | 280547 | (7035) | 273512 |
| Glenncrest | 219509 | 72500 |  | 292009 | (7982) | 284027 |
| Gordon | 193167 | 64389 |  | 257556 | (11122) | 246434 |
| Haikey | 185216 | 61739 |  | 246955 | (10103) | 236852 |
| Hamblen | 193966 | 64655 |  | 258621 | (11755) | 246865 |
| Hancock | 204015 | 68005 | 5175 | 277195 | (13299) | 263896 |
| Hardman | 292918 | 97639 |  | 390558 | (10652) | 379906 |
| Haven | 140196 | 46732 |  | 186928 | (8922) | 178006 |
| Haverhill | 177351 | 59117 |  | 236468 | (10749) | 225720 |
| Haybridge | 271195 | 90398 |  | 361593 | (10683) | 350910 |
| Hedgecrest | 271195 | 90398 |  | 361593 | (10683) | 350910 |
| Helmerich | 190433 | 63478 |  | 253910 | (10964) | 242946 |
| Hermanos | 232856 | 77619 | 16803 | 327278 | (20950) | 306328 |
| Holmes | 133058 | 44353 |  | 177411 | (8064) | 169346 |
| Johnson | 248064 | 81518 |  | 329582 | (3759) | 325823 |
| Keystone | 263140 | 86695 |  | 349835 | (8771) | 341063 |
| Langley | 250762 | 83750 |  | 334512 |  | 334512 |
| Laurel | 254681 | 83811 |  | 338492 | (7718) | 330775 |
| Layla | 244911 | 81637 |  | 326548 | (8906) | 317642 |
| Liberty | 189606 | 63202 | 20979 | 273787 | (14581) | 259206 |
| Lithonia | 213879 | 71293 | 10745 | 295917 | (14574) | 281343 |
| Lola | 227929 | 75976 |  | 303905 | (8288) | 295617 |
| Lucas | 192650 | 64217 | 5675 | 262542 | (12227) | 250315 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Series** | **Building** | **Land** | **Property Improvements** | **Total** | **Less: Accumulated Depreciation** | **Property and equipment, net** |
| Macomber | 207833 | 69278 | 5068 | 282178 | (12772) | 269405 |
| Mallard | 157399 | 52466 |  | 209866 | (9062) | 200803 |
| Marcy | 135657 | 45219 |  | 180876 | (5344) | 175531 |
| Meridian | 199873 | 66624 | 8575 | 275072 | (12937) | 262135 |
| Metallo | 220432 | 74750 |  | 295182 |  | 295182 |
| Misty | 259742 | 86250 |  | 345992 |  | 345992 |
| Montgomery | 154790 | 51597 | 13590 | 219977 | (11193) | 208784 |
| Northbrook | 212953 | 70984 |  | 283937 | (7744) | 276193 |
| Northridge | 194437 | 67475 |  | 261912 | (6481) | 255431 |
| Oakland | 232207 | 77402 |  | 309609 | (9148) | 300462 |
| Palmore | 151605 | 50535 | 6990 | 209131 | (11279) | 197852 |
| Pebblestone | 255302 | 84106 |  | 339409 | (8510) | 330898 |
| Perdita | 250821 | 83607 |  | 334428 | (14441) | 319987 |
| Phoebe | 210002 | 69026 |  | 279028 | (7000) | 272028 |
| Pongo | 250821 | 83607 |  | 334428 | (14441) | 319987 |
| Portsmouth | 161270 | 53757 |  | 215026 | (9774) | 205252 |
| Presidio | 180825 | 60500 |  | 241325 |  | 241325 |
| Rachel | 218441 | 72814 |  | 291255 | (7943) | 283311 |
| Ratliff | 241684 | 80561 |  | 322245 | (9521) | 312724 |
| Riverwood | 217223 | 72408 | 10721 | 300352 | (15361) | 284990 |
| Roanoke | 253193 | 84398 |  | 337591 | (13811) | 323781 |
| Robinson | 242512 | 80998 |  | 323510 | (735) | 322775 |
| Ross | 252016 | 84005 |  | 336021 | (9164) | 326857 |
| Sansa | 135657 | 45219 |  | 180876 | (5344) | 175531 |
| Sedgefield | 220746 | 75725 |  | 296471 | (6020) | 290451 |
| Seneca | 223146 | 73725 |  | 296871 | (1352) | 295518 |
| Sheezy | 176837 | 58250 |  | 235087 | (12325) | 222762 |
| Sherwood | 131898 | 43966 |  | 175864 | (7594) | 168270 |
| Spangler | 288280 | 95500 | 6308 | 390088 |  | 390088 |
| Summerglen | 183172 | 61057 |  | 244229 | (11101) | 233128 |
| Tansel | 246162 | 82054 |  | 328216 | (14173) | 314043 |
| Thomas | 165820 | 55273 |  | 221093 | (10050) | 211043 |
| Tomlinson | 183250 | 61250 |  | 244500 |  | 244500 |
| Tytus | 196851 | 65617 |  | 262468 | (11334) | 251134 |
| Vanzant | 267416 | 88750 |  | 356166 | (8914) | 347252 |
| Watson | 133058 | 44353 |  | 177411 | (8064) | 169346 |
| Westhaven | 192956 | 64319 |  | 257274 | (11694) | 245580 |
| Wheeler | 157535 | 52512 |  | 210047 | (9548) | 200499 |
| Williamson | 216704 | 72235 |  | 288939 | (11820) | 277119 |
| Woodland | 121075 | 40358 | 7252 | 168685 | (9147) | 159538 |
| Woodwind | 192730 | 64243 |  | 256974 | (11681) | 245293 |
| Wynde | 188783 | 62928 | 5914 | 257624 | (12348) | 245276 |
| Wyndhurst | 234133 | 78044 |  | 312177 | (8514) | 303663 |
| Zane | 123239 | 41080 | - | 164319 | (6722) | 157597 |
|  | $**19855368** | $**6612008** | $**191426** | $**26658802** | $**(916508)** | $**25742294** |

---

During the year ended December 31, 2025, certain series received insurance claim proceeds of $32,387 related to property damage events, including water damage, mold remediation, and storm-related structural damage. During the year ended December 31, 2024, certain series received insurance claim proceeds of $6,998 related to property damage events, including water heater failure and flood damage occurring during a vacancy period. The proceeds were recognized as insurance claim proceeds in the consolidated statement of comprehensive income (loss) for the years ended December 31, 2025 and 2024.

For the years ended December 31, 2025 and 2024, depreciation expense was $759,834 and $646,366, respectively.

**NOTE 5: BRIDGE FINANCING, RELATED PARTY**

Bridge financing from related parties is secured by each series property and bears interest-only terms, with all accrued interest due at maturity or repayment. As of December 31, 2025, all outstanding principal and accrued interest expense related to such bridge financing has been fully repaid. Accordingly, the Company has no outstanding bridge financing, related party as of the year ended December 31, 2025.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Series** | **Lender** | **Bridge Financing** | **Interest Rate** | **Term** |
| Arrived TN Adams, LLC | Arrived Short Term Notes, LLC | $288000 | 7.50% | 18 Months |
| Arrived TN Bayne, LLC | Arrived Short Term Notes, LLC | 328683 | 7.50% | 18 Months |
| Arrived MS Boxwood, LLC | Arrived Short Term Notes, LLC | 308000 | 7.50% | 18 Months |
| Arrived VA Langley, LLC | Arrived Short Term Notes, LLC | 318000 | 7.50% | 18 Months |
| Arrived AR Metallo, LLC | Arrived Short Term Notes, LLC | 284000 | 7.50% | 18 Months |
| Arrived IN Presidio, LLC | Arrived Short Term Notes, LLC | 229000 | 7.50% | 18 Months |
| Arrived KY Spangler, LLC | Arrived Short Term Notes, LLC | 362000 | 7.50% | 18 Months |
| Arrived KY Tomlinson, LLC | Arrived Short Term Notes, LLC | 232000 | 7.50% | 18 Months |
|  |  | $**2349683** |  |  |

---

For the years ended December 31, 2025 and 2024, interest expense was $17,421 and $71,802, respectively.

**NOTE 6: OPERATIONAL NOTES, RELATED PARTY**

As of December 31, 2025 and 2024, certain series obtained promissory notes from Arrived Short Term Notes, LLC, an affiliate of the Company, in aggregate amounts of $132,400 and $78,300, respectively. These notes carry an 18-month term and bear interest at rates ranging from 6.5% to 7.5% per annum, with no prepayment penalties. The proceeds were used for property improvements and working capital. Interest expense on these notes for the years ended December 31, 2025 and 2024 was $7,659 and $313, respectively.

**NOTE 7: MEMBERS' EQUITY (DEFICIT)**

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

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

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

*Membership Interests*

 

For the years ended December 31, 2025 and 2024, the series closed on their public offerings with net proceeds of $2,711,403 and $5,075,676, respectively. The following table below outlines the details of the offerings by each series:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Series** | **# of Units Issued** | **Net proceeds from the issuance of membership units** | **Offering brokerage fee (1%)** | **Offering expense (2%)** | **Shares redeemed** | **Redemptions** |
| Adams | 36087 | $334077 | $3609 | $7224 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Antares |  |  |  |  |  |  |
| Aramis |  |  |  |  |  |  |
| Arkoma |  |  |  |  |  |  |
| Arya |  |  |  |  |  |  |
| Aspen |  |  |  |  |  |  |
| Athos |  |  |  |  |  |  |
| Barclay |  |  |  |  |  |  |
| Bayne | 41105 | 380478 | 4111 | 8222 |  |  |
| Bean |  |  |  |  |  |  |
| Bennett |  |  |  |  |  |  |
| Benny |  |  |  |  |  |  |
| Bluebell |  |  |  |  |  |  |
| Bowling |  |  |  |  |  |  |
| Boxwood | 38181 | 353436 | 3818 | 7636 |  |  |
| Bradford |  |  |  |  |  |  |
| Brookwood |  |  |  |  |  |  |
| Bryant |  |  |  |  |  |  |
| Caden |  |  |  |  |  |  |
| Camellia |  |  |  |  |  |  |
| Caterpillar |  |  |  |  |  |  |
| Chilhowee |  |  |  |  |  |  |
| Claremore |  |  |  |  |  |  |
| Collinison |  |  |  |  |  |  |
| Cordero |  |  |  |  |  |  |
| Cristalino |  |  |  |  |  |  |
| Ellie |  |  |  |  |  |  |
| Emelina |  |  |  |  |  |  |
| Ethan |  |  |  |  |  |  |
| Frances |  |  |  |  |  |  |
| Glenncrest |  |  |  |  |  |  |
| Gordon |  |  |  |  |  |  |
| Haikey |  |  |  |  |  |  |
| Hamblen |  |  |  |  |  |  |
| Hancock |  |  |  |  |  |  |
| Hardman |  |  |  |  |  |  |
| Haven |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Haverhill |  |  |  |  |  |  |
| Haybridge |  |  |  |  |  |  |
| Hedgecrest |  |  |  |  |  |  |
| Helmerich |  |  |  |  |  |  |
| Hermanos |  |  |  |  |  |  |
| Holmes |  |  |  |  |  |  |
| Johnson |  |  |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Series** | **# of Units Issued** | **Net proceeds from the issuance of membership units** | **Offering brokerage fee (1%)** | **Offering expense (2%)** | **Shares redeemed** | **Redemptions** |
| Keystone |  |  |  |  |  |  |
| Langley | 39184 | 362757 | 3918 | 7845 |  |  |
| Laurel |  |  |  |  |  |  |
| Layla |  |  |  |  |  |  |
| Liberty |  |  |  |  |  |  |
| Lithonia |  |  |  |  |  |  |
| Lola |  |  |  |  |  |  |
| Lucas |  |  |  |  |  |  |
| Macomber |  |  |  |  |  |  |
| Mallard |  |  |  |  |  |  |
| Marcy |  |  |  |  |  |  |
| Meridian |  |  |  |  |  |  |
| Metallo | 34888 | 322979 | 3489 | 6982 |  |  |
| Misty |  | 495 | 5 |  |  |  |
| Montgomery |  |  |  |  |  |  |
| Northbrook |  |  |  |  |  |  |
| Northridge |  |  |  |  |  |  |
| Oakland |  |  |  |  |  |  |
| Palmore |  |  |  |  |  |  |
| Pebblestone |  |  |  |  |  |  |
| Perdita |  |  |  |  |  |  |
| Phoebe |  |  |  |  |  |  |
| Pongo |  |  |  |  |  |  |
| Portsmouth |  |  |  |  |  |  |
| Presidio | 28661 | 265302 | 2867 | 5741 |  |  |
| Rachel |  |  |  |  |  |  |
| Ratliff |  |  |  |  |  |  |
| Riverwood |  |  |  |  |  |  |
| Roanoke |  |  |  |  |  |  |
| Robinson |  |  |  |  |  |  |
| Ross |  |  |  |  |  |  |
| Sansa |  |  |  |  |  |  |
| Sedgefield |  |  |  |  |  |  |
| Seneca |  |  |  |  |  |  |
| Sheezy |  |  |  |  |  |  |
| Sherwood |  |  |  |  |  |  |
| Spangler | 45431 | 420629 | 4543 | 9088 |  |  |
| Summerglen |  |  |  |  |  |  |
| Tansel |  |  |  |  |  |  |
| Thomas |  |  |  |  |  |  |
| Tomlinson | 29289 | 271251 | 2929 | 5860 |  |  |
| Tytus |  |  |  |  |  |  |
| Vanzant |  |  |  |  |  |  |
| Watson |  |  |  |  |  |  |
| Westhaven |  |  |  |  |  |  |
| Wheeler |  |  |  |  |  |  |
| Williamson |  |  |  |  |  |  |
| Woodland |  |  |  |  |  |  |
| Woodwind |  |  |  |  |  |  |
| Wynde |  |  |  |  |  |  |
| Wyndhurst |  |  |  |  |  |  |
| Zane | - | - | - | - |  |  |
|  | **292826** | **2711403** | **29289** | **58598** |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Series** | **# of Units Issued** | **Net proceeds from the issuance of membership units** | **Offering brokerage fee (1%)** | **Offering expense (2%)** | **Shares redeemed** | **Redemptions** |
| Adams |  | $- | $- | $- |  | $- |
| Antares |  |  |  |  |  |  |
| Aramis |  | 650 |  | (10) |  |  |
| Arkoma |  |  |  |  |  |  |
| Arya |  |  |  |  |  |  |
| Aspen |  |  |  |  | (10) | (100) |
| Athos |  | 762 |  | (12) |  |  |
| Barclay |  | 289 |  | 11 |  |  |
| Bayne |  |  |  |  |  |  |
| Bean |  |  |  |  |  |  |
| Bennett |  |  |  |  |  |  |
| Benny |  |  |  |  | (30) | (300) |
| Bluebell |  |  |  |  |  |  |
| Bowling |  |  |  |  |  |  |
| Boxwood |  |  |  |  |  |  |
| Bradford |  |  |  |  |  |  |
| Brookwood |  |  |  |  | (30) | (300) |
| Bryant |  |  |  |  | (30) | (300) |
| Caden |  |  |  |  |  |  |
| Camellia |  |  |  |  |  |  |
| Caterpillar |  |  |  |  |  |  |
| Chilhowee |  |  |  |  |  |  |
| Claremore |  |  |  |  | (30) | (300) |
| Collinison |  |  |  |  |  |  |
| Cordero |  |  |  |  |  |  |
| Cristalino |  |  |  |  | (10) | (100) |
| Ellie |  |  |  |  |  |  |
| Emelina |  |  |  |  |  |  |
| Ethan |  |  |  |  |  |  |
| Frances | 32873 | 304290 | 3277 | 6583 |  |  |
| Glenncrest | 33609 | 310787 | 3361 | 6722 |  |  |
| Gordon |  |  |  |  |  |  |
| Haikey |  |  |  |  |  |  |
| Hamblen |  |  |  |  | (30) | (300) |
| Hancock |  |  |  |  | (80) | (800) |
| Hardman |  |  |  |  |  |  |
| Haven |  |  |  |  |  |  |
| Haverhill |  |  |  |  |  |  |
| Haybridge |  |  |  |  |  |  |
| Hedgecrest |  |  |  |  |  |  |
| Helmerich |  |  |  |  |  |  |
| Hermanos |  |  |  |  |  |  |
| Holmes |  |  |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Series** | **# of Units Issued** | **Net proceeds from the issuance of membership units** | **Offering brokerage fee (1%)** | **Offering expense (2%)** | **Shares redeemed** | **Redemptions** |
| Johnson | 38841 | 359646 | 3884 | 7770 |  |  |
| Keystone |  |  |  |  |  |  |
| Langley |  |  |  |  |  |  |
| Laurel | 39382 | 364407 | 3941 | 7882 |  |  |
| Layla |  |  |  |  |  |  |
| Liberty |  | 658 |  | (8) |  |  |
| Lithonia |  |  |  |  | (30) | (300) |
| Lola |  |  |  |  |  |  |
| Lucas |  |  |  |  |  |  |
| Macomber |  |  |  |  |  |  |
| Mallard |  | 549 |  | 1 |  |  |
| Marcy |  |  |  |  |  |  |
| Meridian |  |  |  |  |  |  |
| Metallo |  |  |  |  |  |  |
| Misty | 40764 | 377301 | 4076 | 8163 |  |  |
| Montgomery |  |  |  |  |  |  |
| Northbrook |  |  |  |  |  |  |
| Northridge | 31955 | 295804 | 3196 | 6391 |  |  |
| Oakland | 36033 | 333402 | 3603 | 7215 |  |  |
| Palmore |  |  |  |  |  |  |
| Pebblestone |  |  |  |  |  |  |
| Perdita |  |  |  |  |  |  |
| Phoebe | 32691 | 302613 | 3269 | 6538 |  |  |
| Pongo |  |  |  |  |  |  |
| Portsmouth |  |  |  |  | (30) | (300) |
| Presidio |  |  |  |  |  |  |
| Rachel | 34162 | 316212 | 3416 | 6842 |  |  |
| Ratliff |  |  |  |  |  |  |
| Riverwood |  | 864 |  | (14) |  |  |
| Roanoke |  | 671 |  | (11) |  |  |
| Robinson | 38515 | 356598 | 3852 | 7711 |  |  |
| Ross | 39374 | 364451 | 3937 | 7882 |  |  |
| Sansa |  |  |  |  |  |  |
| Sedgefield | 36080 | 334076 | 3608 | 7216 |  |  |
| Seneca | 35197 | 325931 | 3520 | 7039 |  |  |
| Sheezy |  |  |  |  |  |  |
| Sherwood |  |  |  |  |  |  |
| Spangler |  |  |  |  |  |  |
| Summerglen |  |  |  |  |  |  |
| Tansel |  |  |  |  |  |  |
| Thomas |  |  |  |  |  |  |
| Tomlinson |  |  |  |  |  |  |
| Tytus |  | 699 |  | (9) |  |  |
| Vanzant | 41585 | 384745 | 4159 | 8317 |  |  |
| Watson |  |  |  |  | (30) | (300) |
| Westhaven |  |  |  |  | (30) | (300) |
| Wheeler |  |  |  |  |  |  |
| Williamson |  | 465 |  | (5) |  |  |
| Woodland |  |  |  |  |  |  |
| Woodwind |  |  |  |  |  |  |
| Wynde |  |  |  |  |  |  |
| Wyndhurst | 36716 | 339809 | 3672 | 7349 |  |  |
| Zane | - | - | - | - | - | - |
|  | **547777** | $**5075676** | $**54770** | $**109563** | $**(370)** | $**(3700)** |

---

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 years ended December 31, 2025 and 2024, the manager received the following reimbursement of fees:

● Out-of-pocket expenses: up to 2% of gross proceeds $58,598 and $109,563, respectively

● Sourcing fees: up to 3.5% of gross proceeds $86,330 and $162,230, respectively

● Financing and holding expenses: up to 2.5% of gross proceeds $43,140 and $75,530, respectively

*Distributions*

 

As of December 31, 2025, and 2024, distributions to investors were made by 96 and 87 series, respectively, totaling $1,217,737 and $1,182,761, respectively, which were recognized as a reduction of members' capital.

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

---

| | | |
|:---|:---|:---|
| **Series** | **2025 Distributions** | **2024 Distributions** |
| Adams | $16203 | $- |
| Antares | 15922 | 15739 |
| Aramis | 13858 | 15551 |
| Arkoma | 12471 | 14682 |
| Arya | 5234 | 8841 |
| Aspen | 11299 | 10135 |
| Athos | 12126 | 13706 |
| Barclay | 17599 | 18107 |
| Bayne | 17798 |  |
| Bean | 17326 | 17871 |
| Bennett | 13860 | 14261 |
| Benny | 10115 | 13472 |
| Bluebell | 11682 | 17824 |
| Bowling | 12613 | 12174 |
| Boxwood | 14886 |  |
| Bradford | 16911 | 17127 |
| Brookwood | 13208 | 14429 |
| Bryant | 12280 | 14852 |
| Caden | 7254 | 5962 |
| Camellia | 14141 | 14912 |
| Caterpillar | 3467 | 11401 |
| Chilhowee | 17847 | 14836 |
| Claremore | 8145 | 8373 |
| Collinison | 15058 | 13954 |
| Cordero | 8388 | 18036 |
| Cristalino | 12780 | 8182 |
| Ellie | 3448 | 8302 |
| Emelina | 7320 | 11154 |
| Ethan | 6866 | 7310 |
| Frances | 20283 | 18377 |
| Glenncrest | 10015 | 10856 |
| Gordon | 16500 | 16165 |
| Haikey | 9178 | 14591 |
| Hamblen | 13169 | 18136 |
| Hancock | 12215 | 13859 |
| Hardman | 20296 | 20252 |
| Haven | 8853 | 6156 |
| Haverhill | 11558 | 9784 |
| Haybridge | 12841 | 13771 |
| Hedgecrest | 9674 | 12673 |
| Helmerich | 10681 | 15632 |
| Hermanos | 12196 | 3847 |
| Holmes | 7532 | 12836 |
| Johnson | 20547 | 9060 |
| Keystone | 15027 | 19661 |
| Langley | 19200 |  |

---

---

| | | |
|:---|:---|:---|
| **Series** | **2025 Distributions** | **2024 Distributions** |
| Laurel | 18938 | 12796 |
| Layla | 19563 | 20022 |
| Liberty | 10615 | 8885 |
| Lithonia | 9939 | 11667 |
| Lola | 19585 | 18054 |
| Lucas | 7341 | 16041 |
| Macomber | 12857 | 15114 |
| Mallard | 8562 | 15492 |
| Marcy | 12927 | 12048 |
| Meridian | 10538 | 15239 |
| Metallo | 6349 |  |
| Misty | 20978 |  |
| Montgomery | 8794 | 5904 |
| Northbrook | 14206 | 12872 |
| Northridge | 6197 | 12586 |
| Oakland | 19885 | 11779 |
| Palmore | 4253 | 10149 |
| Pebblestone | 19241 | 19593 |
| Perdita | 11687 | 17178 |
| Phoebe | 17784 | 10690 |
| Pongo | 11208 | 18418 |
| Portsmouth | 3536 | 14436 |
| Presidio | 9688 |  |
| Rachel | 16876 | 14519 |
| Ratliff | 18865 | 17848 |
| Riverwood | 7690 | 15414 |
| Roanoke | 20229 | 21419 |
| Robinson | 19989 | 1579 |
| Ross | 22010 | 20947 |
| Sansa | 12718 | 12411 |
| Sedgefield | 18256 | 9092 |
| Seneca | 16472 | 2992 |
| Sheezy | 14407 | 16151 |
| Sherwood | 7508 | 11648 |
| Spangler | 11858 |  |
| Summerglen | 13077 | 15228 |
| Tansel | 9849 | 17966 |
| Thomas | 6980 | 14918 |
| Tomlinson | 7820 |  |
| Tytus | 17593 | 17993 |
| Vanzant | 19960 | 17674 |
| Watson | 7649 | 12755 |
| Westhaven | 10488 | 12496 |
| Wheeler | 14572 | 15248 |
| Williamson | 9846 | 18583 |
| Woodland | 9276 | 11444 |
| Woodwind | 5701 | 12513 |
| Wynde | 10082 | 11513 |
| Wyndhurst | 11529 | 12300 |
| Zane | 11897 | 12298 |
|  | $**1217737** | $**1182761** |

---

**NOTE 8: RELATED PARTY TRANSACTIONS**

The series' manager, Arrived Fund Manager, LLC, is a managing member with common management of the series.

*Due from (to) Related Party*

 ****

The series enter into various transactions with the manager and affiliates of the manager in the normal course of operating and financing activities. As of December 31, 2025 and 2024, certain series owed an aggregate of $502,389 and $371,332, respectively, to the manager, including amounts related to the initial funding for certain series property acquisitions. As of December 31, 2025 and 2024, certain series repaid the manager an aggregate of $117,447 and $313,073, respectively, after the series' respective offerings. As of December 31, 2025 and 2024, certain series were owed an aggregate of $0 and $10,085, respectively. These advances are interest-free for short term due to (from) related party and do not have defined repayment terms.

*Deemed Contributions*

 

During the years ended December 31, 2025 and 2024, certain series received deemed contributions from the manager, amounting to $28,006 and $51,247, respectively, in exchange for forgiveness of amounts previously due to the manager.

 

*Management Compensation*

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Series** | **Sourcing fees** | **Financing and holding expenses** | **Offering expense** | **Asset management fee** | **Reimbursement of acquisition expenses** | **Property management fee, related party** |
| Adams | $10640 | $5320 | $7224 | $1824 | $2500 | $1215 |
| Antares |  |  |  | 1860 |  | 1066 |
| Aramis |  |  |  | 1800 |  | 1155 |
| Arkoma |  |  |  | 1422 |  | 719 |
| Arya |  |  |  | 1080 |  | 367 |
| Aspen |  |  |  | 1607 |  | 686 |
| Athos |  |  |  | 1740 |  | 1210 |
| Barclay |  |  |  | 1842 |  | 1098 |
| Bayne | 12160 | 6080 | 8222 | 1912 | 2500 | 1378 |
| Bean |  |  |  | 1756 |  | 1279 |
| Bennett |  |  |  | 1270 |  | 424 |
| Benny |  |  |  | 1530 |  | 917 |
| Bluebell |  |  |  | 1800 |  | 1063 |
| Bowling |  |  |  | 1248 |  | 385 |
| Boxwood | 11280 | 5640 | 7636 | 1775 | 2500 | 1056 |
| Bradford |  |  |  | 1830 |  | 1037 |
| Brookwood |  |  |  | 1683 |  | 466 |
| Bryant |  |  |  | 1679 |  | 1197 |
| Caden |  |  |  | 1500 |  | 761 |
| Camellia |  |  |  | 1530 |  | 451 |
| Caterpillar |  |  |  | 1800 |  | 352 |
| Chilhowee |  |  |  | 1943 |  | 1459 |
| Claremore |  |  |  | 1407 |  | 619 |
| Collinison |  |  |  | 1806 |  | 1171 |
| Cordero |  |  |  | 1530 |  | 562 |
| Cristalino |  |  |  | 1860 |  | 1603 |
| Ellie |  |  |  | 1720 |  | 1021 |
| Emelina |  |  |  | 1500 |  | 744 |
| Ethan |  |  |  | 1158 |  | 624 |
| Frances |  |  |  | 1668 |  | 1133 |
| Glenncrest |  |  |  | 1740 |  | 588 |
| Gordon |  |  |  | 1530 |  | 1188 |
| Haikey |  |  |  | 1468 |  | 769 |
| Hamblen |  |  |  | 1538 |  | 908 |
| Hancock |  |  |  | 1620 |  | 1119 |
| Hardman |  |  |  | 2325 |  | 1587 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Series** | **Sourcing fees** | **Financing and holding expenses** | **Offering expense** | **Asset management fee** | **Reimbursement of acquisition expenses** | **Property management fee, related party** |
| Haven |  |  |  | 1110 |  | 595 |
| Haverhill |  |  |  | 1408 |  | 285 |
| Haybridge |  |  |  | 2160 |  | 806 |
| Hedgecrest |  |  |  | 2160 |  | 1027 |
| Helmerich |  |  |  | 1526 |  | 664 |
| Hermanos |  |  |  | 1860 |  | 1257 |
| Holmes |  |  |  | 1058 |  | 436 |
| Johnson |  |  |  | 1956 |  | 1483 |
| Keystone |  |  |  | 2081 |  | 1118 |
| Langley | 11550 | 5770 | 7845 | 1985 | 2500 | 1603 |
| Laurel |  |  |  | 2011 |  | 1290 |
| Layla |  |  |  | 1942 |  | 1307 |
| Liberty |  |  |  | 1500 |  | 1027 |
| Lithonia |  |  |  | 1698 |  | 479 |
| Lola |  |  |  | 1807 |  | 1223 |
| Lucas |  |  |  | 1530 |  | 770 |
| Macomber |  |  |  | 1650 |  | 1215 |
| Mallard |  |  |  | 1248 |  | 530 |
| Marcy |  |  |  | 1080 |  | 499 |
| Meridian |  |  |  | 1590 |  | 967 |
| Metallo | 10290 | 5140 | 6982 | 1769 | 2500 | 501 |
| Misty |  |  |  | 2070 |  | 1641 |
| Montgomery |  |  |  | 1230 |  | 739 |
| Northbrook |  |  |  | 1692 |  | 979 |
| Northridge |  |  |  | 1619 |  | 518 |
| Oakland |  |  |  | 1842 |  | 1291 |
| Palmore |  |  |  | 1200 |  | 426 |
| Pebblestone |  |  |  | 2019 |  | 1363 |
| Perdita |  |  |  | 1995 |  | 833 |
| Phoebe |  |  |  | 1657 |  | 1068 |
| Pongo |  |  |  | 1995 |  | 781 |
| Portsmouth |  |  |  | 1278 |  | 668 |
| Presidio | 8470 | 4230 | 5741 | 1331 | 2500 | 696 |
| Rachel |  |  |  | 1732 |  | 925 |
| Ratliff |  |  |  | 1915 |  | 1195 |
| Riverwood |  |  |  | 1728 |  | 1124 |
| Roanoke |  |  |  | 2010 |  | 1587 |
| Robinson |  |  |  | 1931 |  | 1431 |
| Ross |  |  |  | 1998 |  | 1432 |
| Sansa |  |  |  | 1080 |  | 525 |
| Sedgefield |  |  |  | 1817 |  | 1248 |
| Seneca |  |  |  | 1769 |  | 1315 |
| Sheezy |  |  |  | 1398 |  | 963 |
| Sherwood |  |  |  | 1050 |  | 250 |
| Spangler | 13370 | 6680 | 9088 | 2101 | 2500 | 1155 |
| Summerglen |  |  |  | 1451 |  | 980 |
| Tansel |  |  |  | 1959 |  | 1276 |
| Thomas |  |  |  | 1316 |  | 331 |
| Tomlinson | 8570 | 4280 | 5860 | 1225 | 2500 | 666 |
| Tytus |  |  |  | 1560 |  | 1162 |
| Vanzant |  |  |  | 2130 |  | 1315 |
| Watson |  |  |  | 1058 |  | 371 |
| Westhaven |  |  |  | 1530 |  | 1003 |
| Wheeler |  |  |  | 1248 |  | 872 |
| Williamson |  |  |  | 1710 |  | 868 |
| Woodland |  |  |  | 960 |  | 410 |
| Woodwind |  |  |  | 1530 |  | 505 |
| Wynde |  |  |  | 1500 |  | 919 |
| Wyndhurst |  |  |  | 1868 |  | 626 |
| Zane | - | - | - | 978 | - | 408 |
|  | $**86330** | $**43140** | $**58598** | $**156911** | $**20000** | $**88326** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Series** | **Sourcing fees** | **Financing and holding expenses** | **Offering expense** | **Asset management fee** | **Reimbursement of acquisition expenses** | **Property management fee, related party** |
| Antares | $- | $- | $- | $- | $- | $(115) |
| Aramis |  |  |  | 2015 |  | 1027 |
| Arkoma |  | (640) | (10) | 1950 | 180 | 1123 |
| Arya |  |  |  | 1541 |  | 691 |
| Aspen |  |  |  | 1170 |  | 499 |
| Athos |  |  |  | 1607 |  | 356 |
| Barclay |  | (750) | (12) | 1885 | 190 | 1171 |
| Bean |  | (300) | 11 | 1996 | 820 | 1047 |
| Bennett |  |  |  |  |  | 6 |
| Benny |  |  |  | 1903 |  | 1219 |
| Bluebell |  |  |  | 1270 |  | 305 |
| Bowling |  |  |  | 1530 |  | 855 |
| Bradford |  |  |  | 1950 |  | 1195 |
| Brookwood |  |  |  | 1248 |  | 237 |
| Bryant |  |  |  |  |  |  |
| Caden |  |  |  | 1983 |  | 975 |
| Camellia |  |  |  | 1683 |  | 337 |
| Caterpillar |  |  |  | 1679 |  | 1171 |
| Chilhowee |  |  |  | 1500 |  | (95) |
| Claremore |  |  |  | 1530 |  | 144 |
| Collinison |  |  |  | 1950 |  | 263 |
| Cordero |  |  |  | 1943 |  | 960 |
| Cristalino |  |  |  | 1407 |  | 207 |
| Ellie |  |  |  | 1806 |  | 1219 |
| Emelina |  |  |  | 1530 |  | 1123 |
| Ethan |  |  |  | 1860 |  | 1327 |
| Frances |  |  |  | 1863 |  | (101) |
| Glenncrest |  |  |  | 1500 |  | 835 |
| Gordon |  |  |  | 1158 |  | 576 |
| Haikey | 9720 | 4860 | 6583 | 1251 | 2500 | 1013 |
| Hamblen | 10150 | 5070 | 6722 | 580 | 2500 | 1059 |
| Hancock |  |  |  | 1658 |  | 979 |
| Hardman |  |  |  | 1468 |  | 806 |
| Haven |  |  |  | 1538 |  | 1171 |
| Haverhill |  |  |  | 1620 |  | 1070 |
| Haybridge |  |  |  | 2325 |  | 1555 |
| Hedgecrest |  |  |  | 1110 |  | 406 |
| Helmerich |  |  |  | 1408 |  | 398 |
| Hermanos |  |  |  | 2160 |  | 1110 |
| Holmes |  |  |  | 2160 |  | 784 |
| Keystone |  |  |  | 1526 |  | 705 |
| Layla |  |  |  | 1860 |  | 742 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Series** | **Sourcing fees** | **Financing and holding expenses** | **Offering expense** | **Asset management fee** | **Reimbursement of acquisition expenses** | **Property management fee, related party** |
| Liberty |  |  |  | 1058 |  | 499 |
| Lithonia | 11410 | 5700 | 7770 | 815 | 2500 | 635 |
| Lola |  |  |  | 2081 |  | 1186 |
| Lucas |  |  |  |  |  | (61) |
| Bryant | 11730 | 5860 | 7882 | 1173 | 2500 | 1207 |
| Caden |  |  |  | 2104 |  | 1148 |
| Camellia |  | (650) | (8) | 1625 | 250 | 903 |
| Caterpillar |  |  |  | 1698 |  | (31) |
| Chilhowee |  |  |  | 1957 |  | 1195 |
| Claremore |  |  |  | 1658 |  | 1123 |
| Collinison |  |  |  | 1788 |  | 1240 |
| Cordero |  | (550) | 1 | 1352 | 610 | 835 |
| Cristalino |  |  |  | 1170 |  | 415 |
| Ellie |  |  |  | 1723 |  | 940 |
| Emelina |  |  |  |  |  |  |
| Ethan | 12070 | 6030 | 8163 | 173 | 2500 | 42 |
| Frances |  |  |  | 890 |  | 560 |
| Glenncrest |  |  |  | 1692 |  | 734 |
| Gordon | 9440 | 4720 | 6391 | 1619 | 2500 | 224 |
| Haikey | 10740 | 5370 | 7215 | 461 | 2500 | 980 |
| Hamblen |  |  |  | 1200 |  | 523 |
| Hancock |  |  |  | 2019 |  | 1182 |
| Hardman |  |  |  | 2161 |  | 1036 |
| Haven | 9660 | 4830 | 6538 | 552 | 2500 | 759 |
| Haverhill |  |  |  | 2161 |  | 1126 |
| Haybridge |  |  |  | 1278 |  | 883 |
| Hedgecrest |  |  |  |  |  |  |
| Helmerich | 10100 | 5050 | 6842 | 1299 | 2500 | 765 |
| Hermanos |  |  |  | 2075 |  | 926 |
| Holmes |  | (850) | (14) | 1872 | (294) | 243 |
| Keystone |  | (660) | (11) | 2178 | 130 | 1739 |
| Layla | 11330 | 5660 | 7711 | 324 | 2500 | 164 |
| Liberty | 11650 | 5820 | 7882 | 1499 | 2500 | 1362 |
| Lithonia |  |  |  | 1170 |  | 499 |
| Lola | 10600 | 5300 | 7216 | 757 | 2500 | 641 |
| Lucas | 10320 | 5160 | 7039 | 442 | 2500 | 185 |
| Macomber |  |  |  | 1398 |  | 907 |
| Mallard |  |  |  | 1138 |  | 499 |
| Marcy |  |  |  |  |  |  |
| Meridian |  |  |  | 1412 |  | 770 |
| Montgomery |  |  |  | 2122 |  | 1459 |
| **Northbrook** |  |  |  | 1316 |  | 290 |
| Northridge |  |  |  |  |  |  |
| Oakland |  | (690) | (9) | 1690 | 240 | 1123 |
| Palmore | 12420 | 6210 | 8317 | 1598 | 2500 | 1152 |
| Pebblestone |  |  |  | 1058 |  | 499 |
| Perdita |  |  |  | 1530 |  | 748 |
| Phoebe |  |  |  | 1248 |  | 743 |
| Pongo |  | (460) | (5) | 1853 | 190 | 1291 |
| Portsmouth |  |  |  | 1040 |  | 403 |
| Rachel |  |  |  | 1530 |  | 305 |
| Ratliff |  |  |  | 1500 |  | 1051 |
| Riverwood | 10890 | 5440 | 7349 | 1401 | 2500 | 1151 |
| Roanoke | - | - | - | 1060 | - | 384 |
|  | $**162230** | $**75530** | $**109563** | $**133032** | $**39816** | $**68942** |

---

**NOTE 9: INCOME TAXES**

Deferred tax assets and liabilities are recognized for temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as for net operating loss carryforwards. As of December 31, 2025 and 2024, gross deferred tax assets were approximately $226,000 and $217,000, primarily attributable to net loss carryforwards.

Deferred tax assets are recognized to the extent that management believes such amounts are more likely than not to be realized. In making this determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. Based on the cumulative losses incurred by the series in 2025 and 2024, management concluded that a full valuation allowance was required as of December 31, 2025 and 2024. Accordingly, a valuation allowance of $33,502 and $37,225 was recorded as of December 31, 2025 and 2024, respectively.

Deferred tax assets were calculated using the applicable federal and state tax rates of the Company and its series, which it estimated to range from 21.0% to 28.0% based on the state of the respective series. For series that incurred net losses, the related deferred tax assets were fully offset by a valuation allowance; accordingly, no income tax benefit was recognized for 2025 or 2024. For series that generated net income, no income tax provision was recognized because taxable income was offset by available net operating loss carryforwards, deductions available to REITs, including dividends-paid deductions, or both. Accordingly, the effective tax rate was 0% for 2025 and 2024.

As of December 31, 2025 and 2024, the Company and its series had net operating loss carryforwards available to offset future taxable income in the amount of approximately $870,000 and $836,000, respectively. These federal net operating loss carryforwards may be carried forward indefinitely; however, their utilization is generally limited to 80% of taxable income in any future year. State net operating loss carryforwards may have different carryforward periods and utilization limitations depending on the applicable jurisdiction.

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

The Company and its series are not currently subject to any income tax audits in any taxing jurisdiction. U.S. federal and applicable state returns for tax years 2024 and forward remain subject to examination.

**NOTE 10: SUBSEQUENT EVENTS**

Subsequent to December 31, 2025, the Company issued $16,000 in operational notes to a related party, bearing interest at 6.5% per annum with a maturity date of 18 months from the original issuance date.

**ITEM 8. EXHIBITS**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 2.1\* | [Certificate of Formation of Arrived Homes 3, LLC](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000005/ex2-1_arrived3.htm) |
| 2.2\* | [Amended and Restated Limited Liability Company Agreement of Arrived Homes 3, LLC](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000048/ex2-2_arrived3.htm) |
| 3.1\* | [Form of Series Designation of Arrived Series \[\*\], a series of Arrived Homes 3, LLC](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000005/ex3-1_arrived3.htm) |
| 4.1\* | [Form of Subscription Agreement of Arrived Series \[\*\], a Series of Arrived Homes 3, LLC](http://www.sec.gov/Archives/edgar/data/1962723/000196272324000006/ex4-1_arrived3.htm) |
| 6.1\* | [Broker Dealer Agreement, dated January 4, 2023 between Arrived Homes 3, LLC and Dalmore Group, LLC](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000005/ex6-1_arrived3.htm) |
| 6.2\* | [Transfer Registrar Services Agreement, dated January 13, 2023, between Arrived Homes 3, LLC and Colonial Stock Transfer Company](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000005/ex6-2_arrived3.htm) |
| 6.3\* | [Form of Promissory Note](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000005/ex6-3_arrived3.htm) |
| 6.4\* | [Software and Services License Agreement, dated \[\*\], 202\[\*\], by and between North Capital Investment Technology, Inc. and Arrived Holdings, Inc.](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000005/ex6-4_arrived3.htm) |
| 6.5\* | [Form of Property Management Agreement dated \[\*\], 202\[\*\], between Marketplace Homes and Arrived Series \[\*\], a series of Arrived Homes 3, LLC](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000005/ex6-5_arrived3.htm) |
| 6.6\* | [Purchase and Sale Agreement dated December 20, 2022 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Chilhowee property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000005/chilhowee_psa.htm) |
| 6.6.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Chilhowee dated December 21, 2022 for Arrived Series Chilhowee property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000005/chilhowee_assignment.htm) |
| 6.7\* | [Purchase and Sale Agreement dated November 29, 2022 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Sheezy property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000005/sheezy_psa.htm) |
| 6.7.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Sheezy dated November 30, 2022 for Arrived Series Sheezy property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000005/sheezy_assignment.htm) |
| 6.8\* | [Purchase and Sale Agreement dated December 12, 2022 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Bowling Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000017/bowling_psa.htm) |
| 6.8.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Bowling dated December 16, 2022 for Arrived Series Bowling Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000017/bowling_assignment.htm) |
| 6.9\* | [Purchase and Sale Agreement dated January 23, 2023 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Caden Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000017/caden_psa.htm) |
| 6.9.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Caden dated January 22, 2023 for Arrived Series Caden Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000017/caden_assignment.htm) |
| 6.10\* | [Purchase and Sale Agreement dated January 23, 2023 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Cristalino Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000017/cristalino_psa.htm) |
| 6.10.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Cristalino dated December 21, 2022 for Arrived Series Cristalino Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000017/cristalino_assignment.htm) |
| 6.10.2\* | [Counteroffer to Offer dated December 19, 2022 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Cristalino Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000017/cristalino_counteroffer.htm) |
| 6.10.3\* | [Addendum to Purchase and Sale Agreement dated December 16, 2022 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Cristalino Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000017/cristalino_addendum.htm) |

---

---

| | |
|:---|:---|
| 6.11\* | [Purchase and Sale Agreement dated January 5, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Emelina Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000017/emelina_psa.htm) |
| 6.11.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Emelina dated January 10, 2023 for Arrived Series Emelina Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000017/emelina_assignment.htm) |
| 6.12\* | [Purchase and Sale Agreement dated December 20, 2022 between Arrived Holdings, Inc./Assignee and Seller for Series Haven Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000017/haven_psa.htm) |
| 6.12.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Haven dated December 21, 2022 for Arrived Series Haven Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000017/haven_assignment.htm) |
| 6.12.2\* | [Addendum to Purchase and Sale Agreement dated January 3, 2023 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Haven Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000017/haven_addendum.htm) |
| 6.13\* | [Purchase and Sale Agreement dated December 19, 2022 between Arrived Holdings, Inc./Assignee and Seller for Series Hermanos Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000017/hermanos_psa.htm) |
| 6.13.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Hermanos dated January 10, 2023 for Arrived Series Hermanos Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000017/hermanos_assignment.htm) |
| 6.13.2\* | [Counteroffer to Offer dated January 5, 2023 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Hermanos Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000017/hermanos_counteroffer.htm) |
| 6.14\* | [Form of Property Management Agreement dated \[\*\], 202\[\*\], between Great Jones and Arrived Series \[\*\], a series of Arrived Homes 3, LLC](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000017/ex6_14.htm) |
| 6.15\* | [Purchase and Sale Agreement dated February 21, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Aspen Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000021/aspen_psa.htm) |
| 6.15.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Aspen dated February 28, 2023 for Arrived Series Aspen Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000021/aspen_assignment.htm) |
| 6.16\* | [Purchase and Sale Agreement dated February 21, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Bennett Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000021/bennett_psa.htm) |
| 6.16.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Bennett dated February 28, 2023 for Arrived Series Bennett Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000021/benett_assignment.htm) |
| 6.17\* | [Purchase and Sale Agreement dated February 21, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Brookwood Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000021/brookwood_psa.htm) |
| 6.17.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Brookwood dated February 28, 2023 for Arrived Series Brookwood Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000021/brookwood_assignment.htm) |
| 6.18\* | [Purchase and Sale Agreement dated January 13, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Camellia Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000021/camellia_psa.htm) |
| 6.18.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Camellia dated January 23, 2023 for Arrived Series Camellia Property.](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000021/camellia_assignment.htm) |
| 6.19\* | [Purchase and Sale Agreement dated February 21, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Haverhill Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000021/haverhill_psa.htm) |
| 6.19.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Haverhill dated February 28, 2023 for Arrived Series Haverhill Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000021/haverhill_assignment.htm) |
| 6.20\* | [Purchase and Sale Agreement dated February 21, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Lithonia Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000021/lithonia_psa.htm) |
| 6.20.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Lithonia dated February 28, 2023 for Arrived Series Lithonia Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000021/lithonia_assignment.htm) |
| 6.21\* | [Purchase and Sale Agreement dated January 24, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Palmore Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000021/palmore_psa.htm) |
| 6.21.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Palmore dated January 28, 2023 for Arrived Series Palmore Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000021/palmore_assignment.htm) |

---

---

| | |
|:---|:---|
| 6.22\* | [Purchase and Sale Agreement dated February 21, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Thomas Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000021/thomas_psa.htm) |
| 6.22.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Thomas dated January 28, 2023 for Arrived Series Thomas Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000021/thomas_assignment.htm) |
| 6.23\* | [Purchase and Sale Agreement dated February 21, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Woodwind Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000021/woodwind_psa.htm) |
| 6.23.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Woodwind dated February 28, 2023 for Arrived Series Woodwind Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000021/woodwind_assignment.htm) |
| 6.24\* | [Form of Property Management Agreement dated \[\*\], 202\[\*\], between Mynd and Arrived Series \[\*\], a series of Arrived Homes 3, LLC](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000021/exhibit6_24.htm) |
| 6.25\* | [Purchase and Sale Agreement dated February 19, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Benny Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000025/benny_psa.htm) |
| 6.25.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Benny dated February 22, 2023 for Arrived Series Benny Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000025/benny_assignment.htm) |
| 6.26\* | [Purchase and Sale Agreement dated February 21, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Montgomery Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000025/montgomery_psa.htm) |
| 6.26.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Montgomery dated February 24, 2023 for Arrived Series Montgomery Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000025/montgomery_assignment.htm) |
| 6.26.2\* | [Addendum to Purchase and Sale Agreement dated February 21, 2023 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Montgomery Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000025/montgomery_addendum.htm) |
| 6.27\* | [Purchase and Sale Agreement dated February 13, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Portsmouth Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000025/portsmouth_psa.htm) |
| 6.27.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Portsmouth dated March 6, 2023 for Arrived Series Portsmouth Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000025/portsmouth_assignment.htm) |
| 6.28\* | [Purchase and Sale Agreement dated March 8, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Summerglen Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000025/summerglen_psa.htm) |
| 6.28.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Summerglen dated March 8, 2023 for Arrived Series Summerglen Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000025/summerglen_assignment.htm) |
| 6.28.2\* | [Addendum to Purchase and Sale Agreement dated February 8, 2023 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Summerglen Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000025/summerglen_addendum.htm) |
| 6.29\* | [Purchase and Sale Agreement dated February 21, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Westhaven Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000025/westhaven_psa.htm) |
| 6.29.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Westhaven dated February 24, 2023 for Arrived Series Westhaven Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000025/westhaven_assignment.htm) |
| 6.30\* | [Form of Property Management Agreement dated \[\*\], 202\[\*\], between Darwin Homes and Arrived Series \[\*\], a series of Arrived Homes 3, LLC](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000025/ex6_30.htm) |
| 6.31\* | [Purchase and Sale Agreement dated March 6, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Cordero Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000030/cordero_psa.htm) |
| 6.31.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Cordero dated March 7, 2023 for Arrived Series Cordero Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000030/cordero_assignment.htm) |
| 6.32\* | [Purchase and Sale Agreement dated March 13, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Ethan Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000030/ethan_psa.htm) |
| 6.32.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Ethan dated March 16, 2023 for Arrived Series Ethan Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000030/ethan_assignment.htm) |

---

---

| | |
|:---|:---|
| 6.33\* | [Purchase and Sale Agreement dated March 13, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Hamblen Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000030/hamblen_psa.htm) |
| 6.33.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Hamblen dated March 10, 2023 for Arrived Series Hamblen Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000030/hamblen_assignment.htm) |
| 6.34\* | [Purchase and Sale Agreement dated February 25, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Holmes Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000030/holmes_psa.htm) |
| 6.34.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Holmes dated March 7, 2023 for Arrived Series Holmes Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000030/holmes_assignment.htm) |
| 6.35\* | [Purchase and Sale Agreement dated February 25, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Watson Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000030/watson_psa.htm) |
| 6.35.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Watson dated March 7, 2023 for Arrived Series Watson Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000030/watson_assignment.htm) |
| 6.36\* | [Purchase and Sale Agreement dated March 3, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Wheeler Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000030/wheeler_psa.htm) |
| 6.36.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Wheeler dated March 6, 2023 for Arrived Series Wheeler Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000030/wheeler_assignment.htm) |
| 6.37\* | [Purchase and Sale Agreement dated March 16, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Bryant Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000032/bryant_psa.htm) |
| 6.37.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Bryant dated March 22, 2023 for Arrived Series Bryant Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000032/bryant_assignment.htm) |
| 6.37.2\* | [Addendum to Purchase and Sale Agreement dated March 24, 2023 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Bryant Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000032/bryant_addendum.htm) |
| 6.38\* | [Purchase and Sale Agreement dated March 8, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Claremore Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000032/claremore_psa.htm) |
| 6.38.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Claremore dated March 1, 2023 for Arrived Series Claremore Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000032/claremore_assignment.htm) |
| 6.38.2\* | [Addendum to Purchase and Sale Agreement dated March 14, 2023 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Claremore Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000032/claremore_addendum.htm) |
| 6.39\* | [Purchase and Sale Agreement dated February 6, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Haikey Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000032/haikey_psa.htm) |
| 6.39.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Haikey dated March 1, 2023 for Arrived Series Haikey Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000032/haikey_assignment.htm) |
| 6.40\* | [Purchase and Sale Agreement dated March 24, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Hancock Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000032/hancock_psa.htm) |
| 6.40.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Hancock dated March 28, 2023 for Arrived Series Hancock Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000032/hancock_assignment.htm) |
| 6.41\* | [Purchase and Sale Agreement dated February 8, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Helmerich Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000032/helmerich_psa.htm) |
| 6.41.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Helmerich dated March 1, 2023 for Arrived Series Helmerich Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000032/helmerich_assignment.htm) |
| 6.41.2\* | [Addendum to Purchase and Sale Agreement dated March 15, 2023 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Helmerich Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000032/helmerich_addendum.htm) |
| 6.42\* | [Purchase and Sale Agreement dated March 21, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Wynde Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000032/wynde_psa.htm) |

---

---

| | |
|:---|:---|
| 6.42.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Wynde dated April 5, 2023 for Arrived Series Wynde Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000032/wynde_assignment.htm) |
| 6.43\* | [Purchase and Sale Agreement dated April 18, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Arkoma Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000039/arkoma_psa.htm) |
| 6.43.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Arkoma dated March 1, 2023 for Arrived Series Arkoma Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000039/arkoma_assignment.htm) |
| 6.43.2\* | [Addendum to Purchase and Sale Agreement dated March 21, 2023 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Arkoma Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000039/arkoma_addendum.htm) |
| 6.44\* | [Purchase and Sale Agreement dated March 17, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Gordon Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000039/gordon_psa.htm) |
| 6.44.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Gordon dated March 30, 2023 for Arrived Series Gordon Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000039/gordon_assignment.htm) |
| 6.45\* | [Purchase and Sale Agreement dated March 30, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Lucas Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000039/lucas_psa.htm) |
| 6.45\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Lucas dated April 4, 2023 for Arrived Series Lucas Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000039/lucas_assignment.htm) |
| 6.46\* | [Purchase and Sale Agreement dated April 18, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Macomber Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000039/macomber_psa.htm) |
| 6.46.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Macomber dated March 1, 2023 for Arrived Series Macomber Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000039/macomber_assignment.htm) |
| 6.47\* | [Purchase and Sale Agreement dated March 22, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Meridian Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000039/meridian_psa.htm) |
| 6.47.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Meridian dated March 28, 2023 for Arrived Series Meridian Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000039/meridian_assignment.htm) |
| 6.47.2\* | [Counteroffer to Offer dated March 21, 2023 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Meridian Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000039/meridian_counteroffer.htm) |
| 6.48\* | [Purchase and Sale Agreement dated March 27, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Perdita Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000039/perdita_psa.htm) |
| 6.48.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Perdita dated April 18, 2023 for Arrived Series Perdita Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000039/perdita_assignment.htm) |
| 6.49\* | [Purchase and Sale Agreement dated March 27, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Pongo Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000039/pongo_psa.htm) |
| 6.49.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Pongo dated April 19, 2023 for Arrived Series Pongo Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000039/pongo_assignment.htm) |
| 6.50\* | [Purchase and Sale Agreement dated March 22, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Woodland Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000039/woodland_psa.htm) |
| 6.50.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Woodland dated March 17, 2023 for Arrived Series Woodland Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000039/woodland_assignment.htm) |
| 6.51\* | [Purchase and Sale Agreement dated April 10, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Antares Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000071/antares_psa.htm) |
| 6.51.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Antares dated April 24, 2023 for Arrived Series Antares Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000071/antares_assignment.htm) |
| 6.51.2\* | [Counteroffer to Offer dated April 10, 2023 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Antares Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000071/antares_counteroffer.htm) |

---

---

| | |
|:---|:---|
| 6.52\* | [Purchase and Sale Agreement dated April 13, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Aramis Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000071/aramis_psa.htm) |
| 6.52.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Aramis dated April 14, 2023 for Arrived Series Aramis Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000071/aramis_assignment.htm) |
| 6.53\* | [Purchase and Sale Agreement dated April 11, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Athos Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000071/athos_psa.htm) |
| 6.53.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Athos dated April 13, 2023 for Arrived Series Athos Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000071/athos_assignment.htm) |
| 6.53.2\* | [Counteroffer to Offer dated April 11, 2023 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Athos Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000071/athos_assignment.htm) |
| 6.54\* | [Purchase and Sale Agreement dated April 11, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Barclay Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000071/barclay_psa.htm) |
| 6.54.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Barclay dated April 17, 2023 for Arrived Series Barclay Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000071/barclay_assignment.htm) |
| 6.55\* | [Purchase and Sale Agreement dated September 29, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Bean Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000071/bean_psa.htm) |
| 6.55.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Bean dated September 2, 2023 for Arrived Series Bean Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000071/bean_assignment.htm) |
| 6.56\* | [Purchase and Sale Agreement dated April 6, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Bluebell Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000071/bluebell_psa.htm) |
| 6.56.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Bluebell dated April 17, 2023 for Arrived Series Bluebell Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000071/bluebell_assignment.htm) |
| 6.57\* | [Purchase and Sale Agreement dated April 6, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Bradford Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000071/bradford_psa.htm) |
| 6.57.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Bradford dated April 6, 2023 for Arrived Series Bradford Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000071/bradford_assignment.htm) |
| 6.58\* | [Purchase and Sale Agreement dated April 8, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Caterpillar Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000071/caterpillar_psa.htm) |
| 6.58.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Caterpillar dated April 21, 2023 for Arrived Series Caterpillar Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000071/caterpillar_assignment.htm) |
| 6.58.2\* | [Addendum to Purchase and Sale Agreement dated April 10, 2023 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Caterpillar Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000071/caterpillar_addendum.htm) |
| 6.59\* | [Purchase and Sale Agreement dated August 2, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Ellie Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000071/ellie_psa.htm) |
| 6.59.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Ellie dated September 11, 2023 for Arrived Series Ellie Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000071/ellie_assignment.htm) |
| 6.60\* | [Purchase and Sale Agreement dated March 8, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Liberty Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000071/liberty_psa.htm) |
| 6.60.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Liberty dated March 10, 2023 for Arrived Series Liberty Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000071/liberty_assignment.htm) |
| 6.61\* | [Purchase and Sale Agreement dated March 9, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Mallard Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000071/mallard_psa.htm) |

---

---

| | |
|:---|:---|
| 6.61.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Mallard dated March 16, 2023 for Arrived Series Mallard Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000071/mallard_assignment.htm) |
| 6.61.2\* | [Addendum to Purchase and Sale Agreement dated March 9, 2023 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Mallard Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000071/mallard_addendum.htm) |
| 6.62\* | [Purchase and Sale Agreement dated March 17, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Riverwood Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000071/riverwood_psa.htm) |
| 6.62.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Riverwood dated April 21, 2023 for Arrived Series Riverwood Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000071/riverwood_assignment.htm) |
| 6.63\* | [Purchase and Sale Agreement dated April 12, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Roanoke Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000071/roanoke_psa.htm) |
| 6.63.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Roanoke dated April 13, 2023 for Arrived Series Roanoke Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000071/roanoke_assignment.htm) |
| 6.63.2\* | [Addendum to Purchase and Sale Agreement dated April 13, 2023 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Roanoke Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000071/roanoke_addendum.htm) |
| 6.64\* | [Purchase and Sale Agreement dated March 24, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Sherwood Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000071/sherwood_psa.htm) |
| 6.64.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Sherwood dated March 28, 2023 for Arrived Series Sherwood Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000071/sherwood_assignment.htm) |
| 6.65\* | [Purchase and Sale Agreement dated April 5, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Tansel Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000071/tansel_psa.htm) |
| 6.65.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Tansel dated April 18, 2023 for Arrived Series Tansel Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000071/tansel_assignment.htm) |
| 6.66\* | [Purchase and Sale Agreement dated March 30, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Tytus Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000071/tytus_psa.htm) |
| 6.66.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Tansel dated April 5, 2023 for Arrived Series Tytus Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000071/tytus_assignment.htm) |
| 6.67\* | [Purchase and Sale Agreement dated February 17, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Williamson Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000071/williamson_psa.htm) |
| 6.67.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Williamson dated March 6, 2023 for Arrived Series Williamson Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000071/williamson_assignment.htm) |
| 6.68\* | [Purchase and Sale Agreement dated April 8, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Zane Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000071/zane_psa.htm) |
| 6.68.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Zane dated April 13, 2023 for Arrived Series Zane Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000071/zane_assignment.htm) |
| 6.69\* | [Purchase and Sale Agreement dated September 1, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Arya Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000076/arya_psa.htm) |
| 6.69.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Arya dated October 4, 2023 for Arrived Series Arya Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000076/arya_assignment.htm) |
| 6.70\* | [Purchase and Sale Agreement dated July 28, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Marcy Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000076/marcy_psa.htm) |
| 6.70.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Marcy dated October 4, 2023 for Arrived Series Marcy Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000076/marcy_assignment.htm) |
| 6.71\* | [Purchase and Sale Agreement dated September 1, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Sansa Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000076/sansa_psa.htm) |
| 6.71.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Sansa dated October 4, 2023 for Arrived Series Sansa Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000076/sansa_assignment.htm) |

---

---

| | |
|:---|:---|
| 6.72\* | [Purchase and Sale Agreement dated September 19, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Haybridge Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000094/haybridge_psa.htm) |
| 6.72.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Haybridge dated September 28, 2023 for Arrived Series Haybridge Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000094/haybridge_assignment.htm) |
| 6.72.2\* | [Addendum to Purchase and Sale Agreement dated September 9, 2023 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Haybridge Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000094/haybridge_addendum.htm) |
| 6.73\* | [Purchase and Sale Agreement dated September 19, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Hedgecrest Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000094/hedgecrest_psa.htm) |
| 6.73.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Hedgecrest dated September 28, 2023 for Arrived Series Hedgecrest Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000094/hedgecrest_assignment.htm) |
| 6.74\* | [Purchase and Sale Agreement dated September 19, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Layla Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000094/layla_psa.htm) |
| 6.74.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Layla dated October 23, 2023 for Arrived Series Layla Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000094/layla_assignment.htm) |
| 6.75\* | [Purchase and Sale Agreement dated September 19, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Lola Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000094/lola_psa.htm) |
| 6.75.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Lola dated October 23, 2023 for Arrived Series Lola Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000094/lola_assignment.htm) |
| 6.76\* | [Purchase and Sale Agreement dated October 10, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Ratliff Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000094/ratliff_psa.htm) |
| 6.76.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Ratliff dated October 19, 2023 for Arrived Series Ratliff Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000094/ratliff_assignment.htm) |
| 6.77\* | [Purchase and Sale Agreement dated October 12, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Collinison Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000097/collinison_psa.htm) |
| 6.77.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Collinison dated October 30, 2023 for Arrived Series Collinison Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000097/collinison_assignment.htm) |
| 6.78\* | [Purchase and Sale Agreement dated October 8, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Hardman Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000097/hardman_psa.htm) |
| 6.78.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Hardman dated October 24, 2023 for Arrived Series Hardman Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000097/hardman_assignment.htm) |
| 6.79\* | [Purchase and Sale Agreement dated September 28, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Keystone Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000097/keystone_psa.htm) |
| 6.79.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Keystone dated October 31, 2023 for Arrived Series Keystone Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000097/keystone_assignment.htm) |
| 6.80\* | [Purchase and Sale Agreement dated October 9, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Northbrook Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000097/northbrook_psa.htm) |
| 6.80.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Northbrook dated October 19, 2023 for Arrived Series Northbrook Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000097/northbrook_assignment.htm) |
| 6.81\* | [Purchase and Sale Agreement dated September 28, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Pebblestone Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000097/pebblestone_psa.htm) |
| 6.81.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Pebblestone dated October 31, 2023 for Arrived Series Pebblestone Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000097/pebblestone_assignment.htm) |

---

---

| | |
|:---|:---|
| 6.82\* | [Purchase and Sale Agreement dated October 10, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Frances Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000100/frances_psa.htm) |
| 6.82.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Frances dated October 19, 2023 for Arrived Series Frances Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000100/frances_assignment.htm) |
| 6.83\* | [Purchase and Sale Agreement dated November 7, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Northridge Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000100/northridge_psa.htm) |
| 6.83.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Northridge dated November 21, 2023 for Arrived Series Northridge Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000100/northridge_assignment.htm) |
| 6.84\* | [Purchase and Sale Agreement dated October 31, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Rachel Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000100/rachel_psa.htm) |
| 6.84.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Rachel dated November 1, 2023 for Arrived Series Rachel Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000100/rachel_assignment.htm) |
| 6.85\* | [Purchase and Sale Agreement dated October 31, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Ross Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000100/ross_psa.htm) |
| 6.85.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Ross dated November 1, 2023 for Arrived Series Ross Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000100/ross_assignment.htm) |
| 6.86\* | [Purchase and Sale Agreement dated November 3, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Vanzant Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000100/vanzant_psa.htm) |
| 6.86.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Vanzant dated November 21, 2023 for Arrived Series Vanzant Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000100/vanzant_assignment.htm) |
| 6.87\* | [Purchase and Sale Agreement dated November 1, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Wyndhurst Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000100/wyndhurst_psa.htm) |
| 6.87.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Wyndhurst dated November 17, 2023 for Arrived Series Wyndhurst Property](https://www.sec.gov/Archives/edgar/data/1962723/000196272323000100/wyndhurst_assignment.htm) |
| 6.88\* | [Purchase and Sale Agreement dated October 25, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Glenncrest Property](http://www.sec.gov/Archives/edgar/data/1962723/000196272324000006/glenncrest_psa.htm) |
| 6.88.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Glenncrest dated November 1, 2023 for Arrived Series Glenncrest Property](http://www.sec.gov/Archives/edgar/data/1962723/000196272324000006/glenncrest_assignment.htm) |
| 6.89\* | [Purchase and Sale Agreement dated December 20, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Laurel Property](http://www.sec.gov/Archives/edgar/data/1962723/000196272324000006/laurel_psa.htm) |
| 6.89.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Laurel dated January 19, 2024 for Arrived Series Laurel Property](http://www.sec.gov/Archives/edgar/data/1962723/000196272324000006/laurel_assignment.htm) |
| 6.90\* | [Purchase and Sale Agreement dated October 3, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Oakland Property](http://www.sec.gov/Archives/edgar/data/1962723/000196272324000006/oakland_psa.htm) |
| 6.90.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Oakland dated October 19, 2023 for Arrived Series Oakland Property](http://www.sec.gov/Archives/edgar/data/1962723/000196272324000006/oakland_assignment.htm) |
| 6.91\* | [Purchase and Sale Agreement dated December 11, 2023 between Arrived Holdings, Inc./Assignee and Seller for Series Phoebe Property](http://www.sec.gov/Archives/edgar/data/1962723/000196272324000006/phoebe_psa.htm) |
| 6.91.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Phoebe dated December 13, 2023 for Arrived Series Phoebe Property](http://www.sec.gov/Archives/edgar/data/1962723/000196272324000006/phoebe_assignment.htm) |

---

---

| | |
|:---|:---|
| 6.92\* | [Purchase and Sale Agreement dated June 14, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Johnson Property](http://www.sec.gov/Archives/edgar/data/1962723/000196272324000028/johnson_psa.htm) |
| 6.92.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Johnson dated June 20, 2024 for Arrived Series Johnson Property](http://www.sec.gov/Archives/edgar/data/1962723/000196272324000028/johnson_assignment.htm) |
| 6.93\* | [Purchase and Sale Agreement dated January 8, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Sedgefield Property](http://www.sec.gov/Archives/edgar/data/1962723/000196272324000028/sedgefield_psa.htm) |
| 6.93.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Sedgefield dated January 22, 2024 for Arrived Series Sedgefield Property](http://www.sec.gov/Archives/edgar/data/1962723/000196272324000028/sedgefield_assignment.htm) |
| 6.94\* | [Purchase and Sale Agreement dated August 28, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Robinson Property](http://www.sec.gov/Archives/edgar/data/1962723/000196272324000038/robinson_psa.htm) |
| 6.94.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Robinson dated September 5, 2024 for Arrived Series Robinson Property](http://www.sec.gov/Archives/edgar/data/1962723/000196272324000038/robinson_assignment.htm) |
| 6.95\* | [Purchase and Sale Agreement dated August 13, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Seneca Property](http://www.sec.gov/Archives/edgar/data/1962723/000196272324000038/seneca_psa.htm) |
| 6.95.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Seneca dated August 23, 2024 for Arrived Series Seneca Property](http://www.sec.gov/Archives/edgar/data/1962723/000196272324000038/seneca_assignment.htm) |
| 6.96\* | [Purchase and Sale Agreement dated October 10, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Adams Property](http://www.sec.gov/Archives/edgar/data/1962723/000196272324000051/adams_psa.htm) |
| 6.96.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Adams dated October 28, 2024 for Arrived Series Adams Property](http://www.sec.gov/Archives/edgar/data/1962723/000196272324000051/adams_assignment.htm) |
| 6.97\* | [Purchase and Sale Agreement dated October 18, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Bayne Property](http://www.sec.gov/Archives/edgar/data/1962723/000196272324000051/bayne_psa.htm) |
| 6.97.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Bayne dated October 28, 2024 for Arrived Series Bayne Property](http://www.sec.gov/Archives/edgar/data/1962723/000196272324000051/bayne_assignment.htm) |
| 6.98\* | [Purchase and Sale Agreement dated October 8, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Boxwood Property](http://www.sec.gov/Archives/edgar/data/1962723/000196272324000051/boxwood_psa.htm) |
| 6.98.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Boxwood dated October 28, 2024 for Arrived Series Boxwood Property](http://www.sec.gov/Archives/edgar/data/1962723/000196272324000051/boxwood_assignment.htm) |
| 6.99\* | [Purchase and Sale Agreement dated October 4, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Langley Property](http://www.sec.gov/Archives/edgar/data/1962723/000196272324000051/langley_psa.htm) |
| 6.99.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Langley dated October 23, 2024 for Arrived Series Langley Property](http://www.sec.gov/Archives/edgar/data/1962723/000196272324000051/langley_assignment.htm) |
| 6.100\* | [Purchase and Sale Agreement dated October 30, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Metallo Property](http://www.sec.gov/Archives/edgar/data/1962723/000196272324000051/metallo_psa.htm) |
| 6.100.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Metallo dated November 18, 2024 for Arrived Series Metallo Property](http://www.sec.gov/Archives/edgar/data/1962723/000196272324000051/metallo_assignment.htm) |
| 6.101\* | [Purchase and Sale Agreement dated October 15, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Misty Property](http://www.sec.gov/Archives/edgar/data/1962723/000196272324000051/misty_psa.htm) |
| 6.101.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Misty dated October 29, 2024 for Arrived Series Misty Property](http://www.sec.gov/Archives/edgar/data/1962723/000196272324000051/misty_assignment.htm) |
| 6.101.2\* | [Counteroffer to Offer dated October 16, 2024 between Arrived Holdings, Inc./Assignee and Seller for Arrived Series Misty Property](http://www.sec.gov/Archives/edgar/data/1962723/000196272324000051/misty_counter.htm) |
| 6.102\* | [Purchase and Sale Agreement dated October 14, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Presidio Property](http://www.sec.gov/Archives/edgar/data/1962723/000196272324000051/presidio_psa.htm) |
| 6.102.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Presidio dated October 28, 2024 for Arrived Series Presidio Property](http://www.sec.gov/Archives/edgar/data/1962723/000196272324000051/presidio_assignment.htm) |
| 6.103\* | [Purchase and Sale Agreement dated October 10, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Spangler Property](http://www.sec.gov/Archives/edgar/data/1962723/000196272324000051/presidio_assignment.htm) |
| 6.103.1\* | [Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Spangler dated October 30, 2024 for Arrived Series Spangler Property](http://www.sec.gov/Archives/edgar/data/1962723/000196272324000051/spangler_assignment.htm) |
| 6.104\* | [Purchase and Sale Agreement dated October 11, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Tomlinson Property](http://www.sec.gov/Archives/edgar/data/1962723/000196272324000051/tomlinson_psa.htm) |

---

\* 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.

---

| | | |
|:---|:---|:---|
| **ARRIVED HOMES 3, LLC** | **ARRIVED HOMES 3, LLC** | **ARRIVED HOMES 3, LLC** |
| By: | Arrived Fund Manager, LLC, its managing member | Arrived Fund Manager, LLC, its managing member |
| By: | /s/ Ryan Frazier | /s/ Ryan Frazier |
|  | Name: | Ryan Frazier |
|  | Title: | Chief Executive Officer |
|  | Date: | April 30, 2026 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **SIGNATURE** | **SIGNATURE** | **TITLE** | **DATE** |
| /s/ Ryan Frazier | /s/ Ryan Frazier | Chief Executive Officer of Arrived Holdings, Inc. | April 30, 2026 |
| Ryan Frazier | Ryan Frazier | (principal executive officer) |  |
|  |  | Chief Executive Officer and Director of Arrived Homes 3, LLC |  |
| /s/ Sue Korn | /s/ Sue Korn | Principal Financial and | April 30, 2026 |
| Sue Korn | Sue Korn | Accounting Officer of Arrived Holdings, Inc. |  |
|  |  | Principal Financial and Accounting Officer of Arrived Homes 3, LLC |  |
| /s/ Kenneth Cason | /s/ Kenneth Cason | Chief Technology Officer of Arrived Holdings, Inc. | April 30, 2026 |
| Kenneth Cason | Kenneth Cason | Chief Technology Officer and Director of Arrived Homes 3, LLC |  |
| Arrived Fund Manager, LLC | Arrived Fund Manager, LLC | Managing Member | April 30, 2026 |
| By: | /s/ Ryan Frazier |  |  |
| Name: | Ryan Frazier |  |  |
| Title: | Chief Executive Officer |  |  |

---

## Form 1-K Filing Summary

### Filer Information

**Issuer CIK:** 0001962723

**Issuer CCC:** XXXXXXXX

**Is filer a shell company?:** No

**Is this filing by a successor company?:** No

### Submission Contact Information

**Is this a LIVE or TEST Filing?:** LIVE

**Period:** 12-31-2025

### Item 1: Issuer Information (Tab 1 Notification)

**Type of Report:** Annual Report

**Fiscal Year End:** 12-31-2025

**Exact Name of Issuer:** Arrived Homes 3, LLC

**CIK:** 0001962723

**Jurisdiction of Incorporation:** DE

**IRS Number:** 92-1716073

**Address:** 1700 Westlake Ave North, Seattle, WA 98109

**Issuer Phone Number:** 814-277-4833

**Title of each class of securities issued pursuant to Regulation A:** Arrived Series Haven; Arrived Series Chilhowee; Arrived Series Sheezy; Arrived Series Cristalino; Arrived Series Hermanos; Arrived Series Bowling; Arrived Series Emelina; Arrived Series Caden; Arrived Series Camellia; Arrived Series Palmore; Arrived Serie

### Item 2: Ongoing Reporting Requirements

**Is the issuer relying on the relief provided by Rule 257(d) for this filing?** Yes