# EDGAR Filing Document

**Accession Number:** 0001837189
**File Stem:** 0001731122-26-000637
**Filing Date:** 2026-4
**Character Count:** 79021
**Document Hash:** 6507a3793ece1c909c36d1ca31d5f48e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001731122-26-000637.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001731122-26-000637

**CONFORMED SUBMISSION TYPE**: 1-K

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PFG Fund V, LLC
- **CENTRAL INDEX KEY:** 0001837189
- **STANDARD INDUSTRIAL CLASSIFICATION:** LAND SUBDIVIDERS & DEVELOPERS (NO CEMETERIES) [6552]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 852725801
- **STATE OF INCORPORATION:** CO
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 1-K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 24R-00487
- **FILM NUMBER:** 26923488

**BUSINESS ADDRESS:**
- **STREET 1:** 6990 W 38TH AVE, SUITE 208
- **CITY:** WHEAT RIDGE
- **STATE:** CO
- **ZIP:** 80033
- **BUSINESS PHONE:** 3038354445

**MAIL ADDRESS:**
- **STREET 1:** 6990 W 38TH AVE, SUITE 208
- **CITY:** WHEAT RIDGE
- **STATE:** CO
- **ZIP:** 80033

## Part

**PART II**

**Statements Regarding Forward-Looking Information and Figures.**

This annual report on Form 1-K contains forward-looking statements about our business, operations and financial performance, including statements about our plans, strategies and objectives. Our use of words like "*believe*," "*estimate*," "*expect*," "*anticipate*," "*intend*," "*plan*," "*seek*," "*may*," "*will*" and similar expressions or statements regarding future periods or events are intended to identify forward-looking statements. These statements address our plans, strategies and objectives for future operations, and are based on current expectations which involve numerous risks, uncertainties and assumptions. Assumptions relating to these statements involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to accurately predict and many of which are beyond our control. Although we believe the assumptions underlying the forward-looking statements, and the forward looking statements themselves, are reasonable, any of the assumptions could prove to be inaccurate and, therefore, there can be no assurance that these statements will themselves prove accurate and our actual results, performance and achievements may materially differ from those expressed or implied by these statements as a result of numerous factors, including, without limitation, those discussed elsewhere on this Form 1-K and under the heading "Risk Factors" in our Offering Circular dated December 30, 2024, a copy of which will be available below, as well as from time to time in our other filings with the Securities and Exchange Commission, including, 253(g)(2) filing dated March 5, 2025 and Form 1-U dated March 5, 2025, in all cases, which are incorporated herein by reference.

Offering Circular: https://www.sec.gov/Archives/edgar/data/1837189/000173112224002066/e6246_1aa7.htm.

**Item 1. Business. Background Overview**

PFG Fund V, LLC (the "Company") was formed in the State of Colorado on August 26, 2020 for the purpose of engaging in the business of providing short-term secured real estate lending in Colorado, Wisconsin, Washington DC, and Minnesota as the Company's operations expand, loans may be made on properties located in other states as the market evolves, ("Hard Money Lending") to real estate investors. The Company may also manage, remodel, develop, lease, renovate, repair, and/or sell real properties acquired through the Company's lending activities, including, but not limited to, properties acquired through foreclosure and real estate owned ("REO"). The Company actively participates in the servicing and operational oversight of our assets through our manager, Pine Financial Group, Inc. ("Pine Financial" or "Manager"), rather than subrogate those responsibilities to a third party.

As of February 5, 2026, the Company has engaged a new auditor, Haynie & Company and the Company has decided not to reengage Cathedral CPAs & Advisors, LLP as its auditor.

Through our affiliation with Pine Financial Group, Inc. ("Pine Financial"), we have access to a large database of potential borrowers, which currently stands at approximately 5,400 in Colorado and 1,600 in Minnesota, and plan to make short-term secured rehab loans ("Hard Money Loans" or "Loans") to these potential borrowers and other borrowers. This database was compiled by collecting email addresses from people that have shown interest in our loan or in fixing and flipping houses. These email addresses have come from offline networking events, online networking forums, and our website. Most of these prospects have not yet been qualified to borrow from us. They are simply people in the areas in which we lend that have shown interest.

The Company is managed by Pine Financial through (i) its sole principal and President, Kevin Amolsch, (ii) its COO/GC, Jared Seidenberg, and (iii) its CIO, Brandon McKnight. Pine Financial is an established lender based in the Denver area with a proven track record.

Pine Financial's ability to evaluate potential loan candidates and underlying assets stems from the leadership team's deep understanding and experience in real estate. Mr. Amolsch started analyzing private money loans in 2006 while working at Lassiter Mortgage before starting Pine Financial Group, Inc. in 2008. As the founder and owner of Pine Financial Group, Inc., Mr. Amolsch leads a team responsible for reviewing every loan that is considered and approved by Pine Financial.

The Company will fund loans as funds from the note Offering readily become available. As the Company waits for funds to be raised pursuant to this Offering, it will identify and evaluate loans for funding. Proceeds from the offering will satisfy cash requirements for the next 12 months since the Company's business does not require high overhead expenses. The Company may do everything necessary and suitable for the accomplishment of the primary purpose or any other purpose, which we may accomplish, which shall, at any time, appear conducive to, or expedient for, the protection or benefit of the Company.

Our loans will have maturity dates of nine months to twelve months from the origination date. We do not charge prepayment penalties and it is not uncommon for our borrowers to pay off the loan prior to maturity. The note rate is between 10% and 13.4% annually, with interest only payments due monthly. If we do not get a monthly payment by the end of the fifth day of the month it is due, there is a late fee charged in the amount of 10% of the payment amount. If there is a payment default, the borrower will receive a demand letter stating: (a) that there is a default, (b) the amount needed to cure the default which will be the payment plus the late fee, (c) the date which the default must be cured which is 5 days from the receipt of the demand letter, and (d) that failure to cure the default will result in acceleration of the full loan amount.

**Company Objective**

PFG Fund V, LLC was formed to offer passive investment opportunities to qualified investors. We will continue to focus on providing a very specialized loans to borrowers. The Company's primary objectives are:

● Generate significant profits by lending to rehab investors with short-term loans at high interest rates in Colorado, Minnesota, Wisconsin, Washington D.C., and other states as the Company expands.

● To become the most reliable and well-known bridge and rehab lender in its markets.

● Realize profits and a rate of return for investors beginning on the date their capital is invested. As of December 31, 2025, the Company has realized a rate of return of 8% for its investors.

 **Mission Statement**

To provide a high-yield and secure investment while supporting the community through property rehabilitation.

**Item 2. Management Discussion & Analysis of Financial Condition and Results of Operations** 

The following summary financial data should be read in conjunction with this "MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND REULTS OF OPERATIONS*"* and the Financial Statements and Notes thereto, included elsewhere in this Offering. Statements of operations and balance sheet data from inception through the period ended December 31, 2025, are derived from our audited financial statements.

---

| | | | |
|:---|:---|:---|:---|
|  | **As of Dec. 31, 2025** | **As of Dec. 31, 2024** | **As of Dec. 31, 2023** |
| **TOTAL ASSETS** | $84588062 | $70123453 | $70528109 |
| **TOTAL LIABILITIES** | $83746849 | $68670190 | $68229606 |
| **TOTAL MEMBER'S EQUITY** | $841213 | $1453263 | $2298503 |
| **TOTAL LIABILITIES AND MEMBER'S EQUITY** | $84588062 | $70123453 | $70528109 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Period Ended<br> Dec. 30, 2025** | **Period Ended<br> Dec. 30, 2024** | **Period Ended<br> Dec. 31, 2023** |
| **Revenues** | $7505688 | $7964678 | $6613993 |
| **Expenses** | $6055475 | $6161397 | $5449820 |
| **Net Income (Loss)** | $1450213 | $1803281 | $1164173 |

---

The following discussion and analysis should be read in conjunction with our financial statements and the notes thereto contained elsewhere in this filing.

**Critical Accounting Policies**

Section 107 of the JOBS Act 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 that have different effective dates for public and private companies. We have elected to take advantage of this extended transition period, and thus, our financial statements may not be comparable to those of other reporting companies. Accordingly, until the date we are no longer an "emerging growth company" or affirmatively opt out of the exemption, upon the issuance of a new or revised accounting standard that applies to our financial statements and has a different effective date for public and private companies, we will disclose the date on which adoption is required for non-emerging growth companies and the date on which we will adopt the recently issued accounting standard.

**Company Overview**

PFG Fund V, LLC was formed in the State of Colorado on August 26, 2020 for the purpose of engaging in the business of providing short-term secured real estate lending in Colorado and Minnesota. The Company's operations has expanded and loans have been made on properties located in other states as the market evolves, ("Hard Money Lending") to real estate investors. The Company may also manage, remodel, develop, lease, renovate, repair, and/or sell real properties acquired through the Company's lending activities, including, but not limited to, properties acquired through foreclosure and real estate owned ("REO"). The Company actively participates in the servicing and operational oversight of our assets through our manager, Pine Financial, rather than subrogate those responsibilities to a third party.

As of December 31, 2025, the Company had issued 679 promissory notes. The notes have terms of 60 months and bear an interest of 8.00% per annum, interest payable only monthly. The notes have varying maturity dates, with the principal and accrued and unpaid interest due in full on demand after the maturity date. As of December 31, 2025 and 2024, $44,718,645 and $35,025,817, notes were issued and outstanding, respectively. Many of the promissory notes mature at various dates throughout December 2029. Notes issued after January 8, 2025, do not have set maturity dates as they are call notes. The cash generated by these Note sales is utilized to originate loans secured by interests in real property.

As of December 31, 2025, the Company has one line of credit with one financial institution and can receive advances under the agreements up to a combined maximum of $40,000,000 based on the Company's underlying collateral. The line has monthly interest payment only, at a variable interest rate. As of December 31, 2025, the interest rate was 7.723%. As of December 31, 2025, the line expires in November 2028.

The agreements contain certain financial covenants concerning minimum interest coverage ratio and minimum net worth requirements, which need to be met combined with a related party. All of which were met as of December 31, 2025.

Mortgage loans receivable consist of notes to individuals, limited liability companies and corporations secured by deeds of trust, bearing interest at various rates ranging from 10.00% to 13.40% per annum. These notes have original maturity dates through December 2027. Unfunded commitments were $8,647,761 and $9,498,229 as of December 31, 2025 and 2024, respectively.

Of the total mortgage loan receivable of $74,813,436 as of December 31, 2025 - $64,088,630 mature in 2026, and $2,712,835 mature in 2027. Twelve loans, totaling $8,011,971, had maturity dates in 2025 - six of these loans, totaling $4,026,451, were in the process of completing extensions in 2025, have been extended in 2026. One loan paid off shortly after December 31, 2025, and five, totaling $3,760,950 are in the foreclosure process.

 **Liquidity and Capital Resources**

The Company is seeking to raise up to $75 million of capital by selling Notes to Investors. We deploy most of the capital to make, purchase, originate, acquire, or sell loans secured by interests in real property located throughout the United States, with a primary focus in Colorado and Minnesota. The Company may also manage, remodel, develop, lease, renovate, repair, and/or sell real properties acquired through the Company's lending activities, including, but not limited to, properties acquired through foreclosure and real estate owned ("REO").

There is no public market for units of the Company, and none is expected to develop in the foreseeable future. No public market currently exists for our Notes. The Company has set a minimum investment requirement of $10,000.00 but may accept subscriptions for less or greater amount at the discretion of our Manager. Therefore, purchasers of our Notes may be unable to sell their securities because there may not be a public market for our securities. Any purchaser of our securities should be in a financial position to bear the risks of losing their entire investment.

We anticipate that adequate cash will be generated from operations to fund our operating and administrative expenses, and all continuing debt service obligations, including the debt service obligations of the Notes. However, our ability to finance our operations is subject to some uncertainties such as the performance of the mortgagor related to each of our assets and the economic and business environments of the various markets in which our underlying collateral properties are located.

**Trend Information**

Recent economic trends and developments may have adverse impacts on the Company and its operations including, without limitation, historically high inflation, rising interest rates, tariffs, trade wars, global economic uncertainty, increased costs of materials and construction, inflated property values and rapidly fluctuating real-estate markets, low supply of housing stock, tight labor markets and rising wages.

With the exception of the foregoing, there currently are no other events or uncertainties that we are aware of that will materially or adversely impact the lending operations of the Company nor are we aware of any events or uncertainties that would cause any of the reported financial information to not be indicative of future operating results.

Despite the current economic and market trends, we expect PFG Fund V, LLC to continue to grow its debt obligation as we sell more Notes, and increase its assets based on loans originated as outlined in the Offering.

**Related Party Transactions**

The Company receives certain operating and administrative services from the Manager, some of which may not be reimbursed to the Manager. The Company's financial position and results of operations would likely be different without this relationship with the Manager.

<u>Servicing Fee</u>

No servicing fees were earned by the Manager in 2025.

<u>Other Related Party Transactions</u>

During the year ended December 31, 2025, the Company purchased twenty-one loans at par value totaling $8,080,835 from PFG Fund II, LLC, PFG Fund VI, LLC and PFG Legacy Fund, LLC. Two loans from PFG Fund II, LLC for $1,064,000, fifteen loans from PFG Fund VI, LLC totaling $3,859,335, and four loans to PFG Legacy Fund, LLC totaling $3,157,500.

The Company also sold seven loans totaling $8,220,100 at par value to PFG Fund II, LLC PFG Fund IV, LLC, and PFG Fund VI, LLC. Three loans to PFG Fund II, LLC totaling $1,622,500, one loan from PFG Fund IV, LLC totaling $1,947,600, and three loans from PFG Fund VI, LLC totaling $4,650,000.

**Off-Balance Sheet Arrangements**

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

**Employees**

We are an emerging growth company currently being developed and currently have no salaried or waged employees. The management company, Pine Financial Group, Inc., has fifteen (15) full-time employees, six (6) independent contractors, three (3) Virtual Assistants, and two (2) offices. Our sole officers and directors currently serve the Company for no fixed compensation.

**Item 3. Directors, Executive Officers, Promoters and Control Persons**

The Principals and Executive Officers of the Manager are as follows:

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Title(s)** |
| Kevin Amolsch | 47 | CEO, President, Treasurer of Pine Financial Group, Inc. |
| Jared Seidenberg | 47 | COO/General Counsel Pine Financial Group, Inc. |
| Brandon McKnight | 46 | CIO of Pine Financial Group, Inc. |

---

**Duties, Responsibilities and Experience**

The following individuals are the decision makers of Pine Financial Group, Inc., which is the Manager of the Company. All business and affairs of the Company shall be managed by the Manager. The Manager shall direct, manage, and control the Company to the best of its ability and shall have full and complete authority, power, and discretion to make any and all decisions and to do any and all things that the Manager shall deem to be reasonably required to accomplish the business and objectives of the Company. The rights and duties of the Manager is described in the Operating Agreement of the Company.

**The Principals and Executive Officers of the Manager are as follows:**

**Duties, Responsibilities and Experience**

The following individuals are the decision makers of Pine Financial Group, Inc., which is the Manager of the Company. All business and affairs of the Company shall be managed by the Manager. The Manager shall direct, manage, and control the Company to the best of its ability and shall have full and complete authority, power, and discretion to make any and all decisions and to do any and all things that the Manager shall deem to be reasonably required to accomplish the business and objectives of the Company. The rights and duties of the Manager is described in the Operating Agreement.

The principals of the Manager are as follows:

**Pine Financial Group, Inc., Managing Member**

**Kevin Amolsch, Age 47, Sole Principal and Owner of Pine Financial Group, Inc., Manager**

Kevin Amolsch formed Pine Financial Group, Inc. in October 2008 after leaving Lassiter Mortgage as the senior loan officer for residential lending. With Lassiter Mortgage, a small mortgage brokerage consisting of the owner, one assistant, and Mr. Amolsch who served as a sub-contractor originating mortgage loans. While there, Mr. Amolsch was able to help raise private money to fund hard money loans as well as brokering traditional mortgages in Colorado. During his last 12 months there, Mr. Amolsch originated every residential loan that came through Lassiter, whether hard money or conventional, while the owner focused on commercial loans and her side business. Although the owner reviewed every file Mr. Amolsch initiated and was the underwriter on each hard money file, it was Mr. Amolsch who made the principal decisions on which loans to fund and which ones to turn down and presented the deals to the individual investors for funding on the hard money loans. Mr. Amolsch was also instrumental in structuring the loan servicing side of the business and created the system for collecting and sending payments and for handling defaults.

Today, Pine Financial Group is a premier lender for real estate investors in Colorado and Minnesota with more than 2,620 loans totaling $996 million. It is well known in the investment community that Pine Financial can get deals done and its business is based primarily on repeat business and referrals.

Kevin acquired his first house shortly after his 21<sup>st</sup> birthday. He was in the military when he purchased the house. Within two years he purchased another home and kept the first one as a passive investment. Within another two years he became a full-time real estate investor through acquisition, leasing and selling residential assets. He did this for several years before becoming a mortgage broker. He continued to broker conventional mortgage loans part time and went to work for a company that analyzes mortgage bonds to learn more about the secondary mortgage market in this country.

Finding it difficult to work for someone else he ended his short corporate career before his two-year anniversary and started working for a small boutique mortgage company in Denver and learned how to broker private money. This small mortgage company, Lassiter Mortgage, was a mortgage broker licensed in Colorado. There were two loan officers and one office assistant. Their office was in Denver and it originated loans in Colorado. For the last 12 months Kevin worked there, he ran the residential lending division. Any residential loan originated by Lassiter Mortgage was originated by Kevin. Kevin was consistently making between 2 and 5 private money loans per month before he left the company in 2008. Kevin was in charge of putting the file together and presenting the deal and the risks to private money lenders. Kevin also started and managed the loan servicing division where he was responsible for collecting payments, managing defaults and inspecting the properties. In 2008 he started Pine Financial Group, Inc. to continue pursuing his passion for deals.

Pine Financial Group has fifteen full-time employees, six independent contractors, three virtual assistants, and two offices. It originates short-term rehab loans to small real estate investors and developers. The niche has always been to serve investors and help make it possible for new and experienced investors to do more real estate deals. Pine Financial Group has been profitable from day one and is 100% privately financed.

Kevin is the author of "The 45 Day Investor" a book dedicated to helping new investors buy their first investment property in 45 days or less and has been quoted in the Las Vegas Review Journal, the Denver Post, Yahoo Real Estate, and several other small publications and blogs.

**Jared Seidenberg, Age 47, COO and General Counsel, Pine Financial Group, Inc., Manager**

Mr. Seidenberg is the chief Operating Officer and General Counsel at Pine Financial Group. Prior to joining Pine, Mr. Seidenberg was in private practice focused on business matters, regulatory compliance, banking and finance, corporate law, real estate, complex negotiations, and litigation. His real estate clients included developers, investors, contractors, and builders who he assisted in entitlement, deal formation and structure, litigation, contract matters, and disputes.

Prior to that, Mr. Seidenberg served as the General Counsel and President of a national financial services company with a portfolio in excess of $1 Billion where he handled all aspects of the company's federal and state compliance, litigation, vendor agreements, leases, and operational concerns.

In addition, Mr. Seidenberg is a successful real estate investor and has been involved in numerous multi-family developments, land deals, and single-family fix and flips. Mr. Seidenberg is a 2004 graduate of the University of Colorado School of Law.

**Brandon McKnight. Age 46, CIO, Pine Financial Group, Inc., Manager**

Brandon McKnight is the Chief Investment Officer at Pine Financial Group. Prior to joining Pine Financial Group, Brandon was the President of CivicSource, a company that creates technology to protect taxpayer property rights, guarantees investors insurable titles, and provides collectors an online marketplace to host transparent property auctions and tax sales. As of November 6, 2024, Mr. Brandon McKnight has been appointed as the Chief Investment Officer of the Company and has resigned as the Chief Strategy Officer.

Before that, Brandon was the Senior Vice President of Global Operations for Promontory Risk Review (PRR), a division of IBM, where he was responsible for global operations and delivery for a team of approximately 1500 people in four different global delivery centers. During his time at PRR, Brandon was instrumental in scaling the company revenues by 400% in six years. In addition, he also previously served as Senior Vice President of Operations at Stewart Lender Services (a division of Stewart Title). In this role, Brandon had Profit and Loss responsibility for the Loan File Review Division, which included five different business units.

He has been involved in various areas of real estate and technology for over a two decades, with in-depth experience in product development and launch processes. Brandon holds a Bachelor of Science in Business and Administration from the University of Colorado at Boulder, Leeds School of Business and a Juris Doctorate from the University of Colorado Law School.

**Executive Compensation**

The following table sets forth the cash compensation from the Company of the Principals of our Manager:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Year** | **Salary** | **Bonus** | **Option Awards** | **All Other<br> Compensation(1)** |
| Kevin Amolsch, President, CEO, and Treasurer of Pine Financial Group, Inc. Manager | 2025 | $0 | $0 | $0 | 100% of the LLC Interests |
| Jared Seidenberg, COO and General Counsel | 2025 | $0 | $0 | $0 |  |
| Brandon McKnight, CIO | 2025 | $0 | $0 | $0 |  |

---

For organizing the Company, business plan development, putting together this Offering, initial capitalization, and other related services, the Manager of our Company has been awarded 100% of the LLC Interests in our Company. The Manager continues to reap the benefits of the LLC Interests by providing management services to the Company and its noteholders.

The Manager shall receive reimbursement for expenses incurred on behalf of the Company. The Manager will also receive 100% of distributions available after the Noteholders have received their return of principal and promised interest payments under the Notes.

The Manager shall receive reimbursement for expenses incurred on behalf of the Company. The Manager will also receive 100% of distributions available after the Noteholders have received their return of principal and promised interest payments under the Notes.

**Employment Agreements**

There are no current employment agreements or current intentions to enter into any employment agreements.

**Future Compensation**

The principals of our Manager have agreed to provide services to us without compensation until such time that we have sufficient earnings from our revenue. The Manager has received the Membership Interests in exchange for cash.

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

The following table sets forth information as of the date of this Offering.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name of Beneficial Owner** | &nbsp;&nbsp;**Membership Interest** | &nbsp;&nbsp;**% Before Offering** | &nbsp;&nbsp;**% After Offering** |
| &nbsp;&nbsp;&nbsp;Pine Financial Group, Inc. | 100% | 100% | 100% |
| &nbsp;&nbsp;&nbsp;**TOTAL:** | **100%** | **100%** | **100%** |

---

"Beneficial ownership" means the sole or shared power to vote or to direct the voting of, a security, or the sole or shared investment power with respect to a security (i.e., the power to dispose of or to direct the disposition of, a security). In addition, for purposes of this table, a person is deemed, as of any date, to have "beneficial ownership" of any security that such person has the right to acquire within 60 days from the date of this Offering.

**Item 5. Interest of Management and Others in Certain Transactions.**

The Company utilizes office space provided at no cost from our Manager. Office services are provided without charge by the Company's Manager. Such costs are immaterial to the financial statements and, accordingly, have not been reflected.

We have issued 100% of the Management Interests to our Manager. The Manager shall receive the following fees and compensation:

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| | | |
|:---|:---|:---|
| Phase of Operation | Basis for Fee | Amount of Fee |
| Net Income | N/A | The Manager, as equity holder of the Company, shall receive fee of 100% of the available cash distributions (profits). Cash Distributions are profits only, and shall be made after interest and/or principal payment of the Notes, and other expenses and costs that the Company may incur. The total amount of profit that the Manager may receive cannot be determined at this time. This may be paid monthly. |
| Servicing Fee (Fee charged to Company) | Manager compensation for servicing each loan. | The Servicing Fee shall be at a rate of 1% of the principal amount of the Loan. The total the Manager may receive cannot be determined at this time. |
| Origination & Admin Fee (Fee charged to Borrower) | Manager compensation for time spent originating, underwriting, and administering each loan. | $985 per Loan plus 2% to 4% of the Loan principal amount. The total the Manager may receive cannot be determined at this time. Paid by the Borrower. |
| Inspection Fees (Fee charged to Borrower) | Manager compensation for inspecting properties for construction draws. | A reasonable fee charged to the Borrower for inspecting the property prior to releasing a construction draw. The total the Manager may receive cannot be determined at this time. |

---

**Item 6. Other Information.** 

None

**Item 7. Financial Statements.** 

To Follow on Next Page

*PFG Fund V, LLC*

*Consolidated Financial Statements*

*December 31, 2025, and 2024*

PFG Fund V, LLC

*Consolidated* Financial Statements

Years Ended December 31, 2025, and 2024

**Table of Contents**

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| | |
|:---|:---|
|  | Page |
| [Independent Auditor's Report](#a_001) | F-3 |
| [Consolidated Balance Sheets](#a_002) | F-5 |
| [Consolidated Statements of Income](#a_003) | F-6 |
| [Consolidated Statements of Changes in Member's Equity](#a_004) | F-7 |
| [Consolidated Statements of Cash Flows](#a_005) | F-8 |
| [Notes to Consolidated Financial Statements](#a_006) | F-10 |

---

![](image_003.jpg)

**INDEPENDENT AUDITOR'S REPORT**

To the members of

PFG Fund V, LLC and Subsidiary

**Opinion**

We have audited the accompanying consolidated financial statements of PFG Fund V, LLC (a Colorado limited liability company) and its subsidiary, PFG Fund V SPV, LLC, (collectively, the "Company"), which comprise the consolidated balance sheet as of December 31, 2025, and the related consolidated statements of income, changes in member's equity, and cash flows for the year then ended, and the related notes to the consolidated financial statements.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025, and the results of its operations and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.

**Prior Period Financial Statements**

The financial statements of the Company as of and for the year ended December 31, 2024, were audited by other auditors whose report dated April 30, 2025 expressed an unmodified opinion on those statements.

**Basis for Opinion**

We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

**Responsibilities of Management for the Financial Statements**

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the financial statements are available to be issued.

![](image_004.jpg)

**Auditors' Responsibilities for the Audit of the Financial Statements**

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with generally accepted auditing standards, we:

● Exercise professional judgment and maintain professional skepticism throughout the audit.

● Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

● Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.

● Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

● Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about Company's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.

![](image_001.jpg)

Haynie

Salt Lake City, UT

April 30, 2026

PFG FUND V, LLC <br> CONSOLIDATED BALANCE SHEETS <br> December 31, 2025, and 2024

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
| &nbsp;&nbsp;&nbsp;ASSETS |  |  |
| Assets: |  |  |
| &nbsp;&nbsp;&nbsp; Cash | $4462247 | $3393121 |
| &nbsp;&nbsp;&nbsp; Interest Receivable | 815268 | 670304 |
| &nbsp;&nbsp;&nbsp; Mortgage Loans Receivable, Net | 74772920 | 66060028 |
| &nbsp;&nbsp;&nbsp; Real Estate Owned (REO) | 4459000 |  |
| Other Receivable | 78627 |  |
| Total Assets | $84588062 | $70123453 |
| &nbsp;&nbsp;&nbsp;LIABILITIES AND MEMBER'S EQUITY |  |  |
| Liabilities: |  |  |
| Interest Payable | $406591 | $155355 |
| Lines of Credit | 38494451 | 31436796 |
| Note Payable |  | 2000000 |
| Investor Promissory Notes | 44718645 | 35025817 |
| Due to Related Parties | 127162 | 52222 |
| Total Liabilities | 83746849 | 68670190 |
| Member's Equity | 841213 | 1453263 |
| Total Liabilities and Member's Equity | $84588062 | $70123453 |

---

See Notes to Consolidated Financial Statements

PFG FUND V, LLC <br> CONSOLIDATED STATEMENTS OF INCOME <br> Years Ended December 31, 2025 and 2024

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
| Revenue |  |  |
| &nbsp;&nbsp;&nbsp;Interest and Fee Income | $7505688 | $7964678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Revenue | 7505688 | 7964678 |
| Expenses |  |  |
| &nbsp;&nbsp;&nbsp;Investor Interest Expense | 3254699 | 3085361 |
| &nbsp;&nbsp;&nbsp;Interest Expense - Borrowings | 2589722 | 2825764 |
| &nbsp;&nbsp;&nbsp;Other Financial Charges/Fees | 30267 | 177704 |
| &nbsp;&nbsp;&nbsp;REO Holding Expenses | 134377 |  |
| &nbsp;&nbsp;&nbsp;Bank Service Charges | 30 | 133 |
| &nbsp;&nbsp;&nbsp;Legal and Professional Fees | 46410 | 31901 |
| &nbsp;&nbsp;&nbsp;Provision for Loan Losses |  | 40516 |
| &nbsp;&nbsp;&nbsp;Other Expenses |  | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 6055475 | 6161397 |
| Net Income | $1450213 | $1803281 |

---

See Notes to Consolidated Financial Statements

PFG FUND V, LLC <br> CONSOLIDATED STATEMENTS OF CHANGES IN MEMBER'S EQUITY <br> Years ended December 2025 and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Member's Equity | Member's Equity | Retained | Total |
|  | Unit | Amount | Earnings | Member's Equity |
| Balance at January 1, 2024 | 2 | $10000 | $2288503 | $2298503 |
| Issuance of Units |  | 1191250 |  | 1191250 |
| Distributions |  |  | (3839771) | (3839771) |
| Net Income |  |  | 1803281 | 1803281 |
| Balance at December 31, 2024 | 2 | $1201250 | $252013 | $1453263 |
| Issuance of Units |  |  |  |  |
| Redemptions/Distributions |  | (360037) | $(1702226) | (2062263) |
| Net Income |  |  | 1450213 | 1450213 |
| Balance at December 31, 2025 | 2 | $841213 | $(0) | 841213 |

---

See Notes to Consolidated Financial Statements

PFG FUND V, LLC <br> CONSOLIDATED STATEMENTS OF CASH FLOWS <br> Years ended December 31, 2025, and 2024

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
| Cash Flows From Operating Activities: |  |  |
| &nbsp;&nbsp;&nbsp;Net Income | $1450213 | $1803281 |
| &nbsp;&nbsp;&nbsp;Provision for Credit Losses |  | 40516 |
| Changes in operating Assets and Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Interest Receivable | (144963) | (28281) |
| &nbsp;&nbsp;&nbsp;Other Receivable | (78627) |  |
| &nbsp;&nbsp;&nbsp;Interest Payable | 219766 | (152143) |
| &nbsp;&nbsp;&nbsp;Due to Related Parties | 74940 | 32930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Cash Provided by Operating Activities | 1521329 | 1696303 |
| Cash Flows From Investing Activities: |  |  |
| &nbsp;&nbsp;&nbsp;Mortgage Loans Issued | (66376319) | (59866575) |
| &nbsp;&nbsp;&nbsp;Mortgage Loans Payoffs | 53209426 | 62236468 |
| &nbsp;&nbsp;&nbsp;Real Estate Owned (REO) | (5000) |  |
| Net Cash Provided by (Used in) Investing Activities | (13171893) | 2369893 |
| Cash Flows From Financing Activities: |  |  |
| &nbsp;&nbsp;&nbsp;Borrowings from Lines of Credit | 10020074 | 13019515 |
| &nbsp;&nbsp;&nbsp;Repayment of Lines of Credit | (2962419) | (2488438) |
| &nbsp;&nbsp;&nbsp;Proceeds from Note Payable |  |  |
| &nbsp;&nbsp;&nbsp;Repayment of Notes Payable | (2000000) |  |
| &nbsp;&nbsp;&nbsp;Borrowings from Promissory Notes | 16342725 | 948691 |
| &nbsp;&nbsp;&nbsp;Repayment of Promissory Notes | (6618426) | (10919971) |
| &nbsp;&nbsp;&nbsp;Redemption/Distributions to Member, Net | (2062263) | (2648521) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Cash Provided by (Used in) Financing Activities | 12719691 | (2088724) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Cash | 1069126 | 1977473 |
| Cash - Beginning of Period | 3393121 | 1415648 |
| Cash - End of Period | $4462247 | $3393121 |

---

PFG FUND V, LLC <br> CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED) <br> Years ended December 31, 2025, and 2024

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
| Supplemental Cash flow information: |  |  |
| &nbsp;&nbsp;&nbsp;Cash Paid For: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Expense | $5593155 | $6063269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes |  |  |
| Supplemental disclosure of noncash investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Foreclosure on REO Properties | $4454000 | $— |

---

See Notes to Consolidated Financial Statements

PFG Fund V, LLC

Notes to Consolidated Financial Statements

Years Ended December 31, 2025, and 2024

NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS

<u>Organization</u>

PFG FUND V, LLC. ("PFG V") was incorporated on August 26, 2020, in Colorado. The Company's fiscal year end is December 31. The Company investment objective is to generate passive income and seeks to achieve its investment objective primarily by originating mortgages secured by real estate properties. The core geographic regions for the underlying collateral are Colorado, Minnesota, Wisconsin, and Washington D.C. The loans are typically first lien senior secured loans.

PFG Fund V SPV, LLC ("PFG V SPV") was formed on October 18, 2022, in the State of Colorado to provide a certain warehouse lender with access to mortgage notes used as collateral for related borrowings in the event of insolvency of PFG V. Pursuant to the Limited Liability Company Agreement of PFG V SPV, PFG V is the sole member. The accompanying consolidated financial statements include the accounts of PFG V and its subsidiary PFG V SPV, (collectively, the "Company").

<u>Manager</u>

The Company is managed by Pine Financial Group, Inc. (the "Manager"), a Colorado Corporation. The Manager is in complete control of the Company's business. The Company receives certain operating and administrative services from the Manager, some of which may not be reimbursed to the Manager. The Company's consolidated financial position and results of operations would likely be different without this relationship with the Manager.

<u>Term of the Company</u>

The Company will continue indefinitely until dissolved pursuant to the operating agreement, the sale of substantially all the assets of the Company, any event that makes the Company ineligible to conduct its activities, or otherwise by operation of law.

<u>Promissory Notes</u>

The Company offers up to a maximum of $75,000,000 in principal amount of unsecured, non-convertible, fixed-rate promissory notes through a Tier II offering pursuant to Regulation A under the Securities Act, also known as "Reg A+" and it intends to offer the notes directly to investors and not through registered broker-dealers who are paid commission. The Company has set a minimum investment threshold of $10,000 but may accept subscriptions for less at the discretion of the Manager.

As of December 31, 2025, and 2024, investor promissory notes were outstanding $44,718,645 and $35,025,817, respectively.

NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS (CONTINUED)

<u>Promissory Notes (Continued)</u>

The Notes are non-negotiable offered with a minimum term of 60 months from the dates of issue, with a fixed annual interest rate of 8%. A noteholder may request redemption of its Note with 90 days' notice without penalty subject to availability of cash on hand. The Company has the right, at its option, to call any of the Notes for redemption before maturity in whole or in part, at any time or from time to time. If a Note is redeemed before maturity, the noteholder will be paid an amount equal to the unpaid principal balance of the Note plus any accrued interest through the date of redemption.

Redemption requests are processed within 90 days, in accordance with the offering documents. As of December 31, 2025, and 2024, there were no requests for redemption outstanding.

The Note is subject to continuous and automatic renewal and extension of the term for 60-month periods. The noteholder must provide written notice to the Company demanding repayment of the Note 90 days or more prior to the maturity date of the Note. If notice is not provided, the Note automatically renews for a subsequent 60-month term.

<u>Distributions</u>

The Company provides quarterly statements of account to the Noteholders and distributes or reinvests amounts equal to accrued and unpaid interest once per month on the first business day of each month.

<u>Manager Compensation</u>

The Manager is entitled to all Company profits. Profits include all Company revenue minus all Company expenses to include noteholder interest. The Manager has sole voting rights. The Manager is also entitled to compensation, including a per loan administration fee of $995, an origination fee ranging between 2 – 4% of the loan principal amount and reasonable inspection fees.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

<u>Basis of Presentation</u>

The consolidated financial statements of the Company have been prepared on the accrual basis of accounting in accordance with United States generally accepted accounting principles ("U.S. GAAP") and reflect all significant receivables, payables, and other liabilities.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

<u>Principles of Consolidation</u>

All significant intercompany balances and transactions have been eliminated in consolidation.

<u>Use of Estimates</u>

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

<u>Mortgage Loans Receivable</u>

Mortgage loans receivable are carried at outstanding unpaid principal balance, less an allowance for credit losses. The loans have varying contractual terms, typically ranging between 9 and 12 months, with no prepayment penalties. The Manager may make loan modifications and extensions as needed. The loans are interest only with a balloon principal payment payable at maturity.

The Company will not recognize interest income on loans once they are determined to be impaired until the delinquent interest is collected in cash. An impaired loan will be reported as being in non-accrual status if any of the following conditions are met:

● It is probable that the Company will be unable to collect all amounts due per the contractual terms.

● Principal and/or interest has been in default for a period of 60 days or more. Payment defaults are defined as any non-payment of interest, principal (repayment at maturity), or late fees that are contractually due per the underlying credit documents and such non-payment arises to an Event of Default (as defined in the credit agreement), subject to any applicable grace periods and amendment or modification of payment terms that are extended as of the reporting date. The default date is defined as the date in which the Company sends the borrower the respective demand letter.

Upon classification as non-accrual, the Company ceases accruing interest. Previously recognized interest income that was accrued, but not collected from the borrower, is reversed against interest income, unless the terms of the loan agreement permit capitalization of accrued interest to the principal balance.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

<u>Current Expected Credit Losses</u>

The allowance for credit losses required under ASU 2016-13 "Financial Instruments – Credit Losses – Measurement of Credit Losses on Financial Instruments (Topic 326)" ("ASU 2016-13") reflects management's current estimate of expected credit losses related to the loan portfolio. Changes to the allowance for credit losses are recognized through a provision for or reversal of credit losses on the consolidated Statements of Income. The allowance for credit losses is based on relevant information about past events, including historical loss experience, the current loan portfolio, market conditions and reasonable and supportable forecasts for the duration of each loan.

The Company generally invests in short-term, non-amortizing mortgages to real estate investors. In order to estimate expected credit losses in the portfolio, management stratifies the loan portfolio into loan pools based on the geographic location of the underlying collateral and similar risk characteristics. The loans typically fund projects that add value through renovations to increase the equity and resale value of the property. Substantially all the loans within the portfolio were originated between 2021 and 2025.

Management analyzed its historical track record for loans originated and default history from the inception of Pine Financial Group in 2008 through December 31, 2025, in assessing the Company's allowance for credit losses. Because Pine Financial Group applies consistent underwriting standards across all loans, regardless of the Fund providing the capital, management believes it is appropriate to evaluate cumulative historical losses across the entire loan portfolio. In its assessment, management considered the consistency of the underwriting standards applied through the historical period, changes in the nature and volume of the portfolio in terms of loans, and changes in the experience of the underwriting team and relevant staff in analyzing the historical losses incurred in the context of the current portfolio.

Management stratified the loan portfolio into Portfolio Segments (i.e. geographic region) and Class of Financing Receivable (i.e. loan type) in order to analyze the loan portfolio and determine the allowance. Management considered all loans that Pine Financial Group has foreclosed on or taken a deed in lieu on in its analysis of historical losses. In analyzing the historical loss rate, defined as the product of the probability of default and loss given default, for the relevant Portfolio Segments and Classes of Financing Receivables in the Company's loan portfolio as of December 31, 2025, the only Portfolio Segment and Class of Financing Receivable that has incurred a historical loss is construction loans with collateral in Minnesota. None of the other loan pools held by the Company had a corresponding historical loss rate as of December 31, 2025.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

<u>Current Expected Credit Losses (Continued)</u>

As of December 31, 2025, the historical lifetime credit loss rate (i.e., the product of the probability of default and the loss given default for each loan pool) for residential and commercial construction loans located in Minnesota is 0.73%. At December 31, 2024, the loss rate amounted to 0.91%. Based on the December 31, 2025, loan amount for the construction loans located in Minnesota ($2,650,000), the Company calculated an allowance for current expected credit losses of $19,345. Based on the December 31, 2024, loan amount for the construction loans located in Minnesota ($4,452,300), the Company calculated an allowance for current expected credit losses of $40,516.

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
| Minnesota Construction Loans | $2650000 | $4452300 |
| Loss Rate | 0.73% | 0.91% |
| Allowance for Expected Credit Losses | 19345 | 40516 |

---

As it relates to reasonable forecasts, management continually reviews the general market conditions of the areas in which the Company has exposure. After reviewing the market conditions and remaining duration of the loan portfolio, the Company determined based on the increased volume of the portfolio to make an adjustment to the quantitative computation of the allowance for current expected credit losses for qualitative factors of $21,171. Total allowance for expected credit losses at December 31, 2025, amounts to $40,516.

The Company has elected not to measure an allowance for credit losses for accrued interest receivables since it writes off the uncollectible accrued interest receivable balance by reversing interest income in a timely manner (on a quarterly basis). For the years ending December 31, 2025, and 2024, the Company reversed $155,109 and $54,310 in accrued interest, respectively.

<u>Allowance for Credit Losses</u>

The allowance for credit losses consisted of the following activity for the years ended December 31,

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
| Beginning Balance | $40516 | $— |
| Provision for Credit Losses |  | 4051640516 |
| Ending Balance | $40516 | $40516 |

---

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

<u>Mortgage Loan Participations</u>

The Company periodically sells participations in its mortgage loans receivable. Sold participations that qualify as a sale are removed from the Company's books and management recognizes its proportionate share of interest income on the remaining mortgage loans receivable as earned. Sold participations that do not qualify as a sale are recorded as a secured borrowing and are paid down consistent with the payment terms of the corresponding mortgage loan receivable.

<u>Real Estate Owned (REO)</u>

Properties that are foreclosed and converted as REOs are classified as held for sale and are valued at the fair value of the property less the estimated costs to sell. This value becomes the new cost basis of the property. The amount by which the recorded amount of the loan exceeds the new cost basis is recorded to the allowance for credit losses.

Subsequent declines in fair value below the initial cost basis are recorded through the use of a valuation allowance with a charge to net gains (losses) on sales of REO. The expenses of operating and maintaining the property are shown as REO holding expenses. Costs incurred to complete construction are capitalized, however, the recorded balance of the REO will not exceed the "as-completed" fair value, less estimated costs to sell.

For the years ended December 31, 2025, and 2024, the Company had real estate owned valued at $4,459,000 and $0 respectively.

<u>Transfers of Financial Assets</u>

Transfers of financial assets are accounted for as sales when control over the asset has been surrendered. Control over transferred assets is deemed to be surrendered when (i) the assets have been isolated (ii) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (iii) the Company does not maintain effective control over transferred assets through an agreement to repurchase them before their maturity.

<u>Revenue Recognition</u>

Mortgage interest income on performing loans is recognized as revenue when earned according to the contractual terms of the loan.

Fee income, including late fees, is recognized as revenue when collected due to the uncertainty in the probability of the fees being collected and the timing of when the fees will be collected. Fee income is included in interest income and is nominal.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

<u>Financial Instruments</u>

The Company follows Financial Accounting Standards Board, Accounting Standards Codification ("ASC") ASC 820, "Fair Value Measurements and Disclosures", which defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the assets or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity's own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).

The three levels of the fair value hierarchy are described below:

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active market); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

*Valuation Process and Techniques*

 

The Company has various processes and controls in place to ensure that fair value is reasonably estimated. While the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.

During the years ended December 31, 2025, and 2024, there were no changes to the valuation techniques that had, or are expected to have, a material impact on the Company's financial position or results of operations.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

<u>Financial Instruments (Continued)</u>

The fair value of the REO property is established in one of several ways.

● The winning bid or auction price at a foreclosure action, a public trustee sale, or sheriff's sale, depending on the state in which the property is in.

● The outstanding principal balance at the time of foreclosure.

● Any consideration received or paid in a deed in lieu of foreclosure will be considered.

● The after-repair value per independent appraisal depending on the state of the property and completion of any rehabilitation or construction originally documented in the borrower's scope of work.

The valuation should be consistent with the price that a market participant will pay to purchase the property at the measurement date in its as-is condition.

As of December 31, 2025, the only assets with a fair market value measurement was the REO. The fair market value measurement was the principal balance at the time of foreclosure for each property. There were no liabilities with recurring or non-recurring fair value measurements. There were no assets or liabilities with recurring or non-recurring fair value measurements as of December 31, 2024.

<u>Income Taxes</u>

The Company is a disregarded entity under the Internal Revenue Code and a similar section of the state code. Therefore, neither a provision nor a liability for federal income taxes have been included in these consolidated financial statements. The Company has evaluated its current tax positions and has concluded that as of December 31, 2025, and 2024, no significant uncertain tax positions exist for which a reserve would be necessary.

The Company's income tax returns are subject to review and examination by federal, state, and local governmental authorities. As of December 31, 2025, and 2024, there were 3 years open to examination by the Internal Revenue Service or state and local governmental authorities.

To the extent penalties and interest are incurred through the examinations, they are included in the other expenses in consolidated Statements of Income.

NOTE 3 - CASH CONCENTRATION

The Company maintains funds in financial institutions that are members of the Federal Deposit Insurance Corporation. As such, funds are insured based on Federal Reserve limits. The Company has not experienced any losses in the past, and Company management believes it is not exposed to any significant credit risk on the current account balance. At times, cash balances might exceed insured amounts.

NOTE 4 - MORTGAGE LOANS RECEIVABLE

Mortgage loans receivable consists of notes to individuals, limited liability companies and corporations secured by deeds of trust, bearing interest at various rates ranging from 10.00% to 13.40% per annum. These notes have original maturity dates through December 2027.

Unfunded commitments were $8,647,761 and $9,498,229 as of December 31, 2025, and 2024, respectively. These unfunded commitments will be funded by a combination of additional investor promissory notes, reinvestment of monthly interest distributions, repayment of principal on current loans and draws on the Company's line of credit.

As of December 31, 2025, the Company has five delinquent and impaired loans with a combined principal amount of $3,760,950, for which foreclosure proceedings were in process.

There were two delinquent and impaired loans as of December 31, 2024, with a combined principal amount of $1,268,900.

All mortgage loans receivable are collateral for the line of credit and the note payable. As of December 31, 2025, there were loan modifications for extensions and lender placed insurance. As of December 31, 2024, there were no loan modifications other than extensions. Mortgage Loans receivable consists of the following as of December 31, 2025, and 2024:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Mortgage loans receivable | 74813436 | 66100544 |
| Allowance for Credit Losses | (40516) | (40516) |
| &nbsp;&nbsp;&nbsp;Total Mortgage loan receivable | 74772920 | 66060028 |

---

*Loan characteristics*

 

The following table provides information about the outstanding loans portfolio as of December 31, 2025, and 2024:

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
| Number of secured loans | 93 | 92 |
| Secured loans – maximum credit exposure | $74813436 | $66100544 |
| Secured loans – lowest interest rate (fixed) | 10% | 10% |
| Secured loans – highest interest rate (fixed) | 13.40% | 13.40% |
| Average secured loan – principal | $804446 | $718484 |
| Average principal as percent of total principal | 1.08% | 1.09% |
| Average principal as percent of promissory notes | 1.80% | 2.06% |
| Average principal as percent of total assets | .95% | 1.03% |
| Largest secured loan – principal | $5103900 | $4485000 |
| Largest principal as percent of total principal | 6.82% | 6.79% |
| Largest principal as percent of promissory notes | 11.41% | 12.83% |
| Largest principal as percent of total assets | 6.03% | 6.40% |

---

 

 

NOTE 4 - MORTGAGE LOANS RECEIVABLE (CONTINUED)

*Lien position* 

 

Secured loans had the lien positions in the following table as of December 31, 2025, and 2024.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 |
|  | Loans | Principal | Percent | Loans | Principal | Percent |
| First trust deeds | 93 | $74813436 | 100% | 92 | $66100544 | 100% |
| &nbsp;&nbsp;&nbsp; Total principal, secured loans | 93 | 74813436 | 100% | 92 | 66100544 | 100% |

---

 

*Property type*

 

Secured loans summarized by property type are presented in the following table.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Loans** | **Principal** | **Percent** | **Loans** | **Principal** | **Percent** |
| Residential | 85 | $63063435 | 84.29% | 81 | $49139811 | 74.34% |
| &nbsp;&nbsp;&nbsp; Construction | 13 | 13580850 | 18.15% | 11 | 13442974 | 20.34% |
| &nbsp;&nbsp;&nbsp; Non-Construction | 72 | 49482585 | 66.14% | 70 | 35696837 | 54.00% |
| Commercial | 7 | $11213750 | 14.99% | 6 | $7144140 | 10.81% |
| &nbsp;&nbsp;&nbsp; Construction | 4 | 4435700 | 5.93% | 2 | 2412975 | 3.65% |
| &nbsp;&nbsp;&nbsp; Non-Construction | 3 | 6778050 | 9.06% | 4 | 4731165 | 7.16% |
| Land |  | $— |  | 4 | $9280342 | 14.04% |
| Other | 1 | $536251 | 0.72% | 1 | $536251 | 0.81% |
| &nbsp;&nbsp;&nbsp; Total Principal Secured Loans | 93 | $74813436 | 100% | 92 | $66100544 | 100% |

---

*Scheduled maturities*

 

Secured loans are scheduled to mature as presented in the following table as of December 31,

---

| | | | |
|:---|:---|:---|:---|
| | **Loans** | **Principal** | **Percent** |
| 2026 | 80 | $64088630 | 95.94% |
| 2027 | 1 | 2712835 | 4.06% |
| &nbsp;&nbsp;&nbsp;Total principal, secured loans | 81 | $66801465 | 100% |

---

Excluded from the above table are twelve (12) loans that had maturity dates in 2024 and 2025 totaling $8,011,971. Out of this total, six of these loans, totaling $4,026,451, were in the process of completing extensions. One loan paid off shortly after December 31, 2025, and five, totaling $3,760,950 are in the foreclosure process.

NOTE 4 - MORTGAGE LOANS RECEIVABLE (CONTINUED)

*Distribution by States and Counties*

 

The distribution of secured loans by counties is presented in the following table.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2024 | 2024 |
|  | Principal | Percent | Principal | Percent |
| Colorado | $41388368 | 55.32% | $44023953 | 66.60% |
| DC | 9019104 | 12.06% | 8304650 | 12.56% |
| Florida |  | 0.00% | 1907665 | 2.89% |
| Iowa | 3200000 | 4.28% | 1300000 | 1.97% |
| Maryland | 1707500 | 2.28% | 934500 | 1.41% |
| Minnesota | 17976714 | 24.03% | 8190076 | 12.39% |
| Wisconsin | 860250 | 1.15% | 1439700 | 2.18% |
| Virginia | 661500 | 0.88% |  | 0.00% |
| &nbsp;&nbsp;&nbsp;Total Principal, secured Loans | $74813436 | 100% | $66100544 | 100% |

---

****

<br> Delinquency rates are the primary credit quality indicator. Delinquencies greater than 90 days are a strong indicator of loans that will ultimately result in a foreclosure or similar liquidation transaction. In addition to delinquency rates, the current estimated loan-to-after repair value (LT-ARV) ratio is an indicator of the potential loss severity in the event of default. Additionally, LT-ARV ratios can provide insight into a borrower's continued willingness to pay, as the delinquency rate of high LT-ARV loans tends to be greater than that for loans where the borrower has equity in the collateral. As of December 31, 2025, the LT-ARV for all outstanding loans measured based on the original principal balance and the valuation of the properties at the origination of the loan ranged between 3.04% and 78.40%. As of December 31, 2024, the LT-ARV for all outstanding loans measured based on the original principal balance and the valuation of the properties at the origination of the loan ranged between 2.00% and 73.00%.

<u>Mortgage Loans Receivable Delinquencies</u>

The table below presents an analysis of the mortgage loans by payment-delinquency status as of December 31, 2025, and 2024.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Aging | 31 - 60 days | 61 - 90 days | 91 - 120 days | Over 120 days | Total Past Due |
| 2024 Portfolio in $|  |  | 585000 | 683900 | 1268900 |
| 2025 Portfolio in $|  |  |  | 3760950 | 3760950 |

---

As of December 31, 2025, five loans with amortized cost basis totaling $3,760,950 are in a non-accrual status and do not have a related allowance for credit losses. As of December 31, 2024, there were two loans with amortized costs basis totaling $1,268,900 that were in non-accrual status and did not have a related allowance for credit losses. The amount of interest income received on these loans during the year ended December 31, 2025, and 2024 was $99,315 and $66,409 respectively.

NOTE 5 - LINES OF CREDIT

As of December 31, 2025, the Company had a line of credit with a financial institution and can receive advances under the agreements up to a maximum of $40,000,000 based on the Company's underlying collateral. The line of credit is interest payment only at variable floating interest rates. One line of credit was paid in full in August 2024 and the remaining line of credit has a maturity date of November 5, 2028. As of December 31, 2025 and 2024, the lines of credit interest rates were 7.723% and 9.153% respectively. As of December 31, 2025, and 2024, the aggregate principal balance and accrued interest totaled $38,494,451 and $31,436,796, respectively. For the year ended December 31, 2025, interest expense totaled $2,553,930. For the year ended December 31, 2024, interest expense totaled $2,618,514.

The agreements contain certain financial covenants concerning the minimum interest coverage ratio and minimum net worth requirements, which need to be met by the Company alone or combined with a related party. As of December 31, 2025, and 2024, the Company was compliant with all covenant requirements.

NOTE 6 - NOTE PAYABLE

At December 31, 2025, the Company had no notes outstanding. As of December 31, 2024, the Company has a note payable outstanding with a financial institution. The principal was $2,000,000 and was secured by the Company's assets. The note payable had an interest rate of Prime Rate plus 1.75% per annual floating daily or 5%, whichever is greater. As of December 31, 2024, the interest rate was 9.25%. As of December 31, 2024, the principal and accrued interest outstanding were $2,000,000 and $37,583, respectively. For the periods ending December 31, 2025, and December 31, 2024, interest expense totaled $35,792 and $207,250, respectively. The note had monthly interest payment only and was paid in full as of March 31, 2025.

NOTE 7 - INVESTOR PROMISSORY NOTES

At December 31, 2025, and December 31, 2024, the Company has 341 and 278 investors, respectively.

As of and for the year ended December 31, 2025 and 2024, outstanding promissory notes, interest payable and interest expense are as follows:

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
| Investor Promissory Notes | $44718645 | $35025817 |
| Investor Interest Payable | 149242 | 117772 |
| Investor Interest Expense | 3254669 | 3085361 |

---

NOTE 8 - RELATED PARTY TRANSACTIONS

The Company receives certain operating and administrative services from the Manager, some of which may not be reimbursed to the Manager.

<u>Manager Distributions</u>

The Manager received $2,062,263 and $3,839,771 in Distributions and $0 and $1,191,250 in issuances for the period ending December 31, 2025, and December 31, 2024, respectively, in accordance with the terms of the operating agreement. Distributions are made at the sole discretion of the Manager on a pro-rata basis. The Manager on the Company's behalf may execute and deliver (i) any and all contracts, conveyances, assignments, leases, subleases, franchise agreements, licensing agreements, management contracts and maintenance contracts covering or affecting the Company's assets.

<u>Related Party Promissory Notes</u>

During the years ended December 31, 2025, and 2024, KDA holdings, LLC, an entity related to the Manager, holds $1,472,771 and $2,872,771 in promissory notes with an original term of 60 months, bearing 8% interest per annum which is consistent with promissory notes issued to non-related parties. These amounts are included in the investor promissory notes as presented on the Balance Sheet. The total interest expense for the periods ending December 31, 2025, and 2024 for this promissory note was $192,298 and $59,670, respectively.

<u>Other Related Party Transactions</u>

During the year ended December 31, 2025, the Company purchased twenty-one loans at par value totaling $8,080,835 and sold seven loans totaling $8,220,100 at par value. A summary of notes purchased and sold are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 2025 | 2025 | 2025 | 2025 |
| | Notes Sold | Notes Sold | Notes Purchased | Notes Purchased |
| **Entity** | **Principal** | **# of Loans** | **Principal** | **# of Loans** |
| Fund II | 1622500 | 3 | 1064000 | 2 |
| Fund IV | 1947600 | 1 |  | 0 |
| Fund VI | 4650000 | 3 | 3859335 | 15 |
| Fund VII |  | 0 | 3157500 | 4 |
| **Total** | $**8220100** | **7** | $**8080835** | **21** |

---

NOTE 8 - RELATED PARTY TRANSACTIONS (CONTINUED)

<u>Other Related Party Transactions (continued)</u>

During the year ended December 31, 2024, the Company purchased twenty-one loans at par value totaling $9,058,010 and sold sixteen loans totaling $12,133,926 at par value. A summary of notes purchased and sold are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 2024 | 2024 | 2024 | 2024 |
| | Notes Sold | Notes Sold | Notes Purchased | Notes Purchased |
| **Entity** | **Principal** | **# of Loans** | **Principal** | **# of Loans** |
| Fund I | $2262750 | 3 | $1225000 | 1 |
| Fund II | 354000 | 2 | 970050 | 9 |
| Fund IV | 7008910 | 7 | 4513608 | 7 |
| Fund VI | 2508266 | 4 | 2349352 | 4 |
| **Total** | $**12133926** | **16** | $**9058010** | **21** |

---

<u>Due to Related Parties</u>

As of December 31, 2025 and 2024, $127,162 and $52,222, respectively, were payable to another related entity for loan, audit, legal and lender placed insurance fees paid on behalf of the Company. The affiliate entities were reimbursed for the expenses soon after the year end.

NOTE 9 - COMMITMENTS AND CONTINGENCIES, OTHER THAN LOAN COMMITMENTS

<u>Commitments</u>

As of December 31, 2025 and 2024, the Company has unfunded commitments of $8,647,761 and $9,498,229, respectively, as disclosed in Note 4.

<u>Legal Proceedings</u>

As of December 31, 2025 and 2024, the Company was not involved in any legal proceedings other than those that would be considered part of the normal course of business as discussed below.

In the normal course of business, the Company may become involved in legal proceedings (such as bankruptcy proceedings, judicial foreclosures, etc.) to collect the debt owed under the promissory notes, to enforce the provisions of the deeds of trust, to protect its interest in the real property subject to the deeds of trust and to resolve disputes with borrowers.

In the opinion of the Company's management, any outcome is expected to be not significant to the financial position and results of operations

NOTE 10 - RISKS AND UNCERTAINTIES

<u>Default Risk</u>

In the normal course of business, the Company is exposed to default risk related to its mortgage loans. In the event a borrower defaults on a Company loan, the Company has the ability to foreclose on the mortgage collateral and subsequently complete any remaining rehabilitation or construction prior to selling and exiting the real estate owned. Any properties owned by the Company are reported as Real Estate Owned on the consolidated balance sheet.

<u>Operating Risk</u>

The Company may be influenced by the current macro-economic environment with rising interest rates and inflation, which may impact origination volume, margins and financing operations, the consequences of which cannot be readily determined but may impact the borrower's ability to pay off a loan as the Company's ability to meet future obligations.

<u><br> Technological and Cybersecurity Risk</u>

The Fund relies on information technology systems and the electronic processing of significant volumes of borrower, investor, and financial data. The frequency, scale and sophistication of cybersecurity threats—including unauthorized access, data breaches, ransomware attacks and other disruptions—continue to increase across the financial services industry. A material failure, interruption or security breach affecting the Fund or any third-party service provider on whom the Fund depends could result in operational delays, compromised data, reduced loan origination activity, financial losses, increased regulatory scrutiny or reputational harm. The potential impact of such events cannot be predicted with certainty, and the Fund may not be able to fully mitigate these risks despite the implementation of security measures.

NOTE 11 - RECLASSIFICATION

Reclassifications have been made to the audited financial statements as of December 31, 2024 in order to conform to the classifications used in the current year financial statements. These reclassifications have no effect on prior year net income.

NOTE 12 - SUBSEQUENT EVENTS

The Company has evaluated subsequent events through April 30, 2026 this report, and there were no additional subsequent events to report.

## Form 1-K Filing Summary

### Filer Information

**Issuer CIK:** 0001837189

**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:** PFG Fund V, LLC

**CIK:** 0001837189

**Jurisdiction of Incorporation:** CO

**IRS Number:** 85-2725801

**Address:** 10288 W Chatfield Ave, Littleton, CO 80127

**Issuer Phone Number:** 303-835-4445

**Title of each class of securities issued pursuant to Regulation A:** 8% Unsecured Promissory Notes up to $75,000,000.00 in face value

### Item 2: Ongoing Reporting Requirements

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