# EDGAR Filing Document

**Accession Number:** 0001815395
**File Stem:** 0001815395-25-000003
**Filing Date:** 2025-12
**Character Count:** 1204576
**Document Hash:** 83e83b89eeb23abe03f61066ac832b72
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001815395-25-000003.hdr.sgml**: 20251205

**ACCESSION NUMBER**: 0001815395-25-000003

**CONFORMED SUBMISSION TYPE**: 1-A

**PUBLIC DOCUMENT COUNT**: 64

**FILED AS OF DATE**: 20251205

**DATE AS OF CHANGE**: 20251204

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ark7 Properties LLC
- **CENTRAL INDEX KEY:** 0001815395
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE [6500]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 842698043
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 1-A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 024-12690
- **FILM NUMBER:** 251550919

**BUSINESS ADDRESS:**
- **STREET 1:** 1 FERRY BUILDING
- **STREET 2:** STE 201
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94111
- **BUSINESS PHONE:** 4152750701

**MAIL ADDRESS:**
- **STREET 1:** 1 FERRY BUILDING
- **STREET 2:** STE 201
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Ark 7 Properties LLC
- **DATE OF NAME CHANGE:** 20200617

## Part

**AN OFFERING STATEMENT PURSUANT TO REGULATION A RELATING TO THESE SECURITIES HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. INFORMATION CONTAINED IN THIS PRELIMINARY OFFERING CIRCULAR IS SUBJECT TO COMPLETION OR AMENDMENT. THESE SECURITIES MAY NOT BE SOLD NOR MAY OFFERS TO BUY BE ACCEPTED BEFORE THE OFFERING STATEMENT FILED WITH THE COMMISSION IS QUALIFIED. THIS PRELIMINARY OFFERING CIRCULAR SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR MAY THERE BE ANY SALES OF THESE SECURITIES IN ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL BEFORE REGISTRATION OR QUALIFICATION UNDER THE LAWS OF ANY SUCH STATE. WE MAY ELECT TO SATISFY OUR OBLIGATION TO DELIVER A FINAL OFFERING CIRCULAR BY SENDING YOU A NOTICE WITHIN TWO BUSINESS DAYS AFTER THE COMPLETION OF OUR SALE TO YOU THAT CONTAINS THE URL WHERE THE OFFERING CIRCULAR WAS FILED MAY BE OBTAINED.**

**PRELIMINARY OFFERING CIRCULAR DATED DECEMBER 4, 2025**

![](img_001.jpg)

Ark7 Properties LLC

(A DELAWARE SERIES LIMITED LIABILITY COMPANY)

1 Ferry Building, Ste 201

San Francisco, CA 94111

www.ark7.com

---

| | | | |
|:---|:---|:---|:---|
| **Series** | **Price to Public** | **Underwriting Discounts and Commissions (1)** | **Proceeds to Issuer (2)** |
| **Series #MHQNN Interest\*** |  |  |  |
| Per Share | <br>$97.05 | <br>$- | <br>$97.05 |
| Total Minimum | N/A | N/A | N/A |
| Total Maximum | <br>$1112193.00 | <br>$- | <br>$1112193.00 |
| **Series #KYLBE Interest\*** |  |  |  |
| Per Share | <br>$91.50 | <br>$- | <br>$91.50 |
| Total Minimum | N/A | N/A | N/A |
| Total Maximum | <br>$716445.00 | <br>$- | <br>$716445.00 |
| **Series #DJVWQ Interest\*** |  |  |  |
| Per Share | <br>$29.85 | <br>$- | <br>$29.85 |
| Total Minimum | N/A | N/A | N/A |
| Total Maximum | <br>$919648.65 | <br>$- | <br>$919648.65 |
| **Series #PBIUH Interest\*** |  |  |  |
| Per Share | <br>$36.90 | <br>$- | <br>$36.90 |
| Total Minimum | N/A | N/A | N/A |
| Total Maximum | <br>$43800.30 | <br>$- | <br>$43800.30 |
| **Series #PFUNR Interest\*** |  |  |  |
| Per Share | <br>$29.35 | <br>$- | <br>$29.35 |
| Total Minimum | N/A | N/A | N/A |
| Total Maximum | <br>$60607.75 | <br>$- | <br>$60607.75 |
| **Series #8YFFL Interest\*** |  |  |  |
| Per Share | <br>$5.55 | <br>$- | <br>$5.55 |
| Total Minimum | N/A | N/A | N/A |
| Total Maximum | <br>$51270.90 | <br>$- | <br>$51270.90 |
| **Series #XZQRZ Interest\*** |  |  |  |
| Per Share | <br>$68.85 | <br>$- | <br>$68.85 |
| Total Minimum | N/A | N/A | N/A |
| Total Maximum | <br>$687673.80 | <br>$- | <br>$687673.80 |
| **Series #DTMEW Interest\*** |  |  |  |
| Per Share | <br>$120.80 | <br>$- | <br>$120.80 |
| Total Minimum | N/A | N/A | N/A |
| Total Maximum | <br>$68372.80 | <br>$- | <br>$68372.80 |
| **Series #SOYGJ Interest\*** |  |  |  |
| Per Share | <br>$98.65 | <br>$- | <br>$98.65 |
| Total Minimum | N/A | N/A | N/A |
| Total Maximum | <br>$258364.35 | <br>$- | <br>$258364.35 |
| **Series #RUSUU Interest\*** |  |  |  |
| Per Share | <br>$92.35 | <br>$- | <br>$92.35 |
| Total Minimum | N/A | N/A | N/A |
| Total Maximum | <br>$250730.25 | <br>$- | <br>$250730.25 |
| **Series #KM1OU Interest\*** |  |  |  |
| Per Share | <br>$102.40 | <br>$- | <br>$102.40 |
| Total Minimum | N/A | N/A | N/A |
| Total Maximum | <br>$715366.40 | <br>$- | <br>$715366.40 |
| **Series #TBQSK Interest\*** |  |  |  |
| Per Share | <br>$97.10 | <br>$- | <br>$97.10 |
| Total Minimum | N/A | N/A | N/A |
| Total Maximum | <br>$55347.00 | <br>$- | <br>$55347.00 |
| **Series #EKPES Interest\*** |  |  |  |
| Per Share | <br>$55.15 | <br>$- | <br>$55.15 |
| Total Minimum | N/A | N/A | N/A |
| Total Maximum | <br>$626834.90 | <br>$- | <br>$626834.90 |

---

____________________

\* Denotes series submitted for qualification by the Commission in this Offering Circular.

* This Offering is being conducted by the company as a direct public offering (i.e., without the benefit of the services of an SEC-registered broker-dealer) on a "best efforts" basis in a "Tier 2" Regulation A offering by associated persons of our Managing Member through the Ark7 Platform. The associated persons of our Managing Member will not receive any commission or any other remuneration in relation to this offering. In offering the securities on our behalf, the associated persons of the Managing Member will rely on the safe harbor from broker-dealer registration set out in Rule 3a4-1 under the Securities Exchange Act of 1934, as amended.

* The company anticipates approximately $99,230.70 of the proceeds from the Series Interests purchased will be used for offering expenses.

There is no minimum subscription per investor.

**This offering will terminate at the earlier of (i) the date at which the maximum offering amount has been sold, (ii) the date at which the offering is earlier terminated by the company, in its sole discretion or (iii) the date that is three years from this offering being qualified by the United States Securities and Exchange Commission (the "Commission" or "SEC"). At least every 12 months after this offering has been qualified by the SEC the company will file a post-qualification amendment to include the company's recent financial statements. In addition, the company may periodically file a post-qualification amendment to include additional Series Interests to this offering. No escrow agent has been engaged for this offering and hold funds tendered by investors will be held in a segregated account controlled by the company.**

**See Plan of Distribution. No escrow account administered by an escrow agent has been established for this offering. Funds tendered by investors will be held in a segregated account controlled by the company. The company may undertake one or more closings on a rolling basis, regardless of the amount of funds, and intends to affect a close every 7 business days, after each closing, funds tendered by investors will be available to the company, and interests will be issued to investors. The initial closing will occur as soon as funds clear. We expect to hold subsequent closings every 7 business days. Assuming additional information does not need to be provided for due diligence (AML/KYC) and the investment has been funded it will take up to 3 business days to determine whether a subscription agreement has been accepted or rejected. In the event additional information is required from the subscriber, within 3 business days, the company will reach out to the subscriber for that information.**

**THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION DOES NOT PASS UPON THE MERITS OR GIVE ITS APPROVAL OF ANY SECURITIES OFFERED OR THE TERMS OF THE OFFERING, NOR DOES IT PASS UPON THE ACCURACY OR COMPLETENESS OF ANY OFFERING CIRCULAR OR OTHER SOLICITATION MATERIALS. THESE SECURITIES ARE OFFERED PURSUANT TO AN EXEMPTION FROM REGISTRATION WITH THE COMMISSION; HOWEVER, THE COMMISSION HAS NOT MADE AN INDEPENDENT DETERMINATION THAT THE SECURITIES OFFERED ARE EXEMPT FROM REGISTRATION**

**GENERALLY, NO SALE MAY BE MADE TO YOU IN THIS OFFERING IF THE AGGREGATE PURCHASE PRICE YOU PAY IS MORE THAN 10% OF THE GREATER OF YOUR ANNUAL INCOME OR NET WORTH. DIFFERENT RULES APPLY TO ACCREDITED INVESTORS AND NON-NATURAL PERSONS. BEFORE MAKING ANY REPRESENTATION THAT YOUR INVESTMENT DOES NOT EXCEED APPLICABLE THRESHOLDS, THE COMPANY ENCOURAGES YOU TO REVIEW RULE 251(d)(2)(i)(C) OF REGULATION A. FOR GENERAL INFORMATION ON INVESTING, THE COMPANY ENCOURAGES YOU TO REFER TO www.investor.gov.**

**This offering is inherently risky. See "Risk Factors" on page 18.**

**The company is following the "Offering Circular" format of disclosure under Regulation A.**

**In the event that the company becomes a reporting company under the Securities Exchange Act of 1934, the company intends to take advantage of the provisions that relate to "Emerging Growth Companies" under the JOBS Act of 2012. See "Summary - Implications of Being an Emerging Growth Company."**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Summary](#kix.rar3wjir0bsy) | 1 |
| [Risk Factors](#kix.fxy9pkun9zpp) | 18 |
| [Dilution](#kix.nsgiosv7ymr6) | 30 |
| [Plan of Distribution](#kix.rnv8k4iipocn) | 31 |
| [Use of Proceeds](#kix.s4sob5ephvcx) | 36 |
| [The Company's Business](#kix.wpr1ler90jtt) | 49 |
| [Series Properties Being Offered](#kix.n6euj5nob5kd) | 57 |
| [The Company's Properties](#kix.sbid7ctr81p0) | 70 |
| [Management's Discussion and Analysis of Financial Condition and Results of Operations](#kix.lbxb16acgcgx) | 71 |
| [Directors, Executive Officers and Significant Employees](#kix.qf3jecx8d3r3) | 77 |
| [Compensation of Directors and Officers](#kix.25knuv1h2mry) | 79 |
| [Security Ownership of Management and Certain Securityholders](#kix.wvkf3k872y9l) | 82 |
| [Interest of Management and Others in Certain Transactions](#kix.tpix083vkngy) | 83 |
| [Securities Being Offered](#kix.s1255q7jlvpf) | 101 |
| [U.S. Federal Income Tax Considerations](#kix.6m6p0vqjcaf) | 106 |
| [Ongoing Reporting](#kix.z9vbsyg7ntje) | 110 |
| [Financial Statements](#kix.8dpanjbv63i1) | 111 |

---

In this Offering Circular, the terms "Ark7 Properties LLC" "APL" "we," "us, "our," the "company" and similar terms refer to Ark7 Properties LLC, a Delaware series limited liability company.

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

I

**Implications of Being an Emerging Growth Company**

The company is not subject to the ongoing reporting requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act") because the company is not registering its securities under the Exchange Act. Rather, the company will be subject to the more limited reporting requirements under Regulation A, including the obligation to electronically file:

* annual reports (including disclosure relating to our business operations for the preceding two fiscal years, or, if in existence for less than two years, since inception, related party transactions, beneficial ownership of the issuer's securities, executive officers and directors and certain executive compensation information, management's discussion and analysis ("MD&A") of the issuer's liquidity, capital resources, and results of operations, and two years of audited financial statements),

* semiannual reports (including disclosure primarily relating to the issuer's interim financial statements and MD&A) and

* current reports for certain material events.

In addition, at any time after completing reporting for the fiscal year in which the company's offering statement was qualified, if the securities of each class to which this offering statement relates are held of record by fewer than 300 persons and offers or sales are not ongoing, the company may immediately suspend its ongoing reporting obligations under Regulation A.

If the company becomes subject to the ongoing reporting requirements of the Exchange Act, as an issuer with less than $1.07 billion in total annual gross revenues during its last fiscal year, it will qualify as an "emerging growth company" under the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act") and this status will be significant. An emerging growth company may take advantage of certain reduced reporting requirements and is relieved of certain other significant requirements that are otherwise generally applicable to public companies. In particular, as an emerging growth company, the company:

* will not be required to obtain an auditor attestation on its internal controls over financial reporting pursuant to the Sarbanes-Oxley Act of 2002;

* will not be required to provide a detailed narrative disclosure discussing its compensation principles, objectives and elements and analyzing how those elements fit with its principles and objectives (commonly referred to as "compensation discussion and analysis");

* will not be required to obtain a non-binding advisory vote from its interest holders on executive compensation or golden parachute arrangements (commonly referred to as the "say-on-pay," "say-on-frequency" and "say-on-golden-parachute" votes);

* will be exempt from certain executive compensation disclosure provisions requiring a pay-for-performance graph and CEO pay ratio disclosure;

* may present only two years of audited financial statements and only two years of related Management's Discussion and Analysis of Financial Condition and Results of Operations, or MD&A; and

* will be eligible to claim longer phase-in periods for the adoption of new or revised financial accounting standards.

If the company becomes subject to the ongoing reporting requirements of the Exchange Act, the company intends to take advantage of all of these reduced reporting requirements and exemptions, including the longer phase-in periods for the adoption of new or revised financial accounting standards under Section 107 of the JOBS Act. The company's election to use the phase-in periods may make it difficult to compare its financial statements to those of non-emerging growth companies and other emerging growth companies that have opted out of the phase-in periods under Section 107 of the JOBS Act.

II

Under the JOBS Act, the company may take advantage of the above-described reduced reporting requirements and exemptions for up to five years after its initial sale of common equity pursuant to a registration statement declared effective under the Securities Act of 1933, as amended, or such earlier time that the company no longer meets the definition of an emerging growth company. Note that this offering, while a public offering, is not a sale of common equity pursuant to a registration statement, since the offering is conducted pursuant to an exemption from the registration requirements. In this regard, the JOBS Act provides that the company would cease to be an "emerging growth company" if it has more than $1.07 billion in annual revenues, have more than $700 million in market value of its common stock held by non-affiliates, or issue more than $1 billion in principal amount of non-convertible debt over a three-year period.

Certain of these reduced reporting requirements and exemptions are also available to us due to the fact that the company may also qualify, once listed, as a "smaller reporting company" under the Commission's rules. For instance, smaller reporting companies are not required to obtain an auditor attestation on their assessment of internal control over financial reporting; are not required to provide a compensation discussion and analysis; are not required to provide a pay-for-performance graph or CEO pay ratio disclosure; and may present only two years of audited financial statements and related MD&A disclosure.

III

**SERIES OFFERING TABLE**

The table below shows key information related to the offering of each Series, as of December 4, 2025. Please also refer to "The Company's Properties" and "Use of Proceeds" for further details.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Series Name** | **Underlying Assets** | **Offering Price per Interest** | **Maximum Offering Size** | **Minimum/Maximum Subscribed Series Interests (1)** | **Initial Qualification Date (2)** | **Open Date (3)** | **Closing Date** | **Status** |
| Series #MHQNN | 2924 Mabel St, Berkeley, CA 94702 | <br>$97.05 | <br>$1112193.00 | 0 = Minimum<br>11,460 = Maximum | [__________] | [__________] | [__________] | Pending |
| Series #KYLBE | 3102-3108 California St, Berkeley, CA 94703 | <br>$91.50 | <br>$716445.00 | 0 = Minimum<br>7,830 = Maximum | [__________] | [__________] | [__________] | Pending |
| Series #DJVWQ | 2314 Bonar St, Berkeley, CA 94702 | <br>$29.85 | <br>$919648.65 | 0 = Minimum<br>30,809 = Maximum | [__________] | [__________] | [__________] | Pending |
| Series #PBIUH | 901 Solitude Dr., Pflugerville, TX 78660 | <br>$36.90 | <br>$43800.30 | 0 = Minimum<br>1,187 = Maximum | [__________] | [__________] | [__________] | Pending |
| Series #PFUNR | 2016 Creole Dr, Austin, TX 78727 | <br>$29.35 | <br>$60607.75 | 0 = Minimum<br>2,065 = Maximum | [__________] | [__________] | [__________] | Pending |
| Series #8YFFL | 1804 Laminar Creek Rd, Cedar Park, TX 78613 | <br>$5.55 | <br>$51270.90 | 0 = Minimum<br>9,238 = Maximum | [__________] | [__________] | [__________] | Pending |
| Series #XZQRZ | 5250 12th Ave NE, Seattle, WA 98105 | <br>$68.85 | <br>$687673.80 | 0 = Minimum<br>9,988 = Maximum | [__________] | [__________] | [__________] | Pending |
| Series #DTMEW | 5150 Ranstead St, Philadelphia, PA 19139 | <br>$120.80 | <br>$68372.80 | 0 = Minimum<br>566 = Maximum | [__________] | [__________] | [__________] | Pending |
| Series #SOYGJ | 691 W Fairview St, Chandler, AZ 85225 | <br>$98.65 | <br>$258364.35 | 0 = Minimum<br>2,619 = Maximum | [__________] | [__________] | [__________] | Pending |
| Series #RUSUU | 1872 W Springfield Way, Chandler, AZ 85286 | <br>$92.35 | <br>$250730.25 | 0 = Minimum<br>2,715 = Maximum | [__________] | [__________] | [__________] | Pending |
| Series #KM1OU | 751-777 St Paul Ave, Memphis, TN 38126 | <br>$102.40 | <br>$715366.40 | 0 = Minimum<br>6,986 = Maximum | [__________] | [__________] | [__________] | Pending |
| Series #TBQSK | 1829 N Bouvier St, Philadelphia, PA 19121 | <br>$97.10 | <br>$55347.00 | 0 = Minimum<br>570 = Maximum | [__________] | [__________] | [__________] | Pending |
| Series #EKPES | 1708 W Jefferson St, Philadelphia, PA 19121 | <br>$55.15 | <br>$626834.90 | 0 = Minimum<br>11,366 = Maximum | [__________] | [__________] | [__________] | Pending |

---

____________________

* For open offerings, each row states, with respect to the given offering, the minimum and maximum number of Series Interests offered and the number of subscriptions for Series Interests received as of the date of this Offering Circular, but the closing of such offering has not yet taken place. For any closed offerings, each row would state the actual number of Series Interests sold.

* For each offering, each row states, with respect to the given offering, the date on which the offering was initially qualified by the Commission.

* For each offering, each row states, with respect to the given offering, the date on which offers and sales for such offering commenced.

IV

**SUMMARY**

*This Offering Circular Summary highlights information contained elsewhere and does not contain all of the information that you should consider in making your investment decision. Before investing in the company's Series Interests, you should carefully read this entire Offering Circular, including the company's financial statements and related notes. You should also consider, among other information, the matters described under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations."*

**The Company**

Ark7 Properties LLC, a Delaware series limited liability company formed on October 31, 2018 ("APL"). Ark7 Inc., a Delaware corporation ("Ark7") is the managing member of APL (the "Managing Member"). The purpose of the company is to establish separate series for the holding of properties to be acquired by the company.

Ark7 is a real estate investment platform that allows individual investors to have direct access to quality real estate investment opportunities and invest in the units of each property.

Investors in this offering will acquire Series Interests in a Series of the company, each of which is a separate registered series of the company for purposes of assets and liabilities.

The core asset of each series will be the specific property associated with that series, and the liabilities will be those incurred during the operation of that asset. Owners of interests in a series will only have an interest in the assets, liabilities, profits and losses pertaining to the specific property owned by that series. For example, an investor who acquired Series Interests in Series #MHQNN will only have assets, liabilities, profits, leverage-related debts, and losses pertaining to the property located at 2924 Mabel St, Berkeley, CA 94702.

Ark7 will serve as the asset manager responsible for managing each Series' Underlying Asset (the "Asset Manager") as described in the Asset Management Agreement between Ark7 Inc. and each series of Ark7 Properties LLC.

Ark7 will serve as the Managing Member responsible for the day-to-day management of the company and each registered series.

**Organizational Chart**

For ease of understanding the company's business structure, it has included the organizational chart below.

![](img_002.jpg)

Each property that we acquire will be owned by a separate series of our company that we will establish to acquire that series. Our Managing Member will source the property to be acquired by the series.

In most instances, we intend for the Managing Member to provide a loan to the series to acquire the property directly from the seller. Once the property is acquired by the series, we intend to make ownership of the series available to investors through an offer and sale of securities under Tier 2 of Regulation A. Proceeds of each offering will be used to repay the loan from our Managing Member, offering expenses, securities brokerage expenses, and the Sourcing Fee to the Managing Member, along with building a reserve for property improvements and working capital.

Alternatively, our Managing Member may acquire the property from the seller, and the proceeds of the offering will be used for the series to purchase the property from the Managing Member, along with offering expenses, securities brokerage expenses, and the Sourcing Fee to the Managing Member, and building a reserve for property improvements and working capital.

**Investment Approach and Strategy Overview**

* Our Investment Objectives include generating steady income from managed properties, fostering long-term capital appreciation with moderate to no leverage, and prioritizing capital preservation through meticulous property selection and management practices.

* Our Investment Criteria includes targeting residential homes aligning with our investment philosophy and management capabilities, acquiring properties priced between a certain range to diversify our portfolio and appeal to broad market segments, preferring homes requiring minimal post-acquisition improvements to expedite rental readiness and reduce initial capital expenditure, and selecting properties in desirable travel destinations or near universities to capitalize on consistent rental demand and income potential.

* Our Investment Strategy revolves around targeting properties that meet stringent investment criteria to enhance potential return on investment, emphasizing high occupancy rates and enhancing tenant experience to sustain revenue generation post-acquisition, using leverage judiciously to amplify cash returns while maintaining a conservative debt profile to manage financial risk effectively.

By adhering to these principles and strategically focusing on dynamic urban environments exhibiting growth and resilience, Ark7 Properties LLC aims to build a portfolio of properties that not only generate consistent income but also appreciate in value over time. However, it's important to acknowledge that despite our diligence, investment outcomes are subject to market fluctuations and inherent risks within the real estate sector.

**Offering Summary**

***The Series #MHQNN Offering***

---

| | |
|:---|:---|
| Maximum Offering Amount | Up to $1,112,193.00 of Series #MHQNN Interests to be acquired pursuant to a Subscription Agreement are being offered on a "best efforts" basis. |
| Minimum Offering Amount | None. |
| Price Per Security | $97.05 per Series #MHQNN Interest |
| Minimum Investment | One Series Interest per investor. |
| Use of Proceeds | The proceeds from the sale of Series #MHQNN will be used for general working capital, repayment of loans to the company's Managing Member, create a maintenance reserve for the applicable Underlying Asset, pay offering expenses, and pay the Sourcing Fee. |
| Series Interests outstanding before the offering | Series #MHQNN Interest: 11,540 |
| Series Interests outstanding after the offering | Series #MHQNN Interest: 23,000 |

---

*Related Party Fees*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Payment** | **Description** | **Amount** | **Payor** | **Payee** |
| Sourcing Fee | No greater than 3% of the maximum offering size. | <br>$33365.79 | Series #MHQNN | Ark7 Inc. |
| Asset Management Fee (1) | Equal to 15 % of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. | TBD | Series #MHQNN | Ark7 Inc. |

---

____________________

* The company notes that this fee may be up to 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. Whether it is 15% or less will be determined for each Series by the Managing Member in its sole discretion. The Managing Member, Ark7, has determined the Asset Management Fee is 15% for Series #MHQNN.

***The Series #KYLBE Offering***

---

| | |
|:---|:---|
| Maximum Offering Amount | Up to $716,445.00 of Series #KYLBE Interests to be acquired pursuant to a Subscription Agreement are being offered on a "best efforts" basis. |
| Minimum Offering Amount | None. |
| Price Per Security | $91.50 per Series #KYLBE Interest |
| Minimum Investment | One Series Interest per investor. |
| Use of Proceeds | The proceeds from the sale of Series #KYLBE will be used for general working capital, repayment of loans to the company's Managing Member, create a maintenance reserve for the applicable Underlying Asset, pay offering expenses, and pay the Sourcing Fee. |
| Series Interests outstanding before the offering | Series #KYLBE Interest: 14,020 |
| Series Interests outstanding after the offering | Series #KYLBE Interest: 21,850 |

---

*Related Party Fees*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Payment** | **Description** | **Amount** | **Payor** | **Payee** |
| Sourcing Fee | No greater than 3% of the maximum offering size. | <br>$21493.35 | Series #KYLBE | Ark7 Inc. |
| Asset Management Fee (1) | Equal to 15 % of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. | TBD | Series #KYLBE | Ark7 Inc. |

---

____________________

* The company notes that this fee may be up to 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. Whether it is 15% or less will be determined for each Series by the Managing Member in its sole discretion. The Managing Member, Ark7, has determined the Asset Management Fee is 15% for Series #KYLBE.

***The Series #DJVWQ Offering***

---

| | |
|:---|:---|
| Maximum Offering Amount | Up to $919,648.65 of Series #DJVWQ Interests to be acquired pursuant to a Subscription Agreement are being offered on a "best efforts" basis. |
| Minimum Offering Amount | None. |
| Price Per Security | $29.85 per Series #DJVWQ Interest |
| Minimum Investment | One Series Interest per investor. |
| Use of Proceeds | The proceeds from the sale of Series #DJVWQ will be used for general working capital, repayment of loans to the company's Managing Member, create a maintenance reserve for the applicable Underlying Asset, pay offering expenses, and pay the Sourcing Fee. |
| Series Interests outstanding before the offering | Series #DJVWQ Interest: 57,041 |
| Series Interests outstanding after the offering | Series #DJVWQ Interest: 87,850 |

---

*Related Party Fees*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Payment** | **Description** | **Amount** | **Payor** | **Payee** |
| Sourcing Fee | No greater than 3% of the maximum offering size. | <br>$27589.46 | Series #DJVWQ | Ark7 Inc. |
| Asset Management Fee (1) | Equal to 15 % of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. | TBD | Series #DJVWQ | Ark7 Inc. |

---

____________________

* The company notes that this fee may be up to 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. Whether it is 15% or less will be determined for each Series by the Managing Member in its sole discretion. The Managing Member, Ark7, has determined the Asset Management Fee is 15% for Series #DJVWQ.

***The Series #PBIUH Offering***

---

| | |
|:---|:---|
| Maximum Offering Amount | Up to $43,800.30 of Series #PBIUH Interests to be acquired pursuant to a Subscription Agreement are being offered on a "best efforts" basis. |
| Minimum Offering Amount | None. |
| Price Per Security | $36.90 per Series #PBIUH Interest |
| Minimum Investment | One Series Interest per investor. |
| Use of Proceeds | The proceeds from the sale of Series #PBIUH will be used for general working capital, repayment of loans to the company's Managing Member, create a maintenance reserve for the applicable Underlying Asset, pay offering expenses, and pay the Sourcing Fee. |
| Series Interests outstanding before the offering | Series #PBIUH Interest: 9,653 |
| Series Interests outstanding after the offering | Series #PBIUH Interest: 10,840 |

---

*Related Party Fees*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Payment** | **Description** | **Amount** | **Payor** | **Payee** |
| Sourcing Fee | No greater than 3% of the maximum offering size. | <br>$1314.01 | Series #PBIUH | Ark7 Inc. |
| Asset Management Fee (1) | Equal to 15 % of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. | TBD | Series #PBIUH | Ark7 Inc. |

---

____________________

* The company notes that this fee may be up to 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. Whether it is 15% or less will be determined for each Series by the Managing Member in its sole discretion. The Managing Member, Ark7, has determined the Asset Management Fee is 15% for Series #PBIUH.

***The Series #PFUNR Offering***

---

| | |
|:---|:---|
| Maximum Offering Amount | Up to $60,607.75 of Series #PFUNR Interests to be acquired pursuant to a Subscription Agreement are being offered on a "best efforts" basis. |
| Minimum Offering Amount | None. |
| Price Per Security | $29.35 per Series #PFUNR Interest |
| Minimum Investment | One Series Interest per investor. |
| Use of Proceeds | The proceeds from the sale of Series #PFUNR will be used for general working capital, repayment of loans to the company's Managing Member, create a maintenance reserve for the applicable Underlying Asset, pay offering expenses, and pay the Sourcing Fee. |
| Series Interests outstanding before the offering | Series #PFUNR Interest: 18,825 |
| Series Interests outstanding after the offering | Series #PFUNR Interest: 20,890 |

---

*Related Party Fees*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Payment** | **Description** | **Amount** | **Payor** | **Payee** |
| Sourcing Fee | No greater than 3% of the maximum offering size. | <br>$1818.23 | Series #PFUNR | Ark7 Inc. |
| Asset Management Fee (1) | Equal to 15 % of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. | TBD | Series #PFUNR | Ark7 Inc. |

---

____________________

* The company notes that this fee may be up to 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. Whether it is 15% or less will be determined for each Series by the Managing Member in its sole discretion. The Managing Member, Ark7, has determined the Asset Management Fee is 15% for Series #PFUNR.

***The Series #8YFFL Offering***

---

| | |
|:---|:---|
| Maximum Offering Amount | Up to $51,270.90 of Series #8YFFL Interests to be acquired pursuant to a Subscription Agreement are being offered on a "best efforts" basis. |
| Minimum Offering Amount | None. |
| Price Per Security | $5.55 per Series #8YFFL Interest |
| Minimum Investment | One Series Interest per investor. |
| Use of Proceeds | The proceeds from the sale of Series #8YFFL will be used for general working capital, repayment of loans to the company's Managing Member, create a maintenance reserve for the applicable Underlying Asset, pay offering expenses, and pay the Sourcing Fee. |
| Series Interests outstanding before the offering | Series #8YFFL Interest: 94,062 |
| Series Interests outstanding after the offering | Series #8YFFL Interest: 103,300 |

---

*Related Party Fees*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Payment** | **Description** | **Amount** | **Payor** | **Payee** |
| Sourcing Fee | No greater than 3% of the maximum offering size. | <br>$1538.13 | Series #8YFFL | Ark7 Inc. |
| Asset Management Fee (1) | Equal to 15 % of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. | TBD | Series #8YFFL | Ark7 Inc. |

---

____________________

* The company notes that this fee may be up to 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. Whether it is 15% or less will be determined for each Series by the Managing Member in its sole discretion. The Managing Member, Ark7, has determined the Asset Management Fee is 15% for Series #8YFFL.

***The Series #XZQRZ Offering***

---

| | |
|:---|:---|
| Maximum Offering Amount | Up to $687,673.80 of Series #XZQRZ Interests to be acquired pursuant to a Subscription Agreement are being offered on a "best efforts" basis. |
| Minimum Offering Amount | None. |
| Price Per Security | $68.85 per Series #XZQRZ Interest |
| Minimum Investment | One Series Interest per investor. |
| Use of Proceeds | The proceeds from the sale of Series #XZQRZ will be used for general working capital, repayment of loans to the company's Managing Member, create a maintenance reserve for the applicable Underlying Asset, pay offering expenses, and pay the Sourcing Fee. |
| Series Interests outstanding before the offering | Series #XZQRZ Interest: 14,572 |
| Series Interests outstanding after the offering | Series #XZQRZ Interest: 24,560 |

---

*Related Party Fees*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Payment** | **Description** | **Amount** | **Payor** | **Payee** |
| Sourcing Fee | No greater than 3% of the maximum offering size. | <br>$20630.21 | Series #XZQRZ | Ark7 Inc. |
| Asset Management Fee (1) | Equal to 15 % of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. | TBD | Series #XZQRZ | Ark7 Inc. |

---

____________________

* The company notes that this fee may be up to 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. Whether it is 15% or less will be determined for each Series by the Managing Member in its sole discretion. The Managing Member, Ark7, has determined the Asset Management Fee is 15% for Series #XZQRZ.

***The Series #DTMEW Offering***

---

| | |
|:---|:---|
| Maximum Offering Amount | Up to $68,372.80 of Series #DTMEW Interests to be acquired pursuant to a Subscription Agreement are being offered on a "best efforts" basis. |
| Minimum Offering Amount | None. |
| Price Per Security | $120.80 per Series #DTMEW Interest |
| Minimum Investment | One Series Interest per investor. |
| Use of Proceeds | The proceeds from the sale of Series #DTMEW will be used for general working capital, repayment of loans to the company's Managing Member, create a maintenance reserve for the applicable Underlying Asset, pay offering expenses, and pay the Sourcing Fee. |
| Series Interests outstanding before the offering | Series #DTMEW Interest: 2,139 |
| Series Interests outstanding after the offering | Series #DTMEW Interest: 2,705 |

---

*Related Party Fees*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Payment** | **Description** | **Amount** | **Payor** | **Payee** |
| Sourcing Fee | No greater than 3% of the maximum offering size. | <br>$2051.18 | Series #DTMEW | Ark7 Inc. |
| Asset Management Fee (1) | Equal to 15 % of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. | TBD | Series #DTMEW | Ark7 Inc. |

---

____________________

* The company notes that this fee may be up to 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. Whether it is 15% or less will be determined for each Series by the Managing Member in its sole discretion. The Managing Member, Ark7, has determined the Asset Management Fee is 15% for Series #DTMEW.

***The Series #SOYGJ Offering***

---

| | |
|:---|:---|
| Maximum Offering Amount | Up to $258,364.35 of Series #SOYGJ Interests to be acquired pursuant to a Subscription Agreement are being offered on a "best efforts" basis. |
| Minimum Offering Amount | None. |
| Price Per Security | $98.65 per Series #SOYGJ Interest |
| Minimum Investment | One Series Interest per investor. |
| Use of Proceeds | The proceeds from the sale of Series #SOYGJ will be used for general working capital, repayment of loans to the company's Managing Member, create a maintenance reserve for the applicable Underlying Asset, pay offering expenses, and pay the Sourcing Fee. |
| Series Interests outstanding before the offering | Series #SOYGJ Interest: 4,541 |
| Series Interests outstanding after the offering | Series #SOYGJ Interest: 7,160 |

---

*Related Party Fees*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Payment** | **Description** | **Amount** | **Payor** | **Payee** |
| Sourcing Fee | No greater than 3% of the maximum offering size. | <br>$7750.93 | Series #SOYGJ | Ark7 Inc. |
| Asset Management Fee (1) | Equal to 15 % of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. | TBD | Series #SOYGJ | Ark7 Inc. |

---

____________________

* The company notes that this fee may be up to 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. Whether it is 15% or less will be determined for each Series by the Managing Member in its sole discretion. The Managing Member, Ark7, has determined the Asset Management Fee is 15% for Series #SOYGJ.

***The Series #RUSUU Offering***

---

| | |
|:---|:---|
| Maximum Offering Amount | Up to $250,730.25 of Series #RUSUU Interests to be acquired pursuant to a Subscription Agreement are being offered on a "best efforts" basis. |
| Minimum Offering Amount | None. |
| Price Per Security | $92.35 per Series #RUSUU Interest |
| Minimum Investment | One Series Interest per investor. |
| Use of Proceeds | The proceeds from the sale of Series #RUSUU will be used for general working capital, repayment of loans to the company's Managing Member, create a maintenance reserve for the applicable Underlying Asset, pay offering expenses, and pay the Sourcing Fee. |
| Series Interests outstanding before the offering | Series #RUSUU Interest: 4,695 |
| Series Interests outstanding after the offering | Series #RUSUU Interest: 7,410 |

---

*Related Party Fees*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Payment** | **Description** | **Amount** | **Payor** | **Payee** |
| Sourcing Fee | No greater than 3% of the maximum offering size. | <br>$7521.91 | Series #RUSUU | Ark7 Inc. |
| Asset Management Fee (1) | Equal to 15 % of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. | TBD | Series #RUSUU | Ark7 Inc. |

---

____________________

* The company notes that this fee may be up to 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. Whether it is 15% or less will be determined for each Series by the Managing Member in its sole discretion. The Managing Member, Ark7, has determined the Asset Management Fee is 15% for Series #RUSUU.

***The Series #KM1OU Offering***

---

| | |
|:---|:---|
| Maximum Offering Amount | Up to $715,366.40 of Series #KM1OU Interests to be acquired pursuant to a Subscription Agreement are being offered on a "best efforts" basis. |
| Minimum Offering Amount | None. |
| Price Per Security | $102.40 per Series #KM1OU Interest |
| Minimum Investment | One Series Interest per investor. |
| Use of Proceeds | The proceeds from the sale of Series #KM1OU will be used for general working capital, repayment of loans to the company's Managing Member, create a maintenance reserve for the applicable Underlying Asset, pay offering expenses, and pay the Sourcing Fee. |
| Series Interests outstanding before the offering | Series #KM1OU Interest: 4,814 |
| Series Interests outstanding after the offering | Series #KM1OU Interest: 11,800 |

---

*Related Party Fees*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Payment** | **Description** | **Amount** | **Payor** | **Payee** |
| Sourcing Fee | No greater than 3% of the maximum offering size. | <br>$21460.99 | Series #KM1OU | Ark7 Inc. |
| Asset Management Fee (1) | Equal to 15 % of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. | TBD | Series #KM1OU | Ark7 Inc. |

---

____________________

* The company notes that this fee may be up to 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. Whether it is 15% or less will be determined for each Series by the Managing Member in its sole discretion. The Managing Member, Ark7, has determined the Asset Management Fee is 15% for Series #KM1OU.

***The Series #TBQSK Offering***

---

| | |
|:---|:---|
| Maximum Offering Amount | Up to $55,347.00 of Series #TBQSK Interests to be acquired pursuant to a Subscription Agreement are being offered on a "best efforts" basis. |
| Minimum Offering Amount | None. |
| Price Per Security | $97.10 per Series #TBQSK Interest |
| Minimum Investment | One Series Interest per investor. |
| Use of Proceeds | The proceeds from the sale of Series #TBQSK will be used for general working capital, repayment of loans to the company's Managing Member, create a maintenance reserve for the applicable Underlying Asset, pay offering expenses, and pay the Sourcing Fee. |
| Series Interests outstanding before the offering | Series #TBQSK Interest: 10,000 |
| Series Interests outstanding after the offering | Series #TBQSK Interest: 10,570 |

---

*Related Party Fees*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Payment** | **Description** | **Amount** | **Payor** | **Payee** |
| Sourcing Fee | No greater than 3% of the maximum offering size. | <br>$1660.41 | Series #TBQSK | Ark7 Inc. |
| Asset Management Fee (1) | Equal to 15 % of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. | TBD | Series #TBQSK | Ark7 Inc. |

---

____________________

* The company notes that this fee may be up to 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. Whether it is 15% or less will be determined for each Series by the Managing Member in its sole discretion. The Managing Member, Ark7, has determined the Asset Management Fee is 15% for Series #TBQSK.

***The Series #EKPES Offering***

---

| | |
|:---|:---|
| Maximum Offering Amount | Up to $626,834.90 of Series #EKPES Interests to be acquired pursuant to a Subscription Agreement are being offered on a "best efforts" basis. |
| Minimum Offering Amount | None. |
| Price Per Security | $55.15 per Series #EKPES Interest |
| Minimum Investment | One Series Interest per investor. |
| Use of Proceeds | The proceeds from the sale of Series #EKPES will be used for general working capital, repayment of loans to the company's Managing Member, create a maintenance reserve for the applicable Underlying Asset, pay offering expenses, and pay the Sourcing Fee. |
| Series Interests outstanding before the offering | Series #EKPES Interest: 2,134 |
| Series Interests outstanding after the offering | Series #EKPES Interest: 13,500 |

---

*Related Party Fees*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Payment** | **Description** | **Amount** | **Payor** | **Payee** |
| Sourcing Fee | No greater than 3% of the maximum offering size. | <br>$18805.05 | Series #EKPES | Ark7 Inc. |
| Asset Management Fee (1) | Equal to 15 % of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. | TBD | Series #EKPES | Ark7 Inc. |

---

____________________

* The company notes that this fee may be up to 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. Whether it is 15% or less will be determined for each Series by the Managing Member in its sole discretion. The Managing Member, Ark7, has determined the Asset Management Fee is 15% for Series #EKPES.

**Selected Risks**

The company's business is subject to a number of risks and uncertainties, including those highlighted in the section titled "Risk Factors" immediately following this summary. These risks include, but are not limited to, the following:

* An investment in an offering constitutes only an investment in that Series and not in the company or any Underlying Asset.

* Liability of investors between series of interests.

* Each Series Interest will rely on its Managing Member, Ark7 to manage each property.

* If Ark7, the company's Asset Manager, fails to retain its key personnel, the company may not be able to achieve its anticipated level of growth and its business could suffer.

* Ark7 Inc. is both the Asset Manager and the Managing Member, and compensation terms were not determined on an arm's length basis. 

* There is competition for time among the various entities sharing the same management team.

* There is currently no trading market for the company's securities.

* The company has limited operating history for investors to evaluate.

* Possible Changes in Federal Tax Laws make it impossible to giver certainty to the tax treatment of any series of interest.

* The company's consolidated financial statements include a going concern opinion.

* The company may not raise sufficient funds to achieve its business objectives.

* The company's management has discretion in the application of proceeds within the permitted categories described under "Use of Proceeds."

* If less than the maximum amount is raised, the Series may allocate available funds toward operating needs, improvements, reserves, or reimbursements of advances in such proportions as the Managing Member determines to be in the best interests of the Series.

* If less than the maximum offering amount is raised, the Series may have limited funds available for reserves or planned improvements.

* The purchase prices for the Series Interests have been arbitrarily determined.

* If the company does not successfully dispose of real estate assets, you may have to hold your investment for an indefinite period.

* Competition with other parties entering real estate investment business may reduce the company's profitability.

* The company does not intend to hire an escrow agent and there will be no escrow account, therefore there is no independent third-party holding investors funds until they are released to the company.

* The company's real estate and real estate-related assets will be subject to the risks typically associated with real estate.

* The underlying value and performance of any real estate asset will fluctuate with general and local economic conditions.

* The market in which the company participates is competitive and, if it does not compete effectively, its operating results could be harmed.

* An Underlying Asset that has significant vacancies could be difficult to sell, which could diminish the return on the Underlying Asset.

* The company may decide to sell an Underlying Asset which could conflict with an investor's interests.

* A decline in general economic conditions in the markets in which each Underlying Asset is located or in the United States generally could lead to an increase in tenant defaults, lower rental rates and less demand for commercial real estate space in those markets.

* Lawsuits may arise between the company and its tenants resulting in lower cash distributions to investors.

* Costs imposed pursuant to governmental laws and regulations may reduce the company's net income and the cash available for distributions to its investors.

* The costs of defending against claims of environmental liability, of complying with environmental regulatory requirements, of remediating any contaminated property or of paying personal injury or other damage claims could reduce the amounts available for distribution to the company's investors.

* Costs associated with complying with the Americans with Disabilities Act may decrease cash available for distributions.

* Uninsured losses relating to real property or excessively expensive premiums for insurance coverage could reduce the company's cash flows and the return on investment.

* The company's Operating Agreement and applicable Series Interest Subscription Agreement each include a forum selection provision, that requires disputes be resolved in state or federal courts in the State of California, under Delaware law, regardless of convenience or cost to you, the investor, which could result in less favorable outcomes to the plaintiff(s) in any action against our company.

* Investors in this offering may not be entitled to a jury trial with respect to claims arising under the applicable Series Interest Subscription Agreement, which could result in less favorable outcomes to the plaintiff(s) in any action under the Agreement.

* The company's results of operations may be negatively impacted by the coronavirus outbreak.

* Actual or threatened epidemics, pandemics, outbreaks, or other public health crises may adversely affect the company's business.

**RISK FACTORS**

The SEC requires the company to identify risks that are specific to its business and its financial condition. The company is still subject to all the same risks that all companies in its business, and all companies in the economy, are exposed to. These include risks relating to economic downturns, political and economic events and technological developments (such as cyber-attacks and the ability to prevent those attacks). Additionally, early-stage companies are inherently more risky than more developed companies. You should consider general risks as well as specific risks when deciding whether to invest.

**Risks Relating to the Structure, Operation and Performance of the Company**

***An investment in an offering constitutes only an investment in that Series and not in the company or any Underlying Asset.*** A purchase of Series Interests in a Series does not constitute an investment in either the company or an Underlying Asset directly, or in any other Series Interest. This results in limited voting rights of the investor, which are solely related to a particular Series, and are further limited by the Series Limited Liability Company Agreement of Ark7 Properties LLC dated , (the "Operating Agreement") of the company, described further herein. Investors will have limited voting rights. Thus, the Managing Member and the Asset Manager retain significant control over the management of the company, each Series and the Underlying Assets.

Furthermore, because the Interests in a Series do not constitute an investment in the company as a whole, holders of the Interests in a Series are not expected to receive any economic benefit from, or be subject to the liabilities of, the assets of any other Series. In addition, the economic interest of a holder in a Series will not be identical to owning a direct undivided interest in an Underlying Asset because, among other things, before distributions are made to the holders, the Asset Manager will receive a fee in respect of its management of the Underlying Asset.

***Liability of investors between series of interests.*** The company is structured as a Delaware series limited liability company that issues a separate series of interests for each Underlying Asset. Each series of interests will merely be a separate series and not a separate legal entity. Under the Delaware Limited Liability Company Act (the "LLC Act"), if certain conditions (as set forth in Section 18-215(b) of the LLC Act) are met, the liability of investors holding one series of interests is segregated from the liability of investors holding another series of interests and the assets of one series of interests are not available to satisfy the liabilities of other series of interests.

Although this limitation of liability is recognized by the courts of Delaware, there is no guarantee that if challenged in the courts of another U.S. State or a foreign jurisdiction, such courts will uphold a similar interpretation of Delaware corporation law, and in the past certain jurisdictions have not honored such interpretation.

If the company's series limited liability company structure is not respected, then investors may have to share any liabilities of the company with all investors and not just those who hold the same series of interests as them. Furthermore, while the company intends to maintain separate and distinct records for each series of interests and account for them separately and otherwise meet the requirements of the LLC Act, it is possible a court could conclude that the methods used did not satisfy Section 18-215(b) of the LLC Act and thus potentially expose the assets of a series to the liabilities of another series of interests. The consequence of this is that investors may have to bear higher than anticipated expenses which would adversely affect the value of their Series Interests, or the likelihood of any distributions being made by a particular Series to its investors.

In addition, the company is not aware of any court case that has tested the limitations on inter-series liability provided by Section 18-215(b) in federal bankruptcy courts and it is possible that a bankruptcy court could determine that the assets of one series of interests should be applied to meet the liabilities of the other series of interests or the liabilities of the company generally where the assets of such other series of interests or of the company generally are insufficient to meet its liabilities.

***Each Series Interest will rely on its Managing Member, Ark7 to manage each property. Following t***he acquisition of any Underlying Asset, the Underlying Asset will be managed by Ark7. In addition, Ark7 will be entitled to certain fees in exchange for its day-to-day operations of each Underlying Asset. Any compensation arrangements will be determined by Ark7 sitting on both sides of the table and will not be an arm's length transaction.

***If Ark7, the company's Asset Manager, fails to retain its key personnel, the company may not be able to achieve its anticipated level of growth and its business could suffer. The company***'s future depends, in part, on Ark7's ability to attract and retain key personnel. Its future also depends on the continued contributions of the executive officers and other key personnel of Ark7, each of whom would be difficult to replace.

In particular, Yizhen Zhao, who is the Chief Executive Officer of Ark7, is critical to the management of the company's business and operations and the development of its strategic direction. The loss of the services of Mr. Zhao or other executive officers or key personnel of Ark7 and the process to replace any of those key personnel would involve significant time and expense and may significantly delay or prevent the achievement of the company's business objectives.

***Ark7 Inc. is both the Asset Manager and the Managing Member. Ark7 Inc. is*** both the Asset Manager and the Managing Member. The Managing Member has appointed the Asset Manager. On balance, Ark7 Inc. controls all of the decisions related to each Series:

* Care of the Underlying Asset.

* Custody of the Underlying Asset.

* Maintenance of the Underlying Asset.

* Management of the Underlying Asset.

* Ability and to take any action that it deems necessary or desirable.

* The authority to sell of the Underlying Asset.

* Whether to encumber of the Underlying Asset. 

* Whether to convey the Underlying Asset.

* Whether the Sourcing Fee (3.0%) will be paid to the Asset Manager, i.e. itself.

* Determination of the Asset Management Fee.

None of the responsibilities and determinations listed above will be made at arm's length and all of these decisions may unjustly financially reward Ark7 to the detriment of each Series and the investors. These conflicts may inhibit or interfere with the sound and profitable operation of the company and much smaller, if any, distributions made to the investors.

Further, the fees to be paid to the Managing Member and Asset Manager were determined internally, by the company and Ark7 and the company did not rely on any independent assessment of market rates. Accordingly, the determination of fees was not made at arm's length and may result in (i) smaller distributions made to investors, if any at all, (ii) the interference with the sound and profitable operation of the company and (iii) the fees paid to the Managing Member and Asset Manager may be higher than the fees that would be paid to an unaffiliated third party given the lack of an independent assessment as to the determination of the fees.

***There may be competition for time among the various entities sharing the same management team.*** Currently, Ark7 is the Managing Member of Ark7 Properties LLC and each series identified under "Series Offering Table" above. Ark7 intends to also be the Managing Member of future Series. It is foreseeable that at certain times the various entities will be competing for time from the management team.

***There is currently no trading market for the company's securities.*** There is currently no public trading market for any Series Interests, and an active market may not develop or be sustained. If an active public or private trading market for the Securities does not develop or is not sustained, it may be difficult or impossible for you to resell your Series Interests at any price. Even if a public or private market does develop, the market price could decline below the amount you paid for your Interests.

***The company has limited operating history for investors to evaluate.*** The company was recently formed and the Series formed have generated limited revenues and have limited operating history upon which prospective investors may evaluate their performance. Further, the Series included as part of this post-qualification amendment have no operating history at all. No guarantee can be given that the company or any Series Interest will achieve their investment objectives, the value of any Underlying Asset will increase or that any Underlying Asset will be successfully monetized.

***The company's consolidated financial statements include a going concern opinion.*** The company's financial statements were prepared on a "going concern" basis. Certain matters, as described in the accompanying financial statements, indicate there may be substantial doubt about the company's ability to continue as a going concern. Specifically, the company is newly formed and has not generated revenue from operations. The company will require additional capital until revenue from operations are sufficient to cover operational costs. Successful development of the company and ultimately the attainment of profitable operations is dependent upon future events including adequate financing, continuous support from Ark7, general and economic conditions on the real estate market and achieving a level of income adequate to support the company's cost structure. Therefore, there is substantial doubt about the ability of the company to continue as a going concern.

***We may face challenges in securing mortgage financing, particularly in states or with lenders that do not fully recognize or respect the series limited liability company structure, potentially increasing risks to our properties.*** A series limited liability company structure may not be universally recognized or respected, especially in certain states or by certain lenders. As a result, when seeking mortgage financing, a series within our company may encounter obstacles or limitations due to the lack of recognition of this unique legal framework. In instances where our series LLC structure is not acknowledged, there are potential implications for mortgage transactions. For example, lenders may require our company, rather than the specific series, to act as the borrower and hold title to the property on behalf of the series. This arrangement could complicate matters in the event of default on a loan. If we default on a mortgage secured by a property, there's a risk that the lender may seek to foreclose on other properties held by different series within our company, for which we hold title. This scenario could expose investors to unforeseen liabilities and risks beyond those associated with the specific series in which they have invested.

***A series may encounter difficulties in securing financing on favorable terms or even securing financing at all, potentially hindering its ability to pursue growth opportunities and meet financial obligations.*** In the pursuit of growth and expansion, a series may seek additional capital through debt financing from various sources. However, securing financing may prove challenging, especially if favorable terms cannot be negotiated or if financing options are limited or unavailable. Should financing be obtained, it may come with unfavorable terms, including high interest rates, stringent repayment terms, or restrictive covenants. These covenants may limit a series' ability to take certain actions, such as incurring additional debt, making capital expenditures, or paying dividends to investors. Such restrictions could potentially constrain the series' operational flexibility and hinder its ability to execute its business strategies effectively. Furthermore, the availability of additional debt financing may be subject to market conditions, timing constraints, and the financial health of the series. In cases where financing is not readily accessible, a series may face challenges in pursuing growth initiatives, acquiring new properties, or meeting existing financial obligations. This could have adverse implications for the series' ability to generate returns for investors and distribute dividends.

***A series that initially purchases a property outright but later decides to finance it may face increased risks related to its ability to meet debt service obligations, potentially impacting its financial condition, cash flow, and ability to distribute dividends to investors.*** Additionally, properties acquired without financing have a different risk profile compared to those acquired with mortgage financing. Properties with financing must meet debt service obligations, and any inability to do so could adversely affect a series' financial condition, results of operations, cash flow, market value of its interests, and its ability to make distributions to investors.

***Under our leverage policy, a series may extend loans to the asset manager, either directly or indirectly secured by other real estate properties. However, changes in the market or operational failures by the asset manager may pose risks for the series in collecting these debt assets.*** In the event of market fluctuations or operational failures by the asset manager, there's a risk that the series may encounter difficulties in collecting these debt assets. Market changes, such as declines in property values or shifts in rental demand, could impact the asset manager's ability to fulfill its obligations under the loan agreements. Similarly, operational failures or mismanagement by the asset manager could further exacerbate these risks, potentially leading to delays or defaults in loan repayments.

**Risks Relating to the Offering**

***The company may not raise sufficient funds to achieve its business objectives.*** There is no minimum amount required to be raised before the company can accept your subscription for the Series Interests, and it can access the funds immediately. The company may not raise an amount sufficient for it to meet all of its objectives. Once the company accepts your investment funds, there will be no obligation to return your funds. Even if other Series Interests are sold, there may be insufficient funds raised through this offering to cover the expenses associated with the offering or complete development and implementation of the company's operations. The lack of sufficient funds to pay expenses and for working capital will negatively impact the company's ability to implement and complete its planned use of proceeds.

***The company's management has discretion in the application of proceeds within the permitted categories described under "Use of Proceeds."*** Actual allocations may vary based on operating needs, available cash flows, and the amount raised in this Offering.

***If less than the maximum amount is raised, the Series may allocate available funds toward operating needs, improvements, reserves, or reimbursements of advances in such proportions as the Managing Member determines to be in the best interests of the Series.*** To the extent the Managing Member or its affiliates have advanced funds, a portion of the proceeds may be used to reimburse such amounts; however, neither the Series nor the Managing Member is obligated with respect to any specific repayment order.

***If less than the maximum offering amount is raised, the Series may have limited funds available for reserves or planned improvements.*** The actual availability of funds will depend on the Series' operating cash flows and the timing of expenditures.

***The purchase prices for the Series Interests have been arbitrarily determined.*** The purchase price for the Series Interests has been arbitrarily determined by the company and bears no relationship to the company's assets, book value, earnings or other generally accepted criteria of value. In determining pricing, the company considered factors such as the company's limited financial resources, the nature of its assets, estimates of its business potential, the degree of equity or control desired to be retained by the existing interest holders and general economic conditions.

***If the company does not successfully dispose of real estate assets, you may have to hold your investment for an indefinite period.*** The determination of whether to dispose of the Underlying Asset is entirely at the discretion of the company. Even if the company decides to dispose of an Underlying Asset, the company cannot guarantee that it will be able to dispose of the Underlying Asset at a favorable price to investors.

***Competition with other parties entering real estate investment business may reduce the company's profitability.*** There are and will be other entities engaged in real estate investment, including financial institutions, many of which have greater resources than the company does. Larger entities may enjoy significant competitive advantages that result from, among other things, a lower cost of capital and built-in client base. Such competition could make it more difficult to obtain future funding, which could affect the company's growth as a company.

***The company does not intend to hire an escrow agent and there will be no escrow account, therefore there is no independent third-party holding investors funds until they are released to the company.*** Typically, the escrow agent retains custody of the assets such as cash, until certain conditions are met, at which time those assets are released to the company. In this offering the company has not retained an escrow agent and there will be no escrow account, therefore investors may be subject to increased administrative risk as additional administrative burdens will be placed on the company who may or may not have the expertise to administer the escrow seamlessly.

**Risk Factors Related to Promotional or Incentive Programs**

***The Company may, from time to time, offer limited promotional or incentive programs in connection with the operation of its platform.*** These programs are operational in nature and are not part of the terms of the securities being offered pursuant to this Offering Circular. Promotional or incentive programs may be modified or discontinued at any time and should not be relied upon when evaluating this investment. Any such program does not provide or imply any assurance of investment performance, protection against loss, or guaranteed returns. If investors rely on promotional or incentive programs when making investment decisions, they may have expectations that do not align with the actual terms, risks, and economic characteristics of the securities offered.

**23**

**Risks Related to Taxation**

***Changes in Federal tax laws may have adverse or unexpected effects on our investors.*** The Internal Revenue Code (the "Code") is subject to change by Congress, and interpretations of the Code may be modified or affected by judicial decisions, by the Treasury Department through changes in regulations and by the Internal Revenue Service through its audit policy, announcements, and published and private rulings. Although significant changes to the tax laws historically have been given prospective application, no assurance can be given that any changes made in the tax law affecting an investment in any Series of the Company would be limited to prospective effect. For instance, prior to effectiveness of the Tax Cuts and Jobs Act of 2017, an exchange of the Shares of one Series for another might have been a non-taxable 'like-kind exchange' transaction, while transactions now only qualify for that treatment with respect to real property. Accordingly, the ultimate effect on an Investor's tax situation may be governed by laws, regulations or interpretations of laws or regulations which have not yet been proposed, passed or made, as the case may be.

***Each series within Ark7 Properties LLC will strive to qualify as Real Estate Investment Trusts (REITs). However, in the event of failure to qualify as REITs, investors may face increased tax liabilit***ies. As part of our investment strategy, each series endeavors to qualify as a Real Estate Investment Trust (REIT). REIT status offers significant tax advantages, including exemption from corporate income taxes at the entity level, provided certain criteria are met. These criteria typically include distributing at least 90% of taxable income to shareholders as dividends, investing primarily in real estate assets, and adhering to other regulatory requirements outlined in the Internal Revenue Code. However, failure to qualify as a REIT could have adverse tax implications for investors. Without REIT status, the series would be subject to corporate income taxes at the entity level, potentially reducing overall returns for investors. Additionally, investors may face taxation on dividends received from the series at higher ordinary income tax rates, rather than the favorable tax treatment typically afforded to REIT dividends.

**Risk Factors Related to the Real Estate Market**

***The company's real estate and real estate-related assets will be subject to the risks typically associated with real estate.*** The properties the company acquires will be subject to the risks typically associated with real estate. The value of real estate may be adversely affected by a number of risks, including:

* natural disasters such as hurricanes, earthquakes and floods;

* pandemics, such as COVID-19;

* acts of war or terrorism, including the consequences of terrorist attacks;

* adverse changes in national and local economic and real estate conditions;

* an oversupply of (or a reduction in demand for) space in the areas where particular properties are located and the attractiveness of particular properties to prospective tenants;

* changes in governmental laws and regulations, fiscal policies and zoning ordinances and the related costs of compliance therewith and the potential for liability under applicable laws;

* costs of remediation and liabilities associated with environmental conditions affecting properties; and

* the potential for uninsured or underinsured property losses.

The value of each property is directly related to its ability to generate cash flow and net income, which in turn depends on the amount of rental or other income that can be generated net of expenses required to be incurred with respect to the property. Many expenditures associated with properties (such as operating expenses and capital expenditures) cannot be reduced when there is a reduction in income from the properties.

***The underlying value and performance of any real estate asset will fluctuate with general and local economic conditions.*** The successful operation of any real estate asset is significantly related to general and local economic conditions. Periods of economic slowdown or recession, significantly rising interest rates, declining employment levels, decreasing demand for real estate, declining real estate values, or the public perception that any of these events may occur, can result in reductions in the underlying value of any asset and result in poor economic performance. In such cases, investors may lose the full value of their investment, or may not experience any distributions from the real estate asset.

***The market in which the company participates is competitive and, if it does not compete effectively, its operating results could be harmed.*** The company competes with many other entities engaged in real estate acquisition and operating activities, including but not limited to individuals, corporations, bank and insurance company investment accounts, real estate investment trusts, and private real estate funds. This market is competitive and rapidly changing. The company expects competition to persist and intensify in the future, which could harm its ability to acquire properties on terms that investors find to be reasonable.

***An Underlying Asset that has significant vacancies could be difficult to sell, which could diminish the return on the Underlying Asset.*** An Underlying Asset may incur vacancies either by the expiration of tenant leases or the continued default of tenants under their leases. If vacancies continue for a long period of time, the company may suffer reduced revenues resulting in less cash available for distribution to its investors. In addition, the resale value of the Underlying Asset could be diminished because the market value of each Underlying Asset will depend principally upon the value of the cash flow generated by the leases associated with that Underlying Asset. Such a reduction in the resale value of a property could also reduce the value of investor interests.

***The company may decide to sell an Underlying Asset which could conflict with an investor's interests.*** Ark7, the Managing Member, may determine when to sell any Underlying Asset at any time in accordance with the management rights afforded to the Managing Member. Investors will not have a say in this decision. The timing and decision to sell an Underlying Asset may conflict with investors personal interests, beliefs or theories regarding the real estate market. Further, it is possible the sale was not done at an optimal time. In any case, investors would not have any cause of action against the company or Managing Member for such sales.

***Property taxes could increase due to property tax rate changes or reassessment, which could impact our financial condition, results of operations and cash flow.*** Each series will be required to pay state and local taxes on its property. The real property taxes on our properties may increase as property tax rates change or as our properties are assessed or reassessed by taxing authorities. If the property taxes we pay increase, our financial condition, results of operations, cash flow, the value of our interests and our ability to satisfy our principal and interest obligations and to make distributions to our investors could be adversely affected.

***A decline in general economic conditions in the markets in which each Underlying Asset is located or in the United States generally could lead to an increase in tenant defaults, lower rental rates and less demand for commercial real estate space in those markets.*** As a result of these trends, the company may be more inclined to provide leasing incentives to its tenants in order to compete in a more competitive leasing environment. Such trends may result in reduced revenue and lower resale value of properties, which may reduce your return.

***Lawsuits may arise between the company and its tenants resulting in lower cash distributions to investors.*** Disputes between landlords and tenants are common. These disputes may escalate into legal action from time to time. In the event a lawsuit arises between the company and a tenant it is likely that the company will see an increase in costs. Accordingly, cash distributions to investors may be affected.

***Costs imposed pursuant to governmental laws and regulations may reduce the company's net income and the cash available for distributions to its investors.*** Real property and the operations conducted on real property are subject to federal, state and local laws and regulations relating to protection of the environment and human health. The company could be subject to liability in the form of fines, penalties, or damages for noncompliance with these laws and regulations. These laws and regulations generally govern wastewater discharges, air emissions, the operation and removal of underground and above-ground storage tanks, the use, storage, treatment, transportation and disposal of solid and hazardous materials, the remediation of contamination associated with the release or disposal of solid and hazardous materials, the presence of toxic building materials and other health and safety-related concerns. Some of these laws and regulations may impose joint and several liability on the tenants, owners, or operators of real property for the costs to investigate or remediate contaminated properties, regardless of fault, whether the contamination occurred prior to purchase, or whether the acts causing the contamination were legal. Activities of the company's tenants, the condition of properties at the time the company buys them, operations in the vicinity of its properties, such as the presence of underground storage tanks, or activities of unrelated third parties may affect its properties. The presence of hazardous substances, or the failure to properly manage or remediate these substances, may hinder the company's ability to sell, rent or pledge such property as collateral for future borrowings. Any material expenditures, fines, penalties or damages the company must pay will reduce its ability to make distributions and may reduce the value of your investment.

***The costs of defending against claims of environmental liability, of complying with environmental regulatory requirements, of remediating any contaminated property or of paying personal injury or other damage claims could reduce the amounts available for distribution to the company's investors.*** Under various federal, state and local environmental laws, ordinances and regulations, a current or previous real property owner or operator may be liable for the cost of removing or remediating hazardous or toxic substances on, under or in such property. These costs could be substantial. Such laws often impose liability whether the owner or operator knew of, or was responsible for, the presence of such hazardous or toxic substances. Environmental laws also may impose liens on property or restrictions on the manner in which property may be used or businesses may be operated, and these restrictions may require substantial expenditures or prevent us from entering into leases with prospective tenants that may be impacted by such laws. Environmental laws provide for sanctions for noncompliance and may be enforced by governmental agencies or, in certain circumstances, by private parties. Certain environmental laws and common law principles could be used to impose liability for the release of and exposure to hazardous substances, including asbestos-containing materials and lead-based paint. Third parties may seek recovery from real property owners or operators for personal injury or property damage associated with exposure to released hazardous substances and governments may seek recovery for natural resource damage. The costs of defending against claims of environmental liability, of complying with environmental regulatory requirements, of remediating any contaminated property, or of paying personal injury, property damage or natural resource damage claims could reduce the amounts available for distribution to you.

***Costs associated with complying with the Americans with Disabilities Act may decrease cash available for distributions.*** Each Underlying Asset may be subject to the Americans with Disabilities Act of 1990, as amended, or the ADA. Under the ADA, all places of public accommodation are required to comply with federal requirements related to access and use by disabled persons. The ADA has separate compliance requirements for "public accommodations" and "commercial facilities" that generally require that buildings and services be made accessible and available to people with disabilities. The ADA's requirements could require removal of access barriers and could result in the imposition of injunctive relief, monetary penalties or, in some cases, an award of damages. Any funds used for ADA compliance will reduce the company's net income and the amount of cash available for distributions to investors.

***Uninsured losses relating to real property or excessively expensive premiums for insurance coverage could reduce the company's cash flows and the return on investment.*** There are types of losses, generally catastrophic in nature, such as losses due to wars, acts of terrorism, earthquakes, floods, hurricanes, pollution, or environmental matters, that are uninsurable or not economically insurable, or may be insured subject to limitations, such as large deductibles or co-payments. Insurance risks associated with potential acts of terrorism could sharply increase the premiums the company pays for coverage against property and casualty claims. Additionally, to the extent the company finances the acquisition of an Underlying Asset, mortgage lenders in some cases insist that commercial property owners purchase coverage against terrorism as a condition for providing mortgage loans. Such insurance policies may not be available at reasonable costs, if at all, which could inhibit the company's ability to finance or refinance its properties if so required. In such instances, the company may be required to provide other financial support, either through financial assurances or self-insurance, to cover potential losses. The company may not have adequate coverage for such losses. If any of the properties incur a casualty loss that is not fully insured, the value of the assets will be reduced by any such uninsured loss, which may reduce the value of investor interests. In addition, other than any working capital reserve or other reserves the company may establish, the company has no additional sources of funding to repair or reconstruct any uninsured property. Also, to the extent the company must pay unexpectedly large amounts for insurance, it could suffer reduced earnings that would result in lower distributions to investors.

**Risks Related to Forum Selection and Jury Waivers**

**The company's Operating Agreement and applicable Series Interest Subscription Agreement each include a forum selection provision, that requires disputes be resolved in state or federal courts in the State of California, under Delaware law, regardless of convenience or cost to you, the investor, which could result in less favorable outcomes to the plaintiff(s) in any action against our company.**

***Operating Agreement***: Our Series Limited Liability Company Agreement of Ark7 Properties LLC (the "Operating Agreement") includes a forum selection provision that requires any suit, action, or proceeding seeking to enforce any provision of or based on any matter arising out of or in connection with the Operating Agreement, or the transactions contemplated thereby be brought in state or federal court of competent jurisdiction located within the State of California.

***Investors in this offering may not be entitled to a jury trial with respect to claims arising under the applicable Series Interest Subscription Agreement, or Operating Agreement which could result in less favorable outcomes to the plaintiff(s) in any action under these Agreements.*** Investors in this offering will be bound by the applicable Series Interest Subscription Agreement and the Operating Agreement, both of which include a provision under which investors waive the right to a jury trial of any claim they may have against the company arising out of or relating to this agreement. By signing these agreements, the investor warrants that the investor has reviewed this waiver with his or her legal counsel, and knowingly and voluntarily waives the investor's jury trial rights following consultation with the investor's legal counsel.

If the company opposed a jury trial demand based on the waiver, a court would determine whether the waiver was enforceable based on the facts and circumstances of that case in accordance with the applicable state and federal law. To the company's knowledge, the enforceability of a contractual pre-dispute jury trial waiver in connection with claims arising under the federal securities laws has not been finally adjudicated by a federal court. However, the company believes that a contractual pre-dispute jury trial waiver provision is generally enforceable, including under the laws of the State of Delaware, which governs the applicable Series Interest Subscription Agreement. In determining whether to enforce a contractual pre-dispute jury trial waiver provision, courts will generally consider whether the visibility of the jury trial waiver provision within an agreement is sufficiently prominent such that a party knowingly, intelligently, and voluntarily waived the right to a jury trial. The company believes that this is the case with respect to the applicable Series Interest Subscription Agreement. You should consult legal counsel regarding the jury waiver provision before entering into the applicable Series Interest Subscription Agreement.

If you bring a claim against the company in connection with matters arising under the applicable Series Interest Subscription Agreement or Operating Agreement, including claims under the federal securities laws, you may not be entitled to a jury trial with respect to those claims, which may have the effect of limiting and discouraging lawsuits against the company. If a lawsuit is brought against the company under one of those agreements, it may be heard only by a judge or justice of the applicable trial court, which would be conducted according to different civil procedures and may result in different outcomes than a trial by jury would have had, including results that could be less favorable to the plaintiff(s) in such an action.

Nevertheless, if the jury trial waiver provision is not permitted by applicable law, an action could proceed under the terms of the applicable Series Interest Subscription Agreement or Operating Agreement with a jury trial. No condition, stipulation or provision of the applicable Series Interest Subscription Agreement or Operating Agreement serves as a waiver by any holder of the company's securities or by the company of compliance with any substantive provision of the federal securities laws and the rules and regulations promulgated under those laws.

In addition, when the units are transferred, the transferee is required to agree to all the same conditions, obligations, and restrictions applicable to the units or to the transferor with regard to ownership of the units, that were in effect immediately prior to the transfer of the units, including the applicable Series Interest Subscription Agreement and the Operating Agreement.

**DILUTION**

Dilution means a reduction in value, control, or earnings of the units the investor owns.

As of the date of this Offering Circular, Ark7 owns 100% of the Company's membership interests. Those membership interests are not connected to any specific Series Interest. Investors in this offering will be acquiring Series Interests for the Series included on the cover page to this Offering Circular. The economic rights of each Series Interest will be based on the corresponding Underlying Asset.

Accordingly, investors will experience dilution only as a result of (i) the issuance of additional Series Interests for the applicable Series, and (ii) the conversion of any Series Interests previously issued pursuant to Regulation D, each of which increases the total number of Series Interests outstanding for that Series. As discussed under "Securities Being Offered - Prior Offerings and Conversion of Series Interests," such conversions may increase the number of Series Interests outstanding immediately prior to or concurrently with the initial closing of this Regulation A offering. Following conversion, all Series Interests will have the same rights, preferences and restrictions.

**PLAN OF DISTRIBUTION**

As described below the company is offering up to a certain amount of units of each series at a price described below per series interest. There is no minimum investment amount, however each investor much purchase at least one series interest.

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| | | | |
|:---|:---|:---|:---|
| **Series** | **Maximum Number of Units Offered per Series** | **Price per Interest** | **Minimum Investment** |
| Series #MHQNN | 11460 | <br>$97.05 | One Series Interest per investor. |
| Series #KYLBE | 7830 | <br>$91.50 | One Series Interest per investor. |
| Series #DJVWQ | 30809 | <br>$29.85 | One Series Interest per investor. |
| Series #PBIUH | 1187 | <br>$36.90 | One Series Interest per investor. |
| Series #PFUNR | 2065 | <br>$29.35 | One Series Interest per investor. |
| Series #8YFFL | 9238 | <br>$5.55 | One Series Interest per investor. |
| Series #XZQRZ | 9988 | <br>$68.85 | One Series Interest per investor. |
| Series #DTMEW | 566 | <br>$120.80 | One Series Interest per investor. |
| Series #SOYGJ | 2619 | <br>$98.65 | One Series Interest per investor. |
| Series #RUSUU | 2715 | <br>$92.35 | One Series Interest per investor. |
| Series #KM1OU | 6986 | <br>$102.40 | One Series Interest per investor. |
| Series #TBQSK | 570 | <br>$97.10 | One Series Interest per investor. |
| Series #EKPES | 11366 | <br>$55.15 | One Series Interest per investor. |

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The company plans to market the securities directly on a "best efforts" basis. The company intends to use its website and apps to offer the Series Interests to eligible investors. The company's officers, directors, employees, and advisors may participate in the offering. When applicable, the company intends to prepare written materials and respond to investors after the investors initiate contact with the company, however the company's officers, directors, employees and advisors will not orally solicit investors. As of the date of this Offering Circular the company has not prepared any written materials.

The Offering Circular will be furnished to prospective investors in this offering via download 24 hours a day, 7 days a week on the company's website www.ark7.com. Prospective investors may subscribe for the company units in this offering only through the website. In order to subscribe to purchase our interests, a prospective investor must electronically complete, sign and deliver to us an executed subscription agreement like the one attached to this Offering Statement, of which this Offering Circular is part, as Exhibit 4.1 and wire funds for its subscription amount in accordance with the instructions provided therein.

We reserve the right to reject any investor's subscription in whole or in part for any reason, including if we determine in our sole and absolute discretion that such investor is not a "qualified purchaser" for purposes of Section 18(b)(4)(D)(ii) of the Securities Act, or for other factors such as, but not limited to, investors providing incorrect payment information, or the investor not satisfying AML/KYC screening criteria. If the offering terminates or if any prospective investor's subscription is rejected, all funds received from such investors will be returned without interest or deduction.

Further, pursuant to section 6 in the applicable Series Interest Subscription Agreement, the subscriptions are irrevocable by the investor.

After each closing, funds tendered by investors will be available to the company for its use.

The offering will terminate at the earlier of (i) the date at which the maximum offering amount has been sold, (ii) the date at which the offering is earlier terminated by the company, in its sole discretion or (iii) the date that is three years from this offering being qualified by the SEC.

The company is conducting a continuous offering, in which it intends to accept investor funds until the offering is terminated. As there is no minimum, the company may, in its sole discretion, undertake one or more closings on a rolling basis, regardless of the amount of funds, and intends to affect a close every 7 business days and, after each closing, funds tendered by investors will be available to the company, and interests will be issued to investors. The initial closing will occur as soon as funds clear. We expect to hold subsequent closings every 7 business days. Assuming additional information does not need to be provided for due diligence (AML/KYC) and the investment has been funded it will take up to 3 business days to determine whether a subscription agreement has been accepted or rejected. In the event additional information is required from the subscriber, within 3 business days, the company will reach out to the subscriber for that information.

Each closing involves administrative burden to the company, and so the company intends to use periodic closings to reduce that burden, allowing the company to place more focus on its real estate operations.

As noted above, the company intends to effect closings every 7 days, but may undertake additional closings upon considering certain factors, such as:

* The amount of money contained in the company's segregated account of the applicable Series Interest; and

* The number of subscriptions received.

The company has not engaged commissioned sales agents or broker-dealers and, in conjunction with its associated persons, plans to conduct and distribute the Offering through the Ark7 platform. The associated persons of our Managing Member will not receive any commission or any other remuneration in relation to this offering. In offering the securities on our behalf, the associated persons of the Managing Member will rely on the safe harbor from broker-dealer registration set out in Rule 3a4-1 under the Securities Exchange Act of 1934, as amended. No other affiliated entity involved in the offer and sale of the membership interests is currently a member firm of FINRA and no person associated with us will be deemed to be a broker solely by reason of his or her participation in the sale of the membership interests. Where appropriate, in order to conduct the offering, the company intends to register with state securities regulators as an Issuer-Dealer or register one or more of its associated persons, including the Managing Member, where required, with state securities regulators as an Issuer-Agent.

The company will perform the following administrative and compliance related functions in connection with this offering, but not for underwriting or placement agent services:

* Review investor information, including KYC ("Know Your Customer") data, perform AML ("Anti Money Laundering") and other compliance background checks, and provide a recommendation to the company whether or not to accept an investor as a customer.

* Review each investor's applicable Series Interest Subscription Agreement to confirm such investor's participation in the offering and provide a determination to the company whether or not to accept the use of the applicable Series Interest Subscription Agreement for the investor's participation.

* Contact and/or notify the company, if needed, to gather additional information or clarification on an investor;

* Not provide any investment advice nor any investment recommendations to any investor;

* Keep investor details and data confidential and not disclose to any third-party except as required by regulators or in its performance pursuant to the terms of the agreement (e.g., as needed for AML and background checks); and

* Coordinate with third party providers to ensure adequate review and compliance.

**Selling Security Holders**

No securities are being sold for the account of security holders; all net proceeds of this offering will go to the company.

**Transfer Agent**

The company has engaged Vertalo as its transfer agent.

**Process of Subscribing**

After the offering Statement has been qualified by the Commission, the company will accept tenders of funds to purchase the Series Interests.

Investors will be required to complete an applicable Series Interest Subscription Agreement in order to invest. The applicable Series Interest Subscription Agreement includes a representation by the investor to the effect that, if the investor is not an "accredited investor" as defined under securities law, the investor is investing an amount that does not exceed the greater of 10% of their annual income or 10% of their net worth (excluding the investor's principal residence).

To subscribe for the Series Interests, each prospective investor must:

* Go to https://www.ark7.com, complete user registration;

* Complete profile setup and link a bank account;

* Navigate to open prospective offering page, click on the "Buy" button; that will open the subscribe panel;

* Complete subscribe information and review and sign the applicable Series Interest Subscription Agreement;

* Based on your account status, the company may ask an Investor to provide identification or accreditation proof documents before accepting the subscription.

Any potential investor will have ample time and is advised to review the applicable Series Interest Subscription Agreement, along with their counsel, prior to making any final investment decision.

The company may close on investments on a "rolling" basis (so not all investors will receive their Series Interests on the same date). Investors may subscribe by tendering funds by check, wire transfer, or ACH transfer to the segregated account controlled by the company until the company has accepted the investor's subscription. Assuming additional information does not need to be provided for due diligence (AML/KYC) and the investment has been funded it will take up to 3 business days to determine whether a subscription agreement has been accepted or rejected. In the event additional information is required from the subscriber, within 3 business days, the company will reach out to the subscriber for that information.

Upon closing, funds tendered by investors will be made available to the company for its use. The company has the right to refuse to sell the Series Interests to any prospective investor or for any reason in its sole discretion, including, without limitation, if such prospective investor does not promptly supply all information requested by the company in connection with such prospective investor subscription.

In addition, in the company's sole discretion, it may establish a limit on the purchase of Series Interests by particular prospective investors. The following limits have been established for the Series Interests as set forth in their respective Series Designations:

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| | | |
|:---|:---|:---|
| **Series** | **Limit (A prospective investor may not purchase more than the amount set forth below).** | **Application of the Purchase Limit** |
| Series #MHQNN | 19.9% | All investors are subject to this limit |
| Series #KYLBE | 19.9% | All investors are subject to this limit |
| Series #DJVWQ | 19.9% | All investors are subject to this limit |
| Series #PBIUH | 19.9% | All investors are subject to this limit |
| Series #PFUNR | 19.9% | All investors are subject to this limit |
| Series #8YFFL | 19.9% | All investors are subject to this limit |
| Series #XZQRZ | 19.9% | All investors are subject to this limit |
| Series #DTMEW | 19.9% | All investors are subject to this limit |
| Series #SOYGJ | 19.9% | All investors are subject to this limit |
| Series #RUSUU | 19.9% | All investors are subject to this limit |
| Series #KM1OU | 19.9% | All investors are subject to this limit |
| Series #TBQSK | 19.9% | All investors are subject to this limit |
| Series #EKPES | 19.9% | All investors are subject to this limit |

---

**No Escrow**

The company has not established an escrow account or hired an escrow agent to hold funds tendered by investors. Funds will be held in a segregated account controlled by the company until the company has accepted the investor's subscription. At that time, those funds will be available to the company.

**Forum Selection Provision**

**Jury Trial Waiver**

The applicable Series Interest Subscription Agreement that investors will execute in connection with the offering provides that subscribers waive the right to a jury trial of any claim they may have against us arising out of or relating to the Agreement, including any claim under federal securities laws. By signing the applicable Series Interest Subscription Agreement, an investor will warrant that the investor has reviewed this waiver with the investor's legal counsel, and knowingly and voluntarily waives his or her jury trial rights following consultation with the investor's legal counsel. If the company opposed a jury trial demand based on the waiver, a court would determine whether the waiver was enforceable given the facts and circumstances of that case in accordance with applicable case law. In addition, by agreeing to the provision, subscribers will not be deemed to have waived the company's compliance with the federal securities laws and the rules and regulations promulgated thereunder.

**USE OF PROCEEDS**

**Series #MHQNN**

The company has previously raised capital for Series #MHQNN through a prior private offering conducted under Regulation D (the "Prior Offering"). Funds from the Prior Offering were used (or will be used) to advance certain acquisition-related costs on behalf of the Series, including but not limited to earnest money deposits, due diligence costs, and initial closing expenses.

The proceeds from this Offering, together with the amounts raised in the Prior Offering, will collectively be used for the following purposes:

***Sources of Funds***

---

| | | |
|:---|:---|:---|
| **Sources** | **Amount** | **Percent of Total Sources** |
| Amount funded from this Offering | <br>$1112193.00 | 50.6% |
| Amount funded from Prior Offering | <br>$1084760.00 | 49.4% |
| **Total Amount** | <br>$2196953.00 | 100.0% |

---

***Uses of Funds***

---

| | | |
|:---|:---|:---|
| **Uses** | **Amount** | **Percent of Total Uses** |
| Purchase Price of Property (1)(2) | <br>$1542000.00 | 70.2% |
| Property Purchase Expenses (1) | <br>$90891.06 | 4.1% |
| Offering Expenses (3) | <br>$120308.59 | 5.5% |
| Sourcing Fee (4) | <br>$65908.59 | 3.0% |
| Property Improvements/Capital Expenditures | <br>$272000.00 | 12.4% |
| Operating Reserve | <br>$105844.77 | 4.8% |
| **Total Amount** | <br>$2196953.00 | 100.0% |

---

____________________

* Series #MHQNN acquired the property from a third-party seller and incurred customary acquisition and closing expenses, including title fees, inspection fees, agent fees, transfer taxes, and recording costs.

* From time to time, the Managing Member or its affiliates may advance funds to the Series to facilitate the acquisition of the property or to cover related expenses. Any such advances are generally documented as intercompany loans and may be reimbursed by the Series from available cash, including proceeds of this Offering, at the discretion of the Managing Member.

* Offering expenses include audit fees, legal fees, Edgarization fees, blue sky filing fees, and other customary offering-related costs. The company intends for the Series to be responsible only for a portion of these expenses, with any remaining amounts to be borne by the Managing Member or other series, without reimbursement.

* The Sourcing Fee represents a fee payable to the Asset Manager in connection with the identification, diligence, and negotiation of the property acquisition, as described in the Certificate of Designations for the Series. The Sourcing Fee comprises both (i) the sourcing fee allocable to the Regulation A offering in the amount of $33,365.79 , and (ii) the sourcing fee heretofore collected in connection with the Regulation D offering in the amount of $32,542.80 .

The actual allocation of proceeds between acquisition costs, improvements, reserves, offering expenses, and reimbursements for amounts advanced on behalf of the Series may vary based on the timing and amount of funds raised, as well as the needs of the Series. To the extent the Managing Member or its affiliates have advanced funds, including through intercompany loans, a portion of the proceeds may be used to reimburse such advances. Any remaining proceeds will be applied toward property improvements, operating reserves, or other permitted uses as determined by the Managing Member in its discretion. The company reserves the right to adjust the use of proceeds if management believes such changes are in the best interests of the Series.

In the event that the proceeds from this Offering are less than the amounts estimated, the Series may allocate available funds among acquisition costs, improvements, reserves, reimbursements of advances, and other permitted uses in such proportions as the Managing Member determines to be in the best interests of the Series. To the extent the Managing Member or its affiliates have advanced funds on behalf of the Series, a portion of the proceeds may be used to reimburse such amounts; however, neither the Managing Member nor its affiliates are obligated to provide additional funding, nor is the Series obligated to fully reimburse any such advances.

If the total amount raised is less than the maximum offering amount, the Series may have limited funds available for operating reserves or planned improvements. This may reduce the cash available for repairs or renovations, depending on the operating performance of the property and the timing of expenditures. The Managing Member may, but is not required to, provide additional financial support or defer certain expenses to meet the operational needs of the Series.

**The company reserves the right to change the above use of proceeds if management believes it is in the best interests of the company.**

The Series does not currently anticipate making payments to directors. Management fees and other ongoing expenses may be incurred in the discretion of the Managing Member and as permitted under the governing documents of the Series.

**Series #KYLBE**

The company has previously raised capital for Series #KYLBE through a prior private offering conducted under Regulation D (the "Prior Offering"). Funds from the Prior Offering were used (or will be used) to advance certain acquisition-related costs on behalf of the Series, including but not limited to earnest money deposits, due diligence costs, and initial closing expenses.

The proceeds from this Offering, together with the amounts raised in the Prior Offering, will collectively be used for the following purposes:

***Sources of Funds***

---

| | | |
|:---|:---|:---|
| **Sources** | **Amount** | **Percent of Total Sources** |
| Amount funded from this Offering | <br>$716445.00 | 36.5% |
| Amount funded from Prior Offering | <br>$1247780.00 | 63.5% |
| **Total Amount** | <br>$1964225.00 | 100.0% |

---

***Uses of Funds***

---

| | | |
|:---|:---|:---|
| **Uses** | **Amount** | **Percent of Total Uses** |
| Purchase Price of Property (1)(2) | <br>$1475000.00 | 75.1% |
| Property Purchase Expenses (1) | <br>$77575.86 | 3.9% |
| Offering Expenses (3) | <br>$113624.75 | 5.8% |
| Sourcing Fee (4) | <br>$58926.75 | 3.0% |
| Property Improvements/Capital Expenditures | <br>$137000.00 | 7.0% |
| Operating Reserve | <br>$102097.65 | 5.2% |
| **Total Amount** | <br>$1964225.00 | 100.0% |

---

____________________

* Series #KYLBE acquired the property from a third-party seller and incurred customary acquisition and closing expenses, including title fees, inspection fees, agent fees, transfer taxes, and recording costs.

* From time to time, the Managing Member or its affiliates may advance funds to the Series to facilitate the acquisition of the property or to cover related expenses. Any such advances are generally documented as intercompany loans and may be reimbursed by the Series from available cash, including proceeds of this Offering, at the discretion of the Managing Member.

* Offering expenses include audit fees, legal fees, Edgarization fees, blue sky filing fees, and other customary offering-related costs. The company intends for the Series to be responsible only for a portion of these expenses, with any remaining amounts to be borne by the Managing Member or other series, without reimbursement.

* The Sourcing Fee represents a fee payable to the Asset Manager in connection with the identification, diligence, and negotiation of the property acquisition, as described in the Certificate of Designations for the Series. The Sourcing Fee comprises both (i) the sourcing fee allocable to the Regulation A offering in the amount of $21,493.35 , and (ii) the sourcing fee heretofore collected in connection with the Regulation D offering in the amount of $37,433.40 .

The actual allocation of proceeds between acquisition costs, improvements, reserves, offering expenses, and reimbursements for amounts advanced on behalf of the Series may vary based on the timing and amount of funds raised, as well as the needs of the Series. To the extent the Managing Member or its affiliates have advanced funds, including through intercompany loans, a portion of the proceeds may be used to reimburse such advances. Any remaining proceeds will be applied toward property improvements, operating reserves, or other permitted uses as determined by the Managing Member in its discretion. The company reserves the right to adjust the use of proceeds if management believes such changes are in the best interests of the Series.

In the event that the proceeds from this Offering are less than the amounts estimated, the Series may allocate available funds among acquisition costs, improvements, reserves, reimbursements of advances, and other permitted uses in such proportions as the Managing Member determines to be in the best interests of the Series. To the extent the Managing Member or its affiliates have advanced funds on behalf of the Series, a portion of the proceeds may be used to reimburse such amounts; however, neither the Managing Member nor its affiliates are obligated to provide additional funding, nor is the Series obligated to fully reimburse any such advances.

If the total amount raised is less than the maximum offering amount, the Series may have limited funds available for operating reserves or planned improvements. This may reduce the cash available for repairs or renovations, depending on the operating performance of the property and the timing of expenditures. The Managing Member may, but is not required to, provide additional financial support or defer certain expenses to meet the operational needs of the Series.

**The company reserves the right to change the above use of proceeds if management believes it is in the best interests of the company.**

The Series does not currently anticipate making payments to directors. Management fees and other ongoing expenses may be incurred in the discretion of the Managing Member and as permitted under the governing documents of the Series.

**Series #DJVWQ**

The company has previously raised capital for Series #DJVWQ through a prior private offering conducted under Regulation D (the "Prior Offering"). Funds from the Prior Offering were used (or will be used) to advance certain acquisition-related costs on behalf of the Series, including but not limited to earnest money deposits, due diligence costs, and initial closing expenses.

The proceeds from this Offering, together with the amounts raised in the Prior Offering, will collectively be used for the following purposes:

***Sources of Funds***

---

| | | |
|:---|:---|:---|
| **Sources** | **Amount** | **Percent of Total Sources** |
| Amount funded from this Offering | <br>$919648.65 | 36.1% |
| Amount funded from Prior Offering | <br>$1625668.50 | 63.9% |
| **Total Amount** | <br>$2545317.15 | 100.0% |

---

***Uses of Funds***

---

| | | |
|:---|:---|:---|
| **Uses** | **Amount** | **Percent of Total Uses** |
| Purchase Price of Property (1)(2) | <br>$1949000.00 | 76.6% |
| Property Purchase Expenses (1) | <br>$109485.13 | 4.3% |
| Offering Expenses (3) | <br>$98759.51 | 3.9% |
| Sourcing Fee (4) | <br>$76359.51 | 3.0% |
| Property Improvements/Capital Expenditures | <br>$192000.00 | 7.5% |
| Operating Reserve | <br>$119712.99 | 4.7% |
| **Total Amount** | <br>$2545317.15 | 100.0% |

---

____________________

* Series #DJVWQ acquired the property from a third-party seller and incurred customary acquisition and closing expenses, including title fees, inspection fees, agent fees, transfer taxes, and recording costs.

* From time to time, the Managing Member or its affiliates may advance funds to the Series to facilitate the acquisition of the property or to cover related expenses. Any such advances are generally documented as intercompany loans and may be reimbursed by the Series from available cash, including proceeds of this Offering, at the discretion of the Managing Member.

* Offering expenses include audit fees, legal fees, Edgarization fees, blue sky filing fees, and other customary offering-related costs. The company intends for the Series to be responsible only for a portion of these expenses, with any remaining amounts to be borne by the Managing Member or other series, without reimbursement.

* The Sourcing Fee represents a fee payable to the Asset Manager in connection with the identification, diligence, and negotiation of the property acquisition, as described in the Certificate of Designations for the Series. The Sourcing Fee comprises both (i) the sourcing fee allocable to the Regulation A offering in the amount of $27,589.46 , and (ii) the sourcing fee heretofore collected in connection with the Regulation D offering in the amount of $48,770.05 .

The actual allocation of proceeds between acquisition costs, improvements, reserves, offering expenses, and reimbursements for amounts advanced on behalf of the Series may vary based on the timing and amount of funds raised, as well as the needs of the Series. To the extent the Managing Member or its affiliates have advanced funds, including through intercompany loans, a portion of the proceeds may be used to reimburse such advances. Any remaining proceeds will be applied toward property improvements, operating reserves, or other permitted uses as determined by the Managing Member in its discretion. The company reserves the right to adjust the use of proceeds if management believes such changes are in the best interests of the Series.

In the event that the proceeds from this Offering are less than the amounts estimated, the Series may allocate available funds among acquisition costs, improvements, reserves, reimbursements of advances, and other permitted uses in such proportions as the Managing Member determines to be in the best interests of the Series. To the extent the Managing Member or its affiliates have advanced funds on behalf of the Series, a portion of the proceeds may be used to reimburse such amounts; however, neither the Managing Member nor its affiliates are obligated to provide additional funding, nor is the Series obligated to fully reimburse any such advances.

If the total amount raised is less than the maximum offering amount, the Series may have limited funds available for operating reserves or planned improvements. This may reduce the cash available for repairs or renovations, depending on the operating performance of the property and the timing of expenditures. The Managing Member may, but is not required to, provide additional financial support or defer certain expenses to meet the operational needs of the Series.

**The company reserves the right to change the above use of proceeds if management believes it is in the best interests of the company.**

The Series does not currently anticipate making payments to directors. Management fees and other ongoing expenses may be incurred in the discretion of the Managing Member and as permitted under the governing documents of the Series.

**Series #PBIUH**

The company has previously raised capital for Series #PBIUH through a prior private offering conducted under Regulation D (the "Prior Offering"). Funds from the Prior Offering were used (or will be used) to advance certain acquisition-related costs on behalf of the Series, including but not limited to earnest money deposits, due diligence costs, and initial closing expenses.

The proceeds from this Offering, together with the amounts raised in the Prior Offering, will collectively be used for the following purposes:

***Sources of Funds***

---

| | | |
|:---|:---|:---|
| **Sources** | **Amount** | **Percent of Total Sources** |
| Amount funded from this Offering | <br>$43800.30 | 11.2% |
| Amount funded from Prior Offering | <br>$347508.00 | 88.8% |
| **Total Amount** | <br>$391308.30 | 100.0% |

---

***Uses of Funds***

---

| | | |
|:---|:---|:---|
| **Uses** | **Amount** | **Percent of Total Uses** |
| Purchase Price of Property (1)(2) | <br>$322000.00 | 82.3% |
| Property Purchase Expenses (1) | <br>$24232.57 | 6.2% |
| Offering Expenses (3) | <br>$22039.25 | 5.6% |
| Sourcing Fee (4) | <br>$11739.25 | 3.0% |
| Property Improvements/Capital Expenditures | <br>$2500.00 | 0.6% |
| Operating Reserve | <br>$8797.23 | 2.2% |
| **Total Amount** | <br>$391308.30 | 100.0% |

---

____________________

* Series #PBIUH acquired the property from a third-party seller and incurred customary acquisition and closing expenses, including title fees, inspection fees, agent fees, transfer taxes, and recording costs.

* From time to time, the Managing Member or its affiliates may advance funds to the Series to facilitate the acquisition of the property or to cover related expenses. Any such advances are generally documented as intercompany loans and may be reimbursed by the Series from available cash, including proceeds of this Offering, at the discretion of the Managing Member.

* Offering expenses include audit fees, legal fees, Edgarization fees, blue sky filing fees, and other customary offering-related costs. The company intends for the Series to be responsible only for a portion of these expenses, with any remaining amounts to be borne by the Managing Member or other series, without reimbursement.

* The Sourcing Fee represents a fee payable to the Asset Manager in connection with the identification, diligence, and negotiation of the property acquisition, as described in the Certificate of Designations for the Series. The Sourcing Fee comprises both (i) the sourcing fee allocable to the Regulation A offering in the amount of $1,314.01 , and (ii) the sourcing fee heretofore collected in connection with the Regulation D offering in the amount of $10,425.24 .

The actual allocation of proceeds between acquisition costs, improvements, reserves, offering expenses, and reimbursements for amounts advanced on behalf of the Series may vary based on the timing and amount of funds raised, as well as the needs of the Series. To the extent the Managing Member or its affiliates have advanced funds, including through intercompany loans, a portion of the proceeds may be used to reimburse such advances. Any remaining proceeds will be applied toward property improvements, operating reserves, or other permitted uses as determined by the Managing Member in its discretion. The company reserves the right to adjust the use of proceeds if management believes such changes are in the best interests of the Series.

In the event that the proceeds from this Offering are less than the amounts estimated, the Series may allocate available funds among acquisition costs, improvements, reserves, reimbursements of advances, and other permitted uses in such proportions as the Managing Member determines to be in the best interests of the Series. To the extent the Managing Member or its affiliates have advanced funds on behalf of the Series, a portion of the proceeds may be used to reimburse such amounts; however, neither the Managing Member nor its affiliates are obligated to provide additional funding, nor is the Series obligated to fully reimburse any such advances.

If the total amount raised is less than the maximum offering amount, the Series may have limited funds available for operating reserves or planned improvements. This may reduce the cash available for repairs or renovations, depending on the operating performance of the property and the timing of expenditures. The Managing Member may, but is not required to, provide additional financial support or defer certain expenses to meet the operational needs of the Series.

**The company reserves the right to change the above use of proceeds if management believes it is in the best interests of the company.**

The Series does not currently anticipate making payments to directors. Management fees and other ongoing expenses may be incurred in the discretion of the Managing Member and as permitted under the governing documents of the Series.

**Series #PFUNR**

The company has previously raised capital for Series #PFUNR through a prior private offering conducted under Regulation D (the "Prior Offering"). Funds from the Prior Offering were used (or will be used) to advance certain acquisition-related costs on behalf of the Series, including but not limited to earnest money deposits, due diligence costs, and initial closing expenses.

The proceeds from this Offering, together with the amounts raised in the Prior Offering, will collectively be used for the following purposes:

***Sources of Funds***

---

| | | |
|:---|:---|:---|
| **Sources** | **Amount** | **Percent of Total Sources** |
| Amount funded from this Offering | <br>$60607.75 | 10.0% |
| Amount funded from Prior Offering | <br>$545925.00 | 90.0% |
| **Total Amount** | <br>$606532.75 | 100.0% |

---

***Uses of Funds***

---

| | | |
|:---|:---|:---|
| **Uses** | **Amount** | **Percent of Total Uses** |
| Purchase Price of Property (1)(2) | <br>$500000.00 | 82.4% |
| Property Purchase Expenses (1) | <br>$33057.83 | 5.5% |
| Offering Expenses (3) | <br>$28195.98 | 4.6% |
| Sourcing Fee (4) | <br>$18195.98 | 3.0% |
| Property Improvements/Capital Expenditures | <br>$12000.00 | 2.0% |
| Operating Reserve | <br>$15082.96 | 2.5% |
| **Total Amount** | <br>$606532.75 | 100.0% |

---

____________________

* Series #PFUNR acquired the property from a third-party seller and incurred customary acquisition and closing expenses, including title fees, inspection fees, agent fees, transfer taxes, and recording costs.

* From time to time, the Managing Member or its affiliates may advance funds to the Series to facilitate the acquisition of the property or to cover related expenses. Any such advances are generally documented as intercompany loans and may be reimbursed by the Series from available cash, including proceeds of this Offering, at the discretion of the Managing Member.

* Offering expenses include audit fees, legal fees, Edgarization fees, blue sky filing fees, and other customary offering-related costs. The company intends for the Series to be responsible only for a portion of these expenses, with any remaining amounts to be borne by the Managing Member or other series, without reimbursement.

* The Sourcing Fee represents a fee payable to the Asset Manager in connection with the identification, diligence, and negotiation of the property acquisition, as described in the Certificate of Designations for the Series. The Sourcing Fee comprises both (i) the sourcing fee allocable to the Regulation A offering in the amount of $1,818.23 , and (ii) the sourcing fee heretofore collected in connection with the Regulation D offering in the amount of $16,377.75 .

The actual allocation of proceeds between acquisition costs, improvements, reserves, offering expenses, and reimbursements for amounts advanced on behalf of the Series may vary based on the timing and amount of funds raised, as well as the needs of the Series. To the extent the Managing Member or its affiliates have advanced funds, including through intercompany loans, a portion of the proceeds may be used to reimburse such advances. Any remaining proceeds will be applied toward property improvements, operating reserves, or other permitted uses as determined by the Managing Member in its discretion. The company reserves the right to adjust the use of proceeds if management believes such changes are in the best interests of the Series.

In the event that the proceeds from this Offering are less than the amounts estimated, the Series may allocate available funds among acquisition costs, improvements, reserves, reimbursements of advances, and other permitted uses in such proportions as the Managing Member determines to be in the best interests of the Series. To the extent the Managing Member or its affiliates have advanced funds on behalf of the Series, a portion of the proceeds may be used to reimburse such amounts; however, neither the Managing Member nor its affiliates are obligated to provide additional funding, nor is the Series obligated to fully reimburse any such advances.

If the total amount raised is less than the maximum offering amount, the Series may have limited funds available for operating reserves or planned improvements. This may reduce the cash available for repairs or renovations, depending on the operating performance of the property and the timing of expenditures. The Managing Member may, but is not required to, provide additional financial support or defer certain expenses to meet the operational needs of the Series.

**The company reserves the right to change the above use of proceeds if management believes it is in the best interests of the company.**

The Series does not currently anticipate making payments to directors. Management fees and other ongoing expenses may be incurred in the discretion of the Managing Member and as permitted under the governing documents of the Series.

**Series #8YFFL**

The company has previously raised capital for Series #8YFFL through a prior private offering conducted under Regulation D (the "Prior Offering"). Funds from the Prior Offering were used (or will be used) to advance certain acquisition-related costs on behalf of the Series, including but not limited to earnest money deposits, due diligence costs, and initial closing expenses.

The proceeds from this Offering, together with the amounts raised in the Prior Offering, will collectively be used for the following purposes:

***Sources of Funds***

---

| | | |
|:---|:---|:---|
| **Sources** | **Amount** | **Percent of Total Sources** |
| Amount funded from this Offering | <br>$51270.90 | 9.2% |
| Amount funded from Prior Offering | <br>$507934.80 | 90.8% |
| **Total Amount** | <br>$559205.70 | 100.0% |

---

***Uses of Funds***

---

| | | |
|:---|:---|:---|
| **Uses** | **Amount** | **Percent of Total Uses** |
| Purchase Price of Property (1)(2) | <br>$465000.00 | 83.2% |
| Property Purchase Expenses (1) | <br>$30545.93 | 5.5% |
| Offering Expenses (3) | <br>$26776.17 | 4.8% |
| Sourcing Fee (4) | <br>$16776.17 | 3.0% |
| Property Improvements/Capital Expenditures | <br>$16000.00 | 2.9% |
| Operating Reserve | <br>$4107.43 | 0.7% |
| **Total Amount** | <br>$559205.70 | 100.0% |

---

____________________

* Series #8YFFL acquired the property from a third-party seller and incurred customary acquisition and closing expenses, including title fees, inspection fees, agent fees, transfer taxes, and recording costs.

* From time to time, the Managing Member or its affiliates may advance funds to the Series to facilitate the acquisition of the property or to cover related expenses. Any such advances are generally documented as intercompany loans and may be reimbursed by the Series from available cash, including proceeds of this Offering, at the discretion of the Managing Member.

* Offering expenses include audit fees, legal fees, Edgarization fees, blue sky filing fees, and other customary offering-related costs. The company intends for the Series to be responsible only for a portion of these expenses, with any remaining amounts to be borne by the Managing Member or other series, without reimbursement.

* The Sourcing Fee represents a fee payable to the Asset Manager in connection with the identification, diligence, and negotiation of the property acquisition, as described in the Certificate of Designations for the Series. The Sourcing Fee comprises both (i) the sourcing fee allocable to the Regulation A offering in the amount of $1,538.13 , and (ii) the sourcing fee heretofore collected in connection with the Regulation D offering in the amount of $15,238.04 .

The actual allocation of proceeds between acquisition costs, improvements, reserves, offering expenses, and reimbursements for amounts advanced on behalf of the Series may vary based on the timing and amount of funds raised, as well as the needs of the Series. To the extent the Managing Member or its affiliates have advanced funds, including through intercompany loans, a portion of the proceeds may be used to reimburse such advances. Any remaining proceeds will be applied toward property improvements, operating reserves, or other permitted uses as determined by the Managing Member in its discretion. The company reserves the right to adjust the use of proceeds if management believes such changes are in the best interests of the Series.

In the event that the proceeds from this Offering are less than the amounts estimated, the Series may allocate available funds among acquisition costs, improvements, reserves, reimbursements of advances, and other permitted uses in such proportions as the Managing Member determines to be in the best interests of the Series. To the extent the Managing Member or its affiliates have advanced funds on behalf of the Series, a portion of the proceeds may be used to reimburse such amounts; however, neither the Managing Member nor its affiliates are obligated to provide additional funding, nor is the Series obligated to fully reimburse any such advances.

If the total amount raised is less than the maximum offering amount, the Series may have limited funds available for operating reserves or planned improvements. This may reduce the cash available for repairs or renovations, depending on the operating performance of the property and the timing of expenditures. The Managing Member may, but is not required to, provide additional financial support or defer certain expenses to meet the operational needs of the Series.

**The company reserves the right to change the above use of proceeds if management believes it is in the best interests of the company.**

The Series does not currently anticipate making payments to directors. Management fees and other ongoing expenses may be incurred in the discretion of the Managing Member and as permitted under the governing documents of the Series.

**Series #XZQRZ**

The company has previously raised capital for Series #XZQRZ through a prior private offering conducted under Regulation D (the "Prior Offering"). Funds from the Prior Offering were used (or will be used) to advance certain acquisition-related costs on behalf of the Series, including but not limited to earnest money deposits, due diligence costs, and initial closing expenses.

The proceeds from this Offering, together with the amounts raised in the Prior Offering, will collectively be used for the following purposes:

***Sources of Funds***

---

| | | |
|:---|:---|:---|
| **Sources** | **Amount** | **Percent of Total Sources** |
| Amount funded from this Offering | <br>$687673.80 | 41.7% |
| Amount funded from Prior Offering | <br>$961752.00 | 58.3% |
| **Total Amount** | <br>$1649425.80 | 100.0% |

---

***Uses of Funds***

---

| | | |
|:---|:---|:---|
| **Uses** | **Amount** | **Percent of Total Uses** |
| Purchase Price of Property (1)(2) | <br>$1150000.00 | 69.7% |
| Property Purchase Expenses (1) | <br>$61678.39 | 3.7% |
| Offering Expenses (3) | <br>$63082.77 | 3.8% |
| Sourcing Fee (4) | <br>$49482.77 | 3.0% |
| Property Improvements/Capital Expenditures | <br>$250000.00 | 15.2% |
| Operating Reserve | <br>$75181.87 | 4.6% |
| **Total Amount** | <br>$1649425.80 | 100.0% |

---

____________________

* Series #XZQRZ acquired the property from a third-party seller and incurred customary acquisition and closing expenses, including title fees, inspection fees, agent fees, transfer taxes, and recording costs.

* From time to time, the Managing Member or its affiliates may advance funds to the Series to facilitate the acquisition of the property or to cover related expenses. Any such advances are generally documented as intercompany loans and may be reimbursed by the Series from available cash, including proceeds of this Offering, at the discretion of the Managing Member.

* Offering expenses include audit fees, legal fees, Edgarization fees, blue sky filing fees, and other customary offering-related costs. The company intends for the Series to be responsible only for a portion of these expenses, with any remaining amounts to be borne by the Managing Member or other series, without reimbursement.

* The Sourcing Fee represents a fee payable to the Asset Manager in connection with the identification, diligence, and negotiation of the property acquisition, as described in the Certificate of Designations for the Series. The Sourcing Fee comprises both (i) the sourcing fee allocable to the Regulation A offering in the amount of $20,630.21 , and (ii) the sourcing fee heretofore collected in connection with the Regulation D offering in the amount of $28,852.56 .

The actual allocation of proceeds between acquisition costs, improvements, reserves, offering expenses, and reimbursements for amounts advanced on behalf of the Series may vary based on the timing and amount of funds raised, as well as the needs of the Series. To the extent the Managing Member or its affiliates have advanced funds, including through intercompany loans, a portion of the proceeds may be used to reimburse such advances. Any remaining proceeds will be applied toward property improvements, operating reserves, or other permitted uses as determined by the Managing Member in its discretion. The company reserves the right to adjust the use of proceeds if management believes such changes are in the best interests of the Series.

In the event that the proceeds from this Offering are less than the amounts estimated, the Series may allocate available funds among acquisition costs, improvements, reserves, reimbursements of advances, and other permitted uses in such proportions as the Managing Member determines to be in the best interests of the Series. To the extent the Managing Member or its affiliates have advanced funds on behalf of the Series, a portion of the proceeds may be used to reimburse such amounts; however, neither the Managing Member nor its affiliates are obligated to provide additional funding, nor is the Series obligated to fully reimburse any such advances.

If the total amount raised is less than the maximum offering amount, the Series may have limited funds available for operating reserves or planned improvements. This may reduce the cash available for repairs or renovations, depending on the operating performance of the property and the timing of expenditures. The Managing Member may, but is not required to, provide additional financial support or defer certain expenses to meet the operational needs of the Series.

**The company reserves the right to change the above use of proceeds if management believes it is in the best interests of the company.**

The Series does not currently anticipate making payments to directors. Management fees and other ongoing expenses may be incurred in the discretion of the Managing Member and as permitted under the governing documents of the Series.

**Series #DTMEW**

The company has previously raised capital for Series #DTMEW through a prior private offering conducted under Regulation D (the "Prior Offering"). Funds from the Prior Offering were used (or will be used) to advance certain acquisition-related costs on behalf of the Series, including but not limited to earnest money deposits, due diligence costs, and initial closing expenses.

The proceeds from this Offering, together with the amounts raised in the Prior Offering, will collectively be used for the following purposes:

***Sources of Funds***

---

| | | |
|:---|:---|:---|
| **Sources** | **Amount** | **Percent of Total Sources** |
| Amount funded from this Offering | <br>$68372.80 | 21.0% |
| Amount funded from Prior Offering | <br>$256680.00 | 79.0% |
| **Total Amount** | <br>$325052.80 | 100.0% |

---

***Uses of Funds***

---

| | | |
|:---|:---|:---|
| **Uses** | **Amount** | **Percent of Total Uses** |
| Purchase Price of Property (1)(2) | <br>$172000.00 | 52.9% |
| Property Purchase Expenses (1) | <br>$20830.70 | 6.4% |
| Offering Expenses (3) | <br>$20543.58 | 6.3% |
| Sourcing Fee (4) | <br>$9751.58 | 3.0% |
| Property Improvements/Capital Expenditures | <br>$76000.00 | 23.4% |
| Operating Reserve | <br>$25926.93 | 8.0% |
| **Total Amount** | <br>$325052.80 | 100.0% |

---

____________________

* Series #DTMEW acquired the property from a third-party seller and incurred customary acquisition and closing expenses, including title fees, inspection fees, agent fees, transfer taxes, and recording costs.

* From time to time, the Managing Member or its affiliates may advance funds to the Series to facilitate the acquisition of the property or to cover related expenses. Any such advances are generally documented as intercompany loans and may be reimbursed by the Series from available cash, including proceeds of this Offering, at the discretion of the Managing Member.

* Offering expenses include audit fees, legal fees, Edgarization fees, blue sky filing fees, and other customary offering-related costs. The company intends for the Series to be responsible only for a portion of these expenses, with any remaining amounts to be borne by the Managing Member or other series, without reimbursement.

* The Sourcing Fee represents a fee payable to the Asset Manager in connection with the identification, diligence, and negotiation of the property acquisition, as described in the Certificate of Designations for the Series. The Sourcing Fee comprises both (i) the sourcing fee allocable to the Regulation A offering in the amount of $2,051.18 , and (ii) the sourcing fee heretofore collected in connection with the Regulation D offering in the amount of $7,700.40 .

The actual allocation of proceeds between acquisition costs, improvements, reserves, offering expenses, and reimbursements for amounts advanced on behalf of the Series may vary based on the timing and amount of funds raised, as well as the needs of the Series. To the extent the Managing Member or its affiliates have advanced funds, including through intercompany loans, a portion of the proceeds may be used to reimburse such advances. Any remaining proceeds will be applied toward property improvements, operating reserves, or other permitted uses as determined by the Managing Member in its discretion. The company reserves the right to adjust the use of proceeds if management believes such changes are in the best interests of the Series.

In the event that the proceeds from this Offering are less than the amounts estimated, the Series may allocate available funds among acquisition costs, improvements, reserves, reimbursements of advances, and other permitted uses in such proportions as the Managing Member determines to be in the best interests of the Series. To the extent the Managing Member or its affiliates have advanced funds on behalf of the Series, a portion of the proceeds may be used to reimburse such amounts; however, neither the Managing Member nor its affiliates are obligated to provide additional funding, nor is the Series obligated to fully reimburse any such advances.

If the total amount raised is less than the maximum offering amount, the Series may have limited funds available for operating reserves or planned improvements. This may reduce the cash available for repairs or renovations, depending on the operating performance of the property and the timing of expenditures. The Managing Member may, but is not required to, provide additional financial support or defer certain expenses to meet the operational needs of the Series.

**The company reserves the right to change the above use of proceeds if management believes it is in the best interests of the company.**

The Series does not currently anticipate making payments to directors. Management fees and other ongoing expenses may be incurred in the discretion of the Managing Member and as permitted under the governing documents of the Series.

**Series #SOYGJ**

The company has previously raised capital for Series #SOYGJ through a prior private offering conducted under Regulation D (the "Prior Offering"). Funds from the Prior Offering were used (or will be used) to advance certain acquisition-related costs on behalf of the Series, including but not limited to earnest money deposits, due diligence costs, and initial closing expenses.

The proceeds from this Offering, together with the amounts raised in the Prior Offering, will collectively be used for the following purposes:

***Sources of Funds***

---

| | | |
|:---|:---|:---|
| **Sources** | **Amount** | **Percent of Total Sources** |
| Amount funded from this Offering | <br>$258364.35 | 37.5% |
| Amount funded from Prior Offering | <br>$431395.00 | 62.5% |
| **Total Amount** | <br>$689759.35 | 100.0% |

---

***Uses of Funds***

---

| | | |
|:---|:---|:---|
| **Uses** | **Amount** | **Percent of Total Uses** |
| Purchase Price of Property (1)(2) | <br>$450000.00 | 65.2% |
| Property Purchase Expenses (1) | <br>$35240.48 | 5.1% |
| Offering Expenses (3) | <br>$34692.78 | 5.0% |
| Sourcing Fee (4) | <br>$20692.78 | 3.0% |
| Property Improvements/Capital Expenditures | <br>$86000.00 | 12.5% |
| Operating Reserve | <br>$63133.31 | 9.2% |
| **Total Amount** | <br>$689759.35 | 100.0% |

---

____________________

* Series #SOYGJ acquired the property from a third-party seller and incurred customary acquisition and closing expenses, including title fees, inspection fees, agent fees, transfer taxes, and recording costs.

* From time to time, the Managing Member or its affiliates may advance funds to the Series to facilitate the acquisition of the property or to cover related expenses. Any such advances are generally documented as intercompany loans and may be reimbursed by the Series from available cash, including proceeds of this Offering, at the discretion of the Managing Member.

* Offering expenses include audit fees, legal fees, Edgarization fees, blue sky filing fees, and other customary offering-related costs. The company intends for the Series to be responsible only for a portion of these expenses, with any remaining amounts to be borne by the Managing Member or other series, without reimbursement.

* The Sourcing Fee represents a fee payable to the Asset Manager in connection with the identification, diligence, and negotiation of the property acquisition, as described in the Certificate of Designations for the Series. The Sourcing Fee comprises both (i) the sourcing fee allocable to the Regulation A offering in the amount of $7,750.93 , and (ii) the sourcing fee heretofore collected in connection with the Regulation D offering in the amount of $12,941.85 .

The actual allocation of proceeds between acquisition costs, improvements, reserves, offering expenses, and reimbursements for amounts advanced on behalf of the Series may vary based on the timing and amount of funds raised, as well as the needs of the Series. To the extent the Managing Member or its affiliates have advanced funds, including through intercompany loans, a portion of the proceeds may be used to reimburse such advances. Any remaining proceeds will be applied toward property improvements, operating reserves, or other permitted uses as determined by the Managing Member in its discretion. The company reserves the right to adjust the use of proceeds if management believes such changes are in the best interests of the Series.

In the event that the proceeds from this Offering are less than the amounts estimated, the Series may allocate available funds among acquisition costs, improvements, reserves, reimbursements of advances, and other permitted uses in such proportions as the Managing Member determines to be in the best interests of the Series. To the extent the Managing Member or its affiliates have advanced funds on behalf of the Series, a portion of the proceeds may be used to reimburse such amounts; however, neither the Managing Member nor its affiliates are obligated to provide additional funding, nor is the Series obligated to fully reimburse any such advances.

If the total amount raised is less than the maximum offering amount, the Series may have limited funds available for operating reserves or planned improvements. This may reduce the cash available for repairs or renovations, depending on the operating performance of the property and the timing of expenditures. The Managing Member may, but is not required to, provide additional financial support or defer certain expenses to meet the operational needs of the Series.

**The company reserves the right to change the above use of proceeds if management believes it is in the best interests of the company.**

The Series does not currently anticipate making payments to directors. Management fees and other ongoing expenses may be incurred in the discretion of the Managing Member and as permitted under the governing documents of the Series.

**Series #RUSUU**

The company has previously raised capital for Series #RUSUU through a prior private offering conducted under Regulation D (the "Prior Offering"). Funds from the Prior Offering were used (or will be used) to advance certain acquisition-related costs on behalf of the Series, including but not limited to earnest money deposits, due diligence costs, and initial closing expenses.

The proceeds from this Offering, together with the amounts raised in the Prior Offering, will collectively be used for the following purposes:

***Sources of Funds***

---

| | | |
|:---|:---|:---|
| **Sources** | **Amount** | **Percent of Total Sources** |
| Amount funded from this Offering | <br>$250730.25 | 37.4% |
| Amount funded from Prior Offering | <br>$420202.50 | 62.6% |
| **Total Amount** | <br>$670932.75 | 100.0% |

---

***Uses of Funds***

---

| | | |
|:---|:---|:---|
| **Uses** | **Amount** | **Percent of Total Uses** |
| Purchase Price of Property (1)(2) | <br>$447000.00 | 66.6% |
| Property Purchase Expenses (1) | <br>$34424.82 | 5.1% |
| Offering Expenses (3) | <br>$33727.98 | 5.0% |
| Sourcing Fee (4) | <br>$20127.98 | 3.0% |
| Property Improvements/Capital Expenditures | <br>$68000.00 | 10.1% |
| Operating Reserve | <br>$67651.97 | 10.1% |
| **Total Amount** | <br>$670932.75 | 100.0% |

---

____________________

* Series #RUSUU acquired the property from a third-party seller and incurred customary acquisition and closing expenses, including title fees, inspection fees, agent fees, transfer taxes, and recording costs.

* From time to time, the Managing Member or its affiliates may advance funds to the Series to facilitate the acquisition of the property or to cover related expenses. Any such advances are generally documented as intercompany loans and may be reimbursed by the Series from available cash, including proceeds of this Offering, at the discretion of the Managing Member.

* Offering expenses include audit fees, legal fees, Edgarization fees, blue sky filing fees, and other customary offering-related costs. The company intends for the Series to be responsible only for a portion of these expenses, with any remaining amounts to be borne by the Managing Member or other series, without reimbursement.

* The Sourcing Fee represents a fee payable to the Asset Manager in connection with the identification, diligence, and negotiation of the property acquisition, as described in the Certificate of Designations for the Series. The Sourcing Fee comprises both (i) the sourcing fee allocable to the Regulation A offering in the amount of $7,521.91 , and (ii) the sourcing fee heretofore collected in connection with the Regulation D offering in the amount of $12,606.07 .

The actual allocation of proceeds between acquisition costs, improvements, reserves, offering expenses, and reimbursements for amounts advanced on behalf of the Series may vary based on the timing and amount of funds raised, as well as the needs of the Series. To the extent the Managing Member or its affiliates have advanced funds, including through intercompany loans, a portion of the proceeds may be used to reimburse such advances. Any remaining proceeds will be applied toward property improvements, operating reserves, or other permitted uses as determined by the Managing Member in its discretion. The company reserves the right to adjust the use of proceeds if management believes such changes are in the best interests of the Series.

In the event that the proceeds from this Offering are less than the amounts estimated, the Series may allocate available funds among acquisition costs, improvements, reserves, reimbursements of advances, and other permitted uses in such proportions as the Managing Member determines to be in the best interests of the Series. To the extent the Managing Member or its affiliates have advanced funds on behalf of the Series, a portion of the proceeds may be used to reimburse such amounts; however, neither the Managing Member nor its affiliates are obligated to provide additional funding, nor is the Series obligated to fully reimburse any such advances.

If the total amount raised is less than the maximum offering amount, the Series may have limited funds available for operating reserves or planned improvements. This may reduce the cash available for repairs or renovations, depending on the operating performance of the property and the timing of expenditures. The Managing Member may, but is not required to, provide additional financial support or defer certain expenses to meet the operational needs of the Series.

**The company reserves the right to change the above use of proceeds if management believes it is in the best interests of the company.**

The Series does not currently anticipate making payments to directors. Management fees and other ongoing expenses may be incurred in the discretion of the Managing Member and as permitted under the governing documents of the Series.

**Series #KM1OU**

The company has previously raised capital for Series #KM1OU through a prior private offering conducted under Regulation D (the "Prior Offering"). Funds from the Prior Offering were used (or will be used) to advance certain acquisition-related costs on behalf of the Series, including but not limited to earnest money deposits, due diligence costs, and initial closing expenses.

The proceeds from this Offering, together with the amounts raised in the Prior Offering, will collectively be used for the following purposes:

***Sources of Funds***

---

| | | |
|:---|:---|:---|
| **Sources** | **Amount** | **Percent of Total Sources** |
| Amount funded from this Offering | <br>$715366.40 | 59.9% |
| Amount funded from Prior Offering | <br>$478993.00 | 40.1% |
| **Total Amount** | <br>$1194359.40 | 100.0% |

---

***Uses of Funds***

---

| | | |
|:---|:---|:---|
| **Uses** | **Amount** | **Percent of Total Uses** |
| Purchase Price of Property (1)(2) | <br>$750000.00 | 62.8% |
| Property Purchase Expenses (1) | <br>$75896.21 | 6.4% |
| Offering Expenses (3) | <br>$43030.78 | 3.6% |
| Sourcing Fee (4) | <br>$35830.78 | 3.0% |
| Property Improvements/Capital Expenditures | <br>$190000.00 | 15.9% |
| Operating Reserve | <br>$99601.63 | 8.3% |
| **Total Amount** | <br>$1194359.40 | 100.0% |

---

____________________

* Series #KM1OU acquired the property from a third-party seller and incurred customary acquisition and closing expenses, including title fees, inspection fees, agent fees, transfer taxes, and recording costs.

* From time to time, the Managing Member or its affiliates may advance funds to the Series to facilitate the acquisition of the property or to cover related expenses. Any such advances are generally documented as intercompany loans and may be reimbursed by the Series from available cash, including proceeds of this Offering, at the discretion of the Managing Member.

* Offering expenses include audit fees, legal fees, Edgarization fees, blue sky filing fees, and other customary offering-related costs. The company intends for the Series to be responsible only for a portion of these expenses, with any remaining amounts to be borne by the Managing Member or other series, without reimbursement.

* The Sourcing Fee represents a fee payable to the Asset Manager in connection with the identification, diligence, and negotiation of the property acquisition, as described in the Certificate of Designations for the Series. The Sourcing Fee comprises both (i) the sourcing fee allocable to the Regulation A offering in the amount of $21,460.99 , and (ii) the sourcing fee heretofore collected in connection with the Regulation D offering in the amount of $14,369.79 .

The actual allocation of proceeds between acquisition costs, improvements, reserves, offering expenses, and reimbursements for amounts advanced on behalf of the Series may vary based on the timing and amount of funds raised, as well as the needs of the Series. To the extent the Managing Member or its affiliates have advanced funds, including through intercompany loans, a portion of the proceeds may be used to reimburse such advances. Any remaining proceeds will be applied toward property improvements, operating reserves, or other permitted uses as determined by the Managing Member in its discretion. The company reserves the right to adjust the use of proceeds if management believes such changes are in the best interests of the Series.

In the event that the proceeds from this Offering are less than the amounts estimated, the Series may allocate available funds among acquisition costs, improvements, reserves, reimbursements of advances, and other permitted uses in such proportions as the Managing Member determines to be in the best interests of the Series. To the extent the Managing Member or its affiliates have advanced funds on behalf of the Series, a portion of the proceeds may be used to reimburse such amounts; however, neither the Managing Member nor its affiliates are obligated to provide additional funding, nor is the Series obligated to fully reimburse any such advances.

If the total amount raised is less than the maximum offering amount, the Series may have limited funds available for operating reserves or planned improvements. This may reduce the cash available for repairs or renovations, depending on the operating performance of the property and the timing of expenditures. The Managing Member may, but is not required to, provide additional financial support or defer certain expenses to meet the operational needs of the Series.

**The company reserves the right to change the above use of proceeds if management believes it is in the best interests of the company.**

The Series does not currently anticipate making payments to directors. Management fees and other ongoing expenses may be incurred in the discretion of the Managing Member and as permitted under the governing documents of the Series.

**Series #TBQSK**

The company has previously raised capital for Series #TBQSK through a prior private offering conducted under Regulation D (the "Prior Offering"). Funds from the Prior Offering were used (or will be used) to advance certain acquisition-related costs on behalf of the Series, including but not limited to earnest money deposits, due diligence costs, and initial closing expenses.

The proceeds from this Offering, together with the amounts raised in the Prior Offering, will collectively be used for the following purposes:

***Sources of Funds***

---

| | | |
|:---|:---|:---|
| **Sources** | **Amount** | **Percent of Total Sources** |
| Amount funded from this Offering | <br>$55347.00 | 5.4% |
| Amount funded from Prior Offering | <br>$967000.00 | 94.6% |
| **Total Amount** | <br>$1022347.00 | 100.0% |

---

***Uses of Funds***

---

| | | |
|:---|:---|:---|
| **Uses** | **Amount** | **Percent of Total Uses** |
| Purchase Price of Property (1)(2) | <br>$780000.00 | 76.3% |
| Property Purchase Expenses (1) | <br>$61378.18 | 6.0% |
| Offering Expenses (3) | <br>$44870.41 | 4.4% |
| Sourcing Fee (4) | <br>$30670.41 | 3.0% |
| Property Improvements/Capital Expenditures | <br>$70000.00 | 6.8% |
| Operating Reserve | <br>$35428.01 | 3.5% |
| **Total Amount** | <br>$1022347.00 | 100.0% |

---

____________________

* Series #TBQSK acquired the property from a third-party seller and incurred customary acquisition and closing expenses, including title fees, inspection fees, agent fees, transfer taxes, and recording costs.

* From time to time, the Managing Member or its affiliates may advance funds to the Series to facilitate the acquisition of the property or to cover related expenses. Any such advances are generally documented as intercompany loans and may be reimbursed by the Series from available cash, including proceeds of this Offering, at the discretion of the Managing Member.

* Offering expenses include audit fees, legal fees, Edgarization fees, blue sky filing fees, and other customary offering-related costs. The company intends for the Series to be responsible only for a portion of these expenses, with any remaining amounts to be borne by the Managing Member or other series, without reimbursement.

* The Sourcing Fee represents a fee payable to the Asset Manager in connection with the identification, diligence, and negotiation of the property acquisition, as described in the Certificate of Designations for the Series. The Sourcing Fee comprises both (i) the sourcing fee allocable to the Regulation A offering in the amount of $1,660.41 , and (ii) the sourcing fee heretofore collected in connection with the Regulation D offering in the amount of $29,010.00 .

The actual allocation of proceeds between acquisition costs, improvements, reserves, offering expenses, and reimbursements for amounts advanced on behalf of the Series may vary based on the timing and amount of funds raised, as well as the needs of the Series. To the extent the Managing Member or its affiliates have advanced funds, including through intercompany loans, a portion of the proceeds may be used to reimburse such advances. Any remaining proceeds will be applied toward property improvements, operating reserves, or other permitted uses as determined by the Managing Member in its discretion. The company reserves the right to adjust the use of proceeds if management believes such changes are in the best interests of the Series.

In the event that the proceeds from this Offering are less than the amounts estimated, the Series may allocate available funds among acquisition costs, improvements, reserves, reimbursements of advances, and other permitted uses in such proportions as the Managing Member determines to be in the best interests of the Series. To the extent the Managing Member or its affiliates have advanced funds on behalf of the Series, a portion of the proceeds may be used to reimburse such amounts; however, neither the Managing Member nor its affiliates are obligated to provide additional funding, nor is the Series obligated to fully reimburse any such advances.

If the total amount raised is less than the maximum offering amount, the Series may have limited funds available for operating reserves or planned improvements. This may reduce the cash available for repairs or renovations, depending on the operating performance of the property and the timing of expenditures. The Managing Member may, but is not required to, provide additional financial support or defer certain expenses to meet the operational needs of the Series.

**The company reserves the right to change the above use of proceeds if management believes it is in the best interests of the company.**

The Series does not currently anticipate making payments to directors. Management fees and other ongoing expenses may be incurred in the discretion of the Managing Member and as permitted under the governing documents of the Series.

**Series #EKPES**

The company has previously raised capital for Series #EKPES through a prior private offering conducted under Regulation D (the "Prior Offering"). Funds from the Prior Offering were used (or will be used) to advance certain acquisition-related costs on behalf of the Series, including but not limited to earnest money deposits, due diligence costs, and initial closing expenses.

The proceeds from this Offering, together with the amounts raised in the Prior Offering, will collectively be used for the following purposes:

***Sources of Funds***

---

| | | |
|:---|:---|:---|
| **Sources** | **Amount** | **Percent of Total Sources** |
| Amount funded from this Offering | <br>$626834.90 | 84.2% |
| Amount funded from Prior Offering | <br>$117370.00 | 15.8% |
| **Total Amount** | <br>$744204.90 | 100.0% |

---

***Uses of Funds***

---

| | | |
|:---|:---|:---|
| **Uses** | **Amount** | **Percent of Total Uses** |
| Purchase Price of Property (1)(2) | <br>$392000.00 | 52.7% |
| Property Purchase Expenses (1) | <br>$38472.90 | 5.2% |
| Offering Expenses (3) | <br>$36926.15 | 5.0% |
| Sourcing Fee (4) | <br>$22326.15 | 3.0% |
| Property Improvements/Capital Expenditures | <br>$148000.00 | 19.9% |
| Operating Reserve | <br>$106479.70 | 14.3% |
| **Total Amount** | <br>$744204.90 | 100.0% |

---

____________________

* Series #EKPES acquired the property from a third-party seller and incurred customary acquisition and closing expenses, including title fees, inspection fees, agent fees, transfer taxes, and recording costs.

* From time to time, the Managing Member or its affiliates may advance funds to the Series to facilitate the acquisition of the property or to cover related expenses. Any such advances are generally documented as intercompany loans and may be reimbursed by the Series from available cash, including proceeds of this Offering, at the discretion of the Managing Member.

* Offering expenses include audit fees, legal fees, Edgarization fees, blue sky filing fees, and other customary offering-related costs. The company intends for the Series to be responsible only for a portion of these expenses, with any remaining amounts to be borne by the Managing Member or other series, without reimbursement.

* The Sourcing Fee represents a fee payable to the Asset Manager in connection with the identification, diligence, and negotiation of the property acquisition, as described in the Certificate of Designations for the Series. The Sourcing Fee comprises both (i) the sourcing fee allocable to the Regulation A offering in the amount of $18,805.05 , and (ii) the sourcing fee heretofore collected in connection with the Regulation D offering in the amount of $3,521.10 .

The actual allocation of proceeds between acquisition costs, improvements, reserves, offering expenses, and reimbursements for amounts advanced on behalf of the Series may vary based on the timing and amount of funds raised, as well as the needs of the Series. To the extent the Managing Member or its affiliates have advanced funds, including through intercompany loans, a portion of the proceeds may be used to reimburse such advances. Any remaining proceeds will be applied toward property improvements, operating reserves, or other permitted uses as determined by the Managing Member in its discretion. The company reserves the right to adjust the use of proceeds if management believes such changes are in the best interests of the Series.

In the event that the proceeds from this Offering are less than the amounts estimated, the Series may allocate available funds among acquisition costs, improvements, reserves, reimbursements of advances, and other permitted uses in such proportions as the Managing Member determines to be in the best interests of the Series. To the extent the Managing Member or its affiliates have advanced funds on behalf of the Series, a portion of the proceeds may be used to reimburse such amounts; however, neither the Managing Member nor its affiliates are obligated to provide additional funding, nor is the Series obligated to fully reimburse any such advances.

If the total amount raised is less than the maximum offering amount, the Series may have limited funds available for operating reserves or planned improvements. This may reduce the cash available for repairs or renovations, depending on the operating performance of the property and the timing of expenditures. The Managing Member may, but is not required to, provide additional financial support or defer certain expenses to meet the operational needs of the Series.

**The company reserves the right to change the above use of proceeds if management believes it is in the best interests of the company.**

The Series does not currently anticipate making payments to directors. Management fees and other ongoing expenses may be incurred in the discretion of the Managing Member and as permitted under the governing documents of the Series.

**THE COMPANY'S BUSINESS**

**Company Overview - Our Mission**

Ark7 Properties LLC, a Delaware series limited liability company, was established on October 31, 2018 to expand access to real estate investment opportunities, allowing a broader audience to participate in the financial benefits of property ownership. Our mission is to build a reliable and accessible platform that democratizes real estate investment.

Ark7 Properties LLC is managed and fully controlled by Ark7. As discussed further in the Series Limited Liability Company Agreement of Ark7 Properties LLC dated March 17, 2022 (the "Operating Agreement"), Ark7 is the Managing Member of Ark7 Properties LLC. Ark7 was incorporated in the State of Delaware on June 26, 2018. Ark7 operates a digital platform for real estate investment, making it simpler for investors to engage in property ownership. Ark7 acquires residential properties and conveys them to a Series of the Company to be offered to investors through the Ark7 platform. Ark7 believes this model enables investors to diversify their investment across various properties, helping to manage risk without the need for direct property management or mortgage commitments.

Ark7 performs all aspects of sourcing, analyzing, maintaining, and managing the properties we acquire. The Ark7 team conducts comprehensive evaluations of each potential property investment, examining a variety of financial, market, and demographic characteristics to inform our acquisition strategies. Each investment we make represents not only a financial opportunity but also a commitment to the communities where Ark7 properties are located. By investing in these areas, we contribute alongside our investors to community development and growth. As our network of engaged, like-minded investors expands, so too does our ability to access new investment and residential opportunities, enhancing value for our stakeholders and the communities we serve.

**Series LLC Structure**

Each property that Ark7 Properties LLC acquires is held within a distinct series of our Delaware series limited liability company structure, created specifically to acquire and manage that residential property. Each series may own its specific property through a wholly-owned subsidiary, which is structured as a limited liability company under the laws of the state where the property is located.

As a Delaware series limited liability company, Ark7 Properties LLC structures its operations so that the debts, liabilities, obligations, and expenses associated with a particular series are segregated and only enforceable against the assets of that series, as provided under Delaware law. This setup allows for financial and legal separation across different investments within our portfolio.

Ark7 Properties LLC plans for each series to initially be treated as a corporation for U.S. federal income tax purposes, aiming for tax efficiency. However, if a series' real estate and potential income streams suggest that REIT status would be beneficial, we may elect to have that series taxed as a separate REIT. This approach allows us to consider the tax advantages specific to REITs, which may include benefits for our investors.

Should REIT status not be suitable, we may opt for the series to be taxed as a partnership. This alternative would involve using Schedule K-1 for tax reporting, which allows income, losses, deductions, and credits to pass through directly to investors, facilitating transparency in their personal tax obligations.

Our company focuses on the identification, acquisition, marketing, and management of individual residential properties, with each managed within its own series. This dedicated structure supports our efforts to manage the value of every single property for our investors effectively.

**Investment Objectives**

Ark7 Properties LLC aims to offer its investors a range of carefully considered investment objectives, including:

* Consistent Cash Flow: Generating steady income from our managed properties.

* Value Growth: Fostering long-term capital appreciation through strategies that employ moderate to no leverage.

* Capital Preservation: Focusing on the preservation of capital through meticulous property selection and management practices.

While we strive to meet these objectives, it is important for investors to understand that the achievement of these goals cannot be guaranteed. The value of assets may fluctuate, and Ark7 Properties LLC does not assure that the investment objectives will be achieved.

**Investment Criteria**

Ark7 Properties LLC is committed to a strategic acquisition approach, focusing on properties that meet the following well-defined criteria as determined by Ark7:

* Property Type: Residential homes that align with our investment philosophy and management capabilities.

* Price Range: Properties priced between $150,000 and $3,000,000, allowing us to diversify our portfolio and cater to a broad market segment.

* Condition of Properties: Homes requiring little to no improvement post-acquisition, which helps in quick turnaround for rental readiness and reduces initial capital expenditure.

* Location Criteria: Properties located in desirable travel destinations or adjacent to universities. These locations typically benefit from consistent rental demand, potentially boosting the property's income-generating capability.

These criteria are designed to identify properties that are well-positioned to generate value for our investors through both steady rental income and potential for long-term appreciation. As we refine our acquisition strategy and respond to market conditions, these criteria may evolve to better align with our investment objectives and market opportunities.

**Investment Strategy - Market Opportunities**

Ark7 Properties LLC's investment strategy is centered around the acquisition, management, and strategic operation of residential properties situated in vibrant and growing cities across the United States as determined by Ark7. Our approach is to identify and invest in markets that possess strong potential for long-term property value appreciation.

* Acquisition: We target properties that align with our investment criteria to ensure they meet our standards for potential return on investment.

* Management: Once acquired, each property is managed with an emphasis on maintaining high occupancy rates and enhancing the tenant experience, which supports sustained revenue generation.

* Selective Leverage: We utilize leverage to amplify cash on cash returns while maintaining a conservative debt profile, thereby managing financial risk effectively.

* Disposition: Properties are periodically reviewed for potential sale opportunities, especially when they reach peak valuation, in line with our strategic goal of capitalizing on market conditions to realize gains.

By focusing on dynamic urban environments where demographic trends indicate growth and resilience, Ark7 Properties LLC aims to secure a portfolio of properties that are not only profitable but also benefit from the broader economic and social vibrancy of their respective locales. This strategic market focus is intended to maximize opportunities for our investors, though as with any investment, there are inherent risks and returns are not guaranteed.

**Investment Process**

Ark7 Properties LLC utilizes a structured investment process to ensure that each property we consider aligns with our strategic objectives and investment criteria:

* Sourcing: Ark7, in collaboration with local real estate professionals, employs analysis tools to identify various investment opportunities. These opportunities range from individual homes listed on the MLS, newly constructed rental communities, and exclusive off-market deals, often sourced through a network developed by Ark7 in the industry.

* Due Diligence: Each potential investment undergoes an evaluation against our investment criteria. Our due diligence process focuses on the specifics of the chosen geographic and sub-market areas, assessing factors like local rental market dynamics and their potential impacts on property values. We perform analyses that include projected rental rates based on local comparables, property values, and an examination of risks such as title discrepancies, structural issues, and environmental hazards.

* Property Review: After due diligence, Ark7 reviews pertinent data and makes a decision to proceed with or halt the property acquisition.

* Property Acquisition and Renovation: Properties are acquired directly by our managed series utilizing related party and third-party debt financing, adhering to established acquisition protocols. Post-acquisition, necessary renovations are carried out to ensure the property meets our standards for rental readiness. This process is managed to minimize downtime and prepare the property for prompt leasing.

* Ongoing Management: Ark7 is responsible for maintaining property records, overseeing maintenance, managing tenant interactions, and ensuring compliance with local regulations. It also handles the listing and booking of properties on rental platforms like Zillow and Apartments.com.

Our Managing Member maintains comprehensive control over all investment decisions, guided by our overarching investment objectives and leverage policies.

**Leverage Policy**

Through our Leverage Policy, we aim to strategically utilize leverage via senior financing for our real estate acquisitions, secured credit facilities, and capital markets financing activities. Our strategy involves securing long-term, non-recourse leverage arrangements that are not subject to mark-to-market valuations, aiming for the most cost-effective options available.

We've implemented a borrowing limit, pledging not to surpass 65% of the higher value between the acquisition cost (pre-depreciation or other non-cash reserves adjustments) or the fair market value of our assets. This reflects our prudent approach to leveraging, ensuring financial strength.

Furthermore, we consider extending loans to our Asset Manager at fair market rates for investing in real estate properties on the Ark7 platform, up to the mortgage principal amount as needed, a decision subject to strategic evaluation. The Managing Member has the authority to review and adjust our leverage strategy in response to changing economic conditions or strategic priorities, keeping our policy aligned with investment goals.

Approval from the Managing Member is required for exceeding our leverage limit. Additionally, if assets initially acquired without leverage are eligible for financing under our policy, any excess proceeds beyond operational needs or reserves may be distributed to investors at the discretion of the Managing Member, in adherence to our leverage guidelines. This approach underscores our commitment to navigating real estate investment complexities while safeguarding the long-term interests of our investors.

**Promotion and Incentive Programs**

The Company may, from time to time, offer limited promotional or incentive programs in connection with the operation of its platform. These programs may include investment credits, temporary fee adjustments, or other ancillary benefits made available to platform users. Any such program will be limited in duration and may be changed or discontinued at any time.

These programs are operational features of the platform and are not part of the terms of the securities being offered under this Offering Circular. They do not modify, supplement, or otherwise affect the rights, preferences, obligations, or economic characteristics of any securities issued in this offering.

Promotional or incentive programs do not provide or imply any assurance of investment performance, protection against loss, or guaranteed income. Investors should not consider the availability of any such program when evaluating an investment in the securities offered hereby.

The Company may provide general information about promotional or incentive programs through its website, mobile application, or other permitted communications. These materials are provided solely for informational purposes and do not form part of this Offering Circular. If any inconsistency arises between such communications and this Offering Circular, the disclosures contained in this Offering Circular shall control.

**Operating Policies**

Credit Risk Management: Each Series is exposed to varying levels of credit and special hazard risk. The Managing Member assesses and monitors credit risk and other loss-related risks associated with each investment. The Managing Member will oversee the overall credit risk and provision for loss levels.

Additional Borrowings: Each series may explore financing or refinancing existing debt, including mortgages, with additional debt financing, either from an affiliate or a third party. Any third-party mortgages or debt instruments entered into by a series, or the company on behalf of a series, will likely be secured directly or indirectly by a security interest in the title of the property and other assets of the series.

**A**sset Management Fee**

The Asset Manager will be entitled to an annual asset management fee from each series, calculated as 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement.

**Operating Expenses**

Each series within Ark7 Properties LLC will bear the costs and expenses associated with its activities, including but not limited to:

* Management fees, audit expenses, and report preparation costs for the series property.

* Insurance premiums.

* Withholding or transfer taxes, as well as governmental fees.

* Legal fees and settlement costs for litigation or regulatory matters related to the series.

* Fees for a third-party registrar and transfer agent, if appointed.

* Indemnification payments.

* Interest or financing expenses.

* Potential HOA or association fees.

* Regulatory or permitting fees for operating short-term rentals.

* Costs for third-party services engaged by the Asset Manager.

* Any other expenses deemed as Operating Expenses by the Asset Manager.

The Managing Member will cover its own ordinary expenses. If Operating Expenses exceed the series property's revenues and cannot be covered by reserves, the Managing Member may either pay the expenses without seeking reimbursement, loan the amount to the series with reasonable interest, or issue additional interests in the series to cover the shortfall.

**Conflicts of Interest**

Conflicts of interest may exist now or arise in the future involving the manager, its affiliates, and our officers and/or directors who also hold positions with the Managing Member. These conflicts could include:

* Our executive officers serve as officers of other entities affiliated with the Managing Member. This could lead to conflicts regarding agreements and arrangements with the manager and its affiliates, potentially affecting the terms negotiated.

* Our executive officers are not obligated to allocate specific time to our affairs, which may result in competition for their attention between our business and other ventures managed by the manager or its affiliates. Consequently, we may not receive the level of support we would if managed internally.

* Some or all series acquiring properties from the manager or its affiliates. The Managing Member may acquire, repair, and improve properties before reselling them to a series at a price determined by the manager or its affiliate, possibly at a premium. This arrangement may lead to a misalignment of interests between the manager and the series or its investors.

* The possibility of the Managing Member establishing additional vehicles with similar investment goals, potentially resulting in overlapping objectives. If we have sufficient capital, properties suitable for us will be allocated accordingly.

* The Managing Member conducts promotions allowing investors to rent series properties at reduced rates for marketing purposes. While this could enhance the Company's visibility, it might reduce rental income and property performance.

* The Managing Member's limited responsibilities as outlined in the operating agreement, with no liability beyond specified duties. We are obligated to reimburse and indemnify the manager and its affiliates for expenses and losses, except in cases of egregious misconduct, potentially exposing us to poor performance or losses for which the Managing Member would not be held responsible.

**SERIES PROPERTIES BEING OFFERED**

**Property Overview - Series #MHQNN**

***Timeline***

* Ark7, the company's Managing Member and Series #MHQNN entered into an inter-company loan agreement on Jul 8, 2019, pursuant to which Ark7 loaned Series #MHQNN $750,000 for the purpose of purchasing the Mabel Property.

* Ark7 Properties LLC - Series #MHQNN acquired a property located at 2924 Mabel St, Berkeley, CA 94702. The transaction for this purchase was completed on Nov 27, 2019, with a sale price of $1,542,000.

* On Dec 12, 2019, Ark7 Properties LLC established Series #MHQNN for the purpose of acquiring the property located at 2924 Mabel St, Berkeley, CA 94702 (the "Mabel Property") from a third-party seller.

The above information is preliminary and should not be considered indicative of future performance.

***Property Summary***

---

| | |
|:---|:---|
| **Address of Property** | 2924 Mabel St, Berkeley, CA 94702 |
| **Type of Property** | Multi-Family Home |
| **Square Foot** | 3,648 square feet |
| **HOA** | The total annual assessments paid to the community association are $0 per year, paid monthly. |
| **Configuration** | 5 units |
| **Capital improvements intended to be made by Ark7** | Capital improvements may include new appliances and cosmetic improvements as well as various punch list items throughout the property. |
| **Total amount intended to be spent on capital improvements by Ark7** | <br>$272000.00 |
| **Debt on property** | $756,250.00 from third-party lenders. |
| **Property Listing** | The property is managed as a single-family home rental and is listed on the following rental sites:<br>- Zillow<br>- Apartments.com |
| **Sale of Property** | In the event the company decides to sell the property, approval from the Series #MHQNN holders will not be sought. |

---

***Property History***

The multi-family home located at 2924 Mabel St, Berkeley, CA 94702. The Mabel Property was built in 1963. The Mabel Property expects to incur approximately $272,000.00 of costs related to certain improvement projects to the property.

***Acquisition of the Mabel Property***

Series #MHQNN completed the acquisition of the Mabel Property on November 27, 2019. The acquisition of the Mabel Property was funded via a cash payment in the amount of $1,542,000.00. The Mabel Property is being held by Series #MHQNN. See the "Use of Proceeds" section below for additional information regarding anticipated expenses and uses of offering proceeds.

***Property Components & Capital Expenditures***

The Mabel Property was inspected by a licensed professional, and the inspection report indicated that the major property components are inacceptable, functional condition, with no obvious signs of defect.

With the current expected level and quality of the property components we will not recognize any deferred maintenance items and we expect that the major property components will remain in working order during the anticipated hold period for this property. In our operating estimates, we forecast a potential cost of maintenance and capital expenses as a percentage of rental income. In the case of unforeseen maintenance expenses, we could make use of our cash reserves, if necessary.

We anticipate that the final renovation cost, a capital expenditure, for this property will total approximately $272,000.00. These renovations may include new appliances and cosmetic improvements as well as various punch list items throughout the property. This renovation expense is listed in the use of proceeds for Series #MHQNN.

***Asset Manager***

The Managing Member appointed the Asset Manager to manage the Mabel Property. Ark7 has entered into an Asset Management Agreement with the Asset Manager. Pursuant to the terms of the Asset Management Agreement, the Series will pay the Asset Manager an annual fee (in respect of each fiscal year, 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement) for managing the Homestead Property.

***Property Operations and Hold Period***

The Mabel Property will be listed for rent once vacant at $12,216 per month ($146,592 annually), consistent with similar multi-family homes in Berkeley, CA.

The Managing Member anticipates that this property's Operating Expenses, which include real estate taxes, property insurance and repairs and maintenance costs, will be in the range of $9,530 per month. This estimate is based on the Managing Members due diligence calculations and does not include the $272,000.00 that the company anticipates will be needed for final renovations and will be deemed a capital expenditure. For information relating to our capital expenditure expectations, see "Property Components & Capital Expenditures" above.

We intend to hold the Mabel Property for 10 or more years during which time, we will operate the Mabel Property as a rental property. During this period, we intend to distribute any Free Cash Flow (as defined in the Operating Agreement) to Series #MHQNN interest holders. The determination as to when the Mabel 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 lease may impact the sales price we may realize. The Managing Member may determine that it is in the best interests of shareholders to sell the Mabel Property earlier than 10 years or to hold the property for more than 10 years.

***Market Overview***

As of November 1, 2025, the latest data from various sources indicates a steady and supply-constrained multifamily housing market in Berkeley, CA 94702. While not specific to this property, insights from Redfin, Zillow, Realtor.com, and CoStar highlight broader trends shaping the area.

* In November 2025, the median sale price for small multifamily properties (2-10 units) in Berkeley averaged approximately $1.85 million, representing a 2.2% year-over-year increase. For 5-unit buildings specifically, typical valuations ranged from $1.6 million to $2.2 million, depending on unit mix, vintage, condition, and income performance. A property like 2924 Mabel St would generally fall within this band given its size and location.

* The 94702 ZIP code benefits from its proximity to UC Berkeley, Downtown Berkeley, major transit corridors, and strong tenant demand driven by academic, tech, and healthcare employment. Multifamily occupancy levels remained high at approximately 96% as of November 2025, and small multifamily listings continued to move efficiently, averaging 28 days on market, similar to the prior year.

* Recent Census estimates show Berkeley's population at roughly 120,000 residents as of 2025, supported by stable housing demand and limited new multifamily construction due to regulatory constraints and high development costs.

* Active listings for small multifamily properties in Berkeley remained scarce in 2025, increasing only 2% year-over-year, keeping inventory tight and sustaining upward pressure on pricing for well-located assets.

* As of November 2025, average rents for 1- and 2-bedroom units in Class B/C small multifamily buildings in Berkeley ranged from $2,450 to $3,150 per month, reflecting a 3.1% annual increase driven by continued demand and limited supply.

**Property Overview - Series #KYLBE**

***Timeline***

* Ark7, the company's Managing Member and Series #KYLBE entered into an inter-company loan agreement on Jul 8, 2019, pursuant to which Ark7 loaned Series #KYLBE $750,000 for the purpose of purchasing the Mabel Property.

* Ark7 Properties LLC - Series #KYLBE acquired a property located at 3102-3108 California St, Berkeley, CA 94703. The transaction for this purchase was completed on Aug 12, 2019, with a sale price of $1,475,000.

* On Dec 12, 2019, Ark7 Properties LLC established Series #KYLBE for the purpose of acquiring the property located at 3102-3108 California St, Berkeley, CA 94703 (the "California Property") from a third-party seller.

The above information is preliminary and should not be considered indicative of future performance.

***Property Summary***

---

| | |
|:---|:---|
| **Address of Property** | 3102-3108 California St, Berkeley, CA 94703 |
| **Type of Property** | Multi-Family Home |
| **Square Foot** | 3,992 square feet |
| **HOA** | The total annual assessments paid to the community association are $0 per year, paid monthly. |
| **Configuration** | 6 units |
| **Capital improvements intended to be made by Ark7** | Capital improvements may include new appliances and cosmetic improvements as well as various punch list items throughout the property. |
| **Total amount intended to be spent on capital improvements by Ark7** | <br>$137000.00 |
| **Debt on property** | $756,250.00 from third-party lenders. |
| **Property Listing** | The property is managed as a single-family home rental and is listed on the following rental sites:<br>- Zillow<br>- Apartments.com |
| **Sale of Property** | In the event the company decides to sell the property, approval from the Series #KYLBE holders will not be sought. |

---

***Property History***

The multi-family home located at 3102-3108 California St, Berkeley, CA 94703. The California Property was built in 1961. The California Property expects to incur approximately $137,000.00 of costs related to certain improvement projects to the property.

***Acquisition of the California Property***

Series #KYLBE completed the acquisition of the California Property on August 12, 2019. The acquisition of the California Property was funded via a cash payment in the amount of $1,475,000.00. The California Property is being held by Series #KYLBE. See the "Use of Proceeds" section below for additional information regarding anticipated expenses and uses of offering proceeds.

***Property Components & Capital Expenditures***

The California Property was inspected by a licensed professional, and the inspection report indicated that the major property components are inacceptable, functional condition, with no obvious signs of defect.

With the current expected level and quality of the property components we will not recognize any deferred maintenance items and we expect that the major property components will remain in working order during the anticipated hold period for this property. In our operating estimates, we forecast a potential cost of maintenance and capital expenses as a percentage of rental income. In the case of unforeseen maintenance expenses, we could make use of our cash reserves, if necessary.

We anticipate that the final renovation cost, a capital expenditure, for this property will total approximately $137,000.00. These renovations may include new appliances and cosmetic improvements as well as various punch list items throughout the property. This renovation expense is listed in the use of proceeds for Series #KYLBE.

***Asset Manager***

The Managing Member appointed the Asset Manager to manage the California Property. Ark7 has entered into an Asset Management Agreement with the Asset Manager. Pursuant to the terms of the Asset Management Agreement, the Series will pay the Asset Manager an annual fee (in respect of each fiscal year, 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement) for managing the Homestead Property.

***Property Operations and Hold Period***

The California Property will be listed for rent once vacant at $10,040 per month ($120,480 annually), consistent with similar multi-family homes in Berkeley, CA.

The Managing Member anticipates that this property's Operating Expenses, which include real estate taxes, property insurance and repairs and maintenance costs, will be in the range of $5,000 per month. This estimate is based on the Managing Members due diligence calculations and does not include the $137,000.00 that the company anticipates will be needed for final renovations and will be deemed a capital expenditure. For information relating to our capital expenditure expectations, see "Property Components & Capital Expenditures" above.

We intend to hold the California Property for 10 or more years during which time, we will operate the California Property as a rental property. During this period, we intend to distribute any Free Cash Flow (as defined in the Operating Agreement) to Series #KYLBE interest holders. The determination as to when the California 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 lease may impact the sales price we may realize. The Managing Member may determine that it is in the best interests of shareholders to sell the California Property earlier than 10 years or to hold the property for more than 10 years.

***Market Overview***

As of November 1, 2025, the latest data from various sources indicates a stable and supply-limited multifamily housing market in Berkeley, CA 94703. While not specific to this property, insights from Redfin, Zillow, Realtor.com, and CoStar highlight broader market dynamics influencing small multifamily assets in the area.

* In November 2025, the median sale price for small multifamily buildings (2-10 units) in Berkeley averaged approximately $1.85 million, reflecting a 2.2% year-over-year increase. For 6-unit properties specifically, typical valuations ranged between $1.7 million and $2.3 million, depending on unit mix, building condition, and rental income. A property like 3102-3108 California St generally fits within this valuation band given its size and location.

* The 94703 ZIP code benefits from strong rental demand due to its proximity to UC Berkeley, Downtown Berkeley, BART stations, and regional employment centers across the East Bay. Multifamily occupancy levels remained high at approximately 96% as of November 2025, and small multifamily properties continued to sell steadily, with average time on market around 30 days, consistent with the prior year.

* Recent U.S. Census estimates show Berkeley's population at roughly 120,000 residents as of 2025, supported by a stable renter base and limited opportunities for new housing development due to regulatory and land-use constraints.

* Active listings for small multifamily buildings in Berkeley increased only 2% year-over-year, keeping inventory extremely limited and maintaining competitive conditions for investors seeking well-situated assets.

* As of November 2025, average rents for 1- and 2-bedroom units in Class B/C small multifamily buildings across Berkeley ranged from $2,450 to $3,200 per month, marking a 3.2% annual increase consistent with the broader Bay Area's constrained supply and sustained demand.

**Property Overview - Series #DJVWQ**

***Timeline***

* Ark7, the company's Managing Member and Series #DJVWQ entered into an inter-company loan agreement on May 15, 2020, pursuant to which Ark7 loaned Series #DJVWQ $850,000 for the purpose of purchasing the Mabel Property.

* On Jul 28, 2020, Ark7 Properties LLC established Series #DJVWQ for the purpose of acquiring the property located at 2314 Bonar St, Berkeley, CA 94702 (the "Bonar Property") from a third-party seller.

* Ark7 Properties LLC - Series #DJVWQ acquired a property located at 2314 Bonar St, Berkeley, CA 94702. The transaction for this purchase was completed on Sep 11, 2020, with a sale price of $1,949,000.

The above information is preliminary and should not be considered indicative of future performance.

***Property Summary***

---

| | |
|:---|:---|
| **Address of Property** | 2314 Bonar St, Berkeley, CA 94702 |
| **Type of Property** | Multi-Family Home |
| **Square Foot** | 3,670 square feet |
| **HOA** | The total annual assessments paid to the community association are $0 per year, paid monthly. |
| **Configuration** | 5 units |
| **Capital improvements intended to be made by Ark7** | Capital improvements may include new appliances and cosmetic improvements as well as various punch list items throughout the property. |
| **Total amount intended to be spent on capital improvements by Ark7** | <br>$192000.00 |
| **Debt on property** | $1,169,400.00 from third-party lenders. |
| **Property Listing** | The property is managed as a single-family home rental and is listed on the following rental sites:<br>- Zillow<br>- Apartments.com |
| **Sale of Property** | In the event the company decides to sell the property, approval from the Series #DJVWQ holders will not be sought. |

---

***Property History***

The multi-family home located at 2314 Bonar St, Berkeley, CA 94702. The Bonar Property was built in 1945. The Bonar Property expects to incur approximately $192,000.00 of costs related to certain improvement projects to the property.

***Acquisition of the Bonar Property***

Series #DJVWQ completed the acquisition of the Bonar Property on September 11, 2020. The acquisition of the Bonar Property was funded via a cash payment in the amount of $1,949,000.00. The Bonar Property is being held by Series #DJVWQ. See the "Use of Proceeds" section below for additional information regarding anticipated expenses and uses of offering proceeds.

***Property Components & Capital Expenditures***

The Bonar Property was inspected by a licensed professional, and the inspection report indicated that the major property components are inacceptable, functional condition, with no obvious signs of defect.

With the current expected level and quality of the property components we will not recognize any deferred maintenance items and we expect that the major property components will remain in working order during the anticipated hold period for this property. In our operating estimates, we forecast a potential cost of maintenance and capital expenses as a percentage of rental income. In the case of unforeseen maintenance expenses, we could make use of our cash reserves, if necessary.

We anticipate that the final renovation cost, a capital expenditure, for this property will total approximately $192,000.00. These renovations may include new appliances and cosmetic improvements as well as various punch list items throughout the property. This renovation expense is listed in the use of proceeds for Series #DJVWQ.

***Asset Manager***

The Managing Member appointed the Asset Manager to manage the Bonar Property. Ark7 has entered into an Asset Management Agreement with the Asset Manager. Pursuant to the terms of the Asset Management Agreement, the Series will pay the Asset Manager an annual fee (in respect of each fiscal year, 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement) for managing the Homestead Property.

***Property Operations and Hold Period***

The Bonar Property will be listed for rent once vacant at $13,400 per month ($160,800 annually), consistent with similar multi-family homes in Berkeley, CA.

The Managing Member anticipates that this property's Operating Expenses, which include real estate taxes, property insurance and repairs and maintenance costs, will be in the range of $5,000 per month. This estimate is based on the Managing Members due diligence calculations and does not include the $192,000.00 that the company anticipates will be needed for final renovations and will be deemed a capital expenditure. For information relating to our capital expenditure expectations, see "Property Components & Capital Expenditures" above.

We intend to hold the Bonar Property for 10 or more years during which time, we will operate the Bonar Property as a rental property. During this period, we intend to distribute any Free Cash Flow (as defined in the Operating Agreement) to Series #DJVWQ interest holders. The determination as to when the Bonar 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 lease may impact the sales price we may realize. The Managing Member may determine that it is in the best interests of shareholders to sell the Bonar Property earlier than 10 years or to hold the property for more than 10 years.

***Market Overview***

As of November 1, 2025, the latest data from various sources indicates a stable and supply-constrained multifamily housing market in Berkeley, CA 94702. While not specific to this property, insights from Redfin, Zillow, Realtor.com, and CoStar provide a clear view of broader trends in the area.

* In November 2025, the median sale price for small multifamily buildings (2-10 units) in Berkeley averaged approximately $1.85 million, representing a 2.2% year-over-year increase. For 5-unit properties specifically, typical valuations ranged from $1.6 million to $2.2 million, depending on unit mix, building condition, and rental income levels. A property such as 2314 Bonar St would generally fall within this pricing range given its size and location.

* The 94702 ZIP code benefits from strong rental demand due to its proximity to UC Berkeley, Downtown Berkeley, BART access, and major East Bay employment centers. Multifamily occupancy remained high at approximately 96% as of November 2025, with small multifamily assets continuing to move steadily, averaging 28 days on market, similar to the prior year.

* Based on recent U.S. Census estimates, Berkeley's population stood at approximately 120,000 residents as of 2025. Limited land availability, strict zoning requirements, and high construction costs continue to restrict new multifamily supply, supporting long-term rental strength.

* Active listings for small multifamily buildings in Berkeley increased only 2% year-over-year, keeping inventory tight and sustaining competitive investor interest in well-located, stabilized assets.

* As of November 2025, average rents for 1- and 2-bedroom units in Class B/C small multifamily buildings in Berkeley ranged from $2,450 to $3,150 per month, reflecting a 3.1% annual increase driven by steady demand and constrained supply.

**Property Overview - Series #PBIUH**

***Timeline***

* On Jul 28, 2020, Ark7 Properties LLC established Series #PBIUH for the purpose of acquiring the property located at 901 Solitude Dr., Pflugerville, TX 78660 (the "Solitude Property") from a third-party seller.

* Ark7, the company's Managing Member and Series #PBIUH entered into an inter-company loan agreement on Jan 1, 2021, pursuant to which Ark7 loaned Series #PBIUH $340,000 for the purpose of purchasing the Mabel Property.

* Ark7 Properties LLC - Series #PBIUH acquired a property located at 901 Solitude Dr., Pflugerville, TX 78660. The transaction for this purchase was completed on Jan 15, 2021, with a sale price of $322,000.

The above information is preliminary and should not be considered indicative of future performance.

***Property Summary***

---

| | |
|:---|:---|
| **Address of Property** | 901 Solitude Dr., Pflugerville, TX 78660 |
| **Type of Property** | Single Family Home |
| **Square Foot** | 1,352 square feet |
| **HOA** | The total annual assessments paid to the community association are $350 per year, paid monthly. |
| **Configuration** | 3 bedrooms and 2 bathrooms |
| **Capital improvements intended to be made by Ark7** | Capital improvements may include new appliances and cosmetic improvements as well as various punch list items throughout the property. |
| **Total amount intended to be spent on capital improvements by Ark7** | <br>$2500.00 |
| **Debt on property** | $184,500.00 from third-party lenders. |
| **Property Listing** | The property is managed as a single-family home rental and is listed on the following rental sites:<br>- Zillow<br>- Apartments.com |
| **Sale of Property** | In the event the company decides to sell the property, approval from the Series #PBIUH holders will not be sought. |

---

***Property History***

The single family home located at 901 Solitude Dr., Pflugerville, TX 78660. The Solitude Property was built in 2018. The Solitude Property expects to incur approximately $2,500.00 of costs related to certain improvement projects to the property.

***Acquisition of the Solitude Property***

Series #PBIUH completed the acquisition of the Solitude Property on January 15, 2021. The acquisition of the Solitude Property was funded via a cash payment in the amount of $322,000.00. The Solitude Property is being held by Series #PBIUH. See the "Use of Proceeds" section below for additional information regarding anticipated expenses and uses of offering proceeds.

***Property Components & Capital Expenditures***

The Solitude Property was inspected by a licensed professional, and the inspection report indicated that the major property components are inacceptable, functional condition, with no obvious signs of defect.

With the current expected level and quality of the property components we will not recognize any deferred maintenance items and we expect that the major property components will remain in working order during the anticipated hold period for this property. In our operating estimates, we forecast a potential cost of maintenance and capital expenses as a percentage of rental income. In the case of unforeseen maintenance expenses, we could make use of our cash reserves, if necessary.

We anticipate that the final renovation cost, a capital expenditure, for this property will total approximately $2,500.00. These renovations may include new appliances and cosmetic improvements as well as various punch list items throughout the property. This renovation expense is listed in the use of proceeds for Series #PBIUH.

***Asset Manager***

The Managing Member appointed the Asset Manager to manage the Solitude Property. Ark7 has entered into an Asset Management Agreement with the Asset Manager. Pursuant to the terms of the Asset Management Agreement, the Series will pay the Asset Manager an annual fee (in respect of each fiscal year, 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement) for managing the Homestead Property.

***Property Operations and Hold Period***

The Solitude Property will be listed for rent once vacant at $2,100 per month ($25,200 annually), consistent with similar single family homes in Pflugerville, TX.

The Managing Member anticipates that this property's Operating Expenses, which include real estate taxes, property insurance and repairs and maintenance costs, will be in the range of $1,000 per month. This estimate is based on the Managing Members due diligence calculations and does not include the $2,500.00 that the company anticipates will be needed for final renovations and will be deemed a capital expenditure. For information relating to our capital expenditure expectations, see "Property Components & Capital Expenditures" above.

We intend to hold the Solitude Property for 10 or more years during which time, we will operate the Solitude Property as a rental property. During this period, we intend to distribute any Free Cash Flow (as defined in the Operating Agreement) to Series #PBIUH interest holders. The determination as to when the Solitude 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 lease may impact the sales price we may realize. The Managing Member may determine that it is in the best interests of shareholders to sell the Solitude Property earlier than 10 years or to hold the property for more than 10 years.

***Market Overview***

As of November 1, 2025, the latest data from various sources indicates a steady and moderately competitive housing market in Pflugerville, TX 78660. While not specific to this property, insights from Redfin, Zillow, Realtor.com, and local data illustrate broader market conditions.

* In November 2025, the median home sale price for single family homes in the 78660 ZIP code was approximately $395,000, reflecting a 2.1 percent increase compared to the previous year. For three bedroom, two bathroom homes specifically, typical sale prices ranged from $360,000 to $420,000 depending on age, condition, and lot size. A property such as 901 Solitude Dr generally fits within this range based on its characteristics and location.

* Pflugerville benefits from its location near Austin, approximately twenty miles north, which continues to drive demand from buyers seeking more affordable suburban options while maintaining access to major employment centers. The city remains attractive due to quality schools, expanding amenities, and proximity to transportation corridors including Interstate 35 and State Highway 130.

* The 78660 area remains active, with average days on market around thirty days as of November 2025, compared to thirty four days during the previous year. Approximately twenty seven percent of homes sold above their listing prices, indicating steady competition among buyers for well maintained properties.

* According to recent United States Census estimates, Pflugerville's population grew to approximately seventy eight thousand residents as of 2025, supported by strong regional job growth in the greater Austin market.

* Active listings in the 78660 ZIP code increased by about five percent year over year, offering buyers additional selection while maintaining balanced market conditions.

* As of November 2025, the average rent for a three bedroom single family home in Pflugerville was approximately $2,050 per month, reflecting a 3.4 percent increase compared to November 2024.

**Property Overview - Series #PFUNR**

***Timeline***

* On Jul 28, 2020, Ark7 Properties LLC established Series #PFUNR for the purpose of acquiring the property located at 2016 Creole Dr, Austin, TX 78727 (the "Creole Property") from a third-party seller.

* Ark7, the company's Managing Member and Series #PFUNR entered into an inter-company loan agreement on Feb 1, 2021, pursuant to which Ark7 loaned Series #PFUNR $550,000 for the purpose of purchasing the Mabel Property.

* Ark7 Properties LLC - Series #PFUNR acquired a property located at 2016 Creole Dr, Austin, TX 78727. The transaction for this purchase was completed on Feb 5, 2021, with a sale price of $500,000.

The above information is preliminary and should not be considered indicative of future performance.

***Property Summary***

---

| | |
|:---|:---|
| **Address of Property** | 2016 Creole Dr, Austin, TX 78727 |
| **Type of Property** | Single Family Home |
| **Square Foot** | 2,165 square feet |
| **HOA** | The total annual assessments paid to the community association are $500 per year, paid monthly. |
| **Configuration** | 4 bedrooms and 2 bathrooms |
| **Capital improvements intended to be made by Ark7** | Capital improvements may include new appliances and cosmetic improvements as well as various punch list items throughout the property. |
| **Total amount intended to be spent on capital improvements by Ark7** | <br>$12000.00 |
| **Debt on property** | $300,000.00 from third-party lenders. |
| **Property Listing** | The property is managed as a single-family home rental and is listed on the following rental sites:<br>- Zillow<br>- Apartments.com |
| **Sale of Property** | In the event the company decides to sell the property, approval from the Series #PFUNR holders will not be sought. |

---

***Property History***

The single family home located at 2016 Creole Dr, Austin, TX 78727. The Creole Property was built in 2001. The Creole Property expects to incur approximately $12,000.00 of costs related to certain improvement projects to the property.

***Acquisition of the Creole Property***

Series #PFUNR completed the acquisition of the Creole Property on February 5, 2021. The acquisition of the Creole Property was funded via a cash payment in the amount of $500,000.00. The Creole Property is being held by Series #PFUNR. See the "Use of Proceeds" section below for additional information regarding anticipated expenses and uses of offering proceeds.

***Property Components & Capital Expenditures***

The Creole Property was inspected by a licensed professional, and the inspection report indicated that the major property components are inacceptable, functional condition, with no obvious signs of defect.

With the current expected level and quality of the property components we will not recognize any deferred maintenance items and we expect that the major property components will remain in working order during the anticipated hold period for this property. In our operating estimates, we forecast a potential cost of maintenance and capital expenses as a percentage of rental income. In the case of unforeseen maintenance expenses, we could make use of our cash reserves, if necessary.

We anticipate that the final renovation cost, a capital expenditure, for this property will total approximately $12,000.00. These renovations may include new appliances and cosmetic improvements as well as various punch list items throughout the property. This renovation expense is listed in the use of proceeds for Series #PFUNR.

***Asset Manager***

The Managing Member appointed the Asset Manager to manage the Creole Property. Ark7 has entered into an Asset Management Agreement with the Asset Manager. Pursuant to the terms of the Asset Management Agreement, the Series will pay the Asset Manager an annual fee (in respect of each fiscal year, 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement) for managing the Homestead Property.

***Property Operations and Hold Period***

The Creole Property will be listed for rent once vacant at $2,300 per month ($27,600 annually), consistent with similar single family homes in Austin, TX.

The Managing Member anticipates that this property's Operating Expenses, which include real estate taxes, property insurance and repairs and maintenance costs, will be in the range of $2,000 per month. This estimate is based on the Managing Members due diligence calculations and does not include the $12,000.00 that the company anticipates will be needed for final renovations and will be deemed a capital expenditure. For information relating to our capital expenditure expectations, see "Property Components & Capital Expenditures" above.

We intend to hold the Creole Property for 10 or more years during which time, we will operate the Creole Property as a rental property. During this period, we intend to distribute any Free Cash Flow (as defined in the Operating Agreement) to Series #PFUNR interest holders. The determination as to when the Creole 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 lease may impact the sales price we may realize. The Managing Member may determine that it is in the best interests of shareholders to sell the Creole Property earlier than 10 years or to hold the property for more than 10 years.

***Market Overview***

As of November 1, 2025, the latest data from various sources indicates a stable and consistently active housing market in Austin, TX 78727. While not specific to this property, insights from Redfin, Zillow, Realtor.com, and local market data reflect broader trends in the area.

* In November 2025, the median home sale price for single family homes in the 78727 ZIP code was approximately $520,000, representing a 2.6 percent increase compared to the previous year. For four bedroom, two bathroom homes specifically, typical sale prices ranged from $500,000 to $575,000 depending on condition, upgrades, and lot characteristics. A property such as 2016 Creole Dr generally aligns with this pricing range based on its size and location.

* The 78727 area benefits from proximity to major North Austin employment centers including the Domain, Apple's campus, and the broader technology and service corridors along Highway 183. The neighborhood attracts buyers seeking established suburban communities with convenient access to retail, parks, and high performing schools.

* The local market remains active, with average days on market around twenty eight days as of November 2025, compared to thirty two days during the previous year. Approximately twenty five percent of homes sold above their listing prices, indicating continued strong buyer demand for well maintained properties.

* According to recent United States Census estimates, Austin's population has exceeded one million residents as of 2025, with the northern suburbs and employment nodes supporting sustained housing demand in ZIP code 78727.

* Active listings in the area increased by roughly four percent year over year, offering buyers slightly more inventory while maintaining competitive conditions.

* As of November 2025, the average rent for a four bedroom single family home in North Austin was approximately $2,650 per month, reflecting a 3.0 percent increase compared to November 2024.

**Property Overview - Series #8YFFL**

***Timeline***

* On Jan 25, 2021, Ark7 Properties LLC established Series #8YFFL for the purpose of acquiring the property located at 1804 Laminar Creek Rd, Cedar Park, TX 78613 (the "Laminar Creek Property") from a third-party seller.

* Ark7, the company's Managing Member and Series #8YFFL entered into an inter-company loan agreement on Feb 1, 2021, pursuant to which Ark7 loaned Series #8YFFL $490,000 for the purpose of purchasing the Mabel Property.

* Ark7 Properties LLC - Series #8YFFL acquired a property located at 1804 Laminar Creek Rd, Cedar Park, TX 78613. The transaction for this purchase was completed on Feb 9, 2021, with a sale price of $465,000.

The above information is preliminary and should not be considered indicative of future performance.

***Property Summary***

---

| | |
|:---|:---|
| **Address of Property** | 1804 Laminar Creek Rd, Cedar Park, TX 78613 |
| **Type of Property** | Single Family Home |
| **Square Foot** | 1,848 square feet |
| **HOA** | The total annual assessments paid to the community association are $700 per year, paid monthly. |
| **Configuration** | 3 bedrooms and 2 bathrooms |
| **Capital improvements intended to be made by Ark7** | Capital improvements may include new appliances and cosmetic improvements as well as various punch list items throughout the property. |
| **Total amount intended to be spent on capital improvements by Ark7** | <br>$16000.00 |
| **Debt on property** | $270,000.00 from third-party lenders. |
| **Property Listing** | The property is managed as a single-family home rental and is listed on the following rental sites:<br>- Zillow<br>- Apartments.com |
| **Sale of Property** | In the event the company decides to sell the property, approval from the Series #8YFFL holders will not be sought. |

---

***Property History***

The single family home located at 1804 Laminar Creek Rd, Cedar Park, TX 78613. The Laminar Creek Property was built in 2012. The Laminar Creek Property expects to incur approximately $16,000.00 of costs related to certain improvement projects to the property.

***Acquisition of the Laminar Creek Property***

Series #8YFFL completed the acquisition of the Laminar Creek Property on February 9, 2021. The acquisition of the Laminar Creek Property was funded via a cash payment in the amount of $465,000.00. The Laminar Creek Property is being held by Series #8YFFL. See the "Use of Proceeds" section below for additional information regarding anticipated expenses and uses of offering proceeds.

***Property Components & Capital Expenditures***

The Laminar Creek Property was inspected by a licensed professional, and the inspection report indicated that the major property components are inacceptable, functional condition, with no obvious signs of defect.

With the current expected level and quality of the property components we will not recognize any deferred maintenance items and we expect that the major property components will remain in working order during the anticipated hold period for this property. In our operating estimates, we forecast a potential cost of maintenance and capital expenses as a percentage of rental income. In the case of unforeseen maintenance expenses, we could make use of our cash reserves, if necessary.

We anticipate that the final renovation cost, a capital expenditure, for this property will total approximately $16,000.00. These renovations may include new appliances and cosmetic improvements as well as various punch list items throughout the property. This renovation expense is listed in the use of proceeds for Series #8YFFL.

***Asset Manager***

The Managing Member appointed the Asset Manager to manage the Laminar Creek Property. Ark7 has entered into an Asset Management Agreement with the Asset Manager. Pursuant to the terms of the Asset Management Agreement, the Series will pay the Asset Manager an annual fee (in respect of each fiscal year, 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement) for managing the Homestead Property.

***Property Operations and Hold Period***

The Laminar Creek Property will be listed for rent once vacant at $2,250 per month ($27,000 annually), consistent with similar single family homes in Cedar Park, TX.

The Managing Member anticipates that this property's Operating Expenses, which include real estate taxes, property insurance and repairs and maintenance costs, will be in the range of $2,000 per month. This estimate is based on the Managing Members due diligence calculations and does not include the $16,000.00 that the company anticipates will be needed for final renovations and will be deemed a capital expenditure. For information relating to our capital expenditure expectations, see "Property Components & Capital Expenditures" above.

We intend to hold the Laminar Creek Property for 10 or more years during which time, we will operate the Laminar Creek Property as a rental property. During this period, we intend to distribute any Free Cash Flow (as defined in the Operating Agreement) to Series #8YFFL interest holders. The determination as to when the Laminar Creek 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 lease may impact the sales price we may realize. The Managing Member may determine that it is in the best interests of shareholders to sell the Laminar Creek Property earlier than 10 years or to hold the property for more than 10 years.

***Market Overview***

As of November 1, 2025, the latest data from various sources indicates a steady and moderately competitive housing market in Cedar Park, TX 78613. While not specific to this property, insights from Redfin, Zillow, Realtor.com, and local market reports reflect broader trends in the area.

* In November 2025, the median home sale price for single family homes in the 78613 ZIP code was approximately $520,000, representing a 2.0 percent increase compared to the previous year. For three bedroom, two bathroom homes specifically, typical sale prices ranged from $460,000 to $520,000 depending on condition, upgrades, and lot characteristics. A property such as 1804 Laminar Creek Rd generally falls within this pricing band given its size and location.

* Cedar Park continues to benefit from strong demand driven by its proximity to North Austin employment centers, quality schools, and well developed suburban amenities. The area remains attractive to families and professionals seeking access to the Austin job market while enjoying suburban living and recreational resources.

* Market activity in the 78613 area remains healthy, with average days on market around twenty seven days as of November 2025, compared to thirty one days during the prior year. Approximately twenty six percent of homes sold above their listing prices, indicating ongoing buyer competition for well maintained properties.

* United States Census estimates place Cedar Park's population at roughly eighty two thousand residents as of 2025, reflecting continued growth supported by regional employment expansion and strong household demand.

* Active listings in the 78613 ZIP code increased by about five percent year over year, offering buyers slightly more selection while maintaining balanced but competitive market conditions.

* As of November 2025, the average rent for a three bedroom single family home in Cedar Park was approximately $2,300 per month, reflecting a 3.3 percent increase compared to November 2024.

**Property Overview - Series #XZQRZ**

***Timeline***

* On Jan 25, 2021, Ark7 Properties LLC established Series #XZQRZ for the purpose of acquiring the property located at 5250 12th Ave NE, Seattle, WA 98105 (the "12th Ave NE Property") from a third-party seller.

* Ark7, the company's Managing Member and Series #XZQRZ entered into an inter-company loan agreement on Mar 26, 2021, pursuant to which Ark7 loaned Series #XZQRZ $1,160,000 for the purpose of purchasing the Mabel Property.

* Ark7 Properties LLC - Series #XZQRZ acquired a property located at 5250 12th Ave NE, Seattle, WA 98105. The transaction for this purchase was completed on Mar 31, 2021, with a sale price of $1,150,000.

The above information is preliminary and should not be considered indicative of future performance.

***Property Summary***

---

| | |
|:---|:---|
| **Address of Property** | 5250 12th Ave NE, Seattle, WA 98105 |
| **Type of Property** | Multi-Family Home |
| **Square Foot** | 2,820 square feet |
| **HOA** | The total annual assessments paid to the community association are $0 per year, paid monthly. |
| **Configuration** | 2 units |
| **Capital improvements intended to be made by Ark7** | Capital improvements may include new appliances and cosmetic improvements as well as various punch list items throughout the property. |
| **Total amount intended to be spent on capital improvements by Ark7** | <br>$250000.00 |
| **Debt on property** | $1,160,000.00 due and payable to Ark7.<br> $690,000.00 from third-party lenders. |
| **Property Listing** | The property is managed as a single-family home rental and is listed on the following rental sites:<br>- Zillow<br>- Apartments.com |
| **Sale of Property** | In the event the company decides to sell the property, approval from the Series #XZQRZ holders will not be sought. |

---

***Property History***

The multi-family home located at 5250 12th Ave NE, Seattle, WA 98105. The 12th Ave NE Property was built in 1924. The 12th Ave NE Property expects to incur approximately $250,000.00 of costs related to certain improvement projects to the property.

***Acquisition of the 12th Ave NE Property***

Series #XZQRZ completed the acquisition of the 12th Ave NE Property on March 31, 2021. The acquisition of the 12th Ave NE Property was funded via a cash payment in the amount of $1,150,000.00. The 12th Ave NE Property is being held by Series #XZQRZ. See the "Use of Proceeds" section below for additional information regarding anticipated expenses and uses of offering proceeds.

***Property Components & Capital Expenditures***

The 12th Ave NE Property was inspected by a licensed professional, and the inspection report indicated that the major property components are inacceptable, functional condition, with no obvious signs of defect.

With the current expected level and quality of the property components we will not recognize any deferred maintenance items and we expect that the major property components will remain in working order during the anticipated hold period for this property. In our operating estimates, we forecast a potential cost of maintenance and capital expenses as a percentage of rental income. In the case of unforeseen maintenance expenses, we could make use of our cash reserves, if necessary.

We anticipate that the final renovation cost, a capital expenditure, for this property will total approximately $250,000.00. These renovations may include new appliances and cosmetic improvements as well as various punch list items throughout the property. This renovation expense is listed in the use of proceeds for Series #XZQRZ.

***Asset Manager***

The Managing Member appointed the Asset Manager to manage the 12th Ave NE Property. Ark7 has entered into an Asset Management Agreement with the Asset Manager. Pursuant to the terms of the Asset Management Agreement, the Series will pay the Asset Manager an annual fee (in respect of each fiscal year, 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement) for managing the Homestead Property.

***Property Operations and Hold Period***

The 12th Ave NE Property will be listed for rent once vacant at $6,220 per month ($74,640 annually), consistent with similar multi-family homes in Seattle, WA.

The Managing Member anticipates that this property's Operating Expenses, which include real estate taxes, property insurance and repairs and maintenance costs, will be in the range of $3,000 per month. This estimate is based on the Managing Members due diligence calculations and does not include the $250,000.00 that the company anticipates will be needed for final renovations and will be deemed a capital expenditure. For information relating to our capital expenditure expectations, see "Property Components & Capital Expenditures" above.

We intend to hold the 12th Ave NE Property for 10 or more years during which time, we will operate the 12th Ave NE Property as a rental property. During this period, we intend to distribute any Free Cash Flow (as defined in the Operating Agreement) to Series #XZQRZ interest holders. The determination as to when the 12th Ave NE 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 lease may impact the sales price we may realize. The Managing Member may determine that it is in the best interests of shareholders to sell the 12th Ave NE Property earlier than 10 years or to hold the property for more than 10 years.

***Market Overview***

As of November 1, 2025, the latest data from various sources indicates a steady and competitive housing market in Seattle, WA 98105. While not specific to this property, insights from Redfin, Zillow, Realtor.com, and local market reports outline broader trends in the area.

* In November 2025, the median sale price for residential properties in the 98105 ZIP code was approximately $1,050,000, reflecting a 2.4 percent increase compared to the previous year. Duplex and small multifamily homes in this area typically ranged from $950,000 to $1,250,000 depending on configuration, updates, and income potential. A property such as 5250 12th Ave NE, featuring four bedrooms and three bathrooms, generally fits within this range based on location and unit layout.

* The 98105 area benefits from its close proximity to the University of Washington, major employment hubs, and transit access, supporting consistent demand from students, faculty, medical professionals, and long term renters. The neighborhood remains highly desirable due to walkability, amenities, and strong access to public transportation.

* Market activity in this ZIP code remained strong, with average days on market around nineteen days as of November 2025, compared to twenty two days the previous year. Approximately thirty percent of listings sold above their asking prices, reflecting continued competition for well located and well maintained properties.

* According to recent United States Census estimates, Seattle's population reached approximately seven hundred fifty thousand residents in 2025, with the University District seeing ongoing demand from both renters and owner occupants.

* Active listings in the 98105 area increased by about three percent year over year, providing slightly more inventory while remaining below long term averages.

* As of November 2025, the average rent for units in duplex and small multifamily properties in the University District ranged from $2,600 to $3,200 per month depending on unit size and condition, representing a 3.0 percent annual increase.

**Property Overview - Series #DTMEW**

***Timeline***

* On Jan 25, 2021, Ark7 Properties LLC established Series #DTMEW for the purpose of acquiring the property located at 5150 Ranstead St, Philadelphia, PA 19139 (the "Ranstead Property") from a third-party seller.

* Ark7, the company's Managing Member and Series #DTMEW entered into an inter-company loan agreement on Oct 1, 2021, pursuant to which Ark7 loaned Series #DTMEW $170,000 for the purpose of purchasing the Mabel Property.

* Ark7 Properties LLC - Series #DTMEW acquired a property located at 5150 Ranstead St, Philadelphia, PA 19139. The transaction for this purchase was completed on Oct 1, 2021, with a sale price of $172,000.

The above information is preliminary and should not be considered indicative of future performance.

***Property Summary***

---

| | |
|:---|:---|
| **Address of Property** | 5150 Ranstead St, Philadelphia, PA 19139 |
| **Type of Property** | Townhouse |
| **Square Foot** | 1,050 square feet |
| **HOA** | The total annual assessments paid to the community association are $0 per year, paid monthly. |
| **Configuration** | 3 bedrooms and 1 bathrooms |
| **Capital improvements intended to be made by Ark7** | Capital improvements may include new appliances and cosmetic improvements as well as various punch list items throughout the property. |
| **Total amount intended to be spent on capital improvements by Ark7** | <br>$76000.00 |
| **Debt on property** | $34,600.00 from third-party lenders. |
| **Property Listing** | The property is managed as a single-family home rental and is listed on the following rental sites:<br>- Zillow<br>- Apartments.com |
| **Sale of Property** | In the event the company decides to sell the property, approval from the Series #DTMEW holders will not be sought. |

---

***Property History***

The townhouse located at 5150 Ranstead St, Philadelphia, PA 19139. The Ranstead Property was built in 1925. The Ranstead Property expects to incur approximately $76,000.00 of costs related to certain improvement projects to the property.

***Acquisition of the Ranstead Property***

Series #DTMEW completed the acquisition of the Ranstead Property on October 1, 2021. The acquisition of the Ranstead Property was funded via a cash payment in the amount of $172,000.00. The Ranstead Property is being held by Series #DTMEW. See the "Use of Proceeds" section below for additional information regarding anticipated expenses and uses of offering proceeds.

***Property Components & Capital Expenditures***

The Ranstead Property was inspected by a licensed professional, and the inspection report indicated that the major property components are inacceptable, functional condition, with no obvious signs of defect.

With the current expected level and quality of the property components we will not recognize any deferred maintenance items and we expect that the major property components will remain in working order during the anticipated hold period for this property. In our operating estimates, we forecast a potential cost of maintenance and capital expenses as a percentage of rental income. In the case of unforeseen maintenance expenses, we could make use of our cash reserves, if necessary.

We anticipate that the final renovation cost, a capital expenditure, for this property will total approximately $76,000.00. These renovations may include new appliances and cosmetic improvements as well as various punch list items throughout the property. This renovation expense is listed in the use of proceeds for Series #DTMEW.

***Asset Manager***

The Managing Member appointed the Asset Manager to manage the Ranstead Property. Ark7 has entered into an Asset Management Agreement with the Asset Manager. Pursuant to the terms of the Asset Management Agreement, the Series will pay the Asset Manager an annual fee (in respect of each fiscal year, 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement) for managing the Homestead Property.

***Property Operations and Hold Period***

The Ranstead Property will be listed for rent once vacant at $1,700 per month ($20,400 annually), consistent with similar townhouses in Philadelphia, PA.

The Managing Member anticipates that this property's Operating Expenses, which include real estate taxes, property insurance and repairs and maintenance costs, will be in the range of $2,000 per month. This estimate is based on the Managing Members due diligence calculations and does not include the $76,000.00 that the company anticipates will be needed for final renovations and will be deemed a capital expenditure. For information relating to our capital expenditure expectations, see "Property Components & Capital Expenditures" above.

We intend to hold the Ranstead Property for 10 or more years during which time, we will operate the Ranstead Property as a rental property. During this period, we intend to distribute any Free Cash Flow (as defined in the Operating Agreement) to Series #DTMEW interest holders. The determination as to when the Ranstead 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 lease may impact the sales price we may realize. The Managing Member may determine that it is in the best interests of shareholders to sell the Ranstead Property earlier than 10 years or to hold the property for more than 10 years.

***Market Overview***

As of November 1, 2025, the latest data from various sources indicates a steady yet affordability driven housing market in Philadelphia, PA 19139. While not specific to this property, insights from Redfin, Zillow, Realtor.com, and local market data reflect broader trends influencing this neighborhood.

* In November 2025, the median home sale price for townhomes in the 19139 ZIP code was approximately $195,000, representing a 2.0 percent increase compared to the previous year. For three bedroom, one bathroom properties specifically, typical sale prices ranged from $170,000 to $215,000 depending on condition, renovations, and block level characteristics. A property such as 5150 Ranstead St generally fits within this pricing range.

* The 19139 area benefits from its location in West Philadelphia with access to transit, proximity to University City, and ongoing community level revitalization. Demand remains consistent among both owner occupants and investors seeking affordable entry points into the Philadelphia market.

* Market activity in this ZIP code remains steady, with average days on market around thirty two days as of November 2025, compared to thirty five days during the previous year. Approximately twenty two percent of homes sold above their listing prices, showing continued interest in well maintained properties.

* According to recent United States Census estimates, Philadelphia's population remained stable at approximately one million six hundred thousand residents in 2025, with West Philadelphia neighborhoods experiencing modest growth linked to university and medical district expansion.

* Active listings in the 19139 ZIP code increased by around four percent year over year, providing buyers with more options while maintaining balanced market conditions.

* As of November 2025, the average rent for a three bedroom townhouse in West Philadelphia was approximately $1,450 per month, reflecting a 3.1 percent increase compared to November 2024.

**Property Overview - Series #SOYGJ**

***Timeline***

* On Jan 25, 2021, Ark7 Properties LLC established Series #SOYGJ for the purpose of acquiring the property located at 691 W Fairview St, Chandler, AZ 85225 (the "Fairview Property") from a third-party seller.

* Ark7, the company's Managing Member and Series #SOYGJ entered into an inter-company loan agreement on Oct 1, 2021, pursuant to which Ark7 loaned Series #SOYGJ $480,000 for the purpose of purchasing the Mabel Property.

* Ark7 Properties LLC - Series #SOYGJ acquired a property located at 691 W Fairview St, Chandler, AZ 85225. The transaction for this purchase was completed on Oct 21, 2021, with a sale price of $450,000.

The above information is preliminary and should not be considered indicative of future performance.

***Property Summary***

---

| | |
|:---|:---|
| **Address of Property** | 691 W Fairview St, Chandler, AZ 85225 |
| **Type of Property** | Single Family Home |
| **Square Foot** | 1,559 square feet |
| **HOA** | The total annual assessments paid to the community association are $500 per year, paid monthly. |
| **Configuration** | 3 bedrooms and 2 bathrooms |
| **Capital improvements intended to be made by Ark7** | Capital improvements may include new appliances and cosmetic improvements as well as various punch list items throughout the property. |
| **Total amount intended to be spent on capital improvements by Ark7** | <br>$86000.00 |
| **Debt on property** | $480,000.00 due and payable to Ark7.<br> $270,000.00 from third-party lenders. |
| **Property Listing** | The property is managed as a single-family home rental and is listed on the following rental sites:<br>- Zillow<br>- Apartments.com |
| **Sale of Property** | In the event the company decides to sell the property, approval from the Series #SOYGJ holders will not be sought. |

---

***Property History***

The single family home located at 691 W Fairview St, Chandler, AZ 85225. The Fairview Property was built in 1993. The Fairview Property expects to incur approximately $86,000.00 of costs related to certain improvement projects to the property.

***Acquisition of the Fairview Property***

Series #SOYGJ completed the acquisition of the Fairview Property on October 21, 2021. The acquisition of the Fairview Property was funded via a cash payment in the amount of $450,000.00. The Fairview Property is being held by Series #SOYGJ. See the "Use of Proceeds" section below for additional information regarding anticipated expenses and uses of offering proceeds.

***Property Components & Capital Expenditures***

The Fairview Property was inspected by a licensed professional, and the inspection report indicated that the major property components are inacceptable, functional condition, with no obvious signs of defect.

With the current expected level and quality of the property components we will not recognize any deferred maintenance items and we expect that the major property components will remain in working order during the anticipated hold period for this property. In our operating estimates, we forecast a potential cost of maintenance and capital expenses as a percentage of rental income. In the case of unforeseen maintenance expenses, we could make use of our cash reserves, if necessary.

We anticipate that the final renovation cost, a capital expenditure, for this property will total approximately $86,000.00. These renovations may include new appliances and cosmetic improvements as well as various punch list items throughout the property. This renovation expense is listed in the use of proceeds for Series #SOYGJ.

***Asset Manager***

The Managing Member appointed the Asset Manager to manage the Fairview Property. Ark7 has entered into an Asset Management Agreement with the Asset Manager. Pursuant to the terms of the Asset Management Agreement, the Series will pay the Asset Manager an annual fee (in respect of each fiscal year, 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement) for managing the Homestead Property.

***Property Operations and Hold Period***

The Fairview Property will be listed for rent once vacant at $2,663 per month ($31,956 annually), consistent with similar single family homes in Chandler, AZ.

The Managing Member anticipates that this property's Operating Expenses, which include real estate taxes, property insurance and repairs and maintenance costs, will be in the range of $2,000 per month. This estimate is based on the Managing Members due diligence calculations and does not include the $86,000.00 that the company anticipates will be needed for final renovations and will be deemed a capital expenditure. For information relating to our capital expenditure expectations, see "Property Components & Capital Expenditures" above.

We intend to hold the Fairview Property for 10 or more years during which time, we will operate the Fairview Property as a rental property. During this period, we intend to distribute any Free Cash Flow (as defined in the Operating Agreement) to Series #SOYGJ interest holders. The determination as to when the Fairview 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 lease may impact the sales price we may realize. The Managing Member may determine that it is in the best interests of shareholders to sell the Fairview Property earlier than 10 years or to hold the property for more than 10 years.

***Market Overview***

As of November 1, 2025, the latest data from various sources indicates a steady and moderately competitive housing market in Chandler, AZ 85225. While not specific to this property, insights from Redfin, Zillow, Realtor.com, and local market reports highlight broader trends in the area.

* In November 2025, the median home sale price for single family homes in the 85225 ZIP code was approximately $470,000, reflecting a 2.7 percent increase compared to the previous year. For three bedroom, two bathroom homes specifically, typical sale prices ranged from $430,000 to $490,000 depending on age, upgrades, and lot characteristics. A property such as 691 W Fairview St generally aligns with this price range based on its size and location.

* The 85225 area benefits from its proximity to Downtown Chandler, major employment centers across the East Valley, and strong access to schools, shopping, and community amenities. The neighborhood continues to attract both owner occupants and investors due to its affordability relative to nearby tech hubs.

* Market activity remains healthy, with average days on market around twenty one days as of November 2025, compared to twenty four days the prior year. Approximately thirty percent of homes sold above their listing price, indicating sustained competition for well maintained properties.

* According to recent United States Census estimates, Chandler's population reached approximately two hundred ninety thousand residents in 2025, supported by ongoing growth in the semiconductor, technology, and healthcare industries across the Phoenix metropolitan region.

* Active listings in the 85225 ZIP code increased by about five percent year over year, offering buyers slightly more inventory while maintaining competitive conditions.

* As of November 2025, the average rent for a three bedroom single family home in Chandler was approximately $2,250 per month, representing a 3.5 percent increase compared to November 2024.

**Property Overview - Series #RUSUU**

***Timeline***

* On Jan 25, 2021, Ark7 Properties LLC established Series #RUSUU for the purpose of acquiring the property located at 1872 W Springfield Way, Chandler, AZ 85286 (the "Springfield Way Property") from a third-party seller.

* Ark7, the company's Managing Member and Series #RUSUU entered into an inter-company loan agreement on Oct 1, 2021, pursuant to which Ark7 loaned Series #RUSUU $470,000 for the purpose of purchasing the Mabel Property.

* Ark7 Properties LLC - Series #RUSUU acquired a property located at 1872 W Springfield Way, Chandler, AZ 85286. The transaction for this purchase was completed on Nov 4, 2021, with a sale price of $447,000.

The above information is preliminary and should not be considered indicative of future performance.

***Property Summary***

---

| | |
|:---|:---|
| **Address of Property** | 1872 W Springfield Way, Chandler, AZ 85286 |
| **Type of Property** | Single Family Home |
| **Square Foot** | 1,399 square feet |
| **HOA** | The total annual assessments paid to the community association are $500 per year, paid monthly. |
| **Configuration** | 3 bedrooms and 2 bathrooms |
| **Capital improvements intended to be made by Ark7** | Capital improvements may include new appliances and cosmetic improvements as well as various punch list items throughout the property. |
| **Total amount intended to be spent on capital improvements by Ark7** | <br>$68000.00 |
| **Debt on property** | $268,200.00 from third-party lenders. |
| **Property Listing** | The property is managed as a single-family home rental and is listed on the following rental sites:<br>- Zillow<br>- Apartments.com |
| **Sale of Property** | In the event the company decides to sell the property, approval from the Series #RUSUU holders will not be sought. |

---

***Property History***

The single family home located at 1872 W Springfield Way, Chandler, AZ 85286. The Springfield Way Property was built in 1995. The Springfield Way Property expects to incur approximately $68,000.00 of costs related to certain improvement projects to the property.

***Acquisition of the Springfield Way Property***

Series #RUSUU completed the acquisition of the Springfield Way Property on November 4, 2021. The acquisition of the Springfield Way Property was funded via a cash payment in the amount of $447,000.00. The Springfield Way Property is being held by Series #RUSUU. See the "Use of Proceeds" section below for additional information regarding anticipated expenses and uses of offering proceeds.

***Property Components & Capital Expenditures***

The Springfield Way Property was inspected by a licensed professional, and the inspection report indicated that the major property components are inacceptable, functional condition, with no obvious signs of defect.

With the current expected level and quality of the property components we will not recognize any deferred maintenance items and we expect that the major property components will remain in working order during the anticipated hold period for this property. In our operating estimates, we forecast a potential cost of maintenance and capital expenses as a percentage of rental income. In the case of unforeseen maintenance expenses, we could make use of our cash reserves, if necessary.

We anticipate that the final renovation cost, a capital expenditure, for this property will total approximately $68,000.00. These renovations may include new appliances and cosmetic improvements as well as various punch list items throughout the property. This renovation expense is listed in the use of proceeds for Series #RUSUU.

***Asset Manager***

The Managing Member appointed the Asset Manager to manage the Springfield Way Property. Ark7 has entered into an Asset Management Agreement with the Asset Manager. Pursuant to the terms of the Asset Management Agreement, the Series will pay the Asset Manager an annual fee (in respect of each fiscal year, 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement) for managing the Homestead Property.

***Property Operations and Hold Period***

The Springfield Way Property will be listed for rent once vacant at $2,290 per month ($27,480 annually), consistent with similar single family homes in Chandler, AZ.

The Managing Member anticipates that this property's Operating Expenses, which include real estate taxes, property insurance and repairs and maintenance costs, will be in the range of $2,000 per month. This estimate is based on the Managing Members due diligence calculations and does not include the $68,000.00 that the company anticipates will be needed for final renovations and will be deemed a capital expenditure. For information relating to our capital expenditure expectations, see "Property Components & Capital Expenditures" above.

We intend to hold the Springfield Way Property for 10 or more years during which time, we will operate the Springfield Way Property as a rental property. During this period, we intend to distribute any Free Cash Flow (as defined in the Operating Agreement) to Series #RUSUU interest holders. The determination as to when the Springfield Way 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 lease may impact the sales price we may realize. The Managing Member may determine that it is in the best interests of shareholders to sell the Springfield Way Property earlier than 10 years or to hold the property for more than 10 years.

***Market Overview***

As of November 1, 2025, the latest data from various sources indicates a steady and resilient housing market in Chandler, AZ 85286. While not specific to this property, insights from Redfin, Zillow, Realtor.com, Rocket Homes, and Zumper help illustrate the overall market trends.

* In November 2025, the median home sale price for single-family homes in Chandler, AZ 85286 was approximately $615,000, representing a 3.1% increase compared to the previous year. For 3-bedroom, 2-bathroom single-family homes specifically, the typical sale price averaged around $580,000. The property at 1872 W Springfield Way is positioned within this range, with potential for premium value depending on condition, upgrades, and lot size.

* Chandler's location within the rapidly growing Phoenix metropolitan area makes it an attractive option for buyers seeking suburban living with convenient access to major employment hubs. The area benefits from strong technology, healthcare, and semiconductor-sector job growth while offering high-quality schools and established residential communities.

* The Chandler 85286 area remains moderately competitive, with homes spending an average of 20 days on the market as of November 2025, compared to 23 days the previous year. Approximately 34% of homes sold above their listing prices, indicating persistent buyer demand for well-maintained properties.

* Based on recent U.S. Census data, Chandler's population stood at approximately 290,000 as of November 2025, supported by steady in-migration and the city's expanding economic base tied to the broader Phoenix region.

* The number of active listings in Chandler, AZ 85286 increased by approximately 6% year-over-year as of November 2025, providing buyers with more choices while prompting sellers to price competitively in a still-active market.

* As of November 2025, the average rent for a 3-bedroom single-family home in Chandler was about $2,450 per month, reflecting a 3.8% increase compared to November 2024.

**Property Overview - Series #KM1OU**

***Timeline***

* On Jan 25, 2021, Ark7 Properties LLC established Series #KM1OU for the purpose of acquiring the property located at 751-777 St Paul Ave, Memphis, TN 38126 (the "St Paul Ave Property") from a third-party seller.

* Ark7, the company's Managing Member and Series #KM1OU entered into an inter-company loan agreement on Oct 1, 2021, pursuant to which Ark7 loaned Series #KM1OU $750,000 for the purpose of purchasing the Mabel Property.

* Ark7 Properties LLC - Series #KM1OU acquired a property located at 751-777 St Paul Ave, Memphis, TN 38126. The transaction for this purchase was completed on Oct 15, 2021, with a sale price of $750,000.

The above information is preliminary and should not be considered indicative of future performance.

***Property Summary***

---

| | |
|:---|:---|
| **Address of Property** | 751-777 St Paul Ave, Memphis, TN 38126 |
| **Type of Property** | Multi-Family Home |
| **Square Foot** | 11,130 square feet |
| **HOA** | The total annual assessments paid to the community association are $0 per year, paid monthly. |
| **Configuration** | 14 units |
| **Capital improvements intended to be made by Ark7** | Capital improvements may include new appliances and cosmetic improvements as well as various punch list items throughout the property. |
| **Total amount intended to be spent on capital improvements by Ark7** | <br>$190000.00 |
| **Debt on property** | $483,000.00 from third-party lenders. |
| **Property Listing** | The property is managed as a single-family home rental and is listed on the following rental sites:<br>- Zillow<br>- Apartments.com |
| **Sale of Property** | In the event the company decides to sell the property, approval from the Series #KM1OU holders will not be sought. |

---

***Property History***

The multi-family home located at 751-777 St Paul Ave, Memphis, TN 38126. The St Paul Ave Property was built in 1922. The St Paul Ave Property expects to incur approximately $190,000.00 of costs related to certain improvement projects to the property.

***Acquisition of the St Paul Ave Property***

Series #KM1OU completed the acquisition of the St Paul Ave Property on October 15, 2021. The acquisition of the St Paul Ave Property was funded via a cash payment in the amount of $750,000.00. The St Paul Ave Property is being held by Series #KM1OU. See the "Use of Proceeds" section below for additional information regarding anticipated expenses and uses of offering proceeds.

***Property Components & Capital Expenditures***

The St Paul Ave Property was inspected by a licensed professional, and the inspection report indicated that the major property components are inacceptable, functional condition, with no obvious signs of defect.

With the current expected level and quality of the property components we will not recognize any deferred maintenance items and we expect that the major property components will remain in working order during the anticipated hold period for this property. In our operating estimates, we forecast a potential cost of maintenance and capital expenses as a percentage of rental income. In the case of unforeseen maintenance expenses, we could make use of our cash reserves, if necessary.

We anticipate that the final renovation cost, a capital expenditure, for this property will total approximately $190,000.00. These renovations may include new appliances and cosmetic improvements as well as various punch list items throughout the property. This renovation expense is listed in the use of proceeds for Series #KM1OU.

***Asset Manager***

The Managing Member appointed the Asset Manager to manage the St Paul Ave Property. Ark7 has entered into an Asset Management Agreement with the Asset Manager. Pursuant to the terms of the Asset Management Agreement, the Series will pay the Asset Manager an annual fee (in respect of each fiscal year, 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement) for managing the Homestead Property.

***Property Operations and Hold Period***

The St Paul Ave Property will be listed for rent once vacant at $9,285 per month ($111,420 annually), consistent with similar multi-family homes in Memphis, TN.

The Managing Member anticipates that this property's Operating Expenses, which include real estate taxes, property insurance and repairs and maintenance costs, will be in the range of $14,000 per month. This estimate is based on the Managing Members due diligence calculations and does not include the $190,000.00 that the company anticipates will be needed for final renovations and will be deemed a capital expenditure. For information relating to our capital expenditure expectations, see "Property Components & Capital Expenditures" above.

We intend to hold the St Paul Ave Property for 10 or more years during which time, we will operate the St Paul Ave Property as a rental property. During this period, we intend to distribute any Free Cash Flow (as defined in the Operating Agreement) to Series #KM1OU interest holders. The determination as to when the St Paul Ave 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 lease may impact the sales price we may realize. The Managing Member may determine that it is in the best interests of shareholders to sell the St Paul Ave Property earlier than 10 years or to hold the property for more than 10 years.

***Market Overview***

As of November 1, 2025, the latest data from various sources indicates a stabilizing multifamily housing market in Memphis, TN 38126. While not specific to this property, insights from Redfin, Zillow, Realtor.com, and CoStar highlight broader trends in the area.

* In November 2025, the median sale price for multifamily properties in Memphis was approximately $1.15 million, reflecting a 2.8% increase year-over-year. For small-to-mid-size complexes between 10 and 20 units, typical valuations ranged from $900,000 to $1.3 million, placing a 14-unit property such as 751-777 St Paul Ave within this range depending on occupancy, condition, and renovation level.

* The 38126 area benefits from proximity to Downtown Memphis and steady rental demand tied to logistics, healthcare, and service-sector employment. Multifamily occupancy rates averaged about 92% as of November 2025, and properties spent roughly 48 days on the market, down from 55 days the prior year.

* Based on recent U.S. Census estimates, Memphis' population was approximately 624,000 as of 2025, with continued urban-core redevelopment supporting ongoing rental demand in the 38126 ZIP code.

* Active multifamily listings in Memphis increased by about 5% year-over-year as of November 2025, providing moderate additional inventory while maintaining investor interest in value-add and workforce housing opportunities.

* As of November 2025, average rents for one- to two-bedroom units in Class B/C multifamily buildings near the city center ranged from $725 to $1,050 per month, reflecting a 3.5% annual increase and continued affordability-driven demand.

**Property Overview - Series #TBQSK**

***Timeline***

* On Jan 18, 2022, Ark7 Properties LLC established Series #TBQSK for the purpose of acquiring the property located at 1829 N Bouvier St, Philadelphia, PA 19121 (the "Bouvier St Property") from a third-party seller.

* Ark7, the company's Managing Member and Series #TBQSK entered into an inter-company loan agreement on May 1, 2022, pursuant to which Ark7 loaned Series #TBQSK $810,000 for the purpose of purchasing the Mabel Property.

* Ark7 Properties LLC - Series #TBQSK acquired a property located at 1829 N Bouvier St, Philadelphia, PA 19121. The transaction for this purchase was completed on May 31, 2022, with a sale price of $780,000.

The above information is preliminary and should not be considered indicative of future performance.

***Property Summary***

---

| | |
|:---|:---|
| **Address of Property** | 1829 N Bouvier St, Philadelphia, PA 19121 |
| **Type of Property** | Multi-Family Home |
| **Square Foot** | 2,440 square feet |
| **HOA** | The total annual assessments paid to the community association are $0 per year, paid monthly. |
| **Configuration** | 2 units |
| **Capital improvements intended to be made by Ark7** | Capital improvements may include new appliances and cosmetic improvements as well as various punch list items throughout the property. |
| **Total amount intended to be spent on capital improvements by Ark7** | <br>$70000.00 |
| **Debt on property** | $468,000.00 from third-party lenders. |
| **Property Listing** | The property is managed as a single-family home rental and is listed on the following rental sites:<br>- Zillow<br>- Apartments.com |
| **Sale of Property** | In the event the company decides to sell the property, approval from the Series #TBQSK holders will not be sought. |

---

***Property History***

The multi-family home located at 1829 N Bouvier St, Philadelphia, PA 19121. The Bouvier St Property was built in 2015. The Bouvier St Property expects to incur approximately $70,000.00 of costs related to certain improvement projects to the property.

***Acquisition of the Bouvier St Property***

Series #TBQSK completed the acquisition of the Bouvier St Property on May 31, 2022. The acquisition of the Bouvier St Property was funded via a cash payment in the amount of $780,000.00. The Bouvier St Property is being held by Series #TBQSK. See the "Use of Proceeds" section below for additional information regarding anticipated expenses and uses of offering proceeds.

***Property Components & Capital Expenditures***

The Bouvier St Property was inspected by a licensed professional, and the inspection report indicated that the major property components are inacceptable, functional condition, with no obvious signs of defect.

With the current expected level and quality of the property components we will not recognize any deferred maintenance items and we expect that the major property components will remain in working order during the anticipated hold period for this property. In our operating estimates, we forecast a potential cost of maintenance and capital expenses as a percentage of rental income. In the case of unforeseen maintenance expenses, we could make use of our cash reserves, if necessary.

We anticipate that the final renovation cost, a capital expenditure, for this property will total approximately $70,000.00. These renovations may include new appliances and cosmetic improvements as well as various punch list items throughout the property. This renovation expense is listed in the use of proceeds for Series #TBQSK.

***Asset Manager***

The Managing Member appointed the Asset Manager to manage the Bouvier St Property. Ark7 has entered into an Asset Management Agreement with the Asset Manager. Pursuant to the terms of the Asset Management Agreement, the Series will pay the Asset Manager an annual fee (in respect of each fiscal year, 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement) for managing the Homestead Property.

***Property Operations and Hold Period***

The Bouvier St Property will be listed for rent once vacant at $6,695 per month ($80,340 annually), consistent with similar multi-family homes in Philadelphia, PA.

The Managing Member anticipates that this property's Operating Expenses, which include real estate taxes, property insurance and repairs and maintenance costs, will be in the range of $4,000 per month. This estimate is based on the Managing Members due diligence calculations and does not include the $70,000.00 that the company anticipates will be needed for final renovations and will be deemed a capital expenditure. For information relating to our capital expenditure expectations, see "Property Components & Capital Expenditures" above.

We intend to hold the Bouvier St Property for 10 or more years during which time, we will operate the Bouvier St Property as a rental property. During this period, we intend to distribute any Free Cash Flow (as defined in the Operating Agreement) to Series #TBQSK interest holders. The determination as to when the Bouvier St 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 lease may impact the sales price we may realize. The Managing Member may determine that it is in the best interests of shareholders to sell the Bouvier St Property earlier than 10 years or to hold the property for more than 10 years.

***Market Overview***

As of November 1, 2025, the latest data from various sources indicates a steady and strongly investor driven multifamily market in Philadelphia, PA 19121. While not specific to this property, insights from Redfin, Zillow, Realtor.com, and local market data highlight broader trends shaping rental focused neighborhoods near Temple University.

* In November 2025, the median sale price for small to mid sized multifamily buildings in the 19121 ZIP code was approximately $365,000, reflecting a 2.3 percent increase compared to the previous year. For larger multi unit properties with configurations similar to ten bedrooms and six bathrooms, typical sale prices ranged from $350,000 to $450,000 depending on building condition, rental income, and proximity to Temple University. A property such as 1829 N Bouvier St generally falls within this range.

* The 19121 area benefits from strong rental demand driven by student housing needs, institutional employment, and ongoing redevelopment in North Philadelphia. Investor activity remains consistent as the neighborhood offers relatively affordable entry points and steady occupancy levels.

* Market activity in this ZIP code remains active, with average days on market around thirty one days as of November 2025, compared to thirty six days during the previous year. Approximately twenty four percent of multifamily listings sold above their asking prices, reflecting sustained demand for income producing properties.

* According to recent United States Census estimates, Philadelphia's population remained stable at approximately one million six hundred thousand residents in 2025, with Northern neighborhoods experiencing continued activity linked to university related housing.

* Active multifamily listings in the 19121 ZIP code increased by roughly five percent year over year, offering more selection for investors while maintaining a competitive environment.

* As of November 2025, the average rent for units in multi bedroom student oriented housing near Temple University ranged from $525 to $650 per bedroom per month, reflecting a 3.0 percent increase compared to November 2024.

**Property Overview - Series #EKPES**

***Timeline***

* On Jan 18, 2022, Ark7 Properties LLC established Series #EKPES for the purpose of acquiring the property located at 1708 W Jefferson St, Philadelphia, PA 19121 (the "Jefferson St Property") from a third-party seller.

* Ark7, the company's Managing Member and Series #EKPES entered into an inter-company loan agreement on Mar 1, 2022, pursuant to which Ark7 loaned Series #EKPES $440,000 for the purpose of purchasing the Mabel Property.

* Ark7 Properties LLC - Series #EKPES acquired a property located at 1708 W Jefferson St, Philadelphia, PA 19121. The transaction for this purchase was completed on Apr 19, 2022, with a sale price of $392,000.

The above information is preliminary and should not be considered indicative of future performance.

***Property Summary***

---

| | |
|:---|:---|
| **Address of Property** | 1708 W Jefferson St, Philadelphia, PA 19121 |
| **Type of Property** | Townhouse |
| **Square Foot** | 2,400 square feet |
| **HOA** | The total annual assessments paid to the community association are $0 per year, paid monthly. |
| **Configuration** | 5 bedrooms and 2.5 bathrooms |
| **Capital improvements intended to be made by Ark7** | Capital improvements may include new appliances and cosmetic improvements as well as various punch list items throughout the property. |
| **Total amount intended to be spent on capital improvements by Ark7** | <br>$148000.00 |
| **Debt on property** | $440,000.00 due and payable to Ark7.<br> $196,000.00 from third-party lenders. |
| **Property Listing** | The property is managed as a single-family home rental and is listed on the following rental sites:<br>- Zillow<br>- Apartments.com |
| **Sale of Property** | In the event the company decides to sell the property, approval from the Series #EKPES holders will not be sought. |

---

***Property History***

The townhouse located at 1708 W Jefferson St, Philadelphia, PA 19121. The Jefferson St Property was built in 1915. The Jefferson St Property expects to incur approximately $148,000.00 of costs related to certain improvement projects to the property.

***Acquisition of the Jefferson St Property***

Series #EKPES completed the acquisition of the Jefferson St Property on April 19, 2022. The acquisition of the Jefferson St Property was funded via a cash payment in the amount of $392,000.00. The Jefferson St Property is being held by Series #EKPES. See the "Use of Proceeds" section below for additional information regarding anticipated expenses and uses of offering proceeds.

***Property Components & Capital Expenditures***

The Jefferson St Property was inspected by a licensed professional, and the inspection report indicated that the major property components are inacceptable, functional condition, with no obvious signs of defect.

With the current expected level and quality of the property components we will not recognize any deferred maintenance items and we expect that the major property components will remain in working order during the anticipated hold period for this property. In our operating estimates, we forecast a potential cost of maintenance and capital expenses as a percentage of rental income. In the case of unforeseen maintenance expenses, we could make use of our cash reserves, if necessary.

We anticipate that the final renovation cost, a capital expenditure, for this property will total approximately $148,000.00. These renovations may include new appliances and cosmetic improvements as well as various punch list items throughout the property. This renovation expense is listed in the use of proceeds for Series #EKPES.

***Asset Manager***

The Managing Member appointed the Asset Manager to manage the Jefferson St Property. Ark7 has entered into an Asset Management Agreement with the Asset Manager. Pursuant to the terms of the Asset Management Agreement, the Series will pay the Asset Manager an annual fee (in respect of each fiscal year, 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement) for managing the Homestead Property.

***Property Operations and Hold Period***

The Jefferson St Property will be listed for rent once vacant at $2,600 per month ($31,200 annually), consistent with similar townhouses in Philadelphia, PA.

The Managing Member anticipates that this property's Operating Expenses, which include real estate taxes, property insurance and repairs and maintenance costs, will be in the range of $2,000 per month. This estimate is based on the Managing Members due diligence calculations and does not include the $148,000.00 that the company anticipates will be needed for final renovations and will be deemed a capital expenditure. For information relating to our capital expenditure expectations, see "Property Components & Capital Expenditures" above.

We intend to hold the Jefferson St Property for 10 or more years during which time, we will operate the Jefferson St Property as a rental property. During this period, we intend to distribute any Free Cash Flow (as defined in the Operating Agreement) to Series #EKPES interest holders. The determination as to when the Jefferson St 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 lease may impact the sales price we may realize. The Managing Member may determine that it is in the best interests of shareholders to sell the Jefferson St Property earlier than 10 years or to hold the property for more than 10 years.

***Market Overview***

As of November 1, 2025, the latest data from various sources indicates a steady and investor focused housing market in Philadelphia, PA 19121. While not specific to this property, insights from Redfin, Zillow, Realtor.com, and local market reports highlight broader trends shaping the North Philadelphia and Temple University areas.

* In November 2025, the median sale price for townhomes in the 19121 ZIP code was approximately $265,000, reflecting a 2.5 percent increase compared to the previous year. Larger townhomes with five bedrooms and two and one half bathrooms typically ranged from $240,000 to $310,000 depending on condition, renovations, and rental income potential. A property such as 1708 W Jefferson St generally aligns with this pricing range.

* The 19121 area continues to benefit from strong demand associated with Temple University, expanding redevelopment corridors, and consistent interest from both owner occupants and investors seeking rental opportunities. Proximity to transit and ongoing neighborhood improvements also support demand.

* Market activity remains steady, with average days on market around thirty three days as of November 2025, compared to thirty seven days during the prior year. Approximately twenty three percent of townhomes sold above their listing prices, indicating continued interest in renovated and well maintained properties.

* According to recent United States Census estimates, Philadelphia's population remained stable at approximately one million six hundred thousand residents in 2025, with North Philadelphia neighborhoods showing gradual improvement linked to institutional investment and housing demand.

* Active listings in the 19121 ZIP code increased by about four percent year over year, offering slightly more inventory while maintaining a balanced but competitive environment.

* As of November 2025, the average rent for larger multi bedroom townhomes near Temple University ranged from $525 to $700 per bedroom per month depending on condition and proximity to campus, reflecting a 3.2 percent increase compared to November 2024.

**THE COMPANY'S PROPERTIES**

* On November 27, 2019, Ark7 Properties LLC - Series #MHQNN purchased an investment property located at 2924 Mabel St, Berkeley, CA 94702 for $1,542,000. The property is a multi-family home.

* On August 12, 2019, Ark7 Properties LLC - Series #KYLBE purchased an investment property located at 3102-3108 California St, Berkeley, CA 94703 for $1,475,000. The property is a multi-family home.

* On September 11, 2020, Ark7 Properties LLC - Series #DJVWQ purchased an investment property located at 2314 Bonar St, Berkeley, CA 94702 for $1,949,000. The property is a multi-family home.

* On January 15, 2021, Ark7 Properties LLC - Series #PBIUH purchased an investment property located at 901 Solitude Dr., Pflugerville, TX 78660 for $322,000. The property is a single family home.

* On February 5, 2021, Ark7 Properties LLC - Series #PFUNR purchased an investment property located at 2016 Creole Dr, Austin, TX 78727 for $500,000. The property is a single family home.

* On February 9, 2021, Ark7 Properties LLC - Series #8YFFL purchased an investment property located at 1804 Laminar Creek Rd, Cedar Park, TX 78613 for $465,000. The property is a single family home.

* On March 31, 2021, Ark7 Properties LLC - Series #XZQRZ purchased an investment property located at 5250 12th Ave NE, Seattle, WA 98105 for $1,150,000. The property is a multi-family home.

* On October 1, 2021, Ark7 Properties LLC - Series #DTMEW purchased an investment property located at 5150 Ranstead St, Philadelphia, PA 19139 for $172,000. The property is a townhouse.

* On October 21, 2021, Ark7 Properties LLC - Series #SOYGJ purchased an investment property located at 691 W Fairview St, Chandler, AZ 85225 for $450,000. The property is a single family home.

* On November 4, 2021, Ark7 Properties LLC - Series #RUSUU purchased an investment property located at 1872 W Springfield Way, Chandler, AZ 85286 for $447,000. The property is a single family home.

* On October 15, 2021, Ark7 Properties LLC - Series #KM1OU purchased an investment property located at 751-777 St Paul Ave, Memphis, TN 38126 for $750,000. The property is a multi-family home.

* On May 31, 2022, Ark7 Properties LLC - Series #TBQSK purchased an investment property located at 1829 N Bouvier St, Philadelphia, PA 19121 for $780,000. The property is a multi-family home.

* On April 19, 2022, Ark7 Properties LLC - Series #EKPES purchased an investment property located at 1708 W Jefferson St, Philadelphia, PA 19121 for $392,000. The property is a townhouse.

As of the date of this Offering Circular, Ark7 Inc., the company's Asset Manager and Managing Member, does not own any additional properties and does not intend to acquire additional properties for the acquisition of company or any future series of the company.

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

**You should read the following discussion and analysis of the financial statements and financial condition of Ark7 Properties LLC and results of its operations together with: (i) its financial statements and related notes appearing at the end of this Offering Circular and (ii) the pro forma consolidated financial statements appearing at the end of this Offering Circular. This discussion contains forward-looking statements reflecting the company's current expectations that involve risks and uncertainties. Actual results and the timing of events may differ materially from those contained in these forward-looking statements due to a number of factors, including those discussed in the section entitled "Risk Factors" and elsewhere in this Offering Circular.**

**Overview**

Ark7 Properties LLC was formed on October 31, 2018 ("Inception") in the State of Delaware. Ark7 Properties LLC is an investment vehicle which intends to enable investors to own fractional ownership of a specific real estate property. This lowers the cost-of-entry and minimizes the time commitment for real estate investing. An investment in the company entitles the investor to the potential economic benefits normally associated with direct property ownership, while requiring no investor involvement in asset or property management.

Ark7 is the company's Managing Member. As the company's Managing Member, it will manage the company's day-to-day operations. Ark7 is also the Managing Member of each Series and the Asset Manager of each Series and will manage each property that a Series acquires.

**Emerging Growth Company**

If the company becomes subject to the ongoing reporting requirements of the Exchange Act, we will qualify as an "emerging growth company" under the JOBS Act. As a result, we will be permitted to, and intend to, rely on exemptions from certain disclosure requirements. For so long as we are an emerging growth company, we will not be required to:

* have an auditor report on our internal controls over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act;

* comply with any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation or a supplement to the auditor's report providing additional information about the audit and the financial statements (i.e., an auditor discussion and analysis);

* submit certain executive compensation matters to shareholder advisory votes, such as "say-on-pay" and "say-on-frequency;" and

* disclose certain executive compensation related items such as the correlation between executive compensation and performance and comparisons of the CEO's compensation to median employee compensation.

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 will 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 $1.07 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 interests that is held by non-affiliates exceeds $700 million as of the last business day of our most recently completed second fiscal quarter or (iii) the date on which we have issued more than $1.07 billion in non-convertible debt during the preceding three year period.

**Operating Results - six months ended June 30, 2025 and 2024**

These revenues were generated by rental income across each Series as set out below:

---

| | | |
|:---|:---|:---|
| **Series** | **Gross Rental Income as of June 30, 2025** | **Gross Rental Income as of June 30, 2024** |
| #8YFFL | <br>$13680 | <br>$13590 |
| #BOBHU | <br>$0 | <br>$0 |
| #DJVWQ | <br>$99765 | <br>$87567 |
| #DTMEW | <br>$11180 | <br>$1700 |
| #EKPES | <br>$2471 | <br>$0 |
| #FFKEC | <br>$0 | <br>$0 |
| #KM1OU | <br>$47717 | <br>$43130 |
| #KYLBE | <br>$63574 | <br>$51664 |
| #LCYPL | <br>$0 | <br>$0 |
| #MHQNN | <br>$70138 | <br>$73710 |
| #OYNYT | <br>$0 | <br>$0 |
| #PBIUH | <br>$12300 | <br>$6300 |
| #PFUNR | <br>$14670 | <br>$12405 |
| #RUSUU | <br>$12640 | <br>$13955 |
| #SOYGJ | <br>$15960 | <br>$15975 |
| #TBQSK | <br>$9870 | <br>$24641 |
| #XZQRZ | <br>$50834 | <br>$34612 |

---

Over this same period, each series incurred expenses from operations of the series, as well as professional expenses related to undertaking the Series offering. Expenses from operations of the properties, such as utilities, repairs and maintenance, insurance, and property tax amounted to:

---

| | | |
|:---|:---|:---|
| **Series** | **Expenses Relating to Operating of the Property as of June 30, 2025** | **Expenses Relating to Operating of the Property as of June 30, 2024** |
| #8YFFL | <br>$6225 | <br>$5630 |
| #BOBHU | <br>$33 | <br>$85 |
| #DJVWQ | <br>$69174 | <br>$32317 |
| #DTMEW | <br>$12277 | <br>$4232 |
| #EKPES | <br>$5617 | <br>$3909 |
| #FFKEC | <br>$33 | <br>$64 |
| #KM1OU | <br>$21726 | <br>$22121 |
| #KYLBE | <br>$41974 | <br>$25905 |
| #LCYPL | <br>$33 | <br>$198 |
| #MHQNN | <br>$45094 | <br>$30135 |
| #OYNYT | <br>$62 | <br>$58 |
| #PBIUH | <br>$4802 | <br>$4451 |
| #PFUNR | <br>$7172 | <br>$7394 |
| #RUSUU | <br>$3589 | <br>$1985 |
| #SOYGJ | <br>$3551 | <br>$2642 |
| #TBQSK | <br>$6935 | <br>$2460 |
| #XZQRZ | <br>$10755 | <br>$11523 |

---

When including all expenses, such as legal and professional fees, general and administrative expenses, depreciation, and interest expense to Ark7, against revenues during this period, resulted in net income of the following:

---

| | | |
|:---|:---|:---|
| **Series** | **Net Income (Loss) as of June 30, 2025** | **Net Income (Loss) as of June 30, 2024** |
| #8YFFL | <br>$576 | <br>$700 |
| #BOBHU | <br>$(33) | <br>$(85) |
| #DJVWQ | <br>$(12099) | <br>$15980 |
| #DTMEW | <br>$(8804) | <br>$(7117) |
| #EKPES | <br>$(49999) | <br>$(23412) |
| #FFKEC | <br>$(33) | <br>$(64) |
| #KM1OU | <br>$(16927) | <br>$(23972) |
| #KYLBE | <br>$(8763) | <br>$946 |
| #LCYPL | <br>$(33) | <br>$(198) |
| #MHQNN | <br>$(3134) | <br>$14101 |
| #OYNYT | <br>$(62) | <br>$(58) |
| #PBIUH | <br>$1863 | <br>$(2493) |
| #PFUNR | <br>$(1299) | <br>$(2469) |
| #RUSUU | <br>$(11237) | <br>$(10210) |
| #SOYGJ | <br>$(13087) | <br>$(7741) |
| #TBQSK | <br>$(7020) | <br>$10379 |
| #XZQRZ | <br>$(5902) | <br>$(18467) |

---

**Operating Results - year ended December 31, 2024 and 2023**

These revenues were generated by rental income across each Series as set out below:

---

| | | |
|:---|:---|:---|
| **Series** | **Gross Rental Income as of December 31, 2024** | **Gross Rental Income as of December 31, 2023** |
| #8YFFL | <br>$27270 | <br>$26670 |
| #BOBHU | <br>$0 | <br>$0 |
| #DJVWQ | <br>$187968 | <br>$150428 |
| #DTMEW | <br>$16200 | <br>$14628 |
| #EKPES | <br>$400 | <br>$8378 |
| #FFKEC | <br>$0 | <br>$0 |
| #KM1OU | <br>$104459 | <br>$58738 |
| #KYLBE | <br>$104294 | <br>$111800 |
| #LCYPL | <br>$0 | <br>$0 |
| #MHQNN | <br>$147275 | <br>$128183 |
| #OYNYT | <br>$0 | <br>$0 |
| #PBIUH | <br>$16550 | <br>$24800 |
| #PFUNR | <br>$26993 | <br>$26850 |
| #RUSUU | <br>$27605 | <br>$23986 |
| #SOYGJ | <br>$28362 | <br>$26083 |
| #TBQSK | <br>$24002 | <br>$59356 |
| #XZQRZ | <br>$74103 | <br>$65051 |

---

Over this same period, each series incurred expenses from operations of the series, as well as professional expenses related to undertaking the Series offering. Expenses from operations of the properties, such as utilities, repairs and maintenance, insurance, and property tax amounted to:

---

| | | |
|:---|:---|:---|
| **Series** | **Expenses Relating to Operating of the Property as of December 31, 2024** | **Expenses Relating to Operating of the Property as of December 31, 2023** |
| #8YFFL | <br>$11316 | <br>$11474 |
| #BOBHU | <br>$135 | <br>$114 |
| #DJVWQ | <br>$60534 | <br>$52621 |
| #DTMEW | <br>$12913 | <br>$9611 |
| #EKPES | <br>$7882 | <br>$14015 |
| #FFKEC | <br>$114 | <br>$171 |
| #KM1OU | <br>$46708 | <br>$32421 |
| #KYLBE | <br>$51029 | <br>$54446 |
| #LCYPL | <br>$386 | <br>$392 |
| #MHQNN | <br>$55645 | <br>$57209 |
| #OYNYT | <br>$121 | <br>$125 |
| #PBIUH | <br>$9200 | <br>$14620 |
| #PFUNR | <br>$14905 | <br>$21321 |
| #RUSUU | <br>$3908 | <br>$4976 |
| #SOYGJ | <br>$5929 | <br>$5710 |
| #TBQSK | <br>$5560 | <br>$10184 |
| #XZQRZ | <br>$22373 | <br>$21930 |

---

When including all expenses, such as legal and professional fees, general and administrative expenses, depreciation, and interest expense to Ark7, against revenues during this period, resulted in net income of the following:

---

| | | |
|:---|:---|:---|
| **Series** | **Net Income (Loss) as of December 31, 2024** | **Net Income (Loss) as of December 31, 2023** |
| #8YFFL | <br>$1705 | <br>$(5946) |
| #BOBHU | <br>$(135) | <br>$(114) |
| #DJVWQ | <br>$44735 | <br>$27730 |
| #DTMEW | <br>$(8725) | <br>$(10361) |
| #EKPES | <br>$(46785) | <br>$(90514) |
| #FFKEC | <br>$(114) | <br>$(171) |
| #KM1OU | <br>$(31824) | <br>$(57175) |
| #KYLBE | <br>$914 | <br>$7959 |
| #LCYPL | <br>$(386) | <br>$(392) |
| #MHQNN | <br>$34112 | <br>$8773 |
| #OYNYT | <br>$(121) | <br>$(125) |
| #PBIUH | <br>$(2374) | <br>$(6608) |
| #PFUNR | <br>$(4626) | <br>$(16076) |
| #RUSUU | <br>$(15833) | <br>$(35832) |
| #SOYGJ | <br>$(16210) | <br>$(29626) |
| #TBQSK | <br>$(4395) | <br>$(76624) |
| #XZQRZ | <br>$(29562) | <br>$(48906) |

---

**Liquidity and Capital Resources**

Each Series has allocated funds to establish property management reserves. These funds are designed to mitigate future financial uncertainties associated with property-related expenses, including maintenance, repairs, enhancements, or unanticipated costs. The aim is to maintain the properties in satisfactory condition, prevent financial strain, and preclude the necessity for immediate supplementary contributions from investors or owners due to substantial, unexpected expenses. As of June 30, 2025, the balance of the property management reserve by Series was:

---

| | |
|:---|:---|
| **Series** | **Cash and Property Management Reserve as of June 30, 2025** |
| #8YFFL | <br>$4743 |
| #BOBHU | <br>$0 |
| #DJVWQ | <br>$7503 |
| #DTMEW | <br>$1804 |
| #EKPES | <br>$1628 |
| #FFKEC | <br>$0 |
| #KM1OU | <br>$10164 |
| #KYLBE | <br>$0 |
| #LCYPL | <br>$0 |
| #MHQNN | <br>$0 |
| #OYNYT | <br>$0 |
| #PBIUH | <br>$4904 |
| #PFUNR | <br>$6808 |
| #RUSUU | <br>$4324 |
| #SOYGJ | <br>$1255 |
| #TBQSK | <br>$(3327) |
| #XZQRZ | <br>$9066 |

---

An additional $0 of cash is held by Ark7 Properties LLC that is not assigned to a specific series.

**Down Payment Loan Payables**

The Parent Company provide initial funding required for property acquisitions and structured this as a down payment loan to APL and its series. Borrowers are authorized to use the Parent Company's bank checking account for property acquisition purpose.

*Series #8YFFL*

On February 1, 2021, the APL - Series #8YFFL executed a Loan Agreement from the Parent Company. According to the Loan Agreement, the APL - Series #8YFFL borrowed $490,000 at 8% interest with a maturity of January 31, 2024. The loan was paid off in 2021, and the outstanding balance of the Loan Payable - Down Payment Loan as of December 31, 2024 and 2023 was $0 and $10,000, respectively, and is included in related party debt, current on the accompanying balance sheet. The interest expenses incurred in the year ended December 31, 2023 was $335 and $554, respectively.

*Series #DJVWQ*

On May 15, 2020, the APL - Series #DJVWQ executed a Loan Agreement from the Parent Company. According to the Loan Agreement, the APL - Series #DJVWQ borrowed $850,000 at 7% interest with a maturity of May 14, 2021. The loan was paid off in 2021, and the outstanding balance of the Loan Payable - Down Payment Loan as of December 31, 2024 and 2023 was $0 and $0, respectively, and is included in related party debt, current on the accompanying balance sheet. The interest expenses incurred in the year ended December 31, 2023 was $0 and $0, respectively.

*Series #DTMEW*

On October 1, 2021, the APL - Series #DTMEW executed a Loan Agreement from the Parent Company. According to the Loan Agreement, the APL - Series #DTMEW borrowed $170,000 at 8% interest with a maturity of September 30, 2022. The loan was paid off in 2021, and the outstanding balance of the Loan Payable - Down Payment Loan as of December 31, 2024 and 2023 was $0 and $0, respectively, and is included in related party debt, current on the accompanying balance sheet. The interest expenses incurred in the year ended December 31, 2023 was $0 and $0, respectively.

*Series #EKPES*

On March 1, 2022, the APL - Series #EKPES executed a Loan Agreement from the Parent Company. According to the Loan Agreement, the APL - Series #EKPES borrowed $440,000 at 8% interest with a maturity of February 28, 2026. The outstanding balance of the Loan Payable - Down Payment Loan as of December 31, 2024 and 2023 was $0 and $340,700, respectively, and is included in related party debt, current on the accompanying balance sheet. The interest expenses incurred in the year ended December 31, 2023 was $27,381 and $27,268, respectively.

*Series #KM1OU*

On October 1, 2021, the APL - Series #KM1OU executed a Loan Agreement from the Parent Company. According to the Loan Agreement, the APL - Series #KM1OU borrowed $750,000 at 8% interest with a maturity of September 30, 2025. The loan was paid off in 2022, and the outstanding balance of the Loan Payable - Down Payment Loan as of December 31, 2024 and 2023 was $0 and $416,756, respectively, and is included in related party debt, current on the accompanying balance sheet. The interest expenses incurred in the year ended December 31, 2023 was $33,432 and $33,340, respectively.

*Series #KYLBE*

On July 8, 2019, the APL - Series #KYLBE executed a Loan Agreement from the Parent Company. According to the Loan Agreement, the APL - Series #KYLBE borrowed $750,000 at 7% interest with a maturity of December 7, 2020. The loan was paid off in 2020, and the outstanding balance of the Loan Payable - Down Payment Loan as of December 31, 2024 and 2023 was $0 and $0, respectively, and is included in related party debt, current on the accompanying balance sheet. The interest expenses incurred in the year ended December 31, 2023 was $0 and $0, respectively.

*Series #MHQNN*

On July 8, 2019, the APL - Series #MHQNN executed a Loan Agreement from the Parent Company. According to the Loan Agreement, the APL - Series #MHQNN borrowed $750,000 at 7% interest with a maturity of October 7, 2020. The loan was paid off in 2020, and the outstanding balance of the Loan Payable - Down Payment Loan as of December 31, 2024 and 2023 was $0 and $0, respectively, and is included in related party debt, current on the accompanying balance sheet. The interest expenses incurred in the year ended December 31, 2023 was $0 and $0, respectively.

*Series #PBIUH*

On January 1, 2021, the APL - Series #PBIUH executed a Loan Agreement from the Parent Company. According to the Loan Agreement, the APL - Series #PBIUH borrowed $340,000 at 8% interest with a maturity of December 31, 2021. The loan was paid off in 2021, and the outstanding balance of the Loan Payable - Down Payment Loan as of December 31, 2024 and 2023 was $0 and $0, respectively, and is included in related party debt, current on the accompanying balance sheet. The interest expenses incurred in the year ended December 31, 2023 was $0 and $0, respectively.

*Series #PFUNR*

On February 1, 2021, the APL - Series #PFUNR executed a Loan Agreement from the Parent Company. According to the Loan Agreement, the APL - Series #PFUNR borrowed $550,000 at 8% interest with a maturity of January 31, 2022. The loan was paid off in 2021, and the outstanding balance of the Loan Payable - Down Payment Loan as of December 31, 2024 and 2023 was $0 and $0, respectively, and is included in related party debt, current on the accompanying balance sheet. The interest expenses incurred in the year ended December 31, 2023 was $0 and $0, respectively.

*Series #RUSUU*

On October 1, 2021, the APL - Series #RUSUU executed a Loan Agreement from the Parent Company. According to the Loan Agreement, the APL - Series #RUSUU borrowed $470,000 at 8% interest with a maturity of September 30, 2026. The loan was paid off in 2051, and the outstanding balance of the Loan Payable - Down Payment Loan as of December 31, 2024 and 2023 was $0 and $470,000, respectively, and is included in related party debt, current on the accompanying balance sheet. The interest expenses incurred in the year ended December 31, 2023 was $27,049 and $37,600, respectively.

*Series #SOYGJ*

On October 1, 2021, the APL - Series #SOYGJ executed a Loan Agreement from the Parent Company. According to the Loan Agreement, the APL - Series #SOYGJ borrowed $480,000 at 8% interest with a maturity of September 30, 2025. The outstanding balance of the Loan Payable - Down Payment Loan as of December 31, 2024 and 2023 was $0 and $380,000, respectively, and is included in related party debt, current on the accompanying balance sheet. The interest expenses incurred in the year ended December 31, 2023 was $24,050 and $31,592, respectively.

*Series #TBQSK*

On May 1, 2022, the APL - Series #TBQSK executed a Loan Agreement from the Parent Company. According to the Loan Agreement, the APL - Series #TBQSK borrowed $810,000 at 8% interest with a maturity of April 30, 2024. The loan was paid off in 2024, and the outstanding balance of the Loan Payable - Down Payment Loan as of December 31, 2024 and 2023 was $0 and $0, respectively, and is included in related party debt, current on the accompanying balance sheet. The interest expenses incurred in the year ended December 31, 2023 was $780 and $29,907, respectively.

*Series #XZQRZ*

On March 26, 2021, the APL - Series #XZQRZ executed a Loan Agreement from the Parent Company. According to the Loan Agreement, the APL - Series #XZQRZ borrowed $1,160,000 at 8% interest with a maturity of March 25, 2025. The outstanding balance of the Loan Payable - Down Payment Loan as of December 31, 2024 and 2023 was $0 and $715,000, respectively, and is included in related party debt, current on the accompanying balance sheet. The interest expenses incurred in the year ended December 31, 2023 was $57,357 and $57,200, respectively.

**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.

**DIRECTORS, EXECUTIVE OFFICERS AND SIGNIFICANT EMPLOYEES**

In accordance with the Operating Agreement and the Series Designation, Ark7 Inc. serves as the initial member, the Managing Member of Ark7 Properties LLC, and the Asset Manager for each Series.

---

| | | |
|:---|:---|:---|
| **Issuer** | **Managing Member** | **Asset Manager** |
| Ark7 Properties LLC - Series #MHQNN | Ark7 Inc. | Ark7 Inc. |
| Ark7 Properties LLC - Series #KYLBE | Ark7 Inc. | Ark7 Inc. |
| Ark7 Properties LLC - Series #DJVWQ | Ark7 Inc. | Ark7 Inc. |
| Ark7 Properties LLC - Series #PBIUH | Ark7 Inc. | Ark7 Inc. |
| Ark7 Properties LLC - Series #PFUNR | Ark7 Inc. | Ark7 Inc. |
| Ark7 Properties LLC - Series #8YFFL | Ark7 Inc. | Ark7 Inc. |
| Ark7 Properties LLC - Series #XZQRZ | Ark7 Inc. | Ark7 Inc. |
| Ark7 Properties LLC - Series #DTMEW | Ark7 Inc. | Ark7 Inc. |
| Ark7 Properties LLC - Series #SOYGJ | Ark7 Inc. | Ark7 Inc. |
| Ark7 Properties LLC - Series #RUSUU | Ark7 Inc. | Ark7 Inc. |
| Ark7 Properties LLC - Series #KM1OU | Ark7 Inc. | Ark7 Inc. |
| Ark7 Properties LLC - Series #TBQSK | Ark7 Inc. | Ark7 Inc. |
| Ark7 Properties LLC - Series #EKPES | Ark7 Inc. | Ark7 Inc. |

---

**Executives and Directors**

Ark7 Inc. is operated by the following executives and directors all work for the company on a full-time basis.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name (Board of Directors & Executive Officers)** | **Position** | **Age** | **Term of Office (If indefinite, give date appointed)** | **Full Time/Part Time** |
| Yizhen Zhao | CEO | 35 | October 2018 - Present | Full Time |
| Yujian Weng | CTO | 37 | December 2020 - Present | Full Time |
| Ling Yang | CCO | 31 | December 2020 - Present | Full Time |

---

***Yizhen Zhao, CEO and Co-Founder***

Yizhen Zhao is currently the co-founder and Chief Executive Officer of Ark7. He has served in this position since October 2018. Prior to that, he worked as Software Engineers/Architecture Leads at Uber from 2017 to 2019, LinkedIn from 2014 to 2017, Twitter from 2013 to 2014, and Google from 2010 to 2013. He studied Computer Science at Shanghai Jiaotong University from 2006 to 2010 and received multiple Champion rewards for participating in international computer programming contests.

***Yujian Weng, CTO and Co-Founder***

Yujian Weng is currently the co-founder and Chief Technology Officer of Ark7. He has served in this position since December 2020. Prior to that, he was Senior Director, Connected Vehicle Services at NIO from 2016 to 2019. In this position, he was responsible for lead design and development of NIO Connected Car Platform. Previously, he led an ads & content personalization team at Cheetah Mobile from 2015 to 2016, he was a software engineer at Yahoo! from 2010 to 2015.

***Ling Yang, CCO and Co-Founder***

Ling Yang is currently the co-founder and Chief Compliance Officer of Ark7. She has served in this position since December 2020. Prior to that, she was the senior attorney at King & Wood Mallesons LLP from 2017 to 2021. Ms. Yang has extensive experience representing Asian, US, and multinational investors and companies in their cross-border business activities. Previously, Ms. Yang worked at a well-known Los Angeles law firm and also served as a legal consultant in a listed company in China. Ms. Yang graduated from Indiana University Maurer School of Law.

**Indemnification of the Manager**

The operating agreement stipulates that none of our manager, current or former directors, officers, employees, partners, shareholders, members, controlling individuals, agents, or independent contractors of our manager, nor individuals acting on behalf of our company in specific roles concerning other entities, will be held accountable to our company, any series, or any stakeholders for any actions or failures to act unless conclusively determined by a final, non-appealable decision of a court, arbitrator, or other competent tribunal to constitute fraud, willful misconduct, or gross negligence. Each series will indemnify these individuals using its assets against all liabilities and losses, including payments for judgments, fines, penalties, or litigation settlements, along with legal fees and expenses, incurred as a result of their service to our company or that particular series, unless conclusively determined otherwise by a final, non-appealable decision of a court, arbitrator, or other competent tribunal to constitute fraud, willful misconduct, or gross negligence.

**Manager Affiliates**

The asset manager controls the following affiliated entities that also seek to issue securities pursuant to Tier 2 of Regulation A:

* Ark7 Properties Plus LLC - Ark7 Properties Plus LLC was formed on March 17, 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 Ark7 Properties Plus LLC.

* Ark7 Properties Advance LLC - Ark7 Properties Advance LLC was formed on October 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 Ark7 Properties Advance LLC.

**COMPENSATION OF DIRECTORS AND EXECUTIVE OFFICERS**

For the year ended December 31, 2024, the company did not compensate any director or executive officer for their services to Ark7 Properties LLC. We do not currently have any employees, nor do we currently intend to hire any employees who will be compensated directly by our company.

Our Managing Member and Asset Manager will be compensated as follows:

**Asset Management Fee**

For services performed, the Series will pay an annual Asset Management Fee to the Asset Manager in respect of each fiscal year, 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. Any such amount will be paid at the same time as, and only if, a distribution is made from the Series to its Members. For the year ended December 31, 2024 each Series paid the following Asset Manager Fees to the Asset Manager:

---

| | |
|:---|:---|
| **Series** | **Asset Management Fees Paid for the Year Ended December 31, 2024** |
| Series #MHQNN | N/A |
| Series #KYLBE | N/A |
| Series #DJVWQ | N/A |
| Series #PBIUH | N/A |
| Series #PFUNR | N/A |
| Series #8YFFL | N/A |
| Series #XZQRZ | N/A |
| Series #DTMEW | N/A |
| Series #SOYGJ | N/A |
| Series #RUSUU | N/A |
| Series #KM1OU | N/A |
| Series #TBQSK | N/A |
| Series #EKPES | N/A |

---

**Sourcing Fee**

Pursuant to the Operating Agreement the Asset Manager, as consideration for assisting in the sourcing of the Underlying Asset of a Series, to the extent not waived by the Managing Member in its sole discretion, will receive a 3.0% (of the maximum offering amount) Sourcing Fee. For the year ended December 31, 2024 each Series paid the following Sourcing Fees to the Asset Manager:

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| | |
|:---|:---|
| **Series** | **Sourcing Fees Paid for the Year Ended December 31, 2024** |
| Series #MHQNN | N/A |
| Series #KYLBE | N/A |
| Series #DJVWQ | N/A |
| Series #PBIUH | N/A |
| Series #PFUNR | N/A |
| Series #8YFFL | N/A |
| Series #XZQRZ | N/A |
| Series #DTMEW | N/A |
| Series #SOYGJ | N/A |
| Series #RUSUU | N/A |
| Series #KM1OU | N/A |
| Series #TBQSK | N/A |
| Series #EKPES | N/A |

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**Liquidation Fee**

Subject to Section 7.3 and ARTICLE XI and any Interest Designation, any amounts available for distribution following the liquidation of a Series, net of any fees, costs and liabilities (as determined by the Managing Member in its sole discretion), shall be applied and distributed 100% to the Members (pro rata to their Interests and which, for the avoidance of doubt, may include the Managing Member and its Affiliates).

**Free Cash Flow**

Distributions will be paid out of Free Cash Flow. Free Cash Flow means any available cash for distribution generated from the net income received by a Series, as determined by the Managing Member to be in the nature of income as defined by U.S. GAAP, plus (i) any change in the net working capital (as shown on the balance sheet of such Series) (ii) any amortization to the relevant Series Asset (as shown on the income statement of such Series) and (iii) any depreciation to the relevant Series Asset (as shown on the income statement of such Series) and (iv) any other non-cash Operating Expenses <u>less</u> (a) any capital expenditure related to the Series Asset (as shown on the cash flow statement of such Series) (b) any other liabilities or obligations of the Series, including interest payments on debt obligations, in each case to the extent not already paid or provided for and (c) upon the termination and winding up of a Series or the Company, all costs and expenses incidental to such termination and winding as allocated to the relevant Series in accordance with Section 6.4 of the Operating Agreement.

To the extent there is "Free Cash Flow" for any Series and as described in the Series Designation for such Series, our Managing Member intends to declare and pay distributions as follows:

* 85% by way of distribution to the members of such Series (pro rata to their Series Interests and which, for the avoidance of doubt, may include the Managing Member or its affiliates), and;

* 15% to the Asset Manager in payment of the management fee, except to the extent waived by the Asset Manager, in its sole discretion.

Our Managing Member has sole discretion in determining what distributions of Free Cash Flow, if any, are made to holders of each Series of shares except as otherwise limited by law or the Operating Agreement.

**Intercompany Loan(s)**

From time to time, the Managing Member or its affiliates may advance funds to a Series to facilitate acquisitions or operations. Such advances may be interest-bearing or non-interest-bearing, with terms that may vary among Series and across time. Historical advances have included fixed-rate and variable-rate arrangements, some with prepayment flexibility and others without. Any future advances, if made, will be provided on terms determined by the Managing Member at the time of the advance.

**SECURITY OWNERSHIP OF MANAGEMENT AND CERTAIN SECURITYHOLDERS**

The following table displays, on a post Conversion basis, the voting securities beneficially owned by (1) any individual director or officer who beneficially owns more than 10% of any class of the company's capital stock, (2) all executive officers and directors as a group and (3) any other holder who beneficially owns more than 10% of any class of the company's capital stock on a post-conversion basis.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Title of Class** | **Name and Address of Beneficial Owner** | **Amount and Nature of Beneficial Ownership** | **Amount and Nature of Beneficial Ownership Acquirable** | **Percent of Class (1)** | **Percent of Voting Power** |
| Membership Interest | Ark7 Inc., 1 Ferry Building, Ste 201 San Francisco, CA 94111 | 100% of Membership Interests of Ark7 Properties LLC | n/a | 100% | 100% |

---

The column "Percent of Class" includes a calculation of the amount the person owns now, plus the amount that person is entitled to acquire. That amount is then shown as a percentage of the outstanding amount of securities in that class if no other people exercised their rights to acquire those securities. The result is a calculation of the maximum amount that person could ever own based on their current and acquirable ownership, which is why the amounts in this column will not add up to 100%.

As of December 4, 2025, Series #MHQNN had 11,540 Series Interests issued and outstanding and 23,000 Series Interests have been authorized.

As of December 4, 2025, Series #KYLBE had 14,020 Series Interests issued and outstanding and 21,850 Series Interests have been authorized.

As of December 4, 2025, Series #DJVWQ had 57,041 Series Interests issued and outstanding and 87,850 Series Interests have been authorized.

As of December 4, 2025, Series #PBIUH had 9,653 Series Interests issued and outstanding and 10,840 Series Interests have been authorized.

As of December 4, 2025, Series #PFUNR had 18,825 Series Interests issued and outstanding and 20,890 Series Interests have been authorized.

As of December 4, 2025, Series #8YFFL had 94,062 Series Interests issued and outstanding and 103,300 Series Interests have been authorized.

As of December 4, 2025, Series #XZQRZ had 14,572 Series Interests issued and outstanding and 24,560 Series Interests have been authorized.

As of December 4, 2025, Series #DTMEW had 2,139 Series Interests issued and outstanding and 2,705 Series Interests have been authorized.

As of December 4, 2025, Series #SOYGJ had 4,541 Series Interests issued and outstanding and 7,160 Series Interests have been authorized.

As of December 4, 2025, Series #RUSUU had 4,695 Series Interests issued and outstanding and 7,410 Series Interests have been authorized.

As of December 4, 2025, Series #KM1OU had 4,814 Series Interests issued and outstanding and 11,800 Series Interests have been authorized.

As of December 4, 2025, Series #TBQSK had 10,000 Series Interests issued and outstanding and 10,570 Series Interests have been authorized.

As of December 4, 2025, Series #EKPES had 2,134 Series Interests issued and outstanding and 13,500 Series Interests have been authorized.

Yizhen Zhao is currently the majority owner of Ark7 Inc..

**INTEREST OF MANAGEMENT AND OTHERS IN CERTAIN TRANSACTIONS**

*The company is subject to various conflicts of interest arising out of its relationship with Ark7, the company's Managing Member, Asset Manager and its affiliates. These conflicts are discussed below.*

**Ark7 Inc. is both the Asset Manager and the Managing Member**

Ark7 Inc. is both the Asset Manager and the Managing Member. The Managing Member has appointed the Asset Manager. On balance, Ark7 Inc. controls all of the decisions related to each Series:

* Care of the Underlying Asset.

* Custody of the Underlying Asset.

* Maintenance of the Underlying Asset.

* Management of the Underlying Asset.

* Ability and to take any action that it deems necessary or desirable.

* The authority to sell of the Underlying Asset.

* Whether to encumber of the Underlying Asset.

* Whether to convey the Underlying Asset.

* Whether the Sourcing Fee (3.0%) will be paid to the Asset Manager, i.e. itself.

* Determination of the Asset Management Fee.

None of the responsibilities and determinations listed above will be made at arm's length and all of these decisions may unjustly financially reward Ark7 to the detriment of each Series and the investors. These conflicts may inhibit or interfere with the sound and profitable operation of the company. See "Risk Factors - Ark7 Inc. is both the Asset Manager and the Managing Member.

**Intercompany Loan Agreement between Ark7 Inc. and Series #MHQNN**

On July 8, 2019, Series #MHQNN (the "Borrower") and Ark7 (the "Lender") entered into the Intercompany Loan Agreement (the "Loan Agreement"). The Loan Agreement has the following terms:

* The Lender loaned $750,000 to the Borrower.

* Borrower promises to repay $750,000 to the Lender, with interest payable on the unpaid principal at the rate of 7.0% per annum, calculated semi-annually not in advance, beginning on July 8, 2019.

* The Borrower may prepay the Loan but in no event shall the interest rate chargeable hereinabove for any day be less than 7.0% per annum.

* The loan was paid off in 2020.

* Default: In the event the Borrower defaults in the performance of any obligation under the Loan Agreement, then the Lender may declare the principal amount owing and interest due under the Loan Agreement at that time to be immediately due and payable.

**Asset Management Agreement between Ark7 Inc. and Series #MHQNN**

On March 7, 2020, Series #MHQNN and Ark7 (the "Asset Manager") entered into an Asset Management Agreement. The Asset Management Agreement has the following terms:

* the Asset Manager shall have sole authority and complete discretion over the care, custody, maintenance and management of the #MHQNN Asset and to take any action that it deems necessary or desirable.

* The Asset Manager shall devote such time to its duties under this Agreement as may be deemed reasonably necessary by the Asset Manager.

* The Asset Manager may delegate all or any of its duties pursuant to the terms determined by the Asset Manager.

* Compensation: for services performed, the Series will pay an annual Asset Management Fee to the Asset Manager in respect of each fiscal year, 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. Any such amount will be paid at the same time as, and only if, a distribution is made from the Series to its Members.

**Intercompany Loan Agreement between Ark7 Inc. and Series #KYLBE**

On July 8, 2019, Series #KYLBE (the "Borrower") and Ark7 (the "Lender") entered into the Intercompany Loan Agreement (the "Loan Agreement"). The Loan Agreement has the following terms:

* The Lender loaned $750,000 to the Borrower.

* Borrower promises to repay $750,000 to the Lender, with interest payable on the unpaid principal at the rate of 7.0% per annum, calculated semi-annually not in advance, beginning on July 8, 2019.

* The Borrower may prepay the Loan but in no event shall the interest rate chargeable hereinabove for any day be less than 7.0% per annum.

* The loan was paid off in 2020.

* Default: In the event the Borrower defaults in the performance of any obligation under the Loan Agreement, then the Lender may declare the principal amount owing and interest due under the Loan Agreement at that time to be immediately due and payable.

**Asset Management Agreement between Ark7 Inc. and Series #KYLBE**

On August 12, 2019, Series #KYLBE and Ark7 (the "Asset Manager") entered into an Asset Management Agreement. The Asset Management Agreement has the following terms:

* the Asset Manager shall have sole authority and complete discretion over the care, custody, maintenance and management of the #KYLBE Asset and to take any action that it deems necessary or desirable.

* The Asset Manager shall devote such time to its duties under this Agreement as may be deemed reasonably necessary by the Asset Manager.

* The Asset Manager may delegate all or any of its duties pursuant to the terms determined by the Asset Manager.

* Compensation: for services performed, the Series will pay an annual Asset Management Fee to the Asset Manager in respect of each fiscal year, 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. Any such amount will be paid at the same time as, and only if, a distribution is made from the Series to its Members.

**Intercompany Loan Agreement between Ark7 Inc. and Series #DJVWQ**

On May 15, 2020, Series #DJVWQ (the "Borrower") and Ark7 (the "Lender") entered into the Intercompany Loan Agreement (the "Loan Agreement"). The Loan Agreement has the following terms:

* The Lender loaned $850,000 to the Borrower.

* Borrower promises to repay $850,000 to the Lender, with interest payable on the unpaid principal at the rate of 7.0% per annum, calculated semi-annually not in advance, beginning on May 15, 2020.

* The Borrower may prepay the Loan but in no event shall the interest rate chargeable hereinabove for any day be less than 0.0% per annum.

* The loan was paid off in 2021.

* Default: In the event the Borrower defaults in the performance of any obligation under the Loan Agreement, then the Lender may declare the principal amount owing and interest due under the Loan Agreement at that time to be immediately due and payable.

**Asset Management Agreement between Ark7 Inc. and Series #DJVWQ**

On October 1, 2020, Series #DJVWQ and Ark7 (the "Asset Manager") entered into an Asset Management Agreement. The Asset Management Agreement has the following terms:

* the Asset Manager shall have sole authority and complete discretion over the care, custody, maintenance and management of the #DJVWQ Asset and to take any action that it deems necessary or desirable.

* The Asset Manager shall devote such time to its duties under this Agreement as may be deemed reasonably necessary by the Asset Manager.

* The Asset Manager may delegate all or any of its duties pursuant to the terms determined by the Asset Manager.

* Compensation: for services performed, the Series will pay an annual Asset Management Fee to the Asset Manager in respect of each fiscal year, 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. Any such amount will be paid at the same time as, and only if, a distribution is made from the Series to its Members.

**Intercompany Loan Agreement between Ark7 Inc. and Series #PBIUH**

On January 1, 2021, Series #PBIUH (the "Borrower") and Ark7 (the "Lender") entered into the Intercompany Loan Agreement (the "Loan Agreement"). The Loan Agreement has the following terms:

* The Lender loaned $340,000 to the Borrower.

* Borrower promises to repay $340,000 to the Lender, with interest payable on the unpaid principal at the rate of 8.0% per annum, calculated semi-annually not in advance, beginning on January 1, 2021.

* The Borrower may prepay the Loan but in no event shall the interest rate chargeable hereinabove for any day be less than 0.0% per annum.

* The loan was paid off in 2021.

* Default: In the event the Borrower defaults in the performance of any obligation under the Loan Agreement, then the Lender may declare the principal amount owing and interest due under the Loan Agreement at that time to be immediately due and payable.

**Asset Management Agreement between Ark7 Inc. and Series #PBIUH**

On January 15, 2021, Series #PBIUH and Ark7 (the "Asset Manager") entered into an Asset Management Agreement. The Asset Management Agreement has the following terms:

* the Asset Manager shall have sole authority and complete discretion over the care, custody, maintenance and management of the #PBIUH Asset and to take any action that it deems necessary or desirable.

* The Asset Manager shall devote such time to its duties under this Agreement as may be deemed reasonably necessary by the Asset Manager.

* The Asset Manager may delegate all or any of its duties pursuant to the terms determined by the Asset Manager.

* Compensation: for services performed, the Series will pay an annual Asset Management Fee to the Asset Manager in respect of each fiscal year, 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. Any such amount will be paid at the same time as, and only if, a distribution is made from the Series to its Members.

**Intercompany Loan Agreement between Ark7 Inc. and Series #PFUNR**

On February 1, 2021, Series #PFUNR (the "Borrower") and Ark7 (the "Lender") entered into the Intercompany Loan Agreement (the "Loan Agreement"). The Loan Agreement has the following terms:

* The Lender loaned $550,000 to the Borrower.

* Borrower promises to repay $550,000 to the Lender, with interest payable on the unpaid principal at the rate of 8.0% per annum, calculated semi-annually not in advance, beginning on February 1, 2021.

* The Borrower may prepay the Loan but in no event shall the interest rate chargeable hereinabove for any day be less than 0.0% per annum.

* The loan was paid off in 2021.

* Default: In the event the Borrower defaults in the performance of any obligation under the Loan Agreement, then the Lender may declare the principal amount owing and interest due under the Loan Agreement at that time to be immediately due and payable.

**Asset Management Agreement between Ark7 Inc. and Series #PFUNR**

On February 5, 2021, Series #PFUNR and Ark7 (the "Asset Manager") entered into an Asset Management Agreement. The Asset Management Agreement has the following terms:

* the Asset Manager shall have sole authority and complete discretion over the care, custody, maintenance and management of the #PFUNR Asset and to take any action that it deems necessary or desirable.

* The Asset Manager shall devote such time to its duties under this Agreement as may be deemed reasonably necessary by the Asset Manager.

* The Asset Manager may delegate all or any of its duties pursuant to the terms determined by the Asset Manager.

* Compensation: for services performed, the Series will pay an annual Asset Management Fee to the Asset Manager in respect of each fiscal year, 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. Any such amount will be paid at the same time as, and only if, a distribution is made from the Series to its Members.

**Intercompany Loan Agreement between Ark7 Inc. and Series #8YFFL**

On February 1, 2021, Series #8YFFL (the "Borrower") and Ark7 (the "Lender") entered into the Intercompany Loan Agreement (the "Loan Agreement"). The Loan Agreement has the following terms:

* The Lender loaned $490,000 to the Borrower.

* Borrower promises to repay $490,000 to the Lender, with interest payable on the unpaid principal at the rate of 8.0% per annum, calculated semi-annually not in advance, beginning on February 1, 2021.

* The Borrower may prepay the Loan but in no event shall the interest rate chargeable hereinabove for any day be less than 0.0% per annum.

* The loan was paid off in 2021.

* Default: In the event the Borrower defaults in the performance of any obligation under the Loan Agreement, then the Lender may declare the principal amount owing and interest due under the Loan Agreement at that time to be immediately due and payable.

**Asset Management Agreement between Ark7 Inc. and Series #8YFFL**

On February 9, 2021, Series #8YFFL and Ark7 (the "Asset Manager") entered into an Asset Management Agreement. The Asset Management Agreement has the following terms:

* the Asset Manager shall have sole authority and complete discretion over the care, custody, maintenance and management of the #8YFFL Asset and to take any action that it deems necessary or desirable.

* The Asset Manager shall devote such time to its duties under this Agreement as may be deemed reasonably necessary by the Asset Manager.

* The Asset Manager may delegate all or any of its duties pursuant to the terms determined by the Asset Manager.

* Compensation: for services performed, the Series will pay an annual Asset Management Fee to the Asset Manager in respect of each fiscal year, 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. Any such amount will be paid at the same time as, and only if, a distribution is made from the Series to its Members.

**Intercompany Loan Agreement between Ark7 Inc. and Series #XZQRZ**

On March 26, 2021, Series #XZQRZ (the "Borrower") and Ark7 (the "Lender") entered into the Intercompany Loan Agreement (the "Loan Agreement"). The Loan Agreement has the following terms:

* The Lender loaned $1,160,000 to the Borrower.

* Borrower promises to repay $1,160,000 to the Lender, with interest payable on the unpaid principal at the rate of 8.0% per annum, calculated semi-annually not in advance, beginning on March 26, 2021.

* The Borrower may prepay the Loan but in no event shall the interest rate chargeable hereinabove for any day be less than 0.0% per annum.

* The loan will be repaid in full on March 25, 2025.

* Default: In the event the Borrower defaults in the performance of any obligation under the Loan Agreement, then the Lender may declare the principal amount owing and interest due under the Loan Agreement at that time to be immediately due and payable.

**Asset Management Agreement between Ark7 Inc. and Series #XZQRZ**

On March 31, 2021, Series #XZQRZ and Ark7 (the "Asset Manager") entered into an Asset Management Agreement. The Asset Management Agreement has the following terms:

* the Asset Manager shall have sole authority and complete discretion over the care, custody, maintenance and management of the #XZQRZ Asset and to take any action that it deems necessary or desirable.

* The Asset Manager shall devote such time to its duties under this Agreement as may be deemed reasonably necessary by the Asset Manager.

* The Asset Manager may delegate all or any of its duties pursuant to the terms determined by the Asset Manager.

* Compensation: for services performed, the Series will pay an annual Asset Management Fee to the Asset Manager in respect of each fiscal year, 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. Any such amount will be paid at the same time as, and only if, a distribution is made from the Series to its Members.

**Intercompany Loan Agreement between Ark7 Inc. and Series #DTMEW**

On October 1, 2021, Series #DTMEW (the "Borrower") and Ark7 (the "Lender") entered into the Intercompany Loan Agreement (the "Loan Agreement"). The Loan Agreement has the following terms:

* The Lender loaned $170,000 to the Borrower.

* Borrower promises to repay $170,000 to the Lender, with interest payable on the unpaid principal at the rate of 8.0% per annum, calculated semi-annually not in advance, beginning on October 1, 2021.

* The Borrower may prepay the Loan but in no event shall the interest rate chargeable hereinabove for any day be less than 0.0% per annum.

* The loan was paid off in 2021.

* Default: In the event the Borrower defaults in the performance of any obligation under the Loan Agreement, then the Lender may declare the principal amount owing and interest due under the Loan Agreement at that time to be immediately due and payable.

**Asset Management Agreement between Ark7 Inc. and Series #DTMEW**

On October 12, 2021, Series #DTMEW and Ark7 (the "Asset Manager") entered into an Asset Management Agreement. The Asset Management Agreement has the following terms:

* the Asset Manager shall have sole authority and complete discretion over the care, custody, maintenance and management of the #DTMEW Asset and to take any action that it deems necessary or desirable.

* The Asset Manager shall devote such time to its duties under this Agreement as may be deemed reasonably necessary by the Asset Manager.

* The Asset Manager may delegate all or any of its duties pursuant to the terms determined by the Asset Manager.

* Compensation: for services performed, the Series will pay an annual Asset Management Fee to the Asset Manager in respect of each fiscal year, 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. Any such amount will be paid at the same time as, and only if, a distribution is made from the Series to its Members.

**Intercompany Loan Agreement between Ark7 Inc. and Series #SOYGJ**

On October 1, 2021, Series #SOYGJ (the "Borrower") and Ark7 (the "Lender") entered into the Intercompany Loan Agreement (the "Loan Agreement"). The Loan Agreement has the following terms:

* The Lender loaned $480,000 to the Borrower.

* Borrower promises to repay $480,000 to the Lender, with interest payable on the unpaid principal at the rate of 8.0% per annum, calculated semi-annually not in advance, beginning on October 1, 2021.

* The Borrower may prepay the Loan but in no event shall the interest rate chargeable hereinabove for any day be less than 0.0% per annum.

* The loan will be repaid in full on September 30, 2025.

* Default: In the event the Borrower defaults in the performance of any obligation under the Loan Agreement, then the Lender may declare the principal amount owing and interest due under the Loan Agreement at that time to be immediately due and payable.

**Asset Management Agreement between Ark7 Inc. and Series #SOYGJ**

On October 21, 2021, Series #SOYGJ and Ark7 (the "Asset Manager") entered into an Asset Management Agreement. The Asset Management Agreement has the following terms:

* the Asset Manager shall have sole authority and complete discretion over the care, custody, maintenance and management of the #SOYGJ Asset and to take any action that it deems necessary or desirable.

* The Asset Manager shall devote such time to its duties under this Agreement as may be deemed reasonably necessary by the Asset Manager.

* The Asset Manager may delegate all or any of its duties pursuant to the terms determined by the Asset Manager.

* Compensation: for services performed, the Series will pay an annual Asset Management Fee to the Asset Manager in respect of each fiscal year, 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. Any such amount will be paid at the same time as, and only if, a distribution is made from the Series to its Members.

**Intercompany Loan Agreement between Ark7 Inc. and Series #RUSUU**

On October 1, 2021, Series #RUSUU (the "Borrower") and Ark7 (the "Lender") entered into the Intercompany Loan Agreement (the "Loan Agreement"). The Loan Agreement has the following terms:

* The Lender loaned $470,000 to the Borrower.

* Borrower promises to repay $470,000 to the Lender, with interest payable on the unpaid principal at the rate of 8.0% per annum, calculated semi-annually not in advance, beginning on October 1, 2021.

* The Borrower may prepay the Loan but in no event shall the interest rate chargeable hereinabove for any day be less than 0.0% per annum.

* The loan was paid off in 2051.

* Default: In the event the Borrower defaults in the performance of any obligation under the Loan Agreement, then the Lender may declare the principal amount owing and interest due under the Loan Agreement at that time to be immediately due and payable.

**Asset Management Agreement between Ark7 Inc. and Series #RUSUU**

On November 4, 2021, Series #RUSUU and Ark7 (the "Asset Manager") entered into an Asset Management Agreement. The Asset Management Agreement has the following terms:

* the Asset Manager shall have sole authority and complete discretion over the care, custody, maintenance and management of the #RUSUU Asset and to take any action that it deems necessary or desirable.

* The Asset Manager shall devote such time to its duties under this Agreement as may be deemed reasonably necessary by the Asset Manager.

* The Asset Manager may delegate all or any of its duties pursuant to the terms determined by the Asset Manager.

* Compensation: for services performed, the Series will pay an annual Asset Management Fee to the Asset Manager in respect of each fiscal year, 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. Any such amount will be paid at the same time as, and only if, a distribution is made from the Series to its Members.

**Intercompany Loan Agreement between Ark7 Inc. and Series #KM1OU**

On October 1, 2021, Series #KM1OU (the "Borrower") and Ark7 (the "Lender") entered into the Intercompany Loan Agreement (the "Loan Agreement"). The Loan Agreement has the following terms:

* The Lender loaned $750,000 to the Borrower.

* Borrower promises to repay $750,000 to the Lender, with interest payable on the unpaid principal at the rate of 8.0% per annum, calculated semi-annually not in advance, beginning on October 1, 2021.

* The Borrower may prepay the Loan but in no event shall the interest rate chargeable hereinabove for any day be less than 0.0% per annum.

* The loan was paid off in 2022.

* Default: In the event the Borrower defaults in the performance of any obligation under the Loan Agreement, then the Lender may declare the principal amount owing and interest due under the Loan Agreement at that time to be immediately due and payable.

**Asset Management Agreement between Ark7 Inc. and Series #KM1OU**

On October 15, 2021, Series #KM1OU and Ark7 (the "Asset Manager") entered into an Asset Management Agreement. The Asset Management Agreement has the following terms:

* the Asset Manager shall have sole authority and complete discretion over the care, custody, maintenance and management of the #KM1OU Asset and to take any action that it deems necessary or desirable.

* The Asset Manager shall devote such time to its duties under this Agreement as may be deemed reasonably necessary by the Asset Manager.

* The Asset Manager may delegate all or any of its duties pursuant to the terms determined by the Asset Manager.

* Compensation: for services performed, the Series will pay an annual Asset Management Fee to the Asset Manager in respect of each fiscal year, 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. Any such amount will be paid at the same time as, and only if, a distribution is made from the Series to its Members.

**Intercompany Loan Agreement between Ark7 Inc. and Series #TBQSK**

On May 1, 2022, Series #TBQSK (the "Borrower") and Ark7 (the "Lender") entered into the Intercompany Loan Agreement (the "Loan Agreement"). The Loan Agreement has the following terms:

* The Lender loaned $810,000 to the Borrower.

* Borrower promises to repay $810,000 to the Lender, with interest payable on the unpaid principal at the rate of 8.0% per annum, calculated semi-annually not in advance, beginning on May 1, 2022.

* The Borrower may prepay the Loan but in no event shall the interest rate chargeable hereinabove for any day be less than 0.0% per annum.

* The loan was paid off in 2024.

* Default: In the event the Borrower defaults in the performance of any obligation under the Loan Agreement, then the Lender may declare the principal amount owing and interest due under the Loan Agreement at that time to be immediately due and payable.

**Asset Management Agreement between Ark7 Inc. and Series #TBQSK**

On May 31, 2022, Series #TBQSK and Ark7 (the "Asset Manager") entered into an Asset Management Agreement. The Asset Management Agreement has the following terms:

* the Asset Manager shall have sole authority and complete discretion over the care, custody, maintenance and management of the #TBQSK Asset and to take any action that it deems necessary or desirable.

* The Asset Manager shall devote such time to its duties under this Agreement as may be deemed reasonably necessary by the Asset Manager.

* The Asset Manager may delegate all or any of its duties pursuant to the terms determined by the Asset Manager.

* Compensation: for services performed, the Series will pay an annual Asset Management Fee to the Asset Manager in respect of each fiscal year, 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. Any such amount will be paid at the same time as, and only if, a distribution is made from the Series to its Members.

**Intercompany Loan Agreement between Ark7 Inc. and Series #EKPES**

On March 1, 2022, Series #EKPES (the "Borrower") and Ark7 (the "Lender") entered into the Intercompany Loan Agreement (the "Loan Agreement"). The Loan Agreement has the following terms:

* The Lender loaned $440,000 to the Borrower.

* Borrower promises to repay $440,000 to the Lender, with interest payable on the unpaid principal at the rate of 8.0% per annum, calculated semi-annually not in advance, beginning on March 1, 2022.

* The Borrower may prepay the Loan but in no event shall the interest rate chargeable hereinabove for any day be less than 0.0% per annum.

* The loan will be repaid in full on February 28, 2026.

* Default: In the event the Borrower defaults in the performance of any obligation under the Loan Agreement, then the Lender may declare the principal amount owing and interest due under the Loan Agreement at that time to be immediately due and payable.

**Asset Management Agreement between Ark7 Inc. and Series #EKPES**

On April 19, 2022, Series #EKPES and Ark7 (the "Asset Manager") entered into an Asset Management Agreement. The Asset Management Agreement has the following terms:

* the Asset Manager shall have sole authority and complete discretion over the care, custody, maintenance and management of the #EKPES Asset and to take any action that it deems necessary or desirable.

* The Asset Manager shall devote such time to its duties under this Agreement as may be deemed reasonably necessary by the Asset Manager.

* The Asset Manager may delegate all or any of its duties pursuant to the terms determined by the Asset Manager.

* Compensation: for services performed, the Series will pay an annual Asset Management Fee to the Asset Manager in respect of each fiscal year, 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. Any such amount will be paid at the same time as, and only if, a distribution is made from the Series to its Members.

For the years ended December 31, 2023 and December 31, 2024 each Series paid the following Asset Management Fees to the Asset Manager:

---

| | | |
|:---|:---|:---|
| **Series** | **Asset Management Fees Paid for the Year Ended December 31, 2023** | **Asset Management Fees Paid for the Year Ended December 31, 2024** |
| Series #MHQNN | N/A | N/A |
| Series #KYLBE | N/A | N/A |
| Series #DJVWQ | N/A | N/A |
| Series #PBIUH | N/A | N/A |
| Series #PFUNR | N/A | N/A |
| Series #8YFFL | N/A | N/A |
| Series #XZQRZ | N/A | N/A |
| Series #DTMEW | N/A | N/A |
| Series #SOYGJ | N/A | N/A |
| Series #RUSUU | N/A | N/A |
| Series #KM1OU | N/A | N/A |
| Series #TBQSK | N/A | N/A |
| Series #EKPES | N/A | N/A |

---

**Series Designation: Sourcing Fee paid to the Asset Manager, Ark7**

The Asset Manager, as consideration for assisting in the sourcing of the Series #MHQNN Underlying Asset, to the extent not waived by the Managing Member in its sole discretion, will receive a 3.0% Sourcing Fee.

The Asset Manager, as consideration for assisting in the sourcing of the Series #KYLBE Underlying Asset, to the extent not waived by the Managing Member in its sole discretion, will receive a 3.0% Sourcing Fee.

The Asset Manager, as consideration for assisting in the sourcing of the Series #DJVWQ Underlying Asset, to the extent not waived by the Managing Member in its sole discretion, will receive a 3.0% Sourcing Fee.

The Asset Manager, as consideration for assisting in the sourcing of the Series #PBIUH Underlying Asset, to the extent not waived by the Managing Member in its sole discretion, will receive a 3.0% Sourcing Fee.

The Asset Manager, as consideration for assisting in the sourcing of the Series #PFUNR Underlying Asset, to the extent not waived by the Managing Member in its sole discretion, will receive a 3.0% Sourcing Fee.

The Asset Manager, as consideration for assisting in the sourcing of the Series #8YFFL Underlying Asset, to the extent not waived by the Managing Member in its sole discretion, will receive a 3.0% Sourcing Fee.

The Asset Manager, as consideration for assisting in the sourcing of the Series #XZQRZ Underlying Asset, to the extent not waived by the Managing Member in its sole discretion, will receive a 3.0% Sourcing Fee.

The Asset Manager, as consideration for assisting in the sourcing of the Series #DTMEW Underlying Asset, to the extent not waived by the Managing Member in its sole discretion, will receive a 3.0% Sourcing Fee.

The Asset Manager, as consideration for assisting in the sourcing of the Series #SOYGJ Underlying Asset, to the extent not waived by the Managing Member in its sole discretion, will receive a 3.0% Sourcing Fee.

The Asset Manager, as consideration for assisting in the sourcing of the Series #RUSUU Underlying Asset, to the extent not waived by the Managing Member in its sole discretion, will receive a 3.0% Sourcing Fee.

The Asset Manager, as consideration for assisting in the sourcing of the Series #KM1OU Underlying Asset, to the extent not waived by the Managing Member in its sole discretion, will receive a 3.0% Sourcing Fee.

The Asset Manager, as consideration for assisting in the sourcing of the Series #TBQSK Underlying Asset, to the extent not waived by the Managing Member in its sole discretion, will receive a 3.0% Sourcing Fee.

The Asset Manager, as consideration for assisting in the sourcing of the Series #EKPES Underlying Asset, to the extent not waived by the Managing Member in its sole discretion, will receive a 3.0% Sourcing Fee.

For the years ended December 31, 2023 and December 31, 2024 each Series paid the following Sourcing Fees to the Asset Manager:

---

| | | |
|:---|:---|:---|
| **Series** | **Sourcing Fees Paid for the Year Ended December 31, 2023** | **Sourcing Fees Paid for the Year Ended December 31, 2024** |
| Series #MHQNN | N/A | N/A |
| Series #KYLBE | N/A | N/A |
| Series #DJVWQ | N/A | N/A |
| Series #PBIUH | N/A | N/A |
| Series #PFUNR | N/A | N/A |
| Series #8YFFL | N/A | N/A |
| Series #XZQRZ | N/A | N/A |
| Series #DTMEW | N/A | N/A |
| Series #SOYGJ | N/A | N/A |
| Series #RUSUU | N/A | N/A |
| Series #KM1OU | N/A | N/A |
| Series #TBQSK | N/A | N/A |
| Series #EKPES | N/A | N/A |

---

**Affiliates' Interests in Other Ark7 Entities**

***General***

The officers and directors of Ark7 are also key professionals of APL. These persons have legal obligations with respect to those entities that are similar to their obligations to the company. In addition, in the future, these persons and other affiliates of Ark7 may organize other real estate-related entities.

***Allocation of Acquisition Opportunities***

From time to time, Ark7 may create new entities that will acquire real estate assets and make offers of securities to accredited investors, foreign investors, and under Regulation D or Regulation A. Ark7 will, in its sole discretion, determine which entity will be responsible for acquiring a specific asset.

***Allocation of the Company's Affiliates' Time***

The company relies on Ark7's real estate professionals who act on behalf of its company, including Mr. Zhao, for the day-to-day operation of the business. Mr. Zhao is also the Chief Executive Officer of Ark7. As a result of his interests in other Ark7 entities, his obligations to other investors and the fact that he engages in and will continue to engage in other business activities on behalf of himself and others, Mr. Zhao will face conflicts of interest in allocating his time among the company, Ark7, other related entities and other business activities in which he is involved. However, the company believes that Ark7 and its affiliates have sufficient real estate professionals to fully discharge their responsibilities to the Ark7 entities for which they work.

**SECURITIES BEING OFFERED**

The following descriptions of the company's Series Interests, certain provisions of Delaware law and certain provisions of the following:

* the Operating Agreement

* certificate of registered series of Ark7 Properties LLC - Series #MHQNN

* form of series designation #MHQNN

* certificate of registered series of Ark7 Properties LLC - Series #KYLBE

* form of series designation #KYLBE

* certificate of registered series of Ark7 Properties LLC - Series #DJVWQ

* form of series designation #DJVWQ

* certificate of registered series of Ark7 Properties LLC - Series #PBIUH

* form of series designation #PBIUH

* certificate of registered series of Ark7 Properties LLC - Series #PFUNR

* form of series designation #PFUNR

* certificate of registered series of Ark7 Properties LLC - Series #8YFFL

* form of series designation #8YFFL

* certificate of registered series of Ark7 Properties LLC - Series #XZQRZ

* form of series designation #XZQRZ

* certificate of registered series of Ark7 Properties LLC - Series #DTMEW

* form of series designation #DTMEW

* certificate of registered series of Ark7 Properties LLC - Series #SOYGJ

* form of series designation #SOYGJ

* certificate of registered series of Ark7 Properties LLC - Series #RUSUU

* form of series designation #RUSUU

* certificate of registered series of Ark7 Properties LLC - Series #KM1OU

* form of series designation #KM1OU

* certificate of registered series of Ark7 Properties LLC - Series #TBQSK

* form of series designation #TBQSK

* certificate of registered series of Ark7 Properties LLC - Series #EKPES

* form of series designation #EKPES

are summaries and are qualified by reference to Delaware law, and the aforementioned designations and Operating Agreement.

**General**

***The Offering***

The company is offering membership interests of Series #MHQNN, a registered series of a Delaware series limited liability company at a purchase price of $97.05 per Series Interest. The company has authorized, the issuance of up to 23,000 Series #MHQNN Interests. 11,540 Series #MHQNN Interests were issued to the Managing Member prior to this Offering.

The company is offering membership interests of Series #KYLBE, a registered series of a Delaware series limited liability company at a purchase price of $91.50 per Series Interest. The company has authorized, the issuance of up to 21,850 Series #KYLBE Interests. 14,020 Series #KYLBE Interests were issued to the Managing Member prior to this Offering.

The company is offering membership interests of Series #DJVWQ, a registered series of a Delaware series limited liability company at a purchase price of $29.85 per Series Interest. The company has authorized, the issuance of up to 87,850 Series #DJVWQ Interests. 57,041 Series #DJVWQ Interests were issued to the Managing Member prior to this Offering.

The company is offering membership interests of Series #PBIUH, a registered series of a Delaware series limited liability company at a purchase price of $36.90 per Series Interest. The company has authorized, the issuance of up to 10,840 Series #PBIUH Interests. 9,653 Series #PBIUH Interests were issued to the Managing Member prior to this Offering.

The company is offering membership interests of Series #PFUNR, a registered series of a Delaware series limited liability company at a purchase price of $29.35 per Series Interest. The company has authorized, the issuance of up to 20,890 Series #PFUNR Interests. 18,825 Series #PFUNR Interests were issued to the Managing Member prior to this Offering.

The company is offering membership interests of Series #8YFFL, a registered series of a Delaware series limited liability company at a purchase price of $5.55 per Series Interest. The company has authorized, the issuance of up to 103,300 Series #8YFFL Interests. 94,062 Series #8YFFL Interests were issued to the Managing Member prior to this Offering.

The company is offering membership interests of Series #XZQRZ, a registered series of a Delaware series limited liability company at a purchase price of $68.85 per Series Interest. The company has authorized, the issuance of up to 24,560 Series #XZQRZ Interests. 14,572 Series #XZQRZ Interests were issued to the Managing Member prior to this Offering.

The company is offering membership interests of Series #DTMEW, a registered series of a Delaware series limited liability company at a purchase price of $120.80 per Series Interest. The company has authorized, the issuance of up to 2,705 Series #DTMEW Interests. 2,139 Series #DTMEW Interests were issued to the Managing Member prior to this Offering.

The company is offering membership interests of Series #SOYGJ, a registered series of a Delaware series limited liability company at a purchase price of $98.65 per Series Interest. The company has authorized, the issuance of up to 7,160 Series #SOYGJ Interests. 4,541 Series #SOYGJ Interests were issued to the Managing Member prior to this Offering.

The company is offering membership interests of Series #RUSUU, a registered series of a Delaware series limited liability company at a purchase price of $92.35 per Series Interest. The company has authorized, the issuance of up to 7,410 Series #RUSUU Interests. 4,695 Series #RUSUU Interests were issued to the Managing Member prior to this Offering.

The company is offering membership interests of Series #KM1OU, a registered series of a Delaware series limited liability company at a purchase price of $102.40 per Series Interest. The company has authorized, the issuance of up to 11,800 Series #KM1OU Interests. 4,814 Series #KM1OU Interests were issued to the Managing Member prior to this Offering.

The company is offering membership interests of Series #TBQSK, a registered series of a Delaware series limited liability company at a purchase price of $97.10 per Series Interest. The company has authorized, the issuance of up to 10,570 Series #TBQSK Interests. 10,000 Series #TBQSK Interests were issued to the Managing Member prior to this Offering.

The company is offering membership interests of Series #EKPES, a registered series of a Delaware series limited liability company at a purchase price of $55.15 per Series Interest. The company has authorized, the issuance of up to 13,500 Series #EKPES Interests. 2,134 Series #EKPES Interests were issued to the Managing Member prior to this Offering.

***Title to each Underlying Asset***

Title to each Underlying Asset will be held by each Series.

***Managing Member, Ark7***

The Managing Member, Ark7, may amend any of the terms of the Operating Agreement of Ark7 Properties or any Series Designation as it determines in its sole discretion. However, no amendment to the Operating Agreement of Ark7 Properties shall be made without the consent of the holders holding a majority of the outstanding interests, that: (i) decreases the percentage of outstanding interests required to take any action hereunder; (ii) materially adversely affects the rights of any of the economic members (including adversely affecting the holders of any particular Series Interests as compared to holders of other Series Interests); (iii) modifies Section 11.1(a) of the Operating Agreement or gives any person the right to dissolve the company; or (iv) modifies the term of the company.

**Distribution Rights**

Distributions will be paid out of Free Cash Flow. Free Cash Flow means any available cash for distribution generated from the net income received by a Series, as determined by the Managing Member to be in the nature of income as defined by U.S. GAAP, plus (i) any change in the net working capital (as shown on the balance sheet of such Series) (ii) any amortization to the relevant Series Asset (as shown on the income statement of such Series) and (iii) any depreciation to the relevant Series Asset (as shown on the income statement of such Series) and (iv) any other non-cash Operating Expenses less (a) any capital expenditure related to the Series Asset (as shown on the cash flow statement of such Series) (b) any other liabilities or obligations of the Series, including interest payments on debt obligations, in each case to the extent not already paid or provided for and (c) upon the termination and winding up of a Series or the Company, all costs and expenses incidental to such termination and winding as allocated to the relevant Series in accordance with Section 6.4 of the Operating Agreement.

To the extent there is "Free Cash Flow" for any Series and as described in the Series Designation for such Series, our Managing Member intends to declare and pay distributions as follows:

* 85% by way of distribution to the members of such Series (pro rata to their Series Interests and which, for the avoidance of doubt, may include the Managing Member or its affiliates), and;

* Up to 15% to the Asset Manager in payment of the management fee, except to the extent waived by the Asset Manager, in its sole discretion. The company notes that with regards to Series #WGI3Z the Asset Management Fee is 15%.

For more information on fees applicable to a specific series, see the "Compensation of our Directors and Executive Officers" section of this Offering Circular. Our Managing Member has sole discretion in determining what distributions of Free Cash Flow, if any, are made to holders of each Series of shares except as otherwise limited by law or the Operating Agreement.

**Prior Offerings and Conversion of Securities**

From time to time prior to this Regulation A offering, the Company conducted private offerings of Series Interests pursuant to Regulation D under the Securities Act (each, a "Prior Offering"). Series Interests issued in the Prior Offerings were sold at the time the applicable Series was formed or in connection with the acquisition or financing of the related Underlying Asset.

In connection with this Regulation A offering, the Company has authorized the conversion of certain Series Interests issued in the Prior Offerings into the Series Interests being qualified under this Offering Circular. These conversions will occur immediately prior to, or concurrently with, the initial closing of this Regulation A offering for the applicable Series. Following conversion, all such Series Interests will have the same rights, preferences, restrictions, and economic terms as the Series Interests offered hereby.

The amount of capital previously raised in any Prior Offering, and the effect of such conversions on the number of Series Interests outstanding for a particular Series, is reflected in the "Use of Proceeds - Sources of Funds" section and in the "Series Offering Table" included in this Offering Circular.

Investors should note that these conversions may increase the number of outstanding Series Interests prior to the sale of any securities in this Regulation A offering, and accordingly, may affect the dilution analysis for the applicable Series. See "Dilution."

These conversions are part of the Company's capitalization structure and are not considered new sales of securities in connection with this Regulation A offering. They do not generate any proceeds and do not count against the maximum aggregate offering amount permitted under Regulation A. Their disclosure is provided solely to reflect the capitalization and organizational structure of the applicable Series.

**Restrictions on Transfer**

There is currently no public trading market for any Series Interests, and an active market may not develop or be sustained. In the event a transfer of any Series Interest does occur, pursuant to Section 4.2 of the Operating Agreement, it must (i) have been held for a period of 12 months and (ii) written consent, consenting to the transfer, must be obtained from the Managing Member, prior to the transfer.

**Voting Rights**

Investors have limited voting rights, and substantial powers are delegated to our Managing Member under Section 5.1 of the company's Operating Agreement for which a vote of the Series Interest holders is not required.

When submitting a matter of vote, a holder of a Series Interest, is entitled to one vote per Series Interest on any and all matters submitted to the consent or approval of members generally. No separate vote or consent of the holders of Series Interests shall be required for the approval of any matter, except for matters which only pertain to the Series Designation of a specific series, for which only the holders of that Series Interest will vote.

**Confidential Information**

The purpose of Article XIV of the Operating Agreement is to protect confidential information of the company that would be available to Series Interest holders but not subject to disclosure under federal securities laws. Such information would include personal information of other investors held by the company, personal information included on leases, and other information in the books and records of the company that is not ready for public dissemination for which an interest holder requests and receives access to. Note, this confidentiality obligation does not extend to matters which are public knowledge, has been publicly filed with the Commission, or as required by law for that interest holder.

**Reports to Members**

The Managing Member shall keep appropriate books of the business at our principal offices. The books will be maintained for both tax and financial reporting purposes on a basis that permits the preparation of financial statements in accordance with GAAP. For financial reporting purposes and tax purposes, the fiscal year and the tax year are the calendar year, unless otherwise determined by our Managing Member in accordance with the Internal Revenue Code. Our Managing Member will file with the Commission periodic reports as required by applicable securities laws.

Under the Securities Act, the company must update this Offering Circular upon the occurrence of certain events, such as asset acquisitions. The company will file updated offering circulars and offering circular supplements with the Commission. The company is also subject to the informational reporting requirements of the Exchange Act that are applicable to Tier 2 companies whose securities are qualified pursuant to Regulation A, and accordingly, the company will file annual reports, semi-annual reports and other information with the Commission. In addition, the company plans to provide Series Interest holders with periodic updates, including offering circulars, offering circular supplements, pricing supplements, information statements and other information.

The company will provide such documents and periodic updates electronically by email or made available through the company's platform.

**Distribution Upon Liquidation of a Series**

Subject to the terms of a Series Interest any amounts available for distribution following the liquidation of a Series, net of any fees, costs and liabilities (as determined by the Managing Member in its sole discretion), shall be applied and distributed 100% to the members (pro rata to their Interests and which, for the avoidance of doubt, may include the and its affiliates).

**Other Rights**

Holders of Series Interests shall have no conversion, exchange, sinking fund, appraisal rights, no preemptive rights to subscribe for any securities of the company and no preferential rights to distributions of Series Interests.

**Forum Selection Provisions**

The company's Operating Agreement includes a forum selection provision that requires any suit, action, or proceeding seeking to enforce any provision of or based on any matter arising out of or in connection with the Operating Agreement, or the transactions contemplated thereby be brought in state or federal court of competent jurisdiction located within the State of California.

**U.S. FEDERAL INCOME TAX CONSIDERATIONS**

**Independent Tax Advice**

The following is a summary of certain U.S. federal income tax considerations for U.S. investors. You should consult your own professional advisers to obtain advice on the tax consequences that apply to you.

A detailed analysis of the federal, state and local tax consequences of an investment in our series interests is beyond the scope of this discussion. Prospective Investors are advised to consult their own tax counsel regarding these consequences and the preparation of any federal, state or local tax returns that a series interest holder may be required to file.

THE U.S. FEDERAL INCOME TAX TREATMENT OF HOLDERS OF OUR SERIES INTERESTS DEPENDS IN SOME INSTANCES ON DETERMINATIONS OF FACT AND INTERPRETATIONS OF COMPLEX PROVISIONS OF U.S. FEDERAL INCOME TAX LAW FOR WHICH NO CLEAR PRECEDENT OR AUTHORITY MAY BE AVAILABLE. IN ADDITION, THE TAX CONSEQUENCES OF HOLDING OUR SERIES INTERESTS TO ANY PARTICULAR INVESTOR WILL DEPEND ON THE INVESTOR'S PARTICULAR TAX CIRCUMSTANCES. YOU ARE URGED TO CONSULT YOUR TAX ADVISOR REGARDING THE U.S. FEDERAL, STATE, LOCAL, AND NON-U.S. INCOME AND OTHER TAX CONSEQUENCES TO YOU, IN LIGHT OF YOUR PARTICULAR INVESTMENT OR TAX CIRCUMSTANCES, OF ACQUIRING, HOLDING, AND DISPOSING OF OUR INTERESTS.

**Taxpayer Identification Number ("TIN")**

To ensure proper crediting of the withholding tax when reporting to the IRS, the Company must obtain a U.S. TIN from each of its investors.

Investors may provide the Company with either (i) a social security number (SSN), (ii) an individual taxpayer identification number (ITIN), or (iii) a U.S. employer identification number (EIN).

Certain investors who don't have and aren't eligible to get a social security number can apply for an individual taxpayer identification number on IRS Form W-7. The application is also available in Spanish.

**Taxation of Each Series as a Separate Business Entity**

The company intends to treat each Series as a separate business entity for U.S. federal income tax purposes and the company as a non-entity for U.S. federal income tax purposes. The IRS has issued proposed Treasury Regulations that provide that each individual series of a domestic series LLC organization will generally be treated as a separate entity formed under local law, with each such individual series' classification for U.S. federal income tax purposes determined under general tax principles and the entity classification rules.

**Taxation of Each Series of Interests as a "C" Corporation**

Although formed as a Delaware series limited liability company eligible for tax treatment as a "partnership," we have affirmatively elected for each series of interests, to be taxed as a "C" corporation under Subchapter C of the Code for all federal and state tax purposes and the discussion below assumes that each series will be so treated. Thus, each series of interests will be taxed at regular corporate rates on its income before making any distributions to interest holders as described below.

The rule that a separate series of a series LLC is an eligible entity that may elect to be treated as a corporation for federal income tax purposes is contained in proposed Treasury Regulations not yet technically in force (Prop. Treas. Reg. Section 301.7701- 1(a)(5)) and could be subject to change if and when those Proposed Treasury Regulations are issued in final form. If such a change were to occur, investors in the series would likely be treated as partners in a partnership and would be subject to current federal income tax on their proportional share of the income of the series.

**Taxation of Distributions to Investors**

Distributions to U.S. investors out of a series' current or accumulated earnings and profits will be taxable as dividends. A non-corporate U.S. investor who receives a distribution constituting "qualified dividend income" may be eligible for reduced federal income tax rates. U.S. investors are urged to consult their tax advisors regarding the characterization of corporate distributions as "qualified dividend income." Dividends received by a corporate U.S. investor may be eligible for the corporate dividends-received deduction if certain holding periods are satisfied.

Distributions in excess of a series' current and accumulated earnings and profits will not be taxable to a U.S. investor to the extent that the distributions do not exceed the adjusted tax basis of the U.S. investor's interests. Rather, such distributions will reduce the adjusted basis of such U.S. investor's interests. Distributions in excess of current and accumulated earnings and profits that exceed the U.S. investor's adjusted basis in its interests will be taxable as capital gain in the amount of such excess if the interests are held as a capital asset.

**Net Investment Income Tax**

Section 1411 of the Code imposes on individuals, trusts and estates a 3.8% tax on certain investment income. In general, in the case of an individual, this tax is equal to 3.8% of the lesser of (i) the taxpayer's "net investment income" or (ii) the excess of the taxpayer's adjusted gross income over the applicable threshold amount ($250,000 for taxpayers filing a joint return, $125,000 for married individuals filing separate returns and $200,000 for other taxpayers). In the case of an estate or trust, the 3.8% tax will be imposed on the lesser of (x) the undistributed net investment income of the estate or trust for the taxable year, or (y) the excess of the adjusted gross income of the estate or trust for such taxable year over a beginning dollar amount of the highest tax bracket for such year.

**Taxation of Dispositions of Interests**

Upon any taxable sale or other disposition of our interests, a U.S. investor will recognize gain or loss for federal income tax purposes on the disposition in an amount equal to the difference between (i) the amount of cash and the fair market value of any property received on such disposition, and (ii) the U.S. investor's adjusted tax basis in the interests. A U.S. investor's adjusted tax basis in the interests generally equals his or her initial amount paid for the interests and decreased by the amount of any distributions to the investor in excess of the series' current or accumulated earnings and profits. In computing gain or loss, the proceeds that U.S. investors receive will include the amount of any cash and the fair market value of any other property received for their interests, and the amount of any actual or deemed relief from indebtedness encumbering their interests. The gain or loss will be long-term capital gain or loss if the interests are held for more than one year before disposition. Long-term capital gains of individuals, estates and trusts currently are taxed at a maximum rate of 20% (plus any applicable state income taxes) plus the 3.8% net investment income tax.

The deductibility of capital losses may be subject to limitation and depends on the circumstances of a particular U.S. investor. The effect of such limitation may be to defer or to eliminate any tax benefit that might otherwise be available from a loss on a disposition of the interests. Capital losses are first deducted against capital gains, and, in the case of non-corporate taxpayers, any remaining such losses are deductible against salaries or other income from services or income from portfolio investments only to the extent of $3,000 per year.

**Tax Withholding and Information Reporting**

Generally, a series must report annually to the IRS the amount of dividends paid to you, your name and address, and the amount of tax withheld, if any. A similar report will be sent to you.

Dividends paid by a series to a non-U.S. investor are generally subject to federal income tax withholding at the rate of 30% (or a lower rate determined under a tax treaty). A non-U.S. investor that is entitled to a reduced rate of withholding will need to provide an IRS Form W-8BEN or similar form to certify its entitlement to tax treaty benefits.

Payments of dividends or of proceeds on the disposition of the interests made to you may be subject to additional information reporting and backup withholding at a current rate of 24% unless you establish an exemption. Notwithstanding the foregoing, backup withholding and information reporting may apply if either we or our paying agent has actual knowledge, or reason to know, that you are a United States person.

Backup withholding is not an additional tax; rather, the United States income tax liability of persons subject to backup withholding will be reduced by the amount of tax withheld. If withholding results in an overpayment of taxes, a refund or credit may generally be obtained from the IRS, provided that the required information is furnished to the IRS in a timely manner.

Under legislation commonly known as "FATCA," each series will be required to withhold U.S. federal income tax at the rate of 30% on distributions treated as dividends for tax purposes unless the recipient timely provides proper certifications on a valid U.S. Form W-8 or W-9. Withholding under FATCA generally applies to certain "foreign financial institutions" and "non-financial foreign entities." Withholding will not apply to a U.S. investor that timely provides a valid U.S. Form W-9.

If we determine withholding is required with respect to a distribution or payment, we will withhold tax at the applicable statutory rate, and we will not pay any additional amounts in respect of such withholding.

**REIT Election**

As previously discussed, the management team may seek to qualify certain series as a REIT, based on the circumstances of the respective underlying asset, including the nature of the underlying asset, the size and concentration of the investor group and how the manager intends to manage and monetize the underlying asset.

As long as any series qualifies as a REIT, it generally will not be subject to federal income tax on the portion of its REIT taxable income or capital gain that it distributes to its shareholders. Losses incurred by a REIT will not flow through to investors, nor will items of expense such as foreign taxes. A REIT's qualification and taxation as a REIT will depend on its ability to satisfy annual income tests, quarterly asset tests, and other requirements under the Code on a continuing basis. Accordingly, there can be no assurance that a REIT will be able to continue to operate in a manner so as to remain qualified as a REIT. Failure to meet certain tests under the Code or to remain qualified as a REIT may subject any REIT to substantial tax liability under the Code that would adversely impact the dividends received by the investors from such REIT.

The manager has the right to structure the acquisition and operation of assets as it deems appropriate and, because of the complexity and cost of a REIT structure, may decide (in its sole and absolute discretion) not to qualify any series as REITs.

**Acquisition of Series Interests**

The value of initial acquisition of Series Interests will become the tax basis for the determination of gains or losses.

**Possible Tax Law Changes**

The foregoing discussion is only a summary and is based upon existing federal income tax law. Investors should recognize that the federal income tax treatment of an investment may be modified at any time by legislative, judicial or administrative action. Any such changes may have a retroactive effect with respect to existing transactions and investments and may modify the statements made above. In particular, the Tax Act includes sweeping changes to U.S. tax laws and represents the most significant changes to the Internal Revenue Code since 1986. Investors are urged to consult with their own tax advisor with respect to the impact of recent legislation, including the Tax Act, on their investment in the Interests.

THE FOREGOING DISCUSSION SHOULD NOT BE CONSIDERED TO DESCRIBE FULLY THE FEDERAL INCOME TAX CONSEQUENCES OF AN INVESTMENT IN A SERIES. INVESTORS ARE STRONGLY ADVISED TO CONSULT WITH THEIR TAX ADVISORS WITH RESPECT TO THE FEDERAL, STATE, LOCAL AND FOREIGN INCOME TAX CONSEQUENCES OF AN INVESTMENT IN A SERIES.

**ONGOING REPORTING AND SUPPLEMENTS TO THIS OFFERING CIRCULAR**

The company will be required to make annual and semi-annual filings with the SEC. The company will make annual filings on Form 1-K, which will be due by the end of April each year and will include audited financial statements for the previous fiscal year. The company will make semi-annual filings on Form 1-SA, which will be due by September 28 each year, which will include unaudited financial statements for the six months to June 30. The company will also file a Form 1-U to announce important events such as the loss of a senior officer, a change in auditors, or certain types of capital-raising. The company will be required to keep making these reports unless it files a Form 1-Z to exit the reporting system, which it will only be able to do if it has less than 300 unitholders of record and have filed at least one Form 1-K.

At least every 12 months, the company will file a post-qualification amendment to the offering Statement of which this Offering Circular forms a part, to include the company's recent financial statements.

The company may supplement the information in this Offering Circular by filing a Supplement with the SEC.

All these filings will be available on the SEC's EDGAR filing system. You should read all the available information before investing.

**Relaxed Ongoing Reporting Requirements**

If the company becomes a public reporting company in the future, it will be required to publicly report on an ongoing basis as an "emerging growth company" (as defined in the Jumpstart Our Business Startups Act of 2012, which the company refers to as the JOBS Act) under the reporting rules set forth under the Exchange Act. For so long as the company remains an "emerging growth company," the company 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;

* taking advantage of extensions of time to comply with certain new or revised financial accounting standards;

* being permitted to comply with reduced disclosure obligations regarding executive compensation in the company's periodic reports and proxy statements; and

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

If the company becomes a public reporting company under the Exchange Act in the future, the company expects to take advantage of these reporting exemptions until it is no longer an emerging growth company. The company would remain an "emerging growth company" for up to five years, although if the market value of its Common Stock that is held by non-affiliates exceeds $700 million as of any June 30 before that time, the company would cease to be an "emerging growth company" as of the following December 31.

If the company does not become a public reporting company under the Exchange Act for any reason, the company will be required to publicly report on an ongoing basis under the reporting rules set forth in Regulation A for Tier 2 issuers. The ongoing reporting requirements under Regulation A are more relaxed than for "emerging growth companies" under the Exchange Act. The differences include, but are not limited to, being required to file only annual and semi-annual reports, rather than annual and quarterly reports. Annual reports are due within 120 calendar days after the end of the issuer's fiscal year, and semi-annual reports are due within 90 calendar days after the end of the first six months of the issuer's fiscal year.

In either case, the company will be subject to ongoing public reporting requirements that are less rigorous than Exchange Act rules for companies that are not "emerging growth companies," and its unitholders could receive less information than they might expect to receive from more mature public companies.

**FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| [Unaudited Consolidated and consolidating Financial Statements for the Year Ended June 30, 2025](#kix.h531xmshgzz) | F-1 |
| [Audited Consolidated and consolidating Financial Statements for the Year Ended December 31, 2024 and 2023](#kix.bl0kgzlru4la) | F-1 |
| [Audited Consolidated and consolidating Financial Statements for the Year Ended December 31, 2023 and 2022](#id.o2wadmpo3ji) | F-1 |

---

**ARK7 PROPERTIES LLC**

**UNAUDITED CONSOLIDATED AND CONSOLIDATING FINANCIAL STATEMENTS**

**For the year ended June 30, 2025**

**Table of Contents**

---

| | |
|:---|:---|
| [Consolidated Balance Sheet as of June 30, 2025](#id.azcvlgnyor7) | F-3 |
| [Consolidated Statement of Income for the year ended June 30, 2025](#id.svgxm3trd0y) | F-4 |
| [Consolidated Statement of Members' Equity for the year ended June 30, 2025](#id.owypcvkdju8r) | F-5 |
| [Consolidated Statement of Cash Flows for the year ended June 30, 2025](#id.douocgleeuse) | F-6 |
| [Consolidated and consolidating Balance Sheet as of June 30, 2025](#id.vtuzp81gx7pt) | F-7 |
| [Consolidated and consolidating Statement of Income for the year ended June 30, 2025](#id.9mf117qh7yor) | F-8 |
| [Consolidated and consolidating Statement of Members' Equity for the year ended June 30, 2025](#id.j98ewcu1f59d) | F-9 |
| [Consolidated and consolidating Statement of Cash Flows for the year ended June 30, 2025](#id.qrlohfn04qhu) | F-10 |
| [Notes to the Consolidated and consolidating Financial Statements](#id.sc1cvpnwttnn) | F-11 |

---

**Ark7 Properties LLC**

**Consolidated Balance Sheet**

**As of June 30, 2025**

---

| | |
|:---|:---|
| **Description** | **June 30, 2025** |
| **Assets** |  |
| &nbsp;&nbsp;<br>**Current Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Cash and cash equivalents | $221428 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Receivables |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Related party receivables | 4597315 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Prepaid expenses | 141863 |
| &nbsp;&nbsp;<br>**Total Current Assets** | 4960606 |
| &nbsp;&nbsp;<br>**Noncurrent Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Property, plant, and equipment** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Property, plant, and equipment - Cost | 11340096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Property, plant, and equipment - Accumulated Depreciation | (1637819) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Total Property, plant, and equipment** | 9702276 |
| &nbsp;&nbsp;<br>**Total Noncurrent Assets** | 9702276 |
| **Total Assets** | 14662882 |
| **Liabilities & Members' Equity** |  |
| &nbsp;&nbsp;<br>**Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Current Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Accounts payable and accrued liabilities | 210225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Current portion of mortgage payable | 116643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Related party payables | 4887430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Other liabilities, current | 71578 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Total Current Liabilities** | 5285877 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Noncurrent Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Mortgage payable | 5198172 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Total Noncurrent Liabilities** | 5198172 |
| &nbsp;&nbsp;<br>**Total Liabilities** | 10484049 |
| &nbsp;&nbsp;<br>**Member's Equity** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Equity** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Members' Equity | 6546363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Retained Earnings (Accumulated Deficit) | (2367530) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Total Equity** | 4178833 |
| &nbsp;&nbsp;<br>**Total Member's Equity** | 4178833 |
| **Total Liabilities & Members' Equity** | $14662882 |

---

**Ark7 Properties LLC**

**Consolidated Statement of Income**

**For the year ended June 30, 2025**

---

| | |
|:---|:---|
| **Description** | **June 30, 2025** |
| **Net Income (Loss)** |  |
| &nbsp;&nbsp;<br>**Gross Profit (Loss)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Rental Income | $421937 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Other rental fees | 2861 |
| &nbsp;&nbsp;<br>**Total Gross Profit (Loss)** | 424798 |
| &nbsp;&nbsp;<br>**Operating Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>General and administrative expenses | 145731 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Depreciation and amortization expenses | 189278 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Property tax and state fee | 160913 |
| &nbsp;&nbsp;<br>**Total Operating Expenses** | 495922 |
| &nbsp;&nbsp;<br>**Operating Income (Loss)** | (71124) |
| &nbsp;&nbsp;<br>**Other Income (Loss)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Interest expense | (148057) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Interest expense, related party |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Other income (expense) |  |
| &nbsp;&nbsp;<br>**Total Other Income (Loss)** | (148057) |
| **Total Net Income (Loss)** | $(219181) |

---

**Ark7 Properties LLC**

**Consolidated Statement of Members' Equity**

**For the year ended June 30, 2025**

---

| | |
|:---|:---|
| **Description** | **June 30, 2025** |
| **Balance at the beginning of the period** | $4483672 |
| Equity Contribution | 128608 |
| Net Income (Loss) | (219181) |
| Distribution | (214266) |
| **Balance at the end of the period** | $4178833 |

---

**Ark7 Properties LLC**

**Consolidated Statement of Cash Flows**

**For the year ended June 30, 2025**

---

| | |
|:---|:---|
| **Description** | **June 30, 2025** |
| **Cash Flows From Operating Activities** |  |
| &nbsp;&nbsp;<br>Net Income (Loss) | $(219181) |
| &nbsp;&nbsp;<br>**Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used in) Operating Activities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Depreciation and amortization | 189278 |
| <br>**(Increase) decrease in operating assets, net of effects of businesses acquired** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Accounts receivable | (134891) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Related party receivables |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Prepaid expenses | (34046) |
| &nbsp;&nbsp;<br>**Increase (decrease) in operating liabilities, net of effects of businesses acquired** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Accounts payable and accrued expenses | 110603 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Related party payables | 237962 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Other liabilities | 3335 |
| **Net Cash Provided by (Used in) Operating Activities** | 153059 |
| **Cash Flows from Investing Activities** |  |
| &nbsp;&nbsp;<br>Purchase of property, plant, and equipment | (3944) |
| **Cash Flows from Financing Activities** |  |
| &nbsp;&nbsp;<br>Proceeds from issuance of debt |  |
| &nbsp;&nbsp;<br>Repayment of related party debt | (65030) |
| &nbsp;&nbsp;<br>Proceeds from private offerings | 128608 |
| &nbsp;&nbsp;<br>Distributions to partners | (214266) |
| **Net Cash Provided by (Used in) Financing Activities** | (201353) |
| **Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash** | 12793 |
| **Cash, Cash Equivalents, and Restricted Cash at the beginning of the period** | 208635 |
| **Cash, Cash Equivalents, and Restricted Cash at the end of the period** | 221428 |
| **Supplemental Cash Flow information** |  |
| &nbsp;&nbsp;<br>**Cash Paid During the Year for** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Interest | $148057 |

---

**Ark7 Properties LLC**

**Consolidated and consolidating Balance Sheet**

**As of June 30, 2025**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Ark7 Properties LLC** | **Ark7 Properties LLC - Series #8YFFL** | **Ark7 Properties LLC - Series #BOBHU** | **Ark7 Properties LLC - Series #DJVWQ** | **Ark7 Properties LLC - Series #DTMEW** | **Ark7 Properties LLC - Series #EKPES** | **Ark7 Properties LLC - Series #FFKEC** | **Ark7 Properties LLC - Series #KM1OU** | **Ark7 Properties LLC - Series #KYLBE** | **Ark7 Properties LLC - Series #LCYPL** |
| **Assets** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>**Current Assets** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Cash and cash equivalents | $172557 | $4743 | $- | $7503 | $1804 | $1628 | $- | $10164 | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Receivables |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Related party receivables | 4597315 | 213688 | (1151) | 154987 | 40709 | (62503) | (1075) | 207794 | 28692 | (2084) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Prepaid expenses |  | 6453 | 42 | 27127 | 4771 | 7221 | 42 | 10482 | 29654 | 42 |
| &nbsp;&nbsp;<br>**Total Current Assets** | 4769872 | 224883 | (1109) | 189617 | 47284 | (53654) | (1033) | 228440 | 58346 | (2042) |
| &nbsp;&nbsp;<br>**Noncurrent Assets** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Property, plant, and equipment** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Property, plant, and equipment - Cost |  | 469696 |  | 2092754 | 243880 | 487173 |  | 908466 | 1547173 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Property, plant, and equipment - Accumulated Depreciation |  | (63656) |  | (369274) | (38292) | (45182) |  | (114834) | (292295) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Total Property, plant, and equipment** |  | 406040 |  | 1723480 | 205588 | 441991 |  | 793633 | 1254878 |  |
| &nbsp;&nbsp;<br>**Total Noncurrent Assets** |  | 406040 |  | 1723480 | 205588 | 441991 |  | 793633 | 1254878 |  |
| **Total Assets** | 4769872 | 630924 | (1109) | 1913097 | 252871 | 388338 | (1033) | 1022073 | 1313224 | (2042) |
| **Liabilities & Members' Equity** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>**Liabilities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Current Liabilities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Accounts payable and accrued liabilities | 210225 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Current portion of mortgage payable |  | 4909 |  | 28191 |  | 3068 |  | 6392 | 16752 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Related party payables | 5160916 |  |  |  |  | 340700 |  | 416756 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Other liabilities, current | 81 | 300 |  | 8109 | 500 |  |  |  | 12809 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Total Current Liabilities** | 5371222 | 5209 |  | 36300 | 500 | 343768 |  | 423148 | 29561 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Noncurrent Liabilities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Mortgage payable |  | 236855 |  | 1011876 | 93466 | 178943 |  | 440235 | 651491 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Total Noncurrent Liabilities** |  | 236855 |  | 1011876 | 93466 | 178943 |  | 440235 | 651491 |  |
| &nbsp;&nbsp;<br>**Total Liabilities** | 5371222 | 242064 |  | 1048176 | 93966 | 522710 |  | 863383 | 681052 |  |
| &nbsp;&nbsp;<br>**Member's Equity** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Equity** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Members' Equity |  | 467156 |  | 985114 | 224438 | 73800 |  | 365355 | 837520 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Retained Earnings (Accumulated Deficit) | (601350) | (78296) | (1109) | (120193) | (65533) | (208173) | (1033) | (206665) | (205348) | (2042) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Total Equity** | (601350) | 388860 | (1109) | 864921 | 158905 | (134373) | (1033) | 158690 | 632172 | (2042) |
| &nbsp;&nbsp;<br>**Total Member's Equity** | (601350) | 388860 | (1109) | 864921 | 158905 | (134373) | (1033) | 158690 | 632172 | (2042) |
| **Total Liabilities & Members' Equity** | $4769872 | $630924 | $(1109) | $1913097 | $252871 | $388338 | $(1033) | $1022073 | $1313224 | $(2042) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Ark7 Properties LLC - Series #MHQNN** | **Ark7 Properties LLC - Series #OYNYT** | **Ark7 Properties LLC - Series #PBIUH** | **Ark7 Properties LLC - Series #PFUNR** | **Ark7 Properties LLC - Series #RUSUU** | **Ark7 Properties LLC - Series #SOYGJ** | **Ark7 Properties LLC - Series #TBQSK** | **Ark7 Properties LLC - Series #XZQRZ** | **Eliminating** | **Total** |
| **Assets** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>**Current Assets** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Cash and cash equivalents | $- | $- | $4904 | $6808 | $4324 | $1255 | $(3327) | $9066 | $- | $221428 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Receivables |  |  |  |  |  |  |  |  |  | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Related party receivables | (353079) | (828) | 134022 | 238208 | 255901 | 247022 | 443960 | 681678 | (2225942) | 4597315 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Prepaid expenses | 28463 | 67 | 5094 | 8324 | 2382 | 1748 | 6922 | 3030 |  | 141863 |
| &nbsp;&nbsp;<br>**Total Current Assets** | (324616) | (761) | 144020 | 253340 | 262607 | 250025 | 447555 | 693774 | (2225942) | 4960606 |
| &nbsp;&nbsp;<br>**Noncurrent Assets** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Property, plant, and equipment** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Property, plant, and equipment - Cost | 1780057 |  | 325069 | 508355 | 458140 | 485780 | 809406 | 1224147 |  | 11340096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Property, plant, and equipment - Accumulated Depreciation | (302481) |  | (43941) | (69185) | (49783) | (54670) | (74893) | (119334) |  | (1637819) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Total Property, plant, and equipment** | 1477576 |  | 281128 | 439170 | 408357 | 431109 | 734513 | 1104812 |  | 9702276 |
| &nbsp;&nbsp;<br>**Total Noncurrent Assets** | 1477576 |  | 281128 | 439170 | 408357 | 431109 | 734513 | 1104812 |  | 9702276 |
| **Total Assets** | 1152961 | (761) | 425148 | 692510 | 670963 | 681134 | 1182068 | 1798586 | (2225942) | 14662882 |
| **Liabilities & Members' Equity** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>**Liabilities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Current Liabilities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Accounts payable and accrued liabilities |  |  |  |  |  |  |  |  |  | 210225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Current portion of mortgage payable | 16752 |  | 3660 | 5477 | 5834 | 5873 | 7576 | 12160 |  | 116643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Related party payables |  |  |  |  | 240000 | 240000 |  | 715000 | (2225942) | 4887430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Other liabilities, current | 14405 |  | 2500 | 2500 | 2290 | 2725 | 11516 | 13843 |  | 71578 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Total Current Liabilities** | 31157 |  | 6160 | 7977 | 248124 | 248598 | 19093 | 741003 | (2225942) | 5285877 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Noncurrent Liabilities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Mortgage payable | 651491 |  | 157636 | 264117 | 230201 | 232109 | 429369 | 620383 |  | 5198172 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Total Noncurrent Liabilities** | 651491 |  | 157636 | 264117 | 230201 | 232109 | 429369 | 620383 |  | 5198172 |
| &nbsp;&nbsp;<br>**Total Liabilities** | 682648 |  | 163796 | 272094 | 478325 | 480706 | 448462 | 1361386 | (2225942) | 10484049 |
| &nbsp;&nbsp;<br>**Member's Equity** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Equity** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Members' Equity | 600020 |  | 296134 | 502664 | 334258 | 334477 | 833912 | 691515 |  | 6546363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Retained Earnings (Accumulated Deficit) | (129707) | (761) | (34782) | (82248) | (141620) | (134050) | (100305) | (254315) |  | (2367530) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Total Equity** | 470313 | (761) | 261352 | 420416 | 192639 | 200428 | 733607 | 437200 |  | 4178833 |
| &nbsp;&nbsp;<br>**Total Member's Equity** | 470313 | (761) | 261352 | 420416 | 192639 | 200428 | 733607 | 437200 |  | 4178833 |
| **Total Liabilities & Members' Equity** | $1152961 | $(761) | $425148 | $692510 | $670963 | $681134 | $1182068 | $1798586 | $(2225942) | $14662882 |

---

**Ark7 Properties LLC**

**Consolidated and consolidating Statement of Income**

**For the year ended June 30, 2025**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Ark7 Properties LLC** | **Ark7 Properties LLC - Series #8YFFL** | **Ark7 Properties LLC - Series #BOBHU** | **Ark7 Properties LLC - Series #DJVWQ** | **Ark7 Properties LLC - Series #DTMEW** | **Ark7 Properties LLC - Series #EKPES** | **Ark7 Properties LLC - Series #FFKEC** | **Ark7 Properties LLC - Series #KM1OU** | **Ark7 Properties LLC - Series #KYLBE** | **Ark7 Properties LLC - Series #LCYPL** |
| **Net Income (Loss)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>**Gross Profit (Loss)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Rental Income | $- | $13680 | $- | $99072 | $11180 | $2471 | $- | $47717 | $62540 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Other rental fees |  |  |  | 693 |  |  |  |  | 1035 |  |
| &nbsp;&nbsp;<br>**Total Gross Profit (Loss)** |  | 13680 |  | 99765 | 11180 | 2471 |  | 47717 | 63574 |  |
| &nbsp;&nbsp;<br>**Operating Expenses** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>General and administrative expenses | 29 | 2012 |  | 29480 | 13258 | 2312 |  | 32616 | 25440 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Depreciation and amortization expenses |  | 7430 |  | 41029 | 5341 | 7535 |  | 16852 | 25896 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Property tax and state fee | 1100 | 5171 | 33 | 55241 | 2632 | 3655 | 33 | 3853 | 30562 | 33 |
| &nbsp;&nbsp;<br>**Total Operating Expenses** | 1129 | 14612 | 33 | 125750 | 21231 | 13502 | 33 | 53321 | 81897 | 33 |
| &nbsp;&nbsp;<br>**Operating Income (Loss)** | (1129) | (932) | (33) | (25985) | (10052) | (11031) | (33) | (5604) | (18323) | (33) |
| &nbsp;&nbsp;<br>**Other Income (Loss)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Interest income, related party | 125937 | 7715 |  | 29527 | 3494 | 7166 |  | 20624 | 37116 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Interest expense |  | (6207) |  | (15640) | (2246) | (5287) |  | (15483) | (27556) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Interest expense, related party | (207997) |  |  |  |  | (40847) |  | (16465) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Other income (expense) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>**Total Other Income (Loss)** | (82060) | 1509 |  | 13886 | 1248 | (38968) |  | (11323) | 9560 |  |
| **Total Net Income (Loss)** | $(83188) | $576 | $(33) | $(12099) | $(8804) | $(49999) | $(33) | $(16927) | $(8763) | $(33) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Ark7 Properties LLC - Series #MHQNN** | **Ark7 Properties LLC - Series #OYNYT** | **Ark7 Properties LLC - Series #PBIUH** | **Ark7 Properties LLC - Series #PFUNR** | **Ark7 Properties LLC - Series #RUSUU** | **Ark7 Properties LLC - Series #SOYGJ** | **Ark7 Properties LLC - Series #TBQSK** | **Ark7 Properties LLC - Series #XZQRZ** | **Eliminating** | **Total** |
| **Net Income (Loss)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>**Gross Profit (Loss)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Rental Income | $69333 | $- | $12300 | $14670 | $12640 | $15960 | $9870 | $50505 | $- | $421937 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Other rental fees | 805 |  |  |  |  |  |  | 329 |  | 2861 |
| &nbsp;&nbsp;<br>**Total Gross Profit (Loss)** | 70138 |  | 12300 | 14670 | 12640 | 15960 | 9870 | 50834 |  | 424798 |
| &nbsp;&nbsp;<br>**Operating Expenses** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>General and administrative expenses | 20086 | 29 | 2513 | 3201 | 2489 | 2775 | 4141 | 5353 |  | 145731 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Depreciation and amortization expenses | 29741 |  | 5090 | 8034 | 7513 | 7596 | 12474 | 14746 |  | 189278 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Property tax and state fee | 33004 | 33 | 4200 | 6408 | 2067 | 2098 | 4817 | 5974 |  | 160913 |
| &nbsp;&nbsp;<br>**Total Operating Expenses** | 82831 | 62 | 11802 | 17643 | 12068 | 12468 | 21433 | 26072 |  | 495922 |
| &nbsp;&nbsp;<br>**Operating Income (Loss)** | (12694) | (62) | 498 | (2973) | 572 | 3492 | (11563) | 24762 |  | (71124) |
| &nbsp;&nbsp;<br>**Other Income (Loss)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Interest income, related party | 37116 |  | 5039 | 8559 | 6872 | 6918 | 16601 | 21251 | (333934) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Interest expense | (27556) |  | (3673) | (6886) | (4373) | (4402) | (12058) | (16691) |  | (148057) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Interest expense, related party |  |  |  |  | (14308) | (19095) |  | (35223) | 333934 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Other income (expense) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>**Total Other Income (Loss)** | 9560 |  | 1366 | 1674 | (11809) | (16579) | 4543 | (30663) |  | (148057) |
| **Total Net Income (Loss)** | $(3134) | $(62) | $1863 | $(1299) | $(11237) | $(13087) | $(7020) | $(5902) | $- | $(219181) |

---

**Ark7 Properties LLC**

**Consolidated and consolidating Statement of Members' Equity**

**For the year ended June 30, 2025**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Ark7 Properties LLC** | **Ark7 Properties LLC - Series #8YFFL** | **Ark7 Properties LLC - Series #BOBHU** | **Ark7 Properties LLC - Series #DJVWQ** | **Ark7 Properties LLC - Series #DTMEW** | **Ark7 Properties LLC - Series #EKPES** | **Ark7 Properties LLC - Series #FFKEC** | **Ark7 Properties LLC - Series #KM1OU** | **Ark7 Properties LLC - Series #KYLBE** | **Ark7 Properties LLC - Series #LCYPL** |
| **Balance at January 01, 2025** | $(518162) | $395076 | $(1076) | $826265 | $170141 | $(55145) | $(1000) | $240158 | $665460 | $(2009) |
| Equity Contribution |  |  |  | 106581 |  | (24640) |  | (49949) |  |  |
| Net Income (Loss) | (83188) | 576 | (33) | (12099) | (8804) | (49999) | (33) | (16927) | (8763) | (33) |
| Distribution |  | (6793) |  | (55825) | (2432) | (4589) |  | (14592) | (24526) |  |
| **Balance at June 30, 2025** | $(601350) | $388860 | $(1109) | $864921 | $158905 | $(134373) | $(1033) | $158690 | $632172 | $(2042) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Ark7 Properties LLC - Series #MHQNN** | **Ark7 Properties LLC - Series #OYNYT** | **Ark7 Properties LLC - Series #PBIUH** | **Ark7 Properties LLC - Series #PFUNR** | **Ark7 Properties LLC - Series #RUSUU** | **Ark7 Properties LLC - Series #SOYGJ** | **Ark7 Properties LLC - Series #TBQSK** | **Ark7 Properties LLC - Series #XZQRZ** | **Eliminating** | **Total** |
| **Balance at January 01, 2025** | $508477 | $(699) | $265078 | $427421 | $204437 | $216421 | $749363 | $393465 | $- | $4483672 |
| Equity Contribution |  |  |  |  | 8771 | 8645 |  | 79200 |  | 128608 |
| Net Income (Loss) | (3134) | (62) | 1863 | (1299) | (11237) | (13087) | (7020) | (5902) |  | (219181) |
| Distribution | (35031) |  | (5590) | (5706) | (9332) | (11551) | (8736) | (29564) |  | (214266) |
| **Balance at June 30, 2025** | $470313 | $(761) | $261352 | $420416 | $192639 | $200428 | $733607 | $437200 | $- | $4178833 |

---

**Ark7 Properties LLC**

**Consolidated and consolidating Statement of Cash Flows**

**For the year ended June 30, 2025**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Ark7 Properties LLC** | **Ark7 Properties LLC - Series #8YFFL** | **Ark7 Properties LLC - Series #BOBHU** | **Ark7 Properties LLC - Series #DJVWQ** | **Ark7 Properties LLC - Series #DTMEW** | **Ark7 Properties LLC - Series #EKPES** | **Ark7 Properties LLC - Series #FFKEC** | **Ark7 Properties LLC - Series #KM1OU** | **Ark7 Properties LLC - Series #KYLBE** | **Ark7 Properties LLC - Series #LCYPL** |
| **Cash Flows From Operating Activities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Net Income (Loss) | $(83188) | $576 | $(33) | $(12099) | $(8804) | $(49999) | $(33) | $(16927) | $(8763) | $(33) |
| &nbsp;&nbsp;<br>**Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used in) Operating Activities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Depreciation and amortization |  | 7430 |  | 41029 | 5341 | 7535 |  | 16852 | 25896 |  |
| **Total Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used in) Operating Activities** |  |  |  |  |  |  |  |  |  |  |
| <br>**(Increase) decrease in operating assets, net of effects of businesses acquired** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Accounts receivable | (134891) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Related party receivables |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Prepaid expenses |  | (5941) | (42) | (5696) | 1424 | (5715) | (42) | (773) | 5764 | (42) |
| &nbsp;&nbsp;<br>**Increase (decrease) in operating liabilities, net of effects of businesses acquired** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Accounts payable and accrued expenses | 110603 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Related party payables | 159363 | 11117 | 75 | (64749) | 3540 | 73377 | 75 | 71986 | (3591) | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Other liabilities |  | (2600) |  | (296) |  |  |  |  | 202 |  |
| **Net Cash Provided by (Used in) Operating Activities** | 51886 | 10582 |  | (41811) | 1502 | 25198 |  | 71138 | 19508 |  |
| **Cash Flows from Investing Activities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Payments received from related party loans and notes receivable |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Related party loans and notes receivable issued |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Purchase of property, plant, and equipment |  |  |  | (1443) |  |  |  |  | (2166) |  |
| **Cash Flows from Financing Activities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Proceeds from issuance of debt |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Payments for debt issuance costs |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Repayment of debt |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Proceeds from issuance of related party debt |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Repayment of related party debt | (65030) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Proceeds from private offerings |  |  |  | 106581 |  | (24640) |  | (49949) |  |  |
| &nbsp;&nbsp;<br>Distributions to partners |  | (6793) |  | (55825) | (2432) | (4589) |  | (14592) | (24526) |  |
| **Net Cash Provided by (Used in) Financing Activities** | (65030) | (9149) |  | 36963 | (3388) | (30699) |  | (67582) | (29268) |  |
| **Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash** | (13144) | 3790 |  | 7503 | (930) | (4031) |  | 6597 | (0) |  |
| **Cash, Cash Equivalents, and Restricted Cash at January 01, 2025** | 185702 | 953 |  | 0 | 2734 | 5659 |  | 3567 |  |  |
| **Cash, Cash Equivalents, and Restricted Cash at June 30, 2025** | 172557 | 4743 | - | 7503 | 1804 | 1628 | - | 10164 | - | - |
| **Supplemental Cash Flow information** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>**Cash Paid During the Year for** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Interest | $- | $6207 | $- | $15640 | $2246 | $5287 | $- | $15483 | $27556 | $- |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Ark7 Properties LLC - Series #MHQNN** | **Ark7 Properties LLC - Series #OYNYT** | **Ark7 Properties LLC - Series #PBIUH** | **Ark7 Properties LLC - Series #PFUNR** | **Ark7 Properties LLC - Series #RUSUU** | **Ark7 Properties LLC - Series #SOYGJ** | **Ark7 Properties LLC - Series #TBQSK** | **Ark7 Properties LLC - Series #XZQRZ** | **Eliminating** | **Total** |
| **Cash Flows From Operating Activities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Net Income (Loss) | $(3134) | $(62) | $1863 | $(1299) | $(11237) | $(13087) | $(7020) | $(5902) | $- | $(219181) |
| &nbsp;&nbsp;<br>**Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used in) Operating Activities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Depreciation and amortization | 29741 |  | 5090 | 8034 | 7513 | 7596 | 12474 | 14746 |  | 189278 |
| **Total Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used in) Operating Activities** |  |  |  |  |  |  |  |  |  |  |
| <br>**(Increase) decrease in operating assets, net of effects of businesses acquired** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Accounts receivable |  |  |  |  |  |  |  |  |  | (134891) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Related party receivables |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Prepaid expenses | (7831) | (63) | (3337) | (6631) | (1327) | 1142 | (4834) | (102) |  | (34046) |
| &nbsp;&nbsp;<br>**Increase (decrease) in operating liabilities, net of effects of businesses acquired** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Accounts payable and accrued expenses |  |  |  |  |  |  |  |  |  | 110603 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Related party payables | 8555 | 125 | 6312 | 11069 | 6930 | 7631 | 2815 | (56744) |  | 237962 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Other liabilities | 516 |  |  |  | 2290 |  | (70) | 3292 |  | 3335 |
| **Net Cash Provided by (Used in) Operating Activities** | 27848 |  | 9928 | 11173 | 4168 | 3281 | 3366 | (44710) |  | 153059 |
| **Cash Flows from Investing Activities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Payments received from related party loans and notes receivable |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Related party loans and notes receivable issued |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Purchase of property, plant, and equipment |  |  |  |  |  |  |  | (335) |  | (3944) |
| **Cash Flows from Financing Activities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Proceeds from issuance of debt |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Payments for debt issuance costs |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Repayment of debt |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Proceeds from issuance of related party debt |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Repayment of related party debt |  |  |  |  |  |  |  |  |  | (65030) |
| &nbsp;&nbsp;<br>Proceeds from private offerings |  |  |  |  | 8771 | 8645 |  | 79200 |  | 128608 |
| &nbsp;&nbsp;<br>Distributions to partners | (35031) |  | (5590) | (5706) | (9332) | (11551) | (8736) | (29564) |  | (214266) |
| **Net Cash Provided by (Used in) Financing Activities** | (39774) |  | (7356) | (8335) | (3403) | (5766) | (12375) | 43811 |  | (201353) |
| **Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash** | 0 |  | 4339 | 5467 | 3607 | 375 | (5370) | 4591 |  | 12793 |
| **Cash, Cash Equivalents, and Restricted Cash at January 01, 2025** |  |  | 565 | 1340 | 716 | 879 | 2043 | 4475 |  | 208635 |
| **Cash, Cash Equivalents, and Restricted Cash at June 30, 2025** | - | - | 4904 | 6808 | 4324 | 1255 | (3327) | 9066 | - | 221428 |
| **Supplemental Cash Flow information** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>**Cash Paid During the Year for** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Interest | $27556 | $- | $3673 | $6886 | $4373 | $4402 | $12058 | $16691 | $- | $148057 |

---

**ARK7 PROPERTIES LLC**

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

**NOTE 1: ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

***General Information***

Ark7 Properties LLC (the "APL") is a single-member Delaware limited liability company wholly owned by Ark7 Inc. (the "Parent Company"). The APL was formed on October 31, 2018, in accordance with the Limited Liability Company Act (LLCA) of the state of Delaware. The APL has registered 17 Series Delaware limited liability companies (the "Series Companies"), each of which will be used as an investment vehicle that intends to enable investors to own fractional ownership of a specific rental property. This lowers the cost of entry and minimizes the time commitment for real estate investing. An investment in the APL entitles the investor to the potential economic benefits normally associated with direct property ownership while requiring no investor involvement in asset or property management.

---

| | | | |
|:---|:---|:---|:---|
| **Series** | **Carrier** | **Property Address** | **Registration Date** |
| MHQNN | Berkeley-M1 | 2924 Mabel St, Berkeley, CA 94702 | December 12, 2019 |
| KYLBE | Berkeley-M2 | 3102-3108 California St, Berkeley, CA 94703 | December 12, 2019 |
| PBIUH | Austin-S1 | 901 Solitude Dr., Pflugerville, TX 78660 | July 28, 2020 |
| PFUNR | Austin-S2 | 2016 Creole Dr, Austin, TX 78727 | July 28, 2020 |
| DJVWQ | Berkeley-M3 | 2314 Bonar St, Berkeley, CA 94702 | July 28, 2020 |
| 8YFFL | Austin-S3 | 1804 Laminar Creek Rd, Cedar Park, TX 78613 | January 25, 2021 |
| SOYGJ | Chandler-S4 | 691 W Fairview St, Chandler, AZ 85225 | January 25, 2021 |
| RUSUU | Chandler-S5 | 1872 W Springfield Way, Chandler, AZ 85286 | January 25, 2021 |
| KM1OU | Memphis-M4 | 751-777 St Paul Ave, Memphis, TN 38126 | January 25, 2021 |
| DTMEW | Philadelphia-T1 | 5150 Ranstead St, Philadelphia, PA 19139 | January 25, 2021 |
| XZQRZ | Seattle-D1 | 5250 12th Ave NE, Seattle, WA 98105 | January 25, 2021 |
| BOBHU | N/A | N/A | September 10, 2021 |
| LCYPL | N/A | N/A | September 10, 2021 |
| FFKEC | N/A | N/A | September 14, 2021 |
| OYNYT | N/A | N/A | January 18, 2022 |
| TBQSK | Philadelphia-D2 | 1829 N Bouvier St, Philadelphia, PA 19121 | January 18, 2022 |
| EKPES | Philadelphia-T2 | 1708 W Jefferson St, Philadelphia, PA 19121 | January 18, 2022 |

---

***Management's Plan and Going Concerns***

The accompanying consolidated and consolidating financial statements have been prepared to assume the APL will continue as a going concern. The APL is newly formed and has not generated sufficient revenue from operations. The APL will require additional capital until revenue from operations are sufficient to cover operational costs. These matters raise substantial doubt about the company's ability to continue as a going concern. During the next 12 months, the APL intends to fund operations through member advances and debt or equity financing. There are no assurances that management will be able to raise capital on terms acceptable to the APL. If it is unable to obtain sufficient amounts of additional capital, it may be required to reduce the scope of its planned development and operations, which could harm its business, financial condition, and operating results. The accompanying financial statements do not include any adjustments that might result from these uncertainties. As of June 30, 2025, the APL's accumulated deficit amounted to $2,367,530.

These conditions indicate the existence of uncertainty which may cast doubt about the APL's ability to continue as a going concern. These financial statements do not include any adjustments that might result from the outcome of these uncertainties.

***Statement of compliance***

The accompanying consolidated and consolidating financial statements are prepared in accordance with accounting principles generally accepted in the United States of America. The consolidated and consolidating financial statements include the accounts of the APL and its Series Companies. All intercompany balances and transactions are eliminated in consolidation.

These consolidated and consolidating financial statements have been prepared under the historical cost convention, except for evaluating specific financial instruments carried at fair value.

***Method of accounting***

The consolidated and consolidating financial statement of the APL is prepared on the accrual basis of accounting. It includes only those assets, liabilities, and results of operations that relate to the business of the APL.

***Use of estimates and assumptions***

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. To the extent that there are material differences between these estimates and actual results, the APL's financial condition or operating results will be materially affected. The APL bases its estimates on past experience and other assumptions that the APL believes are reasonable under the circumstances, and the APL evaluates those estimates on an ongoing basis.

***Functional and presentation currency***

Items included in the APL's consolidated financial statements are estimated using the currency that best reflects the economic substance of the underlying events and circumstances related to the APL (the "functional currency"). The functional and presentation currency of the accompanying financial statements is US Dollars (the "USD").

***Revenue recognition***

Rental income is reported on a straight-line basis over the terms of the respective leases. The property rental income for the year ended June 30, 2025 was $421,937.

***The concentration of credit risk***

Financial instruments potentially subject the APL to the concentration of credit risk, primarily cash and tenant receivables. The APL places its cash with financial institutions, and its balances are insured by the Federal Deposit Insurance Corporation up to $250,000. At various times, the APL had a cash balance over the insured amount.

***Fair value measurements***

FASB ASC 820, "Fair Value Measurements" defines fair value for certain financial and nonfinancial assets and liabilities that are recorded at fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. It requires that an entity measure its financial instruments to base fair value on the exit price, maximize the use of observable units and minimize the use of unobservable inputs to determine the exit price. It establishes a hierarchy which prioritizes the inputs to valuation techniques used to measure fair value. This hierarchy increases the consistency and comparability of fair value measurements and related disclosures by maximizing the use of observable inputs and minimizing the use of unobservable inputs by requiring that observable inputs be used when available.

Observable inputs are inputs that reflect the assumptions market participants would use in pricing the assets or liabilities based on market data obtained from sources independent of the APL. Unobservable inputs are inputs that reflect the APL's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy prioritizes the inputs into three broad levels based on the reliability of the inputs as follows:

Level 1 - Inputs are quoted prices in active markets for identical assets or liabilities that the APL has the ability to access at the measurement date. Valuation of these instruments does not require a high degree of judgment as the valuations are based on quoted prices in active markets that are readily and regularly available.

Level 2 - Inputs other than quoted prices in active markets that are either directly or indirectly observable as of the measurement date, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 - Valuations based on inputs that are unobservable and not corroborated by market data. The fair value for such assets and liabilities is generally determined using pricing models, discounted cash flow methodologies, or similar techniques that incorporate the assumptions a market participant would use in pricing the asset or liability.

The carrying values of certain assets and liabilities of the APL approximate fair value due to their either relatively short maturities and/or consistency with current market rates.

***Property, plant, and equipment***

Land is carried at cost. Building, leasehold improvements, furniture, fixtures, and equipment are carried at cost, less accumulated depreciation and amortization. The building, furniture, fixtures, and equipment are depreciated using the straight-line method over the estimated useful lives of the assets. The cost of leasehold improvements is amortized using the straight-line method over the terms of the related leases. Repairs and maintenance are expensed when incurred.

Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The recoverability of long-lived assets is assessed by a comparison of the carrying amount of the asset to the estimated future undiscounted net cash flows expected to be generated by the asset or group of assets. If estimated future undiscounted net cash flows are less than the carrying amount of the asset or group of assets, the asset is considered impaired and an expense is recorded in an amount required to reduce the carrying amount of the asset to its then fair value. Fair value is generally determined from estimated discounted future net cash flows (for assets held for use) or net realizable value (for assets held for sale). For the year ended June 30, 2025, the APL has not recognized any impairment losses.

Property, plant and equipment consist of the following as of June 30, 2025:

---

| | |
|:---|:---|
|  | **June 30, 2025** |
| Buildings and improvements | $9561114 |
| Furniture and fixtures | $134972 |
| Land | $1630619 |
| **Property, plant, and equipment, gross** | 11326705 |
| Less: Buildings and improvements - Accumulated Depreciation | (1556496) |
| Furniture and fixtures - Accumulated Depreciation | (78192) |
| **Property, plant, and equipment** | $9692017 |

---

Estimated useful life for buildings and improvements is 27.5 years.

Depreciation expenses for the year ended June 30, 2025 was $189,278.

***Lease accounting***

According to the recently adopted Accounting Standards Updated ("ASU") No. 2016-02, Leases (Topic 842) ("ASU 2016- 02" or "ASC 842"), the APL determines whether the arrangement is or contains a lease based on the unique facts and circumstances present in the arrangement. Leases with a term greater than one year are recognized on the balance sheet as right-of-use assets and current and non-current lease liabilities, as applicable. As of June 30, 2025 and 2024, the APL had no long-term leases.

***Income taxes***

The APL is taxed as a Limited Liability Company (LLC). Under these provisions, the APL does not pay federal corporate income taxes on its taxable income. Instead, the shareholders are liable for individual federal and state income taxes on their respective shares of the APL's taxable income.

Each series will be taxed as a C-corporation, with the profits taxed at the series level, independent of distributions to investors. For this offering of series interests to investors, each series will be taxed as a C-corporation, with the profits taxed at the series level, independent of distributions to investors. This means that the Series will owe corporate income tax on its profits and will report these profits and losses for tax purposes at the corporate level. The Series will distribute dividends to investors from the net profits after taxes, subject to our Managing Member's discretion regarding the retention of funds for future working capital needs. Consequently, investors may receive dividend distributions when profits are realized and taxes are paid at the corporate level, which could be independent of the actual cash distributions made to investors.

**NOTE 2: PROPERTY MANAGEMENT RESERVES**

Multiple Series Companies have allocated funds to establish property management reserves. These funds are designed to mitigate future financial uncertainties associated with property-related expenses, including maintenance, repairs, enhancements, or unanticipated costs. The aim is to maintain the properties in satisfactory condition, prevent financial strain, and preclude the necessity for immediate supplementary contributions from investors or owners due to substantial, unexpected expenses.

As of June 30, 2025, the balance of the property management reserve was $48,871, and is included in cash and cash equivalents on the accompanying balance sheet.

**NOTE 3: MORTGAGE PAYABLES**

*Series #MHQNN*

On December 1, 2019, the APL - Series MHQNN executed a Loan Agreement Secured by the Deed of Trust. According to the Loan Agreement, the APL - Series MHQNN borrowed $756,250.00 at 3.500% interest with a maturity of November 30, 2049. The outstanding balance of the Loan Payable - Mortgage as of June 30, 2025 and December 31, 2024 was $0 and $0 and is included in current portion of mortgage payable and mortgage payable on the accompanying balance sheet. The interest expense incurred in June 30, 2025 and December 31, 2024 was $27,556 and $12,345.

*Series #KYLBE*

On December 1, 2019, the APL - Series KYLBE executed a Loan Agreement Secured by the Deed of Trust. According to the Loan Agreement, the APL - Series KYLBE borrowed $756,250.00 at 3.500% interest with a maturity of November 30, 2049. The outstanding balance of the Loan Payable - Mortgage as of June 30, 2025 and December 31, 2024 was $0 and $0 and is included in current portion of mortgage payable and mortgage payable on the accompanying balance sheet. The interest expense incurred in June 30, 2025 and December 31, 2024 was $27,556 and $12,345.

*Series #DJVWQ*

On October 1, 2020, the APL - Series DJVWQ executed a Loan Agreement Secured by the Deed of Trust. According to the Loan Agreement, the APL - Series DJVWQ borrowed $1,169,400.00 at 2.950% interest with a maturity of September 30, 2050. The outstanding balance of the Loan Payable - Mortgage as of June 30, 2025 and December 31, 2024 was $0 and $0 and is included in current portion of mortgage payable and mortgage payable on the accompanying balance sheet. The interest expense incurred in June 30, 2025 and December 31, 2024 was $15,640 and $16,303.

*Series #PBIUH*

On August 12, 2021, the APL - Series PBIUH executed a Loan Agreement Secured by the Deed of Trust. According to the Loan Agreement, the APL - Series PBIUH borrowed $184,500.00 at 4.250% interest with a maturity of August 31, 2051. The outstanding balance of the Loan Payable - Mortgage as of June 30, 2025 and December 31, 2024 was $0 and $0 and is included in current portion of mortgage payable and mortgage payable on the accompanying balance sheet. The interest expense incurred in June 30, 2025 and December 31, 2024 was $3,673 and $3,953.

*Series #PFUNR*

On July 22, 2021, the APL - Series PFUNR executed a Loan Agreement Secured by the Deed of Trust. According to the Loan Agreement, the APL - Series PFUNR borrowed $300,000.00 at 4.875% interest with a maturity of July 31, 2051. The outstanding balance of the Loan Payable - Mortgage as of June 30, 2025 and December 31, 2024 was $0 and $0 and is included in current portion of mortgage payable and mortgage payable on the accompanying balance sheet. The interest expense incurred in June 30, 2025 and December 31, 2024 was $6,886 and $7,236.

*Series #8YFFL*

On August 4, 2021, the APL - Series 8YFFL executed a Loan Agreement Secured by the Deed of Trust. According to the Loan Agreement, the APL - Series 8YFFL borrowed $270,000.00 at 4.875% interest with a maturity of August 31, 2051. The outstanding balance of the Loan Payable - Mortgage as of June 30, 2025 and December 31, 2024 was $0 and $0 and is included in current portion of mortgage payable and mortgage payable on the accompanying balance sheet. The interest expense incurred in June 30, 2025 and December 31, 2024 was $6,207 and $6,545.

*Series #XZQRZ*

On July 28, 2021, the APL - Series XZQRZ executed a Loan Agreement Secured by the Deed of Trust. According to the Loan Agreement, the APL - Series XZQRZ borrowed $690,000.00 at 5.125% interest with a maturity of July 31, 2051. The outstanding balance of the Loan Payable - Mortgage as of June 30, 2025 and December 31, 2024 was $0 and $0 and is included in current portion of mortgage payable and mortgage payable on the accompanying balance sheet. The interest expense incurred in June 30, 2025 and December 31, 2024 was $16,691 and $17,296.

*Series #DTMEW*

On October 12, 2021, the APL - Series DTMEW executed a Loan Agreement Secured by the Deed of Trust. According to the Loan Agreement, the APL - Series DTMEW borrowed $34,600.00 at 3.000% interest with a maturity of October 11, 2022. The outstanding balance of the Loan Payable - Mortgage as of June 30, 2025 and December 31, 2024 was $0 and $0 and is included in current portion of mortgage payable and mortgage payable on the accompanying balance sheet. The interest expense incurred in June 30, 2025 and December 31, 2024 was $2,246 and $2,401.

*Series #SOYGJ*

On October 21, 2021, the APL - Series SOYGJ executed a Loan Agreement Secured by the Deed of Trust. According to the Loan Agreement, the APL - Series SOYGJ borrowed $270,000.00 at 3.500% interest with a maturity of November 7, 2051. The outstanding balance of the Loan Payable - Mortgage as of June 30, 2025 and December 31, 2024 was $0 and $0 and is included in current portion of mortgage payable and mortgage payable on the accompanying balance sheet. The interest expense incurred in June 30, 2025 and December 31, 2024 was $4,402 and $4,763.

*Series #RUSUU*

On November 4, 2021, the APL - Series RUSUU executed a Loan Agreement Secured by the Deed of Trust. According to the Loan Agreement, the APL - Series RUSUU borrowed $268,200.00 at 3.500% interest with a maturity of November 7, 2051. The outstanding balance of the Loan Payable - Mortgage as of June 30, 2025 and December 31, 2024 was $0 and $0 and is included in current portion of mortgage payable and mortgage payable on the accompanying balance sheet. The interest expense incurred in June 30, 2025 and December 31, 2024 was $4,373 and $4,738.

*Series #KM1OU*

On June 29, 2022, the APL - Series KM1OU executed a Loan Agreement Secured by the Deed of Trust. According to the Loan Agreement, the APL - Series KM1OU borrowed $483,000.00 at 6.625% interest with a maturity of July 7, 2052. The outstanding balance of the Loan Payable - Mortgage as of June 30, 2025 and December 31, 2024 was $0 and $0 and is included in current portion of mortgage payable and mortgage payable on the accompanying balance sheet. The interest expense incurred in June 30, 2025 and December 31, 2024 was $15,483 and $16,046.

*Series #TBQSK*

On May 31, 2022, the APL - Series TBQSK executed a Loan Agreement Secured by the Deed of Trust. According to the Loan Agreement, the APL - Series TBQSK borrowed $468,000.00 at 5.375% interest with a maturity of June 7, 2052. The outstanding balance of the Loan Payable - Mortgage as of June 30, 2025 and December 31, 2024 was $0 and $0 and is included in current portion of mortgage payable and mortgage payable on the accompanying balance sheet. The interest expense incurred in June 30, 2025 and December 31, 2024 was $12,058 and $12,445.

*Series #EKPES*

On April 19, 2022, the APL - Series EKPES executed a Loan Agreement Secured by the Deed of Trust. According to the Loan Agreement, the APL - Series EKPES borrowed $196,000.00 at 5.625% interest with a maturity of May 8, 2052. The outstanding balance of the Loan Payable - Mortgage as of June 30, 2025 and December 31, 2024 was $0 and $0 and is included in current portion of mortgage payable and mortgage payable on the accompanying balance sheet. The interest expense incurred in June 30, 2025 and December 31, 2024 was $5,287 and $5,500.

Mortgage interest expenses for the year ended June 30, 2025 and December 31, 2024 was $148,057 and $121,915.

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** |
| Current Portion of Mortgage Payable | $116643 | $104780 |

---

Maturities of the mortgage payable are as follows (excluding the net of the finance cost):

---

| | |
|:---|:---|
| **Year** | **Amount** |
| 2026 | 116643 |
| 2027 | 122754 |
| 2028 | 127635 |
| 2029 | 133142 |
| 2030 | 138688 |
| Thereafter | 4815136 |
| **Total** | $5453999 |

---

**NOTE 3: TRANSACTIONS WITH RELATED PARTIES**

***Due to affiliates***

The Parent Company pays for the APAL for covering property acquisition and administrative costs. The loan has been structured as payable to the Parent Company from the APAL. These advances are non-interest bearing and are due on demand. The outstanding balance due to the affiliate as of June 30, 2025 was $4,887,430, and is included in the related party payable section on the accompanying balance sheet.

***Property sourcing fee and offering expenses reimbursement***

Pursuant to the Operating Agreement the Asset Manager, as consideration for assisting in the sourcing of the Underlying Asset of a Series, to the extent not waived by the Managing Member in its sole discretion, will receive a 3.0% (of the maximum offering amount) Sourcing Fee. The sourcing fee is in connection with the search and negotiation of the property purchase as set forth in the Certificate of Designations for the Series.

The Parent Company assigns offering expenses to each series, which are then set as part of each series' intended Use of Proceeds. The parent company will be reimbursed a fixed amount for each series for offering expenses.

***Asset management fee***

For services performed, the Series will pay an annual Asset Management Fee to the Asset Manager in respect of each fiscal year, 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. Any such amount will be paid at the same time as, and only if, a distribution is made from the Series to its Members.

*Series #8YFFL*

The Series #8YFFL has entered into an Asset Management Agreement with the Parent Company (the Asset Manager), the managing member of the Series #8YFFL and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series #8YFFL together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation"). As of June 30, 2025, the prepaid Asset Management Fee was $0. Asset Management Fee for the year ended June 30, 2025, was $958.

*Series #DJVWQ*

The Series #DJVWQ has entered into an Asset Management Agreement with the Parent Company (the Asset Manager), the managing member of the Series #DJVWQ and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series #DJVWQ together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation"). As of June 30, 2025, the prepaid Asset Management Fee was $0. Asset Management Fee for the year ended June 30, 2025, was $15,055.

*Series #DTMEW*

The Series #DTMEW has entered into an Asset Management Agreement with the Parent Company (the Asset Manager), the managing member of the Series #DTMEW and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series #DTMEW together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation"). As of June 30, 2025, the prepaid Asset Management Fee was $0. Asset Management Fee for the year ended June 30, 2025, was $0.

*Series #EKPES*

The Series #EKPES has entered into an Asset Management Agreement with the Parent Company (the Asset Manager), the managing member of the Series #EKPES and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series #EKPES together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation"). As of June 30, 2025, the prepaid Asset Management Fee was $0. Asset Management Fee for the year ended June 30, 2025, was $350.

*Series #KM1OU*

The Series #KM1OU has entered into an Asset Management Agreement with the Parent Company (the Asset Manager), the managing member of the Series #KM1OU and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series #KM1OU together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation"). As of June 30, 2025, the prepaid Asset Management Fee was $0. Asset Management Fee for the year ended June 30, 2025, was $13,368.

*Series #KYLBE*

The Series #KYLBE has entered into an Asset Management Agreement with the Parent Company (the Asset Manager), the managing member of the Series #KYLBE and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series #KYLBE together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation"). As of June 30, 2025, the prepaid Asset Management Fee was $0. Asset Management Fee for the year ended June 30, 2025, was $6,021.

*Series #MHQNN*

The Series #MHQNN has entered into an Asset Management Agreement with the Parent Company (the Asset Manager), the managing member of the Series #MHQNN and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series #MHQNN together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation"). As of June 30, 2025, the prepaid Asset Management Fee was $0. Asset Management Fee for the year ended June 30, 2025, was $7,744.

*Series #PBIUH*

The Series #PBIUH has entered into an Asset Management Agreement with the Parent Company (the Asset Manager), the managing member of the Series #PBIUH and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series #PBIUH together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation"). As of June 30, 2025, the prepaid Asset Management Fee was $0. Asset Management Fee for the year ended June 30, 2025, was $1,878.

*Series #PFUNR*

The Series #PFUNR has entered into an Asset Management Agreement with the Parent Company (the Asset Manager), the managing member of the Series #PFUNR and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series #PFUNR together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation"). As of June 30, 2025, the prepaid Asset Management Fee was $0. Asset Management Fee for the year ended June 30, 2025, was $2,204.

*Series #RUSUU*

The Series #RUSUU has entered into an Asset Management Agreement with the Parent Company (the Asset Manager), the managing member of the Series #RUSUU and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series #RUSUU together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation"). As of June 30, 2025, the prepaid Asset Management Fee was $0. Asset Management Fee for the year ended June 30, 2025, was $872.

*Series #SOYGJ*

The Series #SOYGJ has entered into an Asset Management Agreement with the Parent Company (the Asset Manager), the managing member of the Series #SOYGJ and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series #SOYGJ together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation"). As of June 30, 2025, the prepaid Asset Management Fee was $0. Asset Management Fee for the year ended June 30, 2025, was $1,207.

*Series #TBQSK*

The Series #TBQSK has entered into an Asset Management Agreement with the Parent Company (the Asset Manager), the managing member of the Series #TBQSK and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series #TBQSK together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation"). As of June 30, 2025, the prepaid Asset Management Fee was $0. Asset Management Fee for the year ended June 30, 2025, was $1,828.

*Series #XZQRZ*

The Series #XZQRZ has entered into an Asset Management Agreement with the Parent Company (the Asset Manager), the managing member of the Series #XZQRZ and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series #XZQRZ together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation"). As of June 30, 2025, the prepaid Asset Management Fee was $0. Asset Management Fee for the year ended June 30, 2025, was $566.

**NOTE 4: SUBSEQUENT EVENTS**

Management has evaluated subsequent events through the date on the consolidated financial statements that were available to be issued, which is November 24, 2025 and has determined that there were no material subsequent events that require disclosure in these financial statements.

**NOTE 5: APPROVAL OF CONSOLIDATED FINANCIAL STATEMENTS**

The consolidated and consolidating financial statements have been approved by the management of the APL and authorized for issue on November 24, 2025.

**ARK7 PROPERTIES LLC**

**AUDITED CONSOLIDATED AND CONSOLIDATING FINANCIAL STATEMENTS**

**For the year ended December 31, 2024 and 2023**

**Table of Contents**

---

| | |
|:---|:---|
| [Independent Auditor's Report](#id.v5eue5p7v2y9) | F-3 |
| [Consolidated Balance Sheet as of December 31, 2024 and 2023](#id.azcvlgnyor7) | F-4 |
| [Consolidated Statement of Income for the year ended December 31, 2024 and 2023](#id.svgxm3trd0y) | F-5 |
| [Consolidated Statement of Members' Equity for the year ended December 31, 2024 and 2023](#id.owypcvkdju8r) | F-6 |
| [Consolidated Statement of Cash Flows for the year ended December 31, 2024 and 2023](#id.douocgleeuse) | F-7 |
| [Consolidated and consolidating Balance Sheet as of December 31, 2024](#id.vtuzp81gx7pt) | F-8 |
| [Consolidated and consolidating Statement of Income for the year ended December 31, 2024](#id.9mf117qh7yor) | F-9 |
| [Consolidated and consolidating Statement of Members' Equity for the year ended December 31, 2024](#id.j98ewcu1f59d) | F-10 |
| [Consolidated and consolidating Statement of Cash Flows for the year ended December 31, 2024](#id.qrlohfn04qhu) | F-11 |
| [Notes to the Consolidated and consolidating Financial Statements](#id.sc1cvpnwttnn) | F-12 |

---

**Independent Auditor's Report**

Yizhen Zhao

Ark7 Properties LLC

San Francisco, CA, United States of America

**Report on the Audit of the Financial Statements**

***Opinion***

We have audited the consolidated and consolidating financial statements of Ark7 Properties LLC (the "APL") and its Series, which comprise the consolidated and consolidating balance sheets as of December 31, 2024 and 2023, and the related consolidated and consolidating statements of income, members' equity, and cash flows for the year ended December 31, 2023, and the related notes (collectively referred to as the consolidated and consolidating financial statements).

In our opinion, the accompanying consolidated and consolidating financial statements present fairly, in all material respects, the financial position of the APL as of December 31, 2024 and 2023, the results of its operations, and its cash flows for the year ended December 31, 2023, in accordance with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). 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 APL and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. 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 consolidated and consolidating 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 consolidated and consolidating financial statements that are free from material misstatement, whether due to fraud or error.

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

**Auditor's Responsibilities for the Audit of the Financial Statements**

Our objectives are to obtain reasonable assurance about whether the consolidated and consolidating 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 GAAS 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 consolidated and consolidating financial statements.

In performing an audit in accordance with GAAS, we:

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

* Identify and assess the risks of material misstatement of the consolidated and consolidating 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 consolidated and consolidating 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 APL'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 consolidated and consolidating financial statements.

* Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the APL'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.

***Emphasis of Matter***

The accompanying financial statements have been prepared assuming that APL will continue as a going concern. As discussed in Note 1 to the financial statements, APL has experienced recurring operating losses. However, the current year's loss is significantly lower than in the prior year, indicating progress toward improved financial performance. Management has implemented various strategies to strengthen operations and is actively pursuing further measures to enhance financial results. While continued monitoring is necessary, management believes that current and planned initiatives, together with ongoing capital support, will be sufficient to sustain operations.

Management's plans are further described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Our opinion is not modified with respect to this matter.

/s/ Norbie Gaerlan

____________________

San Francisco, CA

June 2, 2025

**Ark7 Properties LLC**

**Consolidated Balance Sheet**

**As of December 31, 2024 and 2023**

---

| | | |
|:---|:---|:---|
| **Description** | **December 31, 2024** | **December 31, 2023** |
| **Assets** |  |  |
| &nbsp;&nbsp;<br>**Current Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Cash and cash equivalents | $208635 | $268641 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Receivables |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Related party receivables | 4463144 | 2507090 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Prepaid expenses | 107816 | 109360 |
| &nbsp;&nbsp;<br>**Total Current Assets** | 4779595 | 2885091 |
| &nbsp;&nbsp;<br>**Noncurrent Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Property, plant, and equipment** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Property, plant, and equipment - Cost | 11336152 | 11213264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Property, plant, and equipment - Accumulated Depreciation | (1451175) | (1079458) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Total Property, plant, and equipment** | 9884977 | 10133806 |
| &nbsp;&nbsp;<br>**Total Noncurrent Assets** | 9884977 | 10133806 |
| **Total Assets** | 14664572 | 13018897 |
| **Liabilities & Members' Equity** |  |  |
| &nbsp;&nbsp;<br>**Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Current Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Accounts payable and accrued liabilities | 77072 | 90235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Current portion of mortgage payable | 115890 | 112938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Related party payables | 3205292 | 572711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Other liabilities, current | 68244 | 62130 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Total Current Liabilities** | 3466498 | 838014 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Noncurrent Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Mortgage payable | 5246955 | 5357250 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Total Noncurrent Liabilities** | 5246955 | 5357250 |
| &nbsp;&nbsp;<br>**Total Liabilities** | 8713453 | 6195264 |
| &nbsp;&nbsp;<br>**Member's Equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Members' Equity | 8098747 | 8671636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Retained Earnings (Accumulated Deficit) | (2147629) | (1848003) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Total Equity** | 5951118 | 6823633 |
| &nbsp;&nbsp;<br>**Total Member's Equity** | 5951118 | 6823633 |
| **Total Liabilities & Members' Equity** | $14664572 | $13018897 |

---

**Ark7 Properties LLC**

**Consolidated Statement of Income**

**For the year ended December 31, 2024 and 2023**

---

| | | |
|:---|:---|:---|
| **Description** | **December 31, 2024** | **December 31, 2023** |
| **Net Income (Loss)** |  |  |
| &nbsp;&nbsp;<br>**Gross Profit (Loss)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Rental Income | $779707 | $730261 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Other rental fees | 5773 | 4542 |
| &nbsp;&nbsp;<br>**Total Gross Profit (Loss)** | 785481 | 734803 |
| &nbsp;&nbsp;<br>**Operating Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>General and administrative expenses | 264624 | 444475 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Depreciation and amortization expenses | 377046 | 360696 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Property tax and state fee | 170572 | 155145 |
| &nbsp;&nbsp;<br>**Total Operating Expenses** | 812241 | 960316 |
| &nbsp;&nbsp;<br>**Operating Income (Loss)** | (26760) | (225513) |
| &nbsp;&nbsp;<br>**Other Income (Loss)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Interest expense | (237868) | (247345) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Interest expense, related party | (35000) | (35000) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Other income (expense) |  | (368) |
| &nbsp;&nbsp;<br>**Total Other Income (Loss)** | (272868) | (282714) |
| **Total Net Income (Loss)** | $(299628) | $(508227) |

---

**Ark7 Properties LLC**

**Consolidated Statement of Members' Equity**

**For the year ended December 31, 2024 and 2023**

---

| | | |
|:---|:---|:---|
| **Description** | **December 31, 2024** | **December 31, 2023** |
| **Balance at the beginning of the period** | $6823635 | $7039524 |
| Equity Contribution | (35274) | 883835 |
| Net Income (Loss) | (299628) | (508227) |
| Distribution | (537614) | (591497) |
| **Balance at the end of the period** | $5951118 | $6823635 |

---

**Ark7 Properties LLC**

**Consolidated Statement of Cash Flows**

**For the year ended December 31, 2024 and 2023**

---

| | | |
|:---|:---|:---|
| **Description** | **December 31, 2024** | **December 31, 2023** |
| **Cash Flows From Operating Activities** |  |  |
| &nbsp;&nbsp;<br>Net Income (Loss) | $(299628) | $(508229) |
| &nbsp;&nbsp;<br>**Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used in) Operating Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Depreciation and amortization | 377046 | 366010 |
| <br>**(Increase) decrease in operating assets, net of effects of businesses acquired** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Accounts receivable | 8310 | 37386 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Related party receivables | 597760 | 37386 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Prepaid expenses | (11769) | (7660) |
| &nbsp;&nbsp;<br>**Increase (decrease) in operating liabilities, net of effects of businesses acquired** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Accounts payable and accrued expenses | 12686 | 72600 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Related party payables | 1656588 | 62711 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Other liabilities | 6114 | (24835) |
| **Net Cash Provided by (Used in) Operating Activities** | 2347107 | 45369 |
| **Cash Flows from Investing Activities** |  |  |
| &nbsp;&nbsp;<br>Purchase of property, plant, and equipment | (122887) | (315054) |
| **Cash Flows from Financing Activities** |  |  |
| &nbsp;&nbsp;<br>Proceeds from issuance of debt | 351577 |  |
| &nbsp;&nbsp;<br>Repayment of related party debt | (380000) | (108230) |
| &nbsp;&nbsp;<br>Proceeds from private offerings | (35274) | 883835 |
| &nbsp;&nbsp;<br>Distributions to partners | (537614) | (591497) |
| **Net Cash Provided by (Used in) Financing Activities** | (2284225) | 184108 |
| **Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash** | (60005) | (85577) |
| **Cash, Cash Equivalents, and Restricted Cash at the beginning of the period** | 268641 | 391604 |
| **Cash, Cash Equivalents, and Restricted Cash at the end of the period** | 208635 | 306027 |
| **Supplemental Cash Flow information** |  |  |
| &nbsp;&nbsp;<br>**Cash Paid During the Year for** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Interest | $237868 | $242033 |

---

**Ark7 Properties LLC**

**Consolidated and consolidating Balance Sheet**

**As of December 31, 2024**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Ark7 Properties LLC** | **Ark7 Properties LLC - Series #8YFFL** | **Ark7 Properties LLC - Series #BOBHU** | **Ark7 Properties LLC - Series #DJVWQ** | **Ark7 Properties LLC - Series #DTMEW** | **Ark7 Properties LLC - Series #EKPES** | **Ark7 Properties LLC - Series #FFKEC** | **Ark7 Properties LLC - Series #KM1OU** | **Ark7 Properties LLC - Series #KYLBE** | **Ark7 Properties LLC - Series #LCYPL** |
| **Assets** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>**Current Assets** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Cash and cash equivalents | $185702 | $953 | $- | $0 | $2734 | $5659 | $- | $3567 | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Receivables |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Related party receivables | 4463144 | 237873 | (1076) | 917668 | 71077 | 12940 | (1000) | 318316 | 519828 | (2009) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Prepaid expenses |  | 512 |  | 21431 | 6195 | 1506 | 0 | 9708 | 35418 | (0) |
| &nbsp;&nbsp;<br>**Total Current Assets** | 4648845 | 239337 | (1076) | 939099 | 80006 | 20105 | (1000) | 331592 | 555246 | (2009) |
| &nbsp;&nbsp;<br>**Noncurrent Assets** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Property, plant, and equipment** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Property, plant, and equipment - Cost |  | 469696 |  | 2091311 | 243880 | 487173 |  | 908466 | 1545007 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Property, plant, and equipment - Accumulated Depreciation |  | (56451) |  | (328415) | (33063) | (37749) |  | (98348) | (266521) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Total Property, plant, and equipment** |  | 413245 |  | 1762896 | 210816 | 449424 |  | 810119 | 1278487 |  |
| &nbsp;&nbsp;<br>**Total Noncurrent Assets** |  | 413245 |  | 1762896 | 210816 | 449424 |  | 810119 | 1278487 |  |
| **Total Assets** | 4648845 | 652583 | (1076) | 2701995 | 290822 | 469530 | (1000) | 1141710 | 1833732 | (2009) |
| **Liabilities & Members' Equity** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>**Liabilities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Current Liabilities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Accounts payable and accrued liabilities | 77072 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Current portion of mortgage payable |  | 4791 |  | 27777 |  | 2983 |  | 6184 | 17247 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Related party payables | 5089854 |  |  |  |  | 340700 |  | 416756 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Other liabilities, current | 81 | 2900 |  | 8405 | 500 |  |  |  | 12607 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Total Current Liabilities** | 5167007 | 7691 |  | 36181 | 500 | 343683 |  | 422940 | 29854 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Noncurrent Liabilities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Mortgage payable |  | 239104 |  | 1025912 | 94309 | 180396 |  | 443118 | 655617 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Total Noncurrent Liabilities** |  | 239104 |  | 1025912 | 94309 | 180396 |  | 443118 | 655617 |  |
| &nbsp;&nbsp;<br>**Total Liabilities** | 5167007 | 246796 |  | 1062093 | 94809 | 524078 |  | 866058 | 685472 |  |
| &nbsp;&nbsp;<br>**Member's Equity** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Equity** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Members' Equity |  | 484660 |  | 1747276 | 252742 | 103625 |  | 465391 | 1344846 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Retained Earnings (Accumulated Deficit) | (518162) | (78872) | (1076) | (107374) | (56729) | (158174) | (1000) | (189738) | (196585) | (2009) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Total Equity** | (518162) | 405787 | (1076) | 1639902 | 196013 | (54549) | (1000) | 275653 | 1148261 | (2009) |
| &nbsp;&nbsp;<br>**Total Member's Equity** | (518162) | 405787 | (1076) | 1639902 | 196013 | (54549) | (1000) | 275653 | 1148261 | (2009) |
| **Total Liabilities & Members' Equity** | $4648845 | $652583 | $(1076) | $2701995 | $290822 | $469530 | $(1000) | $1141710 | $1833732 | $(2009) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Ark7 Properties LLC - Series #MHQNN** | **Ark7 Properties LLC - Series #OYNYT** | **Ark7 Properties LLC - Series #PBIUH** | **Ark7 Properties LLC - Series #PFUNR** | **Ark7 Properties LLC - Series #RUSUU** | **Ark7 Properties LLC - Series #SOYGJ** | **Ark7 Properties LLC - Series #TBQSK** | **Ark7 Properties LLC - Series #XZQRZ** | **Eliminating** | **Total** |
| **Assets** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>**Current Assets** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Cash and cash equivalents | $- | $- | $565 | $1340 | $716 | $879 | $2043 | $4475 | $- | $208635 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Receivables |  |  |  |  |  |  |  |  |  | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Related party receivables | (278079) | (703) | 153188 | 268959 | 266030 | 260371 | 450414 | 643221 | (3837018) | 4463144 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Prepaid expenses | 20633 | 4 | 1757 | 1693 | 1055 | 2890 | 2088 | 2927 |  | 107816 |
| &nbsp;&nbsp;<br>**Total Current Assets** | (257446) | (699) | 155510 | 271992 | 267802 | 264141 | 454545 | 650623 | (3837018) | 4779595 |
| &nbsp;&nbsp;<br>**Noncurrent Assets** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Property, plant, and equipment** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Property, plant, and equipment - Cost | 1780057 |  | 325069 | 508355 | 458140 | 485780 | 809406 | 1223811 |  | 11336152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Property, plant, and equipment - Accumulated Depreciation | (272862) |  | (39055) | (61375) | (42512) | (47311) | (62613) | (104900) |  | (1451175) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Total Property, plant, and equipment** | 1507196 |  | 286013 | 446980 | 415628 | 438469 | 746792 | 1118911 |  | 9884977 |
| &nbsp;&nbsp;<br>**Total Noncurrent Assets** | 1507196 |  | 286013 | 446980 | 415628 | 438469 | 746792 | 1118911 |  | 9884977 |
| **Total Assets** | 1249750 | (699) | 441524 | 718972 | 683430 | 702609 | 1201338 | 1769534 | (3837018) | 14664572 |
| **Liabilities & Members' Equity** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>**Liabilities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Current Liabilities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Accounts payable and accrued liabilities |  |  |  |  |  |  |  |  |  | 77072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Current portion of mortgage payable | 17247 |  | 3583 | 5345 | 5733 | 5771 | 7376 | 11853 |  | 115890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Related party payables |  |  |  |  | 240000 | 240000 |  | 715000 | (3837018) | 3205292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Other liabilities, current | 13889 |  | 2500 | 2500 |  | 2725 | 11587 | 10551 |  | 68244 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Total Current Liabilities** | 31136 |  | 6083 | 7845 | 245733 | 248496 | 18962 | 737404 | (3837018) | 3466498 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Noncurrent Liabilities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Mortgage payable | 655617 |  | 159274 | 266654 | 232902 | 234834 | 433013 | 626205 |  | 5246955 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Total Noncurrent Liabilities** | 655617 |  | 159274 | 266654 | 232902 | 234834 | 433013 | 626205 |  | 5246955 |
| &nbsp;&nbsp;<br>**Total Liabilities** | 686754 |  | 165357 | 274499 | 478634 | 483330 | 451975 | 1363608 | (3837018) | 8713453 |
| &nbsp;&nbsp;<br>**Member's Equity** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Equity** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Members' Equity | 689569 |  | 312812 | 525421 | 335177 | 340241 | 842648 | 654339 |  | 8098747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Retained Earnings (Accumulated Deficit) | (126573) | (699) | (36645) | (80948) | (130382) | (120962) | (93285) | (248413) |  | (2147629) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Total Equity** | 562996 | (699) | 276166 | 444473 | 204795 | 219279 | 749363 | 405926 |  | 5951118 |
| &nbsp;&nbsp;<br>**Total Member's Equity** | 562996 | (699) | 276166 | 444473 | 204795 | 219279 | 749363 | 405926 |  | 5951118 |
| **Total Liabilities & Members' Equity** | $1249750 | $(699) | $441524 | $718972 | $683430 | $702609 | $1201338 | $1769534 | $(3837018) | $14664572 |

---

**Ark7 Properties LLC**

**Consolidated and consolidating Statement of Income**

**For the year ended December 31, 2024**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Ark7 Properties LLC** | **Ark7 Properties LLC - Series #8YFFL** | **Ark7 Properties LLC - Series #BOBHU** | **Ark7 Properties LLC - Series #DJVWQ** | **Ark7 Properties LLC - Series #DTMEW** | **Ark7 Properties LLC - Series #EKPES** | **Ark7 Properties LLC - Series #FFKEC** | **Ark7 Properties LLC - Series #KM1OU** | **Ark7 Properties LLC - Series #KYLBE** | **Ark7 Properties LLC - Series #LCYPL** |
| **Net Income (Loss)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>**Gross Profit (Loss)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Rental Income | $- | $27270 | $- | $185078 | $16200 | $400 | $- | $104459 | $103601 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Other rental fees |  |  |  | 2889 |  |  |  |  | 694 |  |
| &nbsp;&nbsp;<br>**Total Gross Profit (Loss)** |  | 27270 |  | 187968 | 16200 | 400 |  | 104459 | 104294 |  |
| &nbsp;&nbsp;<br>**Operating Expenses** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>General and administrative expenses | 321 | 2821 | 60 | 52341 | 13798 | 1110 | 39 | 74283 | 37678 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Depreciation and amortization expenses |  | 15024 |  | 81710 | 10801 | 15237 |  | 33783 | 50607 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Property tax and state fee | 1100 | 10442 | 75 | 37139 | 2860 | 7236 | 75 | 5178 | 31861 | 75 |
| &nbsp;&nbsp;<br>**Total Operating Expenses** | 1421 | 28288 | 135 | 171190 | 27459 | 23583 | 114 | 113244 | 120146 | 386 |
| &nbsp;&nbsp;<br>**Operating Income (Loss)** | (1421) | (1018) | (135) | 16778 | (11259) | (23183) | (114) | (8785) | (15851) | (386) |
| &nbsp;&nbsp;<br>**Other Income (Loss)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Interest income, related party | 170384 | 15641 |  | 60196 | 7095 | 14517 |  | 41692 | 41196 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Interest expense |  | (12583) |  | (32238) | (4561) | (10738) |  | (31299) | (24431) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Interest expense, related party | (388970) | (335) |  |  |  | (27381) |  | (33432) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Other income (expense) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>**Total Other Income (Loss)** | (218585) | 2723 |  | 27958 | 2534 | (23601) |  | (23038) | 16765 |  |
| **Total Net Income (Loss)** | $(220006) | $1705 | $(135) | $44735 | $(8725) | $(46785) | $(114) | $(31824) | $914 | $(386) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Ark7 Properties LLC - Series #MHQNN** | **Ark7 Properties LLC - Series #OYNYT** | **Ark7 Properties LLC - Series #PBIUH** | **Ark7 Properties LLC - Series #PFUNR** | **Ark7 Properties LLC - Series #RUSUU** | **Ark7 Properties LLC - Series #SOYGJ** | **Ark7 Properties LLC - Series #TBQSK** | **Ark7 Properties LLC - Series #XZQRZ** | **Eliminating** | **Total** |
| **Net Income (Loss)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>**Gross Profit (Loss)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Rental Income | $146438 | $- | $16550 | $26743 | $27305 | $28362 | $24002 | $73300 | $- | $779707 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Other rental fees | 837 |  |  | 250 | 300 |  |  | 803 |  | 5773 |
| &nbsp;&nbsp;<br>**Total Gross Profit (Loss)** | 147275 |  | 16550 | 26993 | 27605 | 28362 | 24002 | 74103 |  | 785481 |
| &nbsp;&nbsp;<br>**Operating Expenses** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>General and administrative expenses | 38045 | 46 | 2974 | 5887 | 4282 | 7584 | 8396 | 14647 |  | 264624 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Depreciation and amortization expenses | 58630 |  | 10293 | 16246 | 14417 | 15359 | 25166 | 29772 |  | 377046 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Property tax and state fee | 33253 | 75 | 8429 | 12879 | 2791 | 2715 | 3261 | 11128 |  | 170572 |
| &nbsp;&nbsp;<br>**Total Operating Expenses** | 129928 | 121 | 21696 | 35012 | 21491 | 25658 | 36823 | 55547 |  | 812241 |
| &nbsp;&nbsp;<br>**Operating Income (Loss)** | 17347 | (121) | (5146) | (8019) | 6114 | 2704 | (12820) | 18556 |  | (26760) |
| &nbsp;&nbsp;<br>**Other Income (Loss)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Interest income, related party | 41196 |  | 10230 | 17353 | 14030 | 14124 | 33638 | 43061 | (524354) | (0) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Interest expense | (24431) |  | (7457) | (13960) | (8928) | (8988) | (24433) | (33822) |  | (237868) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Interest expense, related party |  |  |  |  | (27049) | (24050) | (780) | (57357) | 524354 | (35000) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Other income (expense) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>**Total Other Income (Loss)** | 16765 |  | 2772 | 3393 | (21947) | (18914) | 8425 | (48118) |  | (272868) |
| **Total Net Income (Loss)** | $34112 | $(121) | $(2374) | $(4626) | $(15833) | $(16210) | $(4395) | $(29562) | $- | $(299628) |

---

**Ark7 Properties LLC**

**Consolidated and consolidating Statement of Members' Equity**

**For the year ended December 31, 2024**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Ark7 Properties LLC** | **Ark7 Properties LLC - Series #8YFFL** | **Ark7 Properties LLC - Series #BOBHU** | **Ark7 Properties LLC - Series #DJVWQ** | **Ark7 Properties LLC - Series #DTMEW** | **Ark7 Properties LLC - Series #EKPES** | **Ark7 Properties LLC - Series #FFKEC** | **Ark7 Properties LLC - Series #KM1OU** | **Ark7 Properties LLC - Series #KYLBE** | **Ark7 Properties LLC - Series #LCYPL** |
| **Balance at January 01, 2024** | $(298156) | $421817 | $(941) | $1680792 | $212995 | $(23171) | $(886) | $338576 | $1204805 | $(1623) |
| Equity Contribution |  |  |  | 46142 |  | 28105 |  | 995 |  |  |
| Net Income (Loss) | (220006) | 1705 | (135) | 44735 | (8725) | (46785) | (114) | (31824) | 914 | (386) |
| Distribution |  | (17735) |  | (131768) | (8257) | (12698) |  | (32094) | (57459) |  |
| **Balance at December 31, 2024** | $(518162) | $405787 | $(1076) | $1639902 | $196013 | $(54549) | $(1000) | $275653 | $1148261 | $(2009) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Ark7 Properties LLC - Series #MHQNN** | **Ark7 Properties LLC - Series #OYNYT** | **Ark7 Properties LLC - Series #PBIUH** | **Ark7 Properties LLC - Series #PFUNR** | **Ark7 Properties LLC - Series #RUSUU** | **Ark7 Properties LLC - Series #SOYGJ** | **Ark7 Properties LLC - Series #TBQSK** | **Ark7 Properties LLC - Series #XZQRZ** | **Eliminating** | **Total** |
| **Balance at January 01, 2024** | $1317360 | $(578) | $290368 | $462377 | $(41769) | $93978 | $793491 | $374198 | $- | $6823635 |
| Equity Contribution | (689681) |  | 108 |  | 288727 | 166250 |  | 124080 |  | (35274) |
| Net Income (Loss) | 34112 | (121) | (2374) | (4626) | (15833) | (16210) | (4395) | (29562) |  | (299628) |
| Distribution | (98796) |  | (11936) | (13279) | (26330) | (24739) | (39733) | (62791) |  | (537614) |
| **Balance at December 31, 2024** | $562996 | $(699) | $276166 | $444473 | $204795 | $219279 | $749363 | $405926 | $- | $5951118 |

---

**Ark7 Properties LLC**

**Consolidated and consolidating Statement of Cash Flows**

**For the year ended December 31, 2024**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Ark7 Properties LLC** | **Ark7 Properties LLC - Series #8YFFL** | **Ark7 Properties LLC - Series #BOBHU** | **Ark7 Properties LLC - Series #DJVWQ** | **Ark7 Properties LLC - Series #DTMEW** | **Ark7 Properties LLC - Series #EKPES** | **Ark7 Properties LLC - Series #FFKEC** | **Ark7 Properties LLC - Series #KM1OU** | **Ark7 Properties LLC - Series #KYLBE** | **Ark7 Properties LLC - Series #LCYPL** |
| **Cash Flows From Operating Activities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Net Income (Loss) | $(220006) | $1705 | $(135) | $44735 | $(8725) | $(46785) | $(114) | $(31824) | $914 | $(386) |
| &nbsp;&nbsp;<br>**Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used in) Operating Activities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Depreciation and amortization |  | 15024 |  | 81710 | 10801 | 15237 |  | 33783 | 50607 |  |
| **Total Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used in) Operating Activities** |  |  |  |  |  |  |  |  |  |  |
| <br>**(Increase) decrease in operating assets, net of effects of businesses acquired** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Accounts receivable | 8310 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Related party receivables | 485089 | 4545 |  | 26802 | 1848 | 2820 |  | 5789 | 16530 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Prepaid expenses |  | (232) | 60 | (716) | (3061) | 4130 | 39 | (1076) | (10618) | 37 |
| &nbsp;&nbsp;<br>**Increase (decrease) in operating liabilities, net of effects of businesses acquired** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Accounts payable and accrued expenses | 12686 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Related party payables | 869851 | 8021 | 75 | (20012) | 11218 | 14740 | 75 | 49315 | 45025 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Other liabilities | (450) |  |  | (4418) |  |  |  |  | 3291 |  |
| **Net Cash Provided by (Used in) Operating Activities** | 1155480 | 29063 |  | 128103 | 12080 | (9856) |  | 55987 | 105749 |  |
| **Cash Flows from Investing Activities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Payments received from related party loans and notes receivable |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Related party loans and notes receivable issued |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Purchase of property, plant, and equipment |  |  |  | (15674) |  |  |  | (24340) | (31760) |  |
| **Cash Flows from Financing Activities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Proceeds from issuance of debt | 464248 | (4545) |  | (26802) | (1848) | (2820) |  | (5789) | (16530) |  |
| &nbsp;&nbsp;<br>Payments for debt issuance costs |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Repayment of debt |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Proceeds from issuance of related party debt |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Repayment of related party debt |  | (10000) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Proceeds from private offerings |  |  |  | 46142 |  | 28105 |  | 995 |  |  |
| &nbsp;&nbsp;<br>Distributions to partners |  | (17735) |  | (131768) | (8257) | (12698) |  | (32094) | (57459) |  |
| **Net Cash Provided by (Used in) Financing Activities** | (1218666) | (32280) |  | (112428) | (10105) | 12587 |  | (36888) | (73989) |  |
| **Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash** | (63185) | (3217) |  | 0 | 1976 | 2731 |  | (5241) | (0) |  |
| **Cash, Cash Equivalents, and Restricted Cash at January 01, 2024** | 248888 | 4170 |  |  | 759 | 2929 |  | 8808 |  |  |
| **Cash, Cash Equivalents, and Restricted Cash at December 31, 2024** | 185702 | 953 | - | 0 | 2734 | 5659 | - | 3567 | - | - |
| **Supplemental Cash Flow information** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>**Cash Paid During the Year for** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Interest | $- | $12583 | $- | $32238 | $4561 | $10738 | $- | $31299 | $24431 | $- |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Ark7 Properties LLC - Series #MHQNN** | **Ark7 Properties LLC - Series #OYNYT** | **Ark7 Properties LLC - Series #PBIUH** | **Ark7 Properties LLC - Series #PFUNR** | **Ark7 Properties LLC - Series #RUSUU** | **Ark7 Properties LLC - Series #SOYGJ** | **Ark7 Properties LLC - Series #TBQSK** | **Ark7 Properties LLC - Series #XZQRZ** | **Eliminating** | **Total** |
| **Cash Flows From Operating Activities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Net Income (Loss) | $34112 | $(121) | $(2374) | $(4626) | $(15833) | $(16210) | $(4395) | $(29562) | $- | $(299628) |
| &nbsp;&nbsp;<br>**Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used in) Operating Activities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Depreciation and amortization | 58630 |  | 10293 | 16246 | 14417 | 15359 | 25166 | 29772 |  | 377046 |
| **Total Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used in) Operating Activities** |  |  |  |  |  |  |  |  |  |  |
| <br>**(Increase) decrease in operating assets, net of effects of businesses acquired** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Accounts receivable |  |  |  |  |  |  |  |  |  | 8310 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Related party receivables | 16530 |  | 3422 | 5071 | 5536 | 5573 | 6991 | 11214 |  | 597760 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Prepaid expenses | 368 | 46 | (1507) | (886) | 530 | (289) | 778 | 626 |  | (11769) |
| &nbsp;&nbsp;<br>**Increase (decrease) in operating liabilities, net of effects of businesses acquired** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Accounts payable and accrued expenses |  |  |  |  |  |  |  |  |  | 12686 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Related party payables | 730765 | 75 | 8846 | 5736 | (25469) | (1245) | 19731 | (60509) |  | 1656588 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Other liabilities | 6138 |  | 500 | 400 |  |  | 1258 | (604) |  | 6114 |
| **Net Cash Provided by (Used in) Operating Activities** | 846544 |  | 19181 | 21942 | (20819) | 3188 | 49528 | (49063) |  | 2347107 |
| **Cash Flows from Investing Activities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Payments received from related party loans and notes receivable |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Related party loans and notes receivable issued |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Purchase of property, plant, and equipment | (41537) |  |  |  | (6966) |  | (2609) |  |  | (122887) |
| **Cash Flows from Financing Activities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Proceeds from issuance of debt | (16530) |  | (3422) | (5071) | (5536) | (5573) | (6991) | (11214) |  | 351577 |
| &nbsp;&nbsp;<br>Payments for debt issuance costs |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Repayment of debt |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Proceeds from issuance of related party debt |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Repayment of related party debt |  |  |  |  | (230000) | (140000) |  |  |  | (380000) |
| &nbsp;&nbsp;<br>Proceeds from private offerings | (689681) |  | 108 |  | 288727 | 166250 |  | 124080 |  | (35274) |
| &nbsp;&nbsp;<br>Distributions to partners | (98796) |  | (11936) | (13279) | (26330) | (24739) | (39733) | (62791) |  | (537614) |
| **Net Cash Provided by (Used in) Financing Activities** | (805007) |  | (15250) | (18350) | 26861 | (4062) | (46724) | 50075 |  | (2284225) |
| **Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash** | 0 |  | 3930 | 3592 | (924) | (874) | 196 | 1012 |  | (60005) |
| **Cash, Cash Equivalents, and Restricted Cash at January 01, 2024** |  |  | (3365) | (2251) | 1640 | 1754 | 1848 | 3462 |  | 268641 |
| **Cash, Cash Equivalents, and Restricted Cash at December 31, 2024** | - | - | 565 | 1340 | 716 | 879 | 2043 | 4475 | - | 208635 |
| **Supplemental Cash Flow information** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>**Cash Paid During the Year for** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Interest | $24431 | $- | $7457 | $13960 | $8928 | $8988 | $24433 | $33822 | $- | $237868 |

---

**ARK7 PROPERTIES LLC**

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

**NOTE 1: ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

***General Information***

Ark7 Properties LLC (the "APL") is a single-member Delaware limited liability company wholly owned by Ark7 Inc. (the "Parent Company"). The APL was formed on July 24, 2019, in accordance with the Limited Liability Company Act (LLCA) of the state of Delaware. The APL has registered 17 Series Delaware limited liability companies (the "Series Companies"), each of which will be used as an investment vehicle that intends to enable investors to own fractional ownership of a specific rental property. This lowers the cost of entry and minimizes the time commitment for real estate investing. An investment in the APL entitles the investor to the potential economic benefits normally associated with direct property ownership while requiring no investor involvement in asset or property management.

---

| | | | |
|:---|:---|:---|:---|
| **Series** | **Carrier** | **Property Address** | **Registration Date** |
| MHQNN | Berkeley-M1 | 2924 Mabel St, Berkeley, CA 94702 | December 12, 2019 |
| KYLBE | Berkeley-M2 | 3102-3108 California St, Berkeley, CA 94703 | December 12, 2019 |
| PBIUH | Austin-S1 | 901 Solitude Dr., Pflugerville, TX 78660 | July 28, 2020 |
| PFUNR | Austin-S2 | 2016 Creole Dr, Austin, TX 78727 | July 28, 2020 |
| DJVWQ | Berkeley-M3 | 2314 Bonar St, Berkeley, CA 94702 | July 28, 2020 |
| 8YFFL | Austin-S3 | 1804 Laminar Creek Rd, Cedar Park, TX 78613 | January 25, 2021 |
| SOYGJ | Chandler-S4 | 691 W Fairview St, Chandler, AZ 85225 | January 25, 2021 |
| RUSUU | Chandler-S5 | 1872 W Springfield Way, Chandler, AZ 85286 | January 25, 2021 |
| KM1OU | Memphis-M4 | 751-777 St Paul Ave, Memphis, TN 38126 | January 25, 2021 |
| DTMEW | Philadelphia-T1 | 5150 Ranstead St, Philadelphia, PA 19139 | January 25, 2021 |
| XZQRZ | Seattle-D1 | 5250 12th Ave NE, Seattle, WA 98105 | January 25, 2021 |
| BOBHU | N/A | N/A | September 10, 2021 |
| LCYPL | N/A | N/A | September 10, 2021 |
| FFKEC | N/A | N/A | September 14, 2021 |
| OYNYT | N/A | N/A | January 18, 2022 |
| TBQSK | Philadelphia-D2 | 1829 N Bouvier St, Philadelphia, PA 19121 | January 18, 2022 |
| EKPES | Philadelphia-T2 | 1708 W Jefferson St, Philadelphia, PA 19121 | January 18, 2022 |

---

***Management's Plan and Going Concerns***

The accompanying financial statements have been prepared on a going concern basis, which assumes that APL will continue to operate in the foreseeable future and be able to realize its assets and discharge its liabilities in the normal course of business. APL has experienced recurring operating losses, which in prior years raised concerns about its ability to sustain operations without additional financial support. However, for the year ended December 31, 2024, the operational loss was significantly reduced compared to the prior year, reflecting improvement in cost control and revenue growth.

Management has taken a number of steps to strengthen APL's financial position, including securing additional capital contributions and implementing operational efficiencies. These initiatives have contributed to improved financial performance, and management believes that, with continued focus on cost management and strategic fundraising, APL is on a path toward long-term sustainability. While some uncertainties remain, management is confident in its ability to address future challenges and to maintain adequate financial resources to support ongoing operations. Accordingly, the financial statements have been prepared under the assumption that APL will continue as a going concern. No adjustments have been made to the financial statements that might result from the outcome of this uncertainty.

***Statement of compliance***

The accompanying consolidated and consolidating financial statements are prepared in accordance with accounting principles generally accepted in the United States of America. The consolidated and consolidating financial statements include the accounts of the APL and its Series Companies. All intercompany balances and transactions are eliminated in consolidation.

These consolidated and consolidating financial statements have been prepared under the historical cost convention, except for evaluating specific financial instruments carried at fair value.

***Method of accounting***

The consolidated and consolidating financial statement of the APL is prepared on the accrual basis of accounting. It includes only those assets, liabilities, and results of operations that relate to the business of the APL.

***Use of estimates and assumptions***

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. To the extent that there are material differences between these estimates and actual results, the APL's financial condition or operating results will be materially affected. The APL bases its estimates on past experience and other assumptions that the APL believes are reasonable under the circumstances, and the APL evaluates those estimates on an ongoing basis.

***Functional and presentation currency***

Items included in the APL's consolidated financial statements are estimated using the currency that best reflects the economic substance of the underlying events and circumstances related to the APL (the "functional currency"). The functional and presentation currency of the accompanying financial statements is US Dollars (the "USD").

***Revenue recognition***

Rental income is reported on a straight-line basis over the terms of the respective leases. The property rental income for the year ended December 31, 2024 and 2023 was $779,707 and $730,261, respectively.

***The concentration of credit risk***

Financial instruments potentially subject the APL to the concentration of credit risk, primarily cash and tenant receivables. The APL places its cash with financial institutions, and its balances are insured by the Federal Deposit Insurance Corporation up to $250,000. At various times, the APL had a cash balance over the insured amount.

***Fair value measurements***

FASB ASC 820, "Fair Value Measurements" defines fair value for certain financial and nonfinancial assets and liabilities that are recorded at fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. It requires that an entity measure its financial instruments to base fair value on the exit price, maximize the use of observable units and minimize the use of unobservable inputs to determine the exit price. It establishes a hierarchy which prioritizes the inputs to valuation techniques used to measure fair value. This hierarchy increases the consistency and comparability of fair value measurements and related disclosures by maximizing the use of observable inputs and minimizing the use of unobservable inputs by requiring that observable inputs be used when available.

Observable inputs are inputs that reflect the assumptions market participants would use in pricing the assets or liabilities based on market data obtained from sources independent of the APL. Unobservable inputs are inputs that reflect the APL's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy prioritizes the inputs into three broad levels based on the reliability of the inputs as follows:

Level 1 - Inputs are quoted prices in active markets for identical assets or liabilities that the APL has the ability to access at the measurement date. Valuation of these instruments does not require a high degree of judgment as the valuations are based on quoted prices in active markets that are readily and regularly available.

Level 2 - Inputs other than quoted prices in active markets that are either directly or indirectly observable as of the measurement date, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 - Valuations based on inputs that are unobservable and not corroborated by market data. The fair value for such assets and liabilities is generally determined using pricing models, discounted cash flow methodologies, or similar techniques that incorporate the assumptions a market participant would use in pricing the asset or liability.

The carrying values of certain assets and liabilities of the APL approximate fair value due to their either relatively short maturities and/or consistency with current market rates.

***Property, plant, and equipment***

Land is carried at cost. Building, leasehold improvements, furniture, fixtures, and equipment are carried at cost, less accumulated depreciation and amortization. The building, furniture, fixtures, and equipment are depreciated using the straight-line method over the estimated useful lives of the assets. The cost of leasehold improvements is amortized using the straight-line method over the terms of the related leases. Repairs and maintenance are expensed when incurred.

Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The recoverability of long-lived assets is assessed by a comparison of the carrying amount of the asset to the estimated future undiscounted net cash flows expected to be generated by the asset or group of assets. If estimated future undiscounted net cash flows are less than the carrying amount of the asset or group of assets, the asset is considered impaired and an expense is recorded in an amount required to reduce the carrying amount of the asset to its then fair value. Fair value is generally determined from estimated discounted future net cash flows (for assets held for use) or net realizable value (for assets held for sale). For the year ended December 31, 2024 and 2023, the APL has not recognized any impairment losses.

Property, plant and equipment consist of the following as of December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** |
| Buildings and improvements | $9561114 | $9469484 |
| Furniture and fixtures | $144419 | $113162 |
| Land | $1630619 | $1630619 |
| **Property, plant, and equipment, gross** | 11336152 | 11213265 |
| Less: Buildings and improvements - Accumulated Depreciation | (1383780) | (1037136) |
| Furniture and fixtures - Accumulated Depreciation | (65591) | (42320) |
| **Property, plant, and equipment** | $9886781 | $10133810 |

---

Estimated useful life for buildings and improvements is 27.5 years.

Depreciation expenses for the year ended December 31, 2024 and 2023 was $377,046 and $360,696, respectively.

***Lease accounting***

According to the recently adopted Accounting Standards Updated ("ASU") No. 2016-02, Leases (Topic 842) ("ASU 2016- 02" or "ASC 842"), the APL determines whether the arrangement is or contains a lease based on the unique facts and circumstances present in the arrangement. Leases with a term greater than one year are recognized on the balance sheet as right-of-use assets and current and non-current lease liabilities, as applicable. As of December 31, 2024 and 2023, the APL had no long-term leases.

***Income taxes***

The APL is taxed as a Limited Liability Company (LLC). Under these provisions, the APL does not pay federal corporate income taxes on its taxable income. Instead, the shareholders are liable for individual federal and state income taxes on their respective shares of the APL's taxable income.

Each series will be taxed as a C-corporation, with the profits taxed at the series level, independent of distributions to investors. For this offering of series interests to investors, each series will be taxed as a C-corporation, with the profits taxed at the series level, independent of distributions to investors. This means that the Series will owe corporate income tax on its profits and will report these profits and losses for tax purposes at the corporate level. The Series will distribute dividends to investors from the net profits after taxes, subject to our Managing Member's discretion regarding the retention of funds for future working capital needs. Consequently, investors may receive dividend distributions when profits are realized and taxes are paid at the corporate level, which could be independent of the actual cash distributions made to investors.

**NOTE 2: PROPERTY MANAGEMENT RESERVES**

Multiple Series Companies have allocated funds to establish property management reserves. These funds are designed to mitigate future financial uncertainties associated with property-related expenses, including maintenance, repairs, enhancements, or unanticipated costs. The aim is to maintain the properties in satisfactory condition, prevent financial strain, and preclude the necessity for immediate supplementary contributions from investors or owners due to substantial, unexpected expenses.

As of December 31, 2024 and 2023, the balance of the property management reserve was $22,934 and $19,753, respectively, and is included in cash and cash equivalents on the accompanying balance sheet.

**NOTE 3: MORTGAGE PAYABLES**

*Series #8YFFL*

On August 4, 2021, the APL - Series 8YFFL executed a Loan Agreement Secured by the Deed of Trust. According to the Loan Agreement, the APL - Series 8YFFL borrowed $270,000.00 at 4.875% interest with a maturity of August 31, 2051. The outstanding balance of the Loan Payable - Mortgage as of December 31, 2024 and 2023 was $243,896 and $247,986 and is included in current portion of mortgage payable and mortgage payable on the accompanying balance sheet. The interest expense incurred in December 31, 2024 and 2023 was $12,583 and $13,253.

*Series #DJVWQ*

On October 1, 2020, the APL - Series DJVWQ executed a Loan Agreement Secured by the Deed of Trust. According to the Loan Agreement, the APL - Series DJVWQ borrowed $1,169,400.00 at 2.950% interest with a maturity of September 30, 2050. The outstanding balance of the Loan Payable - Mortgage as of December 31, 2024 and 2023 was $1,053,689 and $1,080,146 and is included in current portion of mortgage payable and mortgage payable on the accompanying balance sheet. The interest expense incurred in December 31, 2024 and 2023 was $32,238 and $33,285.

*Series #DTMEW*

On October 12, 2021, the APL - Series DTMEW executed a Loan Agreement Secured by the Deed of Trust. According to the Loan Agreement, the APL - Series DTMEW borrowed $34,600.00 at 3.000% interest with a maturity of October 11, 2022. The outstanding balance of the Loan Payable - Mortgage as of December 31, 2024 and 2023 was $94,309 and $95,929 and is included in current portion of mortgage payable and mortgage payable on the accompanying balance sheet. The interest expense incurred in December 31, 2024 and 2023 was $4,561 and $4,870.

*Series #EKPES*

On April 19, 2022, the APL - Series EKPES executed a Loan Agreement Secured by the Deed of Trust. According to the Loan Agreement, the APL - Series EKPES borrowed $196,000.00 at 5.625% interest with a maturity of May 8, 2052. The outstanding balance of the Loan Payable - Mortgage as of December 31, 2024 and 2023 was $183,378 and $185,992 and is included in current portion of mortgage payable and mortgage payable on the accompanying balance sheet. The interest expense incurred in December 31, 2024 and 2023 was $10,738 and $11,070.

*Series #KM1OU*

On June 29, 2022, the APL - Series KM1OU executed a Loan Agreement Secured by the Deed of Trust. According to the Loan Agreement, the APL - Series KM1OU borrowed $483,000.00 at 6.625% interest with a maturity of July 7, 2052. The outstanding balance of the Loan Payable - Mortgage as of December 31, 2024 and 2023 was $449,302 and $454,351 and is included in current portion of mortgage payable and mortgage payable on the accompanying balance sheet. The interest expense incurred in December 31, 2024 and 2023 was $31,299 and $32,409.

*Series #KYLBE*

On December 1, 2019, the APL - Series KYLBE executed a Loan Agreement Secured by the Deed of Trust. According to the Loan Agreement, the APL - Series KYLBE borrowed $756,250.00 at 3.500% interest with a maturity of November 30, 2049. The outstanding balance of the Loan Payable - Mortgage as of December 31, 2024 and 2023 was $672,865 and $689,149 and is included in current portion of mortgage payable and mortgage payable on the accompanying balance sheet. The interest expense incurred in December 31, 2024 and 2023 was $24,431 and $25,186.

*Series #MHQNN*

On December 1, 2019, the APL - Series MHQNN executed a Loan Agreement Secured by the Deed of Trust. According to the Loan Agreement, the APL - Series MHQNN borrowed $756,250.00 at 3.500% interest with a maturity of November 30, 2049. The outstanding balance of the Loan Payable - Mortgage as of December 31, 2024 and 2023 was $672,865 and $689,149 and is included in current portion of mortgage payable and mortgage payable on the accompanying balance sheet. The interest expense incurred in December 31, 2024 and 2023 was $24,431 and $25,186.

*Series #PBIUH*

On August 12, 2021, the APL - Series PBIUH executed a Loan Agreement Secured by the Deed of Trust. According to the Loan Agreement, the APL - Series PBIUH borrowed $184,500.00 at 4.250% interest with a maturity of August 31, 2051. The outstanding balance of the Loan Payable - Mortgage as of December 31, 2024 and 2023 was $162,857 and $165,865 and is included in current portion of mortgage payable and mortgage payable on the accompanying balance sheet. The interest expense incurred in December 31, 2024 and 2023 was $7,457 and $8,014.

*Series #PFUNR*

On July 22, 2021, the APL - Series PFUNR executed a Loan Agreement Secured by the Deed of Trust. According to the Loan Agreement, the APL - Series PFUNR borrowed $300,000.00 at 4.875% interest with a maturity of July 31, 2051. The outstanding balance of the Loan Payable - Mortgage as of December 31, 2024 and 2023 was $271,999 and $276,617 and is included in current portion of mortgage payable and mortgage payable on the accompanying balance sheet. The interest expense incurred in December 31, 2024 and 2023 was $13,960 and $14,653.

*Series #RUSUU*

On November 4, 2021, the APL - Series RUSUU executed a Loan Agreement Secured by the Deed of Trust. According to the Loan Agreement, the APL - Series RUSUU borrowed $268,200.00 at 3.500% interest with a maturity of November 7, 2051. The outstanding balance of the Loan Payable - Mortgage as of December 31, 2024 and 2023 was $238,634 and $243,681 and is included in current portion of mortgage payable and mortgage payable on the accompanying balance sheet. The interest expense incurred in December 31, 2024 and 2023 was $8,928 and $9,582.

*Series #SOYGJ*

On October 21, 2021, the APL - Series SOYGJ executed a Loan Agreement Secured by the Deed of Trust. According to the Loan Agreement, the APL - Series SOYGJ borrowed $270,000.00 at 3.500% interest with a maturity of November 7, 2051. The outstanding balance of the Loan Payable - Mortgage as of December 31, 2024 and 2023 was $240,605 and $245,700 and is included in current portion of mortgage payable and mortgage payable on the accompanying balance sheet. The interest expense incurred in December 31, 2024 and 2023 was $8,988 and $9,633.

*Series #TBQSK*

On May 31, 2022, the APL - Series TBQSK executed a Loan Agreement Secured by the Deed of Trust. According to the Loan Agreement, the APL - Series TBQSK borrowed $468,000.00 at 5.375% interest with a maturity of June 7, 2052. The outstanding balance of the Loan Payable - Mortgage as of December 31, 2024 and 2023 was $440,389 and $446,985 and is included in current portion of mortgage payable and mortgage payable on the accompanying balance sheet. The interest expense incurred in December 31, 2024 and 2023 was $24,433 and $25,193.

*Series #XZQRZ*

On July 28, 2021, the APL - Series XZQRZ executed a Loan Agreement Secured by the Deed of Trust. According to the Loan Agreement, the APL - Series XZQRZ borrowed $690,000.00 at 5.125% interest with a maturity of July 31, 2051. The outstanding balance of the Loan Payable - Mortgage as of December 31, 2024 and 2023 was $638,058 and $648,642 and is included in current portion of mortgage payable and mortgage payable on the accompanying balance sheet. The interest expense incurred in December 31, 2024 and 2023 was $33,822 and $35,010.

Mortgage interest expenses for the year ended December 31, 2024 and 2023 was $237,868 and $247,345.

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** |
| Current Portion of Mortgage Payable | $115890 | $111090 |

---

Maturities of the mortgage payable are as follows (excluding the net of the finance cost):

---

| | |
|:---|:---|
| **Year** | **Amount** |
| 2025 | 115890 |
| 2026 | 120670 |
| 2027 | 125659 |
| 2028 | 130663 |
| 2029 | 136304 |
| Thereafter | 4875477 |
| **Total** | $5504664 |

---

**NOTE 3: TRANSACTIONS WITH RELATED PARTIES**

***Loan Receivable - due from affiliate***

The APL occasionally pays for the Parent Company for covering administrative costs. The loan has been structured as receivable from the Parent Company to the APL. These advances are non-interest bearing and are due on demand. The outstanding balance due from the affiliate as of December 31, 2024 and 2023 was $2,510,689 and $2,507,090, respectively, and is included in the related party receivable section on the accompanying balance sheet.

***Loan Payable - due to affiliate***

The parent Company pay APL for covering administrative costs. The loan has been structured as payable to the Parent Company from the APL. These advances are non-interest bearing and are due on demand. The outstanding balance due to the affiliate as of December 31, 2024 and 2023 was $689,739 and $75,900, respectively, and is included in the related party receivable section on the accompanying balance sheet.

***Related party loan***

APL has received a loan from its Parent Company to cover administrative costs. The loan is structured as a down payment loan with a 7% interest rate and has an outstanding balance of $500,000. The interest expense incurred in 2024 and 2023 was $35,000 for both years.

***Property sourcing fee and security marketing fee***

Pursuant to the Operating Agreement the Asset Manager, as consideration for assisting in the sourcing of the Underlying Asset of a Series, to the extent not waived by the Managing Member in its sole discretion, will receive 3.0% (of the maximum offering amount) Sourcing Fee. The sourcing fee is in connection with the search and negotiation of the property purchase as set forth in the Certificate of Designations for the Series. A security marketing fee is a charge that typically covers the costs associated with marketing and promoting investment security to potential investors. These fees are charged at 3% of the maximum offering amount.

No property sourcing fee and security marketing fee incurred in 2024.

***Asset management fee***

For services performed, the Series will pay an annual Asset Management Fee to the Asset Manager in respect of each fiscal year, 10% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. Any such amount will be paid at the same time as, and only if, a distribution is made from the Series to its Members.

*Series #MHQNN*

The Series #MHQNN has entered into an Asset Management Agreement with the Parent Company (the Asset Manager), the managing member of the Series #MHQNN and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series #MHQNN together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation"). As of December 31, 2024 and 2023, the prepaid Asset Management Fee was $0 and $0, respectively. Asset Management Fee for the year ended December 31, 2024 and 2023, was $15,135 and $0, respectively.

*Series #KYLBE*

The Series #KYLBE has entered into an Asset Management Agreement with the Parent Company (the Asset Manager), the managing member of the Series #KYLBE and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series #KYLBE together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation"). As of December 31, 2024 and 2023, the prepaid Asset Management Fee was $0 and $0, respectively. Asset Management Fee for the year ended December 31, 2024 and 2023, was $10,149 and $0, respectively.

*Series #DJVWQ*

The Series #DJVWQ has entered into an Asset Management Agreement with the Parent Company (the Asset Manager), the managing member of the Series #DJVWQ and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series #DJVWQ together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation"). As of December 31, 2024 and 2023, the prepaid Asset Management Fee was $0 and $0, respectively. Asset Management Fee for the year ended December 31, 2024 and 2023, was $27,107 and $0, respectively.

*Series #PBIUH*

The Series #PBIUH has entered into an Asset Management Agreement with the Parent Company (the Asset Manager), the managing member of the Series #PBIUH and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series #PBIUH together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation"). As of December 31, 2024 and 2023, the prepaid Asset Management Fee was $0 and $0, respectively. Asset Management Fee for the year ended December 31, 2024 and 2023, was $1,816 and $0, respectively.

*Series #PFUNR*

The Series #PFUNR has entered into an Asset Management Agreement with the Parent Company (the Asset Manager), the managing member of the Series #PFUNR and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series #PFUNR together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation"). As of December 31, 2024 and 2023, the prepaid Asset Management Fee was $0 and $0, respectively. Asset Management Fee for the year ended December 31, 2024 and 2023, was $3,156 and $0, respectively.

*Series #8YFFL*

The Series #8YFFL has entered into an Asset Management Agreement with the Parent Company (the Asset Manager), the managing member of the Series #8YFFL and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series #8YFFL together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation"). As of December 31, 2024 and 2023, the prepaid Asset Management Fee was $0 and $0, respectively. Asset Management Fee for the year ended December 31, 2024 and 2023, was $1,909 and $0, respectively.

*Series #XZQRZ*

The Series #XZQRZ has entered into an Asset Management Agreement with the Parent Company (the Asset Manager), the managing member of the Series #XZQRZ and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series #XZQRZ together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation"). As of December 31, 2024 and 2023, the prepaid Asset Management Fee was $0 and $0, respectively. Asset Management Fee for the year ended December 31, 2024 and 2023, was $3,392 and $0, respectively.

*Series #DTMEW*

The Series #DTMEW has entered into an Asset Management Agreement with the Parent Company (the Asset Manager), the managing member of the Series #DTMEW and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series #DTMEW together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation"). As of December 31, 2024 and 2023, the prepaid Asset Management Fee was $0 and $0, respectively. Asset Management Fee for the year ended December 31, 2024 and 2023, was $150 and $0, respectively.

*Series #SOYGJ*

The Series #SOYGJ has entered into an Asset Management Agreement with the Parent Company (the Asset Manager), the managing member of the Series #SOYGJ and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series #SOYGJ together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation"). As of December 31, 2024 and 2023, the prepaid Asset Management Fee was $0 and $0, respectively. Asset Management Fee for the year ended December 31, 2024 and 2023, was $4,005 and $0, respectively.

*Series #RUSUU*

The Series #RUSUU has entered into an Asset Management Agreement with the Parent Company (the Asset Manager), the managing member of the Series #RUSUU and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series #RUSUU together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation"). As of December 31, 2024 and 2023, the prepaid Asset Management Fee was $0 and $0, respectively. Asset Management Fee for the year ended December 31, 2024 and 2023, was $2,553 and $0, respectively.

*Series #KM1OU*

The Series #KM1OU has entered into an Asset Management Agreement with the Parent Company (the Asset Manager), the managing member of the Series #KM1OU and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series #KM1OU together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation"). As of December 31, 2024 and 2023, the prepaid Asset Management Fee was $0 and $0, respectively. Asset Management Fee for the year ended December 31, 2024 and 2023, was $29,647 and $0, respectively.

*Series #TBQSK*

The Series #TBQSK has entered into an Asset Management Agreement with the Parent Company (the Asset Manager), the managing member of the Series #TBQSK and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series #TBQSK together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation"). As of December 31, 2024 and 2023, the prepaid Asset Management Fee was $0 and $0, respectively. Asset Management Fee for the year ended December 31, 2024 and 2023, was $4,769 and $0, respectively.

*Series #EKPES*

The Series #EKPES has entered into an Asset Management Agreement with the Parent Company (the Asset Manager), the managing member of the Series #EKPES and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series #EKPES together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation"). As of December 31, 2024 and 2023, the prepaid Asset Management Fee was $0 and $0, respectively. Asset Management Fee for the year ended December 31, 2024 and 2023, was $400 and $0, respectively.

**NOTE 4: SUBSEQUENT EVENTS**

Management has evaluated subsequent events through the date on the consolidated financial statements that were available to be issued, which is June 2, 2025 and has determined that there were no material subsequent events that require disclosure in these financial statements.

**NOTE 5: APPROVAL OF CONSOLIDATED FINANCIAL STATEMENTS**

The consolidated and consolidating financial statements have been approved by the management of the APL and authorized for issue on June 2, 2025.

**ARK7 PROPERTIES LLC**

**AUDITED CONSOLIDATED AND CONSOLIDATING FINANCIAL STATEMENTS**

**For the year ended December 31, 2023 and 2022**

**Table of Contents**

---

| | |
|:---|:---|
| [Independent Auditor's Report](#id.v5eue5p7v2y9) | F-3 |
| [Consolidated Balance Sheet as of December 31, 2023 and 2022](#id.azcvlgnyor7) | F-4 |
| [Consolidated Statement of Income for the year ended December 31, 2023 and 2022](#id.svgxm3trd0y) | F-5 |
| [Consolidated Statement of Members' Equity for the year ended December 31, 2023 and 2022](#id.owypcvkdju8r) | F-6 |
| [Consolidated Statement of Cash Flows for the year ended December 31, 2023 and 2022](#id.douocgleeuse) | F-7 |
| [Consolidated and consolidating Balance Sheet as of December 31, 2023 and 2022](#id.vtuzp81gx7pt) | F-8 |
| [Consolidated and consolidating Statement of Income for the year ended December 31, 2023 and 2022](#id.9mf117qh7yor) | F-9 |
| [Consolidated and consolidating Statement of Members' Equity for the year ended December 31, 2023 and 2022](#id.j98ewcu1f59d) | F-10 |
| [Consolidated and consolidating Statement of Cash Flows for the year ended December 31, 2023 and 2022](#id.qrlohfn04qhu) | F-11 |
| [Notes to the Consolidated and consolidating Financial Statements](#id.sc1cvpnwttnn) | F-12 |

---

**Independent Auditor's Report**

Yizhen Zhao

Ark7 Properties LLC

San Francisco, CA, United States of America

**Report on the Audit of the Financial Statements**

***Opinion***

We have audited the consolidated and consolidating financial statements of Ark7 Properties LLC (the "APL") and its Series, which comprise the consolidated and consolidating balance sheets as of December 31, 2023 and 2022, and the related consolidated and consolidating statements of income, members' equity, and cash flows for the year ended December 31, 2022, and the related notes (collectively referred to as the consolidated and consolidating financial statements).

In our opinion, the accompanying consolidated and consolidating financial statements present fairly, in all material respects, the financial position of the APL as of December 31, 2023 and 2022, the results of its operations, and its cash flows for the year ended December 31, 2022, in accordance with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). 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 APL and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. 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 consolidated and consolidating 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 consolidated and consolidating financial statements that are free from material misstatement, whether due to fraud or error.

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

**Auditor's Responsibilities for the Audit of the Financial Statements**

Our objectives are to obtain reasonable assurance about whether the consolidated and consolidating 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 GAAS 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 consolidated and consolidating financial statements.

In performing an audit in accordance with GAAS, we:

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

* Identify and assess the risks of material misstatement of the consolidated and consolidating 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 consolidated and consolidating 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 APL'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 consolidated and consolidating financial statements.

* Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the APL'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.

***Emphasis of Matter***

The accompanying financial statements have been prepared assuming that the APL will continue as a going concern. As discussed in Note 1 to the financial statements, the APL has suffered recurring losses from operations, has a net capital deficiency, and has stated that substantial doubt exists about the APL's ability to continue as a going concern. Management's evaluation of the events and conditions and management's plans regarding these matters are also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Our opinion is not modified with respect to this matter.

/s/ Flex-Tax, Inc.

____________________

Flex-Tax, Inc. San Francisco, CA

San Francisco, CA

February 9, 2024

**Ark7 Properties LLC**

**Consolidated Balance Sheet**

**As of December 31, 2023 and 2022**

---

| | | |
|:---|:---|:---|
| **Description** | **December 31, 2023** | **December 31, 2022** |
| **Assets** |  |  |
| &nbsp;&nbsp;<br>**Current Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Cash and cash equivalents | $268641 | $391602 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Receivables |  | 37386 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Related party receivables | 2507090 | 2507090 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Prepaid expenses | 109360 | 101700 |
| &nbsp;&nbsp;<br>**Total Current Assets** | 2885091 | 3037780 |
| &nbsp;&nbsp;<br>**Noncurrent Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Property, plant, and equipment** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Property, plant, and equipment - Cost | 11213265 | 10898211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Property, plant, and equipment - Accumulated Depreciation | (1079455) | (718759) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Total Property, plant, and equipment** | 10133810 | 10179452 |
| &nbsp;&nbsp;<br>**Total Noncurrent Assets** | 10133810 | 10179452 |
| **Total Assets** | 13018897 | 13217230 |
| **Liabilities & Members' Equity** |  |  |
| &nbsp;&nbsp;<br>**Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Current Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Accounts payable and accrued liabilities | 90235 | 17635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Current portion of mortgage payable | 112938 | 108701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Related party payables | 572711 | 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Other liabilities, current | 62129 | 86965 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Total Current Liabilities** | 838014 | 713301 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Noncurrent Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Mortgage payable | 5357250 | 5466176 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Total Noncurrent Liabilities** |  |  |
| &nbsp;&nbsp;<br>**Total Liabilities** | 6195264 | 6177706 |
| &nbsp;&nbsp;<br>**Member's Equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Members' Equity | 8671636 | 8379298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Retained Earnings (Accumulated Deficit) | (1848001) | (1339774) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Total Equity** |  |  |
| &nbsp;&nbsp;<br>**Total Member's Equity** | 6823635 | 7039524 |
| **Total Liabilities & Members' Equity** | $13018897 | $13217230 |

---

**Ark7 Properties LLC**

**Consolidated Statement of Income**

**For the year ended December 31, 2023 and 2022**

---

| | | |
|:---|:---|:---|
| **Description** | **December 31, 2023** | **December 31, 2022** |
| **Net Income (Loss)** |  |  |
| &nbsp;&nbsp;<br>**Gross Profit (Loss)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Rental Income | $730261 | $748295 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Other rental fees | 4542 | 13042 |
| &nbsp;&nbsp;<br>**Total Gross Profit (Loss)** | 734803 | 761337 |
| &nbsp;&nbsp;<br>**Operating Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>General and administrative expenses | 444475 | 476287 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Depreciation and amortization expenses | 360696 | 335119 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Property tax and state fee | 155145 | 144122 |
| &nbsp;&nbsp;<br>**Total Operating Expenses** | 960316 | 955528 |
| &nbsp;&nbsp;<br>**Operating Income (Loss)** | (225513) | (194192) |
| &nbsp;&nbsp;<br>**Other Income (Loss)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Interest expense | (247345) | (221543) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Interest expense, related party | (35000) | (35000) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Other income (expense) | (368) |  |
| &nbsp;&nbsp;<br>**Total Other Income (Loss)** | (282714) | (256543) |
| **Total Net Income (Loss)** | $(508227) | $(450734) |

---

**Ark7 Properties LLC**

**Consolidated Statement of Members' Equity**

**For the year ended December 31, 2023 and 2022**

---

| | | |
|:---|:---|:---|
| **Description** | **December 31, 2023** | **December 31, 2022** |
| **Balance at the beginning of the period** | $7039524 | $5978172 |
| Equity Contribution | 883835 | 2045337 |
| Net Income (Loss) | (508227) | (450734) |
| Distribution | (591497) | (533251) |
| **Balance at the end of the period** | $6823635 | $7039524 |

---

**Ark7 Properties LLC**

**Consolidated Statement of Cash Flows**

**For the year ended December 31, 2023 and 2022**

---

| | | |
|:---|:---|:---|
| **Description** | **December 31, 2023** | **December 31, 2022** |
| **Cash Flows From Operating Activities** |  |  |
| &nbsp;&nbsp;<br>Net Income (Loss) | $(508227) | $(450734) |
| &nbsp;&nbsp;<br>**Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used in) Operating Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Depreciation, other operating | 360696 | 335119 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Amortization of debt issuance costs | 5312 | 4665 |
| **Total Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used in) Operating Activities** | 366008 | 339784 |
| <br>**(Increase) decrease in operating assets, net of effects of businesses acquired** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Accounts receivable | 37386 | (7972) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Related party receivables | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Prepaid expenses | (7660) | (74370) |
| &nbsp;&nbsp;<br>**Increase (decrease) in operating liabilities, net of effects of businesses acquired** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Accounts payable and accrued expenses | 72600 | (36633) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Related party payables | 72711 | (1072841) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Other liabilities | (24835) | 25459 |
| **Net Cash Provided by (Used in) Operating Activities** | 7987 | (1277315) |
| **Cash Flows from Investing Activities** |  |  |
| &nbsp;&nbsp;<br>Purchase of property, plant, and equipment | (315054) | (1361965) |
| **Cash Flows from Financing Activities** |  |  |
| &nbsp;&nbsp;<br>Proceeds from issuance of debt |  | 1252500 |
| &nbsp;&nbsp;<br>Payments for debt issuance costs |  | (42320) |
| &nbsp;&nbsp;<br>Repayment of debt | (108231) | (129959) |
| &nbsp;&nbsp;<br>Proceeds from private offerings | 883835 | 2045337 |
| &nbsp;&nbsp;<br>Distributions to partners | (591497) | (533251) |
| **Net Cash Provided by (Used in) Financing Activities** | 184108 | 2592308 |
| **Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash** | (122961) | (46973) |
| **Cash, Cash Equivalents, and Restricted Cash at the beginning of the period** | 391602 | 438575 |
| **Cash, Cash Equivalents, and Restricted Cash at the end of the period** | 268641 | 391602 |
| **Supplemental Cash Flow information** |  |  |
| &nbsp;&nbsp;<br>**Cash Paid During the Year for** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Interest | $242034 | $216878 |

---

**Ark7 Properties LLC**

**Consolidated and consolidating Balance Sheet**

**As of December 31, 2023 and 2022**

**Ark7 Properties LLC**

**Consolidated and consolidating Balance Sheet**

**As of December 31, 2023**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Ark7 Properties LLC** | **Ark7 Properties LLC - Series #MHQNN** | **Ark7 Properties LLC - Series #KYLBE** | **Ark7 Properties LLC - Series #DJVWQ** | **Ark7 Properties LLC - Series #PBIUH** | **Ark7 Properties LLC - Series #PFUNR** | **Ark7 Properties LLC - Series #8YFFL** | **Ark7 Properties LLC - Series #DTMEW** | **Ark7 Properties LLC - Series #KM1OU** | **Ark7 Properties LLC - Series #EKPES** |
| **Assets** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>**Current Assets** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Cash and cash equivalents | $24887 | $- | $- | $- | $(3365) | $(2251) | $4170 | $759 | $8808 | $2929 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Receivables |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Related party receivables | 4839546 | (226292) | (114124) | (164907) | (11855) | (9319) | (10108) | (18177) | (102007) | (161346) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Prepaid expenses |  | 21001 | 24800 | 20715 | 250 | 808 | 280 | 3134 | 8632 | 5636 |
| &nbsp;&nbsp;<br>**Total Current Assets** | 5088433 | (205291) | (89324) | (144192) | (14970) | (10762) | (5658) | (14284) | (84567) | (152781) |
| &nbsp;&nbsp;<br>**Noncurrent Assets** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Property, plant, and equipment** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Property, plant, and equipment - Cost |  | 1738520 | 1513247 | 2075637 | 325069 | 508355 | 469696 | 243880 | 884127 | 487173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Property, plant, and equipment - Accumulated Depreciation |  | (214477) | (216160) | (247050) | (29177) | (45582) | (41882) | (22491) | (65305) | (22718) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Total Property, plant, and equipment** |  | 1524043 | 1297087 | 1828587 | 295892 | 462773 | 427814 | 221389 | 818822 | 464455 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Related party loans and note receivable, noncurrent |  | 695507 | 695507 | 1089366 | 177311 | 289085 | 260547 | 102320 | 475427 | 191846 |
| &nbsp;&nbsp;<br>**Total Noncurrent Assets** |  | 2219550 | 1992594 | 2917953 | 473203 | 751858 | 688361 | 323709 | 1294248 | 656301 |
| **Total Assets** | 5088433 | 2014260 | 1903271 | 2773760 | 458233 | 741095 | 682703 | 309424 | 1209682 | 503520 |
| **Liabilities & Members' Equity** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>**Liabilities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Current Liabilities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Accounts payable and accrued liabilities | 90235 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Current portion of mortgage payable |  | 16580 | 16580 | 26871 | 3434 | 5091 | 4563 | 1848 | 5789 | 2820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Related party payables | (321514) |  |  |  |  |  | 10000 |  | 416756 | 340700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Other liabilities, current | 531 | 7751 | 9317 | 12822 | 2000 | 2100 | 2900 | 500 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Total Current Liabilities** | (230748) | 24331 | 25896 | 39693 | 5434 | 7191 | 17464 | 500 | 422545 | 343520 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Noncurrent Liabilities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Mortgage payable |  | 689148 | 689148 | 1080146 | 165864 | 276618 | 346986 | 95929 | 454351 | 185991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Related party debt, noncurrent | 5617335 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Total Noncurrent Liabilities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>**Total Liabilities** | 5386587 | 696900 | 698465 | 1092968 | 167865 | 278717 | 260886 | 96429 | 871106 | 526692 |
| &nbsp;&nbsp;<br>**Member's Equity** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Equity** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Members' Equity |  | 1478046 | 1402305 | 1832902 | 324640 | 538700 | 502395 | 260999 | 496490 | 88218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Retained Earnings (Accumulated Deficit) | (298156) | (160686) | (197499) | (152110) | (34271) | (76323) | (80578) | (48004) | (157914) | (111390) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Total Equity** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>**Total Member's Equity** | (298156) | 1317360 | 1204805 | 1680792 | 290368 | 462377 | 421817 | 212995 | 338576 | (23171) |
| **Total Liabilities & Members' Equity** | $5088433 | $2014260 | $1903271 | $2773760 | $458233 | $741095 | $682703 | $309424 | $1209682 | $503520 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Ark7 Properties LLC - Series #SOYGJ** | **Ark7 Properties LLC - Series #RUSUU** | **Ark7 Properties LLC - Series #XZQRZ** | **Ark7 Properties LLC - Series #TBQSK** | **Ark7 Properties LLC - Series #BOBHU** | **Ark7 Properties LLC - Series #FFKEC** | **Ark7 Properties LLC - Series #LCYPL** | **Ark7 Properties LLC - Series #OYNYT** | **Eliminating** | **Total** |
| **Assets** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>**Current Assets** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Cash and cash equivalents | $1754 | $1640 | $3462 | $1848 | $- | $- | $- | $- | $- | $268641 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Receivables |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Related party receivables | 3819 | (13212) | (81544) | 18928 | (941) | (888) | (1623) | (628) | (1438231) | 2507090 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Prepaid expenses | 4484 | 3624 | 13062 | 2882 |  | 2 |  | 50 |  | 109360 |
| &nbsp;&nbsp;<br>**Total Current Assets** | 10057 | (7948) | (65018) | 23657 | (941) | (886) | (1623) | (578) | (1438231) | 2885091 |
| &nbsp;&nbsp;<br>**Noncurrent Assets** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Property, plant, and equipment** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Property, plant, and equipment - Cost | 485780 | 451174 | 1223811 | 806797 |  |  |  |  |  | 11213265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Property, plant, and equipment - Accumulated Depreciation | (32430) | (28584) | (75758) | (37842) |  |  |  |  |  | (1079455) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Total Property, plant, and equipment** | 453349 | 422590 | 1148054 | 768955 |  |  |  |  |  | 10133810 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Related party loans and note receivable, noncurrent | 258997 | 257270 | 665960 | 458192 |  |  |  |  | (5617335) | 0 |
| &nbsp;&nbsp;<br>**Total Noncurrent Assets** | 712346 | 679860 | 1814014 | 1227147 |  |  |  |  | (5617335) | 10133810 |
| **Total Assets** | 722403 | 671913 | 1748995 | 1250804 | (941) | (886) | (1623) | (578) | (7055566) | 13018897 |
| **Liabilities & Members' Equity** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>**Liabilities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Current Liabilities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Accounts payable and accrued liabilities |  |  |  |  |  |  |  |  |  | 90235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Current portion of mortgage payable | 5573 | 5536 | 11262 | 6991 |  |  |  |  |  | 112938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Related party payables | 380000 | 470000 | 715000 |  |  |  |  |  | (1438231) | 572711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Other liabilities, current | 2725 |  | 11155 | 10329 |  |  |  |  |  | 62129 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Total Current Liabilities** | 388298 | 475536 | 737417 | 17319 |  |  |  |  | (1438231) | 838014 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Noncurrent Liabilities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Mortgage payable | 245700 | 243681 | 648642 | 446984 |  |  |  |  |  | 5470188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Related party debt, noncurrent |  |  |  |  |  |  |  |  | (5617335) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Total Noncurrent Liabilities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>**Total Liabilities** | 628425 | 713681 | 1374798 | 457313 |  |  |  |  | (7055566) | 6195264 |
| &nbsp;&nbsp;<br>**Member's Equity** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Equity** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Members' Equity | 198730 | 72780 | 593050 | 882381 |  |  |  |  |  | 8671636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Retained Earnings (Accumulated Deficit) | (104752) | (114549) | (218852) | (88890) | (941) | (886) | (1623) | (578) |  | (1848001) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Total Equity** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>**Total Member's Equity** | 93978 | (41769) | 374198 | 793491 | (941) | (886) | (1623) | (578) |  | 6823635 |
| **Total Liabilities & Members' Equity** | $722403 | $671913 | $1748995 | $1250804 | $(941) | $(886) | $(1623) | $(578) | $(7055566) | $13018897 |

---

**Ark7 Properties LLC**

**Consolidated and consolidating Balance Sheet**

**As of December 31, 2022**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Ark7 Properties LLC** | **Ark7 Properties LLC - Series #MHQNN** | **Ark7 Properties LLC - Series #KYLBE** | **Ark7 Properties LLC - Series #DJVWQ** | **Ark7 Properties LLC - Series #PBIUH** | **Ark7 Properties LLC - Series #PFUNR** | **Ark7 Properties LLC - Series #8YFFL** | **Ark7 Properties LLC - Series #DTMEW** | **Ark7 Properties LLC - Series #KM1OU** | **Ark7 Properties LLC - Series #EKPES** |
| **Assets** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>**Current Assets** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Cash and cash equivalents | $377357 | $- | $- | $- | $(3687) | $(4756) | $(6839) | $1483 | $16568 | $2841 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Receivables | 37386 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Related party receivables | 5424211 | (83174) | (71929) | (115285) | (4416) | 6004 | 6297 | (3394) | 18343 | 3616 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Prepaid expenses |  | 19370 | 18938 | 19628 | 1135 | 7029 | 1056 | 2039 | 12782 | 5072 |
| &nbsp;&nbsp;<br>**Total Current Assets** | 5838954 | (63804) | (52990) | (95656) | (6968) | 8276 | 514 | 127 | 47693 | 11529 |
| &nbsp;&nbsp;<br>**Noncurrent Assets** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Property, plant, and equipment** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Property, plant, and equipment - Cost |  | 1631983 | 1510673 | 2053221 | 325069 | 508355 | 469696 | 242380 | 817050 | 413409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Property, plant, and equipment - Accumulated Depreciation |  | (157639) | (166256) | (168961) | (19325) | (29832) | (27353) | (11958) | (34711) | (8402) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Total Property, plant, and equipment** |  | 1474344 | 1344416 | 1884260 | 305743 | 478523 | 442344 | 230422 | 782339 | 405007 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Related party loans and note receivable, noncurrent |  | 711528 | 711528 | 1115467 | 180591 | 293915 | 264876 | 104087 | 480846 | 194512 |
| &nbsp;&nbsp;<br>**Total Noncurrent Assets** |  | 2185872 | 2055945 | 2999728 | 486335 | 772437 | 707220 | 334509 | 1263185 | 599519 |
| **Total Assets** | 5838954 | 2122068 | 2002954 | 2904071 | 479367 | 780714 | 707734 | 334636 | 1310878 | 611048 |
| **Liabilities & Members' Equity** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>**Liabilities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Current Liabilities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Accounts payable and accrued liabilities | 17635 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Current portion of mortgage payable |  | 16070 | 16070 | 26168 | 3291 | 4850 | 4347 | 1767 | 5419 | 2666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Related party payables | 219481 |  |  |  |  |  | 10000 |  | 416756 | 340700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Other liabilities, current |  | 7700 | 11232 | 21962 | 2000 | 4250 | 5040 |  |  | 5100 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Total Current Liabilities** | 237116 | 23770 | 27301 | 48130 | 5291 | 9100 | 19387 |  | 422175 | 348466 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Noncurrent Liabilities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Mortgage payable |  | 704925 | 704925 | 1105903 | 168731 | 280996 | 251862 | 99236 | 459031 | 188239 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Total Noncurrent Liabilities** | 5725779 | 688855 | 688855 | 1079735 | 165440 | 276146 | 247515 | 97469 | 453612 | 185573 |
| &nbsp;&nbsp;<br>**Total Liabilities** | 5962893 | 712625 | 716156 | 1127865 | 170731 | 285246 | 266902 | 97469 | 875787 | 534039 |
| &nbsp;&nbsp;<br>**Member's Equity** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Equity** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Members' Equity |  | 1578902 | 1492256 | 1956046 | 336299 | 555714 | 515464 | 274810 | 535830 | 97885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Retained Earnings (Accumulated Deficit) | (123939) | (169459) | (205458) | (179839) | (27663) | (60247) | (74631) | (37643) | (100739) | (20876) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Total Equity** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>**Total Member's Equity** | (123939) | 1409443 | 1286798 | 1776206 | 308636 | 495468 | 440832 | 237167 | 435091 | 77009 |
| **Total Liabilities & Members' Equity** | $5838954 | $2122068 | $2002954 | $2904071 | $479367 | $780714 | $707734 | $334636 | $1310878 | $611048 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Ark7 Properties LLC - Series #SOYGJ** | **Ark7 Properties LLC - Series #RUSUU** | **Ark7 Properties LLC - Series #XZQRZ** | **Ark7 Properties LLC - Series #TBQSK** | **Ark7 Properties LLC - Series #BOBHU** | **Ark7 Properties LLC - Series #FFKEC** | **Ark7 Properties LLC - Series #LCYPL** | **Ark7 Properties LLC - Series #OYNYT** | **Eliminating** | **Total** |
| **Assets** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>**Current Assets** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Cash and cash equivalents | $656 | $702 | $4686 | $2593 | $- | $- | $- | $- | $- | $391602 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Receivables |  |  |  |  |  |  |  |  |  | 37386 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Related party receivables | 2448 | (4728) | (62537) | 31541 | (827) | 715 | (1260) | (503) | (2636602) | 2507090 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Prepaid expenses | 2540 | 1994 | 1859 | 8181 |  |  | 29 | 50 |  | 101700 |
| &nbsp;&nbsp;<br>**Total Current Assets** | 5643 | (2033) | (55992) | 42314 | (827) | (715) | (1231) | (453) | (2636602) | 3037780 |
| &nbsp;&nbsp;<br>**Noncurrent Assets** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Property, plant, and equipment** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Property, plant, and equipment - Cost | 484271 | 451174 | 1186719 | 804213 |  |  |  |  |  | 10898211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Property, plant, and equipment - Accumulated Depreciation | (17689) | (15313) | (47394) | (13926) |  |  |  |  |  | (718759) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Total Property, plant, and equipment** | 466581 | 435861 | 1139325 | 790287 |  |  |  |  |  | 10179452 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Related party loans and note receivable, noncurrent | 264378 | 262616 | 676615 | 464818 |  |  |  |  | (5725777) |  |
| &nbsp;&nbsp;<br>**Total Noncurrent Assets** | 730960 | 698476 | 1815940 | 1255105 |  |  |  |  |  | 10179452 |
| **Total Assets** | 736603 | 696444 | 1759948 | 1297419 | (827) | (715) | (1231) | (453) | (8362379) | 13217230 |
| **Liabilities & Members' Equity** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>**Liabilities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Current Liabilities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Accounts payable and accrued liabilities |  |  |  |  |  |  |  |  |  | 17635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Current portion of mortgage payable | 5381 | 5346 | 10700 | 626 |  |  |  |  |  | 108701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Related party payables | 400000 | 470000 | 715000 | 564665 |  |  |  |  | (2636602) | 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Other liabilities, current | 5438 | 4624 | 6619 | 13000 |  |  |  |  |  | 86965 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Total Current Liabilities** | 410820 | 479970 | 732319 | 584290 |  |  |  |  | (2636602) | 713301 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Noncurrent Liabilities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Mortgage payable | 250604 | 248540 | 658669 | 447217 |  |  |  |  |  | 5574877 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Total Noncurrent Liabilities** | 245223 | 243194 | 647969 | 446591 |  |  |  |  | (5725777) | 5464405 |
| &nbsp;&nbsp;<br>**Total Liabilities** | 656043 | 723164 | 1380288 | 1030881 |  |  |  |  | (8362379) | 6177706 |
| &nbsp;&nbsp;<br>**Member's Equity** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Equity** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Members' Equity | 155686 | 51997 | 549606 | 278804 |  |  |  |  |  | 8379298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Retained Earnings (Accumulated Deficit) | (75125) | (78717) | (169946) | (12266) | (827) | (715) | (1231) | (453) |  | (1339774) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>**Total Equity** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>**Total Member's Equity** | 80560 | (26720) | 379660 | 266539 | (827) | (715) | (1231) | (453) |  | 7039524 |
| **Total Liabilities & Members' Equity** | $736603 | $696444 | $1759948 | $1297419 | $(827) | $(715) | $(1231) | $(453) | $(8362379) | $13217230 |

---

**Ark7 Properties LLC**

**Consolidated and consolidating Statement of Income**

**For the year ended December 31, 2023 and 2022**

**Ark7 Properties LLC**

**Consolidated and consolidating Statement of Income**

**For the year ended December 31, 2023**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Ark7 Properties LLC** | **Ark7 Properties LLC - Series #MHQNN** | **Ark7 Properties LLC - Series #KYLBE** | **Ark7 Properties LLC - Series #DJVWQ** | **Ark7 Properties LLC - Series #PBIUH** | **Ark7 Properties LLC - Series #PFUNR** | **Ark7 Properties LLC - Series #8YFFL** | **Ark7 Properties LLC - Series #DTMEW** | **Ark7 Properties LLC - Series #KM1OU** | **Ark7 Properties LLC - Series #EKPES** |
| **Net Income (Loss)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>**Gross Profit (Loss)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Rental Income | $9852 | $127486 | $110808 | $149662 | $24800 | $26850 | $26670 | $14628 | $58427 | $8378 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Other rental fees |  | 697 | 992 | 766 |  |  |  |  | 311 |  |
| &nbsp;&nbsp;<br>**Total Gross Profit (Loss)** | 9852 | 128183 | 111800 | 150428 | 24800 | 26850 | 26670 | 14628 | 58738 | 8378 |
| &nbsp;&nbsp;<br>**Operating Expenses** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>General and administrative expenses | 3787 | 52195 | 43994 | 40883 | 11122 | 12233 | 11829 | 15340 | 55322 | 55956 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Depreciation and amortization expenses |  | 56838 | 49903 | 78090 | 9852 | 15750 | 14529 | 10533 | 30594 | 14316 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Property tax and state fee | 800 | 27364 | 26930 | 32198 | 12847 | 17944 | 8362 | 1468 | 6435 | 5007 |
| &nbsp;&nbsp;<br>**Total Operating Expenses** | 4587 | 136397 | 120827 | 151170 | 33820 | 45927 | 34720 | 27341 | 92351 | 75280 |
| &nbsp;&nbsp;<br>**Operating Income (Loss)** | 5265 | (8214) | (9028) | (742) | (9020) | (19077) | (8050) | (12713) | (33613) | (66902) |
| &nbsp;&nbsp;<br>**Other Income (Loss)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Interest income, related party | 217462 | 42173 | 42173 | 61677 | 10426 | 17654 | 15910 | 7222 | 42187 | 14727 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Interest expense |  | (25186) | (25186) | (33285) | (8014) | (14653) | (13253) | (4870) | (32409) | (11070) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Interest expense, related party | (396944) |  |  |  |  |  | (554) |  | (33340) | (27268) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Other income (expense) |  |  |  | 80 |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>**Total Other Income (Loss)** | (179482) | 16987 | 16987 | 28472 | 2412 | 3000 | 2103 | 2352 | (23562) | (23612) |
| **Total Net Income (Loss)** | $(174217) | $8773 | $7959 | $27730 | $(6608) | $(16076) | $(5946) | $(10361) | $(57175) | $(90514) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Ark7 Properties LLC - Series #SOYGJ** | **Ark7 Properties LLC - Series #RUSUU** | **Ark7 Properties LLC - Series #XZQRZ** | **Ark7 Properties LLC - Series #TBQSK** | **Ark7 Properties LLC - Series #BOBHU** | **Ark7 Properties LLC - Series #FFKEC** | **Ark7 Properties LLC - Series #LCYPL** | **Ark7 Properties LLC - Series #OYNYT** | **Eliminating** | **Total** |
| **Net Income (Loss)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>**Gross Profit (Loss)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Rental Income | $26043 | $23986 | $63775 | $58896 | $- | $- | $- | $- | $- | $730261 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Other rental fees | 40 |  | 1277 | 460 |  |  |  |  |  | 4542 |
| &nbsp;&nbsp;<br>**Total Gross Profit (Loss)** | 26083 | 23986 | 65051 | 59356 |  |  |  |  |  | 734803 |
| &nbsp;&nbsp;<br>**Operating Expenses** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>General and administrative expenses | 11936 | 12792 | 27574 | 89009 | 39 | 96 | 317 | 50 |  | 444475 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Depreciation and amortization expenses | 14741 | 13270 | 28364 | 23916 |  |  |  |  |  | 360696 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Property tax and state fee | 2194 | 2062 | 9584 | 1650 | 75 | 75 | 75 | 75 |  | 155145 |
| &nbsp;&nbsp;<br>**Total Operating Expenses** | 28871 | 28125 | 65522 | 114575 | 114 | 171 | 392 | 125 |  | 960316 |
| &nbsp;&nbsp;<br>**Operating Income (Loss)** | (2789) | (4139) | (471) | (55219) | (114) | (171) | (392) | (125) |  | (225513) |
| &nbsp;&nbsp;<br>**Other Income (Loss)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Interest income, related party | 14388 | 15489 | 43775 | 34142 |  |  |  |  | (579405) | (0) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Interest expense | (9633) | (9582) | (35010) | (25193) |  |  |  |  |  | (247345) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Interest expense, related party | (31592) | (37600) | (57200) | (29907) |  |  |  |  | 579405 | (35000) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Other income (expense) |  |  |  | (448) |  |  |  |  |  | (368) |
| &nbsp;&nbsp;<br>**Total Other Income (Loss)** | (26837) | (31693) | (48435) | (21406) |  |  |  |  |  | (282714) |
| **Total Net Income (Loss)** | $(29626) | $(35832) | $(48906) | $(76624) | $(114) | $(171) | $(392) | $(125) | $- | $(508227) |

---

**Ark7 Properties LLC**

**Consolidated and consolidating Statement of Income**

**For the year ended December 31, 2022**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Ark7 Properties LLC** | **Ark7 Properties LLC - Series #MHQNN** | **Ark7 Properties LLC - Series #KYLBE** | **Ark7 Properties LLC - Series #DJVWQ** | **Ark7 Properties LLC - Series #PBIUH** | **Ark7 Properties LLC - Series #PFUNR** | **Ark7 Properties LLC - Series #8YFFL** | **Ark7 Properties LLC - Series #DTMEW** | **Ark7 Properties LLC - Series #KM1OU** | **Ark7 Properties LLC - Series #EKPES** |
| **Net Income (Loss)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>**Gross Profit (Loss)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Rental Income | $- | $128048 | $111919 | $147116 | $19817 | $25550 | $25560 | $21968 | $89948 | $21500 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Other rental fees |  | 300 | 629 | 1039 | 402 |  |  |  | 2906 | 26 |
| &nbsp;&nbsp;<br>**Total Gross Profit (Loss)** |  | 128348 | 112549 | 148155 | 20219 | 25550 | 25560 | 21968 | 92854 | 21526 |
| &nbsp;&nbsp;<br>**Operating Expenses** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>General and administrative expenses | 1000 | 26299 | 30625 | 19839 | 6187 | 7129 | 6487 | 42810 | 117028 | 7477 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Depreciation and amortization expenses |  | 52344 | 49712 | 77599 | 9852 | 15688 | 14529 | 9885 | 28715 | 8402 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Property tax and state fee | 875 | 27221 | 26653 | 39413 | 5627 | 8715 | 12958 | 1468 | 5750 | 2633 |
| &nbsp;&nbsp;<br>**Total Operating Expenses** | 1875 | 105865 | 106990 | 136850 | 21666 | 31532 | 33974 | 54163 | 151493 | 18512 |
| &nbsp;&nbsp;<br>**Operating Income (Loss)** | (1875) | 22484 | 5558 | 11305 | (1447) | (5982) | (8414) | (32195) | (58640) | 3014 |
| &nbsp;&nbsp;<br>**Other Income (Loss)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Interest income, related party | 236402 | 43119 | 43119 | 63262 | 10613 | 17940 | 16167 | 6587 | 20540 | 9607 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Interest expense |  | (25746) | (25746) | (34055) | (8150) | (14884) | (13459) | (4572) | (16434) | (7803) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Interest expense, related party | (359155) |  |  |  |  |  | (7813) |  | (36582) | (25694) |
| &nbsp;&nbsp;<br>**Total Other Income (Loss)** | (122752) | 17373 | 17373 | 29207 | 2463 | 3056 | (5106) | 2016 | (32476) | (23890) |
| **Total Net Income (Loss)** | $(124627) | $39857 | $22931 | $40512 | $1016 | $(2926) | $(13520) | $(30179) | $(91115) | $(20876) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Ark7 Properties LLC - Series #SOYGJ** | **Ark7 Properties LLC - Series #RUSUU** | **Ark7 Properties LLC - Series #XZQRZ** | **Ark7 Properties LLC - Series #TBQSK** | **Ark7 Properties LLC - Series #BOBHU** | **Ark7 Properties LLC - Series #FFKEC** | **Ark7 Properties LLC - Series #LCYPL** | **Ark7 Properties LLC - Series #OYNYT** | **Eliminating** | **Total** |
| **Net Income (Loss)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>**Gross Profit (Loss)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Rental Income | $30980 | $28111 | $53087 | $44690 | $- | $- | $- | $- | $- | $748295 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Other rental fees | 700 |  | 6725 | 316 |  |  |  |  |  | 13042 |
| &nbsp;&nbsp;<br>**Total Gross Profit (Loss)** | 31680 | 28111 | 59812 | 45006 |  |  |  |  |  | 761337 |
| &nbsp;&nbsp;<br>**Operating Expenses** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>General and administrative expenses | 47188 | 47306 | 103749 | 11086 | 648 | 536 | 440 | 453 |  | 476287 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Depreciation and amortization expenses | 14529 | 13230 | 26709 | 13926 |  |  |  |  |  | 335119 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Property tax and state fee | 1663 | 2130 | 8403 | 613 |  |  |  |  |  | 144122 |
| &nbsp;&nbsp;<br>**Total Operating Expenses** | 63381 | 62665 | 138861 | 25625 | 648 | 536 | 440 | 453 |  | 955528 |
| &nbsp;&nbsp;<br>**Operating Income (Loss)** | (31701) | (34554) | (79049) | 19381 | (648) | (536) | (440) | (453) |  | (194192) |
| &nbsp;&nbsp;<br>**Other Income (Loss)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Interest income, related party | 14679 | 14581 | 44455 | 19486 |  |  |  |  | (560557) | (0) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Interest expense | (9843) | (10371) | (35544) | (14936) |  |  |  |  |  | (221543) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Interest expense, related party | (33927) | (37600) | (58590) | (36196) |  |  |  |  | 560557 | (35000) |
| &nbsp;&nbsp;<br>**Total Other Income (Loss)** | (29091) | (33390) | (49679) | (31646) |  |  |  |  |  | (256543) |
| **Total Net Income (Loss)** | $(60792) | $(67944) | $(128728) | $(12266) | $(648) | $(536) | $(440) | $(453) | $- | $(450734) |

---

**Ark7 Properties LLC**

**Consolidated and consolidating Statement of Members' Equity**

**For the year ended December 31, 2023 and 2022**

**Ark7 Properties LLC**

**Consolidated and consolidating Statement of Members' Equity**

**For the year ended December 31, 2023**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Ark7 Properties LLC** | **Ark7 Properties LLC - Series #MHQNN** | **Ark7 Properties LLC - Series #KYLBE** | **Ark7 Properties LLC - Series #DJVWQ** | **Ark7 Properties LLC - Series #PBIUH** | **Ark7 Properties LLC - Series #PFUNR** | **Ark7 Properties LLC - Series #8YFFL** | **Ark7 Properties LLC - Series #DTMEW** | **Ark7 Properties LLC - Series #KM1OU** | **Ark7 Properties LLC - Series #EKPES** |
| **Balance at January 01, 2023** | $(123939) | $1409443 | $1286798 | $1776206 | $308636 | $495468 | $440832 | $237167 | $435091 | $77009 |
| Equity Contribution |  |  |  |  |  | (4466) |  |  |  | 8415 |
| Net Income (Loss) | (174217) | 8773 | 7959 | 27730 | (6608) | (16076) | (5946) | (10361) | (57175) | (90514) |
| Distribution |  | (100856) | (89951) | (123144) | (11659) | (12548) | (13069) | (13811) | (39341) | (18082) |
| **Balance at December 31, 2023** | $(298156) | $1317360 | $1204805 | $1680792 | $290368 | $462377 | $421817 | $212995 | $338576 | $(23171) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Ark7 Properties LLC - Series #SOYGJ** | **Ark7 Properties LLC - Series #RUSUU** | **Ark7 Properties LLC - Series #XZQRZ** | **Ark7 Properties LLC - Series #TBQSK** | **Ark7 Properties LLC - Series #BOBHU** | **Ark7 Properties LLC - Series #FFKEC** | **Ark7 Properties LLC - Series #LCYPL** | **Ark7 Properties LLC - Series #OYNYT** | **Eliminating** | **Total** |
| **Balance at January 01, 2023** | $80560 | $(26720) | $379660 | $266539 | $(827) | $(715) | $(1231) | $(453) | $- | $7039524 |
| Equity Contribution | 69920 | 46540 | 99000 | 664426 |  |  |  |  |  | 883835 |
| Net Income (Loss) | (29626) | (35832) | (48906) | (76624) | (114) | (171) | (392) | (125) |  | (508227) |
| Distribution | (26875) | (25757) | (55556) | (60849) |  |  |  |  |  | (591497) |
| **Balance at December 31, 2023** | $93978 | $(41769) | $374198 | $793491 | $(941) | $(886) | $(1623) | $(578) | $- | $6823635 |

---

**Ark7 Properties LLC**

**Consolidated and consolidating Statement of Members' Equity**

**For the year ended December 31, 2022**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Ark7 Properties LLC** | **Ark7 Properties LLC - Series #MHQNN** | **Ark7 Properties LLC - Series #KYLBE** | **Ark7 Properties LLC - Series #DJVWQ** | **Ark7 Properties LLC - Series #PBIUH** | **Ark7 Properties LLC - Series #PFUNR** | **Ark7 Properties LLC - Series #8YFFL** | **Ark7 Properties LLC - Series #DTMEW** | **Ark7 Properties LLC - Series #KM1OU** | **Ark7 Properties LLC - Series #EKPES** |
| **Balance at January 01, 2022** | $688 | $1482493 | $1371773 | $1012941 | $320672 | $516184 | $275020 | $276876 | $294228 | $- |
| Equity Contribution |  |  |  | 861612 |  |  | 191187 |  | 269247 | 105490 |
| Net Income (Loss) | (124627) | 39857 | 22931 | 40512 | 1016 | (2926) | (13520) | (30179) | (91115) | (20876) |
| Distribution |  | (112906) | (107906) | (138858) | (13052) | (17791) | (11855) | (9529) | (37268) | (7605) |
| **Balance at December 31, 2022** | $(123939) | $1409443 | $1286798 | $1776206 | $308636 | $495468 | $440832 | $237167 | $435091 | $77009 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Ark7 Properties LLC - Series #SOYGJ** | **Ark7 Properties LLC - Series #RUSUU** | **Ark7 Properties LLC - Series #XZQRZ** | **Ark7 Properties LLC - Series #TBQSK** | **Ark7 Properties LLC - Series #BOBHU** | **Ark7 Properties LLC - Series #FFKEC** | **Ark7 Properties LLC - Series #LCYPL** | **Ark7 Properties LLC - Series #OYNYT** | **Eliminating** | **Total** |
| **Balance at January 01, 2022** | $19677 | $(7492) | $416262 | $- | $(179) | $(179) | $(791) | $- | $- | $5978172 |
| Equity Contribution | 139650 | 61397 | 114180 | 302574 |  |  |  |  |  | 2045337 |
| Net Income (Loss) | (60792) | (67944) | (128728) | (12266) | (648) | (536) | (440) | (453) |  | (450734) |
| Distribution | (17975) | (12681) | (22054) | (23770) |  |  |  |  |  | (533251) |
| **Balance at December 31, 2022** | $80560 | $(26720) | $379660 | $266539 | $(827) | $(715) | $(1231) | $(453) | $- | $7039524 |

---

**Ark7 Properties LLC**

**Consolidated and consolidating Statement of Cash Flows**

**For the year ended December 31, 2023 and 2022**

**Ark7 Properties LLC**

**Consolidated and consolidating Statement of Cash Flows**

**For the year ended December 31, 2023**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Ark7 Properties LLC** | **Ark7 Properties LLC - Series #MHQNN** | **Ark7 Properties LLC - Series #KYLBE** | **Ark7 Properties LLC - Series #DJVWQ** | **Ark7 Properties LLC - Series #PBIUH** | **Ark7 Properties LLC - Series #PFUNR** | **Ark7 Properties LLC - Series #8YFFL** | **Ark7 Properties LLC - Series #DTMEW** | **Ark7 Properties LLC - Series #KM1OU** | **Ark7 Properties LLC - Series #EKPES** |
| **Cash Flows From Operating Activities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Net Income (Loss) | $(174217) | $8773 | $7959 | $27730 | $(6608) | $(16076) | $(5946) | $(10361) | $(57175) | $(90514) |
| &nbsp;&nbsp;<br>**Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used in) Operating Activities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Depreciation, other operating |  | 56838 | 49903 | 78090 | 9852 | 15750 | 14529 | 10533 | 30594 | 14316 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Amortization of debt issuance costs |  | 245 | 245 | 344 | 413 | 452 | 454 | 227 | 739 | 206 |
| **Total Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used in) Operating Activities** |  | 57083 | 50149 | 78434 | 10265 | 16201 | 14983 | 10760 | 31333 | 14523 |
| **Total Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used in) Operating Activities** |  | 57083 | 50149 | 78434 | 10265 | 16201 | 14983 | 10760 | 31333 | 14523 |
| <br>**(Increase) decrease in operating assets, net of effects of businesses acquired** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Accounts receivable | 37386 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Related party receivables |  | 143117 | 42195 | 49622 | 7439 | 15323 | 16405 | 14783 | 120350 | 164962 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Prepaid expenses |  | (1631) | (5862) | (1087) | 885 | 6221 | 777 | (1095) | 4150 | (564) |
| &nbsp;&nbsp;<br>**Increase (decrease) in operating liabilities, net of effects of businesses acquired** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Accounts payable and accrued expenses | 72600 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Related party payables | (540995) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Other liabilities | 531 | 51 | (1915) | (9139) |  | (2150) | (2140) | 500 |  | (5100) |
| **Net Cash Provided by (Used in) Operating Activities** | (604690) | 207393 | 92526 | 145560 | 11981 | 19520 | 24078 | 14587 | 98657 | 83307 |
| **Cash Flows from Investing Activities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Payments received from related party loans and notes receivable | 584665 | 16021 | 16021 | 26102 | 3280 | 4830 | 4330 | 1767 | 5419 | 2666 |
| &nbsp;&nbsp;<br>Related party loans and notes receivable issued |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Purchase of property, plant, and equipment |  | (106537) | (2574) | (22416) |  |  |  | (1500) | (67077) | (73765) |
| **Cash Flows from Financing Activities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Proceeds from issuance of debt |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Payments for debt issuance costs |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Repayment of debt |  | (16021) | (16021) | (26102) | (3280) | (4830) | (4330) | (1767) | (5419) | (2454) |
| &nbsp;&nbsp;<br>Proceeds from issuance of related party debt | 0 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Repayment of related party debt | (108444) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Proceeds from private offerings |  |  |  |  |  | (4466) |  |  |  | 8415 |
| &nbsp;&nbsp;<br>Distributions to partners |  | (100856) | (89951) | (123144) | (11659) | (12548) | (13069) | (13811) | (39341) | (18082) |
| **Net Cash Provided by (Used in) Financing Activities** | (108444) | (116877) | (105973) | (149246) | (14939) | (21844) | (17398) | (15578) | (44760) | (12121) |
| **Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash** | (128469) | 0 | 0 | (0) | 322 | 2505 | 11009 | (724) | (7760) | 88 |
| **Cash, Cash Equivalents, and Restricted Cash at January 01, 2023** | 377357 |  |  |  | (3687) | (4756) | (6839) | 1483 | 16568 | 2841 |
| **Cash, Cash Equivalents, and Restricted Cash at December 31, 2023** | 248888 | - | - | - | (3365) | (2251) | 4170 | 759 | 8808 | 2929 |
| **Supplemental Cash Flow information** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>**Cash Paid During the Year for** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Interest | $- | $24941 | $24941 | $32940 | $7600 | $14202 | $12799 | $4643 | $31670 | $10864 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Ark7 Properties LLC - Series #SOYGJ** | **Ark7 Properties LLC - Series #RUSUU** | **Ark7 Properties LLC - Series #XZQRZ** | **Ark7 Properties LLC - Series #TBQSK** | **Ark7 Properties LLC - Series #BOBHU** | **Ark7 Properties LLC - Series #FFKEC** | **Ark7 Properties LLC - Series #LCYPL** | **Ark7 Properties LLC - Series #OYNYT** | **Eliminating** | **Total** |
| **Cash Flows From Operating Activities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Net Income (Loss) | $(29626) | $(35832) | $(48906) | $(76624) | $(114) | $(171) | $(392) | $(125) | $- | $(508227) |
| &nbsp;&nbsp;<br>**Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used in) Operating Activities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Depreciation, other operating | 14741 | 13270 | 28364 | 23916 |  |  |  |  |  | 360696 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Amortization of debt issuance costs | 477 | 488 | 627 | 394 |  |  |  |  |  | 5312 |
| **Total Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used in) Operating Activities** | 15218 | 13758 | 28991 | 24310 |  |  |  |  |  | 366008 |
| **Total Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used in) Operating Activities** | 15218 | 13758 | 28991 | 24310 |  |  |  |  |  | 366008 |
| <br>**(Increase) decrease in operating assets, net of effects of businesses acquired** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Accounts receivable |  |  |  |  |  |  |  |  |  | 37386 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Related party receivables | (3255) | 6444 | 9497 | 12597 | 174 | 174 | 364 | 125 | (613706) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Prepaid expenses | (62) | 409 | (1694) | 5315 | (60) | (3) | 29 |  |  | (7660) |
| &nbsp;&nbsp;<br>**Increase (decrease) in operating liabilities, net of effects of businesses acquired** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Accounts payable and accrued expenses |  |  |  |  |  |  |  |  |  | 72600 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Related party payables |  |  |  |  |  |  |  |  | 613706 | 72711 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Other liabilities | (2713) | (4624) | 4537 | (2671) |  |  |  |  |  | (24835) |
| **Net Cash Provided by (Used in) Operating Activities** | (20438) | (19845) | (7575) | (37074) |  |  |  |  |  | 7987 |
| **Cash Flows from Investing Activities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Payments received from related party loans and notes receivable | 5382 | 5346 | 10655 | 6626 |  |  |  |  | (693107) |  |
| &nbsp;&nbsp;<br>Related party loans and notes receivable issued |  |  |  | (0) |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Purchase of property, plant, and equipment | (1509) |  | (37092) | (2584) |  |  |  |  |  | (315054) |
| **Cash Flows from Financing Activities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Proceeds from issuance of debt |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Payments for debt issuance costs |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Repayment of debt | (5382) | (5346) | (10655) | (6626) |  |  |  |  |  | (108231) |
| &nbsp;&nbsp;<br>Proceeds from issuance of related party debt |  |  |  |  |  |  |  |  |  | 0 |
| &nbsp;&nbsp;<br>Repayment of related party debt | (20000) |  |  | (564665) |  |  |  |  | 693107 |  |
| &nbsp;&nbsp;<br>Proceeds from private offerings | 69920 | 46540 | 99000 | 664426 |  |  |  |  |  | 883835 |
| &nbsp;&nbsp;<br>Distributions to partners | (26875) | (25757) | (55556) | (60849) |  |  |  |  |  | (591497) |
| **Net Cash Provided by (Used in) Financing Activities** | 17663 | 15438 | 32789 | 32287 |  |  |  |  | 693107 | 184108 |
| **Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash** | 1098 | 938 | (1224) | (745) |  |  |  |  |  | (122961) |
| **Cash, Cash Equivalents, and Restricted Cash at January 01, 2023** | 656 | 702 | 4686 | 2593 |  |  |  |  |  | 391602 |
| **Cash, Cash Equivalents, and Restricted Cash at December 31, 2023** | 1754 | 1640 | 3462 | 1848 | - | - | - | - | - | 268641 |
| **Supplemental Cash Flow information** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>**Cash Paid During the Year for** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Interest | $9156 | $9095 | $34383 | $24799 | $- | $- | $- | $- | $- | $242034 |

---

**Ark7 Properties LLC**

**Consolidated and consolidating Statement of Cash Flows**

**For the year ended December 31, 2022**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Ark7 Properties LLC** | **Ark7 Properties LLC - Series #MHQNN** | **Ark7 Properties LLC - Series #KYLBE** | **Ark7 Properties LLC - Series #DJVWQ** | **Ark7 Properties LLC - Series #PBIUH** | **Ark7 Properties LLC - Series #PFUNR** | **Ark7 Properties LLC - Series #8YFFL** | **Ark7 Properties LLC - Series #DTMEW** | **Ark7 Properties LLC - Series #KM1OU** | **Ark7 Properties LLC - Series #EKPES** |
| **Cash Flows From Operating Activities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Net Income (Loss) | $(124627) | $39857 | $22931 | $40512 | $1016 | $(2926) | $(13520) | $(30179) | $(91115) | $(20876) |
| &nbsp;&nbsp;<br>**Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used in) Operating Activities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |
| **Total Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used in) Operating Activities** |  | 52589 | 49957 | 77943 | 10265 | 16139 | 14983 | 10088 | 29073 | 8536 |
| <br>**(Increase) decrease in operating assets, net of effects of businesses acquired** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Accounts receivable | (7972) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Related party receivables |  | 41116 | 45695 | 120046 | (3434) | (2647) | 1358 | 106709 | 4107 | (3616) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Prepaid expenses |  | (16587) | (13440) | (15658) | (245) | (5440) | 396 | 2270 | (8556) | (5072) |
| &nbsp;&nbsp;<br>**Increase (decrease) in operating liabilities, net of effects of businesses acquired** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Accounts payable and accrued expenses | (36633) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Related party payable |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Other liabilities |  | 1207 | 4163 | 1405 | (200) | 50 | 40 |  |  | 5100 |
| **Net Cash Provided by (Used in) Operating Activities** | (1613412) | 118182 | 109307 | 224247 | 7402 | 5177 | 3257 | 88888 | (66491) | (15929) |
| **Cash Flows from Investing Activities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Payments received from related party loans and notes receivable | 732880 | 15463 | 15463 | 53933 | 3144 | 4601 | 4124 | 1413 | 2154 | 1488 |
| &nbsp;&nbsp;<br>Related party loans and notes receivable issued | (1250000) |  |  | (969400) |  |  |  | (105500) | (483000) | (196000) |
| &nbsp;&nbsp;<br>Purchase of property, plant, and equipment |  | (5275) | (1401) | (6200) |  | (2887) |  | (37749) | (53360) | (413409) |
| **Cash Flows from Financing Activities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Proceeds from issuance of debt |  |  |  |  |  |  |  | 105500 | 483000 | 196000 |
| &nbsp;&nbsp;<br>Payments for debt issuance costs |  |  |  |  |  |  |  | (6027) | (18273) | (6195) |
| &nbsp;&nbsp;<br>Repayment of debt |  | (15463) | (15463) | (25334) | (3144) | (4601) | (4124) | (36013) | (2154) | (1700) |
| &nbsp;&nbsp;<br>Proceeds from issuance of related party debt | 2221900 |  |  |  |  |  |  |  |  | 440000 |
| &nbsp;&nbsp;<br>Repayment of related party debt | (125447) |  |  |  |  |  | (190000) |  | (83244) | (99300) |
| &nbsp;&nbsp;<br>Proceeds from private offerings |  |  |  | 861612 |  |  | 191187 |  | 269247 | 105490 |
| &nbsp;&nbsp;<br>Distributions to partners |  | (112906) | (107906) | (138858) | (13052) | (17791) | (11855) | (9529) | (37268) | (7605) |
| **Net Cash Provided by (Used in) Financing Activities** | 2096453 | (128370) | (123370) | 697420 | (16196) | (22391) | (14792) | 53931 | 611308 | 626690 |
| **Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash** | (34083) |  | 0 | (0) | (5651) | (15501) | (7411) | 983 | 10612 | 2841 |
| **Cash, Cash Equivalents, and Restricted Cash at January 01, 2022** | 411440 |  |  |  | 1964 | 10745 | 572 | 500 | 5956 |  |
| **Cash, Cash Equivalents, and Restricted Cash at December 31, 2022** | 377357 | - | - | - | (3687) | (4756) | (6839) | 1483 | 16568 | 2841 |
| **Supplemental Cash Flow information** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>**Cash Paid During the Year for** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Interest | $- | $25501 | $25501 | $33710 | $7737 | $14432 | $13006 | $4368 | $16075 | $7669 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Ark7 Properties LLC - Series #SOYGJ** | **Ark7 Properties LLC - Series #RUSUU** | **Ark7 Properties LLC - Series #XZQRZ** | **Ark7 Properties LLC - Series #TBQSK** | **Ark7 Properties LLC - Series #BOBHU** | **Ark7 Properties LLC - Series #FFKEC** | **Ark7 Properties LLC - Series #LCYPL** | **Ark7 Properties LLC - Series #OYNYT** | **Eliminating** | **Total** |
| **Cash Flows From Operating Activities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Net Income (Loss) | $(60792) | $(67944) | $(128728) | $(12266) | $(648) | $(536) | $(440) | $(453) | $- | $(450734) |
| &nbsp;&nbsp;<br>**Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used in) Operating Activities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |
| **Total Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used in) Operating Activities** | 15006 | 13717 | 27337 | 14149 |  |  |  |  |  | 339784 |
| <br>**(Increase) decrease in operating assets, net of effects of businesses acquired** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Accounts receivable |  |  |  |  |  |  |  |  |  | (7972) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Related party receivables | 6481 | 6839 | 78069 | (31541) | 648 | 536 | 469 | 503 | (371339) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Prepaid expenses | (1961) | (1207) | (612) | (8181) |  |  | (29) | (50) |  | (74370) |
| &nbsp;&nbsp;<br>**Increase (decrease) in operating liabilities, net of effects of businesses acquired** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Accounts payable and accrued expenses |  |  |  |  |  |  |  |  |  | (36633) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Related party payable |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Other liabilities | 5438 | (158) | (4586) | 13000 |  |  |  |  |  | 25459 |
| **Net Cash Provided by (Used in) Operating Activities** | (35828) | (48753) | (28521) | (24838) |  |  |  |  |  | (1277315) |
| **Cash Flows from Investing Activities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Payments received from related party loans and notes receivable | 5197 | 5162 | 10124 | 3182 |  |  |  |  | (858327) |  |
| &nbsp;&nbsp;<br>Related party loans and notes receivable issued |  |  |  | (468000) |  |  |  |  | 3471900 |  |
| &nbsp;&nbsp;<br>Purchase of property, plant, and equipment | (7093) | (1482) | (28895) | (804213) |  |  |  |  |  | (1361965) |
| **Cash Flows from Financing Activities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>Proceeds from issuance of debt |  |  |  | 468000 |  |  |  |  |  | 1252500 |
| &nbsp;&nbsp;<br>Payments for debt issuance costs |  |  |  | (11825) |  |  |  |  |  | (42320) |
| &nbsp;&nbsp;<br>Repayment of debt | (4343) | (4314) | (10124) | (3182) |  |  |  |  |  | (129959) |
| &nbsp;&nbsp;<br>Proceeds from issuance of related party debt |  |  |  | 810000 |  |  |  |  | (3471900) |  |
| &nbsp;&nbsp;<br>Repayment of related party debt | (80000) |  | (35000) | (245335) |  |  |  |  | 858327 |  |
| &nbsp;&nbsp;<br>Proceeds from private offerings | 139650 | 61397 | 114180 | 302574 |  |  |  |  |  | 2045337 |
| &nbsp;&nbsp;<br>Distributions to partners | (17975) | (12681) | (22054) | (23770) |  |  |  |  |  | (533251) |
| **Net Cash Provided by (Used in) Financing Activities** | 37332 | 44402 | 47002 | 1296462 |  |  |  |  | (2613571) | 2592308 |
| **Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash** | (392) | (671) | (291) | 2593 |  |  |  |  |  | (46973) |
| **Cash, Cash Equivalents, and Restricted Cash at January 01, 2022** | 1048 | 1373 | 4977 |  |  |  |  |  |  | 438575 |
| **Cash, Cash Equivalents, and Restricted Cash at December 31, 2022** | 656 | 702 | 4686 | 2593 | - | - | - | - | - | 391602 |
| **Supplemental Cash Flow information** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;<br>**Cash Paid During the Year for** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br>Interest | $9366 | $9883 | $34917 | $14713 | $- | $- | $- | $- | $- | $216878 |

---

**ARK7 PROPERTIES LLC**

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

**NOTE 1: ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

***General Information***

Ark7 Properties LLC (the "APL") is a single-member Delaware limited liability company wholly owned by Ark7 Inc. (the "Parent Company"). The APL was formed on October 31, 2018, in accordance with the Limited Liability Company Act (LLCA) of the state of Delaware. The APL has registered 17 Series Delaware limited liability companies (the "Series Companies"), each of which will be used as an investment vehicle that intends to enable investors to own fractional ownership of a specific rental property. This lowers the cost of entry and minimizes the time commitment for real estate investing. An investment in the APL entitles the investor to the potential economic benefits normally associated with direct property ownership while requiring no investor involvement in asset or property management.

---

| | | | |
|:---|:---|:---|:---|
| **Series** | **Carrier** | **Property Address** | **Registration Date** |
| MHQNN | Berkeley-M1 | 2924 Mabel St, Berkeley, CA 94702 | December 12, 2019 |
| KYLBE | Berkeley-M2 | 3102-3108 California St, Berkeley, CA 94703 | December 12, 2019 |
| PBIUH | Austin-S1 | 901 Solitude Dr., Pflugerville, TX 78660 | July 28, 2020 |
| PFUNR | Austin-S2 | 2016 Creole Dr, Austin, TX 78727 | July 28, 2020 |
| DJVWQ | Berkeley-M3 | 2314 Bonar St, Berkeley, CA 94702 | July 28, 2020 |
| 8YFFL | Austin-S3 | 1804 Laminar Creek Rd, Cedar Park, TX 78613 | January 25, 2021 |
| SOYGJ | Chandler-S4 | 691 W Fairview St, Chandler, AZ 85225 | January 25, 2021 |
| RUSUU | Chandler-S5 | 1872 W Springfield Way, Chandler, AZ 85286 | January 25, 2021 |
| KM1OU | Memphis-M4 | 751-777 St Paul Ave, Memphis, TN 38126 | January 25, 2021 |
| DTMEW | Philadelphia-T1 | 5150 Ranstead St, Philadelphia, PA 19139 | January 25, 2021 |
| XZQRZ | Seattle-D1 | 5250 12th Ave NE, Seattle, WA 98105 | January 25, 2021 |
| BOBHU | N/A | N/A | September 10, 2021 |
| LCYPL | N/A | N/A | September 10, 2021 |
| FFKEC | N/A | N/A | September 14, 2021 |
| OYNYT | N/A | N/A | January 18, 2022 |
| TBQSK | Philadelphia-D2 | 1829 N Bouvier St, Philadelphia, PA 19121 | January 18, 2022 |
| EKPES | Philadelphia-T2 | 1708 W Jefferson St, Philadelphia, PA 19121 | January 18, 2022 |

---

***Management's Plan and Going Concerns***

The accompanying consolidated financial statements have been prepared to assume the APL will continue as a going concern. The APL is newly formed and has not generated sufficient revenue from operations. The APL will require additional capital until revenue from operations is sufficient to cover operational costs. These matters raise substantial doubt about the company's ability to continue as a going concern. During the next 12 months, the APL intends to fund operations through member advances and debt or equity financing. There are no assurances that management will be able to raise capital on terms acceptable to the APL. If it is unable to obtain sufficient amounts of additional capital, it may be required to reduce the scope of its planned development and operations, which could harm its business, financial condition, and operating results. The accompanying financial statements do not include any adjustments that might result from these uncertainties. As of December 31, 2023 and 2022, the APL's accumulated deficit amounted to $1,848,003 and $1,339,774, respectively.

These conditions indicate the existence of uncertainty which may cast doubt about the APL's ability to continue as a going concern. These financial statements do not include any adjustments that might result from the outcome of these uncertainties.

***Statement of compliance***

The accompanying consolidated and consolidating financial statements are prepared in accordance with accounting principles generally accepted in the United States of America. The consolidated and consolidating financial statements include the accounts of the APL and its Series Companies. All intercompany balances and transactions are eliminated in consolidation.

These consolidated and consolidating financial statements have been prepared under the historical cost convention, except for evaluating specific financial instruments carried at fair value.

***Method of accounting***

The consolidated and consolidating financial statement of the APL is prepared on the accrual basis of accounting. It includes only those assets, liabilities, and results of operations that relate to the business of the APL.

***Use of estimates and assumptions***

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. To the extent that there are material differences between these estimates and actual results, the APL's financial condition or operating results will be materially affected. The APL bases its estimates on past experience and other assumptions that the APL believes are reasonable under the circumstances, and the APL evaluates those estimates on an ongoing basis.

***Functional and presentation currency***

Items included in the APL's consolidated financial statements are estimated using the currency that best reflects the economic substance of the underlying events and circumstances related to the APL (the "functional currency"). The functional and presentation currency of the accompanying financial statements is US Dollars (the "USD").

***Revenue recognition***

Rental income is reported on a straight-line basis over the terms of the respective leases. The property rental income for the year ended December 31, 2023 and 2022 was $730,261 and $748,295, respectively.

***The concentration of credit risk***

Financial instruments potentially subject the APL to the concentration of credit risk, primarily cash and tenant receivables. The APL places its cash with financial institutions, and its balances are insured by the Federal Deposit Insurance Corporation up to $250,000. At various times, the APL had a cash balance over the insured amount.

***Fair value measurements***

FASB ASC 820, "Fair Value Measurements" defines fair value for certain financial and nonfinancial assets and liabilities that are recorded at fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. It requires that an entity measure its financial instruments to base fair value on the exit price, maximize the use of observable units and minimize the use of unobservable inputs to determine the exit price. It establishes a hierarchy which prioritizes the inputs to valuation techniques used to measure fair value. This hierarchy increases the consistency and comparability of fair value measurements and related disclosures by maximizing the use of observable inputs and minimizing the use of unobservable inputs by requiring that observable inputs be used when available.

Observable inputs are inputs that reflect the assumptions market participants would use in pricing the assets or liabilities based on market data obtained from sources independent of the APL. Unobservable inputs are inputs that reflect the APL's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy prioritizes the inputs into three broad levels based on the reliability of the inputs as follows:

Level 1 - Inputs are quoted prices in active markets for identical assets or liabilities that the APL has the ability to access at the measurement date. Valuation of these instruments does not require a high degree of judgment as the valuations are based on quoted prices in active markets that are readily and regularly available.

Level 2 - Inputs other than quoted prices in active markets that are either directly or indirectly observable as of the measurement date, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 - Valuations based on inputs that are unobservable and not corroborated by market data. The fair value for such assets and liabilities is generally determined using pricing models, discounted cash flow methodologies, or similar techniques that incorporate the assumptions a market participant would use in pricing the asset or liability.

The carrying values of certain assets and liabilities of the APL approximate fair value due to their either relatively short maturities and/or consistency with current market rates.

***Property, plant, and equipment***

Land is carried at cost. Building, leasehold improvements, furniture, fixtures, and equipment are carried at cost, less accumulated depreciation and amortization. The building, furniture, fixtures, and equipment are depreciated using the straight-line method over the estimated useful lives of the assets. The cost of leasehold improvements is amortized using the straight-line method over the terms of the related leases. Repairs and maintenance are expensed when incurred.

Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The recoverability of long-lived assets is assessed by a comparison of the carrying amount of the asset to the estimated future undiscounted net cash flows expected to be generated by the asset or group of assets. If estimated future undiscounted net cash flows are less than the carrying amount of the asset or group of assets, the asset is considered impaired and an expense is recorded in an amount required to reduce the carrying amount of the asset to its then fair value. Fair value is generally determined from estimated discounted future net cash flows (for assets held for use) or net realizable value (for assets held for sale). For the year ended December 31, 2023 and 2022, the APL has not recognized any impairment losses.

Property, plant and equipment consist of the following as of December 31, 2023 and 2022:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2023** | **December 31, 2022** |
| Buildings and improvements | $9335555 | $9037833 |
| Furniture and fixtures | $113162 | $95830 |
| Other depreciable and amortizable assets | $133928 | $133928 |
| Land | $1630619 | $1630619 |
| **Property, plant, and equipment, gross** | 11213264 | 10898210 |
| Less: Buildings and improvements - Accumulated Depreciation | (1021091) | (685205) |
| Furniture and fixtures - Accumulated Depreciation | (42319) | (22316) |
| Other depreciable and amortizable assets - Accumulated Depreciation | (16048) | (11239) |
| **Property, plant, and equipment** | $10133806 | $10179450 |

---

Estimated useful life for buildings and improvements is 27.5 years.

Depreciation expenses for the year ended December 31, 2023 and 2022 was $360,696 and $335,119, respectively.

***Lease accounting***

According to the recently adopted Accounting Standards Updated ("ASU") No. 2016-02, Leases (Topic 842) ("ASU 2016- 02" or "ASC 842"), the APL determines whether the arrangement is or contains a lease based on the unique facts and circumstances present in the arrangement. Leases with a term greater than one year are recognized on the balance sheet as right-of-use assets and current and non-current lease liabilities, as applicable. As of December 31, 2023 and 2022, the APL had no long-term leases.

***Income taxes***

The APL is taxed as a Limited Liability Company (LLC). Under these provisions, the APL does not pay federal corporate income taxes on its taxable income. Instead, the shareholders are liable for individual federal and state income taxes on their respective shares of the APL's taxable income.

Each series will be taxed as a partnership, with the profits and losses of the Series flowing to investors regardless of whether there is cash available for distributions. For this offering of series interests to investors, each series will be taxed as a partnership, rather than as a corporation. This means that the Series will itself not owe or report any profits and losses for tax purposes, but will instead provide investors with a Schedule K-1 tax statement identifying the investor's pro rata share of any profits and losses of the Series. The calculation of net profits for the purposes of taxation is determined prior to our Managing Member assessing whether to hold back funds for future working capital purposes. As such, there may be times when the Series is reporting a net profit to investors but does not have funds available for distribution to investors to cover their personal tax liability.

**NOTE 2: PROPERTY MANAGEMENT RESERVES**

Multiple Series Companies have allocated funds to establish property management reserves. These funds are designed to mitigate future financial uncertainties associated with property-related expenses, including maintenance, repairs, enhancements, or unanticipated costs. The aim is to maintain the properties in satisfactory condition, prevent financial strain, and preclude the necessity for immediate supplementary contributions from investors or owners due to substantial, unexpected expenses.

As of December 31, 2023 and 2022, the balance of the property management reserve was $19,753 and $14,245, respectively, and is included in cash and cash equivalents on the accompanying balance sheet.

**NOTE 3: MORTGAGE PAYABLES**

*Series #MHQNN*

On December 1, 2019, the APL - Series MHQNN executed a Loan Agreement Secured by the Deed of Trust. According to the Loan Agreement, the APL - Series MHQNN borrowed $756,250.00 at 3.500% interest with a maturity of November 30, 2049. The outstanding balance of the Loan Payable - Mortgage as of December 31, 2023 and 2022 was $689,148 and $704,925 and is included in current portion of mortgage payable and mortgage payable on the accompanying balance sheet. The interest expense incurred in December 31, 2023 and 2022 was $25,186 and $25,746.

*Series #KYLBE*

On December 1, 2019, the APL - Series KYLBE executed a Loan Agreement Secured by the Deed of Trust. According to the Loan Agreement, the APL - Series KYLBE borrowed $756,250.00 at 3.500% interest with a maturity of November 30, 2049. The outstanding balance of the Loan Payable - Mortgage as of December 31, 2023 and 2022 was $689,148 and $704,925 and is included in current portion of mortgage payable and mortgage payable on the accompanying balance sheet. The interest expense incurred in December 31, 2023 and 2022 was $25,186 and $25,746.

*Series #DJVWQ*

On October 1, 2020, the APL - Series DJVWQ executed a Loan Agreement Secured by the Deed of Trust. According to the Loan Agreement, the APL - Series DJVWQ borrowed $1,169,400.00 at 2.950% interest with a maturity of September 30, 2050. The outstanding balance of the Loan Payable - Mortgage as of December 31, 2023 and 2022 was $1,080,146 and $1,105,903 and is included in current portion of mortgage payable and mortgage payable on the accompanying balance sheet. The interest expense incurred in December 31, 2023 and 2022 was $33,285 and $34,055.

*Series #PBIUH*

On August 12, 2021, the APL - Series PBIUH executed a Loan Agreement Secured by the Deed of Trust. According to the Loan Agreement, the APL - Series PBIUH borrowed $184,500.00 at 4.250% interest with a maturity of August 31, 2051. The outstanding balance of the Loan Payable - Mortgage as of December 31, 2023 and 2022 was $165,864 and $168,731 and is included in current portion of mortgage payable and mortgage payable on the accompanying balance sheet. The interest expense incurred in December 31, 2023 and 2022 was $8,014 and $8,150.

*Series #PFUNR*

On July 22, 2021, the APL - Series PFUNR executed a Loan Agreement Secured by the Deed of Trust. According to the Loan Agreement, the APL - Series PFUNR borrowed $300,000.00 at 4.875% interest with a maturity of July 31, 2051. The outstanding balance of the Loan Payable - Mortgage as of December 31, 2023 and 2022 was $276,618 and $280,996 and is included in current portion of mortgage payable and mortgage payable on the accompanying balance sheet. The interest expense incurred in December 31, 2023 and 2022 was $14,653 and $14,884.

*Series #8YFFL*

On August 4, 2021, the APL - Series 8YFFL executed a Loan Agreement Secured by the Deed of Trust. According to the Loan Agreement, the APL - Series 8YFFL borrowed $270,000.00 at 4.875% interest with a maturity of August 31, 2051. The outstanding balance of the Loan Payable - Mortgage as of December 31, 2023 and 2022 was $346,986 and $251,862 and is included in current portion of mortgage payable and mortgage payable on the accompanying balance sheet. The interest expense incurred in December 31, 2023 and 2022 was $13,253 and $13,459.

*Series #XZQRZ*

On July 28, 2021, the APL - Series XZQRZ executed a Loan Agreement Secured by the Deed of Trust. According to the Loan Agreement, the APL - Series XZQRZ borrowed $690,000.00 at 5.125% interest with a maturity of July 31, 2051. The outstanding balance of the Loan Payable - Mortgage as of December 31, 2023 and 2022 was $648,642 and $658,669 and is included in current portion of mortgage payable and mortgage payable on the accompanying balance sheet. The interest expense incurred in December 31, 2023 and 2022 was $35,010 and $35,544.

*Series #DTMEW*

On October 12, 2021, the APL - Series DTMEW executed a Loan Agreement Secured by the Deed of Trust. According to the Loan Agreement, the APL - Series DTMEW borrowed $34,600.00 at 3.000% interest with a maturity of October 11, 2022. The outstanding balance of the Loan Payable - Mortgage as of December 31, 2023 and 2022 was $95,929 and $99,236 and is included in current portion of mortgage payable and mortgage payable on the accompanying balance sheet. The interest expense incurred in December 31, 2023 and 2022 was $4,870 and $4,572.

*Series #SOYGJ*

On October 21, 2021, the APL - Series SOYGJ executed a Loan Agreement Secured by the Deed of Trust. According to the Loan Agreement, the APL - Series SOYGJ borrowed $270,000.00 at 3.500% interest with a maturity of November 7, 2051. The outstanding balance of the Loan Payable - Mortgage as of December 31, 2023 and 2022 was $245,700 and $250,604 and is included in current portion of mortgage payable and mortgage payable on the accompanying balance sheet. The interest expense incurred in December 31, 2023 and 2022 was $9,633 and $9,843.

*Series #RUSUU*

On November 4, 2021, the APL - Series RUSUU executed a Loan Agreement Secured by the Deed of Trust. According to the Loan Agreement, the APL - Series RUSUU borrowed $268,200.00 at 3.500% interest with a maturity of November 7, 2051. The outstanding balance of the Loan Payable - Mortgage as of December 31, 2023 and 2022 was $243,681 and $248,540 and is included in current portion of mortgage payable and mortgage payable on the accompanying balance sheet. The interest expense incurred in December 31, 2023 and 2022 was $9,582 and $10,371.

*Series #KM1OU*

On June 29, 2022, the APL - Series KM1OU executed a Loan Agreement Secured by the Deed of Trust. According to the Loan Agreement, the APL - Series KM1OU borrowed $483,000.00 at 6.625% interest with a maturity of July 7, 2052. The outstanding balance of the Loan Payable - Mortgage as of December 31, 2023 and 2022 was $454,351 and $459,031 and is included in current portion of mortgage payable and mortgage payable on the accompanying balance sheet. The interest expense incurred in December 31, 2023 and 2022 was $32,409 and $16,434.

*Series #TBQSK*

On May 31, 2022, the APL - Series TBQSK executed a Loan Agreement Secured by the Deed of Trust. According to the Loan Agreement, the APL - Series TBQSK borrowed $468,000.00 at 5.375% interest with a maturity of June 7, 2052. The outstanding balance of the Loan Payable - Mortgage as of December 31, 2023 and 2022 was $446,984 and $447,217 and is included in current portion of mortgage payable and mortgage payable on the accompanying balance sheet. The interest expense incurred in December 31, 2023 and 2022 was $25,193 and $14,936.

*Series #EKPES*

On April 19, 2022, the APL - Series EKPES executed a Loan Agreement Secured by the Deed of Trust. According to the Loan Agreement, the APL - Series EKPES borrowed $196,000.00 at 5.625% interest with a maturity of May 8, 2052. The outstanding balance of the Loan Payable - Mortgage as of December 31, 2023 and 2022 was $185,991 and $188,239 and is included in current portion of mortgage payable and mortgage payable on the accompanying balance sheet. The interest expense incurred in December 31, 2023 and 2022 was $11,070 and $7,803.

Mortgage interest expenses for the year ended December 31, 2023 and 2022 was $247,345 and $221,543.

---

| | | |
|:---|:---|:---|
|  | **December 31, 2023** | **December 31, 2022** |
| Current Portion of Mortgage Payable | $111090 | $106934 |

---

Maturities of the mortgage payable are as follows (excluding the net of the finance cost):

---

| | |
|:---|:---|
| **Year** | **Amount** |
| 2024 | 111090 |
| 2025 | 115890 |
| 2026 | 120670 |
| 2027 | 125659 |
| 2028 | 130663 |
| Thereafter | 5013362 |
| **Total** | $5617335 |

---

**NOTE 3: TRANSACTIONS WITH RELATED PARTIES**

***Loan Receivable - due from affiliate***

The APL pays the Parent Company for covering administrative costs. The loan has been structured as receivable from the Parent Company to the APL. These advances are non-interest bearing and are due on demand. The outstanding balance due from the affiliate as of December 31, 2023 and 2022 was $2,507,090 and $2,507,090, respectively, and is included in the related party loans and notes receivable, current on the accompanying balance sheet.

***Loan Payable - due to affiliate***

The Parent Company pay APL for covering administrative costs. The loan has been structured as payable to the Parent Company from the APL. These advances are non-interest bearing and are due on demand. The outstanding balance due to the affiliate as of December 31, 2023 and 2022 was $72,711 and $0, respectively , and is included in the related party debt, current on the accompanying balance sheet.

***Related party loan***

APL has received a loan from its Parent Company to cover administrative costs. The loan is structured as a down payment loan with a 7% interest rate and has an outstanding balance of $500,000. The interest expense incurred in 2023 and 2022 was $35,000 for both years.

***Property sourcing fee and security marketing fee***

Pursuant to the Operating Agreement the Asset Manager, as consideration for assisting in the sourcing of the Underlying Asset of a Series, to the extent not waived by the Managing Member in its sole discretion, will receive 3.0% (of the maximum offering amount) Sourcing Fee. The sourcing fee is in connection with the search and negotiation of the property purchase as set forth in the Certificate of Designations for the Series. A security marketing fee is a charge that typically covers the costs associated with marketing and promoting investment security to potential investors. These fees are charged at 3% of the maximum offering amount.

*Series # EKPES*

The property sourcing fee and security marketing fee incurred in 2023 were $16,500 and $16,500, respectively.

*Series #TBQSK*

The property sourcing fee and security marketing fee incurred in 2023 were $29,010 and $29,010, respectively.

***Asset management fee***

For services performed, the Series will pay an annual Asset Management Fee to the Asset Manager in respect of each fiscal year, 10% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. Any such amount will be paid at the same time as, and only if, a distribution is made from the Series to its Members.

*Series #MHQNN*

The Series #MHQNN has entered into an Asset Management Agreement with the Parent Company (the Asset Manager), the managing member of the Series #MHQNN and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series #MHQNN together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation"). As of December 31, 2023 and 2022, the prepaid Asset Management Fee was $0 and $0, respectively. Asset Management Fee for the year ended December 31, 2023 and 2022, was $0 and $0, respectively.

*Series #KYLBE*

The Series #KYLBE has entered into an Asset Management Agreement with the Parent Company (the Asset Manager), the managing member of the Series #KYLBE and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series #KYLBE together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation"). As of December 31, 2023 and 2022, the prepaid Asset Management Fee was $0 and $0, respectively. Asset Management Fee for the year ended December 31, 2023 and 2022, was $0 and $0, respectively.

*Series #DJVWQ*

The Series #DJVWQ has entered into an Asset Management Agreement with the Parent Company (the Asset Manager), the managing member of the Series #DJVWQ and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series #DJVWQ together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation"). As of December 31, 2023 and 2022, the prepaid Asset Management Fee was $0 and $0, respectively. Asset Management Fee for the year ended December 31, 2023 and 2022, was $0 and $0, respectively.

*Series #PBIUH*

The Series #PBIUH has entered into an Asset Management Agreement with the Parent Company (the Asset Manager), the managing member of the Series #PBIUH and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series #PBIUH together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation"). As of December 31, 2023 and 2022, the prepaid Asset Management Fee was $0 and $0, respectively. Asset Management Fee for the year ended December 31, 2023 and 2022, was $0 and $0, respectively.

*Series #PFUNR*

The Series #PFUNR has entered into an Asset Management Agreement with the Parent Company (the Asset Manager), the managing member of the Series #PFUNR and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series #PFUNR together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation"). As of December 31, 2023 and 2022, the prepaid Asset Management Fee was $0 and $0, respectively. Asset Management Fee for the year ended December 31, 2023 and 2022, was $0 and $0, respectively.

*Series #8YFFL*

The Series #8YFFL has entered into an Asset Management Agreement with the Parent Company (the Asset Manager), the managing member of the Series #8YFFL and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series #8YFFL together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation"). As of December 31, 2023 and 2022, the prepaid Asset Management Fee was $0 and $0, respectively. Asset Management Fee for the year ended December 31, 2023 and 2022, was $0 and $0, respectively.

*Series #XZQRZ*

The Series #XZQRZ has entered into an Asset Management Agreement with the Parent Company (the Asset Manager), the managing member of the Series #XZQRZ and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series #XZQRZ together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation"). As of December 31, 2023 and 2022, the prepaid Asset Management Fee was $0 and $0, respectively. Asset Management Fee for the year ended December 31, 2023 and 2022, was $0 and $0, respectively.

*Series #DTMEW*

The Series #DTMEW has entered into an Asset Management Agreement with the Parent Company (the Asset Manager), the managing member of the Series #DTMEW and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series #DTMEW together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation"). As of December 31, 2023 and 2022, the prepaid Asset Management Fee was $0 and $0, respectively. Asset Management Fee for the year ended December 31, 2023 and 2022, was $0 and $0, respectively.

*Series #SOYGJ*

The Series #SOYGJ has entered into an Asset Management Agreement with the Parent Company (the Asset Manager), the managing member of the Series #SOYGJ and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series #SOYGJ together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation"). As of December 31, 2023 and 2022, the prepaid Asset Management Fee was $0 and $0, respectively. Asset Management Fee for the year ended December 31, 2023 and 2022, was $0 and $0, respectively.

*Series #RUSUU*

The Series #RUSUU has entered into an Asset Management Agreement with the Parent Company (the Asset Manager), the managing member of the Series #RUSUU and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series #RUSUU together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation"). As of December 31, 2023 and 2022, the prepaid Asset Management Fee was $0 and $0, respectively. Asset Management Fee for the year ended December 31, 2023 and 2022, was $0 and $0, respectively.

*Series #KM1OU*

The Series #KM1OU has entered into an Asset Management Agreement with the Parent Company (the Asset Manager), the managing member of the Series #KM1OU and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series #KM1OU together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation"). As of December 31, 2023 and 2022, the prepaid Asset Management Fee was $0 and $0, respectively. Asset Management Fee for the year ended December 31, 2023 and 2022, was $0 and $0, respectively.

*Series #TBQSK*

The Series #TBQSK has entered into an Asset Management Agreement with the Parent Company (the Asset Manager), the managing member of the Series #TBQSK and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series #TBQSK together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation"). As of December 31, 2023 and 2022, the prepaid Asset Management Fee was $0 and $0, respectively. Asset Management Fee for the year ended December 31, 2023 and 2022, was $0 and $0, respectively.

*Series #EKPES*

The Series #EKPES has entered into an Asset Management Agreement with the Parent Company (the Asset Manager), the managing member of the Series #EKPES and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series #EKPES together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation"). As of December 31, 2023 and 2022, the prepaid Asset Management Fee was $0 and $0, respectively. Asset Management Fee for the year ended December 31, 2023 and 2022, was $0 and $0, respectively.

**NOTE 4: SUBSEQUENT EVENTS**

Management has evaluated subsequent events through the date on the consolidated financial statements that were available to be issued, which is February 9, 2024 and has determined that there were no material subsequent events that require disclosure in these financial statements.

**NOTE 5: APPROVAL OF CONSOLIDATED FINANCIAL STATEMENTS**

The consolidated and consolidating financial statements have been approved by the management of the APL and authorized for issue on February 9, 2024.

**PART III**

**INDEX TO EXHIBITS**

The documents listed in the Exhibit Index of this report are incorporated by reference or are filed with this report, in each case as indicated below.

---

| | |
|:---|:---|
| [2.1](ark7properties_ex2-1.htm) | [Certificate of Formation of Ark7 Properties LLC](ark7properties_ex2-1.htm) |
| [2.2](ark7properties_ex2-2.htm) | [Operating Agreement of Ark7 Properties LLC](ark7properties_ex2-2.htm) |
| [3.1](ark7properties_ex3-1.htm) | [Series #MHQNN Series Designation](ark7properties_ex3-1.htm) |
| [3.2](ark7properties_ex3-2.htm) | [Series #KYLBE Series Designation](ark7properties_ex3-2.htm) |
| [3.3](ark7properties_ex3-3.htm) | [Series #DJVWQ Series Designation](ark7properties_ex3-3.htm) |
| [3.4](ark7properties_ex3-4.htm) | [Series #PBIUH Series Designation](ark7properties_ex3-4.htm) |
| [3.5](ark7properties_ex3-5.htm) | [Series #PFUNR Series Designation](ark7properties_ex3-5.htm) |
| [3.6](ark7properties_ex3-6.htm) | [Series #8YFFL Series Designation](ark7properties_ex3-6.htm) |
| [3.7](ark7properties_ex3-7.htm) | [Series #XZQRZ Series Designation](ark7properties_ex3-7.htm) |
| [3.8](ark7properties_ex3-8.htm) | [Series #DTMEW Series Designation](ark7properties_ex3-8.htm) |
| [3.9](ark7properties_ex3-9.htm) | [Series #SOYGJ Series Designation](ark7properties_ex3-9.htm) |
| [3.10](ark7properties_ex3-10.htm) | [Series #RUSUU Series Designation](ark7properties_ex3-10.htm) |
| [3.11](ark7properties_ex3-11.htm) | [Series #KM1OU Series Designation](ark7properties_ex3-11.htm) |
| [3.12](ark7properties_ex3-12.htm) | [Series #TBQSK Series Designation](ark7properties_ex3-12.htm) |
| [3.13](ark7properties_ex3-13.htm) | [Series #EKPES Series Designation](ark7properties_ex3-13.htm) |
| [4.1](ark7properties_ex4-1.htm) | [Form of Series #\[______\] Subscription Agreement](ark7properties_ex4-1.htm) |
| [6.1](ark7properties_ex6-1.htm) | [Form of Lease Agreement](ark7properties_ex6-1.htm) |
| [6.2](ark7properties_ex6-2.pdf) | [Real Estate Purchase Agreement dated November 27, 2019 between Seller and Series #MHQNN](ark7properties_ex6-2.pdf) |
| [6.3](ark7properties_ex6-3.htm) | [Asset Management Agreement between Ark7 and Ark7 Properties LLC - Series #MHQNN](ark7properties_ex6-3.htm) |
| [6.4](ark7properties_ex6-4.htm) | [Inter-company Loan Agreement between Ark7 Properties LLC and Series #MHQNN](ark7properties_ex6-4.htm) |
| [6.5](ark7properties_ex6-5.pdf) | [Real Estate Purchase Agreement dated August 12, 2019 between Seller and Series #KYLBE](ark7properties_ex6-5.pdf) |
| [6.6](ark7properties_ex6-6.htm) | [Asset Management Agreement between Ark7 and Ark7 Properties LLC - Series #KYLBE](ark7properties_ex6-6.htm) |
| [6.7](ark7properties_ex6-7.htm) | [Inter-company Loan Agreement between Ark7 Properties LLC and Series #KYLBE](ark7properties_ex6-7.htm) |
| [6.8](ark7properties_ex6-8.pdf) | [Real Estate Purchase Agreement dated September 11, 2020 between Seller and Series #DJVWQ](ark7properties_ex6-8.pdf) |
| [6.9](ark7properties_ex6-9.htm) | [Asset Management Agreement between Ark7 and Ark7 Properties LLC - Series #DJVWQ](ark7properties_ex6-9.htm) |
| [6.10](ark7properties_ex6-10.htm) | [Inter-company Loan Agreement between Ark7 Properties LLC and Series #DJVWQ](ark7properties_ex6-10.htm) |
| [6.11](ark7properties_ex6-11.pdf) | [Real Estate Purchase Agreement dated January 15, 2021 between Seller and Series #PBIUH](ark7properties_ex6-11.pdf) |
| [6.12](ark7properties_ex6-12.htm) | [Asset Management Agreement between Ark7 and Ark7 Properties LLC - Series #PBIUH](ark7properties_ex6-12.htm) |
| [6.13](ark7properties_ex6-13.htm) | [Inter-company Loan Agreement between Ark7 Properties LLC and Series #PBIUH](ark7properties_ex6-13.htm) |
| [6.14](ark7properties_ex6-14.pdf) | [Real Estate Purchase Agreement dated February 05, 2021 between Seller and Series #PFUNR](ark7properties_ex6-14.pdf) |
| [6.15](ark7properties_ex6-15.htm) | [Asset Management Agreement between Ark7 and Ark7 Properties LLC - Series #PFUNR](ark7properties_ex6-15.htm) |
| [6.16](ark7properties_ex6-16.htm) | [Inter-company Loan Agreement between Ark7 Properties LLC and Series #PFUNR](ark7properties_ex6-16.htm) |
| [6.17](ark7properties_ex6-17.pdf) | [Real Estate Purchase Agreement dated February 09, 2021 between Seller and Series #8YFFL](ark7properties_ex6-17.pdf) |
| [6.18](ark7properties_ex6-18.htm) | [Asset Management Agreement between Ark7 and Ark7 Properties LLC - Series #8YFFL](ark7properties_ex6-18.htm) |
| [6.19](ark7properties_ex6-19.htm) | [Inter-company Loan Agreement between Ark7 Properties LLC and Series #8YFFL](ark7properties_ex6-19.htm) |
| [6.20](ark7properties_ex6-20.pdf) | [Real Estate Purchase Agreement dated March 31, 2021 between Seller and Series #XZQRZ](ark7properties_ex6-20.pdf) |
| [6.21](ark7properties_ex6-21.htm) | [Asset Management Agreement between Ark7 and Ark7 Properties LLC - Series #XZQRZ](ark7properties_ex6-21.htm) |
| [6.22](ark7properties_ex6-22.htm) | [Inter-company Loan Agreement between Ark7 Properties LLC and Series #XZQRZ](ark7properties_ex6-22.htm) |
| [6.23](ark7properties_ex6-23.pdf) | [Real Estate Purchase Agreement dated October 01, 2021 between Seller and Series #DTMEW](ark7properties_ex6-23.pdf) |
| [6.24](ark7properties_ex6-24.htm) | [Asset Management Agreement between Ark7 and Ark7 Properties LLC - Series #DTMEW](ark7properties_ex6-24.htm) |
| [6.25](ark7properties_ex6-25.htm) | [Inter-company Loan Agreement between Ark7 Properties LLC and Series #DTMEW](ark7properties_ex6-25.htm) |
| [6.26](ark7properties_ex6-26.pdf) | [Real Estate Purchase Agreement dated October 21, 2021 between Seller and Series #SOYGJ](ark7properties_ex6-26.pdf) |
| [6.27](ark7properties_ex6-27.htm) | [Asset Management Agreement between Ark7 and Ark7 Properties LLC - Series #SOYGJ](ark7properties_ex6-27.htm) |
| [6.28](ark7properties_ex6-28.htm) | [Inter-company Loan Agreement between Ark7 Properties LLC and Series #SOYGJ](ark7properties_ex6-28.htm) |
| [6.29](ark7properties_ex6-29.pdf) | [Real Estate Purchase Agreement dated November 04, 2021 between Seller and Series #RUSUU](ark7properties_ex6-29.pdf) |
| [6.30](ark7properties_ex6-30.htm) | [Asset Management Agreement between Ark7 and Ark7 Properties LLC - Series #RUSUU](ark7properties_ex6-30.htm) |
| [6.31](ark7properties_ex6-31.htm) | [Inter-company Loan Agreement between Ark7 Properties LLC and Series #RUSUU](ark7properties_ex6-31.htm) |
| [6.32](ark7properties_ex6-32.pdf) | [Real Estate Purchase Agreement dated October 15, 2021 between Seller and Series #KM1OU](ark7properties_ex6-32.pdf) |
| [6.33](ark7properties_ex6-33.htm) | [Asset Management Agreement between Ark7 and Ark7 Properties LLC - Series #KM1OU](ark7properties_ex6-33.htm) |
| [6.34](ark7properties_ex6-34.htm) | [Inter-company Loan Agreement between Ark7 Properties LLC and Series #KM1OU](ark7properties_ex6-34.htm) |
| [6.35](ark7properties_ex6-35.pdf) | [Real Estate Purchase Agreement dated May 31, 2022 between Seller and Series #TBQSK](ark7properties_ex6-35.pdf) |
| [6.36](ark7properties_ex6-36.htm) | [Asset Management Agreement between Ark7 and Ark7 Properties LLC - Series #TBQSK](ark7properties_ex6-36.htm) |
| [6.37](ark7properties_ex6-37.htm) | [Inter-company Loan Agreement between Ark7 Properties LLC and Series #TBQSK](ark7properties_ex6-37.htm) |
| [6.38](ark7properties_ex6-38.pdf) | [Real Estate Purchase Agreement dated April 19, 2022 between Seller and Series #EKPES](ark7properties_ex6-38.pdf) |
| [6.39](ark7properties_ex6-39.htm) | [Asset Management Agreement between Ark7 and Ark7 Properties LLC - Series #EKPES](ark7properties_ex6-39.htm) |
| [6.40](ark7properties_ex6-40.htm) | [Inter-company Loan Agreement between Ark7 Properties LLC and Series #EKPES](ark7properties_ex6-40.htm) |
| [11.1](ark7properties_ex11-1.htm) | [Accountants Consent](ark7properties_ex11-1.htm) |
| [12.1](ark7properties_ex12-1.htm) | [Legal Opinion](ark7properties_ex12-1.htm) |

---

**SIGNATURES**

Pursuant to the requirements of Regulation A, the issuer certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form 1-A and has duly caused this Offering Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in State of California, on December 4, 2025.

**Ark7 Properties LLC a Delaware series limited liability company**

---

| | | |
|:---|:---|:---|
| By | */s/ Ark7 Inc., a Delaware corporation* | */s/ Ark7 Inc., a Delaware corporation* |
|  | Its: Managing Member | Its: Managing Member |
|  | By: | */s/ Yizhen Zhao* |
|  | Name: | Yizhen Zhao |
|  | Title: | President |

---

This Offering Statement has been signed by the following persons in the capacities and on the dates indicated.

**Ark7 Properties LLC a Delaware series liability company**

---

| | | |
|:---|:---|:---|
| By | */s/ Ark7 Inc., a Delaware corporation* | */s/ Ark7 Inc., a Delaware corporation* |
|  | Its: Managing Member | Its: Managing Member |
|  | By: | */s/ Yizhen Zhao* |
|  | Name: | Yizhen Zhao |
|  | Title: | Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer of Ark7 Inc., Managing Member of Ark7 Properties LLC |
|  | Date: | December 4, 2025 |

---

## Ex1A-2A

![](ex2-1_001.jpg)

CERTIFICATE OF FORMATION

OF

Ark7 Properties LLC

The undersigned, being an authorized person for purposes of executing this Certificate of Formation on behalf of Ark7 Properties LLC, a Delaware Limited Liability Company (the L.L.C.), desiring to comply with the requirements of 6 <u>Del.C.</u> Section 18- 201 and the other provisions of the Delaware Limited Liability Company Act, 6 <u>Del.C.</u> Section 18-101, <u>et seq</u>. (the Act), hereby certifies as follows:

1. <u>Name of the L.L.C.</u> - The name of the LLC is Ark7 Properties LLC.

2. <u>Registered Office and Registered Agent of the L.L.C.</u> - The name of the registered agent for service of process on the L.L.C. in the State of Delaware is Agents and Corporations, Inc. The address of the registered agent of the L.L.C. and the address of the registered office of the L.L.C. in the State of Delaware is 1201 Orange Street, Suite 600, Wilmington, DE 19801.

3. <u>Date of Formation and Effective Date</u> - The date of formation and the effective date of the L.L.C. shall be the date of filing of this Certificate of Formation with the Secretary of State of the State of Delaware.

4. <u>Series L.L.C.</u> - This is a Series L.L.C. which may establish designated series of members, managers, limited liability company interests having separate rights, powers or duties with respect to specified property or obligations of the limited liability company or profits and losses associated with specified property or obligations, and, to the extent provided in the limited liability company agreement, any such series may have a separate business purpose or investment objective and/or limitation on liabilities of such series in accordance with the provisions of 6 <u>Del. C.</u> Section 18-215. Notice is hereby given pursuant to 6 <u>Del. C.</u> Section 18-215 that debts, liabilities, and obligations incurred, contracted for, or otherwise existing with respect to a particular series of the LLC, shall be enforceable against the assets of such series only and not against the assets of the LLC generally, or any other series thereof, and none of the debts, liabilities, obligations, and expenses incurred, contracted for, or otherwise existing, with respect to the LLC generally, or any other series thereof, shall be enforceable against the assets of such series.

IN WITNESS WHEREOF, the undersigned hereby executes this Certificate of Formation in accordance with the provisions of <u>6 Del.C.</u> Section 18-201 on October 31, 2018.

---

| |
|:---|
| /s/ John L. Williams |
| John L. Williams |
| (Authorized Person) |

---

## Ex1A-2A

**AMENDED AND RESTATED SERIES LIMITED LIABILITY COMPANY AGREEMENT**

**OF**

**Ark7 Properties LLC**

PROSPECTIVE INVESTORS ARE NOT TO CONSTRUE THE CONTENTS OF THIS AGREEMENT OR ANY PRIOR OR SUBSEQUENT COMMUNICATIONS FROM THE COMPANY, THE MANAGER OR THEIR AFFILIATES, OR ANY PROFESSIONAL ASSOCIATED WITH THIS OFFERING, AS LEGAL, TAX OR INVESTMENT ADVICE. EACH INVESTOR SHOULD CONSULT WITH AND RELY ON HIS OR HER OWN ADVISORS AS TO THE LEGAL, TAX AND/OR ECONOMIC IMPLICATIONS OF THE INVESTMENT DESCRIBED IN THIS AGREEMENT AND ITS SUITABILITY FOR SUCH INVESTOR.

AN INVESTMENT IN THE SERIES OF INTEREST CARRIES A HIGH DEGREE OF RISK AND IS ONLY SUITABLE FOR AN INVESTOR WHO CAN AFFORD LOSS OF HIS OR HER ENTIRE INVESTMENT IN THE SERIES OF INTEREST.

THE INTERESTS HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY OTHER STATE. ACCORDINGLY, INTERESTS MAY NOT BE TRANSFERRED, SOLD, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT OR A VALID EXEMPTION FROM SUCH REGISTRATION.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [RECITALS](#id.67mjg253rucl) | 3 |
| [ARTICLE I - DEFINITIONS](#id.lw069912k0bw) | 3 |
| [ARTICLE II - ORGANIZATION](#id.bvfjdu887p3j) | 11 |
| [ARTICLE III - MEMBERS, SERIES AND INTERESTS](#id.911wn1u1iv6s) | 14 |
| [ARTICLE IV - REGISTRATION AND TRANSFER OF INTERESTS](#id.ep82rptbjpdk) | 15 |
| [ARTICLE V - MANAGEMENT AND OPERATION OF THE COMPANY AND EACH SERIES](#id.q05hvy2htv99) | 18 |
| [ARTICLE VI - FEES AND EXPENSES](#id.8x3db4i3xfj5) | 24 |
| [ARTICLE VII - DISTRIBUTIONS](#id.zeipb6dflfnz) | 25 |
| [ARTICLE VIII - BOOKS, RECORDS, ACCOUNTING AND REPORTS](#id.yzi7rxvi5wbw) | 26 |
| [ARTICLE IX - TAX MATTERS](#id.8ivkgts8d3gh) | 27 |
| [ARTICLE X - REMOVAL OF THE MANAGING MEMBER](#id.b0u9brx092pa) | 28 |
| [ARTICLE XI - DISSOLUTION, TERMINATION AND LIQUIDATION](#id.sg12xapknqny) | 29 |
| [ARTICLE XII - AMENDMENT OF AGREEMENT OR SERIES DESIGNATION](#id.ls8fpokf2o74) | 32 |
| [ARTICLE XIII - MEMBER MEETINGS](#id.4lkr9tgxq2wa) | 34 |
| [ARTICLE XIV - CONFIDENTIALITY](#id.umuo7752vf4w) | 35 |
| [ARTICLE XV - GENERAL PROVISIONS](#id.ndcvks64baqv) | 36 |
| [EXHIBIT A: FORM OF SERIES DESIGNATION](#id.qenp19amj7ae) | 41 |
| [EXHIBIT B: FORM OF SUBSCRIPTION AGREEMENT](#id.ph5inqkstnlw) | 42 |
| [EXHIBIT C: FORM OF ASSET MANAGEMENT AGREEMENT](#id.47gmjsms3bju) | 43 |

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**AMENDED AND RESTATED SERIES LIMITED LIABILITY COMPANY AGREEMENT**

**OF**

**Ark7 Properties LLC**

This AMENDED AND RESTATED SERIES LIMITED LIABILITY COMPANY AGREEMENT, (this **Agreement**) is entered into and made effective as of November 1, 2025 (the "Effective Date"), by and among Ark 7 Inc., a Delaware corporation, and each other Person (as defined herein) who is or may hereafter be admitted as a Member of the Company in accordance with the terms of this Agreement.

This Agreement amends and restates in its entirety that certain Series Limited Liability Company Agreement, originally entered into as of September 13, 2019. Capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in Section 1.1.

**RECITALS**

**WHEREAS**, the parties hereto desire to form a series limited liability company pursuant to the Delaware Limited Liability Company Act by having filed a Certificate of Formation of the Company with the office of the Secretary of State of the State of Delaware on October 12, 2023 and entering into this Agreement;

**WHEREAS**, it is intended by the parties hereto that the Company establishes separate Series for the holding of properties to be acquired by the Company and that the debts, liabilities and obligations incurred, contracted for or otherwise existing with respect to a particular Series of the Company will be enforceable against the assets of such Series only, and not against the assets of the Company generally or any other Series thereof, and not of the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Company generally or any other Series thereof shall be enforceable against the assets of such Series; and

**NOW THEREFORE**, in consideration of the mutual promises and obligations contained herein, the parties, intending to be legally bound, hereby agree as follows:

**ARTICLE I - DEFINITIONS**

**Section 1.1 Definitions.** The following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in this Agreement.

**Abort Costs** means all fees, costs and expenses incurred in connection with any Series Asset proposals pursued by the Company, the Managing Member or a Series that do not proceed to completion.

**Acquisition Expenses** means in respect of each Series, the following fees, costs and expenses allocable to such Series (or such Series pro rata share of any such fees, costs and expenses allocable to the Company) and incurred in connection with the evaluation, discovery, investigation, development and acquisition of a Series Asset, including brokerage and sales fees and commissions, appraisal fees, real-estate property title and registration fees (as required), research fees, transfer taxes, third party industry and due diligence experts, bank fees and interest (if the Series Asset was acquired using debt prior to completion of the Initial Offering), auction house fees, technology costs, photography and videography expenses in order to prepare the profile for the Series Asset to be accessible to Investor Members via an online platform and any blue sky filings required in order for such Series to be made available to Economic Members in certain states (unless borne by the Managing Member, as determined in its sole discretion) and similar costs and expenses incurred in connection with the evaluation, discovery, investigation, development and acquisition of a Series Asset.

**Additional Economic Member** means a Person admitted as an Economic Member and associated with a Series in accordance with ARTICLE III as a result of an issuance of Interests of such Series to such Person by the Company.

**Advisory Board** has the meaning assigned to such term in Section 5.4.

**Affiliate** means, with respect to any Person, any other Person that directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with the Person in question. As used herein, the term control means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise.

**Aggregate Ownership Limit** means, in respect of an Initial Offering or a Subsequent Offering, not more than 10% of the aggregate Outstanding Interests of a Series, and in respect of a Transfer, not more than 19.9% of the aggregate Outstanding Interests of a Series, or in both cases, such other percentage set forth in the applicable Series Designation or as determined by the Managing Member in its sole discretion and as may be waived by the Managing Member in its sole discretion.

**Agreement** means this Limited Liability Company Agreement, as amended, modified, supplemented, or restated from time to time.

**Allocation Policy** means the allocation policy of the Company adopted by the Managing Member in accordance with Section 5.1.

**Asset Management Agreement** means, as the context requires, any agreement entered into between a Series and an Asset Manager pursuant to which such Asset Manager is appointed as manager of the relevant Series Assets, as amended from time to time.

**Asset Manager** means the manager of each of the Series Assets as specified in each Series Designation or, its permitted successors or assigns, appointed in accordance with Section 5.10.

**Broker** means any Person who has been appointed by the Company (and as the Managing Member may select in its reasonable discretion) and specified in any Series Designation to provide execution and other services relating to an Initial Offering to the Company, or its successors from time to time, or any other broker in connection with any Initial Offering.

**Brokerage Fee** means the fee payable to the Broker for the purchase by any Person of Interests in an Initial Offering equal to an amount agreed between the Managing Member and the Broker from time to time and specified in any Series Designation.

**Business Day** means any day other than a Saturday, a Sunday or a day on which commercial banks in New York, New York are authorized or required to close.

**Certificate of Formation** means the Certificate of Formation of the Company and any and all amendments thereto and restatements thereof filed with the Secretary of State of the State of Delaware.

**Code** means the Internal Revenue Code of 1986, as amended and in effect from time to time, or any superseding federal tax law. A reference herein to a specific Code section refers, not only to such specific Section, but also to any corresponding provision of any superseding federal tax statute, as such specific Section or such corresponding provision is in effect on the date of application of the provisions of this Agreement containing such reference.

**Company** means Ark7 Properties LLC, a Delaware series limited liability company, and any successors thereto.

**Conflict of Interest** means any matter that the Managing Member believes may involve a conflict of interest that is not otherwise addressed by the Allocation Policy.

**Delaware Act** means the Delaware Limited Liability Company Act, 6 Del. C. Section 18 101, et seq.

**DGCL** means the General Corporation Law of the State of Delaware, 8 Del. C. Section 101, et seq.

**Economic Member** means together, the Investor Members, Additional Economic Members (including any Person who receives Interests in connection with any goods or services provided to a Series (including in respect of the sale of a Series Asset to that Series)) and their successors and assigns admitted as Additional Economic Members and Substitute Economic Members, in each case who is admitted as a Member of such Series, but shall exclude the Managing Member in its capacity as Managing Member. For the avoidance of doubt, the Managing Member or any of its Affiliates shall be an Economic Member to the extent it purchases Interests in a Series.

**ERISA** means the Employee Retirement Income Security Act of 1974.

**Exchange Act** means the Securities Exchange Act of 1934.

**Expenses and Liabilities** has the meaning assigned to such term in Section 5.5(a).

**Fair Market Value** of any asset as of any date means the purchase price that a willing buyer having all relevant knowledge would pay a willing seller for such asset in an arm's length transaction, as determined by the Manager.

**Free Cash Flow** means any available cash for distribution generated from the net income received by a Series, as determined by the Managing Member to be in the nature of income as defined by U.S. GAAP, plus (i) any change in the net working capital (as shown on the balance sheet of such Series) (ii) any amortization to the relevant Series Asset (as shown on the income statement of such Series) and (iii) any depreciation to the relevant Series Asset (as shown on the income statement of such Series) and (iv) any other non-cash Operating Expenses less (a) any capital expenditure related to the Series Asset (as shown on the cash flow statement of such Series) (b) any other liabilities or obligations of the Series, including interest payments on debt obligations, in each case to the extent not already paid or provided for and (c) upon the termination and winding up of a Series or the Company, all costs and expenses incidental to such termination and winding as allocated to the relevant Series in accordance with Section 6.4.

**Form of Adherence** means, in respect of an Initial Offering or Subsequent Offering, a subscription agreement or other agreement substantially in the form appended to the Offering Document pursuant to which an Investor Member or Additional Economic Member agrees to adhere to the terms of this Agreement or, in respect of a Transfer, a form of adherence or instrument of Transfer, each in a form satisfactory to the Managing Member from time to time, pursuant to which a Substitute Economic Member agrees to adhere to the terms of this Agreement.

**Governmental Entity** means any court, administrative agency, regulatory body, commission or other governmental authority, board, bureau or instrumentality, domestic or foreign and any subdivision thereof.

**Indemnified Person** means (a) any Person who is or was an Officer of the Company or associated with a Series, (b) any Person who is or was a Managing Member or Liquidator, together with its officers, directors, members, shareholders, employees, managers, partners, controlling persons, agents or independent contractors, (c) any Person who is or was serving at the request of the Company as an officer, director, member, manager, partner, fiduciary or trustee of another Person; provided, that, except to the extent otherwise set forth in a written agreement between such Person and the Company or a Series, a Person shall not be an Indemnified Person by reason of providing, on a fee for services basis, trustee, fiduciary, administrative or custodial services, (d) any member of the Advisory Board appointed by the Managing Member pursuant to Section 5.4, (e) the Asset Manager, and (f) any Person the Managing Member designates as an Indemnified Person for purposes of this Agreement.

**Individual Aggregate Limit** means, with respect to any individual holder, 10% of the greater of such holders annual income or net worth or, with respect to any entity, 10% of the greater of such holders annual revenue or net assets at fiscal year-end.

**Initial Member** means the Person identified in the Series Designation of such Series as the Initial Member associated therewith.

**Initial Offering** means the first offering or private placement and issuance of any Series, other than the issuance to the Initial Member.

**Interest** means an interest in a Series issued by the Company that evidences a Member's rights, powers and duties with respect to the Company and such Series pursuant to this Agreement and the Delaware Act.

**Interest Designation** has the meaning ascribed in Section 3.3(f).

**Investment Advisers Act** means the Investment Advisers Act of 1940.

**Investment Company Act** means the Investment Company Act of 1940.

**Investor Members** mean those Persons who acquire Interests in the Initial Offering or Subsequent Offering and their successors and assigns admitted as Additional Economic Members.

**Liquidator** means one or more Persons selected by the Managing Member to perform the functions described in Section 11.2 as liquidating trustee of the Company or a Series, as applicable, within the meaning of the Delaware Act.

**Managing Member** means, as the context requires, the managing member of the Company or the managing member of a Series.

**Management Fee** means an amount up to 15% of any Free Cash Flows available for distribution pursuant to Article VII, as generated by each Series.

**Member** means each member of the Company associated with a Series, including, unless the context otherwise requires, the Initial Member, the Managing Member, each Economic Member (as the context requires), each Substitute Economic Member and each Additional Economic Member.

**National Securities Exchange** means an exchange registered with the U.S. Securities and Exchange Commission under Section 6(a) of the Exchange Act.

**Offering Document** means, with respect to any Series or the Interests of any Series, the prospectus, offering memorandum, offering circular, offering statement, offering circular supplement, private placement memorandum or other offering documents related to the Initial Offering of such Interests, in the form approved by the Managing Member and, to the extent required by applicable law, approved or qualified, as applicable, by any applicable Governmental Entity, including without limitation the U.S. Securities and Exchange Commission.

**Offering Expenses** means in respect of each Series, the following fees, costs and expenses allocable to such Series or such Series pro rata share (as determined by the Allocation Policy, if applicable) of any such fees, costs and expenses allocable to the Company incurred in connection with executing the Offering, consisting of underwriting, legal, accounting, escrow and compliance costs related to a specific offering.

**Officers** means any president, vice president, secretary, treasurer or other officer of the Company or any Series as the Managing Member may designate (which shall, in each case, constitute managers within the meaning of the Delaware Act).

**Operating Expenses** means in respect of each Series, the following fees, costs and expenses allocable to such Series or such Series pro rata share (as determined by the Allocation Policy, if applicable) of any such fees, costs and expenses allocable to the Company:

* any and all fees, costs and expenses incurred in connection with the management of a Series Asset, including property taxes, income taxes, licensing fees, property insurance fees, utility fees, maintenance fees, marketing, security, and utilization of the Series Asset;

* any fees, costs and expenses incurred in connection with preparing any reports and accounts of each Series of Interests, including any blue sky filings required in order for a Series of Interest to be made available to Investors in certain states and any annual audit of the accounts of such Series of Interests (if applicable) and any reports to be filed with the U.S. Securities and Exchange 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 Managing Member or the Asset Manager, in connection with the Series Asset;

* any withholding or transfer taxes imposed on the 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 the 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 the Company, a Series or the Asset Manager in connection with the affairs of the Company or a Series;

* the fees and expenses of any administrator, if any, engaged to provide administrative services to the Company or a Series;

* all custodial fees, costs and expenses in connection with the holding of a Series Asset or Interests;

* any fees, costs and expenses of a third-party registrar and transfer agent appointed by the Managing Member in connection with a Series;

* the cost of the audit of the Company's annual financial statements and the preparation of its tax returns and circulation of reports to Economic Members;

* the cost of any audit of a Series annual financial statements, the fees, costs and expenses incurred in connection with making of any tax filings on behalf of a Series and circulation of reports to Economic Members;

* any indemnification payments to be made pursuant to Section 5.5;

* the fees and expenses of the Company's or a Series counsel in connection with advice directly relating to the 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 Managing Member in connection with the operations of the Company or a Series; and

* any similar expenses that may be determined to be Operating Expenses, as determined by the Managing Member in its reasonable discretion.

**Operating Expenses Reimbursement Obligation(s)** has the meaning ascribed in Section 6.3.

**Outstanding** means all Interests that are issued by the Company and reflected as outstanding on the Company's books and records as of the date of determination.

**Person** means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, Governmental Entity or other entity.

**Record Date** means the date established by the Managing Member for determining (a) the identity of the Record Holders entitled to notice of, or to vote at, any meeting of Members associated with any Series or entitled to exercise rights in respect of any lawful action of Members associated with any Series or (b) the identity of Record Holders entitled to receive any report or distribution or to participate in any offer.

**Record Holder** or **holder** means the Person in whose name such Interests are registered on the books of the Company as of the opening of business on a particular Business Day, as determined by the Managing Member in accordance with this Agreement.

**Securities Act** means the Securities Act of 1933.

**Series** has the meaning assigned to such term in Section 3.3(a).

**Series Assets** means, at any particular time, all assets, properties (whether tangible or intangible, and whether real, personal or mixed) and rights of any type contributed to or acquired by a particular Series and owned or held by or for the account of such Series, whether owned or held by or for the account of such Series as of the date of the designation or establishment thereof or thereafter contributed to or acquired by such Series.

**Series Designation** has the meaning assigned to such term in Section 3.3(a).

**Sourcing Fee** means the sourcing fee which is paid to the Asset Manager as consideration for assisting in the sourcing of such Series Asset and as specified in each Series Designation, to the extent not waived by the Managing Member in its sole discretion.

**Subsequent Offering** means any further issuance of Interests in any Series, excluding any Initial Offering or Transfer.

**Substitute Economic Member** means a Person who is admitted as an Economic Member of the Company and associated with a Series pursuant to Section 4.1(b) as a result of a Transfer of Interests to such Person.

**Super Majority Vote** means, the affirmative vote of the holders of Outstanding Interests of all Series representing at least two thirds of the total votes that may be cast by all such Outstanding Interests, voting together as a single class.

**Transfer** means, with respect to an Interest, a transaction by which the Record Holder of an Interest assigns such Interest to another Person who is or becomes a Member, and includes a sale, assignment, gift, exchange or any other disposition by law or otherwise, including any transfer upon foreclosure of any pledge, encumbrance, hypothecation or mortgage.

**U.S. GAAP** means United States generally accepted accounting principles consistently applied, as in effect from time to time.

**Section 1.2 Construction.** Unless the context requires otherwise: (a) any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa; (b) references to paragraphs, Articles and Sections refer to paragraphs, Articles and Sections of this Agreement; (c) the term include or includes means includes, without limitation, and including means including, without limitation, (d) the words herein, hereof and hereunder and other words of similar import refer to this Agreement as a whole and not to any particular Article, Section or other subdivision, (e) or has the inclusive meaning represented by the phrase and/or, (f) unless the context otherwise requires, references to agreements and other documents shall be deemed to include all subsequent amendments and other modifications thereto, (g) references to any Person shall include all predecessors of such Person, as well as all permitted successors, assigns, executors, heirs, legal representatives and administrators of such Person, and (h) any reference to any statute or regulation includes any implementing legislation and any rules made under that legislation, statute or statutory provision, whenever before, on, or after the date of the Agreement, as well as any amendments, restatements or modifications thereof, as well as all statutory and regulatory provisions consolidating or replacing the statute or regulation. This Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted.

**ARTICLE II - ORGANIZATION**

**Section 2.1 Formation.** The Company has been formed as a series limited liability company pursuant to Section 18-215 of the Delaware Act. Except as expressly provided to the contrary in this Agreement, the rights, duties, liabilities and obligations of the Members and the administration, dissolution and termination of the Company and each Series shall be governed by the Delaware Act.

**Section 2.2 Name.** The name of the Company shall be Ark7 Properties Advance LLC. The business of the Company and any Series may be conducted under any other name or names, as determined by the Managing Member. The Managing Member may change the name of the Company at any time and from time to time and shall notify the Economic Members of such change in the next regular communication to the Economic Members.

**Section 2.3 Registered Office; Registered Agent; Principal Office; Other Offices.** Unless and until changed by the Managing Member in its sole discretion, the registered office of the Company in the State of Delaware shall be located at 1201 Orange Street, Suite 600, Wilmington, Delaware 19801, and the registered agent for service of process on the Company and each Series in the State of Delaware at such registered office shall be Agents and Corporations, Inc. The principal office of the Company shall be located at 156 2nd Street, San Francisco, California, 94105. Unless otherwise provided in the applicable Series Designation, the principal office of each Series shall be located at 156 2nd Street, San Francisco, California, 94105 or such other place as the Managing Member may from time to time designate by notice to the Economic Members associated with the applicable Series. The Company and each Series may maintain offices at such other place or places within or outside the State of Delaware as the Managing Member determines to be necessary or appropriate. The Managing Member may change the registered office, registered agent or principal office of the Company or of any Series at any time and from time to time and shall notify the applicable Economic Members of such change in the next regular communication to such Economic Members.

**Section 2.4 Purpose.** The purpose of the Company and, unless otherwise provided in the applicable Series Designation, each Series shall be to (a) promote, conduct or engage in, directly or indirectly, any business, purpose or activity that lawfully may be conducted by a series limited liability company organized pursuant to the Delaware Act, (b) acquire and operate real estate properties, and, to exercise all of the rights and powers conferred upon the Company and each Series with respect to its interests therein, and (c) conduct any and all activities related or incidental to the foregoing purposes.

**Section 2.5 Powers.** The Company, each Series and, subject to the terms of this Agreement, the Managing Member shall be empowered to do any and all acts and things necessary or appropriate for the furtherance and accomplishment of the purposes described in Section 2.4.

**Section 2.6 Power of Attorney.**

* Each Economic Member hereby constitutes and appoints the Managing Member and, if a Liquidator shall have been selected pursuant to Section 11.2, the Liquidator, and each of their authorized officers and attorneys in fact, as the case may be, with full power of substitution, as his or her true and lawful agent and attorney in fact, with full power and authority in his or her name, place and stead, to: (i) execute, swear to, acknowledge, deliver, file and record in the appropriate public offices: (A) all certificates, documents and other instruments (including this Agreement and the Certificate of Formation and all amendments or restatements hereof or thereof) that the Managing Member, or the Liquidator, determines to be necessary or appropriate to form, qualify or continue the existence or qualification of the Company as a series limited liability company in the State of Delaware and in all other jurisdictions in which the Company or any Series may conduct business or own property; (B) all certificates, documents and other instruments that the Managing Member, or the Liquidator, determines to be necessary or appropriate to reflect, in accordance with its terms, any amendment, change, modification or restatement of this Agreement; (C) all certificates, documents and other instruments that the Managing Member or the Liquidator determines to be necessary or appropriate to reflect the dissolution, liquidation or termination of the Company or a Series pursuant to the terms of this Agreement; (D) all certificates, documents and other instruments relating to the admission, withdrawal or substitution of any Economic Member pursuant to, or in connection with other events described in, ARTICLE III or ARTICLE XI; (E) all certificates, documents and other instruments relating to the determination of the rights, preferences and privileges of any Series of Interest issued pursuant to Section 3.3; (F) all certificates, documents and other instruments that the Managing Member or Liquidator determines to be necessary or appropriate to maintain the separate rights, assets, obligations and liabilities of each Series; and (G) all certificates, documents and other instruments (including agreements and a certificate of merger) relating to a merger, consolidation or conversion of the Company; and (ii) execute, swear to, acknowledge, deliver, file and record all ballots, consents, approvals, waivers, certificates, documents and other instruments that the Managing Member or the Liquidator determines to be necessary or appropriate to (A) make, evidence, give, confirm or ratify any vote, consent, approval, agreement or other action that is made or given by any of the Members hereunder or is consistent with the terms of this Agreement or (B) effectuate the terms or intent of this Agreement; provided, that when any provision of this Agreement that establishes a percentage of the Members or of the Members of any Series required to take any action, the Managing Member, or the Liquidator, may exercise the power of attorney made in this paragraph only after the necessary vote, consent, approval, agreement or other action of the Members or of the Members of such Series, as applicable. Nothing contained in this Section shall be construed as authorizing the Managing Member, or the Liquidator, to amend, change or modify this Agreement except in accordance with ARTICLE XII or as may be otherwise expressly provided for in this Agreement.

* The foregoing power of attorney is hereby declared to be irrevocable and a power coupled with an interest, and it shall survive and, to the maximum extent permitted by law, not be affected by the subsequent death, incompetency, disability, incapacity, dissolution, bankruptcy or termination of any Economic Member and the transfer of all or any portion of such Economic Members Interests and shall extend to such Economic Members heirs, successors, assigns and personal representatives. Each such Economic Member hereby agrees to be bound by any representation made by any officer of the Managing Member, or the Liquidator, acting in good faith pursuant to such power of attorney; and each such Economic Member, to the maximum extent permitted by law, hereby waives any and all defenses that may be available to contest, negate or disaffirm the action of the Managing Member, or the Liquidator, taken in good faith under such power of attorney in accordance with this Section. Each Economic Member shall execute and deliver to the Managing Member, or the Liquidator, within 15 days after receipt of the request therefor, such further designation, powers of attorney and other instruments as any of such Officers or the Liquidator determines to be necessary or appropriate to effectuate this Agreement and the purposes of the Company.

**Section 2.7 Term.** The term of the Company commenced on the day on which the Certificate of Formation was filed with the Secretary of State of the State of Delaware pursuant to the provisions of the Delaware Act. The existence of each Series shall commence upon the effective date of the Series Designation establishing such Series, as provided in Section 3.3. The term of the Company and each Series shall be perpetual, unless and until it is dissolved or terminated in accordance with the provisions of ARTICLE XI. The existence of the Company as a separate legal entity shall continue until the cancellation of the Certificate of Formation as provided in the Delaware Act.

**Section 2.8 Title to Assets.** All Interests shall constitute personal property of the owner thereof for all purposes and a Member has no interest in specific assets of the Company or applicable Series Assets. Title to any Series Assets, whether real, personal or mixed and whether tangible or intangible, shall be deemed to be owned by the Series to which such asset was contributed or by which such asset was acquired, and none of the Company, any Member, Officer or other Series, individually or collectively, shall have any ownership interest in such Series Assets or any portion thereof. Title to any or all of the Series Assets may be held in the name of the relevant Series or one or more nominees, as the Managing Member may determine. All Series Assets shall be recorded by the Managing Member as the property of the applicable Series in the books and records maintained for such Series, irrespective of the name in which record title to such Series Assets is held.

**Section 2.9 Certificate of Formation.** The Certificate of Formation has been filed with the Secretary of State of the State of Delaware, such filing being hereby confirmed, ratified and approved in all respects. The Managing Member shall use reasonable efforts to cause to be filed such other certificates or documents that it determines to be necessary or appropriate for the formation, continuation, qualification and operation of a series limited liability company in the State of Delaware or any other state in which the Company or any Series may elect to do business or own property. To the extent that the Managing Member determines such action to be necessary or appropriate, the Managing Member shall, or shall direct the appropriate Officers, to file amendments to and restatements of the Certificate of Formation and do all things to maintain the Company as a series limited liability company under the laws of the State of Delaware or of any other state in which the Company or any Series may elect to do business or own property, and if an Officer is so directed, such Officer shall be an authorized person of the Company and, unless otherwise provided in a Series Designation, each Series within the meaning of the Delaware Act for purposes of filing any such certificate with the Secretary of State of the State of Delaware. The Company shall not be required, before or after filing, to deliver or mail a copy of the Certificate of Formation, any qualification document or any amendment thereto to any Member.

**ARTICLE III - MEMBERS, SERIES AND INTERESTS**

**Section 3.1 Members.**

* Subject to paragraph (b), a Person shall be admitted as an Economic Member and Record Holder either as a result of an Initial Offering, Subsequent Offering, a Transfer or at such other time as determined by the Managing Member, and upon (i) agreeing to be bound by the terms of this Agreement by completing, signing and delivering to the Managing Member, a completed Form of Adherence, which is then accepted by the Managing Member, (ii) the prior written consent of the Managing Member, and (iii) otherwise complying with the applicable provisions of ARTICLE III and ARTICLE IV.

* The Managing Member may withhold its consent to the admission of any Person as an Economic Member for any reason, including when it determines in its reasonable discretion that such admission could: (i) result in there being 2,000 or more beneficial owners (as such term is used under the Exchange Act) or 500 or more beneficial owners that are not accredited investors (as defined under the Securities Act) of any Series of Interests, as specified in Section 12(g)(1)(A)(ii) of the Exchange Act, (ii) cause such Persons holding to be in excess of the Aggregate Ownership Limit, (iii) cause the Persons investment in all Interests (of all Series in the aggregate) to exceed the Individual Aggregate Limit, (iv) could adversely affect the Company or a Series or subject the Company, a Series, the Managing Member or any of their respective Affiliates to any additional regulatory or governmental requirements or cause the Company to be disqualified as a limited liability company, or subject the Company, any Series, the Managing Member or any of their respective Affiliates to any tax to which it would not otherwise be subject, (v) cause the Company to be required to register as an investment company under the Investment Company Act, (vi) cause the Managing Member or any of its Affiliates being required to register under the Investment Advisers Act, (vii) cause the assets of the Company or any Series to be treated as plan assets as defined in Section 3(42) of ERISA, or (viii) result in a loss of (a) partnership status by the Company for US federal income tax purposes or the termination of the Company for US federal income tax purposes or (b) corporation taxable as an association status for US federal income tax purposes of any Series or termination of any Series for US federal income tax purposes. A Person may become a Record Holder without the consent or approval of any of the Economic Members. A Person may not become a Member without acquiring an Interest.

* The name and mailing address of each Member shall be listed on the books and records of the Company and each Series maintained for such purpose by the Company and each Series. The Managing Member shall update the books and records of the Company and each Series from time to time as necessary to reflect accurately the information therein.

* Except as otherwise provided in the Delaware Act and subject to Sections 3.1(e) and 3.3 relating to each Series, the debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company, and the Members shall not be obligated personally for any such debt, obligation or liability of the Company solely by reason of being a Member.

* Except as otherwise provided in the Delaware Act, the debts, obligations and liabilities of a Series, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of such Series, and not of any other Series. In addition, the Members shall not be obligated personally for any such debt, obligation or liability of any Series solely by reason of being a Member.

* Unless otherwise provided herein, and subject to ARTICLE XI, Members may not be expelled from or removed as Members of the Company. Members shall not have any right to resign or redeem their Interests from the Company; provided that when a transferee of a Members Interests becomes a Record Holder of such Interests, such transferring Member shall cease to be a Member of the Company with respect to the Interests so transferred and that Members of a Series shall cease to be Members of such Series when such Series is finally liquidated in accordance with Section 11.3.

* Except as may be otherwise agreed between the Company or a Series, on the one hand, and a Member, on the other hand, any Member shall be entitled to and may have business interests and engage in business activities in addition to those relating to the Company or a Series, including business interests and activities in direct competition with the Company or any Series. None of the Company, any Series or any of the other Members shall have any rights by virtue of this Agreement in any such business interests or activities of any Member.

* Ark7 Inc. was appointed as the Managing Member of the Company with effect from the date of the formation of the Company on October 31, 2018 and shall continue as Managing Member of the Company until the earlier of (i) the dissolution of the Company pursuant to Section 11.1(a), or (ii) its removal or replacement pursuant to Section 4.3 or ARTICLE X. Except as otherwise set forth in the Series Designation, the Managing Member of each Series shall be Ark7 Inc. until the earlier of (i) the dissolution of the Series pursuant to Section 11.1(b) or (ii) its removal or replacement pursuant to Section 4.3 or Article X. Unless otherwise set forth in the applicable Series Designation, the Managing Member or its Affiliates shall, as at the closing of any Initial Offering, hold at least 1.00% of the Interests of the Series being issued pursuant to such Initial Offering. Unless provided otherwise in this Agreement, the Interests held by the Managing Member or any of its Affiliates shall be identical to those of an Economic Member and will not have any additional distribution, redemption, conversion or liquidation rights by virtue of its status as the Managing Member; provided, that the Managing Member shall have the rights, duties and obligations of the Managing Member hereunder, regardless of whether the Managing Member shall hold any Interests.

**Section 3.2 Capital Contributions.**

* The minimum number of Interests a Member may acquire is one (1) Interest or such higher or lesser amount as the Managing Member may determine from time to time and as specified in each Series Designation, as applicable. Persons acquiring Interests through an Initial Offering or Subsequent Offering shall make a Capital Contribution to the Company in an amount equal to the per Interest price determined in connection with such Initial Offering or Subsequent Offering and multiplied by the number of Interests acquired by such Person in such Initial Offering or Subsequent Offering, as applicable. Persons acquiring Interests in a manner other than through an Initial Offering or Subsequent Offering or pursuant to a Transfer shall make such Capital Contribution as shall be determined by the Managing Member in its sole discretion.

* Except as expressly permitted by the Managing Member, in its sole discretion (i) initial and any additional Capital Contributions to the Company or Series as applicable, by any Member shall be payable in cash and (ii) initial and any additional Capital Contributions shall be payable in one installment and shall be paid prior to the date of the proposed acceptance by the Managing Member of a Person's admission as a Member to a Series (or a Members application to acquire additional Interests) (or within five business days thereafter with the Managing Members approval). No Member shall be required to make an additional capital contribution to the Company or Series but may make an additional Capital Contribution to acquire additional interests at such Members sole discretion.

* Except to the extent expressly provided in this Agreement (including any Series Designation): (i) no Member shall be entitled to the withdrawal or return of its Capital Contribution, except to the extent, if any, that distributions made pursuant to this Agreement or upon dissolution or termination of the Company or any Series may be considered as such by law and then only to the extent provided for in this Agreement; (ii) no Member holding any Series of any Interests of a Series shall have priority over any other Member holding the same Series either as to the return of Capital Contributions or as to distributions; (iii) no interest shall be paid by the Company or any Series on any Capital Contributions; and (iv) no Economic Member, in its capacity as such, shall participate in the operation or management of the business of the Company or any Series, transact any business in the Company's or any Series name or have the power to sign documents for or otherwise bind the Company or any Series by reason of being a Member.

**Section 3.3 Series of the Company.**

* **Establishment of Series.** Subject to the provisions of this Agreement, the Managing Member may, at any time and from time to time and in compliance with paragraph (c), cause the Company to establish in writing (each, a **Series Designation**) one or more series as such term is used under Section 18-215 of the Delaware Act (each a Series). The Series Designation shall relate solely to the Series established thereby and shall not be construed: (i) to affect the terms and conditions of any other Series, or (ii) to designate, fix or determine the rights, powers, authority, privileges, preferences, duties, responsibilities, liabilities and obligations in respect of Interests associated with any other Series, or the Members associated therewith. The terms and conditions for each Series established pursuant to this Section shall be as set forth in this Agreement and the Series Designation, as applicable, for the Series. Upon approval of any Series Designation by the Managing Member, such Series Designation shall be attached to this Agreement as an Exhibit until such time as none of such Interests of such Series remain Outstanding.

* **Series Operation.** Each of the Series shall operate to the extent practicable as if it were a separate limited liability company.

* **Series Designation.** The Series Designation establishing a Series may: (i) specify a name or names under which the business and affairs of such Series may be conducted; (ii) designate, fix and determine the relative rights, powers, authority, privileges, preferences, duties, responsibilities, liabilities and obligations in respect of Interests of such Series and the Members associated therewith (to the extent such terms differ from those set forth in this Agreement) and (iii) designate or authorize the designation of specific Officers to be associated with such Series. A Series Designation (or any resolution of the Managing Member amending any Series Designation) shall be effective when a duly executed original of the same is included by the Managing Member among the permanent records of the Company, and shall be annexed to, and constitute part of, this Agreement (it being understood and agreed that, upon such effective date, the Series described in such Series Designation shall be deemed to have been established and the Interests of such Series shall be deemed to have been authorized in accordance with the provisions thereof). The Series Designation establishing a Series may set forth specific provisions governing the rights of such Series against a Member associated with such Series who fails to comply with the applicable provisions of this Agreement (including, for the avoidance of doubt, the applicable provisions of such Series Designation). In the event of a conflict between the terms and conditions of this Agreement and a Series Designation, the terms and conditions of the Series Designation shall prevail.

* **Assets and Liabilities Associated with a Series.**

* **Assets Associated with a Series.** All consideration received by the Company for the issuance or sale of Interests of a particular Series, together with all assets in which such consideration is invested or reinvested, and all income, earnings, profits and proceeds thereof, from whatever source derived, including any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds, in whatever form the same may be (**assets**), shall, subject to the provisions of this Agreement, be held for the benefit of the Series or the Members associated with such Series, and not for the benefit of the Members associated with any other Series, for all purposes, and shall be accounted for and recorded upon the books and records of the Series separately from any assets associated with any other Series. Such assets are herein referred to as assets associated with that Series. In the event that there are any assets in relation to the Company that, in the Managing Members reasonable judgment, are not readily associated with a particular Series, the Managing Member shall allocate such assets to, between or among any one or more of the Series, in such manner and on such basis as the Managing Member deems fair and equitable, and in accordance with the Allocation Policy, and any asset so allocated to a particular Series shall thereupon be deemed to be an asset associated with that Series. Each allocation by the Managing Member pursuant to the provisions of this paragraph shall be conclusive and binding upon the Members associated with each and every Series. Separate and distinct records shall be maintained for each and every Series, and the Managing Member shall not commingle the assets of one Series with the assets of any other Series.

* **Liabilities Associated with a Series.** All debts, liabilities, expenses, costs, charges, obligations and reserves incurred by, contracted for or otherwise existing (**liabilities**) with respect to a particular Series shall be charged against the assets associated with that Series. Such liabilities are herein referred to as liabilities associated with that Series. In the event that there are any liabilities in relation to the Company that, in the Managing Members reasonable judgment, are not readily associated with a particular Series, the Managing Member shall allocate and charge (including indemnification obligations) such liabilities to, between or among any one or more of the Series, in such manner and on such basis as the Managing Member deems fair and equitable and in accordance with the Allocation Policy, and any liability so allocated and charged to a particular Series shall thereupon be deemed to be a liability associated with that Series. Each allocation by the Managing Member pursuant to the provisions of this Section shall be conclusive and binding upon the Members associated with each and every Series. All liabilities associated with a Series shall be enforceable against the assets associated with that Series only, and not against the assets associated with the Company or any other Series, and except to the extent set forth above, no liabilities shall be enforceable against the assets associated with any Series prior to the allocation and charging of such liabilities as provided above. Any allocation of liabilities that are not readily associated with a particular Series to, between or among one or more of the Series shall not represent a commingling of such Series to pool capital for the purpose of carrying on a trade or business or making common investments and sharing in profits and losses therefrom. The Managing Member has caused notice of this limitation on inter-series liabilities to be set forth in the Certificate of Formation, and, accordingly, the statutory provisions of Section 18 215(b) of the Delaware Act relating to limitations on inter-series liabilities (and the statutory effect under Section 18 207 of the Delaware Act of setting forth such notice in the Certificate of Formation) shall apply to the Company and each Series. Notwithstanding any other provision of this Agreement, no distribution on or in respect of Interests in a particular Series, including, for the avoidance of doubt, any distribution made in connection with the winding up of such Series, shall be effected by the Company other than from the assets associated with that Series, nor shall any Member or former Member associated with a Series otherwise have any right or claim against the assets associated with any other Series (except to the extent that such Member or former Member has such a right or claim hereunder as a Member or former Member associated with such other Series or in a capacity other than as a Member or former Member).

* **Ownership of Series Assets.** Title to and beneficial interest in Series Assets shall be deemed to be held and owned by the relevant Series and no Member or Members of such Series, individually or collectively, shall have any title to or beneficial interest in specific Series Assets or any portion thereof. Each Member of a Series irrevocably waives any right that it may have to maintain an action for partition with respect to its interest in the Company, any Series or any Series Assets. Any Series Assets may be held or registered in the name of the relevant Series, in the name of a nominee or as the Managing Member may determine; provided, however, that Series Assets shall be recorded as the assets of the relevant Series on the Company's books and records, irrespective of the name in which legal title to such Series Assets is held. Any corporation, brokerage firm or transfer agent called upon to transfer any Series Assets to or from the name of any Series shall be entitled to rely upon instructions or assignments signed or purporting to be signed by the Managing Member or its agents without inquiry as to the authority of the person signing or purporting to sign such instruction or assignment or as to the validity of any transfer to or from the name of such Series.

* **Prohibition on Issuance of Preference Interests.** No Interests shall entitle any Member to any preemptive, preferential or similar rights unless such preemptive, preferential or similar rights are set forth in the applicable Series Designation on or prior to the date of the Initial Offering of any interests of such Series (the designation of such preemptive, preferential or similar rights with respect to a Series in the Series Designation, the Interest Designation).

**Section 3.4 Authorization to Issue Interests.**

* The Company may issue Interests, and options, rights and warrants relating to Interests, for any Company or Series purpose at any time and from time to time to such Persons for such consideration (which may be cash, property, services or any other lawful consideration) or for no consideration and on such terms and conditions as the Managing Member shall determine, all without the approval of the Economic Members. Each Interest shall have the rights and be governed by the provisions set forth in this Agreement (including any Series Designation).

* Subject to Section 6.3(a)(i), and unless otherwise provided in the applicable Series Designation, the Company is authorized to issue in respect of each Series an unlimited number of Interests. All Interests issued pursuant to, and in accordance with the requirements of, this ARTICLE III shall be validly issued Interests in the Company, except to the extent otherwise provided in the Delaware Act or this Agreement (including any Series Designation).

**Section 3.5 Voting Rights of Interests Generally.** Unless otherwise provided in this Agreement or any Series Designation, (i) each Record Holder of Interests shall be entitled to one vote per Interest for all matters submitted for the consent or approval of Members generally, (ii) all Record Holders of Interests (regardless of Series) shall vote together as a single class on all matters as to which all Record Holders of Interests are entitled to vote, (iii) Record Holders of a particular Series of Interest shall be entitled to one vote per Interest for all matters submitted for the consent or approval of the Members of such Series and (iv) the Managing Member or any of its Affiliates shall not be entitled to vote in connection with any Interests they hold pursuant to Section 3.1(h) and no such Interests shall be deemed Outstanding for purposes of any such vote.

**Section 3.6 Record Holders.** The Company shall be entitled to recognize the Record Holder as the owner of an Interest and, accordingly, shall not be bound to recognize any equitable or other claim to or interest in such Interest on the part of any other Person, regardless of whether the Company shall have actual or other notice thereof, except as otherwise provided by law or any applicable rule, regulation, guideline or requirement of any National Securities Exchange or over-the-counter market on which such Interests are listed for trading (if ever). Without limiting the foregoing, when a Person (such as a broker, dealer, bank, trust company or clearing corporation or an agent of any of the foregoing) is acting as nominee, agent or in some other representative capacity for another Person in acquiring or holding Interests, as between the Company on the one hand, and such other Persons on the other, such representative Person shall be the Record Holder of such Interests.

**Section 3.7 Splits.**

* Subject to paragraph (c) of this Section and Section 3.4, and unless otherwise provided in any Interest Designation, the Company may make a pro rata distribution of Interests of a Series to all Record Holders of such Series, or may effect a subdivision or combination of Interests of any Series, in each case, on an equal per Interest basis and so long as, after any such event, any amounts calculated on a per Interest basis or stated as a number of Interests are proportionately adjusted.

* Whenever such a distribution, subdivision or combination of Interests is declared, the Managing Member shall select a date as of which the distribution, subdivision or combination shall be effective. The Managing Member shall send notice thereof at least 20 days prior to the date of such distribution, subdivision or combination to each Record Holder as of a date not less than 10 days prior to the date of such distribution, subdivision or combination. The Managing Member also may cause a firm of independent public accountants selected by it to calculate the number of Interests to be held by each Record Holder after giving effect to such distribution, subdivision or combination. The Managing Member shall be entitled to rely on any certificate provided by such firm as conclusive evidence of the accuracy of such calculation.

* Subject to Section 3.4 and unless otherwise provided in any Series Designation, the Company shall not issue fractional Interests upon any distribution, subdivision or combination of Interests. If a distribution, subdivision or combination of Interests would otherwise result in the issuance of fractional Interests, each fractional Interest shall be rounded to the nearest whole Interest (and a 0.5 Interest shall be rounded to the next higher Interest).

**Section 3.8 Agreements.** The rights of all Members and the terms of all Interests are subject to the provisions of this Agreement (including any Series Designation).

**ARTICLE IV - REGISTRATION AND TRANSFER OF INTERESTS**

**Section 4.1 Maintenance of a Register.** Subject to the restrictions on Transfer and ownership limitations contained below:

* The Company shall keep or cause to be kept on behalf of the Company and each Series a register that will set forth the Record Holders of each of the Interests and information regarding the Transfer of each of the Interests. The Managing Member is hereby initially appointed as registrar and transfer agent of the Interests, provided that the Managing Member may appoint such third-party registrar and transfer agent as it determines appropriate in its sole discretion, for the purpose of registering Interests and Transfers of such Interests as herein provided, including as set forth in any Series Designation.

* Upon acceptance by the Managing Member of the Transfer of any Interest, each transferee of an Interest (i) shall be admitted to the Company as a Substitute Economic Member with respect to the Interests so transferred to such transferee when any such transfer or admission is reflected in the books and records of the Company, (ii) shall be deemed to agree to be bound by the terms of this Agreement by completing a Form of Adherence to the reasonable satisfaction of the Managing Member in accordance with Section 4.2(g)(ii), (iii) shall become the Record Holder of the Interests so transferred, (iv) grants powers of attorney to the Managing Member and any Liquidator of the Company and each of their authorized officers and attorneys in fact, as the case may be, as specified herein, and (v) makes the consents and waivers contained in this Agreement. The Transfer of any Interests and the admission of any new Economic Member shall not constitute an amendment to this Agreement, and no amendment to this Agreement shall be required for the admission of new Economic Members.

* Nothing contained in this Agreement shall preclude the settlement of any transactions involving Interests entered into through the facilities of any National Securities Exchange or over-the-counter market on which such Interests are listed for trading, if any.

**Section 4.2 Holding Period and Ownership Limitations.**

* No Transfer of any Economic Members Interest, whether voluntary or involuntary, shall be valid or effective, and no transferee shall become a substituted Economic Member, unless the Economic Member Interest has been held for a period of 12 months and the written consent of the Managing Member has been obtained, which consent may be withheld in its sole and absolute discretion as further described in this Section 4.2. In the event of any Transfer, all of the conditions of the remainder of this Section must also be satisfied. Notwithstanding the foregoing but subject to Section 3.6, assignment of the economic benefits of ownership of Interests may be made without the Managing Members consent, provided that the assignee is not an ineligible or unsuitable investor under applicable law.

* No Transfer of any Economic Members Interests, whether voluntary or involuntary, shall be valid or effective unless the Managing Member determines, after consultation with legal counsel acting for the Company that such Transfer will not, unless waived by the Managing Member:

* result in the transferee directly or indirectly owning in excess of the Aggregate Ownership Limit;

* result in there being 2,000 or more beneficial owners (as such term is used under the Exchange Act) or 500 or more beneficial owners that are not accredited investors (as defined under the Securities Act) of any Series of Interests, as specified in Section 12(g)(1)(A)(ii) of the Exchange Act, unless such Interests have been registered under the Exchange Act or the Company is otherwise an Exchange Act reporting company;

* cause all or any portion of the assets of the Company or any Series to constitute plan assets for purposes of ERISA;

* adversely affect the Company or such Series, or subject the Company, the Series, the Managing Member or any of their respective Affiliates to any additional regulatory or governmental requirements or cause the Company to be disqualified as a limited liability company or subject the Company, any Series, the Managing Member or any of their respective Affiliates to any tax to which it would not otherwise be subject;

* require registration of the Company, any Series or any Interests under any securities laws of the United States of America, any state thereof or any other jurisdiction; or

* violate or be inconsistent with any representation or warranty made by the transferring Economic Member.

* The transferring Economic Member, or such Economic Members legal representative, shall give the Managing Member prior written notice before making any voluntary Transfer and notice within thirty (30) days after any involuntary Transfer (unless such notice period is otherwise waived by the Managing Member), and shall provide sufficient information to allow legal counsel acting for the Company to make the determination that the proposed Transfer will not result in any of the consequences referred to in paragraphs (b)(i) through (b)(vi) above. If a Transfer occurs by reason of the death of an Economic Member or assignee, the notice may be given by the duly authorized representative of the estate of the Economic Member or assignee. The notice must be supported by proof of legal authority and valid assignment in form and substance acceptable to the Managing Member.

* In the event any Transfer permitted by this Section shall result in beneficial ownership by multiple Persons of any Economic Members interest in the Company, the Managing Member may require one or more trustees or nominees to be designated to represent a portion of or the entire interest transferred for the purpose of receiving all notices which may be given and all payments which may be made under this Agreement, and for the purpose of exercising the rights which the transferor as an Economic Member had pursuant to the provisions of this Agreement.

* A transferee shall be entitled to any future distributions attributable to the Interests transferred to such transferee and to transfer such Interests in accordance with the terms of this Agreement; provided, however, that such transferee shall not be entitled to the other rights of an Economic Member as a result of such Transfer until he or she becomes a Substitute Economic Member.

* The Company and each Series shall incur no liability for distributions made in good faith to the transferring Economic Member until a written instrument of Transfer has been received by the Company and recorded on its books and the effective date of Transfer has passed.

* Any other provision of this Agreement to the contrary notwithstanding, any Substitute Economic Member shall be bound by the provisions hereof. Prior to recognizing any Transfer in accordance with this Section, the Managing Member may require, in its sole discretion: (i) the transferring Economic Member and each transferee to execute one or more deeds or other instruments of Transfer in a form satisfactory to the Managing Member; (ii) each transferee to acknowledge its assumption (in whole or, if the Transfer is in respect of part only, in the proportionate part) of the obligations of the transferring Economic Member by executing a Form of Adherence (or any other equivalent instrument as determined by the Managing Member); (iii) each transferee to provide all the information required by the Managing Member to satisfy itself as to anti-money laundering, counter-terrorist financing and sanctions compliance matters; and (iv) payment by the transferring Economic Member, in full, of the costs and expenses referred to in paragraph (h) below. No Transfer shall be completed or recorded in the books of the Company, and no proposed Substitute Economic Member shall be admitted to the Company as an Economic Member, unless and until each of these requirements has been satisfied or, at the sole discretion of the Managing Member, waived.

* The transferring Economic Member shall bear all costs and expenses arising in connection with any proposed Transfer, whether or not the Transfer proceeds to completion, including any legal fees incurred by the Company or any broker or dealer, any costs or expenses in connection with any opinion of counsel, and any transfer taxes and filing fees.

**Section 4.3 Transfer of Interests and Obligations of the Managing Member.**

* The Managing Member may Transfer all Interests acquired by the Managing Member (including all Interests acquired by the Managing Member in the Initial Offering pursuant to Section 3.1(h)) at any time and from time to time following the closing of the Initial Offering.

* The Economic Members hereby authorize the Managing Member to assign its rights, obligations and title as Managing Member to an Affiliate of the Managing Member without the prior consent of any other Person, and, in connection with such transfer, designate such Affiliate of the Managing Member as a successor Managing Member provided, that the Managing Member shall notify the applicable Economic Members of such change in the next regular communication to such Economic Members.

* Except as set forth in Section 4.3(b) above, in the event of the resignation of the Managing Member of its rights, obligations and title as Managing Member, the Managing Member shall nominate a successor Managing Member and the vote of a majority of the Interests held by Economic Members shall be required to elect such successor Managing Member. The Managing Member shall continue to serve as the Managing Member of the Company until such date as a successor Managing Member is elected pursuant to the terms of this Section 4.3(c).

**Section 4.4 Remedies for Breach.** If the Managing Member shall at any time determine in good faith that a Transfer or other event has taken place that results in a violation of this ARTICLE IV, the Managing Member shall take such action as it deems advisable to refuse to give effect to or to prevent such Transfer or other event, including, without limitation, causing the Company to redeem shares, refusing to give effect to such Transfer on the books of the Company or instituting proceedings to enjoin such Transfer or other event.

**ARTICLE V - MANAGEMENT AND OPERATION OF THE COMPANY AND EACH SERIES**

**Section 5.1 Power and Authority of Managing Member.** Except as explicitly set forth in this Agreement, the Managing Member, as appointed pursuant to Section 3.1(h) of this Agreement, shall have full power and authority to do, and to direct the Officers to do, all things and on such terms as it determines to be necessary or appropriate to conduct the business of the Company and each Series, to exercise all powers set forth in Section 2.5 and to effectuate the purposes set forth in Section 2.4, in each case without the consent of the Economic Members, including but not limited to the following:

* the making of any expenditures, the lending or borrowing of money, the assumption or guarantee of, or other contracting for, indebtedness and other liabilities, the issuance of evidences of indebtedness, including entering into on behalf of a Series, an Operating Expenses Reimbursement Obligation, or indebtedness that is convertible into Interests, and the incurring of any other obligations;

* the making of tax, regulatory and other filings, or rendering of periodic or other reports to governmental or other agencies having jurisdiction over the business or assets of the Company or any Series (including, but not limited to, the filing of periodic reports on Forms 1-K, 1-SA and 1-U with the U.S. Securities and Exchange Commission), and the making of any tax elections;

* the acquisition, disposition, mortgage, pledge, encumbrance, hypothecation or exchange of any or all of the assets of the Company or any Series or the merger or other combination of the Company with or into another Person and for the avoidance of doubt, any action taken by the Managing Member pursuant to this sub-paragraph shall not require the consent of the Economic Members;

* (i) the use of the assets of the Company (including cash on hand) for any purpose consistent with the terms of this Agreement, including the financing of the conduct of the operations of the Company and the repayment of obligations of the Company and (ii) the use of the assets of a Series (including cash on hand) for any purpose consistent with the terms of this Agreement, including the financing of the conduct of the operations of such Series and the repayment of obligations of such Series;

* the negotiation, execution and performance of any contracts, conveyances or other instruments (including instruments that limit the liability of the Company or any Series under contractual arrangements to all or particular assets of the Company or any Series);

* the declaration and payment of distributions of Free Cash Flows or other assets to Members associated with a Series;

* the election and removal of Officers of the Company or associated with any Series;

* the appointment of the Asset Manager in accordance with the terms of this Agreement;

* the selection, retention and dismissal of employees, agents, outside attorneys, accountants, consultants and contractors and the determination of their compensation and other terms of employment, retention or hiring, and the payment of fees, expenses, salaries, wages and other compensation to such Persons;

* the solicitation of proxies from holders of any Series of Interests issued on or after the date of this Agreement that entitles the holders thereof to vote on any matter submitted for consent or approval of Economic Members under this Agreement;

* the maintenance of insurance for the benefit of the Company, any Series and the Indemnified Persons and the reinvestment by the Managing Member in its sole discretion, of any proceeds received by such Series from an insurance claim in a replacement Series Asset which is substantially similar to that which comprised the Series Asset prior to the event giving rise to such insurance payment;

* the formation of, or acquisition or disposition of an interest in, and the contribution of property and the making of loans to, any limited or general partnership, joint venture, corporation, limited liability company or other entity or arrangement;

* the placement of any Free Cash Flow funds in deposit accounts in the name of a Series or of a custodian for the account of a Series, or to invest those Free Cash Flow funds in any other investments for the account of such Series, in each case pending the application of those Free Cash Flow funds in meeting liabilities of the Series or making distributions or other payments to the Members (as the case may be);

* the control of any matters affecting the rights and obligations of the Company or any Series, including the bringing, prosecuting and defending of actions at law or in equity and otherwise engaging in the conduct of litigation, arbitration or remediation, and the incurring of legal expense and the settlement of claims and litigation, including in respect of taxes;

* the indemnification of any Person against liabilities and contingencies to the maximum extent permitted by law;

* the giving of consent of or voting by the Company or any Series in respect of any securities that may be owned by the Company or such Series;

* the waiver of any condition or other matter by the Company or any Series;

* the entering into of listing agreements with any National Securities Exchange or over-the-counter market and the delisting of some or all of the Interests from, or requesting that trading be suspended on, any such exchange or market;

* the issuance, sale or other disposition, and the purchase or other acquisition, of Interests or options, rights or warrants relating to Interests;

* the registration of any offer, issuance, sale or resale of Interests or other securities or any Series issued or to be issued by the Company under the Securities Act and any other applicable securities laws (including any resale of Interests or other securities by Members or other security holders);

* the execution and delivery of agreements with Affiliates of the Company or other Persons to render services to the Company or any Series;

* the adoption, amendment and repeal of the Allocation Policy;

* the selection of auditors for the Company and any Series;

* the selection of any transfer agent or depositor for any securities of the Company or any Series, and the entry into such agreements and provision of such other information as shall be required for such transfer agent or depositor to perform its applicable functions; and

* unless otherwise provided in this Agreement or the Series Designation, the calling of a vote of the Economic Members as to any matter to be voted on by all Economic Members of the Company or if a particular Series, as applicable.

The authority and functions of the Managing Member, on the one hand, and of the Officers, on the other hand, shall be identical to the authority and functions of the board of directors and officers, respectively, of a corporation organized under the DGCL in addition to the powers that now or hereafter can be granted to managers under the Delaware Act. No Economic Member, by virtue of its status as such, shall have any management power over the business and affairs of the Company or any Series or actual or apparent authority to enter into, execute or deliver contracts on behalf of, or to otherwise bind, the Company or any Series.

**Section 5.2 Determinations by the Managing Member.** In furtherance of the authority granted to the Managing Member pursuant to Section 5.1 of this Agreement, the determination as to any of the following matters, made in good faith by or pursuant to the direction of the Managing Member consistent with this Agreement, shall be final and conclusive and shall be binding upon the Company and each Series and every holder of Interests:

* the amount of Free Cash Flow of any Series for any period and the amount of assets at any time legally available for the payment of distributions on Interests of any Series;

* the amount of paid in surplus, net assets, other surplus, annual or other cash flow, funds from operations, net profit, net assets in excess of capital, undivided profits or excess of profits over losses on sales of assets; the amount, purpose, time of creation, increase or decrease, alteration or cancellation of any reserves or charges and the propriety thereof (whether or not any obligation or liability for which such reserves or charges shall have been created shall have been paid or discharged);

* any interpretation of the terms, preferences, conversion or other rights, voting powers or rights, restrictions, limitations as to distributions, qualifications or terms or conditions of redemption of any Series;

* the fair value, or any sale, bid or asked price to be applied in determining the fair value, of any asset owned or held by any Series or of any Interests;

* the number of Interests within a Series;

* any matter relating to the acquisition, holding and disposition of any assets by any Series;

* the evaluation of any competing interests among the Series and the resolution of any conflicts of interests among the Series;

* each of the matters set forth in Section 5.1(a) through Section 5.1(y); or

* any other matter relating to the business and affairs of the Company or any Series or required or permitted by applicable law, this Agreement or otherwise to be determined by the Managing Member.

**Section 5.3 Delegation.** The Managing Member may delegate to any Person or Persons any of the powers and authority vested in it hereunder, and may engage such Person or Persons to provide administrative, compliance, technological and accounting services to the Company, on such terms and conditions as it may consider appropriate.

**Section 5.4 Advisory Board.**

* The Managing Member may establish an Advisory Board comprised of members of the Managing Members expert network and external advisors. The Advisory Board will be available to provide guidance to the Managing Member on the strategy and progress of the Company. Additionally, the Advisory Board may: (i) be consulted with by the Managing Member in connection with the acquisition and disposal of a Series Asset, (ii) conduct an annual review of the Company's acquisition policy, (iii) provide guidance with respect to, material conflicts arising or that are reasonably likely to arise with the Managing Member, on the one hand, and the Company, a Series or the Economic Members, on the other hand, or the Company or a Series, on the one hand, and another Series, on the other hand, (iv) approve any material transaction between the Company or a Series and the Managing Member or any of its Affiliates, another Series or an Economic Member (other than the purchase of interests in such Series), (v) provide guidance with respect to fees, expenses, assets, revenues and availability of funds for distribution with respect to each Series on an annual basis and (vi) approve any service providers appointed by the Managing Member in respect of the Series Assets.

* If the Advisory Board determines that any member of the Advisory Boards interests conflict to a material extent with the interests of a Series or the Company as a whole, such member of the Advisory Board shall be excluded from participating in any discussion of the matters to which that conflict relates and shall not participate in the provision of guidance to the Managing Member in respect of such matters, unless a majority of the other members of the Advisory Board determines otherwise.

* The members of the Advisory Board shall not be entitled to compensation by the Company or any Series in connection with their role as members of the Advisory Board (including compensation for attendance at meetings of the Advisory Board), provided, however, the Company or any applicable Series shall reimburse a member of the Advisory Board for any out of pocket expenses or Operating Expenses actually incurred by it or any of its Affiliates on behalf of the Company or a Series when acting upon the Managing Members instructions or pursuant to a written agreement between the Company or a Series and such member of the Advisory Board or its Affiliates.

* The members of the Advisory Board shall not be deemed managers or other persons with duties to the Company or any Series (under Sections 18-1101 or 18-1104 of the Delaware Act or under any other applicable law or in equity) and shall have no fiduciary duty to the Company or any Series. The Managing Member shall be entitled to rely upon, and shall be fully protected in relying upon, reports and information of the Advisory Board to the extent the Managing Member reasonably believes that such matters are within the professional or expert competence of the members of the Advisory Board, and shall be protected under Section 18-406 of the Delaware Act in relying thereon.

**Section 5.5 Exculpation, Indemnification, Advances and Insurance.**

* Subject to other applicable provisions of this ARTICLE V including Section 5.7, the Indemnified Persons shall not be liable to the Company or any Series for any acts or omissions by any of the Indemnified Persons arising from the exercise of their rights or performance of their duties and obligations in connection with the Company or any Series, this Agreement or any investment made or held by the Company or any Series, including with respect to any acts or omissions made while serving at the request of the Company or on behalf of any Series as an officer, director, member, partner, fiduciary or trustee of another Person, other than such acts or omissions that have been determined in a final, non-appealable decision of a court of competent jurisdiction to constitute fraud, willful misconduct or gross negligence. The Indemnified Persons shall be indemnified by the Company and, to the extent Expenses and Liabilities are associated with any Series, each such Series, in each case, to the fullest extent permitted by law, against all expenses and liabilities (including judgments, fines, penalties, interest, amounts paid in settlement with the approval of the Company and counsel fees and disbursements on a solicitor and client basis) (collectively, **Expenses and Liabilities**) arising from the performance of any of their duties or obligations in connection with their service to the Company or each such Series or this Agreement, or any investment made or held by the Company, each such Series, including in connection with any civil, criminal, administrative, investigative or other action, suit or proceeding to which any such Person may hereafter be made party by reason of being or having been a manager of the Company or such Series under Delaware law, an Officer of the Company or associated with such Series, a member of the Advisory Board or an officer, director, member, partner, fiduciary or trustee of another Person, provided that this indemnification shall not cover Expenses and Liabilities that arise out of the acts or omissions of any Indemnified Party that have been determined in a final, non-appealable decision of a court, arbitrator or other tribunal of competent jurisdiction to have resulted primarily from such Indemnified Persons fraud, willful misconduct or gross negligence. Without limitation, the foregoing indemnity shall extend to any liability of any Indemnified Person, pursuant to a loan guaranty or otherwise, for any indebtedness of the Company or any Series (including any indebtedness which the Company or any Series has assumed or taken subject to), and the Managing Member or the Officers are hereby authorized and empowered, on behalf of the Company or any Series, to enter into one or more indemnity agreements consistent with the provisions of this Section in favor of any Indemnified Person having or potentially having liability for any such indebtedness. It is the intention of this paragraph that the Company and each applicable Series indemnify each Indemnified Person to the fullest extent permitted by law, provided that this indemnification shall not cover Expenses and Liabilities that arise out of the acts or omissions of any Indemnified Party that have been determined in a final, non-appealable decision of a court, arbitrator or other tribunal of competent jurisdiction to have resulted primarily from such Indemnified Persons fraud, willful misconduct or gross negligence.

* The provisions of this Agreement, to the extent they restrict the duties and liabilities of an Indemnified Person otherwise existing at law or in equity, including Section 5.7, are agreed by each Member to modify such duties and liabilities of the Indemnified Person to the maximum extent permitted by law.

* Any indemnification under this Section (unless ordered by a court) shall be made by each applicable Series. To the extent, however, that an Indemnified Person has been successful on the merits or otherwise in defense of any action, suit or proceeding described above, or in defense of any claim, issue or matter therein, such Indemnified Person shall be indemnified against expenses (including attorneys' fees) actually and reasonably incurred by such Indemnified Person in connection therewith.

* Any Indemnified Person may apply to the Court of Chancery of the State of Delaware or any other court of competent jurisdiction in the State of Delaware for indemnification to the extent otherwise permissible under paragraph (a). The basis of such indemnification by a court shall be a determination by such court that indemnification of the Indemnified Person is proper in the circumstances because such Indemnified Person has met the applicable standards of conduct set forth in paragraph (a). Neither a contrary determination in the specific case under paragraph (c) nor the absence of any determination thereunder shall be a defense to such application or create a presumption that the Indemnified Person seeking indemnification has not met any applicable standard of conduct. Notice of any application for indemnification pursuant to this paragraph shall be given to the Company promptly upon the filing of such application. If successful, in whole or in part, the Indemnified Person seeking indemnification shall also be entitled to be paid the expense of prosecuting such application.

* To the fullest extent permitted by law, expenses (including attorneys' fees) incurred by an Indemnified Person in defending any civil, criminal, administrative or investigative action, suit or proceeding may, at the option of the Managing Member, be paid by each applicable Series in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such Indemnified Person to repay such amount if it shall ultimately be determined that such Indemnified Person is not entitled to be indemnified by each such Series as authorized in this Section.

* The indemnification and advancement of expenses provided by or granted pursuant to this Section shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under this Agreement, or any other agreement (including without limitation any Series Designation), vote of Members or otherwise, and shall continue as to an Indemnified Person who has ceased to serve in such capacity and shall inure to the benefit of the heirs, successors, assigns and administrators of the Indemnified Person unless otherwise provided in a written agreement with such Indemnified Person or in the writing pursuant to which such Indemnified Person is indemnified, it being the policy of the Company that indemnification of the persons specified in paragraph (a) shall be made to the fullest extent permitted by law. The provisions of this Section shall not be deemed to preclude the indemnification of any person who is not specified in paragraph (a) but whom the Company or an applicable Series has the power or obligation to indemnify under the provisions of the Delaware Act.

* The Company and any Series may, but shall not be obligated to, purchase and maintain insurance on behalf of any Person entitled to indemnification under this Section against any liability asserted against such Person and incurred by such Person in any capacity to which they are entitled to indemnification hereunder, or arising out of such Persons status as such, whether or not the Company would have the power or the obligation to indemnify such Person against such liability under the provisions of this Section.

* The indemnification and advancement of expenses provided by, or granted pursuant to, this Section shall, unless otherwise provided when authorized or ratified, inure to the benefit of the heirs, executors and administrators of any person entitled to indemnification under this Section.

* The Company and any Series may, to the extent authorized from time to time by the Managing Member, provide rights to indemnification and to the advancement of expenses to employees and agents of the Company or such Series.

* If this Section or any portion of this Section shall be invalidated on any ground by a court of competent jurisdiction each applicable Series shall nevertheless indemnify each Indemnified Person as to expenses (including attorneys' fees), judgments, fines, and amounts paid in settlement with respect to any action, suit, proceeding or investigation, whether civil, criminal or administrative, including a grand jury proceeding or action or suit brought by or in the right of the Company, to the full extent permitted by any applicable portion of this Section that shall not have been invalidated.

* Each of the Indemnified Persons may, in the performance of his, her or its duties, consult with legal counsel, accountants, and other experts, and any act or omission by such Person on behalf of the Company or any Series in furtherance of the interests of the Company or such Series in good faith in reliance upon, and in accordance with, the advice of such legal counsel, accountants or other experts will be full justification for any such act or omission, and such Person will be fully protected for such acts and omissions; provided that such legal counsel, accountants, or other experts were selected with reasonable care by or on behalf of such Indemnified Person.

* An Indemnified Person shall not be denied indemnification in whole or in part under this Section because the Indemnified Person had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement.

* Any liabilities which an Indemnified Person incurs as a result of acting on behalf of the Company or any Series (whether as a fiduciary or otherwise) in connection with the operation, administration or maintenance of an employee benefit plan or any related trust or funding mechanism (whether such liabilities are in the form of excise taxes assessed by the Internal Revenue Service, penalties assessed by the Department of Labor, restitutions to such a plan or trust or other funding mechanism or to a participant or beneficiary of such plan, trust or other funding mechanism, or otherwise) shall be treated as liabilities indemnifiable under this Section, to the maximum extent permitted by law.

* The Managing Member shall, in the performance of its duties, be fully protected in relying in good faith upon the records of the Company and any Series and on such information, opinions, reports or statements presented to the Company by any of the Officers or employees of the Company or associated with any Series, or by any other Person as to matters the Managing Member reasonably believes are within such other Persons professional or expert competence (including, without limitation, the Advisory Board).

* Any amendment, modification or repeal of this Section or any provision hereof shall be prospective only and shall not in any way affect the limitations on the liability of or other rights of any indemnitee under this Section as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted and provided such Person became an indemnitee hereunder prior to such amendment, modification or repeal.

**Section 5.6 Duties of Officers.**

* Except as set forth in Sections 5.5 and 5.7, as otherwise expressly provided in this Agreement or required by the Delaware Act, (i) the duties and obligations owed to the Company by the Officers shall be the same as the duties and obligations owed to a corporation organized under DGCL by its officers, and (ii) the duties and obligations owed to the Members by the Officers shall be the same as the duties and obligations owed to the stockholders of a corporation under the DGCL by its officers.

* The Managing Member shall have the right to exercise any of the powers granted to it by this Agreement and perform any of the duties imposed upon it thereunder either directly or by or through the duly authorized Officers of the Company or associated with a Series, and the Managing Member shall not be responsible for the misconduct or negligence on the part of any such Officer duly appointed or duly authorized by the Managing Member in good faith.

**Section 5.7 Standards of Conduct and Modification of Duties of the Managing Member.** Notwithstanding anything to the contrary herein or under any applicable law, including, without limitation, Section 18 1101(c) of the Delaware Act, the Managing Member, in exercising its rights hereunder in its capacity as the managing member of the Company, shall be entitled to consider only such interests and factors as it desires, including its own interests, and shall have no duty or obligation (fiduciary or otherwise) to give any consideration to any interest of or factors affecting the Company, any Series or any Economic Members, and shall not be subject to any other or different standards imposed by this Agreement, any other agreement contemplated hereby, under the Delaware Act or under any other applicable law or in equity. The Managing Member shall not have any duty (including any fiduciary duty) to the Company, any Series, the Economic Members or any other Person, including any fiduciary duty associated with self-dealing or corporate opportunities, all of which are hereby expressly waived. This Section shall not in any way reduce or otherwise limit the specific obligations of the Managing Member expressly provided in this Agreement or in any other agreement with the Company or any Series.

**Section 5.8 Reliance by Third Parties.** Notwithstanding anything to the contrary in this Agreement, any Person dealing with the Company or any Series shall be entitled to assume that the Managing Member and any Officer of the Company or any Series has full power and authority to encumber, sell or otherwise use in any manner any and all assets of the Company or such Series and to enter into any contracts on behalf of the Company or such Series, and such Person shall be entitled to deal with the Managing Member or any Officer as if it were the Company's or such Series sole party in interest, both legally and beneficially. Each Economic Member hereby waives, to the fullest extent permitted by law, any and all defenses or other remedies that may be available against such Person to contest, negate or disaffirm any action of the Managing Member or any Officer in connection with any such dealing. In no event shall any Person dealing with the Managing Member or any Officer or its representatives be obligated to ascertain that the terms of this Agreement have been complied with or to inquire into the necessity or expedience of any act or action of the Managing Member or any Officer or its representatives. Each and every certificate, document or other instrument executed on behalf of the Company or any Series by the Managing Member or any Officer or its representatives shall be conclusive evidence in favor of any and every Person relying thereon or claiming thereunder that (a) at the time of the execution and delivery of such certificate, document or instrument, this Agreement were in full force and effect, (b) the Person executing and delivering such certificate, document or instrument was duly authorized and empowered to do so for and on behalf of the Company or any Series and (c) such certificate, document or instrument was duly executed and delivered in accordance with the terms and provisions of this Agreement and is binding upon the Company or the applicable Series.

**Section 5.9 Certain Conflicts of Interest.** The resolution of any Conflict of Interest approved by the Advisory Board shall be conclusively deemed to be fair and reasonable to the Company and the Members and not a breach of any duty hereunder at law, in equity or otherwise.

**Section 5.10 Appointment of the Asset Manager.** The Managing Member exercises ultimate authority over the Series Assets. Pursuant to Section 5.3, the Managing Member has the right to delegate its responsibilities under this Agreement in respect of the management of the Series Assets. The Managing Member has agreed on behalf of the Company to appoint the Asset Manager to manage the Series Assets on a discretionary basis, and to exercise, to the exclusion of the Managing Member (but under the supervision and authority of the Managing Member), all the powers, rights and discretions conferred on the Managing Member in respect of the Series Assets and, the Managing Member on behalf of each Series, will enter into an Asset Management Agreement pursuant to which the Asset Manager is formally appointed to manage the Series Assets. The consideration payable to the Asset Manager for managing the Series Assets will be the Management Fee.

**ARTICLE VI - FEES AND EXPENSES**

**Section 6.1 Cost to acquire the Series Asset; Offering Expenses; Acquisition Expenses; Sourcing Fee.** The following fees, costs and expenses in connection with any Initial Offering and the sourcing and acquisition of a Series Asset shall be borne by the relevant Series (except in the case of an unsuccessful Offering in which case all Abort Costs shall be borne by the Managing Member, and except to the extent assumed by the Managing Member in writing):

* Cost to acquire the Series Asset;

* Offering Expenses;

* Acquisition Expenses; and

* Sourcing Fee.

**Section 6.2 Operating Expenses; Dissolution Fees.** Each Series shall be responsible for its Operating Expenses, all costs and expenses incidental to the termination and winding up of such Series and its share of the costs and expenses incidental to the termination and winding up of the Company as allocated to it in accordance with Section 6.4.

**Section 6.3 Excess Operating Expenses; Further Issuance of Interests; Operating Expenses Reimbursement Obligation(s).**

* If there are not sufficient cash reserves of, or revenues generated by, a Series to meet its Operating Expenses, the Managing Member may:

* issue additional Interests in such Series in accordance with Section 3.4. Economic Members shall be notified in writing at least 10 Business Days in advance of any proposal by the Managing Member to issue additional Interests pursuant to this Section; and/or

* pay such excess Operating Expenses and not seek reimbursement; and/or

* enter into an agreement pursuant to which the Managing Member loans to the Company an amount equal to the remaining excess Operating Expenses (the Operating Expenses Reimbursement Obligation(s)). The Managing Member, in its sole discretion, may impose a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Code)) on any Operating Expenses Reimbursement Obligation. The Operating Expenses Reimbursement Obligation(s) shall become repayable when cash becomes available for such purpose in accordance with ARTICLE VII.

**Section 6.4 Allocation of Expenses.** Any Offering Expenses, Acquisition Expenses, Sourcing Fee and Operating Expenses shall be allocated by the Managing Member in accordance with the Allocation Policy.

**Section 6.5 Overhead of the Managing Member.** The Managing Member shall pay and the Economic Members shall not bear the cost of: (i) all of the ordinary overhead and administrative expenses of the Managing Member including, without limitation, all costs and expenses on account of rent, utilities, insurance, office supplies, office equipment, secretarial expenses, stationery, charges for furniture, fixtures and equipment, payroll taxes, travel, entertainment, salaries and bonuses, but excluding any Operating Expenses, (ii) any Abort Costs, and (iii) such other amounts in respect of any Series as it shall agree in writing or as is explicitly set forth in any Offering Document.

**ARTICLE VII - DISTRIBUTIONS**

**Section 7.1 Application of Cash.** Subject to Section 7.3, ARTICLE XI and any Interest Designation, any Free Cash Flows of each Series after (i) repayment of any amounts outstanding under Operating Expenses Reimbursement Obligations including any accrued interest as there may be and (ii) the creation of such reserves as the Manager deems necessary, in its sole discretion, to meet future Operating Expenses, shall be applied and distributed, 85% by way of distribution to the Members of such Series (pro rata to their Interests and which, for the avoidance of doubt, may include the Managing Member or its Affiliates), and up to 15% to the Asset Manager in payment of the Management Fee, except to the extent waived by the Asset Manager, in its sole discretion.

**Section 7.2 Application of Amounts upon the Liquidation of a Series.** Subject to Section 7.3 and ARTICLE XI and any Interest Designation, any amounts available for distribution following the liquidation of a Series, net of any fees, costs and liabilities (as determined by the Managing Member in its sole discretion), shall be applied and distributed 100% to the Members (pro rata to their Interests and which, for the avoidance of doubt, may include the Managing Member and its Affiliates).

**Section 7.3 Timing of Distributions.**

* Subject to the applicable provisions of the Delaware Act and except as otherwise provided herein, the Managing Member shall pay distributions to the Members associated with such Series pursuant to Section 7.1, at such times as the Managing Member shall reasonably determine, and pursuant to Section 7.2, as soon as reasonably practicable after the relevant amounts have been received by the Series; provided that, the Managing Member shall not be obliged to make any distribution pursuant to this Section (i) unless there are sufficient amounts available for such distribution or (ii) which, in the reasonable opinion of the Managing Member, would or might leave the Company or such Series with insufficient funds to meet any future contemplated obligations or contingencies including to meet any Operating Expenses and outstanding Operating Expenses Reimbursement Obligations (and the Managing Member is hereby authorized to retain any amounts within the Company to create a reserve to meet any such obligations or contingencies), or which otherwise may result in the Company or such Series having unreasonably small capital for the Company or such Series to continue its business as a going concern. Subject to the terms of any Series Designation (including, without limitation, the preferential rights, if any, of holders of any other class of Interests of the applicable Series), distributions shall be paid to the holders of the Interests of a Series on an equal per Interest basis as of the Record Date selected by the Managing Member. Notwithstanding any provision to the contrary contained in this Agreement, the Company shall not be required to make a distribution to any Member on account of its interest in any Series if such distribution would violate the Delaware Act or other applicable law.

* Section 7.2 and Section 7.3(a), in the event of the termination and liquidation of a Series, all distributions shall be made in accordance with, and subject to the terms and conditions of, ARTICLE XI.

* Each distribution in respect of any Interests of a Series shall be paid by the Company, directly or through any other Person or agent, only to the Record Holder of such Interests as of the Record Date set for such distribution. Such payment shall constitute full payment and satisfaction of the Company's and such Series liability in respect of such payment, regardless of any claim of any Person who may have an interest in such payment by reason of an assignment or otherwise.

**Section 7.4 Distributions in kind.** Distributions in kind of the entire or part of a Series Asset to Members are prohibited.

**ARTICLE VIII - BOOKS, RECORDS, ACCOUNTING AND REPORTS**

**Section 8.1 Records and Accounting.**

* The Managing Member shall keep or cause to be kept at the principal office of the Company or such other place as determined by the Managing Member appropriate books and records with respect to the business of the Company and each Series, including all books and records necessary to provide to the Economic Members any information required to be provided pursuant to this Agreement or applicable law. Any books and records maintained by or on behalf of the Company or any Series in the regular course of its business, including the record of the Members, books of account and records of Company or Series proceedings, may be kept in such electronic form as may be determined by the Managing Member; provided, that the books and records so maintained are convertible into clearly legible written form within a reasonable period of time. The books of the Company shall be maintained, for tax and financial reporting purposes, on an accrual basis in accordance with U.S. GAAP, unless otherwise required by applicable law or other regulatory disclosure requirement.

* Each Member shall have the right, upon reasonable demand for any purpose reasonably related to the Members Interest as a member of the Company (as reasonably determined by the Managing Member) to such information pertaining to the Company as a whole and to each Series in which such Member has an Interest, as provided in Section 18-305 of the Delaware Act; provided, that prior to such Member having the ability to access such information, the Managing Member shall be permitted to require such Member to enter into a confidentiality agreement in form and substance reasonably acceptable to the Managing Member. For the avoidance of doubt, except as may be required pursuant to Article X, a Member shall only have access to the information (including any Series Designation) referenced with respect to any Series in which such Member has an Interest and not to any Series in which such Member does not have an Interest.

* Except as otherwise set forth in the applicable Series Designation, within 120 calendar days after the end of the fiscal year and 90 calendar days after the end of the semi-annual reporting date, the Managing Member shall use its commercially reasonable efforts to circulate to each Economic Member electronically by e-mail or made available via an online platform:

* a financial statement of such Series prepared in accordance with U.S. GAAP, which includes a balance sheet, profit and loss statement and a cash flow statement; and

* confirmation of the number of Interests in each Series Outstanding as of the end of the most recent fiscal year;

provided, that notwithstanding the foregoing, if the Company or any Series is required to disclose financial information pursuant to the Securities Act or the Exchange Act (including without limitations periodic reports under the Exchange Act or under Rule 257 under Regulation A of the Securities Act), then compliance with such provisions shall be deemed compliance with this Section 8.1(c) and no further or earlier financial reports shall be required to be provided to the Economic Members of the applicable Series with such reporting requirement.

**Section 8.2 Fiscal Year.** Unless otherwise provided in a Series Designation, the fiscal year for tax and financial reporting purposes of each Series shall be a calendar year ending December 31 unless otherwise required by the Code. The fiscal year for financial reporting purposes of the Company shall be a calendar year ending December 31.

**ARTICLE IX - TAX MATTERS**

The Company intends to be taxed as a partnership or a disregarded entity for federal income tax purposes and will not make any election or take any action that could cause it to be treated as an association taxable as a corporation under Subchapter C of the Code. The Company will make an election on IRS Form 8832 for each Series to be treated as an association taxable as a corporation under Subchapter C of the Code and not as a partnership under Subchapter K of the Code.

**ARTICLE X - REMOVAL OF THE MANAGING MEMBER**

Economic Members of the Company acting by way of a Super Majority Vote may elect to remove the Managing Member at any time if the Managing Member is found by a non-appealable judgment of a court of competent jurisdiction to have committed fraud in connection with a Series or the Company and which has a material adverse effect the Company. The Managing Member shall call a meeting of all of the Economic Members of the Company within 30 calendar days of such final non-appealable judgment of a court of competent jurisdiction, at which the Economic Members may (i) by Super Majority Vote, remove the Managing Member of the Company and each relevant Series in accordance with this ARTICLE X and (ii) if the Managing Member is so removed, by a plurality, appoint a replacement Managing Member or the liquidation and dissolution and termination the Company and each of the Series in accordance with ARTICLE XI. If the Managing Member fails to call a meeting as required by this Article X, then any Economic Member shall have the ability to demand a list of all Record Holders of the Company pursuant to Section 8.1(b) and to call a meeting at which such a vote shall be taken. In the event of its removal, the Managing Member shall be entitled to receive all amounts that have accrued and are then currently due and payable to it pursuant to this Agreement but shall forfeit its right to any future distributions. If the Managing Member of a Series and the Asset Manager of a Series shall be the same Person or controlled Affiliates, then the Managing Members appointment as Asset Manager of such Series shall concurrently automatically terminate. Prior to its admission as a Managing Member of any Series, any replacement Managing Member shall acquire the Interests held by the departing Managing Member in such Series for fair market value and in cash immediately payable on the Transfer of such Interests and appoint a replacement Asset Manager on the same terms and conditions set forth herein and in the Asset Management Agreement. For the avoidance of doubt, if the Managing Member is removed as Managing Member of the Company it shall also cease to be Managing Member of each of the Series.

**ARTICLE XI - DISSOLUTION, TERMINATION AND LIQUIDATION**

**Section 11.1 Dissolution and Termination.**

* The Company shall not be dissolved by the admission of Substitute Economic Members or Additional Economic Members or the withdrawal of a transferring Member following a Transfer associated with any Series. The Company shall dissolve, and its affairs shall be wound up, upon:

* an election to dissolve the Company by the Managing Member;

* the sale, exchange or other disposition of all or substantially all of the assets and properties of all Series (which shall include the obsolesce of the Series Assets) and the subsequent election to dissolve the Company by the Managing Member;

* the entry of a decree of judicial dissolution of the Company pursuant to the provisions of the Delaware Act;

* at any time that there are no Members of the Company, unless the business of the Company is continued in accordance with the Delaware Act; or

* a vote by the Economic Members to dissolve the Company following the for-cause removal of the Managing Member in accordance with ARTICLE X.

* A Series shall not be terminated by the admission of Substitute Economic Members or Additional Economic Members or the withdrawal of a transferring Member following a Transfer associated with any Series. Unless otherwise provided in the Series Designation, a Series shall terminate, and its affairs shall be wound up, upon:

* the dissolution of the Company pursuant to Section 11.1(a);

* the sale, exchange or other disposition of all or substantially all of the assets and properties of such Series (which shall include the obsolesce of the Series Asset) and the subsequent election to dissolve the Company by the Managing Member. The termination of the Series pursuant to this sub-paragraph shall not require the consent of the Economic Members;

* an event set forth as an event of termination of such Series in the Series Designation establishing such Series;

* an election to terminate the Series by the Managing Member; or

* at any time that there are no Members of such Series, unless the business of such Series is continued in accordance with the Delaware Act.

* The dissolution of the Company or any Series pursuant to Section 18-801(a)(3) of the Delaware Act shall be strictly prohibited.

**Section 11.2 Liquidator.** Upon dissolution of the Company or termination of any Series, the Managing Member shall select one or more Persons (which may be the Managing Member) to act as Liquidator.

In the case of a dissolution of the Company, (i) the Liquidator shall be entitled to receive compensation for its services as Liquidator; (ii) the Liquidator shall agree not to resign at any time without 15 days prior notice to the Managing Member and may be removed at any time by the Managing Member; (iii) upon dissolution, death, incapacity, removal or resignation of the Liquidator, a successor and substitute Liquidator (who shall have and succeed to all rights, powers and duties of the original Liquidator) shall within 30 days be appointed by the Managing Member. The right to approve a successor or substitute Liquidator in the manner provided herein shall be deemed to refer also to any such successor or substitute Liquidator approved in the manner herein provided. Except as expressly provided in this ARTICLE XI, the Liquidator approved in the manner provided herein shall have and may exercise, without further authorization or consent of any of the parties hereto, all of the powers conferred upon the Managing Member under the terms of this Agreement (but subject to all of the applicable limitations, contractual and otherwise, upon the exercise of such powers) necessary or appropriate to carry out the duties and functions of the Liquidator hereunder for and during the period of time required to complete the winding up and liquidation of the Company as provided for herein. In the case of a termination of a Series, other than in connection with a dissolution of the Company, the Managing Member shall act as Liquidator.

**Section 11.3 Liquidation of a Series.** In connection with the liquidation of a Series, whether as a result of the dissolution of the Company or the termination of such Series, the Liquidator shall proceed to dispose of the assets of such Series, discharge its liabilities, and otherwise wind up its affairs in such manner and over such period as determined by the Liquidator, subject to Sections 18 215 and 18 804 of the Delaware Act, the terms of any Series Designation and the following:

* Subject to Section 11.3(c), the assets may be disposed of by public or private sale on such terms as the Liquidator may determine. The Liquidator may defer liquidation for a reasonable time if it determines that an immediate sale or distribution of all or some of the assets would be impractical or would cause undue loss to the Members associated with such Series.

* Liabilities of each Series include amounts owed to the Liquidator as compensation for serving in such capacity (subject to the terms of Section 11.2) as well as any outstanding Operating Expenses Reimbursement Obligations and any other amounts owed to Members associated with such Series otherwise than in respect of their distribution rights under ARTICLE VII. With respect to any liability that is contingent, conditional or unmatured or is otherwise not yet due and payable, the Liquidator shall either settle such claim for such amount as it thinks appropriate or establish a reserve of Free Cash Flows or other assets to provide for its payment. When paid, any unused portion of the reserve shall be applied to other liabilities or distributed as additional liquidation proceeds.

* Subject to the terms of any Series Designation (including, without limitation, the preferential rights, if any, of holders of any other class of Interests of the applicable Series), all property and all Free Cash Flows in excess of that required to discharge liabilities as provided in Section 11.3(b) shall be distributed to the holders of the Interests of the Series on an equal per Interest basis.

**Section 11.4 Cancellation of Certificate of Formation.** In the case of a dissolution of the Company, upon the completion of the distribution of all Free Cash Flows and property in connection the termination of all Series (other than the reservation of amounts for payments in respect of the satisfaction of liabilities of the Company or any Series), the Certificate of Formation and all qualifications of the Company as a foreign limited liability company in jurisdictions other than the State of Delaware shall be canceled and such other actions as may be necessary to terminate the Company shall be taken by the Liquidator or the Managing Member, as applicable.

**Section 11.5 Return of Contributions.** None of any Member, the Managing Member or any Officer of the Company or associated with any Series or any of their respective Affiliates, officers, directors, members, shareholders, employees, managers, partners, controlling persons, agents or independent contractors will be personally liable for, or have any obligation to contribute or loan any monies or property to the Company or any Series to enable it to effectuate, the return of the Capital Contributions of the Economic Members associated with a Series, or any portion thereof, it being expressly understood that any such return shall be made solely from Series Assets.

**Section 11.6 Waiver of Partition.** To the maximum extent permitted by law, each Member hereby waives any right to partition of the Company or Series Assets.

**ARTICLE XII - AMENDMENT OF AGREEMENT OR SERIES DESIGNATION**

**Section 12.1 General.** Except as provided in Section 12.2, the Managing Member may amend any of the terms of this Agreement or any Series Designation as it determines in its sole discretion and without the consent of any of the Economic Members. Without limiting the foregoing, the Managing Member, without the approval of any Economic Member, may amend any provision of this Agreement or any Series Designation, and execute, swear to, acknowledge, deliver, file and record whatever documents may be required in connection therewith, to reflect:

* a change that the Managing Member determines to be necessary or appropriate in connection with any action taken or to be taken by the Managing Member pursuant to the authority granted in ARTICLE V hereof;

* a change in the name of the Company, the location of the principal place of business of the Company, the registered agent of the Company or the registered office of the Company;

* the admission, substitution, withdrawal or removal of Members in accordance with this Agreement, any Series Designation;

* a change that the Managing Member determines to be necessary or appropriate to qualify or continue the qualification of the Company as a limited liability company under the laws of any state or to ensure that each Series will continue to be taxed as an entity for U.S. federal income tax purposes;

* a change that the Managing Member determines to be necessary or appropriate to satisfy any requirements, conditions or guidelines contained in any opinion, directive, order, ruling or regulation of any federal or state agency or judicial authority or contained in any federal or state statute (including the Delaware Act);

* a change that the Managing Member determines to be necessary, desirable or appropriate to facilitate the trading of the Interests (including, without limitation, the division of any class or classes or series of Outstanding Interests into different classes or Series to facilitate uniformity of tax consequences within such classes or Series) or comply with any rule, regulation, guideline or requirement of any National Securities Exchange or over-the-counter market on which Interests are or will be listed for trading, compliance with any of which the Managing Member deems to be in the best interests of the Company and the Members;

* a change that is required to effect the intent expressed in any Offering Document or the intent of the provisions of this Agreement or any Series Designation or is otherwise contemplated by this Agreement or any Series Designation;

* a change in the fiscal year or taxable year of the Company or any Series and any other changes that the Managing Member determines to be necessary or appropriate;

* an amendment that the Managing Member determines, based on the advice of counsel, to be necessary or appropriate to prevent the Company, the Managing Member, any Officers or any trustees or agents of the Company from in any manner being subjected to the provisions of the Investment Company Act, the Investment Advisers Act, or plan asset regulations adopted under ERISA, regardless of whether such are substantially similar to plan asset regulations currently applied or proposed by the United States Department of Labor;

* an amendment that the Managing Member determines to be necessary or appropriate in connection with the establishment or creation of additional Series pursuant to Section 3.3 or the authorization, establishment, creation or issuance of any class or series of Interests of any Series pursuant to Section 3.4 and the admission of Additional Economic Members;

* any other amendment other than an amendment expressly requiring consent of the Economic Members as set forth in Section 12.2; and

* any other amendments substantially similar to the foregoing.

**Section 12.2 Certain Amendment Requirements.** Notwithstanding the provisions of Section 12.1, no amendment to this Agreement shall be made without the consent of the Economic Members holding of a majority of the Outstanding Interests, that:

* decreases the percentage of Outstanding Interests required to take any action hereunder;

* materially adversely affects the rights of any of the Economic Members (including adversely affecting the holders of any particular Series of Interests as compared to holders of other series of Interests);

* modifies Section 11.1(a) or gives any Person the right to dissolve the Company; or

* modifies the term of the Company.

**Section 12.3 Amendment Approval Process.** If the Managing Member desires to amend any provision of this Agreement or any Series Designation, other than as permitted by Section 12.1, then it shall first adopt a resolution setting forth the amendment proposed, declaring its advisability, and then call a meeting of the Members entitled to vote in respect thereof for the consideration of such amendment. Amendments to this Agreement or any Series Designation may be proposed only by or with the consent of the Managing Member. Such meeting shall be called and held upon notice in accordance with ARTICLE XIII of this Agreement. The notice shall set forth such amendment in full or a brief summary of the changes to be effected thereby, as the Managing Member shall deem advisable. At the meeting, a vote of Members entitled to vote thereon shall be taken for and against the proposed amendment. A proposed amendment shall be effective upon its approval by the affirmative vote of the holders of not less than a majority of the Interests of all Series then Outstanding, voting together as a single class, unless a greater percentage is required under this Agreement or by Delaware law. The Company shall deliver to each Member prompt notice of the adoption of every amendment made to this Agreement or any Series Designation pursuant to this ARTICLE XII.

**ARTICLE XIII - MEMBER MEETINGS**

**Section 13.1 Meetings.** The Company shall not be required to hold an annual meeting of the Members. The Managing Member may, whenever it thinks fit, convene meetings of the Company or any Series. The non-receipt by any Member of a notice convening a meeting shall not invalidate the proceedings at that meeting.

**Section 13.2 Quorum.** No business shall be transacted at any meeting unless a quorum of Members is present at the time when the meeting proceeds to business; in respect of meetings of the Company, Members holding 50% of Interests, and in respect of meetings of any Series, Members holding 50% of Interests in such Series, present in person or by proxy shall be a quorum. In the event a meeting is not quorate, the Managing Member may adjourn or cancel the meeting, as it determines in its sole discretion.

**Section 13.3 Chairman.** Any designee of the Managing Member shall preside as chairman of any meeting of the Company or any Series.

**Section 13.4 Voting Rights.** Subject to the provisions of any class or series of Interests of any Series then Outstanding, the Members shall be entitled to vote only on those matters provided for under the terms of this Agreement.

**Section 13.5 Extraordinary Actions.** Except as specifically provided in this Agreement, notwithstanding any provision of law permitting or requiring any action to be taken or authorized by the affirmative vote of the holders of a greater number of votes, any such action shall be effective and valid if taken or approved by the affirmative vote of holders of Interests entitled to cast a majority of all the votes entitled to be cast on the matter.

**Section 13.6 Managing Member Approval.** Other than as provided for in ARTICLE X, the submission of any action of the Company or a Series to Members for their consideration shall first be approved by the Managing Member.

**Section 13.7 Action By Members without a Meeting.** Any Series Designation may provide that any action required or permitted to be taken by the holders of the Interests to which such Series Designation relates may be taken without a meeting by the written consent of such holders or Members entitled to cast a sufficient number of votes to approve the matter as required by statute or this Agreement, as the case may be.

**Section 13.8 Managing Member.** Unless otherwise expressly provided in this Agreement, the Managing Member or any of its Affiliates who hold any Interests shall not be entitled to vote in its capacity as holder of such Interests on matters submitted to the Members for approval, and no such Interests shall be deemed Outstanding for purposes of any such vote.

**ARTICLE XIV - CONFIDENTIALITY**

**Section 14.1 Confidentiality Obligations.** All information contained in the accounts and reports prepared in accordance with ARTICLE VIII and any other information disclosed to an Economic Member under or in connection with this Agreement is confidential and non-public and each Economic Member undertakes to treat that information as confidential information and to hold that information in confidence. No Economic Member shall, and each Economic Member shall ensure that every person connected with or associated with that Economic Member shall not, disclose to any person or use to the detriment of the Company, any Series, any Economic Member or any Series Assets any confidential information which may have come to its knowledge concerning the affairs of the Company, any Series, any Economic Member, any Series Assets or any potential Series Assets, and each Economic Member shall use any such confidential information exclusively for the purposes of monitoring and evaluating its investment in the Company. This Section 14.1 is subject to Section 14.2 and Section 14.3.

**Section 14.2 Exempted information.** The obligations set out in Section 14.1 shall not apply to any information which:

* is public knowledge and readily publicly accessible as of the date of such disclosure;

* becomes public knowledge and readily publicly accessible, other than as a result of a breach of this ARTICLE XIV; or

* has been publicly filed with the U.S. Securities and Exchange Commission.

**Section 14.3 Permitted Disclosures.** The restrictions on disclosing confidential information set out in Section 14.1 shall not apply to the disclosure of confidential information by an Economic Member:

* to any person, with the prior written consent of the Managing Member (which may be given or withheld in the Managing Members sole discretion);

* if required by law, rule or regulation applicable to the Economic Member (including without limitation disclosure of the tax treatment or consequences thereof), or by any Governmental Entity having jurisdiction over the Economic Member, or if requested by any Governmental Entity having jurisdiction over the Economic Member, but in each case only if the Economic Member (unless restricted by any relevant law or Governmental Entity): (i) provides the Managing Member with reasonable advance notice of any such required disclosure; (ii) consults with the Managing Member prior to making any disclosure, including in respect of the reasons for and content of the required disclosure; and (iii) takes all reasonable steps permitted by law that are requested by the Managing Member to prevent the disclosure of confidential information (including (a) using reasonable endeavors to oppose and prevent the requested disclosure and (b) returning to the Managing Member any confidential information held by the Economic Member or any person to whom the Economic Member has disclosed that confidential information in accordance with this Section); or

* to its trustees, officers, directors, employees, legal advisers, accountants, investment managers, investment advisers and other professional consultants who would customarily have access to such information in the normal course of performing their duties, but subject to the condition that each such person is bound either by professional duties of confidentiality or by an obligation of confidentiality in respect of the use and dissemination of the information no less onerous than this ARTICLE XIV.

**ARTICLE XV - GENERAL PROVISIONS**

**Section 15.1 Addresses and Notices.**

* Any notice to be served in connection with this Agreement shall be served in writing (which, for the avoidance of doubt, shall include e-mail) and any notice or other correspondence under or in connection with this Agreement shall be delivered to the relevant party at the address given in this Agreement (or, in the case of an Economic Member, in its Form of Adherence) or to such other address as may be notified in writing for the purposes of this Agreement to the party serving the document and that appears in the books and records of the relevant Series. The Company intends to make transmissions by electronic means to ensure prompt receipt and may also publish notices or reports on a secure electronic application to which all Members have access, and any such publication shall constitute a valid method of serving notices under this Agreement.

* Any notice or correspondence shall be deemed to have been served as follows:

* in the case of hand delivery, on the date of delivery if delivered before 5:00 p.m. on a Business Day and otherwise at 9:00 a.m. on the first Business Day following delivery;

* in the case of service by U.S. registered mail, on the third Business Day after the day on which it was posted;

* in the case of email (subject to oral or electronic confirmation of receipt of the email in its entirety), on the date of transmission if transmitted before 5:00 p.m. on a Business Day and otherwise at 9:00 a.m. on the first Business Day following transmission; and

* in the case of notices published on an electronic application, on the date of publication if published before 5:00 p.m. on a Business Day and otherwise at 9:00 a.m. on the first Business Day following publication.

* In proving service (other than service by e-mail), it shall be sufficient to prove that the notice or correspondence was properly addressed and left at or posted by registered mail to the place to which it was so addressed.

* Any notice to the Company (including any Series) shall be deemed given if received by any member of the Managing Member at the principal office of the Company designated pursuant to Section 2.3. The Managing Member and the Officers may rely and shall be protected in relying on any notice or other document from an Economic Member or other Person if believed by it to be genuine.

**Section 15.2 Further Action.** The parties to this Agreement shall execute and deliver all documents, provide all information and take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement.

**Section 15.3 Binding Effect.** This Agreement shall be binding upon and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives and permitted assigns.

**Section 15.4 Integration.** This Agreement, together with the applicable Form of Adherence and Asset Management Agreement and any applicable Series Designation, constitutes the entire agreement among the parties hereto pertaining to the subject matter hereof and supersedes all prior agreements and understandings pertaining thereto.

**Section 15.5 Creditors.** None of the provisions of this Agreement shall be for the benefit of, or shall be enforceable by, any creditor of the Company or any Series.

**Section 15.6 Waiver.** No failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach of any other covenant, duty, agreement or condition.

**Section 15.7 Counterparts.** This Agreement may be executed in counterparts, all of which together shall constitute an agreement binding on all the parties hereto, notwithstanding that all such parties are not signatories to the original or the same counterpart. Each party shall become bound by this Agreement immediately upon affixing its signature hereto (which signature may be provided electronically) or, in the case of a Person acquiring an Interest, upon acceptance of its Form of Adherence.

**Section 15.8 Applicable Law and Jurisdiction.**

* This Agreement and the rights of the parties shall be governed by and construed in accordance with the laws of the State of Delaware. Non-contractual obligations (if any) arising out of or in connection with this agreement (including its formation) shall also be governed by the laws of the State of Delaware. The rights and liabilities of the Members in the Company and each Series and as between them shall be determined pursuant to the Delaware Act and this Agreement. To the extent the rights or obligations of any Member are different by reason of any provision of this Agreement than they would otherwise be under the Delaware Act in the absence of any such provision, or even if this Agreement is inconsistent with the Delaware Act, this Agreement shall control, except to the extent the Delaware Act prohibits any particular provision of the Delaware Act to be waived or modified by the Members, in which event any contrary provisions hereof shall be valid to the maximum extent permitted under the Delaware Act.

* Any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with this Agreement, or the transactions contemplated hereby shall be brought in any state or federal court of competent jurisdiction located within the State of California and each Member hereby consents to the exclusive jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any suit, action or proceeding, and irrevocably waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding which is brought in any such court has been brought in an inconvenient forum. Each Member hereby waives the right to commence an action, suit or proceeding seeking to enforce any provisions of, or based on any matter arising out of or in connection with this Agreement, or the transactions contemplated hereby or thereby in any court outside of the State of California. Process in any suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any court. Without limiting the foregoing, each party agrees that service of process on such party by written notice pursuant to Section 11.1 will be deemed effective service of process on such party.

* EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED IN CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE ACTIONS OF ANY PARTY IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT THEREOF, EACH OF THE PARTIES HERETO ALSO WAIVES ANY BOND OR SURETY OR SECURITY UPON SUCH BOND WHICH MIGHT, BUT FOR THIS WAIVER, BE REQUIRED OF SUCH PARTY. EACH OF THE PARTIES HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. BY AGREEING TO THIS PROVISION, EACH PARTY WILL NOT BE DEEMED TO HAVE WAIVED THE COMPANY'S COMPLIANCE WITH U.S. FEDERAL SECURITIES LAWS AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER.

**Section 15.9 Invalidity of Provisions.** If any provision of this Agreement is or becomes invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not be affected thereby.

**Section 15.10 Consent of Members.** Each Member hereby expressly consents and agrees that, whenever in this Agreement it is specified that an action may be taken upon the affirmative vote or consent of less than all of the Members, such action may be so taken upon the concurrence of less than all of the Members and each Member shall be bound by the results of such action.

*[Remainder of page intentionally left blank]*

**IN WITNESS WHEREOF**, this Agreement has been executed as of the date first written above.

MANAGING MEMBER

**Ark7 Inc.**

By: /s/ Yizhen Zhao

Yizhen Zhao

CEO

COMPANY

**Ark7 Properties LLC**

By: Ark7 Inc., its Managing Member

By: /s/ Yizhen Zhao

Yizhen Zhao

CEO

**EXHIBIT A: FORM OF SERIES DESIGNATION**

**SERIES #[Series Name] DESIGNATION**

In accordance with the Limited Liability Company Agreement (the "Operating Agreement") of Ark7 Properties LLC (the "Company") dated [Date] (the "Agreement") and upon the execution of this designation by the Company and Ark7 Inc. in its capacity as Managing Member of the Company and Initial Member of Ark7 Properties LLC - Series #[Series Name] ("#[Series Name]"), this exhibit shall be attached to, and deemed incorporated in its entirety into, the Agreement.

References to Sections and Articles set forth herein are references to Sections and Articles of the Agreement, as in effect as of the effective date of establishment set forth below.

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| | |
|:---|:---|
| Name of Series | Ark7 Properties LLC - Series #[Series Name] |
| Effective date of establishment | [Date] |
| Managing Member | Ark7 Inc. was appointed as the Managing Member of #[Series Name] with effect from the date of the Agreement and shall continue to act as the Managing Member of #[Series Name] until dissolution of #[Series Name] pursuant to Section 11.1(b) or its removal and replacement pursuant to Section 4.3 or ARTICLE X. |
| Initial Member | Ark7 Inc. |
| Series Asset | The Series Assets of #[Series Name] shall comprise [asset description] which will be acquired by #[Series Name] upon the close of the Initial Offering and any assets and liabilities associated with such asset and such other assets and liabilities acquired by #[Series Name] from time to time, as determined by the Managing Member in its sole discretion |
| Asset Manager | Ark7 Inc. |
| Management Fee | As stated in Section 6.5 of the Operating Agreement. |
| Purpose | As stated in Section 2.4 of the Operating Agreement. |
| Issuance | Subject to Section 6.3(a)(i) of the Operating Agreement, the maximum number of #[Series Name] Interests the Company can issue is [value]. |
| Number of #[Series Name] Interests held by the Managing Member and its Affiliates | The Managing Member must purchase a minimum of 10 #[Series Name] Interests and may purchase a maximum of 19.9% of #[Series Name] Interests through the Offering. |
| Interest Designation | No Interest Designation shall be required in connection with the issuance of #[Series Name] Interests. |
| Voting | Subject to Section 3.5 of the Operating Agreement, the #[Series Name] Interests shall entitle the Record Holders thereof to one vote per<br>Interest on any and all matters submitted to the consent or approval of Members generally. No separate vote or consent of the Record Holders of #[Series Name] Interests shall be required for the approval of any matter, except as required by the Delaware Act or except as provided elsewhere in this Agreement.<br>The affirmative vote of the holders of not less than a majority of the #[Series Name] Interests then Outstanding shall be required for:<br>any amendment to this Agreement (including this Series Designation) that would adversely change the rights of the #[Series Name] Interests;mergers, consolidations or conversions of #[Series Name] or the Company; andall such other matters as the Managing Member, in its sole discretion, determines shall require the approval of the holders of the Outstanding #[Series Name] Interests voting as a separate class.Notwithstanding the foregoing, the separate approval of the holders of Series #[Series Name] Interests shall not be required for any of the other matters specified under Section 12.1 of the Operating Agreement. |
| Splits | There shall be no subdivision of the #[Series Name] Interests other than in accordance with Section 3.7 of the Operating Agreement. |
| Sourcing Fee | No greater than 3% of the maximum offering size, which may be waived by the Managing Member in its sole discretion. |
| Other rights | Holders of #[Series Name] Interests shall have no conversion, exchange, sinking fund, appraisal rights, no preemptive rights to subscribe for any securities of the Company and no preferential rights to distributions of #[Series Name] Interests. |
| Officers | There shall initially be no specific officers associated with #[Series Name], although, the Managing Member may appoint Officers of #[Series Name] from time to time, in its sole discretion. |
| Aggregate Ownership Limit | As stated in Section 1.1 of the Operating Agreement. |
| Minimum Interests | One (1) Interest per Member |
| Fiscal Year | As stated in Section 8.2 of the Operating Agreement. |
| <br>Information Reporting | <br>As stated in Section 8.1(c) of the Operating Agreement. |
| Termination | As stated in Section 11.1(b) of the Operating Agreement. |
| Liquidation | As stated in Section 11.3 of the Operating Agreement. |
| Amendments to this Exhibit | As stated in Article XII of the Operating Agreement. |

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**EXHIBIT B: FORM OF SUBSCRIPTION AGREEMENT**

**EXHIBIT C: FORM OF ASSET MANAGEMENT AGREEMENT**

**ASSET MANAGEMENT AGREEMENT**

**BETWEEN**

**ARK7 INC.**

**AND**

**ARK7 PROPERTIES LLC - SERIES #[SERIES NAME]**

This ASSET MANAGEMENT AGREEMENT (this "Agreement") dated as of [Date] is entered into between Ark7 Inc., a corporation organized under the laws of the State of Delaware (the "Asset Manager"), and Ark7 Properties LLC - Series #[Series Name] (the "Series").

WHEREAS, the Series seeks to invest in the #[Series Name] Asset (as defined in the Appendix) in accordance with the terms and conditions of the Operating Agreement, dated [Date], of Ark7 Properties LLC, a series limited liability company organized under the laws of the State of Delaware (the "Company") together with Exhibit B setting forth the terms of the Series, in each case as amended and restated from time to time (the "Operating Agreement");

WHEREAS, pursuant to the Operating Agreement, the managing member of the Series shall be responsible for the acquisition, management and disposition of the #[Series Name] Asset as well as the business of the Series;

WHEREAS, the Series desires to avail itself of the advice and assistance of the Asset Manager and to appoint and retain the Asset Manager as the asset manager to the Series with respect to the #[Series Name] Asset;

WHEREAS, the Asset Manager wishes to accept such appointment; and

NOW THEREFORE, in consideration of the mutual agreements herein contained, the parties hereby covenant and agree as follows:

* Appointment of Asset Manager; Acceptance of Appointment. The Series hereby appoints the Asset Manager as asset manager to the Series for the purpose of managing the #[Series Name] Asset. The Asset Manager hereby accepts such appointment.

* Authority of the Asset Manager.

* Except as set forth in Section 2(e) below and any guidance as may be established from time to time by the Managing Member of the Series, the Asset Manager shall have sole authority and complete discretion over the care, custody, maintenance and management of the #[Series Name] Asset and to take any action that it deems necessary or desirable in connection therewith.

* The Asset Manager shall devote such time to its duties under this Agreement as may be deemed reasonably necessary by the Asset Manager in light of the understanding that such duties are expected to be performed only at occasional or irregular intervals.

* The Asset Manager may delegate all or any of its duties under this Agreement to any Person who shall perform such delegated duties under the supervision of the Asset Manager on such terms as the Asset Manager shall determine.

* Notwithstanding any other provision of this Agreement to the contrary, the Asset Manager shall not have the authority to:

* acquire any asset or service for an amount equal to or greater than 1% of the value of the #[Series Name] Asset as of such date, individually, or 3% of the value of the #[Series Name] Asset as of such date, in the aggregate without the prior consent of the Managing Member of the Series; or

* sell, transfer, encumber or convey the #[Series Name] Asset, provided, however, that the Asset Manager may deliver to the Managing Member of the Company any offers received by the Asset Manager to purchase the #[Series Name] Asset and any research or analysis prepared by the Asset Manager regarding the potential sale of the #[Series Name] Asset, including market analysis, survey results or information regarding any inquiries received and information regarding potential purchasers.

* Cooperation. The Asset Manager agrees to use reasonable efforts to make appropriate personnel available for consultation with the Series on matters pertaining to the #[Series Name] Asset and to consult with the Managing Member of the Series regarding asset management decisions with respect to the #[Series Name] Asset prior to execution. The Managing Member of the Series may make any reasonable request for the provision of information or for other cooperation from the Asset Manager with respect to its duties under this Agreement, and the Asset Manager shall use reasonable efforts to comply with such request, including without limitation, furnishing the Series with such documents, reports, data and other information as the Managing Member of the Series may reasonably request regarding the #[Series Name] Asset and the Asset Manager's performance hereunder or compliance with the terms hereof.

* Representations and Warranties. Each party hereto represents and warrants that this Agreement has been duly authorized, executed and delivered by such party and constitutes the legal, valid and binding obligation of such party.

* Limitation of Liability; Indemnification with respect to #[Series Name] Asset.

* None of the Asset Manager, its affiliates, or any of their respective directors, members, stockholders, partners, officers, employees or controlling persons (collectively, "Managing Parties") shall be liable to the applicable Series or the Company for (i) any act or omission performed or failed to be performed by any Managing Party (other than any criminal wrongdoing) arising from the exercise of such Managing Party's rights or obligations hereunder, or for any losses, claims, costs, damages, or liabilities arising therefrom, in the absence of criminal wrongdoing, willful misfeasance or gross negligence on the part of such Managing Party, with respect to #[Series Name] Asset, (ii) any tax liability imposed on the Series or the #[Series Name] Asset, or (iii) any losses due to the actions or omissions of the Series or any brokers or other current or former agents or advisers of the Series.

* To the fullest extent permitted by applicable law, the Series will indemnify the Asset Manager and its Managing Parties against any and all losses, damages, liabilities, judgments, costs and expenses (including, without limitation, reasonable attorneys' fees and disbursements) and amounts paid in settlement (collectively, "Losses") to which such person may become subject in connection with any matter arising out of or in connection with this Agreement, except to the extent that any such Loss results solely from the acts or omissions of a Managing Party that have been determined in a final, non-appealable decision of a court, arbitrator or other tribunal of competent jurisdiction to have resulted primarily from such Managing Party's fraud, willful misconduct or gross negligence. If this Section 5 or any portion hereof shall be invalidated on any ground by a court of competent jurisdiction, the Series shall nevertheless indemnify the Managing Party for any Losses incurred to the full extent permitted by any applicable portion of this Section that shall not have been invalidated.

* The Asset Manager gives no warranty as to the performance or profitability of the #[Series Name] Asset or as to the performance of any third party engaged by the Asset Manager hereunder.

* The Asset Manager may rely upon and shall be protected in acting or refraining from action upon any instruction from, or document signed by, any authorized person of the Series or other person reasonably believed by the Asset Manager to be authorized to give or sign the same whether or not the authority of such person is then effective.

* Assignments. This Agreement may not be assigned by either party without the consent of the other party. In performing its obligations under this Agreement, the Asset Manager may, at its discretion, delegate any or all of its rights, powers and functions under this Agreement to any Person in accordance with section 2(d) without the need for the consent of the Series, provided that the Asset Manager's liability to the Series for all matters so delegated shall not be affected by such delegation.

* Compensation and Expenses.

* As compensation for services performed by the Asset Manager under this Agreement, and in consideration therefor, the Series will pay an annual asset management fee (the "Asset Management Fee") to the Asset Manager in respect of each fiscal year, equal to 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. Any such amount will be paid at the same time as, and only if, a distribution is made from the Series to its Members.

* Except as set forth in Section 5, the Series will bear all expenses of the #[Series Name] Asset and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation").

* Each party will bear its own costs relating to the negotiation, preparation, execution and implementation of this Agreement.

* Services to Other Clients; Certain Affiliated Activities.

* The relationship between the Asset Manager and the Series is as described in this Agreement and nothing in this Agreement, none of the services to be provided pursuant to this Agreement, nor any other matter, shall oblige the Asset Manager to accept responsibilities that are more extensive than those set forth in this Agreement.

* The Asset Manager's services to the Series are not exclusive. The Asset Manager may engage in other activities on behalf of itself, any other Managing Party and other clients (which, for the avoidance of doubt, may include other series of the Company). The Series acknowledges and agrees that the Asset Manager may, without prior notice to the Series, give advice to such other clients. The Asset Manager shall not be liable to account to the Series for any profits, commission or remuneration made or received in respect of transactions effected pursuant to the Asset Manager's advice to another client and nor will the Asset Manager's fees be abated as a result.

* Duration and Termination. Unless terminated as set forth below, this Agreement shall continue in full force and effect until one year after the date on which the #[Series Name] Asset has been liquidated and the obligations connected to such #[Series Name] Asset (including, without limitation, contingent obligations) have terminated or, if earlier, the removal of Ark7 Inc. as Managing Member of the Series. Either party may terminate this Agreement immediately upon a material breach of the Agreement by the other party, without penalty or other additional payment, except that the Series shall pay the Asset Management Fee of the Asset Manager referred to in section 7, pro-rated to the date of termination, together with all amounts outstanding under any Operating Expenses Reimbursement Obligation. Termination shall not affect accrued rights, and the provisions of Sections 4, 5, 7 (with respect to any accrued but unpaid fees and expenses), 8, 9, 11, 14 and 16 hereof shall survive the termination of this Agreement.

* Power of Attorney. For so long as this Agreement is in effect, the Series constitutes and appoints the Asset Manager, with full power of substitution, its true and lawful attorney-in-fact and in its name, place and stead to carry out the Asset Manager's obligations and responsibilities to the Series under this Agreement, solely with respect to the #[Series Name] Asset. 

* Notices. Except as otherwise specifically provided herein, all notices shall be deemed duly given when sent in writing by registered mail, overnight courier or email to the appropriate party at the following addresses, or to such other address as shall be notified in writing by that party to the other party from time to time:

If to the Series:

Ark7 Properties LLC - Series #[Series Name]

[property address] [property address]

Attention: President Email: support@ark7.com

If to the Asset Manager:

Ark7 Inc.

[property address] [property address]

Attention: President

Email: support@ark7.com

* Independent Contractor. For all purposes of this Agreement, the Asset Manager shall be an independent contractor and not an employee or dependent agent of the Series nor shall anything herein be construed as making the Series a partner or co-venturer with the Asset Manager, any other Managing Party or any of its other clients. Except as expressly provided in this Agreement or as otherwise authorized in writing by the Series, the Asset Manager shall have no authority to bind, obligate or represent the Series.

* Entire Agreement; Amendment; Severability. This Agreement states the entire agreement of the parties with respect to the subject matter hereof and supersedes any prior agreements relating to the subject matter hereof, and may not be supplemented or amended except in writing signed by the parties. If any provision or any part of a provision of this Agreement shall be found to be void or unenforceable, it shall not affect the remaining part, which shall remain in full force and effect.

* Confidentiality. All information furnished or made available by the Series or the Company to the Asset Manager hereunder, or by the Asset Manager to the Series or the Company hereunder, shall be treated as confidential by the Asset Manager, or the Series and the Company, as applicable, and shall not be disclosed to third parties except as required by law or as required in connection with the execution of transactions with respect to the #[Series Name] Asset and except for disclosure to counsel, accountants and other advisors.

* Definitions. Words and expressions which are used but not defined in this Agreement shall have the meanings given to them in the Operating Agreement.

* Governing Law; Jurisdiction.

* This Agreement and the rights of the parties shall be governed by and construed in accordance with the laws of the State of Delaware.

* The parties irrevocably agree that the Court of Chancery of the State of Delaware is to have the exclusive jurisdiction to settle any disputes which may arise out of in connection with this Agreement and accordingly any suit, action or proceeding arising out of or in connection with this Agreement shall be brought in such courts.

* Counterparts. This Agreement may be executed in one or more counterparts with the same force and effect as if each of the signatories had executed the same instrument.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly appointed agents so as to be effective on the day, month and year first above written.

**ASSET MANAGER**

ARK7 INC.

By: /s/Yizhen Zhao Name: Yizhen Zhao Title: CEO

**Ark7 Properties LLC - SERIES #[Series Name]**

**By: ARK7 INC., as managing member**

By: /s/Yizhen Zhao Name: Yizhen Zhao Title: CEO

**APPENDIX**

**THE #[Series Name] ASSET**

Property Address: [property address]

## Ex1A-3

**SECOND AMENDED AND RESTATED SERIES #MHQNN DESIGNATION**

In accordance with the Limited Liability Company Agreement (the "Operating Agreement") of Ark7 Properties LLC (the "Company") dated September 13, 2029 (the "Agreement") and upon the execution of this designation by the Company and Ark7 Inc. in its capacity as Managing Member of the Company and Initial Member of Ark7 Properties LLC - Series #MHQNN ("#MHQNN"), this exhibit is hereby amended and restated in its entirety and shall be attached to, and deemed incorporated in its entirety into, the Agreement.

References to Sections and Articles set forth herein are references to Sections and Articles of the Agreement, as in effect as of the effective date of establishment set forth below.

---

| | |
|:---|:---|
| Name of Series | Ark7 Properties LLC - Series #MHQNN |
| Effective date of establishment | December 12, 2019 |
| Managing Member | Ark7 Inc. was appointed as the Managing Member of #MHQNN with effect from the date of the Agreement and shall continue to act as the Managing Member of #MHQNN until dissolution of #MHQNN pursuant to Section 11.1(b) or its removal and replacement pursuant to Section 4.3 or ARTICLE X. |
| Initial Member | Ark7 Inc. |
| Series Asset | The Series Assets of #MHQNN shall comprise any assets and liabilities associated with such asset and such other assets and liabilities acquired by #MHQNN from time to time, as determined by the Managing Member in its sole discretion |
| Asset Manager | Ark7 Inc. |
| Management Fee | As stated in Section 6.5 of the Operating Agreement. |
| Purpose | As stated in Section 2.4 of the Operating Agreement. |
| Issuance | Subject to Section 6.3(a)(i) of the Operating Agreement, the maximum number of #MHQNN Interests the Company can issue is 100,000. |
| Number of #MHQNN Interests held by the Managing Member and its Affiliates | The Managing Member must purchase a minimum of 10 #MHQNN Interests and may purchase a maximum of 19.9% of #MHQNN Interests through the Offering. |
| Broker |  |
| Brokerage Fee | Up to of the purchase price of the Interests from #MHQNN sold at the Initial Offering of the #MHQNN Interests (excluding the #MHQNN Interests acquired by any Person other than Investor Members) |
| Interest Designation | No Interest Designation shall be required in connection with the issuance of #MHQNN Interests. |
| Voting | Subject to Section 3.5 of the Operating Agreement, the #MHQNN Interests shall entitle the Record Holders thereof to one vote per<br>Interest on any and all matters submitted to the consent or approval of Members generally. No separate vote or consent of the Record Holders of #MHQNN Interests shall be required for the approval of any matter, except as required by the Delaware Act or except as provided elsewhere in this Agreement.<br>The affirmative vote of the holders of not less than a majority of the #MHQNN Interests then Outstanding shall be required for:<br>any amendment to this Agreement (including this Series Designation) that would adversely change the rights of the #MHQNN Interests;mergers, consolidations or conversions of #MHQNN or the Company; andall such other matters as the Managing Member, in its sole discretion, determines shall require the approval of the holders of the Outstanding #MHQNN Interests voting as a separate class.Notwithstanding the foregoing, the separate approval of the holders of Series #MHQNN Interests shall not be required for any of the other matters specified under Section 12.1 of the Operating Agreement. |
| Splits | There shall be no subdivision of the #MHQNN Interests other than in accordance with Section 3.7 of the Operating Agreement. |
| Sourcing Fee | No greater than 3% of the maximum offering size, which may be waived by the Managing Member in its sole discretion. |
| Other rights | Holders of #MHQNN Interests shall have no conversion, exchange, sinking fund, appraisal rights, no preemptive rights to subscribe for any securities of the Company and no preferential rights to distributions of #MHQNN Interests. |
| Officers | There shall initially be no specific officers associated with #MHQNN, although, the Managing Member may appoint Officers of #MHQNN from time to time, in its sole discretion. |
| Aggregate Ownership Limit | As stated in Section 1.1 of the Operating Agreement. |
| Minimum Interests | One (1) Interest per Member |
| Fiscal Year | As stated in Section 8.2 of the Operating Agreement. |
| Information Reporting | As stated in Section 8.1(c) of the Operating Agreement. |
| Termination | As stated in Section 11.1(b) of the Operating Agreement. |
| Liquidation | As stated in Section 11.3 of the Operating Agreement. |
| Amendments to this Exhibit | As stated in Article XII of the Operating Agreement. |

---

## Ex1A-3

**SECOND AMENDED AND RESTATED SERIES #KYLBE DESIGNATION**

In accordance with the Limited Liability Company Agreement (the "Operating Agreement") of Ark7 Properties LLC (the "Company") dated September 13, 2029 (the "Agreement") and upon the execution of this designation by the Company and Ark7 Inc. in its capacity as Managing Member of the Company and Initial Member of Ark7 Properties LLC - Series #KYLBE ("#KYLBE"), this exhibit is hereby amended and restated in its entirety and shall be attached to, and deemed incorporated in its entirety into, the Agreement.

References to Sections and Articles set forth herein are references to Sections and Articles of the Agreement, as in effect as of the effective date of establishment set forth below.

---

| | |
|:---|:---|
| Name of Series | Ark7 Properties LLC - Series #KYLBE |
| Effective date of establishment | December 12, 2019 |
| Managing Member | Ark7 Inc. was appointed as the Managing Member of #KYLBE with effect from the date of the Agreement and shall continue to act as the Managing Member of #KYLBE until dissolution of #KYLBE pursuant to Section 11.1(b) or its removal and replacement pursuant to Section 4.3 or ARTICLE X. |
| Initial Member | Ark7 Inc. |
| Series Asset | The Series Assets of #KYLBE shall comprise any assets and liabilities associated with such asset and such other assets and liabilities acquired by #KYLBE from time to time, as determined by the Managing Member in its sole discretion |
| Asset Manager | Ark7 Inc. |
| Management Fee | As stated in Section 6.5 of the Operating Agreement. |
| Purpose | As stated in Section 2.4 of the Operating Agreement. |
| Issuance | Subject to Section 6.3(a)(i) of the Operating Agreement, the maximum number of #KYLBE Interests the Company can issue is 100,000. |
| Number of #KYLBE Interests held by the Managing Member and its Affiliates | The Managing Member must purchase a minimum of 10 #KYLBE Interests and may purchase a maximum of 19.9% of #KYLBE Interests through the Offering. |
| Broker |  |
| Brokerage Fee | Up to of the purchase price of the Interests from #KYLBE sold at the Initial Offering of the #KYLBE Interests (excluding the #KYLBE Interests acquired by any Person other than Investor Members) |
| Interest Designation | No Interest Designation shall be required in connection with the issuance of #KYLBE Interests. |
| Voting | Subject to Section 3.5 of the Operating Agreement, the #KYLBE Interests shall entitle the Record Holders thereof to one vote per<br>Interest on any and all matters submitted to the consent or approval of Members generally. No separate vote or consent of the Record Holders of #KYLBE Interests shall be required for the approval of any matter, except as required by the Delaware Act or except as provided elsewhere in this Agreement.<br>The affirmative vote of the holders of not less than a majority of the #KYLBE Interests then Outstanding shall be required for:<br>any amendment to this Agreement (including this Series Designation) that would adversely change the rights of the #KYLBE Interests;mergers, consolidations or conversions of #KYLBE or the Company; andall such other matters as the Managing Member, in its sole discretion, determines shall require the approval of the holders of the Outstanding #KYLBE Interests voting as a separate class.Notwithstanding the foregoing, the separate approval of the holders of Series #KYLBE Interests shall not be required for any of the other matters specified under Section 12.1 of the Operating Agreement. |
| Splits | There shall be no subdivision of the #KYLBE Interests other than in accordance with Section 3.7 of the Operating Agreement. |
| Sourcing Fee | No greater than 3% of the maximum offering size, which may be waived by the Managing Member in its sole discretion. |
| Other rights | Holders of #KYLBE Interests shall have no conversion, exchange, sinking fund, appraisal rights, no preemptive rights to subscribe for any securities of the Company and no preferential rights to distributions of #KYLBE Interests. |
| Officers | There shall initially be no specific officers associated with #KYLBE, although, the Managing Member may appoint Officers of #KYLBE from time to time, in its sole discretion. |
| Aggregate Ownership Limit | As stated in Section 1.1 of the Operating Agreement. |
| Minimum Interests | One (1) Interest per Member |
| Fiscal Year | As stated in Section 8.2 of the Operating Agreement. |
| Information Reporting | As stated in Section 8.1(c) of the Operating Agreement. |
| Termination | As stated in Section 11.1(b) of the Operating Agreement. |
| Liquidation | As stated in Section 11.3 of the Operating Agreement. |
| Amendments to this Exhibit | As stated in Article XII of the Operating Agreement. |

---

## Ex1A-3

**AMENDED AND RESTATED SERIES #DJVWQ DESIGNATION**

In accordance with the Limited Liability Company Agreement (the "Operating Agreement") of Ark7 Properties LLC (the "Company") dated September 13, 2029 (the "Agreement") and upon the execution of this designation by the Company and Ark7 Inc. in its capacity as Managing Member of the Company and Initial Member of Ark7 Properties LLC - Series #DJVWQ ("#DJVWQ"), this exhibit is hereby amended and restated in its entirety and shall be attached to, and deemed incorporated in its entirety into, the Agreement.

References to Sections and Articles set forth herein are references to Sections and Articles of the Agreement, as in effect as of the effective date of establishment set forth below.

---

| | |
|:---|:---|
| Name of Series | Ark7 Properties LLC - Series #DJVWQ |
| Effective date of establishment | July 28, 2020 |
| Managing Member | Ark7 Inc. was appointed as the Managing Member of #DJVWQ with effect from the date of the Agreement and shall continue to act as the Managing Member of #DJVWQ until dissolution of #DJVWQ pursuant to Section 11.1(b) or its removal and replacement pursuant to Section 4.3 or ARTICLE X. |
| Initial Member | Ark7 Inc. |
| Series Asset | The Series Assets of #DJVWQ shall comprise any assets and liabilities associated with such asset and such other assets and liabilities acquired by #DJVWQ from time to time, as determined by the Managing Member in its sole discretion |
| Asset Manager | Ark7 Inc. |
| Management Fee | As stated in Section 6.5 of the Operating Agreement. |
| Purpose | As stated in Section 2.4 of the Operating Agreement. |
| Issuance | Subject to Section 6.3(a)(i) of the Operating Agreement, the maximum number of #DJVWQ Interests the Company can issue is 100,000. |
| Number of #DJVWQ Interests held by the Managing Member and its Affiliates | The Managing Member must purchase a minimum of 10 #DJVWQ Interests and may purchase a maximum of 19.9% of #DJVWQ Interests through the Offering. |
| Broker |  |
| Brokerage Fee | Up to of the purchase price of the Interests from #DJVWQ sold at the Initial Offering of the #DJVWQ Interests (excluding the #DJVWQ Interests acquired by any Person other than Investor Members) |
| Interest Designation | No Interest Designation shall be required in connection with the issuance of #DJVWQ Interests. |
| Voting | Subject to Section 3.5 of the Operating Agreement, the #DJVWQ Interests shall entitle the Record Holders thereof to one vote per<br>Interest on any and all matters submitted to the consent or approval of Members generally. No separate vote or consent of the Record Holders of #DJVWQ Interests shall be required for the approval of any matter, except as required by the Delaware Act or except as provided elsewhere in this Agreement.<br>The affirmative vote of the holders of not less than a majority of the #DJVWQ Interests then Outstanding shall be required for:<br>any amendment to this Agreement (including this Series Designation) that would adversely change the rights of the #DJVWQ Interests;mergers, consolidations or conversions of #DJVWQ or the Company; andall such other matters as the Managing Member, in its sole discretion, determines shall require the approval of the holders of the Outstanding #DJVWQ Interests voting as a separate class.Notwithstanding the foregoing, the separate approval of the holders of Series #DJVWQ Interests shall not be required for any of the other matters specified under Section 12.1 of the Operating Agreement. |
| Splits | There shall be no subdivision of the #DJVWQ Interests other than in accordance with Section 3.7 of the Operating Agreement. |
| Sourcing Fee | No greater than 3% of the maximum offering size, which may be waived by the Managing Member in its sole discretion. |
| Other rights | Holders of #DJVWQ Interests shall have no conversion, exchange, sinking fund, appraisal rights, no preemptive rights to subscribe for any securities of the Company and no preferential rights to distributions of #DJVWQ Interests. |
| Officers | There shall initially be no specific officers associated with #DJVWQ, although, the Managing Member may appoint Officers of #DJVWQ from time to time, in its sole discretion. |
| Aggregate Ownership Limit | As stated in Section 1.1 of the Operating Agreement. |
| Minimum Interests | One (1) Interest per Member |
| Fiscal Year | As stated in Section 8.2 of the Operating Agreement. |
| Information Reporting | As stated in Section 8.1(c) of the Operating Agreement. |
| Termination | As stated in Section 11.1(b) of the Operating Agreement. |
| Liquidation | As stated in Section 11.3 of the Operating Agreement. |
| Amendments to this Exhibit | As stated in Article XII of the Operating Agreement. |

---

## Ex1A-3

**AMENDED AND RESTATED SERIES #PBIUH DESIGNATION**

In accordance with the Limited Liability Company Agreement (the "Operating Agreement") of Ark7 Properties LLC (the "Company") dated September 13, 2029 (the "Agreement") and upon the execution of this designation by the Company and Ark7 Inc. in its capacity as Managing Member of the Company and Initial Member of Ark7 Properties LLC - Series #PBIUH ("#PBIUH"), this exhibit is hereby amended and restated in its entirety and shall be attached to, and deemed incorporated in its entirety into, the Agreement.

References to Sections and Articles set forth herein are references to Sections and Articles of the Agreement, as in effect as of the effective date of establishment set forth below.

---

| | |
|:---|:---|
| Name of Series | Ark7 Properties LLC - Series #PBIUH |
| Effective date of establishment | July 28, 2020 |
| Managing Member | Ark7 Inc. was appointed as the Managing Member of #PBIUH with effect from the date of the Agreement and shall continue to act as the Managing Member of #PBIUH until dissolution of #PBIUH pursuant to Section 11.1(b) or its removal and replacement pursuant to Section 4.3 or ARTICLE X. |
| Initial Member | Ark7 Inc. |
| Series Asset | The Series Assets of #PBIUH shall comprise any assets and liabilities associated with such asset and such other assets and liabilities acquired by #PBIUH from time to time, as determined by the Managing Member in its sole discretion |
| Asset Manager | Ark7 Inc. |
| Management Fee | As stated in Section 6.5 of the Operating Agreement. |
| Purpose | As stated in Section 2.4 of the Operating Agreement. |
| Issuance | Subject to Section 6.3(a)(i) of the Operating Agreement, the maximum number of #PBIUH Interests the Company can issue is 100,000. |
| Number of #PBIUH Interests held by the Managing Member and its Affiliates | The Managing Member must purchase a minimum of 10 #PBIUH Interests and may purchase a maximum of 19.9% of #PBIUH Interests through the Offering. |
| Broker |  |
| Brokerage Fee | Up to of the purchase price of the Interests from #PBIUH sold at the Initial Offering of the #PBIUH Interests (excluding the #PBIUH Interests acquired by any Person other than Investor Members) |
| Interest Designation | No Interest Designation shall be required in connection with the issuance of #PBIUH Interests. |
| Voting | Subject to Section 3.5 of the Operating Agreement, the #PBIUH Interests shall entitle the Record Holders thereof to one vote per<br>Interest on any and all matters submitted to the consent or approval of Members generally. No separate vote or consent of the Record Holders of #PBIUH Interests shall be required for the approval of any matter, except as required by the Delaware Act or except as provided elsewhere in this Agreement.<br>The affirmative vote of the holders of not less than a majority of the #PBIUH Interests then Outstanding shall be required for:<br>any amendment to this Agreement (including this Series Designation) that would adversely change the rights of the #PBIUH Interests;mergers, consolidations or conversions of #PBIUH or the Company; andall such other matters as the Managing Member, in its sole discretion, determines shall require the approval of the holders of the Outstanding #PBIUH Interests voting as a separate class.Notwithstanding the foregoing, the separate approval of the holders of Series #PBIUH Interests shall not be required for any of the other matters specified under Section 12.1 of the Operating Agreement. |
| Splits | There shall be no subdivision of the #PBIUH Interests other than in accordance with Section 3.7 of the Operating Agreement. |
| Sourcing Fee | No greater than 3% of the maximum offering size, which may be waived by the Managing Member in its sole discretion. |
| Other rights | Holders of #PBIUH Interests shall have no conversion, exchange, sinking fund, appraisal rights, no preemptive rights to subscribe for any securities of the Company and no preferential rights to distributions of #PBIUH Interests. |
| Officers | There shall initially be no specific officers associated with #PBIUH, although, the Managing Member may appoint Officers of #PBIUH from time to time, in its sole discretion. |
| Aggregate Ownership Limit | As stated in Section 1.1 of the Operating Agreement. |
| Minimum Interests | One (1) Interest per Member |
| Fiscal Year | As stated in Section 8.2 of the Operating Agreement. |
| Information Reporting | As stated in Section 8.1(c) of the Operating Agreement. |
| Termination | As stated in Section 11.1(b) of the Operating Agreement. |
| Liquidation | As stated in Section 11.3 of the Operating Agreement. |
| Amendments to this Exhibit | As stated in Article XII of the Operating Agreement. |

---

## Ex1A-3

**AMENDED AND RESTATED SERIES #PFUNR DESIGNATION**

In accordance with the Limited Liability Company Agreement (the "Operating Agreement") of Ark7 Properties LLC (the "Company") dated September 13, 2029 (the "Agreement") and upon the execution of this designation by the Company and Ark7 Inc. in its capacity as Managing Member of the Company and Initial Member of Ark7 Properties LLC - Series #PFUNR ("#PFUNR"), this exhibit is hereby amended and restated in its entirety and shall be attached to, and deemed incorporated in its entirety into, the Agreement.

References to Sections and Articles set forth herein are references to Sections and Articles of the Agreement, as in effect as of the effective date of establishment set forth below.

---

| | |
|:---|:---|
| Name of Series | Ark7 Properties LLC - Series #PFUNR |
| Effective date of establishment | July 28, 2020 |
| Managing Member | Ark7 Inc. was appointed as the Managing Member of #PFUNR with effect from the date of the Agreement and shall continue to act as the Managing Member of #PFUNR until dissolution of #PFUNR pursuant to Section 11.1(b) or its removal and replacement pursuant to Section 4.3 or ARTICLE X. |
| Initial Member | Ark7 Inc. |
| Series Asset | The Series Assets of #PFUNR shall comprise any assets and liabilities associated with such asset and such other assets and liabilities acquired by #PFUNR from time to time, as determined by the Managing Member in its sole discretion |
| Asset Manager | Ark7 Inc. |
| Management Fee | As stated in Section 6.5 of the Operating Agreement. |
| Purpose | As stated in Section 2.4 of the Operating Agreement. |
| Issuance | Subject to Section 6.3(a)(i) of the Operating Agreement, the maximum number of #PFUNR Interests the Company can issue is 100,000. |
| Number of #PFUNR Interests held by the Managing Member and its Affiliates | The Managing Member must purchase a minimum of 10 #PFUNR Interests and may purchase a maximum of 19.9% of #PFUNR Interests through the Offering. |
| Broker |  |
| Brokerage Fee | Up to of the purchase price of the Interests from #PFUNR sold at the Initial Offering of the #PFUNR Interests (excluding the #PFUNR Interests acquired by any Person other than Investor Members) |
| Interest Designation | No Interest Designation shall be required in connection with the issuance of #PFUNR Interests. |
| Voting | Subject to Section 3.5 of the Operating Agreement, the #PFUNR Interests shall entitle the Record Holders thereof to one vote per<br>Interest on any and all matters submitted to the consent or approval of Members generally. No separate vote or consent of the Record Holders of #PFUNR Interests shall be required for the approval of any matter, except as required by the Delaware Act or except as provided elsewhere in this Agreement.<br>The affirmative vote of the holders of not less than a majority of the #PFUNR Interests then Outstanding shall be required for:<br>any amendment to this Agreement (including this Series Designation) that would adversely change the rights of the #PFUNR Interests;mergers, consolidations or conversions of #PFUNR or the Company; andall such other matters as the Managing Member, in its sole discretion, determines shall require the approval of the holders of the Outstanding #PFUNR Interests voting as a separate class.Notwithstanding the foregoing, the separate approval of the holders of Series #PFUNR Interests shall not be required for any of the other matters specified under Section 12.1 of the Operating Agreement. |
| Splits | There shall be no subdivision of the #PFUNR Interests other than in accordance with Section 3.7 of the Operating Agreement. |
| Sourcing Fee | No greater than 3% of the maximum offering size, which may be waived by the Managing Member in its sole discretion. |
| Other rights | Holders of #PFUNR Interests shall have no conversion, exchange, sinking fund, appraisal rights, no preemptive rights to subscribe for any securities of the Company and no preferential rights to distributions of #PFUNR Interests. |
| Officers | There shall initially be no specific officers associated with #PFUNR, although, the Managing Member may appoint Officers of #PFUNR from time to time, in its sole discretion. |
| Aggregate Ownership Limit | As stated in Section 1.1 of the Operating Agreement. |
| Minimum Interests | One (1) Interest per Member |
| Fiscal Year | As stated in Section 8.2 of the Operating Agreement. |
| Information Reporting | As stated in Section 8.1(c) of the Operating Agreement. |
| Termination | As stated in Section 11.1(b) of the Operating Agreement. |
| Liquidation | As stated in Section 11.3 of the Operating Agreement. |
| Amendments to this Exhibit | As stated in Article XII of the Operating Agreement. |

---

## Ex1A-3

**AMENDED AND RESTATED SERIES #8YFFL DESIGNATION**

In accordance with the Limited Liability Company Agreement (the "Operating Agreement") of Ark7 Properties LLC (the "Company") dated September 13, 2029 (the "Agreement") and upon the execution of this designation by the Company and Ark7 Inc. in its capacity as Managing Member of the Company and Initial Member of Ark7 Properties LLC - Series #8YFFL ("#8YFFL"), this exhibit is hereby amended and restated in its entirety and shall be attached to, and deemed incorporated in its entirety into, the Agreement.

References to Sections and Articles set forth herein are references to Sections and Articles of the Agreement, as in effect as of the effective date of establishment set forth below.

---

| | |
|:---|:---|
| Name of Series | Ark7 Properties LLC - Series #8YFFL |
| Effective date of establishment | January 25, 2021 |
| Managing Member | Ark7 Inc. was appointed as the Managing Member of #8YFFL with effect from the date of the Agreement and shall continue to act as the Managing Member of #8YFFL until dissolution of #8YFFL pursuant to Section 11.1(b) or its removal and replacement pursuant to Section 4.3 or ARTICLE X. |
| Initial Member | Ark7 Inc. |
| Series Asset | The Series Assets of #8YFFL shall comprise any assets and liabilities associated with such asset and such other assets and liabilities acquired by #8YFFL from time to time, as determined by the Managing Member in its sole discretion |
| Asset Manager | Ark7 Inc. |
| Management Fee | As stated in Section 6.5 of the Operating Agreement. |
| Purpose | As stated in Section 2.4 of the Operating Agreement. |
| Issuance | Subject to Section 6.3(a)(i) of the Operating Agreement, the maximum number of #8YFFL Interests the Company can issue is 100,000. |
| Number of #8YFFL Interests held by the Managing Member and its Affiliates | The Managing Member must purchase a minimum of 10 #8YFFL Interests and may purchase a maximum of 19.9% of #8YFFL Interests through the Offering. |
| Broker |  |
| Brokerage Fee | Up to of the purchase price of the Interests from #8YFFL sold at the Initial Offering of the #8YFFL Interests (excluding the #8YFFL Interests acquired by any Person other than Investor Members) |
| Interest Designation | No Interest Designation shall be required in connection with the issuance of #8YFFL Interests. |
| Voting | Subject to Section 3.5 of the Operating Agreement, the #8YFFL Interests shall entitle the Record Holders thereof to one vote per<br>Interest on any and all matters submitted to the consent or approval of Members generally. No separate vote or consent of the Record Holders of #8YFFL Interests shall be required for the approval of any matter, except as required by the Delaware Act or except as provided elsewhere in this Agreement.<br>The affirmative vote of the holders of not less than a majority of the #8YFFL Interests then Outstanding shall be required for:<br>any amendment to this Agreement (including this Series Designation) that would adversely change the rights of the #8YFFL Interests;mergers, consolidations or conversions of #8YFFL or the Company; andall such other matters as the Managing Member, in its sole discretion, determines shall require the approval of the holders of the Outstanding #8YFFL Interests voting as a separate class.Notwithstanding the foregoing, the separate approval of the holders of Series #8YFFL Interests shall not be required for any of the other matters specified under Section 12.1 of the Operating Agreement. |
| Splits | There shall be no subdivision of the #8YFFL Interests other than in accordance with Section 3.7 of the Operating Agreement. |
| Sourcing Fee | No greater than 3% of the maximum offering size, which may be waived by the Managing Member in its sole discretion. |
| Other rights | Holders of #8YFFL Interests shall have no conversion, exchange, sinking fund, appraisal rights, no preemptive rights to subscribe for any securities of the Company and no preferential rights to distributions of #8YFFL Interests. |
| Officers | There shall initially be no specific officers associated with #8YFFL, although, the Managing Member may appoint Officers of #8YFFL from time to time, in its sole discretion. |
| Aggregate Ownership Limit | As stated in Section 1.1 of the Operating Agreement. |
| Minimum Interests | One (1) Interest per Member |
| Fiscal Year | As stated in Section 8.2 of the Operating Agreement. |
| Information Reporting | As stated in Section 8.1(c) of the Operating Agreement. |
| Termination | As stated in Section 11.1(b) of the Operating Agreement. |
| Liquidation | As stated in Section 11.3 of the Operating Agreement. |
| Amendments to this Exhibit | As stated in Article XII of the Operating Agreement. |

---

## Ex1A-3

**SECOND AMENDED AND RESTATED SERIES #XZQRZ DESIGNATION**

In accordance with the Limited Liability Company Agreement (the "Operating Agreement") of Ark7 Properties LLC (the "Company") dated September 13, 2029 (the "Agreement") and upon the execution of this designation by the Company and Ark7 Inc. in its capacity as Managing Member of the Company and Initial Member of Ark7 Properties LLC - Series #XZQRZ ("#XZQRZ"), this exhibit is hereby amended and restated in its entirety and shall be attached to, and deemed incorporated in its entirety into, the Agreement.

References to Sections and Articles set forth herein are references to Sections and Articles of the Agreement, as in effect as of the effective date of establishment set forth below.

---

| | |
|:---|:---|
| Name of Series | Ark7 Properties LLC - Series #XZQRZ |
| Effective date of establishment | January 25, 2021 |
| Managing Member | Ark7 Inc. was appointed as the Managing Member of #XZQRZ with effect from the date of the Agreement and shall continue to act as the Managing Member of #XZQRZ until dissolution of #XZQRZ pursuant to Section 11.1(b) or its removal and replacement pursuant to Section 4.3 or ARTICLE X. |
| Initial Member | Ark7 Inc. |
| Series Asset | The Series Assets of #XZQRZ shall comprise any assets and liabilities associated with such asset and such other assets and liabilities acquired by #XZQRZ from time to time, as determined by the Managing Member in its sole discretion |
| Asset Manager | Ark7 Inc. |
| Management Fee | As stated in Section 6.5 of the Operating Agreement. |
| Purpose | As stated in Section 2.4 of the Operating Agreement. |
| Issuance | Subject to Section 6.3(a)(i) of the Operating Agreement, the maximum number of #XZQRZ Interests the Company can issue is 100,000. |
| Number of #XZQRZ Interests held by the Managing Member and its Affiliates | The Managing Member must purchase a minimum of 10 #XZQRZ Interests and may purchase a maximum of 19.9% of #XZQRZ Interests through the Offering. |
| Broker |  |
| Brokerage Fee | Up to of the purchase price of the Interests from #XZQRZ sold at the Initial Offering of the #XZQRZ Interests (excluding the #XZQRZ Interests acquired by any Person other than Investor Members) |
| Interest Designation | No Interest Designation shall be required in connection with the issuance of #XZQRZ Interests. |
| Voting | Subject to Section 3.5 of the Operating Agreement, the #XZQRZ Interests shall entitle the Record Holders thereof to one vote per<br>Interest on any and all matters submitted to the consent or approval of Members generally. No separate vote or consent of the Record Holders of #XZQRZ Interests shall be required for the approval of any matter, except as required by the Delaware Act or except as provided elsewhere in this Agreement.<br>The affirmative vote of the holders of not less than a majority of the #XZQRZ Interests then Outstanding shall be required for:<br>any amendment to this Agreement (including this Series Designation) that would adversely change the rights of the #XZQRZ Interests;mergers, consolidations or conversions of #XZQRZ or the Company; andall such other matters as the Managing Member, in its sole discretion, determines shall require the approval of the holders of the Outstanding #XZQRZ Interests voting as a separate class.Notwithstanding the foregoing, the separate approval of the holders of Series #XZQRZ Interests shall not be required for any of the other matters specified under Section 12.1 of the Operating Agreement. |
| Splits | There shall be no subdivision of the #XZQRZ Interests other than in accordance with Section 3.7 of the Operating Agreement. |
| Sourcing Fee | No greater than 3% of the maximum offering size, which may be waived by the Managing Member in its sole discretion. |
| Other rights | Holders of #XZQRZ Interests shall have no conversion, exchange, sinking fund, appraisal rights, no preemptive rights to subscribe for any securities of the Company and no preferential rights to distributions of #XZQRZ Interests. |
| Officers | There shall initially be no specific officers associated with #XZQRZ, although, the Managing Member may appoint Officers of #XZQRZ from time to time, in its sole discretion. |
| Aggregate Ownership Limit | As stated in Section 1.1 of the Operating Agreement. |
| Minimum Interests | One (1) Interest per Member |
| Fiscal Year | As stated in Section 8.2 of the Operating Agreement. |
| Information Reporting | As stated in Section 8.1(c) of the Operating Agreement. |
| Termination | As stated in Section 11.1(b) of the Operating Agreement. |
| Liquidation | As stated in Section 11.3 of the Operating Agreement. |
| Amendments to this Exhibit | As stated in Article XII of the Operating Agreement. |

---

## Ex1A-3

**AMENDED AND RESTATED SERIES #DTMEW DESIGNATION**

In accordance with the Limited Liability Company Agreement (the "Operating Agreement") of Ark7 Properties LLC (the "Company") dated September 13, 2029 (the "Agreement") and upon the execution of this designation by the Company and Ark7 Inc. in its capacity as Managing Member of the Company and Initial Member of Ark7 Properties LLC - Series #DTMEW ("#DTMEW"), this exhibit is hereby amended and restated in its entirety and shall be attached to, and deemed incorporated in its entirety into, the Agreement.

References to Sections and Articles set forth herein are references to Sections and Articles of the Agreement, as in effect as of the effective date of establishment set forth below.

---

| | |
|:---|:---|
| Name of Series | Ark7 Properties LLC - Series #DTMEW |
| Effective date of establishment | January 25, 2021 |
| Managing Member | Ark7 Inc. was appointed as the Managing Member of #DTMEW with effect from the date of the Agreement and shall continue to act as the Managing Member of #DTMEW until dissolution of #DTMEW pursuant to Section 11.1(b) or its removal and replacement pursuant to Section 4.3 or ARTICLE X. |
| Initial Member | Ark7 Inc. |
| Series Asset | The Series Assets of #DTMEW shall comprise any assets and liabilities associated with such asset and such other assets and liabilities acquired by #DTMEW from time to time, as determined by the Managing Member in its sole discretion |
| Asset Manager | Ark7 Inc. |
| Management Fee | As stated in Section 6.5 of the Operating Agreement. |
| Purpose | As stated in Section 2.4 of the Operating Agreement. |
| Issuance | Subject to Section 6.3(a)(i) of the Operating Agreement, the maximum number of #DTMEW Interests the Company can issue is 100,000. |
| Number of #DTMEW Interests held by the Managing Member and its Affiliates | The Managing Member must purchase a minimum of 10 #DTMEW Interests and may purchase a maximum of 19.9% of #DTMEW Interests through the Offering. |
| Broker |  |
| Brokerage Fee | Up to of the purchase price of the Interests from #DTMEW sold at the Initial Offering of the #DTMEW Interests (excluding the #DTMEW Interests acquired by any Person other than Investor Members) |
| Interest Designation | No Interest Designation shall be required in connection with the issuance of #DTMEW Interests. |
| Voting | Subject to Section 3.5 of the Operating Agreement, the #DTMEW Interests shall entitle the Record Holders thereof to one vote per<br>Interest on any and all matters submitted to the consent or approval of Members generally. No separate vote or consent of the Record Holders of #DTMEW Interests shall be required for the approval of any matter, except as required by the Delaware Act or except as provided elsewhere in this Agreement.<br>The affirmative vote of the holders of not less than a majority of the #DTMEW Interests then Outstanding shall be required for:<br>any amendment to this Agreement (including this Series Designation) that would adversely change the rights of the #DTMEW Interests;mergers, consolidations or conversions of #DTMEW or the Company; andall such other matters as the Managing Member, in its sole discretion, determines shall require the approval of the holders of the Outstanding #DTMEW Interests voting as a separate class.Notwithstanding the foregoing, the separate approval of the holders of Series #DTMEW Interests shall not be required for any of the other matters specified under Section 12.1 of the Operating Agreement. |
| Splits | There shall be no subdivision of the #DTMEW Interests other than in accordance with Section 3.7 of the Operating Agreement. |
| Sourcing Fee | No greater than 3% of the maximum offering size, which may be waived by the Managing Member in its sole discretion. |
| Other rights | Holders of #DTMEW Interests shall have no conversion, exchange, sinking fund, appraisal rights, no preemptive rights to subscribe for any securities of the Company and no preferential rights to distributions of #DTMEW Interests. |
| Officers | There shall initially be no specific officers associated with #DTMEW, although, the Managing Member may appoint Officers of #DTMEW from time to time, in its sole discretion. |
| Aggregate Ownership Limit | As stated in Section 1.1 of the Operating Agreement. |
| Minimum Interests | One (1) Interest per Member |
| Fiscal Year | As stated in Section 8.2 of the Operating Agreement. |
| Information Reporting | As stated in Section 8.1(c) of the Operating Agreement. |
| Termination | As stated in Section 11.1(b) of the Operating Agreement. |
| Liquidation | As stated in Section 11.3 of the Operating Agreement. |
| Amendments to this Exhibit | As stated in Article XII of the Operating Agreement. |

---

## Ex1A-3

**AMENDED AND RESTATED SERIES #SOYGJ DESIGNATION**

In accordance with the Limited Liability Company Agreement (the "Operating Agreement") of Ark7 Properties LLC (the "Company") dated September 13, 2029 (the "Agreement") and upon the execution of this designation by the Company and Ark7 Inc. in its capacity as Managing Member of the Company and Initial Member of Ark7 Properties LLC - Series #SOYGJ ("#SOYGJ"), this exhibit is hereby amended and restated in its entirety and shall be attached to, and deemed incorporated in its entirety into, the Agreement.

References to Sections and Articles set forth herein are references to Sections and Articles of the Agreement, as in effect as of the effective date of establishment set forth below.

---

| | |
|:---|:---|
| Name of Series | Ark7 Properties LLC - Series #SOYGJ |
| Effective date of establishment | January 25, 2021 |
| Managing Member | Ark7 Inc. was appointed as the Managing Member of #SOYGJ with effect from the date of the Agreement and shall continue to act as the Managing Member of #SOYGJ until dissolution of #SOYGJ pursuant to Section 11.1(b) or its removal and replacement pursuant to Section 4.3 or ARTICLE X. |
| Initial Member | Ark7 Inc. |
| Series Asset | The Series Assets of #SOYGJ shall comprise any assets and liabilities associated with such asset and such other assets and liabilities acquired by #SOYGJ from time to time, as determined by the Managing Member in its sole discretion |
| Asset Manager | Ark7 Inc. |
| Management Fee | As stated in Section 6.5 of the Operating Agreement. |
| Purpose | As stated in Section 2.4 of the Operating Agreement. |
| Issuance | Subject to Section 6.3(a)(i) of the Operating Agreement, the maximum number of #SOYGJ Interests the Company can issue is 100,000. |
| Number of #SOYGJ Interests held by the Managing Member and its Affiliates | The Managing Member must purchase a minimum of 10 #SOYGJ Interests and may purchase a maximum of 19.9% of #SOYGJ Interests through the Offering. |
| Broker |  |
| Brokerage Fee | Up to of the purchase price of the Interests from #SOYGJ sold at the Initial Offering of the #SOYGJ Interests (excluding the #SOYGJ Interests acquired by any Person other than Investor Members) |
| Interest Designation | No Interest Designation shall be required in connection with the issuance of #SOYGJ Interests. |
| Voting | Subject to Section 3.5 of the Operating Agreement, the #SOYGJ Interests shall entitle the Record Holders thereof to one vote per<br>Interest on any and all matters submitted to the consent or approval of Members generally. No separate vote or consent of the Record Holders of #SOYGJ Interests shall be required for the approval of any matter, except as required by the Delaware Act or except as provided elsewhere in this Agreement.<br>The affirmative vote of the holders of not less than a majority of the #SOYGJ Interests then Outstanding shall be required for:<br>any amendment to this Agreement (including this Series Designation) that would adversely change the rights of the #SOYGJ Interests;mergers, consolidations or conversions of #SOYGJ or the Company; andall such other matters as the Managing Member, in its sole discretion, determines shall require the approval of the holders of the Outstanding #SOYGJ Interests voting as a separate class.Notwithstanding the foregoing, the separate approval of the holders of Series #SOYGJ Interests shall not be required for any of the other matters specified under Section 12.1 of the Operating Agreement. |
| Splits | There shall be no subdivision of the #SOYGJ Interests other than in accordance with Section 3.7 of the Operating Agreement. |
| Sourcing Fee | No greater than 3% of the maximum offering size, which may be waived by the Managing Member in its sole discretion. |
| Other rights | Holders of #SOYGJ Interests shall have no conversion, exchange, sinking fund, appraisal rights, no preemptive rights to subscribe for any securities of the Company and no preferential rights to distributions of #SOYGJ Interests. |
| Officers | There shall initially be no specific officers associated with #SOYGJ, although, the Managing Member may appoint Officers of #SOYGJ from time to time, in its sole discretion. |
| Aggregate Ownership Limit | As stated in Section 1.1 of the Operating Agreement. |
| Minimum Interests | One (1) Interest per Member |
| Fiscal Year | As stated in Section 8.2 of the Operating Agreement. |
| Information Reporting | As stated in Section 8.1(c) of the Operating Agreement. |
| Termination | As stated in Section 11.1(b) of the Operating Agreement. |
| Liquidation | As stated in Section 11.3 of the Operating Agreement. |
| Amendments to this Exhibit | As stated in Article XII of the Operating Agreement. |

---

## Ex1A-3

**SECOND AMENDED AND RESTATED SERIES #RUSUU DESIGNATION**

In accordance with the Limited Liability Company Agreement (the "Operating Agreement") of Ark7 Properties LLC (the "Company") dated September 13, 2029 (the "Agreement") and upon the execution of this designation by the Company and Ark7 Inc. in its capacity as Managing Member of the Company and Initial Member of Ark7 Properties LLC - Series #RUSUU ("#RUSUU"), this exhibit is hereby amended and restated in its entirety and shall be attached to, and deemed incorporated in its entirety into, the Agreement.

References to Sections and Articles set forth herein are references to Sections and Articles of the Agreement, as in effect as of the effective date of establishment set forth below.

---

| | |
|:---|:---|
| Name of Series | Ark7 Properties LLC - Series #RUSUU |
| Effective date of establishment | January 25, 2021 |
| Managing Member | Ark7 Inc. was appointed as the Managing Member of #RUSUU with effect from the date of the Agreement and shall continue to act as the Managing Member of #RUSUU until dissolution of #RUSUU pursuant to Section 11.1(b) or its removal and replacement pursuant to Section 4.3 or ARTICLE X. |
| Initial Member | Ark7 Inc. |
| Series Asset | The Series Assets of #RUSUU shall comprise any assets and liabilities associated with such asset and such other assets and liabilities acquired by #RUSUU from time to time, as determined by the Managing Member in its sole discretion |
| Asset Manager | Ark7 Inc. |
| Management Fee | As stated in Section 6.5 of the Operating Agreement. |
| Purpose | As stated in Section 2.4 of the Operating Agreement. |
| Issuance | Subject to Section 6.3(a)(i) of the Operating Agreement, the maximum number of #RUSUU Interests the Company can issue is 100,000. |
| Number of #RUSUU Interests held by the Managing Member and its Affiliates | The Managing Member must purchase a minimum of 10 #RUSUU Interests and may purchase a maximum of 19.9% of #RUSUU Interests through the Offering. |
| Broker |  |
| Brokerage Fee | Up to of the purchase price of the Interests from #RUSUU sold at the Initial Offering of the #RUSUU Interests (excluding the #RUSUU Interests acquired by any Person other than Investor Members) |
| Interest Designation | No Interest Designation shall be required in connection with the issuance of #RUSUU Interests. |
| Voting | Subject to Section 3.5 of the Operating Agreement, the #RUSUU Interests shall entitle the Record Holders thereof to one vote per<br>Interest on any and all matters submitted to the consent or approval of Members generally. No separate vote or consent of the Record Holders of #RUSUU Interests shall be required for the approval of any matter, except as required by the Delaware Act or except as provided elsewhere in this Agreement.<br>The affirmative vote of the holders of not less than a majority of the #RUSUU Interests then Outstanding shall be required for:<br>any amendment to this Agreement (including this Series Designation) that would adversely change the rights of the #RUSUU Interests;mergers, consolidations or conversions of #RUSUU or the Company; andall such other matters as the Managing Member, in its sole discretion, determines shall require the approval of the holders of the Outstanding #RUSUU Interests voting as a separate class.Notwithstanding the foregoing, the separate approval of the holders of Series #RUSUU Interests shall not be required for any of the other matters specified under Section 12.1 of the Operating Agreement. |
| Splits | There shall be no subdivision of the #RUSUU Interests other than in accordance with Section 3.7 of the Operating Agreement. |
| Sourcing Fee | No greater than 3% of the maximum offering size, which may be waived by the Managing Member in its sole discretion. |
| Other rights | Holders of #RUSUU Interests shall have no conversion, exchange, sinking fund, appraisal rights, no preemptive rights to subscribe for any securities of the Company and no preferential rights to distributions of #RUSUU Interests. |
| Officers | There shall initially be no specific officers associated with #RUSUU, although, the Managing Member may appoint Officers of #RUSUU from time to time, in its sole discretion. |
| Aggregate Ownership Limit | As stated in Section 1.1 of the Operating Agreement. |
| Minimum Interests | One (1) Interest per Member |
| Fiscal Year | As stated in Section 8.2 of the Operating Agreement. |
| Information Reporting | As stated in Section 8.1(c) of the Operating Agreement. |
| Termination | As stated in Section 11.1(b) of the Operating Agreement. |
| Liquidation | As stated in Section 11.3 of the Operating Agreement. |
| Amendments to this Exhibit | As stated in Article XII of the Operating Agreement. |

---

## Ex1A-3

**SECOND AMENDED AND RESTATED SERIES #KM1OU DESIGNATION**

In accordance with the Limited Liability Company Agreement (the "Operating Agreement") of Ark7 Properties LLC (the "Company") dated September 13, 2029 (the "Agreement") and upon the execution of this designation by the Company and Ark7 Inc. in its capacity as Managing Member of the Company and Initial Member of Ark7 Properties LLC - Series #KM1OU ("#KM1OU"), this exhibit is hereby amended and restated in its entirety and shall be attached to, and deemed incorporated in its entirety into, the Agreement.

References to Sections and Articles set forth herein are references to Sections and Articles of the Agreement, as in effect as of the effective date of establishment set forth below.

---

| | |
|:---|:---|
| Name of Series | Ark7 Properties LLC - Series #KM1OU |
| Effective date of establishment | January 25, 2021 |
| Managing Member | Ark7 Inc. was appointed as the Managing Member of #KM1OU with effect from the date of the Agreement and shall continue to act as the Managing Member of #KM1OU until dissolution of #KM1OU pursuant to Section 11.1(b) or its removal and replacement pursuant to Section 4.3 or ARTICLE X. |
| Initial Member | Ark7 Inc. |
| Series Asset | The Series Assets of #KM1OU shall comprise any assets and liabilities associated with such asset and such other assets and liabilities acquired by #KM1OU from time to time, as determined by the Managing Member in its sole discretion |
| Asset Manager | Ark7 Inc. |
| Management Fee | As stated in Section 6.5 of the Operating Agreement. |
| Purpose | As stated in Section 2.4 of the Operating Agreement. |
| Issuance | Subject to Section 6.3(a)(i) of the Operating Agreement, the maximum number of #KM1OU Interests the Company can issue is 100,000. |
| Number of #KM1OU Interests held by the Managing Member and its Affiliates | The Managing Member must purchase a minimum of 10 #KM1OU Interests and may purchase a maximum of 19.9% of #KM1OU Interests through the Offering. |
| Broker |  |
| Brokerage Fee | Up to of the purchase price of the Interests from #KM1OU sold at the Initial Offering of the #KM1OU Interests (excluding the #KM1OU Interests acquired by any Person other than Investor Members) |
| Interest Designation | No Interest Designation shall be required in connection with the issuance of #KM1OU Interests. |
| Voting | Subject to Section 3.5 of the Operating Agreement, the #KM1OU Interests shall entitle the Record Holders thereof to one vote per<br>Interest on any and all matters submitted to the consent or approval of Members generally. No separate vote or consent of the Record Holders of #KM1OU Interests shall be required for the approval of any matter, except as required by the Delaware Act or except as provided elsewhere in this Agreement.<br>The affirmative vote of the holders of not less than a majority of the #KM1OU Interests then Outstanding shall be required for:<br>any amendment to this Agreement (including this Series Designation) that would adversely change the rights of the #KM1OU Interests;mergers, consolidations or conversions of #KM1OU or the Company; andall such other matters as the Managing Member, in its sole discretion, determines shall require the approval of the holders of the Outstanding #KM1OU Interests voting as a separate class.Notwithstanding the foregoing, the separate approval of the holders of Series #KM1OU Interests shall not be required for any of the other matters specified under Section 12.1 of the Operating Agreement. |
| Splits | There shall be no subdivision of the #KM1OU Interests other than in accordance with Section 3.7 of the Operating Agreement. |
| Sourcing Fee | No greater than 3% of the maximum offering size, which may be waived by the Managing Member in its sole discretion. |
| Other rights | Holders of #KM1OU Interests shall have no conversion, exchange, sinking fund, appraisal rights, no preemptive rights to subscribe for any securities of the Company and no preferential rights to distributions of #KM1OU Interests. |
| Officers | There shall initially be no specific officers associated with #KM1OU, although, the Managing Member may appoint Officers of #KM1OU from time to time, in its sole discretion. |
| Aggregate Ownership Limit | As stated in Section 1.1 of the Operating Agreement. |
| Minimum Interests | One (1) Interest per Member |
| Fiscal Year | As stated in Section 8.2 of the Operating Agreement. |
| Information Reporting | As stated in Section 8.1(c) of the Operating Agreement. |
| Termination | As stated in Section 11.1(b) of the Operating Agreement. |
| Liquidation | As stated in Section 11.3 of the Operating Agreement. |
| Amendments to this Exhibit | As stated in Article XII of the Operating Agreement. |

---

## Ex1A-3

**AMENDED AND RESTATED SERIES #TBQSK DESIGNATION**

In accordance with the Limited Liability Company Agreement (the "Operating Agreement") of Ark7 Properties LLC (the "Company") dated September 13, 2029 (the "Agreement") and upon the execution of this designation by the Company and Ark7 Inc. in its capacity as Managing Member of the Company and Initial Member of Ark7 Properties LLC - Series #TBQSK ("#TBQSK"), this exhibit is hereby amended and restated in its entirety and shall be attached to, and deemed incorporated in its entirety into, the Agreement.

References to Sections and Articles set forth herein are references to Sections and Articles of the Agreement, as in effect as of the effective date of establishment set forth below.

---

| | |
|:---|:---|
| Name of Series | Ark7 Properties LLC - Series #TBQSK |
| Effective date of establishment | January 18, 2022 |
| Managing Member | Ark7 Inc. was appointed as the Managing Member of #TBQSK with effect from the date of the Agreement and shall continue to act as the Managing Member of #TBQSK until dissolution of #TBQSK pursuant to Section 11.1(b) or its removal and replacement pursuant to Section 4.3 or ARTICLE X. |
| Initial Member | Ark7 Inc. |
| Series Asset | The Series Assets of #TBQSK shall comprise any assets and liabilities associated with such asset and such other assets and liabilities acquired by #TBQSK from time to time, as determined by the Managing Member in its sole discretion |
| Asset Manager | Ark7 Inc. |
| Management Fee | As stated in Section 6.5 of the Operating Agreement. |
| Purpose | As stated in Section 2.4 of the Operating Agreement. |
| Issuance | Subject to Section 6.3(a)(i) of the Operating Agreement, the maximum number of #TBQSK Interests the Company can issue is 100,000. |
| Number of #TBQSK Interests held by the Managing Member and its Affiliates | The Managing Member must purchase a minimum of 10 #TBQSK Interests and may purchase a maximum of 19.9% of #TBQSK Interests through the Offering. |
| Broker |  |
| Brokerage Fee | Up to of the purchase price of the Interests from #TBQSK sold at the Initial Offering of the #TBQSK Interests (excluding the #TBQSK Interests acquired by any Person other than Investor Members) |
| Interest Designation | No Interest Designation shall be required in connection with the issuance of #TBQSK Interests. |
| Voting | Subject to Section 3.5 of the Operating Agreement, the #TBQSK Interests shall entitle the Record Holders thereof to one vote per<br>Interest on any and all matters submitted to the consent or approval of Members generally. No separate vote or consent of the Record Holders of #TBQSK Interests shall be required for the approval of any matter, except as required by the Delaware Act or except as provided elsewhere in this Agreement.<br>The affirmative vote of the holders of not less than a majority of the #TBQSK Interests then Outstanding shall be required for:<br>any amendment to this Agreement (including this Series Designation) that would adversely change the rights of the #TBQSK Interests;mergers, consolidations or conversions of #TBQSK or the Company; andall such other matters as the Managing Member, in its sole discretion, determines shall require the approval of the holders of the Outstanding #TBQSK Interests voting as a separate class.Notwithstanding the foregoing, the separate approval of the holders of Series #TBQSK Interests shall not be required for any of the other matters specified under Section 12.1 of the Operating Agreement. |
| Splits | There shall be no subdivision of the #TBQSK Interests other than in accordance with Section 3.7 of the Operating Agreement. |
| Sourcing Fee | No greater than 3% of the maximum offering size, which may be waived by the Managing Member in its sole discretion. |
| Other rights | Holders of #TBQSK Interests shall have no conversion, exchange, sinking fund, appraisal rights, no preemptive rights to subscribe for any securities of the Company and no preferential rights to distributions of #TBQSK Interests. |
| Officers | There shall initially be no specific officers associated with #TBQSK, although, the Managing Member may appoint Officers of #TBQSK from time to time, in its sole discretion. |
| Aggregate Ownership Limit | As stated in Section 1.1 of the Operating Agreement. |
| Minimum Interests | One (1) Interest per Member |
| Fiscal Year | As stated in Section 8.2 of the Operating Agreement. |
| Information Reporting | As stated in Section 8.1(c) of the Operating Agreement. |
| Termination | As stated in Section 11.1(b) of the Operating Agreement. |
| Liquidation | As stated in Section 11.3 of the Operating Agreement. |
| Amendments to this Exhibit | As stated in Article XII of the Operating Agreement. |

---

## Ex1A-3

**AMENDED AND RESTATED SERIES #EKPES DESIGNATION**

In accordance with the Limited Liability Company Agreement (the "Operating Agreement") of Ark7 Properties LLC (the "Company") dated September 13, 2029 (the "Agreement") and upon the execution of this designation by the Company and Ark7 Inc. in its capacity as Managing Member of the Company and Initial Member of Ark7 Properties LLC - Series #EKPES ("#EKPES"), this exhibit is hereby amended and restated in its entirety and shall be attached to, and deemed incorporated in its entirety into, the Agreement.

References to Sections and Articles set forth herein are references to Sections and Articles of the Agreement, as in effect as of the effective date of establishment set forth below.

---

| | |
|:---|:---|
| Name of Series | Ark7 Properties LLC - Series #EKPES |
| Effective date of establishment | January 18, 2022 |
| Managing Member | Ark7 Inc. was appointed as the Managing Member of #EKPES with effect from the date of the Agreement and shall continue to act as the Managing Member of #EKPES until dissolution of #EKPES pursuant to Section 11.1(b) or its removal and replacement pursuant to Section 4.3 or ARTICLE X. |
| Initial Member | Ark7 Inc. |
| Series Asset | The Series Assets of #EKPES shall comprise any assets and liabilities associated with such asset and such other assets and liabilities acquired by #EKPES from time to time, as determined by the Managing Member in its sole discretion |
| Asset Manager | Ark7 Inc. |
| Management Fee | As stated in Section 6.5 of the Operating Agreement. |
| Purpose | As stated in Section 2.4 of the Operating Agreement. |
| Issuance | Subject to Section 6.3(a)(i) of the Operating Agreement, the maximum number of #EKPES Interests the Company can issue is 100,000. |
| Number of #EKPES Interests held by the Managing Member and its Affiliates | The Managing Member must purchase a minimum of 10 #EKPES Interests and may purchase a maximum of 19.9% of #EKPES Interests through the Offering. |
| Broker |  |
| Brokerage Fee | Up to of the purchase price of the Interests from #EKPES sold at the Initial Offering of the #EKPES Interests (excluding the #EKPES Interests acquired by any Person other than Investor Members) |
| Interest Designation | No Interest Designation shall be required in connection with the issuance of #EKPES Interests. |
| Voting | Subject to Section 3.5 of the Operating Agreement, the #EKPES Interests shall entitle the Record Holders thereof to one vote per<br>Interest on any and all matters submitted to the consent or approval of Members generally. No separate vote or consent of the Record Holders of #EKPES Interests shall be required for the approval of any matter, except as required by the Delaware Act or except as provided elsewhere in this Agreement.<br>The affirmative vote of the holders of not less than a majority of the #EKPES Interests then Outstanding shall be required for:<br>any amendment to this Agreement (including this Series Designation) that would adversely change the rights of the #EKPES Interests;mergers, consolidations or conversions of #EKPES or the Company; andall such other matters as the Managing Member, in its sole discretion, determines shall require the approval of the holders of the Outstanding #EKPES Interests voting as a separate class.Notwithstanding the foregoing, the separate approval of the holders of Series #EKPES Interests shall not be required for any of the other matters specified under Section 12.1 of the Operating Agreement. |
| Splits | There shall be no subdivision of the #EKPES Interests other than in accordance with Section 3.7 of the Operating Agreement. |
| Sourcing Fee | No greater than 3% of the maximum offering size, which may be waived by the Managing Member in its sole discretion. |
| Other rights | Holders of #EKPES Interests shall have no conversion, exchange, sinking fund, appraisal rights, no preemptive rights to subscribe for any securities of the Company and no preferential rights to distributions of #EKPES Interests. |
| Officers | There shall initially be no specific officers associated with #EKPES, although, the Managing Member may appoint Officers of #EKPES from time to time, in its sole discretion. |
| Aggregate Ownership Limit | As stated in Section 1.1 of the Operating Agreement. |
| Minimum Interests | One (1) Interest per Member |
| Fiscal Year | As stated in Section 8.2 of the Operating Agreement. |
| Information Reporting | As stated in Section 8.1(c) of the Operating Agreement. |
| Termination | As stated in Section 11.1(b) of the Operating Agreement. |
| Liquidation | As stated in Section 11.3 of the Operating Agreement. |
| Amendments to this Exhibit | As stated in Article XII of the Operating Agreement. |

---

## Ex1A-4

**SUBSCRIPTION AGREEMENT**

**THIS INVESTMENT INVOLVES A HIGH DEGREE OF RISK.** THIS INVESTMENT IS SUITABLE ONLY FOR PERSONS WHO CAN BEAR THE ECONOMIC RISK FOR AN INDEFINITE PERIOD OF TIME AND WHO CAN AFFORD TO LOSE THEIR ENTIRE INVESTMENT. FURTHERMORE, INVESTORS MUST UNDERSTAND THAT SUCH INVESTMENT IS ILLIQUID AND IS EXPECTED TO CONTINUE TO BE ILLIQUID FOR AN INDEFINITE PERIOD OF TIME. NO PUBLIC MARKET EXISTS FOR THE SECURITIES, AND NO PUBLIC MARKET IS EXPECTED TO DEVELOP FOLLOWING THIS OFFERING.

**THE SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR ANY STATE SECURITIES OR BLUE SKY LAWS AND ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND STATE SECURITIES OR BLUE SKY LAWS.** ALTHOUGH AN OFFERING STATEMENT HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION (THE "SEC"), THAT OFFERING STATEMENT DOES NOT INCLUDE THE SAME INFORMATION THAT WOULD BE INCLUDED IN A REGISTRATION STATEMENT UNDER THE ACT. THE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SEC, ANY STATE SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY, NOR HAVE ANY OF THE FOREGOING AUTHORITIES PASSED UPON THE MERITS OF THIS OFFERING OR THE ADEQUACY OR ACCURACY OF THE SUBSCRIPTION AGREEMENT OR ANY OTHER MATERIALS OR INFORMATION MADE AVAILABLE TO SUBSCRIBER IN CONNECTION WITH THIS OFFERING OVER THE WEB-BASED PLATFORM MAINTAINED BY ARK7, INC. (THE "PLATFORM"). ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL.

**INVESTORS WHO ARE NOT "ACCREDITED INVESTORS" (AS THAT TERM IS DEFINED IN SECTION 501 OF REGULATION D PROMULGATED UNDER THE ACT) ARE SUBJECT TO LIMITATIONS ON THE AMOUNT THEY MAY INVEST, AS SET OUT IN SECTION 4.** THE COMPANY IS RELYING ON THE REPRESENTATIONS AND WARRANTIES SET FORTH BY EACH SUBSCRIBER IN THIS SUBSCRIPTION AGREEMENT AND THE OTHER INFORMATION PROVIDED BY SUBSCRIBER IN CONNECTION WITH THIS OFFERING TO DETERMINE THE APPLICABILITY TO THIS OFFERING OF EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE ACT.

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

**THE COMPANY MAY NOT BE OFFERING THE SECURITIES IN EVERY STATE.** THE OFFERING MATERIALS DO NOT CONSTITUTE AN OFFER OR SOLICITATION IN ANY STATE OR JURISDICTION IN WHICH THE SECURITIES ARE NOT BEING OFFERED.

**THE COMPANY RESERVES THE RIGHT IN ITS SOLE DISCRETION AND FOR ANY REASON WHATSOEVER TO MODIFY, AMEND AND/OR WITHDRAW ALL OR A PORTION OF THE OFFERING AND/OR ACCEPT OR REJECT IN WHOLE OR IN PART ANY PROSPECTIVE INVESTMENT IN THE SECURITIES OR TO ALLOT TO ANY PROSPECTIVE INVESTOR LESS THAN THE AMOUNT OF SECURITIES SUCH INVESTOR DESIRES TO PURCHASE.** EXCEPT AS OTHERWISE INDICATED, THE OFFERING MATERIALS SPEAK AS OF THEIR DATE. NEITHER THE DELIVERY NOR THE PURCHASE OF THE SECURITIES SHALL, UNDER ANY CIRCUMSTANCES, CREATE ANY IMPLICATION THAT THERE HAS BEEN NO CHANGE IN THE AFFAIRS OF THE COMPANY SINCE THAT DATE.

TO: Ark7 Properties LLC

1 Ferry Building, Ste 201

San Francisco, CA 94111

Ladies and Gentlemen:

**1. Subscription.**

* The undersigned ("Subscriber") hereby irrevocably subscribes for and agrees to purchase membership interests (the "Securities"), of Ark7 Properties LLC - Series #[SERIES], a registered series of a Delaware series limited liability company, (the "Company"), at a purchase price of [SHARE_PRICE] per membership interest (the "Per Security Price"), upon the terms and conditions set forth herein. The rights of the membership interest are as set forth in the Operating Agreement of Ark7 Properties LLC and the respective series designation, filed as Exhibit 2.2 to the Offering Statement of the Company filed with the SEC (the "Offering Statement").

* Subscriber understands that the Securities are being offered pursuant to an offering circular dated [DATE], 2023 (the "Offering Circular") filed with the SEC as part of the Offering Statement. By executing this Subscription Agreement, Subscriber acknowledges that Subscriber has received this Subscription Agreement, copies of the Offering Circular and Offering Statement including exhibits thereto and any other information required by the Subscriber to make an investment decision. It is a condition of the Company's acceptance of this subscription that Subscriber becomes a party to the Operating Agreement.

* The Subscriber's subscription may be accepted or rejected in whole or in part, at any time prior to a Closing Date (as hereinafter defined), by the Company at its sole discretion. In addition, the Company, at its sole discretion, may allocate to Subscriber only a portion of the number of Securities Subscriber has subscribed for. The Company will notify Subscriber whether this subscription is accepted (whether in whole or in part) or rejected. If Subscriber's subscription is rejected, Subscriber's payment (or portion thereof if partially rejected) will be returned to Subscriber without interest and all of Subscriber's obligations hereunder shall terminate.

* The aggregate number of Securities sold shall not exceed [MAX_OFFERING] (the "Maximum Offering"). The Company may accept subscriptions until the termination of the Offering in accordance with its terms (the "Termination Date"). There is no minimum offering condition, and the Company may elect at any time to close all or any portion of this offering, on various dates at or prior to the Termination Date (each a "Closing Date"). 

* In the event of rejection of this subscription in its entirety, or in the event the sale of the Securities (or any portion thereof) is not consummated for any reason, this Subscription Agreement shall have no force or effect, except for Section 5 hereof, which shall remain in force and effect.

**2. Purchase Procedure.**

* **Payment.** The purchase price for the Securities shall be paid simultaneously with the execution and delivery to the Company of the signature page of this Subscription Agreement. Subscriber shall deliver a signed copy of this Subscription Agreement, along with payment for the aggregate purchase price of the Securities by a check for available funds made payable to the Company, by ACH electronic transfer or wire transfer to an account designated by the Company, or by any combination of such methods.

* **No Escrow arrangements.** The Company has not engaged an escrow agent to hold funds tendered by investors, and funds will be immediately available to the Company upon acceptance of this Subscription Agreement.

**3. Representations and Warranties of the Company.**

The Company represents and warrants to Subscriber that the following representations and warranties are true and complete in all material respects as of the date of each Closing Date, except as otherwise indicated. For purposes of this Agreement, an individual shall be deemed to have "knowledge" of a particular fact or other matter if such individual is actually aware of such fact. The Company will be deemed to have "knowledge" of a particular fact or other matter if one of the Company's current officers has, or at any time had, actual knowledge of such fact or other matter.

* **Organization and Standing.** The Company is a registered series of a Delaware series limited liability company duly formed, validly existing and in good standing under the laws of the State of Delaware. The Company has all requisite power and authority to own and operate its properties and assets, to execute and deliver this Subscription Agreement, the Operating Agreement and any other agreements or instruments required hereunder. The Company is duly qualified and is authorized to do business and is in good standing as a foreign corporation in all jurisdictions in which the nature of its activities and of its properties (both owned and leased) makes such qualification necessary, except for those jurisdictions in which failure to do so would not have a material adverse effect on the Company or its business.

* **Issuance of the Securities.** The issuance, sale and delivery of the Securities in accordance with this Subscription Agreement has been duly authorized by all necessary corporate action on the part of the Company. The Securities, when so issued, sold and delivered against payment therefor in accordance with the provisions of this Subscription Agreement, will be duly and validly issued, fully paid and non-assessable.

* **Authority for Agreement.** All limited liability company action on the part of the Company necessary for the authorization of this Subscription Agreement, the performance of all obligations of the Company hereunder at a Closing and the authorization, sale, issuance and delivery of the Securities pursuant hereto has been taken or will be taken prior to the applicable Closing Date. The execution and delivery by the Company of this Subscription Agreement and the consummation of the transactions contemplated hereby (including the issuance, sale and delivery of the Securities) are within the Company's powers and have been duly authorized by all necessary corporate action on the part of the Company. Upon full execution hereof, this Subscription Agreement shall constitute a valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors' rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies and (iii) with respect to provisions relating to indemnification and contribution, as limited by considerations of public policy and by federal or state securities laws.

* **No filings.** Assuming the accuracy of the Subscriber's representations and warranties set forth in Section 4 hereof, no order, license, consent, authorization or approval of, or exemption by, or action by or in respect of, or notice to, or filing or registration with, any governmental body, agency or official is required by or with respect to the Company in connection with the execution, delivery and performance by the Company of this Subscription Agreement except (i) for such filings as may be required under Regulation A or under any applicable state securities laws, (ii) for such other filings and approvals as have been made or obtained, or (iii) where the failure to obtain any such order, license, consent, authorization, approval or exemption or give any such notice or make any filing or registration would not have a material adverse effect on the ability of the Company to perform its obligations hereunder.

* **Capitalization.** The authorized and outstanding membership interests of the Company immediately prior to the initial investment in the Securities is as set forth "Securities Being Offered" in the Offering Circular. Except as set forth in the Offering Circular, there are no outstanding options, warrants, rights (including conversion or preemptive rights and rights of first refusal), or agreements of any kind (oral or written) for the purchase or acquisition from the Company of any of its securities. 

* **Financial statements.** Complete copies of the Company's audited financial statements consisting of the balance sheets of the Company and the related statements of income, stockholders' equity and cash flows for the two-year period then ended (the "Financial Statements") have been made available to the Subscriber and appear in the Offering Circular. The Financial Statements are based on the books and records of the Company and fairly present in all material respects the financial condition of the Company as of the respective dates they were prepared and the results of the operations and cash flows of the Company for the periods indicated.

* **Proceeds.** The Company shall use the proceeds from the issuance and sale of the Securities as set forth in "Use of Proceeds to issuer" in the Offering Circular.

* **Litigation.** Except as set forth in the Offering Circular, there is no pending action, suit, proceeding, arbitration, mediation, complaint, claim, charge or investigation before any court, arbitrator, mediator or governmental body, or to the Company's knowledge, currently threatened in writing (a) against the Company or (b) against any consultant, officer, manager, director or key employee of the Company arising out of his or her consulting, employment or board relationship with the Company or that could otherwise materially impact the Company.

**4. Representations and Warranties of Subscriber.**

By executing this Subscription Agreement, Subscriber (and, if Subscriber is purchasing the Securities subscribed for hereby in a fiduciary capacity, the person or persons for whom Subscriber is so purchasing) represents and warrants, which representations and warranties are true and complete in all material respects as of such Subscriber's respective Closing Date(s):

* **Requisite Power and Authority.** Such Subscriber has all necessary power and authority under all applicable provisions of law to execute and deliver this Subscription Agreement, the Operating Agreement and other agreements required hereunder and to carry out their provisions. All action on Subscriber's part required for the lawful execution and delivery of this Subscription Agreement and other agreements required hereunder have been or will be effectively taken prior to the Closing Date. Upon their execution and delivery, this Subscription Agreement and other agreements required hereunder will be valid and binding obligations of Subscriber, enforceable in accordance with their terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws of general application affecting enforcement of creditors' rights and (b) as limited by general principles of equity that restrict the availability of equitable remedies.

* **Investment Representations.** Subscriber understands that the Securities have not been registered under the Securities Act of 1933, as amended (the "Securities Act"). Subscriber also understands that the Securities are being offered and sold pursuant to an exemption from registration contained in the Securities Act based in part upon Subscriber's representations contained in this Subscription Agreement. 

* **Illiquidity and Continued Economic Risk.** Subscriber acknowledges and agrees that there is no ready public market for the Securities and that there is no guarantee that a market for their resale will ever exist. Subscriber must bear the economic risk of this investment indefinitely and the Company has no obligation to list the Securities on any market or take any steps (including registration under the Securities Act or the Securities Exchange Act of 1934, as amended) with respect to facilitating trading or resale of the Securities. Subscriber acknowledges that Subscriber is able to bear the economic risk of losing Subscriber's entire investment in the Securities. Subscriber also understands that an investment in the Company involves significant risks and has taken full cognizance of and understands all of the risk factors relating to the purchase of Securities.

* **Accredited Investor Status or Investment Limits.** Subscriber represents that either:

* Subscriber is an "accredited investor" within the meaning of Rule 501 of Regulation D under the Securities Act. Subscriber represents and warrants that the undersigned meets one or more of the criteria set forth in Appendix A attached hereto; or

* The purchase price of the Securities (including any fee to be paid by the Subscriber), together with any other amounts previously used to purchase Securities in this offering, does not exceed 10% of the greater of the Subscriber's annual income or net worth.

Subscriber represents that to the extent it has any questions with respect to its status as an accredited investor, or the application of the investment limits, it has sought professional advice.

* **Shareholder information.** Within five days after receipt of a request from the Company, the Subscriber hereby agrees to provide such information with respect to its status as a shareholder (or potential shareholder) and to execute and deliver such documents as may reasonably be necessary to comply with any and all laws and regulations to which the Company is or may become subject. Subscriber further agrees that in the event it transfers any Securities, it will require the transferee of such Securities to agree to provide such information to the Company as a condition of such transfer.

* **Company Information.** Subscriber understands that the Company is subject to all the risks that apply to early-stage companies, whether or not those risks are explicitly set out in the Offering Circular. Subscriber has had such opportunity as it deems necessary (which opportunity may have presented through online chat or commentary functions) to discuss the Company's business, management and financial affairs with managers, officers and management of the Company and has had the opportunity to review the Company's operations and facilities. Subscriber has also had the opportunity to ask questions of and receive answers from the Company and its management regarding the terms and conditions of this investment. Subscriber acknowledges that except as set forth herein, no representations or warranties have been made to Subscriber, or to Subscriber's advisors or representative, by the Company or others with respect to the business or prospects of the Company or its financial condition.

* **Valuation.** The Subscriber acknowledges that the price of the Securities was set by the Company on the basis of the Company's internal valuation and no warranties are made as to value. The Subscriber further acknowledges that future offerings of Securities may be made at lower valuations, with the result that the Subscriber's investment will bear a lower valuation.

* **Domicile.** Subscriber maintains Subscriber's domicile (and is not a transient or temporary resident) at the address shown on the signature page.

* **No Brokerage Fees.** There are no claims for brokerage commission, finders' fees or similar compensation in connection with the transactions contemplated by this Subscription Agreement or related documents based on any arrangement or agreement binding upon Subscriber. 

* **Foreign Investors.** If Subscriber is not a United States person (as defined by Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended), Subscriber hereby represents that it has satisfied itself as to the full observance of the laws of its jurisdiction in connection with any invitation to subscribe for the Securities or any use of this Subscription Agreement, including (i) the legal requirements within its jurisdiction for the purchase of the Securities, (ii) any foreign exchange restrictions applicable to such purchase, (iii) any governmental or other consents that may need to be obtained, and (iv) the income tax and other tax consequences, if any, that may be relevant to the purchase, holding, redemption, sale, or transfer of the Securities. Subscriber's subscription and payment for and continued beneficial ownership of the Securities will not violate any applicable securities or other laws of the Subscriber's jurisdiction.

**6. Governing Law; Jurisdiction.**

This Subscription Agreement shall be governed and construed in accordance with the laws of the State of Delaware.

EACH OF THE SUBSCRIBER AND THE COMPANY CONSENTS TO THE JURISDICTION OF ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION LOCATED WITHIN THE STATE OF CALIFORNIA AND NO OTHER PLACE AND IRREVOCABLY AGREES THAT ALL ACTIONS OR PROCEEDINGS RELATING TO THIS SUBSCRIPTION AGREEMENT MAY BE LITIGATED IN SUCH COURTS. EACH OF SUBSCRIBER AND THE COMPANY ACCEPTS FOR ITSELF AND HIMSELF AND IN CONNECTION WITH ITS AND HIS RESPECTIVE PROPERTIES, GENERALLY AND UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS AND WAIVES ANY DEFENSE OF FORUM NON CONVENIENS, AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION WITH THIS SUBSCRIPTION AGREEMENT. EACH OF SUBSCRIBER AND THE COMPANY FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS IN THE MANNER AND IN THE ADDRESS SPECIFIED IN SECTION 7 AND PROVIDED WITH THE EXECUTION OF THIS SUBSCRIPTION AGREEMENT.

EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED IN CONTRACT, TORT OR OTHERWISE AND INCLUDING CLAIMS UNDER THE FEDERAL SECURITIES LAWS) ARISING OUT OF OR RELATING TO THIS SUBSCRIPTION AGREEMENT OR THE ACTIONS OF EITHER PARTY IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT THEREOF. EACH OF THE PARTIES HERETO ALSO WAIVES ANY BOND OR SURETY OR SECURITY UPON SUCH BOND WHICH MIGHT, BUT FOR THIS WAIVER, BE REQUIRED OF SUCH PARTY. EACH OF THE PARTIES HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS SUBSCRIPTION AGREEMENT. IN THE EVENT OF LITIGATION, THIS SUBSCRIPTION AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. BY AGREEING TO THIS WAIVER, THE SUBSCRIBER IS NOT DEEMED TO WAIVE THE COMPANY'S COMPLIANCE WITH THE FEDERAL SECURITIES LAWS AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER.

**7. Notices.**

Notice, requests, demands and other communications relating to this Subscription Agreement and the transactions contemplated herein shall be in writing and shall be deemed to have been duly given if and when (a) delivered personally, on the date of such delivery; or (b) mailed by registered or certified mail, postage prepaid, return receipt requested, in the third day after the posting thereof; or (c) emailed, telecopied or cabled, on the date of such delivery to the address of the respective parties as follows:

If to the Company, to:

Ark7 Properties LLC

1 Ferry Building, Ste 201

San Francisco, CA 94111

with a required copy to:

If to a Subscriber, to Subscriber's address as shown on the signature page hereto

or to such other address as may be specified by written notice from time to time by the party entitled to receive such notice. Any notices, requests, demands or other communications by telecopy or cable shall be confirmed by letter given in accordance with (a) or (b) above.

**8. Miscellaneous.** 

* All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular or plural, as the identity of the person or persons or entity or entities may require.

* This Subscription Agreement is not transferable or assignable by Subscriber.

* The representations, warranties and agreements contained herein shall be deemed to be made by and be binding upon Subscriber and its heirs, executors, administrators and successors and shall inure to the benefit of the Company and its successors and assigns.

* None of the provisions of this Subscription Agreement may be waived, changed or terminated orally or otherwise, except as specifically set forth herein or except by a writing signed by the Company and Subscriber.

* In the event any part of this Subscription Agreement is found to be void or unenforceable, the remaining provisions are intended to be separable and binding with the same effect as if the void or unenforceable part were never the subject of agreement.

* The invalidity, illegality or unenforceability of one or more of the provisions of this Subscription Agreement in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Subscription Agreement in such jurisdiction or the validity, legality or enforceability of this Subscription Agreement, including any such provision, in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by law.

* This Subscription Agreement supersedes all prior discussions and agreements between the parties with respect to the subject matter hereof and contains the sole and entire agreement between the parties hereto with respect to the subject matter hereof.

* The terms and provisions of this Subscription Agreement are intended solely for the benefit of each party hereto and their respective successors and assigns, and it is not the intention of the parties to confer, and no provision hereof shall confer, third-party beneficiary rights upon any other person.

* The headings used in this Subscription Agreement have been inserted for convenience of reference only and do not define or limit the provisions hereof.

* This Subscription Agreement may be executed in any number of counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument.

* If any recapitalization or other transaction affecting the stock of the Company is effected, then any new, substituted or additional securities or other property which is distributed with respect to the Securities shall be immediately subject to this Subscription Agreement, to the same extent that the Securities, immediately prior thereto, shall have been covered by this Subscription Agreement.

* No failure or delay by any party in exercising any right, power or privilege under this Subscription Agreement shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law.

*[SIGNATURE PAGE FOLLOWS]*

**ARK7 PROPERTIES LLC SERIES #[SERIES]**

**SUBSCRIPTION AGREEMENT SIGNATURE PAGE**

The undersigned, desiring to purchase membership interests of Ark7 Properties LLC - Series #[SERIES], by executing this signature page, hereby executes, adopts and agrees to all terms, conditions and representations of the Subscription Agreement.

* The number of membership interests the undersigned hereby irrevocably subscribes for is:

______________

(print number of Securities)

* The aggregate purchase price (based on a purchase price of [SHARE_PRICE] per Security) for the membership interests the undersigned hereby irrevocably subscribes for is:

______________

(print aggregate purchase price)

* The Securities being subscribed for will be owned by, and should be recorded on the Company's books as held in the name of:

___________________________________________

(print name of owner or joint owners)

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| | |
|:---|:---|
| ________________________________________<br>Signature<br>________________________________________<br>Name (Please Print)<br>________________________________________<br>Email address<br>________________________________________<br>Address<br>________________________________________<br>________________________________________<br>Telephone Number<br>________________________________________<br>Social Security Number/EIN<br>________________________________________<br>Date<br>| If the Securities are to be purchased in joint names, both Subscribers must sign:<br>________________________________________<br>Signature<br>________________________________________<br>Name (Please Print)<br>________________________________________<br>Email address<br>________________________________________<br>Address<br>________________________________________<br>________________________________________<br>Telephone Number<br>________________________________________<br>Social Security Number<br>________________________________________<br>Date |

---

\* \* \* \* \*

This Subscription is accepted

on _______________________________

Ark7 Properties LLC - Series #[SERIES]

By: _______________________________

Name:

Title:

**APPENDIX A**

*An accredited investor, as defined in Rule 501(a) of the Securities Act of 1933, as amended, includes the following categories of investor:*

* Any bank as defined in section 3(a)(2) of the Act, or any savings and loan association or other institution as defined in section 3(a)(5)(A) of the Act whether acting in its individual or fiduciary capacity; any broker or dealer registered pursuant to section 15 of the Securities Exchange Act of 1934; any investment adviser registered pursuant to section 203 of the Investment Advisers Act of 1940 or registered pursuant to the laws of a state; any investment adviser relying on the exemption from registering with the Commission under section 203(l) or (m) of the Investment Advisers Act of 1940; any insurance company as defined in section 2(a)(13) of the Act; any investment company registered under the Investment Company Act of 1940 or a business development company as defined in section 2(a)(48) of that Act; any Small Business Investment Company licensed by the U.S. Small Business Administration under section 301(c) or (d) of the Small Business Investment Act of 1958; any Rural Business Investment Company as defined in section 384A of the Consolidated Farm and Rural Development Act; any plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000,000; any employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974 if the investment decision is made by a plan fiduciary, as defined in section 3(21) of such act, which is either a bank, savings and loan association, insurance company, or registered investment adviser, or if the employee benefit plan has total assets in excess of $5,000,000 or, if a self-directed plan, with investment decisions made solely by persons that are accredited investors;

* Any private business development company as defined in section 202(a)(22) of the Investment Advisers Act of 1940;

* Any organization described in section 501(c)(3) of the Internal Revenue Code, corporation, Massachusetts or similar business trust, or partnership, or limited liability company, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000;

* Any director, executive officer, or general partner of the issuer of the securities being offered or sold, or any director, executive officer, or general partner of a general partner of that issuer;

* Any natural person whose individual net worth, or joint net worth with that person's spouse or spousal equivalent, exceeds $1,000,000.

* Except as provided in paragraph (5)(ii) of this section, for purposes of calculating net worth under this paragraph (5):

* The person's primary residence shall not be included as an asset;

* Indebtedness that is secured by the person's primary residence, up to the estimated fair market value of the primary residence at the time of the sale of securities, shall not be included as a liability (except that if the amount of such indebtedness outstanding at the time of sale of securities exceeds the amount outstanding 60 days before such time, other than as a result of the acquisition of the primary residence, the amount of such excess shall be included as a liability); and

* Indebtedness that is secured by the person's primary residence in excess of the estimated fair market value of the primary residence at the time of the sale of securities shall be included as a liability;

* Paragraph (5)(i) of this section will not apply to any calculation of a person's net worth made in connection with a purchase of securities in accordance with a right to purchase such securities, provided that:

* Such right was held by the person on July 20, 2010;

* The person qualified as an accredited investor on the basis of net worth at the time the person acquired such right; and

* The person held securities of the same issuer, other than such right, on July 20, 2010.

* Any natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with that person's spouse or spousal equivalent in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year;

* Any trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the securities offered, whose purchase is directed by a sophisticated person as described in §230.506(b)(2)(ii); and

* Any entity in which all of the equity owners are accredited investors;

* Any entity, of a type of not listed in paragraphs (1), (2), (3), (7), or (8), not formed for the specific purpose of acquiring the securities offered, owning investments in excess of $5,000,000;

* Any natural person holding in good standing one or more professional certifications or designations or credentials from an accredited educational institution that the Commission has designated as qualifying an individual for accredited investor status.

* Any natural person who is a "knowledgeable employee," as defined in rule 3c-5(a)(4) under the Investment Company Act of 1940 (17 CFR 270.3c-5(a)(4)), of the issuer of the securities being offered or sold where the issuer would be an investment company, as defined in section 3 of such act, but for the exclusion provided by either section 3(c)(1) or section 3(c)(7) of such act;

* Any "family office," as defined in rule 202(a)(11)(G)-1 under the Investment Advisers Act of 1940 (17 CFR 275.202(a)(11)(G)-1):

* With assets under management in excess of $5,000,000,

* That is not formed for the specific purpose of acquiring the securities offered, and

* Whose prospective investment is directed by a person who has such knowledge and experience in financial and business matters that such family office is capable of evaluating the merits and risks of the prospective investment; and

* Any "family client," as defined in rule 202(a)(11)(G)-1 under the Investment Advisers Act of 1940 (17 CFR 275.202(a)(11)(G)-1)), of a family office meeting the requirements in paragraph (12) of this section and whose prospective investment in the issuer is directed by such family office pursuant to paragraph (12)(iii).

## Ex1A-6

**RESIDENTIAL LEASE AGREEMENT**

This Lease Agreement (the "Agreement") is made and entered on [CONTRACT_DATE] (the "Effective Date") by and between ARK7 PROPERTIES LLC - SERIES # [ ] (the "Landlord") and [TENANT1], [TENANT2] (the "Tenant").

Subject to the terms and conditions stated below the parties agree as follows:

* **Property.** Landlord, in consideration of the lease payments provided in this Agreement, leases to Tenant an apartment with [X] bedrooms and [X] bathroom, located at [ADDRESS] (the "Property"). No other portion of the building wherein the Property is located is included unless expressly provided for in this Agreement.

* **Term.** This Agreement will begin on [MOVE IN DATE] (the "Start Date"), and will continue from that date as a month-to-month tenancy. If at any time Tenant desires to terminate the tenancy, Tenant may do so by providing to Landlord written notice of intention to terminate. Such notice to terminate must be provided to Landlord at least 30 days prior to the desired date of termination of the tenancy. Landlord may terminate the tenancy by giving written notice as provided by law.

* **Rent; Lease Payments.** "Rent" shall mean all monetary obligations of Tenant to Landlord under the terms of this Agreement, except the Security Deposit.

* Tenant shall pay to Landlord initial monthly base lease payments of $[ ], payable in advance on the first day of each calendar month and is delinquent on the next day. Lease payments shall be made to Landlord at the address of Landlord noted in the Notices provision of this Lease which may be changed from time to time by Landlord. If the Commencement Date of the Lease falls on any day other than the day Rent is payable under this provision, and Tenant has paid one full month's Rent in advance of the Commencement Date, Rent for the second calendar month shall be prorated based on a 30-day period.

* Rent shall be paid by the following methods:

* Personal check

* Money order

* Cashier's check

* Ark7 Rental Apps

* If you choose to pay your rent using personal check, money order, or cashier's check, please make your check payable to Ark7 Inc. and mail it to our company address listed below, before the due date each month: Ark7 Inc. 1 Ferry Building, Suite 201 San Francisco, CA 94111

* If any payment is returned for non-sufficient funds or because Tenant stops payments, then, after that, (i) Landlord may, in writing, require Tenant to pay Rent in cash for three months and (ii) all future Rent shall be paid by cashier's check or money order.

* In the event of roommates, or another form of joint or multiple occupancy, Tenant will be responsible for collecting payment from all parties and submitting a single payment to Landlord. Tenant is responsible for any payment made by mail and not received by the due date stated herein. Mailed lease payments must be received on or before the due date. Lease payments for any partial month will be pro-rated at the rate of 1/30th of the monthly lease payment per day.

* Landlord may apply any payment made by Tenant to any obligation owed by Tenant to Landlord regardless of any dates or directions provided by the Tenant that accompanies a payment. Any Landlord has full discretion to accept or reject payments from or written by third parties. Landlord's acceptance of a payment by a third party does not override the previous statement and Landlord will continue to have full discretion to accept or reject payments submitted or written by third parties. Monthly lease payments received in prior months to which the payment is due will be held by the Landlord uncashed in a secured location and deposited on the first of the month.

* **Security Deposit.** At the time of the signing of this Lease, Tenant shall pay to Landlord security deposit of $[ ] (the Security Deposit) for the purpose set forth in Civil Code Section 1950.5. No trust relationship between Landlord and Tenant is created because of the Security Deposit and Landlord has full authority to commingle the Security Deposit with other funds of Landlord.

* Landlord may apply all or a portion of the Security Deposit as allowed by law including, but not limited to, (i) Tenant's obligation to restore, replace or return personal property, (ii) cure Tenant's default in payment of Rent (including late charges, non-sufficient funds or other amount due), (iii) repair damage, excluding ordinary wear and tear, caused by Tenant or by a guest or licensee of Tenant, and (iv) clean the Premises, if necessary, upon termination of the tenancy. Landlord shall, within the time period allotted by law, refund any balance after such deductions to Tenant after Tenant has vacated the Premises. For the purposes of this paragraph Tenant will have vacated the Premises when Tenant returns all keys (and garage door openers) to Landlord and has surrendered the Premises. If required by law, Landlord shall pay to Tenant simple interest as directed by law on the amount held as a Security Deposit, so long as tenancy meets or exceeds one year. Payment shall be made by Landlord once a year. At the end of the Lease Landlord may use any unpaid accrued interest to cover any amounts owing my Tenant including but not limited to restoration, repair, cleaning or other amounts owing.

* The balance of the Security Deposit and any unpaid accrued interest, if any, along with full accounting will be mailed to the Tenant at forwarding address provided to the Landlord. If no forwarding address is provided, Landlord will mail to the Premises. Landlord's check may be made to all Tenants regardless of Landlord's knowledge of which Tenant submitted the original Security Deposit. Tenant may NOT apply any portion of the Security Deposit to the last month's rent. If any portion of the Security Deposit is applied by Landlord to any obligations of Tenant at any time during the tenancy Tenant must, upon 5 days written notice, reinstate the Security Deposit to its full original amount.

* Landlord may increase the security deposit at any time without notice up to the maximum allowed by law. Landlord and Tenant agree that the Security Deposit is not rent and therefore not subject to the Rent Ordinance.

* Upon the vacating of the Premises for termination of the lease, Landlord shall have twenty-one (21) days to return the security deposit to Tenant, minus any deductions for damages or other charges, together with an itemized list of any such deductions.

* **Possession.** Tenant shall be entitled to possession on the first day of the term of this Lease, and shall yield possession to Landlord on the last day of the term of this Lease, unless otherwise agreed by both parties in writing. At the expiration of the term, Tenant shall remove its goods and effects and peaceably yield up the Premises to Landlord in as good a condition as when delivered to Tenant, ordinary wear and tear excepted.

* **Use of Premises/Absences.** Tenant shall occupy and use the Premises as a full-time residential dwelling unit. Tenant shall notify Landlord of any anticipated extended absence from the Premises not later than the first day of the extended absence.

* No retail, commercial or professional use of the Premises is allowed unless the Tenant receives prior written consent of the Landlord and such use conforms to applicable zoning laws. In such case, Landlord may require Tenant obtain liability insurance for the benefit of Landlord. Landlord reserves the right to refuse to consent to such use in its sole and absolute discretion.

* **Smoking.** Smoking is prohibited in any area in or on the Premises and on the Property, both private and common, whether enclosed or outdoors. This policy applies to all owners, tenants, guests, employees, and servicepersons. The Tenant will be liable for any damages caused to the Premises or Property due to Tenant or Tenant's visitors or guests smoking in the Premises or Property. Any violation of this policy will be seen as a breach of this contract and Landlord will be entitled to all remedies allowable by law including eviction.

* Notwithstanding any law to the contrary, the growing, cultivation, sale, or use in any form, of marijuana, for any purpose, is not permitted in or about the Premises, at any time, by Tenant, or Tenant's guests, invitees or friends.

* The failure to abide by the provisions of this section shall constitute a material breach of this Agreement and is a just cause for eviction.

* **Management.** Should the Tenant have any issues or concerns, the Tenant may contact below: Ark7 Properties LLC Address: 1 Ferry Building, Ste 201 San Francisco, CA 94111 Telephone: 415-275-0701 Ema<u>il: residential@ark7.com</u>

* **Occupants.** No more than [ ] persons may reside on the Premises unless the prior written consent of the Landlord is obtained.

* This Lease and occupancy of the Premises is binding, individually and severally, on each person(s) specifically named and who signs this Lease, regardless of the named person's occupancy of the Premises.

* Authorized Tenants/Occupants: [TENANT1] [TENANT2]

* Tenant may have guests on the Premises for not over 14 consecutive days or 30 days in a calendar year, and no more than two guests per bedroom at any one time. Persons staying more than 14 consecutive days or more than 30 days in any calendar year shall NOT be considered original tenants of the Premises. Tenant must obtain the prior written approval of Landlord if an invitee of Tenant will be present at the Premises for more than 14 consecutive days or 30 days in a calendar year.

* **Furnishings.** The following furnishings or appliances will be provided by Landlord:

* Tenant shall return all such items at the end of the lease term in a condition as good as existed at the beginning of the lease term, normal wear and tear excepted.

* **Waterbeds.** Waterbeds and/or liquid filled furniture are PROHIBITED in accordance with Civil Code Section 1940.5. If the Premises are located in a structure with an original Certificate of Occupancy issued after January 1, 1973 then such furniture may be permitted only upon written consent of Landlord, upon the completion of a Waterbed Agreement which shall become part of this Agreement and subject to continued compliance by Tenant of all provisions therein.

* **Keys.** Tenant will be given [ ] key(s) to the Premises. If all keys are not returned to Landlord following termination of the Lease, Tenant shall be charged $25.00. Tenant is not permitted to change any lock or place additional locking devices on any door or window of the Premises without Landlord's approval prior to installation. If allowed, Tenant must provide Landlord with keys to any changed lock immediately up installation.

* **Lockout.** If Tenant becomes locked out of the Premises, Tenant will be charged $50.00 to regain entry.

* **Storage.** No additional storage space outside the Premises is provided or authorized by this Lease. Tenant shall not store any property in any area outside of the rented Premises at any time.

* **Roof/Fire Escapes.** Use of the roof and/or the fire escapes by Tenants and/or guests is limited to emergency use only. No other use is permitted, including but not limited to, the placement of personal property.

* **Parking.** This Lease does not include or provide for parking spaces for motor vehicles or motorcycles anywhere in or about the Premises and or Building.

* The right to parking is included in the Rent charged pursuant to paragraph 3.

* Landlord is not responsible for, nor does Landlord assume any liability for damages caused by fire, theft, casualty or any other cause whatsoever with the respect to any vehicle or its contents.

* There shall be only 1 (one car per designated space to registered tenant of record). No motor vehicles leaking iol or other fluids are permitted at any time.

* No one is to use other registered tenant's parking space if empty at certain times unless given permission to the following by owner: Emergency vehicles, repair service vehicles, utility service vehicles, and owners.

* Any tenant not in their own designated parking spot or guest of said tenants, shall have their vehicle towed away at their own expense.

* Any vehicle that is parked in a respective parking spot and is not running is and will be considered a "Fire hazard" in respect to blocking any needed path by the Fire department or any other "Emergency Department" vehicle needing a clear path to administer any Emergency services needed, and they will be towed away at the respective vehicle owner's expense.

* Guest Vehicles: Any guest vehicles shall not park on the premises and shall be subject to all the rules of the above sections and will be towed away at their own expense.

* **Condition of Premises.** Tenant has examined Premises and, if any, all furniture, furnishings, appliances, landscaping, and fixtures, include smoke detector(s).

* Tenant acknowledges these items are clean and in operable condition, with the following exceptions: _________________

* Tenant's acknowledgement of the condition of these items is contained in an attached statement of condition (C.A.R. Form MIMO).

* (i) Landlord will Deliver to Tenant a statement of condition (C.A.R. Form MIMO) within 3 days after execution of this Agreement; prior to the Commencement Date; within 3 days after the Commencement Date. (ii) Tenant shall complete and return the MIMO to Landlord within 3 (or ______) days after Delivery. Tenant's failure to return the MIMO within that time shall conclusively be deemed Tenant's Acknowledgement of the condition as stated in the MIMO.

* Tenant will provide Landlord a list of items that are damaged or not in operable condition within 3 (or _____) days after Commencement Date, not as a contingency of this Agreement but rather as an acknowledgment of the condition of the Premises.

* Other: Tenant acknowledges that the apartment is in brand new condition.

* **Maintenance.** Tenant shall, at its own expense and at all times, maintain the Premises in a clean and sanitary manner, and shall surrender the same at termination hereof, in as good condition as received, normal wear and tear excepted. Tenant shall be responsible for damages caused by its negligence and that of its family, or invitees or guests. Tenant shall maintain any surrounding grounds, including lawns and shrubbery, and keep the same clear of rubbish and weeds, if such grounds are part of the premises and are exclusively for use by Tenant. The Tenant may not make any alterations to the Premises without the consent in writing of the Landlord. Any and all alterations, changes, and/or improvements built, constructed or placed on the Premises by Lessee shall, unless otherwise provided by written agreement between Landlord and Tenant, are and will become the property of Landlord and remain on the Premises at the expiration or earlier termination of this Agreement.

* Except in an emergency, all maintenance and repair requests must be made in writing and delivered to Landlord or its Agent. A repair request will be deemed permission for the Landlord or its Agent to enter the Premises to perform such maintenance or repairs in accordance with Civil Code Section 1954 and ACCESS BY LANDLORD TO PREMISES herein unless otherwise specifically requested, in writing, by Tenant. Tenant may not place any unreasonable restrictions upon Landlords or Landlord's Agents access or entry. Landlord shall have expectation that the Premises is in a safe and habitable condition upon entry.

* Tenant acknowledges that the Premises and the building from time to time may require renovations or repairs to keep them in good condition and repair and that such work may result in temporary loss of use for portions of the building or Premises and may inconvenience Tenant. Tenant agrees that any such loss shall not constitute a reduction in housing services or otherwise warrant a reduction in rent. Further, subject to local law, Tenant agrees, upon demand of Landlord, to temporarily vacate the Premises for a reasonable period, to allow for fumigation (or other methods) to control wood destroying pests or organisms, or other repairs to the Premises. Tenant agrees to comply with all instructions and requirements necessary to prepare Premises to accommodate pest control, fumigation or other work, including bagging or storage of food and medicine and removal of perishables and valuables. Tenant shall only be entitled to a credit of Rent equal to the per diem Rent for the period of time Tenant is required to vacate Premises.

* Tenant further agrees to cooperate in any efforts undertaken by Landlord to rid the Building and the Premises of pests of any kind. Failure of Tenant to cooperate may be deemed an obstruction of the free use of property so as to interfere with the comfortable enjoyment of life or property thereby constituting a nuisance.

* Tenant shall properly use, operate and safeguard the Premises, including if applicable, any landscaping, furniture, furnishings, and appliances, and all mechanical, electrical, gas and plumbing fixtures, and keep them and the Premises clean, sanitary, and well ventilated. Tenant shall be responsible for checking and maintaining all smoke detectors. Tenant shall be responsible for replacing burned out light bulbs. Tenant shall immediately notify Landlord, in writing, of any problem, malfunction, or damage. Tenant shall be charged for all repairs or replacements caused by Tenant, pets, guests, licensees or invitees of Tenant, excluding ordinary wear and tear. Tenant shall be charged for all damage to the Premises as a result of failure to report a problem in a timely manner. Tenant shall be charged for the repair of drain blockages or stoppages, unless caused by defective plumbing parts or tree roots invading sewer lines.

* Tenant should not hang any objects or signs in windows or on the exterior of the building at any time. No BBQ's shall be stored or maintained on the Premises. Burning candles in the apartment is prohibited. Tenant should not place any household items in front of the building either for storage or for someone else to remove. Tenant should not place any personal belongings to be left at or near the sidewalk.

* Tenant agrees to place all trash inside trash containers. Trash containers must be maintained properly. It is mandatory that all trash be placed in plastic trash bags and tied. Should Tenant have an excessive amount of trash or large size items, it shall be Tenant's responsibility to dispose of said items off the property. If trash is placed near the trash containers, management may assess a cleaning charge of $25.00 or more depending on the size of the trash or discarded item(s).

* **Utilities and Services.**

* Landlord shall be responsible for the following utilities and services in connection with the Premises: _______

* Tenant shall be responsible for the following utilities and services in connection with the Premises: _______

* As material consideration for Landlord entering into this lease, Tenant agrees to pay for their pro rata share of utilities used at the property as set forth herein. Landlord shall allocate utility costs on the basis of ratio utility billing system ("RUBs"), for the utilities provided by Landlord at the property (for purposes of this provision; water, wastewater and sewer service), Landlord will divide the total utility bill which Landlord receives from the East Bay Municipal Utilities District (or its successor in interest), by the number (total of 4) and size (all units same square footage) of units sharing utilities on the property and bill Tenant for their pro rata share (i.e. twenty-five percent (25%)) of the utility costs using this formula, which bill shall be due and payable as rent at the first of the month following Tenant's receipt of an invoice from Landlord via electronic mail, hand delivery, or U.S. Postal Service, Such utilities are billed on a bi-monthly basis (i.e. every two months) so invoices to Tenant will be for two (2) months of utility services at a time.

* Example: EBUMD bills Landlord for 2 months of utilities at the property for a total of $750.00, Tenant's prorated portion of such bill will be 25% OF THE TOTAL BILL (4 UNITS OF EQUAL SQUARE FOOTAGE), OR $187.50, the payment of which will be due on the 1st day of the month following Tenant's receipt of an invoice from Landlord via electronic mail, hand delivery, or U.S. Postal Service.

* In the event that Landlord elects to install submeters at the property, the water service portion of the RUBs formula above shall no longer be used and Tenant shall pay for the water service it uses as determined by readings of the submeter on a monthly or bi-monthly basis (i.e. every two months). Tenant shall still remain responsible for twenty-five percent (25%) of the waste water and sewer service at the property, which shall continue to be billed on a bi-monthly basis (i.e., every two months). In the event that the RUBs formula becomes obsolete or is invalidated, in whole or in part, Landlord shall, in its sole discretion, have the right institute any other lawful RUBs program for reimbursement or recovery of Tenant's utility usage at the property.

* Tenant agrees to comply with any environmental, waste management, recycling, energy conservation, or water conservation programs implemented by Landlord. Tenant shall provide Landlord with proof of accounts established in Tenant's name for all utilities to be paid by Tenant. If utilities at Premises are metered by one or more Master Meters, Landlord reserves the right to measure Tenant's utility consumption through one or more sub-meters, and to bill Tenant for such utility use either directly or through a third party. Tenant understands that the rent paid by all residents is partially determined by the cost of utilities. Nothing contained herein prevents Landlord from passing through to Tenant utility costs as provided by law.

* Landlord shall provide one working telephone line and one working telephone jack into the Premises if required by local regulations or state law. Tenant shall be responsible for any repairs required or charges for service calls on any utility line, accessory or fixture.

* Tenant acknowledges that Landlord has fully explained to Tenant the utility rates, charges and services for which Tenant will be required to pay (if any), other than those to be paid directly to the utility company furnishing the service.

* Landlord shall not be liable to Tenant or to any other person in damages or otherwise, nor shall it be considered a default under this Lease for any interruption or reduction of utilities or services caused by someone other than Landlord, or by Landlord due to circumstances beyond Landlord's reasonable control.

* **Neighborhood Conditions.** Tenant is advised to satisfy him or herself as to neighborhood or area conditions, including schools, proximity and adequacy of law enforcement, crime statistics, proximity of registered felons or offenders, fire protection, other governmental services, availability, adequacy and cost of any wired, wireless internet connections or other telecommunications or other technology services and installations, proximity to commercial, industrial or agricultural activities, existing and proposed transportation, construction and development that may affect noise, view, or traffic, airport noise, noise or odor from any source, wild and domestic animals, other nuisances, hazards, or circumstances, cemeteries, facilities and condition of common areas, conditions and influences of significance to certain cultures and/or religions, and personal needs, requirements and preferences of Tenant.

* **Pets.** Unless otherwise provided in local law and regulations, no animal or pet shall be kept on or about the Premises without Landlord's prior written consent.

* **Rules/Regulations.** Tenant agrees to comply with all reasonable and customary Landlord rules and regulations that are at any time posted on the Premises or delivered to Tenant. Tenant shall not, and shall ensure that guests and licensees of Tenant shall not, disturb, annoy, endanger or interfere with other tenants of the building or neighbors, or use the Premises for any unlawful purposes, including, but not limited to, using, manufacturing, selling, storing or transporting illicit drugs or other contraband, or violate any law or ordinance, or commit a waste or nuisance on or about the Premises.

* **Signs.** Tenant authorizes Landlord to place FOR SALE/LEASE signs and Ark7 Brandings including related items (e.g. logo, poster, sign, etc.) on the Premises, in a way not blocking the building access or unit's entrance(s), or windows on the Premises.

* **Taxes.** Taxes attributable to the Premises or the use of the Premises shall be allocated as follows:

* Real Estate Taxes. Landlord shall pay all real estate taxes and assessments for the Premises.

* Personal Property Taxes. Landlord shall pay all personal property taxes and any other charges which may be levied against the Premises which are attributable to Tenant's use of the Premises, along with all sales and/or use taxes (if any) that may be due in connection with lease payments.

* **Property Insurance.** Landlord and Tenant must each be responsible to maintain appropriate insurance for their respective interests in the Premises and property located on the Premises.

* Tenant's or guest's personal property and vehicles are not insured by Landlord, manager or, if applicable, HOA, against loss or damage due to fire, theft, vandalism, rain, water, criminal or negligent acts of others, or any other cause. Tenant shall comply with any reasonable and customary requirement imposed on Tenant by Landlord's Insurer to avoid: (i) an increase in Landlord's insurance premium (or Tenant shall pay for the increase in premium); or (ii) loss of insurance.

* **Late Charge; Returned Checks; Non-Sufficient Funds.** Tenant acknowledges either late payment of Rent or issuance of a returned check may cause Landlord to incur costs and expenses, the exact amounts of which are extremely difficult and impractical to determine. These costs may include, but are not limited to, processing, enforcement and accounting expenses, and late charges imposed on Landlord. If any installment of Rent due from Tenant is not received by Landlord after the date due, or if a check is returned, Tenant shall pay to Landlord, respectively, an additional $75.00 due as a Late Charge and a monetary fee of $25.00 as reimbursement of the expenses incurred by Landlord for the first check that is returned to Landlord for lack of sufficient funds and $35.00 for each subsequent check returned for lack of sufficient funds.

* Tenant has a grace period until the end of the 10th day of the month in which the rent is due.

* Landlord and Tenant agree that these charges represent a fair and reasonable estimate of the costs Landlord may incur by reason of Tenant's late or NSF payment. Any Late Charge or NSF fee due shall be paid with the current installment of Rent. Landlord's acceptance of any Late Charge or NSF fee shall not constitute a waiver as to any default of Tenant. Landlord's right to collect a Late Charge or NSF fee shall not be deemed an extension of the date Rent is due under paragraph 3 or prevent Landlord from exercising any other rights and remedies under this Agreement and as provided by law.

* Landlord reserves the right to demand future rent payments by cashier's check, money order or certified funds in the event a check is returned for insufficient funds. Nothing in this paragraph limits other remedies available to the Landlord as a payee of a dishonored check. Landlord and Tenant agree that three (3) returned checks in any 12 month period constitutes frequent return of checks due to insufficient funds and may be considered a just cause for eviction.

* **Failure to Pay.** Pursuant to Civil Code Section 1785.26, you are hereby notified that a negative credit report reflecting on your credit record may be submitted to a credit reporting agency if you fail to fulfill the terms of your credit obligations, such as your financial obligations under the terms of this Agreement.

* **Defaults.** Tenant shall be in default of this Lease if Tenant fails to fulfill any lease obligation or term by which Tenant is bound. If Tenant fails to pay rent when due, or perform any provision of this Lease, after not less than three (3) days written notice of such default given in the manner required by law, the Landlord, at his or her option, may terminate all rights of Tenant, unless Tenant, within said time, cures such default within 5 days (or any other obligation within 10 days) after written notice of such default is provided by Landlord to Tenant. When deemed necessary, Landlord may also elect to cure such default and the cost of such action shall be added to Tenant's financial obligations under this Lease. All sums of money or charges required to be paid by Tenant under this Lease shall be additional rent, whether or not such sums or charges are designated as "additional rent". The rights provided by this paragraph are cumulative in nature and are in addition to any other rights afforded by law.

* If Tenant abandons or vacates the property while in default of the payment of rent, Landlord may consider any property left on the premises to be abandoned and may dispose of the same in any manner allowed by law. In the event the Landlord reasonably believes that such abandoned property has no value, it may be discarded. All property on the premises will be subject to a lien for the benefit of the Landlord securing the payment of all sums due, to the maximum extent allowed by law.

* In the event of a default by Tenant, Landlord may elect to: (a) continue the lease in effect and enforce all its rights and remedies, including the right to recover the rent as it comes due, provided that Landlord's consent to assignment or subletting by the Tenant will not be unreasonably withheld; or (b) at any time, terminate all of Tenant's rights and recover from Tenant all damages it may incur by reason of the breach of the lease, including the cost of recovering the premises, and including the worth at the time of such termination, or at the time of an award if suit to be instituted to enforce this provision, of the amount by which the unpaid rent for the balance of the term exceeds the amount of such rental loss which the Tenant proves could be reasonably avoided.

* **Termination Upon Sale of Premises.** Notwithstanding any other provision of this Lease, Landlord may terminate this lease upon days' written notice to Tenant that the Premises have been sold.

* **Tenant's Obligations Upon Vacating Premises.** Upon termination of this Agreement. Tenant shall: (i) give Landlord all keys including the copies or opening devices to Premises, including any common areas; (ii) vacate and surrender the Premises to Landlord, empty of all persons; (iii) vacate any/all parking and/or storage space; (iv) clean and deliver Premises, as specified in paragraph C below, to Landlord in the same condition as referenced in paragraph 17; (v) remove all debris; (vi) give written notice to Landlord of Tenant's forwarding address; and (vii) conduct thorough professional cleaning in accordance with the following guidelines:

* General

* Clean all sinks, showers, and bathtubs thoroughly.

* Clean all floors - mop all hard surface floors (i.e. linoleum, tile, etc.) and stream clean all carpets.

* Wipe down all surfaces, blinds, windowsills, doorframes, etc.

* Wash any marks off walls.

* Restore all walls to the color white.

* Clean closet shelves and rods.

* Clean all doors.

* Kitchen

* Clean inside of oven, oven hoods, and top of stove.

* Wipe down the inside and outside of the refrigerator and freezer.

* Ensure all food items have been removed from the refrigerator, freezer and all cupboards.

* Clean inside all cupboards.

* Windows

* Wash and clean inside of all windows and outside of all first floor windows.

* Front Yard

* Remove all personal property, debris, and unnecessary items.

* Clean all patios, walkways, steps, etc.

* All alterations/improvements made by or caused to be made by Tenant, with or without Landlord's consent, become the property of Landlord upon termination. Landlord may charge Tenant for restoration of the Premises to the condition it was in prior to any alterations/improvements if the alterations/improvements were not approved by the Landlord.

* Right to Pre-Move-Out Inspection and Repairs: (i) After giving or receiving notice of termination of a tenancy (C.A.R. Form NTT), or before the end of a lease, Tenant has the right to request that an inspection of the Premises take place prior to termination of the lease or rental (C.A.R. Form NRI). If Tenant requests such an inspection, Tenant shall be given an opportunity to remedy identified deficiencies prior to termination, consistent with the terms of this Agreement. (ii) Any repairs or alterations made to the Premises as a result of this inspection (collectively, "Repairs") shall be made at Tenant's expense. Repairs may be performed by Tenant or through others, who have adequate insurance and licenses and are approved by Landlord. The work shall comply with applicable law, including governmental permit, inspection and approval requirements. Repairs shall be performed in a good, skillful manner with materials of quality and appearance comparable to existing materials. It is understood that exact restoration of appearance or cosmetic items following all Repairs may not be possible. (iii) Tenant shall: (a) obtain receipts for Repairs performed by others; (b) prepare a written statement indicating the Repairs performed by Tenant and the date of such Repairs; and (c) provide copies of receipts and statements to Landlord prior to termination.

* **Breach of Contract; Early Termination.** In addition to any obligations established by paragraph 30, in the event of termination by Tenant prior to completion of the original term of the Agreement, Tenant shall also be responsible for lost Rent, rental commissions, advertising expenses and painting costs necessary to ready Premises for re-rental. Landlord may withhold any such amounts from Tenant's security deposit.

* **Temporary Relocation.** Subject to local law, Tenant agrees, upon demand of Landlord, to temporarily vacate Premises for a reasonable period, to allow for fumigation (or other methods) to control wood destroying pests or organisms, or other repairs to Premises. Tenant agrees to comply with all instructions and requirements necessary to prepare Premises to accommodate pest control, fumigation or other work, including bagging or storage of food and medicine, and removal of perishables and valuables. Tenant shall only be entitled to a credit of Rent equal to the per diem Rent for the period of time Tenant is required to vacate Premises.

* **Damage to Premises.** If, by no fault of Tenant, Premises are totally or partially damaged or destroyed by fire, earthquake, accident or other casualty that render Premises totally or partially uninhabitable, either Landlord or Tenant may terminate this Agreement by giving the other written notice. Rent shall be abated as of the date Premises become totally or partially uninhabitable. The abated amount shall be the current monthly Rent prorated on a 30-day period. If the Agreement is not terminated, Landlord shall promptly repair the damage, and Rent shall be reduced based on the extent to which the damage interferes with Tenant's reasonable use of Premises. If damage occurs as a result of an act of Tenant or Tenant's guests, only Landlord shall have the right of termination, and no reduction in Rent shall be made.

* If the Premises are partially destroyed by fire or other casualty to an extent that prevents the conducting of Tenant's use of the Premises in a normal manner, and if the damage is reasonably repairable within sixty days after the occurrence of the destruction, and if the cost of repair is less than $10,000.00, Landlord shall repair the Premises and a just proportion of the lease payments shall abate during the period of the repair according to the extent to which the Premises have been rendered untenantable. However, if the damage is not repairable within sixty days, or if the cost of repair is $10,000.00 or more, or if Landlord is prevented from repairing the damage by forces beyond Landlord's control, or if the property is condemned, this Lease shall terminate upon twenty days' written notice of such event or condition by either party and any unearned rent paid in advance by Tenant shall be apportioned and refunded to it. Tenant shall give Landlord immediate notice of any damage to the Premises.

* **Military Termination Clause.** In the event the Tenant is, or hereafter becomes, a member of the United States Armed Forces on extended active duty and hereafter the Tenant receives permanent change of station orders to depart from the area where the Premises are located; is relieved from active duty, retires or separates from the military; or is ordered into military housing, the Tenant may terminate this lease upon giving thirty (30) days; written notice to the Landlord. The Tenant shall also provide to the Landlord a copy of the official orders or a letter signed by the Tenant's commanding officer reflecting the change that warrants termination under this clause. The Tenant will pay prorated rent for any days he or she occupies the dwelling past the first day of the month. Any security deposit will be promptly returned to the Tenant, provided there are no damages to the Premises.

* **Habitability.** Tenant has inspected the Premises and fixtures (or has had the Premises inspected on behalf of Tenant), and acknowledges that the Premises are in a reasonable and acceptable condition of habitability for their intended use, and the agreed lease payments are fair and reasonable. If the condition changes so that, in Tenant's opinion, the habitability and rental value of the Premises are adversely affected, Tenant shall promptly provide reasonable notice to Landlord.

* **Holdover.** If Tenant maintains possession of the Premises for any period after the termination of this Lease ("Holdover Period"), Tenant shall pay to Landlord lease payment(s) during the Holdover Period at a rate equal to the most recent payment amount.

* **Cumulative Rights.** The rights of the parties under this Lease are cumulative and shall not be construed as exclusive unless otherwise required by law.

* **Remodeling or Structural Improvements.** Tenant shall be allowed to conduct construction or remodeling (at Tenant's expense) only with the prior written consent of the Landlord which shall not be unreasonably withheld. At the end of the lease term, Tenant shall be entitled to remove (or at the request of Landlord shall remove) any such fixtures, and shall restore the Premises to substantially the same condition that existed at the commencement of this Lease.

* Upon prior written consent of Landlord, Tenant may install satellite dishes within the Premises. If allowed, the Satellite Dish must be installed WITHIN the exterior boundaries of the Premises or inside balcony railings or window. The Satellite Dish must be mounted so as to not be visible from the street or in any other way negatively impact the outward appearance of the building.

* The Satellite Dish must be securely and properly mounted in a workman-like manner by a licensed contractor. Installation and maintenance of the Satellite Dish must not damage the Premises or its walls in any way. The Tenant remains strictly liable for any injury or damage to persons or property caused by the satellite dish and Tenant MUST maintain sufficient liability coverage against any such injury or damage. Proof of such insurance MUST BE provided to Landlord, with Landlord listed as an additional insured, prior to approval of installation and upon each renewal of coverage.

* **Rooftop.** No satellite dishes or other equipment are permitted on the roof at any time.

* **Access by Landlord to Premises.** Landlord shall have the right to enter the Premises pursuant to local law and regulations and to make inspections, provide necessary services, or show the unit to prospective buyers, mortgagees, tenants or workers. Landlord will provide reasonable notice of its intention to enter the Premises. If Tenant has, after written notice to cease, continued to deny Landlord access to the unit, as required by State law, such failure is a substantial breach of this agreement and is a just cause for eviction. However, Landlord does not assume any liability for the care or supervision of the Premises. As provided by law, in the case of an emergency, Landlord may enter the Premises without Tenant's consent. During the last three months of this Lease, or any extension of this Lease, Landlord shall be allowed to display the usual "To Let" signs and show the Premises to prospective tenants.

* **Indemnity Regarding Use of Premises.** To the extent permitted by law, Tenant agrees to indemnify, hold harmless, and defend Landlord from and against any and all losses, claims, liabilities, and expenses, including reasonable attorney fees, if any, which Landlord may suffer or incur in connection with Tenant's possession, use or misuse of the Premises, except Landlord's act or negligence. Tenant hereby expressly releases Landlord and/or Agent from any and all liability for loss or damage to Tenant's property or effects whether in the Premises, garage, storerooms or any other location in or about the Premises, arising out of any cause whatsoever, including but not limited to rain, plumbing leakage, fire or theft, except in the case that such damage has been adjudged to be the result of the gross negligence of Landlord, Landlord's employees, heirs, successors, assignees and/or Agents.

* **Accommodation.** Landlord agrees to and is committed to complying with all applicable laws providing equal housing opportunities. To ensure compliance, Landlord will make reasonable accommodations for the known physical or mental limitations of an otherwise qualified individual with a disability who is an applicant or a tenant, unless undue hardship would result. It is the applicant or tenant's responsibility to make Landlord aware of any required accommodation. In writing, the individual with the disability should specify the nature and effect of the disability and any accommodation he or she needs. If after thoughtful consideration and evaluation, the accommodation is reasonable and will not impose an undue hardship, Landlord will make the accommodation. Landlord reserves the right to require appropriate medical verification of the disability.

* **Dangerous Materials.** Tenant shall not keep or have on the Premises any article or thing of a dangerous, flammable, or explosive character that might substantially increase the danger of fire on the Premises, or that might be considered hazardous by a responsible insurance company, unless the prior written consent of Landlord is obtained and proof of adequate insurance protection is provided by Tenant to Landlord.

* **Asbestos.** The Premises may contain asbestos or have original construction materials that contain asbestos.

* Damaging or disturbing the surface of asbestos-containing materials may increase the risk of exposure. Therefore, Tenant and Tenant's guests, contractors or invitees shall not allow any action which may, in any way, disturb asbestos-containing materials or any part of the Premises that may contain asbestos or asbestos-containing materials. Tenant shall notify Landlord immediately if Tenant knows or suspects that an asbestos-containing material has been disturbed or if Tenant becomes aware of any asbestos-containing material that is showing signs of deterioration.

* **Compliance with Regulations.** Tenant shall promptly comply with all laws, ordinances, requirements and regulations of the federal, state, county, municipal and other authorities, and the fire insurance underwriters. Tenant shall not use the Premises for any unlawful purpose including, but not limited to, using, storying, or selling prohibited drugs. Tenant shall not by this provision be required to make alterations to the exterior of the building or alterations of a structural nature.

* **Mechanics Liens.** Neither Tenant nor anyone claiming through the Tenant shall have the right to file mechanics liens or any other kind of lien on the Premises and the filing of this Lease constitutes notice that such liens are invalid. Further, Tenant agrees to (1) give actual advance notice to any contractors, subcontractors or suppliers of goods, labor, or services that such liens will not be valid, and (2) take whatever additional steps that are necessary in order to keep the Premises free of all liens resulting from construction done by or for the Tenant.

* **Subordination of Lease.** This Lease is subordinate to any mortgage that now exists, or may be given later by Landlord, with respect to the Premises.

* **Assignability/Subletting.** Tenant may not assign or sublease any interest in the Premises, nor assign, mortgage or pledge this Lease, without the prior written consent of Landlord, which may be unreasonably withheld. No person other than the named Tenant shall be permitted to regularly or continuously use or occupy the Premises unless Tenant notifies Landlord in writing, signed by every Tenant, stating a request to have a new person occupy the Premises; the prospective occupant completes and provided Landlord with Landlord's rental application; Landlord approves the prospective occupants creditworthiness and references from prior landlords; and Tenant(s) and prospective occupant acknowledge, in writing, receipt of a copy of Section 6.14 of the Rules and Regulations of the San Francisco Rent Ordinance, if applicable, and the new occupant signs Landlord's standard form Sub-Tenancy Agreement for such occupancy before occupying the Premises, which agreement will include a provision that the new occupant will abide by and perform all the obligations of this Agreement. In the event that Landlord consents to any sub-tenancy, Original Tenant may not charge more to the sub-tenant(s) than that proportional share of the rent which is being charged by and paid to Landlord. No action or inaction or acceptance of rent or knowledge on the part of Landlord shall be deemed to be a waiver of the provision of this Paragraph on the part of Landlord and shall not be deemed an approval of any person as a sub-tenant for any purpose.

* **Individual Liability.** Each person who signs this agreement, whether or not said person is or remains in possession of the Premises, is jointly and severally responsible for the full performance of each and every obligation of this agreement, including, but not limited to, the payment of all rent due and the payment of costs to remedy damages to the Premises regardless of whether such damages were caused by Tenant, Tenant's Guests or Invitees.

* **Inspection of Premises.** Tenant has inspected the Premises, furnishings and equipment including smoke detectors, where applicable, and finds the Premises to be satisfactory and in good working order. All plumbing, heating and electrical systems are operative and deemed satisfactory by Tenant if Landlord is not notified in writing to the contrary within 48 hours of occupancy of the Premises.

* **Nuisance.** Tenant agrees to be considerate of other tenants and neighbors at all times. Tenant agrees not to commit, nor permit to be committed, any waste or nuisance, upon in or about the Premises, nor shall Tenant create or permit a substantial interference with the comfort, safety, or enjoyment of Landlord, other tenant(s) or occupants of the property or their Agents, guests and/or invitees and the neighbors. Some rules related to the aforementioned substantial interference include, but not limited to, (i) No loud music at any time and (ii) No objectionable noise after 10:00 p.m. Waste, nuisance, and substantial interference are substantial violations of a material term of the tenancy and constitute just cause for eviction.

* **Lead Disclosure.** Many homes and apartments built before 1978 have paint that contains lead (called lead-based paint). Lead from paint chips and dust can pose serious health hazards if not taken care of properly. The law requires that tenants and lessees receive certain information before renting pre-1978 housing. By signing this Lease, Tenant represents and agrees that Landlord has provided Tenant with such information, including, but not limited to the EPA Booklet Entitled Protect Your Family From Lead In Your Home, Disclosure of Information on Lead-Based Paint and Lead-Based Paint Hazards, and San Francisco Lead Hazard Notice for Pre-1978 Dwellings.

* **Mold/Mildew.** Landlord endeavors to maintain the highest quality living environment for the Tenant. Except as may be noted at the time of Tenant's move in inspection, Tenant agrees that the Premises is being delivered free of know damp or wet building materials ("mold") or mildew. Tenant acknowledges and agrees that (i) mold can grow if the Premises is not property maintained; (ii) moisture may accumulate inside the Premises if it is not regularly aired out; (iii) if moisture is allowed to accumulate, it can lead to the growth of mold; and (iv) mold may grown even in a small amount of moisture. Tenant acknowledges and agrees to maintain the Premises in a manner that prevents the occurrence of, and infestation of mold or mildew in the Premises. Tenant agrees to uphold this responsibility in part by complying with the list of responsibilities listed below. By signing this Lease, Tenant represents and agrees that Landlord has provided Tenant with such information and that Tenant's agreement to do so is part of Tenant's material consideration in Landlord's agreement to rent the Premises to Tenant. Accordingly, Tenant agrees to the following responsibilities:

* Maintain the Premises free of dirt, debris and moisture that can harbor mold;

* Clean any mildew or mold that appears with an appropriate cleaner designed to kill mold;

* Clean and dry any visible moisture on windows, walls and other surfaces, including personal property as quickly as possible; (Note: Mold can grow on damp surfaces within 24 - 48 hours.)

* Use reasonable care to close all windows and other openings in the Premises to prevent water from entering the Premises;

* Regularly allow air to circulate in the living areas and unit. Use exhaust fans, if any, in the bathroom(s) and kitchen while using those facilities and notify Landlord of any inoperative exhaust fans;

* Immediately notify Landlord of any water intrusion, including but not limited to, roof or plumbing leaks, drips or "sweating pipes";

* Immediately notify Landlord of overflows from bathroom, kitchen or laundry facilities;

* Immediately notify Landlord of any significant mold growth on surfaces in the Premises;

* Allow Landlord to enter the Premises to make inspections regarding mold and ventilation;

* Tenant agrees to indemnify and hold harmless the Landlord from any actions, claims, losses, damages, and expenses, including, but not limited to, attorney's fees that the Landlord may sustain or incur as a result of the negligence of the Tenant or any guest,licensee, invitee or other person living in, occupying, or using the Property.

* If Tenant fails to comply with the terms of this terms of this above listed responsibilities, it is considered a material breach of the Lease Agreement.

* **Notice.** Notices under this Lease shall not be deemed valid unless given or served in writing and forwarded by mail, postage prepaid, addressed to the party at the appropriate address set forth below. Such addresses may be changed from time to time by either party by providing notice as set forth below. Notices mailed in accordance with these provisions shall be deemed received on the third day after posting.

* LANDLORD: ARK7 PROPERTIES LLC - SERIES # [______] 1 Ferry Building, Ste 201 San Francisco, CA 94111

* TENANT: Such addresses may be changed from time to time by either party by providing notice as set forth above.

* **Governing Law.** This Lease shall be construed in accordance with the laws of the State of California.

* **Subrogation.** To the maximum extent permitted by insurance policies which may be owned by the parties, Landlord and Tenant waive any and all rights of subrogation against each other by which might otherwise exist.

* **Fair Housing.** Landlord and Tenant understand that the state and federal housing laws prohibit discrimination in the sale, rental, appraisal, financing or advertising of housing on the basis of race, color, religion, sex, sexual orientation, marital status, national origin, ancestry, familial status, source of income, age, mental or physical disability, immigration or citizenship status.

* **Entire Agreement/Amendment.** This Lease contains the entire agreement of the parties and there are no other promises, conditions, understandings or other agreements, whether oral or written, relating to the subject matter of this Lease. This Lease may be modified or amended in writing, if the writing is signed by the party obligated under the amendment.

* **Severability; Waiver.** If any portion of this Lease shall be held to be invalid or unenforceable for any reason, the remaining provisions shall continue to be valid and enforceable. If a court finds that any provision of this Lease is invalid or unenforceable, but that by limiting such provision it would become valid and enforceable, then such provision shall be deemed to be written, construed, and enforced as so limited. The failure of either party to enforce any provisions of this Lease shall not be construed as a waiver or limitation of that party's right to subsequently enforce and compel strict compliance with every provision of this Lease.

* **Time of Essence.** Time is of the essence with respect to the execution of this Lease.

* **Estoppel Certificate.** Tenant shall execute and return a tenant estoppel certificate delivered to Tenant by Landlord or Landlord's agent within 3 days after its receipt. Failure to comply with this requirement shall be deemed Tenant's acknowledgment that the estoppel certificate is true and correct, and may be relied upon by a lender or purchaser.

* **Tenant Representation; Credit.** Tenant represents and warrants that all statements in Tenant's rental application are accurate. Tenant authorizes Landlord and any broker to obtain Tenant's credit report periodically during the tenancy in connection with the modification or enforcement of this Lease. Landlord may cancel this Lease (i) before occupancy begins, (ii) upon disapproval of the credit report(s), or (iii) at any time, upon discovering that information in Tenant's application is false.

* **Binding Effect.** The provisions of this Lease shall be binding upon and inure to the benefit of both parties and their respective legal representatives, successors and assigns.

* **Dispute Resolution.** The parties will attempt to resolve any dispute arising out of or relating to this Agreement through friendly negotiations amongst the parties. If the matter is not resolved by negotiation, the parties will resolve the dispute using the below Alternative Dispute Resolution (ADR) Procedure, unless the dispute or controversy meets the requirements to be brought before California's small claims court or is an unlawful detainer proceeding.

* Any controversies or disputes arising out of or relating to this Agreement, other than those excepted above, will be submitted to mediation in accordance with any statutory rules of mediation for the State of California. If mediation does not successfully resolve the dispute, then the parties may proceed to seek an alternative form of resolution in accordance with any other rights and remedies afforded to them by law.

* **Time of Essence; Entire Contract; Changes.** Time is of the essence. All understandings between the parties are incorporated in this Agreement. Its terms are intended by the parties as a final, complete and exclusive expression of their Agreement with respect to its subject matter, and may not be contradicted by evidence of any prior agreement or contemporaneous oral agreement. If any provision of this Agreement is held to be ineffective or invalid, the remaining provisions will nevertheless be given full force and effect. Neither this Agreement nor any provision in it may be extended, amended, modified, altered or changed except in writing. This Agreement and any supplement, addendum or modification, including any copy, may be signed in two or more counterparts, all of which shall constitute one and the same writing.

IN WITNESS WHEREOF, the Landlord and Tenant have executed this Agreement in the manner prescribed by law as of the Effective Date.

LANDLORD:

ARK7 PROPERTIES LLC} - SERIES # [______]

Dated:

TENANTS:

Signature:

Name: [TENANT1]

Dated:

Signature:

Name: [TENANT2]

Dated:

## Ex1A-6

**ASSET MANAGEMENT AGREEMENT**

**BETWEEN**

**ARK7 INC.**

**AND**

**ARK7 PROPERTIES LLC - SERIES #MHQNN**

This ASSET MANAGEMENT AGREEMENT (this "Agreement") dated as of March 7, 2020 is entered into between Ark7 Inc., a corporation organized under the laws of the State of Delaware (the "Asset Manager"), and Ark7 Properties LLC - Series #MHQNN (the "Series").

WHEREAS, the Series seeks to invest in the #MHQNN Asset (as defined in the Appendix) in accordance with the terms and conditions of the Operating Agreement, dated September 13, 2029, of Ark7 Properties LLC, a series limited liability company organized under the laws of the State of Delaware (the "Company") together with Exhibit B setting forth the terms of the Series, in each case as amended and restated from time to time (the "Operating Agreement");

WHEREAS, pursuant to the Operating Agreement, the managing member of the Series shall be responsible for the acquisition, management and disposition of the #MHQNN Asset as well as the business of the Series;

WHEREAS, the Series desires to avail itself of the advice and assistance of the Asset Manager and to appoint and retain the Asset Manager as the asset manager to the Series with respect to the #MHQNN Asset;

WHEREAS, the Asset Manager wishes to accept such appointment; and

NOW THEREFORE, in consideration of the mutual agreements herein contained, the parties hereby covenant and agree as follows:

* Appointment of Asset Manager; Acceptance of Appointment. The Series hereby appoints the Asset Manager as asset manager to the Series for the purpose of managing the #MHQNN Asset. The Asset Manager hereby accepts such appointment.

* Authority of the Asset Manager.

* Except as set forth in Section 2(e) below and any guidance as may be established from time to time by the Managing Member of the Series, the Asset Manager shall have sole authority and complete discretion over the care, custody, maintenance and management of the #MHQNN Asset and to take any action that it deems necessary or desirable in connection therewith.

* The Asset Manager shall devote such time to its duties under this Agreement as may be deemed reasonably necessary by the Asset Manager in light of the understanding that such duties are expected to be performed only at occasional or irregular intervals.

* The Asset Manager may delegate all or any of its duties under this Agreement to any Person who shall perform such delegated duties under the supervision of the Asset Manager on such terms as the Asset Manager shall determine.

* Notwithstanding any other provision of this Agreement to the contrary, the Asset Manager shall not have the authority to:

* acquire any asset or service for an amount equal to or greater than 1% of the value of the #MHQNN Asset as of such date, individually, or 3% of the value of the #MHQNN Asset as of such date, in the aggregate without the prior consent of the Managing Member of the Series; or

* sell, transfer, encumber or convey the #MHQNN Asset, provided, however, that the Asset Manager may deliver to the Managing Member of the Company any offers received by the Asset Manager to purchase the #MHQNN Asset and any research or analysis prepared by the Asset Manager regarding the potential sale of the #MHQNN Asset, including market analysis, survey results or information regarding any inquiries received and information regarding potential purchasers.

* Cooperation. The Asset Manager agrees to use reasonable efforts to make appropriate personnel available for consultation with the Series on matters pertaining to the #MHQNN Asset and to consult with the Managing Member of the Series regarding asset management decisions with respect to the #MHQNN Asset prior to execution. The Managing Member of the Series may make any reasonable request for the provision of information or for other cooperation from the Asset Manager with respect to its duties under this Agreement, and the Asset Manager shall use reasonable efforts to comply with such request, including without limitation, furnishing the Series with such documents, reports, data and other information as the Managing Member of the Series may reasonably request regarding the #MHQNN Asset and the Asset Manager's performance hereunder or compliance with the terms hereof.

* Representations and Warranties. Each party hereto represents and warrants that this Agreement has been duly authorized, executed and delivered by such party and constitutes the legal, valid and binding obligation of such party.

* Limitation of Liability; Indemnification with respect to #MHQNN Asset.

* None of the Asset Manager, its affiliates, or any of their respective directors, members, stockholders, partners, officers, employees or controlling persons (collectively, "Managing Parties") shall be liable to the applicable Series or the Company for (i) any act or omission performed or failed to be performed by any Managing Party (other than any criminal wrongdoing) arising from the exercise of such Managing Party's rights or obligations hereunder, or for any losses, claims, costs, damages, or liabilities arising therefrom, in the absence of criminal wrongdoing, willful misfeasance or gross negligence on the part of such Managing Party, with respect to #MHQNN Asset, (ii) any tax liability imposed on the Series or the #MHQNN Asset, or (iii) any losses due to the actions or omissions of the Series or any brokers or other current or former agents or advisers of the Series.

* To the fullest extent permitted by applicable law, the Series will indemnify the Asset Manager and its Managing Parties against any and all losses, damages, liabilities, judgments, costs and expenses (including, without limitation, reasonable attorneys' fees and disbursements) and amounts paid in settlement (collectively, "Losses") to which such person may become subject in connection with any matter arising out of or in connection with this Agreement, except to the extent that any such Loss results solely from the acts or omissions of a Managing Party that have been determined in a final, non-appealable decision of a court, arbitrator or other tribunal of competent jurisdiction to have resulted primarily from such Managing Party's fraud, willful misconduct or gross negligence. If this Section 5 or any portion hereof shall be invalidated on any ground by a court of competent jurisdiction, the Series shall nevertheless indemnify the Managing Party for any Losses incurred to the full extent permitted by any applicable portion of this Section that shall not have been invalidated.

* The Asset Manager gives no warranty as to the performance or profitability of the #MHQNN Asset or as to the performance of any third party engaged by the Asset Manager hereunder.

* The Asset Manager may rely upon and shall be protected in acting or refraining from action upon any instruction from, or document signed by, any authorized person of the Series or other person reasonably believed by the Asset Manager to be authorized to give or sign the same whether or not the authority of such person is then effective.

* Assignments. This Agreement may not be assigned by either party without the consent of the other party. In performing its obligations under this Agreement, the Asset Manager may, at its discretion, delegate any or all of its rights, powers and functions under this Agreement to any Person in accordance with section 2(d) without the need for the consent of the Series, provided that the Asset Manager's liability to the Series for all matters so delegated shall not be affected by such delegation.

* Compensation and Expenses.

* As compensation for services performed by the Asset Manager under this Agreement, and in consideration therefor, the Series will pay an annual asset management fee (the "Asset Management Fee") to the Asset Manager in respect of each fiscal year, equal to 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. Any such amount will be paid at the same time as, and only if, a distribution is made from the Series to its Members.

* Except as set forth in Section 5, the Series will bear all expenses of the #MHQNN Asset and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation").

* Each party will bear its own costs relating to the negotiation, preparation, execution and implementation of this Agreement.

* Services to Other Clients; Certain Affiliated Activities.

* The relationship between the Asset Manager and the Series is as described in this Agreement and nothing in this Agreement, none of the services to be provided pursuant to this Agreement, nor any other matter, shall oblige the Asset Manager to accept responsibilities that are more extensive than those set forth in this Agreement.

* The Asset Manager's services to the Series are not exclusive. The Asset Manager may engage in other activities on behalf of itself, any other Managing Party and other clients (which, for the avoidance of doubt, may include other series of the Company). The Series acknowledges and agrees that the Asset Manager may, without prior notice to the Series, give advice to such other clients. The Asset Manager shall not be liable to account to the Series for any profits, commission or remuneration made or received in respect of transactions effected pursuant to the Asset Manager's advice to another client and nor will the Asset Manager's fees be abated as a result.

* Duration and Termination. Unless terminated as set forth below, this Agreement shall continue in full force and effect until one year after the date on which the #MHQNN Asset has been liquidated and the obligations connected to such #MHQNN Asset (including, without limitation, contingent obligations) have terminated or, if earlier, the removal of Ark7 Inc. as Managing Member of the Series. Either party may terminate this Agreement immediately upon a material breach of the Agreement by the other party, without penalty or other additional payment, except that the Series shall pay the Asset Management Fee of the Asset Manager referred to in section 7, pro-rated to the date of termination, together with all amounts outstanding under any Operating Expenses Reimbursement Obligation. Termination shall not affect accrued rights, and the provisions of Sections 4, 5, 7 (with respect to any accrued but unpaid fees and expenses), 8, 9, 11, 14 and 16 hereof shall survive the termination of this Agreement.

* Power of Attorney. For so long as this Agreement is in effect, the Series constitutes and appoints the Asset Manager, with full power of substitution, its true and lawful attorney-in-fact and in its name, place and stead to carry out the Asset Manager's obligations and responsibilities to the Series under this Agreement, solely with respect to the #MHQNN Asset. 

* Notices. Except as otherwise specifically provided herein, all notices shall be deemed duly given when sent in writing by registered mail, overnight courier or email to the appropriate party at the following addresses, or to such other address as shall be notified in writing by that party to the other party from time to time:

If to the Series:

Ark7 Properties LLC - Series #MHQNN

2924 Mabel St, Berkeley, CA 94702 2924 Mabel St, Berkeley, CA 94702

Attention: President Email: support@ark7.com

If to the Asset Manager:

Ark7 Inc.

2924 Mabel St, Berkeley, CA 94702 2924 Mabel St, Berkeley, CA 94702

Attention: President

Email: support@ark7.com

* Independent Contractor. For all purposes of this Agreement, the Asset Manager shall be an independent contractor and not an employee or dependent agent of the Series nor shall anything herein be construed as making the Series a partner or co-venturer with the Asset Manager, any other Managing Party or any of its other clients. Except as expressly provided in this Agreement or as otherwise authorized in writing by the Series, the Asset Manager shall have no authority to bind, obligate or represent the Series.

* Entire Agreement; Amendment; Severability. This Agreement states the entire agreement of the parties with respect to the subject matter hereof and supersedes any prior agreements relating to the subject matter hereof, and may not be supplemented or amended except in writing signed by the parties. If any provision or any part of a provision of this Agreement shall be found to be void or unenforceable, it shall not affect the remaining part, which shall remain in full force and effect.

* Confidentiality. All information furnished or made available by the Series or the Company to the Asset Manager hereunder, or by the Asset Manager to the Series or the Company hereunder, shall be treated as confidential by the Asset Manager, or the Series and the Company, as applicable, and shall not be disclosed to third parties except as required by law or as required in connection with the execution of transactions with respect to the #MHQNN Asset and except for disclosure to counsel, accountants and other advisors.

* Definitions. Words and expressions which are used but not defined in this Agreement shall have the meanings given to them in the Operating Agreement.

* Governing Law; Jurisdiction.

* This Agreement and the rights of the parties shall be governed by and construed in accordance with the laws of the State of Delaware.

* The parties irrevocably agree that the Court of Chancery of the State of Delaware is to have the exclusive jurisdiction to settle any disputes which may arise out of in connection with this Agreement and accordingly any suit, action or proceeding arising out of or in connection with this Agreement shall be brought in such courts.

* Counterparts. This Agreement may be executed in one or more counterparts with the same force and effect as if each of the signatories had executed the same instrument.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly appointed agents so as to be effective on the day, month and year first above written.

**ASSET MANAGER**

ARK7 INC.

By: /s/Yizhen Zhao Name: Yizhen Zhao Title: CEO

Ark7 Properties LLC - SERIES #MHQNN

**By: ARK7 INC., as managing member**

By: /s/Yizhen Zhao Name: Yizhen Zhao Title: CEO

**APPENDIX**

**THE #MHQNN ASSET**

Property Address: 2924 Mabel St, Berkeley, CA 94702

## Ex1A-6

**LOAN AGREEMENT**

**THIS LOAN AGREEMENT** (this "**Agreement**") dated on July 8, 2019.

**BETWEEN:**

Ark7 Properties LLC

1 Ferry Building, Ste 201

San Francisco, CA 94111

(the "**Lender**")

AND

Ark7 Properties LLC - Series #MHQNN

1 Ferry Building, Ste 201

San Francisco, CA 94111

(the "**Borrower**")

IN CONSIDERATION OF the Lender loaning certain amount of the loan (the "**Loan**") to the Borrower, and the Borrower repaying the loan to the Lender, both parties agree to keep, perform and fulfill the promises and conditions set out in this Agreement:

**Loan Amount & Interest**

* The Lender promises to loan $750,000.00 to the Borrower and the Borrower promises to repay this principal amount to the Lender, with interest payable on the unpaid principal at the rate of 7.00% per annum, calculated semi-annually not in advance, beginning on July 8, 2019. The Borrower may prepay the Loan but in no event shall the interest rate chargeable hereinabove for any day be less than 7.00% per annum.

**Payment**

* This Loan will be repaid in full on October 7, 2020.

**Bank Account Authorization**

* Lender will authorize Borrower to use Bank of America checking account ending with 6974 for property acquisition purpose.

**Default**

* Notwithstanding anything to the contrary in this Agreement, if the Borrower defaults in the performance of any obligation under this Agreement, then the Lender may declare the principal amount owing and interest due under this Agreement at that time to be immediately due and payable.

**Governing Law**

* This Agreement will be construed in accordance with and governed by the laws of the State of California.

**Costs**

* All costs, expenses and expenditures including, without limitation, the complete legal costs incurred by enforcing this Agreement as a result of any default by the Borrower, will be added to the principal then outstanding and will immediately be paid by the Borrower.

**Binding Effect**

* This Agreement will pass to the benefit of and be binding upon the respective heirs, executors, administrators, successors and permitted assigns of the Borrower and Lender. The Borrower waives presentment for payment, notice of non-payment, protest, and notice of protest.

**Amendments**

* This Agreement may only be amended or modified by a written instrument executed by both the Borrower and the Lender.

**Severability**

* The clauses and paragraphs contained in this Agreement are intended to be read and construed independently of each other. If any term, covenant, condition or provision of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, it is the parties' intent that such provision be reduced in scope by the court only to the extent deemed necessary by that court to render the provision reasonable and enforceable and the remainder of the provisions of this Agreement will in no way be affected, impaired or invalidated as a result.

**General Provisions**

* Headings are inserted for the convenience of the parties only and are not to be considered when interpreting this Agreement. Words in the singular mean and include the plural and vice versa. Words in the masculine mean and include the feminine and vice versa.

**Entire Agreement**

* This Agreement constitutes the entire agreement between the parties and there are no further items or provisions, either oral or otherwise.

**IN WITNESS WHEREOF**, the parties have duly affixed their signatures under hand and seal on the date first above written.

**SIGNED, SEALED, AND DELIVERED**

**ARK7 PROPERTIES LLC**

---

| | | |
|:---|:---|:---|
| By | */s/ ARK7 INC., as managing member* | */s/ ARK7 INC., as managing member* |
|  | By: | */s/ Yizhen Zhao* |
|  | Name: | Yizhen Zhao |
|  | Title: | CEO |

---

**SIGNED, SEALED, AND DELIVERED**

**ARK7 PROPERTIES LLC - SERIES #MHQNN**

---

| | | |
|:---|:---|:---|
| By | */s/ ARK7 INC., as managing member* | */s/ ARK7 INC., as managing member* |
|  | By: | */s/ Yizhen Zhao* |
|  | Name: | Yizhen Zhao |
|  | Title: | CEO |

---

## Ex1A-6

**ASSET MANAGEMENT AGREEMENT**

**BETWEEN**

**ARK7 INC.**

**AND**

**ARK7 PROPERTIES LLC - SERIES #KYLBE**

This ASSET MANAGEMENT AGREEMENT (this "Agreement") dated as of August 12, 2019 is entered into between Ark7 Inc., a corporation organized under the laws of the State of Delaware (the "Asset Manager"), and Ark7 Properties LLC - Series #KYLBE (the "Series").

WHEREAS, the Series seeks to invest in the #KYLBE Asset (as defined in the Appendix) in accordance with the terms and conditions of the Operating Agreement, dated September 13, 2029, of Ark7 Properties LLC, a series limited liability company organized under the laws of the State of Delaware (the "Company") together with Exhibit B setting forth the terms of the Series, in each case as amended and restated from time to time (the "Operating Agreement");

WHEREAS, pursuant to the Operating Agreement, the managing member of the Series shall be responsible for the acquisition, management and disposition of the #KYLBE Asset as well as the business of the Series;

WHEREAS, the Series desires to avail itself of the advice and assistance of the Asset Manager and to appoint and retain the Asset Manager as the asset manager to the Series with respect to the #KYLBE Asset;

WHEREAS, the Asset Manager wishes to accept such appointment; and

NOW THEREFORE, in consideration of the mutual agreements herein contained, the parties hereby covenant and agree as follows:

* Appointment of Asset Manager; Acceptance of Appointment. The Series hereby appoints the Asset Manager as asset manager to the Series for the purpose of managing the #KYLBE Asset. The Asset Manager hereby accepts such appointment.

* Authority of the Asset Manager.

* Except as set forth in Section 2(e) below and any guidance as may be established from time to time by the Managing Member of the Series, the Asset Manager shall have sole authority and complete discretion over the care, custody, maintenance and management of the #KYLBE Asset and to take any action that it deems necessary or desirable in connection therewith.

* The Asset Manager shall devote such time to its duties under this Agreement as may be deemed reasonably necessary by the Asset Manager in light of the understanding that such duties are expected to be performed only at occasional or irregular intervals.

* The Asset Manager may delegate all or any of its duties under this Agreement to any Person who shall perform such delegated duties under the supervision of the Asset Manager on such terms as the Asset Manager shall determine.

* Notwithstanding any other provision of this Agreement to the contrary, the Asset Manager shall not have the authority to:

* acquire any asset or service for an amount equal to or greater than 1% of the value of the #KYLBE Asset as of such date, individually, or 3% of the value of the #KYLBE Asset as of such date, in the aggregate without the prior consent of the Managing Member of the Series; or

* sell, transfer, encumber or convey the #KYLBE Asset, provided, however, that the Asset Manager may deliver to the Managing Member of the Company any offers received by the Asset Manager to purchase the #KYLBE Asset and any research or analysis prepared by the Asset Manager regarding the potential sale of the #KYLBE Asset, including market analysis, survey results or information regarding any inquiries received and information regarding potential purchasers.

* Cooperation. The Asset Manager agrees to use reasonable efforts to make appropriate personnel available for consultation with the Series on matters pertaining to the #KYLBE Asset and to consult with the Managing Member of the Series regarding asset management decisions with respect to the #KYLBE Asset prior to execution. The Managing Member of the Series may make any reasonable request for the provision of information or for other cooperation from the Asset Manager with respect to its duties under this Agreement, and the Asset Manager shall use reasonable efforts to comply with such request, including without limitation, furnishing the Series with such documents, reports, data and other information as the Managing Member of the Series may reasonably request regarding the #KYLBE Asset and the Asset Manager's performance hereunder or compliance with the terms hereof.

* Representations and Warranties. Each party hereto represents and warrants that this Agreement has been duly authorized, executed and delivered by such party and constitutes the legal, valid and binding obligation of such party.

* Limitation of Liability; Indemnification with respect to #KYLBE Asset.

* None of the Asset Manager, its affiliates, or any of their respective directors, members, stockholders, partners, officers, employees or controlling persons (collectively, "Managing Parties") shall be liable to the applicable Series or the Company for (i) any act or omission performed or failed to be performed by any Managing Party (other than any criminal wrongdoing) arising from the exercise of such Managing Party's rights or obligations hereunder, or for any losses, claims, costs, damages, or liabilities arising therefrom, in the absence of criminal wrongdoing, willful misfeasance or gross negligence on the part of such Managing Party, with respect to #KYLBE Asset, (ii) any tax liability imposed on the Series or the #KYLBE Asset, or (iii) any losses due to the actions or omissions of the Series or any brokers or other current or former agents or advisers of the Series.

* To the fullest extent permitted by applicable law, the Series will indemnify the Asset Manager and its Managing Parties against any and all losses, damages, liabilities, judgments, costs and expenses (including, without limitation, reasonable attorneys' fees and disbursements) and amounts paid in settlement (collectively, "Losses") to which such person may become subject in connection with any matter arising out of or in connection with this Agreement, except to the extent that any such Loss results solely from the acts or omissions of a Managing Party that have been determined in a final, non-appealable decision of a court, arbitrator or other tribunal of competent jurisdiction to have resulted primarily from such Managing Party's fraud, willful misconduct or gross negligence. If this Section 5 or any portion hereof shall be invalidated on any ground by a court of competent jurisdiction, the Series shall nevertheless indemnify the Managing Party for any Losses incurred to the full extent permitted by any applicable portion of this Section that shall not have been invalidated.

* The Asset Manager gives no warranty as to the performance or profitability of the #KYLBE Asset or as to the performance of any third party engaged by the Asset Manager hereunder.

* The Asset Manager may rely upon and shall be protected in acting or refraining from action upon any instruction from, or document signed by, any authorized person of the Series or other person reasonably believed by the Asset Manager to be authorized to give or sign the same whether or not the authority of such person is then effective.

* Assignments. This Agreement may not be assigned by either party without the consent of the other party. In performing its obligations under this Agreement, the Asset Manager may, at its discretion, delegate any or all of its rights, powers and functions under this Agreement to any Person in accordance with section 2(d) without the need for the consent of the Series, provided that the Asset Manager's liability to the Series for all matters so delegated shall not be affected by such delegation.

* Compensation and Expenses.

* As compensation for services performed by the Asset Manager under this Agreement, and in consideration therefor, the Series will pay an annual asset management fee (the "Asset Management Fee") to the Asset Manager in respect of each fiscal year, equal to 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. Any such amount will be paid at the same time as, and only if, a distribution is made from the Series to its Members.

* Except as set forth in Section 5, the Series will bear all expenses of the #KYLBE Asset and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation").

* Each party will bear its own costs relating to the negotiation, preparation, execution and implementation of this Agreement.

* Services to Other Clients; Certain Affiliated Activities.

* The relationship between the Asset Manager and the Series is as described in this Agreement and nothing in this Agreement, none of the services to be provided pursuant to this Agreement, nor any other matter, shall oblige the Asset Manager to accept responsibilities that are more extensive than those set forth in this Agreement.

* The Asset Manager's services to the Series are not exclusive. The Asset Manager may engage in other activities on behalf of itself, any other Managing Party and other clients (which, for the avoidance of doubt, may include other series of the Company). The Series acknowledges and agrees that the Asset Manager may, without prior notice to the Series, give advice to such other clients. The Asset Manager shall not be liable to account to the Series for any profits, commission or remuneration made or received in respect of transactions effected pursuant to the Asset Manager's advice to another client and nor will the Asset Manager's fees be abated as a result.

* Duration and Termination. Unless terminated as set forth below, this Agreement shall continue in full force and effect until one year after the date on which the #KYLBE Asset has been liquidated and the obligations connected to such #KYLBE Asset (including, without limitation, contingent obligations) have terminated or, if earlier, the removal of Ark7 Inc. as Managing Member of the Series. Either party may terminate this Agreement immediately upon a material breach of the Agreement by the other party, without penalty or other additional payment, except that the Series shall pay the Asset Management Fee of the Asset Manager referred to in section 7, pro-rated to the date of termination, together with all amounts outstanding under any Operating Expenses Reimbursement Obligation. Termination shall not affect accrued rights, and the provisions of Sections 4, 5, 7 (with respect to any accrued but unpaid fees and expenses), 8, 9, 11, 14 and 16 hereof shall survive the termination of this Agreement.

* Power of Attorney. For so long as this Agreement is in effect, the Series constitutes and appoints the Asset Manager, with full power of substitution, its true and lawful attorney-in-fact and in its name, place and stead to carry out the Asset Manager's obligations and responsibilities to the Series under this Agreement, solely with respect to the #KYLBE Asset. 

* Notices. Except as otherwise specifically provided herein, all notices shall be deemed duly given when sent in writing by registered mail, overnight courier or email to the appropriate party at the following addresses, or to such other address as shall be notified in writing by that party to the other party from time to time:

If to the Series:

Ark7 Properties LLC - Series #KYLBE

3102-3108 California St, Berkeley, CA 94703 3102-3108 California St, Berkeley, CA 94703

Attention: President Email: support@ark7.com

If to the Asset Manager:

Ark7 Inc.

3102-3108 California St, Berkeley, CA 94703 3102-3108 California St, Berkeley, CA 94703

Attention: President

Email: support@ark7.com

* Independent Contractor. For all purposes of this Agreement, the Asset Manager shall be an independent contractor and not an employee or dependent agent of the Series nor shall anything herein be construed as making the Series a partner or co-venturer with the Asset Manager, any other Managing Party or any of its other clients. Except as expressly provided in this Agreement or as otherwise authorized in writing by the Series, the Asset Manager shall have no authority to bind, obligate or represent the Series.

* Entire Agreement; Amendment; Severability. This Agreement states the entire agreement of the parties with respect to the subject matter hereof and supersedes any prior agreements relating to the subject matter hereof, and may not be supplemented or amended except in writing signed by the parties. If any provision or any part of a provision of this Agreement shall be found to be void or unenforceable, it shall not affect the remaining part, which shall remain in full force and effect.

* Confidentiality. All information furnished or made available by the Series or the Company to the Asset Manager hereunder, or by the Asset Manager to the Series or the Company hereunder, shall be treated as confidential by the Asset Manager, or the Series and the Company, as applicable, and shall not be disclosed to third parties except as required by law or as required in connection with the execution of transactions with respect to the #KYLBE Asset and except for disclosure to counsel, accountants and other advisors.

* Definitions. Words and expressions which are used but not defined in this Agreement shall have the meanings given to them in the Operating Agreement.

* Governing Law; Jurisdiction.

* This Agreement and the rights of the parties shall be governed by and construed in accordance with the laws of the State of Delaware.

* The parties irrevocably agree that the Court of Chancery of the State of Delaware is to have the exclusive jurisdiction to settle any disputes which may arise out of in connection with this Agreement and accordingly any suit, action or proceeding arising out of or in connection with this Agreement shall be brought in such courts.

* Counterparts. This Agreement may be executed in one or more counterparts with the same force and effect as if each of the signatories had executed the same instrument.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly appointed agents so as to be effective on the day, month and year first above written.

**ASSET MANAGER**

ARK7 INC.

By: /s/Yizhen Zhao Name: Yizhen Zhao Title: CEO

Ark7 Properties LLC - SERIES #KYLBE

**By: ARK7 INC., as managing member**

By: /s/Yizhen Zhao Name: Yizhen Zhao Title: CEO

**APPENDIX**

**THE #KYLBE ASSET**

Property Address: 3102-3108 California St, Berkeley, CA 94703

## Ex1A-6

**LOAN AGREEMENT**

**THIS LOAN AGREEMENT** (this "**Agreement**") dated on July 8, 2019.

**BETWEEN:**

Ark7 Properties LLC

1 Ferry Building, Ste 201

San Francisco, CA 94111

(the "**Lender**")

AND

Ark7 Properties LLC - Series #KYLBE

1 Ferry Building, Ste 201

San Francisco, CA 94111

(the "**Borrower**")

IN CONSIDERATION OF the Lender loaning certain amount of the loan (the "**Loan**") to the Borrower, and the Borrower repaying the loan to the Lender, both parties agree to keep, perform and fulfill the promises and conditions set out in this Agreement:

**Loan Amount & Interest**

* The Lender promises to loan $750,000.00 to the Borrower and the Borrower promises to repay this principal amount to the Lender, with interest payable on the unpaid principal at the rate of 7.00% per annum, calculated semi-annually not in advance, beginning on July 8, 2019. The Borrower may prepay the Loan but in no event shall the interest rate chargeable hereinabove for any day be less than 7.00% per annum.

**Payment**

* This Loan will be repaid in full on December 7, 2020.

**Bank Account Authorization**

* Lender will authorize Borrower to use Bank of America checking account ending with 6974 for property acquisition purpose.

**Default**

* Notwithstanding anything to the contrary in this Agreement, if the Borrower defaults in the performance of any obligation under this Agreement, then the Lender may declare the principal amount owing and interest due under this Agreement at that time to be immediately due and payable.

**Governing Law**

* This Agreement will be construed in accordance with and governed by the laws of the State of California.

**Costs**

* All costs, expenses and expenditures including, without limitation, the complete legal costs incurred by enforcing this Agreement as a result of any default by the Borrower, will be added to the principal then outstanding and will immediately be paid by the Borrower.

**Binding Effect**

* This Agreement will pass to the benefit of and be binding upon the respective heirs, executors, administrators, successors and permitted assigns of the Borrower and Lender. The Borrower waives presentment for payment, notice of non-payment, protest, and notice of protest.

**Amendments**

* This Agreement may only be amended or modified by a written instrument executed by both the Borrower and the Lender.

**Severability**

* The clauses and paragraphs contained in this Agreement are intended to be read and construed independently of each other. If any term, covenant, condition or provision of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, it is the parties' intent that such provision be reduced in scope by the court only to the extent deemed necessary by that court to render the provision reasonable and enforceable and the remainder of the provisions of this Agreement will in no way be affected, impaired or invalidated as a result.

**General Provisions**

* Headings are inserted for the convenience of the parties only and are not to be considered when interpreting this Agreement. Words in the singular mean and include the plural and vice versa. Words in the masculine mean and include the feminine and vice versa.

**Entire Agreement**

* This Agreement constitutes the entire agreement between the parties and there are no further items or provisions, either oral or otherwise.

**IN WITNESS WHEREOF**, the parties have duly affixed their signatures under hand and seal on the date first above written.

**SIGNED, SEALED, AND DELIVERED**

**ARK7 PROPERTIES LLC**

---

| | | |
|:---|:---|:---|
| By | */s/ ARK7 INC., as managing member* | */s/ ARK7 INC., as managing member* |
|  | By: | */s/ Yizhen Zhao* |
|  | Name: | Yizhen Zhao |
|  | Title: | CEO |

---

**SIGNED, SEALED, AND DELIVERED**

**ARK7 PROPERTIES LLC - SERIES #KYLBE**

---

| | | |
|:---|:---|:---|
| By | */s/ ARK7 INC., as managing member* | */s/ ARK7 INC., as managing member* |
|  | By: | */s/ Yizhen Zhao* |
|  | Name: | Yizhen Zhao |
|  | Title: | CEO |

---

## Ex1A-6

**ASSET MANAGEMENT AGREEMENT**

**BETWEEN**

**ARK7 INC.**

**AND**

**ARK7 PROPERTIES LLC - SERIES #DJVWQ**

This ASSET MANAGEMENT AGREEMENT (this "Agreement") dated as of October 1, 2020 is entered into between Ark7 Inc., a corporation organized under the laws of the State of Delaware (the "Asset Manager"), and Ark7 Properties LLC - Series #DJVWQ (the "Series").

WHEREAS, the Series seeks to invest in the #DJVWQ Asset (as defined in the Appendix) in accordance with the terms and conditions of the Operating Agreement, dated September 13, 2029, of Ark7 Properties LLC, a series limited liability company organized under the laws of the State of Delaware (the "Company") together with Exhibit B setting forth the terms of the Series, in each case as amended and restated from time to time (the "Operating Agreement");

WHEREAS, pursuant to the Operating Agreement, the managing member of the Series shall be responsible for the acquisition, management and disposition of the #DJVWQ Asset as well as the business of the Series;

WHEREAS, the Series desires to avail itself of the advice and assistance of the Asset Manager and to appoint and retain the Asset Manager as the asset manager to the Series with respect to the #DJVWQ Asset;

WHEREAS, the Asset Manager wishes to accept such appointment; and

NOW THEREFORE, in consideration of the mutual agreements herein contained, the parties hereby covenant and agree as follows:

* Appointment of Asset Manager; Acceptance of Appointment. The Series hereby appoints the Asset Manager as asset manager to the Series for the purpose of managing the #DJVWQ Asset. The Asset Manager hereby accepts such appointment.

* Authority of the Asset Manager.

* Except as set forth in Section 2(e) below and any guidance as may be established from time to time by the Managing Member of the Series, the Asset Manager shall have sole authority and complete discretion over the care, custody, maintenance and management of the #DJVWQ Asset and to take any action that it deems necessary or desirable in connection therewith.

* The Asset Manager shall devote such time to its duties under this Agreement as may be deemed reasonably necessary by the Asset Manager in light of the understanding that such duties are expected to be performed only at occasional or irregular intervals.

* The Asset Manager may delegate all or any of its duties under this Agreement to any Person who shall perform such delegated duties under the supervision of the Asset Manager on such terms as the Asset Manager shall determine.

* Notwithstanding any other provision of this Agreement to the contrary, the Asset Manager shall not have the authority to:

* acquire any asset or service for an amount equal to or greater than 1% of the value of the #DJVWQ Asset as of such date, individually, or 3% of the value of the #DJVWQ Asset as of such date, in the aggregate without the prior consent of the Managing Member of the Series; or

* sell, transfer, encumber or convey the #DJVWQ Asset, provided, however, that the Asset Manager may deliver to the Managing Member of the Company any offers received by the Asset Manager to purchase the #DJVWQ Asset and any research or analysis prepared by the Asset Manager regarding the potential sale of the #DJVWQ Asset, including market analysis, survey results or information regarding any inquiries received and information regarding potential purchasers.

* Cooperation. The Asset Manager agrees to use reasonable efforts to make appropriate personnel available for consultation with the Series on matters pertaining to the #DJVWQ Asset and to consult with the Managing Member of the Series regarding asset management decisions with respect to the #DJVWQ Asset prior to execution. The Managing Member of the Series may make any reasonable request for the provision of information or for other cooperation from the Asset Manager with respect to its duties under this Agreement, and the Asset Manager shall use reasonable efforts to comply with such request, including without limitation, furnishing the Series with such documents, reports, data and other information as the Managing Member of the Series may reasonably request regarding the #DJVWQ Asset and the Asset Manager's performance hereunder or compliance with the terms hereof.

* Representations and Warranties. Each party hereto represents and warrants that this Agreement has been duly authorized, executed and delivered by such party and constitutes the legal, valid and binding obligation of such party.

* Limitation of Liability; Indemnification with respect to #DJVWQ Asset.

* None of the Asset Manager, its affiliates, or any of their respective directors, members, stockholders, partners, officers, employees or controlling persons (collectively, "Managing Parties") shall be liable to the applicable Series or the Company for (i) any act or omission performed or failed to be performed by any Managing Party (other than any criminal wrongdoing) arising from the exercise of such Managing Party's rights or obligations hereunder, or for any losses, claims, costs, damages, or liabilities arising therefrom, in the absence of criminal wrongdoing, willful misfeasance or gross negligence on the part of such Managing Party, with respect to #DJVWQ Asset, (ii) any tax liability imposed on the Series or the #DJVWQ Asset, or (iii) any losses due to the actions or omissions of the Series or any brokers or other current or former agents or advisers of the Series.

* To the fullest extent permitted by applicable law, the Series will indemnify the Asset Manager and its Managing Parties against any and all losses, damages, liabilities, judgments, costs and expenses (including, without limitation, reasonable attorneys' fees and disbursements) and amounts paid in settlement (collectively, "Losses") to which such person may become subject in connection with any matter arising out of or in connection with this Agreement, except to the extent that any such Loss results solely from the acts or omissions of a Managing Party that have been determined in a final, non-appealable decision of a court, arbitrator or other tribunal of competent jurisdiction to have resulted primarily from such Managing Party's fraud, willful misconduct or gross negligence. If this Section 5 or any portion hereof shall be invalidated on any ground by a court of competent jurisdiction, the Series shall nevertheless indemnify the Managing Party for any Losses incurred to the full extent permitted by any applicable portion of this Section that shall not have been invalidated.

* The Asset Manager gives no warranty as to the performance or profitability of the #DJVWQ Asset or as to the performance of any third party engaged by the Asset Manager hereunder.

* The Asset Manager may rely upon and shall be protected in acting or refraining from action upon any instruction from, or document signed by, any authorized person of the Series or other person reasonably believed by the Asset Manager to be authorized to give or sign the same whether or not the authority of such person is then effective.

* Assignments. This Agreement may not be assigned by either party without the consent of the other party. In performing its obligations under this Agreement, the Asset Manager may, at its discretion, delegate any or all of its rights, powers and functions under this Agreement to any Person in accordance with section 2(d) without the need for the consent of the Series, provided that the Asset Manager's liability to the Series for all matters so delegated shall not be affected by such delegation.

* Compensation and Expenses.

* As compensation for services performed by the Asset Manager under this Agreement, and in consideration therefor, the Series will pay an annual asset management fee (the "Asset Management Fee") to the Asset Manager in respect of each fiscal year, equal to 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. Any such amount will be paid at the same time as, and only if, a distribution is made from the Series to its Members.

* Except as set forth in Section 5, the Series will bear all expenses of the #DJVWQ Asset and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation").

* Each party will bear its own costs relating to the negotiation, preparation, execution and implementation of this Agreement.

* Services to Other Clients; Certain Affiliated Activities.

* The relationship between the Asset Manager and the Series is as described in this Agreement and nothing in this Agreement, none of the services to be provided pursuant to this Agreement, nor any other matter, shall oblige the Asset Manager to accept responsibilities that are more extensive than those set forth in this Agreement.

* The Asset Manager's services to the Series are not exclusive. The Asset Manager may engage in other activities on behalf of itself, any other Managing Party and other clients (which, for the avoidance of doubt, may include other series of the Company). The Series acknowledges and agrees that the Asset Manager may, without prior notice to the Series, give advice to such other clients. The Asset Manager shall not be liable to account to the Series for any profits, commission or remuneration made or received in respect of transactions effected pursuant to the Asset Manager's advice to another client and nor will the Asset Manager's fees be abated as a result.

* Duration and Termination. Unless terminated as set forth below, this Agreement shall continue in full force and effect until one year after the date on which the #DJVWQ Asset has been liquidated and the obligations connected to such #DJVWQ Asset (including, without limitation, contingent obligations) have terminated or, if earlier, the removal of Ark7 Inc. as Managing Member of the Series. Either party may terminate this Agreement immediately upon a material breach of the Agreement by the other party, without penalty or other additional payment, except that the Series shall pay the Asset Management Fee of the Asset Manager referred to in section 7, pro-rated to the date of termination, together with all amounts outstanding under any Operating Expenses Reimbursement Obligation. Termination shall not affect accrued rights, and the provisions of Sections 4, 5, 7 (with respect to any accrued but unpaid fees and expenses), 8, 9, 11, 14 and 16 hereof shall survive the termination of this Agreement.

* Power of Attorney. For so long as this Agreement is in effect, the Series constitutes and appoints the Asset Manager, with full power of substitution, its true and lawful attorney-in-fact and in its name, place and stead to carry out the Asset Manager's obligations and responsibilities to the Series under this Agreement, solely with respect to the #DJVWQ Asset. 

* Notices. Except as otherwise specifically provided herein, all notices shall be deemed duly given when sent in writing by registered mail, overnight courier or email to the appropriate party at the following addresses, or to such other address as shall be notified in writing by that party to the other party from time to time:

If to the Series:

Ark7 Properties LLC - Series #DJVWQ

2314 Bonar St, Berkeley, CA 94702 2314 Bonar St, Berkeley, CA 94702

Attention: President Email: support@ark7.com

If to the Asset Manager:

Ark7 Inc.

2314 Bonar St, Berkeley, CA 94702 2314 Bonar St, Berkeley, CA 94702

Attention: President

Email: support@ark7.com

* Independent Contractor. For all purposes of this Agreement, the Asset Manager shall be an independent contractor and not an employee or dependent agent of the Series nor shall anything herein be construed as making the Series a partner or co-venturer with the Asset Manager, any other Managing Party or any of its other clients. Except as expressly provided in this Agreement or as otherwise authorized in writing by the Series, the Asset Manager shall have no authority to bind, obligate or represent the Series.

* Entire Agreement; Amendment; Severability. This Agreement states the entire agreement of the parties with respect to the subject matter hereof and supersedes any prior agreements relating to the subject matter hereof, and may not be supplemented or amended except in writing signed by the parties. If any provision or any part of a provision of this Agreement shall be found to be void or unenforceable, it shall not affect the remaining part, which shall remain in full force and effect.

* Confidentiality. All information furnished or made available by the Series or the Company to the Asset Manager hereunder, or by the Asset Manager to the Series or the Company hereunder, shall be treated as confidential by the Asset Manager, or the Series and the Company, as applicable, and shall not be disclosed to third parties except as required by law or as required in connection with the execution of transactions with respect to the #DJVWQ Asset and except for disclosure to counsel, accountants and other advisors.

* Definitions. Words and expressions which are used but not defined in this Agreement shall have the meanings given to them in the Operating Agreement.

* Governing Law; Jurisdiction.

* This Agreement and the rights of the parties shall be governed by and construed in accordance with the laws of the State of Delaware.

* The parties irrevocably agree that the Court of Chancery of the State of Delaware is to have the exclusive jurisdiction to settle any disputes which may arise out of in connection with this Agreement and accordingly any suit, action or proceeding arising out of or in connection with this Agreement shall be brought in such courts.

* Counterparts. This Agreement may be executed in one or more counterparts with the same force and effect as if each of the signatories had executed the same instrument.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly appointed agents so as to be effective on the day, month and year first above written.

**ASSET MANAGER**

ARK7 INC.

By: /s/Yizhen Zhao Name: Yizhen Zhao Title: CEO

Ark7 Properties LLC - SERIES #DJVWQ

**By: ARK7 INC., as managing member**

By: /s/Yizhen Zhao Name: Yizhen Zhao Title: CEO

**APPENDIX**

**THE #DJVWQ ASSET**

Property Address: 2314 Bonar St, Berkeley, CA 94702

## Ex1A-6

**LOAN AGREEMENT**

THIS LOAN AGREEMENT (this "Agreement") dated on May 15, 2020.

**BETWEEN:**

Ark7 Properties LLC

1 Ferry Building, Ste 201

San Francisco, CA, US

(the "Lender")

AND

Ark7 Properties LLC - Series #DJVWQ

1 Ferry Building, Ste 201

San Francisco, CA, US

(the "Borrower")

IN CONSIDERATION OF the Lender loaning certain amount of the loan (the "Loan") to the Borrower, and the Borrower repaying the loan to the Lender, both parties agree to keep, perform and fulfill the promises and conditions set out in this Agreement:

**Loan Amount & Interest**

* The Lender promises to loan $850,000.00 to the Borrower and the Borrower promises to repay this principal amount to the Lender, with interest payable on the unpaid principal at the rate of 7.00% per annum, calculated semi-annually not in advance, beginning on May 15, 2020. The Borrower may prepay the Loan but in no event shall the interest rate chargeable hereinabove for any day be less than 0.00% per annum.

**Payment**

* This Loan will be repaid in full on May 14, 2021.

**Bank Account Authorization**

* Lender will authorize Borrower to use Bank of America checking account ending with 6974 for property acquisition purpose.

**Default**

* Notwithstanding anything to the contrary in this Agreement, if the Borrower defaults in the performance of any obligation under this Agreement, then the Lender may declare the principal amount owing and interest due under this Agreement at that time to be immediately due and payable.

**Governing Law**

* This Agreement will be construed in accordance with and governed by the laws of the State of California.

**Costs**

* All costs, expenses and expenditures including, without limitation, the complete legal costs incurred by enforcing this Agreement as a result of any default by the Borrower, will be added to the principal then outstanding and will immediately be paid by the Borrower.

**Binding Effect**

* This Agreement will pass to the benefit of and be binding upon the respective heirs, executors, administrators, successors and permitted assigns of the Borrower and Lender. The Borrower waives presentment for payment, notice of non-payment, protest, and notice of protest.

**Amendments**

* This Agreement may only be amended or modified by a written instrument executed by both the Borrower and the Lender.

**Severability**

* The clauses and paragraphs contained in this Agreement are intended to be read and construed independently of each other. If any term, covenant, condition or provision of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, it is the parties' intent that such provision be reduced in scope by the court only to the extent deemed necessary by that court to render the provision reasonable and enforceable and the remainder of the provisions of this Agreement will in no way be affected, impaired or invalidated as a result.

**General Provisions**

* Headings are inserted for the convenience of the parties only and are not to be considered when interpreting this Agreement. Words in the singular mean and include the plural and vice versa. Words in the masculine mean and include the feminine and vice versa.

**Entire Agreement**

* This Agreement constitutes the entire agreement between the parties and there are no further items or provisions, either oral or otherwise.

IN WITNESS WHEREOF, the parties have duly affixed their signatures under hand and seal on the date first above written.

**SIGNED, SEALED, AND DELIVERED**

**ARK7 PROPERTIES LLC**

---

| | | |
|:---|:---|:---|
| By | */s/ ARK7 INC., as managing member* |  |
|  | By: | */s/ Yizhen Zhao* |
|  | Name: | Yizhen Zhao |
|  | Title: | CEO |

---

**SIGNED, SEALED, AND DELIVERED**

**ARK7 PROPERTIES LLC - SERIES #DJVWQ**

---

| | | |
|:---|:---|:---|
| By | */s/ ARK7 INC., as managing member* |  |
|  | By: | */s/ Yizhen Zhao* |
|  | Name: | Yizhen Zhao |
|  | Title: | CEO |

---

## Ex1A-6

**ASSET MANAGEMENT AGREEMENT**

**BETWEEN**

**ARK7 INC.**

**AND**

**ARK7 PROPERTIES LLC - SERIES #PBIUH**

This ASSET MANAGEMENT AGREEMENT (this "Agreement") dated as of January 15, 2021 is entered into between Ark7 Inc., a corporation organized under the laws of the State of Delaware (the "Asset Manager"), and Ark7 Properties LLC - Series #PBIUH (the "Series").

WHEREAS, the Series seeks to invest in the #PBIUH Asset (as defined in the Appendix) in accordance with the terms and conditions of the Operating Agreement, dated September 13, 2029, of Ark7 Properties LLC, a series limited liability company organized under the laws of the State of Delaware (the "Company") together with Exhibit B setting forth the terms of the Series, in each case as amended and restated from time to time (the "Operating Agreement");

WHEREAS, pursuant to the Operating Agreement, the managing member of the Series shall be responsible for the acquisition, management and disposition of the #PBIUH Asset as well as the business of the Series;

WHEREAS, the Series desires to avail itself of the advice and assistance of the Asset Manager and to appoint and retain the Asset Manager as the asset manager to the Series with respect to the #PBIUH Asset;

WHEREAS, the Asset Manager wishes to accept such appointment; and

NOW THEREFORE, in consideration of the mutual agreements herein contained, the parties hereby covenant and agree as follows:

* Appointment of Asset Manager; Acceptance of Appointment. The Series hereby appoints the Asset Manager as asset manager to the Series for the purpose of managing the #PBIUH Asset. The Asset Manager hereby accepts such appointment.

* Authority of the Asset Manager.

* Except as set forth in Section 2(e) below and any guidance as may be established from time to time by the Managing Member of the Series, the Asset Manager shall have sole authority and complete discretion over the care, custody, maintenance and management of the #PBIUH Asset and to take any action that it deems necessary or desirable in connection therewith.

* The Asset Manager shall devote such time to its duties under this Agreement as may be deemed reasonably necessary by the Asset Manager in light of the understanding that such duties are expected to be performed only at occasional or irregular intervals.

* The Asset Manager may delegate all or any of its duties under this Agreement to any Person who shall perform such delegated duties under the supervision of the Asset Manager on such terms as the Asset Manager shall determine.

* Notwithstanding any other provision of this Agreement to the contrary, the Asset Manager shall not have the authority to:

* acquire any asset or service for an amount equal to or greater than 1% of the value of the #PBIUH Asset as of such date, individually, or 3% of the value of the #PBIUH Asset as of such date, in the aggregate without the prior consent of the Managing Member of the Series; or

* sell, transfer, encumber or convey the #PBIUH Asset, provided, however, that the Asset Manager may deliver to the Managing Member of the Company any offers received by the Asset Manager to purchase the #PBIUH Asset and any research or analysis prepared by the Asset Manager regarding the potential sale of the #PBIUH Asset, including market analysis, survey results or information regarding any inquiries received and information regarding potential purchasers.

* Cooperation. The Asset Manager agrees to use reasonable efforts to make appropriate personnel available for consultation with the Series on matters pertaining to the #PBIUH Asset and to consult with the Managing Member of the Series regarding asset management decisions with respect to the #PBIUH Asset prior to execution. The Managing Member of the Series may make any reasonable request for the provision of information or for other cooperation from the Asset Manager with respect to its duties under this Agreement, and the Asset Manager shall use reasonable efforts to comply with such request, including without limitation, furnishing the Series with such documents, reports, data and other information as the Managing Member of the Series may reasonably request regarding the #PBIUH Asset and the Asset Manager's performance hereunder or compliance with the terms hereof.

* Representations and Warranties. Each party hereto represents and warrants that this Agreement has been duly authorized, executed and delivered by such party and constitutes the legal, valid and binding obligation of such party.

* Limitation of Liability; Indemnification with respect to #PBIUH Asset.

* None of the Asset Manager, its affiliates, or any of their respective directors, members, stockholders, partners, officers, employees or controlling persons (collectively, "Managing Parties") shall be liable to the applicable Series or the Company for (i) any act or omission performed or failed to be performed by any Managing Party (other than any criminal wrongdoing) arising from the exercise of such Managing Party's rights or obligations hereunder, or for any losses, claims, costs, damages, or liabilities arising therefrom, in the absence of criminal wrongdoing, willful misfeasance or gross negligence on the part of such Managing Party, with respect to #PBIUH Asset, (ii) any tax liability imposed on the Series or the #PBIUH Asset, or (iii) any losses due to the actions or omissions of the Series or any brokers or other current or former agents or advisers of the Series.

* To the fullest extent permitted by applicable law, the Series will indemnify the Asset Manager and its Managing Parties against any and all losses, damages, liabilities, judgments, costs and expenses (including, without limitation, reasonable attorneys' fees and disbursements) and amounts paid in settlement (collectively, "Losses") to which such person may become subject in connection with any matter arising out of or in connection with this Agreement, except to the extent that any such Loss results solely from the acts or omissions of a Managing Party that have been determined in a final, non-appealable decision of a court, arbitrator or other tribunal of competent jurisdiction to have resulted primarily from such Managing Party's fraud, willful misconduct or gross negligence. If this Section 5 or any portion hereof shall be invalidated on any ground by a court of competent jurisdiction, the Series shall nevertheless indemnify the Managing Party for any Losses incurred to the full extent permitted by any applicable portion of this Section that shall not have been invalidated.

* The Asset Manager gives no warranty as to the performance or profitability of the #PBIUH Asset or as to the performance of any third party engaged by the Asset Manager hereunder.

* The Asset Manager may rely upon and shall be protected in acting or refraining from action upon any instruction from, or document signed by, any authorized person of the Series or other person reasonably believed by the Asset Manager to be authorized to give or sign the same whether or not the authority of such person is then effective.

* Assignments. This Agreement may not be assigned by either party without the consent of the other party. In performing its obligations under this Agreement, the Asset Manager may, at its discretion, delegate any or all of its rights, powers and functions under this Agreement to any Person in accordance with section 2(d) without the need for the consent of the Series, provided that the Asset Manager's liability to the Series for all matters so delegated shall not be affected by such delegation.

* Compensation and Expenses.

* As compensation for services performed by the Asset Manager under this Agreement, and in consideration therefor, the Series will pay an annual asset management fee (the "Asset Management Fee") to the Asset Manager in respect of each fiscal year, equal to 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. Any such amount will be paid at the same time as, and only if, a distribution is made from the Series to its Members.

* Except as set forth in Section 5, the Series will bear all expenses of the #PBIUH Asset and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation").

* Each party will bear its own costs relating to the negotiation, preparation, execution and implementation of this Agreement.

* Services to Other Clients; Certain Affiliated Activities.

* The relationship between the Asset Manager and the Series is as described in this Agreement and nothing in this Agreement, none of the services to be provided pursuant to this Agreement, nor any other matter, shall oblige the Asset Manager to accept responsibilities that are more extensive than those set forth in this Agreement.

* The Asset Manager's services to the Series are not exclusive. The Asset Manager may engage in other activities on behalf of itself, any other Managing Party and other clients (which, for the avoidance of doubt, may include other series of the Company). The Series acknowledges and agrees that the Asset Manager may, without prior notice to the Series, give advice to such other clients. The Asset Manager shall not be liable to account to the Series for any profits, commission or remuneration made or received in respect of transactions effected pursuant to the Asset Manager's advice to another client and nor will the Asset Manager's fees be abated as a result.

* Duration and Termination. Unless terminated as set forth below, this Agreement shall continue in full force and effect until one year after the date on which the #PBIUH Asset has been liquidated and the obligations connected to such #PBIUH Asset (including, without limitation, contingent obligations) have terminated or, if earlier, the removal of Ark7 Inc. as Managing Member of the Series. Either party may terminate this Agreement immediately upon a material breach of the Agreement by the other party, without penalty or other additional payment, except that the Series shall pay the Asset Management Fee of the Asset Manager referred to in section 7, pro-rated to the date of termination, together with all amounts outstanding under any Operating Expenses Reimbursement Obligation. Termination shall not affect accrued rights, and the provisions of Sections 4, 5, 7 (with respect to any accrued but unpaid fees and expenses), 8, 9, 11, 14 and 16 hereof shall survive the termination of this Agreement.

* Power of Attorney. For so long as this Agreement is in effect, the Series constitutes and appoints the Asset Manager, with full power of substitution, its true and lawful attorney-in-fact and in its name, place and stead to carry out the Asset Manager's obligations and responsibilities to the Series under this Agreement, solely with respect to the #PBIUH Asset. 

* Notices. Except as otherwise specifically provided herein, all notices shall be deemed duly given when sent in writing by registered mail, overnight courier or email to the appropriate party at the following addresses, or to such other address as shall be notified in writing by that party to the other party from time to time:

If to the Series:

Ark7 Properties LLC - Series #PBIUH

901 Solitude Dr., Pflugerville, TX 78660 901 Solitude Dr., Pflugerville, TX 78660

Attention: President Email: support@ark7.com

If to the Asset Manager:

Ark7 Inc.

901 Solitude Dr., Pflugerville, TX 78660 901 Solitude Dr., Pflugerville, TX 78660

Attention: President

Email: support@ark7.com

* Independent Contractor. For all purposes of this Agreement, the Asset Manager shall be an independent contractor and not an employee or dependent agent of the Series nor shall anything herein be construed as making the Series a partner or co-venturer with the Asset Manager, any other Managing Party or any of its other clients. Except as expressly provided in this Agreement or as otherwise authorized in writing by the Series, the Asset Manager shall have no authority to bind, obligate or represent the Series.

* Entire Agreement; Amendment; Severability. This Agreement states the entire agreement of the parties with respect to the subject matter hereof and supersedes any prior agreements relating to the subject matter hereof, and may not be supplemented or amended except in writing signed by the parties. If any provision or any part of a provision of this Agreement shall be found to be void or unenforceable, it shall not affect the remaining part, which shall remain in full force and effect.

* Confidentiality. All information furnished or made available by the Series or the Company to the Asset Manager hereunder, or by the Asset Manager to the Series or the Company hereunder, shall be treated as confidential by the Asset Manager, or the Series and the Company, as applicable, and shall not be disclosed to third parties except as required by law or as required in connection with the execution of transactions with respect to the #PBIUH Asset and except for disclosure to counsel, accountants and other advisors.

* Definitions. Words and expressions which are used but not defined in this Agreement shall have the meanings given to them in the Operating Agreement.

* Governing Law; Jurisdiction.

* This Agreement and the rights of the parties shall be governed by and construed in accordance with the laws of the State of Delaware.

* The parties irrevocably agree that the Court of Chancery of the State of Delaware is to have the exclusive jurisdiction to settle any disputes which may arise out of in connection with this Agreement and accordingly any suit, action or proceeding arising out of or in connection with this Agreement shall be brought in such courts.

* Counterparts. This Agreement may be executed in one or more counterparts with the same force and effect as if each of the signatories had executed the same instrument.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly appointed agents so as to be effective on the day, month and year first above written.

**ASSET MANAGER**

ARK7 INC.

By: /s/Yizhen Zhao Name: Yizhen Zhao Title: CEO

Ark7 Properties LLC - SERIES #PBIUH

**By: ARK7 INC., as managing member**

By: /s/Yizhen Zhao Name: Yizhen Zhao Title: CEO

**APPENDIX**

**THE #PBIUH ASSET**

Property Address: 901 Solitude Dr., Pflugerville, TX 78660

## Ex1A-6

**LOAN AGREEMENT**

THIS LOAN AGREEMENT (this "Agreement") dated on January 1, 2021.

**BETWEEN:**

Ark7 Properties LLC

1 Ferry Building, Ste 201

San Francisco, CA, US

(the "Lender")

AND

Ark7 Properties LLC - Series #PBIUH

1 Ferry Building, Ste 201

San Francisco, CA, US

(the "Borrower")

IN CONSIDERATION OF the Lender loaning certain amount of the loan (the "Loan") to the Borrower, and the Borrower repaying the loan to the Lender, both parties agree to keep, perform and fulfill the promises and conditions set out in this Agreement:

**Loan Amount & Interest**

* The Lender promises to loan $340,000.00 to the Borrower and the Borrower promises to repay this principal amount to the Lender, with interest payable on the unpaid principal at the rate of 8.00% per annum, calculated semi-annually not in advance, beginning on January 1, 2021. The Borrower may prepay the Loan but in no event shall the interest rate chargeable hereinabove for any day be less than 0.00% per annum.

**Payment**

* This Loan will be repaid in full on December 31, 2021.

**Bank Account Authorization**

* Lender will authorize Borrower to use Bank of America checking account ending with 6974 for property acquisition purpose.

**Default**

* Notwithstanding anything to the contrary in this Agreement, if the Borrower defaults in the performance of any obligation under this Agreement, then the Lender may declare the principal amount owing and interest due under this Agreement at that time to be immediately due and payable.

**Governing Law**

* This Agreement will be construed in accordance with and governed by the laws of the State of California.

**Costs**

* All costs, expenses and expenditures including, without limitation, the complete legal costs incurred by enforcing this Agreement as a result of any default by the Borrower, will be added to the principal then outstanding and will immediately be paid by the Borrower.

**Binding Effect**

* This Agreement will pass to the benefit of and be binding upon the respective heirs, executors, administrators, successors and permitted assigns of the Borrower and Lender. The Borrower waives presentment for payment, notice of non-payment, protest, and notice of protest.

**Amendments**

* This Agreement may only be amended or modified by a written instrument executed by both the Borrower and the Lender.

**Severability**

* The clauses and paragraphs contained in this Agreement are intended to be read and construed independently of each other. If any term, covenant, condition or provision of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, it is the parties' intent that such provision be reduced in scope by the court only to the extent deemed necessary by that court to render the provision reasonable and enforceable and the remainder of the provisions of this Agreement will in no way be affected, impaired or invalidated as a result.

**General Provisions**

* Headings are inserted for the convenience of the parties only and are not to be considered when interpreting this Agreement. Words in the singular mean and include the plural and vice versa. Words in the masculine mean and include the feminine and vice versa.

**Entire Agreement**

* This Agreement constitutes the entire agreement between the parties and there are no further items or provisions, either oral or otherwise.

IN WITNESS WHEREOF, the parties have duly affixed their signatures under hand and seal on the date first above written.

**SIGNED, SEALED, AND DELIVERED**

**ARK7 PROPERTIES LLC**

---

| | | |
|:---|:---|:---|
| By | */s/ ARK7 INC., as managing member* |  |
|  | By: | */s/ Yizhen Zhao* |
|  | Name: | Yizhen Zhao |
|  | Title: | CEO |

---

**SIGNED, SEALED, AND DELIVERED**

**ARK7 PROPERTIES LLC - SERIES #PBIUH**

---

| | | |
|:---|:---|:---|
| By | */s/ ARK7 INC., as managing member* |  |
|  | By: | */s/ Yizhen Zhao* |
|  | Name: | Yizhen Zhao |
|  | Title: | CEO |

---

## Ex1A-6

**ASSET MANAGEMENT AGREEMENT**

**BETWEEN**

**ARK7 INC.**

**AND**

**ARK7 PROPERTIES LLC - SERIES #PFUNR**

This ASSET MANAGEMENT AGREEMENT (this "Agreement") dated as of February 5, 2021 is entered into between Ark7 Inc., a corporation organized under the laws of the State of Delaware (the "Asset Manager"), and Ark7 Properties LLC - Series #PFUNR (the "Series").

WHEREAS, the Series seeks to invest in the #PFUNR Asset (as defined in the Appendix) in accordance with the terms and conditions of the Operating Agreement, dated September 13, 2029, of Ark7 Properties LLC, a series limited liability company organized under the laws of the State of Delaware (the "Company") together with Exhibit B setting forth the terms of the Series, in each case as amended and restated from time to time (the "Operating Agreement");

WHEREAS, pursuant to the Operating Agreement, the managing member of the Series shall be responsible for the acquisition, management and disposition of the #PFUNR Asset as well as the business of the Series;

WHEREAS, the Series desires to avail itself of the advice and assistance of the Asset Manager and to appoint and retain the Asset Manager as the asset manager to the Series with respect to the #PFUNR Asset;

WHEREAS, the Asset Manager wishes to accept such appointment; and

NOW THEREFORE, in consideration of the mutual agreements herein contained, the parties hereby covenant and agree as follows:

* Appointment of Asset Manager; Acceptance of Appointment. The Series hereby appoints the Asset Manager as asset manager to the Series for the purpose of managing the #PFUNR Asset. The Asset Manager hereby accepts such appointment.

* Authority of the Asset Manager.

* Except as set forth in Section 2(e) below and any guidance as may be established from time to time by the Managing Member of the Series, the Asset Manager shall have sole authority and complete discretion over the care, custody, maintenance and management of the #PFUNR Asset and to take any action that it deems necessary or desirable in connection therewith.

* The Asset Manager shall devote such time to its duties under this Agreement as may be deemed reasonably necessary by the Asset Manager in light of the understanding that such duties are expected to be performed only at occasional or irregular intervals.

* The Asset Manager may delegate all or any of its duties under this Agreement to any Person who shall perform such delegated duties under the supervision of the Asset Manager on such terms as the Asset Manager shall determine.

* Notwithstanding any other provision of this Agreement to the contrary, the Asset Manager shall not have the authority to:

* acquire any asset or service for an amount equal to or greater than 1% of the value of the #PFUNR Asset as of such date, individually, or 3% of the value of the #PFUNR Asset as of such date, in the aggregate without the prior consent of the Managing Member of the Series; or

* sell, transfer, encumber or convey the #PFUNR Asset, provided, however, that the Asset Manager may deliver to the Managing Member of the Company any offers received by the Asset Manager to purchase the #PFUNR Asset and any research or analysis prepared by the Asset Manager regarding the potential sale of the #PFUNR Asset, including market analysis, survey results or information regarding any inquiries received and information regarding potential purchasers.

* Cooperation. The Asset Manager agrees to use reasonable efforts to make appropriate personnel available for consultation with the Series on matters pertaining to the #PFUNR Asset and to consult with the Managing Member of the Series regarding asset management decisions with respect to the #PFUNR Asset prior to execution. The Managing Member of the Series may make any reasonable request for the provision of information or for other cooperation from the Asset Manager with respect to its duties under this Agreement, and the Asset Manager shall use reasonable efforts to comply with such request, including without limitation, furnishing the Series with such documents, reports, data and other information as the Managing Member of the Series may reasonably request regarding the #PFUNR Asset and the Asset Manager's performance hereunder or compliance with the terms hereof.

* Representations and Warranties. Each party hereto represents and warrants that this Agreement has been duly authorized, executed and delivered by such party and constitutes the legal, valid and binding obligation of such party.

* Limitation of Liability; Indemnification with respect to #PFUNR Asset.

* None of the Asset Manager, its affiliates, or any of their respective directors, members, stockholders, partners, officers, employees or controlling persons (collectively, "Managing Parties") shall be liable to the applicable Series or the Company for (i) any act or omission performed or failed to be performed by any Managing Party (other than any criminal wrongdoing) arising from the exercise of such Managing Party's rights or obligations hereunder, or for any losses, claims, costs, damages, or liabilities arising therefrom, in the absence of criminal wrongdoing, willful misfeasance or gross negligence on the part of such Managing Party, with respect to #PFUNR Asset, (ii) any tax liability imposed on the Series or the #PFUNR Asset, or (iii) any losses due to the actions or omissions of the Series or any brokers or other current or former agents or advisers of the Series.

* To the fullest extent permitted by applicable law, the Series will indemnify the Asset Manager and its Managing Parties against any and all losses, damages, liabilities, judgments, costs and expenses (including, without limitation, reasonable attorneys' fees and disbursements) and amounts paid in settlement (collectively, "Losses") to which such person may become subject in connection with any matter arising out of or in connection with this Agreement, except to the extent that any such Loss results solely from the acts or omissions of a Managing Party that have been determined in a final, non-appealable decision of a court, arbitrator or other tribunal of competent jurisdiction to have resulted primarily from such Managing Party's fraud, willful misconduct or gross negligence. If this Section 5 or any portion hereof shall be invalidated on any ground by a court of competent jurisdiction, the Series shall nevertheless indemnify the Managing Party for any Losses incurred to the full extent permitted by any applicable portion of this Section that shall not have been invalidated.

* The Asset Manager gives no warranty as to the performance or profitability of the #PFUNR Asset or as to the performance of any third party engaged by the Asset Manager hereunder.

* The Asset Manager may rely upon and shall be protected in acting or refraining from action upon any instruction from, or document signed by, any authorized person of the Series or other person reasonably believed by the Asset Manager to be authorized to give or sign the same whether or not the authority of such person is then effective.

* Assignments. This Agreement may not be assigned by either party without the consent of the other party. In performing its obligations under this Agreement, the Asset Manager may, at its discretion, delegate any or all of its rights, powers and functions under this Agreement to any Person in accordance with section 2(d) without the need for the consent of the Series, provided that the Asset Manager's liability to the Series for all matters so delegated shall not be affected by such delegation.

* Compensation and Expenses.

* As compensation for services performed by the Asset Manager under this Agreement, and in consideration therefor, the Series will pay an annual asset management fee (the "Asset Management Fee") to the Asset Manager in respect of each fiscal year, equal to 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. Any such amount will be paid at the same time as, and only if, a distribution is made from the Series to its Members.

* Except as set forth in Section 5, the Series will bear all expenses of the #PFUNR Asset and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation").

* Each party will bear its own costs relating to the negotiation, preparation, execution and implementation of this Agreement.

* Services to Other Clients; Certain Affiliated Activities.

* The relationship between the Asset Manager and the Series is as described in this Agreement and nothing in this Agreement, none of the services to be provided pursuant to this Agreement, nor any other matter, shall oblige the Asset Manager to accept responsibilities that are more extensive than those set forth in this Agreement.

* The Asset Manager's services to the Series are not exclusive. The Asset Manager may engage in other activities on behalf of itself, any other Managing Party and other clients (which, for the avoidance of doubt, may include other series of the Company). The Series acknowledges and agrees that the Asset Manager may, without prior notice to the Series, give advice to such other clients. The Asset Manager shall not be liable to account to the Series for any profits, commission or remuneration made or received in respect of transactions effected pursuant to the Asset Manager's advice to another client and nor will the Asset Manager's fees be abated as a result.

* Duration and Termination. Unless terminated as set forth below, this Agreement shall continue in full force and effect until one year after the date on which the #PFUNR Asset has been liquidated and the obligations connected to such #PFUNR Asset (including, without limitation, contingent obligations) have terminated or, if earlier, the removal of Ark7 Inc. as Managing Member of the Series. Either party may terminate this Agreement immediately upon a material breach of the Agreement by the other party, without penalty or other additional payment, except that the Series shall pay the Asset Management Fee of the Asset Manager referred to in section 7, pro-rated to the date of termination, together with all amounts outstanding under any Operating Expenses Reimbursement Obligation. Termination shall not affect accrued rights, and the provisions of Sections 4, 5, 7 (with respect to any accrued but unpaid fees and expenses), 8, 9, 11, 14 and 16 hereof shall survive the termination of this Agreement.

* Power of Attorney. For so long as this Agreement is in effect, the Series constitutes and appoints the Asset Manager, with full power of substitution, its true and lawful attorney-in-fact and in its name, place and stead to carry out the Asset Manager's obligations and responsibilities to the Series under this Agreement, solely with respect to the #PFUNR Asset. 

* Notices. Except as otherwise specifically provided herein, all notices shall be deemed duly given when sent in writing by registered mail, overnight courier or email to the appropriate party at the following addresses, or to such other address as shall be notified in writing by that party to the other party from time to time:

If to the Series:

Ark7 Properties LLC - Series #PFUNR

2016 Creole Dr, Austin, TX 78727 2016 Creole Dr, Austin, TX 78727

Attention: President Email: support@ark7.com

If to the Asset Manager:

Ark7 Inc.

2016 Creole Dr, Austin, TX 78727 2016 Creole Dr, Austin, TX 78727

Attention: President

Email: support@ark7.com

* Independent Contractor. For all purposes of this Agreement, the Asset Manager shall be an independent contractor and not an employee or dependent agent of the Series nor shall anything herein be construed as making the Series a partner or co-venturer with the Asset Manager, any other Managing Party or any of its other clients. Except as expressly provided in this Agreement or as otherwise authorized in writing by the Series, the Asset Manager shall have no authority to bind, obligate or represent the Series.

* Entire Agreement; Amendment; Severability. This Agreement states the entire agreement of the parties with respect to the subject matter hereof and supersedes any prior agreements relating to the subject matter hereof, and may not be supplemented or amended except in writing signed by the parties. If any provision or any part of a provision of this Agreement shall be found to be void or unenforceable, it shall not affect the remaining part, which shall remain in full force and effect.

* Confidentiality. All information furnished or made available by the Series or the Company to the Asset Manager hereunder, or by the Asset Manager to the Series or the Company hereunder, shall be treated as confidential by the Asset Manager, or the Series and the Company, as applicable, and shall not be disclosed to third parties except as required by law or as required in connection with the execution of transactions with respect to the #PFUNR Asset and except for disclosure to counsel, accountants and other advisors.

* Definitions. Words and expressions which are used but not defined in this Agreement shall have the meanings given to them in the Operating Agreement.

* Governing Law; Jurisdiction.

* This Agreement and the rights of the parties shall be governed by and construed in accordance with the laws of the State of Delaware.

* The parties irrevocably agree that the Court of Chancery of the State of Delaware is to have the exclusive jurisdiction to settle any disputes which may arise out of in connection with this Agreement and accordingly any suit, action or proceeding arising out of or in connection with this Agreement shall be brought in such courts.

* Counterparts. This Agreement may be executed in one or more counterparts with the same force and effect as if each of the signatories had executed the same instrument.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly appointed agents so as to be effective on the day, month and year first above written.

**ASSET MANAGER**

ARK7 INC.

By: /s/Yizhen Zhao Name: Yizhen Zhao Title: CEO

Ark7 Properties LLC - SERIES #PFUNR

**By: ARK7 INC., as managing member**

By: /s/Yizhen Zhao Name: Yizhen Zhao Title: CEO

**APPENDIX**

**THE #PFUNR ASSET**

Property Address: 2016 Creole Dr, Austin, TX 78727

## Ex1A-6

**LOAN AGREEMENT**

THIS LOAN AGREEMENT (this "Agreement") dated on February 1, 2021.

**BETWEEN:**

Ark7 Properties LLC

1 Ferry Building, Ste 201

San Francisco, CA, US

(the "Lender")

AND

Ark7 Properties LLC - Series #PFUNR

1 Ferry Building, Ste 201

San Francisco, CA, US

(the "Borrower")

IN CONSIDERATION OF the Lender loaning certain amount of the loan (the "Loan") to the Borrower, and the Borrower repaying the loan to the Lender, both parties agree to keep, perform and fulfill the promises and conditions set out in this Agreement:

**Loan Amount & Interest**

* The Lender promises to loan $550,000.00 to the Borrower and the Borrower promises to repay this principal amount to the Lender, with interest payable on the unpaid principal at the rate of 8.00% per annum, calculated semi-annually not in advance, beginning on February 1, 2021. The Borrower may prepay the Loan but in no event shall the interest rate chargeable hereinabove for any day be less than 0.00% per annum.

**Payment**

* This Loan will be repaid in full on January 31, 2022.

**Bank Account Authorization**

* Lender will authorize Borrower to use Bank of America checking account ending with 6974 for property acquisition purpose.

**Default**

* Notwithstanding anything to the contrary in this Agreement, if the Borrower defaults in the performance of any obligation under this Agreement, then the Lender may declare the principal amount owing and interest due under this Agreement at that time to be immediately due and payable.

**Governing Law**

* This Agreement will be construed in accordance with and governed by the laws of the State of California.

**Costs**

* All costs, expenses and expenditures including, without limitation, the complete legal costs incurred by enforcing this Agreement as a result of any default by the Borrower, will be added to the principal then outstanding and will immediately be paid by the Borrower.

**Binding Effect**

* This Agreement will pass to the benefit of and be binding upon the respective heirs, executors, administrators, successors and permitted assigns of the Borrower and Lender. The Borrower waives presentment for payment, notice of non-payment, protest, and notice of protest.

**Amendments**

* This Agreement may only be amended or modified by a written instrument executed by both the Borrower and the Lender.

**Severability**

* The clauses and paragraphs contained in this Agreement are intended to be read and construed independently of each other. If any term, covenant, condition or provision of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, it is the parties' intent that such provision be reduced in scope by the court only to the extent deemed necessary by that court to render the provision reasonable and enforceable and the remainder of the provisions of this Agreement will in no way be affected, impaired or invalidated as a result.

**General Provisions**

* Headings are inserted for the convenience of the parties only and are not to be considered when interpreting this Agreement. Words in the singular mean and include the plural and vice versa. Words in the masculine mean and include the feminine and vice versa.

**Entire Agreement**

* This Agreement constitutes the entire agreement between the parties and there are no further items or provisions, either oral or otherwise.

IN WITNESS WHEREOF, the parties have duly affixed their signatures under hand and seal on the date first above written.

**SIGNED, SEALED, AND DELIVERED**

**ARK7 PROPERTIES LLC**

---

| | | |
|:---|:---|:---|
| By | */s/ ARK7 INC., as managing member* |  |
|  | By: | */s/ Yizhen Zhao* |
|  | Name: | Yizhen Zhao |
|  | Title: | CEO |

---

**SIGNED, SEALED, AND DELIVERED**

**ARK7 PROPERTIES LLC - SERIES #PFUNR**

---

| | | |
|:---|:---|:---|
| By | */s/ ARK7 INC., as managing member* |  |
|  | By: | */s/ Yizhen Zhao* |
|  | Name: | Yizhen Zhao |
|  | Title: | CEO |

---

## Ex1A-6

**ASSET MANAGEMENT AGREEMENT**

**BETWEEN**

**ARK7 INC.**

**AND**

**ARK7 PROPERTIES LLC - SERIES #8YFFL**

This ASSET MANAGEMENT AGREEMENT (this "Agreement") dated as of February 9, 2021 is entered into between Ark7 Inc., a corporation organized under the laws of the State of Delaware (the "Asset Manager"), and Ark7 Properties LLC - Series #8YFFL (the "Series").

WHEREAS, the Series seeks to invest in the #8YFFL Asset (as defined in the Appendix) in accordance with the terms and conditions of the Operating Agreement, dated September 13, 2029, of Ark7 Properties LLC, a series limited liability company organized under the laws of the State of Delaware (the "Company") together with Exhibit B setting forth the terms of the Series, in each case as amended and restated from time to time (the "Operating Agreement");

WHEREAS, pursuant to the Operating Agreement, the managing member of the Series shall be responsible for the acquisition, management and disposition of the #8YFFL Asset as well as the business of the Series;

WHEREAS, the Series desires to avail itself of the advice and assistance of the Asset Manager and to appoint and retain the Asset Manager as the asset manager to the Series with respect to the #8YFFL Asset;

WHEREAS, the Asset Manager wishes to accept such appointment; and

NOW THEREFORE, in consideration of the mutual agreements herein contained, the parties hereby covenant and agree as follows:

* Appointment of Asset Manager; Acceptance of Appointment. The Series hereby appoints the Asset Manager as asset manager to the Series for the purpose of managing the #8YFFL Asset. The Asset Manager hereby accepts such appointment.

* Authority of the Asset Manager.

* Except as set forth in Section 2(e) below and any guidance as may be established from time to time by the Managing Member of the Series, the Asset Manager shall have sole authority and complete discretion over the care, custody, maintenance and management of the #8YFFL Asset and to take any action that it deems necessary or desirable in connection therewith.

* The Asset Manager shall devote such time to its duties under this Agreement as may be deemed reasonably necessary by the Asset Manager in light of the understanding that such duties are expected to be performed only at occasional or irregular intervals.

* The Asset Manager may delegate all or any of its duties under this Agreement to any Person who shall perform such delegated duties under the supervision of the Asset Manager on such terms as the Asset Manager shall determine.

* Notwithstanding any other provision of this Agreement to the contrary, the Asset Manager shall not have the authority to:

* acquire any asset or service for an amount equal to or greater than 1% of the value of the #8YFFL Asset as of such date, individually, or 3% of the value of the #8YFFL Asset as of such date, in the aggregate without the prior consent of the Managing Member of the Series; or

* sell, transfer, encumber or convey the #8YFFL Asset, provided, however, that the Asset Manager may deliver to the Managing Member of the Company any offers received by the Asset Manager to purchase the #8YFFL Asset and any research or analysis prepared by the Asset Manager regarding the potential sale of the #8YFFL Asset, including market analysis, survey results or information regarding any inquiries received and information regarding potential purchasers.

* Cooperation. The Asset Manager agrees to use reasonable efforts to make appropriate personnel available for consultation with the Series on matters pertaining to the #8YFFL Asset and to consult with the Managing Member of the Series regarding asset management decisions with respect to the #8YFFL Asset prior to execution. The Managing Member of the Series may make any reasonable request for the provision of information or for other cooperation from the Asset Manager with respect to its duties under this Agreement, and the Asset Manager shall use reasonable efforts to comply with such request, including without limitation, furnishing the Series with such documents, reports, data and other information as the Managing Member of the Series may reasonably request regarding the #8YFFL Asset and the Asset Manager's performance hereunder or compliance with the terms hereof.

* Representations and Warranties. Each party hereto represents and warrants that this Agreement has been duly authorized, executed and delivered by such party and constitutes the legal, valid and binding obligation of such party.

* Limitation of Liability; Indemnification with respect to #8YFFL Asset.

* None of the Asset Manager, its affiliates, or any of their respective directors, members, stockholders, partners, officers, employees or controlling persons (collectively, "Managing Parties") shall be liable to the applicable Series or the Company for (i) any act or omission performed or failed to be performed by any Managing Party (other than any criminal wrongdoing) arising from the exercise of such Managing Party's rights or obligations hereunder, or for any losses, claims, costs, damages, or liabilities arising therefrom, in the absence of criminal wrongdoing, willful misfeasance or gross negligence on the part of such Managing Party, with respect to #8YFFL Asset, (ii) any tax liability imposed on the Series or the #8YFFL Asset, or (iii) any losses due to the actions or omissions of the Series or any brokers or other current or former agents or advisers of the Series.

* To the fullest extent permitted by applicable law, the Series will indemnify the Asset Manager and its Managing Parties against any and all losses, damages, liabilities, judgments, costs and expenses (including, without limitation, reasonable attorneys' fees and disbursements) and amounts paid in settlement (collectively, "Losses") to which such person may become subject in connection with any matter arising out of or in connection with this Agreement, except to the extent that any such Loss results solely from the acts or omissions of a Managing Party that have been determined in a final, non-appealable decision of a court, arbitrator or other tribunal of competent jurisdiction to have resulted primarily from such Managing Party's fraud, willful misconduct or gross negligence. If this Section 5 or any portion hereof shall be invalidated on any ground by a court of competent jurisdiction, the Series shall nevertheless indemnify the Managing Party for any Losses incurred to the full extent permitted by any applicable portion of this Section that shall not have been invalidated.

* The Asset Manager gives no warranty as to the performance or profitability of the #8YFFL Asset or as to the performance of any third party engaged by the Asset Manager hereunder.

* The Asset Manager may rely upon and shall be protected in acting or refraining from action upon any instruction from, or document signed by, any authorized person of the Series or other person reasonably believed by the Asset Manager to be authorized to give or sign the same whether or not the authority of such person is then effective.

* Assignments. This Agreement may not be assigned by either party without the consent of the other party. In performing its obligations under this Agreement, the Asset Manager may, at its discretion, delegate any or all of its rights, powers and functions under this Agreement to any Person in accordance with section 2(d) without the need for the consent of the Series, provided that the Asset Manager's liability to the Series for all matters so delegated shall not be affected by such delegation.

* Compensation and Expenses.

* As compensation for services performed by the Asset Manager under this Agreement, and in consideration therefor, the Series will pay an annual asset management fee (the "Asset Management Fee") to the Asset Manager in respect of each fiscal year, equal to 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. Any such amount will be paid at the same time as, and only if, a distribution is made from the Series to its Members.

* Except as set forth in Section 5, the Series will bear all expenses of the #8YFFL Asset and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation").

* Each party will bear its own costs relating to the negotiation, preparation, execution and implementation of this Agreement.

* Services to Other Clients; Certain Affiliated Activities.

* The relationship between the Asset Manager and the Series is as described in this Agreement and nothing in this Agreement, none of the services to be provided pursuant to this Agreement, nor any other matter, shall oblige the Asset Manager to accept responsibilities that are more extensive than those set forth in this Agreement.

* The Asset Manager's services to the Series are not exclusive. The Asset Manager may engage in other activities on behalf of itself, any other Managing Party and other clients (which, for the avoidance of doubt, may include other series of the Company). The Series acknowledges and agrees that the Asset Manager may, without prior notice to the Series, give advice to such other clients. The Asset Manager shall not be liable to account to the Series for any profits, commission or remuneration made or received in respect of transactions effected pursuant to the Asset Manager's advice to another client and nor will the Asset Manager's fees be abated as a result.

* Duration and Termination. Unless terminated as set forth below, this Agreement shall continue in full force and effect until one year after the date on which the #8YFFL Asset has been liquidated and the obligations connected to such #8YFFL Asset (including, without limitation, contingent obligations) have terminated or, if earlier, the removal of Ark7 Inc. as Managing Member of the Series. Either party may terminate this Agreement immediately upon a material breach of the Agreement by the other party, without penalty or other additional payment, except that the Series shall pay the Asset Management Fee of the Asset Manager referred to in section 7, pro-rated to the date of termination, together with all amounts outstanding under any Operating Expenses Reimbursement Obligation. Termination shall not affect accrued rights, and the provisions of Sections 4, 5, 7 (with respect to any accrued but unpaid fees and expenses), 8, 9, 11, 14 and 16 hereof shall survive the termination of this Agreement.

* Power of Attorney. For so long as this Agreement is in effect, the Series constitutes and appoints the Asset Manager, with full power of substitution, its true and lawful attorney-in-fact and in its name, place and stead to carry out the Asset Manager's obligations and responsibilities to the Series under this Agreement, solely with respect to the #8YFFL Asset. 

* Notices. Except as otherwise specifically provided herein, all notices shall be deemed duly given when sent in writing by registered mail, overnight courier or email to the appropriate party at the following addresses, or to such other address as shall be notified in writing by that party to the other party from time to time:

If to the Series:

Ark7 Properties LLC - Series #8YFFL

1804 Laminar Creek Rd, Cedar Park, TX 78613 1804 Laminar Creek Rd, Cedar Park, TX 78613

Attention: President Email: support@ark7.com

If to the Asset Manager:

Ark7 Inc.

1804 Laminar Creek Rd, Cedar Park, TX 78613 1804 Laminar Creek Rd, Cedar Park, TX 78613

Attention: President

Email: support@ark7.com

* Independent Contractor. For all purposes of this Agreement, the Asset Manager shall be an independent contractor and not an employee or dependent agent of the Series nor shall anything herein be construed as making the Series a partner or co-venturer with the Asset Manager, any other Managing Party or any of its other clients. Except as expressly provided in this Agreement or as otherwise authorized in writing by the Series, the Asset Manager shall have no authority to bind, obligate or represent the Series.

* Entire Agreement; Amendment; Severability. This Agreement states the entire agreement of the parties with respect to the subject matter hereof and supersedes any prior agreements relating to the subject matter hereof, and may not be supplemented or amended except in writing signed by the parties. If any provision or any part of a provision of this Agreement shall be found to be void or unenforceable, it shall not affect the remaining part, which shall remain in full force and effect.

* Confidentiality. All information furnished or made available by the Series or the Company to the Asset Manager hereunder, or by the Asset Manager to the Series or the Company hereunder, shall be treated as confidential by the Asset Manager, or the Series and the Company, as applicable, and shall not be disclosed to third parties except as required by law or as required in connection with the execution of transactions with respect to the #8YFFL Asset and except for disclosure to counsel, accountants and other advisors.

* Definitions. Words and expressions which are used but not defined in this Agreement shall have the meanings given to them in the Operating Agreement.

* Governing Law; Jurisdiction.

* This Agreement and the rights of the parties shall be governed by and construed in accordance with the laws of the State of Delaware.

* The parties irrevocably agree that the Court of Chancery of the State of Delaware is to have the exclusive jurisdiction to settle any disputes which may arise out of in connection with this Agreement and accordingly any suit, action or proceeding arising out of or in connection with this Agreement shall be brought in such courts.

* Counterparts. This Agreement may be executed in one or more counterparts with the same force and effect as if each of the signatories had executed the same instrument.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly appointed agents so as to be effective on the day, month and year first above written.

**ASSET MANAGER**

ARK7 INC.

By: /s/Yizhen Zhao Name: Yizhen Zhao Title: CEO

Ark7 Properties LLC - SERIES #8YFFL

**By: ARK7 INC., as managing member**

By: /s/Yizhen Zhao Name: Yizhen Zhao Title: CEO

**APPENDIX**

**THE #8YFFL ASSET**

Property Address: 1804 Laminar Creek Rd, Cedar Park, TX 78613

## Ex1A-6

**LOAN AGREEMENT**

THIS LOAN AGREEMENT (this "Agreement") dated on February 1, 2021.

**BETWEEN:**

Ark7 Properties LLC

1 Ferry Building, Ste 201

San Francisco, CA, US

(the "Lender")

AND

Ark7 Properties LLC - Series #8YFFL

1 Ferry Building, Ste 201

San Francisco, CA, US

(the "Borrower")

IN CONSIDERATION OF the Lender loaning certain amount of the loan (the "Loan") to the Borrower, and the Borrower repaying the loan to the Lender, both parties agree to keep, perform and fulfill the promises and conditions set out in this Agreement:

**Loan Amount & Interest**

* The Lender promises to loan $490,000.00 to the Borrower and the Borrower promises to repay this principal amount to the Lender, with interest payable on the unpaid principal at the rate of 8.00% per annum, calculated semi-annually not in advance, beginning on February 1, 2021. The Borrower may prepay the Loan but in no event shall the interest rate chargeable hereinabove for any day be less than 0.00% per annum.

**Payment**

* This Loan will be repaid in full on January 31, 2024.

**Bank Account Authorization**

* Lender will authorize Borrower to use Bank of America checking account ending with 6974 for property acquisition purpose.

**Default**

* Notwithstanding anything to the contrary in this Agreement, if the Borrower defaults in the performance of any obligation under this Agreement, then the Lender may declare the principal amount owing and interest due under this Agreement at that time to be immediately due and payable.

**Governing Law**

* This Agreement will be construed in accordance with and governed by the laws of the State of California.

**Costs**

* All costs, expenses and expenditures including, without limitation, the complete legal costs incurred by enforcing this Agreement as a result of any default by the Borrower, will be added to the principal then outstanding and will immediately be paid by the Borrower.

**Binding Effect**

* This Agreement will pass to the benefit of and be binding upon the respective heirs, executors, administrators, successors and permitted assigns of the Borrower and Lender. The Borrower waives presentment for payment, notice of non-payment, protest, and notice of protest.

**Amendments**

* This Agreement may only be amended or modified by a written instrument executed by both the Borrower and the Lender.

**Severability**

* The clauses and paragraphs contained in this Agreement are intended to be read and construed independently of each other. If any term, covenant, condition or provision of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, it is the parties' intent that such provision be reduced in scope by the court only to the extent deemed necessary by that court to render the provision reasonable and enforceable and the remainder of the provisions of this Agreement will in no way be affected, impaired or invalidated as a result.

**General Provisions**

* Headings are inserted for the convenience of the parties only and are not to be considered when interpreting this Agreement. Words in the singular mean and include the plural and vice versa. Words in the masculine mean and include the feminine and vice versa.

**Entire Agreement**

* This Agreement constitutes the entire agreement between the parties and there are no further items or provisions, either oral or otherwise.

IN WITNESS WHEREOF, the parties have duly affixed their signatures under hand and seal on the date first above written.

**SIGNED, SEALED, AND DELIVERED**

**ARK7 PROPERTIES LLC**

---

| | | |
|:---|:---|:---|
| By | */s/ ARK7 INC., as managing member* |  |
|  | By: | */s/ Yizhen Zhao* |
|  | Name: | Yizhen Zhao |
|  | Title: | CEO |

---

**SIGNED, SEALED, AND DELIVERED**

**ARK7 PROPERTIES LLC - SERIES #8YFFL**

---

| | | |
|:---|:---|:---|
| By | */s/ ARK7 INC., as managing member* |  |
|  | By: | */s/ Yizhen Zhao* |
|  | Name: | Yizhen Zhao |
|  | Title: | CEO |

---

## Ex1A-6

**ASSET MANAGEMENT AGREEMENT**

**BETWEEN**

**ARK7 INC.**

**AND**

**ARK7 PROPERTIES LLC - SERIES #XZQRZ**

This ASSET MANAGEMENT AGREEMENT (this "Agreement") dated as of March 31, 2021 is entered into between Ark7 Inc., a corporation organized under the laws of the State of Delaware (the "Asset Manager"), and Ark7 Properties LLC - Series #XZQRZ (the "Series").

WHEREAS, the Series seeks to invest in the #XZQRZ Asset (as defined in the Appendix) in accordance with the terms and conditions of the Operating Agreement, dated September 13, 2029, of Ark7 Properties LLC, a series limited liability company organized under the laws of the State of Delaware (the "Company") together with Exhibit B setting forth the terms of the Series, in each case as amended and restated from time to time (the "Operating Agreement");

WHEREAS, pursuant to the Operating Agreement, the managing member of the Series shall be responsible for the acquisition, management and disposition of the #XZQRZ Asset as well as the business of the Series;

WHEREAS, the Series desires to avail itself of the advice and assistance of the Asset Manager and to appoint and retain the Asset Manager as the asset manager to the Series with respect to the #XZQRZ Asset;

WHEREAS, the Asset Manager wishes to accept such appointment; and

NOW THEREFORE, in consideration of the mutual agreements herein contained, the parties hereby covenant and agree as follows:

* Appointment of Asset Manager; Acceptance of Appointment. The Series hereby appoints the Asset Manager as asset manager to the Series for the purpose of managing the #XZQRZ Asset. The Asset Manager hereby accepts such appointment.

* Authority of the Asset Manager.

* Except as set forth in Section 2(e) below and any guidance as may be established from time to time by the Managing Member of the Series, the Asset Manager shall have sole authority and complete discretion over the care, custody, maintenance and management of the #XZQRZ Asset and to take any action that it deems necessary or desirable in connection therewith.

* The Asset Manager shall devote such time to its duties under this Agreement as may be deemed reasonably necessary by the Asset Manager in light of the understanding that such duties are expected to be performed only at occasional or irregular intervals.

* The Asset Manager may delegate all or any of its duties under this Agreement to any Person who shall perform such delegated duties under the supervision of the Asset Manager on such terms as the Asset Manager shall determine.

* Notwithstanding any other provision of this Agreement to the contrary, the Asset Manager shall not have the authority to:

* acquire any asset or service for an amount equal to or greater than 1% of the value of the #XZQRZ Asset as of such date, individually, or 3% of the value of the #XZQRZ Asset as of such date, in the aggregate without the prior consent of the Managing Member of the Series; or

* sell, transfer, encumber or convey the #XZQRZ Asset, provided, however, that the Asset Manager may deliver to the Managing Member of the Company any offers received by the Asset Manager to purchase the #XZQRZ Asset and any research or analysis prepared by the Asset Manager regarding the potential sale of the #XZQRZ Asset, including market analysis, survey results or information regarding any inquiries received and information regarding potential purchasers.

* Cooperation. The Asset Manager agrees to use reasonable efforts to make appropriate personnel available for consultation with the Series on matters pertaining to the #XZQRZ Asset and to consult with the Managing Member of the Series regarding asset management decisions with respect to the #XZQRZ Asset prior to execution. The Managing Member of the Series may make any reasonable request for the provision of information or for other cooperation from the Asset Manager with respect to its duties under this Agreement, and the Asset Manager shall use reasonable efforts to comply with such request, including without limitation, furnishing the Series with such documents, reports, data and other information as the Managing Member of the Series may reasonably request regarding the #XZQRZ Asset and the Asset Manager's performance hereunder or compliance with the terms hereof.

* Representations and Warranties. Each party hereto represents and warrants that this Agreement has been duly authorized, executed and delivered by such party and constitutes the legal, valid and binding obligation of such party.

* Limitation of Liability; Indemnification with respect to #XZQRZ Asset.

* None of the Asset Manager, its affiliates, or any of their respective directors, members, stockholders, partners, officers, employees or controlling persons (collectively, "Managing Parties") shall be liable to the applicable Series or the Company for (i) any act or omission performed or failed to be performed by any Managing Party (other than any criminal wrongdoing) arising from the exercise of such Managing Party's rights or obligations hereunder, or for any losses, claims, costs, damages, or liabilities arising therefrom, in the absence of criminal wrongdoing, willful misfeasance or gross negligence on the part of such Managing Party, with respect to #XZQRZ Asset, (ii) any tax liability imposed on the Series or the #XZQRZ Asset, or (iii) any losses due to the actions or omissions of the Series or any brokers or other current or former agents or advisers of the Series.

* To the fullest extent permitted by applicable law, the Series will indemnify the Asset Manager and its Managing Parties against any and all losses, damages, liabilities, judgments, costs and expenses (including, without limitation, reasonable attorneys' fees and disbursements) and amounts paid in settlement (collectively, "Losses") to which such person may become subject in connection with any matter arising out of or in connection with this Agreement, except to the extent that any such Loss results solely from the acts or omissions of a Managing Party that have been determined in a final, non-appealable decision of a court, arbitrator or other tribunal of competent jurisdiction to have resulted primarily from such Managing Party's fraud, willful misconduct or gross negligence. If this Section 5 or any portion hereof shall be invalidated on any ground by a court of competent jurisdiction, the Series shall nevertheless indemnify the Managing Party for any Losses incurred to the full extent permitted by any applicable portion of this Section that shall not have been invalidated.

* The Asset Manager gives no warranty as to the performance or profitability of the #XZQRZ Asset or as to the performance of any third party engaged by the Asset Manager hereunder.

* The Asset Manager may rely upon and shall be protected in acting or refraining from action upon any instruction from, or document signed by, any authorized person of the Series or other person reasonably believed by the Asset Manager to be authorized to give or sign the same whether or not the authority of such person is then effective.

* Assignments. This Agreement may not be assigned by either party without the consent of the other party. In performing its obligations under this Agreement, the Asset Manager may, at its discretion, delegate any or all of its rights, powers and functions under this Agreement to any Person in accordance with section 2(d) without the need for the consent of the Series, provided that the Asset Manager's liability to the Series for all matters so delegated shall not be affected by such delegation.

* Compensation and Expenses.

* As compensation for services performed by the Asset Manager under this Agreement, and in consideration therefor, the Series will pay an annual asset management fee (the "Asset Management Fee") to the Asset Manager in respect of each fiscal year, equal to 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. Any such amount will be paid at the same time as, and only if, a distribution is made from the Series to its Members.

* Except as set forth in Section 5, the Series will bear all expenses of the #XZQRZ Asset and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation").

* Each party will bear its own costs relating to the negotiation, preparation, execution and implementation of this Agreement.

* Services to Other Clients; Certain Affiliated Activities.

* The relationship between the Asset Manager and the Series is as described in this Agreement and nothing in this Agreement, none of the services to be provided pursuant to this Agreement, nor any other matter, shall oblige the Asset Manager to accept responsibilities that are more extensive than those set forth in this Agreement.

* The Asset Manager's services to the Series are not exclusive. The Asset Manager may engage in other activities on behalf of itself, any other Managing Party and other clients (which, for the avoidance of doubt, may include other series of the Company). The Series acknowledges and agrees that the Asset Manager may, without prior notice to the Series, give advice to such other clients. The Asset Manager shall not be liable to account to the Series for any profits, commission or remuneration made or received in respect of transactions effected pursuant to the Asset Manager's advice to another client and nor will the Asset Manager's fees be abated as a result.

* Duration and Termination. Unless terminated as set forth below, this Agreement shall continue in full force and effect until one year after the date on which the #XZQRZ Asset has been liquidated and the obligations connected to such #XZQRZ Asset (including, without limitation, contingent obligations) have terminated or, if earlier, the removal of Ark7 Inc. as Managing Member of the Series. Either party may terminate this Agreement immediately upon a material breach of the Agreement by the other party, without penalty or other additional payment, except that the Series shall pay the Asset Management Fee of the Asset Manager referred to in section 7, pro-rated to the date of termination, together with all amounts outstanding under any Operating Expenses Reimbursement Obligation. Termination shall not affect accrued rights, and the provisions of Sections 4, 5, 7 (with respect to any accrued but unpaid fees and expenses), 8, 9, 11, 14 and 16 hereof shall survive the termination of this Agreement.

* Power of Attorney. For so long as this Agreement is in effect, the Series constitutes and appoints the Asset Manager, with full power of substitution, its true and lawful attorney-in-fact and in its name, place and stead to carry out the Asset Manager's obligations and responsibilities to the Series under this Agreement, solely with respect to the #XZQRZ Asset. 

* Notices. Except as otherwise specifically provided herein, all notices shall be deemed duly given when sent in writing by registered mail, overnight courier or email to the appropriate party at the following addresses, or to such other address as shall be notified in writing by that party to the other party from time to time:

If to the Series:

Ark7 Properties LLC - Series #XZQRZ

5250 12th Ave NE, Seattle, WA 98105 5250 12th Ave NE, Seattle, WA 98105

Attention: President Email: support@ark7.com

If to the Asset Manager:

Ark7 Inc.

5250 12th Ave NE, Seattle, WA 98105 5250 12th Ave NE, Seattle, WA 98105

Attention: President

Email: support@ark7.com

* Independent Contractor. For all purposes of this Agreement, the Asset Manager shall be an independent contractor and not an employee or dependent agent of the Series nor shall anything herein be construed as making the Series a partner or co-venturer with the Asset Manager, any other Managing Party or any of its other clients. Except as expressly provided in this Agreement or as otherwise authorized in writing by the Series, the Asset Manager shall have no authority to bind, obligate or represent the Series.

* Entire Agreement; Amendment; Severability. This Agreement states the entire agreement of the parties with respect to the subject matter hereof and supersedes any prior agreements relating to the subject matter hereof, and may not be supplemented or amended except in writing signed by the parties. If any provision or any part of a provision of this Agreement shall be found to be void or unenforceable, it shall not affect the remaining part, which shall remain in full force and effect.

* Confidentiality. All information furnished or made available by the Series or the Company to the Asset Manager hereunder, or by the Asset Manager to the Series or the Company hereunder, shall be treated as confidential by the Asset Manager, or the Series and the Company, as applicable, and shall not be disclosed to third parties except as required by law or as required in connection with the execution of transactions with respect to the #XZQRZ Asset and except for disclosure to counsel, accountants and other advisors.

* Definitions. Words and expressions which are used but not defined in this Agreement shall have the meanings given to them in the Operating Agreement.

* Governing Law; Jurisdiction.

* This Agreement and the rights of the parties shall be governed by and construed in accordance with the laws of the State of Delaware.

* The parties irrevocably agree that the Court of Chancery of the State of Delaware is to have the exclusive jurisdiction to settle any disputes which may arise out of in connection with this Agreement and accordingly any suit, action or proceeding arising out of or in connection with this Agreement shall be brought in such courts.

* Counterparts. This Agreement may be executed in one or more counterparts with the same force and effect as if each of the signatories had executed the same instrument.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly appointed agents so as to be effective on the day, month and year first above written.

**ASSET MANAGER**

ARK7 INC.

By: /s/Yizhen Zhao Name: Yizhen Zhao Title: CEO

Ark7 Properties LLC - SERIES #XZQRZ

**By: ARK7 INC., as managing member**

By: /s/Yizhen Zhao Name: Yizhen Zhao Title: CEO

**APPENDIX**

**THE #XZQRZ ASSET**

Property Address: 5250 12th Ave NE, Seattle, WA 98105

## Ex1A-6

**LOAN AGREEMENT**

THIS LOAN AGREEMENT (this "Agreement") dated on March 26, 2021.

**BETWEEN:**

Ark7 Properties LLC

1 Ferry Building, Ste 201

San Francisco, CA, US

(the "Lender")

AND

Ark7 Properties LLC - Series #XZQRZ

1 Ferry Building, Ste 201

San Francisco, CA, US

(the "Borrower")

IN CONSIDERATION OF the Lender loaning certain amount of the loan (the "Loan") to the Borrower, and the Borrower repaying the loan to the Lender, both parties agree to keep, perform and fulfill the promises and conditions set out in this Agreement:

**Loan Amount & Interest**

* The Lender promises to loan $1,160,000.00 to the Borrower and the Borrower promises to repay this principal amount to the Lender, with interest payable on the unpaid principal at the rate of 8.00% per annum, calculated semi-annually not in advance, beginning on March 26, 2021. The Borrower may prepay the Loan but in no event shall the interest rate chargeable hereinabove for any day be less than 0.00% per annum.

**Payment**

* This Loan will be repaid in full on March 25, 2025.

**Bank Account Authorization**

* Lender will authorize Borrower to use Bank of America checking account ending with 6974 for property acquisition purpose.

**Default**

* Notwithstanding anything to the contrary in this Agreement, if the Borrower defaults in the performance of any obligation under this Agreement, then the Lender may declare the principal amount owing and interest due under this Agreement at that time to be immediately due and payable.

**Governing Law**

* This Agreement will be construed in accordance with and governed by the laws of the State of California.

**Costs**

* All costs, expenses and expenditures including, without limitation, the complete legal costs incurred by enforcing this Agreement as a result of any default by the Borrower, will be added to the principal then outstanding and will immediately be paid by the Borrower.

**Binding Effect**

* This Agreement will pass to the benefit of and be binding upon the respective heirs, executors, administrators, successors and permitted assigns of the Borrower and Lender. The Borrower waives presentment for payment, notice of non-payment, protest, and notice of protest.

**Amendments**

* This Agreement may only be amended or modified by a written instrument executed by both the Borrower and the Lender.

**Severability**

* The clauses and paragraphs contained in this Agreement are intended to be read and construed independently of each other. If any term, covenant, condition or provision of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, it is the parties' intent that such provision be reduced in scope by the court only to the extent deemed necessary by that court to render the provision reasonable and enforceable and the remainder of the provisions of this Agreement will in no way be affected, impaired or invalidated as a result.

**General Provisions**

* Headings are inserted for the convenience of the parties only and are not to be considered when interpreting this Agreement. Words in the singular mean and include the plural and vice versa. Words in the masculine mean and include the feminine and vice versa.

**Entire Agreement**

* This Agreement constitutes the entire agreement between the parties and there are no further items or provisions, either oral or otherwise.

IN WITNESS WHEREOF, the parties have duly affixed their signatures under hand and seal on the date first above written.

**SIGNED, SEALED, AND DELIVERED**

**ARK7 PROPERTIES LLC**

---

| | | |
|:---|:---|:---|
| By | */s/ ARK7 INC., as managing member* |  |
|  | By: | */s/ Yizhen Zhao* |
|  | Name: | Yizhen Zhao |
|  | Title: | CEO |

---

**SIGNED, SEALED, AND DELIVERED**

**ARK7 PROPERTIES LLC - SERIES #XZQRZ**

---

| | | |
|:---|:---|:---|
| By | */s/ ARK7 INC., as managing member* |  |
|  | By: | */s/ Yizhen Zhao* |
|  | Name: | Yizhen Zhao |
|  | Title: | CEO |

---

## Ex1A-6

**ASSET MANAGEMENT AGREEMENT**

**BETWEEN**

**ARK7 INC.**

**AND**

**ARK7 PROPERTIES LLC - SERIES #DTMEW**

This ASSET MANAGEMENT AGREEMENT (this "Agreement") dated as of October 12, 2021 is entered into between Ark7 Inc., a corporation organized under the laws of the State of Delaware (the "Asset Manager"), and Ark7 Properties LLC - Series #DTMEW (the "Series").

WHEREAS, the Series seeks to invest in the #DTMEW Asset (as defined in the Appendix) in accordance with the terms and conditions of the Operating Agreement, dated September 13, 2029, of Ark7 Properties LLC, a series limited liability company organized under the laws of the State of Delaware (the "Company") together with Exhibit B setting forth the terms of the Series, in each case as amended and restated from time to time (the "Operating Agreement");

WHEREAS, pursuant to the Operating Agreement, the managing member of the Series shall be responsible for the acquisition, management and disposition of the #DTMEW Asset as well as the business of the Series;

WHEREAS, the Series desires to avail itself of the advice and assistance of the Asset Manager and to appoint and retain the Asset Manager as the asset manager to the Series with respect to the #DTMEW Asset;

WHEREAS, the Asset Manager wishes to accept such appointment; and

NOW THEREFORE, in consideration of the mutual agreements herein contained, the parties hereby covenant and agree as follows:

* Appointment of Asset Manager; Acceptance of Appointment. The Series hereby appoints the Asset Manager as asset manager to the Series for the purpose of managing the #DTMEW Asset. The Asset Manager hereby accepts such appointment.

* Authority of the Asset Manager.

* Except as set forth in Section 2(e) below and any guidance as may be established from time to time by the Managing Member of the Series, the Asset Manager shall have sole authority and complete discretion over the care, custody, maintenance and management of the #DTMEW Asset and to take any action that it deems necessary or desirable in connection therewith.

* The Asset Manager shall devote such time to its duties under this Agreement as may be deemed reasonably necessary by the Asset Manager in light of the understanding that such duties are expected to be performed only at occasional or irregular intervals.

* The Asset Manager may delegate all or any of its duties under this Agreement to any Person who shall perform such delegated duties under the supervision of the Asset Manager on such terms as the Asset Manager shall determine.

* Notwithstanding any other provision of this Agreement to the contrary, the Asset Manager shall not have the authority to:

* acquire any asset or service for an amount equal to or greater than 1% of the value of the #DTMEW Asset as of such date, individually, or 3% of the value of the #DTMEW Asset as of such date, in the aggregate without the prior consent of the Managing Member of the Series; or

* sell, transfer, encumber or convey the #DTMEW Asset, provided, however, that the Asset Manager may deliver to the Managing Member of the Company any offers received by the Asset Manager to purchase the #DTMEW Asset and any research or analysis prepared by the Asset Manager regarding the potential sale of the #DTMEW Asset, including market analysis, survey results or information regarding any inquiries received and information regarding potential purchasers.

* Cooperation. The Asset Manager agrees to use reasonable efforts to make appropriate personnel available for consultation with the Series on matters pertaining to the #DTMEW Asset and to consult with the Managing Member of the Series regarding asset management decisions with respect to the #DTMEW Asset prior to execution. The Managing Member of the Series may make any reasonable request for the provision of information or for other cooperation from the Asset Manager with respect to its duties under this Agreement, and the Asset Manager shall use reasonable efforts to comply with such request, including without limitation, furnishing the Series with such documents, reports, data and other information as the Managing Member of the Series may reasonably request regarding the #DTMEW Asset and the Asset Manager's performance hereunder or compliance with the terms hereof.

* Representations and Warranties. Each party hereto represents and warrants that this Agreement has been duly authorized, executed and delivered by such party and constitutes the legal, valid and binding obligation of such party.

* Limitation of Liability; Indemnification with respect to #DTMEW Asset.

* None of the Asset Manager, its affiliates, or any of their respective directors, members, stockholders, partners, officers, employees or controlling persons (collectively, "Managing Parties") shall be liable to the applicable Series or the Company for (i) any act or omission performed or failed to be performed by any Managing Party (other than any criminal wrongdoing) arising from the exercise of such Managing Party's rights or obligations hereunder, or for any losses, claims, costs, damages, or liabilities arising therefrom, in the absence of criminal wrongdoing, willful misfeasance or gross negligence on the part of such Managing Party, with respect to #DTMEW Asset, (ii) any tax liability imposed on the Series or the #DTMEW Asset, or (iii) any losses due to the actions or omissions of the Series or any brokers or other current or former agents or advisers of the Series.

* To the fullest extent permitted by applicable law, the Series will indemnify the Asset Manager and its Managing Parties against any and all losses, damages, liabilities, judgments, costs and expenses (including, without limitation, reasonable attorneys' fees and disbursements) and amounts paid in settlement (collectively, "Losses") to which such person may become subject in connection with any matter arising out of or in connection with this Agreement, except to the extent that any such Loss results solely from the acts or omissions of a Managing Party that have been determined in a final, non-appealable decision of a court, arbitrator or other tribunal of competent jurisdiction to have resulted primarily from such Managing Party's fraud, willful misconduct or gross negligence. If this Section 5 or any portion hereof shall be invalidated on any ground by a court of competent jurisdiction, the Series shall nevertheless indemnify the Managing Party for any Losses incurred to the full extent permitted by any applicable portion of this Section that shall not have been invalidated.

* The Asset Manager gives no warranty as to the performance or profitability of the #DTMEW Asset or as to the performance of any third party engaged by the Asset Manager hereunder.

* The Asset Manager may rely upon and shall be protected in acting or refraining from action upon any instruction from, or document signed by, any authorized person of the Series or other person reasonably believed by the Asset Manager to be authorized to give or sign the same whether or not the authority of such person is then effective.

* Assignments. This Agreement may not be assigned by either party without the consent of the other party. In performing its obligations under this Agreement, the Asset Manager may, at its discretion, delegate any or all of its rights, powers and functions under this Agreement to any Person in accordance with section 2(d) without the need for the consent of the Series, provided that the Asset Manager's liability to the Series for all matters so delegated shall not be affected by such delegation.

* Compensation and Expenses.

* As compensation for services performed by the Asset Manager under this Agreement, and in consideration therefor, the Series will pay an annual asset management fee (the "Asset Management Fee") to the Asset Manager in respect of each fiscal year, equal to 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. Any such amount will be paid at the same time as, and only if, a distribution is made from the Series to its Members.

* Except as set forth in Section 5, the Series will bear all expenses of the #DTMEW Asset and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation").

* Each party will bear its own costs relating to the negotiation, preparation, execution and implementation of this Agreement.

* Services to Other Clients; Certain Affiliated Activities.

* The relationship between the Asset Manager and the Series is as described in this Agreement and nothing in this Agreement, none of the services to be provided pursuant to this Agreement, nor any other matter, shall oblige the Asset Manager to accept responsibilities that are more extensive than those set forth in this Agreement.

* The Asset Manager's services to the Series are not exclusive. The Asset Manager may engage in other activities on behalf of itself, any other Managing Party and other clients (which, for the avoidance of doubt, may include other series of the Company). The Series acknowledges and agrees that the Asset Manager may, without prior notice to the Series, give advice to such other clients. The Asset Manager shall not be liable to account to the Series for any profits, commission or remuneration made or received in respect of transactions effected pursuant to the Asset Manager's advice to another client and nor will the Asset Manager's fees be abated as a result.

* Duration and Termination. Unless terminated as set forth below, this Agreement shall continue in full force and effect until one year after the date on which the #DTMEW Asset has been liquidated and the obligations connected to such #DTMEW Asset (including, without limitation, contingent obligations) have terminated or, if earlier, the removal of Ark7 Inc. as Managing Member of the Series. Either party may terminate this Agreement immediately upon a material breach of the Agreement by the other party, without penalty or other additional payment, except that the Series shall pay the Asset Management Fee of the Asset Manager referred to in section 7, pro-rated to the date of termination, together with all amounts outstanding under any Operating Expenses Reimbursement Obligation. Termination shall not affect accrued rights, and the provisions of Sections 4, 5, 7 (with respect to any accrued but unpaid fees and expenses), 8, 9, 11, 14 and 16 hereof shall survive the termination of this Agreement.

* Power of Attorney. For so long as this Agreement is in effect, the Series constitutes and appoints the Asset Manager, with full power of substitution, its true and lawful attorney-in-fact and in its name, place and stead to carry out the Asset Manager's obligations and responsibilities to the Series under this Agreement, solely with respect to the #DTMEW Asset. 

* Notices. Except as otherwise specifically provided herein, all notices shall be deemed duly given when sent in writing by registered mail, overnight courier or email to the appropriate party at the following addresses, or to such other address as shall be notified in writing by that party to the other party from time to time:

If to the Series:

Ark7 Properties LLC - Series #DTMEW

5150 Ranstead St, Philadelphia, PA 19139 5150 Ranstead St, Philadelphia, PA 19139

Attention: President Email: support@ark7.com

If to the Asset Manager:

Ark7 Inc.

5150 Ranstead St, Philadelphia, PA 19139 5150 Ranstead St, Philadelphia, PA 19139

Attention: President

Email: support@ark7.com

* Independent Contractor. For all purposes of this Agreement, the Asset Manager shall be an independent contractor and not an employee or dependent agent of the Series nor shall anything herein be construed as making the Series a partner or co-venturer with the Asset Manager, any other Managing Party or any of its other clients. Except as expressly provided in this Agreement or as otherwise authorized in writing by the Series, the Asset Manager shall have no authority to bind, obligate or represent the Series.

* Entire Agreement; Amendment; Severability. This Agreement states the entire agreement of the parties with respect to the subject matter hereof and supersedes any prior agreements relating to the subject matter hereof, and may not be supplemented or amended except in writing signed by the parties. If any provision or any part of a provision of this Agreement shall be found to be void or unenforceable, it shall not affect the remaining part, which shall remain in full force and effect.

* Confidentiality. All information furnished or made available by the Series or the Company to the Asset Manager hereunder, or by the Asset Manager to the Series or the Company hereunder, shall be treated as confidential by the Asset Manager, or the Series and the Company, as applicable, and shall not be disclosed to third parties except as required by law or as required in connection with the execution of transactions with respect to the #DTMEW Asset and except for disclosure to counsel, accountants and other advisors.

* Definitions. Words and expressions which are used but not defined in this Agreement shall have the meanings given to them in the Operating Agreement.

* Governing Law; Jurisdiction.

* This Agreement and the rights of the parties shall be governed by and construed in accordance with the laws of the State of Delaware.

* The parties irrevocably agree that the Court of Chancery of the State of Delaware is to have the exclusive jurisdiction to settle any disputes which may arise out of in connection with this Agreement and accordingly any suit, action or proceeding arising out of or in connection with this Agreement shall be brought in such courts.

* Counterparts. This Agreement may be executed in one or more counterparts with the same force and effect as if each of the signatories had executed the same instrument.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly appointed agents so as to be effective on the day, month and year first above written.

**ASSET MANAGER**

ARK7 INC.

By: /s/Yizhen Zhao Name: Yizhen Zhao Title: CEO

Ark7 Properties LLC - SERIES #DTMEW

**By: ARK7 INC., as managing member**

By: /s/Yizhen Zhao Name: Yizhen Zhao Title: CEO

**APPENDIX**

**THE #DTMEW ASSET**

Property Address: 5150 Ranstead St, Philadelphia, PA 19139

## Ex1A-6

**LOAN AGREEMENT**

THIS LOAN AGREEMENT (this "Agreement") dated on October 1, 2021.

**BETWEEN:**

Ark7 Properties LLC

1 Ferry Building, Ste 201

San Francisco, CA, US

(the "Lender")

AND

Ark7 Properties LLC - Series #DTMEW

1 Ferry Building, Ste 201

San Francisco, CA, US

(the "Borrower")

IN CONSIDERATION OF the Lender loaning certain amount of the loan (the "Loan") to the Borrower, and the Borrower repaying the loan to the Lender, both parties agree to keep, perform and fulfill the promises and conditions set out in this Agreement:

**Loan Amount & Interest**

* The Lender promises to loan $170,000.00 to the Borrower and the Borrower promises to repay this principal amount to the Lender, with interest payable on the unpaid principal at the rate of 8.00% per annum, calculated semi-annually not in advance, beginning on October 1, 2021. The Borrower may prepay the Loan but in no event shall the interest rate chargeable hereinabove for any day be less than 0.00% per annum.

**Payment**

* This Loan will be repaid in full on September 30, 2022.

**Bank Account Authorization**

* Lender will authorize Borrower to use Bank of America checking account ending with 6974 for property acquisition purpose.

**Default**

* Notwithstanding anything to the contrary in this Agreement, if the Borrower defaults in the performance of any obligation under this Agreement, then the Lender may declare the principal amount owing and interest due under this Agreement at that time to be immediately due and payable.

**Governing Law**

* This Agreement will be construed in accordance with and governed by the laws of the State of California.

**Costs**

* All costs, expenses and expenditures including, without limitation, the complete legal costs incurred by enforcing this Agreement as a result of any default by the Borrower, will be added to the principal then outstanding and will immediately be paid by the Borrower.

**Binding Effect**

* This Agreement will pass to the benefit of and be binding upon the respective heirs, executors, administrators, successors and permitted assigns of the Borrower and Lender. The Borrower waives presentment for payment, notice of non-payment, protest, and notice of protest.

**Amendments**

* This Agreement may only be amended or modified by a written instrument executed by both the Borrower and the Lender.

**Severability**

* The clauses and paragraphs contained in this Agreement are intended to be read and construed independently of each other. If any term, covenant, condition or provision of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, it is the parties' intent that such provision be reduced in scope by the court only to the extent deemed necessary by that court to render the provision reasonable and enforceable and the remainder of the provisions of this Agreement will in no way be affected, impaired or invalidated as a result.

**General Provisions**

* Headings are inserted for the convenience of the parties only and are not to be considered when interpreting this Agreement. Words in the singular mean and include the plural and vice versa. Words in the masculine mean and include the feminine and vice versa.

**Entire Agreement**

* This Agreement constitutes the entire agreement between the parties and there are no further items or provisions, either oral or otherwise.

IN WITNESS WHEREOF, the parties have duly affixed their signatures under hand and seal on the date first above written.

**SIGNED, SEALED, AND DELIVERED**

**ARK7 PROPERTIES LLC**

---

| | | |
|:---|:---|:---|
| By | */s/ ARK7 INC., as managing member* |  |
|  | By: | */s/ Yizhen Zhao* |
|  | Name: | Yizhen Zhao |
|  | Title: | CEO |

---

**SIGNED, SEALED, AND DELIVERED**

**ARK7 PROPERTIES LLC - SERIES #DTMEW**

---

| | | |
|:---|:---|:---|
| By | */s/ ARK7 INC., as managing member* |  |
|  | By: | */s/ Yizhen Zhao* |
|  | Name: | Yizhen Zhao |
|  | Title: | CEO |

---

## Ex1A-6

**ASSET MANAGEMENT AGREEMENT**

**BETWEEN**

**ARK7 INC.**

**AND**

**ARK7 PROPERTIES LLC - SERIES #SOYGJ**

This ASSET MANAGEMENT AGREEMENT (this "Agreement") dated as of October 21, 2021 is entered into between Ark7 Inc., a corporation organized under the laws of the State of Delaware (the "Asset Manager"), and Ark7 Properties LLC - Series #SOYGJ (the "Series").

WHEREAS, the Series seeks to invest in the #SOYGJ Asset (as defined in the Appendix) in accordance with the terms and conditions of the Operating Agreement, dated September 13, 2029, of Ark7 Properties LLC, a series limited liability company organized under the laws of the State of Delaware (the "Company") together with Exhibit B setting forth the terms of the Series, in each case as amended and restated from time to time (the "Operating Agreement");

WHEREAS, pursuant to the Operating Agreement, the managing member of the Series shall be responsible for the acquisition, management and disposition of the #SOYGJ Asset as well as the business of the Series;

WHEREAS, the Series desires to avail itself of the advice and assistance of the Asset Manager and to appoint and retain the Asset Manager as the asset manager to the Series with respect to the #SOYGJ Asset;

WHEREAS, the Asset Manager wishes to accept such appointment; and

NOW THEREFORE, in consideration of the mutual agreements herein contained, the parties hereby covenant and agree as follows:

* Appointment of Asset Manager; Acceptance of Appointment. The Series hereby appoints the Asset Manager as asset manager to the Series for the purpose of managing the #SOYGJ Asset. The Asset Manager hereby accepts such appointment.

* Authority of the Asset Manager.

* Except as set forth in Section 2(e) below and any guidance as may be established from time to time by the Managing Member of the Series, the Asset Manager shall have sole authority and complete discretion over the care, custody, maintenance and management of the #SOYGJ Asset and to take any action that it deems necessary or desirable in connection therewith.

* The Asset Manager shall devote such time to its duties under this Agreement as may be deemed reasonably necessary by the Asset Manager in light of the understanding that such duties are expected to be performed only at occasional or irregular intervals.

* The Asset Manager may delegate all or any of its duties under this Agreement to any Person who shall perform such delegated duties under the supervision of the Asset Manager on such terms as the Asset Manager shall determine.

* Notwithstanding any other provision of this Agreement to the contrary, the Asset Manager shall not have the authority to:

* acquire any asset or service for an amount equal to or greater than 1% of the value of the #SOYGJ Asset as of such date, individually, or 3% of the value of the #SOYGJ Asset as of such date, in the aggregate without the prior consent of the Managing Member of the Series; or

* sell, transfer, encumber or convey the #SOYGJ Asset, provided, however, that the Asset Manager may deliver to the Managing Member of the Company any offers received by the Asset Manager to purchase the #SOYGJ Asset and any research or analysis prepared by the Asset Manager regarding the potential sale of the #SOYGJ Asset, including market analysis, survey results or information regarding any inquiries received and information regarding potential purchasers.

* Cooperation. The Asset Manager agrees to use reasonable efforts to make appropriate personnel available for consultation with the Series on matters pertaining to the #SOYGJ Asset and to consult with the Managing Member of the Series regarding asset management decisions with respect to the #SOYGJ Asset prior to execution. The Managing Member of the Series may make any reasonable request for the provision of information or for other cooperation from the Asset Manager with respect to its duties under this Agreement, and the Asset Manager shall use reasonable efforts to comply with such request, including without limitation, furnishing the Series with such documents, reports, data and other information as the Managing Member of the Series may reasonably request regarding the #SOYGJ Asset and the Asset Manager's performance hereunder or compliance with the terms hereof.

* Representations and Warranties. Each party hereto represents and warrants that this Agreement has been duly authorized, executed and delivered by such party and constitutes the legal, valid and binding obligation of such party.

* Limitation of Liability; Indemnification with respect to #SOYGJ Asset.

* None of the Asset Manager, its affiliates, or any of their respective directors, members, stockholders, partners, officers, employees or controlling persons (collectively, "Managing Parties") shall be liable to the applicable Series or the Company for (i) any act or omission performed or failed to be performed by any Managing Party (other than any criminal wrongdoing) arising from the exercise of such Managing Party's rights or obligations hereunder, or for any losses, claims, costs, damages, or liabilities arising therefrom, in the absence of criminal wrongdoing, willful misfeasance or gross negligence on the part of such Managing Party, with respect to #SOYGJ Asset, (ii) any tax liability imposed on the Series or the #SOYGJ Asset, or (iii) any losses due to the actions or omissions of the Series or any brokers or other current or former agents or advisers of the Series.

* To the fullest extent permitted by applicable law, the Series will indemnify the Asset Manager and its Managing Parties against any and all losses, damages, liabilities, judgments, costs and expenses (including, without limitation, reasonable attorneys' fees and disbursements) and amounts paid in settlement (collectively, "Losses") to which such person may become subject in connection with any matter arising out of or in connection with this Agreement, except to the extent that any such Loss results solely from the acts or omissions of a Managing Party that have been determined in a final, non-appealable decision of a court, arbitrator or other tribunal of competent jurisdiction to have resulted primarily from such Managing Party's fraud, willful misconduct or gross negligence. If this Section 5 or any portion hereof shall be invalidated on any ground by a court of competent jurisdiction, the Series shall nevertheless indemnify the Managing Party for any Losses incurred to the full extent permitted by any applicable portion of this Section that shall not have been invalidated.

* The Asset Manager gives no warranty as to the performance or profitability of the #SOYGJ Asset or as to the performance of any third party engaged by the Asset Manager hereunder.

* The Asset Manager may rely upon and shall be protected in acting or refraining from action upon any instruction from, or document signed by, any authorized person of the Series or other person reasonably believed by the Asset Manager to be authorized to give or sign the same whether or not the authority of such person is then effective.

* Assignments. This Agreement may not be assigned by either party without the consent of the other party. In performing its obligations under this Agreement, the Asset Manager may, at its discretion, delegate any or all of its rights, powers and functions under this Agreement to any Person in accordance with section 2(d) without the need for the consent of the Series, provided that the Asset Manager's liability to the Series for all matters so delegated shall not be affected by such delegation.

* Compensation and Expenses.

* As compensation for services performed by the Asset Manager under this Agreement, and in consideration therefor, the Series will pay an annual asset management fee (the "Asset Management Fee") to the Asset Manager in respect of each fiscal year, equal to 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. Any such amount will be paid at the same time as, and only if, a distribution is made from the Series to its Members.

* Except as set forth in Section 5, the Series will bear all expenses of the #SOYGJ Asset and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation").

* Each party will bear its own costs relating to the negotiation, preparation, execution and implementation of this Agreement.

* Services to Other Clients; Certain Affiliated Activities.

* The relationship between the Asset Manager and the Series is as described in this Agreement and nothing in this Agreement, none of the services to be provided pursuant to this Agreement, nor any other matter, shall oblige the Asset Manager to accept responsibilities that are more extensive than those set forth in this Agreement.

* The Asset Manager's services to the Series are not exclusive. The Asset Manager may engage in other activities on behalf of itself, any other Managing Party and other clients (which, for the avoidance of doubt, may include other series of the Company). The Series acknowledges and agrees that the Asset Manager may, without prior notice to the Series, give advice to such other clients. The Asset Manager shall not be liable to account to the Series for any profits, commission or remuneration made or received in respect of transactions effected pursuant to the Asset Manager's advice to another client and nor will the Asset Manager's fees be abated as a result.

* Duration and Termination. Unless terminated as set forth below, this Agreement shall continue in full force and effect until one year after the date on which the #SOYGJ Asset has been liquidated and the obligations connected to such #SOYGJ Asset (including, without limitation, contingent obligations) have terminated or, if earlier, the removal of Ark7 Inc. as Managing Member of the Series. Either party may terminate this Agreement immediately upon a material breach of the Agreement by the other party, without penalty or other additional payment, except that the Series shall pay the Asset Management Fee of the Asset Manager referred to in section 7, pro-rated to the date of termination, together with all amounts outstanding under any Operating Expenses Reimbursement Obligation. Termination shall not affect accrued rights, and the provisions of Sections 4, 5, 7 (with respect to any accrued but unpaid fees and expenses), 8, 9, 11, 14 and 16 hereof shall survive the termination of this Agreement.

* Power of Attorney. For so long as this Agreement is in effect, the Series constitutes and appoints the Asset Manager, with full power of substitution, its true and lawful attorney-in-fact and in its name, place and stead to carry out the Asset Manager's obligations and responsibilities to the Series under this Agreement, solely with respect to the #SOYGJ Asset. 

* Notices. Except as otherwise specifically provided herein, all notices shall be deemed duly given when sent in writing by registered mail, overnight courier or email to the appropriate party at the following addresses, or to such other address as shall be notified in writing by that party to the other party from time to time:

If to the Series:

Ark7 Properties LLC - Series #SOYGJ

691 W Fairview St, Chandler, AZ 85225 691 W Fairview St, Chandler, AZ 85225

Attention: President Email: support@ark7.com

If to the Asset Manager:

Ark7 Inc.

691 W Fairview St, Chandler, AZ 85225 691 W Fairview St, Chandler, AZ 85225

Attention: President

Email: support@ark7.com

* Independent Contractor. For all purposes of this Agreement, the Asset Manager shall be an independent contractor and not an employee or dependent agent of the Series nor shall anything herein be construed as making the Series a partner or co-venturer with the Asset Manager, any other Managing Party or any of its other clients. Except as expressly provided in this Agreement or as otherwise authorized in writing by the Series, the Asset Manager shall have no authority to bind, obligate or represent the Series.

* Entire Agreement; Amendment; Severability. This Agreement states the entire agreement of the parties with respect to the subject matter hereof and supersedes any prior agreements relating to the subject matter hereof, and may not be supplemented or amended except in writing signed by the parties. If any provision or any part of a provision of this Agreement shall be found to be void or unenforceable, it shall not affect the remaining part, which shall remain in full force and effect.

* Confidentiality. All information furnished or made available by the Series or the Company to the Asset Manager hereunder, or by the Asset Manager to the Series or the Company hereunder, shall be treated as confidential by the Asset Manager, or the Series and the Company, as applicable, and shall not be disclosed to third parties except as required by law or as required in connection with the execution of transactions with respect to the #SOYGJ Asset and except for disclosure to counsel, accountants and other advisors.

* Definitions. Words and expressions which are used but not defined in this Agreement shall have the meanings given to them in the Operating Agreement.

* Governing Law; Jurisdiction.

* This Agreement and the rights of the parties shall be governed by and construed in accordance with the laws of the State of Delaware.

* The parties irrevocably agree that the Court of Chancery of the State of Delaware is to have the exclusive jurisdiction to settle any disputes which may arise out of in connection with this Agreement and accordingly any suit, action or proceeding arising out of or in connection with this Agreement shall be brought in such courts.

* Counterparts. This Agreement may be executed in one or more counterparts with the same force and effect as if each of the signatories had executed the same instrument.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly appointed agents so as to be effective on the day, month and year first above written.

**ASSET MANAGER**

ARK7 INC.

By: /s/Yizhen Zhao Name: Yizhen Zhao Title: CEO

Ark7 Properties LLC - SERIES #SOYGJ

**By: ARK7 INC., as managing member**

By: /s/Yizhen Zhao Name: Yizhen Zhao Title: CEO

**APPENDIX**

**THE #SOYGJ ASSET**

Property Address: 691 W Fairview St, Chandler, AZ 85225

## Ex1A-6

**LOAN AGREEMENT**

THIS LOAN AGREEMENT (this "Agreement") dated on October 1, 2021.

**BETWEEN:**

Ark7 Properties LLC

1 Ferry Building, Ste 201

San Francisco, CA, US

(the "Lender")

AND

Ark7 Properties LLC - Series #SOYGJ

1 Ferry Building, Ste 201

San Francisco, CA, US

(the "Borrower")

IN CONSIDERATION OF the Lender loaning certain amount of the loan (the "Loan") to the Borrower, and the Borrower repaying the loan to the Lender, both parties agree to keep, perform and fulfill the promises and conditions set out in this Agreement:

**Loan Amount & Interest**

* The Lender promises to loan $480,000.00 to the Borrower and the Borrower promises to repay this principal amount to the Lender, with interest payable on the unpaid principal at the rate of 8.00% per annum, calculated semi-annually not in advance, beginning on October 1, 2021. The Borrower may prepay the Loan but in no event shall the interest rate chargeable hereinabove for any day be less than 0.00% per annum.

**Payment**

* This Loan will be repaid in full on September 30, 2025.

**Bank Account Authorization**

* Lender will authorize Borrower to use Bank of America checking account ending with 6974 for property acquisition purpose.

**Default**

* Notwithstanding anything to the contrary in this Agreement, if the Borrower defaults in the performance of any obligation under this Agreement, then the Lender may declare the principal amount owing and interest due under this Agreement at that time to be immediately due and payable.

**Governing Law**

* This Agreement will be construed in accordance with and governed by the laws of the State of California.

**Costs**

* All costs, expenses and expenditures including, without limitation, the complete legal costs incurred by enforcing this Agreement as a result of any default by the Borrower, will be added to the principal then outstanding and will immediately be paid by the Borrower.

**Binding Effect**

* This Agreement will pass to the benefit of and be binding upon the respective heirs, executors, administrators, successors and permitted assigns of the Borrower and Lender. The Borrower waives presentment for payment, notice of non-payment, protest, and notice of protest.

**Amendments**

* This Agreement may only be amended or modified by a written instrument executed by both the Borrower and the Lender.

**Severability**

* The clauses and paragraphs contained in this Agreement are intended to be read and construed independently of each other. If any term, covenant, condition or provision of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, it is the parties' intent that such provision be reduced in scope by the court only to the extent deemed necessary by that court to render the provision reasonable and enforceable and the remainder of the provisions of this Agreement will in no way be affected, impaired or invalidated as a result.

**General Provisions**

* Headings are inserted for the convenience of the parties only and are not to be considered when interpreting this Agreement. Words in the singular mean and include the plural and vice versa. Words in the masculine mean and include the feminine and vice versa.

**Entire Agreement**

* This Agreement constitutes the entire agreement between the parties and there are no further items or provisions, either oral or otherwise.

IN WITNESS WHEREOF, the parties have duly affixed their signatures under hand and seal on the date first above written.

**SIGNED, SEALED, AND DELIVERED**

**ARK7 PROPERTIES LLC**

---

| | | |
|:---|:---|:---|
| By | */s/ ARK7 INC., as managing member* |  |
|  | By: | */s/ Yizhen Zhao* |
|  | Name: | Yizhen Zhao |
|  | Title: | CEO |

---

**SIGNED, SEALED, AND DELIVERED**

**ARK7 PROPERTIES LLC - SERIES #SOYGJ**

---

| | | |
|:---|:---|:---|
| By | */s/ ARK7 INC., as managing member* |  |
|  | By: | */s/ Yizhen Zhao* |
|  | Name: | Yizhen Zhao |
|  | Title: | CEO |

---

## Ex1A-6

**ASSET MANAGEMENT AGREEMENT**

**BETWEEN**

**ARK7 INC.**

**AND**

**ARK7 PROPERTIES LLC - SERIES #RUSUU**

This ASSET MANAGEMENT AGREEMENT (this "Agreement") dated as of November 4, 2021 is entered into between Ark7 Inc., a corporation organized under the laws of the State of Delaware (the "Asset Manager"), and Ark7 Properties LLC - Series #RUSUU (the "Series").

WHEREAS, the Series seeks to invest in the #RUSUU Asset (as defined in the Appendix) in accordance with the terms and conditions of the Operating Agreement, dated September 13, 2029, of Ark7 Properties LLC, a series limited liability company organized under the laws of the State of Delaware (the "Company") together with Exhibit B setting forth the terms of the Series, in each case as amended and restated from time to time (the "Operating Agreement");

WHEREAS, pursuant to the Operating Agreement, the managing member of the Series shall be responsible for the acquisition, management and disposition of the #RUSUU Asset as well as the business of the Series;

WHEREAS, the Series desires to avail itself of the advice and assistance of the Asset Manager and to appoint and retain the Asset Manager as the asset manager to the Series with respect to the #RUSUU Asset;

WHEREAS, the Asset Manager wishes to accept such appointment; and

NOW THEREFORE, in consideration of the mutual agreements herein contained, the parties hereby covenant and agree as follows:

* Appointment of Asset Manager; Acceptance of Appointment. The Series hereby appoints the Asset Manager as asset manager to the Series for the purpose of managing the #RUSUU Asset. The Asset Manager hereby accepts such appointment.

* Authority of the Asset Manager.

* Except as set forth in Section 2(e) below and any guidance as may be established from time to time by the Managing Member of the Series, the Asset Manager shall have sole authority and complete discretion over the care, custody, maintenance and management of the #RUSUU Asset and to take any action that it deems necessary or desirable in connection therewith.

* The Asset Manager shall devote such time to its duties under this Agreement as may be deemed reasonably necessary by the Asset Manager in light of the understanding that such duties are expected to be performed only at occasional or irregular intervals.

* The Asset Manager may delegate all or any of its duties under this Agreement to any Person who shall perform such delegated duties under the supervision of the Asset Manager on such terms as the Asset Manager shall determine.

* Notwithstanding any other provision of this Agreement to the contrary, the Asset Manager shall not have the authority to:

* acquire any asset or service for an amount equal to or greater than 1% of the value of the #RUSUU Asset as of such date, individually, or 3% of the value of the #RUSUU Asset as of such date, in the aggregate without the prior consent of the Managing Member of the Series; or

* sell, transfer, encumber or convey the #RUSUU Asset, provided, however, that the Asset Manager may deliver to the Managing Member of the Company any offers received by the Asset Manager to purchase the #RUSUU Asset and any research or analysis prepared by the Asset Manager regarding the potential sale of the #RUSUU Asset, including market analysis, survey results or information regarding any inquiries received and information regarding potential purchasers.

* Cooperation. The Asset Manager agrees to use reasonable efforts to make appropriate personnel available for consultation with the Series on matters pertaining to the #RUSUU Asset and to consult with the Managing Member of the Series regarding asset management decisions with respect to the #RUSUU Asset prior to execution. The Managing Member of the Series may make any reasonable request for the provision of information or for other cooperation from the Asset Manager with respect to its duties under this Agreement, and the Asset Manager shall use reasonable efforts to comply with such request, including without limitation, furnishing the Series with such documents, reports, data and other information as the Managing Member of the Series may reasonably request regarding the #RUSUU Asset and the Asset Manager's performance hereunder or compliance with the terms hereof.

* Representations and Warranties. Each party hereto represents and warrants that this Agreement has been duly authorized, executed and delivered by such party and constitutes the legal, valid and binding obligation of such party.

* Limitation of Liability; Indemnification with respect to #RUSUU Asset.

* None of the Asset Manager, its affiliates, or any of their respective directors, members, stockholders, partners, officers, employees or controlling persons (collectively, "Managing Parties") shall be liable to the applicable Series or the Company for (i) any act or omission performed or failed to be performed by any Managing Party (other than any criminal wrongdoing) arising from the exercise of such Managing Party's rights or obligations hereunder, or for any losses, claims, costs, damages, or liabilities arising therefrom, in the absence of criminal wrongdoing, willful misfeasance or gross negligence on the part of such Managing Party, with respect to #RUSUU Asset, (ii) any tax liability imposed on the Series or the #RUSUU Asset, or (iii) any losses due to the actions or omissions of the Series or any brokers or other current or former agents or advisers of the Series.

* To the fullest extent permitted by applicable law, the Series will indemnify the Asset Manager and its Managing Parties against any and all losses, damages, liabilities, judgments, costs and expenses (including, without limitation, reasonable attorneys' fees and disbursements) and amounts paid in settlement (collectively, "Losses") to which such person may become subject in connection with any matter arising out of or in connection with this Agreement, except to the extent that any such Loss results solely from the acts or omissions of a Managing Party that have been determined in a final, non-appealable decision of a court, arbitrator or other tribunal of competent jurisdiction to have resulted primarily from such Managing Party's fraud, willful misconduct or gross negligence. If this Section 5 or any portion hereof shall be invalidated on any ground by a court of competent jurisdiction, the Series shall nevertheless indemnify the Managing Party for any Losses incurred to the full extent permitted by any applicable portion of this Section that shall not have been invalidated.

* The Asset Manager gives no warranty as to the performance or profitability of the #RUSUU Asset or as to the performance of any third party engaged by the Asset Manager hereunder.

* The Asset Manager may rely upon and shall be protected in acting or refraining from action upon any instruction from, or document signed by, any authorized person of the Series or other person reasonably believed by the Asset Manager to be authorized to give or sign the same whether or not the authority of such person is then effective.

* Assignments. This Agreement may not be assigned by either party without the consent of the other party. In performing its obligations under this Agreement, the Asset Manager may, at its discretion, delegate any or all of its rights, powers and functions under this Agreement to any Person in accordance with section 2(d) without the need for the consent of the Series, provided that the Asset Manager's liability to the Series for all matters so delegated shall not be affected by such delegation.

* Compensation and Expenses.

* As compensation for services performed by the Asset Manager under this Agreement, and in consideration therefor, the Series will pay an annual asset management fee (the "Asset Management Fee") to the Asset Manager in respect of each fiscal year, equal to 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. Any such amount will be paid at the same time as, and only if, a distribution is made from the Series to its Members.

* Except as set forth in Section 5, the Series will bear all expenses of the #RUSUU Asset and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation").

* Each party will bear its own costs relating to the negotiation, preparation, execution and implementation of this Agreement.

* Services to Other Clients; Certain Affiliated Activities.

* The relationship between the Asset Manager and the Series is as described in this Agreement and nothing in this Agreement, none of the services to be provided pursuant to this Agreement, nor any other matter, shall oblige the Asset Manager to accept responsibilities that are more extensive than those set forth in this Agreement.

* The Asset Manager's services to the Series are not exclusive. The Asset Manager may engage in other activities on behalf of itself, any other Managing Party and other clients (which, for the avoidance of doubt, may include other series of the Company). The Series acknowledges and agrees that the Asset Manager may, without prior notice to the Series, give advice to such other clients. The Asset Manager shall not be liable to account to the Series for any profits, commission or remuneration made or received in respect of transactions effected pursuant to the Asset Manager's advice to another client and nor will the Asset Manager's fees be abated as a result.

* Duration and Termination. Unless terminated as set forth below, this Agreement shall continue in full force and effect until one year after the date on which the #RUSUU Asset has been liquidated and the obligations connected to such #RUSUU Asset (including, without limitation, contingent obligations) have terminated or, if earlier, the removal of Ark7 Inc. as Managing Member of the Series. Either party may terminate this Agreement immediately upon a material breach of the Agreement by the other party, without penalty or other additional payment, except that the Series shall pay the Asset Management Fee of the Asset Manager referred to in section 7, pro-rated to the date of termination, together with all amounts outstanding under any Operating Expenses Reimbursement Obligation. Termination shall not affect accrued rights, and the provisions of Sections 4, 5, 7 (with respect to any accrued but unpaid fees and expenses), 8, 9, 11, 14 and 16 hereof shall survive the termination of this Agreement.

* Power of Attorney. For so long as this Agreement is in effect, the Series constitutes and appoints the Asset Manager, with full power of substitution, its true and lawful attorney-in-fact and in its name, place and stead to carry out the Asset Manager's obligations and responsibilities to the Series under this Agreement, solely with respect to the #RUSUU Asset. 

* Notices. Except as otherwise specifically provided herein, all notices shall be deemed duly given when sent in writing by registered mail, overnight courier or email to the appropriate party at the following addresses, or to such other address as shall be notified in writing by that party to the other party from time to time:

If to the Series:

Ark7 Properties LLC - Series #RUSUU

1872 W Springfield Way, Chandler, AZ 85286 1872 W Springfield Way, Chandler, AZ 85286

Attention: President Email: support@ark7.com

If to the Asset Manager:

Ark7 Inc.

1872 W Springfield Way, Chandler, AZ 85286 1872 W Springfield Way, Chandler, AZ 85286

Attention: President

Email: support@ark7.com

* Independent Contractor. For all purposes of this Agreement, the Asset Manager shall be an independent contractor and not an employee or dependent agent of the Series nor shall anything herein be construed as making the Series a partner or co-venturer with the Asset Manager, any other Managing Party or any of its other clients. Except as expressly provided in this Agreement or as otherwise authorized in writing by the Series, the Asset Manager shall have no authority to bind, obligate or represent the Series.

* Entire Agreement; Amendment; Severability. This Agreement states the entire agreement of the parties with respect to the subject matter hereof and supersedes any prior agreements relating to the subject matter hereof, and may not be supplemented or amended except in writing signed by the parties. If any provision or any part of a provision of this Agreement shall be found to be void or unenforceable, it shall not affect the remaining part, which shall remain in full force and effect.

* Confidentiality. All information furnished or made available by the Series or the Company to the Asset Manager hereunder, or by the Asset Manager to the Series or the Company hereunder, shall be treated as confidential by the Asset Manager, or the Series and the Company, as applicable, and shall not be disclosed to third parties except as required by law or as required in connection with the execution of transactions with respect to the #RUSUU Asset and except for disclosure to counsel, accountants and other advisors.

* Definitions. Words and expressions which are used but not defined in this Agreement shall have the meanings given to them in the Operating Agreement.

* Governing Law; Jurisdiction.

* This Agreement and the rights of the parties shall be governed by and construed in accordance with the laws of the State of Delaware.

* The parties irrevocably agree that the Court of Chancery of the State of Delaware is to have the exclusive jurisdiction to settle any disputes which may arise out of in connection with this Agreement and accordingly any suit, action or proceeding arising out of or in connection with this Agreement shall be brought in such courts.

* Counterparts. This Agreement may be executed in one or more counterparts with the same force and effect as if each of the signatories had executed the same instrument.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly appointed agents so as to be effective on the day, month and year first above written.

**ASSET MANAGER**

ARK7 INC.

By: /s/Yizhen Zhao Name: Yizhen Zhao Title: CEO

Ark7 Properties LLC - SERIES #RUSUU

**By: ARK7 INC., as managing member**

By: /s/Yizhen Zhao Name: Yizhen Zhao Title: CEO

**APPENDIX**

**THE #RUSUU ASSET**

Property Address: 1872 W Springfield Way, Chandler, AZ 85286

## Ex1A-6

**LOAN AGREEMENT**

THIS LOAN AGREEMENT (this "Agreement") dated on October 1, 2021.

**BETWEEN:**

Ark7 Properties LLC

1 Ferry Building, Ste 201

San Francisco, CA, US

(the "Lender")

AND

Ark7 Properties LLC - Series #RUSUU

1 Ferry Building, Ste 201

San Francisco, CA, US

(the "Borrower")

IN CONSIDERATION OF the Lender loaning certain amount of the loan (the "Loan") to the Borrower, and the Borrower repaying the loan to the Lender, both parties agree to keep, perform and fulfill the promises and conditions set out in this Agreement:

**Loan Amount & Interest**

* The Lender promises to loan $470,000.00 to the Borrower and the Borrower promises to repay this principal amount to the Lender, with interest payable on the unpaid principal at the rate of 8.00% per annum, calculated semi-annually not in advance, beginning on October 1, 2021. The Borrower may prepay the Loan but in no event shall the interest rate chargeable hereinabove for any day be less than 0.00% per annum.

**Payment**

* This Loan will be repaid in full on September 30, 2026.

**Bank Account Authorization**

* Lender will authorize Borrower to use Bank of America checking account ending with 6974 for property acquisition purpose.

**Default**

* Notwithstanding anything to the contrary in this Agreement, if the Borrower defaults in the performance of any obligation under this Agreement, then the Lender may declare the principal amount owing and interest due under this Agreement at that time to be immediately due and payable.

**Governing Law**

* This Agreement will be construed in accordance with and governed by the laws of the State of California.

**Costs**

* All costs, expenses and expenditures including, without limitation, the complete legal costs incurred by enforcing this Agreement as a result of any default by the Borrower, will be added to the principal then outstanding and will immediately be paid by the Borrower.

**Binding Effect**

* This Agreement will pass to the benefit of and be binding upon the respective heirs, executors, administrators, successors and permitted assigns of the Borrower and Lender. The Borrower waives presentment for payment, notice of non-payment, protest, and notice of protest.

**Amendments**

* This Agreement may only be amended or modified by a written instrument executed by both the Borrower and the Lender.

**Severability**

* The clauses and paragraphs contained in this Agreement are intended to be read and construed independently of each other. If any term, covenant, condition or provision of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, it is the parties' intent that such provision be reduced in scope by the court only to the extent deemed necessary by that court to render the provision reasonable and enforceable and the remainder of the provisions of this Agreement will in no way be affected, impaired or invalidated as a result.

**General Provisions**

* Headings are inserted for the convenience of the parties only and are not to be considered when interpreting this Agreement. Words in the singular mean and include the plural and vice versa. Words in the masculine mean and include the feminine and vice versa.

**Entire Agreement**

* This Agreement constitutes the entire agreement between the parties and there are no further items or provisions, either oral or otherwise.

IN WITNESS WHEREOF, the parties have duly affixed their signatures under hand and seal on the date first above written.

**SIGNED, SEALED, AND DELIVERED**

**ARK7 PROPERTIES LLC**

---

| | | |
|:---|:---|:---|
| By | */s/ ARK7 INC., as managing member* |  |
|  | By: | */s/ Yizhen Zhao* |
|  | Name: | Yizhen Zhao |
|  | Title: | CEO |

---

**SIGNED, SEALED, AND DELIVERED**

**ARK7 PROPERTIES LLC - SERIES #RUSUU**

---

| | | |
|:---|:---|:---|
| By | */s/ ARK7 INC., as managing member* |  |
|  | By: | */s/ Yizhen Zhao* |
|  | Name: | Yizhen Zhao |
|  | Title: | CEO |

---

## Ex1A-6

**ASSET MANAGEMENT AGREEMENT**

**BETWEEN**

**ARK7 INC.**

**AND**

**ARK7 PROPERTIES LLC - SERIES #KM1OU**

This ASSET MANAGEMENT AGREEMENT (this "Agreement") dated as of October 15, 2021 is entered into between Ark7 Inc., a corporation organized under the laws of the State of Delaware (the "Asset Manager"), and Ark7 Properties LLC - Series #KM1OU (the "Series").

WHEREAS, the Series seeks to invest in the #KM1OU Asset (as defined in the Appendix) in accordance with the terms and conditions of the Operating Agreement, dated September 13, 2029, of Ark7 Properties LLC, a series limited liability company organized under the laws of the State of Delaware (the "Company") together with Exhibit B setting forth the terms of the Series, in each case as amended and restated from time to time (the "Operating Agreement");

WHEREAS, pursuant to the Operating Agreement, the managing member of the Series shall be responsible for the acquisition, management and disposition of the #KM1OU Asset as well as the business of the Series;

WHEREAS, the Series desires to avail itself of the advice and assistance of the Asset Manager and to appoint and retain the Asset Manager as the asset manager to the Series with respect to the #KM1OU Asset;

WHEREAS, the Asset Manager wishes to accept such appointment; and

NOW THEREFORE, in consideration of the mutual agreements herein contained, the parties hereby covenant and agree as follows:

* Appointment of Asset Manager; Acceptance of Appointment. The Series hereby appoints the Asset Manager as asset manager to the Series for the purpose of managing the #KM1OU Asset. The Asset Manager hereby accepts such appointment.

* Authority of the Asset Manager.

* Except as set forth in Section 2(e) below and any guidance as may be established from time to time by the Managing Member of the Series, the Asset Manager shall have sole authority and complete discretion over the care, custody, maintenance and management of the #KM1OU Asset and to take any action that it deems necessary or desirable in connection therewith.

* The Asset Manager shall devote such time to its duties under this Agreement as may be deemed reasonably necessary by the Asset Manager in light of the understanding that such duties are expected to be performed only at occasional or irregular intervals.

* The Asset Manager may delegate all or any of its duties under this Agreement to any Person who shall perform such delegated duties under the supervision of the Asset Manager on such terms as the Asset Manager shall determine.

* Notwithstanding any other provision of this Agreement to the contrary, the Asset Manager shall not have the authority to:

* acquire any asset or service for an amount equal to or greater than 1% of the value of the #KM1OU Asset as of such date, individually, or 3% of the value of the #KM1OU Asset as of such date, in the aggregate without the prior consent of the Managing Member of the Series; or

* sell, transfer, encumber or convey the #KM1OU Asset, provided, however, that the Asset Manager may deliver to the Managing Member of the Company any offers received by the Asset Manager to purchase the #KM1OU Asset and any research or analysis prepared by the Asset Manager regarding the potential sale of the #KM1OU Asset, including market analysis, survey results or information regarding any inquiries received and information regarding potential purchasers.

* Cooperation. The Asset Manager agrees to use reasonable efforts to make appropriate personnel available for consultation with the Series on matters pertaining to the #KM1OU Asset and to consult with the Managing Member of the Series regarding asset management decisions with respect to the #KM1OU Asset prior to execution. The Managing Member of the Series may make any reasonable request for the provision of information or for other cooperation from the Asset Manager with respect to its duties under this Agreement, and the Asset Manager shall use reasonable efforts to comply with such request, including without limitation, furnishing the Series with such documents, reports, data and other information as the Managing Member of the Series may reasonably request regarding the #KM1OU Asset and the Asset Manager's performance hereunder or compliance with the terms hereof.

* Representations and Warranties. Each party hereto represents and warrants that this Agreement has been duly authorized, executed and delivered by such party and constitutes the legal, valid and binding obligation of such party.

* Limitation of Liability; Indemnification with respect to #KM1OU Asset.

* None of the Asset Manager, its affiliates, or any of their respective directors, members, stockholders, partners, officers, employees or controlling persons (collectively, "Managing Parties") shall be liable to the applicable Series or the Company for (i) any act or omission performed or failed to be performed by any Managing Party (other than any criminal wrongdoing) arising from the exercise of such Managing Party's rights or obligations hereunder, or for any losses, claims, costs, damages, or liabilities arising therefrom, in the absence of criminal wrongdoing, willful misfeasance or gross negligence on the part of such Managing Party, with respect to #KM1OU Asset, (ii) any tax liability imposed on the Series or the #KM1OU Asset, or (iii) any losses due to the actions or omissions of the Series or any brokers or other current or former agents or advisers of the Series.

* To the fullest extent permitted by applicable law, the Series will indemnify the Asset Manager and its Managing Parties against any and all losses, damages, liabilities, judgments, costs and expenses (including, without limitation, reasonable attorneys' fees and disbursements) and amounts paid in settlement (collectively, "Losses") to which such person may become subject in connection with any matter arising out of or in connection with this Agreement, except to the extent that any such Loss results solely from the acts or omissions of a Managing Party that have been determined in a final, non-appealable decision of a court, arbitrator or other tribunal of competent jurisdiction to have resulted primarily from such Managing Party's fraud, willful misconduct or gross negligence. If this Section 5 or any portion hereof shall be invalidated on any ground by a court of competent jurisdiction, the Series shall nevertheless indemnify the Managing Party for any Losses incurred to the full extent permitted by any applicable portion of this Section that shall not have been invalidated.

* The Asset Manager gives no warranty as to the performance or profitability of the #KM1OU Asset or as to the performance of any third party engaged by the Asset Manager hereunder.

* The Asset Manager may rely upon and shall be protected in acting or refraining from action upon any instruction from, or document signed by, any authorized person of the Series or other person reasonably believed by the Asset Manager to be authorized to give or sign the same whether or not the authority of such person is then effective.

* Assignments. This Agreement may not be assigned by either party without the consent of the other party. In performing its obligations under this Agreement, the Asset Manager may, at its discretion, delegate any or all of its rights, powers and functions under this Agreement to any Person in accordance with section 2(d) without the need for the consent of the Series, provided that the Asset Manager's liability to the Series for all matters so delegated shall not be affected by such delegation.

* Compensation and Expenses.

* As compensation for services performed by the Asset Manager under this Agreement, and in consideration therefor, the Series will pay an annual asset management fee (the "Asset Management Fee") to the Asset Manager in respect of each fiscal year, equal to 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. Any such amount will be paid at the same time as, and only if, a distribution is made from the Series to its Members.

* Except as set forth in Section 5, the Series will bear all expenses of the #KM1OU Asset and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation").

* Each party will bear its own costs relating to the negotiation, preparation, execution and implementation of this Agreement.

* Services to Other Clients; Certain Affiliated Activities.

* The relationship between the Asset Manager and the Series is as described in this Agreement and nothing in this Agreement, none of the services to be provided pursuant to this Agreement, nor any other matter, shall oblige the Asset Manager to accept responsibilities that are more extensive than those set forth in this Agreement.

* The Asset Manager's services to the Series are not exclusive. The Asset Manager may engage in other activities on behalf of itself, any other Managing Party and other clients (which, for the avoidance of doubt, may include other series of the Company). The Series acknowledges and agrees that the Asset Manager may, without prior notice to the Series, give advice to such other clients. The Asset Manager shall not be liable to account to the Series for any profits, commission or remuneration made or received in respect of transactions effected pursuant to the Asset Manager's advice to another client and nor will the Asset Manager's fees be abated as a result.

* Duration and Termination. Unless terminated as set forth below, this Agreement shall continue in full force and effect until one year after the date on which the #KM1OU Asset has been liquidated and the obligations connected to such #KM1OU Asset (including, without limitation, contingent obligations) have terminated or, if earlier, the removal of Ark7 Inc. as Managing Member of the Series. Either party may terminate this Agreement immediately upon a material breach of the Agreement by the other party, without penalty or other additional payment, except that the Series shall pay the Asset Management Fee of the Asset Manager referred to in section 7, pro-rated to the date of termination, together with all amounts outstanding under any Operating Expenses Reimbursement Obligation. Termination shall not affect accrued rights, and the provisions of Sections 4, 5, 7 (with respect to any accrued but unpaid fees and expenses), 8, 9, 11, 14 and 16 hereof shall survive the termination of this Agreement.

* Power of Attorney. For so long as this Agreement is in effect, the Series constitutes and appoints the Asset Manager, with full power of substitution, its true and lawful attorney-in-fact and in its name, place and stead to carry out the Asset Manager's obligations and responsibilities to the Series under this Agreement, solely with respect to the #KM1OU Asset. 

* Notices. Except as otherwise specifically provided herein, all notices shall be deemed duly given when sent in writing by registered mail, overnight courier or email to the appropriate party at the following addresses, or to such other address as shall be notified in writing by that party to the other party from time to time:

If to the Series:

Ark7 Properties LLC - Series #KM1OU

751-777 St Paul Ave, Memphis, TN 38126 751-777 St Paul Ave, Memphis, TN 38126

Attention: President Email: support@ark7.com

If to the Asset Manager:

Ark7 Inc.

751-777 St Paul Ave, Memphis, TN 38126 751-777 St Paul Ave, Memphis, TN 38126

Attention: President

Email: support@ark7.com

* Independent Contractor. For all purposes of this Agreement, the Asset Manager shall be an independent contractor and not an employee or dependent agent of the Series nor shall anything herein be construed as making the Series a partner or co-venturer with the Asset Manager, any other Managing Party or any of its other clients. Except as expressly provided in this Agreement or as otherwise authorized in writing by the Series, the Asset Manager shall have no authority to bind, obligate or represent the Series.

* Entire Agreement; Amendment; Severability. This Agreement states the entire agreement of the parties with respect to the subject matter hereof and supersedes any prior agreements relating to the subject matter hereof, and may not be supplemented or amended except in writing signed by the parties. If any provision or any part of a provision of this Agreement shall be found to be void or unenforceable, it shall not affect the remaining part, which shall remain in full force and effect.

* Confidentiality. All information furnished or made available by the Series or the Company to the Asset Manager hereunder, or by the Asset Manager to the Series or the Company hereunder, shall be treated as confidential by the Asset Manager, or the Series and the Company, as applicable, and shall not be disclosed to third parties except as required by law or as required in connection with the execution of transactions with respect to the #KM1OU Asset and except for disclosure to counsel, accountants and other advisors.

* Definitions. Words and expressions which are used but not defined in this Agreement shall have the meanings given to them in the Operating Agreement.

* Governing Law; Jurisdiction.

* This Agreement and the rights of the parties shall be governed by and construed in accordance with the laws of the State of Delaware.

* The parties irrevocably agree that the Court of Chancery of the State of Delaware is to have the exclusive jurisdiction to settle any disputes which may arise out of in connection with this Agreement and accordingly any suit, action or proceeding arising out of or in connection with this Agreement shall be brought in such courts.

* Counterparts. This Agreement may be executed in one or more counterparts with the same force and effect as if each of the signatories had executed the same instrument.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly appointed agents so as to be effective on the day, month and year first above written.

**ASSET MANAGER**

ARK7 INC.

By: /s/Yizhen Zhao Name: Yizhen Zhao Title: CEO

Ark7 Properties LLC - SERIES #KM1OU

**By: ARK7 INC., as managing member**

By: /s/Yizhen Zhao Name: Yizhen Zhao Title: CEO

**APPENDIX**

**THE #KM1OU ASSET**

Property Address: 751-777 St Paul Ave, Memphis, TN 38126

## Ex1A-6

**LOAN AGREEMENT**

THIS LOAN AGREEMENT (this "Agreement") dated on October 1, 2021.

**BETWEEN:**

Ark7 Properties LLC

1 Ferry Building, Ste 201

San Francisco, CA, US

(the "Lender")

AND

Ark7 Properties LLC - Series #KM1OU

1 Ferry Building, Ste 201

San Francisco, CA, US

(the "Borrower")

IN CONSIDERATION OF the Lender loaning certain amount of the loan (the "Loan") to the Borrower, and the Borrower repaying the loan to the Lender, both parties agree to keep, perform and fulfill the promises and conditions set out in this Agreement:

**Loan Amount & Interest**

* The Lender promises to loan $750,000.00 to the Borrower and the Borrower promises to repay this principal amount to the Lender, with interest payable on the unpaid principal at the rate of 8.00% per annum, calculated semi-annually not in advance, beginning on October 1, 2021. The Borrower may prepay the Loan but in no event shall the interest rate chargeable hereinabove for any day be less than 0.00% per annum.

**Payment**

* This Loan will be repaid in full on September 30, 2025.

**Bank Account Authorization**

* Lender will authorize Borrower to use Bank of America checking account ending with 6974 for property acquisition purpose.

**Default**

* Notwithstanding anything to the contrary in this Agreement, if the Borrower defaults in the performance of any obligation under this Agreement, then the Lender may declare the principal amount owing and interest due under this Agreement at that time to be immediately due and payable.

**Governing Law**

* This Agreement will be construed in accordance with and governed by the laws of the State of California.

**Costs**

* All costs, expenses and expenditures including, without limitation, the complete legal costs incurred by enforcing this Agreement as a result of any default by the Borrower, will be added to the principal then outstanding and will immediately be paid by the Borrower.

**Binding Effect**

* This Agreement will pass to the benefit of and be binding upon the respective heirs, executors, administrators, successors and permitted assigns of the Borrower and Lender. The Borrower waives presentment for payment, notice of non-payment, protest, and notice of protest.

**Amendments**

* This Agreement may only be amended or modified by a written instrument executed by both the Borrower and the Lender.

**Severability**

* The clauses and paragraphs contained in this Agreement are intended to be read and construed independently of each other. If any term, covenant, condition or provision of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, it is the parties' intent that such provision be reduced in scope by the court only to the extent deemed necessary by that court to render the provision reasonable and enforceable and the remainder of the provisions of this Agreement will in no way be affected, impaired or invalidated as a result.

**General Provisions**

* Headings are inserted for the convenience of the parties only and are not to be considered when interpreting this Agreement. Words in the singular mean and include the plural and vice versa. Words in the masculine mean and include the feminine and vice versa.

**Entire Agreement**

* This Agreement constitutes the entire agreement between the parties and there are no further items or provisions, either oral or otherwise.

IN WITNESS WHEREOF, the parties have duly affixed their signatures under hand and seal on the date first above written.

**SIGNED, SEALED, AND DELIVERED**

**ARK7 PROPERTIES LLC**

---

| | | |
|:---|:---|:---|
| By | */s/ ARK7 INC., as managing member* |  |
|  | By: | */s/ Yizhen Zhao* |
|  | Name: | Yizhen Zhao |
|  | Title: | CEO |

---

**SIGNED, SEALED, AND DELIVERED**

**ARK7 PROPERTIES LLC - SERIES #KM1OU**

---

| | | |
|:---|:---|:---|
| By | */s/ ARK7 INC., as managing member* |  |
|  | By: | */s/ Yizhen Zhao* |
|  | Name: | Yizhen Zhao |
|  | Title: | CEO |

---

## Ex1A-6

**ASSET MANAGEMENT AGREEMENT**

**BETWEEN**

**ARK7 INC.**

**AND**

**ARK7 PROPERTIES LLC - SERIES #TBQSK**

This ASSET MANAGEMENT AGREEMENT (this "Agreement") dated as of May 31, 2022 is entered into between Ark7 Inc., a corporation organized under the laws of the State of Delaware (the "Asset Manager"), and Ark7 Properties LLC - Series #TBQSK (the "Series").

WHEREAS, the Series seeks to invest in the #TBQSK Asset (as defined in the Appendix) in accordance with the terms and conditions of the Operating Agreement, dated September 13, 2029, of Ark7 Properties LLC, a series limited liability company organized under the laws of the State of Delaware (the "Company") together with Exhibit B setting forth the terms of the Series, in each case as amended and restated from time to time (the "Operating Agreement");

WHEREAS, pursuant to the Operating Agreement, the managing member of the Series shall be responsible for the acquisition, management and disposition of the #TBQSK Asset as well as the business of the Series;

WHEREAS, the Series desires to avail itself of the advice and assistance of the Asset Manager and to appoint and retain the Asset Manager as the asset manager to the Series with respect to the #TBQSK Asset;

WHEREAS, the Asset Manager wishes to accept such appointment; and

NOW THEREFORE, in consideration of the mutual agreements herein contained, the parties hereby covenant and agree as follows:

* Appointment of Asset Manager; Acceptance of Appointment. The Series hereby appoints the Asset Manager as asset manager to the Series for the purpose of managing the #TBQSK Asset. The Asset Manager hereby accepts such appointment.

* Authority of the Asset Manager.

* Except as set forth in Section 2(e) below and any guidance as may be established from time to time by the Managing Member of the Series, the Asset Manager shall have sole authority and complete discretion over the care, custody, maintenance and management of the #TBQSK Asset and to take any action that it deems necessary or desirable in connection therewith.

* The Asset Manager shall devote such time to its duties under this Agreement as may be deemed reasonably necessary by the Asset Manager in light of the understanding that such duties are expected to be performed only at occasional or irregular intervals.

* The Asset Manager may delegate all or any of its duties under this Agreement to any Person who shall perform such delegated duties under the supervision of the Asset Manager on such terms as the Asset Manager shall determine.

* Notwithstanding any other provision of this Agreement to the contrary, the Asset Manager shall not have the authority to:

* acquire any asset or service for an amount equal to or greater than 1% of the value of the #TBQSK Asset as of such date, individually, or 3% of the value of the #TBQSK Asset as of such date, in the aggregate without the prior consent of the Managing Member of the Series; or

* sell, transfer, encumber or convey the #TBQSK Asset, provided, however, that the Asset Manager may deliver to the Managing Member of the Company any offers received by the Asset Manager to purchase the #TBQSK Asset and any research or analysis prepared by the Asset Manager regarding the potential sale of the #TBQSK Asset, including market analysis, survey results or information regarding any inquiries received and information regarding potential purchasers.

* Cooperation. The Asset Manager agrees to use reasonable efforts to make appropriate personnel available for consultation with the Series on matters pertaining to the #TBQSK Asset and to consult with the Managing Member of the Series regarding asset management decisions with respect to the #TBQSK Asset prior to execution. The Managing Member of the Series may make any reasonable request for the provision of information or for other cooperation from the Asset Manager with respect to its duties under this Agreement, and the Asset Manager shall use reasonable efforts to comply with such request, including without limitation, furnishing the Series with such documents, reports, data and other information as the Managing Member of the Series may reasonably request regarding the #TBQSK Asset and the Asset Manager's performance hereunder or compliance with the terms hereof.

* Representations and Warranties. Each party hereto represents and warrants that this Agreement has been duly authorized, executed and delivered by such party and constitutes the legal, valid and binding obligation of such party.

* Limitation of Liability; Indemnification with respect to #TBQSK Asset.

* None of the Asset Manager, its affiliates, or any of their respective directors, members, stockholders, partners, officers, employees or controlling persons (collectively, "Managing Parties") shall be liable to the applicable Series or the Company for (i) any act or omission performed or failed to be performed by any Managing Party (other than any criminal wrongdoing) arising from the exercise of such Managing Party's rights or obligations hereunder, or for any losses, claims, costs, damages, or liabilities arising therefrom, in the absence of criminal wrongdoing, willful misfeasance or gross negligence on the part of such Managing Party, with respect to #TBQSK Asset, (ii) any tax liability imposed on the Series or the #TBQSK Asset, or (iii) any losses due to the actions or omissions of the Series or any brokers or other current or former agents or advisers of the Series.

* To the fullest extent permitted by applicable law, the Series will indemnify the Asset Manager and its Managing Parties against any and all losses, damages, liabilities, judgments, costs and expenses (including, without limitation, reasonable attorneys' fees and disbursements) and amounts paid in settlement (collectively, "Losses") to which such person may become subject in connection with any matter arising out of or in connection with this Agreement, except to the extent that any such Loss results solely from the acts or omissions of a Managing Party that have been determined in a final, non-appealable decision of a court, arbitrator or other tribunal of competent jurisdiction to have resulted primarily from such Managing Party's fraud, willful misconduct or gross negligence. If this Section 5 or any portion hereof shall be invalidated on any ground by a court of competent jurisdiction, the Series shall nevertheless indemnify the Managing Party for any Losses incurred to the full extent permitted by any applicable portion of this Section that shall not have been invalidated.

* The Asset Manager gives no warranty as to the performance or profitability of the #TBQSK Asset or as to the performance of any third party engaged by the Asset Manager hereunder.

* The Asset Manager may rely upon and shall be protected in acting or refraining from action upon any instruction from, or document signed by, any authorized person of the Series or other person reasonably believed by the Asset Manager to be authorized to give or sign the same whether or not the authority of such person is then effective.

* Assignments. This Agreement may not be assigned by either party without the consent of the other party. In performing its obligations under this Agreement, the Asset Manager may, at its discretion, delegate any or all of its rights, powers and functions under this Agreement to any Person in accordance with section 2(d) without the need for the consent of the Series, provided that the Asset Manager's liability to the Series for all matters so delegated shall not be affected by such delegation.

* Compensation and Expenses.

* As compensation for services performed by the Asset Manager under this Agreement, and in consideration therefor, the Series will pay an annual asset management fee (the "Asset Management Fee") to the Asset Manager in respect of each fiscal year, equal to 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. Any such amount will be paid at the same time as, and only if, a distribution is made from the Series to its Members.

* Except as set forth in Section 5, the Series will bear all expenses of the #TBQSK Asset and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation").

* Each party will bear its own costs relating to the negotiation, preparation, execution and implementation of this Agreement.

* Services to Other Clients; Certain Affiliated Activities.

* The relationship between the Asset Manager and the Series is as described in this Agreement and nothing in this Agreement, none of the services to be provided pursuant to this Agreement, nor any other matter, shall oblige the Asset Manager to accept responsibilities that are more extensive than those set forth in this Agreement.

* The Asset Manager's services to the Series are not exclusive. The Asset Manager may engage in other activities on behalf of itself, any other Managing Party and other clients (which, for the avoidance of doubt, may include other series of the Company). The Series acknowledges and agrees that the Asset Manager may, without prior notice to the Series, give advice to such other clients. The Asset Manager shall not be liable to account to the Series for any profits, commission or remuneration made or received in respect of transactions effected pursuant to the Asset Manager's advice to another client and nor will the Asset Manager's fees be abated as a result.

* Duration and Termination. Unless terminated as set forth below, this Agreement shall continue in full force and effect until one year after the date on which the #TBQSK Asset has been liquidated and the obligations connected to such #TBQSK Asset (including, without limitation, contingent obligations) have terminated or, if earlier, the removal of Ark7 Inc. as Managing Member of the Series. Either party may terminate this Agreement immediately upon a material breach of the Agreement by the other party, without penalty or other additional payment, except that the Series shall pay the Asset Management Fee of the Asset Manager referred to in section 7, pro-rated to the date of termination, together with all amounts outstanding under any Operating Expenses Reimbursement Obligation. Termination shall not affect accrued rights, and the provisions of Sections 4, 5, 7 (with respect to any accrued but unpaid fees and expenses), 8, 9, 11, 14 and 16 hereof shall survive the termination of this Agreement.

* Power of Attorney. For so long as this Agreement is in effect, the Series constitutes and appoints the Asset Manager, with full power of substitution, its true and lawful attorney-in-fact and in its name, place and stead to carry out the Asset Manager's obligations and responsibilities to the Series under this Agreement, solely with respect to the #TBQSK Asset. 

* Notices. Except as otherwise specifically provided herein, all notices shall be deemed duly given when sent in writing by registered mail, overnight courier or email to the appropriate party at the following addresses, or to such other address as shall be notified in writing by that party to the other party from time to time:

If to the Series:

Ark7 Properties LLC - Series #TBQSK

1829 N Bouvier St, Philadelphia, PA 19121 1829 N Bouvier St, Philadelphia, PA 19121

Attention: President Email: support@ark7.com

If to the Asset Manager:

Ark7 Inc.

1829 N Bouvier St, Philadelphia, PA 19121 1829 N Bouvier St, Philadelphia, PA 19121

Attention: President

Email: support@ark7.com

* Independent Contractor. For all purposes of this Agreement, the Asset Manager shall be an independent contractor and not an employee or dependent agent of the Series nor shall anything herein be construed as making the Series a partner or co-venturer with the Asset Manager, any other Managing Party or any of its other clients. Except as expressly provided in this Agreement or as otherwise authorized in writing by the Series, the Asset Manager shall have no authority to bind, obligate or represent the Series.

* Entire Agreement; Amendment; Severability. This Agreement states the entire agreement of the parties with respect to the subject matter hereof and supersedes any prior agreements relating to the subject matter hereof, and may not be supplemented or amended except in writing signed by the parties. If any provision or any part of a provision of this Agreement shall be found to be void or unenforceable, it shall not affect the remaining part, which shall remain in full force and effect.

* Confidentiality. All information furnished or made available by the Series or the Company to the Asset Manager hereunder, or by the Asset Manager to the Series or the Company hereunder, shall be treated as confidential by the Asset Manager, or the Series and the Company, as applicable, and shall not be disclosed to third parties except as required by law or as required in connection with the execution of transactions with respect to the #TBQSK Asset and except for disclosure to counsel, accountants and other advisors.

* Definitions. Words and expressions which are used but not defined in this Agreement shall have the meanings given to them in the Operating Agreement.

* Governing Law; Jurisdiction.

* This Agreement and the rights of the parties shall be governed by and construed in accordance with the laws of the State of Delaware.

* The parties irrevocably agree that the Court of Chancery of the State of Delaware is to have the exclusive jurisdiction to settle any disputes which may arise out of in connection with this Agreement and accordingly any suit, action or proceeding arising out of or in connection with this Agreement shall be brought in such courts.

* Counterparts. This Agreement may be executed in one or more counterparts with the same force and effect as if each of the signatories had executed the same instrument.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly appointed agents so as to be effective on the day, month and year first above written.

**ASSET MANAGER**

ARK7 INC.

By: /s/Yizhen Zhao Name: Yizhen Zhao Title: CEO

Ark7 Properties LLC - SERIES #TBQSK

**By: ARK7 INC., as managing member**

By: /s/Yizhen Zhao Name: Yizhen Zhao Title: CEO

**APPENDIX**

**THE #TBQSK ASSET**

Property Address: 1829 N Bouvier St, Philadelphia, PA 19121

## Ex1A-7

**LOAN AGREEMENT**

THIS LOAN AGREEMENT (this "Agreement") dated on May 1, 2022.

**BETWEEN:**

Ark7 Properties LLC

1 Ferry Building, Ste 201

San Francisco, CA, US

(the "Lender")

AND

Ark7 Properties LLC - Series #TBQSK

1 Ferry Building, Ste 201

San Francisco, CA, US

(the "Borrower")

IN CONSIDERATION OF the Lender loaning certain amount of the loan (the "Loan") to the Borrower, and the Borrower repaying the loan to the Lender, both parties agree to keep, perform and fulfill the promises and conditions set out in this Agreement:

**Loan Amount & Interest**

* The Lender promises to loan $810,000.00 to the Borrower and the Borrower promises to repay this principal amount to the Lender, with interest payable on the unpaid principal at the rate of 8.00% per annum, calculated semi-annually not in advance, beginning on May 1, 2022. The Borrower may prepay the Loan but in no event shall the interest rate chargeable hereinabove for any day be less than 0.00% per annum.

**Payment**

* This Loan will be repaid in full on April 30, 2024.

**Bank Account Authorization**

* Lender will authorize Borrower to use Bank of America checking account ending with 6974 for property acquisition purpose.

**Default**

* Notwithstanding anything to the contrary in this Agreement, if the Borrower defaults in the performance of any obligation under this Agreement, then the Lender may declare the principal amount owing and interest due under this Agreement at that time to be immediately due and payable.

**Governing Law**

* This Agreement will be construed in accordance with and governed by the laws of the State of California.

**Costs**

* All costs, expenses and expenditures including, without limitation, the complete legal costs incurred by enforcing this Agreement as a result of any default by the Borrower, will be added to the principal then outstanding and will immediately be paid by the Borrower.

**Binding Effect**

* This Agreement will pass to the benefit of and be binding upon the respective heirs, executors, administrators, successors and permitted assigns of the Borrower and Lender. The Borrower waives presentment for payment, notice of non-payment, protest, and notice of protest.

**Amendments**

* This Agreement may only be amended or modified by a written instrument executed by both the Borrower and the Lender.

**Severability**

* The clauses and paragraphs contained in this Agreement are intended to be read and construed independently of each other. If any term, covenant, condition or provision of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, it is the parties' intent that such provision be reduced in scope by the court only to the extent deemed necessary by that court to render the provision reasonable and enforceable and the remainder of the provisions of this Agreement will in no way be affected, impaired or invalidated as a result.

**General Provisions**

* Headings are inserted for the convenience of the parties only and are not to be considered when interpreting this Agreement. Words in the singular mean and include the plural and vice versa. Words in the masculine mean and include the feminine and vice versa.

**Entire Agreement**

* This Agreement constitutes the entire agreement between the parties and there are no further items or provisions, either oral or otherwise.

IN WITNESS WHEREOF, the parties have duly affixed their signatures under hand and seal on the date first above written.

**SIGNED, SEALED, AND DELIVERED**

**ARK7 PROPERTIES LLC**

---

| | | |
|:---|:---|:---|
| By | */s/ ARK7 INC., as managing member* |  |
|  | By: | */s/ Yizhen Zhao* |
|  | Name: | Yizhen Zhao |
|  | Title: | CEO |

---

**SIGNED, SEALED, AND DELIVERED**

**ARK7 PROPERTIES LLC - SERIES #TBQSK**

---

| | | |
|:---|:---|:---|
| By | */s/ ARK7 INC., as managing member* |  |
|  | By: | */s/ Yizhen Zhao* |
|  | Name: | Yizhen Zhao |
|  | Title: | CEO |

---

## Ex1A-6

**ASSET MANAGEMENT AGREEMENT**

**BETWEEN**

**ARK7 INC.**

**AND**

**ARK7 PROPERTIES LLC - SERIES #EKPES**

This ASSET MANAGEMENT AGREEMENT (this "Agreement") dated as of April 19, 2022 is entered into between Ark7 Inc., a corporation organized under the laws of the State of Delaware (the "Asset Manager"), and Ark7 Properties LLC - Series #EKPES (the "Series").

WHEREAS, the Series seeks to invest in the #EKPES Asset (as defined in the Appendix) in accordance with the terms and conditions of the Operating Agreement, dated September 13, 2029, of Ark7 Properties LLC, a series limited liability company organized under the laws of the State of Delaware (the "Company") together with Exhibit B setting forth the terms of the Series, in each case as amended and restated from time to time (the "Operating Agreement");

WHEREAS, pursuant to the Operating Agreement, the managing member of the Series shall be responsible for the acquisition, management and disposition of the #EKPES Asset as well as the business of the Series;

WHEREAS, the Series desires to avail itself of the advice and assistance of the Asset Manager and to appoint and retain the Asset Manager as the asset manager to the Series with respect to the #EKPES Asset;

WHEREAS, the Asset Manager wishes to accept such appointment; and

NOW THEREFORE, in consideration of the mutual agreements herein contained, the parties hereby covenant and agree as follows:

* Appointment of Asset Manager; Acceptance of Appointment. The Series hereby appoints the Asset Manager as asset manager to the Series for the purpose of managing the #EKPES Asset. The Asset Manager hereby accepts such appointment.

* Authority of the Asset Manager.

* Except as set forth in Section 2(e) below and any guidance as may be established from time to time by the Managing Member of the Series, the Asset Manager shall have sole authority and complete discretion over the care, custody, maintenance and management of the #EKPES Asset and to take any action that it deems necessary or desirable in connection therewith.

* The Asset Manager shall devote such time to its duties under this Agreement as may be deemed reasonably necessary by the Asset Manager in light of the understanding that such duties are expected to be performed only at occasional or irregular intervals.

* The Asset Manager may delegate all or any of its duties under this Agreement to any Person who shall perform such delegated duties under the supervision of the Asset Manager on such terms as the Asset Manager shall determine.

* Notwithstanding any other provision of this Agreement to the contrary, the Asset Manager shall not have the authority to:

* acquire any asset or service for an amount equal to or greater than 1% of the value of the #EKPES Asset as of such date, individually, or 3% of the value of the #EKPES Asset as of such date, in the aggregate without the prior consent of the Managing Member of the Series; or

* sell, transfer, encumber or convey the #EKPES Asset, provided, however, that the Asset Manager may deliver to the Managing Member of the Company any offers received by the Asset Manager to purchase the #EKPES Asset and any research or analysis prepared by the Asset Manager regarding the potential sale of the #EKPES Asset, including market analysis, survey results or information regarding any inquiries received and information regarding potential purchasers.

* Cooperation. The Asset Manager agrees to use reasonable efforts to make appropriate personnel available for consultation with the Series on matters pertaining to the #EKPES Asset and to consult with the Managing Member of the Series regarding asset management decisions with respect to the #EKPES Asset prior to execution. The Managing Member of the Series may make any reasonable request for the provision of information or for other cooperation from the Asset Manager with respect to its duties under this Agreement, and the Asset Manager shall use reasonable efforts to comply with such request, including without limitation, furnishing the Series with such documents, reports, data and other information as the Managing Member of the Series may reasonably request regarding the #EKPES Asset and the Asset Manager's performance hereunder or compliance with the terms hereof.

* Representations and Warranties. Each party hereto represents and warrants that this Agreement has been duly authorized, executed and delivered by such party and constitutes the legal, valid and binding obligation of such party.

* Limitation of Liability; Indemnification with respect to #EKPES Asset.

* None of the Asset Manager, its affiliates, or any of their respective directors, members, stockholders, partners, officers, employees or controlling persons (collectively, "Managing Parties") shall be liable to the applicable Series or the Company for (i) any act or omission performed or failed to be performed by any Managing Party (other than any criminal wrongdoing) arising from the exercise of such Managing Party's rights or obligations hereunder, or for any losses, claims, costs, damages, or liabilities arising therefrom, in the absence of criminal wrongdoing, willful misfeasance or gross negligence on the part of such Managing Party, with respect to #EKPES Asset, (ii) any tax liability imposed on the Series or the #EKPES Asset, or (iii) any losses due to the actions or omissions of the Series or any brokers or other current or former agents or advisers of the Series.

* To the fullest extent permitted by applicable law, the Series will indemnify the Asset Manager and its Managing Parties against any and all losses, damages, liabilities, judgments, costs and expenses (including, without limitation, reasonable attorneys' fees and disbursements) and amounts paid in settlement (collectively, "Losses") to which such person may become subject in connection with any matter arising out of or in connection with this Agreement, except to the extent that any such Loss results solely from the acts or omissions of a Managing Party that have been determined in a final, non-appealable decision of a court, arbitrator or other tribunal of competent jurisdiction to have resulted primarily from such Managing Party's fraud, willful misconduct or gross negligence. If this Section 5 or any portion hereof shall be invalidated on any ground by a court of competent jurisdiction, the Series shall nevertheless indemnify the Managing Party for any Losses incurred to the full extent permitted by any applicable portion of this Section that shall not have been invalidated.

* The Asset Manager gives no warranty as to the performance or profitability of the #EKPES Asset or as to the performance of any third party engaged by the Asset Manager hereunder.

* The Asset Manager may rely upon and shall be protected in acting or refraining from action upon any instruction from, or document signed by, any authorized person of the Series or other person reasonably believed by the Asset Manager to be authorized to give or sign the same whether or not the authority of such person is then effective.

* Assignments. This Agreement may not be assigned by either party without the consent of the other party. In performing its obligations under this Agreement, the Asset Manager may, at its discretion, delegate any or all of its rights, powers and functions under this Agreement to any Person in accordance with section 2(d) without the need for the consent of the Series, provided that the Asset Manager's liability to the Series for all matters so delegated shall not be affected by such delegation.

* Compensation and Expenses.

* As compensation for services performed by the Asset Manager under this Agreement, and in consideration therefor, the Series will pay an annual asset management fee (the "Asset Management Fee") to the Asset Manager in respect of each fiscal year, equal to 15% of any Free Cash Flows available for distribution pursuant to Article VII of the Operating Agreement. Any such amount will be paid at the same time as, and only if, a distribution is made from the Series to its Members.

* Except as set forth in Section 5, the Series will bear all expenses of the #EKPES Asset and shall reimburse the Asset Manager for any such expenses paid by the Asset Manager on behalf of the Series together with a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Internal Revenue Code)) as may be imposed by the Asset Manager in its sole discretion ("Operating Expenses Reimbursement Obligation").

* Each party will bear its own costs relating to the negotiation, preparation, execution and implementation of this Agreement.

* Services to Other Clients; Certain Affiliated Activities.

* The relationship between the Asset Manager and the Series is as described in this Agreement and nothing in this Agreement, none of the services to be provided pursuant to this Agreement, nor any other matter, shall oblige the Asset Manager to accept responsibilities that are more extensive than those set forth in this Agreement.

* The Asset Manager's services to the Series are not exclusive. The Asset Manager may engage in other activities on behalf of itself, any other Managing Party and other clients (which, for the avoidance of doubt, may include other series of the Company). The Series acknowledges and agrees that the Asset Manager may, without prior notice to the Series, give advice to such other clients. The Asset Manager shall not be liable to account to the Series for any profits, commission or remuneration made or received in respect of transactions effected pursuant to the Asset Manager's advice to another client and nor will the Asset Manager's fees be abated as a result.

* Duration and Termination. Unless terminated as set forth below, this Agreement shall continue in full force and effect until one year after the date on which the #EKPES Asset has been liquidated and the obligations connected to such #EKPES Asset (including, without limitation, contingent obligations) have terminated or, if earlier, the removal of Ark7 Inc. as Managing Member of the Series. Either party may terminate this Agreement immediately upon a material breach of the Agreement by the other party, without penalty or other additional payment, except that the Series shall pay the Asset Management Fee of the Asset Manager referred to in section 7, pro-rated to the date of termination, together with all amounts outstanding under any Operating Expenses Reimbursement Obligation. Termination shall not affect accrued rights, and the provisions of Sections 4, 5, 7 (with respect to any accrued but unpaid fees and expenses), 8, 9, 11, 14 and 16 hereof shall survive the termination of this Agreement.

* Power of Attorney. For so long as this Agreement is in effect, the Series constitutes and appoints the Asset Manager, with full power of substitution, its true and lawful attorney-in-fact and in its name, place and stead to carry out the Asset Manager's obligations and responsibilities to the Series under this Agreement, solely with respect to the #EKPES Asset. 

* Notices. Except as otherwise specifically provided herein, all notices shall be deemed duly given when sent in writing by registered mail, overnight courier or email to the appropriate party at the following addresses, or to such other address as shall be notified in writing by that party to the other party from time to time:

If to the Series:

Ark7 Properties LLC - Series #EKPES

1708 W Jefferson St, Philadelphia, PA 19121 1708 W Jefferson St, Philadelphia, PA 19121

Attention: President Email: support@ark7.com

If to the Asset Manager:

Ark7 Inc.

1708 W Jefferson St, Philadelphia, PA 19121 1708 W Jefferson St, Philadelphia, PA 19121

Attention: President

Email: support@ark7.com

* Independent Contractor. For all purposes of this Agreement, the Asset Manager shall be an independent contractor and not an employee or dependent agent of the Series nor shall anything herein be construed as making the Series a partner or co-venturer with the Asset Manager, any other Managing Party or any of its other clients. Except as expressly provided in this Agreement or as otherwise authorized in writing by the Series, the Asset Manager shall have no authority to bind, obligate or represent the Series.

* Entire Agreement; Amendment; Severability. This Agreement states the entire agreement of the parties with respect to the subject matter hereof and supersedes any prior agreements relating to the subject matter hereof, and may not be supplemented or amended except in writing signed by the parties. If any provision or any part of a provision of this Agreement shall be found to be void or unenforceable, it shall not affect the remaining part, which shall remain in full force and effect.

* Confidentiality. All information furnished or made available by the Series or the Company to the Asset Manager hereunder, or by the Asset Manager to the Series or the Company hereunder, shall be treated as confidential by the Asset Manager, or the Series and the Company, as applicable, and shall not be disclosed to third parties except as required by law or as required in connection with the execution of transactions with respect to the #EKPES Asset and except for disclosure to counsel, accountants and other advisors.

* Definitions. Words and expressions which are used but not defined in this Agreement shall have the meanings given to them in the Operating Agreement.

* Governing Law; Jurisdiction.

* This Agreement and the rights of the parties shall be governed by and construed in accordance with the laws of the State of Delaware.

* The parties irrevocably agree that the Court of Chancery of the State of Delaware is to have the exclusive jurisdiction to settle any disputes which may arise out of in connection with this Agreement and accordingly any suit, action or proceeding arising out of or in connection with this Agreement shall be brought in such courts.

* Counterparts. This Agreement may be executed in one or more counterparts with the same force and effect as if each of the signatories had executed the same instrument.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly appointed agents so as to be effective on the day, month and year first above written.

**ASSET MANAGER**

ARK7 INC.

By: /s/Yizhen Zhao Name: Yizhen Zhao Title: CEO

Ark7 Properties LLC - SERIES #EKPES

**By: ARK7 INC., as managing member**

By: /s/Yizhen Zhao Name: Yizhen Zhao Title: CEO

**APPENDIX**

**THE #EKPES ASSET**

Property Address: 1708 W Jefferson St, Philadelphia, PA 19121

## Ex1A-6

**LOAN AGREEMENT**

THIS LOAN AGREEMENT (this "Agreement") dated on March 1, 2022.

**BETWEEN:**

Ark7 Properties LLC

1 Ferry Building, Ste 201

San Francisco, CA, US

(the "Lender")

AND

Ark7 Properties LLC - Series #EKPES

1 Ferry Building, Ste 201

San Francisco, CA, US

(the "Borrower")

IN CONSIDERATION OF the Lender loaning certain amount of the loan (the "Loan") to the Borrower, and the Borrower repaying the loan to the Lender, both parties agree to keep, perform and fulfill the promises and conditions set out in this Agreement:

**Loan Amount & Interest**

* The Lender promises to loan $440,000.00 to the Borrower and the Borrower promises to repay this principal amount to the Lender, with interest payable on the unpaid principal at the rate of 8.00% per annum, calculated semi-annually not in advance, beginning on March 1, 2022. The Borrower may prepay the Loan but in no event shall the interest rate chargeable hereinabove for any day be less than 0.00% per annum.

**Payment**

* This Loan will be repaid in full on February 28, 2026.

**Bank Account Authorization**

* Lender will authorize Borrower to use Bank of America checking account ending with 6974 for property acquisition purpose.

**Default**

* Notwithstanding anything to the contrary in this Agreement, if the Borrower defaults in the performance of any obligation under this Agreement, then the Lender may declare the principal amount owing and interest due under this Agreement at that time to be immediately due and payable.

**Governing Law**

* This Agreement will be construed in accordance with and governed by the laws of the State of California.

**Costs**

* All costs, expenses and expenditures including, without limitation, the complete legal costs incurred by enforcing this Agreement as a result of any default by the Borrower, will be added to the principal then outstanding and will immediately be paid by the Borrower.

**Binding Effect**

* This Agreement will pass to the benefit of and be binding upon the respective heirs, executors, administrators, successors and permitted assigns of the Borrower and Lender. The Borrower waives presentment for payment, notice of non-payment, protest, and notice of protest.

**Amendments**

* This Agreement may only be amended or modified by a written instrument executed by both the Borrower and the Lender.

**Severability**

* The clauses and paragraphs contained in this Agreement are intended to be read and construed independently of each other. If any term, covenant, condition or provision of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, it is the parties' intent that such provision be reduced in scope by the court only to the extent deemed necessary by that court to render the provision reasonable and enforceable and the remainder of the provisions of this Agreement will in no way be affected, impaired or invalidated as a result.

**General Provisions**

* Headings are inserted for the convenience of the parties only and are not to be considered when interpreting this Agreement. Words in the singular mean and include the plural and vice versa. Words in the masculine mean and include the feminine and vice versa.

**Entire Agreement**

* This Agreement constitutes the entire agreement between the parties and there are no further items or provisions, either oral or otherwise.

IN WITNESS WHEREOF, the parties have duly affixed their signatures under hand and seal on the date first above written.

**SIGNED, SEALED, AND DELIVERED**

**ARK7 PROPERTIES LLC**

---

| | | |
|:---|:---|:---|
| By | */s/ ARK7 INC., as managing member* |  |
|  | By: | */s/ Yizhen Zhao* |
|  | Name: | Yizhen Zhao |
|  | Title: | CEO |

---

**SIGNED, SEALED, AND DELIVERED**

**ARK7 PROPERTIES LLC - SERIES #EKPES**

---

| | | |
|:---|:---|:---|
| By | */s/ ARK7 INC., as managing member* |  |
|  | By: | */s/ Yizhen Zhao* |
|  | Name: | Yizhen Zhao |
|  | Title: | CEO |

---

## Ex1A-11

![](ex11-1_001.jpg)

+1 855-4TAXULO x 102

Northern CA: 3031 Tisch Way #10, San Jose, CA, 95128

Southern CA: 450 North Brand Blvd., Glendale, CA, 91203

**CONSENT OF INDEPENDENT AUDITOR**

We consent to the inclusion in the Offering Circular, which forms a part of the Offering Statement on Form 1-A, as it may be amended, of our Independent Auditor's Report dated June 2, 2025, relating to the consolidated balance sheet of Ark7 Properties LLC and its wholly owned series LLC subsidiary, Series #MHQNN, Series #KYLBE, Series #DJVWQ, Series #PBIUH, Series #PFUNR, Series #8YFFL, Series #DTMEW, Series #KM1OU, Series #EKPES, Series #SOYGJ, Series #RUSUU, Series #XZQRZ, Series #TBQSK, Series #BOBHU, Series #FFKEC, Series #LCYPL, Series #OYNYT as of December 31, 2024, and the related statements of income, member's equity, and cash flows for the year ended, and the related notes to the financial statements.

**/s/ Norbie Gaerlan**

**Norbie Gaerlan, CPA**

**450 N. Brand Blvd**

**Glendale, CA 91203**

**Dec 1, 2025**

## Ex1A-12

Ark7 Properties LLC

1 Ferry Building, Ste 201

San Francisco, CA 94111

December 1, 2025

Ladies and Gentlemen:

We are acting as special counsel to Ark7 Properties LLC, a Delaware series limited liability company (the "Company") with respect to the preparation and filing of an offering statement on Form 1-A. The offering statement and the pre-qualification amendments cover the contemplated sale of membership interest (the "Interests") in each of the applicable series of the Company (each, a "Series") as set forth on Schedule 1 hereto (each, an "Offering").

In connection with the opinion contained herein, we have examined the offering statement, as well as pre-qualification amendments, the certificate of formation of the Company, its Limited Liability Company Agreement, and the Series Designation of each Series undertaking an Offering, as well as all other documents necessary to render an opinion. In our examination, we have assumed the legal capacity of all natural persons, the genuineness of all signatures, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as certified or photostatic copies and the authenticity of the originals of such copies.

Based upon the foregoing, we are of the opinion that the Interests being sold pursuant to the offering statement have been authorized by all necessary series limited liability company actions of the Company and, when issued in the manner described in the offering statement, validly issued, fully paid and non-assessable.

No opinion is being rendered hereby with respect to the truth and accuracy, or completeness of the offering statement or any portion thereof.

We further consent to the use of this opinion as an exhibit to the offering statement.

Yours truly,

/s/ Legal Department, Ark7 Inc.

Legal Department

Ark7 Inc.

**SCHEDULE 1**

---

| | | |
|:---|:---|:---|
| **Series Name** | **Offering Price Per Interest** | **Maximum Offering Size** |
| Series #MHQNN | $97.05 | $1112193.00 |
| Series #KYLBE | $91.50 | $716445.00 |
| Series #DJVWQ | $29.85 | $919648.65 |
| Series #PBIUH | $36.90 | $43800.30 |
| Series #PFUNR | $29.35 | $60607.75 |
| Series #8YFFL | $5.55 | $51270.90 |
| Series #XZQRZ | $68.85 | $687673.80 |
| Series #DTMEW | $120.80 | $68372.80 |
| Series #SOYGJ | $98.65 | $258364.35 |
| Series #RUSUU | $92.35 | $250730.25 |
| Series #KM1OU | $102.40 | $715366.40 |
| Series #TBQSK | $97.10 | $55347.00 |
| Series #EKPES | $55.15 | $626834.90 |

---

### Attached PDF Documents

**Attachment 1:** `ark7properties_ex6-2.pdf`

_No text found in this document._

**Attachment 2:** `ark7properties_ex6-5.pdf`

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**Attachment 3:** `ark7properties_ex6-8.pdf`

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**Attachment 4:** `ark7properties_ex6-11.pdf`

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**Attachment 5:** `ark7properties_ex6-14.pdf`

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**Attachment 6:** `ark7properties_ex6-17.pdf`

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**Attachment 7:** `ark7properties_ex6-20.pdf`

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**Attachment 8:** `ark7properties_ex6-23.pdf`

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**Attachment 9:** `ark7properties_ex6-26.pdf`

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**Attachment 10:** `ark7properties_ex6-29.pdf`

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**Attachment 11:** `ark7properties_ex6-32.pdf`

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**Attachment 12:** `ark7properties_ex6-35.pdf`

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**Attachment 13:** `ark7properties_ex6-38.pdf`

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### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 1-A

### REGULATION A OFFERING STATEMENT
### UNDER THE SECURITIES ACT OF 1933

### Item 1. Issuer Information

**Exact name of issuer:** Ark7 Properties LLC

**Jurisdiction of Incorporation/Organization:** DE

**Year of Incorporation:** 2018

**CIK:** 0001815395

**I.R.S. Employer Identification Number:** 84-2698043

**Primary Standard Industrial Classification Code:** 6510

**Total number of full-time employees:** 0

**Total number of part-time employees:** 0

**Address of Principal Executive Offices:** 1 FERRY BUILDING, STE 201, SAN FRANCISCO, CA 94111

**Company Phone:** 4152750701

**Person to contact:** Lynn Yang

### Financial Statements

**Balance Sheet Information**

| Metric                                   | Amount       |
|:---|:---|
| Cash and Cash Equivalents                | $208635.00   |
| Investment Securities                    | $0.00        |
| Accounts and Notes Receivable            | $4570960.00  |
| Property, Plant and Equipment (PP&E)     | $9884977.00  |
| Total Assets                             | $14664572.00 |
| Accounts Payable and Accrued Liabilities | $3466498.00  |
| Long-Term Debt                           | $5246955.00  |
| Total Liabilities                        | $8713453.00  |
| Total Stockholders' Equity               | $5951118.00  |
| Total Liabilities and Equity             | $14664572.00 |

**Statement of Comprehensive Income Information**

| Metric                                    | Amount      |
|:---|:---|
| Total Revenues                            | $785481.00  |
| Costs and Expenses Applicable to Revenues | $708063.00  |
| Depreciation and Amortization             | $377046.00  |
| Net Income                                | $-299628.00 |
| Earnings Per Share - Basic                | -1.21       |
| Earnings Per Share - Diluted              | -0.87       |

**Auditor Information**

| Metric          | Amount     |
|:---|:---|
| Name of Auditor | Taxulo LLC |

### Outstanding Securities

| Class                       |   Outstanding | CUSIP   | Publicly Traded   |
|:---|---:|:---|:---|
| Series Membership Interests |        248036 | n/a     | n/a               |
| n/a                         |             0 | n/a     | n/a               |
| n/a                         |             0 | n/a     | n/a               |

### Item 2. Issuer Eligibility
- [x] The issuer certifies that all of the statements in this part are true.

### Item 3. Application of Rule 262
- [x] The issuer certifies that it is not disqualified and has not been involved in any disqualifying event.

### Item 4. Summary Information Regarding the Offering

**Tier:** Tier2

**Financial Statement Status:** Audited

**Type of Securities Offered:** Equity (common or preferred stock)

**Is this a delayed or continuous offering?** Yes

**Was or is the offering to take place within one year after qualification?** Yes

**Was or is the offering to commence within two days after qualification?** No

**Is this a best efforts offering?** Yes

**Was there any solicitation of interest?** No

**Are there any resale securities by affiliates of the issuer?** No

**Offering Amounts**

| Description                                                     | Amount      |
|:---|:---|
| Number of securities offered                                    | 345435      |
| Number of securities outstanding                                | 248036      |
| Price per security                                              | $57.15      |
| Issuer's aggregate offering price                               | $5566655.10 |
| Aggregate offering price of securities held by security holders | $0.00       |
| Aggregate price of securities offered concurrently              | $0.00       |
| Total aggregate offering price                                  | $5566655.10 |

**Anticipated Fees**

| Service Provider   | Name       | Fees      |
|:---|:---|:---|
| Auditor            | Taxulo LLC | $15000.00 |
| Legal              |  |  |
| Promoters          |  |  |

**Estimated Net Proceeds to the Issuer:** —

### Item 5. Jurisdictions in Which Securities are to be Offered

AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, PR, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY, A0, A1, A2, A3, A4, A5, A6, A7, A8, A9, B0, Z4