# EDGAR Filing Document

**Accession Number:** 0001858206
**File Stem:** 0001493152-26-020608
**Filing Date:** 2026-4
**Character Count:** 22534
**Document Hash:** b75f283fa51dfc73b2ce4e9459c6ffdb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-020608.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001493152-26-020608

**CONFORMED SUBMISSION TYPE**: 1-U

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20260430

**ITEM INFORMATION**: Other Events

**FILED AS OF DATE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Pacaso Inc.
- **CENTRAL INDEX KEY:** 0001858206
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE OPERATORS (NO DEVELOPERS) & LESSORS [6510]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 844106896
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 1-U
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 24R-00972
- **FILM NUMBER:** 26926289

**BUSINESS ADDRESS:**
- **STREET 1:** 18 E. 4TH STREET
- **STREET 2:** SUITE 902
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45202
- **BUSINESS PHONE:** 844-272-2276

**MAIL ADDRESS:**
- **STREET 1:** 18 E. 4TH STREET
- **STREET 2:** SUITE 902
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45202

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 1-U**

**CURRENT REPORT**

**Pursuant to Regulation A of the Securities Act of 1933**

**April 30, 2026**

**(Date of Report (Date of earliest event reported))**

**Pacaso Inc.**

(Exact name of issuer as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **84-4106896** |
| (State or other jurisdiction of<br> incorporation or organization) | (I.R.S Employer<br> Identification No.) |
| **18 E 4th Street, Suite 902** <br> **Cincinnati, OH**  | **45202** |
| (Full mailing address of principal executive offices) | (Zip Code) |

---

**(844) 272-2276**

Issuer's Telephone number, including area code

**Class D Common Stock**

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

**Item 9.** **Other Events**

Pacaso Inc. (the "Company") issued a press release and a summary of its key operational and financial metrics for the first quarter ended March 31, 2026. The summary of metrics and the press release are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated herein by reference.

 ****

**About Pacaso Inc.**

Pacaso Inc. (the "company," "we," "us," and "our") operates a technology-enabled real estate and hospitality platform that enables people to co-own professionally managed luxury vacation homes in desirable destinations across the United States and internationally. We pre-aggregate consumer demand for up to eight different co-owners per home and facilitate the creation and ongoing management of the Holding SPE that holds the title to the property. The Company, through a wholly-owned subsidiary, serves as the "Non-member Manager" of the Holding SPEs or the owner representative responsible for appointing the program manager. We manage the full ownership experience, from property acquisition and design through ongoing hospitality services, property management, and resale.

**Safe Harbor Statement**

This Current Report on Form 1-U contains forward-looking statements within the meaning of the federal securities laws. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "could," "seeks," "projects," "predicts," "intends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including those described under the section entitled "Risk Factors" in the most recently qualified Offering Statement on Form 1-A filed with the Securities and Exchange Commission ("SEC"), as such factors may be updated from time to time in our periodic filings filed with the SEC, which are accessible on the SEC's website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in our filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

**Exhibits**

---

| | |
|:---|:---|
| **Number** | **Exhibit** |
| 99.1 | [Summary financial information for the three month periods ended March 31, 2026 and 2025 (unaudited)](ex99-1.htm) |
| 99.2 | [Press Release](ex99-2.htm) |

---

**SIGNATURES**

Pursuant to the requirements of Regulation A, this issuer has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on April 30, 2026.

---

| | | |
|:---|:---|:---|
|  | **Pacaso Inc.** | **Pacaso Inc.** |
| DATE: April 30, 2026 | By: | */s/ Gregory Austin Allison* |
|  | Name: | Gregory Austin Allison |
|  | Title: | Chief Executive Officer |

---

Pursuant to the requirements of Regulation A, this report has been signed below by the following persons on behalf of the issuer in the capacities and on April 30, 2026.

---

| | |
|:---|:---|
| **Signature** | **Title** |
| */s/ Gregory Austin Allison* |  |
| Gregory Austin Allison | CEO, Principal Executive Officer, Director |
| */s/ Alvaro Cortes* |  |
| Alvaro Cortes | Chief Financial Officer and Principal Accounting Officer |

---

## Add

**Exhibit 99.1**

***Certain 2026 Comparative to 2025 Performance Metrics***

 **

The following discussion of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the related notes thereto contained in our most recent annual report on Form 1-K filed on April 30, 2026.

Unless otherwise indicated, the latest results discussed below as of March 31, 2026 and March 31, 2025 are unaudited and have not been reviewed, and may not include year-end adjustments necessary to make those financial statements comparable to audited results, although in the opinion of management all necessary adjustments have been included to make interim statements of operations not misleading.

**Key Business Metrics**

Management has identified the following key business metrics to evaluate our performance, identify trends, develop financial projections and guide strategic decision-making. Accordingly, these key business metrics are intended to offer investors and stakeholders valuable insights into our business performance and operations. It is important to note that these key business metrics are provided for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may vary from similarly titled metrics or measures presented by other companies.

***Total Units Transacted***

A unit represents a ⅛ co-ownership membership interest in a property. Resales units transacted represents where the Company receives a fixed fee upon a successful resale between two third-parties. Pacaso NOW units allow customers to experience a Pacaso home through a program in which they pay an annual fee, which is reflected in real estate services on our statements of operations, with the option to convert into ownership. Units transacted represents the total number of ownership units in a property transacted by Pacaso within a specified period included in revenue and gain from real estate investments on our statements of operations, which also includes Pacaso NOW units that convert into ownership. The following metric is useful to management to understand the volume of transactions completed during a given time period.

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Units transacted | 33 | 27 |
| Resales transacted | 39 | 29 |
| &nbsp;&nbsp;&nbsp;Units and resales transacted | 72 | 56 |
| Pacaso NOW units transacted | - | 3 |
| Total units transacted, net of deferred units | 72 | 59 |

---

***Gross real estate transacted and margin***

We define gross real estate transacted as the total dollar value, less any concessions, of co-ownership transacted during the period which includes co-ownership real estate sales, gain from real estate investments presented gross as well as whole home real estate sales transacted, and the applicable margin on such transactions after subtracting the cost of the underlying real estate. The table detailing the components is shown below, which is an indication of the performance of our core business offering of selling co-owned real estate and is a useful measure of the volume of transactions that flow through our platform in a given period.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br> March 31,** | **Three Months Ended <br> March 31,** | **2025 to 2026** | **2025 to 2026** |
| <br>*(amounts in thousands)* | **2026** | **2025** | **$ Change** | **% Change** |
| Gross real estate transacted, less whole home sales | $28672 | $29164 | $(492) | (2)% |
| Gross real estate transacted, less whole home sales margin % | 15.3% | 13.1% |  |  |
| Whole home real estate transacted | $825 | $- | $825 | NM |
| Whole home real estate transacted margin | (6.2)% | -% |  |  |
| Gross real estate transacted | $29497 | $29164 | $333 | 1% |
| Gross real estate transacted margin % | 14.7% | 13.1% |  |  |

---

Real estate services revenue for the three months ended March 31, 2026 and 2025 was $14.0 million and $13.0 million, respectively. Adjusted gross profit margin, excluding whole home sales, was 18.5% and 14.9% for the three months ended March 31, 2026 and 2025, respectively, which is calculated as adjusted gross profit excluding whole home sales divided by gross real estate transacted and real estate services, less whole home sales.

**Results of Operations**

The following table sets forth our condensed consolidated GAAP results of operations (unaudited) for the periods presented:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** <br> **March 31,** | **Three Months Ended** <br> **March 31,** | **2025 to 2026 Change** | **2025 to 2026 Change** |
| <br>*(amounts in thousands)* | **2026** | **2025** | **Change in $** | **Change in %** |
| Revenue | $25743 | $33194 | $(7451) | (22)% |
| Cost of Revenue | 18098 | 27319 | (9221) | (34)% |
| Gross Profit | 7645 | 5875 | 1770 | 30% |
| Operating Expenses | 11326 | 14282 | (2956) | (21)% |
| Loss from Operations | (3681) | (8407) | 4726 | (56)% |
| Non-Operating Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense, net | 1538 | 1246 | 292 | 23% |
| Net loss | $(5219) | $(9653) | $4434 | (46)% |

---

**Non-GAAP Financial Measures**

In addition to our results determined in accordance with U.S. GAAP, we believe the following non-GAAP measures are useful in evaluating our operating performance. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance and assists in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their U.S. GAAP results. These measures have limitations as analytical tools when assessing our operating performance and should not be considered in isolation or as a substitute for GAAP measures. We may calculate or present our non-GAAP financial measures differently than other companies who report measures with similar titles, and, as a result, the non-GAAP financial measures we report may not be comparable with those of companies in our industry or in other industries. A reconciliation is provided below for each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with U.S. GAAP.

***Adjusted Gross Profit***

We calculate Adjusted Gross Profit as gross profit under GAAP adjusted for amortization of developed technology, inventory valuation adjustment in the current period, inventory valuation adjustment in prior periods and share-based compensation. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. Additionally, we calculate Adjusted Gross Profit Excluding Impact of Whole Homes, which is an indication of the performance of our core business offering of selling and managing co-owned real estate and is a useful measure of the volume of transactions that flow through our platform in a given period.

We view this metric as an important measure of business performance, as it captures gross profit performance related to units transacted in a given period and provides comparability across reporting periods.

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| *(amounts in thousands)* | **2026** | **2025** |
| Gross profit (GAAP) | $7645 | $5875 |
| Adjustments- add back (deduct): |  |  |
| &nbsp;&nbsp;&nbsp;Amortization of developed technology (1) | 231 | 405 |
| &nbsp;&nbsp;&nbsp;Inventory valuation adjustments- Prior periods (2)(3) | (272) |  |
| &nbsp;&nbsp;&nbsp;Share-based compensation | 3 | 5 |
| Adjusted gross profit | $7607 | $6285 |
| Whole home gross (profit) loss | 51 |  |
| Inventory valuation adjustments related to whole homes | 211 | - |
| Adjusted gross profit excluding impact of whole homes | $7869 | $6285 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Amortization
 of capitalized internally developed technology.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Inventory
 valuation adjustment includes adjustments to record real estate inventory and real estate investments at the lower of its carrying
 amount or its net realizable value.

(3) Inventory
 valuation adjustments- Prior period is the inventory valuation adjustments recorded in prior periods associated with real estate
 inventory or real estate investments that sold in the period presented.

***Adjusted EBITDA***

We define Adjusted EBITDA as net income or loss adjusted for interest expense, income tax expense, depreciation and amortization, share-based compensation expense, non-recurring expense, unrealized gain or loss on foreign currency, non-recurring impairment and write-offs and advertising expense directly related to our Regulation A offering. Adjusted EBITDA is also adjusted to align the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue or net gain on real estate investment is recorded in order to improve the comparability of the measure to our non-GAAP financial measure of adjusted gross profit above. We believe Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our business performance adjusted for non-recurring or non-cash items. Moreover, we have included Adjusted EBITDA because it is a key measurement used by our management internally to make operating decisions, including those related to analyzing operating expenses, evaluating performance, and performing strategic planning and annual budgeting.

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| *(amounts in thousands)* | **2026** | **2025** |
| **Reconciliation of Adjusted EBITDA to Net Loss:** |  |  |
| Net loss (GAAP) | $(5219) | $(9653) |
| Interest expense- net | 1538 | 1246 |
| Depreciation and amortization | 517 | 621 |
| Share-based compensation | 24 | 133 |
| Non-recurring expense | 30 |  |
| Inventory valuation adjustments- Prior periods (1)(2) | (272) |  |
| Unrealized foreign currency loss | (5) | (95) |
| Impairment and write-off expense |  | 40 |
| Regulation A offering advertising | - | 3606 |
| Adjusted EBITDA | $(3387) | $(4102) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Inventory
 valuation adjustment includes adjustments to record real estate inventory and real estate investments at the lower of its carrying
 amount or its net realizable value.

(2) Inventory
 valuation adjustments- Prior period is the inventory valuation adjustments recorded in prior periods associated with real estate
 inventory or real estate investments that sold in the period presented.

## Add

**Exhibit 99.2**

Pacaso Reports Strong Start to 2026 Driven by Margin Expansion, Improved Inventory Efficiency, and Continued Global Growth

*Q1 reflects encouraging momentum with sales growth, margin expansion, and continued progress in European markets.*

 

**SAN FRANCISCO,** April 30, 2026 — Pacaso, the leading technology-enabled marketplace for co-owned luxury vacation homes, today announced financial results for the first quarter ended March 31, 2026. Q1 results show rising gross profit and a foundation in place to scale a more efficient, globally diversified business.

**Q1 2026 financial highlights:**

● Adjusted gross profit, excluding whole home sales<sup>1</sup>, was $7.9M, up 25% year over year.

● Adjusted gross profit margin, excluding whole home sales, was 18.5%, up from 14.9% in Q1 2025. This represents 360 basis points of expansion.

● Adjusted EBITDA<sup>2</sup> loss improved by 17% year over year to $(3.4M).

"The past couple of years tested the broader real estate market, and we used that time to build a more disciplined and efficient operating model. Q1 reflects the early benefits of that work," said Austin Allison, co-founder and CEO of Pacaso. "We're seeing it in faster inventory turns, improved pricing, and meaningful gains in operating leverage. Q1 demand was strong across our markets, reinforcing our confidence in the long-term opportunity ahead."

Q1 results reflect compounding improvements across the core drivers of Pacaso's marketplace model, with faster inventory absorption, reduced holding periods, and lower carrying costs translating directly into margin expansion and continued narrowing of losses. Sales momentum reinforced the trend, with notable gains in per-rep productivity and plans to expand the team further by year-end.

Demand remained strong across domestic and international markets, with a healthy mix of new buyers, repeat purchasers, and referral-driven transactions. Pacaso expanded further into several high-demand destinations during the quarter and continued investing in the end-to-end ownership experience, including enhancements to the buyer journey, expanded financing solutions, and innovation in property management.

Europe continues to be one of the most dynamic chapters in Pacaso's growth story, with an established presence in Paris and London now serving as the foundation for the company's most ambitious European expansion to date in 2026.

**About Pacaso**

Pacaso is a technology-enabled real estate and hospitality platform that enables people to co-own professionally managed luxury vacation homes in desirable destinations across the United States and internationally. Founded in 2020, Pacaso offers a fully managed, professionally designed solution that makes owning a luxury vacation home more accessible, efficient, and enjoyable.

**Forward-Looking Statements**

This press release contains forward-looking statements, including statements regarding the company's growth, profitability, market expansion, and future performance. These statements are subject to risks and uncertainties that could cause actual results to differ materially.

\*\*\*\*\*\*\*\*\*\*\*\*

(1) We calculate Adjusted Gross Profit as gross profit under GAAP adjusted for amortization of developed technology, inventory valuation adjustment in the current period, inventory valuation adjustment in prior periods, impairments and write-offs and share-based compensation. Inventory valuation adjustment in the current period is calculated by adding back the inventory valuation adjustments recorded during the period on homes that remain in inventory at period end. Inventory valuation adjustment in prior periods is calculated by subtracting the inventory valuation adjustments recorded in prior periods on homes sold in the current period. Additionally, we calculate Adjusted Gross Profit Excluding Impact of Whole Homes, which is an indication of the performance of our core business offering of selling and managing co-owned real estate and is a useful measure of the volume of transactions that flow through our platform in a given period. We view this metric as an important measure of business performance, as it captures gross profit performance related to units transacted in a given period and provides comparability across reporting periods. Adjusted gross profit margin, excluding whole home sales, is calculated by dividing adjusted gross profit excluding whole home sales by the sum of gross real estate transacted and real estate services revenue, less whole home sales.

(2) We define Adjusted EBITDA as net income or loss adjusted for interest expense, income tax expense, depreciation and amortization, share-based compensation expense, non-recurring expense, unrealized gain or loss on foreign currency, non-recurring impairment and write-offs and advertising expense directly related to our Regulation A offering. Adjusted EBITDA is also adjusted to align the timing of inventory valuation adjustments recorded under GAAP to the period in which the related revenue or net gain on real estate investment is recorded in order to improve the comparability of the measure to our non-GAAP financial measure of adjusted gross profit above. We believe Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our business performance adjusted for non-recurring or non-cash items. Moreover, we have included Adjusted EBITDA because it is a key measurement used by our management internally to make operating decisions, including those related to analyzing operating expenses, evaluating performance, and performing strategic planning and annual budgeting.

Media contact: press@pacaso.com