Arrived Homes 5 LLC

09/26/2025 | Press release | Distributed by Public on 09/26/2025 11:15

Special Semiannual Financial Report under Regulation A (Form 1-SA)

United States

Securities And Exchange Commission

Washington, D.C. 20549

FORM 1-SA

SEMIANNUAL REPORT PURSUANT TO REGULATION A

For the fiscal semiannual period ended

June 30, 2025

ARRIVED HOMES 5, LLC

(Exact name of issuer as specified in its Certificate of Formation)

Delaware 99-3997278
(State or other jurisdiction of
incorporation or organization) 		(I.R.S. Employer
Identification No.)

1700 Westlake Avenue North, Suite 200

Seattle, WA 98109

(Full mailing address of principal executive offices)

814-277-4833

(Issuer's telephone number)

TABLE OF CONTENTS

ITEM 1. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION 1
ITEM 2. OTHER INFORMATION 7
ITEM 3. FINANCIAL STATEMENTS F-1
ITEM 4. EXHIBITS 8

i

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

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

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

All forward-looking statements attributable to us are expressly qualified in their entirety by these risks and uncertainties. These risks and uncertainties, along with others, are detailed under the headings "Summary - Summary Risk Factors" and "Risk Factors" in Post-Qualification Amendment No. 8 to our Offering Statement on Form 1-A filed by the company with the Securities and Exchange Commission (the "Commission"), as may be amended, and in our subsequent reports and offering statements filed from time to time with the Commission. Should one or more of these risks or uncertainties materialize, or should any of the parties' assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. You should not place undue reliance on any forward-looking statements and should not make an investment decision based solely on these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

ii

ITEM 1. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION

Overview

Arrived Homes 5, LLC, a Delaware series limited liability company, was formed in July 2024 to permit public investment in specific single-family rental homes. We believe people should have the freedom to move to pursue new opportunities in their lives while still having access to the wealth creation that long-term home ownership and real estate investment can provide. To support this idea, we are building what we believe to be a new model for home ownership and real estate investment that doesn't lock people into a single home or city. We believe in passive income, conservative debt, freedom to move, diversification, and aligned incentives.

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

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

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

Since its formation in July 2024, our company has been engaged primarily in acquiring properties for its series offerings, developing the financial, offering and other materials to facilitate fundraising, and taking the steps necessary to effectuate the series offerings and the management of the associated series properties. As of June 30, 2025, our company has acquired 45 properties.

Risk Factors

We face risks and uncertainties that could affect us and our business as well as the real estate industry generally. These risks are outlined under the heading "Risk Factors" beginning on page 16 in our Offering Circular which may be accessed here, as the same may be updated from time to time by our future filings under Regulation A ("Regulation A") of the Securities Act of 1933 (the "Securities Act"). In addition, new risks may emerge at any time and we cannot predict such risks or estimate the extent to which they may affect our financial performance. These risks could result in a decrease in the value of the membership interests in each of the series of our company.

Emerging Growth Company

While we currently have no intention of making such an election, we may elect to become a public reporting company under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). If we elect to do so, we will be required to publicly report on an ongoing basis as an emerging growth company, as defined in the JOBS Act, under the reporting rules set forth under the Exchange Act. For so long as we remain an emerging growth company, we may take advantage of certain exemptions from various reporting requirements that are applicable to other Exchange Act reporting companies that are not emerging growth companies, including, but not limited to:

● not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act;
● being permitted to comply with reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements; and
● being exempt from the requirement to hold a non-binding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

In addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We may elect 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.

1

We would expect to take advantage of these reporting exemptions until we are no longer an emerging growth company. We would remain an emerging growth company for up to five years, or until the earliest of (i) the last day of the first fiscal year in which our total annual gross revenues exceed $1 billion; (ii) the date that we become a large accelerated filer as defined in Rule 12b-2 under the Exchange Act, which would occur if the market value of our series 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 billion in non-convertible debt during the preceding three-year period.

Distributions

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

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

Any distributions that we make directly impacts the NAV for each of our series, by reducing the amount of our assets. Our goal is to provide a reasonably predictable and stable level of current income, through monthly or other periodic distributions, while at the same time maintaining a fair level of consistency in our NAV for each series. Over the course of your investment, your distributions plus the change in NAV per interest (either positive or negative) will produce your total return.

Critical Accounting Policies

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

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

2

Operating Results

Revenues

Revenues are generated at the series level and are derived from leases on the series property. All revenues generated during the six months ended June 30, 2025 are listed in the table below:

Rental Income

Series Name June 30,
2025
Adela $ -
Adler 3,039
Alex 790
Ameris 4,186
Arbolado -
Belleglade 4,072
Blair -
Briarmanor -
Camphor 2,501
Chesterton -
Clark 7,753
Cyrus -
Evie 243
Fortress 3,342
Galleta -
Gerardo 1,407
Goldfinger 3,244
Hendricks 1,704
Lenka 6,071
Liam 7,559
Lilinoe 2,768
Lois 11,225
Marilyn -
Metcalf 3,742
Monroe -
Nathan -
Poshington -
Pumpkin 9,125
Raider -
Sambino 10,082
Sandpiper -
Scarlett 469
Sinalda 805
Stonemill -
Targaryen 4,132
Tilly -
Troncos 5,835
Tully -
Tyrell 2,793
Vega 2,395
Wasilla -
Wendover -
Whippoorwill -
Windgate 2,724
Wyndsong -
$ 102,005

3

Operating Expenses

The Company incurred the following operating expenses during the six months ended June 30, 2025. The operating expenses incurred prior to the closing of an offering related to any of the series are being paid by our manager and are reimbursed by such series out of the gross offering proceeds upon closing of the relevant series offering. Such operating expenses include real estate taxes, property insurance, home ownership association fees and repairs and maintenance costs. Upon closing, each series becomes responsible for its own operating expenses.

The following table summarizes the total operating expenses by series as of June 30, 2025:

Operating Expenses

Series Name Operating
expenses 		Depreciation Total
expenses
Adela $ 11,958 $ 538 $ 12,496
Adler 9,503 818 10,321
Alex 9,481 2,383 11,864
Ameris 17,237 1,151 18,388
Arbolado 7,751 775 8,526
Belleglade 10,382 1,721 12,102
Blair 10,536 - 10,536
Briarmanor 4,003 335 4,338
Camphor 14,308 2,272 16,580
Chesterton 416 - 416
Clark 12,576 4,369 16,945
Cyrus 3,641 891 4,533
Evie 15,954 - 15,954
Fortress 18,306 2,044 20,350
Galleta 1,004 - 1,004
Gerardo 4,389 - 4,389
Goldfinger 16,125 4,974 21,099
Hendricks 11,628 - 11,628
Lenka 13,045 2,276 15,321
Liam 21,867 2,973 24,840
Lilinoe 9,990 855 10,845
Lois 7,881 4,550 12,432
Marilyn 651 - 651
Metcalf 8,855 961 9,816
Monroe 651 - 651
Nathan 5,723 - 5,723
Poshington 1,602 - 1,602
Pumpkin 13,895 3,003 16,898
Raider 572 - 572
Sambino 13,349 3,451 16,800
Sandpiper 1,232 - 1,232
Scarlett 12,306 999 13,305
Sinalda 12,737 2,657 15,395
Stonemill 11,463 - 11,463
Targaryen 7,570 892 8,462
Tilly 8,355 897 9,252
Troncos 12,023 3,197 15,220
Tully 10,360 2,192 12,552
Tyrell 8,534 1,479 10,013
Vega 7,102 891 7,994
Wasilla 9,181 2,317 11,498
Wendover 3,625 - 3,625
Whippoorwill 6,692 - 6,692
Windgate 10,676 695 11,371
Wyndsong 18,328 - 18,328
$ 417,466 $ 56,556 $ 474,021

4

Other Expenses

Other expenses for the six months ended June 30, 2025, consisted of the following interest expenses:

OTHER EXPENSES
Series Name June 30,
2025
Adela $ 2,713
Adler 5,315
Alex 3,594
Ameris 4,667
Arbolado 3,894
Belleglade 4,361
Blair 3,297
Briarmanor 3,774
Camphor 4,344
Chesterton 1,199
Clark 1,044
Cyrus 5,971
Evie 1,821
Fortress 7,315
Galleta 348
Gerardo 2,979
Goldfinger 5,168
Hendricks 2,054
Lenka 3,677
Liam 6,822
Lilinoe 5,468
Lois -
Marilyn 1,687
Metcalf 1,748
Monroe 1,687
Nathan 1,482
Poshington 2,210
Pumpkin 3,728
Raider 1,297
Sambino 3,230
Sandpiper 268
Scarlett 7,280
Sinalda 5,453
Stonemill 3,674
Targaryen 5,549
Tilly 3,544
Troncos 10,252
Tully 8,886
Tyrell 5,558
Vega 5,396
Wasilla 7,738
Wendover 2,185
Whippoorwill 3,068
Windgate 3,070
Wyndsong 2,093
$ 170,907

Liquidity and Capital Resources

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

5

Cash and Cash Equivalents

Cash is held at the series level. Any material differences in cash balances are the result of cash received from net proceeds from operations, financing received from the issuance of membership interests from each Series, and receipts and/or repayments of amounts due to related parties.

The following table summarizes the cash and cash equivalents by series as of June 30, 2025:

Cash & Cash Equivalents

Series Name June 30,
2025
Adela $ -
Adler 25,130
Alex 23,392
Ameris 8,911
Arbolado -
Belleglade 22,344
Blair -
Briarmanor -
Camphor 1,776
Chesterton -
Clark 12,603
Cyrus 1,550
Evie 6,824
Fortress 27,198
Galleta -
Gerardo -
Goldfinger 29,043
Hendricks -
Lenka 18,470
Liam 10,512
Lilinoe 28,590
Lois 18,442
Marilyn -
Metcalf 25,552
Monroe -
Nathan -
Poshington -
Pumpkin 22,500
Raider -
Sambino 21,476
Sandpiper -
Scarlett -
Sinalda 24,282
Stonemill -
Targaryen 24,797
Tilly 10,716
Troncos 15,219
Tully 28,925
Tyrell 24,175
Vega 23,823
Wasilla 5,570
Wendover -
Whippoorwill 2,579
Windgate 21,196
Wyndsong -
$ 485,594

6

Plan of Operations

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

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

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

Our Policies for Approving New Tenants

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

Trend Information

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

- Elevated interest rates or fluctuations 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.
- Sustained level of remote and hybrid work arrangements may lead to greater rental activity in our target markets.

ITEM 2. OTHER INFORMATION

None.

7

ITEM 3. FINANCIAL STATEMENTS

ARRIVED HOMES 5, LLC, AND ITS SERIES

UNAUDITED CONSOLIDATED AND CONSOLIDATING FINANCIAL STATEMENTS

AS OF AND FOR THE SIX MONTHS ENDED JUNE 30, 2025

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET AS OF JUNE 30, 2025 (UNAUDITED) F-2
CONSOLIDATED AND CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2024 (DERIVED FROM AUDITED FINANCIAL STATEMENTS) F-9
CONSOLIDATED AND CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) FOR THE SIX MONTHS ENDED JUNE 30, 2025 (UNAUDITED) F-10
CONSOLIDATED AND CONSOLIDATING STATEMENT OF CHANGES IN MEMBERS' EQUITY (DEFICIT) FOR THE SIX MONTHS ENDED JUNE 30, 2025 (UNAUDITED) F-17
CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2025 (UNAUDITED) F-23
NOTES TO UNAUDITED CONSOLIDATED AND CONSOLIDATING FINANCIAL STATEMENTS F-31

F-1

ARRIVED HOMES 5, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET (UNAUDITED)

AS OF JUNE 30, 2025

Adela Adler Alex Ameris Arbolado Belleglade Blair
ASSETS
Current assets:
Cash $ - $ 25,130 $ 23,392 $ 8,911 $ - $ 22,344 $ -
Due from (to) third party property managers - 981 - 1,206 - 1,195 -
Due from related party - 2,330 3,402 3,429 - 4,806 -
Total current assets - 28,441 26,794 13,546 - 28,345 -
Property and equipment, net 236,431 360,363 346,867 251,982 339,884 375,920 351,235
Total assets $ 236,431 $ 388,804 $ 373,661 $ 265,529 $ 339,884 $ 404,266 $ 351,235
LIABILITIES AND MEMBERS' EQUITY (DEFICIT)
Current liabilities:
Accrued expenses $ 3,957 $ 1,662 $ 2,448 $ 3,114 $ 5,554 $ 2,359 $ 5,481
Due to third party property managers 603 - 2,236 - 571 - -
Due to (from) related party 22,080 - - - 23,178 - 27,587
Total Current liabilities 26,639 1,662 4,684 3,114 29,304 2,359 33,068
Tenant deposits - - - - - - -
Bridge financing, related party 225,000 - - - 323,000 - 332,000
Total Liabilities 251,639 1,662 4,684 3,114 352,304 2,359 365,068
Members' equity (deficit)
Members' capital - 399,740 383,644 281,283 - 414,298 -
Accumulated deficit (15,209 ) (12,598 ) (14,667 ) (18,869 ) (12,420 ) (12,391 ) (13,833 )
Total members' equity (deficit) (15,209 ) 387,142 368,977 262,414 (12,420 ) 401,907 (13,833 )
Total liabilities and members' equity (deficit) $ 236,431 $ 388,804 $ 373,661 $ 265,529 $ 339,884 $ 404,266 $ 351,235

See the accompanying notes to the consolidated and consolidating financial statements.

F-2

ARRIVED HOMES 5, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET (UNAUDITED)

AS OF JUNE 30, 2025

Briarmanor Camphor Chesterton Clark Cyrus Evie Fortress
ASSETS
Current assets:
Cash $ - $ 1,776 $ - $ 12,603 $ 1,550 $ 6,824 $ 27,198
Due from (to) third party property managers - 549 - 3,633 - - -
Due from related party - 7,615 - - - - 6,251
Total current assets - 9,940 - 16,236 1,550 6,824 33,448
Property and equipment, net 409,977 270,365 539,518 316,958 391,099 260,276 367,351
Total assets $ 409,977 $ 280,305 $ 539,518 $ 333,194 $ 392,648 $ 267,100 $ 400,800
LIABILITIES AND MEMBERS' EQUITY (DEFICIT)
Current liabilities:
Accrued expenses $ 6,552 $ 3,679 $ 1,485 $ 4,166 $ 8,353 $ 3,390 $ 4,674
Due to third party property managers 66 - - - 2,290 14,251 13,260
Due to (from) related party 31,471 - 28,648 1,468 22,510 20,991 -
Total Current liabilities 38,088 3,679 30,133 5,634 33,153 38,632 17,935
Tenant deposits - - - 2,095 - - -
Bridge financing, related party 380,000 - 511,000 - 370,000 246,000 -
Total Liabilities 418,088 3,679 541,133 7,729 403,153 284,632 17,935
Members' equity (deficit)
Members' capital - 295,049 - 356,077 - - 407,188
Accumulated deficit (8,111 ) (18,423 ) (1,615 ) (30,612 ) (10,504 ) (17,533 ) (24,323 )
Total members' equity (deficit) (8,111 ) 276,626 (1,615 ) 325,465 (10,504 ) (17,533 ) 382,865
Total liabilities and members' equity (deficit) $ 409,977 $ 280,305 $ 539,518 $ 333,194 $ 392,648 $ 267,100 $ 400,800

See the accompanying notes to the consolidated and consolidating financial statements.

F-3

ARRIVED HOMES 5, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET (UNAUDITED)

AS OF JUNE 30, 2025

Galleta Gerardo Goldfinger Hendricks Lenka Liam Lilinoe
ASSETS
Current assets:
Cash $ - $ - $ 29,043 $ - $ 18,470 $ 10,512 $ 28,590
Due from (to) third party property managers - 283 - 804 2,233 3,152 -
Due from related party - - 6,391 - 624 7,341 3,063
Total current assets - 283 35,433 804 21,326 21,005 31,653
Property and equipment, net 293,903 371,614 542,839 249,945 330,531 431,574 375,164
Total assets $ 293,903 $ 371,897 $ 578,273 $ 250,749 $ 351,857 $ 452,579 $ 406,817
LIABILITIES AND MEMBERS' EQUITY (DEFICIT)
Current liabilities:
Accrued expenses $ 3,828 $ 5,966 $ 4,130 $ 4,199 $ 2,178 $ 3,592 $ 2,577
Due to third party property managers - - 170 - - - 2,293
Due to (from) related party 15,852 28,151 - 21,527 - - -
Total Current liabilities 19,680 34,116 4,301 25,727 2,178 3,592 4,870
Tenant deposits - - - - - - -
Bridge financing, related party 275,576 343,742 - 237,000 - - -
Total Liabilities 295,256 377,859 4,301 262,727 2,178 3,592 4,870
Members' equity (deficit)
Members' capital - - 596,996 - 362,606 473,091 415,492
Accumulated deficit (1,353 ) (5,961 ) (23,024 ) (11,978 ) (12,927 ) (24,104 ) (13,546 )
Total members' equity (deficit) (1,353 ) (5,961 ) 573,972 (11,978 ) 349,679 448,987 401,947
Total liabilities and members' equity (deficit) $ 293,903 $ 371,897 $ 578,273 $ 250,749 $ 351,857 $ 452,579 $ 406,817

See the accompanying notes to the consolidated and consolidating financial statements.

F-4

ARRIVED HOMES 5, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET (UNAUDITED)

AS OF JUNE 30, 2025

Lois Marilyn Metcalf Monroe Nathan Poshington Pumpkin
ASSETS
Current assets:
Cash $ 18,442 $ - $ 25,552 $ - $ - $ - $ 22,500
Due from (to) third party property managers 2,695 - - - - - 4,826
Due from related party - - 1,868 - - - -
Total current assets 21,137 - 27,420 - - - 27,326
Property and equipment, net 322,187 363,554 311,540 364,054 180,998 379,648 326,310
Total assets $ 343,324 $ 363,554 $ 338,959 $ 364,054 $ 180,998 $ 379,648 $ 353,636
LIABILITIES AND MEMBERS' EQUITY (DEFICIT)
Current liabilities:
Accrued expenses $ 4,166 $ 2,583 $ 2,278 $ 2,583 $ 2,796 $ 1,838 $ 2,762
Due to third party property managers - - 5,540 - 1,128 235 -
Due to (from) related party 6,685 17,308 - 17,808 13,279 21,388 619
Total Current liabilities 10,851 19,891 7,818 20,391 17,203 23,461 3,381
Tenant deposits 2,695 - - - - - 2,545
Bridge financing, related party - 346,000 - 346,000 171,000 360,000 -
Total Liabilities 13,546 365,891 7,818 366,391 188,203 383,461 5,926
Members' equity (deficit)
Members' capital 348,529 - 338,963 - - - 359,210
Accumulated deficit (18,752 ) (2,337 ) (7,822 ) (2,337 ) (7,205 ) (3,812 ) (11,500 )
Total members' equity (deficit) 329,778 (2,337 ) 331,141 (2,337 ) (7,205 ) (3,812 ) 347,710
Total liabilities and members' equity (deficit) $ 343,324 $ 363,554 $ 338,959 $ 364,054 $ 180,998 $ 379,648 $ 353,636

See the accompanying notes to the consolidated and consolidating financial statements.

F-5

ARRIVED HOMES 5, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET (UNAUDITED)

AS OF JUNE 30, 2025

Raider Sambino Sandpiper Scarlett Sinalda Stonemill Targaryen
ASSETS
Current assets:
Cash $ - $ 21,476 $ - $ - $ 24,282 $ - $ 24,797
Due from (to) third party property managers - 4,697 - - - - 563
Due from related party - - - - 2,560 - 3,038
Total current assets - 26,174 - - 26,842 - 28,399
Property and equipment, net 359,146 299,287 391,940 438,302 386,887 391,284 391,730
Total assets $ 359,146 $ 325,461 $ 391,940 $ 438,302 $ 413,729 $ 391,284 $ 420,128
LIABILITIES AND MEMBERS' EQUITY (DEFICIT)
Current liabilities:
Accrued expenses $ 3,855 $ 2,724 $ 706 $ 8,609 $ 4,767 $ 5,464 $ 2,395
Due to third party property managers - - - 9,963 2,828 1,676 -
Due to (from) related party 15,160 8,610 21,734 23,847 - 29,281 -
Total Current liabilities 19,015 11,334 22,440 42,418 7,594 36,421 2,395
Tenant deposits - 2,645 - - - - -
Bridge financing, related party 342,000 - 371,000 416,000 - 370,000 -
Total Liabilities 361,015 13,979 393,440 458,418 7,594 406,421 2,395
Members' equity (deficit)
Members' capital - 331,418 - - 426,177 - 427,611
Accumulated deficit (1,869 ) (19,936 ) (1,500 ) (20,116 ) (20,043 ) (15,138 ) (9,878 )
Total members' equity (deficit) (1,869 ) 311,482 (1,500 ) (20,116 ) 406,134 (15,138 ) 417,733
Total liabilities and members' equity (deficit) $ 359,146 $ 325,461 $ 391,940 $ 438,302 $ 413,729 $ 391,284 $ 420,128

See the accompanying notes to the consolidated and consolidating financial statements.

F-6

ARRIVED HOMES 5, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET (UNAUDITED)

AS OF JUNE 30, 2025

Tilly Troncos Tully Tyrell Vega Wasilla Wendover
ASSETS
Current assets:
Cash $ 10,716 $ 15,219 $ 28,925 $ 24,175 $ 23,823 $ 5,570 $ -
Due from (to) third party property managers - 2,184 - 1,107 707 - -
Due from related party - 7,588 2,835 2,191 5,963 - -
Total current assets 10,716 24,990 31,760 27,474 30,493 5,570 -
Property and equipment, net 316,946 348,036 479,763 322,947 391,099 419,443 377,255
Total assets $ 327,662 $ 373,026 $ 511,522 $ 350,421 $ 421,592 $ 425,013 $ 377,255
LIABILITIES AND MEMBERS' EQUITY (DEFICIT)
Current liabilities:
Accrued expenses $ 5,944 $ 4,768 $ 5,279 $ 4,593 $ 2,023 $ 2,351 $ 4,429
Due to third party property managers 11,748 - 709 - - 1,255 2,109
Due to (from) related party 28,766 - - - - 57,775 20,527
Total Current liabilities 46,458 4,768 5,988 4,593 2,023 61,382 27,066
Tenant deposits - - - - - - -
Bridge financing, related party 294,000 - - - - - 356,000
Total Liabilities 340,458 4,768 5,988 4,593 2,023 61,382 383,066
Members' equity (deficit)
Members' capital - 387,895 526,972 358,606 430,564 382,867 -
Accumulated deficit (12,796 ) (19,637 ) (21,438 ) (12,778 ) (10,994 ) (19,236 ) (5,811 )
Total members' equity (deficit) (12,796 ) 368,258 505,534 345,829 419,569 363,631 (5,811 )
Total liabilities and members' equity (deficit) $ 327,662 $ 373,026 $ 511,522 $ 350,421 $ 421,592 $ 425,013 $ 377,255

See the accompanying notes to the consolidated and consolidating financial statements.

F-7

ARRIVED HOMES 5, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET (UNAUDITED)

AS OF JUNE 30, 2025

Whippoorwill Windgate Wyndsong Consolidated
ASSETS
Current assets:
Cash $ 2,579 $ 21,196 $ - $ 485,594
Due from (to) third party property managers - 3,552 - 34,367
Due from related party - - - 71,295
Total current assets 2,579 24,748 - 591,256
Property and equipment, net 375,616 304,293 359,680 16,015,737
Total assets $ 378,195 $ 329,041 $ 359,680 $ 16,606,993
LIABILITIES AND MEMBERS' EQUITY (DEFICIT)
Current liabilities:
Accrued expenses $ 5,199 $ 2,124 $ 4,733 $ 172,314
Due to third party property managers 4,985 - 16,887 94,804
Due to (from) related party 23,770 1,586 17,481 569,085
Total Current liabilities 33,955 3,710 39,101 836,203
Tenant deposits - - - 9,980
Bridge financing, related party 354,000 - 341,000 7,310,318
Total Liabilities 387,955 3,710 380,101 8,156,501
Members' equity (deficit)
Members' capital - 337,049 - 9,041,325
Accumulated deficit (9,760 ) (11,717 ) (20,421 ) (590,833 )
Total members' equity (deficit) (9,760 ) 325,332 (20,421 ) 8,450,492
Total liabilities and members' equity (deficit) $ 378,195 $ 329,041 $ 359,680 $ 16,606,993

See the accompanying notes to the consolidated and consolidating financial statements.

F-8

ARRIVED HOMES 5, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING BALANCE SHEET (DERIVED FROM AUDITED FINANCIAL STATEMENTS)

AS OF DECEMBER 31, 2024

Clark Lois Sambino Consolidated
ASSETS
Current assets:
Cash - $ 18,879 - $ 18,879
Due from related parties - 698 - 698
Due from (to) third party property manager - 4,474 - 4,474
Total current assets - 24,051 - 24,051
Property and equipment, net 321,327.24 326,737 302,738.22 950,802
Total assets 321,327.24 $ 350,788 302,738.22 $ 974,854
LIABILITIES AND MEMBERS' EQUITY (DEFICIT)
Current liabilities:
Accrued expenses 14,245.88 $ 8,970 8,885.11 $ 32,101
Tenant deposits - 2,695 - 2,695
Due to (from) related parties 8,066.96 - 21,994.50 30,061
Total Current liabilities 22,312.84 11,665 30,879.61 64,857
Bridge financing, related party 313,000.00 - 281,847.00 594,847
Total Liabilities 335,312.84 11,665 312,726.61 659,704
Members' equity (deficit)
Members' capital 6,390.42 356,668 - 363,059
Accumulated deficit (20,376.02 ) (17,545 ) (9,988.39 ) (47,909 )
Total members' equity (deficit) (13,985.60 ) 339,123 (9,988.39 ) 315,149
Total liabilities and members' equity (deficit) 321,327.24 $ 350,788 302,738.22 $ 974,854

See the accompanying notes to the consolidated and consolidating financial statements.

F-9

ARRIVED HOMES 5, LLC AND ITS SERIES

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

FOR THE SIX MONTHS ENDED JUNE 30, 2025

Adela Adler Alex Ameris Arbolado Belleglade Blair
Rental income $ - $ 3,039 $ 790 $ 4,186 $ - $ 4,072 $ -
Operating expenses:
Depreciation 538 818 2,383 1,151 775 1,721 -
Insurance 213 329 523 304 306 450 210
Management fees - 140 70 210 - 140 -
Management fees, related party - 353 523 402 - 561 -
Repairs & maintenance 9,074 2,843 545 9,217 5,027 3,047 7,285
Property taxes 430 660 1,278 692 623 1,031 642
Other operating expenses 2,240 5,179 6,542 6,412 1,795 5,153 2,399
Total operating expenses 12,496 10,321 11,864 18,388 8,526 12,102 10,536
Loss from operations (12,496 ) (7,283 ) (11,073 ) (14,202 ) (8,526 ) (8,030 ) (10,536 )
Other expense
Interest expense 2,713 5,315 3,594 4,667 3,894 4,361 3,297
Total other expense 2,713 5,315 3,594 4,667 3,894 4,361 3,297
Net loss $ (15,209 ) $ (12,598 ) $ (14,667 ) $ (18,869 ) $ (12,420 ) $ (12,391 ) $ (13,833 )

See the accompanying notes to the consolidated and consolidating financial statements.

F-10

ARRIVED HOMES 5, LLC AND ITS SERIES

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

FOR THE SIX MONTHS ENDED JUNE 30, 2025

Briarmanor Camphor Chesterton Clark Cyrus Evie Fortress
Rental income $ - $ 2,501 $ - $ 7,753 $ - $ 243 $ 3,342
Operating expenses:
Depreciation 335 2,272 - 4,369 891 - 2,044
Insurance 240 398 161 546 352 155 432
Management fees - 140 - 350 - 70 140
Management fees, related party - 467 - 913 - - 307
Repairs & maintenance 459 4,257 - 800 475 11,627 9,691
Property taxes 733 972 - 1,799 718 475 990
Other operating expenses 2,571 8,075 254 8,168 2,097 3,627 6,746
Total operating expenses 4,338 16,580 416 16,945 4,533 15,954 20,350
Loss from operations (4,338 ) (14,079 ) (416 ) (9,193 ) (4,533 ) (15,712 ) (17,008 )
Other expense
Interest expense 3,774 4,344 1,199 1,044 5,971 1,821 7,315
Total other expense 3,774 4,344 1,199 1,044 5,971 1,821 7,315
Net loss $ (8,111 ) $ (18,423 ) $ (1,615 ) $ (10,236 ) $ (10,504 ) $ (17,533 ) $ (24,323 )

See the accompanying notes to the consolidated and consolidating financial statements.

F-11

ARRIVED HOMES 5, LLC AND ITS SERIES

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

FOR THE SIX MONTHS ENDED JUNE 30, 2025

Galleta Gerardo Goldfinger Hendricks Lenka Liam Lilinoe
Rental income $ - $ 1,407 $ 3,244 $ 1,704 $ 6,071 $ 7,559 $ 2,768
Operating expenses:
Depreciation - - 4,974 - 2,276 2,973 855
Insurance 88 221 1,020 150 495 645 338
Management fees - 70 140 - 210 210 140
Management fees, related party - 43 1,229 136 771 1,040 325
Repairs & maintenance - 804 2,866 8,751 3,880 11,407 3,545
Property taxes - 675 2,567 458 1,210 1,392 688
Other operating expenses 917 2,576 8,302 2,132 6,480 7,174 4,955
Total operating expenses 1,004 4,389 21,099 11,628 15,321 24,840 10,845
Loss from operations (1,004 ) (2,982 ) (17,856 ) (9,924 ) (9,250 ) (17,281 ) (8,077 )
Other expense
Interest expense 348 2,979 5,168 2,054 3,677 6,822 5,468
Total other expense 348 2,979 5,168 2,054 3,677 6,822 5,468
Net loss $ (1,353 ) $ (5,961 ) $ (23,024 ) $ (11,978 ) $ (12,927 ) $ (24,104 ) $ (13,546 )

See the accompanying notes to the consolidated and consolidating financial statements.

F-12

ARRIVED HOMES 5, LLC AND ITS SERIES

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

FOR THE SIX MONTHS ENDED JUNE 30, 2025

Lois Marilyn Metcalf Monroe Nathan Poshington Pumpkin
Rental income $ 11,225 $ - $ 3,742 $ - $ - $ - $ 9,125
Operating expenses:
Depreciation 4,550 - 961 - - - 3,003
Insurance 546 109 366 109 108 227 587
Management fees 350 - 140 - - - 280
Management fees, related party 1,521 - 465 - - - 1,103
Repairs & maintenance 150 - 2,133 - 4,067 80 2,907
Property taxes 1,799 - 839 - 330 695 1,496
Other operating expenses 3,515 541 4,912 541 1,219 600 7,523
Total operating expenses 12,432 651 9,816 651 5,723 1,602 16,898
Loss from operations (1,207 ) (651 ) (6,074 ) (651 ) (5,723 ) (1,602 ) (7,772 )
Other expense
Interest expense - 1,687 1,748 1,687 1,482 2,210 3,728
Total other expense - 1,687 1,748 1,687 1,482 2,210 3,728
Net loss $ (1,207 ) $ (2,337 ) $ (7,822 ) $ (2,337 ) $ (7,205 ) $ (3,812 ) $ (11,500 )

See the accompanying notes to the consolidated and consolidating financial statements.

F-13

ARRIVED HOMES 5, LLC AND ITS SERIES

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

FOR THE SIX MONTHS ENDED JUNE 30, 2025

Raider Sambino Sandpiper Scarlett Sinalda Stonemill Targaryen
Rental income $ - $ 10,082 $ - $ 469 $ 805 $ - $ 4,132
Operating expenses:
Depreciation - 3,451 - 999 2,657 - 892
Insurance 108 540 117 394 583 234 354
Management fees - 350 - 70 70 - 140
Management fees, related party - 1,276 - - 583 - 385
Repairs & maintenance - 330 - 7,782 1,795 8,368 2,211
Property taxes - 1,650 - 803 1,426 715 169
Other operating expenses 464 9,203 1,115 3,256 8,280 2,147 4,312
Total operating expenses 572 16,800 1,232 13,305 15,395 11,463 8,462
Loss from operations (572 ) (6,718 ) (1,232 ) (12,836 ) (14,590 ) (11,463 ) (4,329 )
Other expense
Interest expense 1,297 3,230 268 7,280 5,453 3,674 5,549
Total other expense 1,297 3,230 268 7,280 5,453 3,674 5,549
Net loss $ (1,869 ) $ (9,947 ) $ (1,500 ) $ (20,116 ) $ (20,043 ) $ (15,138 ) $ (9,878 )

See the accompanying notes to the consolidated and consolidating financial statements.

F-14

ARRIVED HOMES 5, LLC AND ITS SERIES

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

FOR THE SIX MONTHS ENDED JUNE 30, 2025

Tilly Troncos Tully Tyrell Vega Wasilla Wendover
Rental income $ - $ 5,835 $ - $ 2,793 $ 2,395 $ - $ -
Operating expenses:
Depreciation 897 3,197 2,192 1,479 891 2,317 -
Insurance 279 630 577 386 352 498 225
Management fees - 210 - 140 140 - -
Management fees, related party - 607 481 419 317 208 -
Repairs & maintenance 3,804 2,627 3,230 1,225 525 1,959 1,595
Property taxes 568 1,604 1,323 884 718 1,141 688
Other operating expenses 3,703 6,345 4,749 5,480 5,050 5,375 1,118
Total operating expenses 9,252 15,220 12,552 10,013 7,994 11,498 3,625
Loss from operations (9,252 ) (9,385 ) (12,552 ) (7,220 ) (5,599 ) (11,498 ) (3,625 )
Other expense
Interest expense 3,544 10,252 8,886 5,558 5,396 7,738 2,185
Total other expense 3,544 10,252 8,886 5,558 5,396 7,738 2,185
Net loss $ (12,796 ) $ (19,637 ) $ (21,438 ) $ (12,778 ) $ (10,994 ) $ (19,236 ) $ (5,811 )

See the accompanying notes to the consolidated and consolidating financial statements.

F-15

ARRIVED HOMES 5, LLC AND ITS SERIES

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

FOR THE SIX MONTHS ENDED JUNE 30, 2025

Whippoorwill Windgate Wyndsong Consolidated
Rental income $ - $ 2,724 $ - $ 102,005
Operating expenses:
Depreciation - 695 - 56,556
Insurance 224 272 215 15,619
Management fees - 140 - 4,060
Management fees, related party - 249 - 14,684
Repairs & maintenance 3,803 4,225 15,239 163,653
Property taxes 684 555 658 36,778
Other operating expenses 1,981 5,235 2,215 182,672
Total operating expenses 6,692 11,371 18,328 474,021
Loss from operations (6,692 ) (8,648 ) (18,328 ) (372,017 )
Other expense
Interest expense 3,068 3,070 2,093 170,907
Total other expense 3,068 3,070 2,093 170,907
Net loss $ (9,760 ) $ (11,717 ) $ (20,421 ) $ (542,924 )

See the accompanying notes to the consolidated and consolidating financial statements.

F-16

ARRIVED HOMES 5, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CHANGES IN MEMBERS' EQUITY (DEFICIT) (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2025

Adela Adler Alex Ameris Arbolado Belleglade Blair Briarmanor
Balance at January 1, 2025 $ - $ - $ - $ - $ - $ - $ - $ -
Issuance of membership units, net of offering costs - 394,425 380,050 279,041 - 409,937 - -
Deemed contribution from Manager - 5,315 3,594 3,267 - 4,361 - -
Distributions - - - (1,024 ) - - - -
Net loss (15,209 ) (12,598 ) (14,667 ) (18,869 ) (12,420 ) (12,391 ) (13,833 ) (8,111 )
Balance at June 30, 2025 $ (15,209 ) $ 387,142 $ 368,977 $ 262,414 $ (12,420 ) $ 401,907 $ (13,833 ) $ (8,111 )

See the accompanying notes to the consolidated and consolidating financial statements.

F-17

ARRIVED HOMES 5, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CHANGES IN MEMBERS' EQUITY (DEFICIT) (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2025

Camphor Chesterton Clark Cyrus Evie Fortress Galleta Gerardo
Balance at January 1, 2025 $ - $ - $ (13,986 ) $ - $ - $ - $ - $ -
Issuance of membership units, net of offering costs 292,218 - 353,969 - - 401,935 - -
Deemed contribution from Manager 2,831 - - - - 5,254 - -
Distributions - - (4,282 ) - - - - -
Net loss (18,423 ) (1,615 ) (10,236 ) (10,504 ) (17,533 ) (24,323 ) (1,353 ) (5,961 )
Balance at June 30, 2025 $ 276,626 $ (1,615 ) $ 325,465 $ (10,504 ) $ (17,533 ) $ 382,865 $ (1,353 ) $ (5,961 )

See the accompanying notes to the consolidated and consolidating financial statements.

F-18

ARRIVED HOMES 5, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CHANGES IN MEMBERS' EQUITY (DEFICIT) (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2025

Goldfinger Hendricks Lenka Liam Lilinoe Lois Marilyn Metcalf
Balance at January 1, 2025 $ - $ - $ - $ - $ - $ 339,123 $ - $ -
Issuance of membership units, net of offering costs 591,504 - 360,526 470,558 410,024 - - 337,215
Deemed contribution from Manager 5,491 - 3,677 4,363 5,468 - - 1,748
Distributions - - (1,597 ) (1,830 ) - (8,139 ) - -
Net loss (23,024 ) (11,978 ) (12,927 ) (24,104 ) (13,546 ) (1,207 ) (2,337 ) (7,822 )
Balance at June 30, 2025 $ 573,972 $ (11,978 ) $ 349,679 $ 448,987 $ 401,947 $ 329,778 $ (2,337 ) $ 331,141

See the accompanying notes to the consolidated and consolidating financial statements.

F-19

ARRIVED HOMES 5, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CHANGES IN MEMBERS' EQUITY (DEFICIT) (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2025

Monroe Nathan Poshington Pumpkin Raider Sambino Sandpiper Scarlett
Balance at January 1, 2025 $ - $ - $ - $ - $ - $ (9,988 ) $ - $ -
Issuance of membership units, net of offering costs - - - 359,521 - 332,102 - -
Deemed contribution from Manager - - - 3,728 - 4,874 - -
Distributions - - - (4,038 ) - (5,558 ) - -
Net loss (2,337 ) (7,205 ) (3,812 ) (11,500 ) (1,869 ) (9,947 ) (1,500 ) (20,116 )
Balance at June 30, 2025 $ (2,337 ) $ (7,205 ) $ (3,812 ) $ 347,710 $ (1,869 ) $ 311,482 $ (1,500 ) $ (20,116 )

See the accompanying notes to the consolidated and consolidating financial statements.

F-20

ARRIVED HOMES 5, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CHANGES IN MEMBERS' EQUITY (DEFICIT) (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2025

Sinalda Stonemill Targaryen Tilly Troncos Tully Tyrell Vega
Balance at January 1, 2025 $ - $ - $ - $ - $ - $ - $ - $ -
Issuance of membership units, net of offering costs 422,948 - 424,311 - 381,859 520,752 354,803 425,168
Deemed contribution from Manager 3,229 - 3,300 - 8,174 6,220 3,803 5,396
Distributions - - - - (2,138 ) - - -
Net loss (20,043 ) (15,138 ) (9,878 ) (12,796 ) (19,637 ) (21,438 ) (12,778 ) (10,994 )
Balance at June 30, 2025 $ 406,134 $ (15,138 ) $ 417,733 $ (12,796 ) $ 368,258 $ 505,534 $ 345,829 $ 419,569

See the accompanying notes to the consolidated and consolidating financial statements.

F-21

ARRIVED HOMES 5, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CHANGES IN MEMBERS' EQUITY (DEFICIT) (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2025

Wasilla Wendover Whippoorwill Windgate Wyndsong Consolidated
Balance at January 1, 2025 $ - $ - $ - $ - $ - $ 315,149
Issuance of membership units, net of offering costs 375,129 - - 333,979 - 8,611,974
Deemed contribution from Manager 7,738 - - 3,070 - 94,899
Distributions - - - - - (28,607 )
Net loss (19,236 ) (5,811 ) (9,760 ) (11,717 ) (20,421 ) (542,924 )
Balance at June 30, 2025 $ 363,631 $ (5,811 ) $ (9,760 ) $ 325,332 $ (20,421 ) $ 8,450,492

See the accompanying notes to the consolidated and consolidating financial statements.

F-22

ARRIVED HOMES 5, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2025

Adela Adler Alex Ameris Arbolado Belleglade
Cash Flows from Operating Activities:
Net loss $ (15,209 ) $ (12,598 ) $ (14,667 ) $ (18,869 ) $ (12,420 ) $ (12,391 )
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation 538 818 2,383 1,151 775 1,721
(Increase) Decrease in assets
Due from (to) third party property managers 603 (981 ) 2,236 (1,206 ) 571 (1,195 )
Increase (decrease) in liabilities
Accrued expenses 3,957 1,662 2,448 3,114 5,554 2,359
Tenant deposits - - - - - -
Due to (from) related parties 10,111 1,804 (384 ) (2,200 ) 5,520 (3,187 )
Net cash provided by (used in) operating activities - (9,295 ) (7,984 ) (18,010 ) - (12,692 )
Cash flows from financing activities
Repayments of amounts due to related party - (14,000 ) (18,675 ) (11,095 ) - (18,900 )
Repayments of bridge financing, related party - (346,000 ) (330,000 ) (240,000 ) - (356,000 )
Net proceeds from the issuance of membership units - 394,425 380,050 279,041 - 409,937
Distributions - - - (1,024 ) - -
Net cash provided by (used in) financing activities - 34,425 31,375 26,921 - 35,037
Net change in cash - 25,130 23,392 8,911 - 22,344
Cash at beginning of the period - - - - - -
Cash at end of the period $ - $ 25,130 $ 23,392 $ 8,911 $ - $ 22,344
Cash paid for income taxes $ - $ - $ - $ - $ - $ -
Cash paid for interest expenses $ 2,713 $ 5,315 $ 3,594 $ 4,667 $ 3,894 $ 4,361
Supplemental disclosure of non-cash financing activities:
Advance from related party for acquisition of property $ 10,100 $ 14,000 $ 18,675 $ 11,095 $ 17,000 $ 18,900
Acquisition of property - Purchase price $ 235,100 $ 360,000 $ 348,675 $ 251,095 $ 340,000 $ 374,900
Bridge Financing, related party $ 225,000 $ 346,000 $ 330,000 $ 240,000 $ 323,000 $ 356,000
Property improvements advanced from related party $ - $ - $ - $ - $ - $ -
Deemed contribution from Manager $ - $ 5,315 $ 3,594 $ 3,267 $ - $ 4,361

See the accompanying notes to the consolidated and consolidating financial statements.

F-23

ARRIVED HOMES 5, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2025

Blair Briarmanor Camphor Chesterton Clark Cyrus
Cash Flows from Operating Activities:
Net loss $ (13,833 ) $ (8,111 ) $ (18,423 ) $ (1,615 ) $ (10,236 ) $ (10,504 )
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation - 335 2,272 - 4,369 891
(Increase) Decrease in assets
Due from (to) third party property managers - 66 (549 ) - (3,633 ) 2,290
Increase (decrease) in liabilities
Accrued expenses 5,481 6,552 3,679 1,485 (10,080 ) 8,353
Tenant deposits - - - - 2,095 -
Due to (from) related parties 8,352 1,159 (12,421 ) 130 1,901 520
Net cash provided by (used in) operating activities - - (25,442 ) - (15,584 ) 1,550
Cash flows from financing activities
Repayments of amounts due to related party - - (14,000 ) - (8,500 ) -
Repayments of bridge financing, related party - - (251,000 ) - (313,000 ) -
Net proceeds from the issuance of membership units - - 292,218 - 353,969 -
Distributions - - - - (4,282 ) -
Net cash provided by (used in) financing activities - - 27,218 - 28,187 -
Net change in cash - - 1,776 - 12,603 1,550
Cash at beginning of the period - - - - - -
Cash at end of the period $ - $ - $ 1,776 $ - $ 12,603 $ 1,550
Cash paid for income taxes $ - $ - $ - $ - $ - $ -
Cash paid for interest expenses $ 3,297 $ 3,774 $ 4,344 $ 1,199 $ 1,044 $ 5,971
Supplemental disclosure of non-cash financing activities:
Advance from related party for acquisition of property $ 18,000 $ 20,000 $ 14,000 $ 27,000 $ 8,500 $ 21,390
Acquisition of property - Purchase price $ 350,000 $ 400,000 $ 265,000 $ 538,000 $ 321,500 $ 391,390
Bridge Financing, related party $ 332,000 $ 380,000 $ 251,000 $ 511,000 $ 313,000 $ 370,000
Property improvements advanced from related party $ - $ - $ - $ - $ - $ -
Deemed contribution from Manager $ - $ - $ 2,831 $ - $ - $ -

See the accompanying notes to the consolidated and consolidating financial statements.

F-24

ARRIVED HOMES 5, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2025

Evie Fortress Galleta Gerardo Goldfinger Hendricks
Cash Flows from Operating Activities:
Net loss $ (17,533 ) $ (24,323 ) $ (1,353 ) $ (5,961 ) $ (23,024 ) $ (11,978 )
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation - 2,044 - - 4,974 -
(Increase) Decrease in assets
Due from (to) third party property managers 14,251 13,260 - (283 ) 170 (804 )
Increase (decrease) in liabilities
Accrued expenses 3,390 4,674 3,828 5,966 4,130 4,199
Tenant deposits - - - - - -
Due to (from) related parties 6,716 (10,392 ) (2,475 ) 279 1,180 8,582
Net cash provided by (used in) operating activities 6,824 (14,737 ) - - (12,569 ) -
Cash flows from financing activities
Repayments of amounts due to related party - (18,000 ) - - (33,060 ) -
Repayments of bridge financing, related party - (342,000 ) - - (516,833 ) -
Net proceeds from the issuance of membership units - 401,935 - - 591,504 -
Distributions - - - - - -
Net cash provided by (used in) financing activities - 41,935 - - 41,611 -
Net change in cash 6,824 27,198 - - 29,043 -
Cash at beginning of the period - - - - - -
Cash at end of the period $ 6,824 $ 27,198 $ - $ - $ 29,043 $ -
Cash paid for income taxes $ - $ - $ - $ - $ - $ -
Cash paid for interest expenses $ 1,821 $ 7,315 $ 348 $ 2,979 $ 5,168 $ 2,054
Supplemental disclosure of non-cash financing activities:
Advance from related party for acquisition of property $ 13,000 $ 18,000 $ 17,017 $ 24,618 $ 33,060 $ 13,000
Acquisition of property - Purchase price $ 259,000 $ 360,000 $ 292,593 $ 368,360 $ 549,893 $ 250,000
Bridge Financing, related party $ 246,000 $ 342,000 $ 275,576 $ 343,742 $ 516,833 $ 237,000
Property improvements advanced from related party $ - $ - $ - $ - $ - $ -
Deemed contribution from Manager $ - $ 5,254 $ - $ - $ 5,491 $ -

See the accompanying notes to the consolidated and consolidating financial statements.

F-25

ARRIVED HOMES 5, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2025

Lenka Liam Lilinoe Lois Marilyn Metcalf
Cash Flows from Operating Activities:
Net loss $ (12,927 ) $ (24,104 ) $ (13,546 ) $ (1,207 ) $ (2,337 ) $ (7,822 )
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation 2,276 2,973 855 4,550 - 961
(Increase) Decrease in assets
Due from (to) third party property managers (2,233 ) (3,152 ) 2,293 1,779 - 5,540
Increase (decrease) in liabilities
Accrued expenses 2,178 3,592 2,577 (4,804 ) 2,583 2,278
Tenant deposits - - - - - -
Due to (from) related parties 247 (7,525 ) 1,386 7,383 (246 ) (7,420 )
Net cash provided by (used in) operating activities (10,458 ) (28,216 ) (6,434 ) 7,701 - (6,464 )
Cash flows from financing activities
Repayments of amounts due to related party (20,000 ) (22,000 ) (19,000 ) - - (15,200 )
Repayments of bridge financing, related party (310,000 ) (408,000 ) (356,000 ) - - (290,000 )
Net proceeds from the issuance of membership units 360,526 470,558 410,024 - - 337,215
Distributions (1,597 ) (1,830 ) - (8,139 ) - -
Net cash provided by (used in) financing activities 28,929 38,728 35,024 (8,139 ) - 32,015
Net change in cash 18,470 10,512 28,590 (437 ) - 25,552
Cash at beginning of the period - - - 18,879 - -
Cash at end of the period $ 18,470 $ 10,512 $ 28,590 $ 18,442 $ - $ 25,552
Cash paid for income taxes $ - $ - $ - $ - $ - $ -
Cash paid for interest expenses $ 3,677 $ 6,822 $ 5,468 $ - $ 1,687 $ 1,748
Supplemental disclosure of non-cash financing activities:
Advance from related party for acquisition of property $ 20,000 $ 22,000 $ 19,000 $ - $ 18,900 $ 15,200
Acquisition of property - Purchase price $ 330,000 $ 430,000 $ 375,000 $ - $ 364,900 $ 305,200
Bridge Financing, related party $ 310,000 $ 408,000 $ 356,000 $ - $ 346,000 $ 290,000
Property improvements advanced from related party $ - $ - $ - $ - $ - $ -
Deemed contribution from Manager $ 3,677 $ 4,363 $ 5,468 $ - $ - $ 1,748

See the accompanying notes to the consolidated and consolidating financial statements.

F-26

ARRIVED HOMES 5, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2025

Monroe Nathan Poshington Pumpkin Raider Sambino
Cash Flows from Operating Activities:
Net loss $ (2,337 ) $ (7,205 ) $ (3,812 ) $ (11,500 ) $ (1,869 ) $ (9,947 )
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation - - - 3,003 - 3,451
(Increase) Decrease in assets
Due from (to) third party property managers - 1,128 235 (4,826 ) - (4,697 )
Increase (decrease) in liabilities
Accrued expenses 2,583 2,796 1,838 2,762 3,855 (6,161 )
Tenant deposits - - - 2,545 - 2,645
Due to (from) related parties (246 ) 3,281 1,740 1,359 (1,986 ) 9,567
Net cash provided by (used in) operating activities - - - (6,657 ) - (5,142 )
Cash flows from financing activities
Repayments of amounts due to related party - - - (17,833 ) - (18,078 )
Repayments of bridge financing, related party - - - (308,492 ) - (281,847 )
Net proceeds from the issuance of membership units - - - 359,521 - 332,102
Distributions - - - (4,038 ) - (5,558 )
Net cash provided by (used in) financing activities - - - 29,157 - 26,619
Net change in cash - - - 22,500 - 21,476
Cash at beginning of the period - - - - - -
Cash at end of the period $ - $ - $ - $ 22,500 $ - $ 21,476
Cash paid for income taxes $ - $ - $ - $ - $ - $ -
Cash paid for interest expenses $ 1,687 $ 1,482 $ 2,210 $ 3,728 $ 1,297 $ 3,230
Supplemental disclosure of non-cash financing activities:
Advance from related party for acquisition of property $ 18,900 $ 9,000 $ 19,000 $ 17,833 $ 18,000 $ 18,078
Acquisition of property - Purchase price $ 364,900 $ 180,000 $ 379,000 $ 326,325 $ 360,000 $ 299,925
Bridge Financing, related party $ 346,000 $ 171,000 $ 360,000 $ 308,492 $ 342,000 $ 281,847
Property improvements advanced from related party $ - $ - $ - $ - $ - $ -
Deemed contribution from Manager $ - $ - $ - $ 3,728 $ - $ 4,874

See the accompanying notes to the consolidated and consolidating financial statements.

F-27

ARRIVED HOMES 5, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2025

Sandpiper Scarlett Sinalda Stonemill Targaryen Tilly
Cash Flows from Operating Activities:
Net loss $ (1,500 ) $ (20,116 ) $ (20,043 ) $ (15,138 ) $ (9,878 ) $ (12,796 )
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation - 999 2,657 - 892 897
(Increase) Decrease in assets
Due from (to) third party property managers - 9,963 2,828 1,676 (563 ) 11,748
Increase (decrease) in liabilities
Accrued expenses 706 8,609 4,767 5,464 2,395 5,944
Tenant deposits - - - - - -
Due to (from) related parties 794 545 73 7,997 (4,360 ) 4,923
Net cash provided by (used in) operating activities - - (9,717 ) - (11,513 ) 10,716
Cash flows from financing activities
Repayments of amounts due to related party - - (19,949 ) - (15,000 ) -
Repayments of bridge financing, related party - - (369,000 ) - (373,000 ) -
Net proceeds from the issuance of membership units - - 422,948 - 424,311 -
Distributions - - - - - -
Net cash provided by (used in) financing activities - - 33,999 - 36,311 -
Net change in cash - - 24,282 - 24,797 10,716
Cash at beginning of the period - - - - - -
Cash at end of the period $ - $ - $ 24,282 $ - $ 24,797 $ 10,716
Cash paid for income taxes $ - $ - $ - $ - $ - $ -
Cash paid for interest expenses $ 268 $ 7,280 $ 5,453 $ 3,674 $ 5,549 $ 3,544
Supplemental disclosure of non-cash financing activities:
Advance from related party for acquisition of property $ 20,390 $ 22,000 $ 19,949 $ 20,000 $ 15,000 $ 16,000
Acquisition of property - Purchase price $ 391,390 $ 438,000 $ 388,949 $ 390,000 $ 388,000 $ 310,000
Bridge Financing, related party $ 371,000 $ 416,000 $ 369,000 $ 370,000 $ 373,000 $ 294,000
Property improvements advanced from related party $ - $ - $ - $ - $ - $ -
Deemed contribution from Manager $ - $ - $ 3,229 $ - $ 3,300 $ -

See the accompanying notes to the consolidated and consolidating financial statements.

F-28

ARRIVED HOMES 5, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2025

Troncos Tully Tyrell Vega Wasilla Wendover
Cash Flows from Operating Activities:
Net loss $ (19,637 ) $ (21,438 ) $ (12,778 ) $ (10,994 ) $ (19,236 ) $ (5,811 )
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation 3,197 2,192 1,479 891 2,317 -
(Increase) Decrease in assets
Due from (to) third party property managers (2,184 ) 709 (1,107 ) (707 ) 1,255 2,109
Increase (decrease) in liabilities
Accrued expenses 4,768 5,279 4,593 2,023 2,351 4,429
Tenant deposits - - - - - -
Due to (from) related parties (646 ) 2,536 (1,330 ) (1,168 ) 58,753 (728 )
Net cash provided by (used in) operating activities (14,502 ) (10,722 ) (9,143 ) (9,955 ) 45,441 -
Cash flows from financing activities
Repayments of amounts due to related party (17,500 ) (24,105 ) (20,599 ) (21,390 ) (21,000 ) -
Repayments of bridge financing, related party (332,500 ) (457,000 ) (300,886 ) (370,000 ) (394,000 ) -
Net proceeds from the issuance of membership units 381,859 520,752 354,803 425,168 375,129 -
Distributions (2,138 ) - - - - -
Net cash provided by (used in) financing activities 29,721 39,647 33,318 33,778 (39,871 ) -
Net change in cash 15,219 28,925 24,175 23,823 5,570 -
Cash at beginning of the period - - - - - -
Cash at end of the period $ 15,219 $ 28,925 $ 24,175 $ 23,823 $ 5,570 $ -
Cash paid for income taxes $ - $ - $ - $ - $ - $ -
Cash paid for interest expenses $ 10,252 $ 8,886 $ 5,558 $ 5,396 $ 7,738 $ 2,185
Supplemental disclosure of non-cash financing activities:
Advance from related party for acquisition of property $ 17,500 $ 24,105 $ 20,599 $ 21,390 $ 21,000 $ 19,000
Acquisition of property - Purchase price $ 350,000 $ 481,105 $ 321,485 $ 391,390 $ 415,000 $ 375,000
Bridge Financing, related party $ 332,500 $ 457,000 $ 300,886 $ 370,000 $ 394,000 $ 356,000
Property improvements advanced from related party $ - $ - $ - $ - $ - $ -
Deemed contribution from Manager $ 8,174 $ 6,220 $ 3,803 $ 5,396 $ 7,738 $ -

See the accompanying notes to the consolidated and consolidating financial statements.

F-29

ARRIVED HOMES 5, LLC AND ITS SERIES

CONSOLIDATED AND CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2025

Whippoorwill Windgate Wyndsong Consolidated
Cash Flows from Operating Activities:
Net loss $ (9,760 ) $ (11,717 ) $ (20,421 ) $ (542,924 )
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation - 695 - 56,556
(Increase) Decrease in assets
Due from (to) third party property managers 4,985 (3,552 ) 16,887 64,912
Increase (decrease) in liabilities
Accrued expenses 5,199 2,124 4,733 140,213
Tenant deposits - - - 7,285
Due to (from) related parties 2,154 2,267 (1,199 ) 93,347
Net cash provided by (used in) operating activities 2,579 (10,183 ) - (73,423 )
Cash flows from financing activities
Repayments of amounts due to related party - (15,600 ) - (403,483 )
Repayments of bridge financing, related party - (287,000 ) - (7,532,559 )
Net proceeds from the issuance of membership units - 333,979 - 8,611,974
Distributions - - - (28,607 )
Net cash provided by (used in) financing activities - 31,379 - 647,325
Net change in cash 2,579 21,196 - 81,553
Cash at beginning of the period - - - 18,879
Cash at end of the period $ 2,579 $ 21,196 $ - $ 485,594
Cash paid for income taxes $ - $ - $ - $ -
Cash paid for interest expenses $ 3,068 $ 3,070 $ 2,093 $ 170,907
Supplemental disclosure of non-cash financing activities:
Advance from related party for acquisition of property $ 19,000 $ 15,600 $ 18,000 $ 802,798
Acquisition of property - Purchase price $ 373,000 $ 302,600 $ 359,000 $ 15,645,675
Bridge Financing, related party $ 354,000 $ 287,000 $ 341,000 $ 14,842,877
Property improvements advanced from related party $ - $ - $ - $ -
Deemed contribution from Manager $ - $ 3,070 $ - $ 94,899

See the accompanying notes to the consolidated and consolidating financial statements.

F-30

ARRIVED HOMES 5, LLC AND ITS SERIES

NOTES TO THE UNAUDITED CONSOLIDATED AND CONSOLIDATING FINANCIAL STATEMENTS

NOTE 1: NATURE OF OPERATIONS

Arrived Homes 5, LLC (the "Company") is a Delaware Series limited liability company formed on July 12, 2024 under the laws of the State of Delaware. Arrived Homes 5, LLC was formed to permit public investment in individual single family rental homes, each of which will be held by a separate property-owning subsidiary owned by a separate Series of limited liability interests, or "Series," that Arrived Fund Manager, LLC (the "Manager") established. As a Delaware Series limited liability company, the debts, liabilities, obligations, and expenses incurred, contracted for or otherwise existing with respect to a particular Series are segregated and enforceable only against the assets of such Series, as provided under Delaware law.

The following list represents each Arrived Homes 5, LLC's Series and each Series' wholly-owned limited liability company ("LLC"), which was used to acquire the Series' single family rental property, along with the date the Series was formed and the date the Series' LLC acquired the single family rental property.

F-31

SERIES OFFERING TABLE

As of June 30, 2025

Series Name State LLC
Name and wholly
owned subsidiary
of the Series 		Date Formed Acquisition
Date
Arrived Series Adela, a series of Arrived Homes 5, LLC (Adela) Arrived OK Adela, LLC 3/27/2025 4/30/2025
Arrived Series Adler, a series of Arrived Homes 5, LLC (Adler) Arrived AR Adler, LLC 3/28/2025 4/2/2025
Arrived Series Alex, a series of Arrived Homes 5, LLC (Alex) Arrived AZ Alex, LLC 2/20/2025 2/28/2025
Arrived Series Ameris, a series of Arrived Homes 5, LLC (Ameris) Arrived OK Ameris, LLC 2/28/2025 3/12/2025
Arrived Series Arbolado, a series of Arrived Homes 5, LLC (Arbolado) Arrived NM Arbolado, LLC 4/23/2025 4/30/2025
Arrived Series Belleglade, a series of Arrived Homes 5, LLC (Belleglade) Arrived KY Belleglade, LLC 3/18/2025 3/28/2025
Arrived Series Blair, a series of Arrived Homes 5, LLC (Blair) Arrived TN Blair, LLC 4/30/2025 5/7/2025
Arrived Series Briarmanor, a series of Arrived Homes 5, LLC (Briarmanor) Arrived MO Briarmanor, LLC 4/30/2025 5/7/2025
Arrived Series Camphor, a series of Arrived Homes 5, LLC (Camphor) Arrived Series Camphor, a series of Arrived Homes 5, LLC 2/6/2025 2/19/2025
Arrived Series Chesterton, a series of Arrived Homes 5, LLC (Chesterton) Arrived WA Chesterton, LLC 6/5/2025 6/18/2025
Arrived Series Clark, a series of Arrived Homes 5, LLC (Clark) Arrived AR Clark, LLC 7/19/2024 9/25/2024
Arrived Series Cyrus, a series of Arrived Homes 5, LLC (Cyrus) Arrived AZ Cyrus, LLC 3/27/2025 4/9/2025
Arrived Series Evie, a series of Arrived Homes 5, LLC (Evie) Arrived Series Evie, a series of Arrived Homes 5, LLC 5/1/2025 5/21/2025
Arrived Series Fortress, a series of Arrived Homes 5, LLC (Fortress) Arrived MS Fortress, LLC 3/19/2025 3/26/2025
Arrived Series Galleta, a series of Arrived Homes 5, LLC (Galleta) Arrived NC Galleta, LLC 6/18/2025 6/25/2025
Arrived Series Gerardo, a series of Arrived Homes 5, LLC (Gerardo) Arrived TN Gerardo, LLC 5/1/2025 5/14/2025
Arrived Series Goldfinger, a series of Arrived Homes 5, LLC (Goldfinger) Arrived UT Goldfinger, LLC 1/14/2025 1/29/2025
Arrived Series Hendricks, a series of Arrived Homes 5, LLC (Hendricks) Arrived IN Hendricks, LLC 5/1/2025 5/14/2025
Arrived Series Lenka, a series of Arrived Homes 5, LLC (Lenka) Arrived KY Lenka, LLC 2/20/2025 2/28/2025
Arrived Series Liam, a series of Arrived Homes 5, LLC (Liam) Arrived VA Liam, LLC 2/13/2025 2/26/2025
Arrived Series Lilinoe, a series of Arrived Homes 5, LLC (Lilinoe) Arrived MO Lilinoe, LLC 3/27/2025 4/2/2025
Arrived Series Lois, a series of Arrived Homes 5, LLC (Lois) Arrived AR Lois, LLC 7/19/2024 9/25/2024
Arrived Series Marilyn, a series of Arrived Homes 5, LLC (Marilyn) Arrived OH Marilyn, LLC 2/13/2025 6/4/2025
Arrived Series Metcalf, a series of Arrived Homes 5, LLC (Metcalf) Arrived MS Metcalf, LLC 3/6/2025 3/14/2025
Arrived Series Monroe, a series of Arrived Homes 5, LLC (Monroe) Arrived OH Monroe, LLC 5/20/2025 6/4/2025
Arrived Series Nathan, a series of Arrived Homes 5, LLC (Nathan) Arrived AR Nathan, LLC 4/25/2025 5/14/2025
Arrived Series Poshington, a series of Arrived Homes 5, LLC (Poshington) Arrived VA Poshington, LLC 5/13/2025 5/28/2025
Arrived Series Pumpkin, a series of Arrived Homes 5, LLC (Pumpkin) Arrived TN Pumpkin, LLC 1/23/2025 1/29/2025
Arrived Series Raider, a series of Arrived Homes 5, LLC (Raider) Arrived OH Raider, LLC 6/3/2025 6/11/2025
Arrived Series Sambino, a series of Arrived Homes 5, LLC (Sambino) Arrived TN Sambino, LLC 11/21/2024 12/4/2024
Arrived Series Sandpiper, a series of Arrived Homes 5, LLC (Sandpiper) Arrived AZ Sandpiper, LLC 6/19/2025 6/27/2025
Arrived Series Scarlett, a series of Arrived Homes 5, LLC (Scarlett) Arrived AR Scarlett, LLC 3/19/2025 4/2/2025
Arrived Series Sinalda, a series of Arrived Homes 5, LLC (Sinalda) Arrived AZ Sinalda, LLC 2/20/2025 2/28/2025
Arrived Series Stonemill, a series of Arrived Homes 5, LLC (Stonemill) Arrived AR Stonemill, LLC 4/22/2025 5/7/2025
Arrived Series Targaryen, a series of Arrived Homes 5, LLC (Targaryen) Arrived VA Targaryen, LLC 4/9/2025 4/23/2025
Arrived Series Tilly, a series of Arrived Homes 5, LLC (Tilly) Arrived TN Tilly, LLC 4/25/2025 4/30/2025
Arrived Series Troncos, a series of Arrived Homes 5, LLC (Troncos) Arrived AR Troncos, LLC 12/13/2024 1/15/2025
Arrived Series Tully, a series of Arrived Homes 5, LLC (Tully) Arrived CO Tully, LLC 2/28/2025 3/12/2025
Arrived Series Tyrell, a series of Arrived Homes 5, LLC (Tyrell) Arrived TN Tyrell, LLC 3/5/2025 3/19/2025
Arrived Series Vega, a series of Arrived Homes 5, LLC (Vega) Arrived AZ Vega, LLC 3/27/2025 4/9/2025
Arrived Series Wasilla, a series of Arrived Homes 5, LLC (Wasilla) Arrived NM Wasilla, LLC 3/5/2025 3/21/2025
Arrived Series Wendover, a series of Arrived Homes 5, LLC (Wendover) Arrived GA Wendover, LLC 5/20/2025 5/28/2025
Arrived Series Whippoorwill, a series of Arrived Homes 5, LLC (Whippoorwill) Arrived TN Whippoorwill, LLC 5/1/2025 5/14/2025
Arrived Series Windgate, a series of Arrived Homes 5, LLC (Windgate) Arrived MS Windgate, LLC 4/23/2025 4/30/2025
Arrived Series Wyndsong, a series of Arrived Homes 5, LLC (Wyndsong) Arrived NC Wyndsong, LLC 5/13/2025 5/28/2025

F-32

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

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

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

The accompanying unaudited condensed financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission for interim financial reporting. In the opinion of management, all adjustments necessary for a fair presentation of the interim financial statements have been included and are of a normal recurring nature.

These interim financial statements do not include all of the information and footnotes required by GAAP for complete annual financial statements and should be read in conjunction with the Company's audited financial statements and related notes as of and for the year ended December 31, 2024, included in the Company's Annual Report on Form 1-K. The December 31, 2024 balance sheet presented herein has been derived from those audited financial statements.

Principles of Consolidation

These consolidated and consolidating financial statements include the accounts of Arrived Homes 5, LLC and its Series listed in Note 1. All inter-company transactions and balances have been eliminated upon consolidation.

Use of Estimates

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

F-33

Deferred Offering Costs

The Company and each Series complies with the requirements of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 340-10-S99-1 with regards to offering costs. Prior to the completion of an offering, offering costs are capitalized. The deferred offering costs are charged to members' equity upon the completion of an offering or to expense if the offering is not completed. Offering costs include offering expense reimbursements and sourcing fees as noted below.

Per the operating agreement, the Manager is eligible to receive up to a maximum of 2% of the gross offering proceeds per the Series offering, as reimbursement for offering expenses including legal, accounting, escrow, underwriting, filing and compliance costs, as applicable, related to a specific offering.

Upon completion of an offering, the Series may also be required to pay the Manager sourcing fees as defined in the offering documents. The Manager is responsible for sourcing and analyzing the Series' property.

Fair Value of Financial Instruments

FASB guidance specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are as follows:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 1 primarily consists of financial instruments whose value is based on quoted market prices such as exchange-traded instruments and listed equities.

Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly (e.g., quoted prices of similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active).

Level 3 - Unobservable inputs for the asset or liability. Financial instruments are considered Level 3 when their fair values are determined using pricing models, discounted cash flows or similar techniques and at least one significant model assumption or input is unobservable.

The carrying amounts of the Company's consolidated and consolidating financial instruments, such as cash and accrued expenses approximate fair value due to the short-term nature of these instruments. The carrying value of the bridge financing, related party payables approximate their fair values based on interest rates and terms currently available for similar instruments

Management Fee

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

F-34

Property Management Fee

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

Marketplace Homes

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

Property Disposition Fee

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

Prepaid and Accrued Expenses

Prepaid expenses consist of prepaid insurance. Accrued expenses includes accrued property taxes, audit and tax fees, and interest payable on the Series' bridge financing, related party

Due From (To) Third-party Property Managers

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

Property and Equipment

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

Impairment of Long-Lived Assets

The Company continually monitors events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances are present, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell. The Company did not record any impairment losses on long-lived assets for the six months ended June 30, 2025.

F-35

Tenant Deposits

Tenant deposit liabilities represent security deposits received by tenant customers. This encompasses deposits administered by property management entities and liabilities associated with tenant deposits.

Operating Expenses

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

Revenue Recognition

The Series adopted ASU 2014-09, Revenue from Contracts with Customers, and its related amendments (collectively known as "ASC 606"), effective at inception using the modified retrospective transition approach applied to all contracts. There were no cumulative impacts that were made. The Series determines revenue recognition through the following steps:

● Identification of a contract with a customer;
● Identification of the performance obligations in the contract;
● Determination of the transaction price;
● Allocation of the transaction price to the performance obligations in the contract; and
● Recognition of revenue when or as the performance obligations are satisfied.

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

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

Comprehensive Income (Loss)

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

F-36

Organizational Costs

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

Income Taxes

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

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

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

Recently Issued and Not Yet Adopted and Adopted Accounting Pronouncements

In February 2016, FASB issued ASU 2016-02, Leases (Topic 842). This ASU requires a lessee to recognize a right-of-use asset and a lease liability under most operating leases in its balance sheet. The ASU is effective for annual and interim periods beginning after December 15, 2021. Early adoption is permitted. The Company adopted this standard upon inception and it did not have a material impact on their consolidated and consolidating financial statements.

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

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

NOTE 3: GOING CONCERN

The accompanying consolidated and consolidating financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has a lack of liquidity, nominal cash, and has limited operations since inception. These factors, among others, raise substantial doubt about the ability of the Company to continue as a going concern for a reasonable period of time. The Company's ability to continue as a going concern in the next twelve months from the filing of this Semi-Annual Report is dependent upon their ability to continue to generate cash flow from their rental properties and/or obtain financing from the Manager. However, there are assurances that the Company can continue to generate cash flow from their rental properties or that the Manager will always be in the position to provide funding when needed. The consolidated and consolidating financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

F-37

NOTE 4: PROPERTY AND EQUIPMENT

Property and equipment, net consists of the following:

As of June 30, 2025

Series Building Land Property
Improvements 		Total Less:
Accumulated
Depreciation 		Property
and
equipment,
net
Adela $ 177,694 $ 59,275 $ - $ 236,969 $ (538 ) $ 236,431
Adler 269,931 91,250 - 361,181 (818 ) 360,363
Alex 262,081 87,169 - 349,250 (2,383 ) 346,867
Ameris 189,859 63,274 - 253,133 (1,151 ) 251,982
Arbolado 255,659 85,000 - 340,659 (775 ) 339,884
Belleglade 283,916 93,725 - 377,641 (1,721 ) 375,920
Blair 263,735 87,500 - 351,235 - 351,235
Briarmanor 300,263 100,000 10,049 410,312 (335 ) 409,977
Camphor 199,512 66,250 6,875 272,637 (2,272 ) 270,365
Chesterton 405,018 134,500 - 539,518 - 539,518
Clark 240,284 82,500 - 322,784 (5,825 ) 316,958
Cyrus 294,143 97,848 - 391,990 (891 ) 391,099
Evie 195,526 64,750 - 260,276 - 260,276
Fortress 271,420 90,000 7,975 369,395 (2,044 ) 367,351
Galleta 220,755 73,148 - 293,903 - 293,903
Gerardo 279,524 92,090 - 371,614 - 371,614
Goldfinger 410,340 137,473 - 547,813 (4,974 ) 542,839
Hendricks 187,445 62,500 - 249,945 - 249,945
Lenka 250,306 82,500 - 332,806 (2,276 ) 330,531
Liam 327,047 107,500 - 434,547 (2,973 ) 431,574
Lilinoe 282,269 93,750 - 376,019 (855 ) 375,164
Lois 240,284 82,500 5,440 328,224 (6,037 ) 322,187
Marilyn 272,329 91,225 - 363,554 - 363,554
Metcalf 230,983 76,300 5,217 312,500 (961 ) 311,540
Monroe 272,829 91,225 - 364,054 - 364,054
Nathan 135,998 45,000 - 180,998 - 180,998
Poshington 284,898 94,750 - 379,648 - 379,648
Pumpkin 247,731 81,581 - 329,312 (3,003 ) 326,310
Raider 269,146 90,000 - 359,146 - 359,146
Sambino 227,757 74,981 - 302,738 (3,451 ) 299,287
Sandpiper 294,093 97,848 - 391,940 - 391,940
Scarlett 329,801 109,500 - 439,301 (999 ) 438,302
Sinalda 292,307 97,237 - 389,544 (2,657 ) 386,887
Stonemill 293,784 97,500 - 391,284 - 391,284
Targaryen 294,372 98,250 - 392,622 (892 ) 391,730
Tilly 234,773 77,500 5,570 317,843 (897 ) 316,946
Troncos 263,733 87,500 - 351,233 (3,197 ) 348,036
Tully 361,678 120,276 - 481,955 (2,192 ) 479,763
Tyrell 244,055 80,371 - 324,426 (1,479 ) 322,947
Vega 294,143 97,848 - 391,990 (891 ) 391,099
Wasilla 309,135 103,750 8,875 421,760 (2,317 ) 419,443
Wendover 283,505 93,750 - 377,255 - 377,255
Whippoorwill 282,366 93,250 - 375,616 - 375,616
Windgate 229,338 75,650 - 304,988 (695 ) 304,293
Wyndsong 269,930 89,750 - 359,680 - 359,680
$ 12,025,691 $ 3,999,544 $ 50,001 $ 16,075,236 $ (59,498 ) $ 16,015,737

Depreciation expense was $56,556 for the six months ended June 30, 2025.

F-38

NOTE 5: BRIDGE FINANCING, RELATED PARTY

For the six months ended June 30, 2025, several Series obtained bridge financing from Arrived Short Term Notes, LLC, an affiliate of the Manager. The following is a summary of the bridge financing by each Series as of June 30, 2025:

Series Name Lender Address Bridge financing,
related party 		Interest Rate Interest Only
Period
Arrived OK Adela, LLC Arrived Short Term Notes, LLC 1111 W. Fargo Road, Claremore, OK 74019 $ 225,000 7.00 % 1 Year
Arrived NM Arbolado, LLC Arrived Short Term Notes, LLC 3747 Greg Avenue Southwest, Albuquerque, NM 87121 323,000 7.00 % 1 Year
Arrived TN Blair, LLC Arrived Short Term Notes, LLC 1425 Willow Springs Drive, Johnson City, TN 37604 332,000 6.50 % 1 Year
Arrived MO Briarmanor, LLC Arrived Short Term Notes, LLC 1717 Briarmanor Drive, Lake Saint Louis, MO 63367 380,000 6.50 % 1 Year
Arrived WA Chesterton, LLC Arrived Short Term Notes, LLC 304 NW 25th Place, Battle Ground, WA 98604 511,000 6.50 % 1 Year
Arrived AZ Cyrus, LLC Arrived Short Term Notes, LLC 11513 W. Deanne Drive, Youngtown, AZ 85363 370,000 7.00 % 1 Year
Arrived Series Evie, a series of Arrived Homes 5, LLC Arrived Short Term Notes, LLC 7229 Dowery Dell Way, Northport, AL 35473 246,000 6.50 % 1 Year
Arrived NC Galleta, LLC Arrived Short Term Notes, LLC 3402 Saddlebred Drive, Gastonia, NC 28052 275,576 6.50 % 1 Year
Arrived TN Gerardo, LLC Arrived Short Term Notes, LLC 445 Quiver Street, Johnson City, TN 37604 343,742 6.50 % 1 Year
Arrived IN Hendricks, LLC Arrived Short Term Notes, LLC 216 Hendricks Place, Indianapolis, IN 46201 237,000 6.50 % 1 Year
Arrived OH Marilyn, LLC Arrived Short Term Notes, LLC 3039 Lamptonridge Drive, Columbus, OH 43232 346,000 6.50 % 1 Year
Arrived OH Monroe, LLC Arrived Short Term Notes, LLC 3051 Lamptonridge Drive, Columbus, OH 43232 346,000 6.50 % 1 Year
Arrived AR Nathan, LLC Arrived Short Term Notes, LLC 1402 West 11th Street, North Little Rock, AR 72114 171,000 6.50 % 1 Year
Arrived VA Poshington, LLC Arrived Short Term Notes, LLC 3120 Stony Valley Drive, Richmond, VA 23223 360,000 6.50 % 1 Year
Arrived OH Raider, LLC Arrived Short Term Notes, LLC 1502 Winwood Drive, Loveland, OH 45140 342,000 6.50 % 1 Year
Arrived AZ Sandpiper, LLC Arrived Short Term Notes, LLC 10281 North 115th Ave, Youngtown, AZ 85363 371,000 6.50 % 1 Year
Arrived AR Scarlett, LLC Arrived Short Term Notes, LLC 954 Glass Street, Cave Springs, AR 72718 416,000 7.00 % 1 Year
Arrived AR Stonemill, LLC Arrived Short Term Notes, LLC 2340 Stonemill Drive, Fayetteville, AR 72701 370,000 6.50 % 1 Year
Arrived TN Tilly, LLC Arrived Short Term Notes, LLC 495 Cox Hollow Road, Kingsport, TN 37663 294,000 7.00 % 1 Year
Arrived GA Wendover, LLC Arrived Short Term Notes, LLC 517 Windsong Drive, Rincon, GA 31326 356,000 6.50 % 1 Year
Arrived TN Whippoorwill, LLC Arrived Short Term Notes, LLC 3047 Berna Way, Morristown, TN 37814 354,000 6.50 % 1 Year
Arrived NC Wyndsong, LLC Arrived Short Term Notes, LLC 11320 Joe Morrison Lane, Charlotte, NC 28214 341,000 6.50 % 1 Year
$ 7,310,318

F-39

Bridge financings are secured by each Series' property, generally have a term of 18 months, and bear interest at rates ranging from 6.5% to 7.5% per annum. These financings accrue interest on an interest-only basis, with all accrued interest payable at maturity or upon earlier repayment. As of June 30, 2025, all outstanding bridge financings mature in more than one year and are therefore presented as non-current liabilities on the consolidated and consolidating balance sheets. The notes do not carry any prepayment penalties.

During the six months ended June 30, 2025, several Series repaid bridge financings from Arrived Short Term Notes, LLC, in an aggregate amount of $7,532,559. The repayments, which were funded through proceeds from the issuance of membership units, settled the principal and all accrued interest in full.

Interest expense related to this financing for the six months ended June 30, 2025 was $170,907.

NOTE 6: MEMBERS' EQUITY

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

The Manager will be responsible for directing the management of Series' business and affairs, managing the day-to-day affairs, and implementing the Series' investment strategy.

The Manager has a unilateral ability to amend the operating agreement and the allocation policy in certain circumstances without the consent of the investors. The investors only have limited voting rights with respect to the Series. The Manager has sole discretion in determining what distributions, if any, are made to interest holders except as otherwise limited by law or the operating agreement. The Series expects the Manager to make distributions on a monthly basis. However, the Manager may change the timing of distributions or determine that no distributions shall be made, in its sole discretion.

F-40

Membership Interests

During the six months ended June 30, 2025, the Series closed on its public offerings for net proceeds of $8,611,974. The following is a summary of the public offerings by each Series.

June 30, 2025

Series Name # of Units
Issued 		Proceeds
from the
issuance of
membership
units 		Issuance
expense
(1%) 		Offering
expense
(2%)
Adela - $ - $ - $ -
Adler 42,611 394,425 4,261 8,524
Alex 41,068 380,050 4,107 8,223
Ameris 30,125 279,041 3,013 6,027
Arbolado - - - -
Belleglade 44,291 409,937 4,429 8,864
Blair - - - -
Briarmanor - - - -
Camphor 31,559 292,218 3,156 6,316
Chesterton - - - -
Clark 38,231 353,969 3,823 7,648
Cyrus - - - -
Evie - - - -
Fortress 43,385 401,935 4,339 8,677
Galleta - - - -
Gerardo - - - -
Goldfinger 63,956 591,504 6,396 12,800
Hendricks - - - -
Lenka 38,954 360,526 3,895 7,799
Liam 50,839 470,558 5,084 10,178
Lilinoe 44,300 410,024 4,430 8,866
Lois - - - -
Marilyn - - - -
Metcalf 36,416 337,215 3,642 7,283
Monroe - - - -
Nathan - - - -
Poshington - - - -
Pumpkin 38,831 359,521 3,883 7,776
Raider - - - -
Sambino 35,859 332,102 3,586 7,172
Sandpiper - - - -
Scarlett - - - -
Sinalda 45,707 422,948 4,571 9,141
Stonemill - - - -
Targaryen 45,844 424,311 4,584 9,175
Tilly - - - -
Troncos 41,261 381,859 4,126 8,255
Tully 56,288 520,752 5,629 11,259
Tyrell 38,317 354,803 3,832 7,665
Vega 45,949 425,168 4,595 9,197
Wasilla 41,088 375,129 4,109 9,862
Wendover - - - -
Whippoorwill - - - -
Windgate 36,069 333,979 3,607 7,224
Wyndsong - - - -
930,948 $ 8,611,974 $ 93,095 $ 187,931
$ 8,611,974 $ 93,095 $ 187,931
$ - $ - $ -

F-41

In connection with the public offering, each Series incurred brokerage fees of 1% of gross proceeds, which is paid directly to the broker as a deduction from gross proceeds. In accordance with the operating agreement, the Manager received the following reimbursements, deducted from the gross proceeds of the offering. For the six months ended June 30, 2025, the following were reimbursements and fees paid to the Manager:

● Out-of-pocket expenses: up to 2% of gross proceeds, $187,931.
● Sourcing fees: up to 3.5% of gross proceeds, $277,690.
● Financing and holding expenses: up to 2.5% of gross proceeds, $138,790.

Distributions

During the six months ended June 30, 2025, 8 Series made aggregate distributions to the investors of $28,607. Such distributions were recorded as reductions to members' capital.

The following table reflects total distributions by Series during the six months ended June 30, 2025.

Series June 30,
2025
Adela $ -
Adler -
Alex -
Ameris 1,024
Arbolado -
Belleglade -
Blair -
Briarmanor -
Camphor -
Chesterton -
Clark 4,282
Cyrus -
Evie -
Fortress -
Galleta -
Gerardo -
Goldfinger -
Hendricks -
Lenka 1,597
Liam 1,830
Lilinoe -
Lois 8,139
Marilyn -
Metcalf -
Monroe -
Nathan -
Poshington -
Pumpkin 4,038
Raider -
Sambino 5,558
Sandpiper -
Scarlett -
Sinalda -
Stonemill -
Targaryen -
Tilly -
Troncos 2,138
Tully -
Tyrell -
Vega -
Wasilla -
Wendover -
Whippoorwill -
Windgate -
Wyndsong -
$ 28,607

F-42

NOTE 7: RELATED PARTY TRANSACATIONS

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

Due from (to) Related Party

The Series engage in various transactions with the Manager and its affiliates in the ordinary course of operating and financing activities. As of June 30, 2025, certain Series owed the Manager an aggregate of $569,085, primarily related to initial funding for property acquisitions. In addition, the Manager owed certain Series an aggregate of $71,295. These advances are non-interest bearing and have no stated repayment terms.

Deemed Contributions

During the six months ended June 30, 2025, certain Series received deemed contributions from the Manager totaling $94,899 in exchange for forgiveness of amounts previously due.

Management Compensation

During the six months ended June 30, 2025, total management compensation charged by the Manager, including sourcing fees, financing and holding expenses, offering expenses, asset management fees, reimbursements of acquisition expenses, property management fees, and interest expense from affiliates of Manager, were an aggregate of $674,095.

F-43

The following table reflects the total management fee paid by each Series during the six months ended June 30, 2025.

June 30, 2025

Series Sourcing fees Financing
and holding
expenses 		Offering
expenses 		Asset
management
fee 		Reimbursements
of acquisition
expenses 		Property
management
fee, related
party 		Total
Adela $ - $ - $ - $ - $ - $ - $ -
Adler 12,600 6,300 8,524 180 2,500 173 30,277
Alex 12,200 6,100 8,223 523 2,500 - 29,546
Ameris 8,780 4,390 6,027 251 2,500 151 22,099
Arbolado - - - - - - -
Belleglade 13,120 6,560 8,864 375 2,500 186 31,605
Blair - - - - - - -
Briarmanor - - - - - - -
Camphor 9,270 4,630 6,316 398 2,500 70 23,183
Chesterton - - - - - - -
Clark 11,250 5,620 7,648 643 2,500 270 27,931
Cyrus - - - - - - -
Evie - - - - - - -
Fortress 12,600 6,300 8,677 180 2,500 127 30,384
Galleta - - - - - - -
Gerardo - - - - - 43 43
Goldfinger 19,240 9,620 12,800 1,100 2,500 130 45,389
Hendricks - - - - - 136 136
Lenka 11,550 5,770 7,799 495 2,500 276 28,390
Liam 15,050 7,520 10,178 645 2,500 395 36,288
Lilinoe 13,120 6,560 8,866 188 2,500 138 31,371
Lois - - - 973 - 548 1,521
Marilyn - - - - - - -
Metcalf 10,680 5,340 7,283 305 2,500 159 26,268
Monroe - - - - - - -
Nathan - - - - - - -
Poshington - - - - - - -
Pumpkin 11,420 5,710 7,776 653 2,500 450 28,509
Raider - - - - - - -
Sambino 10,490 5,240 7,172 750 2,500 527 26,678
Sandpiper - - - - - - -
Scarlett - - - - - - -
Sinalda 13,610 6,800 9,141 583 2,500 - 32,634
Stonemill - - - - - - -
Targaryen 13,580 6,790 9,175 194 2,500 191 32,430
Tilly - - - - - - -
Troncos 12,250 6,120 8,255 350 2,500 257 29,732
Tully 16,830 8,410 11,259 481 2,500 - 39,480
Tyrell 11,250 5,620 7,665 321 2,500 98 27,454
Vega 13,690 6,840 9,197 196 2,500 122 32,544
Wasilla 14,520 7,260 9,862 208 2,500 - 34,350
Wendover - - - - - - -
Whippoorwill - - - - - - -
Windgate 10,590 5,290 7,224 151 2,500 98 25,853
Wyndsong - - - - - - -
$ 277,690 $ 138,790 $ 187,931 $ 10,142 $ 55,000 $ 4,542 $ 674,095

F-44

NOTE 8: INCOME TAXES

The Company is taxed as a C corporation for U.S. federal income tax purposes. In connection with its real estate activities, the Company is treated as a real estate investment trust ("REIT") under the Internal Revenue Code.

As a REIT, the Company generally is not subject to U.S. federal income tax on taxable income that is distributed to stockholders, provided it meets all REIT qualification requirements, including distributing at least 90% of its taxable income and satisfying certain asset and income tests. For the year ended December 31, 2025, the Company anticipates that it will qualify as a REIT. As a result, the Company does not expect to incur a current federal tax liability for the year and thus, no tax provision is reflected for Series with net income for the six months ended June 30, 2025. For Series with net losses for the six months ended June 30, 2025, no income tax benefit is recognized as the Company has established a full valuation allowance on the net operating loss tax benefit.

In accordance with ASC 740, Income Taxes, the Company evaluates temporary differences between the financial reporting basis and the tax basis of its assets and liabilities. As of June 30, 2025 and December 31, 2024, the Company did not have any temporary differences, other than net operating losses which were fully reserved, and thus no net deferred tax assets or liabilities were recorded

Although the Company expects to qualify and be taxed as a REIT for U.S. federal income tax purposes, it may be subject to state and local income or franchise taxes in various jurisdictions. These taxes are generally imposed either due to the Company's legal entity status or as a result of owning or operating real estate assets within those jurisdictions. The Company evaluates its exposure to such taxes on a jurisdictional basis. For the six months ended June 30, 2025, state income and franchise tax obligations, if any, were not material to the consolidated and consolidating financial statements.

The Company's policy is to record interest and penalties related to unrecognized tax benefits, if any, as a component of income tax expense in the consolidated statement of operations. As of December 31, 2024, the Company had no unrecognized tax benefits and did not incur any interest or penalties related to uncertain tax positions during the six months ended June 30, 2025. Accordingly, no accrual for uncertain tax positions was recorded as of June 30, 2025 and December 31, 2024.

The Company is not currently subject to any income tax audits in any taxing jurisdiction. However, the Company's 2024 tax year remains open and subject to examination by the relevant taxing authorities.

F-45

NOTE 9: SUBSEQUENT EVENTS

The following list represents acquisitions that are in contract but have not closed or have not been submitted to the Securities and Exchange Commission as of June 30, 2025.

Acquisitions post June 30, 2025

LocationID Series Address Acquisition
Closing
Date

Offering

Closing
Date 		Purchase
Price
E09_Fizzy Fizzy 1019 Tomahawk Terrace, Johnson City, TN 37604 7/2/2025 Not Closed $ 366,810
E09_Camila Camila 2504 Elmwood Avenue, Lowell, Arkansas 72745 7/9/2025 Not Closed 380,000
E09_Terrien Terrien 5698 Prickly Loop, Ooltewah, TN 37363 7/23/2025 Not Closed 414,855
E09_Ashland Ashland 400 Arrowhead Drive, Johnson City, TN 37601 7/23/2025 Not Closed 343,785
E09_Wildcat Wildcat 2069 Southwood Circle, Morristown, TN 37813 7/23/2025 Not Closed 320,000
E09_Gracianna Gracianna 5462 Rothermund Drive, Canal Winchester, OH 43110 8/20/2025 Not Closed 335,000
E09_Rivendell Rivendell 117 Nettle Leaf Drive, Meridianville, AL 35759 8/27/2025 Not Closed 235,000
$ 2,395,450

The following list represents the following Series closed with the Securities and Exchange Commissions after June 30, 2025

Offerings closed post June 30, 2025

LocationID Series Address

Offering

Closing
Date

Closed

Initial
Raise
Amount

E09_Gerardo Gerardo 445 Quiver Street, Johnson City, TN 37604 7/10/2025 $ 434,180
E09_Adela Adela 1111 W. Fargo Road, Claremore, OK 74019 7/18/2025 283,070
E09_Tilly Tilly 495 Cox Hollow Road, Kingsport, TN 37663 7/31/2025 370,140
E09_Hendricks Hendricks 216 Hendricks Place, Indianapolis, IN 46201 7/16/2025 303,290
E09_Whippoorwill Whippoorwill 3047 Berna Way, Morristown, TN 37814 7/31/2025 441,890
E09_Evie Evie 7229 Dowery Dell Way, Northport, AL 35473 7/22/2025 308,840
E09_Nathan Nathan 1402 West 11th Street, North Little Rock, AR 72114 7/14/2025 217,380
E09_Poshington Poshington 3120 Stony Valley Drive, Richmond, VA 23223 7/31/2025 474,130
E09_Raider Raider 1502 Winwood Drive, Loveland, OH 45140 8/21/2025 432,980
E09_Wyndsong Wyndsong 11320 Joe Morrison Lane, Charlotte, NC 28214 8/14/2025 433,800
E09_Wendover Wendover 517 Windsong Drive, Rincon, GA 31326 8/22/2025 440,660
E09_Cyrus Cyrus 11513 W. Deanne Drive, Youngtown, AZ 85363 8/29/2025 459,840
E09_Marilyn Marilyn 3039 Lamptonridge Drive, Columbus, OH 43232 8/29/2025 431,040
$ 5,031,240

During the period from July 1, 2025 through August 31, 2025, the Company has declared and paid aggregate dividends totaling $62,358.

F-46

ITEM 4. EXHIBITS

PART III - EXHIBITS

Exhibit No. Description
2.1* Certificate of Formation of Arrived Homes 5, LLC
2.2* Limited Liability Company Agreement of Arrived Homes 5, LLC
3.1* Form of Series Designation of Arrived Series [*], a series of Arrived Homes 5, LLC
4.1* Form of Subscription Agreement of Arrived Series [*], a series of Arrived Homes 5, LLC
6.1* Broker Dealer Agreement, dated October 14, 2024 between Arrived Homes 5, LLC and Dalmore Group, LLC
6.2* Form of Promissory Note
6.3* Form of Property Management Agreement dated [*], 202[*], between Marketplace Homes and Arrived Series [*], a series of Arrived Homes 5, LLC
6.4* NCPS PPEX ATS Company Agreement
6.5* Secondary Brokerage Agreement
6.7* NCIT Software and Services License Agreement
6.8* Purchase and Sale Agreement dated June 22, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Clark Property
6.8.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Clark dated July 19, 2024 for Arrived Series Clark Property
6.9* Purchase and Sale Agreement dated June 22, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Lois Property
6.9.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Lois dated July 19, 2024 for Arrived Series Lois Property
6.10* Purchase and Sale Agreement dated December 16, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Goldfinger Property
6.10.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Goldfinger dated [ ], 2025 for Arrived Series Goldfinger Property
6.11* Purchase and Sale Agreement dated December 10, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Pumpkin Property
6.11.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Pumpkin dated January 24, 2025 for Arrived Series Pumpkin Property
6.12* Purchase and Sale Agreement dated November 5, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Sambino Property
6.12.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Sambino dated November 21, 2024 for Arrived Series Sambino Property
6.13* Purchase and Sale Agreement dated December 10, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Troncos Property
6.13.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Troncos dated December 13, 2024 for Arrived Series Troncos Property
6.14* Purchase and Sale Agreement dated February 10, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Alex Property
6.14.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Alex dated February 21, 2025 for Arrived Series Alex Property
6.15* Purchase and Sale Agreement dated January 11, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Camphor Property

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6.15.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Camphor dated February 6, 2025 for Arrived Series Camphor Property
6.16* Purchase and Sale Agreement dated February 11, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Lenka Property
6.16.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Lenka dated February 21, 2025 for Arrived Series Lenka Property
6.17* Purchase and Sale Agreement dated January 12, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Liam Property
6.17.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Liam dated February 13, 2025 for Arrived Series Liam Property
6.18* Purchase and Sale Agreement dated February 11, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Sinalda Property
6.18.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Sinaldi dated February 21, 2025 for Arrived Series Sinalda Property
6.19* Purchase and Sale Agreement dated February 27, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Adler Property
6.19.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Adler dated March 18, 2025 for Arrived Series Adler Property
6.20* Purchase and Sale Agreement dated February 19, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Ameris Property
6.20.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Ameris dated March 4, 2025 for Arrived Series Ameris Property
6.21* Purchase and Sale Agreement dated February 20, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Belleglade Property
6.21.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Belleglade dated March 18, 2025 for Arrived Series Belleglade Property
6.22* Purchase and Sale Agreement dated December 4, 2024 between Arrived Holdings, Inc./Assignee and Seller for Series Metcalf Property
6.22.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Metcalf dated March 27, 2025 for Arrived Series Metcalf Property
6.23* Purchase and Sale Agreement dated March 5, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Scarlett Property
6.23.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Scarlett dated March 19, 2025 for Arrived Series Scarlett Property
6.24* Purchase and Sale Agreement dated February 14, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Tully Property
6.24.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Tully dated March 4, 2025 for Arrived Series Tully Property
6.25* Purchase and Sale Agreement dated February 20, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Tyrell Property
6.25.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Tyrell dated March 5, 2025 for Arrived Series Tyrell Property
6.26* Purchase and Sale Agreement dated March 14, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Wasilla Property
6.26.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Wasilla dated March 17, 2025 for Arrived Series Wasilla Property
6.27* Purchase and Sale Agreement dated February 13, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Adela Property
6.27.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Adela dated Month Day, 2025 for Arrived Series Adela Property
6.28* Purchase and Sale Agreement dated April 14, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Arbolado Property
6.28.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Arbolado dated April 23, 2025 for Arrived Series Arbolado Property
6.29* Purchase and Sale Agreement dated April 10, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Cyrus Property
6.29.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Cyrus dated March 27, 2025 for Arrived Series Cyrus Property
6.30* Purchase and Sale Agreement dated February 11, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Fortress Property
6.30.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Fortress dated March 19, 2025 for Arrived Series Fortress Property

9

6.31* Purchase and Sale Agreement dated February 11, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Lilinoe Property
6.31.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Lilinoe dated March 27, 2025 for Arrived Series Lilinoe Property
6.32* Purchase and Sale Agreement dated March 12, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Targaryen Property
6.32.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Targaryen dated April 9, 2025 for Arrived Series Targaryen Property
6.33* Purchase and Sale Agreement dated April 9, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Tilly Property
6.33.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Tilly dated April 25, 2025 for Arrived Series Tilly Property
6.34* Purchase and Sale Agreement dated March 10, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Vega Property
6.34.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Vega dated March 27, 2025 for Arrived Series Vega Property
6.35* Purchase and Sale Agreement dated April 9, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Blair Property
6.35.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Blair dated April 30, 2025 for Arrived Series Blair Property
6.36* Purchase and Sale Agreement dated May 7, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Briarmanor Property
6.36.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Briarmanor dated April 30, 2025 for Arrived Series Briarmanor Property
6.37* Purchase and Sale Agreement dated April 12, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Evie Property
6.37.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Evie dated May 1, 2025 for Arrived Series Evie Property
6.38* Purchase and Sale Agreement dated February 6, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Fizzy Property
6.38.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Fizzy dated May 15, 2025 for Arrived Series Fizzy Property
6.39* Purchase and Sale Agreement dated February 6, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Gerardo Property
6.39.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Gerardo dated May 1, 2025 for Arrived Series Gerardo Property
6.40* Purchase and Sale Agreement dated May 7, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Hendricks Property
6.40.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Hendricks dated May 1, 2025 for Arrived Series Hendricks Property
6.41* Purchase and Sale Agreement dated May 7, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Nathan Property
6.41.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Nathan dated May 9, 2025 for Arrived Series Nathan Property
6.42* Purchase and Sale Agreement dated April 15, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Stonemill Property
6.42.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Stonemill dated April 22, 2025 for Arrived Series Stonemill Property
6.43* Purchase and Sale Agreement dated April 14, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Terrien Property
6.43.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Terrien dated May 14, 2025 for Arrived Series Terrien Property
6.44* Purchase and Sale Agreement dated April 10, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Whippoorwill Property
6.44.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Whippoorwill dated May 1, 2025 for Arrived Series Whippoorwill Property
6.45* Purchase and Sale Agreement dated April 10, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Windgate Property
6.45.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Windgate dated April 23, 2025 for Arrived Series Windgate Property
6.46* Purchase and Sale Agreement dated April 9, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Wyndsong Property
6.46.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Wyndsong dated May 13, 2025 for Arrived Series Wyndsong Property

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6.47* Purchase and Sale Agreement dated April 18, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Ashland Property
6.47.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Ashland dated June 20, 2025 for Arrived Series Ashland Property
6.48* Purchase and Sale Agreement dated May 25, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Chesterton
6.48.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Chesterton dated June 11, 2025 for Arrived Series Chesterton
6.49* Purchase and Sale Agreement dated April 14, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Galleta Property
6.49.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Galleta dated June 4, 2025 for Arrived Series Galleta Property
6.50* Purchase and Sale Agreement dated April 23, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Marilyn Property
6.50.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Marilyn dated May 20, 2025 for Arrived Series Marilyn Property
6.51* Purchase and Sale Agreement dated April 25, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Monroe Property
6.51.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Monroe dated May 20, 2025 for Arrived Series Monroe Property
6.52* Purchase and Sale Agreement dated April 23, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Poshington Property
6.52.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Poshington dated May 13, 2025 for Arrived Series Poshington Property
6.53* Purchase and Sale Agreement dated June 2, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Sandpiper Property
6.53.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Sandpiper dated June 20, 2025 for Arrived Series Sandpiper Property
6.54* Purchase and Sale Agreement dated May 14, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Raider Property
6.54.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Raider dated June 3, 2025 for Arrived Series Raider Property
6.55* Purchase and Sale Agreement dated April 10, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Wendover Property
6.55.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Wendover dated May 20, 2025 for Arrived Series Wendover Property
6.56* Purchase and Sale Agreement dated April 10, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Wesley Property
6.56.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Wesley dated May 20, 2025 for Arrived Series Wesley Property
6.57* Purchase and Sale Agreement dated June 20, 2025 between Arrived Holdings, Inc./Assignee and Seller for Series Wildcat Property
6.57.1* Assignment of Contract from Arrived Holdings, Inc. to Arrived Series Wildcat dated June 20, 2025 for Arrived Series Wildcat Property
11.1 Consent of Stephano Slack LLC
11.2 Consent of Maynard Nexsen PC (included in Exhibit 12.1)
12.1 Opinion of Maynard Nexsen PC
99.1* Valuation Policy

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SIGNATURES

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

ARRIVED HOMES 5, LLC
By: Arrived Fund Manager, LLC, its managing member
By: /s/ Ryan Frazier
Name: Ryan Frazier
Title: Chief Executive Officer
Date: September 26, 2025

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

SIGNATURE TITLE DATE
/s/ Ryan Frazier Chief Executive Officer of Arrived Holdings, Inc. September 26, 2025
Ryan Frazier (principal executive officer)
Chief Executive Officer and Director of Arrived Homes 5, LLC
/s/ Sue Korn Principal Financial and September 26, 2025
Sue Korn Accounting Officer of Arrived Holdings, Inc.
Principal Financial and Accounting Officer of Arrived Homes 5, LLC
Arrived Fund Manager, LLC Managing Member September 26, 2025
By: /s/ Ryan Frazier
Name: Ryan Frazier
Title: Chief Executive Officer

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Arrived Homes 5 LLC published this content on September 26, 2025, and is solely responsible for the information contained herein. Distributed via SEC EDGAR on September 26, 2025 at 17:16 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]