Filed Pursuant to Rule 253(g)(2)

File No. 024-12523

Arrived Homes 5, LLC

SUPPLEMENT NO. 1 DATED July 28, 2026
TO THE OFFERING CIRCULAR DATED May 19, 2026

This document supplements, and should be read in conjunction with, the offering circular of Arrived Homes 5, LLC ("we", "our" or "us"), dated May 19, 2026, as previously supplemented, and filed by us with the Securities and Exchange Commission (the "Commission") (collectively, the "Offering Circular"). Unless otherwise defined in this supplement, capitalized terms used in this supplement shall have the same meanings as set forth in the Offering Circular.

The purpose of this supplement is to disclose:

●

Our Net Asset Value ("NAV") Per Interest for each series as of July 25, 2026.

Net Asset Value as of July 25, 2026

As of July 25, 2026, our net asset value ("NAV") per interest for each series is set in the table below. This NAV per interest shall be effective until updated by us on or about October 25, 2026.

Series		NAV Per Interest
Adler		$10.01
Alex		$10.31
Ameris		$9.83
Belleglade		$10.18
Camphor		$9.98
Clark		$10.20
Fortress		$9.66
Goldfinger		$9.62
Lenka		$10.29
Liam		$10.22
Lilinoe		$9.51
Lois		$10.18
Metcalf		$9.70
Pumpkin		$10.35
Sambino		$10.20
Sinalda		$9.86
Targaryen		$9.81
Troncos		$9.81
Tully		$9.66
Tyrell		$10.23
Vega		$10.15
Wasilla		$9.93
Windgate		$9.91

The following sets forth the calculation of each series' NAV per interest:

BALANCE SHEET (UNAUDITED) [1]

		Adler		Alex		Ameris		Belleglade		Camphor		Clark		Fortress
ASSETS
Current assets:
Cash	$	29,193	$	23,542	$	14,356	$	25,270	$	8,650	$	16,532	$	17,185
Other receivables		-		-		-		-		-		-		-
Prepaid expenses		-		-		-		-		-		-		-
Deposits		4,317		3,619		2,899		5,349		3,155		840		5,258
Property and equipment, net		351,365		338,131		245,654		366,456		262,454		308,949		356,842
Total assets	$	384,876	$	365,292	$	262,909	$	397,075	$	274,259	$	326,321	$	379,285

LIABILITIES
Current liabilities:
Accrued expenses	$	6,681	$	1,736	$	2,635	$	3,225	$	1,699	$	5,382	$	2,397
Accounts payable		-		-		-		-		-		-		-
Due to (from) related parties		2,359		2,640		1,772		2,704		1,994		3,089		2,411
Tenant deposits		2,345		2,345		1,750		2,995		1,745		1,995		2,895
Note payable, related party		-		-		-		-		-		-		-
Mortgage payables		-		-		-		-		-		-		-
Total liabilities	$	11,385	$	6,721	$	6,157	$	8,924	$	5,438	$	10,466	$	7,703

MEMBERS' EQUITY (DEFICIT)
Members' capital		383,761		366,683		272,397		394,898		280,848		343,614		388,880
Accumulated deficit		(10,270)		(8,111)		(15,645)		(6,748)		(12,027)		(27,759)		(17,298)
Total members' equity (deficit)	$	373,491	$	358,572	$	256,752	$	388,150	$	268,821	$	315,855	$	371,581
Total liabilities and members' equity (deficit)	$	384,876	$	365,292	$	262,909	$	397,075	$	274,259	$	326,321	$	379,285

NET FAIR VALUE OF ASSETS
Net asset value with members' equity (without fair value adjustments)		373,491		358,572		256,752		388,150		268,821		315,855		371,581
Net adjustments to fair value		52,901		64,699		39,251		62,893		46,245		74,062		47,470
TOTAL NET ASSETS	$	426,392	$	423,271	$	296,003	$	451,043	$	315,066	$	389,916	$	419,051
NET ASSET VALUE PER INTEREST	$	10.01	$	10.31	$	9.83	$	10.18	$	9.98	$	10.20	$	9.66

		Goldfinger		Lenka		Liam		Lilinoe		Lois		Metcalf		Pumpkin
ASSETS
Current assets:
Cash	$	31,919	$	17,806	$	20,232	$	23,657	$	13,962	$	18,732	$	20,834
Other receivables		-		-		-		-		-		-		-
Prepaid expenses		-		-		-		-		-		-		-
Deposits		5,055		4,978		6,046		5,127		4,463		4,858		4,589
Property and equipment, net		529,161		322,187		420,673		365,755		313,845		302,884		318,052
Total assets	$	566,135	$	344,971	$	446,951	$	394,539	$	332,270	$	326,474	$	343,474

LIABILITIES
Current liabilities:
Accrued expenses	$	2,455	$	2,938	$	3,137	$	3,667	$	5,456	$	2,310	$	2,286
Accounts payable		-		-		-		-		-		-		-
Due to (from) related parties		4,383		2,569		3,341		2,525		3,134		2,203		2,679
Tenant deposits		2,495		2,495		3,395		2,595		2,695		2,695		2,545
Note payable, related party		-		-		-		-		-		-		-
Mortgage payables		-		-		-		-		-		-		-
Total liabilities	$	9,333	$	8,002	$	9,873	$	8,787	$	11,285	$	7,208	$	7,510

MEMBERS' EQUITY (DEFICIT)
Members' capital		579,216		342,350		449,959		396,576		330,151		320,865		339,056
Accumulated deficit		(22,414)		(5,381)		(12,881)		(10,824)		(9,167)		(1,599)		(3,092)
Total members' equity (deficit)	$	556,802	$	336,969	$	437,078	$	385,752	$	320,985	$	319,266	$	335,964
Total liabilities and members' equity (deficit)	$	566,135	$	344,971	$	446,951	$	394,539	$	332,270	$	326,474	$	343,474

NET FAIR VALUE OF ASSETS
Net asset value with members' equity (without fair value adjustments)		556,802		336,969		437,078		385,752		320,985		319,266		335,964
Net adjustments to fair value		58,761		63,706		82,297		35,426		67,922		33,990		65,951
TOTAL NET ASSETS	$	615,563	$	400,675	$	519,375	$	421,178	$	388,906	$	353,256	$	401,915
NET ASSET VALUE PER INTEREST	$	9.62	$	10.29	$	10.22	$	9.51	$	10.18	$	9.70	$	10.35

		Sambino		Sinalda		Targaryen		Troncos		Tully		Tyrell		Vega
ASSETS
Current assets:
Cash	$	12,159	$	23,178	$	25,347	$	23,749	$	32,139	$	24,704	$	26,213
Other receivables		-		-		-		-		-		-		-
Prepaid expenses		-		-		-		-		-		-		-
Deposits		4,712		5,399		5,053		4,106		6,340		4,120		4,870
Property and equipment, net		291,696		377,143		381,917		339,245		467,707		314,812		381,294
Total assets	$	308,566	$	405,720	$	412,317	$	367,100	$	506,186	$	343,636	$	412,377

LIABILITIES
Current liabilities:
Accrued expenses	$	2,221	$	3,189	$	4,699	$	4,562	$	3,054	$	2,182	$	1,901
Accounts payable		-		-		-		-		-		-		-
Due to (from) related parties		2,611		2,934		2,619		2,446		3,425		2,285		2,568
Tenant deposits		2,645		3,293		2,695		2,395		3,893		2,095		2,695
Note payable, related party		-		-		-		-		-		-		-
Mortgage payables		-		-		-		-		-		-		-
Total liabilities	$	7,477	$	9,415	$	10,013	$	9,403	$	10,371	$	6,562	$	7,163

MEMBERS' EQUITY (DEFICIT)
Members' capital		314,098		409,860		406,294		372,133		510,368		341,632		413,195
Accumulated deficit		(13,008)		(13,555)		(3,989)		(14,436)		(14,553)		(4,558)		(7,981)
Total members' equity (deficit)	$	301,089	$	396,305	$	402,304	$	357,697	$	495,815	$	337,074	$	405,213
Total liabilities and members' equity (deficit)	$	308,566	$	405,720	$	412,317	$	367,100	$	506,186	$	343,636	$	412,377

NET FAIR VALUE OF ASSETS
Net asset value with members' equity (without fair value adjustments)		301,089		396,305		402,304		357,697		495,815		337,074		405,213
Net adjustments to fair value		64,671		54,333		47,593		46,934		47,745		55,039		60,998
TOTAL NET ASSETS	$	365,760	$	450,638	$	449,897	$	404,631	$	543,560	$	392,113	$	466,211
NET ASSET VALUE PER INTEREST	$	10.20	$	9.86	$	9.81	$	9.81	$	9.66	$	10.23	$	10.15

		Wasilla		Windgate
ASSETS
Current assets:
Cash	$	26,037	$	19,806
Other receivables		-		-
Prepaid expenses		-		-
Deposits		4,920		6,110
Property and equipment, net		407,511		296,649
Total assets	$	438,468	$	322,565

LIABILITIES
Current liabilities:
Accrued expenses	$	2,648	$	2,405
Accounts payable		-		-
Due to (from) related parties		2,749		2,011
Tenant deposits		2,495		4,190
Note payable, related party		-		-
Mortgage payables		-		-
Total liabilities	$	7,892	$	8,606

MEMBERS' EQUITY (DEFICIT)
Members' capital		445,471		320,818
Accumulated deficit		(14,895)		(6,859)
Total members' equity (deficit)	$	430,576	$	313,959
Total liabilities and members' equity (deficit)	$	438,468	$	322,565

NET FAIR VALUE OF ASSETS
Net asset value with members' equity (without fair value adjustments)		430,576		313,959
Net adjustments to fair value		58,813		43,514
TOTAL NET ASSETS	$	489,389	$	357,473
NET ASSET VALUE PER INTEREST	$	9.93	$	9.91

[1] Estimated Balance Sheet as of May 31, 2026.

As described in the section "Description of the Securities Being Offered—Valuation Policies," in the Offering Circular, our operating agreement provides that, following the initial period, at the end of each quarterly period our Manager's internal accountants and asset management team will calculate our NAV using a process that reflects, among other matters:

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

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

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accruals of our periodic distributions on our interests; and

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

Such determinations may include subjective judgments by the Manager regarding the applicability of certain inputs to market rents and comparable sales information. We do not utilize a capitalization rate approach in determining NAV, because given the nature of our investments in primary residences, we do not believe that the value of a many of our assets can be determined based solely on the business activities as the resale value of such asset will be decided independently of the success of such business activities.

Note, however, that the determination of our NAV is not based on, nor intended to comply with, fair value standards under U.S. GAAP, and such NAV may not be indicative of the price that we would receive for our assets at current market conditions. As a result, the calculation of our NAV may not reflect the precise amount that might be paid for your interests in a market transaction, and any potential disparity in our NAV may be in favor of either holders who redeem their interests, or holders who repurchase such interests, or existing holders. In instances where we determine that an appraisal of a property is necessary, including, but not limited to, instances where third party market values for comparable properties are either nonexistent or extremely inconsistent, we will engage an appraiser that has expertise in appraising residential real estate assets, to act as our independent valuation expert. The independent valuation expert is not responsible for, nor for preparing, our NAV per interest.

As there is no market value for the interests of any series as they are not expected to be listed or traded on any stock exchange (though periodic trading may become available pursuant to our arrangement with North Capital Private Securities ("NCPS"), which is intended to facilitate secondary transactions in interests on an alternative trading system owned and operated by NCPS, as described in the section "Description of Business—Liquidity Platform" in the Offering Circular), our goal in setting NAV on a quarterly basis is to provide a reasonable estimate of the value of our interests on a quarterly basis. However, each series property consists of residential real estate and, as with any residential real estate valuation protocol, the conclusions reached by the Manager's asset management team or internal accountants, as the case may be, are based on a number of judgments, assumptions and opinions about future events that may or may not prove to be correct. The use of different judgments, assumptions or opinions would likely result in different estimates of the value of our investments. In addition, for any given period, our published NAV may not fully reflect certain material events, to the extent that the financial impact of such events on our portfolio is not immediately quantifiable.