Filed Pursuant to Rule 253(g)(2)

File No. 024-12523

Arrived Homes 5, LLC

SUPPLEMENT NO. 2 DATED October 27, 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 October 25, 2026.

 

Net Asset Value as of October 25, 2026

 

As of October 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 January 25, 2027.

 

Series

 

NAV Per Interest

 

Adela

 

$10.77

 

Adler

 

$10.02

 

Alex

 

$10.27

 

Ameris

 

$10.21

 

Arbolado

 

$10.55

 

Belleglade

 

$10.00

 

Briarmanor

 

$9.74

 

Camphor

 

$9.90

 

Clark

 

$10.08

 

Cyrus

 

$10.09

 

Evie

 

$10.23

 

Fortress

 

$9.60

 

Gerardo

 

$10.01

 

Goldfinger

 

$9.75

 

Hendricks

 

$11.26

 

Lenka

 

$10.21

 

Liam

 

$10.05

 

Lilinoe

 

$9.56

 

Lois

 

$10.26

 

Marilyn

 

$10.00

 

Metcalf

 

$9.68

 

Nathan

 

$10.06

 

Poshington

 

$10.09

 

Pumpkin

 

$10.16

 

Raider

 

$10.40

 

Sambino

 

$10.04

 

Sandpiper

 

$10.05

 

Scarlett

 

$9.99

 

Sinalda

 

$9.80

 

Targaryen

 

$9.84

 

Tilly

 

$10.11

 

Troncos

 

$9.63

 

Tully

 

$9.44

 

Tyrell

 

$9.87

 

Vega

 

$9.99

 

Wasilla

 

$10.11

 

Wendover

 

$9.46

 

Whippoorwill

 

$9.58

 

Wildcat

 

$10.34

 

Windgate

 

$9.96

 

Wyndsong

 

$10.31

 

 

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

 

BALANCE SHEET (UNAUDITED) [1]

 

 

 

Adela

 

 

Adler

 

 

Alex

 

 

Ameris

 

 

Arbolado

 

 

Belleglade

 

 

Briarmanor

ASSETS

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Current assets:

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Cash

$

11,851 

 

$

29,226 

 

$

22,052 

 

$

13,365 

 

$

19,357 

 

$

25,529 

 

$

23,514 

Other receivables

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

Prepaid expenses

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

Deposits

 

5,730 

 

 

4,377 

 

 

4,364 

 

 

3,464 

 

 

4,251 

 

 

5,319 

 

 

5,630 

Property and equipment, net

 

228,892 

 

 

348,911 

 

 

335,749 

 

 

243,928 

 

 

329,038 

 

 

363,875 

 

 

394,894 

Total assets

$

247,876 

 

$

383,225 

 

$

363,066 

 

$

262,161 

 

$

353,365 

 

$

395,682 

 

$

425,000 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

LIABILITIES

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Current liabilities:

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Accrued expenses

$

3,268 

 

$

7,766 

 

$

3,569 

 

$

3,386 

 

$

3,787 

 

$

4,425 

 

$

4,388 

Accounts payable

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

Due to (from) related parties

 

1,720 

 

 

2,800 

 

 

3,063 

 

 

2,079 

 

 

2,140 

 

 

3,133 

 

 

2,540 

Tenant deposits

 

4,000 

 

 

2,345 

 

 

2,345 

 

 

1,750 

 

 

2,345 

 

 

2,995 

 

 

3,095 

Note payable, related party

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

Mortgage payables

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

Total liabilities

$

8,988 

 

$

12,910 

 

$

8,977 

 

$

7,214 

 

$

8,272 

 

$

10,553 

 

$

10,023 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

MEMBERS' EQUITY (DEFICIT)

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Members' capital

 

252,369 

 

 

379,457 

 

 

361,878 

 

 

269,866 

 

 

364,270 

 

 

389,938 

 

 

434,260 

Accumulated deficit

 

(13,482) 

 

 

(9,142) 

 

 

(7,790) 

 

 

(14,920) 

 

 

(19,177) 

 

 

(4,809) 

 

 

(19,283) 

Total members' equity (deficit)

$

238,888 

 

$

370,315 

 

$

354,088 

 

$

254,946 

 

$

345,093 

 

$

385,129 

 

$

414,977 

Total liabilities and members' equity (deficit)

$

247,876 

 

$

383,225 

 

$

363,066 

 

$

262,161 

 

$

353,365 

 

$

395,682 

 

$

425,000 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

NET FAIR VALUE OF ASSETS

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Net asset value with members' equity (without fair value adjustments)

 

238,888 

 

 

370,315 

 

 

354,088 

 

 

254,946 

 

 

345,093 

 

 

385,129 

 

 

414,977 

Net adjustments to fair value

 

66,047 

 

 

56,443 

 

 

67,879 

 

 

52,693 

 

 

76,838 

 

 

57,596 

 

 

51,599 

TOTAL NET ASSETS

$

304,935 

 

$

426,758 

 

$

421,967 

 

$

307,639 

 

$

421,931 

 

$

442,726 

 

$

466,576 

NET ASSET VALUE PER INTEREST

$

10.77 

 

$

10.02 

 

$

10.27 

 

$

10.21 

 

$

10.55 

 

$

10.00 

 

$

9.74 

 

 

 

Camphor

 

 

Clark

 

 

Cyrus

 

 

Evie

 

 

Fortress

 

 

Gerardo

 

 

Goldfinger

ASSETS

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Current assets:

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Cash

$

7,748 

 

$

13,866 

 

$

20,975 

 

$

7,228 

 

$

15,995 

 

$

22,574 

 

$

31,495 

Other receivables

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

Prepaid expenses

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

Deposits

 

3,408 

 

 

3,922 

 

 

3,511 

 

 

3,833 

 

 

4,361 

 

 

5,039 

 

 

4,908 

Property and equipment, net

 

260,297 

 

 

306,765 

 

 

378,620 

 

 

251,981 

 

 

353,976 

 

 

359,756 

 

 

525,431 

Total assets

$

272,245 

 

$

325,315 

 

$

403,833 

 

$

263,802 

 

$

375,188 

 

$

388,155 

 

$

563,034 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

LIABILITIES

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Current liabilities:

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Accrued expenses

$

2,020 

 

$

6,278 

 

$

3,158 

 

$

2,085 

 

$

3,123 

 

$

3,144 

 

$

3,137 

Accounts payable

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

Due to (from) related parties

 

2,322 

 

 

2,983 

 

 

2,422 

 

 

1,889 

 

 

2,826 

 

 

2,696 

 

 

5,079 

Tenant deposits

 

1,745 

 

 

1,995 

 

 

1,795 

 

 

2,045 

 

 

2,895 

 

 

2,795 

 

 

2,495 

Note payable, related party

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

Mortgage payables

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

Total liabilities

$

6,087 

 

$

11,256 

 

$

7,375 

 

$

6,019 

 

$

8,844 

 

$

8,635 

 

$

10,711 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

MEMBERS' EQUITY (DEFICIT)

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Members' capital

 

276,903 

 

 

340,899 

 

 

422,349 

 

 

271,071 

 

 

382,545 

 

 

383,467 

 

 

574,228 

Accumulated deficit

 

(10,746) 

 

 

(26,840) 

 

 

(25,891) 

 

 

(13,288) 

 

 

(16,202) 

 

 

(3,948) 

 

 

(21,905) 

Total members' equity (deficit)

$

266,157 

 

$

314,059 

 

$

396,458 

 

$

257,783 

 

$

366,344 

 

$

379,519 

 

$

552,323 

Total liabilities and members' equity (deficit)

$

272,245 

 

$

325,315 

 

$

403,833 

 

$

263,802 

 

$

375,188 

 

$

388,155 

 

$

563,034 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

NET FAIR VALUE OF ASSETS

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Net asset value with members' equity (without fair value adjustments)

 

266,157 

 

 

314,059 

 

 

396,458 

 

 

257,783 

 

 

366,344 

 

 

379,519 

 

 

552,323 

Net adjustments to fair value

 

46,369 

 

 

71,233 

 

 

67,607 

 

 

58,234 

 

 

50,070 

 

 

55,312 

 

 

71,245 

TOTAL NET ASSETS

$

312,526 

 

$

385,292 

 

$

464,065 

 

$

316,017 

 

$

416,413 

 

$

434,831 

 

$

623,568 

NET ASSET VALUE PER INTEREST

$

9.90 

 

$

10.08 

 

$

10.09 

 

$

10.23 

 

$

9.60 

 

$

10.01 

 

$

9.75 

 

 

 

Hendricks

 

 

Lenka

 

 

Liam

 

 

Lilinoe

 

 

Lois

 

 

Marilyn

 

 

Metcalf

ASSETS

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Current assets:

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Cash

$

16,775 

 

$

17,646 

 

$

17,076 

 

$

23,137 

 

$

13,710 

 

$

24,272 

 

$

18,640 

Other receivables

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

Prepaid expenses

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

Deposits

 

4,537 

 

 

4,900 

 

 

6,291 

 

 

5,079 

 

 

5,068 

 

 

4,508 

 

 

4,901 

Property and equipment, net

 

241,993 

 

 

319,912 

 

 

417,699 

 

 

363,189 

 

 

311,570 

 

 

352,825 

 

 

300,523 

Total assets

$

264,174 

 

$

343,497 

 

$

442,140 

 

$

392,686 

 

$

331,111 

 

$

382,478 

 

$

324,845 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

LIABILITIES

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Current liabilities:

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Accrued expenses

$

5,184 

 

$

3,947 

 

$

2,334 

 

$

5,057 

 

$

6,365 

 

$

2,379 

 

$

3,002 

Accounts payable

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

Due to (from) related parties

 

1,844 

 

 

2,935 

 

 

3,835 

 

 

2,950 

 

 

3,503 

 

 

2,303 

 

 

2,551 

Tenant deposits

 

2,495 

 

 

2,495 

 

 

3,395 

 

 

2,595 

 

 

2,695 

 

 

2,295 

 

 

2,695 

Note payable, related party

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

Mortgage payables

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

Total liabilities

$

9,522 

 

$

9,377 

 

$

9,564 

 

$

10,602 

 

$

12,563 

 

$

6,977 

 

$

8,248 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

MEMBERS' EQUITY (DEFICIT)

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Members' capital

 

265,749 

 

 

337,247 

 

 

443,198 

 

 

391,836 

 

 

325,299 

 

 

383,520 

 

 

316,167 

Accumulated deficit

 

(11,098) 

 

 

(3,126) 

 

 

(10,621) 

 

 

(9,753) 

 

 

(6,750) 

 

 

(8,019) 

 

 

430 

Total members' equity (deficit)

$

254,651 

 

$

334,121 

 

$

432,576 

 

$

382,084 

 

$

318,548 

 

$

375,501 

 

$

316,597 

Total liabilities and members' equity (deficit)

$

264,174 

 

$

343,497 

 

$

442,140 

 

$

392,686 

 

$

331,111 

 

$

382,478 

 

$

324,845 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

NET FAIR VALUE OF ASSETS

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Net asset value with members' equity (without fair value adjustments)

 

254,651 

 

 

334,121 

 

 

432,576 

 

 

382,084 

 

 

318,548 

 

 

375,501 

 

 

316,597 

Net adjustments to fair value

 

86,809 

 

 

63,793 

 

 

78,150 

 

 

41,229 

 

 

73,286 

 

 

55,318 

 

 

36,025 

TOTAL NET ASSETS

$

341,460 

 

$

397,914 

 

$

510,727 

 

$

423,312 

 

$

391,835 

 

$

430,819 

 

$

352,622 

NET ASSET VALUE PER INTEREST

$

11.26 

 

$

10.21 

 

$

10.05 

 

$

9.56 

 

$

10.26 

 

$

10.00 

 

$

9.68 

 

 

 

Nathan

 

 

Poshington

 

 

Pumpkin

 

 

Raider

 

 

Sambino

 

 

Sandpiper

 

 

Scarlett

ASSETS

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Current assets:

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Cash

$

11,003 

 

$

28,347 

 

$

19,689 

 

$

21,487 

 

$

11,990 

 

$

29,392 

 

$

18,257 

Other receivables

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

Prepaid expenses

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

Deposits

 

3,245 

 

 

4,745 

 

 

5,360 

 

 

5,760 

 

 

4,895 

 

 

3,708 

 

 

2,752 

Property and equipment, net

 

175,228 

 

 

381,193 

 

 

315,800 

 

 

352,838 

 

 

289,625 

 

 

380,355 

 

 

424,310 

Total assets

$

190,003 

 

$

415,104 

 

$

341,748 

 

$

380,918 

 

$

307,347 

 

$

414,186 

 

$

446,143 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

LIABILITIES

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Current liabilities:

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Accrued expenses

$

3,601 

 

$

1,135 

 

$

2,926 

 

$

4,537 

 

$

3,013 

 

$

4,400 

 

$

10,610 

Accounts payable

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

Due to (from) related parties

 

1,304 

 

 

2,777 

 

 

3,077 

 

 

2,510 

 

 

2,955 

 

 

2,234 

 

 

2,746 

Tenant deposits

 

2,443 

 

 

2,395 

 

 

2,545 

 

 

2,995 

 

 

2,645 

 

 

1,895 

 

 

2,795 

Note payable, related party

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

Mortgage payables

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

Total liabilities

$

7,348 

 

$

6,307 

 

$

8,548 

 

$

10,042 

 

$

8,613 

 

$

8,529 

 

$

16,150 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

MEMBERS' EQUITY (DEFICIT)

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Members' capital

 

194,597 

 

 

421,512 

 

 

333,737 

 

 

379,797 

 

 

309,508 

 

 

420,611 

 

 

468,803 

Accumulated deficit

 

(11,942) 

 

 

(12,714) 

 

 

(537) 

 

 

(8,920) 

 

 

(10,774) 

 

 

(14,954) 

 

 

(38,811) 

Total members' equity (deficit)

$

182,655 

 

$

408,798 

 

$

333,200 

 

$

370,877 

 

$

298,734 

 

$

405,657 

 

$

429,992 

Total liabilities and members' equity (deficit)

$

190,003 

 

$

415,104 

 

$

341,748 

 

$

380,918 

 

$

307,347 

 

$

414,186 

 

$

446,143 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

NET FAIR VALUE OF ASSETS

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Net asset value with members' equity (without fair value adjustments)

 

182,655 

 

 

408,798 

 

 

333,200 

 

 

370,877 

 

 

298,734 

 

 

405,657 

 

 

429,992 

Net adjustments to fair value

 

36,062 

 

 

69,390 

 

 

61,163 

 

 

79,261 

 

 

61,136 

 

 

58,143 

 

 

82,096 

TOTAL NET ASSETS

$

218,717 

 

$

478,188 

 

$

394,362 

 

$

450,137 

 

$

359,870 

 

$

463,801 

 

$

512,088 

NET ASSET VALUE PER INTEREST

$

10.06 

 

$

10.09 

 

$

10.16 

 

$

10.40 

 

$

10.04 

 

$

10.05 

 

$

9.99 

 

 

 

Sinalda

 

 

Targaryen

 

 

Tilly

 

 

Troncos

 

 

Tully

 

 

Tyrell

 

 

Vega

ASSETS

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Current assets:

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Cash

$

24,259 

 

$

23,847 

 

$

13,155 

 

$

23,428 

 

$

30,355 

 

$

24,543 

 

$

25,978 

Other receivables

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

Prepaid expenses

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

Deposits

 

5,224 

 

 

5,211 

 

 

4,357 

 

 

4,253 

 

 

6,490 

 

 

4,120 

 

 

4,858 

Property and equipment, net

 

374,486 

 

 

379,241 

 

 

305,686 

 

 

336,847 

 

 

464,419 

 

 

312,593 

 

 

378,620 

Total assets

$

404,852 

 

$

409,227 

 

$

324,044 

 

$

365,258 

 

$

502,731 

 

$

342,034 

 

$

410,183 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

LIABILITIES

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Current liabilities:

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Accrued expenses

$

4,382 

 

$

4,817 

 

$

3,271 

 

$

5,269 

 

$

2,677 

 

$

2,798 

 

$

2,358 

Accounts payable

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

Due to (from) related parties

 

3,412 

 

 

3,056 

 

 

2,276 

 

 

2,886 

 

 

3,998 

 

 

2,669 

 

 

3,045 

Tenant deposits

 

3,293 

 

 

2,695 

 

 

2,195 

 

 

2,395 

 

 

3,893 

 

 

2,095 

 

 

2,695 

Note payable, related party

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

Mortgage payables

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

Total liabilities

$

11,086 

 

$

10,568 

 

$

7,742 

 

$

10,550 

 

$

10,567 

 

$

7,562 

 

$

8,098 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

MEMBERS' EQUITY (DEFICIT)

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Members' capital

 

406,615 

 

 

400,701 

 

 

332,405 

 

 

368,048 

 

 

504,795 

 

 

337,264 

 

 

408,830 

Accumulated deficit

 

(12,849) 

 

 

(2,041) 

 

 

(16,103) 

 

 

(13,341) 

 

 

(12,631) 

 

 

(2,792) 

 

 

(6,745) 

Total members' equity (deficit)

$

393,766 

 

$

398,659 

 

$

316,302 

 

$

354,708 

 

$

492,164 

 

$

334,472 

 

$

402,085 

Total liabilities and members' equity (deficit)

$

404,852 

 

$

409,227 

 

$

324,044 

 

$

365,258 

 

$

502,731 

 

$

342,034 

 

$

410,183 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

NET FAIR VALUE OF ASSETS

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Net asset value with members' equity (without fair value adjustments)

 

393,766 

 

 

398,659 

 

 

316,302 

 

 

354,708 

 

 

492,164 

 

 

334,472 

 

 

402,085 

Net adjustments to fair value

 

54,362 

 

 

52,604 

 

 

57,778 

 

 

42,459 

 

 

38,917 

 

 

43,687 

 

 

57,129 

TOTAL NET ASSETS

$

448,129 

 

$

451,263 

 

$

374,080 

 

$

397,166 

 

$

531,082 

 

$

378,159 

 

$

459,214 

NET ASSET VALUE PER INTEREST

$

9.80 

 

$

9.84 

 

$

10.11 

 

$

9.63 

 

$

9.44 

 

$

9.87 

 

$

9.99 

 

 

 

Wasilla

 

 

Wendover

 

 

Whippoorwill

 

 

Wildcat

 

 

Windgate

 

 

Wyndsong

ASSETS

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Current assets:

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Cash

$

32,021 

 

$

20,295 

 

$

21,377 

 

$

18,361 

 

$

19,911 

 

$

18,343 

Other receivables

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

Prepaid expenses

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

Deposits

 

- 

 

 

4,908 

 

 

7,662 

 

 

4,988 

 

 

5,042 

 

 

- 

Property and equipment, net

 

404,257 

 

 

365,227 

 

 

363,637 

 

 

314,121 

 

 

294,564 

 

 

348,228 

Total assets

$

437,238 

 

$

393,025 

 

$

393,754 

 

$

338,377 

 

$

320,236 

 

$

367,484 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

LIABILITIES

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Current liabilities:

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Accrued expenses

$

4,014 

 

$

3,160 

 

$

2,813 

 

$

2,415 

 

$

3,168 

 

$

11,022 

Accounts payable

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

Due to (from) related parties

 

3,113 

 

 

2,567 

 

 

2,743 

 

 

2,038 

 

 

2,367 

 

 

2,334 

Tenant deposits

 

- 

 

 

2,495 

 

 

5,240 

 

 

2,795 

 

 

4,190 

 

 

- 

Note payable, related party

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

Mortgage payables

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

 

 

- 

Total liabilities

$

7,126 

 

$

8,222 

 

$

10,796 

 

$

7,248 

 

$

9,725 

 

$

13,355 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

MEMBERS' EQUITY (DEFICIT)

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Members' capital

 

441,824 

 

 

393,807 

 

 

391,096 

 

 

336,932 

 

 

316,814 

 

 

395,943 

Accumulated deficit

 

(11,713) 

 

 

(9,004) 

 

 

(8,138) 

 

 

(5,803) 

 

 

(6,303) 

 

 

(41,814) 

Total members' equity (deficit)

$

430,111 

 

$

384,803 

 

$

382,958 

 

$

331,129 

 

$

310,511 

 

$

354,129 

Total liabilities and members' equity (deficit)

$

437,238 

 

$

393,025 

 

$

393,754 

 

$

338,377 

 

$

320,236 

 

$

367,484 

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

NET FAIR VALUE OF ASSETS

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Net asset value with members' equity (without fair value adjustments)

 

430,111 

 

 

384,803 

 

 

382,958 

 

 

331,129 

 

 

310,511 

 

 

354,129 

Net adjustments to fair value

 

68,080 

 

 

32,229 

 

 

40,142 

 

 

62,773 

 

 

48,730 

 

 

93,226 

TOTAL NET ASSETS

$

498,191 

 

$

417,032 

 

$

423,100 

 

$

393,902 

 

$

359,241 

 

$

447,355 

NET ASSET VALUE PER INTEREST

$

10.11 

 

$

9.46 

 

$

9.58 

 

$

10.34 

 

$

9.96 

 

$

10.31 

 

[1] Estimated Balance Sheet as of August 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:

 

 

●

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;

 

 

●

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

 

 

●

accruals of our periodic distributions on our interests; and

 

 

●

estimated accruals of the revenues, fees and expenses where we will (a) amortize the brokerage fee, offering expenses and sourcing fee over the lesser of ten years and the fixed rate period of the long term financing tied directly to the assets (typically five to ten 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.