We Read Every Arrived Filing for a Year: 207 of 240 Homes Are Worth Less Than They Were, and 94 Paid Nothing Last Month

What these numbers mean for a new investor, with the fee schedule and the exit rules, is in our Arrived Homes review.

Arrived tells you exactly how every one of its houses is doing. Nobody looks.

Most platforms in this niche disclose a blended number. One fund NAV, one "historical return", one dividend rate, all of it an average that hides its own spread. You cannot tell whether a 4% yield means every property paid 4% or a third of them paid 12% and the rest paid nothing.

Arrived is different, and it is to its credit. Because every house sits in its own series of a Regulation A issuer, and because Reg A requires a Form 1-U for material events, Arrived files:

• a quarterly 1-U listing the net asset value of every individual property, and
• a monthly 1-U listing the dividend declared on every individual property.

That is a per-asset performance record for a portfolio of several hundred single-family homes, published on EDGAR, free, going back years. It is the best public dataset in this entire asset class, and as far as we can tell nobody has ever assembled it.

So we did. Twelve months, seven issuers, every filing read from its own primary document. What follows is what Arrived's own paperwork says about Arrived.

The headline: the median house is worth less than it was issued at

Interests are sold at $10.00 each. That is on the cover of the offering circular, next to a $0.10 underwriter discount, so $9.90 of your $10.00 reaches the property. Hold that thought — it means NAV has to rise 1% before you have broken even on the commission alone.

Here is Arrived Homes, LLC — the original and largest fund, 241 series — at each of the last five quarterly valuation dates.

Five quarters, five moves in the same direction. The median crossed below the issue price between October 2025 and January 2026 and has not come back.

Note the gap between median and mean. The mean is dragged up by a handful of enormous winners — Series Lierly at $26.14, Series Soapstone at $23.77 — which are almost certainly homes bought early in cheap markets. The median is the honest number for someone buying a house at random today, and the median is $9.71.

207 of 240 went down

Averages of a distribution can move for boring reasons. So here is the count, series by series, comparing each property's NAV on July 25, 2026 with its own NAV twelve months earlier:

• 207 series declined
• 31 series rose
• 2 unchanged
• median change: −5.0%

And the asymmetry is the part worth sitting with:

The best house in the fund gained 5.8% over twelve months. The worst lost 33.7%. In a portfolio marketed on the steadiness of American single-family rentals, the downside tail is roughly six times the upside tail. Whatever is being priced into these marks, it is not symmetric.

Two of the five best performers by NAV — Wisteria and Louise — paid no dividend at all in August. Appreciation and cash are not the same thing here, and a house can do one without the other.

The dividend count is the number Arrived's own averages cannot show you

Every month, Arrived declares a dividend per interest for each series. Series that pay nothing simply do not appear in the table. Counting them is the whole exercise.

Read the last three columns together, because this is the point of the whole page.

Among the houses that pay, the dividend got better. $0.034 in January, $0.037 in August. If you compute a yield the way a platform naturally would — take the distributions actually declared, divide by the shares actually receiving them — Arrived's number went from 4.08% to 4.44%, and that is not a lie.

Across the fund, the dividend got worse. 3.54% to 2.65%. Because 56 more houses now pay zero, and a house that pays zero drops out of a payer-average instead of scoring a zero in it.

This is not an accusation of anything. It is arithmetic that happens automatically, to anyone computing a yield the obvious way, and it is why the count of payers is the statistic to watch rather than the rate. If you are the investor, you did not buy the average of the payers. You bought one house, chosen from all 241, and 147/241 of them paid you something last month.

The two failures also travel together. Median NAV of the 147 August payers: $9.84. Median NAV of the 93 that paid nothing: $9.26. The houses that stopped distributing are, as a group, the houses that are also worth less — which is what you would expect if the cause is the property rather than the timing of a repair bill, though the filings do not say why and we are not going to pretend they do.

Arrived's own quarterly post says the same thing, and supplies the mechanism

After building the dataset above from the filings, we checked what Arrived itself publishes. Its Q2 2026 performance post reports, in its own words:

• the Single Family Residential Fund paid "an annualized dividend averaging 4.9%, up from 4.2% in Q1"
• and, in the same quarter, that fund's "Occupancy declined to 86.3% from 95.7% the previous quarter"
• while across individual properties "stabilized occupancy across individual properties settled at 91.8% for the quarter, down from 95.2%"
• individual single-family properties returned an "average annualized yield of 3.5%", and vacation rentals "averaging 2.9%, up from 1.5% in Q1"

Read the first two together. The advertised dividend went UP, from 4.2% to 4.9%, in the quarter occupancy fell by 9.4 percentage points. Both statements are true. They are compatible for exactly the reason this page is about: a fund's dividend rate is computed on the cash it distributed, and an empty house contributes no cash and no distribution — it does not distribute a negative one.

That occupancy figure is also the most likely mechanism behind what we measured in the filings. We could see that 94 of 241 houses paid nothing in August and could not see why, because the Form 1-U does not say. Arrived's own disclosure that occupancy fell from 95.7% to 86.3% in a single quarter is the obvious candidate, and it is Arrived's number, not ours.

Two honest qualifications. Arrived's post covers Q2 (to June 30) while our dividend count runs to the August 20 declaration, so they are adjacent periods rather than the same one. And a 9.4-point occupancy fall does not by itself explain a 39% non-payment rate — vacancy, capital expenditure, debt service and reserve policy all sit between rent collected and dividend declared, and the filings do not break that out.

Arrived STR is a different situation, and it deserves its own section

The vacation-rental fund, Arrived STR, LLC, holds 29 properties. It has been the weakest thing in the family for the entire period we measured, and the shape of the weakness is different: not a slow slide, a floor it never left.

Twenty-four of twenty-nine properties have been under the $10.00 issue price at every single measurement date for a year. The bottom of the range — Series Oasis at $6.02, Series Sugarcreek at $6.46, Series Hammock at $6.60 — represents a 34-40% loss of principal on a product sold to retail investors at $10.00.

And in the August declaration, five properties out of twenty-nine paid a dividend, the largest of which was $0.023 per interest, or 2.8% annualised. The other twenty-four paid nothing. In July it was two of twenty-nine.

One thing about that table we are flagging rather than interpreting

The NAV figures Arrived filed on July 28, 2026 for the quarter ending July 25 are identical, to the cent, for all 29 STR series, to the figures it filed on April 28, 2026. Not similar. Identical — all twenty-nine.

The quarter before that, all 29 moved. We checked the two filings are genuinely different documents with different accession numbers, because that was our first suspicion.

We do not know why, and the filings do not say. A carried-forward valuation is a perfectly ordinary thing when an appraiser sees no change, and it is not misconduct. But it does mean the "July 25, 2026" number on that fund is an April mark wearing a July date, and if you were using it to decide anything, you should know that. The same filing states the NAV "shall be effective until updated by us on or about October 25, 2026."

The newer funds are fine, which is the strangest part

If this were a story about single-family rentals being a bad asset in 2026, the newer funds would look like the old one. They do not.

The payment rate falls monotonically with the age of the fund: 91%, 87%, 82%, 61%. That is precisely backwards from how rental property is supposed to work. A single-family rental is meant to get easier with time — the tenant is placed, the initial repairs are done, the rent drifts up with inflation, the fixed-rate mortgage stays put. The stabilised vintage should be the one throwing off cash, and the new one should be the one still absorbing turn costs.

We cannot tell you from these filings which explanation is right. Candidates: the 2021-22 vintage bought at the top and carries debt priced accordingly; older houses hit real capital expenditure (roofs, HVAC) five years in; or reserves that were funded out of the original raise have been spent. All are plausible and the 1-U does not distinguish them. What we can tell you is that the age pattern is real and it is the opposite of the pitch, and that anyone deciding between an old series and a new one on Arrived's secondary market should know which side of that line they are on.

What this does and does not prove

Sources

Every filing below is a Form 1-U on SEC EDGAR. The quarterly NAV filings are dated January 27, April 28 and July 28, 2026 and October 29 and July 25, 2025; the monthly dividend filings are dated the 20th to 23rd of each month.

• Arrived Homes, LLC — CIK 0001821720 — EDGAR filing history
• Arrived Homes 3, LLC — CIK 0001962723 — EDGAR filing history
• Arrived Homes 4, LLC — CIK 0002015697 — EDGAR filing history
• Arrived Homes 5, LLC — CIK 0002032732 — EDGAR filing history
• Arrived STR, LLC — CIK 0001942208 — EDGAR filing history
• Arrived Debt Fund, LLC — CIK 0002007995 — EDGAR filing history
• Arrived Seattle Fund, LLC — CIK 0002065598 — EDGAR filing history
• Issue price and underwriter discount: Arrived Homes, LLC 253G1, Series Offering Table
• Arrived's own occupancy and dividend figures: Arrived Q2 2026 Financial Performance (retrieved August 27, 2026)