With the launch of the Arrive secondary market, investors can now access investments in over 500 rental properties across more than 65 cities. This includes a range of properties from single family homes like the Larly and Soapstone to vacation rentals like the Beatbox and The Buyer’s House. It’s a major step forward in making real estate investing more dynamic, flexible, and accessible for all investors. For investors who want to exit investment before the end of a typical hold period, the secondary market offers an opportunity to sell shares, a level of liquidity that was not previously available for offerings like this. Whether you’re adjusting your portfolio strategy or responding to new financial priorities, this new marketplace gives you more ways to manage and shape your investments. Traditional real estate has always been hard to buy and even harder to sell. It’s a liquid, time consuming, and expensive to navigate liquidity. With the arrive secondary marketplace, we’re changing that. This platform introduces a new level of flexibility directly addressing one of the top requests from investors, access to liquidity when they need it, and broader access to all of the properties that are available on arrived. So, what really makes this such a gamecher? Investors can now buy and sell shares each month, providing more control and flexibility than traditional real estate investing. You can now purchase shares in properties you may have missed during their initial offering period, making it easier to diversify across the country and rebalance your portfolio. With over 500 properties across 65 cities, Arrive is building the most expansive secondary trading marketplace for residential real estate investing. It uses a marketdriven pricing model which which means investors can set their own buy and sell prices uh adding a level of transparency and control. And when investors match on pricing um or when investors buy and sell prices overlap that’s when their prop their trades match. Ultimately this gives investors more ways to adjust their strategy over time unlocking new paths for long-term portfolio growth. So what does this all mean in practice? Whether you’re invested in a single family home, a vacation rental property, or a real estate fund, you now have the opportunity to access liquidity by selling shares on the secondary market or participating in our funds redemption programs. This is really more than just a new feature. It’s really a foundational shift in how real estate investing works. It transforms what used to be a long-term locked up investment into something far more dynamic and responsive to your goals as they may change uh throughout your life. So, let’s take a closer look now at how it really works in practice. The arrive secondary marketplace will open for one week of trading every month. During that week, investors can submit buy and sell orders in any of the properties that Arrived has offered in the past and that are available for trading. Investors will be able to view the property, the market information, and then decide whether they would like to submit their buy or sell order. When a buyer and seller match on price, um we facilitate the exchange of cash for shares um and pay out the investors. The experience of using the secondary trading marketplace will be very similar to interacting in the public stock markets. Investors can submit buy and sell orders at any time, including on evenings and weekends during the trading week, but transactions will only occur during market hours on weekdays during the trading week. Importantly, a share can only be transacted once during a secondary market trading week. There will not currently be an option for day trading within a given um secondary market week. So, if you buy shares on the secondary market, you’ll have to hold them until the next monthly window opens. A couple of important logistical points. Once a new property launches on our site, it will typically be eligible to start trading on the secondary marketplace around 6 months later. We’ll require that buyers are already investors on arrive for at least 60 days with at least one settled trade. And this is both to reduce potential for fraud and ensure that participants have at least some experience with our investments and how they work before using the secondary marketplace. Critically, purchases on the secondary market will be funded by a from an investor’s bank account. That way, investors don’t have to bring cash onto the platform before making a buying decision. trades and a payments will not process until a match has occurred. And so you don’t need to transfer funds into arrive before submitting orders. So that provides a quick overview on the secondary marketplace and now I’m going to kick it over to Jake to talk through a little bit more of the details. Thanks Ryan. We’ve gotten a lot of great questions from investors about the secondary market and we’re going to use those as our guide for this walkthrough. Let’s dive in. First, I’ll review three terms about trading that are new for arrive with the launch of the secondary market. The first is trading window. This is the oneweek period during which the secondary market is open each month. All of the secondary market activity takes place during the trading window. Market hours are probably a familiar term from stock market trading. During each trading window, the market hours are from weekdays from 9:30 a.m. to 5:00 p.m. Eastern time. And lastly, you’ll hear me talk about matches. This is when a buy and sell order overlap on price, initiating a trade between the buyer and the seller. This can happen for all of the shares in an order, or you can have a partial match where some, but not all, shares execute. So, what’s the best way to find properties to buy on the secondary market? I’ll talk about two approaches here, and I’m sure as you start using it, you’ll find even more. Using filters can be a great way to discover properties when you have a clear idea of what you’re looking for and want to narrow down your options. Many of the available filters on the secondary market will look familiar from our new property filters. We have filters for property type, market, rental status, and properties in your portfolio. And then we have two filters to make secondary market browsing easier. The first is minimum number of shares listed. This filter will help you find properties with a large number of shares available. This is useful if you’re looking to deploy larger amounts of capital per property. There’s also a filter for markets in your portfolio. This is a great filter if you’re looking to diversify into new markets, especially opportunities to invest in markets that haven’t been offered by arrived recently. Selecting notowned here will show you all of the properties in markets that you don’t currently have in your portfolio. The last three columns in the secondary market table are useful on their own and in conjunction with the filters I just showed. Sorting by the shares listed column will help you see the properties at the top of the list that have the most number of shares available. And sorting by best available price helps to bring the best deals to the top of the list. This shows you the best available price in the order book in relation to that property’s arrive valuation and how far above or below it is. Realistically, you’ll probably end up using a mixture of filters and sorts to find the right properties to invest in. We also have a demand chart on the far right. This shows the distribution of shares from buyers and sellers, so you can quickly get a sense of the market activity. It’s showing the number of buy and sell orders relative to the arrived valuation, allowing you to quickly see where the buying and selling opportunities are. But once you have a good list from filtering and sorting, you’ll probably need to do some kind of manual analysis to understand the story of each property. The best place to do this is the property history section, where you can find information on historical dividends, rental status, and performance over the entire property’s life. Only you can decide exactly what you’re looking for, but this is a great place to start. Now, on the flip side, how might you determine which properties to sell on the secondary market? While the secondary market can offer an optional path to liquidity, all properties are still managed with a long-term rental mind strategy in mind. Arrive continues to hold and sell properties accordingly according to the planned timelines and based on market conditions. So, if selling on the procary market isn’t something you’re interested in doing, that’s totally fine. It’s a decision that only you can make. With that said, if you’re looking to strategically sell properties based on performance, we recommend starting in your portfolio. From there, you can review individual property performance and click on a property’s name to place an order to buy more shells shares or sell directly from there. There’s also a handy shortcut to sell shares from the main secondary market page, but less ability to analyze property formance when you take that route. Now, why are all orders limit orders? We use limit orders so that investors can have more control over the prices that their shares are trading at rather than simply executing at the best available price, which could be far from the arrive valuation. Every time you place a limit order, you’re essentially stating the highest price you’re willing to pay or the lowest price you’re willing to sell for. You might wonder what might change um in your order after it’s placed. You can you change your mind? The answer is yes. You can change and edit your price until it’s matched. When you submit your order, we’ll check the order book for matching shares immediately if it’s during market hours. If the market is currently closed, we’ll check the order book for potential matches immediately when it opens the next day. If your shares don’t match right away, you may want to adjust your order using market data, which you can do in the manage orders area. Again, this is totally up to you. Remember that the order price is the highest you are willing to pay for shares or the lowest you are willing to sell shares for. Only adjust your prices to thresholds that you are comfortable with because once a match occurs, the trade is final. So, how do I go about setting a price for my order? Only you can decide. Take in the arrived valuation, the market data, the trade history, and the property history into consideration. Compare that to the activity that’s happening on the order book in real time. All of these data points are conveniently available when you click on any property in the secondary market. For full details, you can always open up the property’s original offering page, but take note that the data here is frozen in time from its initial launch. When you review your order, you’ll see that we’re only giving you an estimate of what may be due or paid at match. Why is that? In the case that a seller is willing to sell for a lower price than you’re willing to buy or vice versa, your order may match at a better price than what you submitted. The rule of thumb is that everyone gets what they want or better. You can’t do worse than the order price that you submitted. Now, since we don’t know your final price or how many shares out of your order have matched until the match actually happens, the source of truth for what happens is in the transactions history or activity area. Until then, you’ll see us refer to subtotals as estimated. And now that we’re talking about activity, let’s go over the trade statuses and money movement. When will you see newly purchased or sold shares reflected in your portfolio? As soon as an order matches, it is final and will populate in your activity table with the status processing. Shares from buy orders will immediately be shown in your portfolio. Shares from sell orders will not move to your closed positions until after the trade has settled. This usually occurs 7 to 10 business days after the trading window closes. You’ll see a green check mark as the status to note that the trade has successfully settled. If you’ve sold any shares, the trade settling will also be when you uh when you see the cash from the sale reflected in your arrived cash balance. Now, one last easy question. Where can you go to find all this information and more after the webinar? We have helpful guides to getting started in app when you click learn how to get started on the main secondary market page as well as lots of FAQs at help.arive.com which is also linked in app.