Fantastic. Jake and team, thank you so much for prepared remarks as always. You probably saw we have folks from all over the country today, which is absolutely fantastic. Coast to coast. Uh for folks that are new here, feel free to drop any and all questions in chat. Uh I will either answer directly in chat or we’ll throw it right up on the screen and answer them live. So this is your time. Feel free to drop any and all questions. We’ll go ahead and get started here. Um, and one thing to mention, sometimes if we see like kind, I’ll group those together. So, if there’s a little bit of moving around, um, that would be why, but then at the end, I’ll definitely make sure we’ve answered all so you all feel supported. We’ll jump right in here. I briefly answered in chat, but always a good one to touch on live. Can we use IRA funds to invest with arrived? And how do we do this? Yeah, it’s been a long requested feature. Um, the answer is not really. right now we can take investments from checkbook IAS but that’s a very very niche subset of you know IAS that you know 99% of people don’t have the better answer is that it’s something that we know people are interested in um and we’re going to try working on over the next year it’s a great way to kind of pair your retirement dollars which are already kind of a a larger chunk of what you have available to invest and already has a long-term mindset which is perfect for investing in real estate so we’d love to enable some retirement account investing on arrived Um, I’d say look for that over the next year or so. Fantastic. Awesome. Great feedback. Definitely appreciate the question. Um, I can take this one quickly from Stephen. It’s a great question. Which short-term rental platforms, if any, do you use to connect guests to our short-term rental properties within our portfolio? So, our most common are Airbnb. You’ll see that directly on each of the individual offering pages. You can click directly into that listing. But then there’s also VBO, Marriott, Bonvoy, Booking.com, Expedia. This does vary on who the PM is and where they’re sharing it explicitly and there can be more there as as well. So, uh, we work hard to get those listings in as many places as possible. I also dropped a link, it’s called our Airbnb wish list, but that’s where all of our vacation rentals live, too. So, if you want to take a peek, uh, again, those are directly on Airbnb. That’s the one we’re constantly adding to, but we have a lot of investors uh that like to to view that one. That’s nice. I didn’t know we had that. That’s a super cool page. Yeah, it’s awesome. It’s an easy way to see all of them in one place. We’re at 3940 vacation rentals, so it’s definitely grown over time. Um I can take this one quickly, too. Can we call you on the telephone? Great question. We previously did offer a phone number, but it wasn’t monitored 24/7, so it left folks um unable to reach us quickly. That said, we host these webinars uh once a week right now at 9:00 a.m. PT. We have investors that jump in here just for Q&A. We also have live chat support in the bottom right hand corner of our platform. You can always click in there. Uh we do have a few steps that run through an agent before it goes to a human. You can suggest or ask for a human at any time, but our responses there are relatively quick. Um, and then we have other social channels as well, but I would say our webinars and our live chat are our easiest ways to connect with our team. All right, cruising through here. Uh, folks, keep the questions coming. This is your time. So, we want to be sure you feel supported. Um, Jake, one that’s really relevant for right now. I know Ryan talked about liquidity uh during prepared remarks, but we have a live window right now. So maybe we walk through a little bit of the history of secondary market um how it operates essentially and what properties are included. Yeah. So our secondary market is how you can get liquidity for the individual properties. The funds products, the single family fund, the private credit fund, the Seattle fund, they have a separate program for exiting the investment which is called a redemption program. The secondary market is specific to shares in the individual properties. And Ryan talked a lot about it, but the way it works is it’s really like the stock market where you if you own shares in the property, you can list them for sale. If you want to buy shares in a property, you can put in an order to buy them. And the price at which the transaction happens depends on kind of what’s available on the open market and where buyers and sellers tend to overlap in price. Just like with the stock market, you submit a price, you know, you submit a limit order that has a um, you know, a buy order or an a sell order. um you have a bid and ask and the order book will match up you know buyer and seller together. Um you guys as new arrived investors will have eligibility to start participating in the secondary market 60 days after your first investment. So you know we definitely want people to kind of get familiar with arrived and get to know how everything works by kind of buying you know into the new investments. But once you’re kind of an arrived investor then you’re allowed to participate in the secondary market which runs every month. every month generally toward the beginning of the month there’s a full week where properties are trading on the secondary market and so for you know you if you’re looking to invest right now that might be an opportunity where in you know a year or two or three you say hey I actually want to free up some of the capital that I put into some of these individual properties you can go and list your shares for sale and be able to exit the investment that way or close out a position or shift capital around however you may need it also for you guys in particular gives a cool opportunity to buy into older properties unrived so you’ll have all, you know, 400 450 some properties um that we’ve ever offered that are trading on the secondary market and it’ll give you an opportunity in about two months to be able to say, “Hey, I want to be able to buy properties that are in, you know, a market that arrived may not have. You can buy properties that have, you know, loans on them that have interest rates that are very favorable compared to where today’s interest rates are.” Um, so it’s a cool way to kind of be able to build out your portfolio and kind of piece together pieces of different individual properties from across the country because generally the best returns are going to come from having a well diversified portfolio. And while we usually have, you know, four to six individual properties that are available on the site at any given time, it’s nice to be able to go back and kind of backfill your portfolio with kind of the back catalog of arrived investments. So that’s a bit about the secondary market. Um, if you go to our site, you’ll see it in the kind of the top right corner. there’s a little sun button that says secondary market. You won’t be able to do anything on it right now, but you can go and kind of take a look at things, kind of see how properties are trading, what information is available. Um, and generally, you know, when you buy into properties on the secondary market, there’s a lot more information than when you buy into a new investment. Reason being, we have, you know, say four years of operating history for a property. So, we know how it’s, you know, valuation has changed over time. We know what dividends it’s paid out over time. Um, we’ve got a whole timeline that shows you all the events of when the property was leased and for how much and for how long and when it was vacated. Um, so it’s a cool way to kind of see all of the kind of suite of information that you’ll have available for your investments once you start, you know, um, investing with arrived as well. Absolutely. And Jake, very timely. Uh, we had another question come up here about how we find out the property’s historical appreciation and cash flow return to investors. So, Matthew, if you go directly to uh the invest page, and again, you do not have to have an account to view all this information. You’ll go to invest, and then I went over to the performance tab here. If you scroll down a little bit, you’ll see view full property timeline. Now, this is a brand new property that just recently uh was offered to investors. So, there hasn’t been a dividend on this property yet, but let me pull up one really quick where we can see more info. I’d even go to go to go to the secondary market and pull up the sheet from there or go to your or go to your portfolio and pull it up. Great idea. Yeah, because that then I’ll have the full the full set of information. Yes, I’ll go back here one moment.
Perfect. Okay, so what I did like Jake mentioned, I clicked on that secondary market icon, scrolled down here. Let’s just pick one of these properties in here. Oh, what a great property. But we’ll pick the bean. Uh, so again, here’s all that information directly on um the page as well about this property, what the arrived valuation histories look like, dividend history, so on and so forth. You’ll also see that property timeline in here. Um, if you want to go direct to the property, too, you can always do that as well. But here’s that full property history. So, Matthew, you’ll be able to see dividends paid, more details on it, so on and so forth, if the lease started, if it ended, um, renewals, so on and so forth. You can also go to our learn blog or excuse me, our about section and we have historical returns and this will showcase historical returns on all properties to date on arrived. So, a couple different locations, but to Jake’s point, I think the property history page is definitely the easiest place to go. Jake, any color to add there? No, that was great. All right, moving back over to the key. Some good ones coming through here. Let’s see. A great one from Antonio. Can y’all create a way for us to tag properties in the secondary market to circle back to? Yes, it’s um like favoring properties has been discussed. Um, I don’t think we have anything in the works right this second, but I know the team is definitely aware, particularly as their secondary market has gone from having a couple properties trading at a time to having, you know, close to 500. I think now it’s, you know, a little bit unruly to try to figure out, wait, what was the name of that property that I was looking for? For right this second, the best workaround is to just, you know, oldfashioned, you know, piece of paper and a pen, write down the names of the properties you were interested in or, you know, put it up on a a notes file on your computer. longer term, yes, we’re definitely looking at, you know, how we can, you know, add a favorites list or a wish list like we were just looking at on Airbnb. So, you can kind of tag the handful of properties you may be interested and then even track them across multiple secondary markets to figure out when you actually make a trade in them. Kind of like your, you know, your stocks, you know, watch list. Absolutely. Yeah, great feedback, Antonio. I know, Jake, that’s been one of our most requested features since we launched Secondary Market. So, heard you loud and clear on favoring. We’ll be sure to share more um as we build out. I can take this one quickly right now. How do we uh how do new investors get help when starting to invest? Fantastic question. You can always email supportive.com or you can use that chat chat function menu in the bottom right hand corner of arrive.com. If you actually want to try it right now, I’m more than happy to respond on my side. Um it’s just a little black circle with a trying to describe it correctly with like a smiley in there. Um, so feel free to jump in there. I’m happy to respond so you can see what the chat function looks like, but we have folks that reach out um daily with any and all questions. Happy to help. All right. And I would say too, if there’s any questions that you have here too, we’re happy to answer them live. So, this should be a safe space for 101, 501 questions, anything and everything. Uh, good question from Scott. I can take this one. Do you anticipate adding more vacation rentals in the future? There were none listed in the search the last time I checked. Fantastic question. I would say we’re currently hyperfocused on operational efficiencies for our vacation rental uh segment that we have today. We have roughly 40 on arrived. Uh that said, Scott, they can always become available again on the secondary market which is live right now. Uh but again, that will be an existing vacation rentals at the mercy if existing investors are placing those shares for sale. Uh but we’ll be sure to share your feedback. again hyperfocused on those operational efficiencies for that segment. All right. Uh a good one from Renee. With the real estate market ever changing again, is a ride moving away from those volatile markets? Yeah, we’re constantly, you know, Oh, did I lose my video? You did lose video, but audio is still working. Weird. Um Okay. Um anyway, we are constantly evolving our strategy as the market shifts. You know, when we first started the Arrive platform, you know, interest rates were really, really low and we were buying each property with 60 to 70% debt. You know, investors were funding the other 30% or so with cash and we had this nice leverage investment because interest rates were low and it made a lot of sense. As time has gone on, you know, interest rates went up in 2022. We shifted our strategy a bit and started funding properties with all cash with the hopes that we would refinance them in the future. That hasn’t happened yet since, you know, interest rates are still high, but we continue to monitor the credit markets to see, you know, when that might be a possibility. Similarly, we’ve shifted around market strategies as well. You know, in that kind of similar time frame, we started to buy properties that were in more, you know, appreciation and kind of growth focused areas. Think places like Denver or Phoenix. And you know, as interest rates came up and appreciation leveled off a little bit, we’ve shifted more toward markets that, you know, cash flow really well on day one. So, properties like uh Huntsville, Alabama, Oklahoma City, Knoxville, Tennessee, Chattanooga, um some of these, you know, markets that you may not think of as being like the best place to invest in real estate right off the bat, but when you look under the surface, they really do provide a nice kind of steady stream of cash flow and some consistent appreciation. We kind of continued to evolve the strategy again probably 2023 when we launched our private credit fund. Um that was kind of in response again to interest rates being high and kind of recognizing the opportunity to take on an investment where investors can kind of play the role of the bank and invest in you know debt that is secured by real estate rather than investing in the equity portion of the capital stack. So we’ve continued to evolve our strategy and we will continue to evolve our strategy. the arrived model is really really really flexible. So we could end up investing in land in commercial and industrial um with all sorts of you know multif family. There’s all sorts of different strategies that we may be able to t tackle. It just really is a matter of kind of reading the market, you know, reading ourselves and understanding what we’re good at and what we’re not as good at and then making sure that we kind of place the right bets, you know, seeing what, you know, we are aware of today from, you know, the projections on appreciation forecasts, macroeconomic um situations, you know, um the situations in Washington on the political world. So, we are kind of constantly evaluating our strategy and how it compares to what’s going on and changing the world and figuring out how do we need to change and what other investment products should we offer as a result. I’m going to leave the room and come back real quick to try to get my video back. Yeah, that’s absolutely perfect. Um, we’ll give Jake a moment here um and see if the video will come back. There we go. We’re back in action. Perfect. And Jake, you just brought up very timely. mentioned um the political climate or environment that we have right now. So, a very pertinent one from Matthew. I answered in chat, but this is always a good one to take live. If large institutional investors um like folks have seen out there are restricted from purchasing single family homes, how would that affect arrived offerings or is arrived grandfathered in? It’s still a little bit TBD based on, you know, how they end up defining everything. So far, you know, we’ve got um, you know, folks that we work with in Washington that, you know, are kind of keeping us a breast of the situation, and we feel really good about where we’re positioned. You know, it really helps that the arrived investments aren’t, you know, consolidated under one group of ownership. Each individual property is owned by a different set of investors. So, it’s a little bit different than, you know, say one investment fund that owns, you know, 5,000 properties. We have 500 properties, but they’re each owned by a different set of investors in each of those 500. So that provides us kind of some protection. Um there’s also a lot of you know caveats and you know asterisks in all of the the you know way that some of the bills are written. Um and so far we feel really good about our positioning and kind of where we sit in you know how all of that stuff is shaking out. You know similarly it is a risk in general of operating a business and so it’s one that we kind of continue to monitor and be tracking. Um, and so we will keep everybody breast as we learn more, but right now we feel really good about the positioning. Fantastic. And moving into taxes, I’m so glad Larry asked. These are always my favorite. Tax situation. Will these investments involved uh filing different state tax returns of earnings? So yes, as Antonio Crim pointed out in the chat, the the 1099 DIV you receive will be consolidated. So you’ll get one tax form even if you invest in 20 different properties. What’s even better is that the investments are taxed as REITs. And what that means is that there is no state tax filings. So if you live in California and you invest in 15 different properties, all you have to do is file your federal state federal tax return and your California state tax return. You don’t end up filing a South Carolina state tax return and an Arkansas state tax return. uh which would be really really annoying because you’d have a little bit of income in a whole bunch of different states. Generally means that you know you have a high cost for your CPA and for actually putting together all of the filings. So um it’s really really really nice that you know one you can get it all in one form and two that unlike a you know a uh a partnership like a real estate syndication where you get a K1 it doesn’t trigger any of these other state tax implications. So makes it really nice and easy. Um, you get the one halfpage PDF. It’s about 30 seconds in Turboax to drag and drop or your CPA can handle it no problem. Absolutely. Yeah. For anybody that’s dealt with K1s, they’re a true nightmare. I can’t imagine having to submit like let’s say you you’ve invested in 100 properties havingund 100 different K1s. So, our goal from inception at arrived is to be as passive as possible. So, we try to do that for every uh single piece of our platform today. It’s a great question. Oh, a great one in here from Michael. Uh, how is Arrive different from I believe they used Mogul as an example. I think Jake, there’s a lot of u great prop great properties, great companies out there, different fractional options, traditional ways to invest. What would you say is Arrive’s biggest differentiator? Yeah, there are a bunch. Um, as far as mobile specifically, I haven’t looked deeply at their offerings in a while. Um, not not a knock on them or anyone else, but my recommendation is just, hey, look at all the disclosures, look at all the details. There’s been other investment platforms that have, you know, gone out of business where you kind of look at their, you know, underlying SEC documents and going, you know, you kind of go, they’re taking what kind of fees? You know, you’re kind you have what kind of control? You know, that seems a little bit extreme. Um, so definitely look at all the details and not just the shiny stuff that’s on the front page because there’s kind of always more than meets the eye. That said, kind of where does Arrive sit in the world of real estate investing? You know, we sit in a really unique place. So, for one, as far as, you know, competitors, it’s very indirect, but one that we often hear when we talk to folks is just buying a property on your own and just saying, “Hey, why don’t I just buy the property down the street and own it all myself and then I’ll just rent it out?” And that can be a great option, and it’s one that some people love, particularly if you’re handy and you like working on things. Um, you like kind of being in the physical world. Um, for other people it’s, “Oh my gosh, I just bought myself a part-time job and now I have to commit, you know, 15 hours a week, whatever to management, maintenance, paperwork, learning things, etc.” So, that’s kind of one angle. And again, if you do that type of thing, people tend to invest, you know, where they live because it’s easy for you to be able to work on things and do things. It’s a lot harder to buy a property that’s across the country and still kind of manage it correctly. Um, and you have a huge chunk of your investments tied up in the one property. So you have the opposite of diversification. You’ve got a lot of cash tied up in one particular property. So that’s kind of one kind of angle of competitor that we see. The other is just investing in REITs online. So you can go right now and invest in you know American Homes for Rent or you know one of the Blackstone funds. There are you know investment vehicles online like that. Um they tend to trade more so with the public markets. So American homes for rent invitation homes etc. you know, public storage. If you think about the, you know, all the self- storage facilities you see, um, it can be a way to get some exposure to real estate, but those tickers tend to trade a lot more on the broader, you know, macroeconomic cycle. So, you know, the president comes out and says something and the market moves, those stocks kind of go up and down even though the value of the real estate hasn’t really changed, you know, from yesterday to today. You know, gas prices tick up and instantly the the share price adjusts. Um, and so they can be a lot more volatile. And what really hits you is because you’re investing in a in a a stock that is fully liquid, you pay what’s called a liquidity premium. So you end up paying more for the ability to be able to sell those shares on the market any given day. But for people that want to invest in real estate long term, you’re effectively paying extra for this liquidity feature that you don’t really want to use. If you’re evaluating the arrive platform, I assume you are comfortable with saying, “Hey, I want to invest in real estate, put a certain percent of my portfolio into real estate and not touch it for five or 10 years.” And that is, you know, not generally how the best approach is on the stock market where you kind of pay this extra liquidity premium because of course, if you have something that is liquid every day and something that’s not liquid every day, you’re willing to pay more for the one that gets you that extra liquidity feature. So you end up kind of paying extra for a feature you might not even use effectively and it’s more volatile kind of on a day-to-day basis. And the last knock there is that you end up getting more operating company exposure than real estate. So if you invest in, you know, LAR homes on, you know, the stock market, yes, it’s real estate, but they’re a construction company. So you’re really betting more on their ability to buy land, develop land, build houses, which is a different business than just saying, “Hey, I want to invest in the Charlotte market and bet on Charlotte as an area that I think we’ll appreciate over the next several years.” So that’s kind of the the two main set of indirect competitors that we have. There’s all sorts of other kind of investment platforms, you know, Mogul and Fundrise and uh Yield Street, etc. Um, they all kind of vary a little bit on what they offer as far as types of investments, ability to pick investments, if they’re in funds, if they’re not in funds. Um, and again, definitely recommend looking at reviews, details, track records, um, etc. The, uh, the one last thing I’ll throw in on this topic because I know I’ve been rambling here for a little while, is that with Arrive, you have this kind of cool ability to pick and choose what you invest in. And so, a lot of, you know, real estate funds are going to be kind of all or nothing. just hey here’s our um single family fund and you get what’s in it or you don’t and with arrive you can really pick and choose and kind of customize what you’re buying. So, say that you go and you buy into, you know, um, American Homes for Rent online. You get an instant exposure to the 50,000 some properties that they own. Obviously, you can’t do due diligence on 50,000 some properties. You don’t know how kind of good they are, how bad they are, where they’re located. There’s not really a lot of details and visibility you can see. With Arrive, there is kind of the transparency and ability to look into what do you actually own. If you’re investing in these individual properties, you obviously are investing in that single address. So you can look it up on Google Maps. You can look it on street view. You can look at the school rating. You can check out the area. Um, and even in our single family funds, we list all the properties that are in it. So you can kind of take a peek around to see, you know, where you actually have exposure to. So you kind of have that transparency angle with Arrived. And you also get that customizability angle where you may say, “Hey, I want to invest in the US, but I am not investing in Florida because I’m worried about hurricanes.” You have the ability on arrive to just pick and choose properties that kind of fit that criteria. you can kind of filter and look around by what areas are in good school district. You know, you may only want properties that are, you know, have a certain price to rent ratio, properties that are in a certain location. And so, you have this kind of customizability aspect that you don’t really get if you’re buying whole properties, if you’re buying rates online, or if you’re investing in kind of these other, you know, um, investment platforms that have general funds. So, there’s a lot of really cool things that set Arrived apart. Um there’s a number of other companies that try to do the same types of thing with these individual property investments that we have, but we kind of grew faster right out of the gate and the rest of them kind of have uh have tailed off. So um right now we are really the the only and the largest player for single family home investments. Um and you know we are kind of continuing to expand and kind of grow grow our market share. Fantastic. Awesome. Yeah, great question. Uh very much appreciated. All right, moving back over here. Another good one from Matthew. I shared some details in chat. Always good when that’s live. What are the guidelines for selecting properties? How do you evaluate each property and their appreciation potential and or cash flow? Is there a go or no go threshold uh required in each, which is a great question. Yeah, awesome question. So, it’s really the the annoying answer is obviously it depends. You know, the underwriting for Phoenix is going to be different than the underwriting for Jacksonville, Florida, which is going to be different for Northwest Arkansas. Each market has, you know, a different flavor as far as what’s the expected appreciation in cash flow really as a function of what are home prices in the area and what are rents. So if you go to areas on the coast, you have really high, you know, property values and you have comparatively low rents relative to properties that are in the sun melt that have, you know, more moderate um prices but still have pretty strong rents. So we generally look at, you know, markets first. You know, we’ve got 50 or 60 some markets that we’re operating in right now. And from there, our team is kind of looking across the nation every day. So, we’ve got, you know, some some tech enablements that allows us to look at, you know, what’s been listed um and what kind of new construction opportunities do we see coming up from some of our, you know, partner partners. From there, we kind of do a first glance overview. So, you know, we just look at some easy screeners. You know, what’s the price to rent ratio? Um what are the zip codes? You know, there’s areas that we like, there’s areas that we don’t like. And from there, it kind of helps our team narrow down from the the world of infinite properties you can buy to, okay, here’s the ones we actually want a human to take a look at and and really kind of dive deep on. Um, from there, we can make the best acquisitions that we see. So, we don’t have, you know, a quota of we need to buy this many homes in this particular market. Um, and that really allows our team to be flexible. You know, we’ve got this nationwide presence. And so to us, it doesn’t matter if we buy three homes in Nashville this month or three homes in Tucson. We can kind of do either one just as easily. And so it allows us to, you know, really kind of go wide, find the best opportunities across the states and then make acquisitions accordingly. And so to the the question earlier about shifting strategy, that’s meant that we’ve kind of gone through dips and waves on different areas. You know, there’s been times where it’s like, hey, we are buying, you know, almost only Tennessee properties because we see a lot of great deals and a lot of uh, you know, it’s really a buyer market and then all of a sudden the tides may shift and we pull back a little bit and start buying more in different areas. Um, and so we we can kind of be flexible and shift along with the market as we go. Um, we do have kind of hurdle rates for each type of property that we have. You know, more broadly speaking, you know, you’ll see that a lot of our properties are going to be similar. you know, we’re generally looking for more suburban homes. You know, we’re not buying at properties that are in the kind of the downtown core area. Um, we’re generally looking for newer properties and so properties that are built in, call it 2018 and more recent. Uh, we’ve got a couple properties that are the early 2000s, maybe one from the ‘9s, but we’re not buying properties that were built in the ’60s that were remodeled by Joe and his brother a couple times. Um, you generally like the newer properties because you get a new roof, new HVAC system and pretty high confidence that, you know, over the next couple years, you’re going to have relatively low maintenance and capex requirements. We’re generally looking for kind of familyfriendly areas and homes. So, especially when we buy new construction homes, we’re often adding a fence. We’re often adding um, you know, uh, maybe a little bit of landscaping, things that are going to appeal to renters that have a dog, that are going to appeal to renters that have kids. Um, and so that’s kind of what we look for in the properties. We also kind of look at the path of progress. So, as I said, we aren’t really investing in like the downtown core areas, but we’re kind of looking at, well, where is this market growing? As more people move in, where are areas that are going to become the areas that you go, dang, I wish I had bought there 15 years ago. So, we look a lot at kind of the highway systems, where kind of the city is naturally expanding, and a lot of what the geographic constraints are. So take an area like Salt Lake City. You’ve got the Salt Lake, you’ve got mountains on two different sides. And so the city can really only grow north south. And so knowing that um and knowing that you know an area like Salt Lake City is attracting a lot of tech talent and you know the economy is really growing down there, we can kind of make some educated bets on okay well where in this market makes sense and we know that an area like that is a little bit more expensive and we’re going to kind of trade off some cash flow today for the hope of more appreciation tomorrow. Uh there’s a lot that goes into it. Um our team is really experienced and a lot of them come from American Homes for Rent. Um and so they have a lot of deep institutional experience in, you know, buying residential real estate. Um and so that’s a little bit of an overview on on the general guidelines. Everything kind of goes through our investment committee. So we take a look at everything. We analyze it. We kind of come up with some numbers. Gets presented to a group. And that kind of group goes through and figures out, okay, do we like this property or not? And then of course it goes into all of our due diligence process which I won’t go into now but similarly we kind of you know dot all the eyes and cross all the tees to make sure that it actually does make sense for us. Absolutely wonderful. Thanks for walking through it. Jake Matthew had a very kind comment. This has been very enlightening. Thank you. Well thank you Matthew and for everybody today for the awesome engagement in chat. It’s absolutely fantastic. I know we have a few more in here before we close our virtual doors. I touched on this lightly in chat from from Renee, but I feel like it’s a good one to walk through live, too. Uh because Jake, you walked through the political environment, and I think it’s a good differentiation between HOA. So, who keeps a breast of HOA’s changing their rules about fractional ownership, rental restrictions, in the event they change and can’t own a rental there? Does the property get sold and the net shared among owners? If if that were to happen, then yes, you know, we’d probably say, “Hey, let’s sell the property and and just kind of distribute what we can.” Um, in general, that’s one of the things that’s in our speaking of which, that’s one of the things that’s in our due diligence. And as we’re kind of doing that kind of second and third level evaluation of a particular property, some HOAs will have a cap on how many rentals can be in that community. They say, “Hey, only 20% of the properties here can be a rental home, and if you know there’s extra people that want to do it, then you’re going to get put on a waiting list.” And so, we don’t buy properties there. Um, it’s always possible that some of those rules change. Um, HOAs are known for always being cordial and polite with no drama or politics, of course. Um, that was sarcasm. So, we definitely keep an eye on things and are aware of what’s going on, but it hasn’t hasn’t really been an issue. You know, generally people buy their house. Um, you know, even the HOA is kind of fine if they rent it out. We try to avoid the ones that do have restrictions because that means it’s more likely that there will be more restrictions in the future. Um, but yes, in case something were to happen, you know, it’s not like your investment just goes up in smoke. You know, we still own a property. It may be that for whatever reason that we can’t rent that property out, we would just sell the property. Yeah. And I should have mentioned, Renee, cuz I misunderstood your question um more I thought you were referencing more of the political environment with like removing rental properties um from major conglomerates that are buying a lot. So, my apologies in the comment there uh but definitely appreciate yours. I would say too, I know a lot of times you would get questions on, well, what if vacation rentals are no longer allowed in a certain community, so on and so forth. We haven’t had that to date. Obviously, to Jake’s point about due diligence, that’s definitely there. Um, as you know, those are ever changing. We do have the option to move that from a vacation rental over to a long-term rental. We haven’t had to do that to date, but it is nice to have flexibility in the future if we should decide. I would say that’s not an ideal case because we’re typically making those vacation rentals into a true vacation rental, not a single family residential property. So, the funds that are being allocated to make um different features that would be exciting for a vacation wouldn’t necessarily pertain to a single family residential, but there’s lots of options there and flexibility, which is something that our team’s done a great job with. All right, I’ll take this one quickly from Antonio. Uh they asked if we have an app for Android. It’s a great question. As of right now, we’re currently live on all browsers, mobile and desktop. And then we have an iOS app as well. We do not currently have an Android app. We are hoping to build this in the future. Uh but it’s not on to be transparent our immediate road map for context. Uh we our secondary market was a massive build that we have and we have a few fast follows from that. The other thing I’ll say is our iOS app doesn’t have full parody with our browser. So I would say browser is still our easiest way to be able to do all things on arrive from account changes so on and so forth. However, we definitely know that accessibility for both iOS and Android is imperative. So more to come here. Uh if you haven’t already, Antonio, we’re happy to add you to the Android beta. um feel free to drop your private email in the or private DM or you can um email supportive.com or use our chat function and that goes for anybody on the line if you would like to join that beta in the future. So definitely let us know. All right, I think we cruised through all the questions here today. I know we have about 2 minutes left. So folks, keep me honest in the chat if I either missed a question or you have one last burning one in here. Uh ooh here’s a good one uh from Renee. Are arrive fees staying the same and do we get a notice if they go up? There definitely be a notice. Um all the fees for each of the investments are listed on their pages. Once you make an investment, the fees for that investment generally aren’t going to go up. Um it’s much easier to lower fees than it is to raise them because everything we do goes through the SEC process and it’s kind of like a mini IPO. So once we kind of have a new investment, it’s more likely that we end up lowering our fees um just because it’s very very very very difficult to raise them. So with some asset classes, we’ve kind of started with a fee level and over time as we’ve gotten bigger and more efficient been able to lower fees on some of those investments. Um the only time fees would really go up is if we launch a new investment product. So, say that we have a, you know, I don’t know, a new investment where you can invest in fractional data center real estate that might have a new fee set and that fees might be higher than some of our other products, but we wouldn’t be taking the fees on our, you know, individual properties and raising those. Fantastic. And Jake, um, maybe we one last mention like our redemption fees. We actually made a change to those. What was it? Was it Q425? Um, and we actually decreased the percentage of fee based on the time held. Um, and that was notified by to all investors. Maybe you have some more color on that one, too. Yeah, it’s a good example of of um, you know, being able to decrease fees over time is um, K’s talking about when you do the redemption program, so you get liquidity for the funds products. There is a early redemption fee. So um it was you kind of had to hold the shares for I think 5 years and then there was you know the fees kind of drop off completely. So after 5 years there was no fees for redeeming and we were able to accelerate that so that now after three years there’s no fees for redeeming your shares. So it’s another there’s another good example of yeah it’s easier to lower fees and and that’s the more likely direction that they go rather than being raised. Um and just it’s just something where as we continue to grow and get larger and have you know kind of better economies of scale and can you know run the whole business more efficiently it’s easier for us to you know be able to lower fees which you know obviously then helps the investor incentive to want to reinvest and to put more capital to work. So, um that um yeah, um as far as where are fees listed, fees are going to there current will drop the the FAQ that has kind of the the summary of information, but each investments page has it. Um I think it’s on the financials tab. Um if you click over to there, it’ll have something that shows you here’s what the fees are for this investment. Here’s kind of an example of it. And then there’s also the SEC documents linked from each of our investment pages. So you can also go into the SEC documents and those will also have all the mentions of you know what fees arrived earnings. Fantastic. Um and R rene I love your question on any bonus code for signing up after the call on sale today over here too. Fantastic idea. I’ll be sure to share with our team. Um but we don’t have this to date. Uh but I just took a screenshot and sent it over to our team. So very much appreciate you. Uh Jake, any closing remarks before we shut our virtual doors today? That’s all I’ve got. Thanks for a good set of questions. Um thanks for letting me ramble around a little bit. I hope it was helpful and I know there’s a lot of information we went through across the um that presentation and Q&A. So feel free to reach out. You know, you can find Karen and my emails really easily. Shoot us a note at supportive.com and um would love to keep the conversations going with you guys as you get started investing. Fantastic. Well, Jake, thanks so much for your time in prepared remarks, walking through the diversity of questions in great detail. Always appreciate you for the folks that spent what an hour or two with us on your Tuesday morning and afternoon. Absolutely exceptional. Fantastic questions. Your engagement was wonderful. Uh it’s the reason why we do these. So, thank you so much for showing up. Uh like Jake mentioned, if any other questions come up, feel free to reach out to supportive.com. You can use our chat function in the bottom righthand corner of our platform. Uh, and then we host these webinars every Tuesday at 9:00 a.m. PT. A lot of folks, even existing investors, just come for the Q&A portion. So, it’s typically 25 minutes prepared remarks and then you can jump in here. But, hope you all have a great rest of your day and happy investing. Thanks, folks. Talk to you later. Bye y’all.