Welcome and thanks for joining us today. Before we dive in, I want to quickly introduce our speakers. I’m Ryan. I’m one of the co-founders and the CEO of Arrived. And investing in rental properties has been a passion of mine for over a decade. And I’m grateful for the opportunity to chat with everyone here today. I’m also joined by Jake, a senior product manager at Arrived. And we’re excited to be here with you all and really talk about rental property investing. We’ve got a great agenda for today. We’ll start by covering why investors consider real estate as well as the different ways to access the asset class. From there, I’ll give a quick introduction to Arrived, walk through how our model works, and highlight the key benefits Arrive can offer investors. And Jake will finish up by walking through a few more of the things to consider when investing in real estate, and then how to get started for anyone who’s interested. After that, we’ll take live questions from the audience, and then we’ll break from there. So, let’s start with some of the benefits of investing in real estate in general. One of the reasons why investors have long seen real estate as an important part of their overall investment portfolio is really just due to the fact that you can earn money in multiple ways. The first is through property value growth where you can see your real estate value appreciate over time. And the second is from rental income. People paying rent, providing cash flow for operating a property as a rental. And the last thing worth mentioning is just that real estate can have favorable tax treatment as well and the opportunity to defer tax on things like rental income by using depreciation of the property as an asset. Next, let’s look at why real estate has been such a durable way to build wealth over time. The two charts I’ll walk through are from the Federal Reserve Bank. The first shows how rent have has grown over time, and the second shows the long-term trend in US median home prices. Together, they really highlight what makes real estate so compelling. Investors have the potential to earn from both rental income and property appreciation. And that combination has helped real estate remain one of the most consistent wealth-b buildinging assets over the long term. Another reason investors often consider real estate is overall portfolio diversification. And this really ties back to modern portfolio theory and the simple concept that for a riskaverse investors, a well- diversified portfolio can maximize returns for any given level of risk. And real estate as an asset class has historically had a lower correlation with the stock market and as a result is often recommended as a great complement to other asset classes. And then finally, real estate can provide access to lowerc cost leverage. Leverage or debt can increase your purchasing power beyond the cash that you have available today and as a result magnify your potential returns either up or down depending on how your investment performs. And real estate has long had one of the lower costs of accessing that type of leverage. So with that, how do you invest in real estate today? First, there are several types of real estate to think about. Starting with commercial or industrial properties, things like office buildings or warehouse. Then there are residential properties like single family homes or multif family buildings. There’s vacant land and there’s also vacation properties uh properties operated on Airbnb or VBO. Um outside of equity investments, there’s also real estate credit investments. Things like investing in the financing that backs professional real estate development projects. And when you think about how to invest in real estate, there’s a couple of different ways to invest. You can invest in the property directly where you go through the full process search process of searching the market, submitting offers, taking out a mortgage potentially and then managing that property over time. Alternatively, you could invest in REITs or real estate investment trusts. The most common type of REIT people think of are really publicly traded REITs where you can buy shares through your brokerage account of choice. Uh they can offer great tax benefits without needing to manage properties yourself. But since they’re often publicly traded, they’re also more correlated to the stock market performance and their prices can be more volatile than the actual underlying real estate values and that can also compress dividends associated with these REITs. Then there’s a new generation of real estate investing platforms that have emerged to make the asset class more accessible. Arrived is really part of this broader shift with a focus on residential real estate and real estate back credit. Our goal is to make it easy for anyone to invest across the real estate market without the traditional barriers of buying and managing properties directly. I’ve personally been passionate about residential homes, which is one of the things that led to creating Arrive to begin with so that anyone could invest in this segment of the market and in single family homes. Homes can be a great way to get started in your real estate journey. uh they’re quite easy for new investors to real estate to understand because the value of the house is driven by things like its location, the curb appeal, and the rental potential. All things that people can consider and value evaluate at face value on any given investment. From a market perspective, new home construction has not kept up pace with housing demand over the last 10 to 15 years. And this is why we’ve continued to see home prices grow at an accelerated rate. We’re also seeing a generational shift. More people are choosing to rent for longer in their life for the flexibility that it provides. And as their lives evolve and families grow, many people are looking for larger rental homes that offer more space without sacrificing that flexibility. Arrived first of all launched the ability to invest in shares of individual rental properties. These are long-term rentals or vacation rental properties. And today we have more than 500 properties across 65 cities and growing uh each week as we add new properties. A ride was the first company to really adopt this way for anyone to buy shares of individual rental properties and access the rental income and property values over time. Since then, we’ve also introduced new investment products like our single family residential fund. So if you think about our individual properties as a way for an investor to build their portfolio and decide which properties they want to participate in or which areas of the country they want to diversify into and really build their portfolio on their own with their own vision. The single family residential fund is meant to be sort of a mo total market rental fund. Um, so the returns and performance are intended to be similar to the average returns of individual properties on arrived. For investors who really want a more passive experience and don’t want to pick and choose which properties they invest in, the single family residential fund is a great option. While our individual properties and single family residential fund focus on equity investments in rental homes, the real estate income fund focuses on real estate back credit investments. That means investors can add exposure to real estate credit alongside properties designed to generate returns through rental income and potential appreciation. While our real estate income fund provides a dividend yield, so all of the investor returns primarily come from distributions or dividends or from the interest payments on underlying assets in the in the portfolio. And this is a great way in this kind of higher interest rate environment right now to sort of be the bank and provide financing to professional real estate developers across the country for their real estate projects, which could be new home construction, professional home renovations, or other potential financing opportunities backed by real estate assets. And this product has really performed well since launch, paying over an 8.1% annualized dividend yield and offering a great high yield opportunity backed by these residential real estate assets. And now let’s talk for a second about city funds. Um, and this is really an evolution in our different equity fund products. If you think of the single family residential fund as our total rental home market fund, city funds are meant to mirror individual sectors or specific slices of the market. We believe that this is the best way to participate in the underlying real estate performance of a city that you believe in. So if you want the ability to pick and choose which markets you’re investing in, similar to our individual properties, but you also want some of the efficiency and simplicity of passive investing in a poolled fund, then city funds might be for you. The first city fund we launched is the Seattle City Fund, a market that’s close to our hearts, where we have a lot of team and expertise locally, but also has been one where we’ve really wanted to allow investors to participate in the growth happening in this market. The Seattle fund is one of the markets available today, and over time, we aim to offer a broader mix of cities across the country for investors to choose from, similar to investing in our individual properties, which today are available across more than 65 markets. While single family rental homes can offer meaningful benefits, investing them in them directly, traditionally has been complex, uncertain, timeconuming, expensive, and largely offline. And our vision for Arrived has been to completely change that so that we can make single family home investing really accessible for anyone at any time. And Arrived is a platform for investing in shares of these individual investments around individual properties and real estate backed credit investments. And through our website and our mobile app, investors can browse available investments, they can buy shares in the homes or funds uh as they choose and invest online just by linking a bank account. From there, they can earn passive income from rental dividends or distributions from our credit funds and any property appreciation over time for properties that they’re investing in. We see this as an exciting innovation in property investing and we’ve been excited by the level of interest from investors on arrived. And now over the years we’ve really become the largest platform for investing in shares of residential properties. We’ve built an incredible track record thanks to our investing community and we have an incredible group of backers in our company and we’re excited to continue to grow the arrive community from here. And so with that, let’s get into some of the details about how Arrived works. First, let’s look at the acquisition process. We look at the wide world of real estate, analyze the markets and neighborhoods that we uh have strong conviction in in the areas that we’re buying. And some of the things that we’re looking at include tracking data like positive net migration or generally population growth, how many people are coming in and how many people are leaving that market. We want to see a strong positive trend there. Then we look at the city’s infrastructure. Are there enough highways and freeways to support the movement of goods and services and people for neighborhoods to be able to keep growing? And then finally, we’re looking for diverse economies. We want to make sure that there are jobs being created, that there are strong industries, and that it can be fairly well insulated against any source of any sort of recessionary forces. At a simple level, people need to be able to earn income to pay rent or buy homes for a market to thrive. And once we have conviction in a market, we take a bottoms up approach to selecting the right homes in that market. We look for properties with strong rental income potential relative to the cost in neighborhoods that we believe are well positioned for long-term growth while carefully evaluating the risks such as crime or overall market quality. In some cases, investing in the path of progress means looking at neighborhoods that are still improving and may have some challenges today. But that’s why our acquisition process is focused on balancing long-term opportunity with a thoughtful riskmanagement approach. After acquiring a home, we prepare it for residents. Many of the homes that we buy are newer, including new construction homes, but there is often still important work to do. ordering appliances, installing window treatments, adding fencing, and making other improvements to make the home rental ready. Fencing can be an especially a valuable um in single family home rentals. For many residents, uh particularly those with children or pets, a fenced yard adds meaningful utility and can make a home more desirable. When it’s economically feasible and the lot size allows it, we often add fencing as part of the rental ready process. From there, we operate the property to generate income. For long-term rentals, that means managing the home through a traditional landlord resident model on long-term leases. And for vacation rentals, we apply the same disciplined approach um to finding highquality assets, thoughtful design, furnishing, and equipping those homes to create a great guest experience that drives attractive booking revenue. Finally, we make the investment available to investors. Each property goes through a regulatory process with the SEC where key information is filed and our investment terms are clearly disclosed. Our goal is to give investors a transparent experience and the information they need to provide informed decisions. Next, we look at some of the benefits of investing with Arrived. Um, starting with things like passive income. With Arrived, you can invest in the properties you choose and start earning rental income through monthly distributions. Real estate has a reputation for being passive. But owning and managing property directly can often times be anything but passive. There’s potentially repairs, resident needs, leasing, operation, and ongoing decisions to manage. With Arrived, it’s really designed to make your rental property investing truly passive. You choose where to invest, and we handle the work of acquiring, preparing, and managing those properties. Next is looking at capital appreciation over time. Real estate values can increase as the land and property values grow. For investors, this creates the potential to participate in long-term upside in addition to rental income. We’ll cover this more in detail in the tax treatment se section, but real estate has historically offered the potential for capital appreciation as property values increase over time. One important note is that capital appreciation generally does not apply in the same way for a real estate income fund. The fund is primarily made up of short-term real estate loans rather than direct property ownership and those loans are generally intended to be held to maturity. So investors receive the full interest income uh while the loans are active and assuming repayment receive their principal back at maturity. Capital appreciation is more relevant to investments in properties where returns can benefit from potential increases in the value of the underlying properties over time. Another benefit is access to property level debt or leverage without personal liability through arrived investors can participate in properties that use mortgage financing without having to personally qualify for the loan. Uh there are no investor credit checks and investors do not need to meet traditional credit requirements typically associated with buying a mortgage property directly. Our debt programs are structured to be non-reourse to investors. That means investors are not personally responsible for repaying any mortgage debt associated with a property that takes on financing. And then finally, investors have no operational responsibility. Arrived handles all of the work sourcing and acquiring properties, managing those properties, and supporting the regulatory process with the SEC. So investors can participate without taking on the day-to-day responsibilities of property ownership. The next benefit of real estate investing is tax efficiency. Some of these advantages come from real estate itself, while others come from how Arrive structures its investment and offerings. One of the key real estate tax benefits is depreciation. Depreciation is a non-cash expense that accounts for normal wear and tear on a property over time. Even though no cash is paid out for depreciation, it can be used to reduce the property’s taxable operating income. In practice, this can allow investors to receive operating cash flow while deferring certain related taxes. That tax treatment is one of the reason real estate has historically been viewed as a tax advantage asset class. Another potential tax benefit is long-term capital gains treatment. When an when an equity real estate investment is held for more than one year, any gains from the sale may qualify for long-term capital gains tax rates, which are gen generally lower than ordinary income tax rates. So, if you hold an asset for a year or longer, then it’s subject to long-term capital gains treatment, which in today’s environment can be 15 to 20% depending on your income. And if you compare that to say ordinary income rates on wages, where typically the highest marginal rate is often above 30%. Next is the low minimum investments with arrived investors can get started with as little as $100. Um, and that really makes it easier for investors to build an investment portfolio portfolio as they see fit. Either diversifying into a number of different assets, maybe dollar cost averaging over time, or more easily reinvesting their dividends. This provides a lot more flexibility compared to traditional rental property investing where getting started can require tens of thousands or hundreds of thousands of dollars for a down payment, closing costs, renovations, cash reserves, taxes, and ongoing expenses. And then next is thinking about diversification. With Arrived, investors can spread their portfolio across multiple properties and markets nationwide. With individual in uh offerings, investors can build a portfolio on their own terms. And with our real estate funds, investors can access broader built-in diversification through a single investment. Arrived also gives investors flexibility by turning large assets like rental homes into smaller investable shares. Arrive makes it easy to invest across different properties, markets, and strategies. Instead of being limited to just opportunities in the in your backyard or acquiring whole properties, you can access rental property investments in markets across the country. Together, these options give investors more control over how to build their real estate portfolio, whether they choose individual properties to invest through our diversified funds or our credit funds or a combination of both approaches based on their goals. And one more thing really worth highlighting is liquidity. Real estate has traditionally been in a liquid asset class. Um, when you own a property directly, selling can take months, involve significant time, cost, and complexity. Arrived investments are generally designed to be held over the long term just to give each property time to execute on its investment strategy, generate income, and maximize investment return through property appreciation over time. But at the same time, we understand that investors needs can change for investors in individual properties. Arrived offers a secondary trading marketplace where eligible investors can list shares for sale to other investors. When buyers and sellers list at the same price, their orders match, similar to the public stock market, the secondary market can provide investors with a way to sell shares before a pro a property hits the end of its target hold period. Arrive funds also offer liquidity programs through a redemption program that provide investors with access to liquidity once per quarter after an initial six-month hold period. And with that, thank you. I’m going to turn it over to Jake so he can explain a little bit more about real estate returns and some of the financials of considering some of these investment products. Thank you. Ryan talked a lot about the reasons for investing in real estate and now we’re going to take a dive into the potential returns of the arrived investments. This chart is meant to illustrate the potential range of returns for each investment strategy. In this chart, each dot represents the average return for that specific investment strategy and the lines represent the distribution of typical outcomes. You can see that the investments with higher average returns also come with a wider range of potential outcomes. This illustrates the different range of volatility or risk in the performance of each asset class. Investments with higher return potential also come with a wider range of potential outcomes. To mitigate that range of outcomes, investors can diversify across several properties. The more offerings you invest in within an investment strategy, the more likely your overall returns will be closer to that average. To do that, you could buy several different properties within an investment strategy or invest in our funds products, which are already instantly diversified across dozens of individual properties. This chart is very similar to the last one, but instead of looking at investment strategies, we’re looking at the impact of adding leverage. Adding mortgage debt to a real estate investment can amplify outcomes. It introduces an additional layer of risk, but it can also increase an investment’s potential return profile. As leverage increases, the range of potential outcomes expands. A strong investment may benefit from enhanced returns while a weaker investment may face greater downside risk. That’s why we take a disciplined approach to using debt. Given the current interest rate environment, we are not adding mortgage leverage to new properties at this time. However, some properties may include a strategic refinance candidate tag on their property page. This means the property is being offered to investors without debt today, but it may be a candidate for adding a loan to in the future if interest rates decline or financing terms become more attractive. This approach gives us time to evaluate each property’s operating performance before making a decision on leverage. It also allows us to be more selective about which properties to refinance, how much debt to add, and what interest rate would make the most sense for investors. And that brings us to this matrix which shows the intended range of return for each investment strategy with and without debt. Like I was saying, all of our new properties are launching without leverage, but we hope to add leverage to them when it makes sense. Ultimately, the returns on each investment will depend on the performance of that property’s rental operations and on appreciation in the local market. And that means some properties will certainly outperform these ranges while others may underperform them. These numbers represent a well- diversified portfolio within each investment strategy and leverage combination. The more investors diversify across multiple properties, the more likely a portfolio’s overall returns will fall within these ranges over the target investment period. As we discussed earlier, you can diversify on Arrive by buying shares in individual properties or by investing in our fund products which offer instant diversification. And that brings us to the fun part, how to get started. The account creation process takes about 4 minutes. And from there, you’ll be able to start browsing the available properties and funds that are currently being funded by investors. You can take a look at the different investment strategies and different properties to pick which ones interest you and then you can simply select the number of shares you want to buy. From there, you can start earning the potential income and appreciation from your investment. Arrived is designed to make real estate investing simple, accessible, and even enjoyable without the complexity of buying and managing property on your own. With that, let’s open it up for Q&A.