Arrived's Three Pooled Funds Lower NAV; Debt Fund Falls Below $10 for the First Time

All three of Arrived's pooled Regulation A funds reported a lower net asset value per share in the quarterly update they filed on October 27, 2026. Arrived Debt Fund, LLC set its NAV at $9.96 per common share, down from $10.00 (accession 0002007995-26-000032); Arrived Seattle Fund, LLC at $9.83, down from $10.00 (0002065598-26-000034); and Arrived SFR Genesis Fund, LLC at $9.86, down from $10.01 (0001982615-26-000033). Each value took effect on October 25, 2026 and runs until the next update on or about January 25, 2027, and each is calculated from an estimated, unaudited balance sheet dated August 31, 2026, so the prints are about two months older than their effective date. On the NAV series AltStreet holds from the funds' earlier Form 1-Us, the Debt Fund had never printed below $10.00, the Seattle Fund has declined in three consecutive updates, and the SFR Genesis Fund is at its lowest since October 2024.

What the filings show

Each 1-U sets out the NAV calculation from an estimated balance sheet at August 31, 2026 against May 31, 2026. For the Debt Fund, total net assets were $89,508,673 on 8,988,073 shares outstanding, against $82,051,551 on 8,203,201 shares three months earlier; the note receivable grew to $97,815,415 from $85,550,437, the note payable to $16,050,000 from $9,590,000, and the line the fund labels net adjustments to fair value fell to $313,707 from $438,017. The fund's monthly distribution, declared October 21 for the October 23 record date, was $0.062 per share, as in August and September, after $0.066 in July.

The Seattle Fund's balance sheet changed shape between the two dates. Its notes receivable of $2,455,257 and its note payable of $1,975,000 at May 31 are both zero at August 31; cash rose to $982,041 from $4,499; property and equipment stands at $2,586,670, little changed from $2,606,189. The components the fund reports moved in opposite directions: net asset value without fair value adjustments rose to $3,665,307 from $654,647, while net adjustments to fair value fell to $144,013 from $2,807,437. Total net assets were $3,987,861 on 405,535 shares, against $3,635,459 on 363,564 shares. The filing does not explain these movements or how they relate to one another, and this article does not infer a relationship. Its distribution was $0.034 per share, as in August and September, after $0.042 in July.

The SFR Genesis Fund reported total net assets of $21,188,206 on 2,149,189 shares, against $21,288,815 on 2,127,774 shares, with the note payable up to $5,730,000 from $4,775,000 and the accumulated deficit widening to $1,260,900 from $1,231,849; net adjustments to fair value were little changed at $3,004,922. Its distribution was $0.034 per share, after $0.042 in July.

The NAV each fund reports is not members' equity alone. Each calculation adds back net adjustments to fair value and a line labeled capitalized up front offering fees: $1,320,625 at the Debt Fund, $178,542 at the Seattle Fund and $644,654 at the SFR Genesis Fund at August 31. The filings state the policy: the funds amortize the brokerage fee, offering expenses and sourcing fee over five years at the Debt Fund and over the lesser of ten years and the fixed-rate period of the long-term financing at the other two, so unamortized offering costs are carried inside the reported NAV. At the Debt Fund that line is 1.5% of total net assets, or about $0.15 per share, by AltStreet's arithmetic from the filed lines. The treatment is disclosed in each offering circular; noting it establishes nothing about the valuations themselves.

The quarter's changes, and the series behind them:

Background

Arrived sells fractional interests in single-family rentals and vacation rentals series by series, and runs three pooled vehicles alongside them: the Debt Fund, which lends to Arrived series and carries a $97.8 million note receivable against a $16.1 million note payable; the SFR Genesis Fund, which holds rental property and a note receivable; and the Seattle Fund, a smaller vehicle launched in 2025. All three are Regulation A issuers that publish a NAV every quarter in a Form 1-U, with the calculation attached, and declare monthly distributions in separate 1-Us.

The same October 27 cycle updated NAV for the series vehicles: 76 series of Arrived Homes 5 at $9.44 to $11.26 per interest, 29 series of Arrived STR at $6.02 to $14.18, and the series of Arrived Homes, LLC. Those are per-property marks and are not aggregated here.

The pattern in AltStreet's data

AltStreet holds every NAV and distribution figure Arrived has filed on Form 1-U since 2024 on each vehicle's entity page. The three pooled funds had moved in a band of $9.96 to $10.10 across that record; this is the first update in which all three fell at once, and the Seattle Fund's $9.83 is the lowest print by any of the three. Distributions at all three were reduced between July and August 2026 and have been unchanged since.

Why it matters

The declines are small, 0.4% at the Debt Fund, 1.5% at SFR Genesis and 1.7% at Seattle, and the Debt Fund still carries a positive fair value adjustment. What makes them worth noting is where they sit in the series: a debt fund whose NAV had held at $10.00 or a cent or two above it since January 2025 has now printed below it in the same quarter its note payable rose by $6.5 million, and a fund that has declined in three consecutive updates has done so in a quarter when its notes receivable and note payable both went to zero. The NAV changes affect the capital value of an investor's holding; total return also includes distributions received, which at all three funds were reduced in August. Neither figure on its own is the investor's return.

What the filings do not show

The balance sheets are estimated and unaudited, dated August 31 for values effective October 25, and the 1-Us state that NAV may not reflect the price at which the shares could be sold. None of the three filings gives a reason for the quarter's movement, and whether any of it reflects property or loan markdowns is not stated. The Seattle Fund's changes in notes receivable, note payable, cash and fair value adjustment are reported without comment, and their relationship to one another is unresolved here. The Debt Fund's 1-U does not break out its note receivable by borrower or state any allowance against it, so nothing here speaks to the credit of the loans behind the $97.8 million. The per-share effect of carrying unamortized offering costs inside NAV is AltStreet's arithmetic from the filed lines, not a figure the funds state, and the treatment is a disclosed accounting policy, not a finding about the valuations.