LARP Holdings

THE INFORMATION ON THIS WEBSITE DOES NOT CONSTITUTE A RECOMMENDATION, AN OFFER TO SELL, OR A SOLICITATION OF AN OFFER TO BUY, ANY SECURITY, NOR SHALL THERE BE ANY OFFER, SOLICITATION, OR SALE OF ANY SECURITY IN ANY STATE OR JURISDICTION IN WHICH SUCH OFFER, SOLICITATION, OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER SECURITIES LAWS OF ANY SUCH STATE OR JURISDICTION. THE CONTENT CONTAINED ON THIS WEBSITE IS FOR INFORMATIONAL PURPOSES ONLY AND INVESTORS SHOULD SEEK INDEPENDENT LEGAL, ACCOUNTING, TAX AND OTHER RELEVANT PROFESSIONAL ADVICE. ANY OFFER OR SOLICITATION WILL BE MADE ONLY BY MEANS OF A CONFIDENTIAL OFFERING MEMORANDUM SOLELY TO ACCREDITED INVESTORS. THIS WEBSITE EXCLUDES MATERIAL INFORMATION DETAILED IN THE OFFERING MEMORANDUM, INCLUDING, BUT NOT LIMITED TO, RISK FACTORS AND CONFLICTS OF INTEREST. THERE CAN BE NO ASSURANCE THAT THE OBJECTIVES STATED IN THE OFFERING MEMORANDUM WILL BE MET, OR THAT INVESTED CAPITAL WILL BE RETURNED. THIS WEBSITE MAY CONTAIN FORWARD-LOOKING STATEMENTS WHICH ARE SUBJECT TO CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE PROJECTED AND RESULTS MAY VARY SUBSTANTIALLY OVER TIME AND FROM PERIOD TO PERIOD. PAST PERFORMANCE IS NOT AN INDICATION OR GUARANTEE OF FUTURE PERFORMANCE. UNITS ARE NOT BANK DEPOSITS (AND THUS ARE NOT INSURED BY THE FDIC OR BY ANY OTHER FEDERAL GOVERNMENTAL AGENCY), ARE NOT GUARANTEED, AND MAY LOSE VALUE. NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY FEDERAL OR STATE SECURITIES COMMISSION OR REGULATORY AUTHORITY HAS RECOMMENDED OR APPROVED ANY INVESTMENT OR THE ACCURACY OR COMPLETENESS OF ANY OF THE INFORMATION OR MATERIALS PROVIDED ON THIS WEBSITE.

Offering Documents

Accredited investors should request and carefully review the Company’s Confidential Offering Memorandum, Amended & Restated LLC Agreement and Subscription Agreement (collectively, the “Offering Documents”) prior to purchasing Class I Units (the “Units”). Potential members are advised to carefully consider the Company’s objectives, risks, conflicts of interest, fees and expenses and restrictions on liquidity before investing. The information on this website in qualified in its entirety by the Offering Documents. The Company does not warrant the accuracy or completeness of the information contained herein. A copy of the Company’s Offering Documents can be obtained by contacting Lyrical Antheus Management, L.P. (“Lyrical Antheus”).

You are advised to obtain a copy of, and to carefully review, the information contained in the Offering Documents or incorporated by reference therein before making any decision, including the “Risk Factors and Conflicts of Interest” section therein, which discuss the risks and conflicts that we believe are material to the Company’s real estate acquisition and management business, operating results, prospects and financial condition. You also should consult your own legal, tax and financial advisors prior to subscribing for Units.

Eligibility

The Company’s Units are offered pursuant to Rule 506(c) under Regulation D of the Securities Act of 1933, as amended, solely to “accredited investors” (as defined in Rule 501 of Regulation D). Prospective investors will be required to complete and sign the Subscription Agreement, which includes representations designed to certify such prospective investor’s status as an accredited investor. To the extent requested by the Company, a prospective investor may also be asked to provide a third-party verification form, signed by the investor’s attorney, accountant or SEC-registered financial adviser or broker who is licensed and in good standing in the applicable state, to independently verify the prospective Member’s status as an accredited investor. Any prospective individual investor with a capital contribution of less than $200,000 (or less than $1 million for an entity investor), or whose capital contribution is financed in whole or in part by any third party for the specific purpose of subscribing for Units, will be required to provide a completed third-party verification form.

The Company’s Units are suitable only for sophisticated persons who fully understand and are willing to assume the risks involved in the Company’s real estate acquisition and management business and who are willing to forgo liquidity and put capital at risk for an indefinite period of time. Please review the summary of risk factors below.

Certain Material Risk Factors and Conflicts of Interest

The Company is a private real estate acquisition and management vehicle organized as a Delaware limited liability company. The acquisition and management of real estate involves a high degree of risk. You should subscribe for Units of the Company only if you can afford the complete loss of your investment. You should read the Offering Documents carefully for a description of the risks associated with investing in the Company. These risks include, but are not limited to, the following:

You should not expect to be able to sell or redeem your Units regardless of how the Company performs.
You should consider that you may not have access to the money you invest for an extended period of time.
The Company does not intend to list Units on any securities exchange, and does not expect a secondary market to develop.
Because you may be unable to redeem or sell your Units, you will be unable to reduce your exposure in any downturn in the U.S. real estate markets.
The Company has implemented a Unit repurchase program, but only a limited number of Units will be eligible for repurchase during limited redemption periods and repurchases will be subject to available liquidity and other significant restrictions.
The purchase of Units is not suitable for you if you need access to the money and cannot bear the loss of your entire capital contribution.
The Company cannot guarantee that it will make distributions; however, the Company historically has made regular quarterly distributions and has funded at least a portion of those distributions from sources other than cash flow from operations, including, without limitation, the proceeds from the sale of assets, borrowings and offering proceeds.
If the Company has taxable income in any taxable year in which you are an equity owner, you may be allocated a portion of such income and will be required to include such amount in your taxable income and pay federal (and to the extent applicable state and local) income tax on such income, whether or not you receive a cash distribution from the Company for such taxable year.
The Company uses leverage, which magnifies the potential for loss on properties it owns.

The acquisition and management of real estate is often speculative and typically incurs higher fees than other asset classes. Investing in vehicles that acquire and managed real estate often involves a high degree of risk and is suitable only for sophisticated, long-term investors who are willing to forgo liquidity and put capital at risk for an indefinite period of time. The Company’s properties could be highly illiquid and the Company engages in leverage that increases volatility and risk of loss.

Past performance is not a guarantee of future results. Actual results may vary. Diversification of the Company’s real estate assets does not assure a profit or protect against loss in a declining real estate market.

The acquisition of real estate assets may involve complex tax structures, tax inefficiencies and delays in distributing important tax information. Prospective members should carefully read the Offering Documents for additional information. Neither the Company nor Lyrical Antheus will provide any tax or legal advice and none of the data provided on this website should be construed as investment, tax, accounting or legal advice.

All information and returns on this page are subject to the general disclosure information set forth below.

1 Description of Calculation Methodologies

1.1 Total Asset Value: Total Property Value is equal to the estimated fair values of all properties held by the Company on the date of calculation, and does not account for cash held or distributed or fees or expenses paid or incurred.

As of 9-30-2025, the Total Property Value for LARP Holdings was $2.19 billion

1.2 Net Asset Value of the Company: The Net Asset Value (NAV) of the Company is equal to Total Property Value plus cash on hand less all liabilities of the Company, including accrued liabilities.

As of 9-30-2025, the Net Asset Value of the Company was $1.10 billion.

1.3 Net Asset Value per Class I Unit: The NAV per Class I Unit is equal to the Net Asset Value of the Company that is allocable to each Class I Unit, as determined in good faith by the Manager of the Company. In making its determination of the Net Asset Value per Class I Unit, the Manager takes into account (i) the capital contributions to acquire each Class I Unit, (ii) any allocations of income or loss from the operations of the Company or from the sale of its Properties to each Class I Unit, (iii) the management fee and performance participation interest allocable to each Class I Unit, (iv) any unrealized increase or decrease in the value of the Company’s properties or other assets allocable to each Class I Unit, and (v) any distributions to each Class I Unit.

1.4 Net-of-Fee Return: Net-of-Fee Return is equal to internal rate of return of a hypothetical Class I Unit that was issued at the inception of the Company and is calculated net of fees and expenses, and assumes that all distributions were reinvested and that the hypothetical Class I Unit was sold, as of the date of determination, at its Unit NAV as of such date.

As of 9-30-2025, Net-of-Fee Return of a Class I Unit was 7.74%.

1.5 Distribution Rate and Annualized Distribution Rate: The Distribution Rate is calculated at the end of each calendar quarter and is based on the Unit Net Asset Value per Class I Unit as of the beginning of such calendar quarter and the distribution per Class I Unit for such calendar quarter. The Annualized Distribution Rate is the quarterly distribution rate multiplied by four. Distributions are not guaranteed and may be sourced from non-income items. The Company cannot guarantee that it will make distributions, and, to the extent that it makes distributions, it could fund any distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings or offering proceeds. The Company has no limits on the amounts it may pay from such sources.

As of 9-30-2025, the Distribution Rate for Class I Units was 1.26%, and the implied Annualized Distribution Rate for the prior twelve-month period was 5.02%.

1.6 Tax-Equivalent Distribution Rate: The Tax-Equivalent Distribution Rate is (i) the Annualized Distribution Date divided by (ii) one minus the highest individual federal tax rate on ordinary income (currently 37%, which does not include the 3.8% Medicare surtax that is applied to net investment income above certain thresholds).

Although the Company is taxed as a partnership for federal income tax purposes, no taxable income has been allocated to its unitholders since the Company’s inception due to depreciation deductions that are generated by the Company’s real estate assets. The Company’s income before depreciation and amortization may exceed its depreciation and amortization deductions in future years; however, based on the Company’s current operations and assets, the Company does not expect that to occur within the next 5 years. The ordinary income tax rate could change in the future. The Tax-Equivalent Distribution Rate does not take into account other taxes that may be owed when a unitholder’s Class I Units are sold or redeemed, including taxes attributable to a unitholder’s reduced basis in its Class I Units due to ROC Distributions. Upon a sale or redemption, the unitholder likely will be subject to higher capital gains taxes, as a result of a decrease in basis due to the ROC portion of distributions. In addition, on a sale or redemption, a unitholder will recognize some amount of ordinary income due to depreciation recapture.

As of 9-30-2025, implied Tax-Equivalent Annual Distribution Rate for the Class I Units of the Company was 7.97%.

1.7 Leverage Ratio: Leverage ratio is equal to the total indebtedness for borrowed money of the Company divided by the Total Property Value.

As of 9-30-2025, the Leverage Ratio for LARP Holdings was 48.6%.

1.8 Weighted Average Interest Rate: Weighted Average Interest Rate is calculated by dividing (i) LARP Holding’s share of implied annual interest expense as of the reporting date by (ii) LARP Holding’s share of outstanding property loan balances as of the reporting date. Implied annual interest expense for a given property is calculated by multiplying (a) the outstanding loan balance as of the reporting date with (b) effective interest rate as of the reporting date.

[As of 9-30-2025, the Weighted Average Interest Rate was 4.91%.]

1.9 Average Remaining Duration: Average Remaining Duration is calculated based on the weighted average duration to maturity of each indebtedness for borrowed money of the Company.

As of 9-30-2025, the Average Remaining duration was 5.35 years.

2.0 Property Net Operating Income

The Property Net Operating Income (NOI) is equal to the total annual revenues from all properties owned by the Company less total annual operating expenses for such properties, in each case based on the Company’s ownership interest of each property. Property NOI reflects the income solely from real estate operations and does not take into account the expenses of the Company that are not directly related to its properties. Past property operating performance is not indicative of future results.

As of 9-30-2025, the Property NOI for the trailing 12-month period was $92.9 million.

2.1 Calculations Have Not Been Independently Reviewed.

Calculations have been prepared internally and have not been audited or verified by a third party. Market values used to prepare these calculations include estimates prepared by Lyrical Antheus for properties where Lyrical Antheus does not have a current third party appraisal for such properties. Use of different methods for preparing, calculating or presenting information may lead to different results and such differences may be material. Material market or economic conditions may have a significant effect on the results portrayed. It should not be assumed that the properties currently held by the Company or future property acquisitions will operate in the same market or economic conditions and perform in the same manner.

3.0 Tax Information

3.1 Historically, distributions from the Company have been treated as Nontaxable Income (NTI). NTI distributions reduce a unitholder’s tax basis in its Units in the year the distribution is received and generally defer taxes on that portion until the unitholder's Units have been sold or redeemed. Certain non-cash deductions, such as depreciation and amortization, lower the taxable income of the Company and historically have resulted in the Company having a net loss for tax purposes. The Company’s NTI percentage may vary significantly in a given year and, as a result, the impact of the tax law and any related advantages may vary significantly from year to year.