2 min read
Sources:
press and public records, Form 1-SA
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Short answer
They are unsecured, in $10,000 units, paying 5% a year in monthly installments, due December 31, 2032, prepayable by the company from January 1, 2030. Each bond converts into 7,143 non-voting shares at $1.40, and from January 1, 2027 conversion is automatic in any year an independent valuation, done within 180 days of the year’s start, puts the shares at $1.40 or more; if never converted, holders get principal and unpaid interest at maturity. They were sold privately under Regulation D from 2024 and through a Regulation A statement qualified March 13, 2025. $10,445,000 was issued in 2024, $6,401,420 in the first half of 2025, and the balance stood at $38.6 million at June 30, 2026. Kevin bought 500 of the first 1,084 bonds. This page describes an existing security; it is not an offer. 1234
Coupon: 5% (paid monthly)
Maturity: Dec 31, 2032 (prepayable from Jan 1, 2030)
Conversion: $1.40 (7,143 shares per bond; automatic from 2027 if valued at $1.40 or more)
Outstanding: $38.6M (June 30, 2026)
Kevin's purchase: 500 bonds ($5,000,000 of the first 1,084)
This page describes a security the company has already issued, from its public filings. It is not an offer to sell or a solicitation of an offer to buy any security. Any offering by House Hack, Inc. is made only by means of an offering circular filed with the SEC.
The terms, from the filings
Unsecured. $10,000 per bond. 5% annual interest, paid in equal monthly installments on the 21st day after each month ends. Principal due December 31, 2032. The company may prepay from January 1, 2030. Each bond converts into 7,143 non-voting shares, a fixed $1.40 a share. From January 1, 2027, if the shares are worth $1.40 or more, conversion is automatic: a public price if listed, otherwise an independent valuation the company must commission within 180 days of the start of each year until maturity. If conversion never happens, holders receive principal plus accrued and unpaid interest. 1
How they were sold
Privately, to accredited investors, under a memorandum offering up to $200,000,000, and publicly under a Regulation A offering statement for up to $75,000,000 (7,500 bonds) filed February 4, 2025 and qualified March 13, 2025, with Texture Capital as selling agent. The SEC’s one comment on that statement concerned the bond agreement’s arbitration and jury-waiver clauses; the company amended them to carve out claims under federal and state securities law and added a risk factor. 23
How much
$10,445,000 issued in 2024. $6,401,420 in the first half of 2025. $38,612,004 gross, $37,965,232 net of offering costs outstanding at June 30, 2026, on which the company paid $871,185 of interest in the half. Of the first 1,084 bonds, 500, or $5,000,000, went to a director, officer or principal holder: Kevin, whose bond holding the September 2026 circular puts at $6 million. 134
The dispute clause
Disputes under the bond agreement go to binding JAMS arbitration, with a jury waiver, except claims under the securities laws, which the amendment carved out at the SEC’s request. The company’s own risk factor says such provisions may raise the cost of bringing a claim and are not always enforceable. 2
A 5% unsecured bond that turns into stock at $1.40 if an outside valuation says the stock is worth that, starting in 2027. Every term is in the filings. 13
Simply put
✅ What a bondholder gets
➡️ 5% a year, paid every month.
➡️ Principal back by the end of 2032, or shares at $1.40 each if the company is valued at least that high in any year from 2027.
✅ What the company can do
➡️ Pay the bonds off early from 2030.
✅ Who bought
➡️ Investors, and Kevin: $5 million of the first $10.8 million.
Sources
Form 1-SA for the six months ended June 30, 2025, filed September 29, 2025, Note 5, Debt: convertible bonds (terms, maturity, prepayment, conversion and automatic conversion; $10,445,000 issued in 2024 and $6,401,420 in the first half of 2025) Open
SEC Division of Corporation Finance, comment letter dated February 14, 2025, Form 1-A File No. 024-12564, the one comment on the bond offering: arbitration and jury-waiver provisions Open
Form 1-A/A, bond offering statement, File No. 024-12564, filed March 10, 2025 (cover data), Item 6, unregistered securities: 1,084 bonds for $10,835,000, of which 500 bonds for $5,000,000 to a director, officer or principal holder Open
Form 1-SA, Note 6, Convertible Bonds (balance $38,612,004 gross, $37,965,232 net of offering costs at June 30, 2026; interest expense $871,185 for the half) Open the filing
