Belpointe PREP, LLC, trading under the ticker OZ, focuses on commercial and mixed-use real estate investments within qualified opportunity zones (QOZs) across the U.S. The company has demonstrated rapid revenue growth from $1.39 million in 2022 to $9.19 million in 2025 but sustained steeply increasing net losses and negative operating cash flows during this period. Its strategy employs significant property-level leverage targeted between 50-70%, with flexibility for higher leverage during development phases. Liquidity primarily derives from public equity offerings and debt financing, underpinning ongoing expansion and capital expenditures despite operating deficits. The firm does not currently pay distributions, citing a lack of positive operating cash flow, but management anticipates eventual distributions targeting 6-8% yields. Legal uncertainties related to specific mortgage litigation persist but are considered immaterial at present. Going forward, Belpointe’s growth hinges on successful capital raises, careful risk management amid economic volatility, and realization of operating efficiencies.