Recent business developments include a new luxury multifamily development agreement in Darien, Connecticut, successful leasing progress at the Aster & Links luxury apartment community in Sarasota, an increase in quarterly net asset value, and regaining compliance with NYSE American listing standards.

• Belpointe OZ entered into an agreement for a luxury multifamily development site in Darien, Connecticut [N1].
• The company announced successful leasing of one-third of units at the Aster & Links luxury apartment community in Sarasota [N2].
• Belpointe OZ reported an increased quarterly net asset value to $439.5 million as of December 31, 2024 [N3].
• The company regained compliance with NYSE American listing standards following a successful annual meeting [N4].
• Belpointe PREP, LLC rescheduled its annual meeting to January 28, 2025, following NYSE compliance notification [N5].
• Empirical Financial Services, LLC increased its position in Belpointe REIT (OZ) [N6].
• Belpointe REIT Inc shares traded near a 52-week low as of early 2022 [N7].

Belpointe PREP’s focus on qualified opportunity zones aligns with investor interest in tax-advantaged real estate investments. The company’s diversified portfolio across commercial and mixed-use properties, including luxury multifamily developments, supports potential for asset value appreciation and rental income growth. Successful leasing milestones, such as at the Aster & Links community, and new development agreements indicate active portfolio management and growth initiatives. The company’s ability to raise capital through public offerings and maintain compliance with listing standards supports ongoing operational funding and investor confidence.

The company reported a significant net loss in 2025 and negative net operating income, reflecting challenges in profitability. Economic uncertainties, including potential recessions, inflation, interest rate increases, and regulatory changes, pose risks to rental demand, property values, and financing costs. Litigation related to mortgage defaults introduces legal and financial risks. The company’s use of leverage increases financial risk, especially if market conditions deteriorate. The absence of current distributions may limit appeal to income-focused investors. Market volatility and tenant risks could adversely affect cash flows and asset values.

Belpointe PREP’s moat derives from its status as a qualified opportunity fund with a specialized focus on real estate investments within qualified opportunity zones, which may provide tax advantages to investors. Its external management by an experienced sponsor and manager with expertise in real estate investment and development supports its operational capabilities. The company’s diversified portfolio across multiple real estate asset types and geographic locations within opportunity zones provides some risk diversification. Its access to capital markets through public offerings and NYSE American listing supports liquidity and capital raising capabilities. However, the company operates in a competitive real estate market subject to economic and regulatory risks.

• Economic and Market Risks: The company’s financial performance is subject to uncertainties including rent growth rates, construction activity, absorption rates, unemployment, inflation, interest rates, energy costs, and general economic conditions that may impact demand and property values [S1].
• Regulatory and Tax Risks: Changes in federal income tax laws, landlord-tenant laws, and regulations affecting qualified opportunity funds and real estate investments may impact the company’s operations and investor benefits [S1].
• Leverage and Financing Risks: The company employs leverage with targeted property-level debt of 50-70%, which may increase financial risk if asset values decline or financing costs rise [S1].
• Litigation Risk: Ongoing litigation related to a mortgage note and loan default involves allegations of fraud and other claims; the company disputes liability but faces potential legal costs and uncertainties [S1].
• Tenant and Leasing Risks: Tenant defaults, bankruptcies, or failure to renew leases on favorable terms could reduce rental income and increase costs [S1].
• Liquidity and Capital Access Risks: The company’s ability to raise capital through public offerings and debt financing is critical; adverse market conditions could limit access or increase costs [S1].

• Belpointe PREP, LLC is a Delaware limited liability company and the successor to Belpointe REIT, Inc., a Maryland corporation incorporated in 2018, which it acquired in 2021 through an exchange offer and merger [S1].
• The company is externally managed by Belpointe PREP Manager, LLC, an affiliate of its sponsor, Belpointe, LLC [S1].
• Belpointe PREP operates as a qualified opportunity fund investing primarily in commercial real estate properties, real estate-related assets including loans and mortgages, debt and equity securities of real estate companies, private equity acquisitions, and opportunistic acquisitions of other qualified opportunity funds and businesses [S1].
• At least 90% of the company's assets consist of qualified opportunity zone property, focusing on commercial real estate located within qualified opportunity zones [S1].
• The company has two reportable operating segments: Commercial (office, retail centers, warehouses) and Mixed-use (properties with both residential and retail spaces) [S1].
• The company’s Class A units trade on the NYSE American under the ticker 'OZ' since October 18, 2021 [S1].
• As of March 13, 2026, there were 50 holders of record of Class A units [S1].
• The company does not currently pay distributions and does not have a minimum distribution level; distributions are at the discretion of management and subject to board oversight [S1].
• The company raised aggregate gross offering cash proceeds of $368.6 million as of December 31, 2025, through its primary and follow-on public offerings [S1].
• NAV per Class A unit was $116.17 as of December 31, 2025 [S1].
• For the year ended December 31, 2025, the company reported total revenue of $9.187 million, net loss attributable to Belpointe PREP, LLC of $40.046 million, and basic and diluted loss per Class A unit of $10.72 [S1].
• Cash and cash equivalents were $24.342 million as of December 31, 2025 [S1].
• The company’s total assets were $564.2 million and total liabilities were $289.0 million as of December 31, 2025 [S1].
• The company’s business involves identifying, acquiring, developing or redeveloping, and managing commercial real estate assets within qualified opportunity zones [S1].
• The company’s portfolio includes multifamily, mixed-use rental properties, student housing, senior living, healthcare, industrial, self-storage, hospitality, office, data centers, and solar projects located throughout the United States [S1].
• The company has two development projects with an aggregate unfunded commitment of $14.3 million as of December 31, 2025 [S1].
• The company uses leverage with a targeted aggregate property-level leverage of 50-70% of the greater of cost or fair market value of assets after stabilization [S1].
• The company’s manager continuously reviews investment and financing strategies to optimize and reduce risk amid uncertain economic conditions [S1].
• The company’s net operating income (NOI) for the year ended December 31, 2025 was negative $2.47 million, reflecting rental revenue of $9.187 million and property expenses of $11.657 million [S1].
• The company’s mixed-use segment showed an increase in NOI compared to the prior year, related to stabilization of certain properties [S1].
• The company has faced litigation related to a mortgage note and loan default but disputes liability and is vigorously defending the matter [S1].
• Recent business developments include entering into an agreement for a luxury multifamily development site in Darien, Connecticut [N1].
• The company announced successful leasing of one-third of units at the Aster & Links luxury apartment community in Sarasota [N2].
• The company reported an increased quarterly net asset value to $439.5 million as of December 31, 2024 [N3].
• The company regained compliance with NYSE American listing standards following a successful annual meeting [N4].
• The company rescheduled its annual meeting to January 28, 2025, following NYSE compliance notification [N5].
• Empirical Financial Services, LLC increased its position in Belpointe REIT (OZ) [N6].
• The company’s Class A units traded near a 52-week low as of early 2022 [N7].