Recent company developments include new property agreements, leasing progress, and financial reporting updates.

• Belpointe OZ entered into an agreement for a luxury multifamily development site in Darien, Connecticut [N2].
• The company announced successful leasing of one-third of units at the Aster & Links luxury apartment community in Sarasota [N3].
• Belpointe OZ reported increased quarterly net asset value to $439.5 million as of December 31, 2024 [N4].
• The company regained compliance with NYSE American listing standards following a successful annual meeting [N5].
• Belpointe PREP rescheduled its annual meeting to January 28, 2025, following NYSE compliance notification [N6].
• Empirical Financial Services, LLC increased its position in Belpointe REIT (OZ) [N7].
• After-hours earnings report on July 21, 2026, included Belpointe OZ among other companies [N1].

The company’s focus on qualified opportunity zones offers investors potential tax benefits that can enhance after-tax returns. Its active development and leasing activities, including recent agreements for luxury multifamily sites and successful leasing milestones, demonstrate operational progress. The company’s ability to raise capital through public offerings and maintain compliance with listing standards supports its growth and liquidity. Strong market conditions for multifamily and mixed-use rental properties in its operating regions provide a favorable environment for asset performance [N2][N3][N5].

Belpointe PREP has reported significant net losses and negative segment NOI, with rising expenses and interest costs impacting profitability. The company’s reliance on external capital raises and debt financing introduces risks related to market access and leverage. Economic uncertainties, including potential recessions, inflation, interest rate increases, and geopolitical risks, may adversely affect property values, tenant demand, and operating costs. Regulatory changes, including tax law modifications and landlord-tenant laws, add complexity and potential cost pressures. The company’s discretionary distribution policy means investors may not receive income until operating cash flow improves [S1][S2].

Belpointe PREP’s moat derives from its status as a qualified opportunity fund, which provides tax advantages to investors, and its focus on real estate assets located within qualified opportunity zones. The company’s external management by an experienced sponsor and its established capital raising capabilities through public offerings support its ability to acquire and develop properties. Its portfolio diversification across commercial and mixed-use segments and geographic locations within opportunity zones also contributes to its competitive positioning. However, the real estate market’s sensitivity to economic cycles, regulatory changes, and financing conditions presents ongoing challenges to maintaining this moat [S1].

• Economic and Market Risks: Adverse economic conditions, including recession, inflation, interest rate volatility, and geopolitical events, may negatively impact tenant demand, property values, and operating costs.
• Regulatory and Tax Risks: Changes in federal income tax laws, landlord-tenant regulations, and opportunity zone rules could affect the company’s operations and investor benefits.
• Financial and Liquidity Risks: The company’s net losses, reliance on debt and equity financing, and increased expenses pose risks to financial stability and capital access.
• Operational Risks: Risks related to property development, leasing performance, tenant defaults, and project execution could affect cash flow and asset values.

• 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 transaction [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-related 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 multifamily, student housing, senior living, healthcare, industrial, self-storage, hospitality, office, mixed-use, data centers, and solar projects located throughout the United States and its territories [S1].
• The company has two reportable operating segments: Commercial (office, retail centers, warehouses) and Mixed-use (properties with both residential and retail spaces) [S1].
• Belpointe PREP's Class A units trade on the NYSE American under the ticker 'OZ' since October 18, 2021; Class B and Class M units are not publicly traded [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 expect to pay distributions until investments generate operating cash flow; target annual distribution rate is 6-8% once distributions begin, but payments are discretionary [S1].
• The company has 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].
• The company uses a continuous 'best efforts' at-the-market offering to sell Class A units, with purchase price based on the lesser of NAV or average trading price on the NYSE American [S1].
• Belpointe PREP reported total revenue of $9.19 million and net loss of $40.07 million for the year ended December 31, 2025, compared to $2.68 million revenue and $23.86 million net loss in 2024 [S1].
• Segment net operating income (NOI) was negative $2.47 million in 2025, with Commercial segment NOI at negative $1.14 million and Mixed-use segment NOI at negative $1.33 million [S1].
• Expenses increased in 2025 compared to 2024, including property expenses ($14.97 million vs. $6.84 million), general and administrative expenses ($6.17 million vs. $5.11 million), and interest expense ($17.44 million vs. $10.01 million) [S1].
• The company had cash and cash equivalents of $15.64 million as of June 30, 2026 [S2].
• For the quarter ended June 30, 2026, the company reported revenue of $5.37 million and net loss of $9.24 million, with basic and diluted EPS of -$2.37 per share [S2].
• The company is focused on identifying, acquiring, developing, redeveloping, and managing commercial real estate located within qualified opportunity zones [S1].
• Recent developments include entering into an agreement for a luxury multifamily development site in Darien, Connecticut [N2].
• The company announced successful leasing of one-third of units at the Aster & Links luxury apartment community in Sarasota [N3].
• Belpointe OZ reported increased quarterly net asset value to $439.5 million as of December 31, 2024 [N4].
• The company regained compliance with NYSE American listing standards following a successful annual meeting [N5].
• Belpointe PREP rescheduled its annual meeting to January 28, 2025, following NYSE compliance notification [N6].
• Empirical Financial Services, LLC increased its position in Belpointe REIT (OZ) [N7].
• The company’s business outlook notes strong market conditions for multifamily and mixed-use rental properties despite expectations of a U.S. recession, but also highlights material uncertainties and risks from economic, regulatory, and geopolitical factors [S1].