Recent developments include a convertible note prepayment by a subsidiary, an agreement for a luxury multifamily development site in Connecticut, successful leasing progress in Sarasota, and compliance milestones with NYSE listing standards.

• Belpointe PREP, LLC subsidiary received a $5,114,904.11 prepayment and termination of a convertible note [N1].
• The company entered into an agreement for a luxury multifamily development site in Darien, Connecticut [N3].
• Belpointe OZ announced successful leasing of one-third of units at the Aster & Links luxury apartment community in Sarasota [N4].
• Belpointe OZ reported increased quarterly net asset value to $439.5 million as of December 31, 2024 [N5].
• The company regained compliance with NYSE American listing standards following a successful annual meeting [N6].
• Belpointe PREP, LLC rescheduled its annual meeting to January 28, 2025, following NYSE compliance notification [N7].
• Empirical Financial Services, LLC d.b.a. Empirical Wealth Management increased its position in Belpointe REIT (OZ) [N8].
• After-hours earnings report on July 21, 2026, included Belpointe OZ among other companies [N2].

Belpointe PREP's business model leverages qualified opportunity zone tax incentives to attract investors seeking favorable capital gains treatment. The company has demonstrated progress in leasing luxury multifamily properties and expanding its portfolio through acquisitions such as the Darien, Connecticut development site. Its ability to raise substantial capital through public offerings and maintain compliance with listing standards supports operational continuity. The external management structure provides expertise in real estate investment and asset management, potentially enhancing portfolio performance.

The company reported a net loss and negative segment NOI in recent periods, reflecting challenges in achieving positive operating cash flow. Market uncertainties including economic downturns, rising interest rates, inflation, and regulatory changes pose risks to property values, leasing demand, and financing costs. Legal disputes and potential defaults related to mortgage notes may also impact financial stability. The company's reliance on external management and the discretion-based distribution policy may limit predictable returns to investors. These factors contribute to operational and financial risks.

Belpointe PREP, LLC's moat derives from its status as a qualified opportunity fund investing primarily in qualified opportunity zone properties, which provides tax advantages to investors and may attract capital. Its focus on commercial real estate in specific geographic zones, combined with external management by an experienced sponsor affiliate, supports its ability to identify and manage real estate investments. The company's public listing and capital raising capabilities through registered offerings provide access to funding for acquisitions and development. However, the real estate market's inherent risks and regulatory environment require ongoing management and adaptation.

• Market and Economic Risks: The company faces risks from economic conditions such as recession, inflation, interest rate increases, and labor market changes that may affect demand for multifamily and mixed-use rental properties and impact operating costs and financing.
• Regulatory and Legal Risks: Changes in tax laws, landlord-tenant regulations, and compliance requirements, as well as ongoing litigation related to mortgage notes, may adversely affect operations and financial results.
• Operational Risks: Challenges in leasing and stabilizing properties, managing development projects, and maintaining compliance with listing standards may impact financial performance and investor distributions.

• Belpointe PREP, LLC is a Delaware limited liability company and successor to Belpointe REIT, Inc., focused on investing in and managing a portfolio primarily consisting of commercial real estate properties, real estate-related assets, and qualified opportunity zone businesses [S1].
• The company operates as a qualified opportunity fund with at least 90% of its assets in qualified opportunity zone property, providing certain investors favorable capital gains tax treatment [S1].
• Belpointe PREP is externally managed by Belpointe PREP Manager, LLC, an affiliate of its sponsor Belpointe, LLC [S1].
• The company’s Class A units trade on the NYSE American under the ticker OZ since October 18, 2021 [S1].
• As of December 31, 2025, the company had raised aggregate gross offering cash proceeds of $368.6 million through its primary and follow-on public offerings [S1].
• The NAV per Class A unit was $116.17 as of December 31, 2025 [S1].
• The company’s business focuses on acquiring, developing, and managing commercial real estate located within qualified opportunity zones, including multifamily and mixed-use rental properties [S1].
• Recent developments include entering into an agreement for a luxury multifamily development site in Darien, Connecticut [N3].
• The company announced successful leasing of one-third of units at the Aster & Links luxury apartment community in Sarasota [N4].
• Belpointe PREP reported increased quarterly net asset value to $439.5 million as of December 31, 2024 [N5].
• The company regained compliance with NYSE American listing standards following a successful annual meeting [N6].
• Belpointe PREP rescheduled its annual meeting to January 28, 2025, following NYSE compliance notification [N7].
• A subsidiary received a $5,114,904.11 prepayment and termination of a convertible note [N1].
• The company reported revenue of $6,327,000 and a net loss of $8,701,000 for the quarter ended September 30, 2026, with basic and diluted EPS of -2.2 USD per share [S2].
• Cash and cash equivalents were $16,838,000 as of September 30, 2026 [S2].
• The company’s results include segment net operating income (NOI) from commercial and mixed-use segments, with a total segment NOI loss of $2.47 million for the year ended December 31, 2025 [S1].
• The company’s management continuously reviews investment and financing strategies to optimize and reduce risk amid uncertain economic and market conditions [S1].