Sarasota, Florida, Feb. 10, 2026 (GLOBE NEWSWIRE) -- Belpointe PREP, LLC (“Belpointe OZ,” “we,” “us,” “our” or the “Company”) (NYSE American: OZ), a publicly traded qualified opportunity fund, today announced that its flagship asset, Aster & Links, a premier 424-unit mixed-use luxury apartment community in downtown Sarasota, Florida, has successfully leased approximately two-thirds of its residential units. This leasing milestone reflects continued progress in the project’s lease-up phase and, in our view, ...

Core Viewpoint - Belpointe PREP, LLC announced that its luxury multifamily development, VIV, in downtown St. Petersburg, Florida, has reached a significant milestone with 25% of its residential units leased, indicating strong demand in the local rental market [1][2][3]. Company Overview - Belpointe OZ is a publicly traded qualified opportunity fund listed on NYSE American under the symbol "OZ" and has over 2,000 units in its development pipeline across four cities, with a total project cost exceeding $1.0 billion [5]. Project Details - VIV is a premier mixed-use development designed for modern living, featuring residential units, state-of-the-art amenities, and retail spaces, strategically located near dining, entertainment, and cultural attractions in downtown St. Petersburg [4]. Market Context - The downtown St. Petersburg rental market has experienced strong in-migration and job growth, creating a favorable environment for new developments like VIV, which is positioned to attract renters seeking an urban lifestyle [3].

Core Viewpoint - Belpointe PREP, LLC announced that its luxury multifamily development, VIV, in downtown St. Petersburg, Florida, has reached a significant milestone with 25% of its residential units leased, indicating strong demand in the local rental market [1][2][3]. Company Overview - Belpointe OZ is a publicly traded qualified opportunity fund listed on NYSE American under the symbol "OZ" and has over 2,000 units in its development pipeline across four cities, with a total project cost exceeding $1.0 billion [5]. Project Details - VIV is a premier mixed-use development designed for modern living, featuring residential units, state-of-the-art amenities, and retail spaces, strategically located near dining, entertainment, and cultural attractions in downtown St. Petersburg [4]. Market Context - The downtown St. Petersburg rental market has experienced strong in-migration and job growth, creating a favorable environment for new developments like VIV, which is positioned to attract renters seeking an urban lifestyle [3].

Core Viewpoint - Belpointe PREP, LLC has entered into an agreement for a development site in Darien, Connecticut, aiming to capitalize on the affluent and supply-constrained residential market in the region [1][2]. Company Overview - Belpointe OZ is a publicly traded qualified opportunity fund listed on NYSE American under the symbol "OZ" [4]. - The company has over 2,000 units in its development pipeline across four cities, with a total project cost exceeding $1.0 billion [4]. Transaction Details - The property at 100 Tokeneke Road is being contributed by the seller to an indirect subsidiary of Belpointe OZ in exchange for equity in the project entity, with no upfront cash consideration required [2]. - Future capital will be provided by Belpointe OZ for the project's development or financing through an affiliated investment vehicle [2]. - The agreement includes a mechanism for Belpointe OZ to buy out the seller at a pre-agreed valuation, payable in Class A units, aligning long-term incentives and preserving balance-sheet flexibility [3]. Market Context - Darien is consistently ranked among the wealthiest towns in America, characterized by limited multifamily inventory and strong long-term demand due to its proximity to New York City and a highly affluent resident base [3]. - The demographic profile and supply constraints in Darien create a compelling backdrop for long-term value creation in residential development [4].

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Core Viewpoint - Belpointe PREP, LLC (OZ) is positioned as a unique real estate company focusing on opportunity zones, which provides tax advantages to investors [1] Company Overview - The fund is managed by Labutes IR, a Fund Manager/Analyst with over 18 years of experience in the financial markets, specializing in the financial sector [1]

Financial Performance - Total revenue for the three months ended September 30, 2025, was $2,382,000, a significant increase from $860,000 in the same period of 2024, representing a growth of 177.7%[16] - Rental revenue for the nine months ended September 30, 2025, reached $6,123,000, compared to $1,581,000 in 2024, marking an increase of 286.5%[16] - The company reported total expenses of $11,828,000 for the three months ended September 30, 2025, compared to $7,799,000 in the same period of 2024, indicating an increase of 51.8%[16] - For the nine months ended September 30, 2025, the net loss increased to $28,392,000 compared to a net loss of $15,622,000 for the same period in 2024, representing an increase of 81.5%[21] - For the three months ended September 30, 2025, total rental revenue was $2,382,000, a decrease from $2,960,000 in the same period of 2024, reflecting a decline of approximately 19.5%[111] - For the nine months ended September 30, 2025, total rental revenue was $6,123,000, down from $7,738,000 in 2024, representing a decrease of approximately 20.9%[114] Assets and Liabilities - Total assets as of September 30, 2025, amounted to $570,775,000, up from $517,591,000 as of December 31, 2024, reflecting a growth of 10.3%[14] - Total liabilities increased to $286,717,000 as of September 30, 2025, from $213,534,000 as of December 31, 2024, representing a rise of 34.2%[14] - Total liabilities increased to $275,219,000 as of September 30, 2025, compared to $203,278,000 as of December 31, 2024, marking a rise of 35.3%[35] - Total debt increased from $183.2 million on December 31, 2024 to $256.7 million on September 30, 2025, with a net debt of $251.4 million[75] Cash Flow and Financing - Cash flows from operating activities resulted in a net cash used of $14,996,000 for the nine months ended September 30, 2025, compared to $8,710,000 for the same period in 2024, indicating a 72.5% increase in cash outflow[21] - Net cash provided by financing activities was $78,004,000 for the nine months ended September 30, 2025, compared to $123,425,000 in 2024, a decrease of 36.8%[21] - The company maintained liquid assets of no less than $10.0 million and a net worth of no less than $110.0 million, in compliance with loan covenants as of September 30, 2025[79] - The company anticipates that its ability to generate cash flows from operations will be a key factor in future liquidity needs[206] Operational Highlights - The company is focused on acquiring and managing commercial real estate within qualified opportunity zones, with at least 90% of its assets consisting of such properties[22] - The company raised aggregate gross offering proceeds of $365.7 million as of September 30, 2025, including $8,403,711 from the Follow-on Offering during the nine months ended September 30, 2025[27] - The company has entered into interest rate protection agreements for its Variable Rate Loans, requiring interest rate caps to limit the impact of increases in the one-month term SOFR[89] - The company is currently evaluating the impact of ASU No. 2024-03 and ASU No. 2025-03 on its consolidated financial statements, which will be effective for fiscal years beginning after December 15, 2026[41][42] Development Projects - Aster & Links, a mixed-use luxury development, was acquired for an aggregate purchase price of $20.7 million, with an additional adjacent parcel acquired for $4.9 million[135] - VIV, located in downtown St. Petersburg, was acquired for $12.1 million and is approximately 97.7% complete as of September 30, 2025, with leasing commencing in October 2025[147] - The company acquired a 3.2-acre site in Nashville for $19.7 million, with plans for a mixed-use development including up to 300 residential units[163] - The company plans to redevelop 690/1106 Davidson Street into a mixed-use residential community after successful rezoning[173] Management and Expenses - Management fees for the three months ended September 30, 2025, amounted to $830,000, slightly lower than $672,000 in the same period of 2024[53] - Employee reimbursement expenditures to affiliates for the nine months ended September 30, 2025, totaled $1.4 million, compared to $0.9 million in 2024, indicating increased operational costs[62] - General and administrative expenses increased by $0.4 million to $1.305 million, primarily due to higher legal expenses[187] Interest and Debt - Interest expense for the three months ended September 30, 2025, was $4,846,000, compared to $3,331,000 in the same period of 2024, reflecting an increase of 45.5%[16] - Interest expense for the nine months ended September 30, 2025, totaled $12.072 million, up from $5.757 million in 2024, due to a higher average outstanding debt balance[198] - A loss on extinguishment of debt of $3.0 million was recorded during the nine months ended September 30, 2025, related to the Aster & Links Refinance Transactions[203] Segment Reporting - Segment reporting has been revised into Commercial and Mixed-use Segments, reflecting the company's operational structure[179] - Total Segment NOI for the three months ended September 30, 2025, was $(584,000), compared to $(551,000) for the same period in 2024, indicating a slight increase in losses[111] - Mixed-use Segment NOI increased by $0.2 million, attributed to the stabilization of Aster & Links, which was in its initial lease-up phase last year[185]

Core Viewpoint - Belpointe PREP, LLC has successfully closed a refinance transaction of approximately $204.14 million with Affinius Capital for its flagship Sarasota development, Aster & Links, which will enhance financial stability and support ongoing operations [1][2][5]. Financial Summary - The refinance proceeds will be allocated to refinance existing debt and to support the lease-up and stabilization of Aster & Links, a newly completed 424-unit multifamily property [2]. - The refinance is expected to save Belpointe OZ multiple millions of dollars annually, providing significant financial benefits to the company and its investors [2]. Project Overview - Aster & Links is a Class A multifamily property with over 50,000 square feet of grocery-anchored retail, already achieving over 50% leasing demand [2][3]. - The property features spacious one-, two-, and three-bedroom apartments, including two-level penthouses with premium amenities, located in downtown Sarasota [4]. Company Background - Belpointe OZ is a publicly traded qualified opportunity fund listed on NYSE American under the symbol "OZ," with over 2,500 units in its development pipeline across four cities, representing a total project cost exceeding $1.3 billion [6]. - Affinius Capital, the partner in the refinance, is an institutional real estate investment firm with a 40-year track record and $63 billion in gross assets under management [8].

Core Insights - Belpointe PREP, LLC has officially begun leasing at VIV, a mixed-use development in St. Petersburg, FL, with move-ins starting in November 2025 [1][3] - VIV has received Temporary Certificates of Occupancy for all units, indicating readiness for residents [1][3] - The development features 269 units with premium amenities and ground-floor retail, positioned in a rapidly growing urban area [2][5] Company Overview - Belpointe OZ is a publicly traded qualified opportunity fund listed on NYSE American under the symbol "OZ" [6] - The company has over 2,500 units in its development pipeline across four cities, with a total project cost exceeding $1.3 billion [6] - Belpointe OZ is currently offering up to $750 million of Class A units for investment [7] Development Details - VIV is managed by Bozzuto Group, known for its award-winning property management services [2] - The development is strategically located in downtown St. Petersburg, providing residents with access to dining, cultural attractions, and parks [3][5] - The project aims to create a community-focused environment with modern living spaces and retail options [5]

Core Viewpoint - Valkea Resources has initiated its fall exploration program at the Paana Project in northern Finland, focusing on gold mineralization and has appointed Jens Rönnqvist as Exploration Manager to enhance its technical capabilities [1][3][8]. Exploration Program - The fully funded fall 2025 exploration program aims to systematically evaluate the Aarnivalkea West target and develop new high-priority target areas across the Paana Project [3]. - The Aarnivalkea West target is located approximately 24 km northwest of Agnico Eagle's Kittilä mine and 65 km northwest of Rupert Resource's Ikkari deposit, underlain by highly prospective rocks of the Central Lapland Greenstone belt [3][4]. - The target is considered prospective for both Kittila-style high-grade mineralization and Ikkari-style disseminated mineralization, with a broad and open 1.3 km long target area [3]. Drilling Activities - Diamond drilling will focus on the Koivu Zone at the Aarnivalkea West target, with plans for up to 2,000 meters of drilling in a series of step-out holes [4][5]. - Previous drill results include significant intersections such as 55.48 meters of 1.63 g/t gold and 36.45 meters of 1.50 g/t gold, indicating the potential for further mineralization [5][6]. - A project-wide base of till (BoT) drill program is scheduled to begin, aimed at evaluating high-priority gold anomalies and refining new drill targets [7]. Appointment of Exploration Manager - Jens Rönnqvist has been appointed as Exploration Manager for Finland, bringing over 20 years of experience in mineral exploration in the Nordics [8][9]. - Rönnqvist's background includes extensive work with major mining companies and a strong network within the Nordic mining industry, which will support Valkea's exploration efforts [10].