Group 1 - The article discusses a concrete deal between Ubisoft and Tencent aimed at helping Ubisoft deleverage and address debt issues, including breached covenants [2] - The Valkyrie Trading Society is highlighted as a team of analysts focusing on high conviction and obscure developed market ideas, targeting downside-limited investments with potential for outsized returns [2] - The Value Lab is mentioned as a long-only investment group that provides members with a portfolio, real-time updates, and various market insights [2] Group 2 - The article emphasizes the importance of international markets for value investors, suggesting that engaging with these markets can lead to better investment opportunities [1] - The Value Lab aims for a portfolio yield of about 4%, indicating a focus on generating consistent returns for its members [1]

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]

Greenwich, CT, Oct. 09, 2025 (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 it has closed on a refinance transaction for approximately $204.14 million with an affiliate of Affinius Capital LLC (“Affinius Capital”), an integrated institutional real estate investment firm, for the Company’s flagship Sarasota development, Aster & Links. A portion of the transaction proceeds have ...

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].

Financial Performance - Total assets increased to $556,845,000 as of June 30, 2025, up from $517,591,000 at December 31, 2024, representing a growth of 7.4%[15] - Rental revenue for the three months ended June 30, 2025, was $2,002,000, a significant increase from $384,000 in the same period of 2024, marking a growth of 421.9%[18] - Total expenses for the six months ended June 30, 2025, were $20,475,000, compared to $9,566,000 for the same period in 2024, reflecting an increase of 114.5%[18] - Net loss attributable to Belpointe PREP, LLC for the six months ended June 30, 2025, was $16,246,000, compared to a net loss of $8,701,000 for the same period in 2024, indicating a 86.5% increase in losses[18] - The company reported a net loss of $(16,256) thousand for the six months ended June 30, 2025, compared to a net loss of $(8,697) thousand for the same period in 2024, indicating an increase in losses of 86.5%[124] Cash and Liquidity - Cash and cash equivalents at the end of the period increased to $29,727,000 from $35,170,000 at the end of June 30, 2024, showing a decrease of 15.5%[24] - The company reported a net cash used in operating activities of $9,030,000 for the six months ended June 30, 2025, compared to $5,383,000 for the same period in 2024, an increase of 67.5%[24] - Cash and cash equivalents totaled $24.96 million as of June 30, 2025, with restricted cash of $4.77 million[44] - The company is required to maintain liquid assets of no less than $20,000,000 and a net worth of no less than $130,000,000, and it was in compliance with these covenants as of June 30, 2025[89] Debt and Liabilities - Total liabilities rose to $265,030,000 as of June 30, 2025, up from $213,534,000 at December 31, 2024, representing a 24.1% increase[15] - The company’s debt, net, stood at $228.44 million as of June 30, 2025, an increase from $177.02 million as of December 31, 2024[39] - The total debt as of June 30, 2025, is $228,442,000, an increase from $177,017,000 as of December 31, 2024, representing a 29% increase[81] - Interest paid, net of capitalized interest for the six months ended June 30, 2025, was $7,500,000, compared to $1,800,000 for the same period in 2024, indicating a significant increase in interest expenses[86] Revenue and Expenses - The company incurred property expenses of $6,675,000 for the six months ended June 30, 2025, compared to $2,692,000 for the same period in 2024, an increase of 147.5%[18] - For the three months ended June 30, 2025, fixed lease revenues amounted to $1.88 million, while variable lease revenues were $0.10 million, leading to total lease revenues of $1.99 million[49] - For the three months ended June 30, 2025, the company incurred management fees of $827,000, an increase from $678,000 in the same period of 2024[59] - Development fees incurred during the three months ended June 30, 2025, were $800,000, compared to $700,000 for the same period in 2024[66] - The company reported depreciation expense of $1.8 million for the three months ended June 30, 2025, up from $600,000 in 2024[75] Investments and Development - As of June 30, 2025, the company had $10.6 million in non-cash investing activity related to real estate development included in Real estate under construction[74] - The company has entered into a non-exclusive dealer manager agreement with Emerson Equity LLC for the sale of Class A units, with commissions ranging from 0.25% to 4.50%[30] - The company has assessed the collectability of lease revenues as probable as of June 30, 2025, indicating a positive outlook on rental income[51] - The company is currently involved in litigation related to a mortgage note of $3.0 million, which is in default, and is vigorously defending against claims[117] - The company anticipates a minimum funding of $180.2 million for the construction and soft costs associated with the Aster & Links development, aiming for an estimated unlevered yield of greater than 6%[145] Market Conditions and Outlook - Market conditions for commercial and mixed-use properties remain uncertain due to various economic factors, including higher interest rates and inflation[137] - The company is evaluating the impact of the One Big Beautiful Bill Act (OBBBA) on its operations and investments[138] - Sarasota is ranked as the 4th best place to retire in the U.S. for 2025-2026, indicating a favorable market for residential developments[172] Segment Performance - The total Segment NOI for the three months ended June 30, 2025, was $(1.142) million, compared to $(0.367) million for the same period in 2024, reflecting a decline in performance[121] - The Commercial Segment NOI decreased by $0.5 million for the three months ended June 30, 2025, primarily due to higher real estate taxes[186] - The Mixed-use Segment NOI decreased by $0.3 million for the same period, influenced by the recent placement of Aster & Links into service[187] Capital Raising and Offerings - As of June 30, 2025, the company has raised aggregate gross offering proceeds of $361.4 million from its Public Offerings, which include the Primary Offering and Follow-on Offering[31] - The company issued 56,073 Class A units during the three months ended June 30, 2025, compared to zero in the same period of 2024, indicating a significant increase in capital raising efforts[103] - The company has authorized the issuance of an unlimited number of Class A units and 100,000 Class B units, which may be used for future capital raising and acquisitions[102]

Core Viewpoint - Valkea Resources Corp. is set to launch an aggressive exploration program in 2025, focusing on gold mineralization in its Lapland project portfolio, particularly the Aarnivalkea West target at the Paana Project [1][3][4]. Exploration Program - The 2025 exploration program is fully funded and aims to systematically evaluate the Aarnivalkea West target while developing new high-priority target areas across multiple projects [4][7]. - Drilling will initially target disseminated gold mineralization at the Koivu Zone, with plans to investigate a 500-meter gap between the Koivu and Honka zones [5][7]. Target Details - 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 [5][9]. - Previous exploration results include significant intercepts such as 55.48 meters of 1.63 g/t gold and 36.45 meters of 1.50 g/t gold, indicating high prospectivity for both Kittila-style and Ikkari-style mineralization [7][9]. Operational Support - GeoPool Oy has been re-engaged to manage and provide operational support for the exploration programs, leveraging their extensive experience in the Central Lapland district [12]. Company Overview - Valkea Resources is focused on gold exploration in Finland's Central Lapland Greenstone Belt, with a commitment to discovering and advancing significant gold deposits [13].

Core Insights - Belpointe PREP, LLC has announced that its mixed-use development project, VIV, in St. Petersburg, Florida, is approximately 85% complete and is expected to begin leasing later this year [1][3] Group 1: Project Overview - VIV is strategically located in downtown St. Petersburg and aims to become a landmark destination with residential units, modern amenities, and vibrant retail spaces [2][5] - The project is designed to meet the growing demand for high-quality living options in St. Petersburg, providing a unique opportunity for residents and businesses [2][5] Group 2: Company Commitment - The CEO of Belpointe OZ expressed excitement about the project's progress and emphasized the company's commitment to delivering exceptional developments in high-growth markets [3] - The project is part of Belpointe OZ's strategy to create long-term value for investors [3] Group 3: Company Profile - Belpointe OZ is a publicly traded qualified opportunity fund listed on NYSE American under the symbol "OZ" and has over 2,500 units in its development pipeline across four cities, with a total project cost exceeding $1.3 billion [6] - The company has filed registration statements with the SEC for the offer and sale of up to $1.5 billion of Class A units [7]

Core Insights - Belpointe PREP, LLC has announced that its mixed-use development project, VIV, in St. Petersburg, Florida, is approximately 85% complete and is expected to begin leasing later this year [1][3] Group 1: Project Overview - VIV is strategically located in downtown St. Petersburg and aims to become a landmark destination with residential units, modern amenities, and vibrant retail spaces [2][5] - The project is designed to meet the growing demand for high-quality living options in St. Petersburg, providing a unique opportunity for residents and businesses [2][5] Group 2: Company Commitment - The CEO of Belpointe OZ expressed excitement about the project's progress and emphasized the company's commitment to delivering exceptional developments in high-growth markets [3] - The project is part of Belpointe OZ's strategy to create long-term value for investors [3] Group 3: Company Profile - Belpointe OZ is a publicly traded qualified opportunity fund listed on NYSE American under the symbol "OZ" and has over 2,500 units in its development pipeline across four cities, with a total project cost exceeding $1.3 billion [6] - The company has filed registration statements with the SEC for the offer and sale of up to $1.5 billion of Class A units [7]