Financial Performance and Capital Raising - As of December 31, 2025, the company has raised aggregate gross offering cash proceeds of $368.6 million through its public offerings[24]. - The company issued 172,523 Class A units in connection with its Follow-on Offering for the year ended December 31, 2025[24]. - The current net asset value (NAV) of the company's Class A units as of December 31, 2025, is $116.17 per unit[25]. - The NAV per Class A unit is calculated quarterly and may fluctuate, with adjustments taking effect the first business day following public announcement[117]. - The determination of NAV may not comply with fair value standards under U.S. GAAP, potentially affecting the perceived value of Class A units[219]. - The ability to achieve investment objectives is reliant on proceeds from public offerings and financing from the Sponsor or its affiliates[110]. - The company may face challenges in raising sufficient proceeds from ongoing offerings, impacting the ability to fund existing projects and find new investments[115]. Investment Strategy and Focus - The company is focused on acquiring and managing commercial and mixed-use real estate within qualified opportunity zones, with at least 90% of its assets consisting of qualified opportunity zone property[26]. - The company's investment strategy includes the development and management of various property types, including multifamily, healthcare, and industrial projects[31]. - The company anticipates investing in a range of properties including multifamily, student housing, senior living, healthcare, and industrial projects located in qualified opportunity zones[115]. - The company intends to maintain its status as a Qualified Opportunity Fund to provide favorable tax treatment for its investors[39]. - The opportunity zone program provides tax incentives for investors to reinvest unrealized capital gains into qualified opportunity funds[34]. Management and Operational Structure - The company is externally managed by Belpointe PREP Manager, LLC, which oversees day-to-day operations and investment strategies[28]. - The company relies on its Manager for day-to-day operations and investment strategy implementation, with no employees of its own[105]. - The company has a management agreement that allows its Manager to execute acquisitions and dispositions consistent with its investment objectives[32]. - The Management Agreement with the Manager was not negotiated on an arm's length basis, potentially resulting in less favorable terms for the company[130]. - The company does not have an exclusive management arrangement with its Manager, allowing the Manager to engage in other activities that may conflict with the company's interests[131]. - Termination of the Management Agreement for unsatisfactory performance is difficult and costly, with the initial term lasting until December 31, 2025, and automatic renewals for three-year terms thereafter[132]. - The Manager is entitled to a termination fee equal to six times the annual management fee earned during the 12-month period prior to termination, which could impose a financial burden on the company[133]. Property Acquisitions and Developments - Aster & Links, a mixed-use luxury development in Sarasota, Florida, was acquired for a total of $25.6 million, including transaction costs[47]. - As of March 8, 2026, Aster & Links was over 67% leased, featuring 424 luxury residential units and approximately 51,000 square feet of retail space[50]. - The refinancing of Aster & Links was completed in September 2025 for approximately $204.1 million, expected to generate annual interest savings of several million dollars[49]. - VIV, located in St. Petersburg, Florida, was acquired for $12.1 million and was approximately 99.2% complete as of December 31, 2025, with over 37% leased by March 8, 2026[58]. - The 1000 First Construction Loan for VIV was established for up to $104.0 million, with $81.3 million drawn down as of December 31, 2025[65]. - The anticipated development at 497-501 Middle Turnpike in Connecticut includes approximately 261 apartment homes and an adjacent single-family home[72]. - The company acquired a 70.2% controlling interest in CMC Storrs SPV, LLC for an initial capital contribution of $3.8 million, later increasing to 100% ownership due to a forfeiture by a joint venture partner[70]. - 900 8th Avenue South was acquired for an aggregate purchase price of $19.7 million, inclusive of transaction costs[75]. - A fixed-rate loan of $10.0 million was secured for 900 8th Avenue South at an interest rate of 9.50% per annum, with maturity extended to July 2026[76]. - 1700 Main Street was acquired for $6.9 million and is anticipated to be redeveloped into approximately 187 apartment units with 6,000 square feet of retail space[81]. - 690/1106 Davidson Street was acquired for $21.0 million and is planned for redevelopment into a mixed-use residential community[84]. - 1400 Davidson Street was acquired for $16.4 million and is also planned for redevelopment into a mixed-use residential community[86]. Risks and Challenges - The company faces competition from various entities, including QOFs, REITs, and private equity funds, which may impact acquisition costs[102]. - The competitive market landscape includes various entities such as REITs and private equity funds, which may have more resources and lower costs of capital[177]. - Increased competition for investment opportunities could lead to higher acquisition prices, potentially resulting in lower returns on investments[178]. - The company may experience delays in deploying capital raised from public offerings due to market constraints and competition[116]. - Investors may not receive distributions comparable to other real estate investment alternatives, increasing investment risk[111]. - The company has limited experience managing a portfolio of assets necessary to maintain its qualification as a publicly traded partnership and qualified opportunity fund, which may hinder its operational capabilities[125]. - Joint ventures may introduce risks such as partner insolvency or conflicting business interests, potentially reducing investment returns[200]. - The company may face significant risks related to joint venture partners, including the possibility of bankruptcy or failure to fund capital contributions, which could impact profitability[166]. - The company is subject to fraud risk, which could lead to increased costs and operational disruptions[179]. - Operational risks may disrupt business and limit growth, particularly due to reliance on the Sponsor's financial and data processing systems[169]. - Uncertainty surrounding U.S. federal legislation and regulation could negatively impact the company's business and financial condition[175]. - The real estate industry is cyclical, and adverse economic conditions, such as interest rate fluctuations and persistent inflation, could negatively impact CMC's financial performance[182]. - Development and redevelopment activities may face risks such as construction cost overruns and permitting delays, potentially affecting financial outcomes[186]. - CMC's revenue depends on tenant stability; lease defaults could significantly reduce net income and distributions[195]. - The company expects to focus on acquiring qualified opportunity zone investments, which may carry risks associated with adverse economic conditions in those areas[199]. - The company is subject to various federal, state, and local environmental laws that may impose significant costs, potentially reducing net income and cash available for distributions[203]. - Environmental liabilities could result in substantial expenditures, fines, or penalties, which may further decrease cash available for distributions[206]. - Compliance with the Americans with Disabilities Act (ADA) may require significant expenditures, impacting net income and cash available for distributions[208]. - Uninsured losses or high insurance premiums could adversely affect cash flows and distributions[209]. - Many investments are illiquid, limiting the company's ability to respond to economic changes, which could negatively impact financial performance[210]. - Declines in market values of investments may adversely affect operations and credit availability, reducing earnings and cash available for distributions[211]. - Credit facility providers may require cash reserves, limiting the company's ability to leverage assets and potentially reducing return on equity[212]. Joint Ventures and Partnerships - The company plans to expand its investment portfolio through joint ventures and partnerships with affiliates, including Belpointe SP, LLC[162]. - The Belpointe SP Group will continue to acquire interests in properties, acting as general partner or co-general partner in joint ventures to acquire stabilized cash flow generating real estate-related assets[163]. - The company plans to establish exclusive programmatic joint ventures with experienced regional developers to co-invest and co-develop projects in specific regions of the United States[163]. - Joint venture investments may be adversely affected by reliance on the financial condition of joint venture partners and potential disputes, which could increase operational risks[166]. Management Fees and Costs - The management fee is set at an annualized rate of 0.75% based on the company's NAV, which is calculated by the Manager[219]. - The company will incur additional costs associated with maintaining its status as a publicly traded partnership, which may exceed current estimates and adversely affect its financial condition[151]. - The company is externally managed and may incur significant costs if it decides to internalize management functions, including potential termination fees equal to six times the annual management fee[150].

Core Viewpoint - Belpointe PREP, LLC announced that its flagship asset, Aster & Links, has successfully leased approximately two-thirds of its residential units, indicating strong demand for high-quality rental housing in downtown Sarasota [1][2]. 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 [7]. Project Details - Aster & Links is a premier 424-unit mixed-use luxury apartment community located in downtown Sarasota, offering spacious one-, two-, and three-bedroom apartments, many with additional features for entertaining [3][6]. - The community includes approximately 60,000 square feet of curated retail space with existing and upcoming retailers, enhancing the living experience for residents [4]. Market Insights - The leasing milestone at Aster & Links reflects the ongoing strength of the Sarasota residential market, as the property continues its transition toward stabilization [2][4].

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].

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]

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]