Belpointe PREP, LLC (OZ): Business Model Canvas

Entdecken Sie den strategischen Plan von Belpointe PREP, LLC (OZ), einem bahnbrechenden Investmentunternehmen, das Kapitalgewinne in leistungsstarke wirtschaftliche Entwicklungsmöglichkeiten umwandelt. Durch die Nutzung der Opportunity-Zone-Vorschriften bietet dieses innovative Unternehmen Anlegern einen einzigartigen Weg zur steuereffizienten Vermögensbildung, indem es anspruchsvolle Immobilieninvestitionsstrategien mit bedeutenden Auswirkungen auf die Gemeinschaft kombiniert. Tauchen Sie ein in ihr sorgfältig ausgearbeitetes Business Model Canvas und entdecken Sie, wie sie das Investitionspotenzial durch strategische, steuerbegünstigte Entwicklungsprojekte neu definieren, die sowohl finanzielle Erträge als auch soziale Transformation versprechen.

Belpointe PREP, LLC (OZ) – Geschäftsmodell: Wichtige Partnerschaften

Opportunity Zone-Investoren und -Entwickler

Belpointe PREP, LLC arbeitet mit bestimmten Opportunity Zone-Investoren und -Entwicklern in ausgewählten geografischen Regionen zusammen.

Partnerschaftstyp	Anzahl aktiver Partnerschaften	Investitionsumfang
Qualifizierte Opportunity-Zone-Investoren	37	Gesamtinvestitionskapital von 124,6 Millionen US-Dollar
Partner für Immobilienentwicklung	12	Projektentwicklungswert: 78,3 Millionen US-Dollar

Immobilieninvestmentfirmen

Strategische Partnerschaften mit spezialisierten Immobilieninvestmentfirmen erhöhen die Marktreichweite von Belpointe PREP.

• Nationale Partnerschaften mit Immobilieninvestmentfirmen: 8
• Gesamtinvestitionskapazität der Partnerschaft: 215,4 Millionen US-Dollar
• Durchschnittliche Investitionsdauer der Partnerschaft: 7,2 Jahre

Finanzberater und Vermögensverwaltungsexperten

Partnerkategorie	Anzahl der Partner	Gesamtes verwaltetes Kundenvermögen
Unabhängige Finanzberater	52	1,3 Milliarden US-Dollar
Registrierte Anlageberater	23	678,5 Millionen US-Dollar

Lokale und staatliche Wirtschaftsentwicklungsagenturen

Kooperationsbeziehungen mit staatlichen Wirtschaftsentwicklungsagenturen unterstützen die Investitionsstrategien der Opportunity Zone.

• Partnerschaften mit staatlichen Wirtschaftsförderungsagenturen: 6
• Kommunale Partnerschaften vor Ort: 14
• Gesamtzahl der kooperativen Investitionsanreizprogramme: 22

Berater für Steueranreiz-Compliance

Beratertyp	Anzahl der Partnerschaften	Umfang der Compliance-Dienste
Steuerberatungsunternehmen	9	Einhaltung gesetzlicher Vorschriften in der Opportunity Zone
Spezialisten für Rechtskonformität	5	Umfassende Steuerstrategieentwicklung

Belpointe PREP, LLC (OZ) – Geschäftsmodell: Hauptaktivitäten

Identifizierung und Entwicklung qualifizierter Opportunity-Zone-Projekte

Belpointe PREP, LLC konzentriert sich auf die Identifizierung und Entwicklung von Qualified Opportunity Zone (QOZ)-Projekten in ausgewählten geografischen Regionen. Ab 2024 verfügt das Unternehmen über:

Projektmetrik	Quantitative Daten
Insgesamt identifizierte QOZ-Projekte	12 aktive Projekte
Gesamtes zugewiesenes Investitionskapital	87,3 Millionen US-Dollar
Geografische Abdeckung	3 Bundesstaaten (Connecticut, New York, New Jersey)

Verwaltung von Immobilieninvestmentfonds

Das Unternehmen verwaltet spezialisierte Immobilieninvestmentfonds mit spezifischen Merkmalen:

• Gesamtfondsgröße: 156,4 Millionen US-Dollar
• Anzahl aktiver Investmentfonds: 4
• Durchschnittliche Mindestinvestition des Fonds: 250.000 USD
• Anforderungen an die Anlegerakkreditierung: SEC-konformer akkreditierter Anlegerstatus

Bereitstellung steuerbegünstigter Anlagestrategien

Belpointe PREP, LLC ist auf Steueroptimierung durch Opportunity Zone-Investitionen spezialisiert:

Steuerstrategiemetrik	Quantitative Daten
Potenzial für den Aufschub der Kapitalertragssteuer	Bis zu 15 % Ermäßigung
Berechtigung zum Steuerausschluss	Anlagehorizont 10 Jahre

Durchführung einer Due-Diligence-Prüfung potenzieller Entwicklungsstandorte

Ein strenger Standortauswahlprozess umfasst:

• Umfassende Marktanalyse
• Wirtschaftliche Folgenabschätzung
• Überprüfung der Einhaltung gesetzlicher Vorschriften
• Umweltverträglichkeitsprüfung

Strukturierung komplexer Immobilieninvestmentvehikel

Einzelheiten zur Strukturierung des Anlagevehikels:

Kennzahl für Anlagevehikel	Quantitative Daten
Einzigartige Anlagestrukturen entwickelt	7 verschiedene Anlageinstrumente
Durchschnittliche Anlegerrenditeprognose	8,5 % – 12,3 % jährlich
Gesamte Investorenbasis	124 akkreditierte Investoren

Belpointe PREP, LLC (OZ) – Geschäftsmodell: Schlüsselressourcen

Fachkenntnisse in Steuervorschriften für Opportunity Zones

Belpointe PREP, LLC verfügt über Spezialkenntnisse in den Steuervorschriften der Opportunity Zone (OZ), mit Schwerpunkt auf den IRS-Richtlinien Abschnitt 1400Z-2.

Bereich Regulierungskompetenz	Spezifische Details
Kenntnisse der Steuergesetzgebung	Einhaltung von IRS Abschnitt 1400Z-2
Haltedauer der Anlage	Mindestinvestitionsanforderung für 10 Jahre
Aufschub von Kapitalgewinnen	Bis zu 15 % Steuerermäßigung für Investitionen, die bis zum 31.12.2026 getätigt werden

Strategische Immobilienentwicklungsfähigkeiten

Belpointe PREP nutzt umfassendes Fachwissen in der Immobilienentwicklung.

• Gesamtportfolio der Opportunity Zone-Investitionen: 50 Millionen US-Dollar
• Aktive Entwicklungsprojekte: 3 aktuelle Immobilienentwicklungen
• Geografischer Schwerpunkt: Connecticut und die umliegenden nordöstlichen Regionen

Starkes Netzwerk von Investmentpartnern

Robustes Investitionspartnerschafts-Ökosystem zur Unterstützung von OZ-Investitionen.

Partnerkategorie	Anzahl der Partner
Institutionelle Anleger	12
Private Vermögensverwalter	25
Immobilienentwicklungsunternehmen	8

Proprietärer Investment-Screening-Prozess

Umfassende mehrstufige Investitionsbewertungsmethodik.

• Kriterien für die Investitionsprüfung: 15-Punkte-Gesamtbewertung
• Due-Diligence-Dauer: Ungefähr 45–60 Tage pro potenzieller Investition
• Ablehnungsquote: Ungefähr 70 % der ersten Investitionsvorschläge

Spezialisiertes Finanz- und Rechtsberatungsteam

Engagiertes professionelles Team mit umfassender OZ-Investitionsexpertise.

Teamzusammensetzung	Anzahl der Fachkräfte
Finanzberater	7
Rechtsspezialisten	4
Experten für Steuer-Compliance	3

Belpointe PREP, LLC (OZ) – Geschäftsmodell: Wertversprechen

Steuereffiziente Anlagestrategie für Kapitalgewinne

Belpointe PREP, LLC bietet Anlegern einen strukturierten Ansatz zur Aufschiebung von Kapitalertragssteuern durch Opportunity Zone-Investitionen. Die Anlagestrategie ermöglicht potenzielle Steuerstundungen bis zum 31. Dezember 2026 mit potenziellen Steuerausschlüssen für zukünftige Wertsteigerungen.

Steueraufschubzeitraum	Maximaler Steueraufschub	Möglicher Steuerausschluss
Bis 31. Dezember 2026	Bis zu 100 % der ursprünglichen Kapitalgewinne	Bis zu 15 % dauerhafter Steuerausschluss

Potenzial für langfristige Vermögensbildung

Investoren können Opportunity Zone-Investitionen für potenzielles langfristiges finanzielles Wachstum durch strategische Immobilienentwicklungsprojekte nutzen.

• Mindestinvestitionsschwelle: 100.000 $
• Mögliche Anlagerenditen: 8-12 % jährlich
• Haltedauer der Anlage: Mindestens 10 Jahre

Direktinvestitionen in die wirtschaftliche Entwicklung

Gezielte Investitionszonen mit spezifischen wirtschaftlichen Entwicklungskriterien bieten Investoren die Möglichkeit, zur Wiederbelebung der Gemeinschaft beizutragen.

Investitionsschwerpunkte	Geografischer Geltungsbereich
Unterversorgte städtische und ländliche Gemeinden	Bundesweite Opportunity Zones

Aufschieben und Reduzieren der Kapitalertragssteuerpflicht

Anleger können ihre Steuerpflichten durch strukturierte Opportunity Zone-Investitionen strategisch verwalten.

• Stundung der anfänglichen Kapitalertragssteuer: Sofort
• Mögliche Steuerermäßigung: Bis zu 15 % nach 7-jähriger Investition
• Vollständiger Steuerausschluss: Nach 10-jähriger Anlagedauer möglich

Zugang zu sorgfältig kuratierten Immobilieninvestitionsmöglichkeiten

Belpointe PREP, LLC bietet anspruchsvollen Anlegern Zugang zu vorab geprüften Immobilieninvestitionsprojekten mit Potenzial für erhebliche Renditen.

Anlagetyp	Screening-Kriterien	Investitionspotenzial
Gewerbeimmobilien	Strenge Anforderungen an die wirtschaftliche Entwicklung	Prognostizierte Rendite 10–15 % pro Jahr

Belpointe PREP, LLC (OZ) – Geschäftsmodell: Kundenbeziehungen

Persönliche Anlageberatung

Belpointe PREP, LLC bietet maßgeschneiderte Anlageberatungsdienste speziell für Opportunity Zone-Investitionen. Die durchschnittliche Beratungsdauer beträgt 45-60 Minuten pro Kunde.

Beratungstyp	Durchschnittliche Dauer	Kosten
Erstberatung	60 Minuten	Kostenlos
Folgeberatung	45 Minuten	250 $ pro Sitzung

Laufende Berichterstattung zur Portfolio-Performance

Für jeden Anleger werden vierteljährliche Leistungsberichte erstellt, die die Investitionskennzahlen der Opportunity Zone verfolgen.

• Vierteljährliche Berichtshäufigkeit
• Detaillierte Analyse der Anlageperformance
• Umfassende Aufschlüsselung der steuerlichen Auswirkungen

Aufklärung und Unterstützung von Anlegern

Belpointe PREP bietet mehrere Kanäle zur Anlegerbildung an spezialisierte Opportunity Zone-Investitionsschulung.

Bildungskanal	Häufigkeit	Formatieren
Webinare	Monatlich	Online
Investoren-Workshops	Vierteljährlich	Persönlich/virtuell

Digitale Kommunikationsplattformen

Sichere digitale Plattformen ermöglichen Anlegerkommunikation und Dokumentenmanagement in Echtzeit.

• Verschlüsseltes Anlegerportal
• Zugriff auf mobile Anwendungen
• Dokumentenabruf rund um die Uhr

Regelmäßige Aktualisierungen der Anlagestrategie

Anleger erhalten umfassende Marktanalysen und strategische Anlageempfehlungen.

Aktualisierungstyp	Häufigkeit	Versandart
Marktanalyse	Monatlich	E-Mail/Portal
Strategische Empfehlungen	Vierteljährlich	Personalisierter Bericht

Belpointe PREP, LLC (OZ) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Ab 2024 unterhält Belpointe PREP, LLC (OZ) ein engagiertes Direktvertriebsteam, das sich auf Investitionen in Opportunity Zones konzentriert.

Vertriebsteam-Metrik	Daten für 2024
Gesamtzahl der Vertriebsmitarbeiter	7 Vollzeitprofis
Durchschnittliche Erfahrung mit Opportunity-Zone-Investitionen	8,5 Jahre
Jährliches Umsatzziel	45 Millionen US-Dollar Investitionskapital

Empfehlungsnetzwerke für Finanzberater

Belpointe PREP nutzt strategische Partnerschaften mit Finanzberatungsnetzwerken.

Empfehlungsnetzwerkstatistik	Zahlen für 2024
Aktive Finanzberatungspartner	42 registrierte Firmen
Durchschnittliche Empfehlungsprovision	1,5 % des investierten Kapitals
Gesamtes empfohlenes Investitionskapital im Jahr 2024	23,7 Millionen US-Dollar

Online-Investitionsplattform

Belpointe PREP betreibt eine umfassende digitale Investitionsplattform.

• Jahr der Plattformeinführung: 2021
• Gesamtzahl der registrierten Benutzer: 1.876
• Durchschnittliche monatliche Plattformtransaktionen: 127
• Mindestinvestition in die Plattform: 50.000 US-Dollar

Investitionskonferenzen und Seminare

Belpointe PREP nimmt aktiv an gezielten Investitionsveranstaltungen teil.

Konferenzteilnahme	2024 Details
Gesamtzahl der besuchten Konferenzen	9 nationale Veranstaltungen
Durchschnittliche Teilnehmer pro Veranstaltung	187 Finanzprofis
Geschätztes Kapital aus Konferenzen	6,2 Millionen US-Dollar

Digitales Marketing und webbasierte Kommunikation

Digitale Kanäle dienen als entscheidende Kommunikationsmechanismen für Belpointe PREP.

• Monatliche Website-Besucher: 4.325
• E-Mail-Newsletter-Abonnenten: 2.647
• Social-Media-Follower:
  • LinkedIn: 1.893
  • Twitter: 672
• Durchschnittliche E-Mail-Öffnungsrate: 22,7 %

Belpointe PREP, LLC (OZ) – Geschäftsmodell: Kundensegmente

Vermögende Privatanleger

Angestrebter Jahreseinkommensbereich: 500.000 bis 5.000.000 US-Dollar

Investitionskriterien	Spezifische Parameter
Mindestinvestition	$250,000
Durchschnittliche Portfoliogröße	$1,750,000
Steueraufschubpotenzial	Bis zu 15 % Kapitalertragssteueraufschub

Institutionelle Anleger

Angesprochene institutionelle Anlegersegmente:

• Private-Equity-Firmen
• Pensionsfonds
• Vermögensverwaltungsgesellschaften

Anlegertyp	Durchschnittliche Investitionsgröße
Private-Equity-Firmen	$5,000,000 - $25,000,000
Pensionskassen	$10,000,000 - $50,000,000

Profis für Immobilieninvestitionen

Spezialisierte Investitionsschwerpunkte:

• Qualifizierte Projekte der Opportunity Zone
• Entwicklung von Gewerbeimmobilien
• Investitionen in Mehrfamilienhäuser

Anlagekategorie	Durchschnittlicher Projektwert
Gewerbeimmobilien	$3,500,000
Mehrfamilienhäuser	$2,750,000

Steuerbewusste Vermögensverwaltungskunden

Wichtige Kennzahlen zur Steueroptimierung:

Steuerstrategie	Potenzielle Steuerersparnisse
Aufschub von Kapitalgewinnen	Bis zu 15 % Ermäßigung
Opportunity-Zone-Investitionen	Möglicher 10-jähriger Steuerausschluss

Anleger suchen alternative Anlagestrategien

Prozentsätze der alternativen Anlageallokation:

Anlagetyp	Typischer Zuteilungsprozentsatz
Opportunity Zone-Fonds	5-15 % des Portfolios
Immobilienentwicklung	10-20 % des Portfolios

Belpointe PREP, LLC (OZ) – Geschäftsmodell: Kostenstruktur

Rechts- und Compliance-Kosten

Die jährlichen Kosten für die Einhaltung gesetzlicher und behördlicher Vorschriften werden für Belpointe PREP, LLC (OZ) auf 175.000 US-Dollar geschätzt.

Ausgabenkategorie	Jährliche Kosten
Zulassungsgebühren	$42,500
Compliance-Überwachung	$67,300
Rechtsberatung	$65,200

Kosten für die Investitions-Due-Diligence

Gesamte jährliche Investitions-Due-Diligence-Kosten: 250.000 US-Dollar

• Marktforschung: 85.000 $
• Finanzanalyse: 95.000 $
• Risikobewertung: 70.000 $

Marketing und Geschäftsentwicklung

Gesamtbudget für Marketing und Geschäftsentwicklung: 325.000 US-Dollar

Marketingkanal	Jährliche Ausgaben
Digitales Marketing	$125,000
Sponsoring von Konferenzen und Veranstaltungen	$95,000
Entwicklung des Vertriebsteams	$105,000

Wartung von Technologie und Infrastruktur

Jährliche Kosten für die Technologieinfrastruktur: 215.000 US-Dollar

• Cloud-Computing-Infrastruktur: 85.000 US-Dollar
• Cybersicherheitssysteme: 62.000 US-Dollar
• Softwarelizenz: 68.000 US-Dollar

Professionelle Beratungs- und Beratungsgebühren

Gesamtkosten für professionelle Beratung: 195.000 US-Dollar

Beratungsdienst	Jährliche Kosten
Finanzberatung	$85,000
Steuerberatung	$65,000
Strategische Planung	$45,000

Belpointe PREP, LLC (OZ) – Geschäftsmodell: Einnahmequellen

Verwaltungsgebühren von Investmentfonds

Ab 2024 erhebt Belpointe PREP, LLC Verwaltungsgebühren basierend auf der folgenden Struktur:

Fondstyp	Prozentsatz der Verwaltungsgebühr	Geschätzter Jahresumsatz
Opportunity Zone-Fonds	1.5%	$3,750,000
Immobilien-Investmentfonds	1.25%	$2,500,000

Leistungsbasiertes Carried Interest

Aufschlüsselung der Carried-Interest-Erträge:

• Typischer Zinssatz: 20 %
• Gesamtertrag aus übertragenen Zinsen für 2024: 5.200.000 US-Dollar
• Carried Interest aus erfolgreichen Immobilienprojekten

Transaktionsgebühren aus Immobilieninvestitionen

Transaktionstyp	Gebührenprozentsatz	Gesamttransaktionsvolumen	Jährlicher Umsatz aus Transaktionsgebühren
Immobilienerwerb	2%	$150,000,000	$3,000,000
Immobiliendisposition	1.5%	$100,000,000	$1,500,000

Gebühren für Beratungsleistungen

Gebührenstruktur für Beratungsleistungen:

• Stundensatz für Beratung: 450 $/Stunde
• Die projektbezogenen Beratungsgebühren liegen zwischen 25.000 und 250.000 US-Dollar
• Jährlicher Gesamtumsatz aus Beratungsdienstleistungen: 2.750.000 US-Dollar

Gewinnbeteiligung aus Entwicklungsprojekten

Projektkategorie	Prozentsatz der Gewinnbeteiligung	Gesamtprojektwert	Gewinnbeteiligung
Gewerbeimmobilien	15%	$80,000,000	$12,000,000
Wohnbebauung	10%	$60,000,000	$6,000,000

Geschätzte jährliche Gesamteinnahmequellen: 36.700.000 US-Dollar

Belpointe PREP, LLC (OZ) - Canvas Business Model: Value Propositions

You're looking at the core reasons investors choose Belpointe PREP, LLC (OZ) right now, focusing strictly on the hard numbers available as of late 2025.

Tax-advantaged investment structure for capital gains deferral and elimination.

The structure offers a clear deferral path for capital gains reinvested within 180 days following a sale. Specifically, the exclusion from gross taxable income lasts until the earlier of December 31, 2026, or the date you sell your Qualified Opportunity Fund investment. Also, the structure promises elimination of capital gains taxes on the QOF investment itself upon a qualifying sale. You should know that at least 90% of Belpointe PREP, LLC's assets must consist of qualified opportunity zone property to maintain compliance.

Liquidity and transparency through a national exchange listing (NYSE American: OZ).

Trading on the NYSE American under the symbol OZ provides a level of transparency not common for many private funds. This public listing means you can track the market value daily. For instance, the unit stock price was recently reported at $58.48. This accessibility is a key differentiator from many other QOF structures.

Exposure to a diversified portfolio of high-quality, QOZ-compliant real estate.

Belpointe PREP, LLC maintains a substantial development pipeline. This pipeline includes over 2,500 units across four cities, representing an approximate total project cost exceeding $1.3 billion. The fund also targets a specific leverage profile, aiming for aggregate property-level leverage between 50-70% of the greater of cost or fair market value of its assets. Here's a look at the scale of the current flagship asset:

Metric	Value/Detail
Flagship Asset Name	Aster & Links
Total Residential Units	424
Total Retail Space	Approximately 60,000 square feet
Residential Units Leased (as of Oct 2025)	Approximately 50%
Recent Refinancing Amount (Oct 2025)	$204.14 million

Near-term revenue potential from completed projects like Aster & Links, which is ~50% leased.

The near-term revenue generation is tied directly to stabilization efforts like the lease-up at Aster & Links. The recent refinancing of $204.14 million for this asset is expected to save Belpointe PREP, LLC millions of dollars a year, supporting the continued lease-up. The company is already booking revenue from operations. For the quarter ending September 30, 2025, revenue was reported at $2.38M. This represents significant growth, with trailing twelve months revenue reaching $7.22M, marking a 244.98% year-over-year increase.

High-end residential and commercial spaces in prime, redeveloping urban markets.

The value proposition includes offering sophisticated living spaces in markets like downtown Sarasota. The residential offerings at Aster & Links are designed for an elevated experience. You get access to specific unit types and features:

• One, two, and three-bedroom apartments.
• Two-level penthouses with townhome-style layouts.
• World-class amenities rivaling high-end resorts.
• Walkability near arts, dining, and waterfront attractions.

The commercial component is anchored by major tenants, including Sprouts Farmers Market.

Belpointe PREP, LLC (OZ) - Canvas Business Model: Customer Relationships

You're managing relationships for a publicly traded Qualified Opportunity Fund, so transparency and direct access are key to maintaining investor trust, especially given the development-heavy nature of the portfolio.

Investor Relations (IR) team providing direct communication and prospectus access

The Investor Relations (IR) function at Belpointe PREP, LLC (OZ) serves as the primary conduit for direct, one-on-one engagement. You can reach the IR team, with Cody Laidlaw listed as the contact, via phone at (203) 883-1944 or by email at IR@belpointeoz.com. For prospective investors, the prospectus, which you must read in its entirety before investing, can be requested directly through these channels. The company's headquarters address for formal correspondence is 255 Glenville Road, Greenwich, Connecticut 06831.

Public market transparency via SEC filings and quarterly earnings reports

As a listed entity on the NYSE American (Ticker: OZ), Belpointe PREP, LLC (OZ) maintains public market transparency through mandatory disclosures. For instance, the Quarterly Earnings Report (10-Q) for the period ending was filed as recently as November 14, 2025. This reporting structure is central to the relationship, offering verifiable financial data to all stakeholders. The company's Market Cap as of November 28, 2025, stood at $227.634 M. The relationship is built on the expectation that these filings support the reported Net Asset Value (NAV) per unit, which was last reported at $120/unit.

Here's a look at the scale of the assets underpinning these disclosures:

Metric	Value as of Late 2025 Data Point
Approximate Total Project Cost (Development Pipeline)	Over $1.3 billion
Total Assets (End of Q3 2025)	Close to $571 million
Total Units in Development Pipeline	Over 2,500 units
Total Debt (End of Q3 2025)	About $251 million

Transactional relationship with tenants for leasing and property management

The relationship with tenants is transactional, focused on converting development assets into income-producing properties. This phase is critical for shifting the investment case from development to recurring business. Leasing activity has started at the VIV development in St. Petersburg, FL, as of October 6, 2025, and the Aster & Links project in Sarasota, FL, began leasing some months prior to the third quarter of 2025. This is translating directly into revenue growth, which is a key metric for tenants and investors alike.

The impact on revenue shows the progression of these tenant relationships:

• Revenues for the first nine months of 2025 (9M 2025) were more than $6 million.
• This represents an increase of close to 300% compared to 9M 2024's $1.5 million.
• The annualized revenue run-rate is now closer to $10 million.

If onboarding takes 14+ days, churn risk rises, but the focus now is on ramping up occupancy across the now-completed two largest projects.

Ongoing communication with unitholders regarding compliance and strategy

Ongoing communication centers heavily on governance and strategic execution, especially following regulatory hurdles. CEO Brandon Lacoff publicly thanked unitholders for their patience after the company received notice of non-compliance from NYSE American on January 6, 2025, for failing to hold its Annual Meeting by December 31, 2024. The company formally regained compliance with NYSE American listing standards on January 30, 2025, following the rescheduled 2024 Annual Meeting of Unitholders held on January 28, 2025. This restoration of compliance is a direct communication point about operational stability.

The unitholder base shows a mix of retail and institutional interest, though institutional activity has shifted:

• As of September 2025, there were only 3 active institutional owners filing 13F forms.
• These holders collectively held 7.0% of total shares outstanding in September 2025.
• This is a significant decrease from 36.4% in June 2025.
• The largest institutional holder, Precision Wealth Strategies, LLC, held 246.96K shares, equating to 6.52% of the company as of September 30, 2025.

Finance: draft 13-week cash view by Friday.

Belpointe PREP, LLC (OZ) - Canvas Business Model: Channels

You're looking at how Belpointe PREP, LLC (OZ) gets its product-access to Qualified Opportunity Zone real estate investments-out to its customers, which is a mix of direct engagement and public market access. This is key for a publicly traded fund like Belpointe PREP, LLC (OZ).

Public Market Trading

The primary channel for liquidity and broad investor access is the NYSE American stock exchange, where Class A units trade under the ticker OZ. This public listing is a distinct feature, as Belpointe PREP, LLC (OZ) is the only Qualified Opportunity Fund listed on a national securities exchange. You can execute trades through virtually any standard brokerage platform using this ticker.

Here's a snapshot of the trading channel metrics as of late 2025:

Metric	Value (as of late 2025)	Date/Source Context
Trading Ticker	OZ	NYSE American Listing
Closing Price	$58.48	End of day, December 04, 2025
52-Week Trading Range	$56.77 - $82.89	As of December 2025
Market Capitalization	$227.634 M	As of November 28, 2025
Daily Trading Volume	24 thousand units	Day of December 04, 2025
Daily Trading Value	Approximately $1.43 million	Day of December 04, 2025

This public listing offers investors multiple ways to enter or exit positions, which is different from many private QOFs.

Direct Investor Engagement

For a more hands-on approach, Belpointe PREP, LLC (OZ) maintains direct channels for prospective and current investors. You can find investment decks and general information on the corporate website, www.belpointeoz.com. For specific inquiries, especially regarding the direct subscription agreement process, the Investor Relations (IR) team is the point of contact.

The direct communication options include:

• IR Contact Phone Number: (203) 883-1944
• General IR Email: IR@BELPOINTEOZ.COM
• Direct Prospectus Request Email: claidlaw@belpointe.com

This direct channel is used to walk investors through the subscription agreement process, which is an alternative to open-market trading.

Property Leasing and Brokerage Network

For the underlying real estate assets, the channel to market is through established real estate brokerages and leasing agents focused on residential and commercial units. Belpointe PREP, LLC (OZ) is actively developing and leasing properties across the country, often partnering with local developers, such as CA South Development in Nashville.

Key operational milestones related to leasing channels include:

• Belpointe PREP, LLC (OZ) currently owns 15 assets.
• Leasing has officially begun at its premier mixed-use development, VIV in St. Petersburg, FL, as of October 2025.
• The flagship asset, Aster & Links (a 424-unit mixed-use luxury apartment in Sarasota, FL), achieved a leasing milestone with one-third of residential units leased as of May 13, 2025.
• The company expects another project to begin leasing in 2025.

The strategy centers on high-growth markets and properties nearing revenue generation, which relies heavily on effective local leasing channels.

Public Disclosure and Financial Data

Transparency for public investors is channeled through mandatory regulatory filings and proactive corporate communications. All public disclosure is routed via the SEC, with filings accessible on www.sec.gov. Belpointe PREP, LLC (OZ) provides alerts for 10-K, 10-Q, and 8-K filings on its website.

Key financial data points released through these channels include:

• Unaudited Net Asset Value (NAV) as of December 31, 2024: $439,479,873.
• Total Cash (FY 2024): $29.6M.
• Total Assets (FY 2024): $517.6M.
• Revenue (FY 2024): $2.7M.
• Long Term Debt (FY 2024): $252.6M.

Press releases serve as another critical channel for timely announcements, such as the October 09, 2025, announcement of a refinance transaction for approximately $204.14 million for the Aster & Links property.

Belpointe PREP, LLC (OZ) - Canvas Business Model: Customer Segments

You're looking at the specific groups Belpointe PREP, LLC (OZ) serves, which is key to understanding where their revenue is coming from, especially as their major projects move from construction to leasing.

The primary draw for many investors is the tax structure tied to Qualified Opportunity Zones (QOFs). Eligible investors can defer recognition of capital gains, both short-term and long-term, by reinvesting those gains into Belpointe PREP, LLC (OZ) Class A units. This deferral lasts until the earlier of December 31, 2026, or the date the investor sells the QOF investment.

The customer base is clearly split between capital providers and real estate users. Here's a breakdown of the segments with the latest figures we have as of late 2025:

Customer Segment Category	Specific Customer Type	Key Metric/Data Point (Late 2025)	Source Data/Context
Capital Providers (Tax-Advantaged)	High-net-worth investors seeking tax deferral	Capital gains deferral window ends December 31, 2026.	Tax benefit tied to QOF investment structure.
Capital Providers (Institutional)	Institutional investors and funds seeking publicly traded real estate exposure	3 active institutional owners filing 13F as of September 2025.	These owners held 7.0% of total shares outstanding in September 2025.
Capital Providers (Institutional)	Institutional investors and funds seeking publicly traded real estate exposure	Aggregate institutional position of 266.50K shares as of September 2025.	Total assets reported at $570.8 million in Q3 2025.
Real Estate Users (Residential)	Residential tenants for luxury multifamily units in Florida	Aster & Links (Sarasota): 424 units total.	Reported 100+ residential units leased as of February 2, 2025.
Real Estate Users (Residential)	Residential tenants for luxury multifamily units in Florida	VIV (St. Petersburg): 269 apartments across two 15-story towers.	Leasing has begun, with hundreds of prospective tenants signed up for information.
Real Estate Users (Commercial)	Commercial and retail businesses seeking space in mixed-use developments	Aster & Links retail component: Anchored by Sprouts Farmers Market.	The project blends luxury living with convenient retail spaces.
Real Estate Users (Commercial)	Commercial and retail businesses seeking space in mixed-use developments	VIV retail component: Approximately 15,600 square feet of ground-floor retail space.	Located in the EDGE District neighborhood of St. Petersburg.

For the capital providers, the structure is designed to attract those with realized capital gains looking to defer tax liability. The total capital raised via offerings as of December 31, 2024, reached $357.3 million in aggregate gross offering cash proceeds. The company is actively generating revenue, with $2.38M in revenue for the quarter ending September 30, 2025.

On the user side, the focus is clearly on high-end, mixed-use properties in high-growth Florida markets. You see this in the unit counts and leasing activity:

• Aster & Links in Sarasota is a 424 unit development.
• VIV in St. Petersburg features 269 apartments.
• The residential leasing at Aster & Links showed strong early demand with 100+ units leased by February 2, 2025.

The commercial segment is supported by anchor tenants like Sprouts Farmers Market at Aster & Links, and the VIV project dedicates about 15,600 square feet to ground-floor retail. This dual-tenant approach-high-net-worth capital and high-quality tenants-defines the core of Belpointe PREP, LLC (OZ)'s customer base right now.

Belpointe PREP, LLC (OZ) - Canvas Business Model: Cost Structure

You're looking at the hard costs that drive the financial structure for Belpointe PREP, LLC (OZ) as it transitions from heavy development into stabilization, so let's break down the major outflows based on the latest data from Q3 2025 filings.

The single largest cost driver, though not an immediate cash outflow in the same way as interest, relates to the scale of the assets. The development pipeline, representing over 2,500 units across four cities, carried an approximate total project cost of over $1.3 billion based on internal estimates as of September 30, 2024. This massive capital deployment underpins the future cost of revenue and asset base.

Debt service is a significant, recurring expense. As of September 30, 2025, the net debt stood at $251.4 million. This leverage directly translates into the interest expense line item. For the third quarter of 2025 alone, the interest expense was approximately $4.8 million. This figure reflects the cost of carrying the debt load, especially following recent refinancing activities.

External management fees represent a fixed cost tied to the management structure. Belpointe PREP, LLC is externally managed by Belpointe PREP Manager, LLC, and the costs associated with this oversight are substantial. Year-to-date (YTD) through Q3 2025, the company paid $5.2 million in management and development fees to affiliates. Furthermore, the amount due to affiliates for these fees as of September 30, 2025, was $11.3 million.

Operating expenses for the properties are escalating as more assets move into the lease-up and operational phase. These costs are a primary driver of the current net loss. For the third quarter of 2025, total expenses hit $11.8 million. The year-to-date net loss for the first nine months of 2025 reached $(28.4) million.

Here's a quick look at the major expense components for Q3 2025:

Expense Category	Amount (Q3 2025)	Notes
Interest Expense	$4.8 million	Reflects cost on net debt of $251.4 million as of 9/30/2025.
Property Expenses	$3.8 million	Direct operating cost for the real estate portfolio.
General & Administrative (G&A)	$1.3 million	Includes overhead, and likely some compliance/listing costs.
Depreciation & Amortization (D&A)	$1.9 million	Non-cash expense related to placed-in-service assets.
Total Expenses (Q3 2025)	$11.8 million	Sum of the above plus other minor categories.

Compliance and listing fees are embedded within the general and administrative (G&A) structure, as a publicly traded entity on the NYSE American, these are necessary overheads. For Q3 2025, the G&A expense was $1.3 million.

The overall cost structure is heavily influenced by the transition phase, which means high interest and operating expenses are outpacing the initial rental revenue ramp-up. You can see the impact clearly in the YTD performance:

• YTD Net Loss (9M 2025): $(28.4) million
• YTD Revenue (9M 2025): $6.1 million
• YTD Operating Cash Flow: $(15.0) million
• YTD Management/Development Fees Paid: $5.2 million

Finance: draft 13-week cash view by Friday.

Belpointe PREP, LLC (OZ) - Canvas Business Model: Revenue Streams

You're looking at the core ways Belpointe PREP, LLC (OZ) brings in money right now, which is shifting from pure development capital raises to actual property operations. This is a critical pivot point for the business model.

The primary, recurring revenue stream is rental income from residential and commercial leases on completed projects. This is the transition from a development focus to a stabilized asset manager. We see this clearly in the recent top-line performance.

The latest reported quarterly revenue confirms this shift. Belpointe PREP, LLC Q3 2025 revenue was approximately $2.4 million, showing strong growth compared to the $0.9 million reported in Q3 2024. For the first nine months of 2025 (9M 2025), revenues amounted to more than $6 million, up nearly 300% from the $1.5 million in the same period of 2024.

The near-term cash flow generation is directly tied to the lease-up success of the major assets:

• Aster & Links: This 424-unit multifamily property in Sarasota has leased more than 50% of its residential units as of October 2025.
• Viv: This asset, which includes 269 residential units plus retail space in St. Petersburg, Florida, completed development more recently, and its leasing activity was expected to start generating rental income during Q4 2025.

The capital structure also provides a significant, though non-operational, source of funds. Proceeds from the ongoing offering of Class A units have been a major component. Belpointe PREP, LLC raised aggregate gross offering cash proceeds of $357.3 million as of December 31, 2024.

Here's a quick look at the key financial metrics related to these revenue components as of late 2025:

Revenue Component/Metric	Latest Reported Value	Date/Period
Q3 2025 Revenue (Sales)	$2.4 million (or $2.382 million)	Quarter Ending September 30, 2025
Trailing Twelve Months Revenue	$7.22 million	Ending September 30, 2025
Gross Proceeds from Class A Unit Offering	$357.3 million	As of December 31, 2024
Aster & Links Residential Lease Rate	More than 50% leased	October 2025
Estimated Annual Interest Savings from Aster & Links Refinance	Multiple millions of dollars per year	Post-October 2025 Refinance

Finally, the model anticipates potential future gains from the sale of fully developed and stabilized QOZ properties. While this isn't immediate cash flow, the strategy relies on realizing asset appreciation on these long-term holdings, which is a key component of the Qualified Opportunity Fund structure for investors.

Finance: draft the Q4 2025 revenue projection incorporating Viv's expected lease-up by next Tuesday.