Belpointe PREP, LLC (OZ): Business Model Canvas [Dec-2025 Updated]

You're digging into the operational blueprint of Belpointe PREP, LLC (OZ), and honestly, it's a fascinating case study in marrying niche tax law with public market access. As someone who spent a decade at BlackRock watching these structures, I see a model fundamentally built on its status as the only publicly traded Qualified Opportunity Fund (QOF) on the NYSE American (OZ). They are actively deploying capital into a $\mathbf{\$1.3}$ billion development pipeline, holding $\mathbf{15}$ assets valued near $\mathbf{\$571}$ million as of Q3 2025, all while promising investors significant tax advantages alongside real estate exposure. It's a tightrope walk balancing construction costs, $\mathbf{\$251}$ million in debt, and the race to stabilize properties like Aster & Links, which is only about $\mathbf{50\%}$ leased. Want the full, precise breakdown of their partners, costs, and revenue drivers? Keep reading; the entire strategic map is laid out below. That's the whole game right there.

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

You're looking at the ecosystem that keeps Belpointe PREP, LLC (OZ) moving, which is all about who they rely on to execute and finance their Qualified Opportunity Zone (OZ) real estate strategy. These aren't just names on a slide; these are the entities providing the capital structure, the management expertise, and the end-market demand for the assets they build.

The external management structure is a core component. Belpointe PREP, LLC is externally managed by Belpointe PREP Manager, LLC, which is an affiliate of the sponsor, Belpointe, LLC. This setup delegates the day-to-day operational and investment oversight to this specialized manager.

The sponsor relationship is critical for credibility and scale. Belpointe, LLC, the sponsor, backs the operation, and as of August 22, 2025, its affiliated entity, Belpointe Asset Management LLC, reported discretionary assets under management (AUM) of $6,010,457,854. That's over $6 billion in AUM providing a substantial foundation of institutional backing.

Financing these large development projects requires deep relationships with commercial lenders. You see major players like Bank OZK, which has a dedicated Real Estate Specialties Group (RESG). While Bank OZK is actively diversifying its portfolio, its RESG group still originated $1.5 billion in new loans in Q2 2025, and they are guiding for total loan growth between 11% and 13% for the full year 2025. For Belpointe PREP, LLC specifically, securing debt like the $204 Million loan in October 2025 to refinance the Aster & Links project in Sarasota, Florida, shows they are accessing significant, project-level credit facilities.

Execution on the ground depends on top-tier construction partners. General contractors and design partners, like Suffolk Construction, are essential for delivering complex commercial and mixed-use assets. Suffolk Construction, for context on the scale of partners they engage, reported $5 billion in revenue back in 2022 and is active across major US markets. These partnerships manage the physical development risk inherent in building out the portfolio.

Securing tenants is the final piece that validates the investment thesis. Anchor tenants provide the necessary cash flow stability. Sprouts Farmers Market, for example, is a sought-after anchor, being named Progressive Grocer's Retailer of the Year in 2025. Their expansion plans are aggressive; they announced plans to open at least 35 new stores for fiscal year 2025, including more than seven new locations in Florida alone, which is set to create over 650 jobs in that state. A typical anchor space, like the one planned in Spring Hill, Tennessee, measures about 23,000 square feet.

Here's a quick look at the quantifiable elements of these key relationships:

The reliance on these external parties means performance is tied to their stability and capacity. For instance, Bank OZK's RESG share of total loans was down to 60% as of June 30, 2025, indicating a strategic shift in their lending focus, which you need to monitor for future debt availability.

You can see the structure relies on a few key external functions:

• External management fee structure (not publicly quantified here).
• Sponsor capital commitment and oversight.
• Securing construction debt from banks like Bank OZK.
• Engaging top-tier general contractors for development.
• Pre-leasing space to national credit tenants like Sprouts Farmers Market.

If onboarding takes 14+ days, churn risk rises-that principle applies to securing your construction partners too, as delays cascade.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core engine of Belpointe PREP, LLC (OZ), the only publicly traded Qualified Opportunity Fund (QOF). The key activities here are all about execution: finding the right land, building top-tier assets, getting them leased, and funding it all through the public markets while staying compliant. It's a complex dance, especially for a public entity in this space.

Identifying and acquiring properties within Qualified Opportunity Zones (QOZs).

This activity centers on deploying capital into ground-up development and redevelopment within designated QOZs. While specific acquisition dates for all pipeline assets aren't public, the scale of the current inventory is clear. The pipeline is substantial, showing a commitment to growth across multiple markets.

Developing and redeveloping multifamily and mixed-use real estate assets.

This is where the rubber meets the road, moving projects from paper to physical assets. The focus is clearly on large-scale, luxury multifamily and mixed-use communities. The pipeline supports this focus with a significant unit count and project cost.

Here's a quick look at the scale of the development pipeline as of late 2025:

• Total units in development pipeline: Over 2,500 units.
• Number of cities with active development: Four cities.
• Approximate total project cost for the pipeline: Over $1.3 billion.

The flagship asset, Aster & Links in Sarasota, Florida, exemplifies this activity. It's a 424-unit mixed-use luxury apartment community. The retail component is anchored by Sprouts Farmers Market and totals approximately 50,000 square feet to 60,000 square feet. This property recently underwent a major financial event to support its stabilization.

Managing the leasing and operations of completed properties like Aster & Links.

Once built, the activity shifts to generating revenue through operations, which is a key differentiator for Belpointe PREP, LLC (OZ) compared to funds only raising capital for early-stage projects. Leasing velocity is a critical metric here.

The operational management also includes securing favorable long-term financing. For Aster & Links, this involved securing a refinancing note of approximately $204.1 million in October 2025, which retired a prior $130 million construction note.

Raising capital through the issuance of Class A units to fund the $1.3 billion pipeline.

Funding the massive development pipeline requires continuous capital formation through the public offering of Class A units. The company has filed to offer up to an aggregate of $1,500,000,000 of these units. Historically, the company raised aggregate gross offering cash proceeds of $357.3 million as of December 31, 2024, and more than $345 million of equity capital in its ongoing offering as of an earlier report. In the fiscal year ending December 31, 2024, net offering proceeds of $3.0 million were raised from the issuance of 41,774 Class A units.

Maintaining compliance as the only publicly traded Qualified Opportunity Fund (QOF).

This activity is crucial for market access and investor confidence, given the unique structure of Belpointe PREP, LLC (OZ) on the NYSE American (Ticker: OZ). Maintaining listing standards is a non-negotiable operational requirement.

• Stock Exchange: NYSE American.
• Market Cap: $227.634 M as of November 28, 2025.
• Compliance Status: Regained compliance with NYSE American listing standards on January 28, 2025, following the 2024 Annual Meeting.

This public structure is used to offer investors liquidity and transparency not typically found in private QOFs. Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets Belpointe PREP, LLC (OZ) relies on to execute its Qualified Opportunity Zone (QOZ) strategy. Honestly, for a real estate fund, the tangible stuff-the land, the buildings, and the cash to keep things moving-is what matters most.

As of the third quarter of 2025, the total asset base for Belpointe PREP, LLC (OZ) stood at $570.8 million. This valuation reflects the growth from development activities, with properties being placed in service. To manage near-term needs and fund stabilization efforts, the company maintained a solid liquidity position. At the end of September 2025, cash and cash equivalents were reported at $29.6 million, with total cash and restricted cash reaching $35.8 million.

The future growth engine is definitely the development pipeline. Belpointe PREP, LLC (OZ) has a pipeline focused on high-growth markets that includes over 2,500 units. The approximate total project cost associated with this pipeline is substantial, estimated at over $1.3 billion. This shows you the scale of their commitment to future asset generation within the QOZ framework.

Here's a quick look at some of those key financial anchors as of Q3 2025, which you'll want to track closely:

Beyond the balance sheet numbers, the structure itself is a critical, non-fungible resource. It's the unique market position that sets Belpointe PREP, LLC (OZ) apart from private QOFs, offering a different kind of access and transparency to investors.

• The unique status as the first and only publicly traded Qualified Opportunity Fund on the NYSE American (OZ).
• The QOZ-compliant real estate portfolio, which is the foundation for its tax-advantaged investment thesis.
• The development pipeline of over 2,500 units in high-growth markets, representing future operational scale.
• The recent closing of a $204.1 million refinancing for the Aster & Links asset, which is expected to save multiple million dollars on interest costs per year.

Finance: draft the Q4 2025 liquidity forecast incorporating the impact of the October refinancing by next Tuesday.

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:

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:

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:

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:

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:

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:

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.