Belpointe PREP, LLC (OZ): Marketing Mix Analysis [Dec-2025 Updated]

You're looking to cut through the noise on a unique real estate play, and honestly, the four P's for Belpointe PREP, LLC (OZ) tell a fascinating, high-growth story still priced for speculation as of late 2025. We're talking about a publicly traded Qualified Opportunity Fund with a development pipeline costing over $1.3 billion, yet its units trade around $58.50 against a Net Asset Value of about $120/unit-a massive gap driven by its core promotion: tax deferral. Let's break down exactly how this structure, which offers liquidity through the NYSE American (OZ), is positioning its product and pricing to capture investors chasing those capital gains advantages, even while posting a net loss exceeding $28 million through the first nine months of the year.

Belpointe PREP, LLC (OZ) - Marketing Mix: Product

Belpointe PREP, LLC (OZ) product is structured as a publicly traded Qualified Opportunity Fund (QOF), listed on the NYSE American under the symbol "OZ." Belpointe PREP, LLC (OZ) is the first and only QOF to be listed on a national securities exchange. Belpointe PREP, LLC (OZ) is taxed as a publicly traded partnership.

The core product focus is on identifying, acquiring, developing, or redeveloping commercial and mixed-use real estate located within Qualified Opportunity Zones (QOZs) across the United States and its territories. Belpointe PREP, LLC (OZ) is required to hold at least 90% of its assets as qualified opportunity zone property.

The investment portfolio is centered on multifamily and mixed-use projects, with the fund also having investments in student housing, senior living, healthcare, industrial, self-storage, hospitality, office, data centers, and solar projects. Belpointe PREP, LLC (OZ) currently owns 15 assets.

The product offering is segmented into two reporting segments:

• Commercial: Includes properties such as office, retail centers, and warehouses.
• Mixed-Use: Includes properties that blend both residential and retail components within a single real estate asset.

Flagship projects driving the transition to revenue generation are located in Florida. The Aster & Links development in Sarasota, Florida, is a premier 424-unit mixed-use luxury apartment property. As of October 2025, more than 50% of the residential units at Aster & Links were leased. The retail offering at Aster & Links is anchored by a Sprouts Farmers Market®. The Viv project in St. Petersburg, Florida, consists of two 15-story towers with 269 apartments and retail space. Leasing officially began at VIV in October 2025.

The revenue impact from these projects is becoming evident in the latest financials. Revenues for the first nine months of 2025 amounted to more than $6 million, a substantial increase from the $1.5 million reported for the same period in 2024. Based on the last reported quarterly revenue of close to $2.4 million, the annualized revenue run-rate is closer to $10 million.

The development pipeline remains substantial, representing the core asset base for future value. The pipeline includes over 2,500 units with a total project cost exceeding $1.3 billion. The fund has raised more than $345 million of equity capital in its ongoing offering.

Here's a look at the scale of the pipeline and recent financial positioning:

The product strategy is designed to mitigate execution risk by focusing on assets nearing revenue generation. At the end of Q3 2025, approximately 90% of assets were related to real estate, with only about $58 million under construction, compared to more than $190 million at the end of 2024.

Key features of the flagship projects include:

• Aster & Links: 424 apartment homes, luxury residential, commercial spaces.
• Viv: Two 15-story towers, 269 apartments, 15,500 square feet of retail space.
• Aster & Links Refinance Amount: Approximately $204.14 million closed in October 2025.

Belpointe PREP, LLC (OZ) - Marketing Mix: Place

You're looking at how Belpointe PREP, LLC (OZ) gets its investment product-exposure to Qualified Opportunity Zone real estate-into the hands of investors. The distribution strategy here is two-pronged: one for the tradable security and one for the underlying assets.

Exchange Listing and Liquidity

Belpointe PREP, LLC (OZ) is listed on the NYSE American exchange, which is a key part of its distribution strategy, aiming to offer liquidity not typical for many Qualified Opportunity Funds (QOFs). You should note that Belpointe PREP, LLC announced it had regained compliance with NYSE American continued listing standards following its 2024 Annual Meeting of Unitholders on January 28, 2025. As of December 01, 2025, the unit stock price was reported at 58.40, with a 52-week range spanning from a low of 56.77 to a high of 82.89. This listing makes the units accessible on the secondary market.

Secondary Market Access

For investors seeking to trade existing units, access is broad. Units are available for purchase via the secondary market through any major brokerage platform you use. You can locate Belpointe PREP, LLC (OZ) by searching the ticker symbol OZ within your preferred brokerage account. This ease of access through established financial intermediaries is a primary distribution channel for existing interests.

Direct Unit Offerings

For new capital deployment, Belpointe PREP, LLC (OZ) offers a more direct path alongside the public market. New Class A units are available through a direct subscription agreement process, which you can initiate by contacting Investor Relations. The company has filed registration statements with the SEC for the offer and sale of up to $1,500,000,000 of these Class A units. As of December 31, 2024, the company reported raising aggregate gross offering cash proceeds of $357.3 million in its ongoing offering.

Geographic Distribution of Real Estate Assets

The underlying product-the real estate portfolio-is geographically distributed across various Qualified Opportunity Zones (QOZs) in the United States. Belpointe PREP, LLC (OZ) currently owns 15 assets in its portfolio. The development pipeline, as of late 2024 estimates, included over 2,500 units across four cities, representing an approximate total project cost exceeding $1.3 billion. Major operational focus areas include Sarasota and St. Petersburg, Florida.

Here's a look at the scale and status of the key Florida assets:

• Aster & Links (Sarasota, FL): This is a 424 unit mixed-use development. As of May 2025, over a third of the residential units were leased, and the anchoring Sprouts Farmers Market was open. This asset recently closed on a refinance transaction for approximately $204.14 million in October 2025.
• VIV (St. Petersburg, FL): This project features two 15-story towers with 269 apartments and retail space. As of May 2025, the project was reported to be over 85% complete.

The strategy involves developing multifamily and mixed-use projects in QOZ markets with long-term growth potential, targeting metropolitan areas within 75 miles of cities showing significant employment and population growth.

The distribution of the security is facilitated by the exchange listing, while the distribution of the investment value is tied to the geographic spread and development status of the underlying assets in designated QOZs.

Belpointe PREP, LLC (OZ) - Marketing Mix: Promotion

You're looking at how Belpointe PREP, LLC (OZ) gets its message out to potential investors. The entire promotional effort centers on the unique tax advantages tied to Qualified Opportunity Zone (QOZ) investing, which is a complex topic simplified for the target audience.

The primary marketing pitch is the tax deferral on capital gains realized from prior investments, coupled with the potential for tax-exempt returns on the Belpointe PREP, LLC (OZ) investment itself after a decade of holding the units. This structure is designed to appeal directly to investors with significant, realized capital gains seeking tax-efficient vehicles.

Belpointe PREP, LLC (OZ) emphasizes its structural differentiators in communications. It is positioned as the first and only publicly traded QOF, which speaks directly to transparency and ease of exit for unitholders who might otherwise be locked into private fund structures. This public listing on NYSE American under the symbol OZ means investors control when they buy and when they sell. As of December 31, 2024, the company had raised aggregate gross offering cash proceeds of $345 million or more in its ongoing offering, with an unaudited quarterly Net Asset Value (NAV) of $439,479,873 as of December 31, 2024.

Investor Relations (IR) manages direct communication for unitholder inquiries. You can reach the IR team via email at IR@belpointeoz.com or by phone at (203) 883-1944. This direct line supports the transparency narrative inherent in being publicly traded. The company also communicates major operational achievements through press releases. For instance, a major milestone highlighted was the $204.14 million refinancing closed in October 2025 for the Aster & Links development in Sarasota, Florida. That property is a Class A, 424-unit multifamily property.

The promotional focus clearly targets investors with large, realized capital gains looking for tax-advantaged structures. The company's development pipeline supports this growth narrative, with plans for over 2,500 units across four cities, representing an approximate total project cost of over $1.3 billion.

Here is a snapshot of key operational and financial metrics relevant to the promotional messaging:

The communication strategy also details the fee structure, which is presented as competitive for the asset class:

• No investor servicing fees.
• No disposition fees.
• 0.75% Annual Management Fee.
• 5% Carried Interest.

Furthermore, the company's investment strategy involves a targeted aggregate property-level leverage of between 50-70% of the greater of cost or fair market value of its assets, a detail that speaks to financial management for sophisticated investors.

Belpointe PREP, LLC (OZ) - Marketing Mix: Price

You're looking at the price element for Belpointe PREP, LLC (OZ), which in this context is less about a direct consumer price and more about the market valuation and the price of its units relative to its underlying assets. This is where the strategy gets interesting, as the market price reflects a significant gap between what the stock trades for and what the assets are valued at on paper.

The core of the pricing discussion centers on the unit price trading at a substantial discount to its Net Asset Value (NAV). The last reported NAV per unit stands at approximately $120/unit. To put that into perspective for your analysis, the stock price as of late 2025 hovers around $58.50. Here's the quick math: that means you are looking at a unit trading at roughly 48.75% of its stated NAV. This deep discount reflects the market's view on development risk and the time it will take to convert those assets into stabilized, income-producing properties.

We can lay out these key valuation metrics in a table so you have the figures side-by-side for easy comparison:

Financing options and credit terms for the units themselves are standard for publicly traded securities, but the company's internal capital structure and dividend policy heavily influence investor perception of value. Belpointe PREP, LLC pays no dividends, reflecting a 0.00% yield. This is a deliberate choice, as the company prioritizes retaining capital for ongoing development and management of its Opportunity Zone assets rather than immediate shareholder distributions, which is common for growth-focused real estate development funds.

The financial performance from the development phase directly impacts how investors price the risk associated with that $58.50 per unit price. You need to see the costs associated with the current phase:

• Revenue for the first nine months of 2025 was over $6 million.
• Net loss for the first nine months of 2025 exceeded $28 million.
• The Q3 2025 net loss alone was approximately $12 million.
• The company is in a transition from development to leasing momentum.

What this estimate hides is that the losses are justified by development costs, but the revenue growth, which was close to 300% year-over-year for the 9M 2025 period, shows the assets are starting to generate activity. Still, the market is pricing in the uncertainty until those assets, like Aster & Links and Viv, are fully leased and cash-flow positive. Finance: draft 13-week cash view by Friday.