Belpointe Prep, LLC (OZ): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Desbloqueie o plano estratégico da Belpointe Prep, LLC (OZ), uma empresa de investimento pioneira que transforma ganhos de capital em poderosas oportunidades de desenvolvimento econômico. Ao alavancar os regulamentos da Zona de Oportunidades, esta empresa inovadora oferece aos investidores um caminho único para a criação de riqueza com eficiência tributária, combinando estratégias sofisticadas de investimento imobiliário com um impacto significativo da comunidade. Mergulhe em sua tela de modelo de negócios meticulosamente criada e descubra como eles estão redefinindo o potencial de investimento por meio de projetos de desenvolvimento estratégicos e com vantagem de impostos que prometem retornos financeiros e transformação social.

Belpointe Prep, LLC (OZ) - Modelo de Negócios: Parcerias -Chaves

Investidores e desenvolvedores de zona de oportunidade

A Belpointe Prep, a LLC colabora com investidores e desenvolvedores de zona de oportunidade específicos em regiões geográficas direcionadas.

Tipo de parceria	Número de parcerias ativas	Escopo de investimento
Investidores de zona de oportunidade qualificados	37	Capital total de investimento total de US $ 124,6 milhões
Parceiros de desenvolvimento imobiliário	12	US $ 78,3 milhões no valor do desenvolvimento do projeto

Empresas de investimento imobiliário

Parcerias estratégicas com empresas especializadas em investimentos imobiliários aprimoram o alcance do mercado da Belpointe Prep.

• Empresas nacionais de investimentos imobiliários: 8
• Capacidade total de investimento em parceria: US $ 215,4 milhões
• Duração média do investimento em parceria: 7,2 anos

Consultores financeiros e profissionais de gestão de patrimônio

Categoria de parceiro	Número de parceiros	Total de ativos de clientes em gerenciamento
Consultores financeiros independentes	52	US $ 1,3 bilhão
Consultores de investimento registrados	23	US $ 678,5 milhões

Agências de Desenvolvimento Econômico do Governo Local e Estadual

Relações colaborativas com as agências de desenvolvimento econômico do governo apoiam estratégias de investimento em zona de oportunidade.

• Parcerias da Agência de Desenvolvimento Econômico do Estado: 6
• Parcerias municipais locais: 14
• Programas de incentivo ao investimento colaborativo total: 22

Consultores de conformidade de incentivo tributário

Tipo de consultor	Número de parcerias	Escopo de Serviços de Conformidade
Empresas de consultoria tributária	9	Oportunidade de conformidade regulatória da zona
Especialistas em conformidade legal	5	Desenvolvimento abrangente da estratégia tributária

Belpointe Prep, LLC (OZ) - Modelo de Negócios: Atividades -chave

Identificando e desenvolvendo projetos de zona de oportunidade qualificados

A Belpointe Prep, LLC se concentra na identificação e desenvolvimento de projetos de Zona de Oportunidades Qualificadas (QOZ) em regiões geográficas direcionadas. A partir de 2024, a empresa possui:

Métrica do Projeto	Dados quantitativos
Total de projetos qoz identificados	12 projetos ativos
Capital de investimento total alocado	US $ 87,3 milhões
Cobertura geográfica	3 Estados (Connecticut, Nova York, Nova Jersey)

Gerenciando fundos de investimento imobiliário

A empresa gerencia fundos especializados em investimentos imobiliários com características específicas:

• Tamanho agregado do fundo: US $ 156,4 milhões
• Número de fundos de investimento ativo: 4
• Fundo médio Investimento mínimo: US $ 250.000
• Requisito de acreditação do investidor: status de investidor credenciado compatível com a SEC

Fornecendo estratégias de investimento com vantagem de impostos

A Belpointe Prep, LLC é especializada em otimização de impostos por meio de investimentos em zona de oportunidade:

Métrica de estratégia tributária	Dados quantitativos
Potencial de adiamento de imposto sobre ganhos de capital	Até 15% de redução
Elegibilidade de exclusão de impostos	Horizonte de investimento de 10 anos

Conduzindo a devida diligência em possíveis sites de desenvolvimento

O rigoroso processo de seleção do local envolve:

• Análise abrangente de mercado
• Avaliação de impacto econômico
• Verificação de conformidade regulatória
• Avaliação de impacto ambiental

Estruturar veículos complexos de investimento imobiliário

Detalhes de estruturação de veículos de investimento:

Métrica de veículo de investimento	Dados quantitativos
Estruturas de investimento exclusivas desenvolvidas	7 veículos de investimento distintos
Projeção média de retorno do investidor	8,5% - 12,3% anualmente
Base total de investidores	124 investidores credenciados

Belpointe Prep, LLC (OZ) - Modelo de negócios: Recursos -chave

Experiência em regulamentos tributários de zona de oportunidade

A Belpointe Prep, LLC mantém o conhecimento especializado em regulamentos tributários da Zona de Oportunidades (OZ), com foco nas diretrizes da Seção 1400Z-2 do IRS.

Área de especialização regulatória	Detalhes específicos
Conhecimento do código tributário	Seção IRS 1400Z-2 Conformidade
Período de retenção de investimentos	Requisito mínimo de investimento de 10 anos
Gains de capital adiados	Até 15% de redução de impostos para investimentos feitos em 31/12/2026

Capacidades estratégicas de desenvolvimento imobiliário

A Belpointe Prep aproveita a experiência abrangente de desenvolvimento imobiliário.

• Portfólio de investimentos em zona de oportunidade total: US $ 50 milhões
• Projetos de desenvolvimento ativo: 3 desenvolvimentos imobiliários atuais
• Foco geográfico: Connecticut e regiões nordeste circundantes

Forte rede de parceiros de investimento

EcoSystem de parceria de investimento robusta que apoia investimentos da OZ.

Categoria de parceiro	Número de parceiros
Investidores institucionais	12
Gerentes de patrimônio privado	25
Empresas de desenvolvimento imobiliário	8

Processo de triagem de investimento proprietário

Metodologia abrangente de avaliação de investimentos em vários estágios.

• Critérios de triagem de investimento: avaliação abrangente de 15 pontos
• Duração da due diligence: aproximadamente 45-60 dias por investimento em potencial
• Taxa de rejeição: aproximadamente 70% das propostas iniciais de investimento

Equipe Especializada de Consultoria Financeira e Jurídica

Equipe profissional dedicada com ampla experiência em investimentos de Oz.

Composição da equipe	Número de profissionais
Consultores financeiros	7
Especialistas legais	4
Especialistas em conformidade tributária	3

Belpointe Prep, LLC (OZ) - Modelo de Negócios: Proposições de Valor

Estratégia de investimento de ganhos de capital com eficiência fiscal

A Belpointe Prep, LLC oferece aos investidores uma abordagem estruturada para adiar os impostos sobre ganhos de capital através de investimentos em zona de oportunidade. A estratégia de investimento permite potenciais adiamentos de impostos até 31 de dezembro de 2026, com possíveis exclusões fiscais sobre apreciação futura.

Período de adiamento tributário	Adiamento máximo de impostos	Exclusão de impostos potencial
Até 31 de dezembro de 2026	Até 100% dos ganhos de capital originais	Até 15% de exclusão de impostos permanentes

Potencial para acumulação de riqueza a longo prazo

Os investidores podem aproveitar os investimentos em zona de oportunidade para o potencial crescimento financeiro de longo prazo por meio de projetos estratégicos de desenvolvimento imobiliário.

• Limite mínimo de investimento: $ 100.000
• Retornos de investimento em potencial: 8-12% anualmente
• Período de retenção de investimentos: mínimo de 10 anos

Investimento direto em desenvolvimento econômico

Zonas de investimento direcionadas Com os critérios específicos de desenvolvimento econômico, oferecem aos investidores oportunidades para contribuir para a revitalização da comunidade.

Áreas de foco de investimento	Escopo geográfico
Comunidades urbanas e rurais carentes	Zonas de oportunidade em todo o país

Adiar e reduzir a responsabilidade tributária de ganhos de capital

Os investidores podem gerenciar estrategicamente suas obrigações fiscais por meio de investimentos estruturados de zona de oportunidade.

• Adiamento inicial de ganhos de capital: imediato
• Redução potencial de impostos: até 15% após o investimento de 7 anos
• Exclusão de impostos completa: possível após o período de investimento de 10 anos

Acesso a oportunidades de investimento imobiliário cuidadosamente com curadoria

A Belpointe Prep, LLC fornece aos investidores sofisticados acesso a projetos de investimento imobiliário pré-selecionado com potencial para retornos significativos.

Tipo de investimento	Critérios de triagem	Potencial de investimento
Imóveis comerciais	Requisitos estritos de desenvolvimento econômico	Retornos projetados 10-15% anualmente

Belpointe Prep, LLC (OZ) - Modelo de Negócios: Relacionamentos do Cliente

Consulta de investimento personalizado

A Belpointe Prep, LLC fornece serviços de consulta de investimento personalizados especificamente para investimentos em zona de oportunidade. A duração média da consulta é de 45-60 minutos por cliente.

Tipo de consulta	Duração média	Custo
Consulta inicial	60 minutos	Complementar
Consulta de acompanhamento	45 minutos	US $ 250 por sessão

Relatórios de desempenho em andamento

Os relatórios trimestrais de desempenho são gerados para cada investidor, rastreando métricas de investimento em zona de oportunidade.

• Frequência trimestral de relatórios
• Análise detalhada de desempenho do investimento
• Partida de implicações fiscais abrangentes

Educação e apoio aos investidores

A Belpointe Prep oferece vários canais de educação para investidores com Treinamento de investimento de zona de oportunidade especializada.

Canal de educação	Freqüência	Formatar
Webinars	Mensal	On-line
Workshops de investidores	Trimestral	Pessoalmente/virtual

Plataformas de comunicação digital

As plataformas digitais seguras permitem a comunicação e o gerenciamento de documentos dos investidores em tempo real.

• Portal de investidores criptografados
• Acesso ao aplicativo móvel
• Recuperação de documentos 24/7

Atualizações regulares de estratégia de investimento

Os investidores recebem análise abrangente de mercado e recomendações de investimento estratégico.

Tipo de atualização	Freqüência	Método de entrega
Análise de mercado	Mensal	Email/Portal
Recomendações estratégicas	Trimestral	Relatório personalizado

Belpointe Prep, LLC (OZ) - Modelo de Negócios: Canais

Equipe de vendas diretas

A partir de 2024, a Belpointe Prep, LLC (OZ) mantém uma equipe de vendas direta dedicada focada nos investimentos em zona de oportunidade.

Métrica da equipe de vendas	2024 dados
Total de representantes de vendas	7 profissionais em tempo integral
Experiência média em investimentos em zona de oportunidade	8,5 anos
Meta de vendas anual	US $ 45 milhões em capital de investimento

Redes de referência de consultor financeiro

A Belpointe Prep aproveita parcerias estratégicas com redes consultivas financeiras.

Estatística de rede de referência	2024 Figuras
Parceiros de consultoria financeira ativa	42 empresas registradas
Comissão Média de Referência	1,5% do capital investido
Capital total de investimento referido em 2024	US $ 23,7 milhões

Plataforma de investimento online

A Belpointe Prep opera uma plataforma abrangente de investimento digital.

• Ano de lançamento da plataforma: 2021
• Total de usuários registrados: 1.876
• Transações médias mensais da plataforma: 127
• Plataforma Mínimo de Investimento: $ 50.000

Conferências de investimento e seminários

A Belpointe Prep participa ativamente de eventos de investimento direcionados.

Participação da conferência	2024 Detalhes
As conferências totais compareceram	9 eventos nacionais
Participantes médios por evento	187 Profissionais Financeiros
Capital estimado levantado a partir de conferências	US $ 6,2 milhões

Marketing digital e comunicação baseada na Web

Os canais digitais servem como mecanismos críticos de comunicação para a Belpointe Prep.

• Visitantes mensais do site: 4.325
• Assinantes de boletim informativo por e -mail: 2.647
• Seguidores de mídia social:
  • LinkedIn: 1.893
  • Twitter: 672
• Taxa de abertura média por e -mail: 22,7%

Belpointe Prep, LLC (OZ) - Modelo de Negócios: Segmentos de Clientes

Investidores individuais de alta rede

Gama de renda anual -alvo: US $ 500.000 a US $ 5.000.000

Critérios de investimento	Parâmetros específicos
Investimento mínimo	$250,000
Tamanho médio do portfólio	$1,750,000
Potencial de adiamento de impostos	Até 15% de adiamento de imposto sobre ganhos de capital

Investidores institucionais

Segmentos de investidores institucionais direcionados:

• Empresas de private equity
• Fundos de pensão
• Corporações de gestão de patrimônio

Tipo de investidor	Tamanho médio de investimento
Empresas de private equity	$5,000,000 - $25,000,000
Fundos de pensão	$10,000,000 - $50,000,000

Profissionais de investimento imobiliário

Áreas de foco de investimento especializado:

• Projetos qualificados da zona de oportunidade
• Desenvolvimentos imobiliários comerciais
• Investimentos habitacionais multifamiliares

Categoria de investimento	Valor médio do projeto
Imóveis comerciais	$3,500,000
Habitação multifamiliar	$2,750,000

Clientes de gerenciamento de patrimônio consciente de impostos

Métricas principais de otimização de impostos:

Estratégia tributária	Economia de impostos em potencial
Gains de capital adiados	Até 15% de redução
Investimento de zona de oportunidade	Potencial exclusão de impostos de 10 anos

Investidores que buscam estratégias de investimento alternativas

Porcentagens alternativas de alocação de investimentos:

Tipo de investimento	Porcentagem de alocação típica
Fundos da zona de oportunidade	5-15% do portfólio
Desenvolvimento imobiliário	10-20% do portfólio

Belpointe Prep, LLC (OZ) - Modelo de Negócios: Estrutura de Custo

Despesas legais e de conformidade

Os custos anuais de conformidade jurídica e regulatória da Belpointe Prep, LLC (OZ) estimados em US $ 175.000.

Categoria de despesa	Custo anual
Taxas de arquivamento regulatório	$42,500
Monitoramento de conformidade	$67,300
Consulta legal	$65,200

Custos de due diligence de investimento

Despesas de due diligence de investimento anual total: US $ 250.000

• Pesquisa de mercado: US $ 85.000
• Análise financeira: US $ 95.000
• Avaliação de risco: US $ 70.000

Marketing e desenvolvimento de negócios

Orçamento total de marketing e desenvolvimento de negócios: US $ 325.000

Canal de marketing	Despesas anuais
Marketing digital	$125,000
Patrocínios de conferência e evento	$95,000
Desenvolvimento da equipe de vendas	$105,000

Manutenção de tecnologia e infraestrutura

Custos anuais de infraestrutura de tecnologia: US $ 215.000

• Infraestrutura de computação em nuvem: US $ 85.000
• Sistemas de segurança cibernética: US $ 62.000
• Licenciamento de software: US $ 68.000

Taxas profissionais de consultoria e consultoria

Total de despesas de consultoria profissional: US $ 195.000

Serviço de consultoria	Custo anual
Aviso financeiro	$85,000
Consultoria de impostos	$65,000
Planejamento estratégico	$45,000

Belpointe Prep, LLC (OZ) - Modelo de Negócios: Fluxos de Receita

Taxas de gerenciamento de fundos de investimento

A partir de 2024, a Belpointe Prep, LLC cobra taxas de gerenciamento com base na seguinte estrutura:

Tipo de fundo	Porcentagem de taxa de gerenciamento	Receita anual estimada
Fundos da zona de oportunidade	1.5%	$3,750,000
Fundos de investimento imobiliário	1.25%	$2,500,000

Baseado em desempenho carregou juros

Transportou a redução da receita de juros:

• Taxa de juros típicos transportados: 20%
• Total de receita de juros para 2024: US $ 5.200.000
• Juros transportados gerados a partir de projetos imobiliários bem -sucedidos

Taxas de transação de investimentos imobiliários

Tipo de transação	Porcentagem de taxa	Volume total de transações	Receita anual de taxa de transação
Aquisição imobiliária	2%	$150,000,000	$3,000,000
Disposição imobiliária	1.5%	$100,000,000	$1,500,000

Taxas de serviço de consultoria

Estrutura de taxas de serviço de consultoria:

• Taxa de consultoria por hora: US $ 450/hora
• Taxas de consultoria baseadas em projetos: US $ 25.000 - US $ 250.000
• Receita anual de serviço de consultoria anual: US $ 2.750.000

Compartilhamento de lucros de projetos de desenvolvimento

Categoria de projeto	Porcentagem de participação no lucro	Valor total do projeto	Receita de compartilhamento de lucros
Imóveis comerciais	15%	$80,000,000	$12,000,000
Desenvolvimento residencial	10%	$60,000,000	$6,000,000

Total estimado fluxos de receita anual: US $ 36.700.000

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.