Here are 1-3 brief analogies for Belpointe PREP (OZ):

• Imagine them as a specialized arm of Blackstone Real Estate, concentrating all its efforts on developing and investing in properties within Qualified Opportunity Zones.
• They operate somewhat like a diversified REIT such as Realty Income, but their strategy is uniquely centered on acquiring, developing, and managing properties specifically within Qualified Opportunity Zones.
• They are akin to a private equity firm like Apollo Global Management, but with a dedicated public structure and an exclusive focus on real estate investments within Qualified Opportunity Zones.

• Commercial Real Estate Development & Management: Acquiring, developing, redeveloping, and managing commercial real estate properties across the United States.
• Real Estate Debt Investments: Investing in and managing real estate-related assets, including commercial real estate loans and mortgages.
• Real Estate Securities Investments: Investing in debt and equity securities issued by other real estate-related companies.
• Private Equity Investments: Engaging in private equity acquisitions and investments.
• Opportunity Zone Fund & Business Acquisitions: Opportunistically acquiring other qualified opportunity funds and qualified opportunity zone businesses.

Belpointe PREP (symbol: OZ) operates as a commercial real estate company focused on identifying, acquiring, developing or redeveloping, and managing commercial real estate properties in the United States. As such, its primary customers are other companies (tenants) that lease space in its commercial real estate portfolio.

Due to the nature of the commercial real estate business, companies like Belpointe PREP typically have a diverse tenant base across multiple properties, rather than a few individually identifiable "major customers." Specific names of tenant companies are generally not publicly disclosed unless a single tenant represents a significant portion of the company's revenue, which is uncommon for diversified portfolios. Therefore, it is not feasible to list specific major customer companies by name.

However, based on its focus on commercial real estate, Belpointe PREP's customers would fall into various categories of businesses that lease commercial space. These categories include, but are not limited to:

• Office Tenants: Companies from various sectors (e.g., professional services, technology, finance) that lease office space for their operations.
• Retail Tenants: Businesses such as shops, restaurants, and service providers that lease retail space within commercial centers or standalone properties.
• Industrial and Logistics Tenants: Companies involved in manufacturing, warehousing, distribution, and e-commerce that lease industrial or logistics facilities.

1. Limited Liquidity and Persistent Losses: Belpointe PREP has demonstrated a limited cash runway, reported to be under one year. The company has also experienced persistent and expanding net and operating losses, with a trailing twelve-month net loss of approximately US$40.0 million on roughly US$9.2 million in revenue, and losses widening at an annualized rate of 49% over five years. This trend is driven by high expenses relative to revenue, particularly related to property, interest, and general and administrative costs, leading to negative cash flow.
2. Development and Lease-up Risks: A significant portion of Belpointe PREP's strategy involves ground-up and redevelopment projects within qualified opportunity zones. Current key projects, such as Aster & Links and VIV, are in their lease-up phases, concentrating execution risk in these large developments. Delays or shortfalls in achieving projected occupancy rates and stabilization for these properties could materially impact the company's financial results and its ability to generate recurring income.
3. Rising Leverage and Interest Rate Exposure: The company has experienced a significant increase in debt following project completions and refinancings. Belpointe PREP targets a substantial property-level leverage of 50-70% once assets stabilize. While this strategy can amplify returns, it also increases the company's exposure to fluctuations in interest rates and refinancing conditions, which could heighten its financial burden.

The approaching expiration and potential non-renewal or significant alteration of the tax incentives associated with the Qualified Opportunity Zone program. Belpointe PREP's business model explicitly involves investing in and managing Qualified Opportunity Funds and Qualified Opportunity Zone Businesses, which are heavily reliant on these time-sensitive tax benefits to attract capital and facilitate their real estate development and investment strategies. The primary capital gains deferral benefit under the current legislation expires on December 31, 2026, posing a clear and direct threat to the future attractiveness and viability of new investments in their core business area.

Belpointe PREP (symbol: OZ) operates within the commercial real estate and Qualified Opportunity Zone (QOZ) investment markets in the United States. The addressable market sizes for its main products and services are as follows:

• The total value of commercial real estate in the U.S. was estimated at $16.0 trillion in 2018.
• Commercial real estate investment activity in the U.S. is projected to reach $562 billion in 2026.
• The total equity investment in U.S. Qualified Opportunity Funds (QOFs) was at least $48 billion by the end of 2020.

Here are 3-5 expected drivers of future revenue growth for Belpointe PREP (symbol: OZ) over the next 2-3 years:

1. Completion and Stabilization of Development Projects: Belpointe PREP anticipates significant revenue growth from the completion and stabilization of its major multifamily development projects. For instance, the Aster & Links property began generating rental income in the latter half of 2024, with ongoing refinancing efforts aimed at supporting its lease-up and stabilization to drive continued revenue. Furthermore, the VIV project is projected to start generating rental revenue in early 2026. These projects are crucial for transitioning the company from a development-focused phase to a recurring revenue business model. The rental income from these assets has already shown substantial growth, with further increases expected as leasing momentum continues.
2. Strategic Acquisitions and Market Expansion: The company's growth strategy is centered on the ongoing identification, acquisition, development, or redevelopment of properties within Qualified Opportunity Zones across the United States, with a particular emphasis on multifamily developments. This strategy also includes the opportunistic acquisition of other Qualified Opportunity Funds (QOFs) that hold stabilized multifamily assets, allowing for expansion and diversification of its revenue streams.
3. Long-term Asset Management and Real Estate Value Appreciation: As a publicly traded Qualified Opportunity Fund, Belpointe PREP aims for long-term dividends and capital appreciation through its multifamily rental communities. The effective management and intrinsic appreciation in value of its real estate holdings, especially those situated within Opportunity Zones, are expected to significantly contribute to the company's overall financial performance and future revenue potential. The tax advantages associated with Opportunity Zone investments also serve as a key differentiator and attract capital for these assets.
4. Capital Raising and Equity/Debt Financing for New Developments: Belpointe PREP has been consistently raising equity capital through its Qualified Opportunity Fund offering, having secured over $368 million in gross offering cash proceeds by December 31, 2025. This capital, alongside strategic property-level and corporate debt, is crucial for funding its robust development pipeline and pursuing new acquisitions. The company targets a leverage ratio of 50-70% on stabilized properties, which helps finance further growth and future revenue generation.

Share Repurchases

• Belpointe PREP has not reported any significant share repurchases over the last 3-5 years.

Share Issuance

• As of December 31, 2025, Belpointe PREP had raised aggregate gross offering cash proceeds of approximately $368.6 million.
• In 2025, the company issued 172,523 Class A units through a Follow-on Offering.
• In 2024, Belpointe PREP issued 41,774 Class A units, raising net proceeds of $3.0 million.

Inbound Investments

• Belpointe PREP functions as a publicly traded Qualified Opportunity Fund (QOF), continuously raising equity capital from investors seeking tax-advantaged returns.
• By December 31, 2025, the company had accumulated aggregate gross offering cash proceeds of approximately $368.6 million.
• In 2023, Belpointe PREP announced a $750 million Qualified Opportunity Fund offering specifically targeting broker-dealers to broaden its investor base.

Outbound Investments

• Belpointe PREP primarily invests in and manages commercial and mixed-use real estate properties located within Qualified Opportunity Zones across the United States.
• The company's portfolio includes major developments such as Aster & Links in Sarasota, Florida, and VIV in St. Petersburg, Florida, along with other projects in Nashville and Storrs, Connecticut.
• In 2021, Belpointe PREP acquired all outstanding shares of Belpointe REIT, Inc. through an exchange offer and related merger transaction.

Capital Expenditures

• Capital expenditures were substantial, recorded as -$139.7 million in 2022 and -$137.8 million in 2023, with -$61.8 million in 2024.
• The primary focus of capital expenditures is on the development and redevelopment of multifamily and mixed-use real estate projects in Qualified Opportunity Zones, including significant projects like Aster & Links and VIV.
• As of Q3 2025, approximately $58 million was allocated to projects under construction, a decrease from over $190 million at the end of 2024, as major developments like Aster & Links and VIV moved into lease-up phases.