On this page of StockholderLetter.com we present the latest annual shareholder letter from Belpointe PREP, LLC — ticker symbol OZ. Reading current and past OZ letters to shareholders can bring important insights into the investment thesis.
NYSE AMERICAN: OZ A S T E R & L I N K S S A R A S O TA , F L ANNUAL REPORT V I V S T. P E T E R S B U R G , F L TO UNITHOLDERS 2025 Fiscal Year Ended December 31, 2025 The only Qualified Opportunity Fund listed on a national securities exchange. 255 GLENVILLE ROAD, GREENWICH, CT INVESTORS.BELPOINTEOZ.COM
BELPOINTE OZ NYSE AMERICAN: OZ THE ONLY QUALIFIED OPPORTUNITY FUND LISTED ON A NATIONAL SECURITIES EXCHANGE 2 0 2 5 A N N U A L R E P O RT Letter from the Chairman & Chief Executive O icer Dear Fellow Unitholders, Fiscal year 2025 and the first half of fiscal year 2026 have been a period of meaningful progress for Belpointe OZ. Two of our communities Aster & Links and VIV made substantial progress in lease-up and operations, the Opportunity Zone program that underpins our investment strategy was made permanent, and we continued to advance and unlock value across our development pipeline. In this letter, we want to share where we stand today and why we believe this work is building durable value for your Class A units. From Construction to Cash Flow Our two largest assets are now operating and leasing. Aster & Links, our mixed-use community in downtown Sarasota, was greater than 90% leased across its 418 residential homes as of August 2026, with its approximately 51,000 square feet of ground-floor retail anchored by an open and operating Sprouts Farmers Market . VIV, our two-tower community in downtown St. Petersburg, was greater than 75% leased across its 269 residential homes as of August 2026, having opened for lease-up only in October 2025. Together these properties represent more than approximately $500 million of assets in lease-up, and we continue to expect both to reach stabilization between the end of 2026 and early 2027. As they stabilize, we plan to refinance their existing variablerate financing into long-term, fixed-rate Fannie Mae or Freddie Mac debt, which we currently expect will position us to begin distributions to unitholders in 2027, subject to board approval, our loan covenants, and adequate reserves. Great Markets for Our Product We develop in markets where we believe demand for our product will remain durable. Sarasota is a supply-constrained coastal market, with limited new Class A apartment supply, sustained in-migration, and a walkable downtown minutes from Siesta Key and Lido Key, all of which we believe support occupancy and pricing power at Aster & Links. St. Petersburg is one of Florida's most dynamic and fastest-growing cities; VIV sits near the St. Pete Pier and the planned multibillion-dollar Historic Gas Plant District redevelopment, a catalyst which we expect to draw new residents and employers to the downtown core. Our sites near the University of Connecticut will benefit from steady, university-anchored housing demand in a supply-constrained college market. In each case, we are building well-located, amenity-rich communities designed for long-term livability rather than short-term trends.
Realizing Value in Nashville On Nashville's East Bank, we own an approximately 15.55-acre riverfront site made up of four parcels along Davidson Street. The parcels were successfully rezoned to accommodate medium- to high-density multifamily residential and a mix of other commercial uses, including hotel, o ice, retail, and restaurant, which meaningfully increased the value of these sites. The site is located within Imagine East Bank, Metro Nashville's 338-acre waterfront redevelopment, near the new $2.2 billion enclosed Nissan Stadium that is expected to open sometime in 2027, the planned Oracle campus, and a $1.6 billion central waterfront master plan. We believe the land market has already validated this value: in August 2025, a nearby 47-acre East Bank scrapyard site spanning nine parcels along the Cumberland River sold for approximately $245 million, or about $5.2 million per acre, in one of the largest land transactions in Nashville's history, which we believe supports the value of our neighboring East Bank properties. We currently intend to sell these East Bank properties. Separately, and as previously disclosed, our property at 900 8th Avenue South in Nashville, which is not part of the East Bank assemblage, is under a purchase and sale agreement for approximately $19.3 million and is currently expected to close in 2027. Pipeline, Capital, and Opportunity Our two operating assets and our development pipeline currently represents over $1.0 billion of projected gross asset value across three cities: Sarasota, St. Petersburg, and the University of Connecticut area. We are currently exploring the possibility of raising development capital at the property level. As we continue to advance our pipeline, we will evaluate the optimal capital structure for each project, including potential joint venture partnerships, private securities o erings, and other structures designed to align investor interests while preserving value for our existing Class A unitholders. The Discount to Net Asset Value Our Class A units have continued to trade at a meaningful discount to our most recent net asset value of $116.25 per unit. We do not believe that this discount reflects the reality of a company anchored by two completed, income-producing communities and a pipeline that potentially carries embedded value. Our plan is straightforward: stabilize the assets, refinance into lower-cost debt, and begin distributions, and then let a demonstrated operating track record speak for the platform. Opportunity Zone 2.0 The Qualified Opportunity Zone program, originally established by the Tax Cuts and Jobs Act of 2017 ( OZ 1.0 ), has been expanded and made permanent by the One Big Beautiful Bill Act of 2025 ( OZ 2.0 ), with new zone designations taking e ect in January 2027. Permanence removes the uncertainty that kept many long-term investors and advisors on the sidelines, and we expect it to broaden interest in qualified opportunity funds. Based on our reading of the current Treasury guidance, we believe our two flagship
assets, Aster & Links and VIV, will be grandfathered into the program. Importantly, because our existing structure qualifies under OZ 1.0 and should transition seamlessly under OZ 2.0, we do not expect to create a new fund, restructure our o ering, or launch a separate vehicle to participate in the new program. We also believe that a stabilized, income-producing Belpointe OZ will attract interest from traditional investors and cash buyers who may see value in any discount to NAV and in the future income profile of Belpointe OZ. Conclusion We are proud of what this team has accomplished over the past year and clear-eyed about the work ahead. At Aster & Links and VIV, we have moved past the riskiest and most capital-intensive phase of development, we have created and are working to realize value across our pipeline, and we are operating inside an Opportunity Zone program that is now permanent. Thank you for your trust and your investment in Belpointe OZ. We look forward to reporting our continued progress in the quarters ahead. Sincerely, Brandon E. Laco Chairman & Chief Executive O icer Belpointe PREP, LLC C A U T I O N A R Y N O T E R E G A R D I N G F O R W A R D - L O O K I N G S T A T E M E NT S The foregoing discussion and analysis and the information incorporated herein (this Communication ) contains express and implied forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to qualify for the safe harbor from liability established by those sections. Forward-looking statements are based on our current beliefs and assumptions, and on information currently available to us, and only speak as of the date of this Communication. All statements other than statements of historical fact are forward-looking statements. In some cases terms such as anticipate, believe, estimate, expect, intend, goal, may, might, plan, predict, project, seek, target, potential, will, would, could, should, continue, and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements include, without limitation, statements related to the One Big Beautiful Bill Act of 2025 and OZ 2.0 program, implementation of the OZ regulations in respect of the remainder of the OZ 1.0 program as well as under the new OZ 2.0 program, statements related to the application of U.S. federal and state tax laws and regulations, statements related to the stabilization of our assets, future cash flows and cash distributions, and the future liquidity of our Class A units, and other factors described in our filings with the U.S. Securities and Exchange Commission (the SEC ), including those detailed under the heading Risk Factors in our annual report on Form 10-K. Further, the information contained in this Communication is not tax advice and you should consult with your own tax advisors with respect to the application of U.S. federal and state tax laws and regulation in connection with your own particular tax situation. We cannot provide you with assurances that any of the assumptions upon which our forward-looking statements are based will prove to be correct. Should one or more risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forwardlooking statements, and you are cautioned not to place undue reliance on these forward-looking statements. The contents of our investor relations website (investors.belpointeoz.com), Aster & Links website (asterandlinks.com) and VIV s website (liveatviv.com) are not incorporated into this Communication or any report or document that we file with the SEC, and any references to the websites are intended to be inactive textual references only. Except as otherwise required by law, we do not intend to update or revise any forward-looking statement contained in this Communication, or elsewhere, as a result of new information, future events or otherwise. We further expressly disclaim any written or oral statements made by a third party regarding the subject matter of this Communication.
# - . / 0 1 2. - . +.+ .0.34.- )$ # - . - 5.- + /- 3666666666666 666666666666 33 / 1. 734.- $%! "$$ 8.15 . ( ( '' .1 9 -. 1. ; 11. + -.. 9 0 .0 07 <:)$ .07- . -. .-.+ 57- 7 .0 $ *4, / . 0 = 3. / . 0 .>0 . 9 0 1. / . 0 01 234 1 .07- . -. .-.+ 57- 7 .0 $ * , / . 0 = . & * * 0 12 1/ !
 • shareholder letter icon 8/27/2026 Letter Continued (Full PDF)
 • stockholder letter icon 12/31/2024 OZ Stockholder Letter
 • stockholder letter icon 7/29/2025 OZ Stockholder Letter
 • stockholder letter icon More "Real Estate" Category Stockholder Letters
 • Benford's Law Stocks icon OZ Benford's Law Stock Score = 54


OZ Shareholder/Stockholder Letter Transcript:

NYSE AMERICAN: OZ
A S T E R & L I N K S    S A R A S O TA , F L
ANNUAL
REPORT
V I V    S T. P E T E R S B U R G , F L
TO
UNITHOLDERS
2025
Fiscal Year Ended December 31, 2025
The only Qualified Opportunity Fund listed on a national securities exchange.
255 GLENVILLE ROAD, GREENWICH, CT

INVESTORS.BELPOINTEOZ.COM

BELPOINTE
OZ
NYSE AMERICAN: OZ
THE ONLY QUALIFIED OPPORTUNITY FUND LISTED ON A NATIONAL
SECURITIES EXCHANGE
2 0 2 5 A N N U A L R E P O RT
Letter from the Chairman & Chief Executive O   icer
Dear Fellow Unitholders,
Fiscal year 2025 and the first half of fiscal year 2026 have been a period of meaningful
progress for Belpointe OZ. Two of our communities   Aster & Links and VIV   made
substantial progress in lease-up and operations, the Opportunity Zone program that
underpins our investment strategy was made permanent, and we continued to advance
and unlock value across our development pipeline. In this letter, we want to share where
we stand today and why we believe this work is building durable value for your Class A
units.
From Construction to Cash Flow
Our two largest assets are now operating and leasing. Aster & Links, our mixed-use
community in downtown Sarasota, was greater than 90% leased across its 418 residential
homes as of August 2026, with its approximately 51,000 square feet of ground-floor retail
anchored by an open and operating Sprouts Farmers Market  . VIV, our two-tower
community in downtown St. Petersburg, was greater than 75% leased across its 269
residential homes as of August 2026, having opened for lease-up only in October
2025. Together these properties represent more than approximately $500 million of
assets in lease-up, and we continue to expect both to reach stabilization between the end
of 2026 and early 2027. As they stabilize, we plan to refinance their existing variablerate financing into long-term, fixed-rate Fannie Mae or Freddie Mac debt, which we
currently expect will position us to begin distributions to unitholders in 2027, subject to
board approval, our loan covenants, and adequate reserves.
Great Markets for Our Product
We develop in markets where we believe demand for our product will remain durable.
Sarasota is a supply-constrained coastal market, with limited new Class A apartment
supply, sustained in-migration, and a walkable downtown minutes from Siesta Key and
Lido Key, all of which we believe support occupancy and pricing power at Aster & Links.
St. Petersburg is one of Florida's most dynamic and fastest-growing cities; VIV sits near
the St. Pete Pier and the planned multibillion-dollar Historic Gas Plant District
redevelopment, a catalyst which we expect to draw new residents and employers to the
downtown core. Our sites near the University of Connecticut will benefit from steady,
university-anchored housing demand in a supply-constrained college market. In each
case, we are building well-located, amenity-rich communities designed for long-term
livability rather than short-term trends.

Realizing Value in Nashville
On Nashville's East Bank, we own an approximately 15.55-acre riverfront site made up of
four parcels along Davidson Street. The parcels were successfully rezoned to
accommodate medium- to high-density multifamily residential and a mix of other
commercial uses, including hotel, o   ice, retail, and restaurant, which meaningfully
increased the value of these sites. The site is located within Imagine East Bank, Metro
Nashville's 338-acre waterfront redevelopment, near the new $2.2 billion enclosed
Nissan Stadium that is expected to open sometime in 2027, the planned Oracle campus,
and a $1.6 billion central waterfront master plan. We believe the land market has already
validated this value: in August 2025, a nearby 47-acre East Bank scrapyard site spanning
nine parcels along the Cumberland River sold for approximately $245 million, or about
$5.2 million per acre, in one of the largest land transactions in Nashville's history, which
we believe supports the value of our neighboring East Bank properties. We currently
intend to sell these East Bank properties. Separately, and as previously disclosed, our
property at 900 8th Avenue South in Nashville, which is not part of the East Bank
assemblage, is under a purchase and sale agreement for approximately $19.3 million
and is currently expected to close in 2027.
Pipeline, Capital, and Opportunity
Our two operating assets and our development pipeline currently represents over $1.0
billion of projected gross asset value across three cities: Sarasota, St. Petersburg, and the
University of Connecticut area. We are currently exploring the possibility of raising
development capital at the property level. As we continue to advance our pipeline, we will
evaluate the optimal capital structure for each project, including potential joint
venture partnerships, private securities o   erings, and other structures designed to align
investor interests while preserving value for our existing Class A unitholders.
The Discount to Net Asset Value
Our Class A units have continued to trade at a meaningful discount to our most recent
net asset value of $116.25 per unit. We do not believe that this discount reflects the reality
of a company anchored by two completed, income-producing communities and a pipeline
that potentially carries embedded value. Our plan is straightforward: stabilize the assets,
refinance into lower-cost debt, and begin distributions, and then let a demonstrated
operating track record speak for the platform.
Opportunity Zone 2.0
The Qualified Opportunity Zone program, originally established by the Tax Cuts and Jobs
Act of 2017 (   OZ 1.0   ), has been expanded and made permanent by the One Big Beautiful
Bill Act of 2025 (   OZ 2.0   ), with new zone designations taking e   ect in January 2027.
Permanence removes the uncertainty that kept many long-term investors and advisors
on the sidelines, and we expect it to broaden interest in qualified opportunity funds.
Based on our reading of the current Treasury guidance, we believe our two flagship

assets, Aster & Links and VIV, will be grandfathered into the program. Importantly,
because our existing structure qualifies under OZ 1.0 and should transition seamlessly
under OZ 2.0, we do not expect to create a new fund, restructure our o   ering, or
launch a separate vehicle to participate in the new program. We also believe that a
stabilized, income-producing Belpointe OZ will attract interest from traditional investors
and cash buyers who may see value in any discount to NAV and in the future income
profile of Belpointe OZ.
Conclusion
We are proud of what this team has accomplished over the past year and clear-eyed about
the work ahead. At Aster & Links and VIV, we have moved past the riskiest and most
capital-intensive phase of development, we have created and are working to realize value
across our pipeline, and we are operating inside an Opportunity Zone program that is
now permanent. Thank you for your trust and your investment in Belpointe OZ. We look
forward to reporting our continued progress in the quarters ahead.
Sincerely,
Brandon E. Laco   
Chairman & Chief Executive O   icer
Belpointe PREP, LLC
C A U T I O N A R Y N O T E R E G A R D I N G F O R W A R D - L O O K I N G S T A T E M E NT S
The foregoing discussion and analysis and the information incorporated herein (this    Communication   ) contains express and
implied    forward-looking statements    within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended, which are intended to qualify for the    safe harbor    from liability established by
those sections. Forward-looking statements are based on our current beliefs and assumptions, and on information currently
available to us, and only speak as of the date of this Communication. All statements other than statements of historical fact are
forward-looking statements. In some cases terms such as    anticipate,       believe,       estimate,       expect,       intend,       goal,       may,   
   might,       plan,       predict,       project,       seek,       target,       potential,       will,       would,       could,       should,       continue,    and similar
expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these
identifying words. Forward-looking statements include, without limitation, statements related to the One Big Beautiful Bill Act of
2025 and OZ 2.0 program, implementation of the OZ regulations in respect of the remainder of the OZ 1.0 program as well as under
the new OZ 2.0 program, statements related to the application of U.S. federal and state tax laws and regulations, statements related
to the stabilization of our assets, future cash flows and cash distributions, and the future liquidity of our Class A units, and other
factors described in our filings with the U.S. Securities and Exchange Commission (the    SEC   ), including those detailed under the
heading    Risk Factors    in our annual report on Form 10-K. Further, the information contained in this Communication is not tax
advice and you should consult with your own tax advisors with respect to the application of U.S. federal and state tax laws and
regulation in connection with your own particular tax situation. We cannot provide you with assurances that any of the assumptions
upon which our forward-looking statements are based will prove to be correct. Should one or more risks materialize, or should
underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forwardlooking statements, and you are cautioned not to place undue reliance on these forward-looking statements. The contents of our
investor relations website (investors.belpointeoz.com), Aster & Links    website (asterandlinks.com) and VIV   s website (liveatviv.com)
are not incorporated into this Communication or any report or document that we file with the SEC, and any references to the
websites are intended to be inactive textual references only. Except as otherwise required by law, we do not intend to update or
revise any forward-looking statement contained in this Communication, or elsewhere, as a result of new information, future events
or otherwise. We further expressly disclaim any written or oral statements made by a third party regarding the subject matter of
this Communication.





















# -   . /  0 1 2. - . +.+  .0.34.- )$     

# -   .  -         5.-  + /- 3666666666666    666666666666
 33       / 1.  734.-   $%! "$$


8.15    . (  (  ''


 .1 9 -.





   1. ; 11.   +
 -.. 9 0      .0  07   <:)$



.07-   .  -.    .-.+ 57- 7       .0     $ *4,  /   . 0 =



  3.  / . 0  .>0    .    9  0 
   1.  / . 0  01   
234 1






.07-   .  -.    .-.+ 57- 7        .0     $ * ,  /   . 0 =    .





        &      *   *                         0                                     12  


      1/         !


shareholder letter icon 8/27/2026 Letter Continued (Full PDF)
 

OZ Stockholder/Shareholder Letter (Belpointe PREP, LLC) | www.StockholderLetter.com
Copyright © 2023 - 2026, All Rights Reserved

Nothing in StockholderLetter.com is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy.