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.

 •  7/29/2025 Letter Continued (Full PDF)
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OZ Shareholder/Stockholder Letter Transcript:

Dear Fellow Unitholders:
Please join us for Belpointe PREP, LLC   s (   Belpointe PREP   s   ) annual meeting (the    Annual Meeting   ) of
unitholders on Friday, September 12, 2025, at 12:00 p.m. at 255 Glenville Road, Greenwich, Connecticut 06831. We ask that
unitholders who plan to attend the annual meeting in person please contact Belpointe PREP   s Investor Relations Department
at 1-833-828-2721 or via email at IR@belpointeoz.com.
Attached to this letter is a notice of Annual Meeting of unitholders and proxy statement, which describe the business
to be conducted at the meeting. We urge you to read the accompanying materials regarding the matters to be voted on at the
Annual Meeting and to submit your voting instructions by proxy.
Whether or not you plan to attend the meeting, your vote is important to us. You may vote your Class A units by proxy
on the Internet, by telephone or by completing, signing and promptly returning a proxy card or you may vote in person at the
Annual Meeting. We encourage you to vote by proxy by Internet, by telephone or by proxy card even if you plan to attend the
Annual Meeting. By doing so, you will ensure that your Class A units are represented and voted at the Annual Meeting.
Thank you for your continued support of Belpointe PREP, LLC.
/s/Brandon E. Lacoff
Brandon E. Lacoff
Chairman of the Board and Chief Executive Officer

Belpointe PREP, LLC
255 GLENVILLE ROAD
GREENWICH, CONNECTICUT 06831
NOTICE OF ANNUAL MEETING OF UNITHOLDERS
September 12, 2025
To the Unitholders of Belpointe PREP, LLC:
Notice is hereby given that the Annual Meeting of Unitholders (the    Annual Meeting   ) of Belpointe PREP, LLC will
be held on Friday, September 12, 2025, at 12:00 p.m. at 255 Glenville Road, Greenwich, Connecticut 06831. We ask that
unitholders who plan to attend the Annual Meeting in person please contact Belpointe PREP   s Investor Relations Department
at 1-833-828-2721 or via email at IR@belpointeoz.com. In these proxy materials, we refer to Belpointe PREP, LLC as the
   Company,       we,       us    or    our.   
The Annual Meeting will be held for the following purposes:
1.
To elect two Class I directors, to serve until their successors are elected or appointed and qualified or until
the earlier of their resignation, removal, incapacity or death;
2.
To ratify the appointment of CohnReznick LLP, as our independent registered public accounting firm for the
fiscal year ended December 31, 2025; and
3.
To transact such other business as may properly come before the Annual Meeting or any adjournments
thereof.
The Board of Directors of the Company has fixed the close of business on June 16, 2025, as the record date for
determining the unitholders having the right to vote at the Annual Meeting or any adjournment thereof. A list of such unitholders
will be available for examination by unitholders for any purpose germane to the Meeting during ordinary business hours at the
offices of the Company at 255 Glenville Road Greenwich, Connecticut 06831, during the ten days prior to the Annual Meeting.
In accordance with U.S. Securities and Exchange Commission (the    SEC   ) rules that allow us to furnish our proxy
materials over the Internet, we are mailing to most of our unitholders a Notice of Internet Availability of Proxy Materials (the
   Notice   ) instead of a paper copy of the proxy materials. The Notice contains instructions on how to access our proxy materials
over the Internet and how to submit a proxy via the Internet. The Notice also contains instructions on how to request a paper
copy of our proxy materials.
Your vote is very important! Whether or not you plan to participate in the Annual Meeting, we encourage you to
read this proxy statement and submit your proxy or voting instructions as soon as possible.
You will find instructions on how to vote on the proxy card attached hereto. Most unitholders vote by proxy and do
not attend the Annual Meeting in person. However, as long as you were a unitholder at the close of business on June 16, 2025,
you have the right to vote on the proposals being presented at the Annual Meeting, and as such you are invited to attend the
Annual Meeting, or to send a representative.
By Order of the Board of Directors
/s/ Brandon E. Lacoff
Brandon E. Lacoff
Chairman of the Board and Chief Executive Officer
Greenwich, Connecticut
July 28, 2025
Important Notice Regarding the Availability of Proxy Materials for the Unitholder Annual Meeting to be Held on
September 12, 2025: These proxy materials are available on the Internet at www.proxyvote.com. On this site, you will be able
to access our proxy materials and our 2024 Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and all
amendments or supplements to the foregoing materials that are required to be furnished to our unitholders.
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 7/29/2025 Letter Continued (Full PDF)