Belpointe PREP LLC (NYSE American: OZ) is a real estate company that acquires, develops, and manages commercial real estate located within federally designated qualified opportunity zones. Revenue is generated primarily through rental income from multifamily and mixed-use properties. The company is structured as a Delaware limited liability company formed on January 24, 2020, and is the only publicly traded qualified opportunity fund listed on a national securities exchange. It is externally managed by Belpointe PREP Manager, LLC, an affiliate of sponsor Belpointe, LLC. As of December 31, 2025, the company had raised aggregate gross offering cash proceeds of $368.6 million across its public offerings. At least 90% of its assets consist of qualified opportunity zone property. The NAV of Class A units was $116.17 per unit as of December 31, 2025, per the announcement on March 4, 2026. Investors in the fund may be eligible for favorable capital gains tax treatment under qualified opportunity fund rules.

Revenue model

Rental income from multifamily and mixed-use commercial properties held within qualified opportunity zones. Capital is raised through continuous at-the-market public offerings of Class A units, priced at the lesser of NAV or the average NYSE American trading price on the preceding trading day.

Products and services

Multifamily and mixed-use rental properties located within qualified opportunity zones. Class A units offered on a continuous basis via Follow-on Offering registered under Form S-11 (File No. 333-271262), with up to $750,000,000 registered for sale as of May 9, 2023.

Customers and end markets

Investors seeking capital gains tax deferral and reduction benefits through qualified opportunity fund investments. Tenants of multifamily and mixed-use rental properties in the geographic regions where the company operates. As of December 31, 2025, Empirical Financial Services LLC (d.b.a. Empirical Wealth Management) held 6% of Class A units and Precision Wealth Strategies, LLC held 6% of Class A units.

Value-chain role

Externally managed real estate fund. The Manager, Belpointe PREP Manager, LLC, sources, originates, and manages investments. All assets are held and operations conducted through one or more Operating Companies, directly or indirectly through subsidiaries.

Geographic exposure

Properties located within federally designated qualified opportunity zones. The filing references multifamily and mixed-use rental markets in unspecified geographic regions where the company operates.

Source: SEC 10-K, filed 2026-03-20

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