Belpointe PREP (OZ) investor relations material

Executive summary

• Focused on acquiring, developing, and managing commercial and mixed-use real estate in qualified opportunity zones, with at least 90% of assets in such properties.

• Raised $3.2 million in gross proceeds from Class A units in Q1 2026, with total offering proceeds reaching $371.8 million as of March 31, 2026.

• NAV per Class A unit was $116.17 as of December 31, 2025.

• Portfolio includes major developments in Florida, Connecticut, and Tennessee, with significant leasing progress at flagship properties.

Financial highlights

• Q1 2026 rental revenue was $4.2 million, up from $1.7 million in Q1 2025.

• Net loss attributable to the company was $10.7 million in Q1 2026, compared to $8.6 million in Q1 2025.

• Loss per Class A unit was $2.75, compared to $2.35 in the prior year period.

• Total assets were $565.7 million as of March 31, 2026, with total liabilities of $299.6 million.

• Cash and cash equivalents stood at $19.6 million at quarter-end.

Outlook and guidance

• Market conditions for multifamily and mixed-use properties remain stable, but future performance is subject to economic uncertainty, interest rates, inflation, and regulatory changes.

• Management is unable to estimate the full impact of macroeconomic factors on future results and continues to review investment and financing strategies.