Belpointe PREP (OZ) Q2 2026 earnings summary

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.

• As of June 30, 2026, the portfolio includes major developments in Florida, Connecticut, and Tennessee, with significant leasing progress at flagship properties Aster & Links and VIV.

• Raised $371.8 million in aggregate gross offering proceeds through public offerings as of June 30, 2026.

Financial highlights

• Rental revenue for Q2 2026 was $5.4 million, up from $2.0 million in Q2 2025; six-month rental revenue was $9.6 million, up from $3.7 million year-over-year.

• Net loss attributable to Class A units was $9.2 million for Q2 2026 ($2.37 per unit) and $19.9 million for the six months ended June 30, 2026 ($5.12 per unit), compared to $7.6 million and $16.2 million, respectively, in 2025.

• Total assets were $561.8 million as of June 30, 2026, with total liabilities of $304.4 million and members' capital of $257.4 million.

• Cash and cash equivalents at period end were $15.6 million.

Outlook and guidance

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

• Management continues to review investment and financing strategies to optimize risk and liquidity.