Belpointe PREP (OZ) Q4 2024 earnings summary

Executive summary

• Only publicly traded qualified opportunity fund listed on a national securities exchange, 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 $357.3 million in aggregate gross offering proceeds as of December 31, 2024, with $3.1 million raised in 2024.

• Externally managed by an affiliate of the sponsor, with a management fee based on NAV and additional development and reimbursement fees.

Financial highlights

• Net loss attributable to the company was $23.9 million for 2024, compared to $14.4 million in 2023.

• Total assets increased to $517.6 million at year-end 2024 from $382.1 million in 2023.

• Debt, net, rose to $177.0 million at December 31, 2024, from $19.7 million at the prior year-end.

• NAV per Class A unit was $119.94 as of December 31, 2024.

• Rental revenue grew to $2.7 million in 2024 from $2.3 million in 2023.

Outlook and guidance

• Market conditions for multifamily and mixed-use properties remain strong, but future performance is subject to uncertainty from interest rates, inflation, credit availability, and economic volatility.

• Management expects cash on hand, offering proceeds, and financing activities to be sufficient for liquidity needs over the next 12 months.