Belpointe PREP (OZ) Q4 2025 earnings summary

Executive summary

• Only publicly traded qualified opportunity fund listed on a national exchange, focused on commercial and mixed-use real estate in opportunity zones, with at least 90% of assets in qualified opportunity zone property as of December 31, 2025.

• Raised $368.6 million in aggregate gross offering proceeds through public offerings as of year-end 2025.

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

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

Financial highlights

• Rental revenue increased to $9.2 million in 2025 from $2.7 million in 2024, reflecting new properties placed in service.

• Net loss attributable to the company was $40.0 million in 2025, compared to $23.9 million in 2024.

• Total assets grew to $564.2 million at year-end 2025, up from $517.6 million in 2024.

• Debt, net, increased to $260.6 million from $177.0 million year-over-year.

• Cash and cash equivalents and restricted cash totaled $28.7 million at year-end 2025.

Outlook and guidance

• Market conditions for multifamily and mixed-use properties remain strong, but future performance is subject to uncertainty from economic, regulatory, and geopolitical factors.

• Target annual distribution rate is 6-8% once investments generate operating cash flow; no distributions paid as of year-end 2025.

• Management expects liquidity needs to be met through cash on hand, offering proceeds, debt, and operating cash flows.