Belpointe PREP, LLC (OZ): History, Ownership, Mission, How It Works & Makes Money

Belpointe PREP, LLC (OZ) is a publicly traded Qualified Opportunity Fund (QOF)-but can a real estate developer still deliver outsized, tax-advantaged returns when its year-to-date 2025 net loss sits at $28.4 million? You're looking at a company that has successfully transitioned key projects like Aster & Links and VIV from development to lease-up, boosting total assets to a defintely significant $570.8 million as of Q3 2025. Given that its last reported Net Asset Value (NAV) was $116.74 per unit, how should you value a stock trading at a deep discount, and what does the recent $204.14 million refinancing tell us about its near-term liquidity and risk profile? We'll break down the firm's unique mission within the Opportunity Zone framework and show you exactly how it plans to convert those massive development assets into sustainable, recurring cash flow.

Belpointe PREP, LLC (OZ) History

You want to understand the foundation of Belpointe PREP, LLC (OZ)-the 'why' behind its structure and its current real estate portfolio. The direct takeaway is this: the company was purpose-built in 2020 to be the first publicly traded Qualified Opportunity Fund (QOF), a structure designed to attract significant capital gains investment into designated low-income areas, which is why its growth has been rapid but capital-intensive.

Given Company's Founding Timeline

The company didn't emerge from a garage; it was a strategic spin-off from Belpointe, LLC, a sponsor firm with over two decades of experience, including a financial asset management arm overseeing more than $5 billion in assets under management.

Year established

2020. This timing was key, allowing it to qualify immediately under the Opportunity Zone (OZ) legislation.

Original location

Greenwich, Connecticut, which is also the long-standing headquarters of its sponsor, Belpointe, LLC.

Founding team members

The company is led by a seasoned team that includes:

• Brandon Eric Lacoff, Chairman of the Board and Chief Executive Officer.
• Martin Lacoff, Director, Chief Strategic Officer and Principal Financial Officer.
• Lori Wortz, Chief Operating Officer.
• Cody H. Laidlaw, Chief Business Development Officer.

Initial capital/funding

The company filed a registration statement for the offer and sale of up to an aggregate of $750,000,000 of Class A units. As of December 31, 2024, the aggregate gross offering cash proceeds raised were $357.3 million.

Given Company's Evolution Milestones

The company's history is a clear march from a legal structure to a tangible real estate portfolio, culminating in the recent shift from pure development to generating rental revenue.

Given Company's Transformative Moments

The two most transformative decisions were its public listing and the recent move from development-only to operating assets. You can't overstate the importance of that shift.

The decision to list on the NYSE American under the symbol 'OZ' was defintely a game-changer. It provided investors with an exit strategy-liquidity-that is typically absent in private Qualified Opportunity Funds. This unique structure allowed the company to raise capital more broadly than its private peers, leading to a development pipeline with an approximate total project cost of over $1.3 billion.

The completion of its major projects, particularly the VIV asset in St. Petersburg and Aster & Links in Sarasota, marks the company's pivot from a pure development company to a real estate operator. This is a critical transition. For the nine months ended September 30, 2025, the company's revenue jumped to $6.12 million, a massive increase from the $1.58 million reported in the same period a year earlier. This 300% growth in revenue shows the leasing momentum is finally kicking in.

• The OZ Mandate: The entire strategy hinges on the Qualified Opportunity Fund framework, which requires investing at least 90% of its assets into qualified opportunity zone property.
• The Asset Base: As of Q3 2025, the company's total assets stood at $570.8 million, with debt, net, at $251.4 million, showing a debt ratio close to 44%.
• The Value Proposition: The Net Asset Value (NAV) per Class A unit was reported at $116.74 as of June 30, 2025, which is a key metric for judging the long-term value creation.

For a deeper dive into how these financials are impacting investor returns, you should read Breaking Down Belpointe PREP, LLC (OZ) Financial Health: Key Insights for Investors.

Belpointe PREP, LLC (OZ) Ownership Structure

The ownership structure of Belpointe PREP, LLC is a blend of public investment and sponsor control, typical of a managed real estate vehicle, where the majority of equity is held by public unitholders, but the operational control rests with the Manager.

This dual-class structure gives public investors liquidity and access to Qualified Opportunity Zone (QOF) investments, but the Manager, Belpointe PREP Manager, LLC, retains the key decision-making authority through its single, controlling Class M unit.

Belpointe PREP, LLC's Current Status

Belpointe PREP, LLC is a publicly traded Qualified Opportunity Fund (QOF), listed on the NYSE American under the ticker symbol OZ. This status makes it a unique investment vehicle, offering investors a way to access Opportunity Zone (OZ) real estate with the transparency and liquidity of a national exchange listing. The company successfully regained compliance with NYSE American's continued listing standards in January 2025, following the completion of its 2024 Annual Meeting of Unitholders. As of November 2025, the company has 3,791,177 Class A units, 100,000 Class B units, and one Class M unit outstanding.

Belpointe PREP, LLC's Ownership Breakdown

The company's equity is predominantly held by retail and institutional investors through the publicly traded Class A units. The ownership breakdown as of the 2025 fiscal year highlights a significant retail presence, which can lead to higher stock volatility, but also means a wide base of capital. You can read more about the investor base in Exploring Belpointe PREP, LLC (OZ) Investor Profile: Who's Buying and Why?

The single Class M unit, held by the Manager, Belpointe PREP Manager, LLC, is the critical piece here. While it represents a negligible equity percentage, it provides the Manager with the exclusive right to appoint and remove directors, effectively controlling the company's strategic direction and day-to-day operations. That's how a small equity stake can still steer the ship.

Belpointe PREP, LLC's Leadership

The company is steered by a small, focused executive team and a Board of Directors, which retains the services of Belpointe PREP Manager, LLC to manage its operations and investment strategy. This is a common structure for externally managed investment vehicles.

• Brandon Lacoff: Founder, Chairman, and Chief Executive Officer. He provides the overarching strategic vision and previously led Belpointe REIT, Inc. prior to its merger into Belpointe PREP in 2021.
• Martin Lacoff: Director, Chief Strategic Officer, and Principal Financial Officer. He is responsible for long-term strategy and the company's financial health.
• Lori Wortz: Chief Operating Officer - Real Estate. Lori oversees the strategic and operational management of the real estate portfolio, including acquisitions and development.
• Cody H. Laidlaw: Chief Business Development Officer and Head of Investor Relations. Cody manages fundraising, investor relations, and product development for the company.

The Board of Directors includes Brandon Lacoff and Martin Lacoff, along with independent directors Dean Drulias, Timothy Oberweger, Shawn Orser, and Ronald Young, Jr.. The management team, acting through the Manager, makes all investment decisions, plus provides portfolio management and financial services, aiming to maximize operating cash flow.

Belpointe PREP, LLC (OZ) Mission and Values

Belpointe PREP, LLC (OZ) is fundamentally driven by a dual mandate: providing investors with tax-advantaged capital gains opportunities while simultaneously spurring economic revitalization in designated Opportunity Zones (QOZs). The company's culture is built on a foundation of integrity, innovation, and a clear commitment to community development.

Belpointe PREP, LLC (OZ) Core Purpose

The company's purpose goes beyond just building properties; it's about channeling capital into areas that need it most, creating a tangible, positive social impact alongside financial returns. They are one of the few publicly traded Qualified Opportunity Funds (QOFs), which is a big deal for accessibility.

Official mission statement

The core mission is to develop communities through strategic real estate investments, focusing on long-term value creation. This means they are not just flipping assets; they are planting seeds for lasting economic change in underserved areas. For the nine months ended September 30, 2025, their total assets stood at $570.8 million, showing the scale of this commitment.

• Drive economic growth and job creation in designated Opportunity Zones.
• Provide investors with access to unique, tax-advantaged investment opportunities.
• Foster sustainable community development by enhancing the quality of life for local residents.

Vision statement

While a single-line vision statement isn't published, the company's long-term objectives and strategic priorities paint a clear picture of their future focus. They are realists about the need for a solid return, so their vision is tied directly to investor benefit and portfolio strength.

• Preserve, protect, and return your capital contribution over the long term.
• Pay attractive and consistent cash distributions.
• Grow net cash from operations-for the nine months ended September 30, 2025, rental revenue was $6.12 million, showing the ramp-up.
• Expand their footprint and diversify the asset portfolio across new property types and geographic markets.

What this estimate hides is the complexity of development; despite the revenue growth, the net loss for the same nine-month period was $28.38 million, which is typical for a capital-intensive development company in the ramp-up phase. If you want to dive deeper into their numbers, you should check out Breaking Down Belpointe PREP, LLC (OZ) Financial Health: Key Insights for Investors.

Belpointe PREP, LLC (OZ) slogan/tagline

There isn't one official, catchy slogan, but their operational focus acts as their tagline in the market. They are the pioneers in publicly traded Qualified Opportunity Funds, and that is what they lead with.

• Investing in high-growth markets and properties nearing revenue generation.
• Real Estate with Real Impact.
• The only QOF listed on a national securities exchange.

They defintely want you to know they are the most accessible way to participate in the Opportunity Zone program. Their Net Asset Value (NAV) per Class A unit was $116.74 as of June 30, 2025, which gives investors a clear benchmark.

Belpointe PREP, LLC (OZ) How It Works

Belpointe PREP, LLC operates as a publicly traded Qualified Opportunity Fund (QOF) that generates value by acquiring, developing, and managing commercial and mixed-use real estate in designated Opportunity Zones (OZs) across the U.S.. It essentially acts as a real estate developer and long-term landlord, but its core value proposition is giving investors a way to defer and potentially eliminate capital gains taxes by reinvesting those gains into the fund.

Belpointe PREP, LLC's Product/Service Portfolio

The company's offerings are twofold: the investment vehicle itself and the real estate assets it develops and operates.

Belpointe PREP, LLC's Operational Framework

The operational process is a real estate development cycle, but with the strict compliance requirements of a QOF. This means at least 90% of its assets must be Qualified Opportunity Zone Property. Here's the quick math: for the first nine months of the 2025 fiscal year, the company's total assets were approximately $570.8 million, showing a significant scale-up as projects like VIV reached substantial completion.

• Capital Raising: Secure funds from investors seeking QOF tax benefits, plus raising debt. As of Q3 2025, total debt was around $251 million, with a long-term target leverage of 50-70% of asset value.
• Acquisition and Development: Identify and acquire properties in designated OZs, then execute development or substantial redevelopment. The current pipeline includes over 2,500 units.
• Lease-Up and Stabilization: Transition new properties, like Aster & Links and VIV, from construction to generating rental income. Rental revenue for the nine months ended September 30, 2025, was $6.12 million, up significantly from the prior year, showing this transition is defintely underway.
• Asset Management: Manage the stabilized properties for long-term cash flow and capital appreciation, which is the primary source of value for unitholders over time.

Belpointe PREP, LLC's Strategic Advantages

The company's market success hinges on two unique factors: its structure and its development focus. It's a simple, but powerful, combination.

• Publicly Traded QOF Status: Belpointe PREP, LLC is the first and only Qualified Opportunity Fund listed on a national securities exchange (NYSE American), which offers investors liquidity-a major benefit traditional private QOFs cannot match.
• Tax-Advantaged Investment Vehicle: The QOF structure allows investors to defer capital gains tax until December 31, 2026, and potentially eliminate tax on the appreciation of the QOF investment if held for 10 years.
• De-Risked Development Pipeline: Unlike many QOFs still in the early fundraising stage, Belpointe PREP has completed its two largest projects, Aster & Links and VIV, moving them into the revenue-generating lease-up phase. This reduces construction risk for new investors.
• Scale and Valuation: With an estimated total project cost of over $1.3 billion in its pipeline, the company has significant scale. The Net Asset Value (NAV) was reported at $116.74 per Class A unit as of June 30, 2025, providing a clear benchmark for its intrinsic value.

Belpointe PREP, LLC (OZ) How It Makes Money

Belpointe PREP, LLC primarily generates revenue by leasing high-quality, newly developed residential and commercial real estate assets located within designated Qualified Opportunity Zones (QOZs). The company is currently in a critical transition phase, shifting from a capital-intensive development model to an income-generating operational model, with rental income driving nearly all of its reported revenue as of late 2025.

Belpointe PREP, LLC's Revenue Breakdown

The company's revenue is currently dominated by rental income as its major projects, like Aster & Links in Sarasota, Florida, and VIV in St. Petersburg, Florida, move into the lease-up phase. For the nine months ended September 30, 2025, total revenue was $6.12 million, a dramatic increase from the prior year, reflecting this operational shift.

Here's the quick math: The total revenue of $6.12 million for the first nine months of 2025 represents a nearly 300% increase over the same period in 2024, which is a clear sign that the development strategy is finally paying off in cash flow. The growth is defintely accelerating.

Business Economics

The core economic engine of Belpointe PREP, LLC is built on the federal Qualified Opportunity Zone (QOZ) program, which provides significant capital gains tax deferral and potential elimination benefits to investors, making the fund an attractive source of capital for large-scale development projects. This tax advantage acts as a powerful, low-cost capital acquisition tool.

• Pricing Strategy (External Management Fee): Belpointe PREP, LLC is externally managed by Belpointe PREP Manager, LLC. While the fund's revenue is rental income, a key economic driver is the fee structure paid to the manager. This typically includes an annual management fee, often based on the fund's equity or assets, plus a performance allocation (or carried interest) on profits, which is the manager's ultimate incentive.
• Value Creation: The company focuses on ground-up development in high-growth, underserved markets. For example, the Aster & Links project is a 424-unit mixed-use development, which generates a diversified income stream from both residential rents and commercial tenants like Sprouts Farmers Market.
• Cost Structure: The business is currently burdened by high operating expenses, including property expenses, depreciation, and significantly higher interest expense, which is typical for a company transitioning from a development phase with high leverage.
• Tax-Advantaged Capital: The QOZ structure is the unique selling proposition (USP). Investors can defer capital gains until December 31, 2026, and if they hold their investment for 10 years or more, they can eliminate capital gains on the QOF investment itself. This is the primary mechanism for attracting capital.

To understand the full scope of the fund's mandate, you should review its Mission Statement, Vision, & Core Values of Belpointe PREP, LLC (OZ).

Belpointe PREP, LLC's Financial Performance

As of September 30, 2025, the financial performance shows a company at a pivotal moment, with revenue ramping up quickly but still overshadowed by the costs of its development and financing activities.

• Total Assets: The company's total assets were $570.8 million as of September 30, 2025, up from $517.6 million at the end of 2024, demonstrating continued investment in its property portfolio.
• Net Loss: Despite the revenue surge, the company reported a net loss of $28.4 million for the nine months ended September 30, 2025, which is a significant increase from the $15.6 million loss in the prior year period. This is driven by higher operating expenses and a substantial increase in interest expense, which hit $4.85 million in Q3 alone due to new, refinanced debt.
• Leverage: Net debt increased to $251.4 million as of September 30, 2025, up from $177.0 million at year-end 2024, following the refinancing of assets like Aster & Links. The debt ratio is about 44% of total assets, which is still below the long-term target of 50-70%.
• Liquidity: Cash and restricted cash totaled $35.8 million at the end of Q3 2025, providing a buffer as the company continues its lease-up efforts. Operating cash flow remains negative, at a loss of close to $15 million for the first nine months of 2025.

The key takeaway is simple: Belpointe PREP, LLC is executing its plan to complete developments and start generating rental cash flow, but the operating profits are still elusive due to the high costs associated with its debt and the ongoing lease-up period. You are investing in the potential for future cash flow, not current profitability.

Belpointe PREP, LLC (OZ) Market Position & Future Outlook

Belpointe PREP, LLC is at a critical inflection point, moving from a capital-intensive development phase to a revenue-generating operating model, which is key to realizing its publicly traded Qualified Opportunity Fund (QOF) value proposition. The successful completion of major projects and the recent refinancing position the company to capture recurring rental income, but the near-term challenge remains converting its $570.8 million in assets into positive operating cash flow.

Competitive Landscape

The Opportunity Zone (OZ) fund market is highly fragmented, with Belpointe PREP, LLC standing out as the only publicly traded QOF, which gives it a unique liquidity advantage over its private peers. Here's the quick math on how Belpointe PREP, LLC's market share of approximately 0.87% of the estimated $42.1 billion in tracked OZ equity compares to some of the largest private players.

Opportunities & Challenges

The transition from development to stabilization is the primary driver of Belpointe PREP, LLC's future performance, but the legislative environment for Opportunity Zones is now defintely more favorable, which is a big tailwind.

Industry Position

Belpointe PREP, LLC holds a unique, first-mover position in the Qualified Opportunity Fund (QOF) sector as the only fund listed on a national exchange (NYSE American: OZ). This public structure is its core differentiator, offering investors an exit strategy (liquidity) that is simply unavailable in the vast majority of private QOFs. This is a huge advantage for investors who might need to sell before the 10-year hold period ends.

• Liquidity Premium: The public listing provides an immediate, albeit currently discounted, market for its units, which is a structural advantage over private funds that rely on capital event timing.
• Development Pipeline: The company controls a substantial future pipeline of over 2,500 units with an estimated total project cost exceeding $1.3 billion, demonstrating a clear path for asset growth.
• Operational Shift: The focus for 2026 will be on converting the $6.12 million in 9M 2025 revenue into a positive Net Operating Income (NOI) as VIV's 269 units begin contributing full rental income in Q4 2025 and Q1 2026.

You can review the company's long-term vision and core principles here: Mission Statement, Vision, & Core Values of Belpointe PREP, LLC (OZ).