Belpointe PREP is the only publicly traded qualified opportunity fund (QOF) listed on a U.S. national securities exchange (NYSE American: OZ). A QOF is a tax-advantaged investment vehicle under the federal opportunity zone (QOZ) program, which lets investors reinvest realized capital gains into designated low-income communities, defer those gains, and potentially exclude all appreciation from federal income tax after a ten-year hold. Belpointe PREP develops and manages luxury multifamily apartments — typically ground-up or redevelopment projects — in federally designated QOZs, primarily in Sun Belt markets. Properties generally include ground-floor retail alongside residential units. The current portfolio spans Sarasota and St. Petersburg, FL, Nashville, TN, and Storrs, CT, in various stages of development or lease-up. Belpointe PREP makes money by generating rental income from residents and retail tenants once properties stabilize. The company funds development with equity raised via a continuous public unit offering and property-level construction debt, which is refinanced into longer-term mortgage debt post-completion. Belpointe PREP targets 50-70% loan-to-value leverage on stabilized assets. The company has no employees and is externally managed by an affiliate of Belpointe, a Greenwich, CT-based investment firm, which earns a quarterly management fee. As of year-end 2025, aggregate gross offering proceeds since inception totaled ~$368.6M and NAV stood at $116.17 per unit.