Aster & Links Actively Receiving New Residents

At the halfway point of 2024, we think a progress report is a timely way to highlight the key milestones achieved by Belpointe PREP, LLC (“Belpointe OZ”) (NYSE American: “OZ”).

Aster & Links has already received approximately twenty residential leases with no concessions or discounts and is on its way to full occupancy in the first of its two towers. With the first tower now nearly complete, the second tower is expected to be finished and ready for occupancy in the fourth quarter 2024. Viv is about half complete and should be ready to check in new residents in 2025.

Investors in Belpointe OZ and future tenants alike can now preview floorplans and lease the remaining available units on the updated Aster & Links website, which showcases the luxurious layouts with living spaces ranging from 865 to 2,820 square feet and featuring one-bed/one-bath to four-bed/three-and-a-half-bath units and a wide array of options to fit the wants and needs of all future tenants.

As for the midyear economic outlook, the latest data shows inflation is gradually cooling, moving toward the Fed’s 2% target, and resulting in lower bond yields and commercial lending rates. It’s still early in the cycle, and investors have had to cope with higher for longer rates, but the latest consumer price index (CPI) and producer price index (PPI) figures came in below forecast and are beginning to show a downtrend for consumer and wholesale inflation. The Fed’s dot plot calls for at least one rate cut this year and four for 2025.

We believe that after the upcoming Presidential election in November, there is a higher probability of the Opportunity Zone program being extended per either the currently proposed legislation or new legislation introduced in 2025. Currently there is a bipartisan bill, the Opportunity Zones Transparency Extension, and Improvement Act that was introduced into Congress in 2023, and, if passed as proposed, would, among other things, extend the deadline for capital gains to be invested in Qualified Opportunity Funds (QOFs) from December 31, 2026, to December 31, 2028.

As of May 31, 2024, Belpointe OZ, the only publicly traded QOF, announced its unaudited quarterly net asset value (“NAV”) as of March 31, 2024 of $361.66 million, or $99.59 per Class A unit. As of June 27, 2024, Belpointe OZ’s Class A units were trading at discount of just over 40% to NAV. In our view, investors seeking a discounted real estate investment opportunity should consider exploiting the disparity between the current market price of Belpointe OZ’s (NYSE American: “OZ”) Class A units and its NAV, notwithstanding the tax benefits that Belpointe OZ, as a QOF, has to offer.

It is our view that the market fails to price in the fact that Belpointe OZ owns Aster & Links a major asset that is set to be stabilized in the next 12-18 months and have the potential to generate substantial cash flow. What’s more, investors do not need capital gains to take advantage of the NAV-to-Class A unit price disparity. Investors seeking hard real estate assets with income-producing potential trading at a steep discount to NAV located within one of the fastest growing states in the U.S. might give thought to purchasing OZ units.

However, without investing capital gains investors will not qualify for any of the Opportunity Zone program tax benefits. But with the stock market gains being what they are year-to-date, we think locking in capital gains and sheltering those gains through the purchase of Belpointe OZ Class A units is a strategy that is worthy of consideration.

Belpointe OZ

255 Glenville Road

Greenwich, CT 06831

T: (203) 883-1944

E: IR@belpointeoz.com

The information in this communication is for illustrative, educational and informational purposes only and is subject to change. Nothing in this communication is or should be construed as an offer to sell or the solicitation of an offer to buy any securities. Offers may only be made by means of a prospectus.

Belpointe PREP, LLC (“Belpointe OZ”) has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Prior to making an investment decision, you should read Belpointe OZ’s prospectus and the other documents that it has filed with the SEC in their entirety, and carefully consider its investment objectives and strategy, risk factors, fees and expenses and any tax consequences that may results from an investment in the offering. Copies of these documents can be obtained free of charge from www.sec.gov or investors.belpointeoz.com or from any broker-dealer participating in the offering.

The information in this communication should not be relied upon as investment or tax advice. You should consult with your own investment and tax advisers concerning the federal, state and local income tax consequences of purchasing, owning or disposing of securities in the offering, and of Belpointe OZ’s election to qualify as a partnership and qualified opportunity fund for federal income tax purposes. There is no guarantee that Belpointe OZ will continue to qualify as a partnership or qualified opportunity fund.

Past performance is not an indicator or a guarantee of future performance. An investment in the offering to which this communication relates involves a high degree of risk, including a complete loss of your investment, and may not be suitable for all investors. The price of Belpointe OZ’s securities will fluctuate in market value and may trade above or below net asset value. Brokerage commissions and expenses will reduce returns.

The offering to which this communication relates is being made on a best-efforts basis on behalf of Belpointe OZ through Emerson Equity, LLC, Member FINRA, SIPC, as managing broker-dealer.

©2024 Belpointe PREP, LLC. All rights reserved.