Earnings

Belpointe PREP Aster & Links Occupancy Crosses 92%

The Tip Desk · November 11, 2026 · 4 min read

The qualified opportunity fund reported Aster & Links greater than 92% leased as of November 1, 2026, and net asset value of $116.37 a Class A unit as of June 30.

Belpointe PREP, LLC (OZ), the only publicly traded qualified opportunity fund listed on a national securities exchange, reported that its flagship Sarasota mixed-use development Aster & Links was greater than 92% leased as of November 1, 2026, up from greater than 82% as of July 26, 2026 and greater than 71% as of May 4, 2026.

The two ten-story buildings contain 424 luxury residential units and about 51,000 square feet of ground-floor retail, including Sprouts Farmers Market. Construction was substantially completed in 2024. The company said it completed an approximately $204.1 million post-construction financing in September 2025 and expects the refinancing to generate annual interest savings of several million dollars over the term of the loans.

Occupancy at VIV in St. Petersburg, Florida, also advanced. The 269-unit development was greater than 86% leased as of November 1, 2026, compared with greater than 71% as of July 26, 2026 and greater than 53% as of May 4, 2026. Leasing at VIV began in October 2025, with first residential move-ins in November 2025. The 901-909 Central Avenue North retail/office building in St. Petersburg was fully leased as of October 31, 2026, after being approximately 85% leased as of July 27, 2026 and May 7, 2026.

Net asset value per Class A unit was $116.37 as of June 30, 2026, announced August 28, 2026, versus $116.25 as of March 31, 2026 and $116.17 as of December 31, 2025.

In the three months ended September 30, 2026, the company sold 51,474 Class A units at an average price of $44.42 for $2,332,547 of gross proceeds in Section 4(a)(2) transactions, compared with 11,798 units at $47.60 for $566,041 in the three months ended June 30, 2026. Those issuances did not involve underwriters.

Gross proceeds from the Follow-on Offering were zero for the three months ended September 30, 2026 and for the three months ended June 30, 2026. For the nine months ended September 30, 2026, Follow-on Offering proceeds were $3,210,218, matching the six-month figure through June 30, 2026. The Follow-on Registration Statement expired on May 9, 2026. Together with the primary offering, which expired in 2024, and Belpointe REIT’s prior offerings, the company had raised aggregate gross offering proceeds of $371.8 million as of September 30, 2026.

Drawdowns under the Aster & Links Loans increased to approximately $179.5 million as of September 30, 2026, from approximately $177.8 million as of June 30, 2026 and approximately $176.2 million as of March 31, 2026. The loans, with SM Finance III LLC, bear interest at one-month term SOFR subject to a 3.25% floor plus a blended 2.55%, require interest-only monthly payments, and initially mature on October 11, 2027, with two one-year extensions subject to SMF’s approval. Interest rate caps with an aggregate notional of about $204.1 million and a 6.0% SOFR strike continue through October 15, 2027.

Drawdowns on the 1000 First Construction Loan, secured by VIV, increased to $97.3 million as of September 30, 2026, from $96.0 million as of June 30, 2026 and $93.3 million as of March 31, 2026. Advances bear interest at one-month term SOFR plus 3.80%, subject to a minimum all-in rate of 7.55%, with an initial maturity of June 28, 2027. A new interest rate cap with a notional of $104.0 million and a 6.25% strike became effective July 1, 2026 and matures July 1, 2027. There were no remaining commitments under the VIV construction management agreement as of September 30, 2026.

On June 10, 2026, 900 Eighth extended the maturity of the $10.0 million 900 8th Avenue South land loan from July 2, 2026 to July 2, 2027, repaid $1.5 million in principal and paid $0.9 million in prepaid interest and fees, leaving a principal balance of $8.5 million. On March 9, 2026, CMC redeemed the remaining noncontrolling interest in the Storrs joint venture for $1.6 million.

The company restated its 1700 Main Street redevelopment plan as an approximate 130-apartment, 12-story podium with a 3-story garage of about 300 spaces, versus a prior description of an approximate 150-apartment, 10-story podium with a 3-story, 330-space garage. The September 30, 2026 investment narrative no longer described the $19.6 million purchase-and-sale agreement for 900 8th Avenue South with WP South that had been disclosed with amendments through July 10, 2026.

The company said that despite expectations of the U.S. falling into recession, market conditions for multi-family and mixed-use properties in the regions in which it operates have generally remained consistent over the past several quarters. It said it is unable to estimate the impact of interest rates, immigration policy, the One Big Beautiful Bill Act of 2025, and other factors on future results.