Belpointe OZ Addresses Recent Market Volatility and Class A Unit Price
October 19 2023 - 5:30AM
Belpointe PREP, LLC (NYSE American: OZ) (“Belpointe OZ” or “the
Company”), the first publicly traded Qualified Opportunity Fund, is
issuing this press release to address the recent market volatility
in its Class A units and the unit price decline.
Management does not typically opine on market
volatility or the market price of the Company’s Class A units;
however, in response to a number of inquiries from unitholders, the
Company would like to confirm the following:
Management does not believe the recent increase
in market volatility or decline in market price of Belpointe OZ’s
(NYSE American: OZ) Class A units is attributable to any
developments within the Company or its portfolio.
On May 17, 2023, the Company announced a new
offering of $750 million of its Class A units with the goal of
raising additional capital to better position the Company for
current and future investments.
The Company has not issued any new Class A units
in connection with its offering at the current unit price, nor does
the Company intend to do so.
Management believes that the recent market
volatility and decline in market price can be attributed to the
unique characteristics of the Company as a Qualified Opportunity
Fund. Most holders of the Company’s Class A units acquired their
units by reinvesting capital gains in order to take advantage of
the Qualified Opportunity Zone tax benefits. During this economic
cycle there may be fewer capital gains available for reinvestment,
and, consequently, management believes this has led to lower
buy-side support for the market price of Company’s Class A units,
as well as greater market volatility.
Chief Executive Officer, Brandon Lacoff, stated
“We understand and empathize with the concerns of our unitholders
regarding the volatility and recent decline in the Company’s Class
A unit price. However, we want to emphasize that our approach is
long-term, we remain encouraged by the Company’s progress to date,
and we are committed to our mission of facilitating investment in
Qualified Opportunity Zones and delivering value to our
unitholders.” Lacoff added, “The Company's focus on investing in
attractive assets and providing investors with tax benefits through
the Qualified Opportunity Zone program remains unchanged.”
About Belpointe OZ
Belpointe OZ is a publicly traded qualified
opportunity fund, listed on NYSE American under the symbol “OZ,”
and focused on identifying, acquiring, developing or redeveloping
and managing commercial real estate located within “qualified
opportunity zones” throughout the United States and its
territories. Visit https://investors.belpointeoz.com for
more information.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may be
considered forward-looking, such as statements containing
estimates, projections and other forward-looking information.
Forward-looking statements are typically identified by words and
phrases such as “anticipate,” “estimate,” “believe,” “continue,”
“could,” “intend,” “may,” “plan,” “potential,” “predict,” “seek,”
“should,” “will,” “would,” “expect,” “objective,” “projection,”
“forecast,” “goal,” “guidance,” “outlook,” “effort,” “target” or
the negative of such words and other comparable terminology.
However, the absence of these words does not mean that a statement
is not forward-looking. Any forward-looking statements expressing
an expectation or belief as to future events is expressed in good
faith and believed to be reasonable at the time such
forward-looking statement is made. However, these statements are
not guarantees of future events and involve risks, uncertainties
and other factors beyond Belpointe OZ’s control. Therefore,
Belpointe OZ cautions you against relying on any of these
forward-looking statements. Actual outcomes and results may differ
materially from what is expressed in any forward-looking statement.
Additional information on other potential factors that could affect
Belpointe OZ’s results and other risks and uncertainties can be
found under the heading “Risk Factors” or other similar headings
found in documents Belpointe OZ files from time to time with the
SEC, including Belpointe OZ’s annual report on Form 10-K for the
year ended December 31, 2022. Except as required by applicable law,
including federal securities laws, Belpointe OZ does not intend to
update any of the forward-looking statements to conform them to
actual results or revised expectations.
Investor and Media Relations Contact:Cody
H. LaidlawBelpointe PREP, LLC255 Glenville RoadGreenwich,
Connecticut 06831IR@belpointeoz.com203-883-1944
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