Note 13 – Subsequent Events

Management has evaluated subsequent events to determine if events or transactions occurring after the consolidated balance sheet date through the date the consolidated financial statements were issued require potential adjustment to or disclosure in the consolidated financial statements and has concluded that, except as set forth below and disclosed herein, all such events or transactions that would require recognition or disclosure have been recognized or disclosed.

Tokeneke Loan

On October 22, 2026, with the written consent of BPOZ Tokeneke, Tokeneke Road prepaid the BPOZ Tokeneke Loan in full by paying BPOZ Tokeneke $5.1 million, consisting of the outstanding principal amount of $5.0 million and accrued interest of $0.1 million. Belpointe Tokeneke Investment, LLC, in which certain immediate family members of our Chief Executive Officer hold an indirect passive beneficial ownership interest, funded the prepayment through a capital contribution to Tokeneke Partners in exchange for 352,753 Class A units of Tokeneke Partners at $14.50 per Class A unit, the same price as the conversion price under the BPOZ Tokeneke Note, which Tokeneke Partners contributed to Tokeneke Road. Following the issuance, Belpointe Tokeneke Investment, LLC holds approximately 71% of the outstanding units of Tokeneke Partners. Neither we nor any of our subsidiaries is a party to the contributions or the issuance. Upon the prepayment, the BPOZ Tokeneke Note was satisfied in full and terminated, including BPOZ Tokeneke’s right to convert the BPOZ Tokeneke Note into Class A units of Tokeneke Partners. The prepayment was reviewed and approved by the Conflicts Committee of our Board of Directors and by the disinterested members of our Board of Directors. The Letter Agreement was not affected by the prepayment (see Note 10 – Members’ Capital).