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Belpointe PREP, LLC

Belpointe PREP, LLC

AMEX•OZ
CEO: Mr. Brandon Eric Lacoff Esq.
Sector: Real Estate
Industry: Real Estate - Development
Listing Date: 2021-10-18
Belpointe PREP, LLC focuses on identifying, acquiring, developing or redeveloping, and managing commercial real estate properties in the United States. It also intends to invest in and manage a real estate-related assets, including commercial real estate loans and mortgages; and debt and equity securities issued by other real estate-related companies, as well as private equity acquisitions and investments and opportunistic acquisitions of other qualified opportunity funds and qualified opportunity zone businesses. The company was incorporated in 2020 and is based in Greenwich, Connecticut.
Contact Information
255 Glenville Road, Greenwich, CT, 06831, United States
203-883-1944
belpointeoz.com
Market Cap
$205.67M
P/E (TTM)
-5.5
0
Dividend Yield
--
52W High
$82.89
52W Low
$50.00
52W Range
13%
Rank41Top 44.9%
4.0
F-Score
Modified Piotroski Analysis
Based on 5-year fundamentals
Average • 4 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2021-2025

Financial Dashboard

Q3 2025 Data

Revenue

$2.38M+176.98%
4-Quarter Trend

EPS

-$3.28+72.63%
4-Quarter Trend

FCF

-$5.97M+79.32%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Nine Months Revenue Surge Nine months revenue reached $6.12M, sharply up from $1.58M last year, reflecting Aster & Links stabilization progress.
Debt Restructuring Completed Completed Aster & Links Refinance, drawing $172.83M; extinguished old debt incurring $3.0M loss on extinguishment.
Balance Sheet Expansion Total assets grew to $570.78M by September 30, 2025, supported by net debt increasing to $251.44M.
Class A Unit Issuance Issued 127,004 Class A units during nine months, raising aggregate gross proceeds of $8.40M.

Risk Factors

Net Loss Widened Substantially Net loss attributable to members widened to $(28.38M) for nine months, compared to $(15.63M) prior period.
Increased Operating Cash Usage Operating cash usage increased to $(15.00M) for nine months, reflecting higher interest expense burden.
Economic Uncertainty Risks Future performance faces material uncertainty from inflation, interest rates, and regulatory changes impacting results.
Ongoing Litigation Exposure Ongoing Galinn litigation concerning 497-501 Middle property; management disputes liability claims vigorously.

Outlook

Evaluate QOZ Tax Legislation Evaluating OBBBA impact on future investment strategy; consulting tax advisors regarding qualified opportunity zone changes.
Management Agreement Renewal Management Agreement renewed for three additional years, ensuring continuity in external management structure.
Sufficient Liquidity Expected Anticipated cash, offering proceeds, and financing expected to meet liquidity needs for the next 12 months.
Remaining Development Funding Anticipating minimum $39.2M remaining funding required for Aster & Links and VIV development projects.

Peer Comparison

Revenue (TTM)

Douglas Elliman Inc.DOUG
$1.03B
+6.7%
Murano Global Investments PlcMRNO
$53.52M
+123.9%
American Realty Investors, Inc.ARL
$49.04M
-0.6%

Gross Margin (Latest Quarter)

Douglas Elliman Inc.DOUG
93.3%
+58.1pp
American Realty Investors, Inc.ARL
41.2%
+1.4pp
Murano Global Investments PlcMRNO
38.2%
-27.8pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
ARL$262.15M45.51.3%0.0%
DOUG$249.58M-4.0-41.4%29.7%
OZ$205.67M-5.5-12.6%44.7%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
29.6%
Strong Growth
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
0%
Cash Flow Needs Attention

Research & Insights

Reports
All Years

  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Nov 14, 2025|
    Revenue: $2.38M+177.0%
    |
    EPS: $-3.28+72.6%
    N/A

  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Aug 5, 2025|
    Revenue: $2.00M+421.4%
    |
    EPS: $-2.06+58.5%
    N/A

  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: May 15, 2025|
    Revenue: $1.74M+416.0%
    |
    EPS: $-2.35+113.6%
    N/A

  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Mar 31, 2025|
    Revenue: $2.68M+18.7%
    |
    EPS: $-6.55-62.1%
    N/A

  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Nov 14, 2024|
    Revenue: $860.00K+83.8%
    |
    EPS: $-1.90+106.5%
    Miss

  • Form 10-Q/A - Q1 2024

    Period End: Mar 31, 2024|Filed: Sep 20, 2024|
    Revenue: $337.00K-32.2%
    |
    EPS: $-1.10+17.0%
    N/A

  • Form 10-K/A - FY 2023

    Period End: Dec 31, 2023|Filed: Sep 20, 2024|
    Revenue: $2.25M+62.0%
    |
    EPS: $-4.04-79.6%
    N/A

  • Form 10-Q/A - Q2 2024

    Period End: Jun 30, 2024|Filed: Sep 20, 2024|
    Revenue: $384.00K-50.6%
    |
    EPS: $-1.30+12.1%
    Miss