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

$180.21M

P/E (TTM)

-4.2

Dividend Yield

52W High

$69.00

52W Low

$45.84

52W Range

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

Q1 2026 Data

Revenue

$4.24M+0.00%

4-Quarter Trend

EPS

-$2.81+0.00%

4-Quarter Trend

FCF

-$6.11M+0.00%

4-Quarter Trend

2025 Annual Earnings Highlights

Key Highlights

Class A Unit NAV Declared NAV per Class A unit announced at $116.17 as of December 31, 2025, based on quarterly calculation.

Aggregate Offering Proceeds Total Total aggregate gross offering cash proceeds reached $368.6M across Primary and Follow-on Offerings by year-end 2025.

Aster & Links Refinancing Complete Secured $204.1M post-construction financing for Aster & Links, retiring prior construction debt and supporting stabilization efforts.

Outstanding Unit Count Reported 3,896,184 Class A units were outstanding as of March 13, 2026, with 50 record holders reported.

Risk Factors

Increased Net Loss Reported Net loss widened to $(40.1)M in 2025 from $(23.9)M in 2024, reflecting increased operational expenses and interest costs.

Ongoing Real Estate Litigation Facing Galinn Fund LLC lawsuit regarding 497-501 Middle property; management disputes liability but defense costs may arise.

Manager Dependency Risks Operations heavily rely on Sponsor Group personnel; loss of key executives could significantly delay business objectives achievement.

NAV Valuation Subjectivity NAV determination is not GAAP-based, relying on management estimates; actual market realization may differ materially.

Outlook

Continue QOZ Investment Focus Strategy remains focused on acquiring, developing, and managing commercial/mixed-use properties within qualified opportunity zones nationwide.

Liquidity Needs Forecast Expect cash on hand, Follow-on Offering proceeds, and anticipated financing to cover liquidity requirements for next 12 months.

Tokeneke Road Acquisition Recently closed acquisition of Tokeneke Road property via $5.0M loan and $3.3M Related Party Loan in March 2026.

Maintain Tax Classification Intends to manage affairs to continue partnership classification, avoiding entity-level U.S. federal income tax liability.

Peer Comparison

Revenue (TTM)

DOUG

$993.99M

-5.2%

MRNO

$63.71M

+124.7%

ARL

$50.35M

+6.2%

Gross Margin (Latest Quarter)

ARL

70.6%

+1.4pp

MRNO

61.5%

-27.8pp

DOUG

12.5%

+68.1pp

Key Metrics

Symbol	Market Cap	P/E (TTM)	ROE (TTM)	Debt to Assets
ARL	$240.83M	19.8	2.0%	19.8%
OZ	$180.21M	-4.2	-15.2%	48.7%
DOUG	$155.45M	29.7	3.3%	23.4%

Long-Term Trends

Last 4 Quarters

Revenue

Net Income

Operating Cash Flow

4Q Revenue CAGR

28.4%

Strong Growth

4Q Net Income CAGR

N/M

Profitability Shift

Cash Flow Stability

Cash Flow Needs Attention

Deep Research

Financials

Earnings Calls

Reports

News

Income Statement

Balance Sheet

Cash Flow Statement

Ratios

% Chg.

Income Statement	LTM

No Data