O
Belpointe PREP, LLC
OZCIK 0001807046NYSENon-AcceleratedSmaller ReportingEmerging GrowthReal EstateDelawareFY ends Dec 31
Period
FY 2025
Revenue
$9.19M
Net Income
$-40.00M
Total Assets
$564.20M
Equity
—
Shares Out
1.19M
Op. Cash Flow
$-25.21M
Business
Belpointe PREP, LLC is a publicly traded qualified opportunity fund that identifies, acquires, develops, redevelops and manages commercial and mixed‑use real estate within qualified opportunity zones. It provides investment exposure to and development of multifamily, student housing, senior living, healthcare, industrial, self‑storage, hospitality, office, mixed‑use, data centers, solar projects and real estate‑related assets, including loans, mortgages and securities. The company operates through externally managed operating companies and reports two segments: commercial and mixed‑use, often utilizing joint ventures. Its investments are concentrated across U.S. markets and are distributed via public offerings of Class A units and relationships with brokers, sponsors and managers.
Summary from filing dated 2025-03-31
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Rental revenue | 9 | 3 | 2 | 1 | 997,000 | |
| Total revenue | 9 | 3 | 2 | 1 | 997,000 | |
| Property expenses | 15 | 7 | 4 | 4 | 1 | |
| General and administrative | 6 | 5 | 6 | 6 | 3 | |
| Interest expense | 17 | 10 | — | — | — | |
| Depreciation and amortization | 9 | 4 | 2 | 1 | 588,000 | |
| Impairment of real estate | — | 777,000 | 4 | — | — | |
| Total expenses | 47 | 27 | 17 | 11 | 5 | |
| Interest income | 1 | 646,000 | 113,000 | 2 | 369,000 | |
| Other expense | −46,000 | −228,000 | −87,000 | −469,000 | −7,000 | |
| Loss on extinguishment of debt | −3 | — | — | — | — | |
| Total other (loss) income | −2 | 418,000 | 26,000 | 1 | 613,000 | |
| Loss before income taxes | −40 | −24 | −14 | −8 | −3 | |
| Provision for income taxes | — | −1,000 | −1,000 | −112,000 | — | |
| Net loss | −40 | −24 | −14 | −8 | −3 | |
| Net loss attributable to noncontrolling interests | 25,000 | — | 11,000 | 555,000 | −93,000 | |
| Net loss attributable to Belpointe PREP, LLC | −40 | −24 | −14 | −8 | −3 | |
| Net loss per unit basic | −10.72 | −6.56 | −4.04 | −2.25 | −7.64 | |
| Net loss per unit diluted | −10.72 | −6.56 | −4.04 | −2.25 | — | |
| Weighted-average units outstanding basic | 4 | 4 | 4 | 3 | 410,194 | |
| Weighted-average units outstanding diluted | 4 | 4 | 4 | 3 | — |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2022 2022-06-30 |
|---|---|---|---|---|---|---|
| Land | 63 | 51 | 39 | 39 | — | |
| Building and improvements | 410 | 239 | 18 | 18 | — | |
| Furniture, fixtures and equipment | 8 | 3 | — | — | — | |
| Intangible assets | 8 | 9 | 9 | — | — | |
| Real estate under construction | 58 | 191 | 291 | 134 | — | |
| Total real estate | 547 | 492 | 357 | 200 | 5 | |
| Accumulated depreciation and amortization | −15 | −7 | −3 | −2 | — | |
| Real estate, net | 532 | 485 | 354 | 198 | 5 | |
| Cash and cash equivalents | 24 | 25 | 20 | 143 | 87,000 | |
| Other assets | 8 | 8 | 8 | 12 | 2 | |
| Total assets | 564 | 518 | 382 | 354 | — | |
| Debt, net | 261 | 177 | 20 | — | — | |
| Loan from affiliate | — | 3 | 4 | — | — | |
| Due to affiliates | 9 | 9 | 10 | — | — | |
| Intangible liabilities, net | 1 | 1 | — | — | — | |
| Accounts payable | 12 | 13 | 13 | 2 | — | |
| Accrued expenses and other liabilities | 5 | 10 | 9 | 7 | — | |
| Total liabilities | 289 | 214 | 57 | 21 | — | |
| Commitments and contingencies | — | — | — | — | — | |
| Total members capital excluding noncontrolling interests | 273 | 302 | 323 | 329 | — | |
| Noncontrolling interests | 2 | 2 | 2 | 3 | — | |
| Total members capital | 275 | 304 | 325 | 333 | — | |
| Total liabilities and members capital | 564 | 518 | 382 | 354 | — |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Amortization of rent-related intangibles and straight-line rent adjustments | −71,000 | −2,000 | −820,000 | −231,000 | — | |
| Depreciation and amortization including intangible assets and deferred financing costs | 11 | 6 | 2 | — | 588,000 | |
| Unrealized loss on interest rate derivatives, net | 32,000 | 225,000 | 66,000 | — | — | |
| Increase in other assets | −1 | −223,000 | −228,000 | 676,000 | −452,000 | |
| Increase in due to affiliates | 946,000 | 3 | 2 | 39,000 | 860,000 | |
| Decrease in accounts payable | −130,000 | −248,000 | 479,000 | −186,000 | −86,000 | |
| Increase in accrued expenses and other liabilities | 1 | 2 | −103,000 | −2,000 | 224,000 | |
| Net cash used in operating activities | −25 | −14 | −7 | −7 | −2 | |
| Development of real estate | −62 | −138 | −140 | −40 | −8 | |
| Other investing activity | −192,000 | −244,000 | −200,000 | −225,000 | −43,000 | |
| Net cash used in investing activities | −62 | −138 | −145 | −64 | −43 | |
| Proceeds from term loans | 177 | 56 | — | — | — | |
| Repayment of construction loan | −113 | — | — | — | — | |
| Proceeds from construction loans | 68 | 103 | 22 | — | — | |
| Repayment of term loan | −51 | — | — | — | — | |
| Proceeds from units issued | 11 | 3 | 8 | 14 | 193 | |
| Repayment of loans from affiliates | −3 | −4 | — | — | — | |
| Payment of debt issuance costs | −2 | −3 | −3 | — | — | |
| Other financing activities, net | 189,000 | 226,000 | −96,000 | −360,000 | 36,000 | |
| Payment of offering costs | −26,000 | −47,000 | — | — | — | |
| Contributions from noncontrolling interests | 1,000 | 52,000 | 216,000 | 268,000 | — | |
| Proceeds from short-term loan from affiliate | — | 3 | 6 | — | — | |
| Distribution to noncontrolling interests | — | −247,000 | −24,000 | — | — | |
| Net cash provided by financing activities | 87 | 157 | 31 | 23 | 231 | |
| Net (decrease) increase in cash and cash equivalents, and restricted cash | −159,000 | 5 | −121 | −47 | 186 |
Filings
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