O
Belpointe PREP, LLC
Period
FY 2025
Revenue
$9.19M
Net Income
$-40.00M
Total Assets
$564.20M
Equity
—
Shares Out
1.2K
Op. Cash Flow
$-25.21M
Business
Belpointe PREP, LLC is a publicly traded qualified opportunity fund that identifies, acquires, develops and manages commercial and mixed-use real estate within qualified opportunity zones. The company offers investors tax-deferred capital gains reinvestment opportunities through properties including multifamily, student housing, senior living, and industrial projects. Operating through commercial and mixed-use segments, Belpointe PREP maintains a portfolio primarily in Florida, Tennessee, and Connecticut, financed through property-level mortgages and mezzanine loans, and externally managed by Belpointe PREP Manager, LLC.
Summary from 10-K filed 2026-03-20
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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Frequently asked questions
What is Belpointe PREP, LLC's CIK number?
Belpointe PREP, LLC's SEC CIK number is 0001807046 (1807046). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Belpointe PREP, LLC's SEC filings?
All of Belpointe PREP, LLC's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.