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Belpointe PREP, LLC
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Last updated Oct 16, 2026.
Overview
Compare with CaliberCos Inc., Redwood Mortgage Investors IX or NAM TAI PROPERTY INC., or pick any stock.
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs100¢$9.2M
Out of $9.2M in revenue.2 The company lost money this year.
Financial statements
Every line of the income statement in the latest annual report, as filed.2
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Rental revenue | $9.2M | $2.7M |
| Total revenue | $9.2M | $2.7M |
| Property expenses | $15.0M | $6.8M |
| General and administrative | $6.2M | $5.1M |
| Interest expense | $17.4M | $10.0M |
| Depreciation and amortization | $8.7M | $4.2M |
| Impairment of real estate | $777.0K | |
| Total expenses | $47.3M | $26.9M |
| Interest income | $1.0M | $646.0K |
| Other expense | -$46.0K | -$228.0K |
| Loss on extinguishment of debt | -$3.0M | |
| Total other (loss) income | -$2.0M | $418.0K |
| Loss before income taxes | -$40.1M | -$23.9M |
| Provision for income taxes | -$1.0K | |
| Net loss | -$40.1M | -$23.9M |
| Net loss attributable to noncontrolling interests | $25.0K | |
| Net loss attributable to Belpointe PREP, LLC | -$40.0M | -$23.9M |
| Net loss per unit basic | -$10.72 | -$6.56 |
| Net loss per unit diluted | -$10.72 | -$6.56 |
| Weighted-average units outstanding basic | 3.7M shares | 3.6M shares |
| Weighted-average units outstanding diluted | 3.7M shares | 3.6M shares |
Every line of the balance sheet in the latest annual report, as filed.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Land | $63.1M | $51.0M | |
| Building and improvements | $410.3M | $238.7M | |
| Furniture, fixtures and equipment | $7.7M | $2.6M | |
| Intangible assets | $8.2M | $8.5M | |
| Real estate under construction | $57.8M | $191.3M | $291.1M |
| Total real estate | $547.1M | $492.2M | |
| Accumulated depreciation and amortization | -$15.2M | -$6.9M | |
| Real estate, net | $531.9M | $485.3M | |
| Cash and cash equivalents | $24.3M | $24.7M | |
| Other assets | $8.0M | $7.6M | |
| Total assets | $564.2M | $517.6M | |
| Debt, net | $260.6M | $177.0M | |
| Loan from affiliate | $2.6M | ||
| Due to affiliates | $9.4M | $9.1M | |
| Intangible liabilities, net | $1.1M | $1.2M | |
| Accounts payable | $12.4M | $13.3M | |
| Accrued expenses and other liabilities | $5.5M | $10.3M | |
| Total liabilities | $289.0M | $213.5M | |
| Total members capital excluding noncontrolling interests | $273.0M | $301.8M | |
| Noncontrolling interests | $2.3M | $2.3M | |
| Total members capital | $275.2M | $304.1M | $325.1M |
| Total liabilities and members capital | $564.2M | $517.6M |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.2
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net loss | -$40.1M | -$23.9M |
| Amortization of rent-related intangibles and straight-line rent adjustments | -$71.0K | -$2.0K |
| Depreciation and amortization including intangible assets and deferred financing costs | $10.8M | $5.5M |
| Impairment of real estate | $777.0K | |
| Loss on extinguishment of debt | $3.0M | |
| Unrealized loss on interest rate derivatives, net | $32.0K | $225.0K |
| Increase in other assets | -$1.1M | -$223.0K |
| Increase in due to affiliates | $946.0K | $2.5M |
| Decrease in accounts payable | -$130.0K | -$248.0K |
| Increase in accrued expenses and other liabilities | $1.3M | $1.6M |
| Net cash used in operating activities | -$25.2M | -$13.7M |
| Development of real estate | -$61.8M | -$137.8M |
| Other investing activity | -$192.0K | -$244.0K |
| Net cash used in investing activities | -$62.0M | -$138.1M |
| Proceeds from term loans | $176.8M | $55.8M |
| Repayment of construction loan | -$113.3M | |
| Proceeds from construction loans | $67.6M | $102.8M |
| Repayment of term loan | -$51.1M | |
| Proceeds from units issued | $11.3M | $3.1M |
| Repayment of loans from affiliates | -$2.6M | -$4.0M |
| Payment of debt issuance costs | -$1.8M | -$3.1M |
| Other financing activities, net | $189.0K | $226.0K |
| Payment of offering costs | -$26.0K | -$47.0K |
| Contributions from noncontrolling interests | $1.0K | $52.0K |
| Proceeds from short-term loan from affiliate | $2.6M | |
| Distribution to noncontrolling interests | -$247.0K | |
| Net cash provided by financing activities | $87.0M | $157.0M |
| Net (decrease) increase in cash and cash equivalents, and restricted cash | -$159.0K | $5.2M |
Recent filings
- Aug 28, 20268-K
- Aug 27, 2026ARS
- Aug 27, 2026DEF 14A
- Aug 17, 2026PRE 14A
- Aug 4, 202610-Q
- Jun 15, 20268-K
- Jun 1, 20268-K
- May 13, 202610-Q
- Apr 14, 2026FWP
- Mar 20, 202610-K
- Mar 10, 20268-K/A
- Mar 9, 20268-K
- Mar 4, 2026424B3
- Jan 30, 2026FWP
- Jan 30, 2026FWP
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
The numbers on this page point here. Each one links to the record it came from.
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