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MARKETS / NYSE / OZ
NYSE · REAL ESTATE

Belpointe Prep, LLC OZ

6 fiscal years on record · USD · FY2025 reported · SEC filings only
$9.2M
▲ 243.4% YoY
$-40.0M
$-87.0M
In brief

What this company does

As of the date of this Form 10-K, our investment portfolio consisted of the following commercial and mixed-use properties: 1991 Main Street (“1991 Main” or “Aster & Links”) is a 5.13-acre mixed-use luxury development site in downtown Sarasota, Florida, which we acquired for an aggregate purchase price of $20.7 million, inclusive of transaction costs. During the year ended December 31, 2024, we substantially completed construction and began leasing at Aster & Links. In September 2025, we completed an approximately $204.1 million post-construction financing for Aster & Links, the proceeds of which were used to retire existing construction debt and will provide additional liquidity to support lease-up and stabilization.

Written from the business description in Belpointe PREP, LLC's annual report to the U.S. Securities and Exchange Commission, filed 20 March 2026. Every sentence was checked against that document before publication.

Growth
USD 9.2M
Revenue, FY2025 · full 6-year series below
Revenue $M Net income $M
FY2025 · Revenue 9.2 · Net income -40.0
4M8M-20M-40M202020212022202320242025
Compound annual growth
+87.6%
+146.5%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +146.5% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−436 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -436.2% · Net -436.2%
-500%202020212022202320242025
ROE

Not available in our data for this period.

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -87.0
-80M202020212022202320242025

Total assetsUSD 564.2M
CashUSD 24.3M
Gross debtUSD 260.6M
Net debtUSD 236.3M

Not available: we don't have the shareholders' equity figure for this period.

The 6-year record
6 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 202520242023202220212020
Revenue $B0.00.00.00.00.00.0
Operating income $B−0.0−0.0−0.0−0.0−0.0·
EBITDA $B−0.0−0.0−0.0·−0.0·
Income tax $B·0.00.00.0··
Net income $B−0.0−0.0−0.0−0.0−0.0−0.0
Free cash flow $B−0.1−0.2−0.0−0.0−0.1−0.0
EPS, diluted $−10.72−6.56−4.04−2.25−7.64−1120.00
Dividend / sh $······
Payout %······
ROE %······
Shares out B····0.00·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 18 reconciliationsAUDITED

Reconciled in 6 of 19 fiscal years. 39 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityReal Estate
Listed onNYSE
Incorporated inDelaware
Fiscal year endsDecember 31
SEC categoryemerging growth company
Data on record since2020

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