Business Context and Reporting Period
Belpointe PREP, LLC, a Delaware limited liability company, filed this Form 8-K on May 29, 2026. The filing reports the Company's quarterly determination of Net Asset Value (NAV) and NAV per Class A unit as of March 31, 2026. The Company's Class A units trade on the NYSE American under the symbol "OZ."
Key Financial Metrics
| Category | Item | Value |
|---|---|---|
| Assets | Investments in real properties | $724,820,038 |
| Cash and cash equivalents | $19,568,237 | |
| Total Assets | $755,611,260 | |
| Liabilities | Debt and other borrowings | $279,428,825 |
| Other liabilities | $23,025,186 | |
| Total Liabilities | $302,454,011 | |
| Equity | Net Asset Value (NAV) | $453,157,249 |
| Per Unit Data | Class A units outstanding | 3,898,104 |
| Per Unit Data | NAV per Class A unit | $116.25 |
Note: This filing does not provide revenue, profit, cash flow, or margin data as it is a NAV determination report rather than an income statement.
Material Changes
The filing text does not provide comparative data for the prior period; therefore, material changes in assets, liabilities, or NAV versus the previous quarter cannot be determined from this document.
Outlook, Risks, and Management Commentary
- Valuation Methodology: NAV is calculated to estimate the fair price in an arm's-length transaction. The Manager periodically reviews valuation policies.
- NAV Components: The calculation includes real estate investments, cash, and other assets, less liabilities (including construction loans), management fees, and allocations to the Manager (Belpointe PREP Manager, LLC) pursuant to Class B units.
- Risk Disclosure: The Company explicitly states that the determined NAV is not a guarantee that assets will be realized at this value upon sale, nor does it guarantee that Class A units will trade at the NAV per unit on the NYSE American.
Investor Verification Checklist
- Verify the current market price of Class A units (OZ) against the reported NAV of $116.25 to assess the premium or discount.
- Review the composition of the $279.4 million in debt to understand interest rate exposure and maturity profiles.
- Confirm the specific valuation methodologies used for the $724.8 million real estate portfolio, particularly for any properties under construction.
- Check for any subsequent filings regarding distributions to the Manager or changes in the number of outstanding units.