Business Context and Reporting Period
Belpointe PREP, LLC, a Delaware limited liability company, filed this Form 8-K on August 28, 2026, to report the quarterly determination of Net Asset Value (NAV) and NAV per Class A unit as of June 30, 2026. The Company's Class A units trade on the NYSE American under the symbol "OZ."
Key Financial Metrics
| Category | Amount |
|---|---|
| Total Assets | $761,525,631 |
| Investments in real properties | $727,299,889 |
| Cash and cash equivalents | $15,636,979 |
| Other assets | $18,588,763 |
| Total Liabilities | $306,512,164 |
| Debt and other borrowings | $282,311,738 |
| Other liabilities | $24,200,426 |
| Net Asset Value (NAV) | $455,013,467 |
| Class A units outstanding | 3,909,902 |
| NAV per Class A unit | $116.37 |
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 or cash flow statement.
Material Changes
The filing text does not provide comparative data for the prior period; therefore, material changes in assets, liabilities, or NAV per unit cannot be determined from this document alone.
Outlook, Risks, and Management Commentary
- Valuation Methodology: The NAV is calculated using a process designed to estimate the fair price in an arm's-length transaction. The Manager periodically reviews and may adjust valuation methodologies.
- 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 $116.37 to assess the premium or discount.
- Review the composition of the $282.3 million in debt to understand interest rate exposure and maturity profiles.
- Confirm the specific valuation methodologies used for the $727.3 million real estate portfolio, particularly for any properties under construction or development.
- Examine the terms of the Class B units held by the Manager to understand the impact of fee allocations and distributions on the NAV per Class A unit.