Business Context and Reporting Period
This Form 8-K filing by Belpointe PREP, LLC (NYSE American: OZ) reports a change in its independent registered public accounting firm. The report date is April 17, 2025, covering events occurring on April 11, 2025, and April 17, 2025.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on corporate governance regarding the audit firm.
Material Changes
- Resignation of Former Auditor: Citrin Cooperman & Company, LLP ("Citrin") notified the Company on April 11, 2025, of its decision to decline re-election as the independent registered public accounting firm, effective immediately. Citrin cited a strategic shift in focus toward industries outside of Belpointe PREP's core business sector.
- Appointment of New Auditor: Following a competitive process, the Audit Committee approved the appointment of CohnReznick LLP ("CohnReznick") as the new independent registered public accounting firm for the fiscal year ending December 31, 2025, on April 17, 2025.
- Audit History: Citrin's audit reports for the fiscal years ended December 31, 2024, and 2023, were unqualified and did not contain adverse opinions, disclaimers, or modifications regarding uncertainty, scope, or accounting principles.
Management Commentary and Risks
Management confirmed that there were no disagreements with Citrin regarding accounting principles, financial statement disclosures, or auditing scope/procedures during the fiscal years ended December 31, 2024 and 2023, or through the effective date of resignation. Additionally, no "reportable events" occurred during this period. The Company also confirmed that no consultations were held with CohnReznick regarding accounting principles or audit opinions prior to their appointment. Letters from both Citrin and CohnReznick agreeing with the disclosures are filed as Exhibits 16.1 and 16.2.
Investor Verification Checklist
- Verify the strategic rationale provided by Citrin for the resignation (shift in industry focus).
- Confirm the effective date of CohnReznick's appointment and their scope of engagement for the 2025 fiscal year.
- Review the letters from Citrin (Exhibit 16.1) and CohnReznick (Exhibit 16.2) to ensure no undisclosed disagreements or reportable events exist.
- Monitor future filings for any impact on the timing or content of the 2025 financial statement audit.