Belpointe PREP, LLC reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2025. The company generated total revenue of $2.4 million for the third quarter, a substantial increase from $860,000 in the same period last year. For the nine months ending September 30, 2025, total revenue reached $6.1 million, compared to $1.6 million in the prior year. Despite this revenue growth, Belpointe PREP recorded a net loss of $12.1 million for the third quarter, up from a loss of $6.9 million in the same quarter of 2024. The nine-month net loss also widened to $28.4 million from $15.6 million year-over-year.
The company’s financial position has evolved, with total assets increasing to $570.8 million as of September 30, 2025, compared to $517.6 million at the end of 2024. This growth is attributed to a rise in real estate assets, particularly in the mixed-use segment, which includes properties like Aster & Links in Sarasota, Florida. The company has also seen its debt levels rise significantly, with total liabilities increasing to $286.7 million from $213.5 million at the end of the previous fiscal year. This increase in debt is primarily due to new financing arrangements, including a $204.1 million refinancing for the Aster & Links project.
Operationally, Belpointe PREP has made strides in its development projects. The Aster & Links property, which includes 424 luxury residential units and retail space, is now over 55% leased as of October 31, 2025. The company has also initiated leasing at its VIV project in St. Petersburg, Florida, which is nearing completion. The company’s strategic focus on properties located in qualified opportunity zones continues to drive its investment strategy, with at least 90% of its assets meeting this criterion.
In terms of market engagement, Belpointe PREP has successfully raised $8.4 million in gross proceeds from its Follow-on Offering during the nine months ended September 30, 2025. This is part of a broader strategy to enhance liquidity and support ongoing development projects. The company’s cash and cash equivalents, along with restricted cash, totaled approximately $35.8 million at the end of the reporting period, reflecting a solid liquidity position to meet its operational and investment needs.
Looking ahead, Belpointe PREP acknowledges the uncertainties in the real estate market, including fluctuating interest rates and economic conditions that could impact its operations. The company is actively evaluating the implications of recent legislative changes, such as the One Big Beautiful Bill Act, which could affect its investment strategy moving forward. Management remains focused on optimizing its portfolio and maintaining compliance with financial covenants associated with its debt obligations.
About Belpointe PREP, LLC
Belpointe PREP, LLC is a publicly traded qualified opportunity fund specializing in acquiring, developing, and managing commercial and mixed-use real estate within U.S. qualified opportunity zones. Its portfolio includes multifamily, retail, office, and mixed-use properties across several states. Externally managed by Belpointe PREP Manager, LLC, the company leverages its sponsor’s real estate expertise and capital to deliver long-term capital appreciation and attractive cash distributions to investors through strategic real estate investments.
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