Belpointe PREP, LLC reported significant financial developments in its latest 10-Q filing for the quarter ending June 30, 2025. The company generated total revenue of $2.0 million for the three months ended June 30, 2025, a substantial increase from $384,000 in the same period last year. For the first half of 2025, total revenue reached $3.7 million, compared to $721,000 in the first half of 2024. Despite this revenue growth, the company reported a net loss of $7.6 million for the second quarter, up from a loss of $4.7 million in the prior year, and a total net loss of $16.3 million for the first half of 2025, compared to $8.7 million in the same period of 2024.
The company's financial position has also changed significantly, with total assets increasing to $556.8 million as of June 30, 2025, from $517.6 million at the end of 2024. This growth is attributed to an increase in real estate under construction, which rose to $229.5 million from $191.3 million. However, total liabilities also increased to $265.0 million, up from $213.5 million, primarily due to a rise in debt, which reached $228.4 million compared to $177.0 million at the end of 2024.
Operationally, Belpointe PREP has made strides in its development projects, particularly with the Aster & Links mixed-use development in Sarasota, Florida, which has begun leasing operations. The company has also expanded its portfolio with several new acquisitions, including properties in St. Petersburg and Nashville. As of June 30, 2025, the company reported a total of 3,724,461 Class A units outstanding, reflecting an increase from 3,664,173 units at the end of 2024. The company’s management noted that the increase in customer engagement and leasing activity at its properties is a positive indicator for future revenue growth.
Looking ahead, Belpointe PREP's management expressed cautious optimism regarding market conditions for commercial and mixed-use properties, although they acknowledged ongoing uncertainties related to economic factors such as inflation, interest rates, and construction costs. The company is actively evaluating its investment strategies to mitigate risks associated with these uncertainties. Additionally, the recent enactment of the One Big Beautiful Bill Act may have implications for the company's tax strategies, which management is currently assessing. Overall, while the company has shown growth in revenue and asset value, it continues to face challenges that could impact its financial performance in the near term.
About Belpointe PREP, LLC
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