Belpointe PREP, LLC has reported a significant financial performance for the fiscal year ending December 31, 2025, with total revenue reaching $9.2 million, a substantial increase from $2.7 million in the previous year. This growth is primarily attributed to the stabilization of its mixed-use properties, particularly the Aster & Links development in Sarasota, Florida, which began leasing in mid-2024. However, the company also reported a net loss of $40.1 million, compared to a loss of $23.9 million in 2024, largely due to increased property expenses and interest costs associated with its growing debt portfolio.
The company’s total assets increased to approximately $564.2 million as of December 31, 2025, up from $517.6 million in 2024. This growth was driven by the acquisition and development of properties within qualified opportunity zones, which now constitute at least 90% of its assets. Notably, Belpointe PREP has raised a total of $368.6 million in gross offering cash proceeds since its inception, including $11.3 million from its follow-on offering in 2025. The net asset value (NAV) per Class A unit was reported at $116.17, reflecting the company's ongoing efforts to enhance its investment portfolio.
Operationally, Belpointe PREP has made strategic moves, including the refinancing of its Aster & Links project with a $204.1 million loan, which is expected to generate significant interest savings. The company also reported a total debt of $260.6 million, up from $177.0 million in the previous year, indicating a reliance on leverage to fund its growth strategy. The increase in interest expense, which rose to $17.4 million from $10.0 million, reflects the higher debt levels and the impact of rising interest rates.
In terms of market presence, Belpointe PREP is the only publicly traded qualified opportunity fund listed on a national exchange, which positions it uniquely within the real estate investment landscape. The company is externally managed by Belpointe PREP Manager, LLC, an affiliate of its sponsor, Belpointe, LLC. As of March 13, 2026, the company had 3,896,184 Class A units outstanding, with a diverse base of investors, including significant holdings by Empirical Financial Services, LLC and Precision Wealth Strategies, LLC.
Looking ahead, Belpointe PREP acknowledges the uncertainties in the economic environment, including potential recessionary pressures and fluctuating interest rates, which could impact its operations and investment strategy. The company remains focused on optimizing its portfolio and managing risks associated with market conditions, with a commitment to maintaining its status as a qualified opportunity fund to provide tax benefits to its investors.
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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