Here are the 10-Q quarterly reports from Belpointe PREP, LLC (OZ) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow OZ and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full OZ filings page.
Belpointe PREP, LLC (OZ) reported third-quarter revenue of $6.327 million, compared with $2.382 million in 2025; net loss attributable to the company was $8.701 million, versus $12.131 million. For the first nine months, revenue was $15.929 million versus $6.123 million, while attributable net loss was $28.609 million, compared with $28.377 million.
The company focuses on commercial and mixed-use real estate in qualified opportunity zones and states that at least 90% of its assets consist of qualified opportunity zone property. Net cash used in operating activities was $11.885 million for nine months, compared with $14.996 million a year earlier. Cash and cash equivalents were $16.838 million as of September 30, down from $24.342 million as of December 31, 2025.
Debt, net, was $282.750 million as of September 30, compared with $260.638 million at December 31, 2025; the company said it complied with all loan covenants at quarter-end. Aster & Links, its Sarasota mixed-use development, was greater than 92% leased as of November 1, 2026. The property has 424 residential units and approximately 51,000 square feet of retail space.
Belpointe PREP (OZ) filed its Q3 2025 10‑Q, showing continued ramp-up as developments come online. Total assets were $570.8 million, up from $517.6 million at year-end, driven by properties placed in service. Rental revenue rose to $2.38 million for the quarter (from $0.86 million a year ago) and $6.12 million year-to-date (from $1.58 million), reflecting lease-up progress.
The company reported a net loss of $12.1 million for Q3 and $28.4 million year-to-date, primarily due to property expenses, interest expense, and depreciation. Debt, net, increased to $251.4 million from $177.0 million after closing the Aster & Links refinancing, adding SOFR-based mortgage and mezzanine facilities up to $204.1 million and recording a $3.0 million loss on extinguishment of prior debt. Cash and cash equivalents were $29.6 million; total cash and restricted cash was $35.8 million.
VIV (1000 First Ave N, St. Petersburg) reached substantial completion on September 30, 2025, triggering a $180.8 million reclassification to operating real estate. As of November 7, 2025, units outstanding were 3,791,177 Class A, 100,000 Class B and one Class M. The Manager announced a NAV of $116.74 per Class A unit as of June 30, 2025.