Empirical Wealth discloses 6.54% Belpointe PREP (OZ) ownership in 13G/A

Rhea-AI Filing Summary

Empirical Financial Services, LLC d.b.a. Empirical Wealth Management filed an amended Schedule 13G reporting its beneficial ownership of 248,081 Class A Units of Belpointe PREP, LLC, representing 6.54% of the class.

Empirical reports sole voting power over 245,458 units and sole dispositive power over 248,081 units, with no shared voting or dispositive power. The firm certifies the units were acquired and are held in the ordinary course of business as an investment adviser, and not for the purpose of changing or influencing control of Belpointe PREP.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

Belpointe PREP, LLC

(Name of Issuer)

Class A Units

(Title of Class of Securities)

080694102

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 080694102

1

Names of Reporting Persons

Empirical Financial Services, LLC d.b.a. Empirical Wealth Management

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

WASHINGTON

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 245,458.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 248,081.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

248,081.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.03 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Belpointe PREP, LLC
(b)	Address of issuer's principal executive offices: 255 GLENVILLE ROAD, GREENWICH, CONNECTICUT 06831
Item 2.
(a)	Name of person filing: Empirical Financial Services, LLC d.b.a. Empirical Wealth Management
(b)	Address or principal business office or, if none, residence: 1420 5th Ave Suite 3150 Seattle, Washington 98101
(c)	Citizenship: Empirical Financial Services, LLC d.b.a. Empirical Wealth Management - WASHINGTON
(d)	Title of class of securities: Class A Units
(e)	CUSIP No.: 080694102
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 248,081
(b)	Percent of class: 6.54 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Empirical Financial Services, LLC d.b.a. Empirical Wealth Management - 245,458
	(ii) Shared power to vote or to direct the vote: Empirical Financial Services, LLC d.b.a. Empirical Wealth Management - 0
	(iii) Sole power to dispose or to direct the disposition of: Empirical Financial Services, LLC d.b.a. Empirical Wealth Management - 248,081
	(iv) Shared power to dispose or to direct the disposition of: Empirical Financial Services, LLC d.b.a. Empirical Wealth Management - 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Empirical Financial Services, LLC d.b.a. Empirical Wealth Management

Signature:	/s/ Justin Buller
Name/Title:	Chief Compliance Officer
Date:	01/28/2026

FAQ

What stake in Belpointe PREP (OZ) does Empirical Wealth Management report?

Empirical Financial Services, LLC d.b.a. Empirical Wealth Management reports beneficial ownership of 248,081 Class A Units of Belpointe PREP, LLC, representing 6.54% of the class. This places the firm above the 5% threshold that requires Schedule 13G reporting.

Does Empirical Wealth Management have voting control over its Belpointe PREP units?

Empirical Wealth Management reports sole voting power over 245,458 Class A Units and no shared voting power. It also has sole dispositive power over 248,081 units, meaning it alone can decide how those units are voted and when they are sold.

Is Empirical Wealth Management a passive investor in Belpointe PREP (OZ)?

Yes. Empirical certifies the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Belpointe PREP. This aligns with Schedule 13G’s use by passive institutional investors.

What type of entity is Empirical Wealth Management in this Schedule 13G/A?

Empirical Financial Services, LLC d.b.a. Empirical Wealth Management is organized in Washington and indicates status consistent with an investment adviser under the Schedule 13G framework. The filing lists its principal office at 1420 5th Ave, Suite 3150, Seattle, Washington 98101.

What date triggers this Schedule 13G/A filing for Belpointe PREP (OZ)?

The Schedule 13G/A cites 12/31/2025 as the date of the event requiring the filing. This date typically reflects when Empirical’s beneficial ownership position met the relevant reporting threshold or otherwise changed in a way that required an amended report.

Who signed the Schedule 13G/A for Empirical Wealth Management?

The filing is signed by Justin Buller, identified as Chief Compliance Officer of Empirical Financial Services, LLC d.b.a. Empirical Wealth Management. The signature is dated 01/28/2026, certifying the accuracy and completeness of the ownership information reported.