Belpointe PREP
Develops and operates qualified opportunity-zone commercial and mixed-use real estate.
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Profile
Develops and operates commercial and mixed-use real estate in U.S. qualified opportunity zones, earning rental revenue while funding projects through unit offerings, debt, and partnerships. Operates as an externally managed partnership whose tax qualification and Manager-led governance distinguish it from a conventional REIT.
Develops, redevelops, owns, and leases commercial and mixed-use properties in qualified opportunity zones, concentrating its portfolio in Florida, Tennessee, and Connecticut. Rental revenue comes from the Mixed-use and Commercial segments, including Aster & Links in Sarasota and VIV in St. Petersburg.
Operates as an externally managed partnership and Qualified Opportunity Fund rather than a conventional REIT. Its Manager selects and finances investments, oversees development and portfolio operations, and provides administrative services, while capital may come from unit offerings, property debt, joint ventures, affiliate support, and operating cash flow.
Depends on continued QOF and publicly traded partnership qualification, the lease-up and stabilization of its Florida properties, and execution within a voting structure controlled by the Manager.
Company facts
Key statistics
Year to date −14.9% · Average volume (30d) 7.2K
Analysts
No analyst consensus on record.
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 4, 2026Q2 FY26 | — | −$2.37 | — | — | $5.4M | — | +2.73% |
| May 12, 2026Q1 FY26 | — | −$2.75 | — | — | $4.2M | — | −0.12% |
| Mar 19, 2026Q4 FY25 | — | −$3.08 | — | — | $3.1M | — | −3.55% |
| Nov 14, 2025Q3 FY25 | — | −$3.21 | — | — | $2.4M | — | +4.38% |
Financial highlights
| 11 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.7M | $2.0M | $2.4M | $3.1M | $4.2M | $5.4M | |
| Gross profit | −$965.0K | −$2.0M | −$1.4M | −$4.5M | −$6.9M | $414.0K | |
| Operating income | −$4.5M | −$5.0M | −$2.7M | −$6.6M | −$5.6M | −$787.0K | |
| Net income | −$8.6M | −$7.6M | −$12.1M | −$11.7M | −$10.7M | −$9.2M | |
| Diluted EPS | −$2.35 | −$2.06 | −$3.28 | −$3.08 | −$2.81 | −$2.37 | |
| Gross margin | -55.5% | -98.4% | -59.4% | -146.1% | -163.4% | 7.7% | |
| Operating margin | -258.7% | -250.2% | -114.1% | -214.1% | -132.1% | -14.7% |
Fiscal years (4-quarter sums)FY24 $2.7M · FY25 $9.2M
Balance sheet, Jun 30, 2026Cash & short-term investments $15.6M · Total debt $279.1M · Total assets $561.8M · Shareholders' equity $256.8M
Dividends
No dividends on record.
Ownership
Shares outstanding 3.90M · Float 3.90M · 100.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Empirical Financial Services, LLC D.B.A. Empirical Wealth Management | 241.0K | 6.18% | 13F | Jul 15, 2026 |
| Precision Wealth Strategies, LLC | 235.0K | 6.03% | 13F | Aug 10, 2026 |
| Belpointe Asset Management LLC | 217.6K | 5.58% | 13F | Jul 31, 2026 |
| Advisor Group Holdings, Inc. | 94.1K | 2.41% | 13F | Aug 14, 2026 |
| United Asset Strategies, Inc. | 88.7K | 2.28% | 13F | Jul 13, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
View detailsPeers
- Camden Property Trust
Direct downtown St. Petersburg rival for luxury apartment renters.
- UDR
Sunbelt multifamily REIT with Tampa and Nashville leasing overlap.
- CaliberCos
Alternative QOF manager competing for tax-advantaged real-estate capital.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Belpointe PREP | $47.86 | +0.15% | $186.3M | — | — | 12.4 | +168.1% |
| Camden Property Trust | $106.35 | +0.03% | $10.69B | 35.3 | 101.8 | 6.8 | −0.9% |
| UDR | $37.12 | −0.01% | $11.93B | 23.6 | 64.3 | 6.9 | −0.6% |
| CaliberCos | $0.5373 | −0.11% | $4.6M | — | 4.9 | 0.4 | −17.3% |
| Median | 29.5 | 64.3 | 6.8 | −0.9% |