Belpointe PREP, LLC · Real Estate

OZ

Elevated riskNext report: Not enough history

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The short version

A company still losing money with growing sales. Institutions are trimming.

Going well

Sales up 168% in the latest quarter vs a year ago
Sales up 243% last year

Watch out for

About 12 months of cash left at its current burn
Losing money, losses are large next to sales

Money moves

No insider buying or selling in the last 30 days
Institutions cut 4% from their holdings in the quarter ending June 2026 (8 bought, 19 sold)

Facts from SEC filings, not a recommendation.

The business over time

Last 12 quarters, from SEC filings

Sales, Jun '26

$5.4M+168% vs a year earlier

Sep '23Tap a barJun '26

Last 12 months: $15.0M, up 164% from the 12 months before.

Price

Price chart by TradingView.

Business quality

The checklist Warren Buffett-style investors use. Annual numbers for 2025.

0/4Weak

MissNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.-435.9%
MissProfitable every yearSteady profits, not one good year.0 of 6 years
MissFree cash flow positiveBrings in more cash than it spends to run and grow.-$25.2M
MissShare count not growingNot diluting owners. Falling means buybacks.+9.3% in 3 years

Revenue: $9.2M; +243.4% vs prior year
5-year growth: +146.5%/yr; revenue, per year
Total debt: $260.6M
Free cash flow: -$25.2M; -274.4% of revenue

From annual reports filed with the SEC. Not in this company's SEC data, so not scored: return on equity 15%+, debt under half of equity, gross margin 40%+. A checklist is a starting point for research, not a verdict.

Latest quarter

Quarter ended Jun 30, 2026

Revenue: $5.4M; +168.1% YoY
EPS: -$2.37; vs -$2.06
Free cash flow: -$3.9M
Share count: +5.6%; vs a year ago

Insider rating

Last 90 days

No open-market insider buys or sells in the last 90 days.

Weekly insider trend

No trades to chart yet.

Filing buzz

Last 7 days vs normal

65/ 100

This week: 1
Normal week: 0.6
vs normal: 1.8x

SEC filings of any kind. 50 means a normal week.

Institutional ownership

Distributing-4.0%

Institutions cut 4.0% from their holdings. 8 bought, 19 sold.

Shares held by institutions1.3M

Sep '24Jun '26

Safety check

From SEC filings

Share count growthYearly rate, last 3 years

+3.0%

Cash runwayAt last year's cash burn

7 months

Debt to equityLatest balance sheet: debt compared with what owners have

$279.1M debt

Shares outstandingLatest reported

Why elevated risk

Losing money, losses are large next to sales
About 7 months of cash left at its current burn

Earnings reports

Last 0

Next reportNot enough history

Flags and big holders

Offerings 6 months, flags 12 months, holders 90 days

New 5%+ holder (passive)Oct 16 · View filing ↗Big holder

Insider trades

Open-market buys and sells, last 90 days

No open-market buys or sells in 90 days. Grants and option exercises are left out.

"Owns after" is the insider's holding right after the trade. Pre-planned (10b5-1) sales are set up months ahead, a weaker signal.

Latest filings

Straight from SEC EDGAR

Current reportOct 23 · Form 8-K ↗New 5%+ holder (passive)Oct 16 · Form SCHEDULE 13G ↗Shareholder vote resultsOct 15 · Form 8-K ↗Other company newsAug 28 · Form 8-K ↗ARSAug 27 · Form ARS ↗Proxy statementAug 27 · Form DEF 14A ↗PRE 14AAug 17 · Form PRE 14A ↗Quarterly reportAug 4 · Form 10-Q ↗Other company newsJun 15 · Form 8-K ↗Other company newsJun 1 · Form 8-K ↗Quarterly reportMay 13 · Form 10-Q ↗FWPApr 14 · Form FWP ↗Annual reportMar 20 · Form 10-K ↗Major agreementMar 10 · Form 8-K/A ↗Major agreementMar 9 · Form 8-K ↗

Source: SEC EDGAR filings. For informational purposes. Not investment advice.

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