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Belpointe Prep, LLC (OZ) stock

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NYSE: OZ NYSE Real Estate Development

E Fundamentals grade

Belpointe Prep, LLC is a US-listed company in the real estate development industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: every model's value for Belpointe Prep, LLC is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.

Price vs value

Under review: free cash flow after stock pay is not positive. We'll show the comparison once resolved.

Belpointe Prep, LLC valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds8 adding, 19 cuttingOf 0 active managers that changed their stake, 0 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Belpointe Prep files

Where Belpointe Prep, LLC stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $15m, up 164.2% on a year earlier, slower than the 186.6% growth a quarter earlier. That growth ranks 1 of 9 among the real estate development companies we cover. Free-cash-flow margin rose to -256.8% from -447.1% a year earlier. The diluted share count is up 4.8% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades E. It passes 0 of our 2 financial-health checks.

Our model value for Belpointe Prep is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Belpointe Prep, LLC's trailing-twelve-month revenue grew 164.2% year on year, with a free-cash-flow margin of -256.8%. Where it stands out: revenue growth of 164.2% ranks 1 of 12 real estate development companies we cover. Where it lags: free-cash-flow margin of -256.8% ranks 11 of 11 real estate development companies we cover.

Current signal Revenue growth decelerating: TTM revenue growth slowed to 164.2% (-22.3pp vs the prior quarter), the 3rd consecutive quarterly slowdown.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 164.2% over the last 12 months, against a median of 11.8% for real estate development companies we cover.

Things to watch

  • Growth slowing. The growth rate is 22.3 points lower than a quarter earlier.
  • Burning cash. Free cash flow was -256.8% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 4.8% in a year.
  • High debt. Long-term debt exceeds cash by $0.3bn, more than 1.5 times annual revenue.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 49.7% ranks 10 of 10 real estate development companies we cover (median 24.1%).
  • Below peers: net margin. Net margin of -290.5% ranks 11 of 12 real estate development companies we cover (median 9.9%).

Latest results: FY2026 Q2

Filed August 4, 2026
Revenue
$5m, up 168.1% on a year earlier

Belpointe Prep's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.4%
  • 1 week-4.6%
  • 1 month-17.2%
  • This year-47.9%
  • 1 year-48.9%
  • 5 years-66.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$15M
Net margin
-290.5%
EPS (TTM, diluted)
$-11.38

Growth

Revenue growth
+164.2%
Change in growth rate
−22.3 pts
Share count change
+4.8%

Cash

Free cash flow (TTM)
-$38.6M
FCF margin
-256.8%

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Agreement ended
  2. Shareholder vote
  3. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Belpointe Prep, LLC valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: free cash flow after stock pay is not positive.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Belpointe Prep, LLC as an operating company, with every model that fits that kind of business. Cost of equity 7.7%: the 10-year Treasury yield (4.9%) plus a beta of 0.6 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: This model is withheld pending its input or assumption review.
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$5.8 ~$7.7–$29 Left out: out of range vs price (0.17x)
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Belpointe Prep, LLC with Real Estate Development in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20212022202320242025Now
Share price$100.07$100.00$77.25$77.40$65.03$33.87
Market value$328m$342m$274m$282m$243m$130m
+ Net debt (− = net cash)−$181m−$143m$4m$158m$241m$267m
Enterprise value$147m$198m$278m$440m$484m$397m
Multiples
Price / sales n/mn/m121.8x105.3x26.4x8.6x
Price / earnings ——————
Price / free cash flow ——————
EV / EBITDA ——————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

12 /100

Weak moat

How hard Belpointe Prep's competitive advantage looks for rivals to wear away, judged from 5 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -3.4% of total assets over 5 years.

  • Durability 10 / 20

    Net margin has been a median -551.4%; its worst year was -950.7%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 5 years, at a median -447.4% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (17 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

No analyst estimates are published for Belpointe Prep, LLC: too few analysts cover it.

Positioning

Short interest
1.5%
of tradable shares
Days to cover
2.28
at average volume
Short interest, 1 month
−51%
to October 15, 2026
Held by institutions
34%
of shares
Held by insiders
5.6%
of shares

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −48.9%

$66.22 on October 31, 2025 to $33.87

ThenNowEffect
Revenue (last 12 months) $6m $15m +164.2%
P/S multiple 42.6x 8.6x −79.7%
Share count 4m 4m −4.6%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −50.9%

$69.00 on November 3, 2023 to $33.87

ThenNowEffect
Revenue (last 12 months) $2m $15m +643.1%
P/S multiple 118.8x 8.6x −92.7%
Share count 3m 4m −9.2%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 20222023202420252026 to date
Return
OZ−0%−23%+0%−16%−48%
Industry peers (median)−27%+63%−1%−14%+1%
S&P 500−18%+26%+25%+18%+11%
Months that ended higher
OZ58%25%50%50%18%
S&P 50042%67%75%75%46%
Largest fall from a high during the year
OZ−22%−35%−40%−25%−48%
S&P 500−25%−10%−8%−19%−9%

Worst fall since October 18, 2021: 67% from November 3, 2021 to November 2, 2026. Getting back needed a 202% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$33.87 – $67.99
From 52-week high
−50.2%
vs 50-day average
−19.7%
vs 200-day average
−28.8%
Volatility (1 year)
33%
Beta vs S&P 500
0.25

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Belpointe Prep, LLC in five measures

Fundamentals grade E
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Belpointe Prep, LLC
$0 $5M $10M $15M $20M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $2.2M Revenue (TTM), FY23 Q4: $2.3M Revenue (TTM), FY24 Q1: $2.1M Revenue (TTM), FY24 Q2: $1.7M Revenue (TTM), FY24 Q3: $2.1M Revenue (TTM), FY24 Q4: $2.7M Revenue (TTM), FY25 Q1: $4.1M Revenue (TTM), FY25 Q2: $5.7M Revenue (TTM), FY25 Q3: $7.2M Revenue (TTM), FY25 Q4: $9.2M Revenue (TTM), FY26 Q1: $11.7M Revenue (TTM), FY26 Q2: $15M $15M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $2.2M
FY23 Q4 $2.3M
FY24 Q1 $2.1M
FY24 Q2 $1.7M
FY24 Q3 $2.1M
FY24 Q4 $2.7M
FY25 Q1 $4.1M
FY25 Q2 $5.7M
FY25 Q3 $7.2M
FY25 Q4 $9.2M
FY26 Q1 $11.7M
FY26 Q2 $15M
Revenue growth, TTM YoY Belpointe Prep, LLC
-100% 0% 100% 200% 300% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 66.2% Revenue growth, TTM YoY, FY23 Q4: 62.0% Revenue growth, TTM YoY, FY24 Q1: 34.3% Revenue growth, TTM YoY, FY24 Q2: -16.0% Revenue growth, TTM YoY, FY24 Q3: -2.9% Revenue growth, TTM YoY, FY24 Q4: 18.7% Revenue growth, TTM YoY, FY25 Q1: 94.7% Revenue growth, TTM YoY, FY25 Q2: 235.0% Revenue growth, TTM YoY, FY25 Q3: 245.0% Revenue growth, TTM YoY, FY25 Q4: 243.4% Revenue growth, TTM YoY, FY26 Q1: 186.6% Revenue growth, TTM YoY, FY26 Q2: 164.2% 164.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 66.2%
FY23 Q4 62.0%
FY24 Q1 34.3%
FY24 Q2 -16.0%
FY24 Q3 -2.9%
FY24 Q4 18.7%
FY25 Q1 94.7%
FY25 Q2 235.0%
FY25 Q3 245.0%
FY25 Q4 243.4%
FY26 Q1 186.6%
FY26 Q2 164.2%
FCF margin (TTM) Belpointe Prep, LLC
-800% -600% -400% -200% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -440.3% FCF margin (TTM), FY23 Q4: -399.8% FCF margin (TTM), FY24 Q1: -674.4% FCF margin (TTM), FY24 Q2: -634.9% FCF margin (TTM), FY24 Q3: -634.8% FCF margin (TTM), FY24 Q4: -692.6% FCF margin (TTM), FY25 Q1: -504.9% FCF margin (TTM), FY25 Q2: -447.1% FCF margin (TTM), FY25 Q3: -395.1% FCF margin (TTM), FY25 Q4: -382.3% FCF margin (TTM), FY26 Q1: -307.4% FCF margin (TTM), FY26 Q2: -256.8% -256.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -440.3%
FY23 Q4 -399.8%
FY24 Q1 -674.4%
FY24 Q2 -634.9%
FY24 Q3 -634.8%
FY24 Q4 -692.6%
FY25 Q1 -504.9%
FY25 Q2 -447.1%
FY25 Q3 -395.1%
FY25 Q4 -382.3%
FY26 Q1 -307.4%
FY26 Q2 -256.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 0 1 1 2 3 9 15
Net income −0 −3 −8 −14 −24 −40 −44
Diluted EPS −$140.00 −$0.95 −$2.25 −$4.04 −$6.56 −$10.72 −$11.38
Growth (year on year)
Revenue — +887.1% +39.5% +62.0% +18.7% +243.4% +164.2%
Margins
Net margin −110.9% −314.4% −552.3% −636.7% −891.8% −435.9% −290.5%
Cash flow
Cash from operations −0 −2 −7 −7 −14 −25 −26
Balance sheet
Cash 7 192 143 20 25 24 16
Total debt 35 11 — 24 183 265 282
Net debt (negative = net cash) 28 −181 −143 4 158 241 267
Diluted shares — 3m 3m 4m 4m 4m 4m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

0 of 2 checks passed · June 30, 2026
  • Short-term assets cover short-term liabilities The company doesn't report a short-term split. Not assessable.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $16m of cash against $279m of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt −$26m of operating cash flow against $279m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Belpointe Prep, LLC's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+4.8%
year over year

Competitors: side by side with peers

Closest by revenue in real estate development
Last 12 months unless stated OZ MLP SKYH AXR LPA AEI Median
Revenue, last 12 months $15m $16m $34m $41m $50m $4m $53m
Revenue growth, last 12 months 164.2% −4.1% 62.2% −15.3% 14.3% −73.4% 11.4%
Revenue growth, 3-year average 95.1% 19.4% 106.1% −5.3% — −41.8% 10.8%
Revenue growth, latest quarter 168.1% −19.6% 49.6% −66.1% — −10.0% 0.6%
Gross margin — — — 32.3% — 33.5% 32.9%
Operating margin — −36.3% −80.8% 14.8% 81.7% −302.1% −0.9%
Operating margin, 3-year average — −44.2% −122.6% 19.9% — −152.2% −26.1%
Net margin −290.5% −28.6% 2.7% 14.3% 20.9% −951.4% 6.3%
Cash from operations / revenue −174.0% 2.2% 0.7% −0.7% — −204.2% 2.2%
Free-cash-flow margin −256.8% −4.5% −16.2% −0.9% — −206.9% −4.5%
Free-cash-flow margin, 3-year average −446.3% −10.2% −60.1% 16.2% — −81.0% −17.7%
Stock pay / revenue — 24.3% 19.5% 1.1% 4.1% 37.0% 4.1%
Change in share count 4.8% −0.5% — 0.4% 2.4% 73.5% 0.7%

Median of all 12 companies we cover in real estate development. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

12 real estate development companies
Measure Company Peer median Rank
Revenue growth Growth 164.2% 11.8% 1 of 12
Change in growth rate Growth -22.3pp -8.6pp 11 of 12
Net margin Profitability -290.5% 9.9% 11 of 12
Free-cash-flow margin Cash generation -256.8% -4.5% 11 of 11
Long-term debt as % of assets Balance sheet 49.7% 24.1% 10 of 10
Change in share count Balance sheet 4.8% 0.7% 8 of 9

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$57.9M
Institutions reporting
42
Shares held vs prior quarter
▼ 5.2%
Positions opened / closed
4 / 6

Top buyers and sellers, Q2 2026: 8 institutions bought and 19 sold ; the biggest buyer was Arax Advisory Partners (+16K shares) and the biggest seller Lido Advisors, LLC (−41K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Empirical Financial Services, LLC D.B.A. Empirical Wealth Management $10.9M 241K 18.9% ▼ 2.3%
Precision Wealth Strategies, LLC $10.6M 235K 18.4% ▼ 2.4%
Belpointe Asset Management LLC $9.9M 218K 17.0% ▼ 3.9%
Osaic Holdings, Inc. $4.3M 94K 7.4% 0.0%
United Asset Strategies, Inc. $4M 89K 6.9% ▼ 0.7%
Brookwood Investment Group LLC $1.6M 36K 2.8% ▼ 5.0%
Cambridge Investment Research Advisors, Inc. $1.2M 26K 2.0% ▲ 100.0%
LPL Financial LLC $1.2M 26K 2.0% ▲ 55.1%
Mason & Associates Inc $1.1M 25K 1.9% ▼ 2.8%
Wealth Alliance, LLC $1M 23K 1.8% 0.0%
Lido Advisors, LLC $1M 23K 1.8% ▼ 64.1%
Sheets Smith Wealth Management $986,552 22K 1.7% 0.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Belpointe Prep, LLC's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on Belpointe Prep, LLC was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Belpointe Prep, LLC in brief

What does Belpointe Prep, LLC do?
Belpointe Prep, LLC is a US-listed company in the real estate development industry. Its financial year ends in December.
What is Belpointe Prep, LLC's stock ticker?
Belpointe Prep, LLC trades under the ticker OZ on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Belpointe Prep, LLC's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Belpointe Prep, LLC reported revenue of $15M, 164.2% higher than a year earlier, according to its SEC filings.
What is Belpointe Prep, LLC's free cash flow?
Belpointe Prep, LLC's free-cash-flow margin is -256.8% of revenue over the trailing twelve months, ranking 11 of the 11 real estate development companies we cover.
Who are Belpointe Prep, LLC's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Empirical Financial Services, LLC D.B.A. Empirical Wealth Management, Precision Wealth Strategies, LLC and Belpointe Asset Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Belpointe Prep, LLC's market cap?
On November 2, 2026, Belpointe Prep, LLC's market capitalisation was about $130M and net debt of $267M. Market figures come from third-party market data and may be delayed.
Who are Belpointe Prep, LLC's competitors?
In our Real Estate Development peer group, the companies closest to Belpointe Prep, LLC are Maui Land & Pineapple Co Inc, Sky Harbour Group Corp, Amrep Corp., Logistic Properties Of The Americas and Alset Inc. The side-by-side comparison below sets their revenue, margins and growth against Belpointe Prep, LLC's.