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Belpointe PREP, LLCReal Estate·Real Estate - Development
$48.00
$187M market cap
Revenue
$7.3M
Free Cash Flow
$-16.3M
Rev Growth
+0.0%
FCF Margin
-223.6%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Belpointe PREP, LLC focuses on identifying, acquiring, developing or redeveloping, and managing commercial real estate properties in the United States. It also intends to invest in and manage a real estate-related assets, including commercial real estate loans and mortgages; and debt and equity securities issued by other real estate-related companies, as well as private equity acquisitions and investments and opportunistic acquisitions of other qualified opportunity funds and qualified opportuni
2-Year Price History
$48.25-17.4%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 4.2 | -2.3 | -5.6 | -10.7 | -6.1 | -6.1 | -0.0 | 19.6 | 275.5 | 3.8 | -6.3% | -0.4x | -- |
| Act | 2025-Q4 | 3.1 | -3.3 | -6.6 | -11.7 | -10.2 | -10.2 | -0.0 | 24.3 | 261.8 | 3.8 | -7.5% | -0.6x | -- |
Valuation & Metrics
Market Stats
Price$48.00
Market Cap$187M
Enterprise Value$443M
P/S Ratio25.6x
P/FCF--
EV/FCF--
FCF Margin (TTM)-223.6%
FCF Yield-8.7%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$7.3M
Net Income$-22.3M
Free Cash Flow$-16.3M
Revenue Growth (YoY)+0.0%
EBITDA Margin-76.4%
Net Margin-306.0%
FCF Margin-223.6%
CapEx % of Revenue0.0%
SBC % of Revenue0.0%
ROIC-6.9%
WC Change % Rev-121.5%
Interest Coverage-0.5x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.1M
Days to Cover19.7
Change (vs Prior)+0.0%
Need at least 2 settlement dates for chart
Cash Runway
14.4months
WATCH
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
37.9%(-8.3% YoY)
44 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
0.0%(+0.0% YoY)
0 filers
Vanguard, iShares, SPDR
Market makers
0.0%(+0.0% YoY)
0 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| Empirical Financial Services, LLC d.b.a. Empirical Wealth Ma | $13.1M | $81.99 | −$77K | −$270K | -0.3% | $5.75B |
| Precision Wealth Strategies, LLC | $12.8M | $65.32 | −$334K | −$172K | +1.1% | $294M |
| Belpointe Asset Management LLC | $12.0M | $74.81 | +$385K | −$4.3M | -0.3% | $2.74B |
| ADVISOR GROUP HOLDINGS, INC. | $5.0M | $56.82 | +$2.0M | +$5.0M | -0.3% | $67.63B |
| United Asset Strategies, Inc. | $4.8M | $85.88 | +$0 | +$180K | +0.0% | $1.24B |
| Lido Advisors, LLC | $3.4M | $65.03 | −$21K | +$3.4M | +1.8% | $25.47B |
| Brookwood Investment Group LLC | $2.0M | $62.66 | +$428K | −$18K | +2.3% | $771M |
| Mason & Associates Inc | $1.3M | $78.18 | −$5K | +$916K | +0.2% | $515M |
| WEALTH ALLIANCE, LLC | $1.2M | $93.80 | −$292K | −$292K | -0.2% | $1.01B |
| SHEETS SMITH WEALTH MANAGEMENT | $1.2M | $76.06 | +$564K | +$1.2M | -0.3% | $886M |
| Robertson Stephens Wealth Management, LLC | $1.1M | $69.02 | +$0 | −$12K | +0.6% | $3.57B |
| Rockefeller Capital Management L.P. | $977K | $83.11 | +$0 | +$84K | -0.1% | $56.28B |
| Cetera Investment Advisers | $975K | $63.88 | +$0 | +$725K | -0.2% | $93.23B |
| Mariner, LLC | $930K | $84.72 | +$0 | −$354K | -0.1% | $85.47B |
| LPL Financial LLC | $875K | $84.48 | −$1K | −$1K | -0.2% | $372.65B |
| Navis Wealth Advisors, LLC | $863K | $53.20 | +$863K | +$863K | +0.7% | $196M |
| U.S. Capital Wealth Advisors, LLC | $845K | $77.40 | +$0 | +$0 | -0.6% | $3.97B |
| Keystone Wealth Services, LLC | $828K | $77.25 | +$0 | +$0 | +0.6% | $468M |
| B.O.S.S. Retirement Advisors, LLC | $803K | $100.00 | +$0 | −$4K | -0.4% | $326M |
| Cambridge Investment Research Advisors, Inc. | $696K | $67.65 | +$0 | +$696K | -0.4% | $38.49B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BULLISH
Holders
-0.28%
avg per quarter
Holders (ex-self)
+0.22%
excl. this stock
Buyers (this Q)
+0.11%
9 buyers · $0.00B in
Sellers (this Q)
-0.59%
10 sellers · $0.01B out
alpha coverage: 100% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+8.7%
how holders react when this stock falls
On quiet Qs
-8.3%
−10% to +10% baseline
On rallies (+10%+)
-24.2%
how they react when this stock rises
Holders' portfolio flow this Q
+3.6%
inflows — adds are organic
Sellers' portfolio flow this Q
+3.9%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-0.3%
Holder mid (any stock)
+0.4%
Holder rally (any stock)
-0.5%
Biggest decreases this quarter
RENAISSANCE TECHNOLOGIES LLCexited−$559KCoppell Advisory Solutions LLCexited−$401KPrecision Wealth Strategies, LLC−$334Kα+1.1WEALTH ALLIANCE, LLC−$292Kα-0.2CITADEL ADVISORS LLCexited−$280KRAYMOND JAMES FINANCIAL INCexited−$249KSUSQUEHANNA INTERNATIONAL GROUP, LLPexited−$220KIntegrated Advisors Network LLCexited−$218KAE Wealth Management LLCexited−$213KBANK OF AMERICA CORP /DE/exited−$98K
New buyers this quarter
Top-5 holders · 67.0%
Empirical Financial Services, LLC d.b.a. Empirical Wealth Ma--
Precision Wealth Strategies, LLC--
Belpointe Asset Management LLC--
ADVISOR GROUP HOLDINGS, INC.--
United Asset Strategies, Inc.--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
Empirical Financial Services, LLC d.b.a. Empirical Wealth Ma247KPrecision Wealth Strategies, LLC241KBelpointe Asset Management LLC226KAE Wealth Management LLC—Bank of New York Mellon Corp—United Asset Strategies, Inc.89KLINCOLN NATIONAL CORP—ADVISOR GROUP HOLDINGS, INC.94KLido Advisors, LLC64KFountainhead AM, LLC373
Corporate
Order Flow (FINRA, ~3w lag)
25.0%retail+2.5pp
8.4%dark-1.5pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Belpointe PREP: A Fee-Harvesting Machine Masked as an Opportunity Zone Fund
Overall Risk
8/10
Fraud
6/10
Dilution
9/10
Insolvency
8/10
Earnings Overstated
7/10
Hidden Liabilities
5/10
Legal
6/10
Audit Warnings
4/10
Hidden Upside
3/10
Contextually Acceptable
2/10