10-Q · May 12, 2026
Belpointe PREP (OZ) demonstrates continued revenue growth in Q1 2026, with a reported revenue of $3 million, a 100% increase quarter-over-quarter from Q4 2025. However, operating margins remain deeply negative at…
Earnings analysis · 10-Q
OZ earnings analysis
Filed August 4, 2026 · Our reading of the company's report
The latest report
The provided 10-Q excerpt does not include the financial statements or MD&A results tables, so Q2 revenue, margins, EPS, balance-sheet movements, operating cash flow and free cash flow cannot be verified from the…
Read full summary
The provided 10-Q excerpt does not include the financial statements or MD&A results tables, so Q2 revenue, margins, EPS, balance-sheet movements, operating cash flow and free cash flow cannot be verified from the supplied filing text. Liquidity was supplemented by $3.2 million of Follow-on Offering proceeds during the first six months of 2026, while litigation involving an alleged $3.0 million mortgage default remains the principal disclosed contingent issue. No quantitative forward guidance was included in the supplied extract.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Follow-on offering provided liquidity
The company raised $3,210,218 of gross proceeds from sales of 61,408 Class A units in the Follow-on Offering during the six months ended June 30, 2026. Aggregate gross offering cash proceeds raised through June 30, 2026 were $371.8 million.
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Controls deemed effective at June 30
Management reported that disclosure controls and procedures were effective as of June 30, 2026, and stated there were no changes in internal control over financial reporting during the period that materially affected, or were reasonably likely to materially affect, those controls.
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Reported NAV was $116.25 per unit
NAV per Class A unit as of March 31, 2026 was announced at $116.25 on May 29, 2026.
What to watch
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$3.0 million mortgage foreclosure litigation
Galinn alleges that CMC defaulted on a $3.0 million mortgage note and is seeking foreclosure of the mortgage on the 497-501 Middle Turnpike property plus damages. The company disputes liability and has not accrued a loss contingency, but the matter remains unresolved.
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JZ litigation remains pending
JZ Investments filed litigation on April 24, 2026 seeking restoration of a preferred equity interest, declaratory relief, damages, attorneys’ fees and costs. A hearing on the company’s motion to dismiss is scheduled for September 14, 2026.
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No material risk-factor updates
The company stated there were no material changes to risk factors disclosed in its Annual Report for the year ended December 31, 2025. Accordingly, this 10-Q does not identify a newly updated enterprise risk factor.
Management's outlook
The supplied 10-Q extract contains no quantitative revenue or EPS outlook. Management’s discussion of forward operating guidance is not included in the provided text.
Earlier filings 4
10-K · March 20, 2026
Belpointe PREP (OZ) reports accelerating top-line activity with Q4 2025 revenue of $3,064,000 and sequential quarterly growth through 2025, but operating results remain deeply negative with large cash burn and heavy…
10-Q · November 14, 2025
Q3 2025 results show meaningful revenue growth but materially wider losses and heavier leverage. Total revenue rose to $2,382 (in thousands) from $860 (in thousands) a year earlier, but net loss expanded to $(12,131)…
10-Q · May 15, 2025
Belpointe PREP reported rental revenue of $1,739,000 for the quarter (up from $337,000 a year earlier) but delivered a larger net loss of $(8,619,000) (loss per unit $(2.35)) as interest expense and depreciation rose.…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.