1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Metrics vs Peers
3. Valuation
4. Offer Terms
5. Financial Statements
Discussion
Research report, target price, DCF and forensic scores are for subscribers. View plans
Symbol
OZ
Listed on
2021-10-18
Sector
Real Estate
Subsector
Real Estate Management & Development
Offer Range
—
Shares Offered
—
3.48M
—
Implied Upside vs Midpoint
Description
Belpointe PREP, LLC is a Delaware limited liability company formed on January 24, 2020. We were formed to originate, invest in and manage a diversified portfolio of commercial real estate properties located throughout the United States and its territories, 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 opportunity zone businesses. All of our assets are and will continue to be held by, and all of our operations are and will continue to be conducted through, one or more operating companies (each an “Operating Company” and together the “Operating Companies”), either directly or indirectly through subsidiaries. As of the date of this prospectus we have two Operating Companies, Belpointe PREP OC, LLC and Belpointe PREP TN OC, LLC. We will be the manager of our Operating Companies. We are externally managed by our Manager, Belpointe PREP Manager, LLC, a Delaware limited liability company. Our Manager is an affiliate of Belpointe, LLC, our Sponsor. We expect to use substantially all of the net proceeds from this offering to identify, acquire, develop or redevelop and manage a diversified portfolio of commercial real estate properties located throughout the United States and its territories in accordance with our investment objectives and strategy described below. We also anticipate acquiring other real estate-related assets, including, but not limited to, commercial real estate loans and mortgages, and debt and equity securities issued by other real estate-related companies, as well as make private equity acquisitions and investments, and opportunistic acquisitions of other qualified opportunity funds and qualified opportunity zone businesses. We intend to make our investments through our wholly owned Operating Companies, either directly or indirectly through subsidiaries of our Operating Companies, some of which may have rights to receive preferred economic returns. --- Our primary investment objectives are: · to preserve, protect and return your capital contribution; · to pay attractive and consistent cash distributions; · to grow net cash from operations so that an increasing amount of cash flow is available for distributions to investors over the long term; and · to realize growth in the value of our investments. We cannot assure you that we will achieve our investment objectives. --- Our office is located at 255 Glenville Road, Greenwich, CT 06831. Our telephone number is 203-883-1994. Our website at www.belpointeoz.com.
| Metric | Value | Peer median | Among peers | |
|---|---|---|---|---|
Net margin | -111% | -7.3% | ||
Free cash flow margin | -11.9% | -2.7% | ||
Net cash / market cap | -8.1% | 2.4% | ||
9 premium metrics: DCF value / price, Growth the price needs: how common, Last 12 months vs full year and 6 more Unlock | ||||
Each filing is plotted ahead of the first trading day on the price chart.
| Filed | Form | Price range | Price | Shares offered | Deal size |
|---|---|---|---|---|---|
| 2021-09-13 | 424B3 | — | $0.01 | — | — |
Belpointe PREP, LLC income statement and balance sheet, FY Dec 2021 to FY Dec 2025, as reported in SEC filings.
| Metric | FY Dec 2021after listing | FY Dec 2022after listing | FY Dec 2024after listing | FY Dec 2025after listing |
|---|---|---|---|---|
| Revenue | $997K | $1.4M | $2.7M | $9.2M |
| Net income | ($3.1M) | ($7.7M) | ($23.9M) | ($40.0M) |
| Revenue growth | — | 39.5% | 92.3% | 243% |
| Net margin | −314% | −552% | −892% | −436% |
| Metric | FY Dec 2021after listing | FY Dec 2022after listing | FY Dec 2024after listing | FY Dec 2025after listing |
|---|---|---|---|---|
| Total assets | $341M | $354M | $518M | $564M |
| Total liabilities | $17.6M | $21.3M | $214M | $289M |
| Cash & equivalents | $192M | $143M | $24.7M | $24.3M |