Belpointe PREP LLC Class A Units (OZ)

FairStock Score: 47/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look for businesses that earn consistent profits, generate cash, and trade at a discount to conservatively calculated value. Belpointe PREP is not yet that business. It is a real estate developer with growing revenue: in fiscal 2025, the year ended 2025-12-31, revenue was $9.2M versus $2.7M in fiscal 2024, the year ended 2024-12-31. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $5.4M. But the bottom line is ugly. Fiscal 2025 net loss was $40.0M, fiscal 2024 net loss was $23.9M, and fiscal Q2 2026 net loss was $9.2M. The Lynch category is none because it has lost money in each of the last four years. Returns are negative: FairStock calculates ROE at -15.93% and ROCE at -2.31%. Cash burn is real: trailing free cash flow was -$26.2M, a -17.7% FCF yield. The balance sheet carries D/E of 1.08, and FairStock's Altman Z-Score is 0.27, which signals distress risk. The one Graham-like attraction is price versus book: at the 2026-10-13 close of $38.02, FairStock calculates P/B at 0.59, below stated book value. But book value can shrink when losses persist. Piotroski is 5/9 and the FairStock Score is 47/100. A moat is hard to identify in development; capital and execution matter. If projects stabilize and losses narrow, the asset discount could close. Until then, this is a speculative asset play, not a defensive value compounder.

In plain English: Belpointe PREP buys and develops commercial and mixed-use real estate. The company is growing revenue, but it is losing money, burning cash, and has lost money for at least four years. Its stock price is below the value of its assets on its books, but the losses and borrowing make it hard to call the price clearly cheap.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer