MeritValue

Belpointe PREP, LLC

OZdata completeness 75%6 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'stockholdersEquity'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'dividendsPaid'

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$997,0001$1.39M2$2.25M3$2.68M4$9.19M4
Net income−$3.14M5−$7.68M6−$14.4M7−$23.9M8−$40M8
Operating cash flow−$2.27M9−$6.65M10−$6.95M11−$13.7M12−$25.2M12
Capital expenditure—————
Free cash flow (derived)—————
Total debt$10.8M13—$23.7M14$177M15$260.6M15
Cash & equivalents$192.1M16$143.5M17$20.1M18$24.7M19$24.3M19
Diluted shares410,1943.4M3.6M3.6M3.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
—
your share of equity
Profit it earned you last year
−$107.19
Free cash flow it threw off
—
Debt you’d be carrying
$697.66

10 shares of this business that earned you −$107.19 last year, against $697.66 of debt.

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
+811% shares · 5y

Share count is up 811% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 2316% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.5.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001493152-23-010372 (Revenues)
  2. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-037651 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-001569 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-011713 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-010372 (NetIncomeLoss)
  6. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-037651 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-001569 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-011713 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-010372 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-037651 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-001569 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-011713 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-010372 (DebtCurrent)
  14. 10-K · period ending 2023-12-31 · accession 0001641172-25-001569 (LongTermDebt)
  15. 10-K · period ending 2024-12-31 · accession 0001493152-26-011713 (LongTermDebt)
  16. 10-K · period ending 2021-12-31 · accession 0001493152-23-010372 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-037651 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001641172-25-001569 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001493152-26-011713 (CashAndCashEquivalentsAtCarryingValue)