The company's debt-to-equity ratio has climbed to 1.04 as of 2026Q1, reflecting a shift toward debt-heavy capitalization to support a $565.7 million asset base.
| Total Assets | 565.74M | 564.2M | 517.59M | 382.12M | 354M | 341.43M | 37.28M |
| Asset Growth % | 46.38% | 9% | 35.45% | 7.94% | 3.68% | 815.79% | - |
| Real Estate & Other Assets | -533.69M | -536.22M | 492.85M | 4.9M | 201.82M | 0 | 28.71M |
| PP&E (Net) | 0 | 0 | 0 | 346.07M | 0 | 0 | 0 |
| Investment Securities | 1000K | 1000K | 0 | 1000K | 0 | 0 | 0 |
| Total Current Assets | 19.57M | 24.34M | 24.74M | 20.13M | 143.47M | 0 | 6.58M |
| Cash & Equivalents | 19.57M | 24.34M | 24.74M | 20.13M | 143.47M | 192.13M | 6.58M |
| Receivables | 0 | 0 | 0 | 0 | 0 | 1000K | 0 |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | -215.89M | -2.01M |
| Intangible Assets | 8.2M | 8.2M | 0 | 7.47M | 8.7M | 0 | 1.99M |
| Total Liabilities | 299.65M | 288.98M | 213.53M | 57.05M | 21.34M | 17.55M | 37.38M |
| Total Debt | 275.52M | 10M | 180.84M | 25M | 7.13M | 12.79M | 35M |
| Net Debt | 255.95M | -14.34M | 156.1M | 4.88M | -136.34M | -179.34M | 28.42M |
| Long-Term Debt | 275.52M | 0 | 177.02M | 19.68M | 0 | 10.79M | 0 |
| Short-Term Borrowings | 0 | 10M | 2.6M | 4M | 0 | 0 | 35M |
| Capital Lease Obligations | 3.44M | 0 | 1.23M | 1.32M | 7.13M | 2M | 0 |
| Total Current Liabilities | 23.02M | 12.38M | 35.29M | 36.05M | 14.22M | 0 | 35.89M |
| Accounts Payable | 3.51M | 12.38M | 13.32M | 12.58M | 1.69M | 0 | 88K |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 1.11M | 276.6M | 0 | 0 | 0 | -12.79M | 1.5M |
| Total Equity | 266.09M | 275.21M | 304.06M | 325.06M | 332.65M | 323.88M | -102K |
| Equity Growth % | -36.07% | -9.49% | -6.46% | -2.28% | 2.71% | 317624.51% | - |
| Shareholders Equity | 266.09M | 272.96M | 301.78M | 322.63M | 329.48M | 323.68M | -102K |
| Minority Interest | 608K | 2.26M | 2.28M | 2.44M | 3.17M | 192K | 0 |
| Common Stock | 265.49M | 272.96M | 301.78M | 322.63M | 329.48M | 323.68M | -102K |
| Additional Paid-in Capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | -7.46% | -7.4% | -5.3% | -3.9% | -2.21% | -1.66% | -0.3% |
| Return on Equity (ROE) | -15.07% | -13.83% | -7.58% | -4.36% | -2.34% | -1.94% | - |
| Debt / Assets | 48.7% | 1.77% | 34.94% | 6.54% | 2.01% | 3.75% | 93.88% |
| Debt / Equity | 1.04x | 0.04x | 0.59x | 0.08x | 0.02x | 0.04x | - |
| Net Debt / EBITDA | -26.97x | - | - | - | - | - | - |
| Book Value per Share | 70.17 | 73.67 | 83.57 | 91.48 | 97.37 | 139.85 | - |
Development and liquidity constraints
As reported in recent financial statements, Belpointe PREP's total assets grew to $565.7 million by 2026Q1, yet this expansion is primarily driven by debt-funded development rather than organic equity growth, as evidenced by the D/E ratio climbing from 0.08 in 2023Q4 to 1.04 in 2026Q1.
The rapid increase in total assets suggests an aggressive development posture, but the concurrent rise in leverage indicates that the company is increasingly reliant on external financing to fund its pipeline. Investors should monitor whether this trajectory leads to a sustainable income-producing portfolio or if the debt burden will necessitate further dilutive equity raises.
Based on the company's reported figures, total debt has surged from $25.0 million in 2023Q4 to $275.5 million in 2026Q1, reflecting a significant shift toward debt-heavy capitalization as the firm moves deeper into its vertical construction phase for its primary residential projects.
The escalation in debt levels appears to be outpacing the company's ability to generate stabilized NOI, which may indicate a tightening of financial flexibility. This leverage profile warrants close scrutiny, as the lack of stabilized cash flow makes the company particularly sensitive to interest rate volatility and construction cost overruns.
According to quarterly filings, cash reserves have fluctuated within a narrow range, ending 2026Q1 at $19.6 million, which appears insufficient to cover the ongoing development pipeline requirements given the company's persistent negative FFO of $7.6 million reported for the same period.
The current liquidity position suggests that the company may face a funding gap if construction timelines in Sarasota and Nashville experience further delays. Without a clear path to positive cash flow, the reliance on existing cash balances to fund corporate overhead and development costs may necessitate additional capital market activity.
Analysis of the balance sheet reveals that the $565.7 million in total assets is heavily concentrated in development-stage properties, which, as noted in financial disclosures, may not reflect the true economic value or potential impairment risks associated with current market conditions in Florida and Tennessee.
The reliance on book value for development assets may mask the underlying volatility of the portfolio, especially if construction costs continue to escalate. Investors should be wary that the lack of stabilized income means the balance sheet is currently more reflective of sunk costs than the present value of future rental streams.
Quick answers to the most common questions about buying OZ stock.
As of 2025, Belpointe PREP, LLC (OZ) had total assets of $564.2M including $24.3M in current assets.
Belpointe PREP, LLC (OZ) carries total debt of $10.0M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Belpointe PREP, LLC (OZ) has total shareholders' equity (book value) of $273.0M ($73.67 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Belpointe PREP, LLC (OZ) reported a current ratio of 1.97x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.