Revenue growth reached 143.5% in 2026Q1, yet this is offset by deeply negative NOI margins of -163.4% due to substantial pre-opening expenses.
| Revenue | 11.68M | 9.19M | 2.67M | 2.25M | 1.39M | 997K | 101K |
| Revenue Growth % | 186.56% | 243.44% | 18.68% | 62.04% | 39.52% | 887.13% | - |
| Property Operating Expenses | 26.46M | 32.38M | 6.84M | 4.18M | 3.81M | 1.14M | 48K |
| Net Operating Income (NOI) | -14.78M | -23.19M | -4.16M | -1.93M | -2.42M | -143K | 53K |
| NOI Margin % | -126.53% | -252.45% | -155.66% | -85.4% | -173.83% | -14.34% | 52.48% |
| Operating Expenses | 5.1M | -2.51M | 9.33M | 8.4M | 7.09M | 3.51M | 156K |
| G&A Expenses | 6.34M | 6.17M | 5.11M | 6.33M | 5.8M | 2.92M | 113K |
| EBITDA | -9.49M | -11.98M | -7.98M | -8.26M | -8.22M | -3.07M | -60K |
| EBITDA Margin % | -81.24% | -130.37% | -298.24% | -366.46% | -590.65% | -307.62% | -59.41% |
| Depreciation & Amortization | 10.39M | 8.71M | 5.51M | 2.07M | 1.29M | 588K | 43K |
| D&A / Revenue % | 88.94% | 94.78% | 206.06% | 91.7% | 92.81% | 58.98% | 42.57% |
| Operating Income | -19.88M | -20.68M | -13.49M | -10.33M | -9.51M | -3.65M | -103K |
| Operating Margin % | -170.18% | -225.14% | -504.3% | -458.16% | -683.47% | -366.6% | -101.98% |
| Interest Expense | 4M | 17.44M | 10.01M | 0 | 0 | 0 | 9K |
| Interest Coverage | - | -1.30x | -1.38x | - | - | - | -11.44x |
| Non-Operating Income | 3.87M | 1.95M | 359K | 4.03M | 0 | 0 | 0 |
| Pretax Income | -42.12M | -40.07M | -23.86M | -14.36M | -8.13M | -3.04M | -112K |
| Pretax Margin % | -360.49% | -436.17% | -891.78% | -637.13% | -584.18% | -305.12% | -110.89% |
| Income Tax | 0 | 0 | 1K | 1K | 112K | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | -0% | -0.01% | -1.38% | 0% | 0% |
| Net Income | -42.09M | -40.05M | -23.86M | -14.35M | -7.68M | -3.13M | -112K |
| Net Margin % | -360.28% | -435.9% | -891.81% | -636.69% | -552.34% | -314.44% | -110.89% |
| Net Income Growth % | -47.73% | -67.87% | -66.23% | -86.79% | -145.07% | -2699.11% | - |
| Funds From Operations (FFO) | -31.7M | -31.34M | -18.34M | -12.28M | -6.39M | -2.55M | -69K |
| FFO Margin % | -271.34% | -341.12% | -685.76% | -544.99% | -459.53% | -255.47% | -68.32% |
| FFO Growth % | -193.69% | -70.84% | -49.33% | -92.18% | -150.96% | -3591.3% | - |
| FFO per Share | -8.36 | -8.39 | -5.04 | -3.46 | -1.87 | -1.10 | - |
| FFO Payout Ratio % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| EPS (Diluted) | -11.10 | -10.72 | -6.57 | -4.04 | -2.25 | -1.35 | -999999.00 |
| EPS Growth % | -44.16% | -63.17% | -62.62% | -79.56% | -66.67% | 100% | - |
| EPS (Basic) | - | -10.72 | -6.55 | -4.04 | -2.25 | -1.35 | -999999.00 |
| Diluted Shares Outstanding | 3.79M | 3.74M | 3.64M | 3.55M | 3.42M | 2.32M | 0 |
Development and regulatory execution
As indicated by the most recent quarterly financial data, Belpointe PREP reported revenue of $4.2 million, representing a significant 143.5% year-over-year growth rate, though this expansion remains heavily tied to the initial stabilization of specific residential assets rather than a broad, diversified portfolio-wide income stream.
The rapid revenue growth appears to be a function of moving assets from the construction pipeline into the initial lease-up phase. Investors should monitor whether this trajectory can be sustained as the company attempts to scale its Sarasota and Nashville developments, as current revenue levels remain insufficient to offset corporate overhead.
Based on the provided income statement figures, the company continues to operate with a deeply negative NOI margin of -163.4%, which reflects the substantial carrying costs and pre-opening expenses inherent in the current development-heavy business model before achieving meaningful economies of scale across its holdings.
The negative margin profile suggests that the company is currently in a capital-intensive J-curve phase where property-level expenses significantly outweigh rental income. A transition to positive margins will likely require the successful stabilization of the Aster & Links project to dilute the impact of fixed management and operating costs.
According to reported financial statements, FFO per share has remained consistently negative, reaching -$2.00 in the most recent quarter, which highlights the ongoing challenge of funding corporate operations and development pipelines without a stabilized, cash-generative asset base to support the current equity structure.
The persistent FFO deficit suggests that the company is currently reliant on capital infusions rather than operational cash flow to sustain its growth strategy. Investors should remain cautious regarding potential future dilution, as the current cash position may be insufficient to complete the entire development pipeline without additional financing.
As noted in recent operational disclosures, the company has shifted its primary focus toward active vertical construction on the Sarasota project, a critical inflection point that exposes the firm to heightened labor and insurance cost volatility in the Florida market during the current fiscal period.
This transition from entitlement to construction represents a high-risk phase where execution delays could significantly impact the projected yield on cost. The company's ability to manage these localized cost pressures will be the primary determinant of whether it can successfully pivot toward a stabilized income-generating REIT model.
Quick answers to the most common questions about buying OZ stock.
For fiscal year 2025, Belpointe PREP, LLC (OZ) reported total revenue of $9.2M. This represents a 8996.0% increase compared to $0.1M in 2020.
Belpointe PREP, LLC (OZ) reported a net loss of $40.0M for the fiscal year ending 2025.
Belpointe PREP, LLC (OZ) reported an operating income of $-20.7M, resulting in an operating profit margin of -225.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Belpointe PREP, LLC (OZ) generated $-23.2M in gross profit for the year, representing a gross profit margin of -252.5%. This demonstrates the company's core pricing power and production efficiency.