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Belpointe Prep, LLC (OZ) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · Belpointe Prep, LLC (OZ) Q3 2026 earnings results →
Q3 2026 Revenue up 166% year over year to $6.3M · 138¢ of every $1 of revenue lost · operating margin -137.7%
Belpointe Prep, LLC made $6.3M in Q3 2026 (+166% Y/Y). Operating margin -137.7%, net loss $8.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.
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What changed this quarter
Revenue was $6.3M in Q3 2026, up 166% year over year and up 18% from the previous quarter.
Operating costs exceeded revenue by $8.7M, an operating margin of -137.7%. Total costs grew 4% against revenue growth of 166%. The fastest-growing cost line was General & admin (+10%). The quarter ended with a net loss of $8.7M, narrower than the previous quarter's $9.3M loss. Minority interests bore $12K of it: to shareholders the quarter was a loss of $8.7M.
Operating cash flow was −$1.9M. Non-cash charges added back $3.8M of depreciation and amortization. Working capital and other items added $3.1M. Capital expenditures of $574K exceeded it, leaving free cash flow of −$2.4M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 4, 2026 | $6.3M | +166% | -137.7% | −$8.7M | −$1.9M |
| Q2 2026 | 10-Q | Aug 4, 2026 | $5.4M | +168% | -172.5% | −$9.3M | −$3.9M |
| Q1 2026 | 10-Q | May 13, 2026 | $4.2M | +144% | -252.0% | −$10.7M | −$6.1M |
| Q4 2025 | 10-K | Mar 20, 2026 | $3.1M | +180% | -381.2% | −$11.7M | −$10.2M |
| Q3 2025 | 10-Q | Nov 14, 2025 | $2.4M | +177% | -509.5% | −$12.1M | −$6.0M |
| Q2 2025 | 10-Q | Aug 5, 2025 | $2.0M | +421% | -381.3% | −$7.6M | −$2.4M |
| Q1 2025 | 10-Q | May 15, 2025 | $1.7M | +416% | -495.9% | −$8.6M | −$6.6M |
Charts
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Belpointe Prep, LLC
In this Annual Report on Form 10-K (this “Form 10-K”), unless context otherwise requires, references to “we,” “us,” “our,” “Belpointe” or the “Company” refer to Belpointe PREP, LLC, a Delaware limited liability company, its operating companies, Belpointe PREP OC, LLC, a Delaware limited company, and Belpointe PREP TN OC, LLC, a Delaware limited company (each an “Operating Company” and, together, the “Operating Companies”), and each of the Operating Companies’ subsidiaries, taken together. We are the successor in interest to Belpointe REIT, Inc., a Maryland corporation (“Belpointe REIT”), incorporated on June 19, 2018. During the year ended December 31, 2021, we acquired all of the outstanding shares of common stock of Belpointe REIT in an exchange offer and related conversion and merger transaction.
In its own words, from its 10-K, filed Mar 20, 2026.
Belpointe Prep, LLC against its Real Estate peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +166% against the peers' median +8%. Operating margin: -137.7% against the peers' median 15.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| OZ Belpointe Prep, LLC | Q3 2026 | $6.3M | +166% | -137.7% |
| CBRE CBRE Group | Q3 2026 | $11.5B | +13% | 4.9% |
| CWK Cushman & Wakefield | Q3 2026 | $2.8B | +8% | 4.6% |
| Prologis, L.P. | Q3 2026 | $2.4B | +8% | 43.8% |
| Digital Realty Trust, L.P. | Q3 2026 | $1.9B | +21% | 15.9% |
| FOR Forestar Group | Q4 FY26 | $581M | -13% | 13.5% |
| Regency Centers LP | Q3 2026 | $419M | +8% | 72.3% |
| Tiaa Real Estate Account | Q3 2026 | $303M | -0.8% | 298.8% |
| MRP Millrose Properties | Q3 2026 | $211M | +18% | 85.5% |
Source: Belpointe Prep, LLC 10-Q on SEC EDGAR · CIK 1807046 · Real Estate
Guidance and outlook
13F: who owns OZ and who is buying
More on OZ
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results