Looking at the filing, I can see this is a Form 10-Q for Belpointe PREP, LLC for the quarterly period ended September 30, 2026, filed November 4, 2026. The ticker is OZ on NYSE American. Let me extract the key financial data from the balance sheet and other disclosed information. The filing is truncated but contains substantive financial data. Let me proceed with what is disclosed.

Belpointe PREP, LLC (NYSE American:OZ) filed its Form 10-Q for the quarterly period ended September 30, 2026, with the SEC on November 4, 2026, reporting total assets of $561,853 thousand on its consolidated balance sheet.

Key Highlights

  • Total assets: The company reported total assets of $561,853 thousand as of September 30, 2026, compared to the prior period balance sheet date of December 31, 2025.
  • Real estate, net: Net real estate stood at $524,842 thousand as of September 30, 2026, down from $531,880 thousand as of December 31, 2025.
  • Cash and cash equivalents: The company held $16,838 thousand in cash as of September 30, 2026, compared to $24,342 thousand as of December 31, 2025.
  • New convertible loan receivable: A convertible loan receivable from an affiliate of $5,000 thousand appeared on the September 30, 2026 balance sheet, with no comparable balance as of December 31, 2025.
  • Units outstanding: As of October 30, 2026, the registrant had 3,961,376 Class A units, 100,000 Class B units, and one Class M unit outstanding.
  • Company classification: Belpointe PREP, LLC is classified as a non-accelerated filer, smaller reporting company, and emerging growth company.

Belpointe PREP Balance Sheet Movements: Q3 2026 vs. Year-End 2025

According to the filing, Belpointe PREP, LLC reported total real estate of $549,290 thousand as of September 30, 2026, up from $547,114 thousand as of December 31, 2025. The increase reflected growth in building and improvements, which rose to $412,189 thousand from $410,263 thousand, and in real estate under construction, which moved to $57,961 thousand from $57,838 thousand. Land remained unchanged at $63,116 thousand. Accumulated depreciation and amortization increased to $24,448 thousand from $15,234 thousand, reducing net real estate to $524,842 thousand from $531,880 thousand.

The company disclosed a convertible loan receivable from an affiliate of $5,000 thousand on the September 30, 2026 balance sheet, an item that carried no balance as of December 31, 2025. Other assets expanded to $15,069 thousand from $7,974 thousand over the same period. Cash and cash equivalents declined to $16,838 thousand from $24,342 thousand. The company also reported a due from affiliates balance of $104 thousand as of September 30, 2026, where none existed at December 31, 2025.

The filing notes that forward-looking statements contained in the report are subject to risks including, among others, borrowing costs, the ability to raise capital, inflation, construction delays, immigration policy impacts on regional labor markets, cybersecurity risks related to artificial intelligence and machine learning, and "changes in federal income tax laws resulting from the recent enactment of the One Big Beautiful Bill Act of 2025." The company stated that it undertakes no obligation to publicly update or revise any forward-looking statements except as required by law.

What Was Disclosed

Belpointe PREP, LLC disclosed its unaudited consolidated balance sheet as of September 30, 2026, showing total assets of $561,853 thousand, net real estate of $524,842 thousand, cash of $16,838 thousand, and a new $5,000 thousand convertible loan receivable from an affiliate, alongside unit counts as of October 30, 2026.