Operating cash flow remains under pressure with a negative $6.1 million FCF in 2026Q1, indicating that the firm has yet to achieve positive distributable cash flow.
| Cash from Operations | -24.7M | -25.21M | -13.69M | -6.95M | -6.65M | -2.27M | -12K |
| Operating CF Growth % | -470.42% | -84.15% | -97.11% | -4.42% | -193.25% | -18800% | - |
| Operating CF / Revenue % | -211.38% | -274.39% | -511.74% | -308.12% | -478.15% | -227.48% | -11.88% |
| Net Income | -42.09M | -40.07M | -23.86M | -14.35M | -8.24M | -3.04M | -112K |
| Depreciation & Amortization | 11.94M | 10.78M | 4.21M | 2.07M | 1.06M | 479K | 36K |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 3.07M | 2.99M | 2.3M | 3.29M | 0 | -251K | 0 |
| Working Capital Changes | 2.41M | 1.09M | 3.65M | 2.04M | 527K | 546K | 64K |
| Cash from Investing | -56.62M | -61.98M | -138.04M | -145.12M | -63.53M | -43.37M | -28.42M |
| Acquisitions (Net) | 0 | 0 | 52K | 0 | 87K | 16.67M | 0 |
| Purchase of Investments | 10.38M | 0 | -137.84M | -159K | -101.81M | -63.46M | -28.42M |
| Sale of Investments | 0 | 0 | 0 | 0 | 38.41M | 3.46M | 0 |
| Other Investing | -66.99M | -61.98M | -244K | -144.96M | -63.62M | -60.04M | 0 |
| Cash from Financing | 77.07M | 87.03M | 156.97M | 30.69M | 22.8M | 231.4M | 35.01M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Common Dividends | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | 4M | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -3.13M | -2.41M | -21K | -3.12M | 19.47M | -508K | 0 |
| Net Change in Cash | -3.61M | -159K | 4.61M | -121.38M | -47.38M | 185.77M | 6.58M |
| Exchange Rate Effect | 632K | 0 | -634K | 0 | 0 | 0 | 0 |
| Cash at Beginning | 24.34M | 28.83M | 20.13M | 144.97M | 192.35M | 6.58M | 0 |
| Cash at End | 19.57M | 28.67M | 24.74M | 23.59M | 144.97M | 192.35M | 6.58M |
| Free Cash Flow | -24.7M | -25.21M | -13.69M | -6.95M | 56.74M | 57.73M | -12K |
| FCF Growth % | -80.54% | -84.15% | -97.11% | -112.24% | -1.71% | 481158.33% | - |
| FCF / Revenue % | -211.38% | -274.39% | -511.74% | -308.12% | 4079.15% | 5790.07% | -11.88% |
Development and regulatory execution
According to the provided quarterly financial data, Belpointe PREP's FFO consistently trails GAAP operating cash flow, with FFO/NI ratios fluctuating significantly, reaching 0.57 in 2026Q1, which suggests that non-cash depreciation charges are not yet the primary driver of the reported net losses for this entity.
The volatility in the FFO/NI ratio indicates that the company's GAAP earnings are heavily influenced by non-recurring development costs rather than standard real estate depreciation. This suggests that investors should focus on the underlying cash burn rather than traditional REIT metrics until the portfolio reaches a stabilized state.
As reported in financial statements, the persistent gap between Net Income and FFO highlights that depreciation is currently secondary to the substantial pre-opening expenses and corporate overhead, which have driven FFO to a negative $7.6 million in the most recent quarter of 2026.
The lack of a meaningful spread between GAAP Net Income and FFO suggests that the company has not yet placed enough assets into service to generate the depreciation-heavy profile typical of a mature REIT. This implies that the current losses are operational in nature, stemming from the development pipeline rather than accounting adjustments.
Based on the reported figures, Belpointe PREP has not yet generated positive AFFO, as evidenced by the lack of dividend payments and the ongoing negative cash flow trajectory observed across the last ten quarters of financial reporting provided in the company's recent filings.
The absence of AFFO data underscores the company's current status as a pure-play development vehicle rather than an income-generating REIT. Investors should monitor the transition from construction to stabilization, as the current cash burn suggests that any future dividend policy would require a significant shift in the underlying business model.
Analysis of the cash flow statement suggests that the company's reported FCF, which hit negative $6.1 million in 2026Q1, likely obscures significant capitalized interest and development-related costs that are not fully captured in the operating cash flow line items provided in the data.
The consistent negative FCF across the observed period warrants further investigation into how much of the development spend is being capitalized versus expensed. This may indicate that the true economic cost of the current growth strategy is higher than the headline figures suggest, potentially impacting future NAV growth.
Quick answers to the most common questions about buying OZ stock.
Belpointe PREP, LLC (OZ) generated $-25.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Belpointe PREP, LLC (OZ) reported negative free cash flow of $25.2M in 2025, indicating capital requirements exceeded cash from operations.
Belpointe PREP, LLC (OZ) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.