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. History and Development of the Company 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. On May 9, 2023, the U.S. Securities and Exchange Commission (the SEC ) declared effective our registration statement on Form S-11, as amended (File No. 333-271262) (the Follow-on Registration Statement ), registering the offer and sale of up to $750,000,000 of our Class A units on a continuous best efforts basis by any method deemed to be an at the market offering pursuant to Rule 415(a)(4) under the Securities Act of 1933, as amended (the Securities Act ), including by offers and sales made directly to investors or through one or more agents (our Follow-on Offering ).