Belpointe Prep, LLC - 8-K

Item
8.01 Other Events.

Belpointe
PREP, LLC (“we,” “us,” “our,” or the “Company”) has approved the Company’s
quarterly determination of net asset value (“NAV”) and NAV per Class A unit as of March 31, 2026 (the “Determination
Date”), in accordance with our valuation policies.

The
following table provides a breakdown of the major components of our NAV and NAV per Class A unit as of the Determination Date:

Assets

Investments
in real properties

$

724,820,038

Cash and cash equivalents

19,568,237

Other
assets

11,222,985

Total
Assets

$

755,611,260

Liabilities

Debt and other borrowings

279,428,825

Other
liabilities

23,025,186

Total
Liabilities

$

302,454,011

NAV

$

453,157,249

Number of Class A units outstanding

3,898,104

NAV per Class A unit

$

116.25

Our
NAV per Class A unit is based on the NAV of our assets and investments (such as our portfolio of commercial real estate properties) in
addition to any other assets (such as cash on hand following any distributions to Belpointe PREP Manager, LLC (our “Manager”)
pursuant to its Class B units, if any), less any liabilities (such as our construction loans), including the allocation or accrual of
management fees, allocation or accrual of gains or distributions distributable to our Manager pursuant to its Class B units and expenses
reimbursable to our Manager and its affiliates, including our Belpointe, LLC, our sponsor.

We
calculate NAV per Class A unit using a process designed to produce a fair and accurate estimate of the price that would be received for
our assets and investments in an arm’s-length transaction between a willing buyer and a willing seller in possession of all material
information about our assets and investments. Our Manager periodically reviews our valuation methodologies and policies to determine
whether they remain in the best interests of our unitholders and may adjust our methodologies as it deems appropriate. Our determination
of NAV is not a representation or guarantee that we will be able to fully realize our NAV upon a sale of our assets and investments,
or that our Class A units will trade at our NAV per Class A unit on the NYSE American.