Form 8-K

8-K — Belpointe PREP, LLC

Accession: 0001493152-26-026468

Filed: 2026-06-01

Period: 2026-05-29

CIK: 0001807046

SIC: 6500 (REAL ESTATE)

Item: Other Events

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UNITED

STATES

SECURITIES

AND EXCHANGE COMMISSION

Washington,

D.C. 20549

FORM

8-K

CURRENT

REPORT

Pursuant

to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date

of Report (Date of earliest event reported): May 29, 2026

Belpointe

PREP, LLC

(Exact

name of registrant as specified in its charter)

Delaware 001-40911

84-4412083

(State

or other jurisdiction

of incorporation)

(Commission

File

Number)

(IRS

Employer

Identification

No.)

255

Glenville Road

Greenwich,

Connecticut

06831

(Address

or principal executive offices)

(Zip

Code)

(203)

883-1944

(Registrant’s

telephone number, including area code)

Not

Applicable

(Former

name or former address, if changes since last report)

Check

the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under

any of the following provisions:

☐

Written

communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting

material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement

communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement

communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities

registered pursuant to Section 12(b) of the Act:

Title

of Class

Trading

Symbol

Name

of Exchange on which registered

Class

A units

NYSE

American

Indicate

by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405

of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging

growth company ☒

If an emerging growth company, indicate by check mark if

the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards

provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

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.

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.

SIGNATURES

Pursuant

to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by

the undersigned hereunto duly authorized.

Dated:

May 29, 2026

BELPOINTE

PREP, LLC

By:

/s/

Brandon E. Lacoff

Brandon

E. Lacoff

Chairman

of the Board and Chief Executive Officer

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PREP, LLC

Entity Central Index Key

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Entity Tax Identification Number

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Entity Incorporation, State or Country Code

Entity Address, Address Line One

255

Glenville Road

Entity Address, City or Town

Greenwich

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City Area Code

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