<SEC-DOCUMENT>0001807046-20-000007.txt : 20211029
<SEC-HEADER>0001807046-20-000007.hdr.sgml : 20211029
<ACCEPTANCE-DATETIME>20200730200747
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001807046-20-000007
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200730

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Belpointe PREP, LLC
		CENTRAL INDEX KEY:			0001807046
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE [6500]
		IRS NUMBER:				844412083
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		125 GREENWICH AVENUE
		STREET 2:		3RD FLOOR
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830
		BUSINESS PHONE:		203-833-1944

	MAIL ADDRESS:	
		STREET 1:		125 GREENWICH AVENUE
		STREET 2:		3RD FLOOR
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>BELPOINTE PREP, LLC</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>SUPPLEMENT NO. [&#9679;] DATED [&#9679;]
[&#9679;], 20[&#9679;]<BR>
TO THE PROSPECTUS DATED [&#9679;] [&#9679;], 20[&#9679;]</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in">This document supplements, and should
be read in conjunction with, our prospectus dated [&#9679;] [&#9679;], 20[&#9679;][, as supplemented by [&#9679;]]. Unless otherwise
defined herein, capitalized terms have the meanings set forth in the prospectus. The purpose of this supplement is to disclose
information related to our quarterly net asset value (&ldquo;NAV&rdquo;) per Class A unit as of [&#9679;] [&#9679;], 20[&#9679;].</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in">Within 15 days of the start of each quarter
we calculate our NAV as of the last day of the immediately preceding quarter (the &ldquo;Determination Date&rdquo;) for the purposes
of establishing the price per Class A unit sold in our public offering. Effective as of [&#9679;] [&#9679;], 20[&#9679;], our NAV
per Class A unit is $[&#9679;]. This NAV per Class A unit will remain in effect until the last day of the quarter unless earlier
updated by us.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in">The following table provides a breakdown
of the major components of our NAV and NAV per Class A unit as of the Determination Date:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 12pt Times New Roman, Times, Serif; padding-left: 5.4pt">Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 45%; font: 12pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in">[Investments in real properties]</TD><TD STYLE="width: 10%; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 12pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 43%; font: 12pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">$</FONT></TD><TD STYLE="width: 1%; font: 12pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in">[Investments in real estate-related assets]</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in">[Investments in real estate-related securities]</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in">[Cash and cash equivalents]</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">[Other assets]</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 12pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 0.5in">Total Assets</TD><TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 12pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 12pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">$</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 12pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 12pt Times New Roman, Times, Serif; padding-left: 5.4pt">Liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in">[Debt obligations]</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in">[Obligations due to affiliates]</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">[Other liabilities]</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 12pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 0.5in">Total Liabilities</TD><TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 12pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 12pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">$</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 12pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 5.4pt">NAV</TD><TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">$</FONT></TD><TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">Number of Class A units Outstanding</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left; padding-left: 5.4pt">NAV per Class A unit</TD><TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">$</FONT></TD><TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 8pt 0; text-indent: 0.5in"><FONT STYLE="color: white">O</FONT>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,
real estate-related assets, including commercial real estate loans, and debt and equity securities issued by other real estate-related
companies, as well as private equity acquisitions and investments, and opportunistic acquisitions of other qualified opportunity
funds and qualified opportunity zone businesses) in addition to any other assets (such as cash on hand following any distributions
to our Manager pursuant to its Class B units), less any liabilities, 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 Sponsor.</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in">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&rsquo;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 Members and may adjust our methodologies as it deems appropriate. Please refer to &ldquo;Net
Asset Value Calculation and Valuation Policies&rdquo; in our prospectus for more detailed information about how our NAV is calculated.</P>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
