Belpointe PREP, LLC

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Unregistered Sales of Securities

During the nine months ended September 30, 2026, we sold an aggregate of 63,272 Class A units, at an average price of $46.01 per Class A unit for aggregate gross proceeds of $2,898,587 in transactions not involving a public offering in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act. The issuances did not involve any underwriters or underwriting discounts or commissions.

Use of Proceeds from Registered Sales of Securities

On September 30, 2021, the SEC declared effective our registration statement on Form S-11, as amended (File No. 333-255424), registering the offer and sale of our initial public offering of up to $750,000,000 of our Class A units on a continuous “best efforts” basis at an initial price of $100 per Class A unit (our “Primary Offering”).

On May 9, 2023, the SEC declared effective our registration statement on Form S-11, as amended (File No. 333-271262), 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, including by offers and sales made directly to investors or through one or more agents (our “Follow-on Offering” and together with our Primary Offering, our “Public Offerings”).

In connection with the Follow-on Registration Statement, we entered into a non-exclusive dealer manager agreement with Emerson Equity LLC (the “Dealer Manager”), a registered broker-dealer, for the sale of our Class A units through the Dealer Manager. The Dealer Manager entered into participating dealer agreements and wholesale agreements with other broker-dealers, referred to as “selling group members,” to authorize those broker-dealers to solicit offers to purchase our Class A units. We paid our Dealer Manager commissions of up to 0.25%, and the selling group members commissions ranging from 0.25% to 4.50%, of the principal amount of a Class A unit sold in the Follow-on Offering. The Follow-on Registration Statement expired on May 9, 2026.

The purchase price for Class A units in our Follow-on Offering was the lesser of (i) the current net asset value (the “NAV”) of our Class A units, and (ii) the average of the high and low sale prices of our Class A units on the NYSE American (the “NYSE”) during regular trading hours on the last trading day immediately preceding the investment date on which the NYSE was open for trading and trading in our Class A units occurred. Our Manager calculates our NAV within approximately 60 days of the last day of each quarter, and any adjustments take effect as of the first business day following its public announcement. On August 28, 2026, we announced that our NAV as of June 30, 2026 was equal to $116.37 per Class A unit.

We will disclose quarterly determinations of our NAV per Class A unit in our filings with the SEC.

From the period of October 7, 2021, the date of the first closing held in connection with our Primary Offering, through December 31, 2025, we issued 2,586,586 Class A units in our Public Offerings, raising net offering proceeds of $247.8 million. During the nine months ended September 30, 2026, we sold 61,408 Class A units, for an aggregate gross proceeds of $3,210,218, in connection with our Follow-on Offering. Together with the gross proceeds raised in prior offerings by our predecessor in interest, Belpointe REIT, Inc., as of September 30, 2026, we have raised aggregate gross offering cash proceeds of $371.8 million.