Exhibit 21

SUBSIDIARIES OF BELPOINTE PREP, LLC

Subsidiary	State of Incorporation
800 Davidson, LP	Tennessee
900 Eighth, LP	Tennessee
1000 Davidson, LP	Tennessee
Belpointe Investments, LLC	Connecticut
Belpointe PREP Acquisitions, LLC	Connecticut
Belpointe PREP OC, LLC	Delaware
Belpointe PREP TN OC, LLC	Delaware
Belpointe REIT OP, LP	Delaware
BPOZ 497 Middle Holding, LLC	Connecticut
BPOZ 900 Eighth Common, LLC	Delaware
BPOZ 900 Eighth Holding, LLC	Delaware
BPOZ 900 Eighth Preferred, LLC	Delaware
BPOZ 900 Eighth QOZB, LLC	Delaware
BPOZ 900 First, LLC	Delaware
BPOZ 901 Central, LLC	Delaware
BPOZ 1000 First QOZB, LLC	Delaware
BPOZ 1000 First, LLC	Delaware
BPOZ 1700 Main QOZB, LLC	Delaware
BPOZ 1700 Main, LLC	Delaware
BPOZ 1701 Ringling QOZB, LLC	Delaware
BPOZ 1701 Ringling, LLC	Delaware
BPOZ 1702 Ringling, LLC	Delaware
BPOZ 1710 Ringling, LLC	Delaware
BPOZ 1718 Main, LLC	Delaware
BPOZ 1900 Fruitville, LLC	Delaware
BPOZ 1991 Main Holding, LLC	Florida
BPOZ 1991 Main QOZB, LLC	Delaware
BPOZ Davidson Common, LLC	Delaware
BPOZ Davidson Holding, LLC	Delaware
BPOZ Davidson Preferred, LLC	Delaware
BPOZ Davidson QOZB, LLC	Delaware
BPOZ Storrs, LLC	Connecticut
BREIT Merger, LLC	Delaware