Exhibit 21

SUBSIDIARIES OF BELPOINTE PREP, LLC

Subsidiary	State of Incorporation
800 Davidson, LP	Tennessee
900 Eighth, LP	Tennessee
1000 Davidson, LP	Tennessee
1130 Davidson, LP	Tennessee
1400 Davidson, LP	Tennessee
Belpointe Investments, LLC	Connecticut
Belpointe PREP Acquisitions, LLC	Connecticut
Belpointe PREP Financing, LLC	Connecticut
Belpointe PREP OC, LLC	Delaware
Belpointe PREP TN OC, LLC	Delaware
BPOZ 17 Cedar Swamp, LLC	Connecticut
BPOZ 800 Davidson GP, LLC	Delaware
BPOZ 800 Davidson QOZB, LLC	Delaware
BPOZ 900 Eighth Common, LLC	Delaware
BPOZ 900 Eighth GP, 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 Davidson GP, LLC	Delaware
BPOZ 1000 Davidson QOZB, LLC	Delaware
BPOZ 1000 First Holding, LLC	Delaware
BPOZ 1000 First QOZB, LLC	Delaware
BPOZ 1000 First, LLC	Delaware
BPOZ 1130 Davidson GP, LLC	Delaware
BPOZ 1130 Davidson QOZB, LLC	Delaware
BPOZ 1400 Davidson GP, LLC	Delaware
BPOZ 1400 Davidson QOZB, LLC	Delaware
BPOZ 1700 Main Holding, LLC	Delaware
BPOZ 1700 Main QOZB, LLC	Delaware
BPOZ 1700 Main, LLC	Delaware
BPOZ 1701 Ringling Holding, 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 1750 Storrs Holding, LLC	Connecticut
BPOZ 1750 Storrs QOZB, LLC	Connecticut
BPOZ 1750 Storrs, LLC	Connecticut
BPOZ 1900 Fruitville, LLC	Delaware
BPOZ 1991 Main, LLC	Delaware
BPOZ 1991 Main Holding II, LLC	Connecticut
BPOZ 1991 Main QOZB, LLC	Delaware
BPOZ Davidson Common, LLC	Delaware
BPOZ Davidson Holding, LLC	Delaware
BPOZ Davidson Preferred, LLC	Delaware
BPOZ Storrs Holding, LLC	Connecticut
BPOZ Storrs Road, LLC	Connecticut
BREIT Merger, LLC	Delaware
CMC Storrs SPV, LLC	Connecticut
BPOZ 1000 First Member, LLC	Delaware
BP Mezz 1991 Main, LLC	Delaware