Caliber Reports Second Quarter 2026 Financial Results
Rhea-AI Summary
Caliber (Nasdaq: CWD) reported second quarter 2026 results, with Platform revenue of $3.7 million versus $4.1 million a year ago and Platform net loss narrowing to $3.4 million ($0.39 per diluted share) from $4.9 million. Platform Adjusted EBITDA turned positive at $0.3 million versus a $0.1 million loss.
Total consolidated revenue was $4.2 million versus $5.1 million, with consolidated net loss attributable to Caliber improving to $3.4 million ($0.38 per share) from $5.3 million. The company reaffirmed 2026 guidance for total revenue of $18.0–$22.0 million, positive net operating income and Adjusted EBITDA profitability. Caliber’s digital asset treasury held 229,203 LINK tokens valued at $1.7 million and it sold 278,357 LINK for $2.5 million, redeploying proceeds into real estate projects including the Steamboat Hyatt Studios. The company completed its first fund tokenization for the PURE Pickleball & Padel development and advanced multiple Hyatt Studios hospitality projects and a noteholder conversion program reducing unsecured corporate debt.
Positive
- 2026 guidance reaffirmed: revenue $18–$22 million, positive NOI and Adjusted EBITDA
- Platform Adjusted EBITDA improved to $0.3 million from a $0.1 million loss
- Platform net loss narrowed to $3.4 million from $4.9 million year over year
- Debt reduction: repaid about $1.9 million unsecured notes with Class A shares and $1.5 million with Series AAA preferred
- Digital asset monetization: sold 278,357 LINK for $2.5 million and reinvested in real estate platform
- First fund tokenization completed for PURE Pickleball & Padel as part of blockchain integration strategy
Negative
- Platform revenue declined to $3.7 million from $4.1 million year over year
- Consolidated revenue decreased to $4.2 million from $5.1 million, partly due to asset deconsolidation and refinancings
- Ongoing losses: consolidated net loss attributable to Caliber was $3.4 million in Q2 2026
- Consolidated Adjusted EBITDA slipped to $23 thousand from $57 thousand year over year
- Unrealized loss on digital assets of $324 thousand recorded at the Platform level
- Fair value AUM decreased to $737.2 million from $779.7 million since December 31, 2025, including lower credit balances
News Explained
The first tokenization is live, but only one of two projects is complete and the broader $100 million program remains unfinished.
Caliber reports that its first real-estate fund tokenization went live in production on
The release defines “Platform” results as CWD itself, excluding certain consolidated assets and funds; those assets are included in GAAP because Caliber guarantees their debt, while the company says its benefit from them is limited to management fees.
That distinction means the reported positive Platform Adjusted EBITDA describes the company’s asset-management operation rather than the full economic performance of every consolidated asset and fund.
The latest supplied fundamentals record, for the quarter ended
Sources and calculations
- Caliber Reports Second Quarter 2026 Financial Results (2026-08-13)
- Dilution (2026-07-17)
- Private placement / PIPE (2026-07-17)
- Caliber first-quarter 2026 fundamentals (2026Q1)
- Cash and equivalents vs quarterly operating cash outflow, in days of cash use $931,000 / ($2,635,000 / 90) = [object Object]
Market reaction after 2Q26 earnings report: CWD -6.91%
Following this news, CWD has declined 6.91%, reflecting a notable negative market reaction. Our momentum scanner has triggered 4 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $0.62.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 13 | 1Q26 earnings report | Positive | +13.0% | Platform revenue increased and the company reaffirmed full-year guidance |
| Mar 25 | FY25 earnings report | Positive | -9.2% | Company issued 2026 revenue guidance and profitability targets |
| Nov 13 | 3Q25 earnings report | Negative | -15.5% | Platform and consolidated revenue declined while net losses remained |
| Oct 09 | Preliminary 3Q25 results | Positive | -0.7% | Preliminary figures showed higher cash and new equity financing |
| Aug 13 | 2Q25 earnings report | Negative | -28.4% | Quarterly revenue declined and consolidated net loss increased |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-specific earnings reactions were negative overall, averaging -8.17%, despite a positive 13.02% reaction to the prior quarter’s results.
Key Terms
adjusted ebitda financial
gaap financial
tokenization technical
digital asset treasury financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
2026 Full-Year Guidance Reaffirmed; Completion of First Tokenization of Asset
SCOTTSDALE, Ariz., Aug. 13, 2026 (GLOBE NEWSWIRE) -- Caliber (Nasdaq: CWD), a real estate focused alternative asset manager, today reported results for the second quarter ended on June 30, 2026. Second quarter Platform revenue and Adjusted EBITDA were in line with management's internal expectations and reflect progress against the Company's previously announced 2026 plan, as Adjusted EBITDA turned positive in the quarter.
Second Quarter 2026 Platform Financial Results (compared to Second Quarter 2025)
- Platform revenue of
$3.7 million , compared to$4.1 million .- The
$0.4 million decrease was driven primarily by a$0.7 million decline in development and construction fees, partially offset by a$0.4 million increase in hospitality service revenue.
- The
- Platform net loss of
$3.4 million , or$0.39 per diluted share, compared to Platform net loss of$4.9 million , or$3.87 per diluted share. - Platform Adjusted EBITDA of
$0.3 million , compared to Platform Adjusted EBITDA loss of$0.1 million .
Second Quarter 2026 Digital Asset Treasury Financial Highlights
As of June 30, 2026, Caliber’s digital asset treasury held 229,203 LINK tokens (LINK, the token underlying Chainlink) with a fair value of
- Caliber completes the tokenization of the first of two real estate projects, supporting the Company’s strategy to integrate blockchain infrastructure into its real estate fund offerings.
- During the second quarter, the Company sold 278,357 LINK for proceeds of
$2.5 million , with proceeds redeployed into the Company's real estate platform to support the closing of project-level financings, including the Steamboat Hyatt Studios development.
Management Commentary
“Our second quarter results continue to be in line with the internal plan we built for 2026,” said Chris Loeffler, CEO of Caliber. “Positive Platform Adjusted EBITDA positions us well for our projected 2026 profitability and our efforts in the second half of 2026 are focused on converting Caliber’s project pipeline into planned revenue growth.
We have experienced meaningful progress on our Hyatt Studios developments, with a recent groundbreaking at Steamboat Springs, CO and the recent closing on Hyatt Studios land at our Phoenix, AZ development adjacent to the
We are also excited share that, as of this morning, we have gone live on the tokenization of the Pure Pickleball & Padel development in Scottsdale, AZ. This is our first fund tokenization, now in production, which represents a portion of the initial
2026 Outlook and Path to Profitability
Caliber today reaffirmed its previously issued 2026 financial guidance:
- Total revenue in the range of
$18.0 million to$22.0 million - Positive net operating income
- Adjusted EBITDA profitability
As previously disclosed, Caliber expects approximately
Consistent with the milestone-driven nature of the Company's revenue model, management continues to expect 2026 revenue to be weighted toward the back half of the year as additional project-level financings close and reach revenue-generating milestones.
Business Update
The following are key milestones completed both during and after the second quarter ended June 30, 2026.
- On April 13, 2026, Caliber announced that PURE Pickleball & Padel, its co-developed 196,000-square-foot indoor pickleball and padel facility adjacent to Scottsdale, Arizona at Riverwalk on the Salt River Pima-Maricopa Indian Community, has recently received all required building permits, clearing the final regulatory hurdle and positioning the project for groundbreaking.
- On April 14, 2026, Caliber announced continued progress in its corporate debt reduction strategy through the completion of the second round of Noteholder Conversion Program, which resulted in the repayment of approximately
$1.9 million of unsecured corporate notes with shares of Caliber’s Class A common stock in a voluntary conversion program elected by the individual noteholders. In addition, approximately$1.5 million of notes were repaid with the issuance of Series AAA Convertible Preferred Stock. - On April 22, 2026, Caliber announced that it continues to execute on its multi-market Hyatt Studios development platform, advancing three hospitality projects across high-conviction markets: Steamboat Springs, CO; Riverwalk/Scottsdale, AZ; and Georgetown, TX. The first project in Steamboat Springs closed acquisition and construction financing in April 2026 and is expected to break ground during the second quarter of 2026. The platform represents a focused effort to capitalize on supply-constrained markets and growing demand for extended-stay hospitality.
- On July 02, 2026 Caliber announced the next phase of its real estate fund tokenization strategy, building on Chainlink, the industry-standard oracle platform, as part of a broader effort to modernize how private real estate assets and funds are financed, owned, administered, and accessed.
- On July 16, 2026 Caliber announced that it has broken ground on its Hyatt Studios extended stay hotel in Steamboat Springs, Colorado. Company executives, development partners, and community leaders gathered to celebrate the start of construction of the approximately 114-room extended-stay hotel at 1801 Lincoln Avenue in Steamboat Springs. The four-story, 57,971-square-foot property is expected to open in the second half of 2027 and will help address the growing demand for modern extended-stay accommodations in one of Colorado's premier four-season destinations.
Second Quarter 2026 Consolidated Financial Results (compared to Second Quarter 2025)
- Total consolidated revenue of
$4.2 million , compared to$5.1 million reflecting the deconsolidation of DoubleTree by Hilton Tucson Convention Center in Q2 2025 and the consolidations of Riverwalk in Q4 2025 and Commons Fundco LLC in Q1 2026, following the refinance of the assets. - Consolidated net loss attributable to Caliber of
$3.4 million , or$0.38 per diluted share, compared to net loss attributable to Caliber of$5.3 million or$4.15 per diluted share. - Consolidated Adjusted EBITDA of
$23.0 thousand , compared to Consolidated Adjusted EBITDA of$57.0 thousand .
Conference Call Information
Caliber will host a conference call today, Thursday, August 13, 2026, at 5:00 p.m. Eastern Time (ET) to discuss its second quarter 2026 financial results and business outlook.
To access this call, Investors and interested parties can access the live earnings call by dialing (800) 715-9871 (domestic) or (646) 307-1963 (international) and ask to join the Caliber call or use conference ID 9678789.
A live webcast of the conference call will be available via the investor relations section of Caliber’s website under “Financial Results.” The webcast replay of the conference call will be available on Caliber’s website shortly after the call concludes.
Platform Definition
Within this earnings release, we refer to performance results of the ‘Platform’. Platform refers to the performance of CWD itself, excluding the performance of certain assets & funds that are included in our consolidated results, as required by the United States generally accepted accounting principles (“GAAP”). Management believes that Platform performance offers the most meaningful information needed to understand the value of CWD. The assets and funds that are consolidated into our GAAP presentation are included because Caliber is a guarantor of debt held by these assets and funds.
While GAAP consolidation rules require CWD to include the performance and cash flows of these assets & funds in our consolidated financial information, CWD does not benefit from the performance of those assets & funds, except to the extent that CWD earns fees from managing the assets and funds (which are included in the Platform results). Management believes presenting Platform results, which exclude consolidated assets, directly shows the business performance that CWD stockholders benefit from.
About Caliber (CaliberCos Inc.)
Caliber (Nasdaq: CWD) is a real estate-focused alternative asset manager with over
Forward Looking Statements
This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” "will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on the Company’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2026, filed with the SEC on March 26, 2026, and other reports filed with the SEC thereafter. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.
CONTACTS:
Caliber Investor Relations:
Ilya Grozovsky
+1 480-214-1915
Ilya@CaliberCo.com
Media Relations:
Philip Robertson
+1 917-498-4711
PRobertson@impactpartners.llc
NON-GAAP RECONCILIATIONS
The following information reconciles the performance of the Platform to the consolidated GAAP presentation. Management believes that the Platform view of Caliber’s performance is more meaningful to a CWD shareholder as it includes all revenues and expenses generated by Caliber and its wholly-owned subsidiaries.
| ASSET MANAGEMENT PLATFORM(1) (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) | ||||||||||||
| Three Months Ended June 30, 2026 | ||||||||||||
| Platform | Impact of Consolidated Funds and Eliminations | Consolidated | ||||||||||
| Revenues | ||||||||||||
| Asset management | $ | 3,741 | $ | (536 | ) | $ | 3,205 | |||||
| Performance allocations | (83 | ) | — | (83 | ) | |||||||
| Consolidated funds – other revenue | — | 1,072 | 1,072 | |||||||||
| Total revenues | 3,658 | 536 | 4,194 | |||||||||
| Expenses | ||||||||||||
| Operating costs | 4,744 | (203 | ) | 4,541 | ||||||||
| General and administrative | 854 | (10 | ) | 844 | ||||||||
| Marketing and advertising | 145 | — | 145 | |||||||||
| Depreciation and amortization | 175 | (6 | ) | 169 | ||||||||
| Consolidated funds – other expenses | — | 2,646 | 2,646 | |||||||||
| Total expenses | 5,918 | 2,427 | 8,345 | |||||||||
| Other loss, net | 176 | (191 | ) | (15 | ) | |||||||
| Unrealized loss on digital assets | (324 | ) | — | (324 | ) | |||||||
| Interest income | 291 | — | 291 | |||||||||
| Interest expense | (1,313 | ) | — | (1,313 | ) | |||||||
| Net loss before income taxes | (3,430 | ) | (2,082 | ) | (5,512 | ) | ||||||
| Provision for income taxes | — | — | — | |||||||||
| Net loss | (3,430 | ) | (2,082 | ) | (5,512 | ) | ||||||
| Net loss attributable to noncontrolling interests | — | (2,154 | ) | (2,154 | ) | |||||||
| Net (loss) income attributable to CaliberCos Inc. | $ | (3,430 | ) | $ | 72 | $ | (3,358 | ) | ||||
| Basic and diluted net loss per share | $ | (0.39 | ) | $ | (0.38 | ) | ||||||
| Weighted average common shares outstanding: | ||||||||||||
| Basic and diluted | 8,816 | 8,816 | ||||||||||
| (1) Represents the results of our asset management platform, which are presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminate noncontrolling interest. | ||||||||||||
| Three Months Ended June 30, 2025 | ||||||||||||
| Platform | Impact of Consolidated Funds and Eliminations | Consolidated | ||||||||||
| Revenues | ||||||||||||
| Asset management | $ | 4,103 | $ | (357 | ) | $ | 3,746 | |||||
| Performance allocations | 23 | (1 | ) | 22 | ||||||||
| Consolidated funds – hospitality revenue | — | 1,138 | 1,138 | |||||||||
| Consolidated funds – other revenue | — | 167 | 167 | |||||||||
| Total revenues | 4,126 | 947 | 5,073 | |||||||||
| Expenses | ||||||||||||
| Operating costs | 3,841 | (170 | ) | 3,671 | ||||||||
| General and administrative | 1,183 | (10 | ) | 1,173 | ||||||||
| Marketing and advertising | 147 | — | 147 | |||||||||
| Depreciation and amortization | 174 | (8 | ) | 166 | ||||||||
| Consolidated funds – hospitality expenses | — | 1,278 | 1,278 | |||||||||
| Consolidated funds – other expenses | — | 466 | 466 | |||||||||
| Total expenses | 5,345 | 1,556 | 6,901 | |||||||||
| Other income (loss), net | (2,014 | ) | (150 | ) | (2,164 | ) | ||||||
| Interest income | 30 | — | 30 | |||||||||
| Interest expense | (1,738 | ) | — | (1,738 | ) | |||||||
| Net loss before income taxes | (4,941 | ) | (759 | ) | (5,700 | ) | ||||||
| Provision for income taxes | — | — | — | |||||||||
| Net loss | (4,941 | ) | (759 | ) | (5,700 | ) | ||||||
| Net loss attributable to noncontrolling interests | — | (401 | ) | (401 | ) | |||||||
| Net loss attributable to CaliberCos Inc. | $ | (4,941 | ) | $ | (358 | ) | $ | (5,299 | ) | |||
| Basic and diluted net loss per share | $ | (3.87 | ) | $ | (4.15 | ) | ||||||
| Weighted average common shares outstanding: | ||||||||||||
| Basic and diluted | 1,278 | 1,278 | ||||||||||
| (1) Represents the results of our asset management platform, which are presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminate noncontrolling interest. | ||||||||||||
| PLATFORM REVENUE(1) (AMOUNTS IN THOUSANDS) (UNAUDITED) | ||||||||
| Three Months Ended June 30, | ||||||||
| 2026 | 2025 | |||||||
| Fund management fees | $ | 3,077 | $ | 2,739 | ||||
| Financing fees | 305 | 292 | ||||||
| Development and construction fees | 292 | 979 | ||||||
| Brokerage fees | 67 | 93 | ||||||
| Total asset management | 3,741 | 4,103 | ||||||
| Performance allocations | (83 | ) | 23 | |||||
| Total revenue | $ | 3,658 | $ | 4,126 | ||||
| (1) Represents the results of our asset management platform, which are presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminates noncontrolling interest. | ||||||||
FV AUM and Managed Capital (UNAUDITED)
The following information summarizes management’s estimates of fair value related to the entire portfolio of investments that Caliber manages and the total amount of capital that is being managed across the portfolio. The fair value of our AUM conveys an indication of the overall health of our investments and potentially how much performance allocation Caliber would earn if those assets were sold. Managed Capital is used to evaluate, among other things, the amount of asset management fees we generate from the portfolio.
| FV AUM (AMOUNTS IN THOUSANDS) (UNAUDITED) | ||||
| Balances as of December 31, 2025 | $ | 779,730 | ||
| Assets acquired(1) | 4,150 | |||
| Construction and net market appreciation | (4,675 | ) | ||
| Assets sold(2) | (10,275 | ) | ||
| Credit(3) | (29,403 | ) | ||
| Other(4) | (3,176 | ) | ||
| Balances as of March 31, 2026 | $ | 736,351 | ||
| Construction and net market depreciation | (441 | ) | ||
| Assets sold(2) | (659 | ) | ||
| Credit(1) | 622 | |||
| Other(2) | 1,316 | |||
| Balances as of June 30, 2026 | 737,189 | |||
| June 30, 2026 | December 31, 2025 | |||||||
| Real Estate | ||||||||
| Hospitality | $ | 51,100 | $ | 55,600 | ||||
| Caliber Hospitality Trust | 189,700 | 191,900 | ||||||
| Residential | 160,600 | 165,900 | ||||||
| Commercial | 280,100 | 280,000 | ||||||
| Total Real Estate | 681,500 | 693,400 | ||||||
| Credit(3) | 53,382 | 82,163 | ||||||
| Other(4) | 2,307 | 4,167 | ||||||
| Total | $ | 737,189 | $ | 779,730 | ||||
| (1) Assets acquired during the six months ended June 30, 2026 include one land parcel intended for hotel development in Colorado. (2) Assets sold during the six months ended June 30, 2026 include one multi-family residential asset and a portion of a land asset. (3) Credit FV AUM represents loans made to our investment funds by our diversified credit fund. (4) Other FV AUM represents undeployed capital held in our diversified funds. | ||||||||
| MANAGED CAPITAL (AMOUNTS IN THOUSANDS) (UNAUDITED) | ||||||||
| Balance as of December 31, 2025 | $ | 517,186 | ||||||
| Originations | 10,478 | |||||||
| Return of capital | (316 | ) | ||||||
| Investment write-offs(1) | (37,764 | ) | ||||||
| Balance as of March 31, 2026 | $ | 489,584 | ||||||
| Originations | 6,400 | |||||||
| Return of capital | (23 | ) | ||||||
| Investment write-offs(1) | (355 | ) | ||||||
| Balances as of June 30, 2026 | 495,606 | |||||||
| June 30, 2026 | December 31, 2025 | |||||||
| Real Estate | ||||||||
| Hospitality | $ | 49,347 | $ | 49,289 | ||||
| Caliber Hospitality Trust(2) | 97,031 | 97,037 | ||||||
| Residential | 108,485 | 103,961 | ||||||
| Commercial | 185,054 | 180,569 | ||||||
| Total Real Estate(3) | 439,917 | 430,856 | ||||||
| Credit(4) | 53,382 | 82,163 | ||||||
| Other(5) | 2,307 | 4,167 | ||||||
| Total | $ | 495,606 | $ | 517,186 | ||||
| (1) Decrease driven by the sale of assets by our investment funds, as well as the recording of an impairment reserve related to an investment held by one of our diversified funds while recoverability is being evaluated. (2) The Company earns a fund management fee of (3) Beginning during the year ended December 31, 2023, the Company includes capital raised from investors in CaliberCos Inc. through corporate note issuances that was further invested in our funds in Managed Capital. At June 30, 2026 and December 31, 2025, the Company had invested (4) Credit managed capital represents loans made to Caliber’s investment funds by the Company and our diversified funds. At June 30, 2026 and December 31, 2025, the Company had loaned (5) Other managed capital represents unemployed capital held in our diversified funds. | ||||||||
Consolidated GAAP Results
The following information presents our consolidated GAAP results which includes the performance of certain entities we manage where Caliber is the guarantor of debt owed by those entities, despite not having significant equity at risk. As a result of these guarantor commitments, Caliber is required under GAAP to include the assets, liabilities, revenues and expenses of those entities even though a shareholder of CWD stock is neither entitled to nor exposed by those entities’ benefits or obligations. This accounting outcome also removes revenues that we earn from those entities, which a shareholder of CWD stock would be entitled to. See discussion elsewhere related to CWD’s Platform performance.
| CALIBERCOS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA) | ||||||||
| Three Months Ended June 30, | ||||||||
| 2026 | 2025 | |||||||
| (unaudited) | ||||||||
| Revenues | ||||||||
| Asset management revenues | $ | 3,205 | $ | 3,746 | ||||
| Performance allocations | (83 | ) | 22 | |||||
| Consolidated funds – hospitality revenues | — | 1,138 | ||||||
| Consolidated funds – other revenues | 1,072 | 167 | ||||||
| Total revenues | 4,194 | 5,073 | ||||||
| Expenses | ||||||||
| Operating costs | 4,541 | 3,671 | ||||||
| General and administrative | 844 | 1,173 | ||||||
| Marketing and advertising | 145 | 147 | ||||||
| Depreciation and amortization | 169 | 166 | ||||||
| Consolidated funds – hospitality expenses | — | 1,278 | ||||||
| Consolidated funds – other expenses | 2,646 | 466 | ||||||
| Total expenses | 8,345 | 6,901 | ||||||
| Other loss, net | (15 | ) | (2,164 | ) | ||||
| Unrealized loss on digital assets | (324 | ) | — | |||||
| Interest income | 291 | 30 | ||||||
| Interest expense | (1,313 | ) | (1,738 | ) | ||||
| Net loss before income taxes | (5,512 | ) | (5,700 | ) | ||||
| Benefit from income taxes | — | — | ||||||
| Net loss | (5,512 | ) | (5,700 | ) | ||||
| Net loss attributable to noncontrolling interests | (2,154 | ) | (401 | ) | ||||
| Net loss attributable to CaliberCos Inc. | $ | (3,358 | ) | $ | (5,299 | ) | ||
| Basic and diluted net loss per share attributable to common stockholders | $ | (0.38 | ) | $ | (4.15 | ) | ||
| Weighted average common shares outstanding: | ||||||||
| Basic and diluted | 8,816 | 1,278 | ||||||
| CALIBERCOS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA) | ||||||||
| June 30, 2026 | December 31, 2025 | |||||||
| (unaudited) | ||||||||
| Assets | ||||||||
| Cash | $ | 1,444 | $ | 2,538 | ||||
| Restricted cash | 2,367 | 2,628 | ||||||
| Real estate investments, net | 21,699 | 21,689 | ||||||
| Digital assets | 1,650 | 6,850 | ||||||
| Notes receivable - related parties, allowance of | 10,235 | 7,348 | ||||||
| Due from related parties, net of allowance of | 10,374 | 10,086 | ||||||
| Investments in unconsolidated entities | 11,443 | 11,624 | ||||||
| Operating lease - right of use assets | — | 98 | ||||||
| Prepaid and other assets | 2,105 | 2,368 | ||||||
| Assets of consolidated funds | ||||||||
| Cash | 382 | 326 | ||||||
| Restricted cash | 912 | 524 | ||||||
| Real estate investments, net | 50,571 | 10,807 | ||||||
| Notes receivable - related parties | 5,991 | 936 | ||||||
| Due from related parties | 1,291 | 220 | ||||||
| Operating lease - right of use assets | 10,756 | 10,757 | ||||||
| Prepaid and other assets | 473 | 267 | ||||||
| Total assets | $ | 177,659 | $ | 135,396 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Notes payable, net | $ | 42,801 | $ | 46,347 | ||||
| Accounts payable and accrued expenses | 7,462 | 7,325 | ||||||
| Series AA cumulative redeemable preferred stock, net of issuance costs, | 8,387 | 5,101 | ||||||
| Due to related parties | 193 | 186 | ||||||
| Operating lease liabilities | 48 | 64 | ||||||
| Other liabilities | 707 | 771 | ||||||
| Liabilities of consolidated funds | ||||||||
| Notes payable, net | 66,347 | 33,605 | ||||||
| Notes payable - related parties | 2,484 | 2,330 | ||||||
| Accounts payable and accrued expenses | 2,703 | 1,719 | ||||||
| Due to related parties | 905 | 861 | ||||||
| Operating lease liabilities | 10,756 | 10,757 | ||||||
| Other liabilities | 147 | 99 | ||||||
| Total liabilities | 142,940 | 109,165 | ||||||
| Commitments and Contingencies (Note 11) | ||||||||
| CALIBERCOS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA) | ||||||||
| June 30, 2026 | December 31, 2025 | |||||||
| Series A non-cumulative convertible preferred stock, | — | — | ||||||
| Series B convertible preferred stock, | — | — | ||||||
| Series AAA convertible preferred stock, | — | — | ||||||
| Common stock Class A, | 9 | 7 | ||||||
| Common stock Class B, | — | — | ||||||
| Paid-in capital | 84,210 | 79,731 | ||||||
| Accumulated deficit | (85,660 | ) | (78,405 | ) | ||||
| Stockholders’ (deficit) equity attributable to CaliberCos Inc. | (1,441 | ) | 1,333 | |||||
| Stockholders’ equity attributable to noncontrolling interests | 36,160 | 24,898 | ||||||
| Total stockholders’ equity | 34,719 | 26,231 | ||||||
| Total liabilities and stockholders’ equity | $ | 177,659 | $ | 135,396 | ||||
Definitions
Assets Under Management
AUM refers to the assets we manage or sponsor. We monitor two types of information with regard to our AUM:
- Managed Capital – we define this as the total capital we fundraise from our customers as investments in our funds. It also includes fundraising into our corporate note program, the proceeds of which were used, in part, to invest in or loan to our funds. We use this information to monitor, among other things, the amount of ‘preferred return’ that would be paid at the time of a distribution and the potential to earn a performance fee over and above the preferred return at the time of the distribution. Our fund management fees are based on a percentage of managed capital or a percentage of assets under management, and monitoring the change and composition of managed capital provides relevant data points for Caliber management to further calculate and predict future earnings.
- Fair Value (“FV”) AUM – we define this is as the aggregate fair value of the real estate assets we manage and from which we derive management fees, performance revenues and other fees and expense reimbursements. We estimate the value of these assets quarterly to help make sale and hold decisions and to evaluate whether an existing asset would benefit from refinancing or recapitalization. This also gives us insight into the value of our carried interest at any point in time. We also utilize FV AUM to predict the percentage of our portfolio which may need development services in a given year, fund management services (such as refinance), and brokerage services. As we control the decision to hire for these services, our service income is generally predictable based upon our current portfolio AUM and our expectations for AUM growth in the year forecasted.
Non-GAAP Measures
We use non-GAAP financial measures to evaluate operating performance, identify trends, formulate financial projections, make strategic decisions, and for other discretionary purposes. We believe that these measures enhance the understanding of ongoing operations and comparability of current results to prior periods and may be useful for investors to analyze our financial performance because they provide investors a view of the performance attributable to CaliberCos Inc. When analyzing our operating performance, investors should use these measures in addition to, and not as an alternative for, their most directly comparable financial measure calculated and presented in accordance with U.S. GAAP. Our presentation of non-GAAP measures may not be comparable to similarly identified measures of other companies because not all companies use the same calculations. These measures may also differ from the amounts calculated under similarly titled definitions in our debt instruments, which amounts are further adjusted to reflect certain other cash and non-cash charges and are used by us to determine compliance with financial covenants therein and our ability to engage in certain activities, such as incurring additional debt and making certain restricted payments.
Asset Management Platform or Platform
Platform refers to the performance of the Caliber asset management platform, which generates revenues and expenses from managing our investment portfolio, which does not include any consolidated assets or funds. These activities include asset management, transaction services, and performance allocations. Management believes that this is an important view of the Company because it communicates performance of the Company that would be most useful for understanding the value of CWD.
Fee-Related Earnings and Related Components
Fee-Related Earnings is a supplemental non-GAAP performance measure used to assess our ability to generate profits from fee-based revenues, focusing on whether our core revenue streams, are sufficient to cover our core operating expenses. Fee- Related Earnings represents the Company’s net income (loss) before income taxes adjusted to exclude depreciation and amortization, stock-based compensation, interest expense and extraordinary or non-recurring revenue and expenses, including performance allocation revenue and gain (loss) on extinguishment of debt, public registration direct costs related to aborted or delayed offerings and our Reg A+ offering, litigation settlements, and expenses recorded to earnings relating to investment deals which were abandoned or closed. Fee-Related Earnings is presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminates noncontrolling interest. Eliminating the impact of consolidated funds and noncontrolling interest provides investors a view of the performance attributable to CaliberCos Inc. and is consistent with performance models and analysis used by management.
Distributable Earnings
Distributable Earnings is a supplemental non-GAAP performance measure equal to Fee-Related Earnings plus performance allocation revenue and less interest expenses and provision for income taxes. We believe that Distributable Earnings can be useful as a supplemental performance measure to our GAAP results assessing the amount of earnings available for distribution.
Platform Earnings
Platform Earnings represents the performance of our asset management platform, which generates revenues and expenses from managing our investment portfolio, excluding any consolidated assets or funds.
Platform Earnings per Share
Platform Earnings per Share is calculated as Platform Earnings divided by weighted average CWD common shares outstanding.
Platform Adjusted EBITDA
Platform Adjusted EBITDA represents our Distributable Earnings adjusted for interest expense, other income (expense), and provision for income taxes on a basis that deconsolidates our consolidated funds (intercompany eliminations), and eliminates noncontrolling interest. Eliminating the impact of consolidated funds and noncontrolling interest provides investors a view of the performance attributable to the Platform and is consistent with performance models and analysis used by management.
Consolidated Adjusted EBITDA
Consolidated Adjusted EBITDA represents the Company’s and the consolidated funds’ earnings before net interest expense, income taxes, depreciation and amortization, further adjusted to exclude stock-based compensation, transaction fees, expenses and other public registration direct costs related to aborted or delayed offerings and our Reg A+ offering, litigation settlements, expenses recorded to earnings relating to investment deals which were abandoned or closed, any other non-cash expenses or losses, as further adjusted for extraordinary or non-recurring items.
| NON-GAAP ADJUSTED EBITDA (AMOUNTS IN THOUSANDS) (UNAUDITED) | ||||||||
| Three Months Ended June 30, | ||||||||
| 2026 | 2025 | |||||||
| Net loss attributable to CaliberCos Inc. | $ | (3,358 | ) | $ | (5,299 | ) | ||
| Net loss attributable to noncontrolling interests | (2,154 | ) | (401 | ) | ||||
| Net loss | (5,512 | ) | (5,700 | ) | ||||
| Provision for income taxes | — | — | ||||||
| Net loss before income taxes | (5,512 | ) | (5,700 | ) | ||||
| Depreciation and amortization | 176 | 174 | ||||||
| Consolidated funds' impact on fee-related earnings | 1,891 | 609 | ||||||
| Stock-based compensation | 367 | 369 | ||||||
| Severance | 393 | 454 | ||||||
| Performance allocations | 83 | (22 | ) | |||||
| Other income, net | (1,329 | ) | (783 | ) | ||||
| Investments impairment | 176 | 2,037 | ||||||
| Change in fair value of digital assets | 324 | — | ||||||
| Bad debt expense | 977 | 106 | ||||||
| Interest expense, net | 1,022 | 1,708 | ||||||
| Fee-related earnings | (1,432 | ) | (1,048 | ) | ||||
| Performance allocations | (83 | ) | 22 | |||||
| Interest expense, net | (1,022 | ) | (1,708 | ) | ||||
| Distributable earnings | (2,537 | ) | (2,734 | ) | ||||
| Interest expense | 1,313 | 1,738 | ||||||
| Other income, net | 1,329 | 783 | ||||||
| Consolidated funds' impact on Platform adjusted EBITDA | 191 | 159 | ||||||
| Platform adjusted EBITDA | 296 | (54 | ) | |||||
| Consolidated funds' EBITDA adjustments | (273 | ) | 111 | |||||
| Consolidated adjusted EBITDA | $ | 23 | $ | 57 | ||||
