Caliber Reports Third Quarter 2025 Financial Results
Caliber (Nasdaq: CWD) reported Q3 2025 results on Nov 13, 2025, raising more than $30.0 million of common and preferred equity and launching a Digital Asset Treasury (DAT) anchored in Chainlink (LINK) tokens.
Q3 Platform revenue was $3.5M (versus $7.4M Y/Y); Platform net loss was $4.4M or $1.70 per diluted share; Platform Adjusted EBITDA loss was $0.7M. Consolidated revenue was $3.6M (versus $11.3M Y/Y); consolidated net loss attributable to Caliber was $4.4M or $1.65 per diluted share.
Caliber held 467,632 LINK at quarter-end and 562,535 LINK as of this release, valued at $8.5M at $15.15/LINK; none are staked. Company closed a $15.9M perpetual convertible preferred equity financing (convertible at $250/share).
Caliber (Nasdaq: CWD) ha riportato i risultati del terzo trimestre 2025 il 13 novembre 2025, raccogliendo oltre 30,0 milioni di dollari di capitale azionario comune e privilegiato e lanciando un Digital Asset Treasury (DAT) ancorato ai token Chainlink (LINK).
I ricavi della piattaforma nel terzo trimestre sono stati di 3,5 milioni di dollari (rispetto a 7,4 milioni nello stesso periodo dell'anno precedente); la perdita netta della piattaforma è stata di 4,4 milioni di dollari o 1,70 dollari per azione diluita; la perdita EBITDA rettificata della piattaforma è stata di 0,7 milioni di dollari. I ricavi consolidati sono stati di 3,6 milioni di dollari (rispetto a 11,3 milioni nello stesso periodo dell'anno precedente); la perdita netta consolidata attribuibile a Caliber è stata di 4,4 milioni di dollari o 1,65 dollari per azione diluita.
Caliber possedeva 467.632 LINK al termine del trimestre e 562.535 LINK al momento di questa comunicazione, valutati 8,5 milioni di dollari a 15,15 dollari per LINK; nessuno è stato stakeato. L'azienda ha chiuso un finanziamento di investimento in capitale proprio ordinario perpetuo convertibile di 15,9 milioni di dollari (convertibile a 250 dollari per azione).
Caliber (Nasdaq: CWD) informó los resultados del tercer trimestre de 2025 el 13 de noviembre de 2025, levantando más de $30,0 millones en deuda de acciones ordinarias y preferentes y lanzando un Digital Asset Treasury (DAT) anclado en tokens Chainlink (LINK).
Los ingresos de la plataforma del Q3 fueron de $3,5 millones (frente a $7,4 millones interanual); la pérdida neta de la plataforma fue de $4,4 millones o $1,70 por acción diluida; la pérdida ajustada de EBITDA de la plataforma fue de $0,7 millones. Los ingresos consolidados fueron de $3,6 millones (frente a $11,3 millones interanual); la pérdida neta consolidada atribuible a Caliber fue de $4,4 millones o $1,65 por acción diluida.
Caliber tenía 467.632 LINK al cierre del trimestre y 562.535 LINK a la fecha de este comunicado, valorados en $8,5 millones a $15,15/LINK; ninguno está stakeado. La compañía cerró un financiamiento de equity preferente convertible perpetuo de $15,9 millones (convertible a $250/acción).
Caliber (Nasdaq: CWD)은 2025년 11월 13일 2025년 3분기 실적을 발표했고, 보통주 및 우선주로 $30.0백만 이상을 조달했으며 디지털 자산 금고(DAT)를 Chainlink(LINK) 토큰에 고정해 출시했습니다.
3분기 플랫폼 매출은 $3.5M이며 전년 대비 7.4M을 기록했습니다; 플랫폼 순손실은 $4.4M 또는 희석된 주당손실 $1.70였고 플랫폼 조정 EBITDA 손실은 $0.7M이었습니다. 연결 매출은 $3.6M으로 전년 동기 11.3M 대비 감소했습니다; Caliber에 귀속되는 연결 순손실은 $4.4M 또는 희석된 주당손실 $1.65였습니다.
분기말에 LINK 467,632개를 보유했고 이번 발표 시점에는 LINK 562,535개로 평가액이 $8.5M이며, 1 LINK당 $15.15로 평가됩니다; 스테이킹은 되어 있지 않습니다. 회사는 $15.9M의 영구전환가능 우선주를 조달했고(주당 전환가 $250).
Caliber (Nasdaq: CWD) a publié ses résultats du T3 2025 le 13 novembre 2025, levant plus de 30,0 millions de dollars en capitaux propres ordinaires et privilégiés et lançant un Tresorerie d’Actifs Numériques (DAT) ancré sur les jetons Chainlink (LINK).
Les revenus de la plateforme au T3 s’élèvent à 3,5 millions de dollars (contre 7,4 M$ YoY); la perte nette de la plateforme est de 4,4 millions de dollars ou 1,70$ par action diluée; la perte EBITDA ajustée de la plateforme est de 0,7 million de dollars. Les revenus consolidés sont de 3,6 millions de dollars (contre 11,3 M$ YoY); la perte nette consolidée attribuable à Caliber est de 4,4 millions de dollars ou 1,65$ par action diluée.
Caliber détenait 467 632 LINK à la clôture du trimestre et 562 535 LINK à la date de ce communiqué, évalués à 8,5 millions de dollars à 15,15$/LINK; aucun n’est mis en staking. La société a conclu un financement en actions privilégiées convertibles perpétuelles de 15,9 millions de dollars (convertible à 250$ par action).
Caliber (Nasdaq: CWD) hat die Ergebnisse für das 3. Quartal 2025 am 13. November 2025 veröffentlicht und dabei mehr als 30,0 Millionen US-Dollar an Stamm- und Vorzugsaktien aufgenommen sowie eine Digital Asset Treasury (DAT) eingeführt, die auf Chainlink (LINK) Tokens abgelegt ist.
Q3 Plattformumsatz betrug 3,5 Mio. USD (gegenüber 7,4 Mio. USD im Vorjahr); Nettoe Verlust der Plattform betrug 4,4 Mio. USD bzw. 1,70 USD pro verwässerter Aktie; Adjusted EBITDA-Verlust der Plattform betrug 0,7 Mio. USD. Gesamterlöse betrugen 3,6 Mio. USD (gegenüber 11,3 Mio. USD im Vorjahr); Consolidated Net Loss attributabel to Caliber betrug 4,4 Mio. USD bzw. 1,65 USD pro verwässerter Aktie.
Caliber hielt zum Quartalsende 467.632 LINK und zum Zeitpunkt dieser Mitteilung 562.535 LINK, bewertet mit 8,5 Mio. USD bei 15,15 USD/ LINK; kein LINK gestaked. Das Unternehmen schloss eine 15,9 Mio. USD perpetuelle wandelbare Vorzugsaktienfinanzierung (verwandelt sich bei 250 USD/Aktie).
كالِبر (ناسداك: CWD) أبلغت عن نتائج الربع الثالث من 2025 في 13 نوفمبر 2025، حيث جمعت أكثر من 30.0 مليون دولار أمريكي من الأسهم العادية والممتازة وأطلقت خزانة الأصول الرقمية (DAT) المرتكزة على رموز Chainlink (LINK).
بلغت إيرادات المنصة في الربع الثالث 3.5 مليون دولار (مقابل 7.4 مليون دولار في نفس الفترة من العام السابق); بلغت الخسارة الصافية للمنصة 4.4 مليون دولار أو 1.70 دولار للسهم المخفف؛ خسارة EBITDA المعدلة للمنصة كانت 0.7 مليون دولار. بلغت الإيرادات المجمعة 3.6 مليون دولار (مقابل 11.3 مليون دولار في السنة السابقة); الخسارة الصافية المجمعة المنسوبة إلى Caliber بلغت 4.4 مليون دولار أو 1.65 دولار للسهم المخفف.
كان لدى Caliber 467,632 LINK بنهاية الربع و 562,535 LINK حتى تاريخ هذا البيان، بقيمة 8.5 مليون دولار عند سعر 15.15 دولار/LINK؛ ولم يتم إيداعها كـ stake. أغلقت الشركة تمويل أسهم ممتازة قابلة للتحويل الدائم بقيمة 15.9 مليون دولار (قابلة للتحويل عند 250 دولار/سهم).
- Raised over $30.0M in equity during Q3 2025
- Launched Digital Asset Treasury anchored in LINK tokens
- Held 562,535 LINK valued at $8.5M as of release
- Closed $15.9M perpetual convertible preferred equity financing
- Platform revenue down from $7.4M to $3.5M (Q3 Y/Y)
- Platform net loss of $4.4M versus prior-period net income
- Consolidated revenue declined from $11.3M to $3.6M
- Platform Adjusted EBITDA swung to a $0.7M loss
Insights
Mixed financials: meaningful capital raise and balance-sheet moves offset by lower revenues and a Platform loss.
Caliber$30.0 million and closed a
Operational performance shows deterioration: Platform revenue fell to
Watch liquidity runway and whether future quarters show recovery in fee income and development fees; monitor quarterly Platform Adjusted EBITDA and any use of the newly raised capital within the next
DAT launch is strategic but currently modest in scale and not yet income producing.
Caliber467,632 LINK during the quarter, increasing to
The move expands business scope into digital asset management but the release discloses no realized revenue, staking yield, or monetization timeline. Key near‑term items to monitor are staking decisions, any realized gains/losses on LINK holdings, and operational revenue from DAT governance or fee structures over the next
Transformational Quarter Strengthens Balance Sheet, Launches LINK-Anchored Digital Asset Treasury, and Positions Caliber on Path to Adjusted EBITDA Profitability
SCOTTSDALE, Ariz., Nov. 13, 2025 (GLOBE NEWSWIRE) -- Caliber (Nasdaq: CWD), a diversified real estate and digital asset management platform, today reported results for the third quarter ended on September 30, 2025.
Third Quarter 2025 Highlights
- Raised more than
$30.0 million through common and preferred equity, strengthening Caliber’s balance sheet and liquidity. - Launched Caliber’s Digital Asset Treasury (“DAT”) anchored in Chainlink (LINK) tokens, expanding the Company’s business into digital asset management alongside its core Private Equity Real Estate (PERE) platform.
Third Quarter 2025 Platform Financial Results (compared to Third Quarter 2024)
- Platform revenue of
$3.5 million , compared to$7.4 million - Asset management revenue of
$3.5 million declined by$1.2 million , due to nonrecurring fee income. - Development and construction fees decreased by
$2.7 million , due to seasonality of project start and completion times. - No significant performance allocations were earned, compared to prior period.
- Asset management revenue of
- Platform net loss of
$4.4 million , or$1.70 per diluted share, compared to Platform net income of$0.2 million , or$0.11 per diluted share, driven by$2.5 million of one-time investment impairment charges. - Platform Adjusted EBITDA loss of
$0.7 million , compared to Platform Adjusted EBITDA of$2.4 million .
Third Quarter 2025 Digital Asset Treasury Financial Highlights
- LINK tokens held by Caliber at the end of the third quarter were 467,632 tokens.
- LINK tokens held by Caliber as of the date of this release are 562,535, valued at
$8.5 million , considering the price of$15.15 per LINK token. - None of the tokens held by Caliber are staked as of the date of this release.
Management Commentary
“The third quarter marked a pivotal step forward for Caliber,” said Chris Loeffler, CEO of Caliber. “We strengthened our balance sheet, raised over
“While third-quarter operational results reflect limited short-term P&L impact, they demonstrate a substantial improvement in Caliber’s liquidity and equity position. We believe Caliber is on the path toward consistent, profitable growth.”
Business Update
The following are key milestones completed both during and after the third quarter ended September 30, 2025.
- On August 19, 2025, Caliber announced that its joint venture development, PURE Pickleball & Padel™ (PURE) has signed a 10-year, exclusive agreement with Wolfgang Puck Catering, a premium catering, corporate dining and hospitality company. We believe the agreement with Wolfgang Puck Catering will drive significant corporate group business for the project.
- On August 28, 2025, Caliber announced that its Board of Directors has formally approved a new Digital Asset Treasury (“DAT”) strategy and adopted a comprehensive DAT policy. Under this strategy and policy, Caliber intends to allocate a portion of its treasury funds to acquire cryptocurrency, specifically LINK tokens, which support the Chainlink protocol, and to engage in activities related to the management of and the maximization of risk-adjusted returns from such digital asset holdings.
- On September 2, 2025, Caliber announced the formation of a newly established Caliber Crypto Advisory Board (“CCAB”). This board will provide strategic oversight and guidance as Caliber executes its DAT Strategy, focused on building a treasury of LINK tokens to be held and staked for long-term value and yield. During the third quarter, the CCAB added three members, Michael Trzupek, Peter Dorrius, and Blake Janover.
- On September 9, 18, and 25, 2025, Caliber announced the completion of strategic purchases of 467,632 LINK tokens. Subsequent to the quarter closing, the company made an additional purchase of 94,903 LINK tokens totaling 562,535 tokens held as of the date of this release, further strengthening its DAT Strategy and underscoring its commitment to blockchain innovation.
- On September 17, 2025, Caliber announced that it has closed a securities purchase agreement with an institutional investor for the sale of
$15.9 million of perpetual convertible preferred equity, convertible at$250 per share of common stock. - On September 23, 2025, Caliber announced it has selected Coinbase Prime as its institutional platform for trading and custody in support of its DAT Strategy.
- On October 7, 2025, Caliber announced a partnership to deploy EV charging infrastructure, advancing sustainable asset enhancements across its portfolio. Caliber partnered with Current, a leading EV infrastructure investor and developer, and InCharge Energy, the industry leader for design-build EV charging infrastructure and InService™, the company’s customizable offering for all-brand charger service, maintenance, and on-demand repair. This partnership is intended to provide commercial charging and energy solutions across the breadth of Caliber’s portfolio to reduce operating costs, increase asset profitability, and provide potentially attractive financing for capital projects.
Third Quarter 2025 Consolidated Financial Results (compared to Third Quarter 2024)
- Total consolidated revenue of
$3.6 million , compared to$11.3 million reflecting the deconsolidation of Caliber Hospitality Trust, Caliber Hospitality, LP, Elliot, DT Mesa, and Caliber Fixed Income Fund III, LLC (“CFIF III”) in 2024 and the deconsolidation of DoubleTree by Hilton Tucson Convention Center in Q2 2025, following the refinance of the asset. - Consolidated net loss attributable to Caliber of
$4.4 million , or$1.65 per diluted share, compared to net income attributable to Caliber of$0.1 million or$0.12 per diluted share. - Consolidated Adjusted EBITDA loss of
$0.5 million , compared to Consolidated Adjusted EBITDA of$4.2 million .
Conference Call Information
Caliber will host a conference call today, Thursday, November 13, 2025, at 5:00 p.m. Eastern Time (ET) to discuss its third quarter 2025 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 5945662.
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 an alternative investment 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 final prospectus related to the Company’s public offering filed with the SEC 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
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 September 30, 2025 | |||||||||||
| Platform | Impact of Consolidated Funds and Eliminations | Consolidated | |||||||||
| Revenues | |||||||||||
| Asset management | $ | 3,514 | $ | (28 | ) | $ | 3,486 | ||||
| Performance allocations | 2 | — | 2 | ||||||||
| Consolidated funds – other revenue | — | 148 | 148 | ||||||||
| Total revenues | 3,516 | 120 | 3,636 | ||||||||
| Expenses | |||||||||||
| Operating costs | 3,408 | (157 | ) | 3,251 | |||||||
| General and administrative | 1,481 | (10 | ) | 1,471 | |||||||
| Marketing and advertising | 151 | — | 151 | ||||||||
| Depreciation and amortization | 167 | (7 | ) | 160 | |||||||
| Consolidated funds – other expenses | — | 467 | 467 | ||||||||
| Total expenses | 5,207 | 293 | 5,500 | ||||||||
| Unrealized loss on digital assets | (677 | ) | — | (677 | ) | ||||||
| Other loss, net | (230 | ) | (94 | ) | (324 | ) | |||||
| Interest income | 28 | — | 28 | ||||||||
| Interest expense | (1,876 | ) | — | (1,876 | ) | ||||||
| Net loss before income taxes | $ | (4,446 | ) | $ | (267 | ) | $ | (4,713 | ) | ||
| Provision for income taxes | — | — | — | ||||||||
| Net loss | (4,446 | ) | (267 | ) | (4,713 | ) | |||||
| Net loss attributable to noncontrolling interests | — | (342 | ) | (342 | ) | ||||||
| Net loss attributable to CaliberCos Inc. | $ | (4,446 | ) | $ | 75 | $ | (4,371 | ) | |||
| Basic and diluted net loss per share | $ | (1.70 | ) | $ | (1.65 | ) | |||||
| Weighted average common shares outstanding: | |||||||||||
| Basic and diluted | 2,615 | 2,615 | |||||||||
| (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 September 30, 2024 | |||||||||||
| Platform | Impact of Consolidated Funds and Eliminations | Consolidated | |||||||||
| Revenues | |||||||||||
| Asset management | $ | 7,242 | $ | (712 | ) | $ | 6,530 | ||||
| Performance allocations | 174 | 1 | 175 | ||||||||
| Consolidated funds – hospitality revenue | — | 2,494 | 2,494 | ||||||||
| Consolidated funds – other revenue | — | 2,103 | 2,103 | ||||||||
| Total revenues | 7,416 | 3,886 | 11,302 | ||||||||
| Expenses | |||||||||||
| Operating costs | 4,727 | (135 | ) | 4,592 | |||||||
| General and administrative | 1,450 | (9 | ) | 1,441 | |||||||
| Marketing and advertising | 175 | (1 | ) | 174 | |||||||
| Depreciation and amortization | 145 | 4 | 149 | ||||||||
| Consolidated funds – hospitality expenses | — | 3,097 | 3,097 | ||||||||
| Consolidated funds – other expenses | — | 975 | 975 | ||||||||
| Total expenses | 6,497 | 3,931 | 10,428 | ||||||||
| Other income (loss), net | 526 | (101 | ) | 425 | |||||||
| Interest income | 59 | (8 | ) | 51 | |||||||
| Interest expense | (1,348 | ) | (1 | ) | (1,349 | ) | |||||
| Net income (loss) before income taxes | $ | 156 | $ | (155 | ) | $ | 1 | ||||
| Provision for income taxes | — | — | — | ||||||||
| Net income (loss) | 156 | (155 | ) | 1 | |||||||
| Net loss attributable to noncontrolling interests | — | (145 | ) | (145 | ) | ||||||
| Net income (loss) attributable to CaliberCos Inc. | $ | 156 | $ | (10 | ) | $ | 146 | ||||
| Basic net income per share | $ | 0.14 | $ | 0.15 | |||||||
| Diluted net income per share | $ | 0.11 | $ | 0.12 | |||||||
| Weighted average common shares outstanding: | |||||||||||
| Basic | 1,107 | 1,107 | |||||||||
| Diluted | 1,404 | 1,404 | |||||||||
| (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 September 30, | |||||
| 2025 | 2024 | ||||
| Fund management fees | 2,782 | 3,575 | |||
| Financing fees | 207 | 464 | |||
| Development and construction fees | 427 | 3,084 | |||
| Brokerage fees | 98 | 119 | |||
| Total asset management | 3,514 | 7,242 | |||
| Performance allocations | 2 | 174 | |||
| Total revenue | $ | 3,516 | $ | 7,416 | |
___________________________________________
(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, 2024 | $ | 794,923 | |
| Assets acquired | 10,300 | ||
| Construction and net market appreciation | 25,800 | ||
| Credit(1) | 379 | ||
| Other(2) | (644 | ) | |
| Balances as of March 31, 2025 | 830,758 | ||
| Construction and net market depreciation | (25,313 | ) | |
| Assets sold or disposed | (1,487 | ) | |
| Credit(1) | 627 | ||
| Other(2) | (1,409 | ) | |
| Balances as of June 30, 2025 | 803,176 | ||
| Construction and net market appreciation | (6,683 | ) | |
| Assets sold or disposed | (1,917 | ) | |
| Credit(1) | 2,334 | ||
| Other(2) | 123 | ||
| Balances as of September 30, 2025 | $ | 797,033 |
FV AUM, by asset class
(AMOUNTS IN THOUSANDS) (UNAUDITED)
| September 30, 2025 | December 31, 2024 | ||||
| Real Estate | |||||
| Hospitality | $ | 65,400 | $ | 68,500 | |
| Caliber Hospitality Trust | 203,500 | 236,800 | |||
| Residential | 168,700 | 161,700 | |||
| Commercial | 279,700 | 249,600 | |||
| Total Real Estate | 717,300 | 716,600 | |||
| Credit(1) | 75,691 | 72,351 | |||
| Other(2) | 4,042 | 5,972 | |||
| Total | $ | 797,033 | $ | 794,923 | |
___________________________________________
(1) Credit FV AUM represents loans made to Caliber’s investment funds by our diversified credit fund.
(2) Other FV AUM represents undeployed capital held in our diversified funds.
MANAGED CAPITAL
(AMOUNTS IN THOUSANDS) (UNAUDITED)
| Balance as of December 31, 2024 | $ | 492,542 | |||||
| Originations | 2,990 | ||||||
| Return of capital | (315 | ) | |||||
| Balance as of March 31, 2025 | 495,217 | ||||||
| Originations | 4,226 | ||||||
| Return of capital | (876 | ) | |||||
| Balances as of June 30, 2025 | 498,567 | ||||||
| Originations | 8,086 | ||||||
| Return of capital | (664 | ) | |||||
| Balances as of September 30, 2025 | $ | 505,989 | |||||
| September 30, 2025 | December 31, 2024 | ||||||
| Real Estate | |||||||
| Hospitality | $ | 49,289 | $ | 49,260 | |||
| Caliber Hospitality Trust(1) | 97,037 | 97,414 | |||||
| Residential | 101,912 | 96,687 | |||||
| Commercial | 178,018 | 170,858 | |||||
| Total Real Estate(2) | 426,256 | 414,219 | |||||
| Credit(3) | 75,691 | 72,351 | |||||
| Other(4) | 4,042 | 5,972 | |||||
| Total | $ | 505,989 | $ | 492,542 | |||
_________________________________________
(1) The Company earns a fund management fee of
(2) 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. As of September 30, 2025 and December 31, 2024, the Company had invested
(3) Credit managed capital represents loans made to Caliber’s investment funds by the Company and our diversified funds. As of September 30, 2025 and December 31, 2024, the Company had loaned
(4) 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 September 30, | |||||||
| 2025 | 2024 | ||||||
| (unaudited) | |||||||
| Revenues | |||||||
| Asset management revenues | $ | 3,486 | $ | 6,530 | |||
| Performance allocations | 2 | 175 | |||||
| Consolidated funds – hospitality revenues | — | 2,494 | |||||
| Consolidated funds – other revenues | 148 | 2,103 | |||||
| Total revenues | 3,636 | 11,302 | |||||
| Expenses | |||||||
| Operating costs | 3,251 | 4,592 | |||||
| General and administrative | 1,471 | 1,441 | |||||
| Marketing and advertising | 151 | 174 | |||||
| Depreciation and amortization | 160 | 149 | |||||
| Consolidated funds – hospitality expenses | — | 3,097 | |||||
| Consolidated funds – other expenses | 467 | 975 | |||||
| Total expenses | 5,500 | 10,428 | |||||
| Unrealized loss on digital assets | (677 | ) | — | ||||
| Other (loss) income, net | (324 | ) | 425 | ||||
| Interest income | 28 | 51 | |||||
| Interest expense | (1,876 | ) | (1,349 | ) | |||
| Net (loss) income before income taxes | (4,713 | ) | 1 | ||||
| Benefit from income taxes | — | — | |||||
| Net (loss) income | (4,713 | ) | 1 | ||||
| Net loss attributable to noncontrolling interests | (342 | ) | (145 | ) | |||
| Net (loss) income attributable to CaliberCos Inc. | $ | (4,371 | ) | $ | 146 | ||
| Basic net (loss) income per share attributable to common stockholders | $ | (1.65 | ) | $ | 0.15 | ||
| Diluted net (loss) income per share attributable to common stockholders | $ | (1.65 | ) | $ | 0.12 | ||
| Weighted average common shares outstanding: | |||||||
| Basic | 2,615 | 1,107 | |||||
| Diluted | 2,615 | 1,404 | |||||
| CALIBERCOS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA) | ||||||
| September 30, 2025 | December 31, 2024 | |||||
| (unaudited) | ||||||
| Assets | ||||||
| Cash | $ | 10,886 | $ | 1,766 | ||
| Restricted cash | 2,252 | 2,582 | ||||
| Real estate investments, net | 21,789 | 21,572 | ||||
| Digital assets | 9,965 | — | ||||
| Notes receivable - related parties, allowance of | 2,605 | 105 | ||||
| Due from related parties, allowance of | 8,725 | 6,965 | ||||
| Investments in unconsolidated entities | 11,923 | 15,643 | ||||
| Operating lease - right of use assets | 110 | 147 | ||||
| Prepaid and other assets | 2,615 | 3,501 | ||||
| Assets of consolidated funds | ||||||
| Cash | 41 | 549 | ||||
| Restricted cash | 209 | — | ||||
| Real estate investments, net | 10,296 | 45,090 | ||||
| Notes receivable - related parties | 946 | 6,848 | ||||
| Due from related parties, allowance of zero and | 186 | 320 | ||||
| Prepaid and other assets | 20 | 447 | ||||
| Total assets | $ | 82,568 | $ | 105,535 | ||
| LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | ||||||
| Notes payable, net | $ | 48,678 | $ | 50,450 | ||
| Accounts payable and accrued expenses | 9,068 | 9,532 | ||||
| Series AA cumulative redeemable preferred stock, net of issuance costs, | 3,200 | — | ||||
| Due to related parties | 127 | 313 | ||||
| Operating lease liabilities | 71 | 93 | ||||
| Other liabilities | 923 | 750 | ||||
| Liabilities of consolidated funds | ||||||
| Notes payable, net | 11,611 | 29,172 | ||||
| Notes payable - related parties | 2,255 | 2,047 | ||||
| Accounts payable and accrued expenses | 495 | 1,207 | ||||
| Due to related parties | 1 | 79 | ||||
| Other liabilities | 52 | 639 | ||||
| Total liabilities | 76,481 | 94,282 | ||||
| Commitments and Contingencies (Note 11) | ||||||
| CALIBERCOS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA) | ||||||||
| September 30, 2025 | December 31, 2024 | |||||||
| Series A non-cumulative convertible preferred stock, | — | — | ||||||
| Series B convertible preferred stock, | — | — | ||||||
| Common stock Class A, | 5 | 1 | ||||||
| Common stock Class B, | — | — | ||||||
| Paid-in capital | 74,862 | 44,017 | ||||||
| Accumulated deficit | (70,684 | ) | (56,607 | ) | ||||
| Stockholders’ equity (deficit) attributable to CaliberCos Inc. | 4,183 | (12,589 | ) | |||||
| Stockholders’ equity attributable to noncontrolling interests | 1,904 | 23,842 | ||||||
| Total stockholders’ equity | 6,087 | 11,253 | ||||||
| Total liabilities and stockholders’ equity | $ | 82,568 | $ | 105,535 | ||||
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 September 30, | |||||||
| 2025 | 2024 | ||||||
| Net (loss) income attributable to CaliberCos Inc. | $ | (4,371 | ) | $ | 146 | ||
| Net loss attributable to noncontrolling interests | (342 | ) | (145 | ) | |||
| Net (loss) income | (4,713 | ) | 1 | ||||
| Provision for income taxes | — | — | |||||
| Net (loss) income before income taxes | (4,713 | ) | 1 | ||||
| Depreciation and amortization | 167 | 145 | |||||
| Consolidated funds' impact on fee-related earnings | 173 | 45 | |||||
| Stock-based compensation | 332 | 738 | |||||
| Severance | 593 | 25 | |||||
| Performance allocations | (2 | ) | (175 | ) | |||
| Other income, net | 94 | (425 | ) | ||||
| Investments impairment | 102 | — | |||||
| Unrealized loss on digital assets | 677 | — | |||||
| Bad debt expense | 35 | — | |||||
| Interest expense, net | 1,848 | 1,289 | |||||
| Fee-related earnings | (694 | ) | 1,643 | ||||
| Performance allocations | 2 | 175 | |||||
| Interest expense, net | (1,848 | ) | (1,289 | ) | |||
| Provision for income taxes | — | — | |||||
| Distributable earnings | (2,540 | ) | 529 | ||||
| Interest expense | 1,876 | 1,349 | |||||
| Other income, net | (94 | ) | 425 | ||||
| Provision for income taxes | — | — | |||||
| Consolidated funds' impact on Platform adjusted EBITDA | 93 | 109 | |||||
| Platform adjusted EBITDA | (665 | ) | 2,412 | ||||
| Consolidated funds' EBITDA adjustments | 201 | 1,836 | |||||
| Consolidated adjusted EBITDA | $ | (464 | ) | $ | 4,248 | ||
FAQ
How much equity did Caliber (CWD) raise in Q3 2025?
What is Caliber's Digital Asset Treasury and how many LINK does CWD hold?
What were Caliber's Platform results for Q3 2025 (CWD)?
What is the value of Caliber's LINK holdings reported on Nov 13, 2025?
Did Caliber complete any material financings in Q3 2025 (CWD)?
Will Caliber stake its LINK tokens as part of the DAT strategy?
