SCOTTSDALE, Ariz., March 25, 2026 (GLOBE NEWSWIRE) -- Caliber (Nasdaq: CWD), a diversified real estate and digital asset management platform, today reported results for the fourth quarter and full year ended December 31, 2025. Caliber enters 2026 with a streamlined platform and a clear path toward revenue growth and profitability, driven by the expected execution of project-level financings and continued capital formation activities.
Fourth Quarter 2025 (compared to Fourth Quarter 2024)
-- Platform revenue of $4.0 million, compared to $4.6 million
-- Asset management revenue of $4.0 million drove the stated results
-- Platform net loss of $7.7 million, or $1.24 per diluted share, compared
to Platform net loss of $11.6 million, or $10.34 per diluted share
-- Results largely impacted by $5.1 million unrealized loss in
Caliber's LINK treasury, driven by the change in fair value of
digital assets
-- Platform Adjusted EBITDA loss of $0.4 million, compared to Platform
Adjusted EBITDA loss of $1.0 million
Full Year 2025 Platform Financial Highlights (compared to Full Year 2024)
-- Platform revenue of $15.2 million, compared to $20.9 million
-- Asset management revenue of $15.2 million reflecting the timing of
project financings and development activity, drove the stated
results
-- Platform net loss of $21.2 million, or $7.50 per diluted share, compared
to Platform net loss of $19.6 million, or $17.86 per diluted share
-- Losses largely impacted by $5.8 million change in fair value of
digital assets
-- Platform Adjusted EBITDA loss of $2.4 million, compared to Platform
Adjusted EBITDA loss of $2.7 million
-- Fair value assets under management ("FV AUM") of $779.7 million, a 1.9%
decrease compared to December 31, 2024, primarily due to disposition of
three hospitality assets and various land parcels, partially offset by
the acquisition of a self-storage property and a land parcel intended for
hotel development
-- Managed capital of $517.2 million, a 5.0% increase compared to December
31, 2024, with originations of $26.5 million, partially offset by return
of capital of $1.9 million
The year-over-year decrease in platform revenue was primarily driven by the timing of development and financing activities, as several projects progressed but did not reach revenue-generating milestones within the fiscal year.
Fourth Quarter 2025 Digital Asset Treasury Financial Highlights
-- Caliber's digital asset treasury held 562,535 of LINK tokens valued at
$6.9 million as of the end of the fourth quarter of 2025.
-- Caliber staked 75,000 LINK tokens directly with a top echelon node
operator for the Chainlink oracle network, commencing the process of
generating yield on its treasury assets.
-- Caliber began the process of tokenizing two real estate projects, which
is expected to enhance investor liquidity, improve transparency, and
expand future fundraising capabilities through tokenized offerings.
Management Commentary
"While 2025 was impacted by delays in capital markets activity, our underlying assets and development projects continued to advance, positioning us for what we expect to be meaningful revenue realization as project financings close." said Chris Loeffler, CEO of Caliber. "Management's efforts to streamline our real estate platform and narrow our focus toward hospitality and multifamily investments gives us the confidence to offer forward-looking guidance on our anticipated financial results for 2026"
"We are encouraged by the early progress of our digital asset strategy and believe blockchain technology has the potential to enhance liquidity, broaden investor access, and expand capital formation for our funds. We see a clear opportunity for Caliber to participate in the evolution of real estate investing as tokenization becomes more widely adopted."
2026 Outlook and Path to Profitability
Caliber enters 2026 with what management believes is a path to profitability driven by the anticipated conversion of the Company's existing project pipeline into realized revenue. The Company's platform generates the majority of its revenues from asset management, development, and financing activities tied to its portfolio of real estate projects.
During 2025, revenue generation was impacted by delays in capital markets activity, which affected the timing of project financings and related fee realization. Importantly, management believes that these delays did not reduce the underlying value of the Company's assets or its embedded revenue opportunities but instead shifted the timing of when those revenues are expected to be recognized.
For 2026, Caliber expects a significant increase in revenue driven by:
-- Execution of project-level financings across its existing portfolio,
which are expected to generate development, financing, and
transaction-related fees
-- Continued growth in managed capital through new fundraising initiatives
-- Monetization of development projects as they reach key milestones
The Company expects 2026 revenue to be in the range of $18.0 million to $22.0 million with approximately 60% of its anticipated 2026 revenue growth to be driven by debt financing-related activities within its existing portfolio, with the remaining 40% of revenue growth driven by capital formation and asset management activities.
Based on current visibility into its project pipeline and financing initiatives, Caliber believes it is well positioned to achieve adjusted EBITDA profitability and positive net operating income in 2026.
Business Update
The following are key milestones completed both during and subsequent to the fourth quarter ended December 31, 2025.
-- On October 7, 2025, Caliber announced a partnership to deploy EV charging
infrastructure, advancing sustainable asset enhancements across its
portfolio. Caliber has partnered with Current, a leading EV
infrastructure investor and developer, and InCharge Energy, the industry
leader for design-build EV charging infrastructure and InService$(TM)$, the
Company's customizable offering for all-brand charger service,
maintenance, and on-demand repair.
-- On October 31, 2025, Caliber announced that its Board of Directors has
approved a Noteholder Conversion Program authorizing the ability of
holders of certain of Caliber's unsecured corporate notes to convert such
notes into shares of the Company's Class A common stock.
-- On December 11, 2025, Caliber announced that it had staked 75,000 LINK
tokens directly with a leading Chainlink node operator. This marked the
Company's first direct participation in the core infrastructure that
secures the Chainlink Network.
-- On February 27, 2026, Caliber announced the sale of the Holiday Inn
Ocotillo in the Phoenix-Chandler submarket for $13.0 million. The asset
was owned by Caliber Hospitality Trust, Inc. $(CHT)$; Caliber's private
Umbrella Partnership C-Corporation (Up-C) vehicle focused on
transformational and value enhancing opportunities in the hospitality
space. Sale generated liquidity intended for continued growth of the CHT
platform.
Fourth Quarter 2025 Consolidated Financial Results (compared to Fourth Quarter 2024)
-- Total consolidated revenue of $4.1 million, compared to $8.7 million
reflecting the deconsolidation of DoubleTree by Hilton Tucson Convention
Center in Q2 2025
-- Consolidated net loss attributable to Caliber of $7.7 million, or $1.24
per diluted share, compared to net loss attributable to Caliber of $11.4
million or $10.12 per diluted share
-- Consolidated Adjusted EBITDA of $0.2 million, compared to Consolidated
Adjusted EBITDA of $1.5 million
Full Year 2025 Consolidated Financial Results (compared to Full Year 2024)
-- Total consolidated revenue of $20.1 million, compared to $51.1 million
reflecting the deconsolidation of DoubleTree by Hilton Tucson Convention
Center in Q2 2025
-- Consolidated net loss attributable to Caliber of $21.8 million, or $7.70
per diluted share, compared to net loss attributable to Caliber of $19.8
million or $17.90 per diluted share
-- Consolidated Adjusted EBITDA loss of $0.8 million, compared to
Consolidated Adjusted EBITDA of $7.0 million
Conference Call Information
Caliber will host a conference call today, Wednesday, March 25, 2026, at 5:00 p.m. Eastern Time $(ET)$ to discuss its fourth quarter and full year 2025 financial results and business outlook.
To access this call, dial 1-800-715-9871 (domestic) or 1-646-307-1963 (international) and ask to join the Caliber call or use conference ID 9236380.
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.) (NASDAQ: CWD)
Caliber (Nasdaq: CWD) is an alternative investment manager with over $2.6 billion in Managed Assets and a 16-year track record in private equity real estate investing across hospitality, multi-family, and industrial real estate. In 2025, Caliber became the first U.S. public real estate platform to launch a Digital Asset Treasury strategy anchored in Chainlink $(LINK)$. This initiative bridges real and digital asset investing through an equity-funded, disciplined approach that includes staking for yield. Investors can participate via Caliber's publicly traded equity (Nasdaq: CWD) and private real estate funds.
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 in this press release include, but are not limited to: projections regarding revenue, positive net operating income and Adjusted EBITDA profitability; anticipated conversion of the Company's existing project pipeline into realized revenue and; statements that delays in capital markets activity did not reduce the underlying value of the Company's assets or its embedded revenue opportunities. Such 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 periodic reports as filed with the SEC. 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 SHARE AND PER SHARE DATA) (UNAUDITED)
Three Months Ended December 31, 2025
-----------------------------------------------------
Impact of
Consolidated Fund
Platform and Eliminations Consolidated
--------------- ------------------ ----------------
Revenues
Asset management $ 3,996 $ (33) $ 3,963
Performance
allocations 1 1 2
Consolidated
funds -- other
revenue -- 162 162
------- ---- ------- --- --- --------
Total revenues 3,997 130 4,127
------- ---- ------- --- --- --------
Expenses
Operating costs 3,038 (156) 2,882
General and
administrative 1,540 (10) 1,530
Marketing and
advertising 332 1 333
Depreciation and
amortization 188 (7) 181
Consolidated
funds -- other
expenses -- 474 474
------- ---- ------- --- --- --------
Total expenses 5,098 302 5,400
------- ---- ------- --- --- --------
Other expenses,
net (294) (156) (450)
Change in fair
value of digital
assets (5,116) -- (5,116)
Interest income 266 -- 266
Interest expense (1,487) -- (1,487)
------- ---- ------- --- --- --------
Net loss before
income taxes (7,732) (328) (8,060)
Provision for
income taxes -- -- --
------- ---- ------- --- --- --------
Net loss (7,732) (328) (8,060)
Net income
attributable
to
noncontrolling
interests -- (339) (339)
------- ---- ------- --- --------
Net loss
attributable
to CaliberCos
Inc. $ (7,732) $ 11 $ (7,721)
======= ==== ======= === === ========
Basic and diluted
net loss per share $ (1.24) $ (1.24)
Weighted average
common shares
outstanding:
Basic and diluted 6,229 6,229
======= === ========
Three Months Ended December 31, 2024
-----------------------------------------------------
Impact of
Consolidated
Fund and
Platform Eliminations Consolidated
----------------- ---------------- ----------------
Revenues
Asset management
fees $ 4,587 $ (634) $ 3,953
Performance
allocations 1 -- 1
Consolidated
funds --
hospitality
revenue -- 2,943 2,943
Consolidated
funds -- other
revenue -- 1,790 1,790
--------- -------- ---------
Total revenues 4,588 4,099 8,687
--------- -------- ---------
Expenses
Operating costs 8,933 (383) 8,550
General and
administrative 1,327 (11) 1,316
Marketing and
advertising 243 1 244
Depreciation and
amortization 151 3 154
Consolidated
funds --
hospitality
expenses -- 3,312 3,312
Consolidated
funds -- other
expenses -- 465 465
--------- -------- ---------
Total expenses 10,654 3,387 14,041
--------- -------- ---------
Other expenses,
net (4,122) 14 (4,108)
Interest income 45 (10) 35
Interest expense (1,466) -- (1,466)
--------- -------- ---------
Net loss before
income taxes (11,609) 716 (10,893)
Provision for
income taxes -- -- --
--------- -------- ---------
Net loss (11,609) 716 (10,893)
Net loss
attributable
to
noncontrolling
interests -- 495 495
--------- -------- ---------
Net loss
attributable
to CaliberCos
Inc. $ (11,609) $ 221 $ (11,388)
========= ======== =========
Basic and diluted
loss per share $ (10.34) $ (10.12)
Weighted average
common shares
outstanding:
Basic and diluted 1,123 1,123
========= =========
Year Ended December 31, 2025
--------------------------------------------------
Impact of
Consolidated Fund
Platform and Eliminations Consolidated
------------- ----------------- ----------------
Revenues
Asset management $ 15,155 $ (764) $ 14,391
Performance
allocations 33 (6) 27
Consolidated
funds --
hospitality
revenue -- 5,057 5,057
Consolidated
funds -- other
revenue -- 622 622
-------- --- -------- ---------
Total revenues 15,188 4,909 20,097
-------- --- -------- ---------
Expenses
Operating costs 14,455 (607) 13,848
General and
administrative 5,796 (41) 5,755
Marketing and
advertising 795 1 796
Depreciation and
amortization 691 (27) 664
Consolidated
funds --
hospitality
expenses -- 4,743 4,743
Consolidated
funds -- other
expenses -- 1,865 1,865
-------- --- -------- ---------
Total expenses 21,737 5,934 27,671
-------- --- -------- ---------
Other expenses,
net (2,533) (771) (3,304)
Change in fair
value of digital
assets (5,793) -- (5,793)
Interest income 357 (1) 356
Interest expense (6,712) -- (6,712)
-------- --- -------- ---------
Net loss before
income taxes (21,230) (1,797) (23,027)
Provision for
income taxes -- -- --
-------- --- -------- ---------
Net loss (21,230) (1,797) (23,027)
Net income
attributable
to
noncontrolling
interests -- (1,229) (1,229)
-------- --- -------- ---------
Net loss
attributable
to CaliberCos
Inc. $ (21,230) $ (568) $ (21,798)
======== === ======== =========
Basic and diluted
net loss per share $ (7.50) $ (7.70)
Weighted average
common shares
outstanding:
Basic and diluted 2,830 2,830
======== =========
Year Ended December 31, 2024
--------------------------------------------------
Impact of
Consolidated Fund
Platform and Eliminations Consolidated
------------- ----------------- ----------------
Revenues
Asset management $ 20,563 $ (3,684) $ 16,879
Performance
allocations 379 (21) 358
Consolidated
funds --
hospitality
revenue -- 26,476 26,476
Consolidated
funds -- other
revenue -- 7,406 7,406
-------- --- -------- ---------
Total revenues 20,942 30,177 51,119
-------- --- -------- ---------
Expenses
Operating costs 24,904 (965) 23,939
General and
administrative 6,817 (41) 6,776
Marketing and
advertising 751 -- 751
Depreciation and
amortization 598 (5) 593
Consolidated
funds --
hospitality
expenses -- 26,503 26,503
Consolidated
funds -- other
expenses -- 5,870 5,870
-------- --- -------- ---------
Total expenses 33,070 31,362 64,432
-------- --- -------- ---------
Other expenses,
net (2,654) (439) (3,093)
Interest income 559 (199) 360
Interest expense (5,424) -- (5,424)
-------- --- -------- ---------
Net loss before
income taxes (19,647) (1,823) (21,470)
Provision for
income taxes -- -- --
-------- --- -------- ---------
Net loss (19,647) (1,823) (21,470)
Net loss
attributable
to
noncontrolling
interests -- (1,693) (1,693)
-------- --- -------- ---------
Net loss
attributable
to CaliberCos
Inc. $ (19,647) $ (130) $ (19,777)
======== === ======== =========
Basic and diluted
loss per share $ (17.86) $ (17.90)
Weighted average
common shares
outstanding:
Basic and diluted 1,100 1,100
======== =========
__________________________________________
(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.
PLATFORM REVENUE (1)
(AMOUNTS IN THOUSANDS) (UNAUDITED)
Three Months Ended December
31, Year Ended December 31,
---------------------------- --------------------------
2025 2024 2025 2024
------------- ------------- ------------ ------------
Fund
management
fees $ 3,016 $ 2,844 $ 11,281 $ 12,318
Financing fees 70 34 643 650
Development
and
construction
fees 508 1,685 2,442 6,751
Brokerage fees 402 24 789 844
--- -------- --- -------- -------- --------
Total asset
management 3,996 4,587 15,155 20,563
Performance
allocations 1 1 33 379
--- -------- --- -------- -------- --------
Total
revenue $ 3,997 $ 4,588 $ 15,188 $ 20,942
=== ======== === ======== ======== ========
___________________________________________
(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.
FVAUM 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(1) 10,300
Construction and net market appreciation 25,800
Credit(3) 379
Other(3) (644)
-------
Balances as of March 31, 2025 830,758
Construction and net market appreciation (25,313)
Assets sold or disposed(2) (1,487)
Credit(3) 627
Other(3) (1,409)
-------
Balances as of June 30, 2025 803,176
Construction and net market appreciation (6,683)
Assets sold or disposed(2) (1,917)
Credit(3) 2,334
Other(3) 123
-------
Balances as of September 30, 2025 797,033
Assets acquired(1) 2,019
Construction and net market appreciation 1,837
Assets sold or disposed(2) (27,756)
Credit(3) 6,472
Other(3) 125
-------
Balances as of December 31, 2025 $779,730
=======
___________________________________________
(1() Assets acquired during the year ended December 31, 2025 include one self storage property in Colorado and one land parcel intended for hotel development in Texas.
(2() Assets sold during the year ended December 31, 2025 include three hospitality assets and various lot sales related to development assets.
(3) Other FV AUM represents undeployed capital held in our diversified funds.
(4) Credit FV AUM represents loans made to Caliber's investment funds by our diversified credit fund.
FV AUM, by asset class
(AMOUNTS IN THOUSANDS) (UNAUDITED)
December 31, 2025 December 31, 2024
------------------- -------------------
Real Estate
Hospitality $ 55,600 $ 68,500
Caliber Hospitality Trust 191,900 236,800
Residential 165,900 161,700
Commercial 280,000 249,600
--- -------------- --- --------------
Total Real Estate 693,400 716,600
Credit((1) 82,163 72,351
Other((2) 4,167 5,972
--- -------------- --- --------------
Total $ 779,730 $ 794,923
=== ============== === ==============
___________________________________________
(1) Other FV AUM represents undeployed capital held in our diversified funds.
(2) Credit FV AUM represents loans made to Caliber's investment funds by our diversified credit fund.
MANAGED CAPITAL
(AMOUNTS IN THOUSANDS) (UNAUDITED)
Managed Capital
---------------------
Balances as of December 31, 2024 $ 492,542
Originations 2,990
Return of capital (315)
Balances 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
Originations 11,197
Balances as of December 31, 2025 $ 517,186
==============
December 31, 2025 December 31, 2024
------------------- ---------------------
Real Estate
Hospitality $ 49,289 $ 49,260
Caliber Hospitality Trust(1) 97,037 97,414
Residential 103,961 96,687
Commercial 180,569 170,858
--- -------------- --------------
Total Real Estate(2) 430,856 414,219
Credit(3) 82,163 72,351
Other(4) 4,167 5,972
--- -------------- --------------
Total $ 517,186 $ 492,542
=== ============== ==============
_________________________________________
(1) The Company earns a fund management fee of 0.70% of the Caliber Hospitality Trust's enterprise value and is reimbursed for certain costs incurred on behalf of the Caliber Hospitality Trust.
(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 December 31, 2025 and December 31, 2024, the Company had invested $11.6 million and $20.4 million, respectively, in our funds.
(3) Credit managed capital represents loans made to Caliber's investment funds by the Company and our diversified funds. As of December 31, 2025 and December 31, 2024, the Company had loaned $8.5 million and $0.4 million, respectively, to our funds.
(4) Other managed capital represents undeployed 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
CONSOLIDATED STATEMENTS OF OPERATIONS
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)
Three Months Ended Year Ended December
December 31, 31,
----------------------
2025 2024 2025 2024
Revenues
Asset
management
revenues $ 3,963 $ 3,953 $ 14,391 $ 16,879
Performance
allocations 2 1 27 358
Consolidated
funds --
hospitality
revenues -- 2,943 5,057 26,476
Consolidated
funds -- other
revenues 162 1,790 622 7,406
------ ------- ------- -------
Total
revenues 4,127 8,687 20,097 51,119
------ ------- ------- -------
Expenses
Operating costs 2,882 8,550 13,848 23,939
General and
administrative 1,530 1,316 5,755 6,776
Marketing and
advertising 333 244 796 751
Depreciation
and
amortization 181 154 664 593
Consolidated
funds --
hospitality
expenses -- 3,312 4,743 26,503
Consolidated
funds -- other
expenses 474 465 1,865 5,870
------ ------- ------- -------
Total
expenses 5,400 14,041 27,671 64,432
------ ------- ------- -------
Other expense, net (450) (4,108) (3,304) (3,093)
Change in fair
value of digital
assets (5,116) -- (5,793) --
Interest income 266 35 356 360
Interest expense (1,487) (1,466) (6,712) (5,424)
------ ------- ------- -------
Net loss before
income taxes (8,060) (10,893) (23,027) (21,470)
Benefit from income
taxes -- -- -- --
------ ------- ------- -------
Net loss (8,060) (10,893) (23,027) (21,470)
Net loss
attributable to
noncontrolling
interests (339) 495 (1,229) (1,693)
------ ------- ------- -------
Net loss
attributable to
CaliberCos Inc. (7,721) (11,388) (21,798) (19,777)
====== ======= ======= =======
Basic and diluted
net loss per share
attributable to
common
stockholders $ (1.24) $ (10.12) $ (7.70) $ (17.90)
Weighted average
common shares
outstanding:
Basic and diluted 6,229 1,123 2,830 1,100
====== ======= ======= =======
CALIBERCOS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE
DATA)
December 31, 2025 December 31, 2024
ASSETS
Cash $ 2,538 $ 1,766
Restricted cash 2,628 2,582
Real estate investments, net 21,689 21,572
Digital assets 6,850 --
Notes receivable - related parties 7,348 105
Due from related parties, net 10,086 6,965
Investments in unconsolidated
entities 11,624 15,643
Operating lease - right of use
assets 98 147
Prepaid and other assets 2,368 3,501
Assets of consolidated funds
Cash 326 549
Restricted cash 524 --
Real estate investments, net 10,807 45,090
Intangible assets, net 46,330 --
Notes receivable - related parties 936 6,848
Due from related parties 220 320
Operating lease - right of use
assets 10,757 --
Prepaid and other assets 267 447
--- -------------- --- --------------
Total assets $ 135,396 $ 105,535
=== ============== === ==============
CALIBERCOS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE
DATA)
December 31, 2025 December 31, 2024
------------------- ---------------------
LIABILITIES AND STOCKHOLDERS'
EQUITY (DEFICIT)
Notes payable, net $ 46,347 $ 50,450
Accounts payable and accrued
expenses 7,325 9,532
Series AA cumulative
redeemable preferred stock,
net of issuance costs, $25.00
per share stated value,
800,000 shares authorized,
221,434 and zero shares issued
and outstanding as of December
31, 2025 and 2024,
respectively 5,101 --
Due to related parties 186 313
Operating lease liabilities 64 93
Other liabilities 771 750
Liabilities of
consolidated funds
Notes payable, net 33,605 29,172
Notes payable - related
parties 2,330 2,047
Accounts payable and accrued
expenses 1,719 1,207
Due to related parties 861 79
Operating lease liabilities 10,757 --
Other liabilities 99 639
-------------- --------------
Total liabilities 109,165 94,282
-------------- --------------
Commitments and Contingencies
Preferred stock - Series A,
$0.001 par value; 22,500,000
authorized and 5,875 and 5,000
shares issued and outstanding
as of December 31, 2025 and
2024, respectively -- --
Preferred stock - Series B,
$0.001 par value; 50,000
authorized and 15,868 and zero
shares issued and outstanding
as of December 31, 2025 and
2024, respectfully -- --
Common stock Class A, $0.001
par value; 100,000,000 shares
authorized, 6,534,319 and
759,370 shares issued and
outstanding as of December
31, 2025 and 2024,
respectively 7 1
Common stock Class B, $0.001
par value; 15,000,000 shares
authorized, 370,822 shares
issued and outstanding as of
both December 31, 2025 and
2024 -- --
Paid-in capital 79,731 44,017
Accumulated deficit (78,405) (56,607)
-------------- --------------
Stockholders' (deficit) equity
attributable to CaliberCos
Inc. 1,333 (12,589)
Stockholders' equity
attributable to
noncontrolling interests 24,898 23,842
-------------- --------------
Total stockholders' equity 26,231 11,253
-------------- --------------
Total liabilities and
stockholders' equity $ 135,396 $ 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:
1. 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.
2. 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 Year Ended December
December 31, 31,
----------------------
2025 2024 2025 2024
------ ------- ------- -------
Net loss
attributable to
CaliberCos Inc. $(7,721) $(11,388) $(21,798) $(19,777)
Net (loss)
income
attributable
to
noncontrolling
interests (339) 495 (1,229) (1,693)
------ ------- ------- -------
Net loss (8,060) (10,893) (23,027) (21,470)
Provision for
income taxes -- -- -- --
------ ------- ------- -------
Net loss before
income taxes (8,060) (10,893) (23,027) (21,470)
Depreciation
and
amortization 188 151 691 598
Consolidated
funds' impact
on fee-related
earnings 172 (712) 1,025 1,185
Stock-based
compensation 335 656 1,697 2,378
Severance (82) 41 1,016 244
Performance
allocations (2) (1) (27) (358)
Other (income)
expenses, net (37) (196) (360) (1,211)
Investments
impairment 390 -- 2,808 4,304
Change in fair
value of
digital
assets 5,116 -- 5,793 --
Bad debt
expense (59) -- 85 4,079
Interest
expense, net 1,221 1,421 6,355 4,865
------ ------- ------- -------
Fee-related
earnings (818) (1,150) (3,944) (5,386)
Performance
allocations 2 1 27 358
Interest
expense, net (1,221) (1,421) (6,355) (4,865)
Provision for
income taxes -- -- -- --
------ ------- ------- -------
Distributable
earnings (2,037) (2,570) (10,272) (9,893)
Interest
expense 1,487 1,466 6,712 5,424
Other expenses
(income), net 37 196 360 1,211
Provision for
income taxes -- -- -- --
Consolidated
funds' impact
on Caliber
adjusted
EBITDA 156 (94) 772 548
------ ------- ------- -------
Platform adjusted
EBITDA (357) (1,002) (2,428) (2,710)
Consolidated
funds' EBITDA
adjustments 110 2,517 1,633 9,694
------ ------- ------- -------
Consolidated
adjusted EBITDA $ (247) $ 1,515 $ (795) $ 6,984
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(END) Dow Jones Newswires
March 25, 2026 16:15 ET (20:15 GMT)
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