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™, 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[email protected]
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
Platform
Impact ofConsolidated Fundand 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
Platform
Impact ofConsolidated Fundand 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
Platform
Impact ofConsolidated Fundand 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
