First Quarter 2026 Platform Financial Results (compared to First Quarter 2025)
Platform revenue of $4.1 million, compared to $3.5 million.
Asset management revenue of $4.1 million increased by $0.5 million, due to nonrecurring fee income.
No significant performance allocations were earned, compared to prior period.
Platform net loss of $4.3 million, or $0.62 per diluted share, compared to Platform net loss of $4.1 million, or $3.59 per diluted share.
Platform Adjusted EBITDA loss of $0.3 million, compared to Platform Adjusted EBITDA of $1.4 million.
First Quarter 2026 Digital Asset Treasury Financial Highlights
As of March 31, 2026, Caliber's digital asset treasury held 507,560 LINK tokens (LINK) with a fair value of $4.5 million.
Caliber continues to advance the tokenization of two real estate projects, supporting the Company's strategy to integrate blockchain infrastructure into its real estate fund offerings.
During the first quarter, the Company sold 55,076 LINK for proceeds of $0.5 million, with proceeds redeployed into the Company's real estate platform to support the closing of project-level financings, including the Steamboat Hyatt Studios development.
Management Commentary
"Our first quarter results were in line with the internal plan we built for 2026," said Chris Loeffler, CEO of Caliber. "Platform revenue grew nearly 16% year over year, our Platform Adjusted EBITDA loss narrowed by $1.0 million, and we executed across both sides of the revenue plan we communicated at year-end, capital formation and project-level financings."
"On capital formation, we have launched three of the four planned investor offerings supporting our Hyatt Studios development platform, advanced our PURE Pickleball & Padel project to building permit approval, and are preparing to launch our Tonto 1031 exchange apartments offering. On project financing, we fully capitalized our first Hyatt Studios development in Steamboat Springs, CO, with construction expected to begin during the second quarter. Capitalizing Steamboat reflects our integrated approach to capital allocation across the platform, including the disciplined use of our LINK treasury to support real estate execution that drives our 2026 revenue plan."
"With our Platform Adjusted EBITDA loss of less than half a million dollars in the first quarter, we are operating close to break-even at the platform level. Our focus for the balance of 2026 is converting the project pipeline we have built into realized revenue, and we are reaffirming our full-year guidance today."
2026 Outlook and Path to Profitability
Caliber today reaffirmed its previously issued 2026 financial guidance:
Total revenue in the range of $18.0 million to $22.0 million
Positive net operating income
Adjusted EBITDA profitability
As previously disclosed, Caliber expects approximately 60% of its anticipated 2026 revenue growth to be driven by debt financing-related activities within its existing portfolio, with the remaining 40% driven by capital formation and asset management activities.
Consistent with the milestone-driven nature of the Company's revenue model, management continues to expect 2026 revenue to be weighted toward the back half of the year as additional project-level financings close and reach revenue-generating milestones.
Business Update
The following are key milestones completed both during and after the first quarter ended March 31, 2026.
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. Proceeds were utilized for debt reduction and growth initiatives.
On March 30, 2026, Caliber announced that an institutional investor elected to convert approximately $15.9 million of perpetual convertible preferred equity into 63,472 shares of the Company's Class A common stock, simplifying the cap table.
On March 31, 2026, Caliber announced that J. Alan Reid, Jr. has been nominated to join its Board of Directors as an independent director and is expected to join after the stockholder meeting on May 14, 2026.
On April 13, 2026, Caliber announced that PURE Pickleball & Padel, its co-developed 196,000-square-foot indoor pickleball and padel facility adjacent to Scottsdale, Arizona at Riverwalk on the Salt River Pima-Maricopa Indian Community, has recently received all required building permits, clearing the final regulatory hurdle and positioning the project for groundbreaking.
On April 14, 2026, Caliber announced continued progress in its corporate debt reduction strategy through the completion of the second round of Noteholder Conversion Program, which resulted in the repayment of approximately $1.9 million of unsecured corporate notes with shares of Caliber's Class A common stock in a voluntary conversion program elected by the individual noteholders. In addition, approximately $1.5 million of notes were repaid with the issuance of Series AAA Convertible Preferred Stock.
On April 22, 2026, Caliber announced that it continues to execute on its multi-market Hyatt Studios development platform, advancing three hospitality projects across high-conviction markets: Steamboat Springs, CO; Riverwalk/Scottsdale, AZ; and Georgetown, TX. The first project in Steamboat Springs closed acquisition and construction financing in April 2026 and is expected to break ground during the second quarter of 2026. The platform represents a focused effort to capitalize on supply-constrained markets and growing demand for extended-stay hospitality.
First Quarter 2026 Consolidated Financial Results (compared to First Quarter 2025)
Total consolidated revenue of $4.3 million, compared to $7.3 million reflecting the deconsolidation of DoubleTree by Hilton Tucson Convention Center in Q2 2025 and the consolidation of Commons Fundco LLC in Q1 2026, following the refinance of the assets.
Consolidated net loss attributable to Caliber of $3.6 million, or $0.52 per diluted share, compared to net loss attributable to Caliber of $4.4 million or $3.85 per diluted share.
Consolidated Adjusted EBITDA loss of $0.7 million, compared to Consolidated Adjusted EBITDA loss of $0.1 million.
Conference Call Information
Caliber will host a conference call today, Wednesday, May 13, 2026, at 5:00 p.m. Eastern Time (ET) to discuss its first quarter 2026 financial results and business outlook.
To access this call, Investors and interested parties can access the live earnings call by dialing (800) 715-9871 (domestic) or (646) 307-1963 (international) and ask to join the Caliber call or use conference ID 5168652.
A live webcast of the conference call will be available via the investor relations section of Caliber's website under "Financial Results." The webcast replay of the conference call will be available on Caliber's website shortly after the call concludes.
Platform Definition
Within this earnings release, we refer to performance results of the ‘Platform'. Platform refers to the performance of CWD itself, excluding the performance of certain assets & funds that are included in our consolidated results, as required by the United States generally accepted accounting principles ("GAAP"). Management believes that Platform performance offers the most meaningful information needed to understand the value of CWD. The assets and funds that are consolidated into our GAAP presentation are included because Caliber is a guarantor of debt held by these assets and funds.
While GAAP consolidation rules require CWD to include the performance and cash flows of these assets & funds in our consolidated financial information, CWD does not benefit from the performance of those assets & funds, except to the extent that CWD earns fees from managing the assets and funds (which are included in the Platform results). Management believes presenting Platform results, which exclude consolidated assets, directly shows the business performance that CWD stockholders benefit from.
About Caliber (CaliberCos Inc.)
Caliber (NASDAQ:CWD) is a real estate-focused alternative asset manager with over $2.6 billion in Managed Assets and a 17-year track record investing in middle-market hospitality and multifamily real estate. The Company operates an institutional-quality asset management platform paired with a boutique, hands-on investment approach focused on value creation in underserved market segments. In 2025, Caliber integrated digital asset infrastructure into its platform by investing in LINK, the token underlying Chainlink, a key technology enabling real estate fund tokenization, and is implementing blockchain and tokenization strategies across its investment platform to enhance how assets are financed, owned, and accessed. Investors can participate in Caliber through its publicly traded equity (NASDAQ:CWD), which provides exposure to both its real estate platform and digital asset holdings, and through its private real estate investment funds for accredited investors and financial professionals.
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[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 PER SHARE DATA) (UNAUDITED)
Three Months Ended March 31, 2026
Platform
Impact of Consolidated Funds and Eliminations
Consolidated
Revenues
Asset management
$
4,071
$
(407
)
$
3,664
Performance allocations
34
—
34
Consolidated funds, other revenue
—
596
596
Total revenues
4,105
189
4,294
Expenses
Operating costs
3,255
(167
)
3,088
General and administrative
1,811
(10
)
1,801
Marketing and advertising
178
—
178
Depreciation and amortization
183
(8
)
175
Consolidated funds, other expenses
—
1,797
1,797
Total expenses
5,427
1,612
7,039
Other loss, net
17
(172
)
(155
)
Unrealized loss on digital assets
(1,896
)
—
(1,896
)
Interest income
252
—
252
Interest expense
(1,387
)
—
(1,387
)
Net loss before income taxes
(4,336
)
(1,595
)
(5,931
)
Provision for income taxes
—
—
—
Net loss
(4,336
)
(1,595
)
(5,931
)
Net loss attributable to noncontrolling interests
—
(2,312
)
(2,312
)
Net (loss) income attributable to CaliberCos Inc.
$
(4,336
)
$
717
$
(3,619
)
Basic and diluted net loss per share
$
(0.62
)
$
(0.52
)
Weighted average common shares outstanding:
Basic and diluted
7,000
7,000
(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 March 31, 2025
Platform
Impact of Consolidated Funds and Eliminations
Consolidated
Revenues
Asset management
$
3,542
$
(346
)
$
3,196
Performance allocations
7
(6
)
1
Consolidated funds, hospitality revenue
—
3,919
3,919
Consolidated funds, other revenue
—
145
145
Total revenues
3,549
3,712
7,261
Expenses
Operating costs
4,168
(124
)
4,044
General and administrative
1,592
(11
)
1,581
Marketing and advertising
165
—
165
Depreciation and amortization
162
(5
)
157
Consolidated funds, hospitality expenses
