8-K
CaliberCos Inc. (CWD)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported):
August 13, 2025
CALIBERCOS INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
| 001-41703 | 47-2426901 | |||
|---|---|---|---|---|
| (Commission File Number) | (IRS Employer Identification No.) | 8901 E. Mountain View Rd. Ste. 150, Scottsdale, AZ | 85258 | |
| --- | --- | |||
| (Address of Principal Executive Offices) | (Zip Code) |
(480) 295-7600
(Registrant’s Telephone Number, Including Area Code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbols | Name of each exchange on which registered |
|---|---|---|
| Class A Common Stock, par value $0.001 | CWD | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company x
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02. Results of Operations and Financial Condition.
On August 13, 2025, CaliberCos Inc. (the “Company”) issued a press release and earnings supplemental reporting second quarter financial results. The Company also released supplemental financial results for its asset management “Platform” business. A copy of the press release, earnings supplemental, and Platform supplemental financial results are attached hereto as Exhibit 99.1, Exhibit 99.2, and Exhibit 99.3 and the information therein is incorporated herein by reference.
The information contained in this Item 2.02 and in the accompanying Exhibit 99.1, Exhibit 99.2, Exhibit 99.3 shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended (the “Securities Act”), except as shall be expressly set forth by specific reference in such filing.
Item 7.01. Regulation FD Disclosure.
The information under Item 2.02, above, is incorporated herein by reference.
The information reported under Items 2.02 and 7.01 in this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2 attached hereto, shall not be deemed filed for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, regardless of any general incorporation language in such filing.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits
| Exhibit<br><br>No. | Exhibit |
|---|---|
| 99.1 | Press release datedAugust 13, 2025 relating tosecondquarter financial results and related matters |
| 99.2 | Earnings supplemental related to the second quarter financial results and related matters |
| 99.3 | Platform supplemental financial results with second quarter financial results |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CaliberCos Inc. | ||
|---|---|---|
| August 13, 2025 | ||
| By: | /s/ John C. Loeffler, II | |
| Name: | John C. Loeffler, II | |
| Title: | Chairman and Chief Executive Officer |
Document
Exhibit 99.1
CALIBER REPORTS SECOND QUARTER 2025 RESULTS
Company remains on track for its goal of achieving platform adjusted EBITDA profitability in the second half of 2025
SCOTTSDALE, Ariz., August 13, 2025 (GLOBE NEWSWIRE) – Caliber (NASDAQ: CWD; “CaliberCos Inc.”), a real estate investor, developer, and asset manager, today reported results for the second quarter ended on June 30, 2025.
Second Quarter 2025 Platform Financial Highlights (compared to Second Quarter 2024)
•Platform revenue of $4.1 million, compared to $4.2 million
◦Asset management revenue of $4.1 million drove the stated results
◦No significant performance allocations were earned, compared to prior period
•Platform net loss of $4.9 million, or $3.87 per diluted share, compared to Platform net loss of $4.6 million, or $4.25 per diluted share
•Platform Adjusted EBITDA loss of $0.1 million, compared to Platform Adjusted EBITDA loss of $2.5 million
Management Commentary
“The second quarter results were another positive step in our previously announced plan to achieve platform adjusted EBITDA profitability in the second half of 2025”, said Chris Loeffler, CEO of Caliber. “We have reduced corporate overhead, narrowed our focus on hospitality, multifamily, multi-tenant industrial real estate, and opportunistic strategies to enhance the platform. We expect this focus to continue to generate positive momentum in many of our projects, which sets up Caliber for a solid second half of 2025. Also, we are encouraged by the recent passage of the BBB, which resulted in making the opportunity zone program permanent, driving forward Caliber's largest and most successful investment fund strategy.”
Business Update
The following are key milestones completed during the second quarter ended June 30, 2025.
•On April 22, 2025, Caliber announced the recent Phoenix City Council’s unanimous approval of the Company’s Canyon Village redevelopment project, a retrofit of a distressed +300,000 square foot office building to a 376-unit rental multifamily residential building. The project also benefits from opportunity zone tax incentives.
•On May 8, 2025, Caliber announced that its joint venture development, PURE Pickleball & Padel™ has gained Design Review approval from the Salt River Pima-Maricopa Indian Community (SRPMIC) Planning Department. This approval positions the project to seek a building permit once final construction documents are complete, with a planned ground-breaking shortly after receiving the permit.
•On May 21, 2025, Caliber announced the successful closing of a $22.5 million refinance for the Doubletree by Hilton Hotel in Tucson, AZ. The property is held within Caliber’s Tax Advantaged Opportunity Zone Fund. Citi provided the funding and Arriba Capital served as the financial advisor on the cash-out refinance.
Second Quarter 2025 Consolidated Financial Results (compared to Second Quarter 2024)
•Total consolidated revenue of $5.1 million, compared to $8.2 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
•Consolidated net loss attributable to Caliber of $5.3 million, or $4.15 per diluted share, compared to net loss attributable to Caliber of $4.7 million or $4.34 per diluted share
•Consolidated Adjusted EBITDA of $0.1 million, compared to Consolidated Adjusted EBITDA loss of $1.0 million
Conference Call Information
Caliber will host a conference call today, Wednesday, August 13, 2025, at 5:00 p.m. Eastern Time (ET) to discuss its second 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 7312901.
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 Financial Highlights
Within this earnings release, we refer to performance results of the ‘Platform’. Platform refers to the performance of CWD itself, excluding the performance of any assets and 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 and funds in our consolidated financial information, CWD does not benefit from the performance of those assets and 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)
With over $2.8 billion of managed assets, including estimated costs to complete assets under development, Caliber’s 16-year track record of managing and developing real estate is built on a singular goal: to make money in all market conditions, specializing in hospitality, multi-family residential, and multi-tenant industrial. Our growth is fueled by performance and a key competitive advantage: we invest in projects, strategies, and geographies that global real estate institutions often overlook. Integral to this advantage is our in-house shared services group, which gives Caliber greater control over our real estate and enhanced visibility to future investment opportunities. There are multiple ways to participate in Caliber’s success: invest in Nasdaq-listed CaliberCos Inc. and/or invest directly in our Private 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 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 including, but not limited to, the Company’s ability to adequately grow cumulative fundraising, AUM and annualized platform revenue to meet 2026 targeted goals, and the viability of and ability of the Company to adequately access the real estate and capital markets. 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 June 30, 2025 | ||||||
|---|---|---|---|---|---|---|
| Platform | Impact of Consolidated Funds and Eliminations | Consolidated | ||||
| Revenues | ||||||
| Asset management | $ | 4,103 | $ | (357) | $ | 3,746 |
| Performance allocations | 23 | (1) | 22 | |||
| Consolidated funds – hospitality revenue | — | 1,138 | 1,138 | |||
| Consolidated funds – other revenue | — | 167 | 167 | |||
| Total revenues | 4,126 | 947 | 5,073 | |||
| Expenses | ||||||
| Operating costs | 3,841 | (170) | 3,671 | |||
| General and administrative | 1,183 | (10) | 1,173 | |||
| Marketing and advertising | 147 | — | 147 | |||
| Depreciation and amortization | 174 | (8) | 166 | |||
| Consolidated funds – hospitality expenses | — | 1,278 | 1,278 | |||
| Consolidated funds – other expenses | — | 466 | 466 | |||
| Total expenses | 5,345 | 1,556 | 6,901 | |||
| Other loss, net | (2,014) | (150) | (2,164) | |||
| Interest income | 30 | — | 30 | |||
| Interest expense | (1,738) | — | (1,738) | |||
| Net loss before income taxes | $ | (4,941) | $ | (759) | $ | (5,700) |
| Provision for income taxes | — | — | — | |||
| Net loss | (4,941) | (759) | (5,700) | |||
| Net loss attributable to noncontrolling interests | — | (401) | (401) | |||
| Net loss attributable to CaliberCos Inc. | $ | (4,941) | $ | (358) | $ | (5,299) |
| Basic and Diluted Platform loss per share | $ | (3.87) | $ | (4.15) | ||
| Weighted average common shares outstanding: | ||||||
| Basic and Diluted | 1,278 | 1,278 | ||||
| (1) Represents the results of our asset management platform, which are presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminate noncontrolling interest. | ||||||
| Three Months Ended June 30, 2024 | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| Platform | Impact of Consolidated Funds and Eliminations | Consolidated | ||||
| Revenues | ||||||
| Asset management | $ | 4,179 | $ | (953) | $ | 3,226 |
| Performance allocations | 33 | (17) | 16 | |||
| Consolidated funds – hospitality revenue | — | 2,894 | 2,894 | |||
| Consolidated funds – other revenue | — | 2,043 | 2,043 | |||
| Total revenues | 4,212 | 3,967 | 8,179 | |||
| Expenses | ||||||
| Operating costs | 5,760 | (225) | 5,535 | |||
| General and administrative | 2,091 | (12) | 2,079 | |||
| Marketing and advertising | 227 | — | 227 | |||
| Depreciation and amortization | 119 | 25 | 144 | |||
| Consolidated funds – hospitality expenses | — | 3,312 | 3,312 | |||
| Consolidated funds – other expenses | — | 1,358 | 1,358 | |||
| Total expenses | 8,197 | 4,458 | 12,655 | |||
| Other income (loss), net | 490 | (172) | 318 | |||
| Interest income | 170 | (13) | 157 | |||
| Interest expense | (1,315) | — | (1,315) | |||
| Net loss before income taxes | $ | (4,640) | $ | (676) | $ | (5,316) |
| Provision for income taxes | — | — | — | |||
| Net loss | (4,640) | (676) | (5,316) | |||
| Net loss attributable to noncontrolling interests | — | (586) | (586) | |||
| Net loss attributable to CaliberCos Inc. | $ | (4,640) | $ | (90) | $ | (4,730) |
| Basic and Diluted Platform loss per share | $ | (4.25) | $ | (4.34) | ||
| Weighted average common shares outstanding: | ||||||
| Basic and diluted | 1,091 | 1,091 | ||||
| (1) Represents the results of our asset management platform, which are presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminate noncontrolling interest. |
PLATFORM REVENUE(1)
(AMOUNTS IN THOUSANDS) (UNAUDITED)
| Three Months Ended June 30, | ||||
|---|---|---|---|---|
| 2025 | 2024 | |||
| Fund management fees | 2,739 | 3,330 | ||
| Financing fees | 292 | 80 | ||
| Development and construction fees | 979 | 328 | ||
| Brokerage fees | 93 | 441 | ||
| Total asset management | 4,103 | 4,179 | ||
| Performance allocations | 23 | 33 | ||
| Total revenue | $ | 4,126 | $ | 4,212 |
___________________________________________
(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 |
FV AUM, by asset class
(AMOUNTS IN THOUSANDS) (UNAUDITED)
| June 30, 2025 | December 31, 2024 | |||
|---|---|---|---|---|
| Real Estate | ||||
| Hospitality | $ | 61,200 | $ | 68,500 |
| Caliber Hospitality Trust | 217,300 | 236,800 | ||
| Residential | 170,400 | 161,700 | ||
| Commercial | 277,000 | 249,600 | ||
| Total Real Estate | 725,900 | 716,600 | ||
| Credit(1) | 73,357 | 72,351 | ||
| Other(2) | 3,919 | 5,972 | ||
| Total | $ | 803,176 | $ | 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 | ||
| June 30, 2025 | December 31, 2024 | |||
| Real Estate | ||||
| Hospitality | $ | 49,260 | $ | 49,260 |
| Caliber Hospitality Trust(1) | 97,207 | 97,414 | ||
| Residential | 98,682 | 96,687 | ||
| Commercial | 176,142 | 170,858 | ||
| Total Real Estate(2) | 421,291 | 414,219 | ||
| Credit(3) | 73,357 | 72,351 | ||
| Other(4) | 3,919 | 5,972 | ||
| Total | $ | 498,567 | $ | 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 June 30, 2025 and December 31, 2024, the Company had invested $12.3 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 June 30, 2025 and December 31, 2024, the Company had loaned $0.9 million to our funds.
(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 June 30, | ||||
|---|---|---|---|---|
| 2025 | 2024 | |||
| (unaudited) | ||||
| Revenues | ||||
| Asset management revenues | $ | 3,746 | $ | 3,226 |
| Performance allocations | 22 | 16 | ||
| Consolidated funds – hospitality revenues | 1,138 | 2,894 | ||
| Consolidated funds – other revenues | 167 | 2,043 | ||
| Total revenues | 5,073 | 8,179 | ||
| Expenses | ||||
| Operating costs | 3,671 | 5,535 | ||
| General and administrative | 1,173 | 2,079 | ||
| Marketing and advertising | 147 | 227 | ||
| Depreciation and amortization | 166 | 144 | ||
| Consolidated funds – hospitality expenses | 1,278 | 3,312 | ||
| Consolidated funds – other expenses | 466 | 1,358 | ||
| Total expenses | 6,901 | 12,655 | ||
| Other (loss) income, net | (2,164) | 318 | ||
| Interest income | 30 | 157 | ||
| Interest expense | (1,738) | (1,315) | ||
| Net loss before income taxes | (5,700) | (5,316) | ||
| Benefit from income taxes | — | — | ||
| Net loss | (5,700) | (5,316) | ||
| Net loss attributable to noncontrolling interests | (401) | (586) | ||
| Net loss attributable to CaliberCos Inc. | $ | (5,299) | $ | (4,730) |
| Basic and diluted net loss per share attributable to common stockholders | $ | (4.15) | $ | (4.34) |
| Weighted average common shares outstanding: | ||||
| Basic and diluted | 1,278 | 1,091 |
CALIBERCOS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA)
| June 30, 2025 | December 31, 2024 | |||
|---|---|---|---|---|
| (unaudited) | ||||
| Assets | ||||
| Cash | $ | 586 | $ | 1,766 |
| Restricted cash | 2,559 | 2,582 | ||
| Real estate investments, net | 21,714 | 21,572 | ||
| Notes receivable - related parties, allowance of $296 and zero, respectively | 384 | 105 | ||
| Due from related parties, allowance of $4,098 and $3,985, respectively | 7,092 | 6,965 | ||
| Investments in unconsolidated entities | 12,212 | 15,643 | ||
| Operating lease - right of use assets | 123 | 147 | ||
| Prepaid and other assets | 2,708 | 3,501 | ||
| Assets of consolidated funds | ||||
| Cash | 97 | 549 | ||
| Restricted cash | 209 | — | ||
| Real estate investments, net | 10,397 | 45,090 | ||
| Notes receivable - related parties | 994 | 6,848 | ||
| Due from related parties, allowance of zero and $28, respectively | 157 | 320 | ||
| Prepaid and other assets | 28 | 447 | ||
| Total assets | $ | 59,260 | $ | 105,535 |
| Liabilities and Stockholders’ (Deficit) Equity | ||||
| Notes payable, net | $ | 50,518 | $ | 50,450 |
| Accounts payable and accrued expenses | 9,652 | 9,532 | ||
| Series AA cumulative redeemable preferred stock, net of issuance costs, $25.00 per share stated value, 800,000 shares authorized, 36,770 and zero shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively | 843 | — | ||
| Due to related parties | 479 | 313 | ||
| Operating lease liabilities | 79 | 93 | ||
| Other liabilities | 1,049 | 750 | ||
| Liabilities of consolidated funds | ||||
| Notes payable, net | 11,631 | 29,172 | ||
| Notes payable - related parties | 2,183 | 2,047 | ||
| Accounts payable and accrued expenses | 375 | 1,207 | ||
| Due to related parties | 1 | 79 | ||
| Other liabilities | 54 | 639 | ||
| Total liabilities | 76,864 | 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)
| June 30, 2025 | December 31, 2024 | |||
|---|---|---|---|---|
| Series A non-cumulative convertible preferred stock, $0.001 par value; 22,500,000 shares authorized, and 5,875 and 5,000 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively | — | — | ||
| Common stock Class A, $0.001 par value; 100,000,000 shares authorized, 951,386 and 759,370 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively | 1 | 1 | ||
| Common stock Class B, $0.001 par value; 15,000,000 shares authorized, 370,822 shares issued and outstanding as June 30, 2025 and December 31, 2024 | — | — | ||
| Paid-in capital | 46,462 | 44,017 | ||
| Accumulated deficit | (66,313) | (56,607) | ||
| Stockholders’ deficit attributable to CaliberCos Inc. | (19,850) | (12,589) | ||
| Stockholders’ equity attributable to noncontrolling interests | 2,246 | 23,842 | ||
| Total stockholders’ (deficit) equity | (17,604) | 11,253 | ||
| Total liabilities and stockholders’ (deficit) equity | $ | 59,260 | $ | 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:
i.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.
ii.Fair Value (“FV”) AUM – we define this is as the aggregate fair value of the real estate assets we manage and from which we derive management fees, performance revenues and other fees and expense reimbursements. We estimate the value of these assets quarterly to help make sale and hold decisions and to evaluate whether an existing asset would benefit from refinancing or recapitalization. This also gives us insight into the value of our carried interest at any point in time. We also utilize FV AUM to predict the percentage of our portfolio which may need development services in a given year, fund management services (such as refinance), and brokerage services. As we control the decision to hire for these services, our service income is generally predictable based upon our current portfolio AUM and our expectations for AUM growth in the year forecasted.
Non-GAAP Measures
We use non-GAAP financial measures to evaluate operating performance, identify trends, formulate financial projections, make strategic decisions, and for other discretionary purposes. We believe that these measures enhance the understanding of ongoing operations and comparability of current results to prior periods and may be useful for investors to analyze our financial performance because they provide investors a view of the performance attributable to CaliberCos Inc. When analyzing our operating performance, investors should use these measures in addition to, and not as an alternative for, their most directly comparable financial measure calculated and presented in accordance with U.S. GAAP. Our presentation of non-GAAP measures may not be comparable to similarly identified measures of other companies because not all companies use the same calculations. These measures may also differ from the amounts calculated under similarly titled definitions in our debt instruments, which amounts are further adjusted to reflect certain other cash and non-cash charges and are used by us to determine compliance with financial covenants therein and our ability to engage in certain activities, such as incurring additional debt and making certain restricted payments.
Asset Management Platform or Platform
Platform refers to the performance of the Caliber asset management platform, which generates revenues and expenses from managing our investment portfolio, which does not include any consolidated assets or funds. These activities include asset management, transaction services, and performance allocations. Management believes that this is an important view of the Company because it communicates performance of the Company that would be most useful for understanding the value of CWD.
Fee-Related Earnings and Related Components
Fee-Related Earnings is a supplemental non-GAAP performance measure used to assess our ability to generate profits from fee-based revenues, focusing on whether our core revenue streams, are sufficient to cover our core operating expenses. Fee- Related Earnings represents the Company’s net income (loss) before income taxes adjusted to exclude depreciation and amortization, stock-based compensation, interest expense and extraordinary or non-recurring revenue and expenses, including performance allocation revenue and gain (loss) on extinguishment of debt, public registration direct costs related to aborted or delayed offerings and our Reg A+ offering, litigation settlements, and expenses recorded to earnings relating to investment deals which were abandoned or closed. Fee-Related Earnings is presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminates noncontrolling interest. Eliminating the impact of consolidated funds and noncontrolling interest provides investors a view of the performance attributable to CaliberCos Inc. and is consistent with performance models and analysis used by management.
Distributable Earnings
Distributable Earnings is a supplemental non-GAAP performance measure equal to Fee-Related Earnings plus performance allocation revenue and less interest expenses and provision for income taxes. We believe that Distributable Earnings can be useful as a supplemental performance measure to our GAAP results assessing the amount of earnings available for distribution.
Platform Earnings
Platform Earnings represents the performance of our asset management platform, which generates revenues and expenses from managing our investment portfolio, excluding any consolidated assets or funds.
Platform Earnings per Share
Platform Earnings per Share is calculated as Platform Earnings divided by weighted average CWD common shares outstanding.
Platform Adjusted EBITDA
Platform Adjusted EBITDA represents our Distributable Earnings adjusted for interest expense, other income (expense), and provision for income taxes on a basis that deconsolidates our consolidated funds (intercompany eliminations), and eliminates noncontrolling interest. Eliminating the impact of consolidated funds and noncontrolling interest provides investors a view of the performance attributable to the Platform and is consistent with performance models and analysis used by management.
Consolidated Adjusted EBITDA
Consolidated Adjusted EBITDA represents the Company’s and the consolidated funds’ earnings before net interest expense, income taxes, depreciation and amortization, further adjusted to exclude stock-based compensation, transaction fees, expenses and other public registration direct costs related to aborted or delayed offerings and our Reg A+ offering, litigation settlements, expenses recorded to earnings relating to investment deals which were abandoned or closed, any other non-cash expenses or losses, as further adjusted for extraordinary or non-recurring items.
NON-GAAP ADJUSTED EBITDA
(AMOUNTS IN THOUSANDS) (UNAUDITED)
| Three Months Ended June 30, | ||||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | |||||
| Net loss attributable to CaliberCos Inc. | $ | (5,299) | $ | (4,730) | ||
| Net loss attributable to noncontrolling interests | (401) | (586) | ||||
| Net loss | (5,700) | (5,316) | ||||
| Provision for income taxes | — | — | ||||
| Net loss before income taxes | (5,700) | (5,316) | ||||
| Depreciation and amortization | 174 | 119 | ||||
| Consolidated funds' impact on fee-related earnings | 609 | 491 | ||||
| Stock-based compensation | 369 | 584 | ||||
| Severance | 454 | 171 | ||||
| Performance allocations | (22) | (16) | ||||
| Other income, net | (783) | (318) | ||||
| Investments impairment | 2,037 | — | ||||
| Bad debt expense | 106 | — | ||||
| Interest expense, net | 1,708 | 1,145 | ||||
| Fee-related earnings | (1,048) | (3,140) | ||||
| Performance allocations | 22 | 16 | ||||
| Interest expense, net | (1,708) | (1,145) | ||||
| Provision for income taxes | — | — | ||||
| Distributable earnings | (2,734) | (4,269) | ||||
| Interest expense | 1,738 | 1,315 | ||||
| Other income, net | 783 | 318 | ||||
| Provision for income taxes | — | — | ||||
| Consolidated funds' impact on Platform adjusted EBITDA | 159 | 185 | ||||
| Platform adjusted EBITDA | (54) | (2,451) | ||||
| Consolidated funds' EBITDA adjustments | 111 | 1,485 | ||||
| Consolidated adjusted EBITDA | $ | 57 | $ | (966) |
15
cwd-supplementaldeckq220
Confidential - For Internal Use Only 2Q25 Earnings Supplemental Building on a 16-year track record of profitable growth and success ©2025 Caliber
Disclaimers Forward-Looking Statements This presentation includes statements concerning CaliberCos Inc.’s (the “Company,” or “Caliber”) expectations, beliefs, plans, objectives, goals, strategies, assumptions of future events, future financial performance, or growth and other statements that are not historical facts. These statements are "forward- looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, readers and the audience can identify these forward-looking statements through the use of words or phrases such as "estimate,“ "expect," "anticipate," "intend," "plan," "project," "believe," "forecast," "should," "could," and other similar expressions. Forward-looking statements involve risks and uncertainties that may cause actual results or outcomes to differ materially from those included in the forward-looking statements. The Company's expectations, beliefs, and projections are expressed in good faith and are believed by the Company to have a reasonable basis, but there can be no assurance that management's expectations, beliefs, or projections will be achieved or accomplished. Factors that may cause actual results to differ materially from those included in the forward-looking statements include, but are not limited to, factors affecting the Company’s ability to successfully operate and manage its business, including, among others, title disputes, weather conditions, shortages, delays, or unavailability of equipment and services, property management, brokerage, investment and fund operations, the need to obtain governmental approvals and permits, and compliance with environmental laws and regulations; changes in costs of operations; loss of markets; volatility of asset prices; imprecision of asset valuations; environmental risks; competition; inability to access sufficient capital; general economic conditions; litigation; changes in regulation and legislation; economic disruptions or uninsured losses resulting from major accidents, fires, severe weather, natural disasters, terrorist activities, acts of war, cyber attacks, or pest infestation; increasing costs of insurance, changes in coverage and the ability to obtain insurance; and other presently unknown or unforeseen factors. Other risk factors are detailed from time to time in the Company's reports filed with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to update the information contained in any forward-looking statements to reflect developments or circumstances occurring after the statement is made or to reflect the occurrence of unanticipated events. Past performance is not indicative of future results. There is no guarantee that any specific outcome will be achieved. Investment may be speculative and illiquid and there is a total risk of loss. There is no guarantee that any specific investment will be suitable or profitable. This presentation does not constitute an offering of, nor does it constitute the solicitation of an offer to buy, securities of the Company. This presentation is provided solely to introduce the Company to the recipient and to determine whether the recipient would like additional information regarding the Company and its anticipated plans. Any investment in the Company or sale of its securities will only take place pursuant to an appropriate, private placement memorandum and a detailed subscription agreement. Some of the information contained herein is confidential and proprietary to the Company and the presentation is provided to the recipient with the express understanding that without the prior written permission of the Issuer, such recipient will not distribute or release the information contained herein, make reproductions of, or use it for any purpose other than determining whether the recipient wishes additional information regarding the Company or its plans. By accepting delivery of this presentation, the recipient agrees to return same to the Company if the recipient does not wish to receive any further information regarding the Company. We have filed a registration statement (including a preliminary prospectus) with the SEC for the offering to which this communication relates. The registration statement has not yet become effective. Before you invest, you should read the preliminary prospectus in that registration statement (including the risk factors described therein) and other documents that we have filed with the SEC for more complete information. You may access these documents for free by visiting Edgar on the SEC website at https://www.sec.gov CALIBERCO.COM | 8901 E MOUNTAIN VIEW RD, STE 150, SCOTTSDALE, AZ 85258 | 480.295.7600 2
Today’s Speakers Chris Loeffler CHIEF EXECUTIVE OFFICER Chris Loeffler has served as the CEO and Chairman of Caliber’s Board of Directors since its inception. As CEO, Chris directs and executes global strategy, oversees investments and fund management, and contributes to private and public capital formation. As a Co-Founder Chris took an early role forming the Company’s financial and operational infrastructure and navigating the vertical integration of all real estate and investment services. 3 Jade Leung CHIEF FINANCIAL OFFICER Jade Leung is Caliber’s CFO and corporate secretary. As CFO, Jade oversees all aspects of accounting and controllership, financial planning and analysis, tax, financial reporting, and treasury functions at Caliber. Jade is also responsible for the strategic direction of Caliber’s information technology and data security initiatives. Prior to joining Caliber, Jade spent 12 years with PwC, where he managed audit and accounting advisory services. Notably, Jade participated in over $1 billion of public market transactions and financing arrangements for companies.
4THE WEALTH DEVELOPMENT COMPANY 4 CEO Commentary
Why Invest in Caliber (Nasdaq: CWD)? 5 1. 16+-year history of growth across market cycles with $2.8 billion pool of assets under management and under development 2. Demonstrated track record of delivering unlevered annualized gross internal rate of return (IRR) of 19% on investments sold 3. Large and growing market opportunity with investment in alternative assets forecasted to increase 50% from 2023 to 20281 4. Sizable and loyal customer base with estimated $13 billion in net worth; successful track record of fundraising to over $750.0 million since inception 5. Fit for purpose business model with distinct competitive advantages including in- house services model and focus on underserved, complex, middle-market real estate in the Western U.S. 6. Poised for next level of growth with scalable infrastructure and focused value-creation model 7. Experienced, cycle tested management team with significant insider ownership 1 Preqin Future of Alternatives 2028 report, October 2023
Caliber...In Three Numbers 6 * Assets under Development and Assets under Management 16 years $2.9 Billion* 19% IRR
Publicly Traded Parent Operates Investment Funds 7 Caliber Nasdaq: CWD RE Fund 1 RE Fund 1 Hotel UPREIT
Caliber Invests in Hospitality, Multi-Family & Multi-Tenant Industrial 8 HOSPITALITY/HOTEL MULTI-FAMILY HOUSING MULTI-TENANT INDUSTRIAL
The Best Opportunities are in the Middle Market 9 Middle-Market Assets Middle-Market Geographies • $5 to $50 million per project • Large opportunity set • Highly-fragmented market • Less competition • Caliber’s in-house services model enables access • Demonstrated Population & Job Growth • Underserved in terms of financing options • Opportunity Zone tax incentives • Local tax incentives • Trends post-pandemic
We Solve Our Clients’ Financial Needs 10 Income Lending, CORE Plus, Value Add Clients who invest in Caliber’s Funds seek three primary outcomes: Desired Outcome Caliber Product Growth Distressed and Special Situations, Adaptive Re-Use & Development Tax Planning/Reduction Opportunity Zone Funds, 1031 Investments Our Job Is Simple: Deliver Returns Clients Expect In All Market Conditions
Our Market Is Growing Dramatically 11 Source: Preqin Future of Alternatives 2028 Report, October 2023 * Forecast A ss et s U n d er M an ag em en t ($ t ri lli on ) $24.5 Trillion in Global Alternative AUM Forecasted by 2028 $10.1 $16.3 $24.5 2019 2024* 2028* $— $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 CAGR: 10.3%
We Have Multiple Revenue Streams 12 Performance Allocations Asset Management Revenue Note: Asset services performed in-house at market rates.
Increasing The Money We Manage / Invest Is A Core Growth Driver 13 High Net-Worth Investors Registered Investment Advisors & Independent Broker-Dealers Family Offices Boutique Institutions Caliber Private Client Sales Caliber Wholesale Caliber Institutional
Caliber Hospitality Trust - Another Path To Revenue Growth 14 Using the Caliber infrastructure to launch public investment products
Consistent Growth - A Model We’ve Succeeded With For 15 Years 15 Grow Revenue Raise Capital Grow Assets under Management
Caliber Earns More Per Dollar in AUM 16 Fund Management Fees Caliber has optimized in-house and third-party services to maximize control and profitability In-House Revenues Performance Allocations (Carried Interest) Fund Set-Up Fees Financing Fees Real Estate Development Fees Brokerage Fees Low-Margin, High-Volume Services Source: Caliber’s estimates and internal research reviewing comparable business models Caliber’s In-House Services Model: Increased Control & Multiple Revenue Streams Outsourced Traditional Asset Managers: Lower Control & Fewer Revenue Opportunities Asset Management Performance Allocations (Carried Interest) All Additional Services In-House Revenues Outsourced
Path Forward for Enterprise Value Growth 17 Product InnovationFundraising Acquisitions
Our Interest Are Aligned - Insiders Own ~50% Of Our Stock 18 The people who built Caliber, still manage Caliber With a growing team of talented executives
Independent Board Committed to Strong Corporate Governance 19 Our Directors Public Company, Asset Management, Real Estate Experience • Chris Loeffler - Chief Executive Officer & Co-Founder • Jennifer Schrader - President & Co-Founder • Dan Hansen - Lease Independent Director • William J. Gerber - Director • Michael Trzupek - Director • Lawrence X. Taylor - Director Commitment to Corporate Governance 5+ year history of public company reporting; Big 4 auditor Established Board Committees and Charters Commitment to sustainable business practices
20THE WEALTH DEVELOPMENT COMPANY 20 2Q25 Financial Highlights
2Q25 - Summary Highlights 21 Financial Measures • Platform revenue of $4.1 million, primarily driven by asset management revenue • Platform net loss attributable of $4.9 million, or $3.87 per diluted share • Platform Adjusted EBITDA of $0.1 million Metrics • Fair value assets under management of $803.2 million • Managed capital of $498.6 million Corporate • On April 22, 2025, Caliber announced the recent Phoenix City Council’s unanimous approval of the Company’s Canyon Village redevelopment project, a retrofit of a distressed +300,000 square foot office building to a 376-unit rental multifamily residential building. The project also benefits from opportunity zone tax incentives. • On May 8, 2025, Caliber announced that its joint venture development, PURE Pickleball & Padel™ has gained Design Review approval from the Salt River Pima- Maricopa Indian Community (SRPMIC) Planning Department. This approval positions the project to seek a building permit once final construction documents are complete, with a planned ground-breaking shortly after receiving the permit. • On May 21, 2025, Caliber announced the successful closing of a $22.5 million refinance for the Doubletree by Hilton Hotel in Tucson, AZ. The property is held within Caliber’s Tax Advantaged Opportunity Zone Fund. Citi provided the funding and Arriba Capital served as the financial advisor on the cash-out refinance.
2nd Quarter - Historical Summary Results 22 (0 0 0 's ) Total Platform Revenue $3,373 $3,728 $7,187 $4,726 $4,212 $7,416 $4,588 $3,549 $4,126 Asset Management Performance Allocations 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 $— $2,000 $4,000 $6,000 $8,000 (0 0 0 ,0 0 0 's ) Managed Capital $402 $412 $438 $454 $470 $485 $493 $495 $499 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 $300 $400 $500 $600 $700 (0 0 0 's ) Adjusted EBITDA $(2,327) $(1,511) $(1,669) $(2,451) $(1,002) $(1,352) $(54) $1,553 $2,412 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 $(3,000) $(2,000) $(1,000) $— $1,000 $2,000 $3,000 (0 0 0 's ) FV AUM $825 $823 $741 $767 $773 $807 $795 $831 $811 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 $— $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000
2nd Quarter Summary Results 23 Platform Adjusted EBITDA (Loss) (000’s) $(2,451) $(54) 2Q24 2Q25 Net Loss (per common share) $(4.34) $(4.15) 2Q24 2Q25 (0 0 0 's ) Total Platform Revenue $4,212 $4,126 Asset Management Performance Allocations 2Q24 2Q25 $— $2,000 $4,000 $6,000 (0 0 0 's ) Total Consolidated Revenue* $8,179 $5,073 2Q24 2Q25 $— $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 * As previously communicated, Caliber has simplified the presentation of its financial perfornce by deconsolidating certain assets from the Company’s financials. As a result, the year-over-year comparisons of Caliber’s GAAP financial performance are not meaningful.
Annual Platform Revenue & Platform Adjusted EBITDA 24 Annual Platform Revenue & Platform Adjusted EBITDA $2 6, 0 71 $1 2, 19 7 $1 5, 99 2 $2 4 ,11 8 $2 0 ,6 38 $2 0 ,9 4 2 $1 0 ,0 4 0 $( 2, 84 2) $3 ,4 62 $5 ,5 19 $( 1,2 51 ) $( 2, 71 0 ) Total Platform Revenue Platform Adjusted EBITDA 2019 2020 2021 2022 2023 2024 $(10,000) $(5,000) $— $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000
Annual Managed Capital & Asset Management Revenue 25 0 0 0 ,0 0 0 's Managed Capital and Asset Management Revenue $8 2 $3 2 $9 9 $8 6 $7 5 $6 9 $2 0 5 $2 26 $3 0 7 $3 83 $4 38 $4 93 $3 96 $4 20 $6 0 1 $7 4 6 $7 4 1 $7 95 Capital Originations Managed Capital Fair Value AUM 2019 2020 2021 2022 2023 2024 $— $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 0 0 0 ,0 0 0 's $2 1.1 $1 1.8 $1 5. 3 $2 1.6 $1 7. 0 $2 0 .6 Asset Management Revenues 2019 2020 2021 2022 2023 2024 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0
Carried Interest 26 0 0 0 ,0 0 0 's Value of Carried Interest $89.0 $87.7 $84.8 Carried Interest Q4 2024 Q1 2025 Q2 2025 $50.0 $60.0 $70.0 $80.0 $90.0 $100.0
27THE WEALTH DEVELOPMENT COMPANY 27 2Q25 Financial Review
GAAP Income Statements 28 CALIBERCOS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenues Asset management revenues $ 3,746 $ 3,226 $ 6,942 $ 6,396 Performance allocations 22 16 23 182 Consolidated funds – hospitality revenues 1,138 2,894 5,057 21,039 Consolidated funds – other revenues 167 2,043 312 3,513 Total revenues 5,073 8,179 12,334 31,130 Expenses Operating costs 3,671 5,535 7,715 10,797 General and administrative 1,173 2,079 2,754 4,019 Marketing and advertising 147 227 312 333 Depreciation and amortization 166 144 323 290 Consolidated funds – hospitality expenses 1,278 3,312 4,743 20,094 Consolidated funds – other expenses 466 1,358 924 4,430 Total expenses 6,901 12,655 16,771 39,963 Other (loss) income, net (2,164) 318 (2,530) 590 Interest income 30 157 62 274 Interest expense (1,738) (1,315) (3,349) (2,609) Net loss before income taxes (5,700) (5,316) (10,254) (10,578) Benefit from income taxes — — — — Net loss (5,700) (5,316) (10,254) (10,578) Net loss attributable to noncontrolling interests (401) (586) (548) (2,043) Net loss attributable to CaliberCos Inc. $ (5,299) $ (4,730) $ (9,706) $ (8,535) Basic and diluted net loss per share attributable to common stockholders $ (4.15) $ (4.34) $ (8.00) $ (7.87) Weighted average common shares outstanding: Basic and diluted 1,278 1,091 1,212 1,084
GAAP Balance Sheets 29 CALIBERCOS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA) June 30, 2025 December 31, 2024 Assets Cash $ 586 $ 1,766 Restricted cash 2,559 2,582 Real estate investments, net 21,714 21,572 Notes receivable - related parties, allowance of $296 and zero, respectively 384 105 Due from related parties, allowance of $4,098 and $3,985, respectively 7,092 6,965 Investments in unconsolidated entities 12,212 15,643 Operating lease - right of use assets 123 147 Prepaid and other assets 2,708 3,501 Assets of consolidated funds Cash 97 549 Restricted cash 209 — Real estate investments, net 10,397 45,090 Notes receivable - related parties 994 6,848 Due from related parties, allowance of zero and $28, respectively 157 320 Prepaid and other assets 28 447 Total assets $ 59,260 $ 105,535
GAAP Balance Sheets (Continued) 30 June 30, 2025 December 31, 2024 Liabilities and Stockholders’ (Deficit) Equity Notes payable, net $ 50,518 $ 50,450 Accounts payable and accrued expenses 9,652 9,532 Series AA cumulative redeemable preferred stock, net of issuance costs, $25.00 per share stated value, 800,000 shares authorized, 36,770 and zero shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 843 — Due to related parties 479 313 Operating lease liabilities 79 93 Other liabilities 1,049 750 Liabilities of consolidated funds Notes payable, net 11,631 29,172 Notes payable - related parties 2,183 2,047 Accounts payable and accrued expenses 375 1,207 Due to related parties 1 79 Other liabilities 54 639 Total liabilities 76,864 94,282 Commitments and Contingencies (Note 11) Series A non-cumulative convertible preferred stock, $0.001 par value; $22,500,000 shares authorized, and $5,875 and 5,000 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively — $ — Common stock Class A, $0.001 par value; 100,000,000 shares authorized, 951,386 and 759,370 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 1 1 Common stock Class B, $0.001 par value; 15,000,000 shares authorized, 370,822 shares issued and outstanding as June 30, 2025 and December 31, 2024 — — Paid-in capital 46,462 44,017 Accumulated deficit (66,313) (56,607) Stockholders’ deficit attributable to CaliberCos Inc. (19,850) (12,589) Stockholders’ equity attributable to noncontrolling interests 2,246 23,842 Total stockholders’ (deficit) equity (17,604) 11,253 Total liabilities and stockholders’ (deficit) equity $ 59,260 $ 105,535
Contacts: Chris Loeffler, CEO Chris.Loeffler@CaliberCo.com Ilya Grozovsky, VP of Investor Relations & Corporate Development Ilya.Grozovsky@CaliberCo.com CaliberCos NASDAQ: CWD https://www.caliberco.com/
Appendix THE WEALTH DEVELOPMENT COMPANY 32
NON-GAAP Measures 33 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 provides 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 segment, 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.
NON-GAAP Measures (Continued) 34 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 U.S. GAAP results assessing the amount of earnings available for distribution. Platform Earnings Platform Earnings represents the performance of our asset management platform segment, 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 the Company’s Distributable Earnings adjusted for interest expense, the share repurchase costs related to the Company’s Buyback Program, 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. The following tables presents a reconciliation of net income (loss) attributable to CaliberCos Inc. to Fee-Related Earnings, Distributable Earnings, Caliber Adjusted EBITDA, and Consolidated Adjusted EBITDA for the three and six months ended June 30, 2025 and 2024 (in thousands):
Platform Income Statements 35 ASSET MANAGEMENT PLATFORM (1) (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) Three Months Ended June 30, 2025 Platform Impact of Consolidated Funds & Eliminations Consolidated Revenues Asset management $ 4,103 $ (357) $ 3,746 Performance allocations 23 (1) 22 Consolidated funds – hospitality revenue — 1,138 1,138 Consolidated funds – other revenue — 167 167 Total revenues 4,126 947 5,073 Expenses Operating costs 3,841 (170) 3,671 General and administrative 1,183 (10) 1,173 Marketing and advertising 147 — 147 Depreciation and amortization 174 (8) 166 Consolidated funds – hospitality expenses — 1,278 1,278 Consolidated funds – other expenses — 466 466 Total expenses 5,345 1,556 6,901 Other loss, net (2,014) (150) (2,164) Interest income 30 — 30 Interest expense (1,738) — (1,738) Net loss before income taxes (4,941) (759) (5,700) Provision for income taxes — — — Net loss (4,941) (759) (5,700) Net loss attributable to noncontrolling interests — (401) (401) Net (loss) attributable to CaliberCos Inc. $ (4,941) $ (358) $ (5,299) Basic and diluted Platform loss per share $ (3.87) $ (4.15) Basic and diluted 1,278 1,278
Platform Income Statements (Continued) 36 Six Months Ended June 30, 2025 Platform Impact of Consolidated Funds & Eliminations Consolidated Revenues Asset management $ 7,645 $ (703) $ 6,942 Performance allocations 30 (7) 23 Consolidated funds – hospitality revenue — 5,057 5,057 Consolidated funds – other revenue — 312 312 Total revenues 7,675 4,659 12,334 Expenses Operating costs 8,009 (294) 7,715 General and administrative 2,775 (21) 2,754 Marketing and advertising 312 — 312 Depreciation and amortization 336 (13) 323 Consolidated funds – hospitality expenses — 4,743 4,743 Consolidated funds – other expenses — 924 924 Total expenses 11,432 5,339 16,771 Other loss, net (2,008) (522) (2,530) Interest income 63 (1) 62 Interest expense (3,349) — (3,349) Net loss before income taxes (9,051) (1,203) (10,254) Provision for income taxes — — — Net loss (9,051) (1,203) (10,254) Net loss attributable to noncontrolling interests — (548) (548) Net loss attributable to CaliberCos Inc. $ (9,051) $ (655) $ (9,706) Basic and diluted Platform loss per share $ (7.47) $ (8.01) Basic and diluted 1,212 1,212
Platform Income Statements (Continued) 37 Three Months Ended June 30, 2024 Platform Impact of Consolidated Funds & Eliminations Consolidated Revenues Asset management $ 4,179 $ (953) $ 3,226 Performance allocations 33 (17) 16 Consolidated funds – hospitality revenue — 2,894 2,894 Consolidated funds – other revenue — 2,043 2,043 Total revenues 4,212 3,967 8,179 Expenses Operating costs 5,760 (225) 5,535 General and administrative 2,091 (12) 2,079 Marketing and advertising 227 — 227 Depreciation and amortization 119 25 144 Consolidated funds – hospitality expenses — 3,312 3,312 Consolidated funds – other expenses — 1,358 1,358 Total expenses 8,197 4,458 12,655 Other income (loss), net 490 (172) 318 Interest income 170 (13) 157 Interest expense (1,315) — (1,315) Net loss before income taxes (4,640) (676) (5,316) Provision for income taxes — — — Net loss (4,640) (676) (5,316) Net loss attributable to noncontrolling interests — (586) (586) Net loss attributable to CaliberCos Inc. $ (4,640) $ (90) $ (4,730) Basic and diluted Platform loss per share $ (4.25) $ (4.34) Basic and diluted 1,091 1,091
Platform Income Statements (Continued) 38 Six Months Ended June 30, 2024 Platform Impact of Consolidated Funds & Eliminations Consolidated Revenues Asset management $ 8,734 $ (2,338) $ 6,396 Performance allocations 204 (22) 182 Consolidated funds – hospitality revenue — 21,039 21,039 Consolidated funds – other revenue — 3,513 3,513 Total revenues 8,938 22,192 31,130 Expenses Operating costs 11,244 (447) 10,797 General and administrative 4,040 (21) 4,019 Marketing and advertising 333 — 333 Depreciation and amortization 302 (12) 290 Consolidated funds – hospitality expenses — 20,094 20,094 Consolidated funds – other expenses — 4,430 4,430 Total expenses 15,919 24,044 39,963 Other income (loss), net 942 (352) 590 Interest income 455 (181) 274 Interest expense (2,610) 1 (2,609) Net loss before income taxes (8,194) (2,384) (10,578) Provision for income taxes — — — Net loss (8,194) (2,384) (10,578) Net loss attributable to noncontrolling interests — (2,043) (2,043) Net loss attributable to CaliberCos Inc. $ (8,194) $ (341) $ (8,535) Basic and diluted Platform loss per share $ (7.56) $ (7.87) Basic and diluted 1,084 1,084 (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 interests.
NON-GAAP Reconciliations 39 NON-GAAP ADJUSTED EBITDA (AMOUNTS IN THOUSANDS) (UNAUDITED) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net loss attributable to CaliberCos Inc. $ (5,299) $ (4,730) $ (9,706) $ (8,535) Net loss attributable to noncontrolling interests (401) (586) (548) (2,043) Net loss (5,700) (5,316) (10,254) (10,578) Provision for income taxes — — — — Net loss before income taxes (5,700) (5,316) (10,254) (10,578) Depreciation and amortization 174 119 336 302 Consolidated funds’ impact on fee-related earnings 609 491 680 1,852 Stock-based compensation 369 584 1,030 984 Severance 454 171 505 178 Performance allocations (22) (16) (23) (182) Other income, net (783) (318) (417) (590) Investments impairment 2,037 — 2,316 — Bad debt expense 106 — 109 — Interest expense, net 1,708 1,145 3,286 2,155 Fee-Related Earnings (1,048) (3,140) (2,432) (5,879) Performance allocations 22 16 23 182 Interest expense, net (1,708) (1,145) (3,286) (2,155) Provision for income taxes — — — — Distributable Earnings (2,734) (4,269) (5,695) (7,852) Interest expense 1,738 1,315 3,349 2,609 Other income, net 783 318 417 590 Provision for income taxes — — — — Consolidated funds’ impact on Caliber Adjusted EBITDA 159 185 523 533 Platform Adjusted EBITDA (54) (2,451) (1,406) (4,120) Consolidated funds' EBITDA Adjustments 111 1,485 1,321 5,341 Consolidated Adjusted EBITDA $ 57 $ (966) $ (85) $ 1,221
NON-GAAP Reconciliations (Continued) 40 PLATFORM REVENUE (1) (AMOUNTS IN THOUSANDS) (UNAUDITED) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Fund management fees $ 2,739 $ 3,330 $ 5,483 $ 5,899 Financing fees 292 80 366 152 Development and construction fees 979 328 1,507 1,982 Brokerage fees 93 441 289 701 Total asset management 4,103 4,179 7,645 8,734 Performance allocations 23 33 30 204 Total Platform revenue $ 4,126 $ 4,212 $ 7,675 $ 8,938 (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 interests.
NON-GAAP Reconciliations (Continued) 41 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) Balance as of June 30, 2025 $ 498,567 June 30, 2025 December 31, 2024 Real Estate Hospitality $ 49,260 $ 49,260 Caliber Hospitality Trust(1) 97,207 97,414 Residential 98,682 96,687 Commercial 176,142 170,858 Total Real Estate(2) 421,291 414,219 Credit(3) 73,357 72,351 Other(4) 3,919 5,972 Total $ 498,567 $ 492,542 (1) We earn a fund management fee of 0.70% of the Caliber Hospitality Trust’s enterprise value and are reimbursed for certain costs incurred on behalf of the Caliber Hospitality Trust. (2) Beginning during the year ended December 31, 2023, we include capital raised from our investors through corporate note issuances that was further invested in our funds in Managed Capital. As of June 30, 2025, and December 31, 2024, we had invested $12.3 million and $20.4 million, respectively, in our funds. (3) Credit managed capital represents loans made to our investment funds by us and our diversified funds. As of June 30, 2025 and December 31, 2024, we had loaned $0.9 million to our funds. (4) Other managed capital represents undeployed capital held in our diversified funds.
NON-GAAP Reconciliations (Continued) 42 Fair Value Assets Under Management (AMOUNTS IN THOUSANDS) (UNAUDITED) Balances as of December 31, 2024 $ 794,923 Assets acquired 10,300 Construction and net market appreciation 487 Credit(2) 1,006 Other(3) (2,053) Balances as of March 31, 2025 803,176 Construction and net market depreciation (25,313) Assets sold (1,487) Credit(2) 627 Other(3) (1,409) Balances as of June 30, 2025 $ 803,176 June 30, 2025 December 31, 2024 Real Estate Hospitality $ 61,200 $ 68,500 Caliber Hospitality Trust 217,300 236,800 Residential 170,400 161,700 Commercial 277,000 249,600 Total Real Estate 725,900 716,600 Credit(2) 73,357 72,351 Other(3) 3,919 5,972 Total $ 803,176 $ 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.
platformsupplementalresu
Over the past 16 years, Caliber has grown into a leading diversified alternative asset management firm, managing more than $2.8 billion in assets under management and assets under development. Caliber’s primary goal is to enhance the wealth of accredited investors seeking to make investments in middle-market assets. We strive to build wealth for our clients by creating, managing, and servicing middle-market investment funds, private syndications, and direct investments. Through our funds, we invest primarily in real estate, private equity, and debt facilities. We market and fundraise to private investors, family offices, and institutions (“Direct Channel”) and to registered investment advisers and independent broker-dealers (“Wholesale Channel”). Through our Asset Management Platform (“Platform”), our team executes fund management, fund administration, asset financing, development and construction management and real estate brokerage activities, which generate fees, expenses and liabilities. U.S. GAAP rules require Caliber to consolidate certain funds we manage into our operating results, which can obscure the underlying performance of the Platform. This supplemental data is intended to provide Caliber shareholders with a more transparent view of its financial performance excluding the impact of consolidation. Management also believes this additional information is more meaningful when comparing prior period performance. The following information summarizes the annual income statements and balance sheets for the Platform for the years 2019 through Q2 2025, and the quarterly results for the period beginning Q3 2023 through Q2 2025. Also included are changes in managed capital and Assets Under Management for the same periods, which are intended to help investors understand how changes in these measures impact Platform revenues. Caliber's Supplemental Asset Management Financial Information August 13, 2025
YTD YTD YTD YTD YTD YTD YTD (in thousands, except per share amounts) 2019 2020 2021 2022 2023 2024 2025 Platform Revenues Asset management revenues 21,086$ 11,775$ 15,259$ 21,575$ 16,982$ 20,563$ 3,542$ Performance allocations 4,985 422 733 2,543 3,656 379 7 Total Platform revenues 26,071 12,197 15,992 24,118 20,638 20,942 3,549 Platform Expenses Operating costs 15,606 12,282 10,643 14,609 21,808 24,904 4,168 General and administrative 1,896 2,864 5,307 6,742 6,807 6,817 1,592 Marketing and advertising 435 1,085 1,536 1,179 1,053 751 165 Depreciation and amortization 176 149 83 44 551 598 162 Total Platform expenses 18,113 16,380 17,569 22,574 30,219 33,070 6,087 Other income, net 113 (23) (1,653) (256) (649) 2,654 (6) Gain on extinguishment of debt - - - (1,421) - - - Interest income (10) (7) (104) (177) (1,863) (559) (33) Interest expense 1,294 (437) 756 1,056 4,716 5,424 1,611 Platform Net loss before income taxes 6,561 (3,716) (576) 2,342 (11,785) (19,647) (4,110) Income taxes - - - - - - - Platform Net income/(loss) - Earnings 6,561$ (3,716)$ (576)$ 2,342$ (11,785)$ (19,647)$ (4,110)$ Platform EBITDA 8,021 (4,011) 159 3,265 (8,381) (14,184) (2,370) Platform Adjusted EBITDA 10,040 (2,842) 3,462 5,519 (1,251) (2,710) Basic 1,211 874 889 900 1,005 1,100 1,146 Diluted 1,445 874 889 991 1,005 1,100 1,146 Platform BEPS 5.42 (4.25) (0.65) 2.60 (11.73) (17.87) (3.59) Platform DEPS 4.54 (4.25) (0.65) 2.36 (11.73) (17.87) (3.59) Capital Originations 82,402 31,903 99,132 85,574 74,857 68,959 2,990 Managed Capital 204,755 226,486 306,899 383,189 437,625 492,542 495,217 Fair Value Assets Under Management (AUM) 395,816 419,700 601,168 745,514 741,190 794,923 830,758 Assets Under Development (AUD)_rounded 2,200,000 3,100,000 2,900,000 1,950,000 Total Managed Assets 395,816 419,700 601,168 2,945,514 3,841,190 3,694,923 2,780,758 Estimated Performance Allocations** 84,776 *Certain prior year amounts have been reclassified to conform to current presentation. ***Amount represents fees the Company could earn, were all AUD at December 31, 2024, completed up through sale of the assets. **Basic and Diluted share count and BEPS and DEPS includes the impact of the revese stock split effect a 1-for-1.6820384 reverse stock split of Class A common stock, Class B common stock and Series B preferred stock which occurred on January 17, 2023.
$26,071 $12,197 $15,992 $24,118 $20,638 $20,942 $10,040 $(2,842) $3,462 $5,519 $(1,251) $(2,710) (5,000) - 5,000 10,000 15,000 20,000 25,000 30,000 2019 2020 2021 2022 2023 2024 Annual Platform Revenue and Platform Adjusted EBITDA Total Platform revenues Platform Adjusted EBITDA $82MM $32MM $99MM $86MM $75MM $69MM $205MM $226MM $307MM $383MM $438MM $493MM $396MM $420MM $601MM $746MM $741MM $795MM$21.1MM $11.8MM $15.3MM $21.6MM $17.MM $20.6MM - 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000 1,000,000 2019 2020 2021 2022 2023 2024 Managed Capital and Asset Management Revenue Capital Originations Managed Capital Fair Value Assets Under Management (AUM) Asset management revenues
QTD QTD QTD QTD QTD QTD QTD QTD (in thousands, except per share amounts) Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Platform Revenues Asset management revenues 3,704$ 6,005$ 4,555$ 4,179$ 7,242$ 4,587$ 3,542$ 4,103$ Performance allocations 24 1,182 171 33 174 1 7 23 Total Platform revenues 3,728 7,187 4,726 4,212 7,416 4,588 3,549 4,126 Platform Expenses Operating costs 4,724 5,896 5,484 5,760 4,727 8,933 4,168 3,841 General and administrative 1,651 2,148 1,949 2,091 1,450 1,327 1,592 1,183 Marketing and advertising 208 166 106 227 175 243 165 147 Depreciation and amortization 73 354 183 119 145 151 162 174 Total Platform expenses 6,656 8,564 7,722 8,197 6,497 10,654 6,087 5,345 Other loss (income), net (149) (355) (452) (490) (526) 4,122 (6) 2,014 Gain on extinguishment of debt - - - - - - - - Interest income (730) (384) (285) (170) (59) (45) (33) (30) Interest expense 1,317 1,307 1,295 1,315 1,348 1,466 1,611 1,738 Platform (Net loss) income before income taxes (3,366) (1,945) (3,554) (4,640) 156 (11,609) (4,110) (4,941) Income taxes - - - - - - - - Platform Net income/(loss) - Earnings (3,366)$ (1,945)$ (3,554)$ (4,640)$ 156$ (11,609)$ (4,110)$ (4,941)$ Platform EBITDA (2,706) (668) (2,361) (3,376) 1,590 (10,037) (2,337) (3,029) Platform Adjusted EBITDA (1,511) 1,553 (1,669) (2,451) 2,412 (1,002) (1,352) (54) Basic 911 911 1,077 1,091 1,107 1,123 1,146 1,278 Diluted 911 911 1,077 1,091 1,243 1,123 1,146 1,278 Platform BEPS (3.69) (2.14) (3.30) (4.25) 0.14 (10.33) (3.59) (3.87) Platform DEPS (3.69) (2.14) (3.30) (4.25) 0.13 (10.33) (3.59) (3.87) Capital Originations 12,958 38,622 19,099 18,936 23,372 7,552 2,990 4,226 Managed Capital 412,446 437,625 453,905 469,800 485,272 492,542 495,217 498,567 Fair Value Assets Under Management (AUM) 822,470 741,190 766,738 773,213 806,961 794,923 830,758 803,176 Assets Under Development (AUD)_rounded 2,200,000 3,100,000 2,900,000 2,900,000 2,900,000 2,900,000 2,900,000 1,950,000 Total Managed Assets 3,022,470 3,841,190 3,666,738 3,673,213 3,706,961 3,694,923 3,730,758 2,753,176 Estimated Performance Allocations** 88,995 87,733 84,776 *Certain prior year amounts have been reclassified to conform to current presentation. **Amount represents fees the Company could earn, were all AUD at December 31, 2024, completed up through sale of the assets.
$3,704 $6,005 $4,555 $4,179 $7,242 $4,587 (1,511) 1,553 (1,669) (2,451) 2,412 (1,002) (1,352) (54) $(4,000) $(2,000) $- $2,000 $4,000 $6,000 $8,000 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Annual Platform Revenue and Platform Adjusted EBITDA Asset management revenues Platform Adjusted EBITDA $13MM $39MM $19MM $19MM $23MM $8MM $3MM $4MM $412MM $438MM $454MM $470MM $485MM $493MM $495MM $499MM $822MM $741MM $767MM $773MM $807MM $795MM $831MM $803MM $3.7MM $6.0MM $4.6MM $4.2MM $7.2MM $4.6MM $3.5MM $4.1MM - 200,000 400,000 600,000 800,000 1,000,000 1,200,000 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Managed Capital and Asset Management Revenue Capital Originations Managed Capital Fair Value Assets Under Management (AUM) Asset management revenues
Dec. 31, 2019 Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2022 Mar. 31, 2023 1 Jun. 30, 2023 2 Sept. 30, 2023 Dec. 31, 2023 Mar. 31, 2024 Jun. 30, 2024 Sept. 30, 2024 Dec. 31, 2024 Mar. 31, 2025 June. 30, 2025 (in thousands) Assets Cash and restricted cash 3,693 1,879 2,006 1,944 4,458 3,665 3,474 3,509 3,278 3,093 3,050 4,348 3,363 3,145 Total Real estate assets 3,105 3,284 126 2,133 21,493 21,453 21,425 21,571 21,749 21,733 21,644 21,782 21,776 21,978 Other assets 10,956 9,228 19,565 31,526 47,031 50,796 46,298 49,631 46,663 40,144 39,606 30,947 30,586 28,356 Total assets 17,755 14,391 21,697 35,603 72,982 75,914 71,197 74,711 71,690 64,970 64,300 57,077 55,725 53,479 Liabilities Corporate Notes 11,785 9,469 7,665 15,018 51,321 54,964 54,254 53,799 52,952 50,169 49,673 50,450 51,555 50,442 Other liabilities 18,202 17,833 20,321 20,624 21,802 9,955 8,899 14,256 15,164 15,174 14,102 15,071 15,534 16,378 Total liabilities 29,987 27,302 27,985 35,642 73,123 64,919 63,153 68,055 68,116 65,343 63,775 65,521 67,089 66,820 Stockholders’ (Deficit) Equity Total stockholders’ (deficit) equity (12,232) (12,911) (6,288) (39) (141) 10,995 8,044 6,656 3,574 (373) 525 (8,444) (11,364) (13,341) Total liabilities and stockholders’ (deficit) eq 17,755 14,391 21,697 35,603 72,982 75,914 71,197 74,711 71,690 64,970 64,300 57,077 55,725 53,479 Platform Debt to equity (2.45) (2.11) (4.45) (913.90) (518.60) 5.90 7.85 10.22 19.06 (175.18) 121.48 (7.76) (5.90) (5.01) Platform Debt to assets 1.69 1.90 1.29 1.00 1.00 0.86 0.89 0.91 0.95 1.01 0.99 1.15 1.20 1.25 *Certain prior year amounts have been reclassified to conform to current presentation. 1 Notes payable increased in Q1-2023 to $51M from $14.7M. This increase includes: i) $16.3M of debt assumed in the acquisition of our corporate headquarters. Note the corresponding increase in Real estate investments of approximately $19.4M over the same period. ii) $20.1M of notes raised to fund and invest in various assets Caliber managed. In response to a slow down in capital orginations. Corresponding increase in Notes receivable ($12m), Due from Related Parties ($4M), and investments ($2.4M). Remaining balance used in operations ($1.5M). 2 Equity increased by $16.7M. Caliber completed its IPO in May 2023 and raised $4M. Upon completion of the IPO, the Company was relieved of its obligation to buyback the then remaining $12.4M in shares from a former co-founder. Note the corresponding decrease to accounts payable and accrueds. In response to continues slowdown in capital originations, the company issued additional Notes payable which increased by $4M. This was completely used to invest in our existing projects (increase in notes receivable by $4M).
Platform Impact of Consolidated Funds Consolidated Platform Impact of Consolidated Funds Consolidated Platform Impact of Consolidated Funds Consolidated Platform Impact of Consolidated Funds Consolidated Assets Cash and restricted cash 3,692,838 (135,838) 3,557,000 1,878,940 (46,940) 1,832,000 2,006,047 599,953 2,606,000 1,944,000 - 1,944,000 Total Real estate assets 3,105,377 46,623 3,152,000 3,283,606 (68,606) 3,215,000 125,628 1,816,372 1,942,000 2,133,000 (68,000) 2,065,000 Other assets 10,956,449 (2,896,449) 8,060,000 9,228,103 (5,514,103) 3,714,000 19,565,361 (10,132,361) 9,433,000 31,526,000 (11,452,000) 20,074,000 Assets of consolidated funds Cash and restricted cash - 13,134,000 13,134,000 - 8,983,000 8,983,000 - 13,926,000 13,926,000 - 13,990,000 13,990,000 Total Real estate assets - 141,399,000 141,399,000 - 191,796,000 191,796,000 - 193,614,000 193,614,000 - 196,177,000 196,177,000 Other assets - 6,583,000 6,583,000 - 17,797,000 17,797,000 - 24,127,000 24,127,000 - 44,584,000 44,584,000 Total assets 17,754,664 158,130,336 175,885,000 14,390,649 212,946,351 227,337,000 21,697,036 223,950,964 245,648,000 35,603,000 243,231,000 278,834,000 Liabilities and Stockholders’ Equity Corporate Notes 11,785,144 (3,400,144) 8,385,000 9,469,144 (3,434,144) 6,035,000 7,664,591 409 7,665,000 15,018,000 - 15,018,000 Other liabilities 18,201,507 1,019,493 19,221,000 17,832,526 187,474 18,020,000 20,320,613 528,387 20,849,000 20,624,000 (37,000) 20,587,000 Liabilities of consolidated funds Mortgage and real estate debt - 122,917,000 122,917,000 - 142,502,000 142,502,000 - 152,554,000 152,554,000 - 141,229,000 141,229,000 Other liabilities - 11,333,000 11,333,000 - 12,342,000 12,342,000 - 14,887,000 14,887,000 - 24,811,000 24,811,000 Total liabilities 29,986,651 131,869,349 161,856,000 27,301,670 151,597,330 178,899,000 27,985,204 167,969,796 195,955,000 35,642,000 166,003,000 201,645,000 Mezzanine Equity - 3,842,000 3,842,000 - - - - - - - - - Stockholders’ equity (deficit) attributable to CaliberCos (12,231,987) (5,596,013) (17,828,000) (12,911,021) (3,426,979) (16,338,000) (6,288,168) (2,800,832) (9,089,000) (39,000) (3,170,000) (3,209,000) Stockholders’ equity attributable to noncontrolling inte - 28,015,000 28,015,000 - 64,776,000 64,776,000 - 58,782,000 58,782,000 - 80,398,000 80,398,000 Total stockholders’ equity (12,231,987) 22,418,987 10,187,000 (12,911,021) 61,349,021 48,438,000 (6,288,168) 55,981,168 49,693,000 (39,000) 77,228,000 77,189,000 Total liabilities and stockholders’ equity 17,754,664 158,130,336 175,885,000 14,390,649 212,946,351 227,337,000 21,697,036 223,950,964 245,648,000 35,603,000 243,231,000 278,834,000 Debt to Equity (2.45) (23.56) (9.08) (2.11) (44.24) (10.95) (4.45) (59.97) (21.56) (913.90) (52.37) (62.84) Debt to Assets 1.69 0.83 0.92 1.90 0.71 0.79 1.29 0.75 0.80 1.00 0.68 0.72 For the Year Ended December, 31, 2019 For the Year Ended December, 31, 2020 For the Year Ended December, 31, 2021 For the Year Ended December, 31, 2022
Platform Impact of Consolidated Funds Consolidated Platform Impact of Consolidated Funds Consolidated Platform Impact of Consolidated Funds Consolidated Platform Impact of Consolidated Funds Consolidated Assets Cash and restricted cash 4,458,000 - 4,458,000 3,665,000 - 3,665,000 3,474,000 - 3,474,000 3,509,000 - 3,509,000 Total Real estate assets 21,493,000 (42,000) 21,451,000 21,453,000 (42,000) 21,411,000 21,425,000 (42,000) 21,383,000 21,571,000 (79,000) 21,492,000 Other assets 47,031,000 (31,968,000) 15,063,000 50,796,000 (36,938,000) 13,858,000 46,298,000 (33,677,000) 12,621,000 49,631,000 (33,560,000) 16,071,000 Assets of consolidated funds Cash and restricted cash - 19,267,000 19,267,000 - 17,747,000 17,747,000 - 14,943,000 14,943,000 - 14,131,000 14,131,000 Total Real estate assets - 219,829,000 219,829,000 - 219,834,000 219,834,000 - 219,140,000 219,140,000 - 185,636,000 185,636,000 Other assets - 51,037,000 51,037,000 - 52,497,000 52,497,000 - 53,169,000 53,169,000 - 58,593,000 58,593,000 Total assets 72,982,000 258,123,000 331,105,000 75,914,000 253,098,000 329,012,000 71,197,000 253,533,000 324,730,000 74,711,000 224,721,000 299,432,000 Liabilities and Stockholders’ Equity Corporate Notes 51,321,000 - 51,321,000 54,964,000 - 54,964,000 54,254,000 - 54,254,000 53,799,000 - 53,799,000 Other liabilities 21,802,000 (1,457,000) 20,345,000 9,955,000 (1,379,000) 8,576,000 8,899,000 (1,300,000) 7,599,000 14,256,000 (4,574,000) 9,682,000 Liabilities of consolidated funds Mortgage and real estate debt - 159,341,000 159,341,000 - 157,668,000 157,668,000 - 160,578,000 160,578,000 - 141,739,000 141,739,000 Other liabilities - 27,596,000 27,596,000 - 25,192,000 25,192,000 - 27,543,000 27,543,000 - 28,194,000 28,194,000 Total liabilities 73,123,000 185,480,000 258,603,000 64,919,000 181,481,000 246,400,000 63,153,000 186,821,000 249,974,000 68,055,000 165,359,000 233,414,000 Stockholders’ equity (deficit) attributable to CaliberCos Inc. (141,000) (3,573,000) (3,714,000) 10,995,000 (3,055,000) 7,940,000 8,044,000 (3,769,000) 4,275,000 6,656,000 (4,033,000) 2,623,000 Stockholders’ equity attributable to noncontrolling interests - 76,216,000 76,216,000 - 74,672,000 74,672,000 - 70,481,000 70,481,000 - 63,395,000 63,395,000 Total stockholders’ equity (141,000) 72,643,000 72,502,000 10,995,000 71,617,000 82,612,000 8,044,000 66,712,000 74,756,000 6,656,000 59,362,000 66,018,000 Total liabilities and stockholders’ equity 72,982,000 258,123,000 331,105,000 75,914,000 253,098,000 329,012,000 71,197,000 253,533,000 324,730,000 74,711,000 224,721,000 299,432,000 Debt to Equity (518.60) (51.91) (69.63) 5.90 (59.40) 31.03 7.85 (49.57) 58.47 10.22 (41.00) 88.99 Debt to Assets 1.00 0.72 0.78 0.86 0.72 0.75 0.89 0.74 0.77 0.91 0.74 0.78 Three Months Ended March, 31, 2023 Three Months Ended June, 30, 2023 Three Months Ended September, 30, 2023 Three Months Ended December, 31, 2023
Platform Impact of Consolidated Funds Consolidated Platform Impact of Consolidated Funds Consolidated Platform Impact of Consolidated Funds Consolidated Platform Impact of Consolidated Funds Consolidated Assets Cash and restricted cash 3,278,000 - 3,278,000 3,093,000 - 3,093,000 3,050,000 - 3,050,000 4,348,000 - 4,348,000 Total Real estate assets 21,749,000 (97,000) 21,652,000 21,733,000 (112,000) 21,621,000 21,644,000 (129,000) 21,515,000 21,782,000 (210,000) 21,572,000 Other assets 46,663,000 (17,721,000) 28,942,000 40,144,000 (12,942,000) 27,202,000 39,606,000 (11,611,000) 27,995,000 30,947,000 (4,586,000) 26,361,000 Assets of consolidated funds Cash and restricted cash - 2,056,000 2,056,000 - 1,462,000 1,462,000 - 1,053,000 1,053,000 - 549,000 549,000 Total Real estate assets - 101,037,000 101,037,000 - 83,251,000 83,251,000 - 46,084,000 46,084,000 - 45,090,000 45,090,000 Other assets - 44,497,000 44,497,000 - 58,610,000 58,610,000 - 58,886,000 58,886,000 - 7,615,000 7,615,000 Total assets 71,690,000 129,772,000 201,462,000 64,970,000 130,269,000 195,239,000 64,300,000 94,283,000 158,583,000 57,077,000 48,458,000 105,535,000 Liabilities and Stockholders’ Equity Corporate Notes 52,952,000 - 52,952,000 50,169,000 - 50,169,000 49,673,000 - 49,673,000 50,450,000 - 50,450,000 Other liabilities 15,164,000 (4,515,000) 10,649,000 15,174,000 (4,462,000) 10,712,000 14,102,000 (4,391,000) 9,711,000 15,071,000 (4,383,000) 10,688,000 Liabilities of consolidated funds Mortgage and real estate debt - 47,654,000 47,654,000 - 36,553,000 36,553,000 - 33,752,000 33,752,000 - 29,172,000 29,172,000 Other liabilities - 3,717,000 3,717,000 - 2,601,000 2,601,000 - 2,166,000 2,166,000 - 3,972,000 3,972,000 Total liabilities 68,116,000 46,856,000 114,972,000 65,343,000 34,692,000 100,035,000 63,775,000 31,527,000 95,302,000 65,521,000 28,761,000 94,282,000 Stockholders’ equity (deficit) attributable to CaliberCos Inc. 3,574,000 (4,319,000) (745,000) (373,000) (4,371,000) (4,744,000) 525,000 (5,939,000) (5,414,000) (8,444,000) (4,145,000) (12,589,000) Stockholders’ equity attributable to noncontrolling interests - 87,235,000 87,235,000 - 99,948,000 99,948,000 - 68,695,000 68,695,000 - 23,842,000 23,842,000 Total stockholders’ equity 3,574,000 82,916,000 86,490,000 (373,000) 95,577,000 95,204,000 525,000 62,756,000 63,281,000 (8,444,000) 19,697,000 11,253,000 Total liabilities and stockholders’ equity 71,690,000 129,772,000 201,462,000 64,970,000 130,269,000 195,239,000 64,300,000 94,283,000 158,583,000 57,077,000 48,458,000 105,535,000 Debt to Equity 19.06 (10.85) (154.32) (175.18) (7.94) (21.09) 121.48 (5.31) (17.60) (7.76) (6.94) (7.49) Debt to Assets 0.95 0.36 0.57 1.01 0.27 0.51 0.99 0.33 0.60 1.15 0.59 0.89 Three Months Ended March, 31, 2024 Three Months Ended June, 30, 2024 Three Months Ended December, 31, 2024Three Months Ended September, 30, 2024
Platform Impact of Consolidated Funds Consolidated Platform Impact of Consolidated Funds Consolidated Platform Impact of Consolidated Funds Consolidated Platform Impact of Consolidated Funds Consolidated Assets Cash and restricted cash 3,363,000 - 3,363,000 3,145,000 - 3,145,000 Total Real estate assets 21,776,000 (262,000) 21,514,000 21,978,000 (264,000) 21,714,000 Other assets 30,586,000 (4,513,000) 26,073,000 28,356,000 (4,130,000) 24,226,000 Assets of consolidated funds Cash and restricted cash - 997,000 997,000 306,000 306,000 Total Real estate assets - 44,102,000 44,102,000 10,397,000 10,397,000 Other assets - 7,594,000 7,594,000 1,179,000 1,179,000 Total assets 55,725,000 47,918,000 103,643,000 53,479,000 7,488,000 60,967,000 - - - - - - Liabilities and Stockholders’ Equity Corporate Notes 51,555,000 - 51,555,000 50,442,000 76,000 50,518,000 Other liabilities 15,534,000 (4,267,000) 11,267,000 16,378,000 (4,276,000) 12,102,000 Liabilities of consolidated funds Mortgage and real estate debt - 31,558,000 31,558,000 11,631,000 11,631,000 Other liabilities - 1,905,000 1,905,000 2,613,000 2,613,000 Total liabilities 67,089,000 29,196,000 96,285,000 66,820,000 10,044,000 76,864,000 - - - - - - Stockholders’ equity (deficit) attributable to CaliberCos Inc. (11,364,000) 27,172,000 15,808,000 (13,341,000) (4,802,000) (18,143,000) Stockholders’ equity attributable to noncontrolling interests - 23,166,000 23,166,000 2,246,000 2,246,000 Total stockholders’ equity (11,364,000) 18,722,000 7,358,000 (13,341,000) (2,556,000) (15,897,000) Total liabilities and stockholders’ equity 55,725,000 47,918,000 103,643,000 53,479,000 7,488,000 60,967,000 - - - - - - Debt to Equity (5.90) 1.07 6.09 (5.01) (2.09) (4.24) Debt to Assets 1.20 0.61 0.93 1.25 1.34 1.26 Three Months Ended March, 31, 2025 Three Months Ended June, 30, 2025 Three Months Ended September, 30, 2025 Three Months Ended December, 31, 2025
YTD YTD YTD YTD YTD QTD QTD QTD QTD QTD QTD QTD QTD QTD QTD 2019 2020 2021 2022 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Net income (loss) attributable to CaliberCos Inc. 6,467,000 (5,446,000) (698,000) 2,020,000 (12,703,000) (1,207,000) (5,726,000) (3,409,000) (2,361,000) (3,805,000) (4,730,000) 146,000 (11,388,000) (4,407,000) (5,299,000) Net income (loss) attributable to noncontrolling interests (523,000) (20,099,000) (20,469,000) 11,931,000 (14,891,000) 1,502,000 (5,854,000) (8,813,000) (1,726,000) (1,457,000) (586,000) (145,000) 495,000 (147,000) (401,000) Net income (loss) 5,944,000 (25,545,000) (21,167,000) 13,951,000 (27,594,000) 295,000 (11,580,000) (12,222,000) (4,087,000) (5,262,000) (5,316,000) 1,000 (10,893,000) (4,554,000) (5,700,000) Provision for income taxes - - - - - - - - - - - - - - - Net income (loss) before income taxes 5,944,000 (25,545,000) (21,167,000) 13,951,000 (27,594,000) 295,000 (11,580,000) (12,222,000) (4,087,000) (5,262,000) (5,316,000) 1,000 (10,893,000) (4,554,000) (5,700,000) Impact of consolidated funds 617,000 21,829,000 20,591,000 (11,609,000) 15,809,000 (1,129,000) 5,939,000 8,856,000 2,142,000 1,708,000 676,000 155,000 (806,000) 444,000 759,000 Platform Net income (loss) 6,561,000 (3,716,000) (576,000) 2,342,000 (11,785,000) (834,000) (5,641,000) (3,366,000) (1,945,000) (3,554,000) (4,640,000) 156,000 (11,699,000) (4,110,000) (4,941,000) Depreciation and amortization 176,000 149,000 83,000 44,000 551,000 32,000 92,000 73,000 354,000 183,000 119,000 145,000 151,000 162,000 174,000 Interest income (10,000) (7,000) (104,000) (177,000) (1,863,000) (252,000) (497,000) (730,000) (384,000) (285,000) (170,000) (59,000) (35,000) (33,000) (30,000) Interest expense 1,294,000 (437,000) 756,000 1,056,000 4,716,000 832,000 1,260,000 1,317,000 1,307,000 1,295,000 1,315,000 1,348,000 1,466,000 1,611,000 1,738,000 Platform EBITDA 8,021,000 (4,011,000) 159,000 3,265,000 (8,381,000) (222,000) (4,786,000) (2,706,000) (668,000) (2,361,000) (3,376,000) 1,590,000 (10,117,000) (2,370,000) (3,059,000) Stock-based compensation (110,000) 24,000 460,000 3,726,000 702,000 1,922,000 393,000 709,000 400,000 584,000 738,000 656,000 661,000 369,000 Investments impairment - - - - - - - - - - - - 4,304,000 279,000 2,037,000 Bad debt expense - - - - - - - - - - - - 4,079,000 3,000 106,000 Severance 138,000 - 19,000 13,000 - 6,000 - 7,000 171,000 25,000 41,000 51,000 454,000 Public registration costs 1,276,000 878,000 1,040,000 779,000 - - - - - - - - - - - Legal costs 1,818,000 525,000 - - - - - - - - - - - Share buy-back 269,000 291,000 317,000 313,000 183,000 183,000 - - - - - - - - - Provision for income taxes - - - - - - - - - - - - - - - Loss on CRAF Investment Redemption - 1,339,000 - - - 1,339,000 - - - - - - ESOP 474,000 - - - Interest income 10,000 7,000 104,000 177,000 1,863,000 252,000 497,000 730,000 384,000 285,000 170,000 59,000 35,000 33,000 30,000 Other (10,000) (35,000) 106,000 40,000 66,000 (211,000) (9,000) 9,000 Platform adjusted EBITDA 10,040,000 (2,842,000) 3,462,000 5,519,000 (1,251,000) 1,034,000 (2,327,000) (1,511,000) 1,553,000 (1,669,000) (2,451,000) 2,412,000 (1,002,000) (1,352,000) (54,000)
Platform Consolidated Funds Consolidated Platform Consolidated Funds Consolidated Revenues Asset management 21,575,000 (6,231,000) 15,344,000 16,982,000 (6,411,000) 10,571,000 Performance allocations 2,543,000 - 2,543,000 3,656,000 (17,000) 3,639,000 Consolidated funds – hospitality revenue 59,564,000 59,564,000 - 68,905,000 68,905,000 Consolidated funds – other revenue 6,505,000 6,505,000 - 7,822,000 7,822,000 Total revenues 24,118,000 59,838,000 83,956,000 20,638,000 70,299,000 90,937,000 Expenses Operating costs 14,609,000 - 14,609,000 21,808,000 (497,000) 21,311,000 General and administrative 6,742,000 (63,000) 6,679,000 6,807,000 (37,000) 6,770,000 Marketing and advertising 1,179,000 - 1,179,000 1,053,000 (1,000) 1,052,000 Depreciation and amortization 44,000 14,000 58,000 551,000 (1,000) 550,000 Consolidated funds – hospitality expenses 60,667,000 60,667,000 - 80,669,000 80,669,000 Consolidated funds – other expenses 9,213,000 9,213,000 - 9,162,000 9,162,000 Total expenses 22,574,000 69,831,000 92,405,000 30,219,000 89,295,000 119,514,000 Consolidated funds – gain on sale of real estate invest - 21,530,000 21,530,000 - 4,976,000 4,976,000 - Other income (loss), net 256,000 70,000 326,000 649,000 (275,000) 374,000 Gain on extinguishment of debt 1,421,000 - 1,421,000 - - - Interest income 177,000 1,000 178,000 1,863,000 (1,513,000) 350,000 Interest expense (1,056,000) 1,000 (1,055,000) (4,716,000) (1,000) (4,717,000) Net loss before income taxes 2,342,000 11,609,000 13,951,000 (11,785,000) (15,809,000) (27,594,000) Provision for income taxes - - - - - - Net loss 2,342,000 11,609,000 13,951,000 (11,785,000) (15,809,000) (27,594,000) Net loss attributable to noncontrolling interests 11,931,000 11,931,000 (14,891,000) (14,891,000) Net loss attributable to CaliberCos Inc. 2,342,000 (322,000) 2,020,000 (11,785,000) (918,000) (12,703,000) Basic Platform income per share 0.13 0.11 (0.59) (0.63) Diluted Platform income per share 0.12 0.11 (0.59) (0.63) Weighted average common shares outstanding: Basic 18,003,000 18,003,000 20,087,000 20,087,000 Diluted 19,822,000 19,822,000 20,087,000 20,087,000 Source: Year Ended December 31, 2022 Year Ended December 31, 2023 *Basic and Diluted share count and BEPS and DEPS includes the impact of the revese stock split effect a 1-for-1.6820384 reverse stock split of Class A common stock, Class B common stock and Series B preferred stock which occurred on January 17, 2023.
Platform Consolidated Funds Consolidated Platform Consolidated Funds Consolidated Platform Consolidated Funds Consolidated Revenues Asset management 21,086,000 (6,300,000) 14,786,000 11,775,000 (5,606,000) 6,169,000 15,259,000 (6,117,000) 9,142,000 Performance allocations 4,985,000 (4,979,000) 6,000 422,000 (123,000) 299,000 733,000 - 733,000 Other revenue - - - Consolidated funds – hospitality revenue - - - - 27,676,000 27,676,000 40,837,000 40,837,000 Consolidated funds – other revenue - 63,001,000 63,001,000 - 3,733,000 3,733,000 5,321,000 5,321,000 Total revenues 26,071,000 51,722,000 77,793,000 12,197,000 25,680,000 37,877,000 15,992,000 40,041,000 56,033,000 Expenses Operating costs 15,606,000 (3,292,000) 12,314,000 12,282,000 (1,310,000) 10,972,000 10,643,000 (958,000) 9,685,000 General and administrative 1,896,000 (2,000) 1,894,000 2,864,000 (113,000) 2,751,000 5,307,000 - 5,307,000 Marketing and advertising 435,000 - 435,000 1,085,000 1,000 1,086,000 1,536,000 - 1,536,000 Depreciation and amortization 176,000 - 176,000 149,000 2,000 151,000 83,000 - 83,000 Consolidated funds – hospitality expenses - - - - 44,718,000 44,718,000 55,999,000 55,999,000 Consolidated funds – other expenses - 57,743,000 57,743,000 - 4,509,000 4,509,000 5,532,000 5,532,000 Total expenses 18,113,000 54,449,000 72,562,000 16,380,000 47,807,000 64,187,000 17,569,000 60,573,000 78,142,000 Consolidated funds – gain on sale of real estate investm - - - - - - - - - Other income (loss), net (113,000) 2,019,000 1,906,000 23,000 63,000 86,000 1,653,000 - 1,653,000 Gain on extinguishment of debt - - - - - - - - - Interest income 10,000 - 10,000 7,000 - 7,000 104,000 (103,000) 1,000 Interest expense (1,294,000) 91,000 (1,203,000) 437,000 235,000 672,000 (756,000) 44,000 (712,000) Net loss before income taxes 6,561,000 (617,000) 5,944,000 (3,716,000) (21,829,000) (25,545,000) (576,000) (20,591,000) (21,167,000) Provision for income taxes - - - - - - - - - Net loss 6,561,000 (617,000) 5,944,000 (3,716,000) (21,829,000) (25,545,000) (576,000) (20,591,000) (21,167,000) Net loss attributable to noncontrolling interests (523,000) (523,000) (20,099,000) (20,099,000) (20,469,000) (20,469,000) Net loss attributable to CaliberCos Inc. 6,561,000 (94,000) 6,467,000 (3,716,000) (1,730,000) (5,446,000) (576,000) (122,000) (698,000) Basic Platform income per share 0.27 0.27 (0.15) (0.22) (0.03) (0.04) Diluted Platform income per share 0.23 0.22 (0.15) (0.22) (0.03) (0.04) Weighted average common shares outstanding: Basic 24,226,080 24,226,080 25,159,993 25,159,993 17,824,000 17,824,000 Diluted 28,893,930 28,893,930 25,159,993 25,159,993 17,824,000 17,824,000 Year Ended December 31, 2019 Year Ended December 31, 2020 Year Ended December 31, 2021 *Basic and Diluted share count and BEPS and DEPS includes the impact of the revese stock split effect a 1-for-1.6820384 reverse stock split of Class A common stock, Class B common stock and Series B preferred stock which occurred on January 17, 2023.
Platform Impact of Consolidated Funds Consolidated Platform Impact of Consolidated Funds Consolidated Platform Impact of Consolidated Funds Consolidated Platform Impact of Consolidated Funds Consolidated Revenues Asset management 3,924,000 (1,888,000) 2,036,000 3,348,000 (1,454,000) 1,894,000 3,704,000 (1,388,000) 2,316,000 6,005,000 (1,680,000) 4,325,000 Performance allocations 2,426,000 - 2,426,000 24,000 (12,000) 12,000 24,000 12,000 36,000 1,182,000 (17,000) 1,165,000 Consolidated funds – hospitality revenue - 23,209,000 23,209,000 - 16,273,000 16,273,000 - 12,526,000 12,526,000 - 16,897,000 16,897,000 Consolidated funds – other revenue - 1,851,000 1,851,000 - 2,266,000 2,266,000 - 2,147,000 2,147,000 - 1,558,000 1,558,000 Total revenues 6,350,000 23,172,000 29,522,000 3,372,000 17,073,000 20,445,000 3,728,000 13,297,000 17,025,000 7,187,000 16,758,000 23,945,000 Expenses Operating costs 4,457,000 47,000 4,504,000 6,731,000 89,000 6,820,000 4,724,000 157,000 4,881,000 5,896,000 (790,000) 5,106,000 General and administrative 1,610,000 206,000 1,816,000 1,398,000 28,000 1,426,000 1,651,000 21,000 1,672,000 2,148,000 (292,000) 1,856,000 Marketing and advertising 353,000 - 353,000 326,000 (1,000) 325,000 208,000 2,000 210,000 166,000 (2,000) 164,000 Depreciation and amortization 32,000 100,000 132,000 92,000 45,000 137,000 73,000 67,000 140,000 354,000 (213,000) 141,000 Consolidated funds – hospitality expenses - 20,283,000 20,283,000 - 20,749,000 20,749,000 - 18,644,000 18,644,000 - 20,993,000 20,993,000 Consolidated funds – other expenses - 1,925,000 1,925,000 - 1,949,000 1,949,000 - 2,883,000 2,883,000 - 2,405,000 2,405,000 Total expenses 6,452,000 22,561,000 29,013,000 8,547,000 22,859,000 31,406,000 6,656,000 21,774,000 28,430,000 8,564,000 22,101,000 30,665,000 Consolidated funds – gain on sale of real estate invest - - - - - - - - - - 4,976,000 4,976,000 Other income (loss), net (152,000) 671,000 519,000 297,000 249,000 546,000 149,000 265,000 414,000 355,000 (1,460,000) (1,105,000) Gain on extinguishment of debt - - - - - - - - - - - - Interest income 252,000 (154,000) 98,000 497,000 (401,000) 96,000 730,000 (645,000) 85,000 384,000 (313,000) 71,000 Interest expense (832,000) 1,000 (831,000) (1,260,000) (1,000) (1,261,000) (1,317,000) 1,000 (1,316,000) (1,307,000) (2,000) (1,309,000) Net loss before income taxes (834,000) 1,129,000 295,000 (5,641,000) (5,939,000) (11,580,000) (3,366,000) (8,856,000) (12,222,000) (1,945,000) (2,142,000) (4,087,000) Provision for income taxes - - - - - - - - - - - - Net loss (834,000) 1,129,000 295,000 (5,641,000) (5,939,000) (11,580,000) (3,366,000) (8,856,000) (12,222,000) (1,945,000) (2,142,000) (4,087,000) Net loss attributable to noncontrolling interests - 1,502,000 1,502,000 - (5,854,000) (5,854,000) - (8,813,000) (8,813,000) - (1,726,000) (1,726,000) Net loss attributable to CaliberCos Inc. (834,000) (373,000) (1,207,000) (5,641,000) (85,000) (5,726,000) (3,366,000) (43,000) (3,409,000) (1,945,000) (416,000) (2,361,000) Basic Platform income per share (0.05) (0.07) (0.29) (0.29) (0.16) (0.16) (0.10) (0.12) Diluted Platform income per share (0.05) (0.07) (0.29) (0.29) (0.16) (0.16) (0.10) (0.12) Weighted average common shares outstanding: Basic 18,182,000 18,182,000 19,612,000 19,612,000 21,238,000 21,238,000 20,087,000 20,087,000 Diluted 18,182,000 18,182,000 19,612,000 19,612,000 21,238,000 21,238,000 20,087,000 20,087,000 Three Months Ended March 31, 2023 Three Months Ended June 30, 2023 Three Months Ended September 30, 2023 Three Months Ended December 31, 2023
Platform Impact of Consolidated Funds Consolidated Platform Impact of Consolidated Funds Consolidated Platform Impact of Consolidated Funds Consolidated Platform Impact of Consolidated Funds Consolidated Revenues Asset management 4,555,000 (1,385,000) 3,170,000 4,179,000 (953,000) 3,226,000 7,242,000 (712,000) 6,530,000 4,587,000 (634,000) 3,953,000 Performance allocations 171,000 (5,000) 166,000 33,000 (17,000) 16,000 174,000 1,000 175,000 1,000 - 1,000 Consolidated funds – hospitality revenue - 18,145,000 18,145,000 - 2,894,000 2,894,000 - 2,494,000 2,494,000 - 2,943,000 2,943,000 Consolidated funds – other revenue - 1,470,000 1,470,000 - 2,043,000 2,043,000 - 2,103,000 2,103,000 - 1,790,000 1,790,000 Total revenues 4,726,000 18,225,000 22,951,000 4,212,000 3,967,000 8,179,000 7,416,000 3,886,000 11,302,000 4,588,000 4,099,000 8,687,000 Expenses Operating costs 5,484,000 (222,000) 5,262,000 5,760,000 (225,000) 5,535,000 4,727,000 (135,000) 4,592,000 8,933,000 (383,000) 8,550,000 General and administrative 1,949,000 (9,000) 1,940,000 2,091,000 (12,000) 2,079,000 1,450,000 (9,000) 1,441,000 1,327,000 (11,000) 1,316,000 Marketing and advertising 106,000 - 106,000 227,000 - 227,000 175,000 (1,000) 174,000 243,000 1,000 244,000 Depreciation and amortization 183,000 (37,000) 146,000 119,000 25,000 144,000 145,000 4,000 149,000 151,000 3,000 154,000 Consolidated funds – hospitality expenses - 16,782,000 16,782,000 - 3,312,000 3,312,000 - 3,097,000 3,097,000 - 3,312,000 3,312,000 Consolidated funds – other expenses - 3,072,000 3,072,000 - 1,358,000 1,358,000 - 975,000 975,000 - 465,000 465,000 Total expenses 7,722,000 19,586,000 27,308,000 8,197,000 4,458,000 12,655,000 6,497,000 3,931,000 10,428,000 10,654,000 3,387,000 14,041,000 Consolidated funds – gain on sale of real estate invest - - - - - - - - - - - - Other income (loss), net 452,000 (180,000) 272,000 490,000 (172,000) 318,000 526,000 (101,000) 425,000 4,122,000 (14,000) 4,108,000 Gain on extinguishment of debt - - - - - - - - - - - - Interest income 285,000 (168,000) 117,000 170,000 (13,000) 157,000 59,000 (8,000) 51,000 (45,000) 10,000 (35,000) Interest expense (1,295,000) 1,000 (1,294,000) (1,315,000) - (1,315,000) (1,348,000) (1,000) (1,349,000) 1,466,000 - 1,466,000 Net loss before income taxes (3,554,000) (1,708,000) (5,262,000) (4,640,000) (676,000) (5,316,000) 156,000 (155,000) 1,000 (11,609,000) 716,000 (10,893,000) Provision for income taxes - - - - - - - - - - - - Net loss (3,554,000) (1,708,000) (5,262,000) (4,640,000) (676,000) (5,316,000) 156,000 (155,000) 1,000 (11,609,000) 716,000 (10,893,000) Net loss attributable to noncontrolling interests - (1,457,000) (1,457,000) - (586,000) (586,000) - (145,000) (145,000) - (495,000) (495,000) Net loss attributable to CaliberCos Inc. (3,554,000) (251,000) (3,805,000) (4,640,000) (90,000) (4,730,000) 156,000 (10,000) 146,000 (11,609,000) 221,000 (11,388,000) Basic income per share (0.16) (0.18) (0.21) (0.22) 0.01 0.01 (0.52) (0.51) Diluted income per share (0.16) (0.18) (0.21) (0.22) 0.01 0.01 (0.52) (0.51) Weighted average common shares outstanding: Basic 21,542,000 21,542,000 21,811,000 21,811,000 22,128,000 22,128,000 22,456,000 22,456,000 Diluted 21,542,000 21,542,000 21,811,000 21,811,000 24,867,000 24,867,000 22,456,000 22,456,000 Three Months Ended March 31, 2024 Three Months Ended June 30, 2024 Three Months Ended December 31, 2024 Three Months Ended September 30, 2024
Platform Impact of Consolidated Funds Consolidated Platform Impact of Consolidated Funds Consolidated Platform Impact of Consolidated Funds Consolidated Platform Impact of Consolidated Funds Consolidated Revenues Asset management 3,542,000 (346,000) 3,196,000 4,103,000 (357,000) 3,746,000 Performance allocations 7,000 (6,000) 1,000 23,000 (1,000) 22,000 Consolidated funds – hospitality revenue - 3,919,000 3,919,000 - 1,138,000 1,138,000 Consolidated funds – other revenue - 145,000 145,000 - 167,000 167,000 Total revenues 3,549,000 3,712,000 7,261,000 4,126,000 947,000 5,073,000 - - - - - - Expenses Operating costs 4,168,000 (124,000) 4,044,000 3,733,000 (170,000) 3,563,000 General and administrative 1,592,000 (11,000) 1,581,000 1,183,000 (10,000) 1,173,000 Marketing and advertising 165,000 - 165,000 147,000 - 147,000 Depreciation and amortization 162,000 (5,000) 157,000 173,000 (7,000) 166,000 Consolidated funds – hospitality expenses - 3,465,000 3,465,000 - 1,278,000 1,278,000 Consolidated funds – other expenses - 458,000 458,000 - 466,000 466,000 Total expenses 6,087,000 3,783,000 9,870,000 5,236,000 1,557,000 6,793,000 - - - - - - Consolidated funds – gain on sale of real estate invest - - - - - Other loss (income), net (6,000) 372,000 366,000 416,000 149,000 565,000 Gain on extinguishment of debt - - - - - - Interest income (33,000) 1,000 (32,000) (30,000) - (30,000) Interest expense 1,611,000 - 1,611,000 1,738,000 - 1,738,000 Net loss before income taxes (4,110,000) (444,000) (4,554,000) (3,234,000) (759,000) (3,993,000) - - - - - - Provision for income taxes - - - - - - - - - - - - Net loss (4,110,000) (444,000) (4,554,000) (3,234,000) (759,000) (3,993,000) - - - - - - Net loss attributable to noncontrolling interests - 147,000 147,000 - 401,000 401,000 Net loss attributable to CaliberCos Inc. (4,110,000) (297,000) (4,407,000) (3,234,000) (358,000) (3,592,000) - - - - - - Basic income per share (3.59) (3.85) (2.53) (2.81) Diluted income per share (3.59) (3.85) (2.53) (2.81) Weighted average common shares outstanding: Basic 1,146,000 1,146,000 1,278,000 1,278,000 Diluted 1,146,000 1,146,000 1,278,000 1,278,000 Three Months Ended March 31, 2025 Three Months Ended June 30, 2025 Three Months Ended September 30, 2025 Three Months Ended December 31, 2025