Third Quarter 2025 Highlights
Raised more than $30.0 million through common and preferred equity, strengthening Caliber's balance sheet and liquidity.
Launched Caliber's Digital Asset Treasury ("DAT") anchored in Chainlink (LINK) tokens, expanding the Company's business into digital asset management alongside its core Private Equity Real Estate (PERE) platform.
Third Quarter 2025 Platform Financial Results (compared to Third Quarter 2024)
Platform revenue of $3.5 million, compared to $7.4 million
Asset management revenue of $3.5 million declined by $1.2 million, due to nonrecurring fee income.
Development and construction fees decreased by $2.7 million, due to seasonality of project start and completion times.
No significant performance allocations were earned, compared to prior period.
Platform net loss of $4.4 million, or $1.70 per diluted share, compared to Platform net income of $0.2 million, or $0.11 per diluted share, driven by $2.5 million of one-time investment impairment charges.
Platform Adjusted EBITDA loss of $0.7 million, compared to Platform Adjusted EBITDA of $2.4 million.
Third Quarter 2025 Digital Asset Treasury Financial Highlights
LINK tokens held by Caliber at the end of the third quarter were 467,632 tokens.
LINK tokens held by Caliber as of the date of this release are 562,535, valued at $8.5 million, considering the price of $15.15 per LINK token.
None of the tokens held by Caliber are staked as of the date of this release.
Management Commentary
"The third quarter marked a pivotal step forward for Caliber," said Chris Loeffler, CEO of Caliber. "We strengthened our balance sheet, raised over $30 million in equity, and formally launched our DAT anchored in LINK. This expansion establishes Caliber as a diversified alternative asset manager across both real and digital assets."
"While third-quarter operational results reflect limited short-term P&L impact, they demonstrate a substantial improvement in Caliber's liquidity and equity position. We believe Caliber is on the path toward consistent, profitable growth."
Business Update
The following are key milestones completed both during and after the third quarter ended September 30, 2025.
On August 19, 2025, Caliber announced that its joint venture development, PURE Pickleball & Padel™ (PURE) has signed a 10-year, exclusive agreement with Wolfgang Puck Catering, a premium catering, corporate dining and hospitality company. We believe the agreement with Wolfgang Puck Catering will drive significant corporate group business for the project.
On August 28, 2025, Caliber announced that its Board of Directors has formally approved a new Digital Asset Treasury ("DAT") strategy and adopted a comprehensive DAT policy. Under this strategy and policy, Caliber intends to allocate a portion of its treasury funds to acquire cryptocurrency, specifically LINK tokens, which support the Chainlink protocol, and to engage in activities related to the management of and the maximization of risk-adjusted returns from such digital asset holdings.
On September 2, 2025, Caliber announced the formation of a newly established Caliber Crypto Advisory Board ("CCAB"). This board will provide strategic oversight and guidance as Caliber executes its DAT Strategy, focused on building a treasury of LINK tokens to be held and staked for long-term value and yield. During the third quarter, the CCAB added three members, Michael Trzupek, Peter Dorrius, and Blake Janover.
On September 9, 18, and 25, 2025, Caliber announced the completion of strategic purchases of 467,632 LINK tokens. Subsequent to the quarter closing, the company made an additional purchase of 94,903 LINK tokens totaling 562,535 tokens held as of the date of this release, further strengthening its DAT Strategy and underscoring its commitment to blockchain innovation.
On September 17, 2025, Caliber announced that it has closed a securities purchase agreement with an institutional investor for the sale of $15.9 million of perpetual convertible preferred equity, convertible at $250 per share of common stock.
On September 23, 2025, Caliber announced it has selected Coinbase Prime as its institutional platform for trading and custody in support of its DAT Strategy.
On October 7, 2025, Caliber announced a partnership to deploy EV charging infrastructure, advancing sustainable asset enhancements across its portfolio. Caliber partnered with Current, a leading EV infrastructure investor and developer, and InCharge Energy, the industry leader for design-build EV charging infrastructure and InService™, the company's customizable offering for all-brand charger service, maintenance, and on-demand repair. This partnership is intended to provide commercial charging and energy solutions across the breadth of Caliber's portfolio to reduce operating costs, increase asset profitability, and provide potentially attractive financing for capital projects.
Third Quarter 2025 Consolidated Financial Results (compared to Third Quarter 2024)
Total consolidated revenue of $3.6 million, compared to $11.3 million reflecting the deconsolidation of Caliber Hospitality Trust, Caliber Hospitality, LP, Elliot, DT Mesa, and Caliber Fixed Income Fund III, LLC ("CFIF III") in 2024 and the deconsolidation of DoubleTree by Hilton Tucson Convention Center in Q2 2025, following the refinance of the asset.
Consolidated net loss attributable to Caliber of $4.4 million, or $1.65 per diluted share, compared to net income attributable to Caliber of $0.1 million or $0.12 per diluted share.
Consolidated Adjusted EBITDA loss of $0.5 million, compared to Consolidated Adjusted EBITDA of $4.2 million.
Conference Call Information
Caliber will host a conference call today, Thursday, November 13, 2025, at 5:00 p.m. Eastern Time (ET) to discuss its third quarter 2025 financial results and business outlook.
To access this call, Investors and interested parties can access the live earnings call by dialing (800) 715-9871 (domestic) or (646) 307-1963 (international) and ask to join the Caliber call or use conference ID 5945662.
A live webcast of the conference call will be available via the investor relations section of Caliber's website under "Financial Results." The webcast replay of the conference call will be available on Caliber's website shortly after the call concludes.
Platform Definition
Within this earnings release, we refer to performance results of the ‘Platform'. Platform refers to the performance of CWD itself, excluding the performance of certain assets & funds that are included in our consolidated results, as required by the United States generally accepted accounting principles ("GAAP"). Management believes that Platform performance offers the most meaningful information needed to understand the value of CWD. The assets and funds that are consolidated into our GAAP presentation are included because Caliber is a guarantor of debt held by these assets and funds.
While GAAP consolidation rules require CWD to include the performance and cash flows of these assets & funds in our consolidated financial information, CWD does not benefit from the performance of those assets & funds, except to the extent that CWD earns fees from managing the assets and funds (which are included in the Platform results). Management believes presenting Platform results, which exclude consolidated assets, directly shows the business performance that CWD stockholders benefit from.
About Caliber (CaliberCos Inc.)
Caliber (NASDAQ:CWD) is an alternative investment manager with over $2.7 billion in Managed Assets and a 16-year track record in private equity real estate investing across hospitality, multi-family, and industrial real estate. In 2025, Caliber became the first U.S. public real estate platform to launch a Digital Asset Treasury strategy anchored in Chainlink (LINK). This initiative bridges real and digital asset investing through an equity-funded, disciplined approach that includes staking for yield. Investors can participate via Caliber's publicly traded equity (NASDAQ:CWD) and private real estate funds.
Forward Looking Statements
This press release contains "forward-looking statements" that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "aim," "should," "will" "would," or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on the Company's current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled "Risk Factors" in the final prospectus related to the Company's public offering filed with the SEC and other reports filed with the SEC thereafter. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.
CONTACTS:
Caliber Investor Relations:Ilya Grozovsky+1
NON-GAAP RECONCILIATIONS
The following information reconciles the performance of the Platform to the consolidated GAAP presentation. Management believes that the Platform view of Caliber's performance is more meaningful to a CWD shareholder as it includes all revenues and expenses generated by Caliber and its wholly-owned subsidiaries.
ASSET MANAGEMENT PLATFORM(1)(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED)
Three Months Ended September 30, 2025
Platform
Impact of Consolidated Funds and Eliminations
Consolidated
Revenues
Asset management
$
3,514
$
(28
)
$
3,486
Performance allocations
2
—
2
Consolidated funds, other revenue
—
148
148
Total revenues
3,516
120
3,636
Expenses
Operating costs
3,408
(157
)
3,251
General and administrative
1,481
(10
)
1,471
Marketing and advertising
151
—
151
Depreciation and amortization
167
(7
)
160
Consolidated funds, other expenses
—
467
467
Total expenses
5,207
293
5,500
Unrealized loss on digital assets
(677
)
—
(677
)
Other loss, net
(230
)
(94
)
(324
)
Interest income
28
—
28
Interest expense
(1,876
)
—
(1,876
)
Net loss before income taxes
$
(4,446
)
$
(267
)
$
(4,713
)
Provision for income taxes
—
—
—
Net loss
(4,446
)
(267
)
(4,713
)
Net loss attributable to noncontrolling interests
—
(342
)
(342
)
Net loss attributable to CaliberCos Inc.
$
(4,446
)
$
75
$
(4,371
)
Basic and diluted net loss per share
$
(1.70
)
$
(1.65
)
Weighted average common shares outstanding:
Basic and diluted
2,615
2,615
(1) Represents the results of our asset management platform, which are presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminate noncontrolling interest.
Three Months Ended September 30, 2024
Platform
Impact of Consolidated Funds and Eliminations
Consolidated
Revenues
Asset management
$
7,242
$
(712
)
$
6,530
Performance allocations
174
1
175
Consolidated funds, hospitality revenue
—
2,494
2,494
Consolidated funds, other revenue
—
2,103
2,103
Total revenues
7,416
3,886
11,302
Expenses
Operating costs
4,727
(135
)
4,592
General and administrative
1,450
(9
)
1,441
Marketing and advertising
175
(1
)
174
Depreciation and amortization
145
4
149
Consolidated funds, hospitality expenses
—
3,097
3,097
Consolidated funds, other expenses
—
975
975
Total expenses
6,497
3,931
10,428
Other income (loss), net
526
