Core Points - Caliber has regained compliance with Nasdaq's minimum stockholders' equity requirement, closing the matter with the Nasdaq Listing Qualifications Department [1][2] - The company reported a stockholders' equity of at least $2,500,000, meeting the Nasdaq Listing Rule 5550(b)(1) [1] - Caliber's CEO, Chris Loeffler, emphasized the improved financial position and commitment to long-term shareholder value [2] Company Overview - Caliber (Nasdaq: CWD) is a diversified real estate and digital asset management platform with over $2.7 billion in managed assets [3] - The company has a 16-year track record in private equity real estate investing, focusing on hospitality, multi-family, and industrial real estate [3] - In 2025, Caliber launched a Digital Asset Treasury strategy, becoming the first U.S. public real estate platform to do so, which integrates real and digital asset investing [3]

Financial Performance - Total revenues for the three months ended September 30, 2025, were $3.6 million, a decrease of 67.8% compared to $11.3 million in the same period of 2024, primarily due to the deconsolidation of certain funds and a decline in asset management revenues[278]. - Asset management revenues decreased by 46.6% to $3.5 million in Q3 2025 from $6.5 million in Q3 2024, driven by reduced development and construction revenues[278]. - Total expenses for the three months ended September 30, 2025, were $5.5 million, down 47.3% from $10.4 million in Q3 2024, mainly due to lower operating costs related to payroll and bonuses[279]. - The net loss for the three months ended September 30, 2025, was $4.7 million, compared to a net income of $1 in the same period of 2024, reflecting a significant decline of 471,400%[278]. - For the nine months ended September 30, 2025, total revenues decreased by 62.4% to $15.97 million from $42.43 million in 2024, primarily due to the deconsolidation of certain funds[291]. - Asset management revenues for the nine months ended September 30, 2025, were $10.43 million, down 19.3% from $12.93 million in 2024[291]. - The net loss attributable to CaliberCos Inc. for the nine months ended September 30, 2025, was $14.08 million, a 67.8% increase from a net loss of $8.39 million in 2024[291]. - Performance allocations for the nine months ended September 30, 2025, decreased by 93.0% to $25, down from $357 in 2024[291]. Asset Management and Development - The company has over $2.7 billion in managed assets, including $0.8 billion in assets under management (AUM) and $1.9 billion in assets under development (AUD) as of September 30, 2025[244]. - The company is actively developing 1,776 multifamily units, 697 single-family units, and 3.7 million square feet of commercial and industrial space, with total estimated costs of $1.9 billion[255]. - The company estimates it could earn up to $90.5 million in performance allocations if all AUD projects are completed successfully[263]. - The company aims to expand its role as a diversified alternative asset manager by investing in both real and digital assets[250]. - The company identified undervalued assets as part of its acquisition strategy, focusing on repositioning these assets to enhance net operating income and overall value[308]. - The total cost for project construction is estimated at $1.9 billion, expected to be funded through various sources including undeployed fund cash and secured debt financing[321]. Revenue Recognition and Fees - Fund management fees decreased by 22.2% to $2.8 million in Q3 2025 from $3.6 million in Q3 2024, attributed to no new funds being set up during the period[284]. - Development and construction fees fell by 86.2% to $0.4 million in Q3 2025 from $3.1 million in Q3 2024, due to fewer pre-construction milestones completed[285]. - Performance allocations typically range from 15.0% to 35.0% of cash distributions from operating cash flow and asset sales, with preferred returns ranging from 6.0% to 12.0%[362]. - Development fee revenue is recognized at a point in time prior to construction and over time during the construction period, generally based on 4.0% of total expected costs[360]. - Fund management fees are generally based on 1.0% to 1.5% of unreturned capital contributions, with specific fees for the Caliber Hospitality Trust set at 0.7% of its enterprise value[358]. Digital Assets and Blockchain - The company plans to stake a portion of its Chainlink (LINK) holdings, potentially earning an annualized yield of 3% to 9%[248]. - The company is evaluating participation in Chainlink validator nodes to maintain network consensus and facilitate data integrity[249]. - The company intends to utilize blockchain technology to tokenize real-world assets, enhancing liquidity and investor accessibility[251]. - The company adopted ASU 2023-08 for accounting and disclosure of crypto assets effective September 9, 2025, following its initial purchase of Chainlink tokens[363]. - Unrealized loss on digital assets for Q3 2025 was $0.7 million, with no comparable activity in Q3 2024[280]. Market Conditions and Economic Factors - The Federal Reserve increased the federal funds rate by 525 basis points from January 1, 2022, to September 18, 2024, impacting market conditions and investment opportunities[271]. - The enactment of the One Big Beautiful Bill Act on July 4, 2025, extends the Qualified Opportunity Zone program indefinitely, potentially influencing real estate investment strategies[272]. Cash Flow and Financing Activities - Cash flows from operating activities for the nine months ended September 30, 2025, showed a net cash outflow of $7,523 million, compared to an outflow of $199 million in the same period of 2024[347]. - The company plans to raise $20 million through preferred stock series AA financing and has successfully refinanced $4.8 million of 12-month term notes into a new 36-month term corporate note program[346]. - Net cash flows provided by financing activities increased during the nine months ended September 30, 2025, compared to the same period in 2024, primarily due to an increase in net proceeds from the issuance of preferred stock and common stock, along with a decrease of $2.4 million in net repayments on notes payable[350]. Internal Controls and Legal Proceedings - As of September 30, 2025, the company evaluated its disclosure controls and procedures and determined they were effective at a reasonable assurance level[386]. - There were no changes in the internal control over financial reporting during the three months ended September 30, 2025, that materially affected the internal control[387]. - The company is involved in various claims and legal proceedings but does not expect any material effect on its business or financial condition[389].

Financial Performance - Platform revenue for Q3 2025 was $3.5 million, a decline of 53% compared to $7.4 million in Q3 2024[5] - Platform net loss for Q3 2025 was $4.4 million, or $1.70 per diluted share, compared to a net income of $0.2 million, or $0.11 per diluted share in Q3 2024[5] - Adjusted EBITDA loss for Q3 2025 was $0.7 million, compared to an Adjusted EBITDA of $2.4 million in Q3 2024[5] - Caliber's consolidated revenue for Q3 2025 was $3.6 million, down from $11.3 million in Q3 2024, reflecting the deconsolidation of certain funds[13] - Consolidated net loss attributable to Caliber for Q3 2025 was $4.4 million, or $1.65 per diluted share, compared to a net income of $0.1 million, or $0.12 per diluted share in Q3 2024[13] - Total revenue for the three months ended September 30, 2025, was $3,516,000, a decrease of 52.7% from $7,416,000 in the same period of 2024[1] - Asset management revenues decreased to $3,486,000 in Q3 2025 from $6,530,000 in Q3 2024, reflecting a decline of 46.5%[34] - Fee-Related Earnings for Q3 2025 showed a net loss of $4,371,000, compared to a net income of $146,000 in Q3 2024, indicating a significant decline in core revenue generation[46] - Distributable Earnings for Q3 2025 were reported at $(2,540,000), a decrease from $529,000 in Q3 2024, highlighting challenges in earnings available for distribution[41] - Platform Adjusted EBITDA for Q3 2025 was $(665,000), a sharp decline from $2,412,000 in Q3 2024, reflecting reduced performance of the asset management platform[44] - Consolidated Adjusted EBITDA for Q3 2025 was $(464,000), down from $4,248,000 in Q3 2024, indicating overall financial strain[45] Asset Management and Capital - The fair value of Assets Under Management (AUM) as of September 30, 2025, was $797,033,000, slightly up from $794,923,000 as of December 31, 2024[26] - Managed Capital increased to $505,989,000 as of September 30, 2025, compared to $492,542,000 as of December 31, 2024, representing a growth of 2.9%[28] - Managed Capital includes total capital raised from customers, impacting preferred returns and performance fees, which are crucial for predicting future earnings[38] - Fair Value AUM represents the aggregate fair value of managed real estate assets, influencing management fees and service income predictions based on AUM growth expectations[38] Digital Assets and Investments - As of the end of Q3 2025, Caliber held 467,632 LINK tokens, which increased to 562,535 tokens valued at $8.5 million as of the release date[5] - The company completed strategic purchases of LINK tokens, further supporting its Digital Asset Treasury strategy[7] - Caliber's Digital Asset Treasury strategy was formally approved by the Board of Directors, focusing on acquiring LINK tokens and maximizing risk-adjusted returns[7] - The company reported an unrealized loss on digital assets of $677,000 for Q3 2025[34] - The company reported an unrealized loss on digital assets of $677,000 in Q3 2025, impacting overall financial performance[46] Liabilities and Equity - Total liabilities decreased to $76,481,000 as of September 30, 2025, from $94,282,000 as of December 31, 2024, a reduction of 18.9%[35] - Cash and restricted cash increased to $13,138,000 as of September 30, 2025, from $4,348,000 as of December 31, 2024[35] - The total stockholders' equity decreased to $6,087,000 as of September 30, 2025, from $11,253,000 as of December 31, 2024[36] Strategic Initiatives - The company announced a partnership to deploy EV charging infrastructure, aimed at enhancing sustainability across its portfolio[8] - The impact of consolidated funds on fee-related earnings was $173,000 in Q3 2025, compared to $45,000 in Q3 2024, suggesting changes in fund performance dynamics[46] - The company’s platform performance is critical for understanding the value of CWD, as it generates revenues from managing the investment portfolio[39]

Core Insights - Caliber reported a transformational quarter, strengthening its balance sheet and launching a Digital Asset Treasury (DAT) anchored in Chainlink (LINK) tokens, positioning the company towards adjusted EBITDA profitability [1][3][14] Financial Performance - Platform revenue for Q3 2025 was $3.5 million, a decrease from $7.4 million in Q3 2024 [5][8] - Asset management revenue declined by $1.2 million to $3.5 million, attributed to nonrecurring fee income [5] - Development and construction fees decreased by $2.7 million due to seasonal project timing [5] - The platform net loss was $4.4 million, or $1.70 per diluted share, compared to a net income of $0.2 million, or $0.11 per diluted share in the prior year [5][34] - Platform Adjusted EBITDA loss was $0.7 million, down from an Adjusted EBITDA of $2.4 million in Q3 2024 [5][34] Digital Asset Treasury Strategy - Caliber raised over $30 million in equity, enhancing its liquidity and balance sheet [3][5] - The company launched its Digital Asset Treasury anchored in LINK tokens, marking its entry into digital asset management alongside its core Private Equity Real Estate platform [3][5] - As of the end of Q3 2025, Caliber held 467,632 LINK tokens, which increased to 562,535 tokens valued at $8.5 million as of the release date [5][12] Business Developments - A joint venture, PURE Pickleball & Padel™, signed a 10-year exclusive agreement with Wolfgang Puck Catering, expected to drive significant corporate business [6] - The formation of a Caliber Crypto Advisory Board (CCAB) was announced to oversee the DAT strategy [12] - Caliber selected Coinbase Prime as its institutional platform for trading and custody in support of its DAT strategy [12] Consolidated Financial Results - Total consolidated revenue for Q3 2025 was $3.6 million, down from $11.3 million in Q3 2024, reflecting the deconsolidation of several entities [12][34] - Consolidated net loss attributable to Caliber was $4.4 million, or $1.65 per diluted share, compared to a net income of $0.1 million, or $0.12 per diluted share in the prior year [12][34] - Consolidated Adjusted EBITDA loss was $0.5 million, compared to an Adjusted EBITDA of $4.2 million in Q3 2024 [12][34]

Core Viewpoint - Caliber (Nasdaq: CWD) is set to release its third quarter 2025 financial results on November 13, 2025, and will host a webcast/conference call to discuss these results [1][2]. Company Overview - Caliber is a diversified real estate and digital asset management platform with over $2.9 billion in managed assets and a 16-year history in private equity real estate investing, focusing on hospitality, multi-family, and industrial real estate [4]. - In 2025, Caliber launched a Digital Asset Treasury strategy, becoming the first U.S. public real estate platform to do so, which integrates real and digital asset investing through an equity-funded approach [4]. Earnings Call Details - Investors can access the live earnings call by dialing specific numbers for domestic and international participants, or by visiting Caliber's investor relations website [2]. - A replay of the conference call will be available shortly after the call concludes on Caliber's website [2][3]. Additional Information - The news release and presentation materials related to the financial results will be accessible on the Investor Relations site under the "Financial Results" section [3].

Core Insights - Caliber has initiated a Noteholder Conversion Program to allow holders of certain unsecured corporate notes to convert them into shares of Class A common stock, aiming to reduce corporate debt and improve cash flow [1][2][3] - The program is voluntary and allows for conversions in tranches, with each tranche permitting up to $3.0 million in notes to be converted, which is expected to enhance financial flexibility and support the company's goal of profitability by 2026 [1][2] Financial Impact - The completion of the conversion involved 1.9 million in principal balance notes with an average interest rate of 11.1%, resulting in the issuance of approximately 561,850 shares at an average conversion price of $3.43 per share [2] - This conversion is projected to eliminate approximately $211,090 in annual interest expense, thereby improving cash flow [2] Strategic Goals - The company aims to methodically reduce high-cost debt to free up cash flow for growth, while simultaneously expanding its private equity real estate platform and building a significant LINK token treasury [3][5] - Caliber has over $2.9 billion in managed assets and has established itself as a leader in private equity real estate investing, with a focus on bridging real and digital asset investing through its Digital Asset Treasury strategy [5]

Core Insights - Caliber is sponsoring the 2025 SmartCon Conference, highlighting its commitment to the evolution of traditional finance to digital finance [1] - The company is the first Nasdaq-listed entity to adopt a Digital Asset Treasury strategy anchored in Chainlink (LINK), providing shareholders with transparent exposure to LINK [2][5] - Caliber aims to build one of the largest LINK treasuries held by a public company through a dollar-cost-averaging strategy [3] Company Overview - Caliber manages over $2.9 billion in assets and has a 16-year history in private equity real estate investing [5] - The Digital Asset Treasury strategy bridges real and digital asset investing, incorporating staking for yield [5] Event Details - The SmartCon Conference will gather leaders from governments, financial institutions, and Web3 projects to discuss blockchain technologies and their impact on markets and public services [4]

Core Viewpoint - Caliber has regained compliance with Nasdaq's stockholders' equity requirement, estimating its equity to be between $4.5 million and $6.0 million as of September 30, 2025, exceeding the $2.5 million minimum requirement [1][2]. Group 1: Compliance and Financial Position - The company expects to receive formal notice from Nasdaq confirming its compliance with Listing Rule 5550(b)(1) [2]. - Nasdaq will continue to monitor Caliber's compliance, and failure to maintain the minimum stockholders' equity could lead to potential delisting [2]. - Caliber's recent initiatives have strengthened its balance sheet by reducing debt and increasing equity [3]. Group 2: Strategic Initiatives - The company has launched a Digital Asset Treasury (DAT) strategy anchored in LINK, contributing to the improvement of its equity base [4]. - The CEO emphasized that regaining compliance is a significant step in the company's transformation and value-building efforts across its core businesses [5]. Group 3: Company Overview - Caliber is an alternative asset manager with over $2.9 billion in managed assets and a 16-year track record in private equity real estate investing [5]. - The company became the first U.S. public real estate platform to implement a Digital Asset Treasury strategy in 2025 [5].

Core Insights - Caliber is set to present its investment platform focused on real and digital assets at the 19th Annual LD Micro Main Event on October 20, 2025 [1][4] - The presentation will cover Caliber's strategy for shareholder value creation, its expansion into digital assets, and updates on its private equity real estate investment performance [2] Company Overview - Caliber (NASDAQ: CWD) is an alternative investment manager with over $2.9 billion in managed assets and a 16-year history in private equity real estate investing [6] - In 2025, Caliber launched a Digital Asset Treasury strategy, becoming the first U.S. public real estate platform to do so, which integrates real and digital asset investing [6] Event Details - The LD Micro Main Event XIX will take place from October 19 to 21, 2025, featuring around 120 companies presenting and conducting one-on-one investor meetings [5] - Chris Loeffler, CEO of Caliber, expressed enthusiasm for presenting in San Diego and highlighted recent improvements in the company's business [4]

Core Insights - Caliber has completed a strategic purchase of $2.0 million in Chainlink (LINK) tokens, increasing its holdings to 562,535 tokens valued at approximately $10.1 million, reinforcing its Digital Asset Treasury (DAT) Strategy [1][2]. Group 1: Acquisition Details - The company acquired 94,903 LINK tokens at an average price of $21.07 per token, including fees and expenses [2]. - This acquisition is part of Caliber's strategy to grow its LINK DAT through disciplined, incremental purchases over time [2][3]. Group 2: Digital Asset Treasury Strategy - Caliber's DAT Strategy focuses on gradual acquisitions to dollar-cost-average its LINK purchases while aiming for long-term appreciation and staking yield [3]. - The company intends to build one of the largest LINK treasuries held by a public company [3]. Group 3: Market Position - Caliber is the first Nasdaq-listed company to adopt a treasury strategy anchored in LINK, providing shareholders with transparent, mark-to-market exposure to LINK [4]. - This initiative positions Caliber at the intersection of real asset infrastructure and digital asset infrastructure [4]. Group 4: Company Overview - Caliber is an alternative investment manager with over $2.9 billion in managed assets and a 16-year track record in private equity real estate investing [5]. - In 2025, Caliber became the first U.S. public real estate platform to launch a Digital Asset Treasury strategy anchored in Chainlink (LINK) [5].