Core Insights - The company is on track to achieve platform adjusted EBITDA profitability in the second half of 2025 [1][3] - The second quarter results reflect a positive step towards this goal, with a focus on hospitality, multifamily, and multi-tenant industrial real estate [3][6] - Recent legislative changes, specifically the passage of the BBB, have made the opportunity zone program permanent, benefiting the company's investment strategies [3] Financial Highlights - Platform revenue for Q2 2025 was $4.1 million, slightly down from $4.2 million in Q2 2024 [6] - The platform net loss was $4.9 million, or $3.87 per diluted share, compared to a net loss of $4.6 million, or $4.25 per diluted share in the prior year [6] - Platform adjusted EBITDA loss improved to $0.1 million from a loss of $2.5 million in the same quarter last year [6] Business Updates - Key milestones include the approval of the Canyon Village redevelopment project, which will convert a distressed office building into a 376-unit rental multifamily residential building [7] - The joint venture project, PURE Pickleball & Padel™, received design review approval, positioning it for a building permit [7] - A successful refinancing of $22.5 million for the Doubletree by Hilton Hotel in Tucson was completed [7] Consolidated Financial Results - Total consolidated revenue decreased to $5.1 million from $8.2 million, primarily due to the deconsolidation of several entities in 2024 [7] - Consolidated net loss attributable to Caliber was $5.3 million, or $4.15 per diluted share, compared to a net loss of $4.7 million, or $4.34 per diluted share in the previous year [7] - Consolidated adjusted EBITDA showed improvement, reaching $0.1 million compared to a loss of $1.0 million in Q2 2024 [7] Assets Under Management - As of June 30, 2025, the fair value of assets under management (AUM) was $803.2 million, up from $794.9 million at the end of 2024 [23][24] - The company reported a total managed capital of $498.6 million, reflecting an increase from $492.5 million at the end of 2024 [25][26]