Caliber Reports Second Quarter 2025 Results
Caliber (NASDAQ: CWD), a real estate investor and asset manager, reported its Q2 2025 financial results. The company posted platform revenue of $4.1 million and a platform net loss of $4.9 million ($3.87 per diluted share). Total consolidated revenue was $5.1 million, with a consolidated net loss of $5.3 million.
Key Q2 developments include the approval of the Canyon Village redevelopment project for 376 rental units, advancement of the PURE Pickleball & Padel� venture, and a $22.5 million refinance for the Doubletree Tucson hotel. The company remains focused on hospitality, multifamily, and multi-tenant industrial real estate, maintaining its trajectory toward platform adjusted EBITDA profitability in H2 2025.
Caliber (NASDAQ: CWD), investitore immobiliare e società di gestione patrimoniale, ha reso noti i risultati del secondo trimestre 2025. La società ha registrato ricavi di piattaforma per 4,1 milioni di dollari e una perdita netta di piattaforma di 4,9 milioni di dollari (3,87$ per azione diluita). I ricavi consolidati totali sono stati 5,1 milioni di dollari, con una perdita netta consolidata di 5,3 milioni di dollari.
Tra gli sviluppi chiave del trimestre: l'approvazione del progetto di riqualificazione Canyon Village per 376 unità in affitto, i progressi nell'iniziativa PURE Pickleball & Padel� e un rifinanziamento da 22,5 milioni di dollari per l'hotel Doubletree Tucson. La società rimane focalizzata su hospitality, comparto multifamiliare e immobili industriali multi-locatari, proseguendo verso la redditività a livello di piattaforma su base adjusted EBITDA nella seconda metà del 2025.
Caliber (NASDAQ: CWD), inversor inmobiliario y gestor de activos, publicó sus resultados del segundo trimestre de 2025. La compañía reportó ingresos de plataforma de 4,1 millones de dólares y una pérdida neta de plataforma de 4,9 millones de dólares (3,87$ por acción diluida). Los ingresos consolidados totales fueron de 5,1 millones de dólares, con una pérdida neta consolidada de 5,3 millones de dólares.
Los hitos del trimestre incluyen la aprobación del proyecto de reurbanización Canyon Village para 376 unidades de alquiler, avances en la iniciativa PURE Pickleball & Padel� y un refinanciamiento de 22,5 millones de dólares para el hotel Doubletree Tucson. La compañía mantiene su enfoque en hospitality, viviendas multifamiliares y propiedades industriales con múltiples arrendatarios, y sigue encaminada hacia la rentabilidad de la plataforma medida por el EBITDA ajustado en la segunda mitad de 2025.
Caliber (NASDAQ: CWD), 부동산 투자 � 자산관� 회사가 2025� 2분기 실적� 발표했습니다. 회사� 플랫� 매출 410� 달러왶 플랫� 순손� 490� 달러(희석 주당손실 3.87달러)� 기록했습니다. � 연결 매출은 510� 달러였�, 연결 기준 순손실은 530� 달러였습니�.
2분기 주요 사항으로� 376가� 임대용으� 계획� Canyon Village 재개� 승인, PURE Pickleball & Padel� 사업 진행, Doubletree Tucson 호텔� 대� 2,250� 달러 재융� 등이 있습니다. 회사� 호스피탈리티, 다세대(멀티패밀�) � 다수 임차� 산업� 부동산� 계속 주력하며 2025� 하반� 플랫� 기준 조정 EBITDA 흑자 전환� 목표� 하고 있습니다.
Caliber (NASDAQ: CWD), investisseur immobilier et gestionnaire d'actifs, a publié ses résultats du deuxième trimestre 2025. La société a affiché des revenus de plateforme de 4,1 millions de dollars et une perte nette de plateforme de 4,9 millions de dollars (3,87$ par action diluée). Le chiffre d'affaires consolidé total s'est élevé à 5,1 millions de dollars, avec une perte nette consolidée de 5,3 millions de dollars.
Parmi les faits marquants du trimestre figurent l'approbation du projet de réaménagement Canyon Village pour 376 logements locatifs, des avancées sur l'initiative PURE Pickleball & Padel� et un refinancement de 22,5 millions de dollars pour l'hôtel Doubletree Tucson. La société reste concentrée sur l'hôtellerie, le résidentiel multifamilial et les biens industriels multi-locataires, et poursuit son objectif d'atteindre la rentabilité de la plateforme mesurée par l'EBITDA ajusté au second semestre 2025.
Caliber (NASDAQ: CWD), ein Immobilieninvestor und Asset Manager, veröffentlichte seine Ergebnisse für das zweite Quartal 2025. Das Unternehmen verzeichnete Plattformumsatz in Höhe von 4,1 Mio. USD und einen Plattform-Nettoverlust von 4,9 Mio. USD (3,87 USD je verwässerter Aktie). Der konsolidierte Gesamtumsatz belief sich auf 5,1 Mio. USD, mit einem konsolidierten Nettoverlust von 5,3 Mio. USD.
Zentrale Entwicklungen im Q2 umfassen die Genehmigung des Redevelopment-Projekts Canyon Village für 376 Mietwohnungen, Fortschritte beim Projekt PURE Pickleball & Padel� sowie eine 22,5 Mio. USD Refinanzierung des Doubletree Tucson Hotels. Das Unternehmen bleibt auf Hospitality, Mehrfamilien- und mehrmieternutzte Industrieimmobilien fokussiert und strebt weiterhin die Profitabilität der Plattform auf Basis des bereinigten EBITDA in der zweiten Jahreshälfte 2025 an.
- Platform Adjusted EBITDA loss improved significantly to $0.1M from $2.5M year-over-year
- Successful $22.5M refinancing of Doubletree Tucson property
- Approval secured for 376-unit Canyon Village redevelopment project
- Opportunity Zone program made permanent through BBB passage
- Corporate overhead reduction and strategic focus implementation showing results
- Platform revenue declined to $4.1M from $4.2M year-over-year
- Platform net loss increased to $4.9M from $4.6M year-over-year
- Total consolidated revenue dropped to $5.1M from $8.2M year-over-year
- No significant performance allocations earned in Q2 2025
Insights
Caliber narrows losses with adjusted EBITDA improvement, remains on track for H2 2025 profitability target despite flat revenue.
Caliber's Q2 2025 results demonstrate meaningful progress toward its profitability goals despite relatively flat top-line performance. The company reported
Management's focus on reducing corporate overhead while concentrating on specific real estate verticals (hospitality, multifamily, multi-tenant industrial, and opportunistic strategies) appears to be yielding tangible results. The
The business updates highlight Caliber's diversified approach within its narrowed focus. The Canyon Village redevelopment represents adaptive reuse of distressed office space into multifamily units, capitalizing on both urban housing demand and opportunity zone tax benefits. The
Particularly noteworthy is management's reference to the recent passage of legislation making the opportunity zone program permanent. This regulatory development significantly strengthens Caliber's investment thesis around what they describe as their "largest and most successful investment fund strategy." This regulatory tailwind should enhance Caliber's ability to raise and deploy capital within this tax-advantaged structure.
While the platform still operates at a net loss (
Company remains on track for its goal of achieving platform adjusted EBITDA profitability in the second half of 2025
SCOTTSDALE, Ariz., Aug. 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 June30, 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
- Asset management revenue of
- 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 June30, 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, August13, 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
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
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 June30, | |||||||
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 | ||||||
AG˹ٷ Estate | |||||||
Hospitality | $ | 61,200 | $ | 68,500 | |||
Caliber Hospitality Trust | 217,300 | 236,800 | |||||
Residential | 170,400 | 161,700 | |||||
Commercial | 277,000 | 249,600 | |||||
Total AG˹ٷ 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 | |||||||
AG˹ٷ 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 AG˹ٷ 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
(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 June30, 2025 and December31, 2024, the Company had invested
(3) Credit managed capital represents loans made to Caliber’s investment funds by the Company and our diversified funds. As of June30, 2025 and December31, 2024, the Company had loaned
(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 June30, | |||||||
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 | |||||
AG˹ٷ estate investments, net | 21,714 | 21,572 | |||||
Notes receivable - related parties, allowance of | 384 | 105 | |||||
Due from related parties, allowance of | 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 | � | |||||
AG˹ٷ estate investments, net | 10,397 | 45,090 | |||||
Notes receivable- related parties | 994 | 6,848 | |||||
Due from related parties, allowance of zero and | 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, | 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, | � | � | |||||
Common stock Class A, | 1 | 1 | |||||
Common stock Class B, | � | � | |||||
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:
- 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.
- 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 June30, | |||||||
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 | ) |
