Calibercos Inc. · NASDAQ:CWD
Calibercos — Q4 2025 Earnings Presentation
15 slides from Calibercos's earnings presentation, Mar 25, 2026
Slide 1: Caliber overview and supplemental data introduction
Over the past 16 years, Caliber has grown into a leading diversified alternative asset management firm, managing more than $2.6 billion in assets under management and assets under development. Caliber’s primary goal is to enhance the wealth of accredited investors seeking to make investments in midd
Slide 2: Platform results, annual YTD 2019-2025
YTD YTD YTD YTD YTD YTD YTD (in thousands, except per share amounts) 2019 2020 2021 2022 2023 2024 2025 Platform Revenues Asset management revenues 21,086$ 11,775$ 15,259$ 21,575$ 16,982$ 20,563$ 15,155$ Performance allocations 4,985 422 733 2,543 3,656 379 33 Total Platform revenues 26,071 12,197 1
Slide 3: Platform results, quarterly Q4 2023-Q4 2025
QTD QTD QTD QTD QTD QTD QTD QTD QTD (in thousands, except per share amounts) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Platform Revenues Asset management revenues 6,005$ 4,555$ 4,179$ 7,242$ 4,587$ 3,542$ 4,103$ 3,514$ 3,996$ Performance allocations 1,182 171 33 174 1 7
Slide 4: Quarterly Platform Revenue and Platform Adjusted EBITDA
$6,005 $4,555 $4,179 $7,242 $4,587 $3,542 $4,103 $3,514 $3,996 1,553 (1,669) (2,451) 2,412 (1,002) (1,352) (54) (665) (357) $(4,000) $(2,000) $- $2,000 $4,000 $6,000 $8,000 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Quarterly Platform Revenue and Platform Adjusted EBITDA
Slide 5: Platform balance sheet by quarter
Dec. 31, 2023 Mar. 31, 2024 Jun. 30, 2024 Sept. 30, 2024 Dec. 31, 2024 Mar. 31, 2025 June. 30, 2025 Sept. 30, 2025 Dec. 31, 2025 (in thousands) Assets Cash and restricted cash 3,509 3,278 3,093 3,050 4,348 3,363 3,145 13,138 5,166 Total Real estate assets 21,571 21,749 21,733 21,644 21,782 21,776 21
Slide 6: Impact of Consolidated Funds: balance sheet
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
Slide 7: Impact of Consolidated Funds: balance sheet
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 - 3,474,00
Slide 8: Impact of Consolidated Funds: balance sheet
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 - 3,050,00
Slide 9: Impact of Consolidated Funds: balance sheet
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 13,138,000 - 13,138,
Slide 10: Net income reconciliation
YTD YTD YTD YTD YTD QTD QTD 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 Q3 2025 Q4 2025 Net income (loss) attributable to CaliberCos Inc. 6,467,000 (5,446,000) (698,000) 2,020,000 (12,703,000) (1,207
Slide 11: Consolidated Funds impact on income statement
Platform p Consolidated Funds Consolidated Platform p Consolidated Funds Consolidated Platform p 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)
Slide 12: Consolidated Funds impact on income statement
Platform p Consolidated Funds Consolidated Platform p 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 59,5
Slide 13: Consolidated Funds impact on income statement
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,
Slide 14: Consolidated Funds impact on income statement
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 7,242,00
Slide 15: Consolidated Funds impact on income statement
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 3,514,000