Slide 1: 4Q25 Earnings Supplemental
4Q25 Earnings Supplemental Building on a 16-year track record of profitable growth and success ©2025 Caliber
Slide 2: Disclaimers
Disclaimers Forward-Looking Statements This presentation includes statements concerning CaliberCos Inc.’s (the “Company,” or “Caliber”) expectations, beliefs, plans, objectives, goals, strategies, assumptions of future events, future financial performance, or growth and other statements that are not
Slide 3: Today's Speakers
Today’s Speakers Chris Loeffler Jade Leung CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER Chris Loeffler has served as the CEO and Chairman of Jade Leung is Caliber’s CFO and corporate secretary. As CFO, Caliber’s Board of Directors since its inception. As CEO, Chris Jade oversees all aspects of ac
Slide 4: CEO Commentary
CEO Commentary THE WEALTH DEVELOPMENT COMPANY 4 4
Slide 5: About - Where Real Assets & Digital Assets Converge
About Nasdaq: CWD - Where Real Assets & Digital Assets Converge Caliber “CaliberCos Inc.” (Nasdaq: CWD) is a publicly listed, alternative asset manager investing at the intersection of real-world assets and digital finance. $2.6 1st Public LINK 507,560 16 years Billion Digital Asset Tokens; In Busin
Slide 6: CRE - Old Acronym, New Application
CRE - Old Acronym, New Application DeFi works because Chainlink works, and Institutional Customers Are Adopting It Note: Graphic produced by Chainlink Labs in public presentation(s) 6
Slide 7: What is Chainlink, Why Chainlink, and Why Now?
What is Chainlink, Why Chainlink, and Why Now? Chainlink’s Network is Experiencing Rapid Growth in Utilization Note: Graphic produced by Chainlink Labs in public presentation(s) 7
Slide 8: Caliber's Vision: Unlocking Value Between Real & Digital Assets
Caliber’s Vision: Unlocking Value Between Real & Digital Assets Combining two worlds under one public company: ◦ A proven real estate private equity platform with 16 years of track record, and ◦ A new digital asset treasury and product platform anchored in Chainlink (LINK) Leveraging Caliber’s Wall
Slide 9: Tokenization of Real-World Assets; an Emerging Trend in Finance
Tokenization of Real-World Assets; an Emerging Trend in Finance Caliber believes real estate funds and assets present the next frontier in real world asset tokenization Note: Graphic produced by Chainlink Labs in public presentation(s) 9
Slide 10: Why $LINK, and Why Now?
Why $LINK, and Why Now? Chainlink: The Infrastructure Powering Decentralized and Institutional Finance • Trusted by SWIFT, Mastercard, DTCC, S&P Global, Google Cloud, AWS, and the U.S. Department of Commerce. • LINK Token Economics: ◦ LINK is a payment and staking token - essential for securing the
Slide 11: Caliber's Flywheel - Two Growth Engines
Caliber’s Flywheel - Two Growth Engines 1. Real Estate Platform ◦ Generates recurring fees and investment profits (cash flow) ◦ Produces stable returns and tangible value via Carried Interest ◦ Positive Cycle Renewed 2. LINK Treasury & Digital Asset Platform ◦ Builds balance sheet strength and yield
Slide 12: Private Equity Real Estate Investment's Future: Tokenization
Private Equity Real Estate Investment’s Future: Tokenization 1. Primary Capital Formation ◦ Broaden investor access to private equity real estate through tokenized offerings ◦ Streamline fundraising and expand global reach 2. Secondary Liquidity ◦ Enable real estate investors to trade fund interests
Slide 13: PERE Platform Positioned for Renewed Cycle
PERE Platform Positioned for Renewed Cycle Hotel UPREIT RE Fund Syndication “CHT” Caliber Nasdaq: CWD Multi-Family Multi-Tenant Hospitality Housing Industrial 13
Slide 14: Business model drives consistent growth to Caliber
Business model drives consistent growth to Caliber Caliber helps investors profit from real estate investments by designing and creating investment funds to pursue undervalued assets. Through its fundraising team, Caliber raises capital into the funds it manages Grow Raise and invests that capital t
Slide 15: Revenue model provides diverse sources of income
Revenue model provides diverse sources of income CWD in-house real estate & investment services to generate both recurring income & service-based income. Asset & Fund Management Performance Fees Asset Services Real Estate Construction Acquisitions, Leasing, & Development Management Sales CWD’s perfo
Slide 16: Real Estate Enters New Cycle
Real Estate Enters New Cycle 16
Slide 17: Caliber Solves Its Clients' Financial Needs
Caliber Solves Its Clients’ Financial Needs Clients who invest in Caliber’s Funds seek three primary outcomes: Capital Sources Desired Outcome Caliber Fund Lending, CORE Plus, Value High Net- Income Add, CHT Preferred Stock RIA’s & Worth Brokers Investors Distressed and Special Growth Situations, Ad
Slide 18: Caliber's PERE Products
Caliber’s PERE Products CALIBER OPPORTUNITY ZONE FUND II Active Management Strategy Desirable Markets Target Mid-Teens IRR “Uncapped Roth” CALIBER OPPORTUNISTIC GROWTH FUND Positioned to Take Advantage of Upcoming Distress Target Mid-Teens IRR “The Access Fund” CALIBER CORE+ GROWTH & INCOME FUND Qua
Slide 19: 4Q25 Financial Highlights
4Q25 Financial Highlights THE WEALTH DEVELOPMENT COMPANY 19 19
Slide 20: Financial Measures Metrics
• Platform revenue of $4.0 million, primarily driven by asset management revenue Financial • Platform net loss attributable of $7.7 million, or $1.24 per diluted share Measures • Platform Adjusted EBITDA loss of $0.4 million • Fair value assets under management of $779.7 million Metrics • Managed ca
Slide 21: 4th Quarter - Historical Summary Results
4th Quarter - Historical Summary Results Total Platform Revenue Managed Capital $8,000 $7,416 $700 $7,187 $6,000 $4,726 $600 $4,588 $4,212 $4,126 (000's) $3,997 (000,000's) $4,000 $3,549 $3,516 $506 $517 $493 $495 $499 $500 $485 $470 $454 $2,000 $438 $400 $— 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4
Slide 22: 4th Quarter Summary Results
4th Quarter Summary Results Total Platform Revenue Total Consolidated Revenue* $6,000 $35,000 $4,588 $30,000 $3,997 $25,000 $4,000 (000's) (000's) $20,000 $15,000 $2,000 $8,687 $10,000 $4,127 $5,000 $— $— 4Q24 4Q25 4Q24 4Q25 * As previously communicated, Caliber has simplified the presentation of As
Slide 23: Annual Platform Revenue & Platform Adjusted EBITDA
Annual Platform Revenue & Platform Adjusted EBITDA Annual Platform Revenue & Platform Adjusted EBITDA $35,000 $26,071 $30,000 $24,118 $20,942 $20,638 $25,000 $15,992 $20,000 $15,188 $12,197 $10,040 $15,000 $10,000 $5,519 $3,462 $5,000 $— $(1,251) $(2,428) $(2,710) $(2,842) $(5,000) $(10,000) 2019 20
Slide 24: Annual Managed Capital & Asset Management Revenue
Annual Managed Capital & Asset Management Revenue Managed Capital and Asset Management Revenue $1,000 $795 $780 $900 $746 $741 $800 $601 $700 $517 $493 000,000's $600 $438 $420 $396 $500 $383 $307 $400 $226 $205 $300 $200 $99 $86 $82 $75 $69 $26 $32 $100 $— 2019 2020 2021 2022 2023 2024 2025 Capital
Slide 25: Carried Interest
Carried Interest Value of Carried Interest $120.0 $110.0 $104.2 $100.0 000,000's $89.0 $90.5 $90.0 $87.7 $84.8 $80.0 $70.0 $60.0 $50.0 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Carried Interest 25
Slide 26: 4Q25 Financial Review
4Q25 Financial Review THE WEALTH DEVELOPMENT COMPANY 26 26
Slide 27: GAAP Income Statements
GAAP Income Statements CALIBERCOS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Revenues Asset management revenues $ 3,963 $ 3,953 $ 14,391 $
Slide 28: GAAP Balance Sheets
GAAP Balance Sheets CALIBERCOS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA) December 31, 2025 December 31, 2024 ASSETS Cash $ 2,538 $ 1,766 Restricted cash 2,628 2,582 Real estate investments, net 21,689 21,572 Digital assets 6
Slide 29: GAAP Balance Sheets (Continued)
GAAP Balance Sheets (Continued) December 31, 2025 December 31, 2024 LIABILITIES AND STOCKHOLDERS' EQUITY Notes payable, net $ 46,347 $ 50,450 Accounts payable and accrued expenses 7,325 9,532 Series AA cumulative redeemable preferred stock, net of issuance costs, $25.00 per share stated value, 800,0
Slide 30: GAAP Balance Sheets (Continued)
GAAP Balance Sheets (Continued) December 31, 2025 December 31, 2024 Series A non-cumulative convertible preferred stock, $0.001 par value; $22,500,000 authorized and 5,875 and 5,000 shares issued and outstanding as of December 31, 2025 and 2024, respectively — $ — Series B convertible preferred stoc
Slide 31: Contacts
Contacts: Chris Loeffler, CEO Chris.Loeffler@CaliberCo.com Ilya Grozovsky, VP of Investor Relations & Corporate Development Ilya.Grozovsky@CaliberCo.com CaliberCos NASDAQ: CWD https://www.caliberco.com/
Slide 32: Appendix
Appendix THE WEALTH DEVELOPMENT COMPANY 32
Slide 33: NON-GAAP Measures
NON-GAAP Measures 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 a
Slide 34: NON-GAAP Measures (Continued)
NON-GAAP Measures (Continued) 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
Slide 35: Platform Income Statements
Platform Income Statements ASSET MANAGEMENT PLATFORM (1) (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) Three Months Ended December 31, 2025 Impact of Consolidated Fund Platform and Eliminations Consolidated Revenues Asset management $ 3,996 $ (33) $ 3,963 Performance allocations 1 1 2 Co
Slide 36: Platform Income Statements (Continued)
Platform Income Statements (Continued) Year Ended December 31, 2025 Impact of Consolidated Fund Platform and Eliminations Consolidated Revenues Asset management $ 15,155 $ (764) $ 14,391 Performance allocations 33 (6) 27 Consolidated funds – hospitality revenue — 5,057 5,057 Consolidated funds – oth
Slide 37: Platform Income Statements (Continued)
Platform Income Statements (Continued) Three Months Ended December 31, 2024 Impact of Consolidated Fund Platform and Eliminations Consolidated Revenues Asset management fees $ 4,587 $ (634) $ 3,953 Performance allocations 1 — 1 Consolidated funds – hospitality revenue — 2,943 2,943 Consolidated fund
Slide 38: Platform Income Statements (Continued)
Platform Income Statements (Continued) Year Ended December 31, 2024 Impact of Consolidated Fund Platform and Eliminations Consolidated Revenues Asset management $ 20,563 $ (3,684) $ 16,879 Performance allocations 379 (21) 358 Consolidated funds – hospitality revenue — 26,476 26,476 Consolidated fund
Slide 39: NON-GAAP Reconciliations
NON-GAAP Reconciliations NON-GAAP ADJUSTED EBITDA (AMOUNTS IN THOUSANDS) (UNAUDITED) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Net loss attributable to CaliberCos Inc. $ (7,721) $ (11,388) $ (21,798) $ (19,777) Net income (loss) attributable to noncontrolling intere
Slide 40: NON-GAAP Reconciliations (Continued)
NON-GAAP Reconciliations (Continued) PLATFORM REVENUE (1) (AMOUNTS IN THOUSANDS) (UNAUDITED) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Fund management fees $ 3,016 $ 2,844 $ 11,281 $ 12,318 Financing fees 70 34 643 650 Development and construction fees 508 1,685 2,4
Slide 41: NON-GAAP Reconciliations (Continued)
NON-GAAP Reconciliations (Continued) MANAGED CAPITAL (AMOUNTS IN THOUSANDS) (UNAUDITED) Balances as of December 31, 2024 $ 492,542 Originations 2,990 Return of capital (315) Balances as of March 31, 2025 495,217 Originations 4,226 Return of capital (876) Balances as of June 30, 2025 498,567 Originat
Slide 42: NON-GAAP Reconciliations (Continued)
NON-GAAP Reconciliations (Continued) Fair Value Assets Under Management (AMOUNTS IN THOUSANDS) (UNAUDITED) Balances as of December 31, 2024 $ 794,923 Assets acquired (1) 10,300 Construction and net market appreciation 25,800 Credit (3) 379 Other (3) (644) Balances as of March 31, 2025 830,758 Constr
Slide 43: NON-GAAP Reconciliations (Continued)
NON-GAAP Reconciliations (Continued) Fair Value Assets Under Management, by Asset Class (AMOUNTS IN THOUSANDS) (UNAUDITED) December 31, 2025 December 31, 2024 Real Estate Hospitality $ 55,600 $ 68,500 Caliber Hospitality Trust 191,900 236,800 Residential 165,900 161,700 Commercial 280,000 249,600 To