Calibercos Inc. · NASDAQ:CWD
Calibercos — Q3 2025 Earnings Presentation
16 slides from Calibercos's earnings presentation, Nov 13, 2025
Slide 1: Caliber overview and digital asset treasury
Over the past 16 years, Caliber has grown into a leading diversified alternative asset management firm, managing more than $2.7 billion in assets under management and assets under development. Caliber’s primary goal is to enhance the wealth of accredited investors seeking to make investments in midd
Slide 2: Annual Platform results 2019-2025 YTD
YTD YTD YTD YTD YTD YTD YTD (in thousands, except per share amounts) 2019 2020 2021 2022 2023 2024 2025 Platform Revenues Asset management revenues 21,086$ 11,775$ 15,259$ 21,575$ 16,982$ 20,563$ 11,159$ Performance allocations 4,985 422 733 2,543 3,656 379 32 Total Platform revenues 26,071 12,197 1
Slide 3: Annual Platform Revenue and Adjusted EBITDA
$26,071 $12,197 $15,992 $24,118 $20,638 $20,942 $11,191 $10,040 $(2,842) $3,462 $5,519 $(1,251) $(2,710) $(2,071) (5,000) - 5,000 10,000 15,000 20,000 25,000 30,000 2019 2020 2021 2022 2023 2024 2025 Annual Platform Revenue and Platform Adjusted EBITDA Total Platform revenues Platform Adjusted EBITD
Slide 4: Quarterly Platform results
QTD QTD QTD QTD QTD QTD QTD QTD QTD (in thousands, except per share amounts) Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Platform Revenues Asset management revenues 3,704$ 6,005$ 4,555$ 4,179$ 7,242$ 4,587$ 3,542$ 4,103$ 3,514$ Performance allocations 24 1,182 171 33 174
Slide 5: Quarterly Platform Revenue and Adjusted EBITDA
$3,704 $6,005 $4,555 $4,179 $7,242 $4,587 $3,542 $4,103 $3,514 (1,511) 1,553 (1,669) (2,451) 2,412 (1,002) (1,352) (54) (665) $(4,000) $(2,000) $- $2,000 $4,000 $6,000 $8,000 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Annual Platform Revenue and Platform Adjusted EBITDA
Slide 6: Platform balance sheet
Dec. 31, 2019 Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2022 Mar. 31, 2023 1 Jun. 30, 2023 2 Sept. 30, 2023 Dec. 31, 2023 Mar. 31, 2024 Jun. 30, 2024 Sept. 30, 2024 Dec. 31, 2024 Mar. 31, 2025 June. 30, 2025 Sept. 30, 2025 (in thousands) Assets Cash and restricted cash 3,693 1,879 2,006 1,944 4,458 3,665
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 3,692,838 (135,838) 3,557,000 1,878,940 (46,940) 1,832,000 2,006
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 4,458,000 - 4,458,000 3,665,000 - 3,665,000 3,474,000 - 3,474,00
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 3,278,000 - 3,278,000 3,093,000 - 3,093,000 3,050,000 - 3,050,00
Slide 10: 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 11: Net income and EBITDA reconciliation
YTD YTD YTD YTD YTD 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 Net income (loss) attributable to CaliberCos Inc. 6,467,000 (5,446,000) (698,000) 2,020,000 (12,703,000) (1,207,000) (5,726
Slide 12: Impact of consolidated funds, 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 13: Impact of consolidated funds, 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 14: Impact of consolidated funds, quarterly 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 15: Impact of consolidated funds, quarterly 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 16: Impact of consolidated funds, quarterly 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