Slide 1: 3Q25 Earnings Supplemental
3Q25 Earnings Supplemental https://caliber.gcs-web.com/news-releases/news- release-details/caliber-reports-third-quarter-2025- Building on financial-results 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. $2.7 1st Public LINK 562,535 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: Momentum is Building
Momentum is Building Timing Caliber Actions Chainlink News August 2025 • Publicly announce LINK DAT • Federal Department of strategy following significant Commerce (DOC) announces planning partnership with Chainlink to bring DOC data on-chain September 2025 • First LINK purchase completing • Nasdaq
Slide 14: 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 14
Slide 15: 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 16: 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 17: Real Estate Enters New Cycle
Real Estate Enters New Cycle 17
Slide 18: 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 19: 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 20: 3Q25 Financial Highlights
3Q25 Financial Highlights THE WEALTH DEVELOPMENT COMPANY 20 20
Slide 21: 3Q25 - Summary Highlights
3Q25 - Summary Highlights • Platform revenue of $3.5 million, primarily driven by asset management revenue Financial • Platform net loss attributable of $4.4 million, or $1.70 per diluted share Measures • Platform Adjusted EBITDA loss of $0.7 million • Fair value assets under management of $797.0 mi
Slide 22: 3Q25 - Summary Highlights (Continued)
3Q25 - Summary Highlights (Continued) • On September 9, 18, and 25, 2025, Caliber announced the completion of strategic purchases of LINK tokens totaling $10.0 million. Subsequent to the quarter’s close, the company made an additional purchase of LINK tokens totaling $2.0 million, further strengthen
Slide 23: 3rd Quarter - Historical Summary Results
3rd Quarter - Historical Summary Results 23
Slide 24: 3rd Quarter Summary Results
3rd Quarter Summary Results * As previously communicated, Caliber has simplified the presentation of its financial perfornce by deconsolidating certain assets from the Company’s financials. As a result, the year-over-year comparisons of Caliber’s GAAP financial performance are not meaningful. Platfo
Slide 25: Annual Platform Revenue & Platform Adjusted EBITDA
Annual Platform Revenue & Platform Adjusted EBITDA 25
Slide 26: Annual Managed Capital & Asset Management Revenue
Annual Managed Capital & Asset Management Revenue 26
Slide 27: Carried Interest
rin ; CALIBER Carried Interest THE WEALTH DEVELOPMENT COMPANY Value of Carried Interest $100.0 5 $90.0 + $89.0 $87.7 $80.0 ~ 000,000's $70.0 - $60.0 - $50.0 ~ Q4 2024 Q1 2025 i Carried Interest $84.8 Q2 2025 $89.2 Q3 2025 AQ CALIBER THE WEALTH DEVELOPMENT COMPANY 27
Slide 28: 3Q25 Financial Review
3Q25 Financial Review THE WEALTH DEVELOPMENT COMPANY 28 28
Slide 29: 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 September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Revenues Asset management revenues $ 3,486 $ 6,530 $
Slide 30: GAAP Balance Sheets
GAAP Balance Sheets CALIBERCOS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA) September 30, 2025 December 31, 2024 ASSETS Cash $ 10,886 $ 1,766 Restricted cash 2,252 2,582 Real estate investments, net 21,789 21,572 Digital assets
Slide 31: GAAP Balance Sheets (Continued)
GAAP Balance Sheets (Continued) September 30, 2025 December 31, 2024 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Notes payable, net $ 48,678 $ 50,450 Accounts payable and accrued expenses 9,068 9,532 Series AA cumulative redeemable preferred stock, net of issuance costs, $25.00 per share stated v
Slide 32: GAAP Balance Sheets (Continued)
GAAP Balance Sheets (Continued) September 30, 2025 December 31, 2024 Series A non-cumulative convertible preferred stock, $0.001 par value; $22,500,000 shares authorized, and $5,875 and 5,000 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively — $ — Series B co
Slide 33: 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 34: Appendix
Appendix THE WEALTH DEVELOPMENT COMPANY 34
Slide 35: 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 36: 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 37: Platform Income Statements
Platform Income Statements ASSET MANAGEMENT PLATFORM (1) (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) Three Months Ended September 30, 2025 Impact of Consolidated Funds & Platform Eliminations Consolidated Revenues Asset management revenues $ 3,514 $ (28) $ 3,486 Performance allocations
Slide 38: Platform Income Statements (Continued)
Platform Income Statements (Continued) Nine Months Ended September 30, 2025 Impact of Consolidated Funds & Platform Eliminations Consolidated Revenues Asset management revenues $ 11,159 $ (731) $ 10,428 Performance allocations 32 (7) 25 Consolidated funds – hospitality revenues — 5,057 5,057 Consoli
Slide 39: Platform Income Statements (Continued)
Platform Income Statements (Continued) Three Months Ended September 30, 2024 Impact of Consolidated Funds & Platform Eliminations Consolidated Revenues Asset management $ 7,242 $ (712) $ 6,530 Performance allocations 174 1 175 Consolidated funds – hospitality revenue — 2,494 2,494 Consolidated funds
Slide 40: Platform Income Statements (Continued)
Platform Income Statements (Continued) Nine Months Ended September 30, 2024 Impact of Consolidated Funds & Platform Eliminations Consolidated Revenues Asset management $ 15,976 $ (3,050) $ 12,926 Performance allocations 378 (21) 357 Consolidated funds – hospitality revenue — 23,533 23,533 Consolidat
Slide 41: NON-GAAP Reconciliations
NON-GAAP Reconciliations NON-GAAP ADJUSTED EBITDA (AMOUNTS IN THOUSANDS) (UNAUDITED) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net (loss) income attributable to CaliberCos Inc. $ (4,371) $ 146 $ (14,077) $ (8,389) Net loss attributable to noncontrolling int
Slide 42: NON-GAAP Reconciliations (Continued)
NON-GAAP Reconciliations (Continued) PLATFORM REVENUE (1) (AMOUNTS IN THOUSANDS) (UNAUDITED) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Fund management fees $ 2,782 $ 3,575 $ 8,265 $ 9,474 Financing fees 207 464 573 616 Development and construction fees 427
Slide 43: NON-GAAP Reconciliations (Continued)
NON-GAAP Reconciliations (Continued) 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) Balance as of June 30, 2025 498,567 Origination
Slide 44: 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 10,300 Construction and net market appreciation (6,196) Credit(2) 3,340 Other(3) (1,930) Balances as of March 31, 2025 797,033 Constru