Slide 1: 2Q25 Earnings Supplemental
2Q25 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: Why Invest in Caliber (Nasdaq: CWD)?
Why Invest in Caliber (Nasdaq: CWD)? 1. 16+-year history of growth across market cycles with $2.8 billion pool of assets under management and under development 2. Demonstrated track record of delivering unlevered annualized gross internal rate of return (IRR) of 19% on investments sold 3. Large and
Slide 6: Caliber...In Three Numbers
Caliber...In Three Numbers 16 $2.9 years Billion* 19% IRR * Assets under Development and Assets under Management 6
Slide 7: Publicly Traded Parent Operates Investment Funds
Publicly Traded Parent Operates Investment Funds Caliber Nasdaq: CWD RE Fund 1 RE Fund 1 Hotel UPREIT 7
Slide 8: Caliber Invests in Hospitality, Multi-Family & Multi-Tenant Industrial
Caliber Invests in Hospitality, Multi-Family & Multi-Tenant Industrial HOSPITALITY/HOTEL MULTI-FAMILY HOUSING MULTI-TENANT INDUSTRIAL 8
Slide 9: The Best Opportunities are in the Middle Market
The Best Opportunities are in the Middle Market Middle-Market Assets Middle-Market Geographies • $5 to $50 million per project • Demonstrated Population & Job Growth • Large opportunity set • Underserved in terms of • Highly-fragmented market financing options • Less competition • Opportunity Zone t
Slide 10: We Solve Our Clients' Financial Needs
We Solve Our Clients’ Financial Needs Clients who invest in Caliber’s Funds seek three primary outcomes: Desired Outcome Caliber Product Income Lending, CORE Plus, Value Add Distressed and Special Situations, Growth Adaptive Re-Use & Development Opportunity Zone Funds, Tax Planning/Reduction 1031 In
Slide 11: Our Market Is Growing Dramatically
Our Market Is Growing Dramatically $24.5 Trillion in Global Alternative AUM Forecasted by 2028 $30.0 CAGR: 10.3% $25.0 $24.5 Assets Under Management ($ trillion) $20.0 $16.3 $15.0 $10.1 $10.0 $5.0 $— 2019 2024* 2028* Source: Preqin Future of Alternatives 2028 Report, October 2023 * Forecast 11
Slide 12: We Have Multiple Revenue Streams
We Have Multiple Revenue Streams Asset Management Revenue Performance Allocations Note: Asset services performed in-house at market rates. 12
Slide 13: Increasing The Money We Manage / Invest Is A Core Growth Driver
Increasing The Money We Manage / Invest Is A Core Growth Driver Caliber Private Caliber Caliber Client Sales Wholesale Institutional Registered Investment High Net-Worth Boutique Advisors & Family Offices Investors Institutions Independent Broker-Dealers 13
Slide 14: Caliber Hospitality Trust - Another Path To Revenue Growth
Caliber Hospitality Trust - Another Path To Revenue Growth Using the Caliber infrastructure to launch public investment products 14
Slide 15: Consistent Growth - A Model We've Succeeded With For Years
Consistent Growth - A Model We’ve Succeeded With For 15 Years Grow Raise Revenue Capital Grow Assets under Management 15
Slide 16: Caliber Earns More Per Dollar in AUM
Caliber Earns More Per Dollar in AUM Caliber has optimized in-house and third-party services to maximize control and profitability Caliber’s In-House Services Model: Traditional Asset Managers: Increased Control & Multiple Revenue Streams Lower Control & Fewer Revenue Opportunities Fund Management F
Slide 17: Path Forward for Enterprise Value Growth
Path Forward for Enterprise Value Growth Product Fundraising Acquisitions Innovation 17
Slide 18: Our Interests Are Aligned - Insiders Own ~50% Of Our Stock
Our Interest Are Aligned - Insiders Own ~50% Of Our Stock The people who built Caliber, still manage Caliber With a growing team of talented executives 18
Slide 19: Independent Board Committed to Strong Corporate Governance
Independent Board Committed to Strong Corporate Governance Our Directors Public Company, Asset Management, Real Estate Experience • Chris Loeffler - Chief Executive Officer & Co-Founder • Jennifer Schrader - President & Co-Founder • Dan Hansen - Lease Independent Director • William J. Gerber - Direc
Slide 20: 2Q25 Financial Highlights
2Q25 Financial Highlights THE WEALTH DEVELOPMENT COMPANY 20 20
Slide 21: 2Q25 - Summary Highlights
2Q25 - Summary Highlights • Platform revenue of $4.1 million, primarily driven by asset management revenue Financial • Platform net loss attributable of $4.9 million, or $3.87 per diluted share Measures • Platform Adjusted EBITDA of $0.1 million • Fair value assets under management of $803.2 million
Slide 22: 2nd Quarter - Historical Summary Results
2nd 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) (000,000's) $3,728 $3,549 $4,000 $3,373 $493 $495 $499 $500 $485 $470 $454 $2,000 $438 $402 $412 $400 $— 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2
Slide 23: 2nd Quarter Summary Results
2nd Quarter Summary Results Total Platform Revenue Total Consolidated Revenue* $6,000 $35,000 $30,000 $4,212 $4,126 $25,000 $4,000 (000's) (000's) $20,000 $15,000 $2,000 $8,179 $10,000 $5,073 $5,000 $— $— 2Q24 2Q25 2Q24 2Q25 * As previously communicated, Caliber has simplified the presentation of it
Slide 24: 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 $12,197 $10,040 $15,000 $10,000 $5,519 $3,462 $5,000 $— $(1,251) $(2,710) $(2,842) $(5,000) $(10,000) 2019 2020 2021 2022 2023
Slide 25: Annual Managed Capital & Asset Management Revenue
Annual Managed Capital & Asset Management Revenue Managed Capital and Asset Management Revenue $1,000 $795 $900 $746 $741 $800 $601 $700 $493 000,000's $600 $438 $420 $396 $500 $383 $307 $400 $226 $205 $300 $200 $99 $86 $82 $75 $69 $32 $100 $— 2019 2020 2021 2022 2023 2024 Capital Originations Manag
Slide 26: Carried Interest
Carried Interest Value of Carried Interest $100.0 $89.0 $87.7 $90.0 $84.8 000,000's $80.0 $70.0 $60.0 $50.0 Q4 2024 Q1 2025 Q2 2025 Carried Interest 26
Slide 27: 2Q25 Financial Review
2Q25 Financial Review THE WEALTH DEVELOPMENT COMPANY 27 27
Slide 28: 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 June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenues Asset management revenues $ 3,746 $ 3,226 $ 6,942 $ 6,3
Slide 29: GAAP Balance Sheets
GAAP Balance Sheets CALIBERCOS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA) June 30, 2025 December 31, 2024 Assets Cash $ 586 $ 1,766 Restricted cash 2,559 2,582 Real estate investments, net 21,714 21,572 Notes receivable - rel
Slide 30: GAAP Balance Sheets (Continued)
GAAP Balance Sheets (Continued) June 30, 2025 December 31, 2024 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, $25.00 per share stated value,
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 June 30, 2025 Impact of Consolidated Funds & Platform Eliminations Consolidated Revenues Asset management $ 4,103 $ (357) $ 3,746 Performance allocations 23 (1) 22 Co
Slide 36: Platform Income Statements (Continued)
Platform Income Statements (Continued) Six Months Ended June 30, 2025 Impact of Consolidated Funds & Platform Eliminations Consolidated Revenues Asset management $ 7,645 $ (703) $ 6,942 Performance allocations 30 (7) 23 Consolidated funds – hospitality revenue — 5,057 5,057 Consolidated funds – othe
Slide 37: Platform Income Statements (Continued)
Platform Income Statements (Continued) Three Months Ended June 30, 2024 Impact of Consolidated Funds & Platform 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 – o
Slide 38: Platform Income Statements (Continued)
Platform Income Statements (Continued) Six Months Ended June 30, 2024 Impact of Consolidated Funds & Platform Eliminations Consolidated Revenues Asset management $ 8,734 $ (2,338) $ 6,396 Performance allocations 204 (22) 182 Consolidated funds – hospitality revenue — 21,039 21,039 Consolidated funds
Slide 39: NON-GAAP Reconciliations
NON-GAAP Reconciliations NON-GAAP ADJUSTED EBITDA (AMOUNTS IN THOUSANDS) (UNAUDITED) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net loss attributable to CaliberCos Inc. $ (5,299) $ (4,730) $ (9,706) $ (8,535) Net loss attributable to noncontrolling interests (401) (586
Slide 40: NON-GAAP Reconciliations (Continued)
NON-GAAP Reconciliations (Continued) PLATFORM REVENUE (1) (AMOUNTS IN THOUSANDS) (UNAUDITED) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Fund management fees $ 2,739 $ 3,330 $ 5,483 $ 5,899 Financing fees 292 80 366 152 Development and construction fees 979 328 1,507 1,
Slide 41: 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 June 30,
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 10,300 Construction and net market appreciation 487 Credit(2) 1,006 Other(3) (2,053) Balances as of March 31, 2025 803,176 Constructio