Slide 1: 1Q26 Earnings Supplemental
1Q26 Earnings Supplemental Building on a 17-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. $2.6 343,225 17 years Billion 1st Public LINK Tokens; in Business Managed Di
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 17 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: 1Q26 Financial Highlights
1Q26 Financial Highlights THE WEALTH DEVELOPMENT COMPANY 19 19
Slide 20: 1Q26 - Summary Highlights
1Q26 - Summary Highlights • Platform revenue of $4.1 million, primarily driven by asset management revenue Financial • Platform net loss attributable of $4.3 million, or $0.62 per diluted share Measures • Platform Adjusted EBITDA loss of $0.3 million • Fair value assets under management of $736.4 mi
Slide 21: 1Q26 - Summary Highlights (Continued)
1Q26 - Summary Highlights (Continued) • On April 13, 2026, Caliber announced that PURE Pickleball & Padel (“PURE”) — its co-developed 196,000-square-foot indoor pickleball and padel facility adjacent to Scottsdale, Arizona at Riverwalk on the Salt River Pima-Maricopa Indian Community — has recently
Slide 22: 1st Quarter - Historical Summary Results
1st Quarter - Historical Summary Results 22
Slide 23: 1st Quarter Summary Results
1st 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 24: Annual Platform Revenue & Platform Adjusted EBITDA
Annual Platform Revenue & Platform Adjusted EBITDA 24
Slide 25: Annual Managed Capital & Asset Management Revenue
Annual Managed Capital & Asset Management Revenue 25
Slide 26: Carried Interest
rin CALIBER THE WEALTH DEVELOPMENT COMPANY Carried Interest $110.0 - $100.0 + $89.0 $87.7 $90.0 + $80.0 + 000,000's $70.0 - $60.0 + Value of Carried Interest $84.8 $50.0 Q4 2024 Q1 2025 $90.5 $104.2 i; Q2 2025 i Carried Interest Q3 2025 Q4 2025 Q1 2026 AQ CALIBER THE WEALTH DEVELOPMENT COMPANY 26
Slide 27: 1Q26 Financial Review
1Q26 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 March 31, 2026 2025 Revenues Asset management revenues $ 3,664 $ 3,196 Performance allocations 34 1 Consolidated funds
Slide 29: GAAP Balance Sheets
GAAP Balance Sheets CALIBERCOS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA) March 31, 2026 December 31, 2025 ASSETS Cash $ 543 $ 2,538 Restricted cash 2,351 2,628 Real estate investments, net 21,877 21,689 Digital assets 4,455
Slide 30: GAAP Balance Sheets (Continued)
GAAP Balance Sheets (Continued) March 31, 2026 December 31, 2025 LIABILITIES AND STOCKHOLDERS' EQUITY Notes payable, net $ 42,441 $ 46,347 Accounts payable and accrued expenses 7,562 7,325 Series AA cumulative redeemable preferred stock, net of issuance costs, $25.00 per share stated value, 800,000
Slide 31: GAAP Balance Sheets (Continued)
GAAP Balance Sheets (Continued) March 31, 2026 December 31, 2025 Series A non-cumulative convertible preferred stock, $0.001 par value; $22,500,000 shares authorized, and $5,875 shares issued and outstanding as of March 31, 2026 and December 31, 2025 — $ — Series B convertible preferred stock, $0.00
Slide 32: 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 33: Appendix
Appendix THE WEALTH DEVELOPMENT COMPANY 33
Slide 34: 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 35: NON-GAAP Measures (Continued)
NON-GAAP Measures (Continued) Platform Earnings Platform Earnings represents the performance of our asset management platform segment, which generates revenues and expenses from managing our investment portfolio, excluding any consolidated assets or funds. We evaluate recurring earnings capacity thr
Slide 36: Platform Income Statements
Platform Income Statements ASSET MANAGEMENT PLATFORM (1) (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) Three Months Ended March 31, 2026 Impact of Consolidated Funds & Platform Eliminations Consolidated Revenues Asset management revenues $ 4,071 $ (407) $ 3,664 Performance allocations 34
Slide 37: Platform Income Statements (Continued)
Platform Income Statements (Continued) Three Months Ended March 31, 2025 Impact of Consolidated Funds & Platform Eliminations Consolidated Revenues Asset management $ 3,542 $ (346) $ 3,196 Performance allocations 7 (6) 1 Consolidated funds – hospitality revenue — 3,919 3,919 Consolidated funds – oth
Slide 38: NON-GAAP Reconciliations
NON-GAAP Reconciliations NON-GAAP ADJUSTED EBITDA (AMOUNTS IN THOUSANDS) (UNAUDITED) Three Months Ended March 31, 2026 2025 Net loss attributable to CaliberCos Inc. $ (3,619) $ (4,407) Net loss attributable to noncontrolling interests (2,312) (147) Net loss (5,931) (4,554) Provision for income taxes
Slide 39: NON-GAAP Reconciliations (Continued)
NON-GAAP Reconciliations (Continued) PLATFORM REVENUE (1) (AMOUNTS IN THOUSANDS) (UNAUDITED) Three Months Ended March 31, 2026 2025 Fund management fees $ 2,845 $ 2,744 Financing fees 417 74 Development and construction fees 457 528 Brokerage fees 352 196 Total asset management 4,071 3,542 Performan
Slide 40: NON-GAAP Reconciliations (Continued)
NON-GAAP Reconciliations (Continued) MANAGED CAPITAL (AMOUNTS IN THOUSANDS) (UNAUDITED) Balance as of December 31, 2025 $ 517,186 Originations 10,478 Investment write-offs(1) (37,764) Balance as of March 31, 2026 $ 489,584 March 31, 2026 December 31, 2025 Real Estate Hospitality $ 49,289 $ 49,289 Ca
Slide 41: NON-GAAP Reconciliations (Continued)
NON-GAAP Reconciliations (Continued) Fair Value Assets Under Management (AMOUNTS IN THOUSANDS) (UNAUDITED) Balances as of December 31, 2025 $ 779,730 Assets acquired(1) 4,150 Construction, net of market depreciation (4,675) Assets sold(2) (10,275) Credit(3) (29,403) Other(4) (3,176) Balances as of M