2026 Revenue Guidance Revised, Platform Profitability Guidance Reaffirmed;
Three Additional Offerings Tokenized
SCOTTSDALE, Ariz., Nov. 12, 2026 (GLOBE NEWSWIRE) — Caliber (Nasdaq: CWD), a real estate-focused alternative asset manager, today reported results for the third quarter ended September 30, 2026. Platform Adjusted EBITDA was positive for the second consecutive quarter and $0.8 million better than the third quarter of 2025.
Caliber operates two businesses: its real estate investment platform, which produces substantially all of the Company’s revenue, and Caliber Tokenization Services, launched in August 2026, which brings tokenization to private real estate funds, starting with the funds Caliber manages.
Third Quarter 2026 Platform Financial Results (compared to Third Quarter 2025)
- Platform revenue of $3.8 million, compared to $3.5 million.
- The $0.3 million increase was driven primarily by a $0.3 million increase in fund management fees and a $0.2 million increase in development and construction fees, partially offset by a $0.1 million decrease in financing fees.
- Platform net loss of $4.3 million, or $0.43 per diluted share, compared to Platform net loss of $4.4 million, or $1.70 per diluted share. Platform net loss includes a $3.9 million non-cash provision for income taxes recorded in the quarter; Platform net loss before income taxes was $0.4 million, compared to $4.4 million.
- Platform Adjusted EBITDA of $0.1 million, compared to Platform Adjusted EBITDA loss of $0.7 million.
Third Quarter 2026 Tokenized Platform Highlights
- Caliber completes the tokenization of three additional real estate projects, continuing the Company’s strategy to integrate blockchain infrastructure into its real estate fund offerings.
- Total Platform tokenized offerings represent up to $110 million in offered equity in 4 tokenized offerings.
- As of September 30, 2026, Caliber held 229,203 LINK tokens (LINK, the token underlying Chainlink) with a fair value of $3.3 million. The Company did not purchase or sell LINK during the quarter, and the change in fair value of its digital assets was a gain of $1.6 million.
Management Commentary
“Each of our two businesses has a different objective,” said Chris Loeffler, CEO of Caliber. “Our real estate platform is the foundation, and our objective for it is steady, consistent profitability. We have sized its cost base to this market, and Platform Adjusted EBITDA was positive for the second consecutive quarter even as tighter credit moved several transactions into 2027. That is why we lowered our revenue guidance while reaffirming our Platform Adjusted EBITDA guidance.”
“Tokenization is our growth engine. This month we took three more offerings live with tokenized ownership, bringing the total to four, with more than $110 million of combined maximum offered equity. Caliber Tokenization Services is designed to grow through technology partners rather than a large internal team, which we believe lets it scale without adding significant overhead.”
2026 Outlook and Path to Profitability
Caliber today revised its 2026 total Platform revenue guidance, previously $18.0 million to $22.0 million, reflecting the shift of certain revenue previously expected in the fourth quarter into future periods as tighter credit conditions extended financing timelines; reaffirmed its 2026 Platform Adjusted EBITDA profitability guidance. The revised revenue range assumes no improvement in financing conditions through the end of the year
Updated 2026 guidance:
- Total Platform revenue in the range of $15.0 million to $17.0 million
- Platform Adjusted EBITDA profitability
Business Update
The following are key milestones completed both during and after the third quarter ended September 30, 2026.
- On July 2, 2026, Caliber announced the next phase of its real estate fund tokenization strategy, building on Chainlink, the industry-standard oracle platform, as part of a broader effort to modernize how private real estate assets and funds are financed, owned, administered, and accessed.
- On July 16, 2026, Caliber announced that it has broken ground on its Hyatt Studios extended stay hotel in Steamboat Springs, Colorado. Company executives, development partners, and community leaders gathered to celebrate the start of construction of the approximately 114-room extended-stay hotel at 1801 Lincoln Avenue. The four-story, 57,971 square foot property is expected to open in the second half of 2027 and will help address the growing demand for modern extended-stay accommodations in one of Colorado’s premier four-season destinations.
- On August 13, 2026, Caliber announced that it has gone live with its PURE Pickleball & Padel investment offering as the first real estate investment on its platform to be tokenized. The initiative creates a real-world, practical example of how blockchain-based ownership infrastructure can improve the private real estate investor experience.
- On August 27, 2026, Caliber announced the formation of Caliber Tokenization Services, LLC (“CTS”), a new division that provides full-service real-world asset (RWA) tokenization engagements to family offices that own and operate significant real estate portfolios, under the brand, Tokenized by Caliber.
- On September 14, 2026, Caliber announced that it has completed the refinancing of approximately $3.4 million of its corporate promissory notes, and has executed agreements with holders of an additional approximately $9.1 million of notes granting Caliber the right, exercisable over the next six months, to retire those notes in full for approximately $7.3 million in cash. Together, the two elements address approximately $12.5 million of corporate notes, including approximately $11.3 million, or approximately 54%, of the $21.1 million of unsecured corporate and convertible notes that the Company disclosed as maturing within twelve months in its Form 10-Q for the second quarter of 2026.
- On November 4, 2026, Caliber announced that it has gone live with three additional tokenized real estate investment offerings: Caliber-Hyatt Studios Steamboat, Caliber-Hyatt Studios Phoenix/TSMC and the Caliber-HS Feeder Fund. Combined, the three offerings represent up to $85 million in offered equity. Tokenization is designed to give investors a clearer digital record of what they own and, through Caliber’s Automated NAV (CNAV), a clearer view of its value. Together with lender rights, Caliber believes this will enable investors to borrow against their tokenized investment interest while retaining ownership. The launch follows the Company’s first tokenization, PURE Pickleball & Padel, and extends the same ownership infrastructure to both individual developments and a fund structure.
- Through November 12, 2026, holders had exchanged $3.8 million of notes for new amortizing notes or Series AAA Preferred Stock, and the Company had executed payoff option agreements covering $14.8 million of notes, of which $13.6 million mature within twelve months and may be retired for approximately $10.9 million in cash, displaying further progress since the Company’s September 14th 2026 announcement.
Third Quarter 2026 Consolidated Financial Results (compared to Third Quarter 2025)
- Total consolidated revenue of $4.3 million, compared to $3.6 million primarily reflecting the consolidation of Riverwalk in the fourth quarter of 2025 and Commons Fundco, LLC in the first quarter of 2026.
- Consolidated net loss attributable to Caliber of $5.0 million, or $0.49 per diluted share, compared to net loss attributable to Caliber of $4.4 million, or $1.65 per diluted share. The third quarter includes the $3.9 million provision for income taxes and a $0.7 million, or $0.07 per share, out-of-period correction of the attribution of net loss between Caliber and noncontrolling interests in the first and second quarters of 2026.
- Consolidated Adjusted EBITDA loss of $0.2 million, compared to Consolidated Adjusted EBITDA loss of $0.5 million.
Conference Call Information
Caliber will host a conference call today, Thursday, November 12, 2026, at 5:00 p.m. Eastern Time (ET) to discuss its third quarter 2026 financial results and business outlook.
Investors and interested parties can access the live earnings call by dialing (800) 715-9871 (domestic) or (646) 307-1963 (international) and ask to join the Caliber call or use conference ID 3070057.
A live webcast of the conference call will be available via the investor relations section of Caliber’s website under “Financial Results.” The webcast replay of the conference call will be available on Caliber’s website shortly after the call concludes.
Platform Definition
Within this earnings release, we refer to performance results of the ‘Platform’. Platform refers to the performance of CWD itself, excluding the performance of certain assets & funds that are included in our consolidated results, as required by the United States generally accepted accounting principles (“GAAP”). Management believes that Platform performance offers the most meaningful information needed to understand the value of CWD. The assets and funds that are consolidated into our GAAP presentation are included because Caliber is a guarantor of debt held by these assets and funds.
While GAAP consolidation rules require CWD to include the performance and cash flows of these assets & funds in our consolidated financial information, CWD does not benefit from the performance of those assets & funds, except to the extent that CWD earns fees from managing the assets and funds (which are included in the Platform results). Management believes presenting Platform results, which exclude consolidated assets, directly shows the business performance that CWD stockholders benefit from.
About Caliber (CaliberCos Inc.)
Caliber (Nasdaq: CWD) is a real estate-focused alternative asset manager with over $2.6 billion in Managed Assets and a 17-year track record investing in middle-market hospitality and multifamily real estate. The Company pairs an institutional-quality asset management platform with a boutique, hands-on investment approach focused on value creation in underserved market segments. Investors can participate in Caliber through its publicly traded equity (Nasdaq: CWD), and through its private real estate investment funds for accredited investors and financial professionals. For more information, visit caliberco.com.
Forward-Looking Statements
This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will,” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements in this press release include, among others, statements regarding the expected automation of valuation calculations, potential improvements in liquidity, the expected benefits of tokenization for investors and for fund administration, the expansion of Caliber’s tokenization program, including its initial program of approximately $100 million of Managed Assets, the development of Caliber’s Automated NAV (CNAV), potential lending arrangements involving tokenized interests, potential secondary transfers of tokenized interests on one or more trading venues, expected reductions in the costs of investment management, and the Company’s efforts to bring the offered equity of its tokenized offerings on-chain. Forward-looking statements are based on the Company’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 26, 2026, and other reports filed with the SEC thereafter. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law. Nothing in this press release is an offer to sell, or a solicitation of an offer to buy, any security. Caliber Tokenization Services provides technology and administrative services, and tokenization does not guarantee any outcome, including liquidity.
Contacts:
Caliber Investor Relations
Ilya Grozovsky
480-214-1915
[email protected]
Media Relations
Philip Robertson | +1 917-498-4711 | [email protected]