CWD · CaliberCos Inc.

CaliberCos Inc. reported first quarter 2026 results in line with internal expectations, showing year-over-year Platform revenue growth of nearly 16% to $4.1 million, primarily from a $0.5 million increase in asset management revenue due to nonrecurring fee income, though no significant performance allocations were earned compared to the prior period. The Platform Adjusted EBITDA loss narrowed to $0.3 million from $1.4 million, reflecting $1.0 million of improvement and progress toward break-even operations at the platform level. CEO Chris Loeffler noted execution on capital formation with launches of three investor offerings for Hyatt Studios, advancement of PURE Pickleball to permit approval, and full capitalization of the Steamboat Springs project, alongside project financings supported by proceeds from selling 55,076 LINK tokens for $0.5 million. Consolidated GAAP results showed revenue decline to $4.3 million from $7.3 million due to deconsolidation of the DoubleTree Tucson property and consolidation effects, with net loss attributable to Caliber improving to $3.6 million or $0.52 per diluted share. The digital asset treasury stood at 507,560 LINK tokens valued at $4.5 million, underscoring ongoing tokenization efforts for two real estate projects. Management reaffirmed full-year 2026 guidance of $18-22 million total revenue, positive net operating income, and Adjusted EBITDA profitability, with 60% of growth expected from debt financing activities and revenue weighted to the second half. Key milestones included the $13.0 million sale of Holiday Inn Ocotillo by Caliber Hospitality Trust, Inc., conversion of $15.9 million preferred equity into 63,472 Class A shares, debt reduction via $1.9 million note conversions and $1.5 million into Series AAA preferred stock, and board nomination of J. Alan Reid, Jr. as independent director.