$CWD

CaliberCos Inc.

CIK:0001627282|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Total related party Platform revenue	$ 3,700		$ 4,100		$ 7,800	$ 7,700
Total revenues	4,194		5,073		8,488	12,334
Expenses
Total expenses	8,345		6,901		15,384	16,771
Other loss, net	(15)		(2,164)		(170)	(2,530)
Change in fair value of digital assets	(324)		0		(2,220)	0
Interest income	291		30		543	62
Interest expense	(1,313)		(1,738)		(2,700)	(3,349)
Net loss before income taxes	(5,512)		(5,700)		(11,443)	(10,254)
Benefit from income taxes	0		0		0	0
Net loss	(5,512)	$ (5,931)	(5,700)	$ (4,554)	(11,443)	(10,254)
Net loss attributable to noncontrolling interests	(2,154)		(401)		(4,466)	(548)
Net loss attributable to CaliberCos Inc.	$ (3,358)		$ (5,299)		$ (6,977)	$ (9,706)
Basic net loss per share attributable to common stockholders (in dollars per share)	$ (0.38)		$ (4.15)		$ (0.92)	$ (8.00)
Diluted net loss per share attributable to common stockholders (in dollars per share)	$ (0.38)		$ (4.15)		$ (0.92)	$ (8.00)
Weighted average common shares outstanding:
Basic (in shares)	8,816,000		1,278,000		7,913,000	1,212,000
Diluted (in shares)	8,816,000		1,278,000		7,913,000	1,212,000
Excluding consolidated VIE
Expenses
Operating costs	$ 4,541		$ 3,671		$ 7,629	$ 7,715
General and administrative	844		1,173		2,645	2,754
Marketing and advertising	145		147		323	312
Depreciation and amortization	169		166		344	323
Change in fair value of digital assets					(2,220)	0
VIE, primary beneficiary
Expenses
Consolidated funds – other expenses	2,646		466		4,443	924
Asset management revenues \| Excluding consolidated VIE
Revenues
Total related party Platform revenue	3,205		3,746		6,869	6,942
Performance allocations \| Excluding consolidated VIE
Revenues
Total related party Platform revenue	(83)		22		(49)	23
Hospitality revenue \| VIE, primary beneficiary
Revenues
Other revenue	0		1,138		0	5,057
Expenses
Consolidated funds – hospitality expenses	0		1,278		0	4,743
Other revenues \| VIE, primary beneficiary
Revenues
Other revenue	$ 1,072		$ 167		$ 1,668	$ 312

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows From Operating Activities
Net loss	$ (11,443)	$ (10,254)
Adjustments to reconcile net loss to net cash from operating activities:
Change in fair value of digital assets	2,220	0
Changes in operating assets and liabilities:
Net cash used in the Company's operating activities	(5,290)	(2,908)
Cash Flows From Investing Activities
Net cash provided by (used in) the Company's investing activities	345	(4,206)
Cash Flows From Financing Activities
Net cash provided by the Company's financing activities	4,034	5,668
Net Change in Cash and Restricted Cash	(911)	(1,446)
Cash and Restricted Cash at Beginning of Period	6,016	4,897
Cash and Restricted Cash at End of Period	5,105	3,451
Reconciliation of Cash and Restricted Cash
Cash at beginning of period	2,864	2,315
Restricted cash at beginning of period	3,152	2,582
Cash and Restricted Cash at Beginning of Period	6,016	4,897
Cash at end of period	1,826	683
Restricted cash at end of period	3,279	2,768
Cash and Restricted Cash at End of Period	5,105	3,451
Excluding consolidated VIE
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation and amortization	344	323
Non-cash lease expense	(4)	11
Non-cash interest expense	62	39
Equity-based compensation	1,027	1,029
Change in fair value of digital assets	2,220	0
Loss on disposal of furniture, fixtures and equipment	3	0
Loss on extinguishment of debt	0	10
Loss on investments in unconsolidated entities	575	2,864
Loss on notes receivable - related parties	337	296
Impairment	85	0
Amortization of above-market/below market leases and straight-line rent, net	(26)	(194)
Amortization of deferred financing costs and notes payable discount	156	314
Bad debt expense	973	108
Changes in operating assets and liabilities:
Due from related parties	(1,495)	(202)
Prepaid expenses, right-of-use assets and other assets	280	893
Accounts payable and accrued expenses	438	(81)
Due to related parties	7	167
Lease liabilities and other liabilities	(54)	470
Cash Flows From Investing Activities
Investments in real estate assets	(415)	(791)
Purchases of digital assets	(4)	0
Proceeds from the sale of digital assets	2,984	0
Investments in unconsolidated entities	0	(186)
Return of capital from unconsolidated entities	0	1,579
Funding of notes receivable - related parties	(7,947)	(638)
Payment received on notes receivable - related parties	4,723	63
Cash Flows From Financing Activities
Payment of deferred financing costs	0	(333)
Proceeds from the issuance of common stock, net of issuance costs	6	902
Proceeds from the issuance of preferred stock, net of issuance costs	(2)	0
Proceeds from the issuance of redeemable preferred stock, net of issuance costs	2,649	843
Dividends to preferred stockholders	(278)	0
Excluding consolidated VIE \| Nonrelated party
Cash Flows From Financing Activities
Proceeds from notes payable	464	4,799
Repayments of notes payable	(778)	(4,196)
VIE, primary beneficiary
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation and amortization	1,121	1,434
Non-cash interest expense	154	136
Loss on extinguishment of debt	0	110
Amortization of above-market/below market leases and straight-line rent, net	364	0
Amortization of deferred financing costs and notes payable discount	(216)	30
Bad debt expense	0	3
Loss on the disposition of real estate	0	6
Changes in operating assets and liabilities:
Accounts receivable, net	(19)	(4)
Due from related parties	(76)	(287)
Prepaid expenses, right-of-use assets and other assets	(461)	(112)
Accounts payable and accrued expenses	362	265
Due to related parties	37	(78)
Lease liabilities and other liabilities	(41)	(204)
Cash Flows From Investing Activities
Consolidation of VIEs	1,047	0
Deconsolidation of VIEs	0	(4,544)
Investments in real estate assets	(43)	(90)
Funding of notes receivable - related parties	0	(1)
Payment received on notes receivable - related parties	0	402
Cash Flows From Financing Activities
Payment of deferred financing costs	(11)	(543)
Proceeds from notes payable	0	22,953
Repayments of notes payable	(31)	(18,058)
Contributions from noncontrolling interest holders	2,015	211
Distributions to noncontrolling interest holders	$ 0	$ (910)

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Digital assets	$ 1,700	$ 6,800
Total assets	177,659	135,396
LIABILITIES AND STOCKHOLDERS' EQUITY
Total liabilities	142,940	109,165
Commitments and Contingencies (Note 11)
Paid-in capital	84,210	79,731
Accumulated deficit	(85,660)	(78,405)
Stockholders’ (deficit) equity attributable to CaliberCos Inc.	(1,441)	1,333
Stockholders’ equity attributable to noncontrolling interests	36,160	24,898
Total stockholders’ equity	34,719	26,231
Total liabilities and stockholders’ equity	177,659	135,396
Series AA Preferred Stock
LIABILITIES AND STOCKHOLDERS' EQUITY
Paid-in capital	8,400	5,100
Preferred Stock
LIABILITIES AND STOCKHOLDERS' EQUITY
Preferred stock	0	0
Series B
LIABILITIES AND STOCKHOLDERS' EQUITY
Preferred stock	0	0
Series AAA
LIABILITIES AND STOCKHOLDERS' EQUITY
Preferred stock	0	0
Paid-in capital	1,500
Class A
LIABILITIES AND STOCKHOLDERS' EQUITY
Common stock	9	7
Class B
LIABILITIES AND STOCKHOLDERS' EQUITY
Common stock	0	0
Excluding consolidated VIE
ASSETS
Cash	1,444	2,538
Restricted cash	2,367	2,628
Real estate investments, net	21,699	21,689
Digital assets	1,650	6,850
Notes receivable - related parties	10,235	7,348
Due from related parties	10,374	10,086
Investments in unconsolidated entities	11,443	11,624
Operating lease - right of use assets	0	98
Prepaid and other assets	2,105	2,368
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued expenses	7,462	7,325
Other liabilities	707	770
Operating lease liabilities	48	64
Excluding consolidated VIE \| Series AA Preferred Stock
LIABILITIES AND STOCKHOLDERS' EQUITY
Preferred stock	8,387	5,101
Excluding consolidated VIE \| Related party
ASSETS
Notes receivable - related parties	10,235	7,348
LIABILITIES AND STOCKHOLDERS' EQUITY
Other liabilities	193	186
Excluding consolidated VIE \| Nonrelated party
LIABILITIES AND STOCKHOLDERS' EQUITY
Notes payable, net	42,801	46,347
Other liabilities	707	771
VIE, primary beneficiary
ASSETS
Cash	382	326
Restricted cash	912	524
Real estate investments, net	50,571	10,807
Intangible assets, net	45,966	46,330
Notes receivable - related parties	5,991	936
Due from related parties	1,291	220
Operating lease - right of use assets	10,756	10,757
Prepaid and other assets	473	267
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued expenses	2,703	1,719
Other liabilities	147	99
Operating lease liabilities	10,756	10,757
VIE, primary beneficiary \| Related party
ASSETS
Notes receivable - related parties	5,991	936
LIABILITIES AND STOCKHOLDERS' EQUITY
Notes payable, net	2,484	2,330
Other liabilities	905	861
VIE, primary beneficiary \| Nonrelated party
LIABILITIES AND STOCKHOLDERS' EQUITY
Notes payable, net	66,347	33,605
Other liabilities	$ 147	$ 99