# EDGAR Filing Document

**Accession Number:** 0001627282
**File Stem:** 0001627282-25-000155
**Filing Date:** 2025-11
**Character Count:** 129831
**Document Hash:** f1c12d87b6c4eee68cecf832cabf394d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001627282-25-000155.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0001627282-25-000155

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 77

**CONFORMED PERIOD OF REPORT**: 20251113

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CaliberCos Inc.
- **CENTRAL INDEX KEY:** 0001627282
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE [6500]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41703
- **FILM NUMBER:** 251479277

**BUSINESS ADDRESS:**
- **STREET 1:** 8901 E. MOUNTAIN VIEW RD.
- **STREET 2:** SUITE 150
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85258
- **BUSINESS PHONE:** 480-295-7600

**MAIL ADDRESS:**
- **STREET 1:** 8901 E. MOUNTAIN VIEW RD.
- **STREET 2:** SUITE 150
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85258

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CaliberCo Inc.
- **DATE OF NAME CHANGE:** 20141205

?xml version='1.0' encoding='ASCII'? cwd-20251113

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

Date of report (Date of earliest event reported):

November 13, 2025

**<u>CALIBERCOS INC.</u>**

(Exact Name of Registrant as Specified in Its Charter)

**Delaware**

(State or Other Jurisdiction of Incorporation)

---

| | |
|:---|:---|
| **001-41703** | **47-2426901** |
| (Commission File Number) | (IRS Employer Identification No.) |

---

---

| | |
|:---|:---|
| **8901 E. Mountain View Rd. Ste. 150, Scottsdale, AZ** | **85258** |
| (Address of Principal Executive Offices) | (Zip Code) |

---

**(480) 295-7600**

(Registrant's Telephone Number, Including Area Code)

**N/A**

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

□ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

□ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

□ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

□ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbols** | **Name of each exchange on which registered** |
| Class A Common Stock, par value $0.001 | CWD | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ⌧

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

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**Item 2.02. Results of Operations and Financial Condition.**

On November 13, 2025, CaliberCos Inc. (the "Company") issued a press release and earnings supplemental reporting third quarter financial results. The Company also released supplemental financial results for its asset management "Platform" business. A copy of the press release, earnings supplemental, and Platform supplemental financial results are attached hereto as Exhibit 99.1, Exhibit 99.2, and Exhibit 99.3 and the information therein is incorporated herein by reference.

*The information contained in this Item 2.02 and in the accompanying Exhibit 99.1, Exhibit 99.2, Exhibit 99.3 shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended (the "Securities Act"), except as shall be expressly set forth by specific reference in such filing.*

**Item 7.01. Regulation FD Disclosure.**

The information under Item 2.02, above, is incorporated herein by reference.

*The information reported under Items 2.02 and 7.01 in this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2 attached hereto, shall not be deemed filed for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, regardless of any general incorporation language in such filing.*

**Item 9.01. Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Exhibits

---

| | |
|:---|:---|
| **Exhibit**<br>**No.** | **Exhibit** |
| <u>[99.1](cwd-er_q32025.htm)</u> | <u>[Press release dated November 13, 2025 relating to third quarter financial results and related matters](cwd-er_q32025.htm)</u> |
| <u>[99.2](cwd-supplementaldeckq320.htm)</u> | <u>[Earnings supplemental related to the third quarter financial results and related matters](cwd-supplementaldeckq320.htm)</u> |
| <u>[99.3](platformsupplementalresu.htm)</u> | <u>[Platform supplemental financial results with third quarter financial results](platformsupplementalresu.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **CaliberCos Inc.** | **CaliberCos Inc.** |
| November 13, 2025 |  |  |
|  | By: | */s/ John C. Loeffler, II* |
|  | Name: | John C. Loeffler, II |
|  | Title: | Chairman and Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![caliber_datxstackxlogoxdar.jpg](caliber_datxstackxlogoxdar.jpg)![caliberlogoprospectus.jpg](caliberlogoprospectus.jpg)

**Caliber Reports Third Quarter 2025 Financial Results**

*Transformational Quarter Strengthens Balance Sheet, Launches LINK-Anchored Digital Asset Treasury, and Positions Caliber on Path to Adjusted EBITDA Profitability*

**SCOTTSDALE, AZ.,** November 13, 2025 **–** Caliber (Nasdaq: CWD), a diversified real estate and digital asset management platform, today reported results for the third quarter ended on September 30, 2025.

**Third Quarter 2025 Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Raised more than $30.0 million through common and preferred equity, strengthening Caliber's balance sheet and liquidity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Launched Caliber's Digital Asset Treasury ("DAT") anchored in Chainlink (LINK) tokens, expanding the Company's business into digital asset management alongside its core Private Equity Real Estate (PERE) platform.

**Third Quarter 2025 Platform Financial Results (compared to Third Quarter 2024)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Platform revenue of $3.5 million, compared to $7.4 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Asset management revenue of $3.5 million declined by $1.2 million, due to nonrecurring fee income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Development and construction fees decreased by $2.7 million, due to seasonality of project start and completion times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ No significant performance allocations were earned, compared to prior period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Platform net loss of $4.4 million, or $1.70 per diluted share, compared to Platform net income of $0.2 million, or $0.11 per diluted share, driven by $2.5 million of one-time investment impairment charges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Platform Adjusted EBITDA loss of $0.7 million, compared to Platform Adjusted EBITDA of $2.4 million.

**Third Quarter 2025 Digital Asset Treasury Financial Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• LINK tokens held by Caliber at the end of the third quarter were 467,632 tokens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• LINK tokens held by Caliber as of the date of this release are 562,535, valued at $8.5 million, considering the price of $15.15 per LINK token.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• None of the tokens held by Caliber are staked as of the date of this release.

------

**Exhibit 99.1**

**Management Commentary**

"The third quarter marked a pivotal step forward for Caliber," said Chris Loeffler, CEO of Caliber. "We strengthened our balance sheet, raised over $30 million in equity, and formally launched our DAT anchored in LINK. This expansion establishes Caliber as a diversified alternative asset manager across both real and digital assets."

"While third-quarter operational results reflect limited short-term P&L impact, they demonstrate a substantial improvement in Caliber's liquidity and equity position. We believe Caliber is on the path toward consistent, profitable growth."

**Business Update**

The following are key milestones completed both during and after the third quarter ended September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On August 19, 2025, Caliber announced that its joint venture development, PURE Pickleball & Padel™ (PURE) has signed a 10-year, exclusive agreement with Wolfgang Puck Catering, a premium catering, corporate dining and hospitality company. We believe the agreement with Wolfgang Puck Catering will drive significant corporate group business for the project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On August 28, 2025, Caliber announced that its Board of Directors has formally approved a new Digital Asset Treasury ("DAT") strategy and adopted a comprehensive DAT policy. Under this strategy and policy, Caliber intends to allocate a portion of its treasury funds to acquire cryptocurrency, specifically LINK tokens, which support the Chainlink protocol, and to engage in activities related to the management of and the maximization of risk-adjusted returns from such digital asset holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On September 2, 2025, Caliber announced the formation of a newly established Caliber Crypto Advisory Board ("CCAB"). This board will provide strategic oversight and guidance as Caliber executes its DAT Strategy, focused on building a treasury of LINK tokens to be held and staked for long-term value and yield. During the third quarter, the CCAB added three members, Michael Trzupek, Peter Dorrius, and Blake Janover.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On September 9, 18, and 25, 2025, Caliber announced the completion of strategic purchases of 467,632 LINK tokens. Subsequent to the quarter closing, the company made an additional purchase of 94,903 LINK tokens totaling 562,535 tokens held as of the date of this release, further strengthening its DAT Strategy and underscoring its commitment to blockchain innovation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On September 17, 2025, Caliber announced that it has closed a securities purchase agreement with an institutional investor for the sale of $15.9 million of perpetual convertible preferred equity, convertible at $250 per share of common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On September 23, 2025, Caliber announced it has selected Coinbase Prime as its institutional platform for trading and custody in support of its DAT Strategy.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On October 7, 2025, Caliber announced a partnership to deploy EV charging infrastructure, advancing sustainable asset enhancements across its portfolio. Caliber partnered with Current, a leading EV infrastructure investor and developer, and InCharge Energy, the industry leader for design-build EV charging infrastructure and InService™, the company's customizable offering for all-brand charger service, maintenance, and on-demand repair. This partnership is intended to provide commercial charging and energy solutions across the breadth of Caliber's portfolio to reduce operating costs, increase asset profitability, and provide potentially attractive financing for capital projects.

**Third Quarter 2025 Consolidated Financial Results (compared to Third Quarter 2024)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total consolidated revenue of $3.6 million, compared to $11.3 million reflecting the deconsolidation of Caliber Hospitality Trust, Caliber Hospitality, LP, Elliot, DT Mesa, and Caliber Fixed Income Fund III, LLC ("CFIF III") in 2024 and the deconsolidation of DoubleTree by Hilton Tucson Convention Center in Q2 2025, following the refinance of the asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated net loss attributable to Caliber of $4.4 million, or $1.65 per diluted share, compared to net income attributable to Caliber of $0.1 million or $0.12 per diluted share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated Adjusted EBITDA loss of $0.5 million, compared to Consolidated Adjusted EBITDA of $4.2 million.

**Conference Call Information**

Caliber will host a conference call today, Thursday, November 13, 2025, at 5:00 p.m. Eastern Time (ET) to discuss its third quarter 2025 financial results and business outlook.

To access this call, 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 5945662.

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 an alternative investment manager with over $2.7 billion in Managed Assets and a 16-year track record in private equity real estate investing across hospitality, multi-family, and industrial real estate. In 2025, Caliber became the first U.S. public real estate platform to launch a Digital Asset Treasury strategy anchored in Chainlink (LINK). This initiative bridges real and digital asset investing through an equity-funded, disciplined approach that includes staking for yield. Investors can participate via Caliber's publicly traded equity (Nasdaq: CWD) and private real estate funds.

**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 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 final prospectus related to the Company's public offering filed with the SEC 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.

**CONTACTS**:

**Caliber Investor Relations:**

Ilya Grozovsky

+1 480-214-1915

Ilya@CaliberCo.com

------

**NON-GAAP RECONCILIATIONS**

The following information reconciles the performance of the Platform to the consolidated GAAP presentation. Management believes that the Platform view of Caliber's performance is more meaningful to a CWD shareholder as it includes all revenues and expenses generated by Caliber and its wholly-owned subsidiaries.

**ASSET MANAGEMENT PLATFORM**<sup>(1)</sup>

**(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
| | **Platform** | **Impact of Consolidated Funds and Eliminations** | **Consolidated** |
| **Revenues** | | | |
| &nbsp;&nbsp;&nbsp;Asset management | $3514 | $(28) | $3486 |
| &nbsp;&nbsp;&nbsp;Performance allocations | 2 |  | 2 |
| &nbsp;&nbsp;&nbsp;Consolidated funds – other revenue |  | 148 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 3516 | 120 | 3636 |
| **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating costs | 3408 | (157) | 3251 |
| &nbsp;&nbsp;&nbsp;General and administrative | 1481 | (10) | 1471 |
| &nbsp;&nbsp;&nbsp;Marketing and advertising | 151 |  | 151 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 167 | (7) | 160 |
| &nbsp;&nbsp;&nbsp;Consolidated funds – other expenses |  | 467 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 5207 | 293 | 5500 |
| &nbsp;&nbsp;Unrealized loss on digital assets | (677) |  | (677) |
| &nbsp;&nbsp;Other loss, net | (230) | (94) | (324) |
| &nbsp;&nbsp;Interest income | 28 |  | 28 |
| &nbsp;&nbsp;Interest expense | (1876) |  | (1876) |
| **Net loss before income taxes** | $(4446) | $(267) | $(4713) |
| &nbsp;&nbsp;Provision for income taxes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net loss** | (4446) | (267) | (4713) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to noncontrolling interests |  | (342) | (342) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net loss attributable to CaliberCos Inc.** | $(4446) | $75 | $(4371) |
| Basic and diluted net loss per share | $(1.70) |  | $(1.65) |
| Weighted average common shares outstanding: |  |  |  |
| Basic and diluted | 2615 |  | 2615 |
| (1) Represents the results of our asset management platform, which are presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminate noncontrolling interest. | (1) Represents the results of our asset management platform, which are presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminate noncontrolling interest. | (1) Represents the results of our asset management platform, which are presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminate noncontrolling interest. | (1) Represents the results of our asset management platform, which are presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminate noncontrolling interest. |

---

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| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** |
| | **Platform** | **Impact of Consolidated Funds and Eliminations** | **Consolidated** |
| **Revenues** | | | |
| &nbsp;&nbsp;&nbsp;Asset management | $7242 | $(712) | $6530 |
| &nbsp;&nbsp;&nbsp;Performance allocations | 174 | 1 | 175 |
| &nbsp;&nbsp;&nbsp;Consolidated funds – hospitality revenue |  | 2494 | 2494 |
| &nbsp;&nbsp;&nbsp;Consolidated funds – other revenue |  | 2103 | 2103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 7416 | 3886 | 11302 |
| **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating costs | 4727 | (135) | 4592 |
| &nbsp;&nbsp;&nbsp;General and administrative | 1450 | (9) | 1441 |
| &nbsp;&nbsp;&nbsp;Marketing and advertising | 175 | (1) | 174 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 145 | 4 | 149 |
| &nbsp;&nbsp;&nbsp;Consolidated funds – hospitality expenses |  | 3097 | 3097 |
| &nbsp;&nbsp;&nbsp;Consolidated funds – other expenses |  | 975 | 975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 6497 | 3931 | 10428 |
| &nbsp;&nbsp;Other income (loss), net | 526 | (101) | 425 |
| &nbsp;&nbsp;Interest income | 59 | (8) | 51 |
| &nbsp;&nbsp;Interest expense | (1348) | (1) | (1349) |
| **Net income (loss) before income taxes** | $156 | $(155) | $1 |
| &nbsp;&nbsp;Provision for income taxes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income (loss)** | 156 | (155) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to noncontrolling interests |  | (145) | (145) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net income (loss) attributable to CaliberCos Inc.** | $156 | $(10) | $146 |
| Basic net income per share | $0.14 |  | $0.15 |
| Diluted net income per share | $0.11 |  | $0.12 |
| Weighted average common shares outstanding: |  |  |  |
| Basic | 1107 |  | 1107 |
| Diluted | 1404 |  | 1404 |
| (1) Represents the results of our asset management platform, which are presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminate noncontrolling interest. | (1) Represents the results of our asset management platform, which are presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminate noncontrolling interest. | (1) Represents the results of our asset management platform, which are presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminate noncontrolling interest. | (1) Represents the results of our asset management platform, which are presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminate noncontrolling interest. |

---

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**PLATFORM REVENUE**<sup>(1)</sup>

**(AMOUNTS IN THOUSANDS) (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
| | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;Fund management fees | 2782 | 3575 |
| &nbsp;&nbsp;&nbsp;Financing fees | 207 | 464 |
| &nbsp;&nbsp;&nbsp;Development and construction fees | 427 | 3084 |
| &nbsp;&nbsp;&nbsp;Brokerage fees | 98 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total asset management | 3514 | 7242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance allocations | 2 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | $3516 | $7416 |

---

___________________________________________

(1) Represents the results of our asset management platform, which are presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminates noncontrolling interest.

------

**FV AUM and Managed Capital (UNAUDITED)**

The following information summarizes management's estimates of fair value related to the entire portfolio of investments that Caliber manages and the total amount of capital that is being managed across the portfolio. The fair value of our AUM conveys an indication of the overall health of our investments and potentially how much performance allocation Caliber would earn if those assets were sold. Managed Capital is used to evaluate, among other things, the amount of asset management fees we generate from the portfolio.

**FV AUM**

**(AMOUNTS IN THOUSANDS) (UNAUDITED)**

---

| | |
|:---|:---|
| Balances as of December 31, 2024 | $794923 |
| &nbsp;&nbsp;&nbsp;Assets acquired | 10300 |
| &nbsp;&nbsp;&nbsp;Construction and net market appreciation | 25800 |
| &nbsp;&nbsp;&nbsp;Credit<sup>(1)</sup> | 379 |
| &nbsp;&nbsp;&nbsp;Other<sup>(2)</sup>  | (644) |
| Balances as of March 31, 2025 | 830758 |
| &nbsp;&nbsp;&nbsp;Construction and net market depreciation | (25313) |
| &nbsp;&nbsp;&nbsp;Assets sold or disposed | (1487) |
| &nbsp;&nbsp;&nbsp;Credit<sup>(1)</sup> | 627 |
| &nbsp;&nbsp;&nbsp;Other<sup>(2)</sup>  | (1409) |
| Balances as of June 30, 2025 | 803176 |
| &nbsp;&nbsp;&nbsp;Construction and net market appreciation | (6683) |
| &nbsp;&nbsp;&nbsp;Assets sold or disposed | (1917) |
| &nbsp;&nbsp;&nbsp;Credit<sup>(1)</sup> | 2334 |
| &nbsp;&nbsp;&nbsp;Other<sup>(2)</sup>  | 123 |
| Balances as of September 30, 2025 | $797033 |

---

**FV AUM, by asset class**

**(AMOUNTS IN THOUSANDS) (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hospitality | $65400 | $68500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caliber Hospitality Trust | 203500 | 236800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential | 168700 | 161700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial | 279700 | 249600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Real Estate | 717300 | 716600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit<sup>(1)</sup> | 75691 | 72351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other<sup>(2)</sup> | 4042 | 5972 |
| Total | $797033 | $794923 |

---

___________________________________________

(1) &nbsp;&nbsp;&nbsp;&nbsp;Credit FV AUM represents loans made to Caliber's investment funds by our diversified credit fund.

(2) &nbsp;&nbsp;&nbsp;&nbsp;Other FV AUM represents undeployed capital held in our diversified funds.

------

**MANAGED CAPITAL**

**(AMOUNTS IN THOUSANDS) (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| Balance as of December 31, 2024 |  | $492542 |
| &nbsp;&nbsp;&nbsp;Originations |  | 2990 |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (315) |
| Balance as of March 31, 2025 |  | 495217 |
| &nbsp;&nbsp;Originations |  | 4226 |
| &nbsp;&nbsp;Return of capital |  | (876) |
| Balances as of June 30, 2025 |  | 498567 |
| &nbsp;&nbsp;Originations |  | 8086 |
| &nbsp;&nbsp;Return of capital |  | (664) |
| Balances as of September 30, 2025 |  | $505989 |
|  | **September 30, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;Real Estate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hospitality | $49289 | $49260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caliber Hospitality Trust<sup>(1)</sup> | 97037 | 97414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential | 101912 | 96687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial | 178018 | 170858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Real Estate<sup>(2)</sup> | 426256 | 414219 |
| &nbsp;&nbsp;&nbsp;Credit<sup>(3)</sup> | 75691 | 72351 |
| &nbsp;&nbsp;&nbsp;Other<sup>(4)</sup> | 4042 | 5972 |
| Total | $505989 | $492542 |

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_________________________________________

(1) The Company earns a fund management fee of 0.70% of the Caliber Hospitality Trust's enterprise value and is reimbursed for certain costs incurred on behalf of the Caliber Hospitality Trust.

(2) Beginning during the year ended December 31, 2023, the Company includes capital raised from investors in CaliberCos Inc. through corporate note issuances that was further invested in our funds in Managed Capital. As of September 30, 2025 and December 31, 2024, the Company had invested $11.9 million and $20.4 million, respectively, in our funds.

(3) Credit managed capital represents loans made to Caliber's investment funds by the Company and our diversified funds. As of September 30, 2025 and December 31, 2024, the Company had loaned $3.3 million to our funds.

(4) Other managed capital represents unemployed capital held in our diversified funds.

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**<u>Consolidated GAAP Results</u>**

The following information presents our consolidated GAAP results which includes the performance of certain entities we manage where Caliber is the guarantor of debt owed by those entities, despite not having significant equity at risk. As a result of these guarantor commitments, Caliber is required under GAAP to include the assets, liabilities, revenues and expenses of those entities even though a shareholder of CWD stock is neither entitled to nor exposed by those entities' benefits or obligations. This accounting outcome also removes revenues that we earn from those entities, which a shareholder of CWD stock would be entitled to. See discussion elsewhere related to CWD's Platform performance.

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**CALIBERCOS INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** 

**(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
| | **2025** | **2024** |
| | **(unaudited)** | **(unaudited)** |
| **Revenues** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset management revenues | $3486 | $6530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance allocations | 2 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated funds – hospitality revenues |  | 2494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated funds – other revenues | 148 | 2103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 3636 | 11302 |
| **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating costs | 3251 | 4592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 1471 | 1441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and advertising | 151 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 160 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated funds – hospitality expenses |  | 3097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated funds – other expenses | 467 | 975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 5500 | 10428 |
| Unrealized loss on digital assets | (677) |  |
| Other (loss) income, net | (324) | 425 |
| Interest income | 28 | 51 |
| Interest expense | (1876) | (1349) |
| **Net (loss) income before income taxes** | (4713) | 1 |
| Benefit from income taxes |  |  |
| **Net (loss) income** | (4713) | 1 |
| Net loss attributable to noncontrolling interests | (342) | (145) |
| **Net (loss) income attributable to CaliberCos Inc.** | $(4371) | $146 |
| Basic net (loss) income per share attributable to common stockholders | $(1.65) | $0.15 |
| Diluted net (loss) income per share attributable to common stockholders | $(1.65) | $0.12 |
| Weighted average common shares outstanding: |  |  |
| Basic | 2615 | 1107 |
| Diluted | 2615 | 1404 |

---

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**CALIBERCOS INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA)**

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| | **(unaudited)** | |
| **Assets** | | |
| Cash | $10886 | $1766 |
| Restricted cash | 2252 | 2582 |
| Real estate investments, net | 21789 | 21572 |
| Digital assets | 9965 |  |
| Notes receivable - related parties, allowance of $483 and zero, respectively | 2605 | 105 |
| Due from related parties, allowance of $4,134 and $3,985, respectively | 8725 | 6965 |
| Investments in unconsolidated entities | 11923 | 15643 |
| Operating lease - right of use assets | 110 | 147 |
| Prepaid and other assets | 2615 | 3501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Assets of consolidated funds* |  |  |
| Cash | 41 | 549 |
| Restricted cash | 209 |  |
| Real estate investments, net | 10296 | 45090 |
| Notes receivable - related parties | 946 | 6848 |
| Due from related parties, allowance of zero and $28, respectively | 186 | 320 |
| Prepaid and other assets | 20 | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $82568 | $105535 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)** |  |  |
| Notes payable, net | $48678 | $50450 |
| Accounts payable and accrued expenses | 9068 | 9532 |
| Series AA cumulative redeemable preferred stock, net of issuance costs, $25.00 per share stated value, 800,000 shares authorized, 139,819 and zero shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 3200 |  |
| Due to related parties | 127 | 313 |
| Operating lease liabilities | 71 | 93 |
| Other liabilities | 923 | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Liabilities of consolidated funds* |  |  |
| Notes payable, net | 11611 | 29172 |
| Notes payable - related parties | 2255 | 2047 |
| Accounts payable and accrued expenses | 495 | 1207 |
| Due to related parties | 1 | 79 |
| Other liabilities | 52 | 639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 76481 | 94282 |
| Commitments and Contingencies (Note 11) |  |  |

---

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**CALIBERCOS INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA)**

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Series A non-cumulative convertible preferred stock, $0.001 par value; $22,500,000 shares authorized, and $5,875 and 5,000 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively |  |  |
| Series B convertible preferred stock, $0.001 par value; 50,000 shares authorized, and 15,868 and zero shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively |  |  |
| Common stock Class A, $0.001 par value; 100,000,000 shares authorized, 5,061,822 and 759,370 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 5 | 1 |
| Common stock Class B, $0.001 par value; 15,000,000 shares authorized, 370,822 shares issued and outstanding as September 30, 2025 and December 31, 2024 |  |  |
| Paid-in capital | 74862 | 44017 |
| Accumulated deficit | (70684) | (56607) |
| Stockholders' equity (deficit) attributable to CaliberCos Inc. | 4183 | (12589) |
| Stockholders' equity attributable to noncontrolling interests | 1904 | 23842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 6087 | 11253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $82568 | $105535 |

---

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**Definitions** 

*Assets Under Management* 

AUM refers to the assets we manage or sponsor. We monitor two types of information with regard to our AUM:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.Managed Capital – we define this as the total capital we fundraise from our customers as investments in our funds. It also includes fundraising into our corporate note program, the proceeds of which were used, in part, to invest in or loan to our funds. We use this information to monitor, among other things, the amount of 'preferred return' that would be paid at the time of a distribution and the potential to earn a performance fee over and above the preferred return at the time of the distribution. Our fund management fees are based on a percentage of managed capital or a percentage of assets under management, and monitoring the change and composition of managed capital provides relevant data points for Caliber management to further calculate and predict future earnings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.Fair Value ("FV") AUM – we define this is as the aggregate fair value of the real estate assets we manage and from which we derive management fees, performance revenues and other fees and expense reimbursements. We estimate the value of these assets quarterly to help make sale and hold decisions and to evaluate whether an existing asset would benefit from refinancing or recapitalization. This also gives us insight into the value of our carried interest at any point in time. We also utilize FV AUM to predict the percentage of our portfolio which may need development services in a given year, fund management services (such as refinance), and brokerage services. As we control the decision to hire for these services, our service income is generally predictable based upon our current portfolio AUM and our expectations for AUM growth in the year forecasted.

**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 and comparability of current results to prior periods and may be useful for investors to analyze our financial performance because they provide investors a view of the performance attributable to CaliberCos Inc. When analyzing our operating performance, investors should use these measures in addition to, and not as an alternative for, their most directly comparable financial measure calculated and presented in accordance with U.S. GAAP. Our presentation of non-GAAP measures may not be comparable to similarly identified measures of other companies because not all companies use the same calculations. These measures may also differ from the amounts calculated under similarly titled definitions in our debt instruments, which amounts are further adjusted to reflect certain other cash and non-cash charges and are used by us to determine compliance with financial covenants therein and our ability to engage in certain activities, such as incurring additional debt and making certain restricted payments.

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*Asset Management Platform or Platform*

Platform refers to the performance of the Caliber asset management platform, which generates revenues and expenses from managing our investment portfolio, which does not include any consolidated assets or funds. These activities include asset management, transaction services, and performance allocations. Management believes that this is an important view of the Company because it communicates performance of the Company that would be most useful for understanding the value of CWD.

*Fee-Related Earnings and Related Components*

Fee-Related Earnings is a supplemental non-GAAP performance measure used to assess our ability to generate profits from fee-based revenues, focusing on whether our core revenue streams, are sufficient to cover our core operating expenses. Fee- Related Earnings represents the Company's net income (loss) before income taxes adjusted to exclude depreciation and amortization, stock-based compensation, interest expense and extraordinary or non-recurring revenue and expenses, including performance allocation revenue and gain (loss) on extinguishment of debt, public registration direct costs related to aborted or delayed offerings and our Reg A+ offering, litigation settlements, and expenses recorded to earnings relating to investment deals which were abandoned or closed. Fee-Related Earnings is presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminates noncontrolling interest. Eliminating the impact of consolidated funds and noncontrolling interest provides investors a view of the performance attributable to CaliberCos Inc. and is consistent with performance models and analysis used by management.

*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 as a supplemental performance measure to our GAAP results assessing the amount of earnings available for distribution.

*Platform Earnings*

Platform Earnings represents the performance of our asset management platform, which generates revenues and expenses from managing our investment portfolio, excluding any consolidated assets or funds.

*Platform Earnings per Share*

Platform Earnings per Share is calculated as Platform Earnings divided by weighted average CWD common shares outstanding.

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*Platform Adjusted EBITDA*

Platform Adjusted EBITDA represents our Distributable Earnings adjusted for interest expense, other income (expense), and provision for income taxes on a basis that deconsolidates our consolidated funds (intercompany eliminations), and eliminates noncontrolling interest. Eliminating the impact of consolidated funds and noncontrolling interest provides investors a view of the performance attributable to the Platform and is consistent with performance models and analysis used by management.

*Consolidated Adjusted EBITDA*

Consolidated Adjusted EBITDA represents the Company's and the consolidated funds' earnings before net interest expense, income taxes, depreciation and amortization, further adjusted to exclude stock-based compensation, transaction fees, expenses and other public registration direct costs related to aborted or delayed offerings and our Reg A+ offering, litigation settlements, expenses recorded to earnings relating to investment deals which were abandoned or closed, any other non-cash expenses or losses, as further adjusted for extraordinary or non-recurring items.

------

**NON-GAAP ADJUSTED EBITDA**

**(AMOUNTS IN THOUSANDS) (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
| | **2025** | **2024** |
| **Net (loss) income attributable to CaliberCos Inc.** | $(4371) | $146 |
| &nbsp;&nbsp;Net loss attributable to noncontrolling interests | (342) | (145) |
| **Net (loss) income** | (4713) | 1 |
| &nbsp;&nbsp;Provision for income taxes |  |  |
| **Net (loss) income before income taxes** | (4713) | 1 |
| &nbsp;&nbsp;Depreciation and amortization | 167 | 145 |
| &nbsp;&nbsp;Consolidated funds' impact on fee-related earnings | 173 | 45 |
| &nbsp;&nbsp;Stock-based compensation | 332 | 738 |
| &nbsp;&nbsp;Severance | 593 | 25 |
| &nbsp;&nbsp;Performance allocations | (2) | (175) |
| &nbsp;&nbsp;Other income, net | 94 | (425) |
| &nbsp;&nbsp;Investments impairment | 102 |  |
| &nbsp;&nbsp;Unrealized loss on digital assets | 677 |  |
| &nbsp;&nbsp;Bad debt expense | 35 |  |
| &nbsp;&nbsp;Interest expense, net | 1848 | 1289 |
| **Fee-related earnings** | (694) | 1643 |
| &nbsp;&nbsp;Performance allocations | 2 | 175 |
| &nbsp;&nbsp;Interest expense, net | (1848) | (1289) |
| &nbsp;&nbsp;Provision for income taxes |  |  |
| **Distributable earnings** | (2540) | 529 |
| &nbsp;&nbsp;Interest expense | 1876 | 1349 |
| &nbsp;&nbsp;Other income, net | (94) | 425 |
| &nbsp;&nbsp;Provision for income taxes |  |  |
| &nbsp;&nbsp;Consolidated funds' impact on Platform adjusted EBITDA | 93 | 109 |
| **Platform adjusted EBITDA** | (665) | 2412 |
| &nbsp;&nbsp;Consolidated funds' EBITDA adjustments | 201 | 1836 |
| **Consolidated adjusted EBITDA** | $(464) | $4248 |

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## Exhibit 99.2

![](cwd-supplementaldeckq320001.jpg)

Confidential - For Internal Use Only 3Q25 Earnings Supplemental Building on a 16-year track record of profitable growth and success©2025 Caliber

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![](cwd-supplementaldeckq320002.jpg)

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 historical facts. These statements are "forward- looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, readers and the audience can identify these forward-looking statements through the use of words or phrases such as "estimate," "expect," "anticipate," "intend," "plan," "project," "believe," "forecast," "should," "could," and other similar expressions. Forward-looking statements involve risks and uncertainties that may cause actual results or outcomes to differ materially from those included in the forward-looking statements. The Company's expectations, beliefs, and projections are expressed in good faith and are believed by the Company to have a reasonable basis, but there can be no assurance that management's expectations, beliefs, or projections will be achieved or accomplished. Factors that may cause actual results to differ materially from those included in the forward-looking statements include, but are not limited to, factors affecting the Company's ability to successfully operate and manage its business, including, among others, title disputes, weather conditions, shortages, delays, or unavailability of equipment and services, property management, brokerage, investment and fund operations, the need to obtain governmental approvals and permits, and compliance with environmental laws and regulations; changes in costs of operations; loss of markets; volatility of asset prices; imprecision of asset valuations; environmental risks; competition; inability to access sufficient capital; general economic conditions; litigation; changes in regulation and legislation; economic disruptions or uninsured losses resulting from major accidents, fires, severe weather, natural disasters, terrorist activities, acts of war, cyber attacks, or pest infestation; increasing costs of insurance, changes in coverage and the ability to obtain insurance; and other presently unknown or unforeseen factors. Other risk factors are detailed from time to time in the Company's reports filed with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to update the information contained in any forward-looking statements to reflect developments or circumstances occurring after the statement is made or to reflect the occurrence of unanticipated events. Past performance is not indicative of future results. There is no guarantee that any specific outcome will be achieved. Investment may be speculative and illiquid and there is a total risk of loss. There is no guarantee that any specific investment will be suitable or profitable. This presentation does not constitute an offering of, nor does it constitute the solicitation of an offer to buy, securities of the Company. This presentation is provided solely to introduce the Company to the recipient and to determine whether the recipient would like additional information regarding the Company and its anticipated plans. Any investment in the Company or sale of its securities will only take place pursuant to an appropriate, private placement memorandum and a detailed subscription agreement. Some of the information contained herein is confidential and proprietary to the Company and the presentation is provided to the recipient with the express understanding that without the prior written permission of the Issuer, such recipient will not distribute or release the information contained herein, make reproductions of, or use it for any purpose other than determining whether the recipient wishes additional information regarding the Company or its plans. By accepting delivery of this presentation, the recipient agrees to return same to the Company if the recipient does not wish to receive any further information regarding the Company. We have filed a registration statement (including a preliminary prospectus) with the SEC for the offering to which this communication relates. The registration statement has not yet become effective. Before you invest, you should read the preliminary prospectus in that registration statement (including the risk factors described therein) and other documents that we have filed with the SEC for more complete information. You may access these documents for free by visiting Edgar on the SEC website at https://www.sec.gov CALIBERCO.COM \| 8901 E MOUNTAIN VIEW RD, STE 150, SCOTTSDALE, AZ 85258 \| 480.295.7600 2

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![](cwd-supplementaldeckq320003.jpg)

Today's Speakers Chris Loeffler CHIEF EXECUTIVE OFFICER Chris Loeffler has served as the CEO and Chairman of Caliber's Board of Directors since its inception. As CEO, Chris directs and executes global strategy, oversees investments and fund management, and contributes to private and public capital formation. As a Co-Founder Chris took an early role forming the Company's financial and operational infrastructure and navigating the vertical integration of all real estate and investment services. 3 Jade Leung CHIEF FINANCIAL OFFICER Jade Leung is Caliber's CFO and corporate secretary. As CFO, Jade oversees all aspects of accounting and controllership, financial planning and analysis, tax, financial reporting, and treasury functions at Caliber. Jade is also responsible for the strategic direction of Caliber's information technology and data security initiatives. Prior to joining Caliber, Jade spent 12 years with PwC, where he managed audit and accounting advisory services. Notably, Jade participated in over $1 billion of public market transactions and financing arrangements for companies.

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![](cwd-supplementaldeckq320004.jpg)

4THE WEALTH DEVELOPMENT COMPANY 4 CEO Commentary

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![](cwd-supplementaldeckq320005.jpg)

About Nasdaq: CWD - Where Real Assets & Digital Assets Converge 5 \* Includes assets under management (AUM) of $797.0 million and assets under development (AUD) of $1.9 billion. \*\* Unlevered gross internal rate of return on all full-cycle investments. \*\*\* As of 11/13/2025 considering a price per token of $15.15. 16 years In Business $2.7 Billion Managed Assets\* 19% IRR Unlevered Track Record\*\* Caliber "CaliberCos Inc." (Nasdaq: CWD) is a publicly listed, alternative asset manager investing at the intersection of real-world assets and digital finance. 562,535 Tokens; $8.5M Value\*\*\* 1st Public LINK Digital Asset Treasury (DAT) Seeking Appreciation, Yield Generation

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![](cwd-supplementaldeckq320006.jpg)

CRE - Old Acronym, New Application 6 DeFi works because Chainlink works, and Institutional Customers Are Adopting It Note: Graphic produced by Chainlink Labs in public presentation(s)

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![](cwd-supplementaldeckq320007.jpg)

What is Chainlink, Why Chainlink, and Why Now? 7 Chainlink's Network is Experiencing Rapid Growth in Utilization Note: Graphic produced by Chainlink Labs in public presentation(s)

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![](cwd-supplementaldeckq320008.jpg)

Caliber's Vision: Unlocking Value Between Real & Digital Assets 8 Combining two worlds under one public company: ◦ A proven real estate private equity platform with 16 years of track record, and ◦ A new digital asset treasury and product platform anchored in Chainlink (LINK) Leveraging Caliber's Wall Street experience and regulatory framework to: ◦ Efficiently raise capital through public and private channels, ◦ Accumulate and stake LINK to earn yield and align with Chainlink's growth, and ◦ Build future investment products in both digital and tokenized real assets Caliber is not just investing in Chainlink - it's building on it. ◦ Caliber is exploring tokenization of its real estate funds and assets

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![](cwd-supplementaldeckq320009.jpg)

Tokenization of Real-World Assets; an Emerging Trend in Finance 9 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)

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![](cwd-supplementaldeckq320010.jpg)

Why $LINK, and Why Now? 10 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 oracle network. ◦ Staking ensures accuracy of data feeds, earning yield for validators. ◦ Chainlink has begun buying back LINK tokens with protocol revenues, enhancing token scarcity and value. ◦ Sergey Nazarov (CEO): "The full economic value of the network is designed to flow through LINK." • Chainlink's oracle network remained fully operational during the October 2025 crypto liquidation - while competitor oracles failed or faced delays. • We believe Chainlink, and the associated LINK token are at the pivotal momentum to go from concept, to real revenue, to scale.

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![](cwd-supplementaldeckq320011.jpg)

Caliber's Flywheel - Two Growth Engines 11 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 ◦ Drives visibility and capital formation ◦ Increases efficiency of real asset investments The Flywheel Effect: Real estate profits fund LINK accumulation -> LINK yield and appreciation improve liquidity -> liquidity fuels more real estate growth -> repeat.

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![](cwd-supplementaldeckq320012.jpg)

Private Equity Real Estate Investment's Future: Tokenization 12 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 more efficiently ◦ Unlock value without requiring asset sales 3. Operational Efficiency ◦ Automate valuations, distributions, and investor reporting ◦ Reduce fund administration costs and enhance margins Tokenization improves scalability, profitability, and transparency across Caliber's real estate platform.

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![](cwd-supplementaldeckq320013.jpg)

Momentum is Building 13 Timing Caliber Actions Chainlink News August 2025 • Publicly announce LINK DAT strategy following significant planning • Federal Department of Commerce (DOC) announces partnership with Chainlink to bring DOC data on-chain September 2025 • First LINK purchase completing systems test • Sale of $15.9M in convertible preferred stock, convertible at $250 per common share of CWD • Coinbase Prime announced as custody and trading partner • LINK DAT grows to $6.5M • LINK DAT grows to $10.0M • Nasdaq announces intent to tokenize trading, allowing for 24- hour trading • Aptos adopts Chainlink • Canton Network ($200B + daily transactions) adopts Chainlink • SWIFT announces plans to build a blockchain-based ledger and utilize Chainlink October 2025 • Caliber announces full membership of Caliber Crypto Advisory Board (CCAB) • Caliber reports preliminary Q3 results: – Cash of $10-$11M; improved from <$1M – Link Treasury of $9-$10M; improved from $0 • Binance (BNB) announces integration with Chainlink for data • S&P Global announces Chainlink partnership to bring S&P Stablecoin Stability Assessments on-chain

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![](cwd-supplementaldeckq320014.jpg)

PERE Platform Positioned for Renewed Cycle 14 Caliber Nasdaq: CWD Multi-Family Housing Multi-Tenant Industrial Hospitality RE Fund Syndication Hotel UPREIT "CHT"

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![](cwd-supplementaldeckq320015.jpg)

Business model drives consistent growth to Caliber 15 Grow Revenue Raise Capital Grow Assets under Management 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 and invests that capital to grow Caliber's total assets under management. Throughout the process, Caliber generates recurring revenue, service revenue, and investment revenue, which drives performance and investor capital to future funds. This revenue flywheel drives consistent growth to Caliber with non-dilutive financings at the fund level.

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![](cwd-supplementaldeckq320016.jpg)

Revenue model provides diverse sources of income 16 Asset Services Asset & Fund Management Performance Fees CWD in-house real estate & investment services to generate both recurring income & service-based income. Real Estate Development Construction Management Acquisitions, Leasing, & Sales CWD's performance fees drive profitability from asset sales & investment performance

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![](cwd-supplementaldeckq320017.jpg)

Real Estate Enters New Cycle 17

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![](cwd-supplementaldeckq320018.jpg)

Caliber Solves Its Clients' Financial Needs 18 Income Lending, CORE Plus, Value Add, CHT Preferred Stock Clients who invest in Caliber's Funds seek three primary outcomes: Desired Outcome Caliber Fund Growth Distressed and Special Situations, Adaptive Re-Use & Development Tax Planning/ Reduction Opportunity Zone Funds, 1031 Investments Caliber's Fundraising Engine Can Now Be Applied to Digital Assets High Net- Worth Investors Capital Sources RIA's & Brokers Family Offices / Institutions

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![](cwd-supplementaldeckq320019.jpg)

Caliber's PERE Products 19 CALIBER OPPORTUNITY ZONE FUND II "Uncapped Roth" Active Management Strategy Desirable Markets Target Mid-Teens IRR CALIBER OPPORTUNISTIC GROWTH FUND "The Access Fund" Positioned to Take Advantage of Upcoming Distress Target Mid-Teens IRR CALIBER CORE+ GROWTH & INCOME FUND "Passive Income Generator" Stability with Upside Potential Quarterly Liquidity (after 1-year lockup) Target Low-Mid-Teens PURE PICKLEBALL & PADEL AT RIVERWALK "QOZ & Non-QOZ Options" Located in Scottsdale, AZ World-Class Facility Spanning ~ 186,423 sq. ft.

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![](cwd-supplementaldeckq320020.jpg)

20THE WEALTH DEVELOPMENT COMPANY 20 3Q25 Financial Highlights

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3Q25 - Summary Highlights 21 Financial Measures • Platform revenue of $3.5 million, primarily driven by asset management revenue • Platform net loss attributable of $4.4 million, or $1.70 per diluted share • Platform Adjusted EBITDA loss of $0.7 million Metrics • Fair value assets under management of $797.0 million • Managed capital of $506.0 million Q3 2025 Highlights • Raised more than $30.0 million through common and preferred equity • Launched Caliber's Digital Asset Treasury ("DAT") anchored in Chainlink ("LINK"), with 467,632 LINK tokens held Corporate • On August 19, 2025, Caliber announced that its joint venture development, PURE Pickleball & Padel™ ("PURE") has signed a 10-year, exclusive agreement with Wolfgang Puck Catering, a premium catering, corporate dining and hospitality company. Wolfgang Puck Catering will serve as the exclusive food and beverage services provider for PURE's first-floor restaurant and bar, grab-and-go marketplace, and pro arena concessions; as well as the second-floor special events space, teaching kitchen, VIP lounge, and rooftop patio and bar. • On August 28, 2025, Caliber announced that its Board of Directors had formally approved a new Digital Asset Treasury ("DAT") strategy and adopted a comprehensive digital asset treasury policy. Under this framework, Caliber intends to allocate a portion of its treasury funds to acquire cryptocurrency, specifically Chainlink (LINK) tokens, which support the Chainlink protocol, and to actively manage these holdings to maximize returns. • On September 2, 2025, Caliber announced the formation of a newly established Caliber Crypto Advisory Board ("CCAB"). This board will provide strategic oversight and guidance as Caliber executes its DAT strategy, focused on building a treasury of LINK tokens to be held and staked for long-term value and yield. During the third quarter, The CCAB added three members, Michael Trzupek, Peter Dorrious, and Blake Janover.

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3Q25 - Summary Highlights (Continued) 22 Corporate (Continued) • On September 9, 18, and 25, 2025, Caliber announced the completion of strategic purchases of LINK tokens totaling $10.0 million. Subsequent to the quarter's close, the company made an additional purchase of LINK tokens totaling $2.0 million, further strengthening its DAT strategy and underscoring its commitment to blockchain innovation. • On September 17, 2025, Caliber announced that it had closed a securities purchase agreement with an institutional investor for the sale of $15.9 million in perpetual convertible preferred equity and, separately, had established and activated an At-The-Market ("ATM") equity program. • On September 23, 2025, Caliber announced it had selected Coinbase Prime as its institutional platform for trading and custody of its DAT strategy. • On October. 7, 2025, Caliber announced a partnership to deploy EV charging infrastructure, advancing sustainable asset enhancements across its portfolio. Caliber partnered with Current, a leading EV infrastructure investor and developer, and InCharge Energy, the industry leader for design-build EV charging infrastructure and InService™, the company's customizable offering for all-brand charger service, maintenance, and on-demand repair. This partnership is intended to provide commercial charging and energy solutions across the breadth of Caliber's portfolio.

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3rd Quarter - Historical Summary Results 23 (0 0 0 's) Total Platform Revenue $3,728 $7,187 $4,726 $4,212 $7,416 $4,588 $3,549 $4,126 $3,516 Asset Management Performance Allocations 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 $— $2,000 $4,000 $6,000 $8,000 (0 0 0 ,0 0 0 's) Managed Capital $412 $438 $454 $470 $485 $493 $495 $499 $506 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 $300 $400 $500 $600 $700 (0 0 0 's) Adjusted EBITDA $(1,511) $(1,669) $(2,451) $(1,002) $(1,352) $(54) $(665) $1,553 $2,412 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 $(3,000) $(2,000) $(1,000) $— $1,000 $2,000 $3,000 (0 0 0 's) FV AUM $823 $741 $767 $773 $807 $795 $831 $803 $797 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 $— $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000

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3rd Quarter Summary Results 24 Platform Adjusted EBITDA (Loss) (000's) $2,412 $(665) 3Q24 3Q25 Net Income (Loss) (per common share) $0.15 $(1.65) 3Q24 3Q25 (0 0 0 's) Total Platform Revenue $7,416 $3,516 Asset Management Performance Allocations 3Q24 3Q25 $— $2,000 $4,000 $6,000 $8,000 (0 0 0 's) Total Consolidated Revenue\* $11,302 $3,636 3Q24 3Q25 $— $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 \* 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.

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Annual Platform Revenue & Platform Adjusted EBITDA 25 Annual Platform Revenue & Platform Adjusted EBITDA $2 6, 0 71 $1 2, 19 7 $1 5, 99 2 $2 4 ,11 8 $2 0 ,6 38 $2 0 ,9 4 2 $1 0 ,0 4 0 $(2, 84 2) $3 ,4 62 $5 ,5 19 $(1,2 51) $(2, 71 0) Total Platform Revenue Platform Adjusted EBITDA 2019 2020 2021 2022 2023 2024 $(10,000) $(5,000) $— $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000

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Annual Managed Capital & Asset Management Revenue 26 0 0 0 ,0 0 0 's Managed Capital and Asset Management Revenue $8 2 $3 2 $9 9 $8 6 $7 5 $6 9 $2 0 5 $2 26 $3 0 7 $3 83 $4 38 $4 93 $3 96 $4 20 $6 0 1 $7 4 6 $7 4 1 $7 95 Capital Originations Managed Capital Fair Value AUM 2019 2020 2021 2022 2023 2024 $— $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 0 0 0 ,0 0 0 's $2 1.1 $1 1.8 $1 5. 3 $2 1.6 $1 7. 0 $2 0 .6 Asset Management Revenues 2019 2020 2021 2022 2023 2024 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0

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Carried Interest 27 0 0 0 ,0 0 0 's Value of Carried Interest $89.0 $87.7 $84.8 $90.5 Carried Interest Q4 2024 Q1 2025 Q2 2025 Q3 2025 $50.0 $60.0 $70.0 $80.0 $90.0 $100.0

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28THE WEALTH DEVELOPMENT COMPANY 28 3Q25 Financial Review

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GAAP Income Statements 29 CALIBERCOS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Revenues Asset management revenues $3,486 $6,530 $10,428 $12,926 Performance allocations 2 175 25 357 Consolidated funds – hospitality revenues — 2,494 5,057 23,533 Consolidated funds – other revenues 148 2,103 460 5,616 Total revenues 3,636 11,302 15,970 42,432 Expenses Operating costs 3,251 4,592 10,966 15,389 General and administrative 1,471 1,441 4,225 5,460 Marketing and advertising 151 174 463 507 Depreciation and amortization 160 149 483 439 Consolidated funds – hospitality expenses — 3,097 4,743 23,191 Consolidated funds – other expenses 467 975 1,391 5,405 Total expenses 5,500 10,428 22,271 50,391 Change in fair value of digital assets (677) — (677) — Other (loss) income, net (324) 425 (2,854) 1,015 Interest income 28 51 90 325 Interest expense (1,876) (1,349) (5,225) (3,958) Net (loss) income before income taxes (4,713) 1 (14,967) (10,577) Benefit from income taxes — — — — Net (loss) income (4,713) 1 (14,967) (10,577) Net loss attributable to noncontrolling interests (342) (145) (890) (2,188) Net (loss) income attributable to CaliberCos Inc. $(4,371) $146 $(14,077) $(8,389) Basic net (loss) income per share attributable to common stockholders $(1.65) $0.15 $(8.31) $(7.62) Diluted net (loss) income per share attributable to common stockholders $(1.65) $0.12 $(8.31) $(7.62) Weighted average common shares outstanding: Basic 2,615 1,107 1,685 1,092 Diluted 2,615 1,404 1,685 1,092

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GAAP Balance Sheets 30 CALIBERCOS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA) September 30, 2025 December 31, 2024 ASSETS Cash $10,886 $1,766 Restricted cash 2,252 2,582 Real estate investments, net 21,789 21,572 Digital assets 9,965 0 Notes receivable - related parties, allowance of $483 and zero, respectively 2,605 105 Due from related parties, allowance of $4,134 and $3,985, respectively 8,725 6,965 Investments in unconsolidated entities 11,923 15,643 Operating lease - right of use assets 110 147 Prepaid and other assets 2,615 3,501 Assets of consolidated funds Cash 41 549 Restricted cash 209 — Real estate investments, net 10,296 45,090 Notes receivable - related parties 946 6,848 Due from related parties, allowance of zero and $28, respectively 186 320 Prepaid and other assets 20 447 Total assets $82,568 $105,535

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GAAP Balance Sheets (Continued) 31 September 30, 2025 December 31, 2024 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Notes payable, net $48,678 $50,450 Accounts payable and accrued expenses 9,068 9,532 Series AA cumulative redeemable preferred stock, net of issuance costs, $25.00 per share stated value, 800,000 shares authorized, 139,819 and zero shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively 3,200 — Due to related parties 127 313 Operating lease liabilities 71 93 Other liabilities 923 750 Liabilities of consolidated funds Notes payable, net 11,611 29,172 Notes payable - related parties 2,255 2,047 Accounts payable and accrued expenses 495 1,207 Due to related parties 1 79 Other liabilities 52 639 Total liabilities 76,481 94,282 Commitments and Contingencies (Note 11)

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GAAP Balance Sheets (Continued) 32 September 30, 2025 December 31, 2024 Series A non-cumulative convertible preferred stock, $0.001 par value; $22,500,000 shares authorized, and $5,875 and 5,000 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively — $— Series B convertible preferred stock, $0.001 par value; 50,000 shares authorized, and 15,868 and zero shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively — — Common stock Class A, $0.001 par value; 100,000,000 shares authorized, 5,061,822 and 759,370 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively 5 1 Common stock Class B, $0.001 par value; 15,000,000 shares authorized, 370,822 shares issued and outstanding as September 30, 2025 and December 31, 2024 — — Paid-in capital 74,862 44,017 Accumulated deficit (70,684) (56,607) Stockholders' equity (deficit) attributable to CaliberCos Inc. 4,183 (12,589) Stockholders' equity attributable to noncontrolling interests 1,904 23,842 Total stockholders' equity 6,087 11,253 Total liabilities and stockholders' equity $82,568 $105,535

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&nbsp;&nbsp;&nbsp;&nbsp;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/

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appendix THE WEALTH DEVELOPMENT COMPANY 34

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NON-GAAP Measures 35 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 and comparability of current results to prior periods and may be useful for investors to analyze our financial performance because they provides investors a view of the performance attributable to CaliberCos Inc. When analyzing our operating performance, investors should use these measures in addition to, and not as an alternative for, their most directly comparable financial measure calculated and presented in accordance with U.S. GAAP. Our presentation of non-GAAP measures may not be comparable to similarly identified measures of other companies because not all companies use the same calculations. These measures may also differ from the amounts calculated under similarly titled definitions in our debt instruments, which amounts are further adjusted to reflect certain other cash and non-cash charges and are used by us to determine compliance with financial covenants therein and our ability to engage in certain activities, such as incurring additional debt and making certain restricted payments. Asset Management Platform or Platform Platform refers to the performance of the Caliber asset management platform segment, which generates revenues and expenses from managing our investment portfolio, which does not include any consolidated assets or funds. These activities include asset management, transaction services, and performance allocations. Management believes that this is an important view of the Company because it communicates performance of the Company that would be most useful for understanding the value of CWD. Fee-Related Earnings and Related Components Fee-Related Earnings is a supplemental non-GAAP performance measure used to assess our ability to generate profits from fee- based revenues, focusing on whether our core revenue streams, are sufficient to cover our core operating expenses. Fee-Related Earnings represents the Company's net income (loss) before income taxes adjusted to exclude depreciation and amortization, stock-based compensation, interest expense and extraordinary or non-recurring revenue and expenses, including performance allocation revenue and gain (loss) on extinguishment of debt, public registration direct costs related to aborted or delayed offerings and our Reg A+ offering, litigation settlements, and expenses recorded to earnings relating to investment deals which were abandoned or closed. Fee-Related Earnings is presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminates noncontrolling interest. Eliminating the impact of consolidated funds and noncontrolling interest provides investors a view of the performance attributable to CaliberCos Inc. and is consistent with performance models and analysis used by management.

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NON-GAAP Measures (Continued) 36 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 as a supplemental performance measure to our U.S. GAAP results assessing the amount of earnings available for distribution. 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. Platform Earnings per Share Platform Earnings per Share is calculated as Platform Earnings divided by weighted average CWD common shares outstanding. Platform Adjusted EBITDA Platform Adjusted EBITDA represents the Company's Distributable Earnings adjusted for interest expense, the share repurchase costs related to the Company's Buyback Program, other income (expense), and provision for income taxes on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminates noncontrolling interest. Eliminating the impact of consolidated funds and noncontrolling interest provides investors a view of the performance attributable to the Platform and is consistent with performance models and analysis used by management. Consolidated Adjusted EBITDA Consolidated Adjusted EBITDA represents the Company's and the consolidated funds' earnings before net interest expense, income taxes, depreciation and amortization, further adjusted to exclude stock-based compensation, transaction fees, expenses and other public registration direct costs related to aborted or delayed offerings and our Reg A+ offering, litigation settlements, expenses recorded to earnings relating to investment deals which were abandoned or closed, any other non-cash expenses or losses, as further adjusted for extraordinary or non-recurring items. The following tables presents a reconciliation of net income (loss) attributable to CaliberCos Inc. to Fee-Related Earnings, Distributable Earnings, Caliber Adjusted EBITDA, and Consolidated Adjusted EBITDA for the three and nine months ended September 30, 2025 and 2024 (in thousands):

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Platform Income Statements 37 ASSET MANAGEMENT PLATFORM (1) (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) Three Months Ended September 30, 2025 Platform Impact of Consolidated Funds & Eliminations Consolidated Revenues Asset management revenues $3,514 $(28) $3,486 Performance allocations 2 — 2 Consolidated funds – other revenues — 148 148 Total revenues 3,516 120 3,636 Expenses Operating costs 3,408 (157) 3,251 General and administrative 1,481 (10) 1,471 Marketing and advertising 151 — 151 Depreciation and amortization 167 (7) 160 Consolidated funds – other expenses — 467 467 Total expenses 5,207 293 5,500 Unrealized loss on digital assets (677) — (677) Other loss, net (230) (94) (324) Interest income 28 — 28 Interest expense (1,876) — (1,876) Net loss before income taxes (4,446) (267) (4,713) Provision for income taxes — — — Net loss (4,446) (267) (4,713) Net loss attributable to noncontrolling interests — (342) (342) Net loss attributable to CaliberCos Inc. $(4,446) $75 $(4,371) Basic and diluted Platform loss per share $(1.70) $(1.65) Weighted average common shares outstanding: Basic and diluted 2,615 2,615

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Platform Income Statements (Continued) 38 Nine Months Ended September 30, 2025 Platform Impact of Consolidated Funds & Eliminations Consolidated Revenues Asset management revenues $11,159 $(731) $10,428 Performance allocations 32 (7) 25 Consolidated funds – hospitality revenues — 5,057 5,057 Consolidated funds – other revenues — 460 460 Total revenues 11,191 4,779 15,970 Expenses Operating costs 11,417 (451) 10,966 General and administrative 4,256 (31) 4,225 Marketing and advertising 463 — 463 Depreciation and amortization 503 (20) 483 Consolidated funds – hospitality expenses — 4,743 4,743 Consolidated funds – other expenses — 1,391 1,391 Total expenses 16,639 5,632 22,271 Unrealized loss on digital assets (677) — (677) Other loss, net (2,238) (616) (2,854) Interest income 91 (1) 90 Interest expense (5,225) — (5,225) Net loss before income taxes (13,497) (1,470) (14,967) Provision for income taxes — — — Net loss (13,497) (1,470) (14,967) Net loss attributable to noncontrolling interests — (890) (890) Net loss attributable to CaliberCos Inc. $(13,497) $(580) $(14,077) Basic and diluted Platform loss per share $(8.01) $(8.31) Weighted average common shares outstanding: Basic and diluted 1,685 1,685

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Platform Income Statements (Continued) 39 Three Months Ended September 30, 2024 Platform Impact of Consolidated Funds & Eliminations Consolidated Revenues Asset management $7,242 $(712) $6,530 Performance allocations 174 1 175 Consolidated funds – hospitality revenue — 2,494 2,494 Consolidated funds – other revenue — 2,103 2,103 Total revenues 7,416 3,886 11,302 Expenses Operating costs 4,727 (135) 4,592 General and administrative 1,450 (9) 1,441 Marketing and advertising 175 (1) 174 Depreciation and amortization 145 4 149 Consolidated funds – hospitality expenses — 3,097 3,097 Consolidated funds – other expenses — 975 975 Total expenses 6,497 3,931 10,428 Other income (loss), net 526 (101) 425 Interest income 59 (8) 51 Interest expense (1,348) (1) (1,349) Net income (loss) before income taxes 156 (155) 1 Provision for income taxes — — — Net income (loss) 156 (155) 1 Net loss attributable to noncontrolling interests — (145) (145) Net income (loss) attributable to CaliberCos Inc. $156 $(10) $146 Basic Platform income per share $0.14 $0.15 Diluted Platform income per share $0.11 $0.12 Weighted average common shares outstanding: Basic 1,107 1,107 Diluted 1,404 1,404

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Platform Income Statements (Continued) 40 Nine Months Ended September 30, 2024 Platform Impact of Consolidated Funds & Eliminations Consolidated Revenues Asset management $15,976 $(3,050) $12,926 Performance allocations 378 (21) 357 Consolidated funds – hospitality revenue — 23,533 23,533 Consolidated funds – other revenue — 5,616 5,616 Total revenues 16,354 26,078 42,432 Expenses Operating costs 15,971 (582) 15,389 General and administrative 5,490 (30) 5,460 Marketing and advertising 508 (1) 507 Depreciation and amortization 447 (8) 439 Consolidated funds – hospitality expenses — 23,191 23,191 Consolidated funds – other expenses — 5,405 5,405 Total expenses 22,416 27,975 50,391 Other income (loss), net 1,468 (453) 1,015 Interest income 514 (189) 325 Interest expense (3,958) — (3,958) Net loss before income taxes (8,038) (2,539) (10,577) Provision for income taxes — — — Net loss (8,038) (2,539) (10,577) Net loss attributable to noncontrolling interests — (2,188) (2,188) Net loss attributable to CaliberCos Inc. $(8,038) $(351) $(8,389) Basic and diluted Platform loss per share $(7.36) $(7.62) Basic and diluted 1,092 1,092 (1) Represents the results of our asset management platform, which are presented on a basis that deconsolidates our consolidated funds (intercompany eliminations and eliminates noncontrolling interests.

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NON-GAAP Reconciliations 41 NON-GAAP ADJUSTED EBITDA (AMOUNTS IN THOUSANDS) (UNAUDITED) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net (loss) income attributable to CaliberCos Inc. $(4,371) $146 $(14,077) $(8,389) Net loss attributable to noncontrolling interests (342) (145) (890) (2,188) Net (loss) income (4,713) 1 (14,967) (10,577) Provision for income taxes — — — — Net (loss) income before income taxes (4,713) 1 (14,967) (10,577) Depreciation and amortization 167 145 503 447 Consolidated funds' impact on fee-related earnings 173 45 853 1,897 Stock-based compensation 332 738 1,362 1,722 Severance 593 25 1,098 203 Performance allocations (2) (175) (25) (357) Other income, net 94 (425) (323) (1,015) Investments impairment 102 — 2,418 — Unrealized loss on digital assets 677 — 677 — Bad debt expense 35 — 144 — Interest expense, net 1,848 1,289 5,134 3,444 Fee-Related Earnings (694) 1,643 (3,126) (4,236) Performance allocations 2 175 25 357 Interest expense, net (1,848) (1,289) (5,134) (3,444) Provision for income taxes — — — — Distributable Earnings (2,540) 529 (8,235) (7,323) Interest expense 1,876 1,349 5,225 3,958 Other income, net (94) 425 323 1,015 Provision for income taxes — — — — Consolidated funds' impact on Caliber Adjusted EBITDA 93 109 616 642 Platform Adjusted EBITDA (665) 2,412 (2,071) (1,708) Consolidated funds' EBITDA Adjustments 201 1,836 1,522 7,177 Consolidated Adjusted EBITDA $(464) $4,248 $(549) $5,469

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NON-GAAP Reconciliations (Continued) 42 PLATFORM REVENUE (1) (AMOUNTS IN THOUSANDS) (UNAUDITED) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Fund management fees $2,782 $3,575 $8,265 $9,474 Financing fees 207 464 573 616 Development and construction fees 427 3,084 1,934 5,066 Brokerage fees 98 119 387 820 Total asset management 3,514 7,242 11,159 15,976 Performance allocations 2 174 32 378 Total Platform revenue $3,516 $7,416 $11,191 $16,354 (1) Represents the results of our asset management platform, which are presented on a basis that deconsolidates our consolidated funds (intercompany eliminations and eliminates noncontrolling interests.

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NON-GAAP Reconciliations (Continued) 43 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 Originations 8,086 Return of capital (664) Balances as of September 30, 2025 $505,989 September 30, 2025 December 31, 2024 Real Estate Hospitality $49,289 $49,260 Caliber Hospitality Trust(1) 97,037 97,414 Residential 101,912 96,687 Commercial 178,018 170,858 Total Real Estate(2) 426,256 414,219 Credit(3) 75,691 72,351 Other(4) 4,042 5,972 Total $505,989 $492,542 (1) We earn a fund management fee of 0.70% of the Caliber Hospitality Trust's enterprise value and are reimbursed for certain costs incurred on behalf of the Caliber Hospitality Trust. (2) Beginning during the year ended December 31, 2023, we include capital raised from our investors through corporate note issuances that was further invested in our funds in Managed Capital. As of September 30, 2025, and December 31, 2024, we had invested $11.9 million and $20.4 million, respectively, in our funds. (3) Credit managed capital represents loans made to our investment funds by us and our diversified funds. As of September 30, 2025 and December 31, 2024, we had loaned $3.3 million to our funds. (4) Other managed capital represents undeployed capital held in our diversified funds.

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NON-GAAP Reconciliations (Continued) 44 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 (6,196) Credit(2) 3,340 Other(3) (1,930) Balances as of March 31, 2025 797,033 Construction and net market depreciation (25,313) Assets sold (1,487) Credit(2) 627 Other(3) (1,409) Balances as of June 30, 2025 803,176 Construction and net market depreciation (6,683) Assets sold (1,917) Credit(2) 2,334 Other(3) 123 Balances as of September 30, 2025 $797,033 September 30, 2025 December 31, 2024 Real Estate Hospitality $65,400 $68,500 Caliber Hospitality Trust 203,500 236,800 Residential 168,700 161,700 Commercial 279,700 249,600 Total Real Estate 717,300 716,600 Credit(2) 75,691 72,351 Other(3) 4,042 5,972 Total $797,033 $794,923 (1) Credit FV AUM represents loans made to Caliber's investment funds by our diversified credit fund. (2) Other FV AUM represents undeployed capital held in our diversified funds.

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## Exhibit 99.3

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Over the past 16 years, Caliber has grown into a leading diversified alternative asset management firm, managing more than $2.7 billion in assets under management and assets under development. Caliber's primary goal is to enhance the wealth of accredited investors seeking to make investments in middle-market assets. We strive to build wealth for our clients by creating, managing, and servicing middle-market investment funds, private syndications, and direct investments. Through our funds, we invest primarily in real estate, private equity, and debt facilities. We market and fundraise to private investors, family offices, and institutions ("Direct Channel") and to registered investment advisers and independent broker-dealers ("Wholesale Channel"). Through our Asset Management Platform ("Platform"), our team executes fund management, fund administration, asset financing, development and construction management and real estate brokerage activities, which generate fees, expenses and liabilities. U.S. GAAP rules require Caliber to consolidate certain funds we manage into our operating results, which can obscure the underlying performance of the Platform. This supplemental data is intended to provide Caliber shareholders with a more transparent view of its financial performance excluding the impact of consolidation. Management also believes this additional information is more meaningful when comparing prior period performance. Digital Asset Treasury In August 2025, our Board of Directors approved a new digital asset treasury policy designed to enhance the Company's balance sheet strength, liquidity profile, and long-term growth potential. Under this policy, Caliber intends to allocate a portion of its corporate treasury to digital assets that demonstrate institutional utility and adoption potential, beginning with Chainlink (LINK). Chainlink is the leading decentralized oracle network that enables smart contracts and traditional systems to securely interact with real-world data. The Company selected LINK as its inaugural digital asset because it represents core infrastructure within the blockchain ecosystem; supporting the growth of tokenization, decentralized finance, and real-world asset integration. Management believes that Chainlink's enterprise adoption, technology maturity, and network resilience make LINK an attractive long-term holding relative to other digital assets at similar stages of adoption. Since adoption of the policy, Caliber has raised capital through equity issuances and deployed a portion of those proceeds to accumulate LINK tokens as a long-term reserve asset. These holdings are reflected on our balance sheet at fair value as of September 30, 2025. Changes in the fair value of our LINK tokens are reflected within net loss on our Platform statements of operations for the three and nine months ended September 30, 2025. The following information summarizes the annual income statements and balance sheets for the Platform for the years 2019 through Q3 2025, and the quarterly results for the period beginning Q3 2023 through Q3 2025. Also included are changes in managed capital and Assets Under Management for the same periods, which are intended to help investors understand how changes in these measures impact Platform revenues. Caliber's Supplemental Asset Management Financial Information November 13, 2025

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YTD YTD YTD YTD YTD YTD YTD (in thousands, except per share amounts) 2019 2020 2021 2022 2023 2024 2025 Platform Revenues Asset management revenues 21,086$11,775$15,259$21,575$16,982$20,563$11,159$ Performance allocations 4,985 422 733 2,543 3,656 379 32 Total Platform revenues 26,071 12,197 15,992 24,118 20,638 20,942 11,191 Platform Expenses Operating costs 15,606 12,282 10,643 14,609 21,808 24,904 11,417 General and administrative 1,896 2,864 5,307 6,742 6,807 6,817 4,256 Marketing and advertising 435 1,085 1,536 1,179 1,053 751 463 Depreciation and amortization 176 149 83 44 551 598 503 Total Platform expenses 18,113 16,380 17,569 22,574 30,219 33,070 16,639 Unrealized loss on digital assets - - - - - - 677 Other income, net 113 (23) (1,653) (256) (649) 2,654 2,238 Gain on extinguishment of debt - - - (1,421) - - - Interest income (10) (7) (104) (177) (1,863) (559) (91) Interest expense 1,294 (437) 756 1,056 4,716 5,424 5,225 Platform Net income (loss) before income taxes 6,561 (3,716) (576) 2,342 (11,785) (19,647) (13,497) Income taxes - - - - - - - Platform Net income/(loss) - Earnings 6,561$(3,716)$(576)$2,342$(11,785)$(19,647)$(13,497)$ Platform EBITDA 8,021 (4,011) 159 3,265 (8,381) (14,184) (7,770) Platform Adjusted EBITDA 10,040 (2,842) 3,462 5,519 (1,251) (2,710) (2,071) Basic 1,211 874 889 900 1,005 1,100 1,685 Diluted 1,445 874 889 991 1,005 1,100 1,685 Platform BEPS 5.42 (4.25) (0.65) 2.60 (11.73) (17.87) (8.01) Platform DEPS 4.54 (4.25) (0.65) 2.36 (11.73) (17.87) (8.01) Capital Originations 82,402 31,903 99,132 85,574 74,857 68,959 15,302 Managed Capital 204,755 226,486 306,899 383,189 437,625 492,542 505,989 Fair Value Assets Under Management (AUM) 395,816 419,700 601,168 745,514 741,190 794,923 797,033 Assets Under Development (AUD)_rounded 2,200,000 3,100,000 2,900,000 1,891,000 Total Managed Assets 395,816 419,700 601,168 2,945,514 3,841,190 3,694,923 2,688,033 Estimated Performance Allocations\*\* 90,454 \*Certain prior year amounts have been reclassified to conform to current presentation. \*\*\*Amount represents fees the Company could earn, were all AUD at December 31, 2024, completed up through sale of the assets. \*\*Basic and Diluted share count and BEPS and DEPS includes the impact of the revese stock split effect a 1-for-1.6820384 reverse stock split of Class A common stock, Class B common stock and Series B preferred stock which occurred on January 17, 2023.

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$26,071 $12,197 $15,992 $24,118 $20,638 $20,942 $11,191 $10,040 $(2,842) $3,462 $5,519 $(1,251) $(2,710) $(2,071) (5,000) - 5,000 10,000 15,000 20,000 25,000 30,000 2019 2020 2021 2022 2023 2024 2025 Annual Platform Revenue and Platform Adjusted EBITDA Total Platform revenues Platform Adjusted EBITDA $82MM $32MM $99MM $86MM $75MM $69MM $15MM $205MM $226MM $307MM $383MM $438MM $493MM $506MM $396MM $420MM $601MM $746MM $741MM $795MM $797MM$21.1MM $11.8MM $15.3MM $21.6MM $17.MM $20.6MM $11.2MM - 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000 1,000,000 2019 2020 2021 2022 2023 2024 2025 Managed Capital and Asset Management Revenue Capital Originations Managed Capital Fair Value Assets Under Management (AUM) Asset management revenues

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QTD QTD QTD QTD QTD QTD QTD QTD QTD (in thousands, except per share amounts) Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Platform Revenues Asset management revenues 3,704$6,005$4,555$4,179$7,242$4,587$3,542$4,103$3,514$ Performance allocations 24 1,182 171 33 174 1 7 23 2 Total Platform revenues 3,728 7,187 4,726 4,212 7,416 4,588 3,549 4,126 3,516 Platform Expenses Operating costs 4,724 5,896 5,484 5,760 4,727 8,933 4,168 3,841 3,408 General and administrative 1,651 2,148 1,949 2,091 1,450 1,327 1,592 1,183 1,481 Marketing and advertising 208 166 106 227 175 243 165 147 151 Depreciation and amortization 73 354 183 119 145 151 162 174 167 Total Platform expenses 6,656 8,564 7,722 8,197 6,497 10,654 6,087 5,345 5,207 Unrealized loss on digital assets - - - - - - - - 677 Other loss (income), net (149) (355) (452) (490) (526) 4,122 (6) 2,014 230 Gain on extinguishment of debt - - - - - - - - - Interest income (730) (384) (285) (170) (59) (45) (33) (30) (28) Interest expense 1,317 1,307 1,295 1,315 1,348 1,466 1,611 1,738 1,876 Platform (Net loss) income before income taxes (3,366) (1,945) (3,554) (4,640) 156 (11,609) (4,110) (4,941) (4,446) Income taxes - - - - - - - - - Platform Net income/(loss) - Earnings (3,366)$(1,945)$(3,554)$(4,640)$156$(11,609)$(4,110)$(4,941)$(4,446)$ Platform EBITDA (2,706) (668) (2,361) (3,376) 1,590 (10,037) (2,337) (3,029) (2,404) Platform Adjusted EBITDA (1,511) 1,553 (1,669) (2,451) 2,412 (1,002) (1,352) (54) (665) Basic 911 911 1,077 1,091 1,107 1,123 1,146 1,278 2,615 Diluted 911 911 1,077 1,091 1,404 1,123 1,146 1,278 2,615 Platform BEPS (3.69) (2.14) (3.30) (4.25) 0.14 (10.33) (3.59) (3.87) (1.70) Platform DEPS (3.69) (2.14) (3.30) (4.25) 0.11 (10.33) (3.59) (3.87) (1.70) Capital Originations 12,958 38,622 19,099 18,936 23,372 7,552 2,990 4,226 8,086 Managed Capital 412,446 437,625 453,905 469,800 485,272 492,542 495,217 498,567 505,989 Fair Value Assets Under Management (AUM) 822,470 741,190 766,738 773,213 806,961 794,923 830,758 803,176 797,033 Assets Under Development (AUD)_rounded 2,200,000 3,100,000 2,900,000 2,900,000 2,900,000 2,900,000 2,900,000 1,950,000 1,891,000 Total Managed Assets 3,022,470 3,841,190 3,666,738 3,673,213 3,706,961 3,694,923 3,730,758 2,753,176 2,688,033 Estimated Performance Allocations\*\* 88,995 87,733 84,776 90,454 \*Certain prior year amounts have been reclassified to conform to current presentation. \*\*Amount represents fees the Company could earn, were all AUD at December 31, 2024, completed up through sale of the assets.

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$3,704 $6,005 $4,555 $4,179 $7,242 $4,587 $3,542 $4,103 $3,514 (1,511) 1,553 (1,669) (2,451) 2,412 (1,002) (1,352) (54) (665) $(4,000) $(2,000) $- $2,000 $4,000 $6,000 $8,000 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Annual Platform Revenue and Platform Adjusted EBITDA Asset management revenues Platform Adjusted EBITDA $13MM $39MM $19MM $19MM $23MM $8MM $3MM $4MM $8MM $412MM $438MM $454MM $470MM $485MM $493MM $495MM $499MM $506MM $822MM $741MM $767MM $773MM $807MM $795MM $831MM $803MM $797MM $3.7MM $6.0MM $4.6MM $4.2MM $7.2MM $4.6MM $3.5MM $4.1MM $3.5MM - 200,000 400,000 600,000 800,000 1,000,000 1,200,000 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Managed Capital and Asset Management Revenue Capital Originations Managed Capital Fair Value Assets Under Management (AUM) Asset management revenues

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Dec. 31, 2019 Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2022 Mar. 31, 2023 1 Jun. 30, 2023 2 Sept. 30, 2023 Dec. 31, 2023 Mar. 31, 2024 Jun. 30, 2024 Sept. 30, 2024 Dec. 31, 2024 Mar. 31, 2025 June. 30, 2025 Sept. 30, 2025 (in thousands) Assets Cash and restricted cash 3,693 1,879 2,006 1,944 4,458 3,665 3,474 3,509 3,278 3,093 3,050 4,348 3,363 3,145 13,138 Total Real estate assets 3,105 3,284 126 2,133 21,493 21,453 21,425 21,571 21,749 21,733 21,644 21,782 21,776 21,978 22,050 Digital assets - - - - - - - - - - - - - - 9,965 Other assets 10,956 9,228 19,565 31,526 47,031 50,796 46,298 49,631 46,663 40,144 39,606 30,947 30,586 28,356 29,947 Total assets 17,755 14,391 21,697 35,603 72,982 75,914 71,197 74,711 71,690 64,970 64,300 57,077 55,725 53,479 75,100 Liabilities Corporate Notes 11,785 9,469 7,665 15,018 51,321 54,964 54,254 53,799 52,952 50,169 49,673 50,450 51,555 50,442 48,678 Other liabilities 18,202 17,833 20,321 20,624 21,802 9,955 8,899 14,256 15,164 15,174 14,102 15,071 15,534 16,378 17,514 Total liabilities 29,987 27,302 27,985 35,642 73,123 64,919 63,153 68,055 68,116 65,343 63,775 65,521 67,089 66,820 66,192 Stockholders' (Deficit) Equity Total stockholders' (deficit) equity (12,232) (12,911) (6,288) (39) (141) 10,995 8,044 6,656 3,574 (373) 525 (8,444) (11,364) (13,341) 8,908 Total liabilities and stockholders' (deficit) eq 17,755 14,391 21,697 35,603 72,982 75,914 71,197 74,711 71,690 64,970 64,300 57,077 55,725 53,479 75,100 Platform Debt to equity (2.45) (2.11) (4.45) (913.90) (518.60) 5.90 7.85 10.22 19.06 (175.18) 121.48 (7.76) (5.90) (5.01) 7.43 Platform Debt to assets 1.69 1.90 1.29 1.00 1.00 0.86 0.89 0.91 0.95 1.01 0.99 1.15 1.20 1.25 0.88 \*Certain prior year amounts have been reclassified to conform to current presentation. 1 Notes payable increased in Q1-2023 to $51M from $14.7M. This increase includes: i) $16.3M of debt assumed in the acquisition of our corporate headquarters. Note the corresponding increase in Real estate investments of approximately $19.4M over the same period. ii) $20.1M of notes raised to fund and invest in various assets Caliber managed. In response to a slow down in capital orginations. Corresponding increase in Notes receivable ($12m), Due from Related Parties ($4M), and investments ($2.4M). Remaining balance used in operations ($1.5M). 2 Equity increased by $16.7M. Caliber completed its IPO in May 2023 and raised $4M. Upon completion of the IPO, the Company was relieved of its obligation to buyback the then remaining $12.4M in shares from a former co-founder. Note the corresponding decrease to accounts payable and accrueds. In response to continues slowdown in capital originations, the company issued additional Notes payable which increased by $4M. This was completely used to invest in our existing projects (increase in notes receivable by $4M).

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Platform Impact of Consolidated Funds Consolidated Platform Impact of Consolidated Funds Consolidated Platform Impact of Consolidated Funds Consolidated Platform Impact of Consolidated Funds Consolidated Assets Cash and restricted cash 3,692,838 (135,838) 3,557,000 1,878,940 (46,940) 1,832,000 2,006,047 599,953 2,606,000 1,944,000 - 1,944,000 Total Real estate assets 3,105,377 46,623 3,152,000 3,283,606 (68,606) 3,215,000 125,628 1,816,372 1,942,000 2,133,000 (68,000) 2,065,000 Other assets 10,956,449 (2,896,449) 8,060,000 9,228,103 (5,514,103) 3,714,000 19,565,361 (10,132,361) 9,433,000 31,526,000 (11,452,000) 20,074,000 Assets of consolidated funds Cash and restricted cash - 13,134,000 13,134,000 - 8,983,000 8,983,000 - 13,926,000 13,926,000 - 13,990,000 13,990,000 Total Real estate assets - 141,399,000 141,399,000 - 191,796,000 191,796,000 - 193,614,000 193,614,000 - 196,177,000 196,177,000 Other assets - 6,583,000 6,583,000 - 17,797,000 17,797,000 - 24,127,000 24,127,000 - 44,584,000 44,584,000 Total assets 17,754,664 158,130,336 175,885,000 14,390,649 212,946,351 227,337,000 21,697,036 223,950,964 245,648,000 35,603,000 243,231,000 278,834,000 Liabilities and Stockholders' Equity Corporate Notes 11,785,144 (3,400,144) 8,385,000 9,469,144 (3,434,144) 6,035,000 7,664,591 409 7,665,000 15,018,000 - 15,018,000 Other liabilities 18,201,507 1,019,493 19,221,000 17,832,526 187,474 18,020,000 20,320,613 528,387 20,849,000 20,624,000 (37,000) 20,587,000 Liabilities of consolidated funds Mortgage and real estate debt - 122,917,000 122,917,000 - 142,502,000 142,502,000 - 152,554,000 152,554,000 - 141,229,000 141,229,000 Other liabilities - 11,333,000 11,333,000 - 12,342,000 12,342,000 - 14,887,000 14,887,000 - 24,811,000 24,811,000 Total liabilities 29,986,651 131,869,349 161,856,000 27,301,670 151,597,330 178,899,000 27,985,204 167,969,796 195,955,000 35,642,000 166,003,000 201,645,000 Mezzanine Equity - 3,842,000 3,842,000 - - - - - - - - - Stockholders' equity (deficit) attributable to CaliberCos (12,231,987) (5,596,013) (17,828,000) (12,911,021) (3,426,979) (16,338,000) (6,288,168) (2,800,832) (9,089,000) (39,000) (3,170,000) (3,209,000) Stockholders' equity attributable to noncontrolling inte - 28,015,000 28,015,000 - 64,776,000 64,776,000 - 58,782,000 58,782,000 - 80,398,000 80,398,000 Total stockholders' equity (12,231,987) 22,418,987 10,187,000 (12,911,021) 61,349,021 48,438,000 (6,288,168) 55,981,168 49,693,000 (39,000) 77,228,000 77,189,000 Total liabilities and stockholders' equity 17,754,664 158,130,336 175,885,000 14,390,649 212,946,351 227,337,000 21,697,036 223,950,964 245,648,000 35,603,000 243,231,000 278,834,000 Debt to Equity (2.45) (23.56) (9.08) (2.11) (44.24) (10.95) (4.45) (59.97) (21.56) (913.90) (52.37) (62.84) Debt to Assets 1.69 0.83 0.92 1.90 0.71 0.79 1.29 0.75 0.80 1.00 0.68 0.72 For the Year Ended December, 31, 2019 For the Year Ended December, 31, 2020 For the Year Ended December, 31, 2021 For the Year Ended December, 31, 2022

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Platform Impact of Consolidated Funds Consolidated Platform Impact of Consolidated Funds Consolidated Platform Impact of Consolidated Funds Consolidated Platform Impact of Consolidated Funds Consolidated Assets Cash and restricted cash 4,458,000 - 4,458,000 3,665,000 - 3,665,000 3,474,000 - 3,474,000 3,509,000 - 3,509,000 Total Real estate assets 21,493,000 (42,000) 21,451,000 21,453,000 (42,000) 21,411,000 21,425,000 (42,000) 21,383,000 21,571,000 (79,000) 21,492,000 Other assets 47,031,000 (31,968,000) 15,063,000 50,796,000 (36,938,000) 13,858,000 46,298,000 (33,677,000) 12,621,000 49,631,000 (33,560,000) 16,071,000 Assets of consolidated funds Cash and restricted cash - 19,267,000 19,267,000 - 17,747,000 17,747,000 - 14,943,000 14,943,000 - 14,131,000 14,131,000 Total Real estate assets - 219,829,000 219,829,000 - 219,834,000 219,834,000 - 219,140,000 219,140,000 - 185,636,000 185,636,000 Other assets - 51,037,000 51,037,000 - 52,497,000 52,497,000 - 53,169,000 53,169,000 - 58,593,000 58,593,000 Total assets 72,982,000 258,123,000 331,105,000 75,914,000 253,098,000 329,012,000 71,197,000 253,533,000 324,730,000 74,711,000 224,721,000 299,432,000 Liabilities and Stockholders' Equity Corporate Notes 51,321,000 - 51,321,000 54,964,000 - 54,964,000 54,254,000 - 54,254,000 53,799,000 - 53,799,000 Other liabilities 21,802,000 (1,457,000) 20,345,000 9,955,000 (1,379,000) 8,576,000 8,899,000 (1,300,000) 7,599,000 14,256,000 (4,574,000) 9,682,000 Liabilities of consolidated funds Mortgage and real estate debt - 159,341,000 159,341,000 - 157,668,000 157,668,000 - 160,578,000 160,578,000 - 141,739,000 141,739,000 Other liabilities - 27,596,000 27,596,000 - 25,192,000 25,192,000 - 27,543,000 27,543,000 - 28,194,000 28,194,000 Total liabilities 73,123,000 185,480,000 258,603,000 64,919,000 181,481,000 246,400,000 63,153,000 186,821,000 249,974,000 68,055,000 165,359,000 233,414,000 Stockholders' equity (deficit) attributable to CaliberCos Inc. (141,000) (3,573,000) (3,714,000) 10,995,000 (3,055,000) 7,940,000 8,044,000 (3,769,000) 4,275,000 6,656,000 (4,033,000) 2,623,000 Stockholders' equity attributable to noncontrolling interests - 76,216,000 76,216,000 - 74,672,000 74,672,000 - 70,481,000 70,481,000 - 63,395,000 63,395,000 Total stockholders' equity (141,000) 72,643,000 72,502,000 10,995,000 71,617,000 82,612,000 8,044,000 66,712,000 74,756,000 6,656,000 59,362,000 66,018,000 Total liabilities and stockholders' equity 72,982,000 258,123,000 331,105,000 75,914,000 253,098,000 329,012,000 71,197,000 253,533,000 324,730,000 74,711,000 224,721,000 299,432,000 Debt to Equity (518.60) (51.91) (69.63) 5.90 (59.40) 31.03 7.85 (49.57) 58.47 10.22 (41.00) 88.99 Debt to Assets 1.00 0.72 0.78 0.86 0.72 0.75 0.89 0.74 0.77 0.91 0.74 0.78 Three Months Ended March, 31, 2023 Three Months Ended June, 30, 2023 Three Months Ended September, 30, 2023 Three Months Ended December, 31, 2023

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Platform Impact of Consolidated Funds Consolidated Platform Impact of Consolidated Funds Consolidated Platform Impact of Consolidated Funds Consolidated Platform Impact of Consolidated Funds Consolidated Assets Cash and restricted cash 3,278,000 - 3,278,000 3,093,000 - 3,093,000 3,050,000 - 3,050,000 4,348,000 - 4,348,000 Total Real estate assets 21,749,000 (97,000) 21,652,000 21,733,000 (112,000) 21,621,000 21,644,000 (129,000) 21,515,000 21,782,000 (210,000) 21,572,000 Other assets 46,663,000 (17,721,000) 28,942,000 40,144,000 (12,942,000) 27,202,000 39,606,000 (11,611,000) 27,995,000 30,947,000 (4,586,000) 26,361,000 Assets of consolidated funds Cash and restricted cash - 2,056,000 2,056,000 - 1,462,000 1,462,000 - 1,053,000 1,053,000 - 549,000 549,000 Total Real estate assets - 101,037,000 101,037,000 - 83,251,000 83,251,000 - 46,084,000 46,084,000 - 45,090,000 45,090,000 Other assets - 44,497,000 44,497,000 - 58,610,000 58,610,000 - 58,886,000 58,886,000 - 7,615,000 7,615,000 Total assets 71,690,000 129,772,000 201,462,000 64,970,000 130,269,000 195,239,000 64,300,000 94,283,000 158,583,000 57,077,000 48,458,000 105,535,000 Liabilities and Stockholders' Equity Corporate Notes 52,952,000 - 52,952,000 50,169,000 - 50,169,000 49,673,000 - 49,673,000 50,450,000 - 50,450,000 Other liabilities 15,164,000 (4,515,000) 10,649,000 15,174,000 (4,462,000) 10,712,000 14,102,000 (4,391,000) 9,711,000 15,071,000 (4,383,000) 10,688,000 Liabilities of consolidated funds Mortgage and real estate debt - 47,654,000 47,654,000 - 36,553,000 36,553,000 - 33,752,000 33,752,000 - 29,172,000 29,172,000 Other liabilities - 3,717,000 3,717,000 - 2,601,000 2,601,000 - 2,166,000 2,166,000 - 3,972,000 3,972,000 Total liabilities 68,116,000 46,856,000 114,972,000 65,343,000 34,692,000 100,035,000 63,775,000 31,527,000 95,302,000 65,521,000 28,761,000 94,282,000 Stockholders' equity (deficit) attributable to CaliberCos Inc. 3,574,000 (4,319,000) (745,000) (373,000) (4,371,000) (4,744,000) 525,000 (5,939,000) (5,414,000) (8,444,000) (4,145,000) (12,589,000) Stockholders' equity attributable to noncontrolling interests - 87,235,000 87,235,000 - 99,948,000 99,948,000 - 68,695,000 68,695,000 - 23,842,000 23,842,000 Total stockholders' equity 3,574,000 82,916,000 86,490,000 (373,000) 95,577,000 95,204,000 525,000 62,756,000 63,281,000 (8,444,000) 19,697,000 11,253,000 Total liabilities and stockholders' equity 71,690,000 129,772,000 201,462,000 64,970,000 130,269,000 195,239,000 64,300,000 94,283,000 158,583,000 57,077,000 48,458,000 105,535,000 Debt to Equity 19.06 (10.85) (154.32) (175.18) (7.94) (21.09) 121.48 (5.31) (17.60) (7.76) (6.94) (7.49) Debt to Assets 0.95 0.36 0.57 1.01 0.27 0.51 0.99 0.33 0.60 1.15 0.59 0.89 Three Months Ended March, 31, 2024 Three Months Ended June, 30, 2024 Three Months Ended December, 31, 2024Three Months Ended September, 30, 2024

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Platform Impact of Consolidated Funds Consolidated Platform Impact of Consolidated Funds Consolidated Platform Impact of Consolidated Funds Consolidated Platform Impact of Consolidated Funds Consolidated Assets Cash and restricted cash 3,363,000 - 3,363,000 3,145,000 - 3,145,000 13,138,000 - 13,138,000 Total Real estate assets 21,776,000 (262,000) 21,514,000 21,978,000 (264,000) 21,714,000 22,050,000 (261,000) 21,789,000 Digital assets - - - - - - 9,965,000 - 9,965,000 Other assets 30,586,000 (4,513,000) 26,073,000 28,356,000 (4,130,000) 24,226,000 29,947,000 (3,969,000) 25,978,000 Assets of consolidated funds Cash and restricted cash - 997,000 997,000 - 306,000 306,000 - 250,000 250,000 Total Real estate assets - 44,102,000 44,102,000 - 10,397,000 10,397,000 - 10,296,000 10,296,000 Other assets - 7,594,000 7,594,000 - 1,179,000 1,179,000 - 1,152,000 1,152,000 Total assets 55,725,000 47,918,000 103,643,000 53,479,000 7,488,000 60,967,000 75,100,000 7,468,000 82,568,000 - - - Liabilities and Stockholders' Equity Corporate Notes 51,555,000 - 51,555,000 50,442,000 76,000 50,518,000 48,678,000 - 48,678,000 Other liabilities 15,534,000 (4,267,000) 11,267,000 16,378,000 (4,276,000) 12,102,000 17,514,000 (4,125,000) 13,389,000 Liabilities of consolidated funds Mortgage and real estate debt - 31,558,000 31,558,000 11,631,000 11,631,000 - 11,611,000 11,611,000 Other liabilities - 1,905,000 1,905,000 2,613,000 2,613,000 - 2,803,000 2,803,000 Total liabilities 67,089,000 29,196,000 96,285,000 66,820,000 10,044,000 76,864,000 66,192,000 10,289,000 76,481,000 - - - Stockholders' equity (deficit) attributable to CaliberCos Inc. (11,364,000) 27,172,000 15,808,000 (13,341,000) (4,802,000) (18,143,000) 8,908,000 (4,725,000) 4,183,000 Stockholders' equity attributable to noncontrolling interests - 23,166,000 23,166,000 2,246,000 2,246,000 - 1,904,000 1,904,000 Total stockholders' equity (11,364,000) 18,722,000 7,358,000 (13,341,000) (2,556,000) (15,897,000) 8,908,000 (2,821,000) 6,087,000 Total liabilities and stockholders' equity 55,725,000 47,918,000 103,643,000 53,479,000 7,488,000 60,967,000 75,100,000 7,468,000 82,568,000 - - - Debt to Equity (5.90) 1.07 6.09 (5.01) (2.09) (4.24) 7.43 (2.18) 18.28 Debt to Assets 1.20 0.61 0.93 1.25 1.34 1.26 0.88 1.38 0.93 Three Months Ended March, 31, 2025 Three Months Ended June, 30, 2025 Three Months Ended September, 30, 2025 Three Months Ended December, 31, 2025

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YTD YTD YTD YTD YTD QTD QTD QTD QTD QTD QTD QTD QTD QTD QTD QTD 2019 2020 2021 2022 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net income (loss) attributable to CaliberCos Inc. 6,467,000 (5,446,000) (698,000) 2,020,000 (12,703,000) (1,207,000) (5,726,000) (3,409,000) (2,361,000) (3,805,000) (4,730,000) 146,000 (11,388,000) (4,407,000) (5,299,000) (4,371,000) Net income (loss) attributable to noncontrolling interests (523,000) (20,099,000) (20,469,000) 11,931,000 (14,891,000) 1,502,000 (5,854,000) (8,813,000) (1,726,000) (1,457,000) (586,000) (145,000) 495,000 (147,000) (401,000) (342,000) Net income (loss) 5,944,000 (25,545,000) (21,167,000) 13,951,000 (27,594,000) 295,000 (11,580,000) (12,222,000) (4,087,000) (5,262,000) (5,316,000) 1,000 (10,893,000) (4,554,000) (5,700,000) (4,713,000) Provision for income taxes - - - - - - - - - - - - - - - - Net income (loss) before income taxes 5,944,000 (25,545,000) (21,167,000) 13,951,000 (27,594,000) 295,000 (11,580,000) (12,222,000) (4,087,000) (5,262,000) (5,316,000) 1,000 (10,893,000) (4,554,000) (5,700,000) (4,713,000) Impact of consolidated funds 617,000 21,829,000 20,591,000 (11,609,000) 15,809,000 (1,129,000) 5,939,000 8,856,000 2,142,000 1,708,000 676,000 155,000 (806,000) 444,000 759,000 267,000 Platform Net income (loss) 6,561,000 (3,716,000) (576,000) 2,342,000 (11,785,000) (834,000) (5,641,000) (3,366,000) (1,945,000) (3,554,000) (4,640,000) 156,000 (11,699,000) (4,110,000) (4,941,000) (4,446,000) Depreciation and amortization 176,000 149,000 83,000 44,000 551,000 32,000 92,000 73,000 354,000 183,000 119,000 145,000 151,000 162,000 174,000 167,000 Interest income (10,000) (7,000) (104,000) (177,000) (1,863,000) (252,000) (497,000) (730,000) (384,000) (285,000) (170,000) (59,000) (35,000) (33,000) (30,000) (28,000) Interest expense 1,294,000 (437,000) 756,000 1,056,000 4,716,000 832,000 1,260,000 1,317,000 1,307,000 1,295,000 1,315,000 1,348,000 1,466,000 1,611,000 1,738,000 1,876,000 Platform EBITDA 8,021,000 (4,011,000) 159,000 3,265,000 (8,381,000) (222,000) (4,786,000) (2,706,000) (668,000) (2,361,000) (3,376,000) 1,590,000 (10,117,000) (2,370,000) (3,059,000) (2,431,000) Stock-based compensation (110,000) 24,000 460,000 3,726,000 702,000 1,922,000 393,000 709,000 400,000 584,000 738,000 656,000 661,000 369,000 332,000 Investments impairment - - - - - - - - - - - - 4,304,000 279,000 2,037,000 102,000 Changes in fair value of digital assets - - - - - - - - 677,000 Bad debt expense - - - - - - - - - - - - 4,079,000 3,000 106,000 35,000 Severance 138,000 - 19,000 13,000 - 6,000 - 7,000 171,000 25,000 41,000 51,000 454,000 593,000 Public registration costs 1,276,000 878,000 1,040,000 779,000 - - - - - - - - - - - - Legal costs 1,818,000 525,000 - - - - - - - - - - - - Share buy-back 269,000 291,000 317,000 313,000 183,000 183,000 - - - - - - - - - - Provision for income taxes - - - - - - - - - - - - - - - - Loss on CRAF Investment Redemption - 1,339,000 - - - 1,339,000 - - - - - - - ESOP 474,000 - - - - Interest income 10,000 7,000 104,000 177,000 1,863,000 252,000 497,000 730,000 384,000 285,000 170,000 59,000 35,000 33,000 30,000 28,000 Other (10,000) (35,000) 106,000 40,000 66,000 (211,000) (9,000) 9,000 (1,000) Platform adjusted EBITDA 10,040,000 (2,842,000) 3,462,000 5,519,000 (1,251,000) 1,034,000 (2,327,000) (1,511,000) 1,553,000 (1,669,000) (2,451,000) 2,412,000 (1,002,000) (1,352,000) (54,000) (665,000)

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Platform p Consolidated Funds Consolidated Platform p Consolidated Funds Consolidated Platform p Consolidated Funds Consolidated Revenues Asset management 21,086,000 (6,300,000) 14,786,000 11,775,000 (5,606,000) 6,169,000 15,259,000 (6,117,000) 9,142,000 Performance allocations 4,985,000 (4,979,000) 6,000 422,000 (123,000) 299,000 733,000 - 733,000 Other revenue - - - Consolidated funds – hospitality revenue - - - - 27,676,000 27,676,000 40,837,000 40,837,000 Consolidated funds – other revenue - 63,001,000 63,001,000 - 3,733,000 3,733,000 5,321,000 5,321,000 Total revenues 26,071,000 51,722,000 77,793,000 12,197,000 25,680,000 37,877,000 15,992,000 40,041,000 56,033,000 Expenses Operating costs 15,606,000 (3,292,000) 12,314,000 12,282,000 (1,310,000) 10,972,000 10,643,000 (958,000) 9,685,000 General and administrative 1,896,000 (2,000) 1,894,000 2,864,000 (113,000) 2,751,000 5,307,000 - 5,307,000 Marketing and advertising 435,000 - 435,000 1,085,000 1,000 1,086,000 1,536,000 - 1,536,000 Depreciation and amortization 176,000 - 176,000 149,000 2,000 151,000 83,000 - 83,000 Consolidated funds – hospitality expenses - - - - 44,718,000 44,718,000 55,999,000 55,999,000 Consolidated funds – other expenses - 57,743,000 57,743,000 - 4,509,000 4,509,000 5,532,000 5,532,000 Total expenses 18,113,000 54,449,000 72,562,000 16,380,000 47,807,000 64,187,000 17,569,000 60,573,000 78,142,000 Consolidated funds – gain on sale of real estate investm - - - - - - - - - Other income (loss), net (113,000) 2,019,000 1,906,000 23,000 63,000 86,000 1,653,000 - 1,653,000 Gain on extinguishment of debt - - - - - - - - - Interest income 10,000 - 10,000 7,000 - 7,000 104,000 (103,000) 1,000 Interest expense (1,294,000) 91,000 (1,203,000) 437,000 235,000 672,000 (756,000) 44,000 (712,000) Net loss before income taxes 6,561,000 (617,000) 5,944,000 (3,716,000) (21,829,000) (25,545,000) (576,000) (20,591,000) (21,167,000) Provision for income taxes - - - - - - - - - Net loss 6,561,000 (617,000) 5,944,000 (3,716,000) (21,829,000) (25,545,000) (576,000) (20,591,000) (21,167,000) Net loss attributable to noncontrolling interests (523,000) (523,000) (20,099,000) (20,099,000) (20,469,000) (20,469,000) Net loss attributable to CaliberCos Inc. 6,561,000 (94,000) 6,467,000 (3,716,000) (1,730,000) (5,446,000) (576,000) (122,000) (698,000) Basic Platform income per share 0.27 0.27 (0.15) (0.22) (0.03) (0.04) Diluted Platform income per share 0.23 0.22 (0.15) (0.22) (0.03) (0.04) Weighted average common shares outstanding: Basic 24,226,080 24,226,080 25,159,993 25,159,993 17,824,000 17,824,000 Diluted 28,893,930 28,893,930 25,159,993 25,159,993 17,824,000 17,824,000 Year Ended December 31, 2019 Year Ended December 31, 2020 Year Ended December 31, 2021 \*Basic and Diluted share count and BEPS and DEPS includes the impact of the revese stock split effect a 1-for-1.6820384 reverse stock split of Class A common stock, Class B common stock and Series B preferred stock which occurred on January 17, 2023.

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Platform p Consolidated Funds Consolidated Platform p Consolidated Funds Consolidated Revenues Asset management 21,575,000 (6,231,000) 15,344,000 16,982,000 (6,411,000) 10,571,000 Performance allocations 2,543,000 - 2,543,000 3,656,000 (17,000) 3,639,000 Consolidated funds – hospitality revenue 59,564,000 59,564,000 - 68,905,000 68,905,000 Consolidated funds – other revenue 6,505,000 6,505,000 - 7,822,000 7,822,000 Total revenues 24,118,000 59,838,000 83,956,000 20,638,000 70,299,000 90,937,000 Expenses Operating costs 14,609,000 - 14,609,000 21,808,000 (497,000) 21,311,000 General and administrative 6,742,000 (63,000) 6,679,000 6,807,000 (37,000) 6,770,000 Marketing and advertising 1,179,000 - 1,179,000 1,053,000 (1,000) 1,052,000 Depreciation and amortization 44,000 14,000 58,000 551,000 (1,000) 550,000 Consolidated funds – hospitality expenses 60,667,000 60,667,000 - 80,669,000 80,669,000 Consolidated funds – other expenses 9,213,000 9,213,000 - 9,162,000 9,162,000 Total expenses 22,574,000 69,831,000 92,405,000 30,219,000 89,295,000 119,514,000 Consolidated funds – gain on sale of real estate invest - 21,530,000 21,530,000 - 4,976,000 4,976,000 - Other income (loss), net 256,000 70,000 326,000 649,000 (275,000) 374,000 Gain on extinguishment of debt 1,421,000 - 1,421,000 - - - Interest income 177,000 1,000 178,000 1,863,000 (1,513,000) 350,000 Interest expense (1,056,000) 1,000 (1,055,000) (4,716,000) (1,000) (4,717,000) Net loss before income taxes 2,342,000 11,609,000 13,951,000 (11,785,000) (15,809,000) (27,594,000) Provision for income taxes - - - - - - Net loss 2,342,000 11,609,000 13,951,000 (11,785,000) (15,809,000) (27,594,000) Net loss attributable to noncontrolling interests 11,931,000 11,931,000 (14,891,000) (14,891,000) Net loss attributable to CaliberCos Inc. 2,342,000 (322,000) 2,020,000 (11,785,000) (918,000) (12,703,000) Basic Platform income per share 0.13 0.11 (0.59) (0.63) Diluted Platform income per share 0.12 0.11 (0.59) (0.63) Weighted average common shares outstanding: Basic 18,003,000 18,003,000 20,087,000 20,087,000 Diluted 19,822,000 19,822,000 20,087,000 20,087,000 Source: Year Ended December 31, 2022 Year Ended December 31, 2023 \*Basic and Diluted share count and BEPS and DEPS includes the impact of the revese stock split effect a 1-for-1.6820384 reverse stock split of Class A common stock, Class B common stock and Series B preferred stock which occurred on January 17, 2023.

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Platform Impact of Consolidated Funds Consolidated Platform Impact of Consolidated Funds Consolidated Platform Impact of Consolidated Funds Consolidated Platform Impact of Consolidated Funds Consolidated Revenues Asset management 3,924,000 (1,888,000) 2,036,000 3,348,000 (1,454,000) 1,894,000 3,704,000 (1,388,000) 2,316,000 6,005,000 (1,680,000) 4,325,000 Performance allocations 2,426,000 - 2,426,000 24,000 (12,000) 12,000 24,000 12,000 36,000 1,182,000 (17,000) 1,165,000 Consolidated funds – hospitality revenue - 23,209,000 23,209,000 - 16,273,000 16,273,000 - 12,526,000 12,526,000 - 16,897,000 16,897,000 Consolidated funds – other revenue - 1,851,000 1,851,000 - 2,266,000 2,266,000 - 2,147,000 2,147,000 - 1,558,000 1,558,000 Total revenues 6,350,000 23,172,000 29,522,000 3,372,000 17,073,000 20,445,000 3,728,000 13,297,000 17,025,000 7,187,000 16,758,000 23,945,000 Expenses Operating costs 4,457,000 47,000 4,504,000 6,731,000 89,000 6,820,000 4,724,000 157,000 4,881,000 5,896,000 (790,000) 5,106,000 General and administrative 1,610,000 206,000 1,816,000 1,398,000 28,000 1,426,000 1,651,000 21,000 1,672,000 2,148,000 (292,000) 1,856,000 Marketing and advertising 353,000 - 353,000 326,000 (1,000) 325,000 208,000 2,000 210,000 166,000 (2,000) 164,000 Depreciation and amortization 32,000 100,000 132,000 92,000 45,000 137,000 73,000 67,000 140,000 354,000 (213,000) 141,000 Consolidated funds – hospitality expenses - 20,283,000 20,283,000 - 20,749,000 20,749,000 - 18,644,000 18,644,000 - 20,993,000 20,993,000 Consolidated funds – other expenses - 1,925,000 1,925,000 - 1,949,000 1,949,000 - 2,883,000 2,883,000 - 2,405,000 2,405,000 Total expenses 6,452,000 22,561,000 29,013,000 8,547,000 22,859,000 31,406,000 6,656,000 21,774,000 28,430,000 8,564,000 22,101,000 30,665,000 Consolidated funds – gain on sale of real estate invest - - - - - - - - - - 4,976,000 4,976,000 Other income (loss), net (152,000) 671,000 519,000 297,000 249,000 546,000 149,000 265,000 414,000 355,000 (1,460,000) (1,105,000) Gain on extinguishment of debt - - - - - - - - - - - - Interest income 252,000 (154,000) 98,000 497,000 (401,000) 96,000 730,000 (645,000) 85,000 384,000 (313,000) 71,000 Interest expense (832,000) 1,000 (831,000) (1,260,000) (1,000) (1,261,000) (1,317,000) 1,000 (1,316,000) (1,307,000) (2,000) (1,309,000) Net loss before income taxes (834,000) 1,129,000 295,000 (5,641,000) (5,939,000) (11,580,000) (3,366,000) (8,856,000) (12,222,000) (1,945,000) (2,142,000) (4,087,000) Provision for income taxes - - - - - - - - - - - - Net loss (834,000) 1,129,000 295,000 (5,641,000) (5,939,000) (11,580,000) (3,366,000) (8,856,000) (12,222,000) (1,945,000) (2,142,000) (4,087,000) Net loss attributable to noncontrolling interests - 1,502,000 1,502,000 - (5,854,000) (5,854,000) - (8,813,000) (8,813,000) - (1,726,000) (1,726,000) Net loss attributable to CaliberCos Inc. (834,000) (373,000) (1,207,000) (5,641,000) (85,000) (5,726,000) (3,366,000) (43,000) (3,409,000) (1,945,000) (416,000) (2,361,000) Basic Platform income per share (0.05) (0.07) (0.29) (0.29) (0.16) (0.16) (0.10) (0.12) Diluted Platform income per share (0.05) (0.07) (0.29) (0.29) (0.16) (0.16) (0.10) (0.12) Weighted average common shares outstanding: Basic 18,182,000 18,182,000 19,612,000 19,612,000 21,238,000 21,238,000 20,087,000 20,087,000 Diluted 18,182,000 18,182,000 19,612,000 19,612,000 21,238,000 21,238,000 20,087,000 20,087,000 Three Months Ended March 31, 2023 Three Months Ended June 30, 2023 Three Months Ended September 30, 2023 Three Months Ended December 31, 2023

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Platform Impact of Consolidated Funds Consolidated Platform Impact of Consolidated Funds Consolidated Platform Impact of Consolidated Funds Consolidated Platform Impact of Consolidated Funds Consolidated Revenues Asset management 4,555,000 (1,385,000) 3,170,000 4,179,000 (953,000) 3,226,000 7,242,000 (712,000) 6,530,000 4,587,000 (634,000) 3,953,000 Performance allocations 171,000 (5,000) 166,000 33,000 (17,000) 16,000 174,000 1,000 175,000 1,000 - 1,000 Consolidated funds – hospitality revenue - 18,145,000 18,145,000 - 2,894,000 2,894,000 - 2,494,000 2,494,000 - 2,943,000 2,943,000 Consolidated funds – other revenue - 1,470,000 1,470,000 - 2,043,000 2,043,000 - 2,103,000 2,103,000 - 1,790,000 1,790,000 Total revenues 4,726,000 18,225,000 22,951,000 4,212,000 3,967,000 8,179,000 7,416,000 3,886,000 11,302,000 4,588,000 4,099,000 8,687,000 Expenses Operating costs 5,484,000 (222,000) 5,262,000 5,760,000 (225,000) 5,535,000 4,727,000 (135,000) 4,592,000 8,933,000 (383,000) 8,550,000 General and administrative 1,949,000 (9,000) 1,940,000 2,091,000 (12,000) 2,079,000 1,450,000 (9,000) 1,441,000 1,327,000 (11,000) 1,316,000 Marketing and advertising 106,000 - 106,000 227,000 - 227,000 175,000 (1,000) 174,000 243,000 1,000 244,000 Depreciation and amortization 183,000 (37,000) 146,000 119,000 25,000 144,000 145,000 4,000 149,000 151,000 3,000 154,000 Consolidated funds – hospitality expenses - 16,782,000 16,782,000 - 3,312,000 3,312,000 - 3,097,000 3,097,000 - 3,312,000 3,312,000 Consolidated funds – other expenses - 3,072,000 3,072,000 - 1,358,000 1,358,000 - 975,000 975,000 - 465,000 465,000 Total expenses 7,722,000 19,586,000 27,308,000 8,197,000 4,458,000 12,655,000 6,497,000 3,931,000 10,428,000 10,654,000 3,387,000 14,041,000 Consolidated funds – gain on sale of real estate invest - - - - - - - - - - - - Other income (loss), net 452,000 (180,000) 272,000 490,000 (172,000) 318,000 526,000 (101,000) 425,000 4,122,000 (14,000) 4,108,000 Gain on extinguishment of debt - - - - - - - - - - - - Interest income 285,000 (168,000) 117,000 170,000 (13,000) 157,000 59,000 (8,000) 51,000 (45,000) 10,000 (35,000) Interest expense (1,295,000) 1,000 (1,294,000) (1,315,000) - (1,315,000) (1,348,000) (1,000) (1,349,000) 1,466,000 - 1,466,000 Net loss before income taxes (3,554,000) (1,708,000) (5,262,000) (4,640,000) (676,000) (5,316,000) 156,000 (155,000) 1,000 (11,609,000) 716,000 (10,893,000) Provision for income taxes - - - - - - - - - - - - Net loss (3,554,000) (1,708,000) (5,262,000) (4,640,000) (676,000) (5,316,000) 156,000 (155,000) 1,000 (11,609,000) 716,000 (10,893,000) Net loss attributable to noncontrolling interests - (1,457,000) (1,457,000) - (586,000) (586,000) - (145,000) (145,000) - (495,000) (495,000) Net loss attributable to CaliberCos Inc. (3,554,000) (251,000) (3,805,000) (4,640,000) (90,000) (4,730,000) 156,000 (10,000) 146,000 (11,609,000) 221,000 (11,388,000) Basic income per share (0.16) (0.18) (0.21) (0.22) 0.01 0.01 (0.52) (0.51) Diluted income per share (0.16) (0.18) (0.21) (0.22) 0.01 0.01 (0.52) (0.51) Weighted average common shares outstanding: Basic 21,542,000 21,542,000 21,811,000 21,811,000 22,128,000 22,128,000 22,456,000 22,456,000 Diluted 21,542,000 21,542,000 21,811,000 21,811,000 24,867,000 24,867,000 22,456,000 22,456,000 Three Months Ended March 31, 2024 Three Months Ended June 30, 2024 Three Months Ended December 31, 2024 Three Months Ended September 30, 2024

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Platform Impact of Consolidated Funds Consolidated Platform Impact of Consolidated Funds Consolidated Platform Impact of Consolidated Funds Consolidated Platform Impact of Consolidated Funds Consolidated Revenues Asset management 3,542,000 (346,000) 3,196,000 4,103,000 (357,000) 3,746,000 3,514,000 (28,000) 3,486,000 Performance allocations 7,000 (6,000) 1,000 23,000 (1,000) 22,000 2,000 - 2,000 Consolidated funds – hospitality revenue - 3,919,000 3,919,000 - 1,138,000 1,138,000 - - - Consolidated funds – other revenue - 145,000 145,000 - 167,000 167,000 - 148,000 148,000 Total revenues 3,549,000 3,712,000 7,261,000 4,126,000 947,000 5,073,000 3,516,000 120,000 3,636,000 - - - Expenses Operating costs 4,168,000 (124,000) 4,044,000 3,733,000 (170,000) 3,563,000 3,408,000 (157,000) 3,251,000 General and administrative 1,592,000 (11,000) 1,581,000 1,183,000 (10,000) 1,173,000 1,481,000 (10,000) 1,471,000 Marketing and advertising 165,000 - 165,000 147,000 - 147,000 151,000 - 151,000 Depreciation and amortization 162,000 (5,000) 157,000 173,000 (7,000) 166,000 167,000 (7,000) 160,000 Consolidated funds – hospitality expenses - 3,465,000 3,465,000 - 1,278,000 1,278,000 - - - Consolidated funds – other expenses - 458,000 458,000 - 466,000 466,000 - 467,000 467,000 Total expenses 6,087,000 3,783,000 9,870,000 5,236,000 1,557,000 6,793,000 5,207,000 293,000 5,500,000 - - - Unrealized loss on digital assets - - - - - - 677,000 - 677,000 Other loss (income), net (6,000) 372,000 366,000 416,000 149,000 565,000 231,000 93,000 324,000 Gain on extinguishment of debt - - - - - - - - - Interest income (33,000) 1,000 (32,000) (30,000) - (30,000) (28,000) - (28,000) Interest expense 1,611,000 - 1,611,000 1,738,000 - 1,738,000 1,876,000 - 1,876,000 Net loss before income taxes (4,110,000) (444,000) (4,554,000) (3,234,000) (759,000) (3,993,000) (4,447,000) (266,000) (4,713,000) - - - Provision for income taxes - - - - - - - - - - - - Net loss (4,110,000) (444,000) (4,554,000) (3,234,000) (759,000) (3,993,000) (4,447,000) (266,000) (4,713,000) - - - Net loss attributable to noncontrolling interests - 147,000 147,000 - 401,000 401,000 - 342,000 342,000 Net loss attributable to CaliberCos Inc. (4,110,000) (297,000) (4,407,000) (3,234,000) (358,000) (3,592,000) (4,447,000) 76,000 (4,371,000) - - - Basic income per share (3.59) (3.85) (2.53) (2.81) (1.70) (1.65) Diluted income per share (3.59) (3.85) (2.53) (2.81) (1.70) (1.65) Weighted average common shares outstanding: Basic 1,146,000 1,146,000 1,278,000 1,278,000 2,615,000 2,615,000 Diluted 1,146,000 1,146,000 1,278,000 1,278,000 2,615,000 2,615,000 Three Months Ended March 31, 2025 Three Months Ended June 30, 2025 Three Months Ended September 30, 2025 Three Months Ended December 31, 2025

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