# EDGAR Filing Document

**Accession Number:** 0001627282
**File Stem:** 0001104659-25-088610
**Filing Date:** 2025-9
**Character Count:** 112828
**Document Hash:** 1a172ac596f72561f84e8e2f7d91082a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-088610.hdr.sgml**: 20250909

**ACCESSION NUMBER**: 0001104659-25-088610

**CONFORMED SUBMISSION TYPE**: 424B5

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250909

**DATE AS OF CHANGE**: 20250909

**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:** 424B5
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-280243
- **FILM NUMBER:** 251303149

**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

---

| |
|:---|
| **Filed pursuant to Rule 424(b)(5)** |
| **Registration No. 333-280243** |

---

Prospectus Supplement<br> (To Prospectus dated June 25, 2024)

**CALIBERCOS INC.**

**25,000 shares of Class A Common Stock**

We are offering 25,000 shares of our Class A Common Stock (the "Shares") as partial compensation for entry into a Consulting Agreement.

Our shares of Class A Common Stock are currently traded on the NASDAQ Capital Market under the symbol "CWD." On September 8, 2025, the closing sale price of our shares of Class A Common Stock was $2.15 per share.

We are an "emerging growth company" and a "smaller reporting company", each as defined in the federal securities laws and will be subject to reduced public company reporting requirements. In addition, John C. Loeffler, II, our Chief Executive Officer, and Jennifer Schrader, our President, through ownership of all our outstanding shares of Class B Common Stock, control a majority of the voting power of our outstanding common stock. As a result, we are a "controlled company" within the meaning of the Nasdaq listing rules and qualify for exemptions from certain corporate governance requirements.

As of September 8, 2025, the aggregate market value of our outstanding common stock held by non-affiliates, or the public float, was approximately $8,036,384.80, which was calculated based on 1,801,880 shares of our outstanding common stock held by non-affiliates at a price of $4.46 per share, the closing price of our common stock on August 28, 2025. Pursuant to General Instruction I.B.6 of Form S-3, in no event will we sell shares pursuant to this prospectus supplement with a value of more than one-third of the aggregate market value of our common stock held by non-affiliates in any 12-month period, or $2,678,794.93. As of the date of this prospectus supplement, we have sold approximately $900,000 of securities pursuant to General Instruction I.B.6 of Form S-3 during the 12 calendar months prior to, and including, the date of this prospectus supplement, and are therefore eligible to sell up to an additional $1,778,794.93 of our securities pursuant to General Instruction I.B.6 of Form S-3. Pursuant to General Instruction I.B.6 of Form S-3, in no event will we sell securities registered on this registration statement in a public primary offering with a value exceeding more than one-third of the aggregate market value of our voting and non-voting common equity held by non-affiliates in any 12-month period so long as our public float remains below $75 million.

We may amend or supplement this prospectus supplement from time to time by filing amendments or supplements as required. You should read the entire prospectus supplement and any amendments or supplements carefully before you make your investment decision.

**Investing in these securities involves certain risks. See the risk factors incorporated by reference into this prospectus supplement and accompanying base prospectus for a discussion of the factors you should carefully consider before deciding to purchase these securities.**

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement or accompanying base prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

We expect that delivery of the shares of Class A Common Stock being offered pursuant to this prospectus supplement and the accompanying prospectus will be made promptly after the date hereof.

**The date of this prospectus supplement is September 9, 2025**

**THE OFFERING**

---

| | |
|:---|:---|
| **Issuer:** | CaliberCos Inc. |
| **Securities offered by us pursuant to this prospectus supplement:** | 25,000 Shares of Class A Common Stock |
| **Offering price** | Partial compensation for entry into Consulting Agreement |
| **Shares of common stock outstanding before this offering:** | 2168310 |
| **Common stock outstanding after this offering** | 2193310 |
| **Use of proceeds:** | There will be no proceeds from this offering. The Shares are offered as partial compensation for entering into a Consulting Agreement. |
| **Transfer agent and registrar:** | ClearTrust, LLC |
| **Risk factors:** | Investing in our securities involves a high degree of risk. For a discussion of factors, you should consider carefully before deciding to invest in our shares of Class A Common Stock, see the information contained in or incorporated by reference under the heading "Risk Factors" on page 6 of the accompanying prospectus, and in the other documents incorporated by reference into this prospectus supplement. |
| **NASDAQ Capital Market Symbol:** | CWD |

---

Except as otherwise indicated, all information in this prospectus supplement is based on 2,168,310 shares of Class A Common Stock and 370,822 shares of Class B Common Stock issued and outstanding as of August 26, 2025 and excludes as of that date:

&nbsp;&nbsp;&nbsp;&nbsp;· 263 shares of Class A Common Stock underlying
the Series A Convertible Preferred Stock;

&nbsp;&nbsp;&nbsp;&nbsp;· 135,440 shares of Class A Common Stock issuable
upon exercise of options to purchase Class A common stock;

&nbsp;&nbsp;&nbsp;&nbsp;· 241,060 shares of Class A Common Stock issuable
upon vesting of restricted stock units ("RSUs");

&nbsp;&nbsp;&nbsp;&nbsp;· 129,432 shares of Class A Common Stock issuable
upon exercise of outstanding warrants;

&nbsp;&nbsp;&nbsp;&nbsp;· 134,284 shares of Class A Common Stock issuable
upon conversion of outstanding convertible debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;· Shares of Class A Common Stock issuable
pursuant to a $25 million Equity Purchase Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 120,000 Rights to acquire up to 6,000 shares of our Class A common stock (see "Description
of Securities" for further information regarding the Rights);

&nbsp;&nbsp;&nbsp;&nbsp;· 124,419 shares of Class A Common Stock reserved
for future issuance under our 2024 Equity Incentive Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;· 965,714 shares issued under the Equity Purchase
Agreement entered into with Mast Hill at a weighted average sales price of $2.56.

The number of shares of Class A common stock referenced above assume that no outstanding stock options or warrants are exercised or convertible notes converted, new stock options or warrants are issued or Rights converted.

**USE OF PROCEEDS**

The Company will not receive any proceeds from this offering. Instead, the Company will obtain the services of a consultant.

**PLAN OF DISTRIBUTION**

We have entered into a consulting agreement with Blake Elliot Inc. Under the terms of the consulting agreement, we must issue 50,000 shares of Class A Common Stock to Blake Elliot Inc. or to its president, Blake Janover, 25,000 of which are being offered further to this prospectus supplement and 25,000 of which are being issued as restricted shares further to an exemption from registration.

We expect to deliver the shares of common stock being offered pursuant to this prospectus supplement promptly after the effective date of this prospectus supplement.

We will not receive any cash for offering securities pursuant to this prospectus supplement.

**LEGAL MATTERS**

The validity of our securities offered hereby will be passed upon for us by Manatt, Phelps & Phillips, LLP, Costa Mesa, California.

**EXPERTS**

The financial statements of CaliberCos Inc. as of December 31, 2024 and 2023, and for each of the two years in the period ended December 31, 2024, incorporated by reference in this Prospectus supplement by reference to CaliberCos Inc.'s annual report on Form 10-K for the year ended December 31, 2024, have been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as set forth in their report. Such financial statements are incorporated by reference in reliance upon the report of such firm given their authority as experts in accounting and auditing.

**INCORPORATION OF CERTAIN INFORMATION BY REFERENCE**

The SEC allows us to "incorporate by reference" the information we file with them. This means that we can disclose important information to you by referring you to those documents. Each document incorporated by reference is current only as of the date of such document, and the incorporation by reference of such documents shall not create any implication that there has been no change in our affairs since the date thereof or that the information contained therein is current as of any time subsequent to its date. The information incorporated by reference is considered to be a part of this prospectus and should be read with the same care. When we update the information contained in documents that have been incorporated by reference by making future filings with the SEC, the information incorporated by reference in this prospectus is considered to be automatically updated and superseded. In other words, in the case of a conflict or inconsistency between information contained in this prospectus and information incorporated by reference into this prospectus, you should rely on the information contained in the document that was filed later.

We hereby incorporate by reference into this prospectus the following documents that we have filed with the SEC under the Exchange Act:

We hereby incorporate by reference into this prospectus the following documents that we have filed with the SEC under the Exchange Act:

[(1)](https://www.sec.gov/ix?doc=/Archives/edgar/data/1627282/000162728225000028/cwd-20241231.htm) [the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on March 31, 2025;](https://www.sec.gov/ix?doc=/Archives/edgar/data/1627282/000162728225000028/cwd-20241231.htm)

(2) the Company's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025 and June 30, 2025, filed with the SEC on [May 15, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1627282/000162728225000059/cwd-20250331.htm) and [August 14, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1627282/000162728225000100/cwd-20250630.htm), respectively;

(3) the Company's Current Reports on Form 8-K, filed with the SEC on [March 11, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1627282/000162728225000007/cwd-20250305.htm), [March 26, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1627282/000162728225000020/cwd-20250320.htm), [March 31, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1627282/000110465925029733/tm2510889d1_8k.htm), [April 14, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1627282/000110465925034317/tm2512134d1_8k.htm), [April 17, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1627282/000110465925035972/tm2512544d2_8k.htm), [April 25, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1627282/000162728225000048/cwd-20250421.htm), [May 16, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1627282/000162728225000063/cwd-20250516.htm), [June 16, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1627282/000162728225000072/cwd-20250613.htm), [June 20, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1627282/000162728225000079/cwd-20250616.htm), [July 8, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1627282/000162728225000082/cwd-20250701.htm), [July 15, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1627282/000162728225000087/cwd-20250710.htm), [August 6, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1627282/000162728225000093/cwd-20250801.htm), [August 28, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1627282/000110465925084217/tm2524335d2_8k.htm), and [August 28, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1627282/000110465925084217/tm2524335d2_8k.htm); and

(4) the description of our Shares incorporated by reference in [our registration statement on Form 8-A, as amended (File No. 001-41703) filed with the Commission on May 15, 2023](https://www.sec.gov/Archives/edgar/data/1627282/000110465923060491/tm2232225d1_8a12b.htm), including any amendment and report subsequently filed for the purpose of updating that description; and

(5) with respect to each offering of the securities under this prospectus, all our subsequent annual reports on Form 10-K and any report on Form 8-K that indicates that it is being incorporated by reference that we file or furnish with the SEC on or after the date on which the registration statement is first filed with the SEC and until the termination or completion of the offering by means of this prospectus.

Our Annual Report on Form 10-K for the period ended December 31, 2024 contains a description of our business and audited consolidated financial statements with a report by our independent auditors. The consolidated financial statements are prepared and presented in conformity with U.S. generally accepted accounting principles.

Unless expressly incorporated by reference, nothing in this prospectus shall be deemed to incorporate by reference information furnished to, but not filed with, the SEC. Copies of all documents incorporated by reference in this prospectus, other than exhibits to those documents unless such exhibits are specifically incorporated by reference in this prospectus, will be provided at no cost to each person, including any beneficial owner, who receives a copy of this prospectus on the written or oral request of that person made to: CaliberCos, Inc. Attention: Chief Financial Officer, 8901 E. Mountain View Rd. Ste. 150, Scottsdale, AZ 85258.

You should rely only on the information that we incorporate by reference or provide in this prospectus supplement and the accompanying base prospectus. We have not authorized anyone to provide you with different information. We are not making any offer of these securities in any jurisdiction where the offer is not permitted. You should not assume that the information in this prospectus or any prospectus supplement is accurate as of any date other than the date on the front of those documents.

**WHERE YOU CAN FIND MORE INFORMATION**

This prospectus supplement and the accompanying prospectus are part of the registration statement on Form S-3 we filed with the SEC under the Securities Act, and do not contain all the information set forth in the registration statement. Since this prospectus supplement and the accompanying prospectus may not contain all of the information that you may find important, you should review the full text of these documents. If we have filed a contract, agreement or other document as an exhibit to the registration statement of which this prospectus supplement and the accompanying prospectus form a part, you should read the exhibit for a more complete understanding of the document or matter involved. Each statement in this prospectus supplement and the accompanying prospectus, including statements incorporated by reference as discussed above, regarding a contract, agreement or other document is qualified in its entirety by reference to the actual document.

We are subject to the information reporting requirements of the Exchange Act that are applicable to foreign private issuers, and, in accordance with these requirements, we file annual and current reports and other information with the SEC. You may inspect, read (without charge) and copy the reports and other information we file with the SEC at the SEC's Public Reference Room located at 100 F Street, N.E., Washington, D.C. 20549. You may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC also maintains an internet website at *www.sec.gov* that contains our filed reports and other information that we file electronically with the SEC.

We maintain a corporate website at <u>ir.caliberco.com</u>. Information contained on, or that can be accessed through, our website does not constitute a part of this prospectus.

**PROSPECTUS**

![](tm252469d1_424b5img01.jpg)

**$50,000,000an you**

**Class A Common Stock**

**Preferred Stock**

**Debt Securities**

**Warrants**

**Rights**

**Units**

From time to time, we may offer up to From time to time, we may offer up to $50,000,000 of any combination of the securities described in this prospectus. We may also offer securities as may be issuable upon conversion, redemption, repurchase, exchange or exercise of any securities registered hereunder, including any applicable antidilution provisions.

This prospectus provides a general description of the securities we may offer. Each time we offer securities, we will provide specific terms of the securities offered in a supplement to this prospectus. We may also authorize one or more free writing prospectuses to be provided to you in connection with these offerings. The prospectus supplement and any related free writing prospectus may also add, update or change information contained in this prospectus. You should carefully read this prospectus, the applicable prospectus supplement and any related free writing prospectus, as well as any documents incorporated by reference, before you invest in any of the securities being offered.

**This prospectus may not be used to consummate a sale of any securities unless accompanied by a prospectus supplement.**

Our Class A common stock, par value $0.001 ("Class A common stock"), is listed on The Nasdaq Capital Market under the symbol "CWD." On June 13, 2024 the last reported sale price of our Class A common stock was $0.9345 per share. The applicable prospectus supplement will contain information, where applicable, as to any other listing, if any, on The Nasdaq Capital Market or any securities market or other exchange of the securities covered by the prospectus supplement. As of the date hereof, the aggregate market value of our Class A common stock held by non-affiliates pursuant to General Instruction I.B.6 of Form S-3 is $9,651,074 which was calculated based on 10,327,527 shares of our Class A common stock outstanding held by non-affiliates and a price of $0.9345 per share, the closing price of our Class A common stock on June 13, 2024. As of the date of this prospectus, we have not sold any securities pursuant to General Instruction I.B.6 of Form S-3 during the 12 calendar months prior to, and including, the date of this prospectus. Pursuant to General Instruction I.B.6 of Form S-3, in no event will we sell securities in public primary offerings on Form S-3 with a value exceeding more than one-third of our public float (as defined by General Instruction I.B.6) in any 12 calendar month period so long as our public float remains below $75 million.

We will sell these securities directly to investors, through agents designated from time to time or to or through underwriters or dealers, on a continuous or delayed basis. For additional information on the methods of sale, you should refer to the section entitled "Plan of Distribution" in this prospectus. If any agents or underwriters are involved in the sale of any securities with respect to which this prospectus is being delivered, the names of such agents or underwriters and any applicable fees, commissions, discounts or over-allotment options will be set forth in a prospectus supplement. The price to the public of such securities and the net proceeds we expect to receive from such sale will also be set forth in a prospectus supplement.

**Investing in our securities involves a high degree of risk. You should review carefully the risks and uncertainties described under the heading "<u>Risk Factors</u>" beginning on page <u>6</u> of this prospectus and contained in the applicable prospectus supplement and any related free writing prospectus, and under similar headings in the other documents that are incorporated by reference into this prospectus.**

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

The date of this prospectus is June 14, 2024

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| [ABOUT THIS PROSPECTUS](#a_001) | [ii](#a_001) |
| [PROSPECTUS SUMMARY](#a_002) | [1](#a_002) |
| [RISK FACTORS](#a_003) | [6](#a_003) |
| [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#a_004) | [7](#a_004) |
| [USE OF PROCEEDS](#a_005) | [9](#a_005) |
| [PLAN OF DISTRIBUTION](#a_006) | [10](#a_006) |
| [DESCRIPTION OF CAPITAL STOCK](#a_007) | [12](#a_007) |
| [DESCRIPTION OF DEBT SECURITIES](#a_008) | [16](#a_008) |
| [DESCRIPTION OF WARRANTS](#a_009) | [23](#a_009) |
| [DESCRIPTION OF RIGHTS](#a_010) | [24](#a_010) |
| [DESCRIPTION OF UNITS](#a_011) | [26](#a_011) |
| [EXPERTS](#a_013) | [28](#a_013) |
| [WHERE YOU CAN FIND MORE INFORMATION](#a_014) | [28](#a_014) |
| [INCORPORATION OF CERTAIN INFORMATION BY REFERENCE](#a_015) | [29](#a_015) |

---

i

**ABOUT THIS PROSPECTUS**

This prospectus forms a part of a registration statement on Form S-3 that we filed with the Securities and Exchange Commission (the "SEC") utilizing a "shelf" registration process. Under this shelf registration process, we may sell any combination of the securities described in this prospectus in one or more offerings up to a total dollar amount of $50,000,000. This prospectus provides you with a general description of the securities we may offer.

Each time we sell securities under this prospectus, we will provide a prospectus supplement that will contain specific information about the terms of that offering. We may also authorize one or more free writing prospectuses to be provided to you that may contain material information relating to these offerings. The prospectus supplement and any related free writing prospectus that we may authorize to be provided to you may also add, update or change information contained in this prospectus or in any documents that we have incorporated by reference into this prospectus. You should read this prospectus, any applicable prospectus supplement and any related free writing prospectus, together with the information incorporated herein by reference as described under the heading "Incorporation of Certain Information By Reference" before investing in any of the securities offered.

**THIS PROSPECTUS MAY NOT BE USED TO CONSUMMATE A SALE OF SECURITIES UNLESS IT IS ACCOMPANIED BY A PROSPECTUS SUPPLEMENT.**

You should rely only on the information that we have provided or incorporated by reference in this prospectus, any applicable prospectus supplement and any related free writing prospectus that we may authorize to be provided to you. We have not authorized any dealer, salesman or other person to give any information or to make any representation other than those contained or incorporated by reference in this prospectus, any applicable prospectus supplement or any related free writing prospectus that we may authorize to be provided to you. You must not rely upon any information or representation not contained or incorporated by reference in this prospectus, any applicable prospectus supplement or any related free writing prospectus. This prospectus, any applicable supplement to this prospectus or any related free writing prospectus do not constitute an offer to sell or the solicitation of an offer to buy any securities other than the registered securities to which they relate, nor do this prospectus, any applicable supplement to this prospectus or any related free writing prospectus constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction.

You should not assume that the information contained in this prospectus, any applicable prospectus supplement or any related free writing prospectus is accurate on any date subsequent to the date of such document or that any information we have incorporated by reference is accurate on any date subsequent to the date of such document incorporated by reference, even though this prospectus, any applicable prospectus supplement or any related free writing prospectus is delivered, and securities are sold, on a later date.

This prospectus contains summaries of certain provisions contained in some of the documents described herein, but reference is made to the actual documents for complete information. All of the summaries are qualified in their entirety by the actual documents. Copies of some of the documents referred to herein have been filed, will be filed or will be incorporated by reference as exhibits to the registration statement of which this prospectus forms a part, and you may obtain copies of those documents as described below under the heading "<u>Where You Can Find More Information</u>."

ii

**PROSPECTUS SUMMARY**

*This summary highlights selected information from this prospectus and does not contain all of the information that you need to consider in making your investment decision. You should carefully read the entire prospectus, the applicable prospectus supplement and any related free writing prospectus, including the risks of investing in our securities discussed under the heading "Risk Factors" contained in the applicable prospectus supplement and any related free writing prospectus, and under similar headings in the other documents that are incorporated by reference into this prospectus. You should also carefully read the information incorporated by reference into this prospectus, including our financial statements, and the exhibits to the registration statement of which this prospectus forms a part.*

Unless the context indicates otherwise, as used in this prospectus, the terms "we," "us," "our," "Caliber," the "Company" and similar designations refer to CaliberCos Inc., a Delaware corporation.

**About CaliberCos Inc.**

Over the past 15 years, Caliber has grown into a leading diversified alternative asset management firm, managing more than $2.9 billion in assets under management and assets under development ("AUD"). 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 direct channels and to wholesale channels.

We believe that we provide investors attractive risk-adjusted returns by offering a balance of (i) structured offerings and ease of ownership, (ii) a pipeline of investment opportunities, primarily projects that range in value between $5.0 million and $50.0 million, and (iii) an integrated execution and processing platform. Our investment strategy leverages the local market intelligence and real-time data we gain from our operations to evaluate current investments, generate proprietary transaction flow, and implement various asset management strategies.

As an alternative asset manager, we offer a full suite of support services and employ a vertically integrated approach to investment management. Our asset management activities are complemented with transaction and advisory services, including development and construction management, acquisition and disposition expertise, and fund formation, which we believe differentiate us from other asset management firms. We earn the following fees from providing these services under our asset management platform:

&nbsp;&nbsp;&nbsp;&nbsp;· Fund set-up
 fees are a one-time fee for the initial formation, administration, and set-up of the private equity real estate fund. These fees
 are recognized at the point in time when the performance under the contract is complete and are included in asset management revenues
 in the accompanying consolidated statements of operations. Fund set-up fees replaced fund formation fees that are earned at a point
 in time at a fixed rate based on the amount of capital raised into certain managed funds.

&nbsp;&nbsp;&nbsp;&nbsp;· Fund management
 fees are generally based on 1.0% to 1.5% of the unreturned capital contributions in a particular fund and include reimbursement for
 costs incurred on behalf of the fund, including an allocation of certain overhead costs. These customer contracts require the Company
 to provide management services, representing a performance obligation that the Company satisfies over time. With respect to the Caliber
 Hospitality Trust, the Company earns a fund management fee of 0.7% of the Caliber Hospitality Trust's enterprise value and
 is reimbursed for certain costs incurred on behalf of the Caliber Hospitality Trust. These revenues are included in asset management
 revenues in the accompanying consolidated statements of operations.

&nbsp;&nbsp;&nbsp;&nbsp;· Financing
 fees are earned for services the Company performs in securing third-party financing on behalf of our private equity real estate funds.
 These fees are recognized at the point in time when the performance under the contract is complete, which is essentially upon closing
 of a loan. In addition, the Company earns fees for guarantying certain loans, representing a performance obligation that the Company
 satisfies over time. These revenues are included in asset management revenues in the accompanying consolidated statements of operations.

&nbsp;&nbsp;&nbsp;&nbsp;· Development
 and construction revenues from contracts with customers include fixed fee arrangements with related party affiliates to provide real
 estate development services as their principal developer, which include managing and supervising third-party developers and general
 contractors with respect to the development of the properties owned by the funds. Revenues are generally based on 4.0% of the total
 expected costs of the development or 4.0% of the total expected costs of the construction project. Prior to the commencement of construction,
 development fee revenue is recognized at a point in time as the related performance obligations are satisfied and the customer obtains
 control of the promised service, including negotiation, due diligence, entitlements, planning, and design activities. During the
 construction period, development fee revenue is recognized over time as the performance obligations are satisfied. These revenues
 are included in asset management revenues in the accompanying consolidated statements of operations.

&nbsp;&nbsp;&nbsp;&nbsp;· Brokerage
 fees are earned at a point in time at fixed rates for services performed related to acquisitions, dispositions, leasing, and financing
 transaction, and are included in asset management revenues in the accompanying consolidated statements of operations.

&nbsp;&nbsp;&nbsp;&nbsp;· Performance
 allocations are an arrangement in which we are entitled to an allocation of investment returns, generated within the investment funds
 which we manage, based on a contractual formula. We typically receive 15.0% to 35.0% of all cash distributions from (i) the
 operating cash flow of each fund, after payment to the related fund investors of any accumulated and unpaid priority preferred returns
 and repayment of preferred capital contributions; and (ii) the cash flow resulting from the sale or refinance of any real estate
 assets held by each fund, after payment to the related fund investors of any accumulated and unpaid priority preferred returns and
 repayment of initial preferred capital contributions. Our funds' preferred returns range from 6.0% to 12.0%, typically 6.0%
 for common equity or 10.0% to 12.0% for preferred equity, which does not participate in profits. Performance allocations are related
 to services which have been provided and are recognized when it is determined that they are no longer probable of significant reversal,
 which is generally satisfied when an underlying fund investment is realized or sold. These revenues are included in performance allocations
 in the accompanying consolidated statements of operations.

We have a number of development, redevelopment, construction, and entitlement projects that are underway or are in the planning stages, which we define as AUD. This category includes projects to be built on undeveloped land and projects to be built and constructed on undeveloped lands, which are not yet owned by our funds. Completing these development activities may ultimately result in income-producing assets, assets we may sell to third parties, or both. As of March 31, 2024, we are involved in the development of 2,240 multifamily units, 2,386 single family units, 2.6 million square feet of commercial and industrial, and 1.0 million square feet of office and retail. If all of these projects are brought to completion, the total cost capitalized to these projects, which represents total current estimated costs to complete the development and construction of such projects by us or a third party, is $2.1 billion, which we expect would be funded through a combination of undeployed fund cash, third-party equity, project sales, tax credit financing and similar incentives, and secured debt financing. We are under no obligation to complete these projects and may dispose of any such assets at any time. There can be no assurance that AUD will ultimately be developed or constructed because of the nature of the cost of the approval and development process and market demand for a particular use. In addition, the mix of residential and commercial assets under development may change prior to final development. The development of these assets will require significant additional financing or other sources of funding, which may not be available.

**Additional Information**

For additional information related to our business and operations, please refer to the reports incorporated herein by reference, as described under the caption "<u>Incorporation of Certain Information By Reference</u>" on page <u>29</u> of this prospectus.

**Corporate Information**

Caliber was originally founded as Caliber Companies, LLC, an Arizona limited liability company, organized under the laws of Arizona, and commenced operations in January 2009. In November 2014, the Company was reorganized as a Nevada corporation and in June 2018, we reincorporated in the state of Delaware.

Our principal offices are located at 8901 E. Mountain View Rd., Ste. 150, Scottsdale, Arizona 2223, and our telephone number is (480) 295-7600. Our website address is *www.caliberco.com*. Our website and the information contained on, or that can be accessed through, our website shall not be deemed to be incorporated by reference in, and are not considered part of, this prospectus. You should not rely on any such information in making your decision whether to purchase our Class A common stock.

Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and all amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") are available free of charge through the investor relations page of our website as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC.

**The Securities We May Offer Under This Prospectus**

We may offer shares of our Class A common stock, preferred stock, various series of debt securities and warrants to purchase any of such securities, or units to purchase any combination thereof, with a total value of up to $50,000,000 from time to time under this prospectus, together with any applicable prospectus supplement and any related free writing prospectus, at prices and on terms to be determined by market conditions at the time of the offering. This prospectus provides you with a general description of the securities we may offer. Each time we offer a type or series of securities under this prospectus, we will provide a prospectus supplement that will describe the specific amounts, prices and other important terms of the securities, including, to the extent applicable:

&nbsp;&nbsp;&nbsp;&nbsp;· designation
 or classification;

&nbsp;&nbsp;&nbsp;&nbsp;· aggregate
 principal amount or aggregate offering price;

&nbsp;&nbsp;&nbsp;&nbsp;· maturity,
 if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;· original
 issue discount, if any;

&nbsp;&nbsp;&nbsp;&nbsp;· rates
 and times of payment of interest or dividends, if any;

&nbsp;&nbsp;&nbsp;&nbsp;· redemption,
 conversion, exchange or sinking fund terms, if any;

&nbsp;&nbsp;&nbsp;&nbsp;· conversion
 or exchange prices or rates, if any, and, if applicable, any provisions for changes to or adjustments in the conversion or exchange
 prices or rates and in the securities or other property receivable upon conversion or exchange;

&nbsp;&nbsp;&nbsp;&nbsp;· ranking;

&nbsp;&nbsp;&nbsp;&nbsp;· restrictive
 covenants, if any;

&nbsp;&nbsp;&nbsp;&nbsp;· voting
 or other rights, if any; and

&nbsp;&nbsp;&nbsp;&nbsp;· important
 United States federal income tax considerations.

The prospectus supplement and any related free writing prospectus that we may authorize to be provided to you may also add, update or change information contained in this prospectus or in documents we have incorporated by reference. However, no prospectus supplement or free writing prospectus will offer a security that is not registered and described in this prospectus at the time of the effectiveness of the registration statement of which this prospectus forms a part.

We may sell the securities directly to investors or through underwriters, dealers or agents. We, and our underwriters or agents, reserve the right to accept or reject all or part of any proposed purchase of securities. If we do offer securities through underwriters or agents, we will include in the applicable prospectus supplement:

&nbsp;&nbsp;&nbsp;&nbsp;· the names
 of those underwriters or agents;

&nbsp;&nbsp;&nbsp;&nbsp;· applicable
 fees, discounts and commissions to be paid to them;

&nbsp;&nbsp;&nbsp;&nbsp;· details
 regarding over-allotment options, if any; and

&nbsp;&nbsp;&nbsp;&nbsp;· the estimated
 net proceeds to us.

**This prospectus may not be used to consummate a sale of securities unless it is accompanied by a prospectus supplement.**

**RISK FACTORS**

Investing in our securities involves a high degree of risk. You should carefully review the risks and uncertainties described under the heading "Risk Factors" contained in the applicable prospectus supplement and any related free writing prospectus, and under similar headings in the other documents that are incorporated by reference into this prospectus, before deciding whether to purchase any of the securities being registered pursuant to the registration statement of which this prospectus forms a part. The risks and uncertainties described in these risk factors are not the only ones facing us. Additional risks and uncertainties of which we are currently unaware or which we currently consider to be immaterial may also become important factors that affect us. You should read the section entitled "<u>Special Note Regarding Forward-Looking Statements</u>" below for a discussion of what types of statements are forward-looking statements, as well as the significance of such statements in the context of this prospectus. If any of these risks occur, our business, financial condition or results of operations could be materially and adversely affected. In that case, the value of our Class A common stock could decline, and you may lose some or all of your investment.

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This prospectus and the documents incorporated by reference into this prospectus contain forward-looking statements regarding our business, financial condition, results of operations and prospects. Words such as, but not limited to "anticipate," "aim," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential," "predict," "pro forma," "project," "seek," "should," "suggest," "strategy," "target," "will," "would," and similar expressions or variations thereof are intended to identify forward-looking statements, but are not deemed to represent an all-inclusive means of identifying forward-looking statements as denoted in this prospectus. Additionally, statements concerning future matters are forward-looking statements. These statements include, among other things, statements regarding:

&nbsp;&nbsp;&nbsp;&nbsp;· our history
 of losses and need for additional capital to fund our operations, our inability to obtain additional capital on acceptable terms,
 or at all, our ability to continue as a going concern, and our need to liquidate if we fail to obtain adequate funding, which could
 result in our stockholders receiving no value for their investment;

&nbsp;&nbsp;&nbsp;&nbsp;· our ability
 to remain listed on The Nasdaq Capital Market, particularly in light of our current non-compliance with The Nasdaq Stock Market LLC's
 $1.00 bid price rule;

&nbsp;&nbsp;&nbsp;&nbsp;· our limited
 operating history and the difficulties encountered by a small developing company;

&nbsp;&nbsp;&nbsp;&nbsp;· estimates
 regarding future revenue, expenses, capital requirements, and need for additional financing;

&nbsp;&nbsp;&nbsp;&nbsp;· our estimates
 of the size of our market opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;· our ability
 to effectively manage our growth;

&nbsp;&nbsp;&nbsp;&nbsp;· our ability
 to successfully enter new markets, manage our growth expansion and comply with any applicable laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;· the effects
 of increased competition from our market competitors;

&nbsp;&nbsp;&nbsp;&nbsp;· significant
 disruption in, or breach in security of, our information technology systems and resultant interruptions in service and any related
 impact on our reputation;

&nbsp;&nbsp;&nbsp;&nbsp;· the attraction
 and retention of qualified employees and key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;· the effectiveness
 of our internal controls;

&nbsp;&nbsp;&nbsp;&nbsp;· changes
 in laws and government regulation affecting our business;

&nbsp;&nbsp;&nbsp;&nbsp;· the impact
 of adverse economic conditions;

&nbsp;&nbsp;&nbsp;&nbsp;· the sufficiency
 of our cash and cash equivalents to meet our liquidity needs and service our indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;· outcomes
 of legal or administrative proceedings; and

&nbsp;&nbsp;&nbsp;&nbsp;· other
 factors detailed under the section titled "Risk Factors."

Although forward-looking statements in this prospectus reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements. Factors that could cause or contribute to such differences in results and outcomes include, without limitation, those specifically addressed under the heading "Risk Factors" contained in the applicable prospectus supplement and any related free writing prospectus, and under similar headings in the other documents that are incorporated by reference into this prospectus, including our most recent annual report on Form 10-K and quarterly reports on Form 10-Q, as well as any amendments thereto reflected in subsequent filings with the SEC. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date made. We file reports with the Securities and Exchange Commission (the "SEC"), and our electronic filings with the SEC (including our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, and any amendments to these reports) are available free of charge on the SEC's website at *www.sec.gov*.

We undertake no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this prospectus, except as required by law. Readers are urged to carefully review and consider the various disclosures made throughout the entirety of this prospectus, the applicable prospectus supplement and the documents incorporated by reference into this prospectus, which disclosures are designed to advise interested parties of the risks and factors that may affect our business, financial condition, results of operations and prospects.

**USE OF PROCEEDS**

Unless we inform you otherwise in the applicable prospectus supplement, we expect to use any net proceeds from this offering for general corporate purposes, including working capital and other general and administrative purposes. We may also use a portion of the net proceeds to acquire or invest in real estate assets, businesses, products and technologies that are complementary to our business. We have not reserved or allocated specific amounts for any of these purposes and we cannot specify with certainty how we will use any net proceeds, and the timing and amount of our actual expenditures will be based on many factors, including, among others, cash flows from operations and any growth of our business. Our management will have broad discretion in applying any net proceeds of this offering.

**PLAN OF DISTRIBUTION**

We may sell the securities from time to time pursuant to underwritten public offerings, negotiated transactions, block trades or a combination of these methods. We may sell the securities to or through underwriters or dealers, through agents, or directly to one or more purchasers. We may distribute securities from time to time in one or more transactions:

&nbsp;&nbsp;&nbsp;&nbsp;· at a fixed
 price or prices, which may be changed;

&nbsp;&nbsp;&nbsp;&nbsp;· at market
 prices prevailing at the time of sale;

&nbsp;&nbsp;&nbsp;&nbsp;· at prices
 related to such prevailing market prices; or

&nbsp;&nbsp;&nbsp;&nbsp;· at negotiated
 prices.

We may also sell equity securities covered by this registration statement in an "at the market offering" as defined in Rule 415(a)(4) under the Securities Act. Such offering may be made into an existing trading market for such securities in transactions at other than a fixed price on or through the facilities of the Nasdaq Capital Market or any other securities exchange or quotation or trading service on which such securities may be listed, quoted or traded at the time of sale. Such at the market offerings, if any, may be conducted by underwriters acting as principal or agent.

A prospectus supplement or supplements (and any related free writing prospectus that we may authorize to be provided to you) will describe the terms of the offering of the securities, including, to the extent applicable:

&nbsp;&nbsp;&nbsp;&nbsp;· the name
 or names of any underwriters, dealers or agents, if any;

&nbsp;&nbsp;&nbsp;&nbsp;· the purchase
 price of the securities and the proceeds we will receive from the sale;

&nbsp;&nbsp;&nbsp;&nbsp;· any over-allotment
 options under which underwriters may purchase additional securities from us;

&nbsp;&nbsp;&nbsp;&nbsp;· any agency
 fees or underwriting discounts and other items constituting agents' or underwriters' compensation;

&nbsp;&nbsp;&nbsp;&nbsp;· any public
 offering price;

&nbsp;&nbsp;&nbsp;&nbsp;· any discounts
 or concessions allowed or reallowed or paid to dealers; and

&nbsp;&nbsp;&nbsp;&nbsp;· any securities
 exchange or market on which the securities may be listed.

Only underwriters named in the prospectus supplement are underwriters of the securities offered by the prospectus supplement.

If underwriters are used in the sale, they will acquire the securities for their own account and may resell the securities from time to time in one or more transactions at a fixed public offering price or at varying prices determined at the time of sale. The obligations of the underwriters to purchase the securities will be subject to the conditions set forth in the applicable underwriting agreement. We may offer the securities to the public through underwriting syndicates represented by managing underwriters or by underwriters without a syndicate. Subject to certain conditions, the underwriters will be obligated to purchase all of the securities offered by the prospectus supplement, other than securities covered by any overallotment or other option. Any public offering price and any discounts or concessions allowed or reallowed or paid to dealers may change from time to time. We may use underwriters with whom we have a material relationship. We will describe in the prospectus supplement, naming the underwriter, the nature of any such relationship.

We may sell securities directly or through agents we designate from time to time. We will name any agent involved in the offering and sale of securities, and we will describe any commissions we will pay the agent in the prospectus supplement. Unless the prospectus supplement states otherwise, our agent will act on a best-efforts basis for the period of its appointment.

We may authorize agents or underwriters to solicit offers by certain types of institutional investors to purchase securities from us at the public offering price set forth in the prospectus supplement pursuant to delayed delivery contracts providing for payment and delivery on a specified date in the future. We will describe the conditions to these contracts and the commissions we must pay for solicitation of these contracts in the prospectus supplement.

We may provide agents and underwriters with indemnification against civil liabilities related to this offering, including liabilities under the Securities Act, or contribution with respect to payments that the agents or underwriters may make with respect to these liabilities. Agents and underwriters may engage in transactions with, or perform services for, us in the ordinary course of business.

All securities we may offer, other than Class A common stock, will be new issues of securities with no established trading market. Any underwriters may make a market in these securities, but will not be obligated to do so and may discontinue any market making at any time without notice. We cannot guarantee the liquidity of the trading markets for any securities.

Any underwriter may engage in overallotment, stabilizing transactions, short covering transactions and penalty bids. Overallotment involves sales in excess of the offering size, which create a short position. Stabilizing transactions permit bids to purchase the underlying security so long as the stabilizing bids do not exceed a specified maximum. Short covering transactions involve purchases of the securities in the open market after the distribution is completed to cover short positions. Penalty bids permit the underwriters to reclaim a selling concession from a dealer when the securities originally sold by the dealer are purchased in a stabilizing or covering transaction to cover short positions. Those activities may cause the price of the securities to be higher than it would otherwise be. If commenced, the underwriters may discontinue any of the activities at any time. These transactions may be effected on any exchange or over-the-counter market or otherwise.

Any underwriters or agents who are qualified market makers on the Nasdaq Capital Market may engage in passive market making transactions in the securities on the Nasdaq Capital Market in accordance with Rule 103 of Regulation M under the Exchange Act, during the business day prior to the pricing of the offering, before the commencement of offers or sales of the securities. Passive market makers must comply with applicable volume and price limitations and must be identified as passive market makers. In general, a passive market maker must display its bid at a price not in excess of the highest independent bid for such security; if all independent bids are lowered below the passive market maker's bid, however, the passive market maker's bid must then be lowered when certain purchase limits are exceeded. Passive market making may stabilize the market price of the securities at a level above that which might otherwise prevail in the open market and, if commenced, may be discontinued at any time.

**DESCRIPTION OF CAPITAL STOCK**

**General**

The following description summarizes the most important terms of our capital stock. This summary does not purport to be complete and is qualified in its entirety by the provisions of Caliber's third amended and restated certificate of incorporation and amended and restated bylaws. For a complete description of Caliber's capital stock, you should refer to the third amended and restated certificate of incorporation and amended and restated bylaws and to the applicable provisions of Delaware law.

We are authorized to issue up to 137,500,000 shares of capital stock, of which (i) 100,000,000 shares are Class A common stock with a par value $0.001 per share; (ii) 15,000,000 shares are Class B common stock with a par value $0.001 per share; and (iii) 22,500,000 shares are preferred stock with a par value of $0.001 per share.

**Class A common stock**

***Voting.*** The holders of the Class A common stock are entitled to one (1) vote for each share of Class A common stock held at all meetings of stockholders (and written actions in lieu of meetings). The Class A common stock is not subject to cumulative voting. The Class A common stock and Class B common stock vote together as a single class on all matters submitted to a vote of our stockholders, except as may otherwise be required by law.

***Dividends.*** Subject to the preferences applicable to the Preferred Stock, the holders of the Class A common stock are entitled to, on an equal basis with the holders of Class B common stock, receive dividends when and if declared by the Company's board of directors out of funds legally available therefor, subject to any statutory or contractual restrictions on the payment of dividends and to any restrictions on the payment of dividends imposed by the terms of any outstanding preferred stock.

**Class B common stock**

***Voting.*** The holders of the Class B common stock are entitled to ten (10) votes for each share of Class B common stock held at all meetings of stockholders (and written actions in lieu of meetings). The Class B common stock is not subject to cumulative voting. The Class A common stock and Class B common stock vote together as a single class on all matters submitted to a vote of our stockholders, except as may otherwise be required by law.

***Dividends.*** Subject to the preferences applicable to the preferred stock, the holders of the Class B common stock are entitled to, on an equal basis with the holders of Class A common stock, receive dividends when and if declared by the Company's board of directors out of funds legally available therefor, subject to any statutory or contractual restrictions on the payment of dividends and to any restrictions on the payment of dividends imposed by the terms of any outstanding preferred stock.

Shares of Class B common stock will automatically convert into Shares of Class A common stock on a share-for-share basis at the earlier of: (i) the date of the sale of all or substantially all of the stock or assets of the Corporation; (ii) transfer or sale of such shares to any person or entity not a holder of such Shares of Class B common stock on the date of adoption of the third amended and restated certificate of incorporation other than a trust or other entity established by a current holder of such Shares of Class B common stock for bona fide estate planning purposes; or (iii) three years following the date the common stock is first publicly traded.

**Preferred Stock**

The third amended and restated certificate of incorporation authorizes the Board to establish one or more series of preferred stock. The Board has the discretion to determine the preferences and relative, participating, optional and other special rights, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences of each series of preferred stock.

**Anti-Takeover Provisions**

***Certificate of Incorporation and Bylaws and Class B Common Stock***

Because our stockholders do not have cumulative voting rights, our stockholders holding a majority of the outstanding shares of common stock outstanding will be able to elect all of our directors.

The foregoing provisions will make it more difficult for our existing stockholders to replace our Board of Directors as well as for another party to obtain control of us by replacing our Board of Directors. Since our board of directors has the power to retain and discharge our officers, these provisions could also make it more difficult for existing stockholders or another party to effect a change in management. In addition, the authorization of undesignated preferred stock makes it possible for our Board of Directors to issue preferred stock with voting or other rights or preferences that could impede the success of any attempt to change our control.

These provisions are intended to enhance the likelihood of continued stability in the composition of our Board of Directors and its policies and to discourage certain types of transactions that may involve an actual or threatened acquisition of us. These provisions are also designed to reduce our vulnerability to an unsolicited acquisition proposal and to discourage certain tactics that may be used in proxy fights. However, such provisions could have the effect of discouraging others from making tender offers for our shares and may have the effect of deterring hostile takeovers or delaying changes in our control or management.

In addition, the control vested in our founders by virtue of their holding of Class B common stock may discourage or impede takeover activities.

***Section 203 of the Delaware General Corporation Law***

We are subject to Section 203 of the Delaware General Corporation Law, which prohibits a Delaware corporation from engaging in any business combination with any interested stockholder for a period of three years after the date that such stockholder became an interested stockholder, with the following exceptions:

&nbsp;&nbsp;&nbsp;&nbsp;· before
 such date, the board of directors of the corporation approved either the business combination or the transaction that resulted in
 the stockholder becoming an interested stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;· upon closing
 of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least
 85% of the voting stock of the corporation outstanding at the time the transaction began, excluding for purposes of determining the
 voting stock outstanding (but not the outstanding voting stock owned by the interested stockholder) those shares owned by (i) persons
 who are directors and also officers and (ii) employee stock plans in which employee participants do not have the right to determine
 confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or

&nbsp;&nbsp;&nbsp;&nbsp;· on or
 after such date, the business combination is approved by the board of directors and authorized at an annual or special meeting of
 the stockholders, and not by written consent, by the affirmative vote of at least 66 2∕3% of the outstanding voting stock that
 is not owned by the interested stockholder.

In general, Section 203 defines business combination to include the following:

&nbsp;&nbsp;&nbsp;&nbsp;· any sale,
 transfer, pledge or other disposition of 10% or more of the assets of the corporation involving the interested stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;· subject
 to certain exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation
 to the interested stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;· any transaction
 involving the corporation that has the effect of increasing the proportionate share of the stock or any class or series of the corporation
 beneficially owned by the interested stockholder; or

&nbsp;&nbsp;&nbsp;&nbsp;· the receipt
 by the interested stockholder of the benefit of any loss, advances, guarantees, pledges or other financial benefits by or through
 the corporation.

In general, Section 203 defines an "interested stockholder" as an entity or person who, together with the person's affiliates and associates, beneficially owns, or within three years prior to the time of determination of interested stockholder status did own, 15% or more of the outstanding voting stock of the corporation.

***Exclusive forum for adjudication of disputes provision which limits the forum to the Delaware Court of Chancery for certain stockholder litigation matters actions against the Company, which may limit an investor's ability to obtain a favorable judicial forum for disputes with the Company or its directors, officers, employees or stockholders.***

Section 7.06(a) of Article VII of our Bylaws dictates that, unless we consent in writing to the selection of an alternative forum, the Delaware Court of Chancery (or, if the Delaware Court of Chancery does not have jurisdiction, the federal district court for the State of Delaware) is, to the fullest extent permitted by law, the sole and exclusive forum for certain actions including derivative action or proceeding brought on behalf of the Company; an action asserting a breach of fiduciary duty owed by an officer, director, employee or to the stockholders of the Company; any claim arising under Delaware corporate law, our amended and restated certificate of incorporation or our amended and restated bylaws; and any action asserting a claim governed by the internal affairs doctrine. Any person or entity purchasing or otherwise acquiring any interest in shares of capital stock of the Company shall be deemed to have notice of and consented to the provisions of Section 7.06 of Article VII of our Bylaws.

A Delaware corporation is allowed to mandate in its corporate governance documents a chosen forum for the resolution of state law-based stockholder class actions, derivative suits and other intra-corporate disputes. With respect to such state law claims, the Company's management believes limiting state law based claims to Delaware will provide the most appropriate outcomes as the risk of another forum misapplying Delaware law is avoided, Delaware courts have a well-developed body of case law and limiting the forum will preclude costly and duplicative litigation and avoids the risk of inconsistent outcomes. Additionally, Delaware Chancery Courts can typically resolve disputes on an accelerated schedule when compared to other forums.

The choice of forum provisions contained in the Company's Bylaws may limit a stockholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with the Company or any of its directors, officers, other employees or stockholders, which may discourage lawsuits with respect to such claims. Alternatively, the enforceability of similar choice of forum provisions in other issuers' bylaws and certificates of incorporation has been challenged in legal proceedings, and it is possible that in connection with any applicable action brought against the Company, a court could find the choice of forum provisions contained in the Company's Bylaws to be inapplicable or unenforceable in such action. As a result, the Company could incur additional costs associated with resolving such actions in other jurisdictions, which could harm the Company's business, operating results and financial condition.

**Listing**

Our Class A common stock is listed on The Nasdaq Capital Market under the trading symbol "CWD."

**Transfer Agent and Registrar**

Our transfer agent and registrar for our Class A common stock is Continental Stock Transfer & Trust Company. The transfer agent and registrar's address is 1 State Street, 30th floor, New York, NY 10004.

**DESCRIPTION OF DEBT SECURITIES**

The following description, together with the additional information we include in any applicable prospectus supplements, summarizes the material terms and provisions of the debt securities that we may offer under this prospectus. While the terms we have summarized below will apply generally to any future debt securities we may offer pursuant to this prospectus, we will describe the particular terms of any debt securities that we may offer in more detail in the applicable prospectus supplement. If we so indicate in a prospectus supplement, the terms of any debt securities offered under such prospectus supplement may differ from the terms we describe below, and to the extent the terms set forth in a prospectus supplement differ from the terms described below, the terms set forth in the prospectus supplement shall control.

We may sell from time to time, in one or more offerings under this prospectus, debt securities, which may be senior or subordinated. We will issue any such senior debt securities under a senior indenture that we will enter into with a trustee to be named in the senior indenture. We will issue any such subordinated debt securities under a subordinated indenture, which we will enter into with a trustee to be named in the subordinated indenture. We have filed forms of these documents as exhibits to the registration statement of which this prospectus forms a part. We use the term "indentures" to refer to either the senior indenture or the subordinated indenture, as applicable. The indentures will be qualified under the Trust Indenture Act of 1939 (the "Trust Indenture Act") as in effect on the date of the indenture. We use the term "debenture trustee" to refer to either the trustee under the senior indenture or the trustee under the subordinated indenture, as applicable.

The following summaries of material provisions of the senior debt securities, the subordinated debt securities and the indentures are subject to, and qualified in their entirety by reference to, all the provisions of the indenture applicable to a particular series of debt securities.

**General**

Each indenture provides that debt securities may be issued from time to time in one or more series and may be denominated and payable in foreign currencies or units based on or relating to foreign currencies. Neither indenture limits the amount of debt securities that may be issued thereunder, and each indenture provides that the specific terms of any series of debt securities shall be set forth in, or determined pursuant to, an authorizing resolution and/or a supplemental indenture, if any, relating to such series.

We will describe in each prospectus supplement the following terms relating to a series of debt securities:

&nbsp;&nbsp;&nbsp;&nbsp;· We may
 issue debt securities that provide for an amount less than their stated principal amount to be due and payable upon declaration of
 acceleration of their maturity pursuant to the terms of the indenture. We will provide you with information on the federal income
 tax considerations and other special considerations applicable to any of these debt securities in the applicable prospectus supplement.

**Conversion or Exchange Rights**

We will set forth in the prospectus supplement the terms, if any, on which a series of debt securities may be convertible into or exchangeable for our Class A common stock or our other securities. We will include provisions as to whether conversion or exchange is mandatory, at the option of the holder or at our option. We may include provisions pursuant to which the number of shares of our Class A common stock or our other securities that the holders of the series of debt securities receive would be subject to adjustment.

**Consolidation, Merger or Sale; No Protection in Event of a Change of Control or Highly Leveraged Transaction**

The indentures do not contain any covenant that restricts our ability to merge or consolidate, or sell, convey, transfer or otherwise dispose of all or substantially all of our assets. However, any successor to or acquirer of such assets must assume all of our obligations under the indentures or the debt securities, as appropriate, satisfactory in form to the indenture trustee.

Unless we state otherwise in the applicable prospectus supplement, the debt securities will not contain any provisions that may afford holders of the debt securities protection in the event we have a change of control or in the event of a highly leveraged transaction (whether or not such transaction results in a change of control), which could adversely affect holders of debt securities.

**Events of Default Under the Indenture**

The following are events of default under the indentures with respect to any series of debt securities that we may issue:

&nbsp;&nbsp;&nbsp;&nbsp;· the maturity
 date and the date or dates on which principal will be payable;

&nbsp;&nbsp;&nbsp;&nbsp;· the interest
 rate, which may be fixed or variable, or the method for determining the rate and the date interest will begin to accrue, the date
 or dates interest will be payable and the record dates for interest payment dates or the method for determining such dates;

&nbsp;&nbsp;&nbsp;&nbsp;· whether
 or not the debt securities will be secured or unsecured, and the terms of any secured debt;

&nbsp;&nbsp;&nbsp;&nbsp;· the terms
 of the subordination of any series of subordinated debt;

&nbsp;&nbsp;&nbsp;&nbsp;· the place
 or places where payments will be payable;

&nbsp;&nbsp;&nbsp;&nbsp;· our right,
 if any, to defer payment of interest and the maximum length of any such deferral period;

&nbsp;&nbsp;&nbsp;&nbsp;· the date,
 if any, after which, and the price at which, we may, at our option, redeem the series of debt securities pursuant to any optional
 redemption provisions;

&nbsp;&nbsp;&nbsp;&nbsp;· the date,
 if any, on which, and the price at which we are obligated, pursuant to any mandatory sinking fund provisions or otherwise, to redeem,
 or at the holder's option to purchase, the series of debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;· whether
 the indenture will restrict our ability to pay dividends, or will require us to maintain any asset ratios or reserves;

&nbsp;&nbsp;&nbsp;&nbsp;· whether
 we will be restricted from incurring any additional indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;· a discussion
 of any material or special U.S. federal income tax considerations applicable to a series of debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;· the form
 of debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;· the denominations
 in which we will issue the series of debt securities, if other than denominations of $1,000 and any integral multiple thereof;

&nbsp;&nbsp;&nbsp;&nbsp;· whether
 the debt securities will be convertible into shares of Class A common stock or other securities and, if so, the terms and conditions
 upon which such debt securities will be so convertible, including the conversion price and the conversion period;

&nbsp;&nbsp;&nbsp;&nbsp;· if other
 than the principal amount thereof, the portion of the principal amount of debt securities which shall be payable upon declaration
 of acceleration of the maturity thereof;

&nbsp;&nbsp;&nbsp;&nbsp;· any additional
 or different events of default or restrictive covenants provided for with respect to the debt securities; and

&nbsp;&nbsp;&nbsp;&nbsp;· any other
 specific terms, preferences, rights or limitations of, or restrictions on, the debt securities.

We may issue debt securities that provide for an amount less than their stated principal amount to be due and payable upon declaration of acceleration of their maturity pursuant to the terms of the indenture. We will provide you with information on the federal income tax considerations and other special considerations applicable to any of these debt securities in the applicable prospectus supplement.

**Conversion or Exchange Rights**

We will set forth in the prospectus supplement the terms, if any, on which a series of debt securities may be convertible into or exchangeable for our Class A common stock or our other securities. We will include provisions as to whether conversion or exchange is mandatory, at the option of the holder or at our option. We may include provisions pursuant to which the number of shares of our Class A common stock or our other securities that the holders of the series of debt securities receive would be subject to adjustment.

**Consolidation, Merger or Sale; No Protection in Event of a Change of Control or Highly Leveraged Transaction**

The indentures do not contain any covenant that restricts our ability to merge or consolidate, or sell, convey, transfer or otherwise dispose of all or substantially all of our assets. However, any successor to or acquirer of such assets must assume all of our obligations under the indentures or the debt securities, as appropriate, satisfactory in form to the indenture trustee.

Unless we state otherwise in the applicable prospectus supplement, the debt securities will not contain any provisions that may afford holders of the debt securities protection in the event we have a change of control or in the event of a highly leveraged transaction (whether or not such transaction results in a change of control), which could adversely affect holders of debt securities.

**Events of Default Under the Indenture**

The following are events of default under the indentures with respect to any series of debt securities that we may issue:

We may issue debt securities that provide for an amount less than their stated principal amount to be due and payable upon declaration of acceleration of their maturity pursuant to the terms of the indenture. We will provide you with information on the federal income tax considerations and other special considerations applicable to any of these debt securities in the applicable prospectus supplement.

**Conversion or Exchange Rights**

We will set forth in the prospectus supplement the terms, if any, on which a series of debt securities may be convertible into or exchangeable for our Class A common stock or our other securities. We will include provisions as to whether conversion or exchange is mandatory, at the option of the holder or at our option. We may include provisions pursuant to which the number of shares of our Class A common stock or our other securities that the holders of the series of debt securities receive would be subject to adjustment.

**Consolidation, Merger or Sale; No Protection in Event of a Change of Control or Highly Leveraged Transaction**

The indentures do not contain any covenant that restricts our ability to merge or consolidate, or sell, convey, transfer or otherwise dispose of all or substantially all of our assets. However, any successor to or acquirer of such assets must assume all of our obligations under the indentures or the debt securities, as appropriate, satisfactory in form to the indenture trustee.

Unless we state otherwise in the applicable prospectus supplement, the debt securities will not contain any provisions that may afford holders of the debt securities protection in the event we have a change of control or in the event of a highly leveraged transaction (whether or not such transaction results in a change of control), which could adversely affect holders of debt securities.

**Events of Default Under the Indenture**

The following are events of default under the indentures with respect to any series of debt securities that we may issue:

&nbsp;&nbsp;&nbsp;&nbsp;· if we
 fail to pay interest when due and our failure continues for 90 days and the time for payment has not been extended or deferred;

&nbsp;&nbsp;&nbsp;&nbsp;· if we
 fail to pay the principal, or premium, if any, when due and the time for payment has not been extended or delayed;

&nbsp;&nbsp;&nbsp;&nbsp;· if we
 fail to observe or perform any other covenant set forth in the debt securities of such series or the applicable indentures, other
 than a covenant specifically relating to and for the benefit of holders of another series of debt securities, and our failure continues
 for 90 days after we receive written notice from the debenture trustee or holders of not less than a majority in aggregate principal
 amount of the outstanding debt securities of the applicable series; and

&nbsp;&nbsp;&nbsp;&nbsp;· if specified
 events of bankruptcy, insolvency or reorganization occur as to us.

No event of default with respect to a particular series of debt securities (except as to certain events of bankruptcy, insolvency or reorganization) necessarily constitutes an event of default with respect to any other series of debt securities. The occurrence of an event of default may constitute an event of default under any bank credit agreements we may have in existence from time to time. In addition, the occurrence of certain events of default or an acceleration under the indenture may constitute an event of default under certain of our other indebtedness outstanding from time to time.

If an event of default with respect to debt securities of any series at the time outstanding occurs and is continuing, then the trustee or the holders of not less than a majority in principal amount of the outstanding debt securities of that series may, by a notice in writing to us (and to the debenture trustee if given by the holders), declare to be due and payable immediately the principal (or, if the debt securities of that series are discount securities, that portion of the principal amount as may be specified in the terms of that series) of and premium and accrued and unpaid interest, if any, on all debt securities of that series. Before a judgment or decree for payment of the money due has been obtained with respect to debt securities of any series, the holders of a majority in principal amount of the outstanding debt securities of that series (or, at a meeting of holders of such series at which a quorum is present, the holders of a majority in principal amount of the debt securities of such series represented at such meeting) may rescind and annul the acceleration if all events of default, other than the non-payment of accelerated principal, premium, if any, and interest, if any, with respect to debt securities of that series, have been cured or waived as provided in the applicable indenture (including payments or deposits in respect of principal, premium or interest that had become due other than as a result of such acceleration). We refer you to the applicable prospectus supplement relating to any series of debt securities that are discount securities for the particular provisions relating to acceleration of a portion of the principal amount of such discount securities upon the occurrence of an event of default.

Subject to the terms of the indentures, if an event of default under an indenture shall occur and be continuing, the debenture trustee will be under no obligation to exercise any of its rights or powers under such indenture at the request or direction of any of the holders of the applicable series of debt securities, unless such holders have offered the debenture trustee reasonable indemnity. The holders of a majority in principal amount of the outstanding debt securities of any series will have the right to direct the time, method and place of conducting any proceeding for any remedy available to the debenture trustee, or exercising any trust or power conferred on the debenture trustee, with respect to the debt securities of that series, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;· the direction
 so given by the holder is not in conflict with any law or the applicable indenture; and

&nbsp;&nbsp;&nbsp;&nbsp;· subject
 to its duties under the Trust Indenture Act, the debenture trustee need not take any action that might involve it in personal liability
 or might be unduly prejudicial to the holders not involved in the proceeding.

A holder of the debt securities of any series will only have the right to institute a proceeding under the indentures or to appoint a receiver or trustee, or to seek other remedies if:

&nbsp;&nbsp;&nbsp;&nbsp;· the holder
 previously has given written notice to the debenture trustee of a continuing event of default with respect to that series;

&nbsp;&nbsp;&nbsp;&nbsp;· the holders
 of at least a majority in aggregate principal amount of the outstanding debt securities of that series have made written request,
 and such holders have offered reasonable indemnity to the debenture trustee to institute the proceeding as trustee; and

&nbsp;&nbsp;&nbsp;&nbsp;· the debenture
 trustee does not institute the proceeding, and does not receive from the holders of a majority in aggregate principal amount of the
 outstanding debt securities of that series (or at a meeting of holders of such series at which a quorum is present, the holders of
 a majority in principal amount of the debt securities of such series represented at such meeting) other conflicting directions within
 60 days after the notice, request and offer.

These limitations do not apply to a suit instituted by a holder of debt securities if we default in the payment of the principal, premium, if any, or interest on, the debt securities.

We will periodically file statements with the applicable debenture trustee regarding our compliance with specified covenants in the applicable indenture.

**Modification of Indenture; Waiver**

The debenture trustee and we may change the applicable indenture without the consent of any holders with respect to specific matters, including:

&nbsp;&nbsp;&nbsp;&nbsp;· to fix
 any ambiguity, defect or inconsistency in the indenture; and

&nbsp;&nbsp;&nbsp;&nbsp;· to change
 anything that does not materially adversely affect the interests of any holder of debt securities of any series issued pursuant to
 such indenture.

In addition, under the indentures, the rights of holders of a series of debt securities may be changed by us and the debenture trustee with the written consent of the holders of at least a majority in aggregate principal amount of the outstanding debt securities of each series (or, at a meeting of holders of such series at which a quorum is present, the holders of a majority in principal amount of the debt securities of such series represented at such meeting) that is affected. However, the debenture trustee and we may make the following changes only with the consent of each holder of any outstanding debt securities affected:

&nbsp;&nbsp;&nbsp;&nbsp;· extending
 the fixed maturity of the series of debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;· reducing
 the principal amount, reducing the rate of or extending the time of payment of interest, or any premium payable upon the redemption
 of any debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;· reducing
 the principal amount of discount securities payable upon acceleration of maturity;

&nbsp;&nbsp;&nbsp;&nbsp;· making
 the principal of or premium or interest on any debt security payable in currency other than that stated in the debt security; or

&nbsp;&nbsp;&nbsp;&nbsp;· reducing
 the percentage of debt securities, the holders of which are required to consent to any amendment or waiver.

Except for certain specified provisions, the holders of at least a majority in principal amount of the outstanding debt securities of any series (or, at a meeting of holders of such series at which a quorum is present, the holders of a majority in principal amount of the debt securities of such series represented at such meeting) may on behalf of the holders of all debt securities of that series waive our compliance with provisions of the indenture. The holders of a majority in principal amount of the outstanding debt securities of any series may on behalf of the holders of all the debt securities of such series waive any past default under the indenture with respect to that series and its consequences, except a default in the payment of the principal of, premium or any interest on any debt security of that series or in respect of a covenant or provision, which cannot be modified or amended without the consent of the holder of each outstanding debt security of the series affected; *provided*, *however*, that the holders of a majority in principal amount of the outstanding debt securities of any series may rescind an acceleration and its consequences, including any related payment default that resulted from the acceleration.

**Discharge**

Each indenture provides that we can elect to be discharged from our obligations with respect to one or more series of debt securities, except for obligations to:

&nbsp;&nbsp;&nbsp;&nbsp;· maintain
 a register;

&nbsp;&nbsp;&nbsp;&nbsp;· the transfer
 or exchange of debt securities of the series;

&nbsp;&nbsp;&nbsp;&nbsp;· replace
 stolen, lost or mutilated debt securities of the series;

&nbsp;&nbsp;&nbsp;&nbsp;· duly and
 punctually pay or cause to be paid amounts owing with respect to the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;· maintain
 paying agencies;

&nbsp;&nbsp;&nbsp;&nbsp;· hold monies
 for payment in trust;

&nbsp;&nbsp;&nbsp;&nbsp;· compensate
 and indemnify the trustee; and

&nbsp;&nbsp;&nbsp;&nbsp;· appoint
 any successor trustee.

In order to exercise our rights to be discharged with respect to a series, we must deposit with the trustee money or government obligations sufficient to pay all the principal of, the premium, if any, and interest on, the debt securities of the series on the dates payments are due.

**Form, Exchange, and Transfer**

We will issue the debt securities of each series only in fully registered form without coupons and, unless we otherwise specify in the applicable prospectus supplement, in denominations of $1,000 and any integral multiple thereof. The indentures provide that we may issue debt securities of a series in temporary or permanent global form and as book-entry securities that will be deposited with, or on behalf of, The Depository Trust Company or another depositary named by us and identified in a prospectus supplement with respect to that series.

At the option of the holder, subject to the terms of the indentures and the limitations applicable to global securities described in the applicable prospectus supplement, the holder of the debt securities of any series can exchange the debt securities for other debt securities of the same series, in any authorized denomination and of like tenor and aggregate principal amount.

Subject to the terms of the indentures and the limitations applicable to global securities set forth in the applicable prospectus supplement, holders of the debt securities may present the debt securities for exchange or for registration of transfer, duly endorsed or with the form of transfer endorsed thereon duly executed if so required by us or the security registrar, at the office of the security registrar or at the office of any transfer agent designated by us for this purpose. Unless otherwise provided in the debt securities that the holder presents for transfer or exchange or in the applicable indenture, we will make no service charge for any registration of transfer or exchange, but we may require payment of any taxes or other governmental charges.

We will name in the applicable prospectus supplement the security registrar, and any transfer agent in addition to the security registrar, that we initially designate for any debt securities. We may at any time designate additional transfer agents or rescind the designation of any transfer agent or approve a change in the office through which any transfer agent acts, except that we will be required to maintain a transfer agent in each place of payment for the debt securities of each series.

If we elect to redeem the debt securities of any series, we will not be required to:

&nbsp;&nbsp;&nbsp;&nbsp;· issue,
 register the transfer of, or exchange any debt securities of that series during a period beginning at the opening of business 15
 days before the day of mailing of a notice of redemption of any debt securities that may be selected for redemption and ending at
 the close of business on the day of the mailing; or

&nbsp;&nbsp;&nbsp;&nbsp;· register
 the transfer of or exchange any debt securities so selected for redemption, in whole or in part, except the unredeemed portion of
 any debt securities we are redeeming in part.

**Information Concerning the Debenture Trustee**

The debenture trustee, other than during the occurrence and continuance of an event of default under the applicable indenture, undertakes to perform only those duties as are specifically set forth in the applicable indenture. Upon an event of default under an indenture, the debenture trustee under such indenture must use the same degree of care as a prudent person would exercise or use in the conduct of his or her own affairs. Subject to this provision, the debenture trustee is under no obligation to exercise any of the powers given it by the indentures at the request of any holder of debt securities unless it is offered reasonable security and indemnity against the costs, expenses and liabilities that it might incur.

**Payment and Paying Agents**

Unless we otherwise indicate in the applicable prospectus supplement, we will make payment of the interest on any debt securities on any interest payment date to the person in whose name the debt securities, or one or more predecessor securities, are registered at the close of business on the regular record date for the interest.

We will pay principal of and any premium and interest on the debt securities of a particular series at the office of the paying agents designated by us, except that unless we otherwise indicate in the applicable prospectus supplement, we will make interest payments by check which we will mail to the holder. Unless we otherwise indicate in a prospectus supplement, we will designate the corporate trust office of the debenture trustee in the City of New York as our sole paying agent for payments with respect to debt securities of each series. We will name in the applicable prospectus supplement any other paying agents that we initially designate for the debt securities of a particular series. We will maintain a paying agent in each place of payment for the debt securities of a particular series.

All money we pay to a paying agent or the debenture trustee for the payment of the principal of or any premium or interest on any debt securities which remains unclaimed at the end of two years after such principal, premium or interest has become due and payable will be repaid to us, and the holder of the security thereafter may look only to us for payment thereof.

**Governing Law**

The indentures and the debt securities will be governed by and construed in accordance with the laws of the State of New York, except to the extent that the Trust Indenture Act is applicable.

**Subordination of Subordinated Debt Securities**

Our obligations pursuant to any subordinated debt securities will be unsecured and will be subordinate and junior in priority of payment to certain of our other indebtedness to the extent described in a prospectus supplement. The subordinated indenture does not limit the amount of senior indebtedness we may incur. It also does not limit us from issuing any other secured or unsecured debt.

**DESCRIPTION OF WARRANTS**

**General**

We may issue warrants to purchase shares of our Class A common stock, preferred stock and/or debt securities in one or more series together with other securities or separately, as described in the applicable prospectus supplement. Below is a description of certain general terms and provisions of the warrants that we may offer. Particular terms of the warrants will be described in the warrant agreements and the prospectus supplement relating to the warrants.

The applicable prospectus supplement will contain, where applicable, the following terms of and other information relating to the warrants:

&nbsp;&nbsp;&nbsp;&nbsp;· the specific
 designation and aggregate number of, and the price at which we will issue, the warrants;

&nbsp;&nbsp;&nbsp;&nbsp;· the currency
 or currency units in which the offering price, if any, and the exercise price are payable;

&nbsp;&nbsp;&nbsp;&nbsp;· the designation,
 amount and terms of the securities purchasable upon exercise of the warrants;

&nbsp;&nbsp;&nbsp;&nbsp;· if applicable,
 the exercise price for shares of our Class A common stock and the number of shares of Class A common stock to be received
 upon exercise of the warrants;

&nbsp;&nbsp;&nbsp;&nbsp;· if applicable,
 the exercise price for shares of our preferred stock, the number of shares of preferred stock to be received upon exercise, and a
 description of that series of our preferred stock;

&nbsp;&nbsp;&nbsp;&nbsp;· if applicable,
 the exercise price for our debt securities, the amount of debt securities to be received upon exercise, and a description of that
 series of debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;· the date
 on which the right to exercise the warrants will begin and the date on which that right will expire or, if you may not continuously
 exercise the warrants throughout that period, the specific date or dates on which you may exercise the warrants;

&nbsp;&nbsp;&nbsp;&nbsp;· whether
 the warrants will be issued in fully registered form or bearer form, in definitive or global form or in any combination of these
 forms, although, in any case, the form of a warrant included in a unit will correspond to the form of the unit and of any security
 included in that unit;

&nbsp;&nbsp;&nbsp;&nbsp;· any applicable
 material U.S. federal income tax consequences;

&nbsp;&nbsp;&nbsp;&nbsp;· the identity
 of the warrant agent for the warrants and of any other depositaries, execution or paying agents, transfer agents, registrars or other
 agents;

&nbsp;&nbsp;&nbsp;&nbsp;· the proposed
 listing, if any, of the warrants or any securities purchasable upon exercise of the warrants on any securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;· if applicable,
 the date from and after which the warrants and the Class A common stock, preferred stock and/or debt securities will be separately
 transferable;

&nbsp;&nbsp;&nbsp;&nbsp;· if applicable,
 the minimum or maximum amount of the warrants that may be exercised at any one time;

&nbsp;&nbsp;&nbsp;&nbsp;· information
 with respect to book-entry procedures, if any;

&nbsp;&nbsp;&nbsp;&nbsp;· the anti-dilution
 provisions of the warrants, if any;

&nbsp;&nbsp;&nbsp;&nbsp;· any redemption
 or call provisions;

&nbsp;&nbsp;&nbsp;&nbsp;· whether
 the warrants may be sold separately or with other securities as parts of units; and

&nbsp;&nbsp;&nbsp;&nbsp;· any additional
 terms of the warrants, including terms, procedures and limitations relating to the exchange and exercise of the warrants.

**Transfer Agent and Registrar**

The transfer agent and registrar for any warrants will be set forth in the applicable prospectus supplement.

**DESCRIPTION OF RIGHTS**

**General**

We may issue rights to our stockholders to purchase shares of our Class A common stock, preferred stock or the other securities described in this prospectus. We may offer rights separately or together with one or more additional rights, debt securities, preferred stock, Class A common stock or warrants, or any combination of those securities in the form of units, as described in the applicable prospectus supplement. Each series of rights will be issued under a separate rights agreement to be entered into between us and a bank or trust company, as rights agent. The rights agent will act solely as our agent in connection with the certificates relating to the rights of the series of certificates and will not assume any obligation or relationship of agency or trust for or with any holders of rights certificates or beneficial owners of rights. The following description sets forth certain general terms and provisions of the rights to which any prospectus supplement may relate. The particular terms of the rights to which any prospectus supplement may relate and the extent, if any, to which the general provisions may apply to the rights so offered will be described in the applicable prospectus supplement. To the extent that any particular terms of the rights, rights agreement or rights certificates described in a prospectus supplement differ from any of the terms described below, then the terms described below will be deemed to have been superseded by that prospectus supplement. We encourage you to read the applicable rights agreement and rights certificate for additional information before you decide whether to purchase any of our rights. We will provide in a prospectus supplement the following terms of the rights being issued:

&nbsp;&nbsp;&nbsp;&nbsp;· the date
 of determining the stockholders entitled to the rights distribution;

&nbsp;&nbsp;&nbsp;&nbsp;· the aggregate
 number of shares of Class A common stock, preferred stock or other securities purchasable upon exercise of the rights;

&nbsp;&nbsp;&nbsp;&nbsp;· the exercise
 price;

&nbsp;&nbsp;&nbsp;&nbsp;· the aggregate
 number of rights issued;

&nbsp;&nbsp;&nbsp;&nbsp;· whether
 the rights are transferrable and the date, if any, on and after which the rights may be separately transferred;

&nbsp;&nbsp;&nbsp;&nbsp;· the date
 on which the right to exercise the rights will commence, and the date on which the right to exercise the rights will expire;

&nbsp;&nbsp;&nbsp;&nbsp;· the method
 by which holders of rights will be entitled to exercise;

&nbsp;&nbsp;&nbsp;&nbsp;· the conditions
 to the completion of the offering, if any;

&nbsp;&nbsp;&nbsp;&nbsp;· the withdrawal,
 termination and cancellation rights, if any;

&nbsp;&nbsp;&nbsp;&nbsp;· whether
 there are any backstop or standby purchaser or purchasers and the terms of their commitment, if any;

&nbsp;&nbsp;&nbsp;&nbsp;· whether
 stockholders are entitled to oversubscription rights, if any;

&nbsp;&nbsp;&nbsp;&nbsp;· any applicable
 material U.S. federal income tax considerations; and

&nbsp;&nbsp;&nbsp;&nbsp;· any other
 terms of the rights, including terms, procedures and limitations relating to the distribution, exchange and exercise of the rights,
 as applicable.

Each right will entitle the holder of rights to purchase for cash the principal amount of shares of Class A common stock, preferred stock or other securities at the exercise price provided in the applicable prospectus supplement. Rights may be exercised at any time up to the close of business on the expiration date for the rights provided in the applicable prospectus supplement.

Holders may exercise rights as described in the applicable prospectus supplement. Upon receipt of payment and the rights certificate properly completed and duly executed at the corporate trust office of the rights agent or any other office indicated in the applicable prospectus supplement, we will, as soon as practicable, forward the shares of Class A common stock, preferred stock or other securities, as applicable, purchasable upon exercise of the rights. If less than all of the rights issued in any rights offering are exercised, we may offer any unsubscribed securities directly to persons other than stockholders, to or through agents, underwriters or dealers or through a combination of such methods, including pursuant to standby arrangements, as described in the applicable prospectus supplement.

**Rights Agent**

The rights agent for any rights we offer will be set forth in the applicable prospectus supplement.

**DESCRIPTION OF UNITS**

The following description, together with the additional information that we include in any applicable prospectus supplements summarizes the material terms and provisions of the units that we may offer under this prospectus. While the terms we have summarized below will apply generally to any units that we may offer under this prospectus, we will describe the particular terms of any series of units in more detail in the applicable prospectus supplement. The terms of any units offered under a prospectus supplement may differ from the terms described below.

We will incorporate by reference from reports that we file with the SEC, the form of unit agreement that describes the terms of the series of units we are offering, and any supplemental agreements, before the issuance of the related series of units. The following summaries of material terms and provisions of the units are subject to, and qualified in their entirety by reference to, all the provisions of the unit agreement and any supplemental agreements applicable to a particular series of units. We urge you to read the applicable prospectus supplements related to the particular series of units that we may offer under this prospectus, as well as any related free writing prospectuses and the complete unit agreement and any supplemental agreements that contain the terms of the units.

**General**

We may issue units consisting of Class A common stock, preferred stock, one or more debt securities, warrants or rights for the purchase of Class A common stock, preferred stock and/or debt securities in one or more series, in any combination. Each unit will be issued so that the holder of the unit is also the holder of each security included in the unit. Thus, the holder of a unit will have the rights and obligations of a holder of each security included in the unit. The unit agreement under which a unit is issued may provide that the securities included in the unit may not be held or transferred separately, at any time or at any time before a specified date.

We will describe in the applicable prospectus supplement the terms of the series of units being offered, including:

&nbsp;&nbsp;&nbsp;&nbsp;· the designation
 and terms of the units and of the securities comprising the units, including whether and under what circumstances those securities
 may be held or transferred separately;

&nbsp;&nbsp;&nbsp;&nbsp;· any provisions
 of the governing unit agreement that differ from those described below; and

&nbsp;&nbsp;&nbsp;&nbsp;· any provisions
 for the issuance, payment, settlement, transfer or exchange of the units or of the securities comprising the units.

The provisions described in this section, as well as those set forth in any prospectus supplement or as described under "Description of Common Stock," "Description of Preferred Stock," "Description of Debt Securities," "Description of Warrants" and "Description of Rights" will apply to each unit, as applicable, and to any Class A common stock, preferred stock, debt security, warrant or right included in each unit, as applicable.

**Unit Agent**

The name and address of the unit agent, if any, for any units we offer will be set forth in the applicable prospectus supplement.

**Issuance in Series**

We may issue units in such amounts and in such numerous distinct series as we determine.

**Enforceability of Rights by Holders of Units**

Each unit agent will act solely as our agent under the applicable unit agreement and will not assume any obligation or relationship of agency or trust with any holder of any unit. A single bank or trust company may act as unit agent for more than one series of units. A unit agent will have no duty or responsibility in case of any default by us under the applicable unit agreement or unit, including any duty or responsibility to initiate any proceedings at law or otherwise, or to make any demand upon us. Any holder of a unit may, without the consent of the related unit agent or the holder of any other unit, enforce by appropriate legal action its rights as holder under any security included in the unit.

**LEGAL MATTERS**

Unless otherwise indicated in the applicable prospectus supplement, certain legal matters in connection with the offering and the validity of the securities offered by this prospectus, and any supplement thereto, will be passed upon by Manatt, Phelps & Phillips, LLP, Costa Mesa, California.

**EXPERTS**

The financial statements of CaliberCos Inc. incorporated by reference in this prospectus have been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their reports. Such financial reports are incorporated by reference in reliance upon the reports of such firm given upon their authority as experts in accounting and auditing.

**WHERE YOU CAN FIND MORE INFORMATION**

This prospectus is part of a registration statement we filed with the SEC. This prospectus does not contain all of the information set forth in the registration statement and the exhibits to the registration statement. For further information with respect to us and the securities we are offering under this prospectus, we refer you to the registration statement and the exhibits and schedules filed as a part of the registration statement. Any statement made in this prospectus or the applicable prospectus supplement concerning the contents of any contract, agreement or other document is only a summary of the actual contract, agreement or other document. If we have filed or incorporated by reference any contract, agreement or other document as an exhibit to the registration statement, you should read the exhibit for a more complete understanding of the document or matter involved. Each statement regarding a contract, agreement or other document is qualified by reference to the actual document. You should rely only on the information contained in the registration statement this prospectus, and the applicable prospectus supplement or the information incorporated by reference into this prospectus or the applicable prospectus supplement. We have not authorized anyone else to provide you with different information. We are not making an offer of these securities in any state where the offer is not permitted. You should not assume that the information in this prospectus is accurate as of any date other than the date on the front page of this prospectus, regardless of the time of delivery of this prospectus or any sale of the securities offered by this prospectus.

We file annual, quarterly and current reports, proxy statements and other information with the SEC. The SEC maintains a website that contains reports, proxy statements and other information regarding issuers that file electronically with the SEC, including Caliber. The address of the SEC website is *www.sec.gov*.

We maintain a website at *www.caliberco.com*. The information contained on, or that can be accessed through, our website is not a part of this prospectus, and our reference to the address for our website is intended to be an inactive textual reference only.

**INCORPORATION OF CERTAIN INFORMATION BY REFERENCE**

The SEC allows us to "incorporate by reference" the information we file with it, which means that we can disclose important information to you by referring you to those documents. The information incorporated by reference is considered to be part of this prospectus and information we file later with the SEC will automatically update and supersede this information. We incorporate by reference into this prospectus the documents listed below and any future filings made by us with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act (1) after the date of this prospectus and prior to the time that we sell all of the securities offered by this prospectus or the earlier termination of the offering, and (2) after the date of the initial registration statement of which this prospectus forms a part and prior to the effectiveness of the registration statement (except in each case the information contained in such documents to the extent "furnished" and not "filed"). The documents we are incorporating by reference as of their respective dates of filing are:

&nbsp;&nbsp;&nbsp;&nbsp;· our Annual
 on Form 10-K for the fiscal year ended December 31, 2023, as filed with the Commission on [April 15, 2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/1627282/000162728224000039/cwd-20231231.htm) , as amended
 by that Amendment No. 1 to the Annual Report on Form 10-K/A for the fiscal year ended December 31, 2023 filed with
 the Commission on [April 29, 2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/1627282/000162728224000043/cwd-20231231.htm) ;

&nbsp;&nbsp;&nbsp;&nbsp;· our Quarterly
 Report on Form 10-Q for the quarter ended March 31, 2024, filed with the Commission on [May 10, 2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/1627282/000162728224000058/cwd-20240331.htm) ;

&nbsp;&nbsp;&nbsp;&nbsp;· our Current
 Reports on Form 8-K filed with the SEC on [April 5, 2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/1627282/000162728224000029/cwd-20240401.htm) and [May 17, 2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/1627282/000162728224000074/cwd-20240514.htm) (except for the information furnished under
 Items 2.02 or 7.01 and the exhibits thereto); and

&nbsp;&nbsp;&nbsp;&nbsp;· the description
 of our common stock, which is contained in the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31,
 2023 filed on [April 15, 2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/1627282/000162728224000039/cwd-20231231.htm) , including any amendments or supplements thereto.

In addition, all reports and other documents filed by us pursuant to the Exchange Act after the date of the initial registration statement and prior to effectiveness of the registration statement shall be deemed to be incorporated by reference into this prospectus and deemed to be a part of this prospectus from the date of filing of such reports and documents. Notwithstanding the foregoing, we are not incorporating by reference any documents or portions thereof that are not deemed "filed" with the SEC, including any information furnished pursuant to Items 2.02 or 7.01 of Form 8-K or related exhibits furnished pursuant to Item 9.01 of Form 8-K. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of the registration statement of which this prospectus forms a part to the extent that a statement contained in any subsequently filed document, which also is deemed to be incorporated by reference herein, modifies or supersedes such statement.

You may request, orally or in writing, a copy of any or all of the documents incorporated herein by reference. These documents will be provided to you at no cost, by calling us at (480) 295-7600 or by contacting: 8901 E. Mountain View Rd. Ste. 150, Scottsdale, Arizona 85258, Attn: Corporate Secretary. In addition, copies of any or all of the documents incorporated herein by reference may be accessed at our website at *www.caliberco.com*. The information contained on, or that can be accessed through, our website is not a part of this prospectus, and our reference to the address for our website is intended to be an inactive textual reference only.

**25,000 shares of Class A Common Stock**

**CALIBERCOS INC.**

**Prospectus Supplement**

**September 9, 2025**