# EDGAR Filing Document

**Accession Number:** 0001627282
**File Stem:** 0001627282-26-000011
**Filing Date:** 2026-3
**Character Count:** 134172
**Document Hash:** 1545f8157fd195608283547e92f5ae29
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001627282-26-000011.hdr.sgml**: 20260325

**ACCESSION NUMBER**: 0001627282-26-000011

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 74

**CONFORMED PERIOD OF REPORT**: 20260325

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260325

**DATE AS OF CHANGE**: 20260325

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41703
- **FILM NUMBER:** 26793440

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

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

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

?xml version='1.0' encoding='ASCII'? cwd-20260325

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

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

Date of report (Date of earliest event reported):

March 25, 2026

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

(Exact Name of Registrant as Specified in Its Charter)

**Delaware**

(State or Other Jurisdiction of Incorporation)

---

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

---

---

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

---

**(480) 295-7600**

(Registrant's Telephone Number, Including Area Code)

**N/A**

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

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

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

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

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

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

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

---

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

---

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

Emerging growth company ⌧

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

------

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

On March 25, 2026, CaliberCos Inc. (the "Company") issued a press release and earnings supplemental reporting fourth quarter financial results. The Company also released supplemental financial results for its asset management "Platform" business. A copy of the press release, earnings supplemental, and Platform supplemental financial results are attached hereto as Exhibit 99.1, Exhibit 99.2, and Exhibit 99.3 and the information therein is incorporated herein by reference.

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

**Item 7.01. Regulation FD Disclosure.**

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

*The information reported under Items 2.02 and 7.01 in this Current Report on Form 8-K, including Exhibit 99.1, Exhibit 99.3, and Exhibit 99.3 attached hereto, shall not be deemed filed for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, regardless of any general incorporation language in such filing.*

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

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

---

| | |
|:---|:---|
| **Exhibit**<br>**No.** | **Exhibit** |
| <u>[99.1](cwd-er_q42025.htm)</u> | <u>[Press release dated March 27, 2026 relating to fourth quarter financial results and related matters](cwd-er_q42025.htm)</u> |
| <u>[99.2](cwd-supplementaldeckq420.htm)</u> | <u>[Earnings supplemental related to the fourth quarter financial results and related matters](cwd-supplementaldeckq420.htm)</u> |
| <u>[99.3](supplementalplatformfina.htm)</u> | <u>[Platform supplemental financial results with fourth quarter financial results](supplementalplatformfina.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURES**

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

---

| | | |
|:---|:---|:---|
| | **CaliberCos Inc.** | **CaliberCos Inc.** |
| March 25, 2026 |  |  |
|  | By: | */s/ John C. Loeffler, II* |
|  | Name: | John C. Loeffler, II |
|  | Title: | Chairman and Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![caliber_datxstackxlogoxdara.jpg](caliber_datxstackxlogoxdara.jpg)![caliberlogoprospectusa.jpg](caliberlogoprospectusa.jpg)

**Caliber Reports Fourth Quarter and Full Year 2025 Results**

*Establishes 2026 Guidance: Revenue Range of $18 Million to $22 Million with Positive Net Operating Income and Adjusted EBITDA Profitability* 

**SCOTTSDALE, AZ,** March 25, 2026 **–** Caliber (Nasdaq: CWD), a diversified real estate and digital asset management platform, today reported results for the fourth quarter and full year ended December 31, 2025. Caliber enters 2026 with a streamlined platform and a clear path toward revenue growth and profitability, driven by the expected execution of project-level financings and continued capital formation activities.

**Fourth Quarter 2025 (compared to Fourth Quarter 2024)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Platform revenue of $4.0 million, compared to $4.6 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Asset management revenue of $4.0 million drove the stated results

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Platform net loss of $7.7 million, or $1.24 per diluted share, compared to Platform net loss of $11.6 million, or $10.34 per diluted share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Results largely impacted by $5.1 million unrealized loss in Caliber's LINK treasury, driven by the change in fair value of digital assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Platform Adjusted EBITDA loss of $0.4 million, compared to Platform Adjusted EBITDA loss of $1.0 million

**Full Year 2025 Platform Financial Highlights (compared to Full Year 2024)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Platform revenue of $15.2 million, compared to $20.9 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Asset management revenue of $15.2 million reflecting the timing of project financings and development activity, drove the stated results

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Platform net loss of $21.2 million, or $7.50 per diluted share, compared to Platform net loss of $19.6 million, or $17.86 per diluted share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Losses largely impacted by $5.8 million change in fair value of digital assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Platform Adjusted EBITDA loss of $2.4 million, compared to Platform Adjusted EBITDA loss of $2.7 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fair value assets under management ("FV AUM") of $779.7 million, a 1.9% decrease compared to December 31, 2024, primarily due to disposition of three hospitality assets and various land parcels, partially offset by the acquisition of a self-storage property and a land parcel intended for hotel development

------

**Exhibit 99.1**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Managed capital of $517.2 million, a 5.0% increase compared to December 31, 2024, with originations of $26.5 million, partially offset by return of capital of $1.9 million

The year-over-year decrease in platform revenue was primarily driven by the timing of development and financing activities, as several projects progressed but did not reach revenue-generating milestones within the fiscal year.

**Fourth Quarter 2025 Digital Strategy Update**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Caliber's digital asset treasury held 562,535 of LINK tokens valued at $6.9 million as of the end of the fourth quarter of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Caliber staked 75,000 LINK tokens directly with a top echelon node operator for the Chainlink oracle network, commencing the process of generating yield on its treasury assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Caliber began the process of tokenizing two real estate projects, which is expected to enhance investor liquidity, improve transparency, and expand future fundraising capabilities through tokenized offerings.

**Management Commentary**

"While 2025 was impacted by delays in capital markets activity, our underlying assets and development projects continued to advance, positioning us for what we expect to be meaningful revenue realization as project financings close." said Chris Loeffler, CEO of Caliber. "Management's efforts to streamline our real estate platform and narrow our focus toward hospitality and multifamily investments gives us the confidence to offer forward-looking guidance on our anticipated financial results for 2026."

"We are encouraged by the early progress of our digital asset strategy and believe blockchain technology has the potential to enhance liquidity, broaden investor access, and expand capital formation for our funds. We see a clear opportunity for Caliber to participate in the evolution of real estate investing as tokenization becomes more widely adopted."

------

**2026 Outlook and Path to Profitability** 

Caliber enters 2026 with what management believes is a path to profitability driven by the anticipated conversion of the Company's existing project pipeline into realized revenue. The Company's platform generates the majority of its revenues from asset management, development, and financing activities tied to its portfolio of real estate projects.

During 2025, revenue generation was impacted by delays in capital markets activity, which affected the timing of project financings and related fee realization. Importantly, management believes that these delays did not reduce the underlying value of the Company's assets or its embedded revenue opportunities, but instead shifted the timing of when those revenues are expected to be recognized.

For 2026, Caliber expects a significant increase in revenue driven by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Execution of project-level financings across its existing portfolio, which are expected to generate development, financing, and transaction-related fees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continued growth in managed capital through new fundraising initiatives

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monetization of development projects as they reach key milestones

The Company expects 2026 revenue to be in the range of $18.0 million to $22.0 million with approximately 60% of its anticipated 2026 revenue growth to be driven by debt financing-related activities within its existing portfolio, with the remaining 40% of revenue growth driven by capital formation and asset management activities.

Based on current visibility into its project pipeline and financing initiatives, Caliber believes it is well positioned to achieve adjusted EBITDA profitability and positive net operating income in 2026.

**Business Update**

The following are key milestones completed both during and subsequent to the fourth quarter ended December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On October 7, 2025, Caliber announced a partnership to deploy EV charging infrastructure, advancing sustainable asset enhancements across its portfolio. Caliber has partnered with Current, a leading EV infrastructure investor and developer, and InCharge Energy, the industry leader for design-build EV charging infrastructure and InService<sup>TM</sup>, the Company's customizable offering for all-brand charger service, maintenance, and on-demand repair.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On October 31, 2025, Caliber announced that its Board of Directors has approved a Noteholder Conversion Program authorizing the ability of holders of certain of Caliber's unsecured corporate notes to convert such notes into shares of the Company's Class A common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On December 11, 2025, Caliber announced that it had staked 75,000 LINK tokens directly with a leading Chainlink node operator. This marked the Company's first direct participation in the core infrastructure that secures the Chainlink Network.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On February 27, 2026, Caliber announced the sale of the Holiday Inn Ocotillo in the Phoenix-Chandler submarket for $13.0 million. The asset was owned by Caliber Hospitality Trust, Inc. (CHT); Caliber's private Umbrella Partnership C-Corporation (Up-C) vehicle focused on transformational and value enhancing opportunities in the hospitality space. Sale generated liquidity intended for continued growth of the CHT platform.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total consolidated revenue of $4.1 million, compared to $8.7 million reflecting the deconsolidation of DoubleTree by Hilton Tucson Convention Center in Q2 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated net loss attributable to Caliber of $7.7 million, or $1.24 per diluted share, compared to net loss attributable to Caliber of $11.4 million or $10.12 per diluted share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated Adjusted EBITDA of $0.2 million, compared to Consolidated Adjusted EBITDA of $1.5 million

**Full Year 2025 Consolidated Financial Results (compared to Full Year 2024)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* Total consolidated revenue of $20.1 million, compared to $51.1 million reflecting the deconsolidation of DoubleTree by Hilton Tucson Convention Center in Q2 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated net loss attributable to Caliber of $21.8 million, or $7.70 per diluted share, compared to net loss attributable to Caliber of $19.8 million or $17.90 per diluted share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated Adjusted EBITDA loss of $0.8 million, compared to Consolidated Adjusted EBITDA of $7.0 million

**Conference Call Information**

Caliber will host a conference call today, Wednesday, March 25, 2026, at 5:00 p.m. Eastern Time (ET) to discuss its fourth quarter and full year 2025 financial results and business outlook.

To access this call, dial 1-800-715-9871 (domestic) or 1-646-307-1963 (international) and ask to join the Caliber call or use conference ID 9236380.

A live webcast of the conference call will be available via the investor relations section of Caliber's website under "Financial Results." The webcast replay of the conference call will be available on Caliber's website shortly after the call concludes.

**Platform Definition**

Within this earnings release, we refer to performance results of the "Platform". Platform refers to the performance of CWD itself, excluding the performance of certain assets & funds that are included in our consolidated results, as required by the United States generally accepted accounting principles ("GAAP"). Management believes that Platform performance offers the most meaningful information needed to understand the value of CWD. The assets and funds that are consolidated into our GAAP presentation are included because Caliber is a guarantor of debt held by these assets and funds.

------

While GAAP consolidation rules require CWD to include the performance and cash flows of these assets & funds in our consolidated financial information, CWD does not benefit from the performance of those assets & funds, except to the extent that CWD earns fees from managing the assets and funds (which are included in the Platform results). Management believes presenting Platform results, which exclude consolidated assets, directly shows the business performance that CWD stockholders benefit from.

**About Caliber (CaliberCos Inc.) (NASDAQ: CWD)**

Caliber (Nasdaq: CWD) is an alternative investment manager with over $2.6 billion in Managed Assets and a 16-year track record in private equity real estate investing across hospitality, multi-family, and industrial real estate. In 2025, Caliber became the first U.S. public real estate platform to launch a Digital Asset Treasury strategy anchored in Chainlink (LINK). This initiative bridges real and digital asset investing through an equity-funded, disciplined approach that includes staking for yield. Investors can participate via Caliber's publicly traded equity (Nasdaq: CWD) and private real estate funds.

**Forward Looking Statements**

This press release contains "forward-looking statements" that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "aim," "should," "will" "would," or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on the Company's current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled "Risk Factors" in the final prospectus related to the Company's public offering filed with the SEC and other reports filed with the SEC thereafter. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.

**CONTACTS**:

**Caliber Investor Relations:**

Ilya Grozovsky

+1 480-214-1915

Ilya@CaliberCo.com

------

**NON-GAAP RECONCILIATIONS**

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** |
| | **Platform** | **Impact of Consolidated Fund and Eliminations** | **Consolidated** |
| **Revenues** | | | |
| &nbsp;&nbsp;&nbsp;Asset management | $3996 | $(33) | $3963 |
| &nbsp;&nbsp;&nbsp;Performance allocations | 1 | 1 | 2 |
| &nbsp;&nbsp;&nbsp;Consolidated funds – other revenue |  | 162 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 3997 | 130 | 4127 |
| **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating costs | 3038 | (156) | 2882 |
| &nbsp;&nbsp;&nbsp;General and administrative | 1540 | (10) | 1530 |
| &nbsp;&nbsp;&nbsp;Marketing and advertising | 332 | 1 | 333 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 188 | (7) | 181 |
| &nbsp;&nbsp;&nbsp;Consolidated funds – other expenses |  | 474 | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 5098 | 302 | 5400 |
| &nbsp;&nbsp;Other expenses, net | (294) | (156) | (450) |
| &nbsp;&nbsp;Change in fair value of digital assets | (5116) |  | (5116) |
| &nbsp;&nbsp;Interest income | 266 |  | 266 |
| &nbsp;&nbsp;Interest expense | (1487) |  | (1487) |
| **Net loss before income taxes** | (7732) | (328) | (8060) |
| &nbsp;&nbsp;Provision for income taxes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net loss** | (7732) | (328) | (8060) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to noncontrolling interests |  | (339) | (339) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net loss attributable to CaliberCos Inc.** | $(7732) | $11 | $(7721) |
| Basic and diluted net loss per share | $(1.24) |  | $(1.24) |
| Weighted average common shares outstanding: |  |  |  |
| Basic and diluted | 6229 |  | 6229 |

---

------

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| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** |
| | **Platform** | **Impact of Consolidated Fund and Eliminations** | **Consolidated** |
| **Revenues** | | | |
| &nbsp;&nbsp;&nbsp;Asset management fees | $4587 | $(634) | $3953 |
| &nbsp;&nbsp;&nbsp;Performance allocations | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;Consolidated funds – hospitality revenue |  | 2943 | 2943 |
| &nbsp;&nbsp;&nbsp;Consolidated funds – other revenue |  | 1790 | 1790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 4588 | 4099 | 8687 |
| **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating costs | 8933 | (383) | 8550 |
| &nbsp;&nbsp;&nbsp;General and administrative | 1327 | (11) | 1316 |
| &nbsp;&nbsp;&nbsp;Marketing and advertising | 243 | 1 | 244 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 151 | 3 | 154 |
| &nbsp;&nbsp;&nbsp;Consolidated funds – hospitality expenses |  | 3312 | 3312 |
| &nbsp;&nbsp;&nbsp;Consolidated funds – other expenses |  | 465 | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 10654 | 3387 | 14041 |
| &nbsp;&nbsp;Other expenses, net | (4122) | 14 | (4108) |
| &nbsp;&nbsp;Interest income | 45 | (10) | 35 |
| &nbsp;&nbsp;Interest expense | (1466) |  | (1466) |
| **Net loss before income taxes** | (11609) | 716 | (10893) |
| &nbsp;&nbsp;Provision for income taxes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net loss** | (11609) | 716 | (10893) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to noncontrolling interests |  | 495 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net loss attributable to CaliberCos Inc.** | $(11609) | $221 | $(11388) |
| Basic and diluted loss per share | $(10.34) |  | $(10.12) |
| Weighted average common shares outstanding: |  |  |  |
| Basic and diluted | 1123 |  | 1123 |

---

------

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
| | **Platform** | **Impact of Consolidated Fund and Eliminations** | **Consolidated** |
| **Revenues** | | | |
| &nbsp;&nbsp;&nbsp;Asset management | $15155 | $(764) | $14391 |
| &nbsp;&nbsp;&nbsp;Performance allocations | 33 | (6) | 27 |
| &nbsp;&nbsp;&nbsp;Consolidated funds – hospitality revenue |  | 5057 | 5057 |
| &nbsp;&nbsp;&nbsp;Consolidated funds – other revenue |  | 622 | 622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 15188 | 4909 | 20097 |
| **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating costs | 14455 | (607) | 13848 |
| &nbsp;&nbsp;&nbsp;General and administrative | 5796 | (41) | 5755 |
| &nbsp;&nbsp;&nbsp;Marketing and advertising | 795 | 1 | 796 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 691 | (27) | 664 |
| &nbsp;&nbsp;&nbsp;Consolidated funds – hospitality expenses |  | 4743 | 4743 |
| &nbsp;&nbsp;&nbsp;Consolidated funds – other expenses |  | 1865 | 1865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 21737 | 5934 | 27671 |
| &nbsp;&nbsp;&nbsp;Other expenses, net | (2533) | (771) | (3304) |
| &nbsp;&nbsp;&nbsp;Change in fair value of digital assets | (5793) |  | (5793) |
| &nbsp;&nbsp;&nbsp;Interest income | 357 | (1) | 356 |
| &nbsp;&nbsp;&nbsp;Interest expense | (6712) |  | (6712) |
| **Net loss before income taxes** | (21230) | (1797) | (23027) |
| &nbsp;&nbsp;Provision for income taxes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net loss** | (21230) | (1797) | (23027) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to noncontrolling interests |  | (1229) | (1229) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net loss attributable to CaliberCos Inc.** | $(21230) | $(568) | $(21798) |
| Basic and diluted net loss per share | $(7.50) |  | $(7.70) |
| Weighted average common shares outstanding: |  |  |  |
| Basic and diluted | 2830 |  | 2830 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| | **Platform** | **Impact of Consolidated Fund and Eliminations** | **Consolidated** |
| **Revenues** | | | |
| &nbsp;&nbsp;&nbsp;Asset management | $20563 | $(3684) | $16879 |
| &nbsp;&nbsp;&nbsp;Performance allocations | 379 | (21) | 358 |
| &nbsp;&nbsp;&nbsp;Consolidated funds – hospitality revenue |  | 26476 | 26476 |
| &nbsp;&nbsp;&nbsp;Consolidated funds – other revenue |  | 7406 | 7406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 20942 | 30177 | 51119 |
| **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating costs | 24904 | (965) | 23939 |
| &nbsp;&nbsp;&nbsp;General and administrative | 6817 | (41) | 6776 |
| &nbsp;&nbsp;&nbsp;Marketing and advertising | 751 |  | 751 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 598 | (5) | 593 |
| &nbsp;&nbsp;&nbsp;Consolidated funds – hospitality expenses |  | 26503 | 26503 |
| &nbsp;&nbsp;&nbsp;Consolidated funds – other expenses |  | 5870 | 5870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 33070 | 31362 | 64432 |
| &nbsp;&nbsp;&nbsp;Other expenses, net | (2654) | (439) | (3093) |
| &nbsp;&nbsp;&nbsp;Interest income | 559 | (199) | 360 |
| &nbsp;&nbsp;&nbsp;Interest expense | (5424) |  | (5424) |
| **Net loss before income taxes** | (19647) | (1823) | (21470) |
| &nbsp;&nbsp;Provision for income taxes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net loss** | (19647) | (1823) | (21470) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to noncontrolling interests |  | (1693) | (1693) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net loss attributable to CaliberCos Inc.** | $(19647) | $(130) | $(19777) |
| Basic and diluted loss per share | $(17.86) |  | $(17.90) |
| Weighted average common shares outstanding: |  |  |  |
| Basic and diluted | 1100 |  | 1100 |

---

__________________________________________

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| Fund management fees | $3016 | $2844 | $11281 | $12318 |
| Financing fees | 70 | 34 | 643 | 650 |
| Development and construction fees | 508 | 1685 | 2442 | 6751 |
| Brokerage fees | 402 | 24 | 789 | 844 |
| &nbsp;&nbsp;Total asset management | 3996 | 4587 | 15155 | 20563 |
| &nbsp;&nbsp;Performance allocations | 1 | 1 | 33 | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | $3997 | $4588 | $15188 | $20942 |

---

___________________________________________

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

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**FVAUM and Managed Capital (UNAUDITED)**

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

**FV AUM**

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

---

| | |
|:---|:---|
| Balances as of December 31, 2024 | $794923 |
| &nbsp;&nbsp;&nbsp;Assets acquired <sup>(1)</sup>  | 10300 |
| &nbsp;&nbsp;&nbsp;Construction and net market appreciation | 25800 |
| &nbsp;&nbsp;&nbsp;Credit <sup>(3)</sup> | 379 |
| &nbsp;&nbsp;&nbsp;Other <sup>(3)</sup>  | (644) |
| Balances as of March 31, 2025 | 830758 |
| &nbsp;&nbsp;&nbsp;Construction and net market appreciation | (25313) |
| &nbsp;&nbsp;&nbsp;Assets sold or disposed <sup>(2)</sup> | (1487) |
| &nbsp;&nbsp;&nbsp;Credit <sup>(3)</sup> | 627 |
| &nbsp;&nbsp;&nbsp;Other <sup>(3)</sup>  | (1409) |
| Balances as of June 30, 2025 | 803176 |
| &nbsp;&nbsp;&nbsp;Construction and net market appreciation | (6683) |
| &nbsp;&nbsp;&nbsp;Assets sold or disposed <sup>(2)</sup> | (1917) |
| &nbsp;&nbsp;&nbsp;Credit <sup>(3)</sup> | 2334 |
| &nbsp;&nbsp;&nbsp;Other <sup>(3)</sup>  | 123 |
| Balances as of September 30, 2025 | 797033 |
| &nbsp;&nbsp;&nbsp;Assets acquired <sup>(1)</sup>  | 2019 |
| &nbsp;&nbsp;&nbsp;Construction and net market appreciation | 1837 |
| &nbsp;&nbsp;&nbsp;Assets sold or disposed <sup>(2)</sup> | (27756) |
| &nbsp;&nbsp;&nbsp;Credit <sup>(3)</sup> | 6472 |
| &nbsp;&nbsp;&nbsp;Other <sup>(3)</sup>  | 125 |
| Balances as of December 31, 2025 | $779730 |

---

___________________________________________

<sup>(1) &nbsp;&nbsp;&nbsp;&nbsp;</sup>Assets acquired during the year ended December 31, 2025 include one self storage property in Colorado and one land parcel intended for hotel development in Texas.

<sup>(2) &nbsp;&nbsp;&nbsp;&nbsp;</sup>Assets sold during the year ended December 31, 2025 include three hospitality assets and various lot sales related to development assets.

<sup>(3) &nbsp;&nbsp;&nbsp;&nbsp;</sup>Other FV AUM represents undeployed capital held in our diversified funds.

<sup>(4) &nbsp;&nbsp;&nbsp;&nbsp;</sup>Credit FV AUM represents loans made to Caliber's investment funds by our diversified credit fund.

------

**FV AUM, by asset class**

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

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;Real Estate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hospitality | $55600 | $68500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caliber Hospitality Trust | 191900 | 236800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential | 165900 | 161700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial | 280000 | 249600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Real Estate | 693400 | 716600 |
| &nbsp;&nbsp;Credit<sup>(1)</sup> | 82163 | 72351 |
| &nbsp;&nbsp;Other<sup>(2)</sup> | 4167 | 5972 |
| Total | $779730 | $794923 |

---

___________________________________________

<sup>(1) &nbsp;&nbsp;&nbsp;&nbsp;</sup>Other FV AUM represents undeployed capital held in our diversified funds.

<sup>(2) &nbsp;&nbsp;&nbsp;&nbsp;</sup>Credit FV AUM represents loans made to Caliber's investment funds by our diversified credit fund.

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**MANAGED CAPITAL**

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

---

| | | |
|:---|:---|:---|
| | | **Managed Capital** |
| Balances as of December 31, 2024 |  | $492542 |
| &nbsp;&nbsp;&nbsp;Originations |  | 2990 |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (315) |
| Balances as of March 31, 2025 |  | 495217 |
| &nbsp;&nbsp;Originations |  | 4226 |
| &nbsp;&nbsp;Return of capital |  | (876) |
| Balances as of June 30, 2025 |  | 498567 |
| &nbsp;&nbsp;Originations |  | 8086 |
| &nbsp;&nbsp;Return of capital |  | (664) |
| Balances as of September 30, 2025 |  | 505989 |
| &nbsp;&nbsp;Originations |  | 11197 |
| Balances as of December 31, 2025 |  | $517186 |
|  | **December 31, 2025** | **December 31, 2024** |
| Real Estate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hospitality | $49289 | $49260 |
| &nbsp;&nbsp;&nbsp;&nbsp;Caliber Hospitality Trust <sup>(1)</sup> | 97037 | 97414 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | 103961 | 96687 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial | 180569 | 170858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Real Estate <sup>(2)</sup> | 430856 | 414219 |
| Credit <sup>(3)</sup> | 82163 | 72351 |
| Other <sup>(4)</sup> | 4167 | 5972 |
| Total | $517186 | $492542 |

---

_________________________________________

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

<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Beginning during the year ended December 31, 2023, the Company includes capital raised from investors in CaliberCos Inc. through corporate note issuances that was further invested in our funds in Managed Capital. As of December 31, 2025 and December 31, 2024, the Company had invested $11.6 million and $20.4 million, respectively, in our funds.

<sup>(3)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Credit managed capital represents loans made to Caliber's investment funds by the Company and our diversified funds. As of December 31, 2025 and December 31, 2024, the Company had loaned $8.5 million and $0.4 million, respectively, to our funds.

<sup>(4)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Other managed capital represents undeployed capital held in our diversified funds.

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

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

**CALIBERCOS INC. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF OPERATIONS** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset management revenues | $3963 | $3953 | $14391 | $16879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance allocations | 2 | 1 | 27 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated funds – hospitality revenues |  | 2943 | 5057 | 26476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated funds – other revenues | 162 | 1790 | 622 | 7406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 4127 | 8687 | 20097 | 51119 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating costs | 2882 | 8550 | 13848 | 23939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 1530 | 1316 | 5755 | 6776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and advertising | 333 | 244 | 796 | 751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 181 | 154 | 664 | 593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated funds – hospitality expenses |  | 3312 | 4743 | 26503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated funds – other expenses | 474 | 465 | 1865 | 5870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 5400 | 14041 | 27671 | 64432 |
| Other expense, net | (450) | (4108) | (3304) | (3093) |
| Change in fair value of digital assets | (5116) |  | (5793) |  |
| Interest income | 266 | 35 | 356 | 360 |
| Interest expense | (1487) | (1466) | (6712) | (5424) |
| **Net loss before income taxes** | (8060) | (10893) | (23027) | (21470) |
| Provision for income taxes |  |  |  |  |
| **Net loss** | (8060) | (10893) | (23027) | (21470) |
| Net loss attributable to noncontrolling interests | (339) | 495 | (1229) | (1693) |
| **Net loss attributable to CaliberCos Inc.** | (7721) | (11388) | (21798) | (19777) |
| Basic and diluted net loss per share attributable to common stockholders | $(1.24) | $(10.12) | $(7.70) | $(17.90) |
| Weighted average common shares outstanding: |  |  |  |  |
| Basic and diluted | 6229 | 1123 | 2830 | 1100 |

---

------

**CALIBERCOS INC. AND SUBSIDIARIES**

**CONSOLIDATED BALANCE SHEETS**

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

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| **ASSETS** | | |
| Cash | $2538 | $1766 |
| Restricted cash | 2628 | 2582 |
| Real estate investments, net | 21689 | 21572 |
| Digital assets | 6850 |  |
| Notes receivable - related parties | 7348 | 105 |
| Due from related parties, net | 10086 | 6965 |
| Investments in unconsolidated entities | 11624 | 15643 |
| Operating lease - right of use assets | 98 | 147 |
| Prepaid and other assets | 2368 | 3501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Assets of consolidated funds* |  |  |
| Cash | 326 | 549 |
| Restricted cash | 524 |  |
| Real estate investments, net | 10807 | 45090 |
| Intangible assets, net | 46330 |  |
| Notes receivable - related parties | 936 | 6848 |
| Due from related parties | 220 | 320 |
| Operating lease - right of use assets | 10757 |  |
| Prepaid and other assets | 267 | 447 |
| Total assets | $135396 | $105535 |

---

------

**CALIBERCOS INC. AND SUBSIDIARIES**

**CONSOLIDATED BALANCE SHEETS**

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

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| **LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)** | | |
| Notes payable, net | $46347 | $50450 |
| Accounts payable and accrued expenses | 7325 | 9532 |
| Series AA cumulative redeemable preferred stock, net of issuance costs, $25.00 per share stated value, 800,000 shares authorized, 221,434 and zero shares issued and outstanding as of December 31, 2025 and 2024, respectively | 5101 |  |
| Due to related parties | 186 | 313 |
| Operating lease liabilities | 64 | 93 |
| Other liabilities | 771 | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Liabilities of consolidated funds* |  |  |
| Notes payable, net | 33605 | 29172 |
| Notes payable - related parties | 2330 | 2047 |
| Accounts payable and accrued expenses | 1719 | 1207 |
| Due to related parties | 861 | 79 |
| Operating lease liabilities | 10757 |  |
| Other liabilities | 99 | 639 |
| Total liabilities | 109165 | 94282 |
| Commitments and Contingencies |  |  |
| Preferred stock - Series A, $0.001 par value; 22,500,000 authorized and 5,875 and 5,000 shares issued and outstanding as of December 31, 2025 and 2024, respectively  |  |  |
| Preferred stock - Series B, $0.001 par value; 50,000 authorized and 15,868 and zero shares issued and outstanding as of December 31, 2025 and 2024, respectfully |  |  |
| Common stock Class A, $0.001 par value; 100,000,000 shares authorized, 6,534,319 and 759,370 shares issued and outstanding as of December 31, 2025 and 2024, respectively | 7 | 1 |
| Common stock Class B, $0.001 par value; 15,000,000 shares authorized, 370,822 shares issued and outstanding as of both December 31, 2025 and 2024 |  |  |
| Paid-in capital | 79731 | 44017 |
| Accumulated deficit | (78405) | (56607) |
| Stockholders' (deficit) equity attributable to CaliberCos Inc. | 1333 | (12589) |
| Stockholders' equity attributable to noncontrolling interests | 24898 | 23842 |
| Total stockholders' equity | 26231 | 11253 |
| Total liabilities and stockholders' equity | $135396 | $105535 |

---

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**Definitions** 

*Assets Under Management* 

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

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

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

**Non-GAAP Measures**

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

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*Asset Management Platform or Platform*

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

*Fee-Related Earnings and Related Components*

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

*Distributable Earnings*

Distributable Earnings is a supplemental non-GAAP performance measure equal to Fee-Related Earnings plus performance allocation revenue and less interest expenses and provision for income taxes. We believe that Distributable Earnings can be useful as a supplemental performance measure to our GAAP results assessing the amount of earnings available for distribution.

*Platform Earnings*

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

*Platform Earnings per Share*

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

------

*Platform Adjusted EBITDA*

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

*Consolidated Adjusted EBITDA*

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

------

**NON-GAAP ADJUSTED EBITDA**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Net loss attributable to CaliberCos Inc.** | $(7721) | $(11388) | $(21798) | $(19777) |
| &nbsp;&nbsp;Net (loss) income attributable to noncontrolling interests | (339) | 495 | (1229) | (1693) |
| **Net loss** | (8060) | (10893) | (23027) | (21470) |
| &nbsp;&nbsp;Provision for income taxes |  |  |  |  |
| **Net loss before income taxes** | (8060) | (10893) | (23027) | (21470) |
| &nbsp;&nbsp;Depreciation and amortization | 188 | 151 | 691 | 598 |
| &nbsp;&nbsp;Consolidated funds' impact on fee-related earnings | 172 | (712) | 1025 | 1185 |
| &nbsp;&nbsp;Stock-based compensation | 335 | 656 | 1697 | 2378 |
| &nbsp;&nbsp;Severance | (82) | 41 | 1016 | 244 |
| &nbsp;&nbsp;Performance allocations | (2) | (1) | (27) | (358) |
| &nbsp;&nbsp;Other (income) expenses, net | (37) | (196) | (360) | (1211) |
| &nbsp;&nbsp;Investments impairment | 390 |  | 2808 | 4304 |
| &nbsp;&nbsp;Change in fair value of digital assets | 5116 |  | 5793 |  |
| &nbsp;&nbsp;Bad debt expense | (59) |  | 85 | 4079 |
| &nbsp;&nbsp;Interest expense, net | 1221 | 1421 | 6355 | 4865 |
| **Fee-related earnings** | (818) | (1150) | (3944) | (5386) |
| &nbsp;&nbsp;Performance allocations | 2 | 1 | 27 | 358 |
| &nbsp;&nbsp;Interest expense, net | (1221) | (1421) | (6355) | (4865) |
| &nbsp;&nbsp;Provision for income taxes |  |  |  |  |
| **Distributable earnings** | (2037) | (2570) | (10272) | (9893) |
| &nbsp;&nbsp;Interest expense | 1487 | 1466 | 6712 | 5424 |
| &nbsp;&nbsp;Other expenses (income), net | 37 | 196 | 360 | 1211 |
| &nbsp;&nbsp;Provision for income taxes |  |  |  |  |
| &nbsp;&nbsp;Consolidated funds' impact on Caliber adjusted EBITDA | 156 | (94) | 772 | 548 |
| **Platform adjusted EBITDA** | (357) | (1002) | (2428) | (2710) |
| &nbsp;&nbsp;Consolidated funds' EBITDA adjustments | 110 | 2517 | 1633 | 9694 |
| **Consolidated adjusted EBITDA** | $(247) | $1515 | $(795) | $6984 |

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## Exhibit 99.2

![](cwd-supplementaldeckq420001.jpg)

Confidential - For Internal Use Only 4Q25 Earnings Supplemental Building on a 16-year track record of profitable growth and success©2025 Caliber

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![](cwd-supplementaldeckq420002.jpg)

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

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![](cwd-supplementaldeckq420003.jpg)

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

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![](cwd-supplementaldeckq420004.jpg)

4THE WEALTH DEVELOPMENT COMPANY 4 CEO Commentary

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About Nasdaq: CWD - Where Real Assets & Digital Assets Converge 5 \* Includes assets under management (AUM) of $779.7 million and assets under development (AUD) of $1.9 billion. \*\* Unlevered gross internal rate of return on all full-cycle investments. \*\*\* As of 3/23/2026 considering a price per token of $9.10. 16 years In Business $2.6 Billion Managed Assets\* 19% IRR Unlevered Track Record\*\* Caliber "CaliberCos Inc." (Nasdaq: CWD) is a publicly listed, alternative asset manager investing at the intersection of real-world assets and digital finance. 507,560 Tokens; $4.6 Million Value\*\*\* 1st Public LINK Digital Asset Treasury (DAT) Seeking Appreciation, Yield Generation

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

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

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

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Tokenization of Real-World Assets; an Emerging Trend in Finance 9 Caliber believes real estate funds and assets present the next frontier in real world asset tokenization Note: Graphic produced by Chainlink Labs in public presentation(s)

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Why $LINK, and Why Now? 10 Chainlink: The Infrastructure Powering Decentralized and Institutional Finance • Trusted by SWIFT, Mastercard, DTCC, S&P Global, Google Cloud, AWS, and the U.S. Department of Commerce. • LINK Token Economics: ◦ LINK is a payment and staking token - essential for securing the oracle network. ◦ Staking ensures accuracy of data feeds, earning yield for validators. ◦ Chainlink has begun buying back LINK tokens with protocol revenues, enhancing token scarcity and value. ◦ Sergey Nazarov (CEO): "The full economic value of the network is designed to flow through LINK." • Chainlink's oracle network remained fully operational during the October 2025 crypto liquidation - while competitor oracles failed or faced delays. • We believe Chainlink, and the associated LINK token are at the pivotal momentum to go from concept, to real revenue, to scale.

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Caliber's Flywheel - Two Growth Engines 11 1. Real Estate Platform ◦ Generates recurring fees and investment profits (cash flow) ◦ Produces stable returns and tangible value via Carried Interest ◦ Positive Cycle Renewed 2. LINK Treasury & Digital Asset Platform ◦ Builds balance sheet strength and yield ◦ Drives visibility and capital formation ◦ Increases efficiency of real asset investments The Flywheel Effect: Real estate profits fund LINK accumulation -> LINK yield and appreciation improve liquidity -> liquidity fuels more real estate growth -> repeat.

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Private Equity Real Estate Investment's Future: Tokenization 12 1. Primary Capital Formation ◦ Broaden investor access to private equity real estate through tokenized offerings ◦ Streamline fundraising and expand global reach 2. Secondary Liquidity ◦ Enable real estate investors to trade fund interests more efficiently ◦ Unlock value without requiring asset sales 3. Operational Efficiency ◦ Automate valuations, distributions, and investor reporting ◦ Reduce fund administration costs and enhance margins Tokenization improves scalability, profitability, and transparency across Caliber's real estate platform.

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PERE Platform Positioned for Renewed Cycle 13 Caliber Nasdaq: CWD Multi-Family Housing Multi-Tenant Industrial Hospitality RE Fund Syndication Hotel UPREIT "CHT"

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Business model drives consistent growth to Caliber 14 Grow Revenue Raise Capital Grow Assets under Management Caliber helps investors profit from real estate investments by designing and creating investment funds to pursue undervalued assets. Through its fundraising team, Caliber raises capital into the funds it manages and invests that capital to grow Caliber's total assets under management. Throughout the process, Caliber generates recurring revenue, service revenue, and investment revenue, which drives performance and investor capital to future funds. This revenue flywheel drives consistent growth to Caliber with non-dilutive financings at the fund level.

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Revenue model provides diverse sources of income 15 Asset Services Asset & Fund Management Performance Fees CWD in-house real estate & investment services to generate both recurring income & service-based income. Real Estate Development Construction Management Acquisitions, Leasing, & Sales CWD's performance fees drive profitability from asset sales & investment performance

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Real Estate Enters New Cycle 16

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Caliber Solves Its Clients' Financial Needs 17 Income Lending, CORE Plus, Value Add, CHT Preferred Stock Clients who invest in Caliber's Funds seek three primary outcomes: Desired Outcome Caliber Fund Growth Distressed and Special Situations, Adaptive Re-Use & Development Tax Planning/ Reduction Opportunity Zone Funds, 1031 Investments Caliber's Fundraising Engine Can Now Be Applied to Digital Assets High Net- Worth Investors Capital Sources RIA's & Brokers Family Offices / Institutions

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Caliber's PERE Products 18 CALIBER OPPORTUNITY ZONE FUND II "Uncapped Roth" Active Management Strategy Desirable Markets Target Mid-Teens IRR CALIBER OPPORTUNISTIC GROWTH FUND "The Access Fund" Positioned to Take Advantage of Upcoming Distress Target Mid-Teens IRR CALIBER CORE+ GROWTH & INCOME FUND "Passive Income Generator" Stability with Upside Potential Quarterly Liquidity (after 1-year lockup) Target Low-Mid-Teens PURE PICKLEBALL & PADEL AT RIVERWALK "QOZ & Non-QOZ Options" Located in Scottsdale, AZ World-Class Facility Spanning ~ 186,423 sq. ft.

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19THE WEALTH DEVELOPMENT COMPANY 19 4Q25 Financial Highlights

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4Q25 - Summary Highlights 20 Financial Measures • Platform revenue of $4.0 million, primarily driven by asset management revenue • Platform net loss attributable of $7.7 million, or $1.24 per diluted share • Platform Adjusted EBITDA loss of $0.4 million Metrics • Fair value assets under management of $779.7 million • Managed capital of $517.2 million Q4 2025 Highlights • Raised more than $4.5 million through common equity • Began staking LINK tokens for yield Corporate • On October 7, 2025, Caliber announced a partnership to deploy EV charging infrastructure, advancing sustainable asset enhancements across its portfolio. Caliber has partnered with Current, a leading EV infrastructure investor and developer, and InCharge Energy, the industry leader for design-build EV charging infrastructure and InServiceTM, the Company's customizable offering for all-brand charger service, maintenance, and on-demand repair. • On October 31, 2025, Caliber announced that its Board of Directors has approved a Noteholder Conversion Program authorizing the ability of holders of certain of Caliber's unsecured corporate notes to convert such notes into shares of the Company's Class A common stock. • On December 11, 2025, Caliber announced that it had staked 75,000 LINK tokens directly with a leading Chainlink node operator. This marked the Company's first direct participation in the core infrastructure that secures the Chainlink Network. • On February 27, 2026, Caliber announced the sale of the Holiday Inn Ocotillo in the Phoenix- Chandler submarket for $13.0 million. The asset was owned by Caliber Hospitality Trust, Inc. (CHT); Caliber's private Umbrella Partnership C-Corporation (Up-C) vehicle focused on transformational and value enhancing opportunities in the hospitality space.

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4th Quarter - Historical Summary Results 21 (0 0 0 's) Total Platform Revenue $7,187 $4,726 $4,212 $7,416 $4,588 $3,549 $4,126 $3,516 $3,997 Asset Management Performance Allocations 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 $— $2,000 $4,000 $6,000 $8,000 (0 0 0 ,0 0 0 's) Managed Capital $438 $454 $470 $485 $493 $495 $499 $506 $517 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 $300 $400 $500 $600 $700 (0 0 0 's) Adjusted EBITDA $1,553 $2,412 $(1,669) $(2,451) $(1,002) $(1,352) $(54) $(665) $(357) 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 $(3,000) $(2,000) $(1,000) $— $1,000 $2,000 $3,000 (0 0 0 's) FV AUM $741 $767 $773 $807 $795 $831 $803 $797 $780 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 $— $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000

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4th Quarter Summary Results 22 Platform Adjusted EBITDA (Loss) (000's) $(1,002) $(357) 4Q24 4Q25 Net Income (Loss) (per common share) $(10.12) $(1.24) 4Q24 4Q25 (0 0 0 's) Total Platform Revenue $4,588 $3,997 Asset Management Performance Allocations 4Q24 4Q25 $— $2,000 $4,000 $6,000 (0 0 0 's) Total Consolidated Revenue\* $8,687 $4,127 4Q24 4Q25 $— $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 \* As previously communicated, Caliber has simplified the presentation of its financial perfornce by deconsolidating certain assets from the Company's financials. As a result, the year-over-year comparisons of Caliber's GAAP financial performance are not meaningful.

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Annual Platform Revenue & Platform Adjusted EBITDA 23 Annual Platform Revenue & Platform Adjusted EBITDA $2 6, 0 71 $1 2, 19 7 $1 5, 99 2 $2 4 ,11 8 $2 0 ,6 38 $2 0 ,9 4 2 $1 5, 18 8 $1 0 ,0 4 0 $(2, 84 2) $3 ,4 62 $5 ,5 19 $(1,2 51) $(2, 71 0) $(2, 4 28) Total Platform Revenue Platform Adjusted EBITDA 2019 2020 2021 2022 2023 2024 2025 $(10,000) $(5,000) $— $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000

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Annual Managed Capital & Asset Management Revenue 24 0 0 0 ,0 0 0 's Managed Capital and Asset Management Revenue $8 2 $3 2 $9 9 $8 6 $7 5 $6 9 $2 6 $2 0 5 $2 26 $3 0 7 $3 83 $4 38 $4 93 $5 17 $3 96 $4 20 $6 0 1 $7 4 6 $7 4 1 $7 95 $7 80 Capital Originations Managed Capital Fair Value AUM 2019 2020 2021 2022 2023 2024 2025 $— $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 0 0 0 ,0 0 0 's $2 1.1 $1 1.8 $1 5. 3 $2 1.6 $1 7. 0 $2 0 .6 $1 5. 2 Asset Management Revenues 2019 2020 2021 2022 2023 2024 2025 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0

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Carried Interest 25 0 0 0 ,0 0 0 's Value of Carried Interest $89.0 $87.7 $84.8 $90.5 $104.2 Carried Interest Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 $50.0 $60.0 $70.0 $80.0 $90.0 $100.0 $110.0 $120.0

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26THE WEALTH DEVELOPMENT COMPANY 26 4Q25 Financial Review

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GAAP Income Statements 27 CALIBERCOS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Revenues Asset management revenues $3,963 $3,953 $14,391 $16,879 Performance allocations 2 1 27 358 Consolidated funds – hospitality revenues — 2,943 5,057 26,476 Consolidated funds – other revenues 162 1,790 622 7,406 Total revenues 4,127 8,687 20,097 51,119 Expenses Operating costs 2,882 8,550 13,848 23,939 General and administrative 1,530 1,316 5,755 6,776 Marketing and advertising 333 244 796 751 Depreciation and amortization 181 154 664 593 Consolidated funds – hospitality expenses — 3,312 4,743 26,503 Consolidated funds – other expenses 474 465 1,865 5,870 Total expenses 5,400 14,041 27,671 64,432 Other expense, net (450) (4,108) (3,304) (3,093) Change in fair value of digital assets (5,116) — (5,793) — Interest income 266 35 356 360 Interest expense (1,487) (1,466) (6,712) (5,424) Net loss before income taxes (8,060) (10,893) (23,027) (21,470) Provision for income taxes — — — — Net loss (8,060) (10,893) (23,027) (21,470) Net loss attributable to noncontrolling interests (339) 495 (1,229) (1,693) Net loss attributable to CaliberCos Inc. $(7,721) $(11,388) $(21,798) $(19,777) Basic and diluted net loss per share attributable to common stockholders $(1.24) $(10.12) $(7.70) $(17.90) Weighted average common shares outstanding: Basic and diluted 6,229 1,123 2,830 1,100

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GAAP Balance Sheets 28 CALIBERCOS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA) December 31, 2025 December 31, 2024 ASSETS Cash $2,538 $1,766 Restricted cash 2,628 2,582 Real estate investments, net 21,689 21,572 Digital assets 6,850 — Notes receivable - related parties, allowance of $909 and $0, respectively 7,348 105 Due from related parties, allowance of $4,071 and $3,985, respectively 10,086 6,965 Investments in unconsolidated entities 11,624 15,643 Operating lease - right of use assets 98 147 Prepaid and other assets 2,368 3,501 Assets of consolidated funds Cash 326 549 Restricted cash 524 — Real estate investments, net 10,807 45,090 Intangible assets, net 46,330 — Notes receivable - related parties, no allowance 936 6,848 Due from related parties, allowance of zero and $28, respectively 220 320 Operating lease - right of use assets 10,757 — Prepaid and other assets 267 447 Total assets $135,396 $105,535

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GAAP Balance Sheets (Continued) 29 December 31, 2025 December 31, 2024 LIABILITIES AND STOCKHOLDERS' EQUITY Notes payable, net $46,347 $50,450 Accounts payable and accrued expenses 7,325 9,532 Series AA cumulative redeemable preferred stock, net of issuance costs, $25.00 per share stated value, 800,000 shares authorized, 221,434 and zero shares issued and outstanding as of December 31, 2025 and 2024, respectively 5,101 — Due to related parties 186 313 Operating lease liabilities 64 93 Other liabilities 771 750 Liabilities of consolidated funds Notes payable, net 33,605 29,172 Notes payable - related parties 2,330 2,047 Accounts payable and accrued expenses 1,719 1,207 Due to related parties 861 79 Operating lease liabilities 10,757 — Other liabilities 99 639 Total liabilities 109,165 94,282 Commitments and Contingencies

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GAAP Balance Sheets (Continued) 30 December 31, 2025 December 31, 2024 Series A non-cumulative convertible preferred stock, $0.001 par value; $22,500,000 authorized and 5,875 and 5,000 shares issued and outstanding as of December 31, 2025 and 2024, respectively — $— Series B convertible preferred stock, $0.001 par value; 50,000 authorized and 15,868 and zero shares issued and outstanding as of December 31, 2025 and 2024, respectively — — Class A common stock, $0.001 par value; 100,000,000 shares authorized, 6,534,319 and 759,370 shares issued and outstanding as of December 31, 2025 and 2024, respectively 7 1 Class B common stock, $0.001 par value; 15,000,000 shares authorized, 370,822 shares issued and outstanding as December 31, 2025 and 2024 — — Paid-in capital 79,731 44,017 Accumulated deficit (78,405) (56,607) Stockholders' equity (deficit) attributable to CaliberCos Inc. 1,333 (12,589) Stockholders' equity attributable to noncontrolling interests 24,898 23,842 Total stockholders' equity 26,231 11,253 Total liabilities and stockholders' equity $135,396 $105,535

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&nbsp;&nbsp;&nbsp;&nbsp;Contacts: Chris Loeffler, CEO Chris.Loeffler@CaliberCo.com Ilya Grozovsky, VP of Investor Relations & Corporate Development Ilya.Grozovsky@CaliberCo.com CaliberCos NASDAQ: CWD https://www.caliberco.com/

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appendix THE WEALTH DEVELOPMENT COMPANY 32

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NON-GAAP Measures 33 Non-GAAP Measures We use non-GAAP financial measures to evaluate operating performance, identify trends, formulate financial projections, make strategic decisions, and for other discretionary purposes. We believe that these measures enhance the understanding of ongoing operations and comparability of current results to prior periods and may be useful for investors to analyze our financial performance because they provides investors a view of the performance attributable to CaliberCos Inc. When analyzing our operating performance, investors should use these measures in addition to, and not as an alternative for, their most directly comparable financial measure calculated and presented in accordance with U.S. GAAP. Our presentation of non-GAAP measures may not be comparable to similarly identified measures of other companies because not all companies use the same calculations. These measures may also differ from the amounts calculated under similarly titled definitions in our debt instruments, which amounts are further adjusted to reflect certain other cash and non-cash charges and are used by us to determine compliance with financial covenants therein and our ability to engage in certain activities, such as incurring additional debt and making certain restricted payments. Asset Management Platform or Platform Platform refers to the performance of the Caliber asset management platform segment, which generates revenues and expenses from managing our investment portfolio, which does not include any consolidated assets or funds. These activities include asset management, transaction services, and performance allocations. Management believes that this is an important view of the Company because it communicates performance of the Company that would be most useful for understanding the value of CWD. Fee-Related Earnings and Related Components Fee-Related Earnings is a supplemental non-GAAP performance measure used to assess our ability to generate profits from fee- based revenues, focusing on whether our core revenue streams, are sufficient to cover our core operating expenses. Fee-Related Earnings represents the Company's net income (loss) before income taxes adjusted to exclude depreciation and amortization, stock-based compensation, interest expense and extraordinary or non-recurring revenue and expenses, including performance allocation revenue and gain (loss) on extinguishment of debt, public registration direct costs related to aborted or delayed offerings and our Reg A+ offering, litigation settlements, and expenses recorded to earnings relating to investment deals which were abandoned or closed. Fee-Related Earnings is presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminates noncontrolling interest. Eliminating the impact of consolidated funds and noncontrolling interest provides investors a view of the performance attributable to CaliberCos Inc. and is consistent with performance models and analysis used by management.

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NON-GAAP Measures (Continued) 34 Distributable Earnings Distributable Earnings is a supplemental non-GAAP performance measure equal to Fee-Related Earnings plus performance allocation revenue and less interest expenses and provision for income taxes. We believe that Distributable Earnings can be useful as a supplemental performance measure to our U.S. GAAP results assessing the amount of earnings available for distribution. Platform Earnings Platform Earnings represents the performance of our asset management platform segment, which generates revenues and expenses from managing our investment portfolio, excluding any consolidated assets or funds. Platform Earnings per Share Platform Earnings per Share is calculated as Platform Earnings divided by weighted average CWD common shares outstanding. Platform Adjusted EBITDA Platform Adjusted EBITDA represents the Company's Distributable Earnings adjusted for interest expense, the share repurchase costs related to the Company's Buyback Program, other income (expense), and provision for income taxes on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminates noncontrolling interest. Eliminating the impact of consolidated funds and noncontrolling interest provides investors a view of the performance attributable to the Platform and is consistent with performance models and analysis used by management. Consolidated Adjusted EBITDA Consolidated Adjusted EBITDA represents the Company's and the consolidated funds' earnings before net interest expense, income taxes, depreciation and amortization, further adjusted to exclude stock-based compensation, transaction fees, expenses and other public registration direct costs related to aborted or delayed offerings and our Reg A+ offering, litigation settlements, expenses recorded to earnings relating to investment deals which were abandoned or closed, any other non-cash expenses or losses, as further adjusted for extraordinary or non-recurring items. The following tables presents a reconciliation of net income (loss) attributable to CaliberCos Inc. to Fee-Related Earnings, Distributable Earnings, Caliber Adjusted EBITDA, and Consolidated Adjusted EBITDA for the three and nine months ended September 30, 2025 and 2024 (in thousands):

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Platform Income Statements 35 ASSET MANAGEMENT PLATFORM (1) (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) Three Months Ended December 31, 2025 Platform Impact of Consolidated Fund and Eliminations Consolidated Revenues Asset management $3,996 $(33) $3,963 Performance allocations 1 1 2 Consolidated funds – other revenue — 162 162 Total revenues 3,997 130 4,127 Expenses Operating costs 3,038 (156) 2,882 General and administrative 1,540 (10) 1,530 Marketing and advertising 332 1 333 Depreciation and amortization 188 (7) 181 Consolidated funds – other expenses — 474 474 Total expenses 5,098 302 5,400 Other expenses, net (294) (156) (450) Change in fair value of digital assets (5,116) — (5,116) Interest income 266 — 266 Interest expense (1,487) — (1,487) Net loss before income taxes (7,732) (328) (8,060) Provision for income taxes — — — Net loss (7,732) (328) (8,060) Net income attributable to noncontrolling interests — (339) (339) Net loss attributable to CaliberCos Inc. $(7,732) $11 $(7,721) Basic and diluted net loss per share $(1.24) $(1.24) Weighted average common shares outstanding: Basic and diluted 6,229 6,229

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Platform Income Statements (Continued) 36 Year Ended December 31, 2025 Platform Impact of Consolidated Fund and Eliminations Consolidated Revenues Asset management $15,155 $(764) $14,391 Performance allocations 33 (6) 27 Consolidated funds – hospitality revenue — 5,057 5,057 Consolidated funds – other revenue — 622 622 Total revenues 15,188 4,909 20,097 Expenses Operating costs 14,455 (607) 13,848 General and administrative 5,796 (41) 5,755 Marketing and advertising 795 1 796 Depreciation and amortization 691 (27) 664 Consolidated funds – hospitality expenses — 4,743 4,743 Consolidated funds – other expenses — 1,865 1,865 Total expenses 21,737 5,934 27,671 Other expenses, net (2,533) (771) (3,304) Change in fair value of digital assets (5,793) — (5,793) Interest income 357 (1) 356 Interest expense (6,712) — (6,712) Net loss before income taxes (21,230) (1,797) (23,027) Provision for income taxes — — — Net loss (21,230) (1,797) (23,027) Net income attributable to noncontrolling interests — (1,229) (1,229) Net loss attributable to CaliberCos Inc. $(21,230) $(568) $(21,798) Basic and diluted net loss per share $(7.50) $(7.70) Weighted average common shares outstanding: Basic and diluted 2,830 2,830

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Platform Income Statements (Continued) 37 Three Months Ended December 31, 2024 Platform Impact of Consolidated Fund and Eliminations Consolidated Revenues Asset management fees $4,587 $(634) $3,953 Performance allocations 1 — 1 Consolidated funds – hospitality revenue — 2,943 2,943 Consolidated funds – other revenue — 1,790 1,790 Total revenues 4,588 4,099 8,687 Expenses Operating costs 8,933 (383) 8,550 General and administrative 1,327 (11) 1,316 Marketing and advertising 243 1 244 Depreciation and amortization 151 3 154 Consolidated funds – hospitality expenses — 3,312 3,312 Consolidated funds – other expenses — 465 465 Total expenses 10,654 3,387 14,041 Other expenses, net (4,122) 14 (4,108) Interest income 45 (10) 35 Interest expense (1,466) — (1,466) Net loss before income taxes (11,609) 716 (10,893) Provision for income taxes — — — Net loss (11,609) 716 (10,893) Net loss attributable to noncontrolling interests — 495 495 Net loss attributable to CaliberCos Inc. $(11,609) $221 $(11,388) Basic and diluted loss per share $(10.34) $(10.12) Weighted average common shares outstanding: Basic and diluted 1,123 1,123

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Platform Income Statements (Continued) 38 Year Ended December 31, 2024 Platform Impact of Consolidated Fund and Eliminations Consolidated Revenues Asset management $20,563 $(3,684) $16,879 Performance allocations 379 (21) 358 Consolidated funds – hospitality revenue — 26,476 26,476 Consolidated funds – other revenue — 7,406 7,406 Total revenues 20,942 30,177 51,119 Expenses Operating costs 24,904 (965) 23,939 General and administrative 6,817 (41) 6,776 Marketing and advertising 751 — 751 Depreciation and amortization 598 (5) 593 Consolidated funds – hospitality expenses — 26,503 26,503 Consolidated funds – other expenses — 5,870 5,870 Total expenses 33,070 31,362 64,432 Other expenses, net (2,654) (439) (3,093) Interest income 559 (199) 360 Interest expense (5,424) — (5,424) Net loss before income taxes (19,647) (1,823) (21,470) Provision for income taxes — — — Net loss (19,647) (1,823) (21,470) Net loss attributable to noncontrolling interests — (1,693) (1,693) Net loss attributable to CaliberCos Inc. $(19,647) $(130) $(19,777) Basic and diluted loss per share $(17.86) $(17.90) Weighted average common shares outstanding: Basic and diluted 1,100 1,100 (1) Represents the results of our asset management platform, which are presented on a basis that deconsolidates our consolidated funds (intercompany eliminations and eliminates noncontrolling interests.

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NON-GAAP Reconciliations 39 NON-GAAP ADJUSTED EBITDA (AMOUNTS IN THOUSANDS) (UNAUDITED) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Net loss attributable to CaliberCos Inc. $(7,721) $(11,388) $(21,798) $(19,777) Net income (loss) attributable to noncontrolling interests (339) 495 (1,229) (1,693) Net loss (8,060) (10,893) (23,027) (21,470) Provision for income taxes — — — — Net loss before income taxes (8,060) (10,893) (23,027) (21,470) Depreciation and amortization 188 151 691 598 Consolidated funds' impact on fee-related earnings 172 (712) 1,025 1,185 Stock-based compensation 335 656 1,697 2,378 Severance (82) 41 1,016 244 Performance allocations (2) (1) (27) (358) Other (income) expenses, net (37) (196) (360) (1,211) Investments impairment 390 — 2,808 4,304 Change in fair value of digital assets 5,116 — 5,793 — Bad debt expense (59) — 85 4,079 Interest expense, net 1,221 1,421 6,355 4,865 Fee-related earnings (818) (1,150) (3,944) (5,386) Performance allocations 2 1 27 358 Interest expense, net (1,221) (1,421) (6,355) (4,865) Provision for income taxes — — — — Distributable earnings (2,037) (2,570) (10,272) (9,893) Interest expense 1,487 1,466 6,712 5,424 Other expenses (income), net 37 196 360 1,211 Consolidated funds' impact on Caliber adjusted EBITDA 156 (94) 772 548 Platform adjusted EBITDA (357) (1,002) (2,428) (2,710) Consolidated funds' EBITDA adjustments 110 2,517 1,633 9,694 Consolidated adjusted EBITDA $(247) $1,515 $(795) $6,984

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NON-GAAP Reconciliations (Continued) 40 PLATFORM REVENUE (1) (AMOUNTS IN THOUSANDS) (UNAUDITED) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Fund management fees $3,016 $2,844 $11,281 $12,318 Financing fees 70 34 643 650 Development and construction fees 508 1,685 2,442 6,751 Brokerage fees 402 24 789 844 Total asset management 3,996 4,587 15,155 20,563 Performance allocations 1 1 33 379 Total revenue $3,997 $4,588 $15,188 $20,942 (1) Represents the results of our asset management platform, which are presented on a basis that deconsolidates our consolidated funds (intercompany eliminations and eliminates noncontrolling interests.

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NON-GAAP Reconciliations (Continued) 41 MANAGED CAPITAL (AMOUNTS IN THOUSANDS) (UNAUDITED) Balances as of December 31, 2024 $492,542 Originations 2,990 Return of capital (315) Balances as of March 31, 2025 495,217 Originations 4,226 Return of capital (876) Balances as of June 30, 2025 498,567 Originations 8,086 Return of capital (664) Balances as of September 30, 2025 505,989 Originations 11,197 Balances as of December 31, 2025 $517,186 December 31, 2025 December 31, 2024 Real Estate Hospitality $49,289 $49,260 Caliber Hospitality Trust (1) 97,037 97,414 Residential 103,961 96,687 Commercial 180,569 170,858 Total Real Estate (2) 430,856 414,219 Credit (3) 82,163 72,351 Other (4) 4,167 5,972 Total $517,186 $492,542 (1) We earn a fund management fee of 0.70% of the Caliber Hospitality Trust's enterprise value and are reimbursed for certain costs incurred on behalf of the Caliber Hospitality Trust. (2) Beginning during the year ended December 31, 2023, we include capital raised from our investors through corporate note issuances that was further invested in our funds in Managed Capital. As of December 31, 2025, and December 31, 2024, we had invested $11.6 million and $20.4 million, respectively, in our funds. (3) Credit managed capital represents loans made to our investment funds by us and our diversified funds. As of December 31, 2025 and December 31, 2024, we had loaned $8.5 million and $0.4 million, respectively, to our funds. (4) Other managed capital represents undeployed capital held in our diversified funds.

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NON-GAAP Reconciliations (Continued) 42 Fair Value Assets Under Management (AMOUNTS IN THOUSANDS) (UNAUDITED) Balances as of December 31, 2024 $794,923 Assets acquired (1) 10,300 Construction and net market appreciation 25,800 Credit (3) 379 Other (3) (644) Balances as of March 31, 2025 830,758 Construction and net market appreciation (25,313) Assets sold or disposed (2) (1,487) Credit (3) 627 Other (3) (1,409) Balances as of June 30, 2025 803,176 Construction and net market appreciation (6,683) Assets sold or disposed (2) (1,917) Credit (3) 2,334 Other (3) 123 Balances as of September 30, 2025 $797,033 Assets acquired (1) 2,019 Construction and net market appreciation 1,837 Assets sold or disposed (2) (27,756) Credit (3) 6,472 Other (3) 125 Balances as of December 31, 2025 $779,730 (1) Assets acquired during the year ended December 31, 2025 include one self storage property in Colorado and one land parcel intended for hotel development in Texas. (2) Assets sold during the year ended December 31, 2025 include three hospitality assets and various lot sales related to development assets. (3) Other FV AUM represents undeployed capital held in our diversified funds. (4) Credit FV AUM represents loans made to Caliber's investment funds by our diversified credit fund.

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NON-GAAP Reconciliations (Continued) 43 Fair Value Assets Under Management, by Asset Class (AMOUNTS IN THOUSANDS) (UNAUDITED) December 31, 2025 December 31, 2024 Real Estate Hospitality $55,600 $68,500 Caliber Hospitality Trust 191,900 236,800 Residential 165,900 161,700 Commercial 280,000 249,600 Total Real Estate 693,400 716,600 Credit(1) 82,163 72,351 Other(2) 4,167 5,972 Total $779,730 $794,923 (1) Credit FV AUM represents loans made to Caliber's investment funds by our diversified credit fund. (2) Other FV AUM represents undeployed capital held in our diversified funds.

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## Exhibit 99.3

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Over the past 16 years, Caliber has grown into a leading diversified alternative asset management firm, managing more than $2.6 billion in assets under management and assets under development. Caliber's primary goal is to enhance the wealth of accredited investors seeking to make investments in middle-market assets. We strive to build wealth for our clients by creating, managing, and servicing middle-market investment funds, private syndications, and direct investments. Through our funds, we invest primarily in real estate, private equity, and debt facilities. We market and fundraise to private investors, family offices, and institutions ("Direct Channel") and to registered investment advisers and independent broker-dealers ("Wholesale Channel"). Through our Asset Management Platform ("Platform"), our team executes fund management, fund administration, asset financing, development and construction management and real estate brokerage activities, which generate fees, expenses and liabilities. U.S. GAAP rules require Caliber to consolidate certain funds we manage into our operating results, which can obscure the underlying performance of the Platform. This supplemental data is intended to provide Caliber shareholders with a more transparent view of its financial performance excluding the impact of consolidation. Management also believes this additional information is more meaningful when comparing prior period performance. Digital Asset Treasury In August 2025, our Board of Directors approved a new digital asset treasury policy designed to enhance the Company's balance sheet strength, liquidity profile, and long-term growth potential. Under this policy, Caliber intends to allocate a portion of its corporate treasury to digital assets that demonstrate institutional utility and adoption potential, beginning with Chainlink (LINK). Chainlink is the leading decentralized oracle network that enables smart contracts and traditional systems to securely interact with real-world data. The Company selected LINK as its inaugural digital asset because it represents core infrastructure within the blockchain ecosystem; supporting the growth of tokenization, decentralized finance, and real-world asset integration. Management believes that Chainlink's enterprise adoption, technology maturity, and network resilience make LINK an attractive long-term holding relative to other digital assets at similar stages of adoption. Since adoption of the policy, Caliber has raised capital through equity issuances and deployed a portion of those proceeds to accumulate LINK tokens as a long-term reserve asset. These holdings are reflected on our balance sheet at fair value as of December 31, 2026. Changes in the fair value of our LINK tokens are reflected within net loss on our Platform statements of operations for the three and twelve months ended December 31, 2025. The following information summarizes the annual income statements and balance sheets for the Platform for the years 2019 through Q4 2025, and the quarterly results for the period beginning Q4 2023 through Q4 2025. Also included are changes in managed capital and Assets Under Management for the same periods, which are intended to help investors understand how changes in these measures impact Platform revenues. Caliber's Supplemental Asset Management Financial Information March 25, 2026

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YTD YTD YTD YTD YTD YTD YTD (in thousands, except per share amounts) 2019 2020 2021 2022 2023 2024 2025 Platform Revenues Asset management revenues 21,086$11,775$15,259$21,575$16,982$20,563$15,155$ Performance allocations 4,985 422 733 2,543 3,656 379 33 Total Platform revenues 26,071 12,197 15,992 24,118 20,638 20,942 15,188 Platform Expenses Operating costs 15,606 12,282 10,643 14,609 21,808 24,904 14,455 General and administrative 1,896 2,864 5,307 6,742 6,807 6,817 5,796 Marketing and advertising 435 1,085 1,536 1,179 1,053 751 795 Depreciation and amortization 176 149 83 44 551 598 691 Total Platform expenses 18,113 16,380 17,569 22,574 30,219 33,070 21,737 Unrealized loss on digital assets - - - - - - 5,793 Other income, net 113 (23) (1,653) (256) (649) 2,654 2,533 Gain on extinguishment of debt - - - (1,421) - - - Interest income (10) (7) (104) (177) (1,863) (559) (357) Interest expense 1,294 (437) 756 1,056 4,716 5,424 6,712 Platform Net income (loss) before income taxes 6,561 (3,716) (576) 2,342 (11,785) (19,647) (21,230) Income taxes - - - - - - - Platform Net income/(loss) - Earnings 6,561$(3,716)$(576)$2,342$(11,785)$(19,647)$(21,230)$ Platform EBITDA 8,021 (4,011) 159 3,265 (8,381) (14,184) (13,827) Platform Adjusted EBITDA 10,040 (2,842) 3,462 5,519 (1,251) (2,710) (2,428) Basic \*\* 1,211 874 889 900 1,005 1,100 2,586 Diluted \*\* 1,445 874 889 991 1,005 1,100 2,586 Platform BEPS \*\* 5.42 (4.25) (0.65) 2.60 (11.73) (17.87) (8.21) Platform DEPS \*\* 4.54 (4.25) (0.65) 2.36 (11.73) (17.87) (8.21) Capital Originations 82,402 31,903 99,132 85,574 74,857 68,959 26,499 Managed Capital 204,755 226,486 306,899 383,189 437,625 492,542 517,186 Fair Value Assets Under Management (AUM) 395,816 419,700 601,168 745,514 741,190 794,923 779,730 Assets Under Development (AUD)_rounded 2,200,000 3,100,000 2,900,000 1,852,000 Total Managed Assets 395,816 419,700 601,168 2,945,514 3,841,190 3,694,923 2,631,730 Estimated Performance Allocations \*\*\* 104,180 \*Certain prior year amounts have been reclassified to conform to current presentation. \*\*\*Amount represents fees the Company could earn, were all AUD at December 31, 2025, completed up through sale of the assets. \*\*Basic and Diluted share count and BEPS and DEPS includes the impact of the revese stock split effect a 1-for-1.6820384 reverse stock split of Class A common stock, Class B common stock and Series B preferred stock which occurred on January 17, 2023.

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QTD QTD QTD QTD QTD QTD QTD QTD QTD (in thousands, except per share amounts) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Platform Revenues Asset management revenues 6,005$4,555$4,179$7,242$4,587$3,542$4,103$3,514$3,996$ Performance allocations 1,182 171 33 174 1 7 23 2 1 Total Platform revenues 7,187 4,726 4,212 7,416 4,588 3,549 4,126 3,516 3,997 Platform Expenses Operating costs 5,896 5,484 5,760 4,727 8,933 4,168 3,841 3,408 3,038 General and administrative 2,148 1,949 2,091 1,450 1,327 1,592 1,183 1,481 1,540 Marketing and advertising 166 106 227 175 243 165 147 151 332 Depreciation and amortization 354 183 119 145 151 162 174 167 188 Total Platform expenses 8,564 7,722 8,197 6,497 10,654 6,087 5,345 5,207 5,098 Unrealized loss on digital assets - - - - - - - 677 5,116 Other loss (income), net (355) (452) (490) (526) 4,122 (6) 2,014 230 294 Interest income (384) (285) (170) (59) (45) (33) (30) (28) (266) Interest expense 1,307 1,295 1,315 1,348 1,466 1,611 1,738 1,876 1,487 Platform (Net loss) income before income taxes (1,945) (3,554) (4,640) 156 (11,609) (4,110) (4,941) (4,446) (7,732) Income taxes - - - - - - - - - Platform Net income/(loss) - Earnings (1,945)$(3,554)$(4,640)$156$(11,609)$(4,110)$(4,941)$(4,446)$(7,732)$ Platform EBITDA (668) (2,361) (3,376) 1,590 (10,037) (2,337) (3,029) (2,404) (6,057) Platform Adjusted EBITDA 1,553 (1,669) (2,451) 2,412 (1,002) (1,352) (54) (665) (357) Basic 911 1,077 1,091 1,107 1,123 1,146 1,278 2,615 5,261 Diluted 911 1,077 1,091 1,404 1,123 1,146 1,278 2,615 5,261 Platform BEPS (2.14) (3.30) (4.25) 0.14 (10.33) (3.59) (3.87) (1.70) (1.47) Platform DEPS (2.14) (3.30) (4.25) 0.11 (10.33) (3.59) (3.87) (1.70) (1.47) Capital Originations 38,622 19,099 18,936 23,372 7,552 2,990 4,226 8,086 11,197 Managed Capital 437,625 453,905 469,800 485,272 492,542 495,217 498,567 505,989 517,186 Fair Value Assets Under Management (AUM) 741,190 766,738 773,213 806,961 794,923 830,758 803,176 797,033 779,730 Assets Under Development (AUD)_rounded 3,100,000 2,900,000 2,900,000 2,900,000 2,900,000 2,900,000 1,950,000 1,891,000 1,852,000 Total Managed Assets 3,841,190 3,666,738 3,673,213 3,706,961 3,694,923 3,730,758 2,753,176 2,688,033 2,631,730 Estimated Performance Allocations \*\* 88,995 87,733 84,776 90,454 104,180 \*Certain prior year amounts have been reclassified to conform to current presentation. \*\*Amount represents fees the Company could earn, were all AUD at December 31, 2025, completed up through sale of the assets.

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$6,005 $4,555 $4,179 $7,242 $4,587 $3,542 $4,103 $3,514 $3,996 1,553 (1,669) (2,451) 2,412 (1,002) (1,352) (54) (665) (357) $(4,000) $(2,000) $- $2,000 $4,000 $6,000 $8,000 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Quarterly Platform Revenue and Platform Adjusted EBITDA Asset management revenues Platform Adjusted EBITDA $39MM $19MM $19MM $23MM $8MM $3MM $4MM $8MM $11MM $438MM $454MM $470MM $485MM $493MM $495MM $499MM $506MM $517MM $741MM $767MM $773MM $807MM $795MM $831MM $803MM $797MM $780MM $6.0MM $4.6MM $4.2MM $7.2MM $4.6MM $3.5MM $4.1MM $3.5MM $4.0MM - 200,000 400,000 600,000 800,000 1,000,000 1,200,000 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Managed Capital and Asset Management Revenue Capital Originations Managed Capital Fair Value Assets Under Management (AUM) Asset management revenues

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Dec. 31, 2023 Mar. 31, 2024 Jun. 30, 2024 Sept. 30, 2024 Dec. 31, 2024 Mar. 31, 2025 June. 30, 2025 Sept. 30, 2025 Dec. 31, 2025 (in thousands) Assets Cash and restricted cash 3,509 3,278 3,093 3,050 4,348 3,363 3,145 13,138 5,166 Total Real estate assets 21,571 21,749 21,733 21,644 21,782 21,776 21,978 22,050 21,945 Digital assets - - - - - - - 9,965 6,850 Other assets 49,631 46,663 40,144 39,606 30,947 30,586 28,356 29,947 36,026 Total assets 74,711 71,690 64,970 64,300 57,077 55,725 53,479 75,100 69,987 Liabilities Corporate Notes 53,799 52,952 50,169 49,673 50,450 51,555 50,442 48,678 46,347 Other liabilities 14,256 15,164 15,174 14,102 15,071 15,534 16,378 17,514 17,594 Total liabilities 68,055 68,116 65,343 63,775 65,521 67,089 66,820 66,192 63,941 Stockholders' (Deficit) Equity Total stockholders' (deficit) equity 6,656 3,574 (373) 525 (8,444) (11,364) (13,341) 8,908 6,046 Total liabilities and stockholders' (deficit) equity 74,711 71,690 64,970 64,300 57,077 55,725 53,479 75,100 69,987 Platform Debt to equity 10.22 19.06 (175.18) 121.48 (7.76) (5.90) (5.01) 7.43 10.58 Platform Debt to assets 0.91 0.95 1.01 0.99 1.15 1.20 1.25 0.88 0.91 \*Certain prior year amounts have been reclassified to conform to current presentation. 1 Notes payable increased in Q1-2023 to $51M from $14.7M. This increase includes: i) $16.3M of debt assumed in the acquisition of our corporate headquarters. Note the corresponding increase in Real estate investments of approximately $19.4M over the same period. ii) $20.1M of notes raised to fund and invest in various assets Caliber managed. In response to a slow down in capital orginations. Corresponding increase in Notes receivable ($12m), Due from Related Parties ($4M), and investments ($2.4M). Remaining balance used in operations ($1.5M). 2 Equity increased by $16.7M. Caliber completed its IPO in May 2023 and raised $4M. Upon completion of the IPO, the Company was relieved of its obligation to buyback the then remaining $12.4M in shares from a former co-founder. Note the corresponding decrease to accounts payable and accrueds. In response to continues slowdown in capital originations, the company issued additional Notes payable which increased by

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

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

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

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Platform Impact of Consolidated Funds Consolidated Platform Impact of Consolidated Funds Consolidated Platform Impact of Consolidated Funds Consolidated Platform Impact of Consolidated Funds Consolidated Assets Cash and restricted cash 3,363,000 - 3,363,000 3,145,000 - 3,145,000 13,138,000 - 13,138,000 5,166,000 - 5,166,000 Total Real estate assets 21,776,000 (262,000) 21,514,000 21,978,000 (264,000) 21,714,000 22,050,000 (261,000) 21,789,000 21,945,000 (256,000) 21,689,000 Digital assets - - - - - - 9,965,000 - 9,965,000 6,850,000 - 6,850,000 Other assets 30,586,000 (4,513,000) 26,073,000 28,356,000 (4,130,000) 24,226,000 29,947,000 (3,969,000) 25,978,000 36,026,000 (4,502,000) 31,524,000 Assets of consolidated funds Cash and restricted cash - 997,000 997,000 - 306,000 306,000 - 250,000 250,000 - 850,000 850,000 Total Real estate assets - 44,102,000 44,102,000 - 10,397,000 10,397,000 - 10,296,000 10,296,000 - 10,807,000 10,807,000 Intangible assets - - - - - - - - - - 46,330,000 46,330,000 Other assets - 7,594,000 7,594,000 - 1,179,000 1,179,000 - 1,152,000 1,152,000 - 12,180,000 12,180,000 Total assets 55,725,000 47,918,000 103,643,000 53,479,000 7,488,000 60,967,000 75,100,000 7,468,000 82,568,000 69,987,000 65,409,000 135,396,000 Liabilities and Stockholders' Equity Corporate Notes 51,555,000 - 51,555,000 50,442,000 76,000 50,518,000 48,678,000 - 48,678,000 46,347,000 - 46,347,000 Other liabilities 15,534,000 (4,267,000) 11,267,000 16,378,000 (4,276,000) 12,102,000 17,514,000 (4,125,000) 13,389,000 17,594,000 (4,147,000) 13,447,000 Liabilities of consolidated funds Mortgage and real estate debt - 31,558,000 31,558,000 11,631,000 11,631,000 - 11,611,000 11,611,000 - 33,605,000 33,605,000 Other liabilities - 1,905,000 1,905,000 2,613,000 2,613,000 - 2,803,000 2,803,000 - 15,766,000 15,766,000 Total liabilities 67,089,000 29,196,000 96,285,000 66,820,000 10,044,000 76,864,000 66,192,000 10,289,000 76,481,000 63,941,000 45,224,000 109,165,000 Stockholders' equity (deficit) attributable to CaliberCos Inc. (11,364,000) 27,172,000 15,808,000 (13,341,000) (4,802,000) (18,143,000) 8,908,000 (4,725,000) 4,183,000 6,046,000 (4,713,000) 1,333,000 Stockholders' equity attributable to noncontrolling interests - 23,166,000 23,166,000 2,246,000 2,246,000 - 1,904,000 1,904,000 - 24,898,000 24,898,000 Total stockholders' equity (11,364,000) 18,722,000 7,358,000 (13,341,000) (2,556,000) (15,897,000) 8,908,000 (2,821,000) 6,087,000 6,046,000 20,185,000 26,231,000 Total liabilities and stockholders' equity 55,725,000 47,918,000 103,643,000 53,479,000 7,488,000 60,967,000 75,100,000 7,468,000 82,568,000 69,987,000 65,409,000 135,396,000 Debt to Equity (5.90) 1.07 6.09 (5.01) (2.09) (4.24) 7.43 (2.18) 18.28 10.58 (9.60) 81.89 Debt to Assets 1.20 0.61 0.93 1.25 1.34 1.26 0.88 1.38 0.93 0.91 0.69 0.81 Three Months Ended March, 31, 2025 Three Months Ended June, 30, 2025 Three Months Ended September, 30, 2025 Three Months Ended December, 31, 2025

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YTD YTD YTD YTD YTD QTD QTD QTD QTD QTD QTD QTD QTD QTD QTD QTD QTD 2019 2020 2021 2022 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Net income (loss) attributable to CaliberCos Inc. 6,467,000 (5,446,000) (698,000) 2,020,000 (12,703,000) (1,207,000) (5,726,000) (3,409,000) (2,361,000) (3,805,000) (4,730,000) 146,000 (11,388,000) (4,407,000) (5,299,000) (4,371,000) (7,721,000) Net income (loss) attributable to noncontrolling interests (523,000) (20,099,000) (20,469,000) 11,931,000 (14,891,000) 1,502,000 (5,854,000) (8,813,000) (1,726,000) (1,457,000) (586,000) (145,000) 495,000 (147,000) (401,000) (342,000) (339,000) Net income (loss) 5,944,000 (25,545,000) (21,167,000) 13,951,000 (27,594,000) 295,000 (11,580,000) (12,222,000) (4,087,000) (5,262,000) (5,316,000) 1,000 (10,893,000) (4,554,000) (5,700,000) (4,713,000) (8,060,000) Provision for income taxes - - - - - - - - - - - - - - - - - Net income (loss) before income taxes 5,944,000 (25,545,000) (21,167,000) 13,951,000 (27,594,000) 295,000 (11,580,000) (12,222,000) (4,087,000) (5,262,000) (5,316,000) 1,000 (10,893,000) (4,554,000) (5,700,000) (4,713,000) (8,060,000) Impact of consolidated funds 617,000 21,829,000 20,591,000 (11,609,000) 15,809,000 (1,129,000) 5,939,000 8,856,000 2,142,000 1,708,000 676,000 155,000 (806,000) 444,000 759,000 267,000 328,000 Platform Net income (loss) 6,561,000 (3,716,000) (576,000) 2,342,000 (11,785,000) (834,000) (5,641,000) (3,366,000) (1,945,000) (3,554,000) (4,640,000) 156,000 (11,699,000) (4,110,000) (4,941,000) (4,446,000) (7,732,000) Depreciation and amortization 176,000 149,000 83,000 44,000 551,000 32,000 92,000 73,000 354,000 183,000 119,000 145,000 151,000 162,000 174,000 167,000 188,000 Interest expense 1,294,000 (437,000) 756,000 1,056,000 4,716,000 832,000 1,260,000 1,317,000 1,307,000 1,295,000 1,315,000 1,348,000 1,466,000 1,611,000 1,738,000 1,876,000 1,487,000 Platform EBITDA 8,021,000 (4,011,000) 159,000 3,265,000 (8,381,000) (222,000) (4,786,000) (2,706,000) (668,000) (2,361,000) (3,376,000) 1,590,000 (10,082,000) (2,337,000) (3,029,000) (2,403,000) (6,057,000) Stock-based compensation (110,000) 24,000 460,000 3,726,000 702,000 1,922,000 393,000 709,000 400,000 584,000 738,000 656,000 661,000 369,000 332,000 335,000 Investments impairment - - - - - - - - - - - - 4,304,000 279,000 2,037,000 102,000 390,000 Changes in fair value of digital assets - - - - - - - - 677,000 5,116,000 Bad debt expense - - - - - - - - - - - - 4,079,000 3,000 106,000 35,000 (59,000) Severance 138,000 - 19,000 13,000 - 6,000 - 7,000 171,000 25,000 41,000 51,000 454,000 593,000 (82,000) Public registration costs 1,276,000 878,000 1,040,000 779,000 - - - - - - - - - - - - - Legal costs 1,818,000 525,000 - - - - - - - - - - - - - Share buy-back 269,000 291,000 317,000 313,000 183,000 183,000 - - - - - - - - - - - Provision for income taxes - - - - - - - - - - - - - - - - - Loss on CRAF Investment Redemption - 1,339,000 - - - 1,339,000 - - - - - - - - ESOP 474,000 - - - - - Other (10,000) (35,000) 106,000 40,000 66,000 (211,000) (9,000) 9,000 (1,000) - Platform adjusted EBITDA 10,040,000 (2,842,000) 3,462,000 5,519,000 (1,251,000) 1,034,000 (2,327,000) (1,511,000) 1,553,000 (1,669,000) (2,451,000) 2,412,000 (1,002,000) (1,352,000) (54,000) (665,000) (357,000)

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

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

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

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

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Platform Impact of Consolidated Funds Consolidated Platform Impact of Consolidated Funds Consolidated Platform Impact of Consolidated Funds Consolidated Platform Impact of Consolidated Funds Consolidated Revenues Asset management 3,542,000 (346,000) 3,196,000 4,103,000 (357,000) 3,746,000 3,514,000 (28,000) 3,486,000 3,996,000 (33,000) 3,963,000 Performance allocations 7,000 (6,000) 1,000 23,000 (1,000) 22,000 2,000 - 2,000 1,000 1,000 2,000 Consolidated funds – hospitality revenue - 3,919,000 3,919,000 - 1,138,000 1,138,000 - - - - - - Consolidated funds – other revenue - 145,000 145,000 - 167,000 167,000 - 148,000 148,000 - 162,000 162,000 Total revenues 3,549,000 3,712,000 7,261,000 4,126,000 947,000 5,073,000 3,516,000 120,000 3,636,000 3,997,000 130,000 4,127,000 Expenses Operating costs 4,168,000 (124,000) 4,044,000 3,733,000 (170,000) 3,563,000 3,408,000 (157,000) 3,251,000 3,038,000 (156,000) 2,882,000 General and administrative 1,592,000 (11,000) 1,581,000 1,183,000 (10,000) 1,173,000 1,481,000 (10,000) 1,471,000 1,540,000 (10,000) 1,530,000 Marketing and advertising 165,000 - 165,000 147,000 - 147,000 151,000 - 151,000 332,000 1,000 333,000 Depreciation and amortization 162,000 (5,000) 157,000 173,000 (7,000) 166,000 167,000 (7,000) 160,000 188,000 (7,000) 181,000 Consolidated funds – hospitality expenses - 3,465,000 3,465,000 - 1,278,000 1,278,000 - - - - - - Consolidated funds – other expenses - 458,000 458,000 - 466,000 466,000 - 467,000 467,000 - 474,000 474,000 Total expenses 6,087,000 3,783,000 9,870,000 5,236,000 1,557,000 6,793,000 5,207,000 293,000 5,500,000 5,098,000 302,000 5,400,000 Unrealized loss on digital assets - - - - - - 677,000 - 677,000 5,116,000 - 5,116,000 Other loss (income), net (6,000) 372,000 366,000 416,000 149,000 565,000 231,000 93,000 324,000 294,000 156,000 450,000 Gain on extinguishment of debt - - - - - - - - - - - - Interest income (33,000) 1,000 (32,000) (30,000) - (30,000) (28,000) - (28,000) (266,000) - (266,000) Interest expense 1,611,000 - 1,611,000 1,738,000 - 1,738,000 1,876,000 - 1,876,000 1,487,000 - 1,487,000 Net loss before income taxes (4,110,000) (444,000) (4,554,000) (3,234,000) (759,000) (3,993,000) (4,447,000) (266,000) (4,713,000) (7,732,000) (328,000) (8,060,000) Provision for income taxes - - - - - - - - - - - - Net loss (4,110,000) (444,000) (4,554,000) (3,234,000) (759,000) (3,993,000) (4,447,000) (266,000) (4,713,000) (7,732,000) (328,000) (8,060,000) Net loss attributable to noncontrolling interests - 147,000 147,000 - 401,000 401,000 - 342,000 342,000 - 339,000 339,000 Net loss attributable to CaliberCos Inc. (4,110,000) (297,000) (4,407,000) (3,234,000) (358,000) (3,592,000) (4,447,000) 76,000 (4,371,000) (7,732,000) 11,000 (7,721,000) Basic income per share (3.59) (3.85) (2.53) (2.81) (1.70) (1.65) (1.47) (1.45) Diluted income per share (3.59) (3.85) (2.53) (2.81) (1.70) (1.65) (1.47) (1.45) Weighted average common shares outstanding: Basic 1,146,000 1,146,000 1,278,000 1,278,000 2,615,000 2,615,000 5,261,000 5,261,000 Diluted 1,146,000 1,146,000 1,278,000 1,278,000 2,615,000 2,615,000 5,261,000 5,261,000 Three Months Ended March 31, 2025 Three Months Ended June 30, 2025 Three Months Ended September 30, 2025 Three Months Ended December 31, 2025

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