Caliber — Third Quarter 2026 Earnings Summary

Financial Performance:

• Platform revenue was $3.8 million for the quarter ended September 30, 2026, compared to $3.5 million in the same period in 2025, driven by a $0.3 million increase in fund management fees and a $0.2 million increase in development and construction fees, partially offset by a $0.1 million decrease in financing fees.
• Platform net loss was $4.3 million ($0.43 per diluted share) compared to a net loss of $4.4 million ($1.70 per diluted share) in the prior year quarter; Platform net loss before income taxes was $0.4 million compared to $4.4 million in the prior year.
• Platform Adjusted EBITDA was positive $0.1 million for the quarter, compared to a loss of $0.7 million in the prior year quarter.
• Consolidated revenue was $4.3 million compared to $3.6 million in the prior year quarter, primarily reflecting the consolidation of Riverwalk in Q4 2025 and Commons Fundco, LLC in Q1 2026.
• Consolidated net loss attributable to Caliber was $5.0 million ($0.49 per diluted share) compared to $4.4 million ($1.65 per diluted share) in the prior year quarter; this includes a $3.9 million non-cash provision for income taxes and a $0.7 million out-of-period correction of net loss attribution.
• Consolidated Adjusted EBITDA loss was $0.2 million compared to a loss of $0.5 million in the prior year quarter.
• Total assets were $178.9 million as of September 30, 2026, compared to $135.4 million as of December 31, 2025.
• Total liabilities were $147.5 million as of September 30, 2026, compared to $109.2 million as of December 31, 2025.
• Stockholders' equity was a deficit of $3.6 million as of September 30, 2026, compared to equity of $1.3 million as of December 31, 2025.
• Fair value of AUM was $737.0 million as of September 30, 2026, down from $779.7 million as of December 31, 2025.
• Managed Capital was $498.3 million as of September 30, 2026, down from $517.2 million as of December 31, 2025.

Guidance and Future Outlook:

• Revised 2026 total Platform revenue guidance to a range of $15.0 million to $17.0 million, down from the previous range of $18.0 million to $22.0 million, reflecting the shift of certain revenue previously expected in Q4 into future periods due to tighter credit conditions extending financing timelines.
• Reaffirmed 2026 Platform Adjusted EBITDA profitability guidance.
• The revised revenue guidance assumes no improvement in financing conditions through the end of the year.

Business Segments and Product Lines:

• Caliber operates two businesses: a real estate investment platform generating substantially all revenue, and Caliber Tokenization Services (launched August 2026), which provides full-service real-world asset tokenization engagements to family offices under the brand "Tokenized by Caliber."
• Completed the tokenization of three additional real estate projects in Q3 2026, bringing the total number of tokenized offerings to four with up to $110 million in combined maximum offered equity.
• New tokenized offerings launched in Q3 include Caliber-Hyatt Studios Steamboat, Caliber-Hyatt Studios Phoenix/TSMC, and the Caliber-HS Feeder Fund, representing up to $85 million in offered equity.
• Ground was broken on July 16, 2026, for the Hyatt Studios extended stay hotel in Steamboat Springs, Colorado, expected to open in the second half of 2027.
• As of September 30, 2026, Caliber held 229,203 LINK tokens with a fair value of $3.3 million, resulting in a $1.6 million gain in fair value for the quarter.

Market and Competitive Landscape:

• Tighter credit conditions have moved several transactions into 2027, impacting financing timelines and revenue recognition.
• The Company manages approximately $2.6 billion in assets with a 17-year track record in middle-market hospitality and multifamily real estate.
• Tokenization strategy aims to scale through technology partners rather than a large internal team to minimize overhead.

Risks and Challenges:

• Forward-looking statements are subject to risks and uncertainties described in the Company's Form 10-K, including assumptions about future events that may not prove accurate.
• Financing timelines are extended due to tighter credit conditions, impacting revenue guidance.
• The Company has significant unsecured corporate and convertible notes maturing within twelve months, though refinancing and payoff options have been executed to address a portion of this debt.

Management Commentary and Tone:

• CEO Chris Loeffler stated the real estate platform's objective is steady, consistent profitability, noting that Platform Adjusted EBITDA was positive for the second consecutive quarter despite tighter credit.
• Management described tokenization as the "growth engine," highlighting the strategy to integrate blockchain infrastructure into fund offerings to improve the investor experience through clearer digital records and Automated NAV (CNAV).
• Management emphasized that the cost base for the real estate platform has been sized to the market to achieve profitability.

Other Key Points:

• On September 14, 2026, Caliber completed the refinancing of approximately $3.4 million of corporate promissory notes and executed agreements granting the right to retire an additional $9.1 million of notes for approximately $7.3 million in cash.
• Through November 12, 2026, holders exchanged $3.8 million of notes for new amortizing notes or Series AAA Preferred Stock, and the Company executed payoff option agreements covering $14.8 million of notes, of which $13.6 million mature within twelve months and may be retired for approximately $10.9 million in cash.
• These debt actions address approximately $12.5 million of corporate notes, including approximately 54% of the $21.1 million of unsecured corporate and convertible notes disclosed as maturing within twelve months in the Q2 2026 Form 10-Q.
• Caliber Tokenization Services, LLC was formed on August 27, 2026, to provide tokenization engagements to family offices.
• The first real estate investment on the platform to be tokenized, PURE Pickleball & Padel, went live on August 13, 2026.
• Conference call for Q3 2026 results was scheduled for November 12, 2026, at 5:00 p.m. ET.