CaliberCos Inc.

Second-quarter platform revenue was $3.7 million, down from $4.1 million in the prior-year quarter, driven mainly by timing of project financings and lower development and construction fees. Total platform expenses were $5.9 million, up from $5.3 million a year ago, and platform-adjusted EBITDA was approximately $0.3 million versus a loss of $0.1 million in the prior-year quarter, an improvement of about $0.4 million. Managed capital ended the quarter at $495.6 million, and estimated performance allocations were $96 million. For 2026, Caliber reaffirmed revenue guidance of $18 million to $22 million and expects adjusted EBITDA profitability; management said about 60% of revenue growth should come from project-level financing and 40% from capital formation and asset management activities.

Chris Loeffler framed the quarter as execution in line with plan and emphasized that the company is now expanding into digital-asset tokenization alongside its real estate platform. He said the first tokenization is complete, the company is building an initial slate of about $100 million of managed assets for tokenization, and that the strategy should improve capital formation, liquidity features, and operating efficiency. He also highlighted active pipeline progress across Hyatt Studios, CHT, Pure Pickleball & Padel, Canyon Village, Encore, and the 1031 program, sounding constructive about 2026 growth.

Michael Rosales focused on liquidity, note maturities, and the bridge to profitability. He said Caliber had 148 unsecured notes with about $26 million of principal outstanding, including $21 million scheduled to mature within 12 months, and that through August 13 it had refinanced $6.4 million into the 36-month program and converted about $5.3 million into equity securities. On the quarter, he cited platform revenue of $3.7 million, expenses of $5.9 million, and platform-adjusted EBITDA of about $0.3 million, then reiterated the $18 million to $22 million revenue guide and said the company believes it is positioned to reach adjusted EBITDA profitability in 2026.

There was no analyst Q&A in the transcript, so no additional concerns or follow-up questions were raised on the call. Management’s prepared remarks nevertheless addressed likely investor focus areas: timing shifts in project financings, note maturities and liquidity, and the path to 2026 profitability. They also emphasized that several financings delayed from Q2 are expected to contribute to revenue later in 2026.