CaliberCos (NASDAQ:CWD) said its second-quarter results were in line with its 2026 plan, as the company reported lower platform revenue but positive platform adjusted EBITDA and reaffirmed its full-year outlook.
Chief Executive Officer and Co-founder Chris Loeffler said platform revenue declined about 10% year over year, largely because revenue-generating activity and project financings shifted between periods. However, platform adjusted EBITDA turned positive, improving by about $0.4 million from the prior-year quarter.
Financial Results and Outlook
Acting Chief Financial Officer Michael Rosales said second-quarter platform revenue was $3.7 million, compared with $4.1 million in the prior-year period. The decrease primarily reflected lower development and construction fees associated with the timing of project financing, partly offset by higher fund management fees.
Platform expenses increased 11% to $5.9 million from $5.3 million a year earlier. Rosales attributed the increase mainly to bad-debt charges related to additional reserves for certain development and construction fees deemed uncollectible, partially offset by lower professional fees.
Platform adjusted EBITDA was approximately $0.3 million, compared with a loss of $0.1 million in the prior-year quarter. Managed capital totaled $495.6 million at the end of the quarter, down 0.6% from a year earlier.
Caliber reaffirmed its 2026 revenue outlook of $18 million to $22 million and said it expects to generate positive adjusted EBITDA for the year. Rosales said the company expects about 60% of revenue growth to come from project-level financings across its existing portfolio, with the remaining 40% coming from capital formation and asset-management activity.
Tokenization Initiative Expands
Loeffler said Caliber completed its first fund tokenization during the day of the earnings call, allowing investors in the PURE Pickleball & Padel offering to elect to hold their investment as a digital token. The company is also working on a second tokenization involving its Steamboat Springs Hyatt Studios offering.
Caliber expects to begin the broader program with approximately $100 million in managed assets. Loeffler said the company believes tokenization can support capital formation, simplify investment valuation, add liquidity features for fund investors, and reduce operating costs through a more efficient investment-management platform.
The company said it is using Chainlink’s automated compliance engine for investor verification, know-your-customer and anti-money-laundering reviews, sanctions screening, and transfer controls.
At the end of the second quarter, Caliber held 229,204 LINK tokens with a fair value of $1.7 million. During the quarter, it sold about 278,357 LINK tokens for $2.5 million in proceeds and redeployed the capital into its real estate platform. Loeffler said the company intends to maintain its LINK treasury and strategically grow the position as cash is released from real estate activities.
Fundraising and Real Estate Activity
Estimated performance allocations were $96 million at quarter-end, down from $99 million in the preceding quarter but up from $85 million a year earlier. Managed capital increased from $489 million in the first quarter, driven primarily by additional investments in residential and commercial properties, including capital raised for PURE Pickleball & Padel and the Canyon Residential project.
Caliber added four producing advisors across three firms in the wholesale channel during the second quarter. One firm began producing for the first time, according to Loeffler. The company is also roadshowing its Hyatt Studios platform to advisors and expects third-party due diligence to clear in time for a full wholesale-channel launch in mid-third quarter.
Direct fundraising from high-net-worth individuals improved during the quarter, Loeffler said, citing better lead generation from Caliber’s internal marketing operation. The company said its direct investment client base exceeds 2,000 individuals.
In hospitality, Caliber broke ground in July on Hyatt Studios Steamboat Springs and acquired a 2.5-acre site in Phoenix for a Hyatt Studios project near Taiwan Semiconductor Manufacturing Co.’s U.S. semiconductor-manufacturing investment. Caliber has launched three of four offerings supporting its Hyatt Studios development platform and expects to launch the fourth after drafting and legal review are completed.
Caliber Hospitality Trust, or CHT, expanded its active acquisition pipeline to eight hotel assets, with one asset under a fully executed letter of intent to purchase. The company also said five additional hotels exited its legacy manager in 2026 as Caliber and a new management partner implemented an owner-centric operating model.
Financing and Debt Management
Caliber said it is pursuing refinancings for several CHT assets that are expected to fund property improvements, reduce financing costs, improve property-level liquidity, and contribute financing-related revenue in the third and fourth quarters.
The PURE Pickleball & Padel project in Scottsdale received building-permit approval and is moving toward shovel-ready status, with construction financing and the broader capital structure still being finalized. At Canyon Village, an office-to-multifamily conversion in North Phoenix, the company said its HUD construction loan application was approved and that it plans to file its firm commitment application shortly.
Separately, Rosales said Caliber had 148 unsecured corporate notes totaling about $26 million at the end of the quarter, including $21 million scheduled to mature within the next 12 months. Through Aug. 13, the company had refinanced $6.4 million of notes into a 36-month program and converted approximately $5.3 million of notes into equity securities. Caliber is also evaluating other alternatives to retire notes, Rosales said.
About CaliberCos (NASDAQ:CWD)
Caliber (NASDAQ: CWD) is a vertically integrated alternative asset management firm whose purpose is to build generational wealth for investors seeking to access opportunities in middle-market assets. Caliber differentiates itself by creating, managing, and servicing proprietary products, including middle-market investment funds, private syndications, and direct investments which are managed by our in-house asset services group. Our funds include investment vehicles focused primarily on real estate, private equity, and debt facilities.
