CaliberCos Inc. Q3 FY2025 earnings call

• Expanded into digital asset investments with the launch of the digital asset treasury (DAT) strategy anchored in Chainlink's LINK token, positioning Caliber at the forefront of the TradFi and DeFi merging trend.
• Strengthened balance sheet by raising over $30 million, improving liquidity and reducing debt.
• Updated on real estate projects: PURE pickleball project signed an exclusive agreement with Wolfgang Puck Catering, completed construction document set for approval; Canyon Village secured a $57 million HUD construction loan commitment; ENCORE made progress on financing and development.
• Fundraising momentum continued, with managed capital reaching $506 million, up from previous quarters, and wholesale fundraising production in Q3 exceeding all of 2024 combined.
• Refinancing efforts for Caliber Hospitality Trust hotels and advancement of acquisition opportunities.

For the third quarter of 2025, Caliber's platform revenue was approximately $3.5 million, a decrease of 52.7% from the prior year quarter. Managed capital was $56 million, a 4% increase compared to the year-ago quarter. The real estate private equity segment saw activities in projects like PURE pickleball, Canyon Village, and ENCORE, while the new digital asset treasury segment, anchored in Chainlink's LINK token, is a significant expansion. The digital asset segment's financial performance is tied to the accumulation and staking of LINK tokens for potential yield.

• Positive adjusted EBITDA in Q4 is dependent on financings closing, but some financings have been delayed.
• Board approved a note holder conversion program to reduce leverage, improve stockholders' equity, and increase financial flexibility.
• Series A and Series AA preferred stock offerings to raise capital, with Series AA proceeds to be used for repaying notes and general corporate purposes.

• Regulatory uncertainties around tokenizing private real estate funds, particularly regarding clarity on what constitutes a security vs. a token.
• Potential delays in project financings and construction timelines due to slow capital markets.
• Market risks associated with digital assets, including uncertainties in the performance and adoption of LINK tokens and challenges in navigating the DeFi space.

Q: Can you expand on the higher annual yield per staked LINK token and when income from staking might be realized?

A: LINK has a unique staking structure. Caliber expects to get a higher yield by directly working with node operators, estimating around 8%-10% vs. the community pool's ~4.3%. They are actively pursuing staking opportunities and will announce progress.

Q: How far away is tokenization of real estate funds?

A: Caliber is exploring tokenization, seeing benefits in better operations, secondary liquidity, and primary capital. It's a process being navigated with expert help, and progress will be reported consistently.

Q: Any regulatory hurdles to tokenizing private real estate funds?

A: Waiting on clarity act for security vs. token definition. Chainlink is seen as a utility token, but tokenizing securities will be treated as securities. Clarity on private fund tokenization is needed.

Q: Will wholesale fundraising momentum continue?

A: Wholesale is in early innings, with continued growth expected as the distribution model scales.

Q: Is positive adjusted EBITDA in Q4 still realistic?

A: Dependent on financings closing in the quarter, but some are delayed to Q1 2026, so timing is the main factor, but financings are still happening.