CaliberCos Inc. Q1 FY2026 earnings call

• Digital Asset and Tokenization Strategy • Management outlined three core pillars of the strategy announced in August 2025: build a digital asset treasury (focused on Link tokens) for shareholder exposure to tokenization infrastructure, expand fee-generating AUM through digital asset investment products and accretive transactions, and apply tokenization to the existing real estate platform to improve capital formation, add investor liquidity, and reduce operating costs • Following a material decline in Link price and contraction of digital capital markets over the past nine months, management slowed treasury accumulation to protect stakeholders, while accelerating execution on the other two strategy pillars • As of Q1 end, Caliber held 507,560 Link tokens with a fair value of ~$4.5 million; 55,000 tokens were sold in Q1 for $0.5 million in proceeds, which were redeployed to support real estate project financings • Management has built the required internal and external infrastructure to tokenize real estate offerings, and is actively tokenizing two current portfolio projects: the Steamboat Springs Hyatt Studios and the Pure Pickleball and Padel development; Chainlink ACE automated compliance engine is being implemented for tokenized funds, and a master staking agreement for yield generation on treasury assets has been completed

• Real Estate Platform Operational Updates • Core focus areas remain hospitality, multifamily, and multitenant industrial real estate • Hyatt Studios: Three of four planned investor offerings have launched; the Steamboat Springs acquisition and construction financing closed in April 2026, with groundbreaking expected in Q2 2026, as the first of 15 planned developments; completed assets will be acquired by Caliber Hospitality Trust (CHT) post-construction and stabilization, providing a defined exit for development investors • Caliber Hospitality Trust (CHT): Sold the Holiday Inn Ocotillo for $13 million in Q1, with proceeds used for debt reduction and growth initiatives; a new hotel management team has been engaged, with operating profit margins already improving from 46% to 54% on the first transitioned asset; all remaining assets will complete transition by June 9, with further profitability improvements expected; CHT is actively pursuing discounted hotel acquisitions and refinancings of existing assets, which will contribute financing revenue in Q2 and Q3 2026 • Pure Pickleball and Padel (Scottsdale): Building permits approved in Q1; project is now advancing to shovel-ready status, with construction financing and capital structure finalization underway • Canyon Mixed-Use (North Phoenix): HUD construction loan approved; Phase 1 demolition is complete, and building drawings are being resubmitted • Encore Mixed-Use: Active letters of intent are in place with 7-Eleven, an apartment developer, and an industrial buyer, with interest from two big-box retail users; project financing is progressing, with closing expected in the near term • 1031 Exchange Offering: A new differentiated program for large investors ($1 million+), using a tenant-in-common structure that allows future tax-deferred 721 exchange into Caliber's Core Plus Real Estate Fund; the second project in the program, the 46-unit Tonto multifamily value-add project, is currently being pursued

• Wholesale Fundraising Distribution • Added four new producing advisory relationships in Q1, bringing the total to 25 producing advisors; two additional selling agreements signed post-quarter with firms representing 218 newly approved advisors, expected to drive capital formation growth in the second half of 2026

• Liquidity and Cost Management Initiatives • Two voluntary note conversion programs have reduced total corporate debt by ~$5.3 million since launch in October 2025, including $3.4 million in Q1 2026; programs reduce leverage, improve equity, and increase financial flexibility • Headcount reduced 31% YoY to 51 employees at Q1 end, driving an 11% reduction in total platform expenses YoY

Caliber reports one core operating platform for private equity real estate and digital asset initiatives. Q1 2026 total platform revenue was $4.1 million, representing a 16% year-over-year increase from $3.5 million in Q1 2025. Fund management fees, which account for an estimated 25-30% of total annual expected revenue, grew 3.7% year-over-year. Construction and development revenue, which is expected to contribute approximately 60% of 2026 full-year revenue, declined in Q1 due to timing delays of expected project financings (all delayed financings are still expected to close in 2026). Total platform expenses were $5.4 million, an 11% year-over-year decrease from $6.1 million in Q1 2025, driven by payroll reduction from cost-cutting initiatives. Platform adjusted EBITDA loss was less than $0.5 million, a 75.9% improvement from the $1.4 million loss in Q1 2025. As of Q1 end, total managed capital was $490 million, down from $517 million in the prior quarter (due to asset dispositions, partially offset by new fundraising) and relatively flat from $495 million in Q1 2025. Estimated performance allocations totaled $99 million at Q1 end, down from $104 million QoQ and up from $88 million YoY.

• Management reaffirmed its full-year 2026 guidance, originally issued last quarter, with total expected revenue in the range of $18 million to $22 million • Approximately 60% of 2026 full-year revenue is expected to come from project-level financings across the existing portfolio, with the remaining 40% from capital formation and asset management activities • Management maintains that adjusted EBITDA and net operating income will both be positive for full-year 2026, and that the company remains on track to reach profitability in 2026 • Management expects managed capital to grow over the remainder of 2026 as new fund offerings launch

• Forward-looking statements about strategy, project execution, financing closing, and profitability are inherently uncertain, and actual results may differ materially from expectations; full risk disclosures are available in Caliber's SEC filings • Digital asset prices are volatile: the price of Link declined materially after Caliber launched its digital treasury strategy, leading to unrealized valuation losses and forcing a slowdown in treasury accumulation • Commercial real estate financing conditions remain challenging overall, with many assets still at or past maturity without refinancing, and project timelines are dependent on successful financing closure • $24.5 million of Caliber's $26.2 million total unsecured corporate notes mature within the next 12 months, creating near-term liquidity pressure that the company is addressing through conversion programs but remains a key risk

Q: Can you provide color on the current real estate financing environment, given current interest rates and geopolitical uncertainty, since guidance is reaffirmed and your business depends on closing financing and refinancing? / A: Management notes that while financing is not as easy as the pre-COVID, low interest rate era, conditions have improved meaningfully over the past two years and are the best they have been in the last two years. Real estate financing follows multi-year cycles, and management does not expect the recent improvement to reverse course. Ongoing distress in commercial real estate (many maturing struggling assets) is actually driving Caliber's opportunity to acquire high-quality properties at discounted valuations. Caliber recently closed the Steamboat Springs construction loan at an attractive mid-sevens interest rate, supporting the improving trend.