CaliberCos Inc. Q2 FY2026 earnings call

Digital Asset and Tokenization Strategy

• Completed the first fund tokenization for the Pure Pickleball and Paddle project, with investors able to hold investments as digital tokens; a second tokenization for the Steamboat Springs Hyatt Studios offering is in progress, with an initial slate of ~$100 million in managed assets targeted for tokenization
• Management identifies a large untapped opportunity: the total tokenized real-world asset market grew 51% to $38.4 billion in the first 7.5 months of 2026, but only ~$200 million (0.5% of the total market) is tokenized real estate
• Tokenization is expected to improve capital formation, simplify investment valuation, add investor liquidity options, and reduce Caliber's operating costs; the firm partnered with Chainlink for automated compliance and infrastructure
• At quarter-end, Caliber held 229,204 LINK tokens with a fair value of $1.7 million; it sold ~278,357 LINK tokens for $2.5 million in proceeds in Q2, redeploying all capital into the real estate platform

Real Estate Fundraising and Distribution Channels

• Managed capital grew from $489 million in Q1 2026 to $495 million at Q2 end, driven by new capital raised into Pure Pickleball & Paddle, the Canyon residential project, and contributions from diversified funds, with capital formation activity matching 2026 plan expectations
• The wholesale advisor channel grew, with four new producing advisors added across three firms (including one first-time producing firm), showing expansion beyond founding relationships; the Hyatt Studios platform is currently undergoing third-party due diligence for a full mid-Q3 launch to the channel
• Direct fundraising from high-net-worth individuals improved in Q2, driven by stronger in-house marketing lead generation, growing the direct investor base to over 2,000 individuals

Key Real Estate Project Updates

• Hyatt Studios Development Platform: Broke ground on the Steamboat Springs project in July 2026 and purchased a 2.5-acre site for the Phoenix TSMC-area project; three of four planned investor offerings have launched, with the fourth expected after legal review; all assets will eventually be acquired by Caliber Hospitality Trust Inc. (CHT) once stabilized, offering investors a defined exit
• Caliber Hospitality Trust (CHT): CHT is acquiring high-quality hotel assets at discounted prices amid current market pricing dislocations; the active acquisition pipeline grew to 8 properties, with one signed letter of intent; five hotels have transitioned from the legacy manager to a new owner-centric operating model, following a successful 2025 transition that improved gross operating profit at the Scottsville Hampton Inn; several CHT assets are being refinanced to fund improvements, lower financing costs, and generate financing revenue in H2 2026
• Pure Pickleball and Paddle: Project permits are approved, and the development is nearing shovel-ready status, with construction financing and capital structure finalization ongoing; the project will feature 48 courts, a 1,200-seat pro arena, and amenities managed by Honor Health and Wolfgang Puck Catering
• Canyon Village (Office-to-Multifamily Conversion): The HUD construction loan application was approved in Q2, with a firm commitment application pending to reach final close; demolition is complete, and building/garage design drawings are nearly finished
• Encore Land Development (Northern Colorado): Site planning and commercial leasing are progressing, with active letters of intent for 7-Eleven and an apartment site, an industrial site under escrow, and interest from two national big-box retailers; project financing closing is expected in the near term
• 1031 Exchange Offering: Caliber's differentiated TIC-structured 1031 program allows investors to invest alongside Caliber at cost basis (no markup common with other sponsors), has a competitive cost structure, and offers a tax-deferred 721 exchange path into the Core Plus real estate fund for long-term liquidity; the second asset in the program, the 46-unit Tonto value-add multifamily property, is currently being pursued

Corporate Liquidity and Debt Management

• As of Q2 end, Caliber had $26 million in aggregate principal balance of unsecured corporate notes, with $21 million maturing within 12 months; the firm is refinancing maturing 12-month notes into a 36-month note program, converting notes to equity, and raising capital via a Regulation A-plus preferred stock offering
• Through August 13, 2026, $6.4 million in notes have been refinanced into the 36-month program, and $5.3 million in notes have been converted to equity securities; additional alternatives to retire notes are under evaluation to reduce near-term leverage

The transcript does not break out financial performance for distinct pre-defined product segments. Total platform revenue declined ~10% year-over-year, driven by timing shifts of revenue-generating activities. Total platform expenses for Q2 2026 were $5.9 million, up 11% from $5.3 million in the prior-year quarter, with the increase primarily from higher bad debt reserves on uncollectible development/construction fees partially offset by lower professional fees. Platform adjusted EBITDA was positive at ~$0.3 million in Q2 2026, an improvement of $0.4 million from a $0.1 million adjusted EBITDA loss in the prior-year quarter. End-of-quarter managed capital totaled $495.6 million, down 0.6% year-over-year and up slightly from $489 million in the prior quarter. Estimated performance allocations totaled $96 million at quarter-end, down from $99 million in Q1 2026 and up from $85 million in Q2 2025.

• Management reaffirms its full-year 2026 guidance, maintaining the total revenue range of $18 million to $22 million
• The firm continues to expect approximately 60% of 2026 full-year revenue to come from project-level financing across the existing portfolio, with the remaining 40% from capital formation and asset management activities
• Management maintains guidance for positive full-year adjusted EBITDA profitability in 2026, and believes Caliber is currently positioned to achieve this target

• Forward-looking statements regarding tokenization growth, fundraising, project completion, financing closing, and profitability are subject to inherent uncertainties, and actual results may differ materially from expectations
• $21 million of the $26 million total unsecured corporate note principal is scheduled to mature within the next 12 months, and the success of debt refinancing and equity conversion efforts to reduce near-term leverage is not guaranteed
• Certain development and construction fees have been reserved as uncollectible, resulting in increased bad debt charges that reduced Q2 2026 profitability
• Project financing and revenue recognition for several transactions expected to close in Q2 2026 have shifted to later periods, though underlying activity remains intact; delays can impact near-term revenue performance
• Tokenization of real estate is an emerging, largely untapped market, and market adoption and the expected benefits of tokenization are not guaranteed

No investor questions were submitted during the Q&A period of the call, so there are no exchanges to summarize.