v3.26.1
Segments
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segments Segments
The Company operates through one operating segment, its asset management platform which it refers to simply as “Platform”. The Company’s chief operating decision maker (“CODM”) is the Company’s Chief Executive Officer, John C. Loeffler. The Company’s CODM assesses performance and allocates resources based on the results of Platform operations.
The Company’s CODM assesses revenue, operating costs and key operating statistics to evaluate performance and allocate resources on a basis that eliminates the impact of the consolidated funds (intercompany eliminations required by U.S. GAAP) and noncontrolling interests. Operating costs consist primarily of payroll related costs that are provided quarterly to the CODM. Platform payroll and payroll related costs were $2.7 million and $3.7 million for the three months ended March 31, 2026 and 2025, respectively. Management concluded that the consolidated funds do not meet the requirements in ASC 280, Segment Reporting, of operating segments, as the Company’s CODM does not review, nor is he provided with the operating results of these consolidated funds for the purposes of allocating resources, assessing performance or determining whether additional investments or advances will be made to these funds. The consolidated funds are consolidated based on the requirement in ASC 810, Consolidation, as the Company was determined to be the primary beneficiary of each of these variable interest entities since the Company has the power to direct the activities of the entities and the right to absorb losses, generally in the form of guarantees of indebtedness that are significant to the individual investment funds.
For the three months ended March 31, 2026 and 2025, total Platform revenues were $4.1 million and $3.5 million, respectively, representing a period-over-period increase of 15.7%. The tables below compare the revenues earned for providing services under the Company’s Platform as described in the Revenue Recognition section of Note 2 – Summary of Significant Accounting Policies for the three months ended March 31, 2026, to the revenues earned for the same period in 2025 (in thousands).
Three Months Ended March 31, 2026
PlatformImpact of Consolidated FundsConsolidated
Revenues
Fund management fees$2,845 $(389)$2,456 
Financing fees417 (16)401 
Development and construction fees457 (2)455 
Brokerage fees352 — 352 
Total asset management4,071 (407)3,664 
Performance allocations34 — 34 
Total Platform revenue$4,105 $(407)$3,698 
Three Months Ended March 31, 2025
PlatformImpact of Consolidated FundsConsolidated
Revenues
Fund management fees$2,744 $(274)$2,470 
Financing fees74 (22)52 
Development and construction fees528 (58)470 
Brokerage fees196 8 204 
Total asset management3,542 (346)3,196 
Performance allocations7 (6)1 
Total Platform revenue$3,549 $(352)$3,197 
The following tables present a reconciliation of Platform revenues, expenses and net loss to the most comparable U.S. GAAP measure for the three months ended March 31, 2026 and 2025 (in thousands):
Three Months Ended March 31, 2026
UnconsolidatedImpact of Consolidated FundsConsolidated
Revenues
Asset management revenues$4,071 $(407)$3,664 
Performance allocations34 — 34 
Consolidated funds – other revenues— 596 596 
Total revenues4,105 189 4,294 
Expenses
Operating costs554 (167)387 
Payroll and payroll related costs2,701 — 2,701 
General and administrative1,811 (10)1,801 
Marketing and advertising178 — 178 
Depreciation and amortization183 (8)175 
Consolidated funds – other expenses
— 1,797 1,797 
Total expenses5,427 1,612 7,039 
Other income (loss), net17 (172)(155)
Change in fair value of digital assets(1,896)— (1,896)
Interest income252 — 252 
Interest expense(1,387)— (1,387)
Net loss before income taxes(4,336)(1,595)(5,931)
Provision for income taxes— — — 
Net loss(4,336)(1,595)(5,931)
Net income (loss) attributable to noncontrolling interests— (2,312)(2,312)
Net (loss) income attributable to CaliberCos Inc.$(4,336)$717 $(3,619)
Three Months Ended March 31, 2025
UnconsolidatedImpact of Consolidated FundsConsolidated
Revenues
Asset management$3,542 $(346)$3,196 
Performance allocations7 (6)1 
Consolidated funds – hospitality revenue— 3,919 3,919 
Consolidated funds – other revenue— 145 145 
Total revenues3,549 3,712 7,261 
Expenses
Operating costs508 (124)384 
Payroll and payroll related costs3,660 — 3,660 
General and administrative1,592 (11)1,581 
Marketing and advertising165 — 165 
Depreciation and amortization162 (5)157 
Consolidated funds – hospitality expenses— 3,465 3,465 
Consolidated funds – other expenses— 458 458 
Total expenses6,087 3,783 9,870 
Other income (loss), net6 (372)(366)
Interest income33 (1)32 
Interest expense(1,611)— (1,611)
Net loss before income taxes(4,110)(444)(4,554)
Benefit from income taxes— — — 
Net loss(4,110)(444)(4,554)
Net loss attributable to noncontrolling interests— (147)(147)
Net loss attributable to CaliberCos Inc.$(4,110)$(297)$(4,407)
The following tables present a reconciliation of Platform assets to the most comparable U.S. GAAP measure as of March 31, 2026 and December 31, 2025 (in thousands):
As of March 31, 2026
PlatformImpact of Consolidated FundsConsolidated
Cash$543 $— $543 
Restricted cash2,351 — 2,351 
Real estate investments, net22,128 (251)21,877 
Digital assets4,455 — 4,455 
Notes receivable - related parties8,726 — 8,726 
Due from related parties11,038 (480)10,558 
Investments in unconsolidated entities11,572 (5)11,567 
Operating lease - right of use assets3,633 (3,548)85 
Prepaid and other assets2,580 (396)2,184 
Total assets$67,026 $(4,680)$62,346 
As of December 31, 2025
PlatformImpact of Consolidated FundsConsolidated
Cash$2,538 $— $2,538 
Restricted cash2,628 — 2,628 
Real estate investments, net21,945 (256)21,689 
Digital assets6,850 — 6,850 
Notes receivable - related parties7,348 — 7,348 
Due from related parties10,597 (511)10,086 
Investments in unconsolidated entities11,629 (5)11,624 
Operating lease - right of use assets3,712 (3,614)98 
Prepaid and other assets2,740 (372)2,368 
Total assets$69,987 $(4,758)$65,229