Segments (Tables)

6 Months Ended

Jun. 30, 2026

he 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 and six months ended June 30, 2026, to the revenues earned for the same period in 2025 (in thousands).


	Three Months Ended June 30, 2026
	Platform		Impact of Consolidated Funds		Consolidated
Revenues
Fund management fees	$	3,077	$	(520)	$	2,557
Financing fees	305		(17)		288
Development and construction fees	292		—		292
Brokerage fees	67		1		68
Total asset management	3,741		(536)		3,205
Performance allocations	(83)		—		(83)
Total Platform revenue	$	3,658	$	(536)	$	3,122


	Six Months Ended June 30, 2026
	Platform		Impact of Consolidated Funds		Consolidated
Revenues
Fund management fees	$	5,922	$	(909)	$	5,013
Financing fees	722		(33)		689
Development and construction fees	749		(2)		747
Brokerage fees	419		1		420
Total asset management	7,812		(943)		6,869
Performance allocations	(49)		—		(49)
Total Platform revenue	$	7,763	$	(943)	$	6,820


	Three Months Ended June 30, 2025
	Platform		Impact of Consolidated Funds		Consolidated
Revenues
Fund management fees	$	2,739	$	(92)	$	2,647
Financing fees	292		(240)		52
Development and construction fees	979		(17)		962
Brokerage fees	93		(8)		85
Total asset management	4,103		(357)		3,746
Performance allocations	23		(1)		22
Total Platform revenue	$	4,126	$	(358)	$	3,768


	Six Months Ended June 30, 2025
	Platform		Impact of Consolidated Funds		Consolidated
Revenues
Fund management fees	$	5,483	$	(366)	$	5,117
Financing fees	366		(262)		104
Development and construction fees	1,507		(75)		1,432
Brokerage fees	289		—		289
Total asset management	7,645		(703)		6,942
Performance allocations	30		(7)		23
Total Platform revenue	$	7,675	$	(710)	$	6,965

Segment Reporting, Reconciliation of Revenue by Segment to Consolidated

The following tables present a reconciliation of Platform revenues, expenses and net loss to the most comparable U.S. GAAP measure for the three and six months ended June 30, 2026 and 2025 (in thousands):


	Three Months Ended June 30, 2026
	Unconsolidated		Impact of Consolidated Funds		Consolidated
Revenues
Asset management revenues	$	3,741	$	(536)	$	3,205
Performance allocations	(83)		—		(83)

Consolidated funds – other revenues	—		1,072		1,072
Total revenues	3,658		536		4,194

Expenses
Operating costs	1,539		(203)		1,336
Payroll and payroll related costs	3,205		—		3,205
General and administrative	854		(10)		844
Marketing and advertising	145		—		145
Depreciation and amortization	175		(6)		169

Consolidated funds – other expenses	—		2,646		2,646
Total expenses	5,918		2,427		8,345



Other income (loss), net	176		(191)		(15)
Change in fair value of digital assets	(324)		—		(324)
Interest income	291		—		291
Interest expense	(1,313)		—		(1,313)
Net loss before income taxes	(3,430)		(2,082)		(5,512)
Provision for income taxes	—		—		—
Net loss	(3,430)		(2,082)		(5,512)
Net income (loss) attributable to noncontrolling interests	—		(2,154)		(2,154)
Net (loss) income attributable to CaliberCos Inc.	$	(3,430)	$	72	$	(3,358)


	Six Months Ended June 30, 2026
	Unconsolidated		Impact of Consolidated Funds		Consolidated
Revenues
Asset management revenues	$	7,812	$	(943)	$	6,869
Performance allocations	(49)		—		(49)

Consolidated funds – other revenues	—		1,668		1,668
Total revenues	7,763		725		8,488

Expenses
Operating costs	2,093		(370)		1,723
Payroll and payroll related costs	5,906		—		5,906
General and administrative	2,665		(20)		2,645
Marketing and advertising	323		—		323
Depreciation and amortization	358		(14)		344

Consolidated funds – other expenses	—		4,443		4,443
Total expenses	11,345		4,039		15,384



Other income (loss), net	193		(363)		(170)
Change in fair value of digital assets	(2,220)		—		(2,220)
Interest income	543		—		543
Interest expense	(2,700)		—		(2,700)
Net loss before income taxes	(7,766)		(3,677)		(11,443)
Provision for income taxes	—		—		—
Net loss	(7,766)		(3,677)		(11,443)
Net income (loss) attributable to noncontrolling interests	—		(4,466)		(4,466)
Net (loss) income attributable to CaliberCos Inc.	$	(7,766)	$	789	$	(6,977)


	Three Months Ended June 30, 2025
	Unconsolidated		Impact of Consolidated Funds		Consolidated
Revenues
Asset management	$	4,103	$	(357)	$	3,746
Performance allocations	23		(1)		22
Consolidated funds – hospitality revenue	—		1,138		1,138
Consolidated funds – other revenue	—		167		167
Total revenues	4,126		947		5,073

Expenses
Operating costs	719		(170)		549
Payroll and payroll related costs	3,122		—		3,122
General and administrative	1,183		(10)		1,173
Marketing and advertising	147		—		147
Depreciation and amortization	174		(8)		166
Consolidated funds – hospitality expenses	—		1,278		1,278
Consolidated funds – other expenses	—		466		466
Total expenses	5,345		1,556		6,901



Other income (loss), net	(2,014)		(150)		(2,164)

Interest income	30		—		30
Interest expense	(1,738)		—		(1,738)
Net loss before income taxes	(4,941)		(759)		(5,700)
Benefit from income taxes	—		—		—
Net loss	(4,941)		(759)		(5,700)
Net loss attributable to noncontrolling interests	—		(401)		(401)
Net loss attributable to CaliberCos Inc.	$	(4,941)	$	(358)	$	(5,299)


	Six Months Ended June 30, 2025
	Unconsolidated		Impact of Consolidated Funds		Consolidated
Revenues
Asset management	$	7,645	$	(703)	$	6,942
Performance allocations	30		(7)		23
Consolidated funds – hospitality revenue	—		5,057		5,057
Consolidated funds – other revenue	—		312		312
Total revenues	7,675		4,659		12,334

Expenses
Operating costs	1,227		(294)		933
Payroll and payroll related costs	6,782		—		6,782
General and administrative	2,775		(21)		2,754
Marketing and advertising	312		—		312
Depreciation and amortization	336		(13)		323
Consolidated funds – hospitality expenses	—		4,743		4,743
Consolidated funds – other expenses	—		924		924
Total expenses	11,432		5,339		16,771



Other income (loss), net	(2,008)		(522)		(2,530)

Interest income	63		(1)		62
Interest expense	(3,349)		—		(3,349)
Net loss before income taxes	(9,051)		(1,203)		(10,254)
Benefit from income taxes	—		—		—
Net loss	(9,051)		(1,203)		(10,254)
Net loss attributable to noncontrolling interests	—		(548)		(548)
Net loss attributable to CaliberCos Inc.	$	(9,051)	$	(655)	$	(9,706)

The following tables present a reconciliation of Platform assets to the most comparable U.S. GAAP measure as of June 30, 2026 and December 31, 2025 (in thousands):


	As of June 30, 2026
	Platform		Impact of Consolidated Funds		Consolidated

Cash	$	1,444	$	—	$	1,444
Restricted cash	2,367		—		2,367
Real estate investments, net	21,942		(243)		21,699
Digital assets	1,650		—		1,650
Notes receivable - related parties	10,235		—		10,235
Due from related parties	11,042		(668)		10,374
Investments in unconsolidated entities	11,448		(5)		11,443
Operating lease - right of use assets	3,484		(3,484)		—

Prepaid and other assets	2,525		(420)		2,105
Total assets	$	66,137	$	(4,820)	$	61,317


	As of December 31, 2025
	Platform		Impact of Consolidated Funds		Consolidated

Cash	$	2,538	$	—	$	2,538
Restricted cash	2,628		—		2,628
Real estate investments, net	21,945		(256)		21,689
Digital assets	6,850		—		6,850
Notes receivable - related parties	7,348		—		7,348
Due from related parties	10,597		(511)		10,086
Investments in unconsolidated entities	11,629		(5)		11,624
Operating lease - right of use assets	3,712		(3,614)		98

Prepaid and other assets	2,740		(372)		2,368
Total assets	$	69,987	$	(4,758)	$	65,229

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details