CaliberCos (NASDAQ:CWD) lowered its 2026 revenue forecast after tighter credit conditions delayed financing transactions, but reaffirmed its expectation of positive platform-adjusted EBITDA for the full year.
The real estate investment firm now expects total revenue of $15 million to $17 million, down from its previous forecast of $18 million to $22 million. Chief Executive Officer and Co-Founder Chris Loeffler said several transactions previously expected to close in the fourth quarter have moved into 2027 as lenders have become more defensive.
Quarterly Revenue Rose, but Net Loss Widened
Third-quarter platform revenue rose to $3.8 million from $3.5 million a year earlier, reflecting higher fund management and development and construction fees, partly offset by lower financing fees. Recurring fund management fees accounted for $3.1 million of the quarter’s platform revenue, according to Loeffler.
Platform-adjusted EBITDA was approximately $0.1 million, compared with a loss of $0.7 million a year earlier. It was the second consecutive quarter of positive platform-adjusted EBITDA, a non-GAAP measure that excludes certain consolidated funds.
On a consolidated GAAP basis, revenue rose to $4.3 million from $3.6 million. Net loss attributable to Caliber widened to $5 million from $4.4 million, including a $0.7 million out-of-period correction to the attribution of losses between Caliber and non-controlling interests in the first two quarters. Rosales said the correction did not affect consolidated net loss, total equity or cash.
Platform net loss narrowed to $4.3 million from $4.4 million. The latest quarter included a $3.9 million non-cash deferred tax provision. Before income taxes, platform net loss was $0.4 million, compared with $4.4 million a year earlier, aided by a $1.6 million increase in digital asset fair value and lower interest expense.
Debt Restructuring and Listing Compliance
Caliber had approximately $25.6 million in unsecured corporate notes outstanding at the end of the quarter, including $18.7 million that had matured or would mature within 12 months. The parent company held $1.8 million in cash at September 30, excluding cash held by consolidated funds.
Rosales said the company’s quarterly filing includes going-concern language because its cash and other liquid assets are insufficient to repay the maturities in full, and its plans depend on actions by noteholders and other counterparties.
Holders of approximately $14.3 million of notes participated in a program launched in September. Of that amount, $2.9 million was exchanged for new 6% notes that amortize monthly, and $0.6 million was exchanged for preferred stock. Holders of another $10.8 million granted Caliber the option to repay the notes at 80% of principal, or approximately $8.6 million in cash.
Caliber is seeking capital to exercise those payoff options, but that funding has not been committed, Rosales said. He added that issuing stock to convert notes and raise equity reduced debt but diluted existing shareholders.
Rosales also said Caliber has until February 17, 2027, to regain compliance with Nasdaq’s $1 minimum bid price requirement, with a possible second 180-day period. The company intends to pursue available steps to regain compliance, though he said there is no assurance it will do so.
Tokenization and Real Estate Projects
Loeffler described Caliber’s real estate platform as its revenue-generating foundation and its recently launched tokenization services business as a potential growth engine. Tokenization creates digital records of ownership in private funds; Loeffler said it does not change the underlying real estate investment.
Four Caliber offerings have gone live with tokenized ownership, representing more than $110 million in combined maximum offered equity. Loeffler stressed that the figure represents the amount the offerings can raise, not capital already raised. Caliber Tokenization Services is serving the company’s managed funds and plans to provide fee-based services to third-party clients, including family offices. The company did not provide revenue projections for the business.
During the question-and-answer session, Loeffler said the company partners with technology providers rather than building every service in-house. He cited Chainlink’s Automated Compliance Engine as a tool intended to help manage compliance for tokenized funds and potential transfers.
Managed capital totaled $498.3 million at quarter-end, up from $495.6 million in the preceding quarter, with $8.4 million raised during the period. Estimated performance allocations were $95.9 million; Loeffler said asset sales would be needed to realize them.
Among project updates, Loeffler said Caliber broke ground on its Hyatt Studios development in Steamboat Springs and purchased a site for another Hyatt Studios project in Phoenix. He said the company expects a construction loan for its Canyon adaptive reuse project to close in the first quarter of 2027.
About CaliberCos (NASDAQ:CWD)
CaliberCos Inc. is a real estate investment, development and management company focused on commercial real estate and other alternative assets. The company operates through an integrated platform that supports the acquisition, financing, development, redevelopment and operation of properties. CaliberCos targets value-add and income-producing opportunities across property types that may include multifamily, hospitality, office, retail and industrial real estate. Its activities may be conducted through investment funds, real estate subsidiaries and individual property ventures, with services covering asset management, property operations and development oversight.
