olivLaw · US equity research
Caliber (CaliberCos Inc.) CWD
Real Estate · SIC 6500 · Vertical: Real Estate (SIC 6500)
Caliber is a real estate focused alternative asset manager that sponsors private real estate funds for accredited investors and, since 2025, has added a LINK-based digital asset treasury strategy. The company reports managed assets above 2.6 billion USD, and in 2026 the focus shifts to converting its project pipeline into revenue, against guidance of 18.0 to 22.0 million USD.
At the close of 04 Nov 2026, Caliber (CaliberCos Inc.) (CWD) stock was 0.45 USD (−0.22% on the day), with market capitalisation 4.7 m USD, beta 0.98, 52-week range 0.38–3.03 USD. Latest reported quarter (Q2 2026): revenue of 4.2 m USD (−17.3% YoY), net income of -3.4 m USD, diluted EPS -0.38 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 47.2
- neutral
- Bollinger (20, 2)
- 0.37 – 0.50
- in the upper half of the band · %B 0.60 · band width 29.3%
- SMA 50 / 200
- 0.51 / 0.86
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.02 / -0.03
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −18.2% | −1.1% | −17.1 pp | — |
| 3 months | +1.6% | −0.5% | +2.0 pp | — |
| 6 months | −55.5% | +4.4% | −59.9 pp | — |
| Year to date | −63.8% | +12.3% | −76.1 pp | — |
| 1 year | −83.5% | +13.5% | −97.0 pp | −11.2% |
| 3 years | −98.4% | +76.4% | −174.8 pp | −2.5% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11.3 m | 8.7 m | 7.3 m | 5.1 m | 3.6 m | 4.1 m | 4.3 m | 4.2 m |
| Depreciation & amortisation | 149.0 k | — | 157.0 k | 166.0 k | 160.0 k | — | — | — |
| Interest expense | 1.3 m | 1.5 m | 1.6 m | 1.7 m | 1.9 m | 1.5 m | 1.4 m | 1.3 m |
| Pre-tax income | 1.0 k | -10.9 m | -4.6 m | -5.7 m | -4.7 m | -8.1 m | -5.9 m | -5.5 m |
| Income tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net income | 146.0 k | -11.4 m | -4.4 m | -5.3 m | -4.4 m | -7.7 m | -3.6 m | -3.4 m |
| Diluted EPS | 0.12 | -10.13 ≈ | -3.85 | -4.15 | -1.65 | -1.24 ≈ | -0.52 | -0.38 |
| Operating cash flow | -74.0 k ≈ | 754.0 k | -1.7 m | -1.2 m ≈ | -4.6 m ≈ | -4.5 m | -2.6 m | -2.7 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 84.0 m | 90.9 m | 51.1 m | 20.1 m |
| Revenue YoY | unavailable | +8.3% | −43.8% | −60.7% |
| Net income | 2.0 m | -12.7 m | -19.8 m | -21.8 m |
| Net income YoY | unavailable | −728.9% | unavailable | unavailable |
| Diluted EPS | 0.11 | -0.63 | -17.90 | -7.70 |
| Diluted EPS YoY | unavailable | −672.7% | unavailable | unavailable |
| net % | 2.4% | -14.0% | -38.7% | -108.5% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.9 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 26.2 m USD
- Total assets
- 135.4 m USD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- -116.3%
- ROA
- -18.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 84.0 m | 90.9 m | 51.1 m | 20.1 m | SEC (XBRL)· 26 Mar 2026verified |
| Interest expense | 1.1 m | 4.7 m | 5.4 m | 6.7 m | SEC (XBRL)· 26 Mar 2026verified |
| Pre-tax income | 14.0 m | -27.6 m | -21.5 m | -23.0 m | SEC (XBRL)· 26 Mar 2026verified |
| Income tax | 0 | 0 | 0 | 0 | SEC (XBRL)· 26 Mar 2026verified |
| Net income | 2.0 m | -12.7 m | -19.8 m | -21.8 m | SEC (XBRL)· 26 Mar 2026verified |
| Diluted EPS | 0.11 | -0.63 | -17.90 | -7.70 | SEC (XBRL)· 26 Mar 2026verified |
| Weighted average diluted shares | 19.8 m | 20.1 m | 1.1 m | 2.8 m | SEC (XBRL)· 26 Mar 2026verified |
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 7.7 m | 3.8 m | 2.3 m | 2.9 m | SEC (XBRL)· 26 Mar 2026verified |
| Total assets | 278.8 m | 299.4 m | 105.5 m | 135.4 m | SEC (XBRL)· 26 Mar 2026verified |
| Total liabilities | 201.6 m | 233.4 m | 94.3 m | 109.2 m | SEC (XBRL)· 26 Mar 2026verified |
| Equity | 77.2 m | 66.0 m | 11.3 m | 26.2 m | SEC (XBRL)· 26 Mar 2026verified |
Cash flow · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | -7.4 m | -18.7 m | 555.0 k | -12.1 m | SEC (XBRL)· 26 Mar 2026verified |
| Investing cash flow | -31.8 m | -5.4 m | -19.6 m | -23.7 m | SEC (XBRL)· 26 Mar 2026verified |
| Financing cash flow | 38.6 m | 25.8 m | 6.3 m | 36.9 m | SEC (XBRL)· 26 Mar 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Market and valuation
9 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 1 of at least 6
- score weight coverage: 8.7% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 4.7 m USD
Key indicators
Coverage and freshness
Score by group
9% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- Net asset value (NAV)unavailable · input data missing
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
- Peers: P/Bunavailable · the base of the ratio is not positive
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 1 of at least 6; score weight coverage: 8.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | unavailable | unavailable | — |
| EBITDA margin · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -37.9% | 0 (on a fixed band) | 100% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| P/B · Valuation | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| Dividend yield · Returns | unavailable | unavailable | — |
| Payout ratio (EPS) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/2 factors with a value
- Growth0/100 · 1/1 factors with a value
- Quality· partialunavailable · 0/2 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CALIBERCOS INC. (CWD). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 20.1 m USD in 2025; YoY growth -60.7%; net margin -117.3%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 1 of at least 6; score weight coverage: 8.7% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Revenue CAGR 3Y: -37.9%
Not assessed (insufficient data or a ratio without meaning): ROE, EBITDA margin, Net debt / EBITDA, Interest coverage, P/B, P/E (TTM), Dividend yield, Payout ratio (EPS).
Versus the vertical median
Real Estate (SIC 6500) · same industry (4-digit SIC) · compared with 31 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| CBRECbre Group, Inc. | 40.7 bn | 30.2 | 16.1% | 3.1% | +13.4% | −13% / +79% |
| VTMXVesta Real Estate Corporation, S.A.B. de C.V. | 32.7 bn | 131.8 | 9.1% | 85.4% | +12.2% | +19% / −2% |
| TRNOTerreno Realty Corporation | 7.5 bn | 20.3 | 8.3% | 68.1% | +24.5% | +8% / +19% |
| FSVFirstService Corporation | 7.1 bn | 49.0 | 14.9% | 3.5% | +5.4% | −1% / −1% |
| CIGIColliers International Group Inc. | 4.0 bn | 48.8 | 15.7% | 4.0% | +15.3% | −32% / −5% |
| CURBCurbline Properties Corp. | 3.7 bn | 125.4 | 1.3% | 11.2% | +51.3% | +26% / unavailable |
| CWKCushman & Wakefield Ltd. | 3.5 bn | 50.5 | 3.4% | 0.6% | +8.9% | −11% / +82% |
| UEUrban Edge Properties | 2.7 bn | 24.6 | 7.9% | 22.2% | +6.1% | +10% / +26% |
| GTYGetty Realty Corp. | 1.9 bn | 17.4 | 8.9% | 42.4% | +9.0% | +1% / −2% |
| IIPRInnovative Industrial Properties, Inc. | 1.6 bn | 12.5 | 7.6% | 53.2% | −13.8% | +14% / −31% |
| FORForestar Group Inc. | 1.3 bn | 7.5 | 9.6% | 9.9% | +10.1% | −2% / −18% |
| HPPHudson Pacific Properties, Inc. | 572.8 m | — | -19.8% | -69.1% | −1.3% | −24% / −74% |
| DUOFangdd Network Group Ltd. | 548.5 m | — | -17.9% | -23.9% | +9.2% | −68% / −96% |
| AHRTAh Realty Trust, Inc. | 500.6 m | — | -6.7% | -18.2% | +4.1% | +3% / −38% |
| TRCTejon Ranch Co. | 439.9 m | 71.3 | 1.3% | 10.6% | +18.4% | +0% / +3% |
| FRPHFrp Holdings, Inc. | 360.7 m | 2,041,655.0 | 0.0% | 0.2% | +2.6% | −19% / −32% |
| MLPMaui Land & Pineapple Co Inc | 289.5 m | — | -16.1% | -28.6% | +68.2% | −8% / −2% |
| OPIOffice Properties Income Trust | 285.6 m | — | -40.5% | -73.0% | −11.8% | unavailable / unavailable |
| CMTGClaros Mortgage Trust, Inc. | 261.0 m | — | -36.5% | -391.9% | −24.4% | −44% / −85% |
| CHCIComstock Holding Companies, Inc. | 165.7 m | 6.7 | 36.4% | 32.2% | +22.6% | +46% / +352% |
| BEEPMobile Infrastructure Corporation | 100.4 m | — | -16.1% | -67.2% | −5.2% | −22% / −54% |
| LPALogistic Properties of the Americas | 78.1 m | 7.5 | 4.3% | 20.9% | +14.3% | −27% / unavailable |
| OZBelpointe PREP, LLC | 47.6 m | — | — | -212.1% | +243.4% | −41% / −50% |
| AEIAlset Inc. | 21.1 m | — | -43.4% | -951.4% | −78.8% | −80% / −54% |
| CWDCalibercos Inc. | 4.7 m | — | — | -117.3% | −60.7% | −83% / −98% |
1- and 3-year price returns: for CWD from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Caliber is a real estate focused alternative asset manager that sponsors private real estate funds for accredited investors and, since 2025, has added a LINK-based digital asset treasury strategy. The company reports managed assets above 2.6 billion USD 12, and in 2026 the focus shifts to converting its project pipeline into revenue, against guidance of 18.0 to 22.0 million USD 3.
SWOT
Strengths
- An integrated management platform combining in-house development, construction and fundraising services 1.
- Recurring management fee revenue on a managed asset base that is large relative to the company's size 12.
- Platform Adjusted EBITDA turned positive in the second quarter of 2026, according to company reporting 3.
Weaknesses
- Heavy dependence on capital raised from investors and third-party financing for projects 1.
- Revenue fell in the second quarter of 2026 compared with the prior year, and the platform still posted a net loss 3.
- A new digital asset treasury policy with less liquid holdings and exposure to LINK volatility 12.
Opportunities
Risks
- Dependence on investor capitalhigh
Growth in AUM depends on consistently attracting capital, and withdrawals or reduced allocations could limit management fee revenue 1.
- LINK treasury volatilityhigh
Changes in the value of LINK flow directly into reported results and could influence how the company is perceived 12.
- Liquidity and debtmedium
The company acknowledges it may struggle to service or refinance its debt, which could force costly actions 1.
- Timing of project revenuemedium
Revenue is weighted to the second half of the year and depends on project financings closing and milestones being reached, which could cause delays 3.
- Regulation and investment company statuslow
If regulators treated the company as an investment company, restrictions could make the current business model impractical 1.
Investment thesis
What would need to be true (bull case)
- If tokenization of funds and blockchain integration expand, the company could open a new channel for raising capital 23.
- Progress on hotel projects and delivery of revenue guidance could support revenue growth in the second half of 2026 3.
- Embedded performance allocations could generate significant revenue as assets are sold or refinanced 1.
What would break the thesis
- Revenue in the second quarter of 2026 declined from the prior year, and the company still reports platform net losses 3.
- Exposure to LINK and digital asset volatility could weigh on results and investor confidence 12.
- If financing tightens or rates rise, pipeline projects could be delayed or scaled back 1.
What to watch
- Delivery of 2026 revenue guidance and adjusted EBITDA profitability2026
- Adoption of tokenized products and capital raised through themQ4 2026
- Movement in LINK value and token holdings in the quarterly reportQ3 2026
- Opening of the Hyatt Studios hotel in Steamboat Springs2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Caliber describes its model as an integrated asset management platform that creates, manages and services middle-market real estate funds, including single-asset syndications and multi-asset funds 1. Revenue comes from management fees, organizational and offering fees, financing fees, development and construction fees, brokerage fees and performance allocations, which are its contractual share of investor returns 1. Since 2025 the company has added a treasury policy that accumulates LINK tokens, using the Chainlink platform as infrastructure for tokenizing real-world assets 12.
The company operates vertically integrated, with in-house shared services, its own fundraising teams (direct to high net worth investors and through registered advisors) and control over project development 1. Its multifamily and industrial holdings are concentrated in Arizona, Colorado and Texas, and its hospitality investments focus on US markets with population and job growth 1. A new vehicle, Caliber Hospitality Trust, is being built and could seek a public listing if its assets exceed 1.0 billion USD 1.
Performance allocations appear differently in GAAP reporting than in economic terms, because they are recognized only when no longer probable of significant reversal 12. Management evaluates performance on recurring fee-related earnings, growth in embedded performance allocations and accumulation and yield from digital assets 2.
Segments
Real estate asset management platform
The core segment creates and manages private real estate capital funds, with managed assets of 2.6 billion USD, split into 0.7 billion USD of AUM and 1.8 billion USD of AUD 2. Revenue comes from management, development, financing and performance allocation fees, and as of June 30, 2026 the development projects had an estimated cost to complete of 1.8 billion USD 2.
Hyatt Studios hospitality and Caliber Hospitality Trust
The hospitality platform includes projects in Steamboat Springs, Scottsdale and Georgetown, with an extended-stay hotel of about 114 rooms in Steamboat Springs that broke ground in July 2026 and is expected to open in the second half of 2027 3. Hospitality service revenue rose by 0.4 million USD in the second quarter of 2026 3.
Market context
Caliber operates in alternative real estate asset management, where competition is intense and runs by region, asset class and investor type 1. The private capital market for high net worth investors is sensitive to economic conditions and interest rates, and the company acknowledges that capital raising can fall if markets weaken 1. Interest in tokenizing real-world assets is an emerging trend, but not yet proven as a high-volume market 12.
On the project side, demand for extended-stay hotels and multifamily developments in growing markets is cited as a driver, and the 1.8 billion USD cost to complete the pipeline depends on debt and third-party equity 2. The company says it could complete some projects through sales or income-producing assets, but there are no guarantees 1.
Trends
- Tokenization of real estate fundsmixed
In July 2026 Caliber launched a new phase of its tokenization initiative using Chainlink compliance and distribution infrastructure, and its first tokenized project is PURE Pickleball and Padel in Scottsdale 3. Tokenization could broaden investor access and reduce administrative costs if adoption proves real 23.
- Interest rates and project financingheadwind
Changes in prevailing interest rates may reduce profitability and affect debt financing of projects, and the company acknowledges it may not always anticipate such changes 1. About 60% of expected 2026 revenue growth depends on debt financing activities 3.
- Demand for extended-stay hotels and housing in growing marketstailwind
The company points to demand for extended-stay accommodation in supply-constrained areas and for housing in Arizona, Colorado and Texas, which could support its development projects 13.
- Volatility of digital assetsheadwind
The value of LINK fell significantly in the reporting period, and the company acknowledges that fluctuations can affect reported results and, indirectly, the share price 12. The treasury policy is new and has not been tested over time 1.
Competitive position
Caliber competes with real estate funds, specialized funds, hedge fund sponsors, financial institutions, private equity funds and corporate buyers 1. Many competitors have far greater financial and marketing resources and a lower cost of capital, which can create disadvantages in bidding for assets 1.
The company differentiates through its integrated platform, middle-market fund sizes and diversification of revenue across the deal continuum, not through scale 1. Fee pressure could limit margins if larger competitors expand into the middle-market segment 1.
- Private real estate funds and private equity sponsors
Compete for accredited investors and acquisition opportunities, often with greater resources 1.
- Specialized funds and hedge fund sponsors
May have higher risk tolerances and bid more aggressively for assets 1.
- Financial institutions
Compete for financing and investments, with potentially lower costs of capital 1.
- Corporate buyers
Can achieve synergistic cost savings that give them an edge in investment bidding 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Kalashnikov developing new-caliber round capable of penetrating body armor — CEOTASS (RU, EN) · 12 Aug 2026 · EN
The latest news item in our archive is from 12 Aug 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report04 Nov 2026Regulation FD disclosure · Financial statements and exhibits
- Current report30 Oct 2026Regulation FD disclosure
- Current report19 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report15 Sept 2026Material agreement · Item 3.02 · Regulation FD disclosure · Financial statements and exhibits
- Current report27 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Current report26 Aug 2026Delisting notice
- Current report14 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report14 Aug 2026
- Current report13 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report04 Aug 2026Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Caliber (CaliberCos Inc.) · 26 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Caliber (CaliberCos Inc.) · 14 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Caliber (CaliberCos Inc.) · 13 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.