• A publicly traded, smaller-scale **Brookfield Asset Management** focused on diversified real estate.
• Like **Blackstone's Real Estate division** for a publicly traded firm with hands-on property development and investment.

• Real Estate Investment Funds: CaliberCos manages various investment vehicles, such as funds and syndications, allowing accredited investors to participate in diversified real estate opportunities.
• Real Estate Development: The company undertakes the full lifecycle of real estate development, including land acquisition, entitlement, and construction of residential, commercial, and hospitality properties.
• Property Management: CaliberCos provides comprehensive operational and maintenance services for real estate assets, encompassing tenant relations, property upkeep, and financial management.
• Private Equity Investments: They offer investment solutions focused on direct equity investments into private operating companies, often strategic to their real estate portfolio or broader alternative asset strategy.
• Private Credit Investments: CaliberCos provides debt financing to private companies and real estate projects, serving as an alternative lending source for various ventures.

CaliberCos (CWD) Major Customers

CaliberCos (CWD) is a real estate investment company that primarily raises capital from investors to acquire, develop, manage, and sell real estate assets. As such, its "customers" are its investors. The company primarily sells investment opportunities to individuals and entities managing wealth on behalf of individuals. Its major customer categories include:

• Accredited Individual Investors: High-net-worth individuals who directly invest in CaliberCos's real estate funds, syndications, and other investment offerings.
• Family Offices: Entities that manage the wealth and investments for affluent families, allocating capital to various investment vehicles, including those offered by CaliberCos.
• Registered Investment Advisors (RIAs): Financial professionals and firms who advise clients on investments and may allocate client capital to CaliberCos's real estate offerings.

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Chris Loeffler, Chief Executive Officer and Chairman of the Board

Chris Loeffler co-founded Caliber in 2009 in Scottsdale, Arizona. As CEO, he is responsible for directing global strategy, overseeing investments and fund management, and contributing to private and public capital formation. Before establishing Caliber, Mr. Loeffler worked as an Assurance Associate at PwC in Phoenix, Arizona, where he conducted public company audits, developed control systems, and facilitated several acquisition or sale transactions for clients such as Honeywell International, Inc. and Verizon Communications, Inc. He is also the Co-Founder and former Board Director for Qwick, Inc., a venture-funded hospitality staffing marketplace, and a Board Director for ZenniHome, Inc., a housing-tech startup. Caliber operates as a vertically integrated real estate investment and development firm, managing assets across various strategies, including core, core-plus, value-add, and opportunistic, with a focus on middle-market opportunities. The company also specializes in forming and managing real estate private equity investments.

Jade Leung, Chief Financial Officer, Corporate Secretary and Principal Accounting Officer

Jade Leung has served as CaliberCos's Chief Financial Officer since March 31, 2017.

Jennifer Schrader, President and Vice Chairman of the Board

Jennifer Schrader is a Co-Founder of CaliberCos and currently serves as its President and Vice Chairman of the Board. She previously held the position of Chief Operating Officer.

Gregory James, Chief Operating Officer

Gregory James was appointed Chief Operating Officer of CaliberCos, effective July 7, 2025. He joined the company in October 2024 and brings extensive experience in hotel operations and asset management, having previously served as Senior Vice President at Summit Hotel Properties.

John Hartman, Chief Investment Officer

John Hartman has served as CaliberCos's Chief Investment Officer since August 31, 2021.

The growing proliferation and sophistication of direct real estate investment platforms and crowdfunding portals that allow accredited investors (and in some cases, retail investors) to directly invest in specific real estate projects or diversified portfolios without going through traditional private equity real estate funds or asset managers. These platforms offer increased transparency, potentially lower fees, and direct access to deals, presenting a competitive alternative for investors currently targeted by CaliberCos for their funds and managed investments, thereby potentially impacting CaliberCos's ability to raise capital and compete for deals.

CaliberCos (CWD) operates as a real estate investment and asset management firm, focusing on middle-market assets and delivering alternative investments to clients. Its primary investment areas include commercial real estate, private equity, and debt facilities, with real estate investments specifically spanning hospitality, multi-family residential, and industrial properties.

The addressable markets for CaliberCos's main products and services in the U.S. are substantial:

• U.S. Commercial Real Estate Market: The total value of commercial real estate in the U.S. was estimated at approximately $22.5 trillion in the fourth quarter of 2023. Other estimates place the U.S. commercial real estate market size at USD 1.70 trillion in 2025, projected to reach USD 1.94 trillion by 2030.
• U.S. Private Real Estate Market: As a component of the broader U.S. private markets, real estate funds accounted for approximately $829 billion in assets under management (AUM) in 2025.
• U.S. Private Equity Market: The U.S. private equity market is a significant part of the private markets landscape, with private equity funds holding $5.06 trillion in assets under management (AUM) in 2025, representing about 70% of the total U.S. private market AUM. The U.S. private equity market is valued at USD 0.82 trillion in 2025 and is projected to expand to USD 1.24 trillion by 2030.

Globally, the total alternative assets under management (AUM), which includes private equity and real estate, is expected to reach $17.2 trillion by 2025.

Expected Drivers of Revenue Growth for CaliberCos (CWD)

1. Growth in Assets Under Management (AUM) and Fundraising: CaliberCos has set aggressive long-term financial targets, including achieving $3 billion in Assets Under Management (AUM) by the end of 2026 and cumulative fundraising of $750 million for the 2024-2026 period. This expansion in managed capital is expected to directly increase recurring asset management fees and potential performance fees.
2. Expansion and Development in Core Real Estate Verticals: The company is narrowing its strategic focus to three core real estate verticals: hospitality, multifamily, and multi-tenant industrial investing. Specific initiatives, such as a development agreement for 15 new Hyatt Studios hotels representing an estimated $400 million in projects, and the Canyon Village redevelopment to create 376 rental units, are anticipated to drive revenue through development, construction fees, and increased asset management.
3. Launch and Growth of the Opportunity Zone Fund Roll-Up Program: Caliber has launched an innovative Opportunity Zone Fund Roll-Up Program as part of its business progress initiatives. The recent permanency of the opportunity zone program is seen as a key factor to drive forward Caliber's largest and most successful investment fund strategy, contributing to future revenue.
4. Strategic Acquisitions and Development Projects: Caliber is actively expanding its asset management through strategic acquisitions, such as the Canyon Corporate Center, and the development of the Caliber Hospitality Trust, with a target to significantly expand its assets under management. These efforts are expected to attract more investment capital and generate higher fee income.

Share Issuance

• In October 2025, CaliberCos completed a note conversion program, converting an aggregate principal of $1,897,504.55 in debt into 561,747 shares of Class A common stock.
• Since June 30, 2025, CaliberCos has raised approximately $13.0 million in CWD common stock (net $10.9 million) and $15.9 million in Series B preferred stock (net $15.3 million).
• During Q2 2025, the company raised $2.4 million via Series A convertible preferred stock, $1.2 million via Series AA Reg A+ (targeting up to $20 million), and $2.3 million through an equity purchase agreement.

Inbound Investments

• Since June 30, 2025, CaliberCos secured $28.9 million in new equity, comprising approximately $13.0 million from common stock and $15.9 million from Series B preferred stock.
• In Q2 2025, CaliberCos raised $2.4 million through Series A convertible preferred stock, $1.2 million through Series AA Reg A+, and $2.3 million through an equity purchase agreement.
• An institutional investor purchased $15.9 million of perpetual convertible preferred equity, issuing 15,868 shares of Series B Preferred Stock at $1,000 per share.

Outbound Investments

• As of October 2025, CaliberCos acquired an additional 94,903 LINK tokens for $2.0 million, bringing its total Chainlink holdings to 562,535 LINK, valued at approximately $10.1 million, as part of its Digital Asset Treasury (DAT) strategy.
• In September 2025, CaliberCos announced its plan to use a portion of its cash reserves to acquire Chainlink (LINK) tokens as part of a broader crypto treasury strategy, aiming for long-term appreciation and yield generation through staking.

Capital Expenditures

• CaliberCos is reducing its exposure to long-term development activities that do not generate current rents, with a target maximum of 30% of its portfolio.
• The company is executing this shift through the orderly completion and sale of its existing developments.
• Delays have been noted in securing construction loans for projects such as Encore in northern Colorado, reflecting broader challenges in real estate financing.