0001627282-25-000059 | 10-Q | XBRL Viewer

Prepaid and Other Assets - Summary of Prepaid and Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Variable Interest Entity [Line Items]
Accounts receivable, net	$ 8,200
Excluding consolidated VIE
Variable Interest Entity [Line Items]
Pursuit costs	713	$ 1,335
Prepaid expenses	702	800
Accounts receivable, net	408	413
Deposits	45	63
Finance lease - right of use assets	38	42
Other assets	758	848
Total prepaid and other assets	2,664	3,501
VIE, primary beneficiary
Variable Interest Entity [Line Items]
Prepaid expenses	245	114
Accounts receivable, net	181	163
Deposits	52	57
Deferred franchise fees, net	61	62
Inventory	66	51
Total prepaid and other assets	$ 424	$ 284

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Fair Value of Financial Instruments of the Company

Fair values of financial instruments held by the Company are estimated using available market information and established valuation methodologies. Accordingly, the estimates presented are not necessarily indicative of the amounts the Company could realize on disposition of the financial instruments. The use of different market assumptions and/or valuation methodologies may have a material effect on the estimated fair value amounts.

Financial instruments that approximate fair value due to the short-term nature of the instruments consist of cash, restricted cash, accounts receivable, and accounts payable. The fair values of debt have been estimated based on current rates available for similar instruments with similar terms, maturities, and collateral. The fair value of the Company’s fixed rate debt were measured with Level 2 inputs. The estimated fair value of the Company’s real estate loans was determined by management based on a discounted future cash-flow model. As of March 31, 2025, the Company’s real estate loans had a carrying value of $17.0 million and a fair value of $14.1 million. As of December 31, 2024, the Company’s real estate loans had a carrying value of $15.9 million and a fair value of $12.6 million.

Fair Value of Financial Instruments of the Consolidated Funds

Fair values of financial instruments held by consolidated funds are estimated using available market information and established valuation methodologies. Accordingly, the estimates presented are not necessarily indicative of the amounts the consolidated funds could realize on disposition of the financial instruments. The use of different market assumptions and/or valuation methodologies may have a material effect on the estimated fair value amounts.

consolidated funds’ variable rate debt and advance key money as of March 31, 2025 and December 31, 2024, approximated fair value. The fair value of the consolidated funds’ fixed rate debt were measured with Level 2 inputs. The estimated fair values for the instruments below were determined by management based on a discounted future cash-flow model (in thousands):


	March 31, 2025				December 31, 2024
Note Payable	Carrying Value		Fair Value		Carrying Value		Fair Value

Southpointe Fundco, LLC	$	1,050	$	997	$	1,050	$	1,023
West Frontier, LLC	5,100		2,597		4,796		3,701

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2E
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
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-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Other Liabilities

3 Months Ended

Mar. 31, 2025

Other Liabilities Disclosure [Abstract]

Other Liabilities

Other Liabilities of the Company

Other liabilities consisted of the following as of March 31, 2025 and December 31, 2024 (in thousands):


	March 31, 2025		December 31, 2024


Deposits (1)	$	154	$	154
Tenant improvement allowance	123		103
Finance lease liability	40		44

Below market leases, net	—		20

Other	1,000		429
Total other liabilities	$	1,317	$	750

_________________________________

(1) Includes tenant security deposits.

Other Liabilities of the Consolidated Funds

Other liabilities of the consolidated funds consisted of the following as of March 31, 2025 and December 31, 2024 (in thousands):


	March 31, 2025		December 31, 2024

Deposits (1)	241		171
Sales tax payable	162		97






Other	363		371
Total other liabilities	$	766	$	639

______________________________

(1) Includes hotel advance deposits and tenant security and pet deposits.

Derivative Instruments

3 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Risk Management Objective of Using Derivatives

The consolidated funds utilize derivative instruments, including interest rate caps and swaps, to reduce interest rate risk associated with its borrowings. Our consolidated funds do not intend to utilize derivatives for purposes other than interest rate risk management.

Derivatives Designated as Hedging Instruments

As of March 31, 2025 and December 31, 2024, the Company did not have any derivatives designated as hedging instruments.

Derivatives Not Designated as Hedging Instruments

As of March 31, 2025 and December 31, 2024, the Company did not have any non-designated derivatives.

The following table presents the gain or loss recognized in consolidated funds - hospitality expenses in the consolidated statements of operations for three months ended March 31, 2025 and 2024 (in thousands):


Type of Derivative	Statement of Operations Location	Three Months Ended March 31,
		2025		2024
Interest rate swap (1)	Consolidated funds - hospitality expenses	$	—	$	195
Interest rate cap (2)	Consolidated funds - hospitality expenses	—		(35)
Total		$	—	$	160

__________________________________

(1) The interest rate swap was terminated during the second quarter of 2024.

(2) During the three months ended March 31, 2024, the Company deconsolidated Caliber Hospitality, LP and the Caliber Hospitality Trust, which included activity from six hospitality funds.

Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Excluding consolidated VIE
Schedule Of Other Liabilities [Line Items]
Deposits	$ 154	$ 154
Tenant improvement allowance	123	103
Finance lease liability	40	44
Below market leases, net	0	20
Other	1,000	429
Other liabilities	1,317	750
VIE, primary beneficiary
Schedule Of Other Liabilities [Line Items]
Deposits	241	171
Sales tax payable	162	97
Other	363	371
Other liabilities	$ 766	$ 639

Net Income (Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The Company has calculated the basic and diluted earnings per share during the three months ended March 31, 2025 and 2024 as follows (in thousands, except per share data):


	Three Months Ended March 31,
	2025		2024
Numerator:
Net loss attributable to CaliberCos Inc.	$	(4,407)	$	(3,805)

Convertible debt interest	22		22

Net loss attributable to common shareholders of CaliberCos Inc.	$	(4,385)	$	(3,783)
Denominator:
Weighted average shares outstanding - basic and diluted	1,146		1,077






Basic and diluted net loss per share attributable to common shareholders	$	(3.85)	$	(3.53)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table summarizes these potential exercises and conversions during the three months ended March 31, 2025 and 2024, which have been excluded from the computation of diluted earnings per share attributable to common shareholders (in thousands):


	Three Months Ended March 31,
	2025	2024
Additional common shares, if stock options were exercised	115	113
Additional common shares, if warrants were exercised	(60)	—
Additional common shares, if preferred shares were converted	145	—
Additional common shares, if convertible debt were converted	17	9
	217	122

Segments - Reconciliation of Assets from Segments to Consolidated (Detail) - Excluding consolidated VIE - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Cash	$ 845	$ 1,766
Restricted cash	2,518	2,582
Real estate investments, net	21,514	21,572
Notes receivable - related parties	385	105
Due from related parties	7,366	6,965
Investments in unconsolidated entities	15,523	15,643
Operating lease - right of use assets	135	147
Prepaid and other assets	2,664	3,501
Total assets	50,950	52,281
Operating Segments
Segment Reporting Information [Line Items]
Cash	845	1,766
Restricted cash	2,518	2,582
Real estate investments, net	21,776	21,782
Notes receivable - related parties	385	230
Due from related parties	7,357	11,143
Investments in unconsolidated entities	15,941	16,061
Operating lease - right of use assets	3,937	4,042
Prepaid and other assets	2,966	(529)
Total assets	55,725	57,077
Impact of Consolidated Funds
Segment Reporting Information [Line Items]
Cash	0	0
Restricted cash	0	0
Real estate investments, net	(262)	(210)
Notes receivable - related parties	0	(125)
Due from related parties	9	(4,178)
Investments in unconsolidated entities	(418)	(418)
Operating lease - right of use assets	(3,802)	(3,895)
Prepaid and other assets	(302)	4,030
Total assets	$ (4,775)	$ (4,796)

Notes Payable - Summary of Notes Payable (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Nov. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022
Excluding consolidated VIE
Debt Instrument [Line Items]
Notes payable	$ 52,889	$ 50,922
Deferred financing costs, net	(421)	(243)
Discount on corporate note	(913)	(229)
Total	51,555	50,450
Excluding consolidated VIE \| Corporate notes
Debt Instrument [Line Items]
Notes payable	$ 30,636	31,763
Interest rate	11.05%
Total	$ 33,200
Excluding consolidated VIE \| Convertible corporate notes
Debt Instrument [Line Items]
Notes payable	$ 2,587	1,050
Interest rate	6.16%
Excluding consolidated VIE \| Real estate loans
Debt Instrument [Line Items]
Notes payable	$ 17,020	15,934
Interest rate	4.69%
Total	$ 17,000	15,900
Excluding consolidated VIE \| Other loans
Debt Instrument [Line Items]
Notes payable	$ 2,646	2,175
Interest rate	54.49%
VIE, primary beneficiary
Debt Instrument [Line Items]
Notes payable	$ 29,671	29,408
Deferred financing costs, net	(227)	(236)
Total	29,444	29,172
VIE, primary beneficiary \| Real estate loans
Debt Instrument [Line Items]
Notes payable	23,994	23,789
VIE, primary beneficiary \| Real estate loans \| DoubleTree by Hilton Tucson Convention Center, Notes Payable
Debt Instrument [Line Items]
Notes payable	$ 17,844	17,962
Interest rate	6.94%
VIE, primary beneficiary \| Real estate loans \| Southpointe Fundco, LLC
Debt Instrument [Line Items]
Notes payable	$ 1,050	1,050
Interest rate	11.99%			11.99%			9.99%
VIE, primary beneficiary \| Real estate loans \| West Frontier Holdco, LLC
Debt Instrument [Line Items]
Notes payable	$ 5,100	4,777
Interest rate	6.35%				6.35%
VIE, primary beneficiary \| Other loans
Debt Instrument [Line Items]
Notes payable	$ 77	19
Interest rate	7.96%
VIE, primary beneficiary \| Member notes
Debt Instrument [Line Items]
Notes payable	$ 5,600	$ 5,600
Interest rate	10.00%		10.00%			10.00%

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The accompanying condensed consolidated financial statements are prepared on the accrual basis of accounting in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The accompanying condensed consolidated financial statements include the Company’s accounts, its consolidated subsidiaries, and legal entities in which the Company is deemed to have a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. The equity and net income or loss attributable to noncontrolling interests in subsidiaries is shown separately in the accompanying condensed consolidated balance sheets, statements of operations, and statements of changes in stockholders’ equity. All intercompany balances and transactions have been eliminated in consolidation. Interim Unaudited Financial Data Our condensed consolidated financial statements reflect all adjustments, which are, in our opinion, of a normal recurring nature and necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods. Interim results of operations are not necessarily indicative of the results to be expected for the full year. These condensed consolidated financial statements, including notes, are unaudited, exclude some of the disclosures required for annual consolidated financial statements, and should be read in conjunction with our audited consolidated financial statements for the year ended December 31, 2024.
Variable Interest Entities	Variable Interest Entities We determine if an entity is a variable interest entity (“VIE”) based on several factors, including whether the equity holders, as a group, lack the characteristics of a controlling financial interest. We analyze any investments in VIEs to determine if we are the primary beneficiary. A reporting entity is determined to be the primary beneficiary if it holds a controlling financial interest in a VIE. Determining which reporting entity, if any, has a controlling financial interest in a VIE is primarily a qualitative analysis focused on identifying which reporting entity has both (i) the power to direct the activities of the entity that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits from such entity that could potentially be significant to such entity. Performance of that analysis requires the exercise of judgment. We consolidate any VIEs for which we are the primary beneficiary, and we disclose our maximum exposure to loss related to the consolidated VIEs.
Voting Interest Entities	Voting Interest Entities Entities that do not qualify as VIEs are generally assessed for consolidation as voting interest entities (“VOEs”). For VOEs, we consolidate an entity if we have a controlling financial interest. We have a controlling financial interest in a VOE if (i) for legal entities other than partnerships, we own a majority voting interest in the entity or, for limited partnerships and similar entities, we own a majority of the entity’s kick-out rights through voting limited partnership interests and (ii) non-controlling shareholders or partners do not hold substantive participating rights, and no other conditions exist that would indicate that we do not control the entity.
Use of Accounting Estimates	Use of Accounting Estimates The preparation of our consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. These estimates are made and evaluated on an ongoing basis using information that is currently available as well as various other assumptions believed to be reasonable under the circumstances. Actual results could differ significantly from those estimates.
Cash	Cash Cash includes cash in bank accounts. The Company deposits cash with several high-quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company (“FDIC”) up to an insurance limit of $250,000. At times, the Company’s cash balances may exceed FDIC limits. Although the Company bears risk on amounts in excess of those insured by the FDIC, it has not experienced and does not anticipate any losses due to the high quality of the institutions where the deposits are held. Cash Cash includes cash in bank accounts. The consolidated funds deposit cash with several high-quality financial institutions. These deposits are guaranteed by the FDIC up to an insurance limit of $250,000. At times, cash balances may exceed FDIC limits. Although the consolidated funds bear risk on amounts in excess of those insured by the FDIC, they have not experienced and do not anticipate any losses due to the high quality of the institutions where the deposits are held.
Restricted Cash	Restricted Cash Restricted cash consists of cash held in escrow accounts by contractual agreement with lenders as part of financial loan covenant requirements. Restricted Cash Restricted cash consists of tenant security deposits and cash reserves required by certain loan agreements for capital improvements and repairs. As improvements and repairs are completed, related costs incurred by the consolidated funds are funded from the reserve accounts. Restricted cash also includes cash held in escrow accounts by mortgage companies on behalf of the consolidated funds for payment of property taxes, insurance, and interest.
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities If an entity is not a VIE, our determination of the appropriate accounting method with respect to our investments in limited liability companies and other investments is based on voting control. For our managing member interests in limited liability companies, we are presumed to control (and therefore consolidate) the entity, unless the other limited partners have substantive rights that overcome this presumption of control. These substantive rights allow the limited partners to remove the general partner with or without cause or to participate in significant decisions made in the ordinary course of the entity’s business. We account for our non-controlling investments in these entities under the equity method. Our investments in unconsolidated subsidiaries in which we have the ability to exercise significant influence over operating and financial policies, but do not control, or entities which are VIE in which we are not the primary beneficiary are accounted for under the equity method. The equity method of accounting requires the investment to be initially recorded at cost and subsequently adjusted for the Company’s share of equity in the equity method investment’s earnings and distributions. Our share of the earnings or loss from equity method investments is included in other income (expenses), net on the accompanying consolidated statements of operations. The Company evaluates its investments in unconsolidated entities for impairment when events and circumstances indicate that the fair value of the entities might be less than the carrying value. Our determination of the appropriate accounting treatment for an investment in a subsidiary requires judgment of several factors, including the size and nature of our ownership interest and the other owners’ substantive rights to make decisions for the entity. Different judgments or conclusions as to the level of our control or influence, could result in a different accounting treatment, such as consolidation. While consolidating an investment generally has no impact on the Company’s net income or stockholders’ deficit, consolidation does impact the individual income statement and balance sheet line items on the CaliberCos Inc. consolidated financial statements, by effectively “grossing up” the Company’s consolidated statements of operations and balance sheets.
Depreciation and Amortization Expense	Depreciation and Amortization Expense Depreciation expense includes costs and costs associated with building and building improvements, which are depreciated over the estimated useful life of the respective asset, generally 15 to 40 years. Depreciation expense also includes costs associated with the purchase of furniture and equipment and office leasehold improvements which are recorded at cost. Furniture and equipment costs are depreciated using the straight-line method over the estimated useful life of the asset, generally three to seven years beginning in the first full month the asset is placed in service. Intangible lease assets are amortized using the straight-line method over the shorter of the respective estimated useful life or the lease term.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Real estate and other long-lived assets to be held and used are stated at cost, less accumulated depreciation and amortization, unless the carrying amount of the asset is determined not to be recoverable. If events or circumstances indicate that the carrying amount of a long-lived asset may not be recoverable, we make an assessment of its recoverability by comparing the carrying amount to our estimate of the undiscounted net future cash flows resulting from the use of the asset, excluding interest charges. If the carrying amount exceeds the aggregate undiscounted future cash flows, we recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the asset. Impairment of Long-Lived Assets Real estate and other long-lived assets to be held and used are stated at cost, less accumulated depreciation and amortization, unless the carrying amount of the asset is determined to not be recoverable. If events or circumstances indicate that the carrying amount of a long-lived asset may not be recoverable, we make an assessment of its recoverability by comparing the carrying amount to our estimate of the undiscounted net future cash flows resulting from the use of the asset, excluding interest charges. If the carrying amount exceeds the aggregate undiscounted future cash flows, our consolidated funds recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the asset.
Concentration of Credit Risk	Concentration of Credit Risk Substantially all of the Company’s revenues are generated from activities completed through its Platform, including the management, ownership and/or operations of real estate assets located in Alaska, Arizona, Colorado, Kansas, Texas, and Virginia. The Company mitigates the associated risk by: •diversifying our investments in real estate across hospitality, multi-family, and multi-tenant industrial asset types; •diversifying our investments in real estate assets across multiple geographic locations including different markets and sub-markets in which our real estate assets are located; •diversifying our investments in real estate assets across assets at differing points of stabilization, and in varying states of cash flow optimization; and •maintaining financing relationships with a diversified mix of lenders (differing size and type), including large national banks, local community banks, private equity lenders, and insurance companies.
Noncontrolling Interests in Consolidated Real Estate Partnerships	Noncontrolling Interests in Consolidated Real Estate Partnerships We report the unaffiliated partners’ interests in the net assets of our consolidated real estate partnerships as noncontrolling interests within the accompanying consolidated statements of changes in stockholders’ equity. Noncontrolling interests consist of equity interests held by limited partners in consolidated real estate partnerships. We attribute to noncontrolling interests their share of income or loss of the consolidated partnerships based on their proportionate interest in the results of operations of the partnerships, including their share of losses even if such attribution results in a deficit noncontrolling interest balance within our equity and partners’ capital accounts. The terms of the partnership agreements generally require the partnerships to be liquidated following the sale of the underlying real estate assets. As the general partner in these partnerships, we ordinarily control the execution of real estate sales and other events that could lead to the liquidation, redemption or other settlement of noncontrolling interests. The terms of certain partnership agreements outline differing classes of equity ownership, some of which are redeemable by the partnership at the partnership manager’s discretion.
Revenue Recognition	Revenue Recognition In accordance with the Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”), management applies the five-step framework in determining the timing and amount of revenue to recognize. This framework requires an entity to: (i) identify the contract(s) with customers, (ii) identify the performance obligations within the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations within the contract, and (v) recognize revenue when or as the entity satisfies a performance obligation. Revenues from contracts with customers includes fixed fee arrangements with related party affiliates to provide certain associated activities which are ancillary to and generally add value to the assets we manage, such as set-up and fund formation services associated with marketing, soliciting, and selling member interests in the affiliated limited partnerships, brokerage services, construction and development management services, loan placement and guarantees. The recognition and measurement of revenue is based on the assessment of individual contract terms. For performance obligations satisfied at a point in time, there are no significant judgments made in evaluating when the customer obtains control of the promised service. For performance obligations satisfied over time, significant judgment is required to determine how to allocate transaction prices where multiple performance obligations are identified; when to recognize revenue based on appropriate measurement of the Company’s progress under the contract; and whether constraints on variable consideration should be applied due to uncertain future events. Transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Variable consideration is included in the estimated transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur or when the uncertainty associated with the variable consideration is resolved. The Company’s estimates of variable consideration and determination of whether to include estimated amounts in transaction price are based largely on an assessment of its anticipated performance and all information that is reasonably available to the Company. Revenues are recognized when control of the promised services is transferred to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. The following describes the Company’s revenue recognition policy related to the fees the Company earns from providing services under its Platform: Fund set-up fees are a one-time fee for the initial formation, administration, and set-up of the private equity real estate fund. These fees are recognized at the point in time when the performance under the contract is complete and are included in asset management revenues in the accompanying consolidated statements of operations. Fund set-up fees replaced fund formation fees that are earned at a point in time at a fixed rate based on the amount of capital raised into certain managed funds. Fund management fees are generally based on 1.0% to 1.5% of the unreturned capital contributions in a particular fund and include reimbursement for costs incurred on behalf of the fund, including an allocation of certain overhead costs. These customer contracts require the Company to provide management services, representing a performance obligation that the Company satisfies over time. With respect to the Caliber Hospitality Trust, the Company earns a fund management fee of 0.7% of the Caliber Hospitality Trust’s enterprise value and is reimbursed for certain costs incurred on behalf of the Caliber Hospitality Trust. These revenues are included in asset management revenues in the accompanying consolidated statements of operations. Financing fees are earned for services the Company performs in securing third-party financing on behalf of our private equity real estate funds. These fees are recognized at the point in time when the performance under the contract is complete, which is essentially upon closing of a loan. In addition, the Company earns fees for guaranteeing certain loans, representing a performance obligation that the Company satisfies over time. These revenues are included in asset management revenues in the accompanying consolidated statements of operations. Development and construction revenues from contracts with customers include fixed fee arrangements with related party affiliates to provide real estate development services as their principal developer, which include managing and supervising third-party developers and general contractors with respect to the development of the properties owned by the funds. Revenues are generally based on 4.0% of the total expected costs of the development or 4.0% of the total expected costs of the construction project. Prior to the commencement of construction, development fee revenue is recognized at a point in time when the related performance obligations are satisfied and the customer obtains control of the promised service, including negotiation, due diligence, entitlements, planning, and design activities. During the construction period, development fee revenue is recognized ratably over time as the performance obligation(s) is satisfied. These revenues are included in asset management revenues in the accompanying consolidated statements of operations. Brokerage fees are earned at a point in time at fixed rates for services performed related to acquisitions, dispositions, leasing, and financing transaction, and are included in asset management revenues in the accompanying consolidated statements of operations. Performance allocations are an arrangement in which we are entitled to an allocation of investment returns, generated within the investment funds which we manage, based on a contractual formula. We typically receive 15.0% to 35.0% of all cash distributions from (i) the operating cash flow of each fund, after payment to the related fund investors of any accumulated and unpaid priority preferred returns and repayment of preferred capital contributions; and (ii) the cash flow resulting from the sale or refinance of any real estate assets held by each fund, after payment to the related fund investors of any accumulated and unpaid priority preferred returns and repayment of initial preferred capital contributions. Our funds’ preferred returns range from 6.0% to 12.0%, typically 6.0% for common equity or 10.0% to 12.0% for preferred equity, which does not participate in profits. Performance allocations are related to services which have been provided and are recognized when it is determined that they are no longer probable of significant reversal, which is generally satisfied when an underlying fund investment is realized or sold. These revenues are included in performance allocations in the accompanying consolidated statements of operations.
Leases, Lessor	Leases Lessor At the inception of a new lease arrangement, including new leases that arise from amendments, the Company assesses the terms and conditions to determine the proper lease classification. When the terms of a lease effectively transfer control of the underlying asset, the lease is classified as a sales-type lease. When a lease does not effectively transfer control of the underlying asset to the lessee, but the Company obtains a guarantee for the value of the asset from a third party, the Company classifies the lease as a direct financing lease. All other leases are classified as operating leases. The Company did not have any sales-type or direct financing leases as of March 31, 2025 and December 31, 2024. For operating leases with minimum scheduled rent increases, the consolidated funds recognize rental revenue on a straight-line basis, including the effect of any free rent periods, over the lease term when collectability of lease payments is probable. Variable lease payments are recognized as rental revenue in the period when the changes in facts and circumstances on which the variable lease payments are based occur. The Company identified two separate lease components as follows: i) land lease component, and ii) single property lease component comprised of building, land improvements and tenant improvements. The Company’s leases also contain provisions for tenants to reimburse the consolidated funds for maintenance and other property operating expenses, which are considered to be non-lease components. The Company elected the practical expedient to combine lease and non-lease components and the non-lease components will be included with the single property lease component as the predominant component.
Leases, Lessee	Lessee To account for leases for which the Company is the lessee, contracts must be analyzed upon inception to determine if the arrangement is, or contains, a lease. A lease conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Lease classification tests and measurement procedures are performed at the lease commencement date. The lease liability is initially measured as the present value of the lease payments over the lease term, discounted using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, the lessee’s incremental borrowing rate is used. The incremental borrowing rate is determined based on the estimated rate of interest that the lessee would pay to borrow on a collateralized basis over a similar term at an amount equal to the lease payments in a similar economic environment. The lease term is the noncancelable period of the lease and includes any renewal and termination options the Company is reasonably certain to exercise. The lease liability balance is amortized using the effective interest method. The lease liability is remeasured when the contract is modified, upon the resolution of a contingency such that variable payments become fixed or if the assessment of exercising an extension, termination or purchase option changes. The right-of-use (“ROU”) asset balance is initially measured as the lease liability amount, adjusted for any lease payments made prior to the commencement date, initial direct costs, estimated costs to dismantle, remove, or restore the underlying asset and incentives received. The Company’s impairment assessment for ROU assets is consistent with the impairment analysis for the Company's other long-lived assets and is reviewed quarterly.
Accounting for Real Estate Investments	Accounting for Real Estate Investments Upon the acquisition of real estate properties, a determination is made as to whether the acquisition meets the criteria to be accounted for as an asset acquisition or a business combination. The determination is primarily based on whether the assets acquired, and liabilities assumed meet the definition of a business. The determination of whether the assets acquired, and liabilities assumed meet the definition of a business includes a single or similar asset threshold. In applying the single or similar asset threshold, if substantially all the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the assets acquired, and liabilities assumed are not considered a business. Most of our consolidated fund acquisitions meet the single or similar asset threshold, due to the fact that substantially all the fair value of the gross assets acquired is attributable to the real estate assets acquired. Acquired real estate properties accounted for as asset acquisitions are recorded at cost, including acquisition and closing costs. Our consolidated funds allocate the cost of real estate properties to the tangible and intangible assets and liabilities acquired based on their estimated relative fair values. Our consolidated funds determine the fair value of tangible assets, such as land, building, furniture, fixtures and equipment, using a combination of internal valuation techniques that consider comparable market transactions, replacement costs and other available information and fair value estimates provided by third-party valuation specialists, depending upon the circumstances of the acquisition. Our consolidated funds determine the fair value of identified intangible assets or liabilities, which typically relate to in-place leases, using a combination of internal valuation techniques that consider the terms of the in-place leases, current market data for comparable leases, and fair value estimates provided by third-party valuation specialists, depending upon the circumstances of the acquisition. If a transaction is determined to be a business combination, the assets acquired, liabilities assumed, and any identified intangibles are recorded at their estimated fair values on the transaction date, and transaction costs are expensed in the period incurred.
Cost Capitalization and Depreciation	Cost Capitalization and Depreciation Our consolidated funds capitalize costs, including certain indirect costs, incurred in connection with their development and construction activities. Included in these capitalized costs are payroll costs associated with time spent by site employees in connection with capital addition activities at the asset level. Interest, property taxes and insurance are also capitalized during periods in which redevelopment, development and construction projects are in progress. Capitalization of costs, including certain indirect costs, incurred in connection with our capital addition activities, commence at the point in time when activities necessary to get the assets ready for their intended use are in progress. This includes when assets are undergoing physical construction, as well as when apartment homes are held vacant in advance of planned construction, provided that other activities such as permitting, planning and design are in progress. Our consolidated funds cease the capitalization of costs when the assets are substantially complete and ready for their intended use, which is typically when construction has been completed and apartment homes or other properties are available for occupancy. Cost of ordinary repairs, maintenance and resident turnover are charged to operating expense, as incurred.
Consolidated Fund Revenues	Consolidated Fund Revenues In accordance with ASC 606, our consolidated funds apply the five-step framework in determining the timing and amount of revenue to recognize. This framework requires an entity to: (i) identify the contract(s) with customers, (ii) identify the performance obligations within the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations within the contract, and (v) recognize revenue when or as the entity satisfies a performance obligation. Our consolidated funds’ revenues primarily consist of hospitality revenues, rental income and interest income. Consolidated funds – hospitality revenue Hospitality revenues are comprised of charges for room rentals, food and beverage sales, and other hotel operating activities. Revenues are recognized as earned, which is defined as the date upon which a guest occupies a room or utilizes the hotel’s services. Revenues are recorded net of sales tax. Our consolidated funds have performance obligations to provide accommodations and other ancillary services to hotel guests. As compensation for such goods and services, the consolidated funds are typically entitled to a fixed nightly fee for an agreed upon period and additional fixed fees for any ancillary services purchased. These fees are generally payable at the time the hotel guest checks out of the hotel. The consolidated funds generally satisfy the performance obligations over time and recognize the revenue from room sales and from other ancillary guest services on a daily basis, as the rooms are occupied, and the services have been rendered. For food and beverage, revenue is recognized upon transfer of promised products or services to customers in an amount that reflects the consideration the consolidated funds received in exchange for those services, which is generally when payment is tendered at the time of sale. The consolidated funds receive deposits for events and rooms. Such deposits are deferred and included in other liabilities on the accompanying consolidated balance sheets. The deposits are credited to consolidated funds – hospitality revenue when the specific event takes place. Consolidated funds – other revenue Consolidated funds – other revenue includes rental revenue of $0.1 million and $0.4 million for the three months ended March 31, 2025 and 2024, respectively. Rental revenue includes the revenues generated primarily by the rental operations of the residential (multi-family and single-family) and commercial properties of our consolidated funds. In accordance with ASC 842, Leases (“ASC 842”), at the inception of a new lease arrangement, including new leases that arise from amendments, the Company assesses the terms and conditions to determine the proper lease classification. When the terms of a lease effectively transfer control of the underlying asset, the lease is classified as a sales-type lease. When a lease does not effectively transfer control of the underlying asset to the lessee, but the Company obtains a guarantee for the value of the asset from a third party, the Company classifies the lease as a direct financing lease. All other leases are classified as operating leases. The consolidated funds did not have any sales-type or direct financing leases as of March 31, 2025. For operating leases with minimum scheduled rent increases, the consolidated funds recognize rental revenue on a straight-line basis, including the effect of any free rent periods, over the lease term when collectability of lease payments is probable. Variable lease payments are recognized as rental revenue in the period when the changes in facts and circumstances on which the variable lease payments are based occur. The Company identified two separate lease components as follows: i) land lease component, and ii) single property lease component comprised of building, land improvements and tenant improvements. The Company’s leases also contain provisions for tenants to reimburse the consolidated funds for maintenance and other property operating expenses, which are considered to be non-lease components. The Company elected the practical expedient to combine lease and non-lease components and the non-lease components will be included with the single property lease component as the predominant component. In addition, consolidated funds - other revenue includes interest income, which is generated by a consolidated fund’s lending activity. There was no interest income for the three months ended March 31, 2025. For the three months ended March 31, 2024, there was $1.0 million of interest income. Interest income is recognized on the accrual basis of accounting in accordance with the lending agreements over the term of the respective loan agreement.
Accounts Receivable	Accounts Receivable Accounts receivable primarily consists of amounts due from guests or groups for hotel rooms and services provided by the hotel properties. Accounts receivable also include due, but unpaid, rental payments. Our consolidated funds continually review receivables and determine collectability by taking into consideration the history of past write-offs, collections, current credit conditions, tenant payment history, the financial condition of the tenants, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. If the collectability of a receivable is uncertain, our consolidated funds will record an increase in the allowance for doubtful accounts. Amounts that are determined to be uncollectible with a high degree of certainty are written-off through bad debt expense, which is included in consolidated funds – hospitality expenses and consolidated funds – other expenses on the accompanying consolidated statements of operations. There were no allowances for doubtful accounts as of March 31, 2025 and December 31, 2024.
Derivative Instruments	Derivative Instruments The consolidated funds record all derivative instruments on the consolidated balance sheets at fair value. The accounting for changes in the fair value of the derivative and the effect on the financial statements depends on its hedge designation and whether the hedge is highly effective in achieving offsetting changes in the fair value of cash flows of the asset or liability hedged. If the consolidated fund elects not to apply hedge accounting treatment, any changes in the fair value of the derivative instruments is recognized immediately in consolidated funds - hospitality expenses in the consolidated statements of operations. If the derivative is designated and qualifies for hedge accounting treatment, the change in fair value of the derivative is recorded in other comprehensive income (loss).
Fair Value of Financial Instruments	Fair Value of Financial Instruments The fair value of financial instruments is disclosed in accordance with ASC 825, Financial Instruments. The fair value of our financial instruments is estimated using available market information and established valuation methodologies. The estimates of fair value are not necessarily indicative of the amounts the consolidated funds could realize on disposition of the financial instruments. The use of different market assumptions and/or valuation methodologies may have a material effect on the estimated fair value amounts.
Fair Value Measurements	Fair Value Measurements Fair value measurements and disclosures consist of a three-level valuation hierarchy. The valuation hierarchy categorizes assets and liabilities measured at fair value into one of three different levels depending on the ability to observe the inputs employed in the measurement using market participant assumptions at the measurement date. An asset’s or liability’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows: •Level 1 – Inputs are quoted prices in active markets for identical assets or liabilities that can be accessed at the measurement date. •Level 2 – Inputs include quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability. •Level 3 – Unobservable inputs for the asset or liability. These unobservable inputs reflect assumptions about what market participants would use to price the asset or liability and are developed based on the best information available in the circumstances (which might include the reporting company’s own data)
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company adopted ASU 2016-13, Financial Instruments – Credit Losses and subsequent amendments (collectively, “Topic 326”), effective January 1, 2023. Topic 326 was intended to improve financial reporting by requiring more timely recognition of credit losses on loans and other financial instruments that are not accounted for at fair value through net income and required that financial assets measured at amortized cost be presented at the net amount expected to be collected, through an allowance for credit losses that was deducted from the amortized cost basis. The amendments in Topic 326 required the Company to measure all expected credit losses based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the financial assets and eliminated the “incurred loss” methodology under current U.S. GAAP. Loans and receivables between entities under common control are not within the scope of this guidance. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. The Company adopted the Financial Accounting Standards Board (“FASB”) issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40), effective January 1, 2024, which simplifies the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock, removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and also simplifies the diluted earnings per share calculation in certain areas. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which serves to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses on both an annual and interim basis. The guidance does not change the definition of a segment, the method for determining segments, or the criteria for aggregating operating segments into reportable segments and is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted this guidance effective December 31, 2024. The adoption of this standard did not have a material effect on the Company’s balance sheet, statement of operations, or statement of cash flows, but resulted in additional disclosures in the notes to the financial statements, most notably payroll and payroll related costs as a significant segment expense. See Note 16 – Segments for detail. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740, Income Taxes). ASU 2023-09, which serves to enhance income tax disclosures by requiring a tabular rate reconciliation and additional information on income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of the adoption of ASU 2023-09 on our consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) to improve the disclosures about a public business entity’s expenses and provide more detailed information about the types of expenses included in certain expense captions in the consolidated financial statements. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted and the amendments in this update should be applied either prospectively to financial statements issued for reporting periods after the effective date of this update or retrospectively to any or all prior periods presented in the financial statements. We are currently evaluating the impact of the adoption of ASU 2024-03 on our consolidated financial statements.

Prepaid and Other Assets

3 Months Ended

Mar. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid and Other Assets

Prepaid and Other Assets of the Company

Prepaid and other assets consisted of the following as of March 31, 2025 and December 31, 2024 (in thousands):


	March 31, 2025		December 31, 2024
Pursuit costs (1)	$	713	$	1,335
Prepaid expenses	702		800
Accounts receivable, net	408		413
Deposits	45		63
Finance lease - right of use assets	38		42




Other assets	758		848
Total prepaid and other assets	$	2,664	$	3,501

(1)

Pursuit costs represent expenses incurred related to new fund formation, primarily for professional, legal, consulting, accounting and tax services. As the funds raise equity investments and operating cash flow, as applicable, these costs are reimbursed by the respective funds to the Company. The Company assesses collectability and expenses any amounts in which collectability is not reasonably assured.

Prepaid and Other Assets of the Consolidated Funds

Prepaid and other assets of the consolidated funds consisted of the following as of March 31, 2025 and December 31, 2024 (in thousands):


	March 31, 2025		December 31, 2024

Prepaid expenses	$	245	$	114
Deposits	52		57

Deferred franchise fees, net	61		62

Inventory	66		51


Total prepaid and other assets	$	424	$	284

Segments - Schedule of Segment Reporting Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Segment Reporting Information [Line Items]
Revenue	$ 3,500	$ 4,700
Total revenues	7,261	22,951
Operating costs	4,044	5,262
Payroll and payroll related costs	3,700	4,800
General and administrative	1,581	1,940
Marketing and advertising	165	106
Depreciation and amortization	157	146
Consolidated funds – other expenses	458	3,072
Total expenses	9,870	27,308
Other (loss) income, net	(366)	272
Interest income	32	117
Interest expense	(1,611)	(1,294)
Net loss before income taxes	(4,554)	(5,262)
Provision for income taxes	0	0
Net (loss) income	(4,554)	(5,262)
Net loss attributable to noncontrolling interests	(147)	(1,457)
Net loss attributable to CaliberCos Inc.	(4,407)	(3,805)
Reportable Segment
Segment Reporting Information [Line Items]
Revenue	3,197	3,336
Total revenues	7,261	22,951
Operating costs	384	479
Payroll and payroll related costs	3,660	4,783
General and administrative	1,581	1,940
Marketing and advertising	165	106
Depreciation and amortization	157	146
Consolidated funds – other expenses	458	3,072
Total expenses	9,870	27,308
Other (loss) income, net	(366)	272
Interest income	32	117
Interest expense	(1,611)	(1,294)
Net loss before income taxes	(4,554)	(5,262)
Provision for income taxes	0	0
Net (loss) income	(4,554)	(5,262)
Net loss attributable to noncontrolling interests	(147)	(1,457)
Net loss attributable to CaliberCos Inc.	(4,407)	(3,805)
Asset management revenues
Segment Reporting Information [Line Items]
Revenue	3,196	3,170
Asset management revenues \| Reportable Segment
Segment Reporting Information [Line Items]
Revenue	3,196	3,170
Fund management fees \| Reportable Segment
Segment Reporting Information [Line Items]
Revenue	2,470	1,378
Financing fees \| Reportable Segment
Segment Reporting Information [Line Items]
Revenue	52	2
Development and construction fees \| Reportable Segment
Segment Reporting Information [Line Items]
Revenue	470	1,531
Brokerage fees \| Reportable Segment
Segment Reporting Information [Line Items]
Revenue	204	259
Performance allocations
Segment Reporting Information [Line Items]
Revenue	1	166
Performance allocations \| Reportable Segment
Segment Reporting Information [Line Items]
Revenue	1	166
Hospitality revenue
Segment Reporting Information [Line Items]
Other revenue	3,919	18,145
Consolidated funds – hospitality expenses	3,465	16,782
Hospitality revenue \| Reportable Segment
Segment Reporting Information [Line Items]
Other revenue	3,919	18,145
Consolidated funds – hospitality expenses	3,465	16,782
Other revenues
Segment Reporting Information [Line Items]
Other revenue	145	1,470
Other revenues \| Reportable Segment
Segment Reporting Information [Line Items]
Other revenue	145	1,470
Excluding consolidated VIE \| Reportable Segment
Segment Reporting Information [Line Items]
Revenue	3,549	4,726
Total revenues	3,549	4,726
Operating costs	508	701
Payroll and payroll related costs	3,660	4,783
General and administrative	1,592	1,949
Marketing and advertising	165	106
Depreciation and amortization	162	183
Consolidated funds – other expenses	0	0
Total expenses	6,087	7,722
Other (loss) income, net	6	452
Interest income	33	285
Interest expense	(1,611)	(1,295)
Net loss before income taxes	(4,110)	(3,554)
Provision for income taxes	0	0
Net (loss) income	(4,110)	(3,554)
Net loss attributable to noncontrolling interests	0	0
Net loss attributable to CaliberCos Inc.	(4,110)	(3,554)
Excluding consolidated VIE \| Asset management revenues \| Reportable Segment
Segment Reporting Information [Line Items]
Revenue	3,542	4,555
Excluding consolidated VIE \| Fund management fees \| Reportable Segment
Segment Reporting Information [Line Items]
Revenue	2,744	2,569
Excluding consolidated VIE \| Financing fees \| Reportable Segment
Segment Reporting Information [Line Items]
Revenue	74	73
Excluding consolidated VIE \| Development and construction fees \| Reportable Segment
Segment Reporting Information [Line Items]
Revenue	528	1,654
Excluding consolidated VIE \| Brokerage fees \| Reportable Segment
Segment Reporting Information [Line Items]
Revenue	196	259
Excluding consolidated VIE \| Performance allocations \| Reportable Segment
Segment Reporting Information [Line Items]
Revenue	7	171
Excluding consolidated VIE \| Hospitality revenue \| Reportable Segment
Segment Reporting Information [Line Items]
Other revenue	0	0
Consolidated funds – hospitality expenses	0	0
Excluding consolidated VIE \| Other revenues \| Reportable Segment
Segment Reporting Information [Line Items]
Other revenue	0	0
VIE, primary beneficiary
Segment Reporting Information [Line Items]
Interest income	0	1,000
VIE, primary beneficiary \| Reportable Segment
Segment Reporting Information [Line Items]
Revenue	(352)	(1,390)
Total revenues	3,712	18,225
Operating costs	(124)	(222)
Payroll and payroll related costs	0	0
General and administrative	(11)	(9)
Marketing and advertising	0	0
Depreciation and amortization	(5)	(37)
Consolidated funds – other expenses	458	3,072
Total expenses	3,783	19,586
Other (loss) income, net	(372)	(180)
Interest income	(1)	(168)
Interest expense	0	1
Net loss before income taxes	(444)	(1,708)
Provision for income taxes	0	0
Net (loss) income	(444)	(1,708)
Net loss attributable to noncontrolling interests	(147)	(1,457)
Net loss attributable to CaliberCos Inc.	(297)	(251)
VIE, primary beneficiary \| Asset management revenues \| Reportable Segment
Segment Reporting Information [Line Items]
Revenue	(346)	(1,385)
VIE, primary beneficiary \| Fund management fees \| Reportable Segment
Segment Reporting Information [Line Items]
Revenue	(274)	(1,191)
VIE, primary beneficiary \| Financing fees \| Reportable Segment
Segment Reporting Information [Line Items]
Revenue	(22)	(71)
VIE, primary beneficiary \| Development and construction fees \| Reportable Segment
Segment Reporting Information [Line Items]
Revenue	(58)	(123)
VIE, primary beneficiary \| Brokerage fees \| Reportable Segment
Segment Reporting Information [Line Items]
Revenue	8	0
VIE, primary beneficiary \| Performance allocations \| Reportable Segment
Segment Reporting Information [Line Items]
Revenue	(6)	(5)
VIE, primary beneficiary \| Hospitality revenue \| Reportable Segment
Segment Reporting Information [Line Items]
Other revenue	3,919	18,145
Consolidated funds – hospitality expenses	3,465	16,782
VIE, primary beneficiary \| Other revenues \| Reportable Segment
Segment Reporting Information [Line Items]
Other revenue	$ 145	$ 1,470

Notes Payable - Narrative (Details)	1 Months Ended			3 Months Ended
Notes Payable - Narrative (Details)	May 31, 2024 USD ($)	Mar. 31, 2023	Aug. 31, 2019	Mar. 31, 2025 USD ($) note extension $ / shares	Mar. 31, 2024 USD ($)	Mar. 01, 2026	May 15, 2025 USD ($)	Feb. 28, 2025 USD ($)	Dec. 31, 2024 USD ($) note	Dec. 31, 2023	Nov. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Excluding consolidated VIE
Debt Instrument [Line Items]
Notes payable				$ 52,889,000					$ 50,922,000
Amortization of deferred financing costs				0	$ 0
Deferred financing cost write-offs				0	0
Excluding consolidated VIE \| Operating Loan Agreement \| Loans Payable
Debt Instrument [Line Items]
Debt instrument, face amount				2,600,000
Excluding consolidated VIE \| Insurance Premiums Financing Agreements \| Loans Payable
Debt Instrument [Line Items]
Debt instrument, face amount				$ 100,000
Excluding consolidated VIE \| Real estate loans
Debt Instrument [Line Items]
Interest rate				4.69%
Notes payable				$ 17,020,000					15,934,000
Excluding consolidated VIE \| Real estate loans \| Notes Payable, Gateway II Holdco, LLC
Debt Instrument [Line Items]
Interest rate				4.30%
Notes payable				$ 15,900,000					15,900,000
Excluding consolidated VIE \| Real estate loans \| Saddleback Ranch, LLC
Debt Instrument [Line Items]
Interest rate								10.00%
Notes payable				$ 1,200,000
Debt instrument, face amount								$ 1,200,000
Excluding consolidated VIE \| Real estate loans \| Saddleback Ranch, LLC \| Forecast
Debt Instrument [Line Items]
Interest rate						14.00%
Excluding consolidated VIE \| Loans Payable
Debt Instrument [Line Items]
Interest rate				11.05%
Notes payable				$ 30,636,000					$ 31,763,000
Debt instrument, extended term				12 months
Current portion of notes payable				$ 26,100,000
Excluding consolidated VIE \| Loans Payable \| Subsequent Event
Debt Instrument [Line Items]
Current portion of notes payable							$ 26,100,000
Excluding consolidated VIE \| Loans Payable \| Corporate Notes And Convertible Corporate Notes
Debt Instrument [Line Items]
Debt instrument, term				12 months
Debt instrument, extended term				12 months
Number of corporate notes \| note				196					202
Average outstanding principal balance per loan				$ 200,000					$ 200,000
Weighted average interest rate				10.67%					11.30%
Excluding consolidated VIE \| Convertible corporate notes
Debt Instrument [Line Items]
Interest rate				6.16%
Notes payable				$ 2,587,000					$ 1,050,000
Convertible conversion price (in dollars per share) \| $ / shares				$ 151.40
Excluding consolidated VIE \| Minimum \| Operating Loan Agreement \| Loans Payable
Debt Instrument [Line Items]
Interest rate				12.00%
Excluding consolidated VIE \| Minimum \| Insurance Premiums Financing Agreements \| Loans Payable
Debt Instrument [Line Items]
Interest rate				7.96%
Excluding consolidated VIE \| Minimum \| Loans Payable
Debt Instrument [Line Items]
Debt instrument, term				12 months
Excluding consolidated VIE \| Minimum \| Loans Payable \| Corporate Notes And Convertible Corporate Notes
Debt Instrument [Line Items]
Interest rate				5.00%					8.25%
Excluding consolidated VIE \| Maximum \| Operating Loan Agreement \| Loans Payable
Debt Instrument [Line Items]
Interest rate				212.94%
Excluding consolidated VIE \| Maximum \| Insurance Premiums Financing Agreements \| Loans Payable
Debt Instrument [Line Items]
Interest rate				9.15%
Excluding consolidated VIE \| Maximum \| Loans Payable
Debt Instrument [Line Items]
Debt instrument, term				36 months
Excluding consolidated VIE \| Maximum \| Loans Payable \| Corporate Notes And Convertible Corporate Notes
Debt Instrument [Line Items]
Interest rate				12.00%					12.00%
VIE, primary beneficiary
Debt Instrument [Line Items]
Notes payable				$ 29,671,000					$ 29,408,000
Amortization of deferred financing costs				19,000	285,000
Deferred financing cost write-offs				$ 0	$ 0
Number of extensions \| extension				2
Term of extension (in months)				12 months
VIE, primary beneficiary \| Insurance Premiums Financing Agreements \| Loans Payable
Debt Instrument [Line Items]
Interest rate				7.96%
Debt instrument, face amount				$ 100,000
VIE, primary beneficiary \| Real estate loans
Debt Instrument [Line Items]
Notes payable				$ 23,994,000					23,789,000
VIE, primary beneficiary \| Real estate loans \| DoubleTree by Hilton Tucson Convention Center, Notes Payable
Debt Instrument [Line Items]
Interest rate				6.94%
Notes payable				$ 17,844,000					17,962,000
VIE, primary beneficiary \| Real estate loans \| DoubleTree by Hilton Tucson Convention Center, Notes Payable \| Interest rate swap
Debt Instrument [Line Items]
Derivative, fixed interest rate			4.22%
Proceeds from termination of derivative	$ 1,600,000
VIE, primary beneficiary \| Real estate loans \| DoubleTree by Hilton Tucson Convention Center, Notes Payable \| One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			2.50%
VIE, primary beneficiary \| Real estate loans \| DoubleTree by Hilton Tucson Convention Center, Notes Payable \| Subsequent Event
Debt Instrument [Line Items]
Interest rate							7.43%
Debt instrument, face amount							$ 22,500,000
VIE, primary beneficiary \| Real estate loans \| Southpointe Fundco, LLC
Debt Instrument [Line Items]
Interest rate				11.99%							11.99%		9.99%
Notes payable				$ 1,050,000					1,050,000
VIE, primary beneficiary \| Real estate loans \| West Frontier Holdco, LLC
Debt Instrument [Line Items]
Interest rate		6.35%		6.35%
Notes payable				$ 5,100,000					4,777,000
VIE, primary beneficiary \| Real estate loans \| West Frontier Holdco, LLC \| Five Year Treasury Constant Federal Reserve Index
Debt Instrument [Line Items]
Basis spread on variable rate		2.50%
VIE, primary beneficiary \| Member notes
Debt Instrument [Line Items]
Interest rate				10.00%						10.00%		10.00%
Notes payable				$ 5,600,000					$ 5,600,000

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The estimated fair values for the instruments below were determined by management based on a discounted future cash-flow model (in thousands):


	March 31, 2025				December 31, 2024
Note Payable	Carrying Value		Fair Value		Carrying Value		Fair Value

Southpointe Fundco, LLC	$	1,050	$	997	$	1,050	$	1,023
West Frontier, LLC	5,100		2,597		4,796		3,701

Segments - Narrative (Detail) $ in Millions	3 Months Ended
Segments - Narrative (Detail) $ in Millions	Mar. 31, 2025 USD ($) segment	Mar. 31, 2024 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| segment	1
Payroll and payroll related costs	$ 3.7	$ 4.8
Revenue	$ 3.5	$ 4.7
Excluding consolidated VIE
Segment Reporting Information [Line Items]
Increase (decrease) in revenues, percent	(0.249)

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Other Liabilities (Tables)

3 Months Ended

Mar. 31, 2025

Other Liabilities Disclosure [Abstract]

Other Liabilities

Other liabilities consisted of the following as of March 31, 2025 and December 31, 2024 (in thousands):


	March 31, 2025		December 31, 2024


Deposits (1)	$	154	$	154
Tenant improvement allowance	123		103
Finance lease liability	40		44

Below market leases, net	—		20

Other	1,000		429
Total other liabilities	$	1,317	$	750

_________________________________

(1) Includes tenant security deposits.

Other Liabilities of the Consolidated Funds

Other liabilities of the consolidated funds consisted of the following as of March 31, 2025 and December 31, 2024 (in thousands):


	March 31, 2025		December 31, 2024

Deposits (1)	241		171
Sales tax payable	162		97






Other	363		371
Total other liabilities	$	766	$	639

______________________________

(1) Includes hotel advance deposits and tenant security and pet deposits.

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2025	May 13, 2025
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
Document Transition Report	false
Entity File Number	001-41703
Entity Registrant Name	CALIBERCOS INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-2426901
Entity Address, Address Line One	8901 E. Mountain View Rd.
Entity Address, Address Line Two	Ste. 150
Entity Address, City or Town	Scottsdale
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85258
City Area Code	480
Local Phone Number	295-7600
Title of 12(b) Security	Class A common stock, $0.001 par value per share
Trading Symbol	CWD
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001627282
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		931,231
Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		370,822

Segments (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment


	Three Months Ended March 31, 2025
	Platform		Impact of Consolidated Funds		Consolidated
Revenues
Fund management fees	$	2,744	$	(274)	$	2,470
Financing fees	74		(22)		52
Development and construction fees	528		(58)		470
Brokerage fees	196		8		204
Total asset management	3,542		(346)		3,196
Performance allocations	7		(6)		1
Total Platform revenue	$	3,549	$	(352)	$	3,197


	Three Months Ended March 31, 2024
	Platform		Impact of Consolidated Funds		Consolidated
Revenues
Fund management fees	$	2,569	$	(1,191)	$	1,378
Financing fees	73		(71)		2
Development and construction fees	1,654		(123)		1,531
Brokerage fees	259		—		259
Total asset management	4,555		(1,385)		3,170
Performance allocations	171		(5)		166
Total Platform revenue	$	4,726	$	(1,390)	$	3,336

Reconciliation of Revenue from Segments to Consolidated

The following tables present a reconciliation of Platform revenues, expenses and net loss to the most comparable GAAP measure for the three months ended March 31, 2025 and 2024 (in thousands):


	Three Months Ended March 31, 2025
	Unconsolidated		Impact of Consolidated Funds		Consolidated
Revenues
Asset management	$	3,542	$	(346)	$	3,196
Performance allocations	7		(6)		1
Consolidated funds – hospitality revenue	—		3,919		3,919
Consolidated funds – other revenue	—		145		145
Total revenues	3,549		3,712		7,261

Expenses
Operating costs	508		(124)		384
Payroll and payroll related costs	3,660		—		3,660
General and administrative	1,592		(11)		1,581
Marketing and advertising	165		—		165
Depreciation and amortization	162		(5)		157
Consolidated funds – hospitality expenses	—		3,465		3,465
Consolidated funds – other expenses	—		458		458
Total expenses	6,087		3,783		9,870



Other income (loss), net	6		(372)		(366)

Interest income	33		(1)		32
Interest expense	(1,611)		—		(1,611)
Net loss before income taxes	(4,110)		(444)		(4,554)
Provision for 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)


	Three Months Ended March 31, 2024
	Platform		Impact of Consolidated Funds		Consolidated
Revenues
Asset management	$	4,555	$	(1,385)	$	3,170
Performance allocations	171		(5)		166
Consolidated funds – hospitality revenue	—		18,145		18,145
Consolidated funds – other revenue	—		1,470		1,470
Total revenues	4,726		18,225		22,951

Expenses
Operating costs	701		(222)		479
Payroll and payroll related costs	4,783		—		4,783
General and administrative	1,949		(9)		1,940
Marketing and advertising	106		—		106
Depreciation and amortization	183		(37)		146
Consolidated funds – hospitality expenses	—		16,782		16,782
Consolidated funds – other expenses	—		3,072		3,072
Total expenses	7,722		19,586		27,308



Other income, net	452		(180)		272

Interest income	285		(168)		117
Interest expense	(1,295)		1		(1,294)
Net loss before income taxes	(3,554)		(1,708)		(5,262)
Provision for income taxes	—		—		—
Net loss	(3,554)		(1,708)		(5,262)
Net loss attributable to noncontrolling interests	—		(1,457)		(1,457)
Net loss attributable to CaliberCos Inc.	$	(3,554)	$	(251)	$	(3,805)

The following tables present a reconciliation of Platform assets to the most comparable GAAP measure for the three months ended March 31, 2025 and 2024 (in thousands):


	March 31, 2025
	Platform		Impact of Consolidated Funds		Consolidated

Cash	$	845	$	—	$	845
Restricted cash	2,518		—		2,518
Real estate investments, net	21,776		(262)		21,514

Notes receivable - related parties	385		—		385
Due from related parties	7,357		9		7,366
Investments in unconsolidated entities	15,941		(418)		15,523
Operating lease - right of use assets	3,937		(3,802)		135

Prepaid and other assets	2,966		(302)		2,664
Total assets	$	55,725	$	(4,775)	$	50,950


	December 31, 2024
	Platform		Impact of Consolidated Funds		Consolidated

Cash	$	1,766	$	—	$	1,766
Restricted cash	2,582		—		2,582
Real estate investments, net	21,782		(210)		21,572

Notes receivable - related parties	230		(125)		105
Due from related parties	11,143		(4,178)		6,965
Investments in unconsolidated entities	16,061		(418)		15,643
Operating lease - right of use assets	4,042		(3,895)		147

Prepaid and other assets	(529)		4,030		3,501
Total assets	$	57,077	$	(4,796)	$	52,281

VIEs	3 Months Ended
VIEs	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VIEs	VIEs Management has determined that the equity holders in its consolidated entities, as a group, lack the power to direct the activities that most significantly impact the entities’ economic performance and/or have disproportionate voting rights relative to their equity. The Company was determined to be the primary beneficiary of each of these entities since it 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 entities. Generally, the assets of the individual consolidated VIEs can only be used to settle liabilities of each respective individual consolidated VIE and the liabilities of each respective VIE, including VIEs which it consolidates, are liabilities for which creditors or beneficial interest holders do not have recourse to the general credit of the Company. When the VIE is consolidated, we reflect the assets, liabilities, revenues, expenses and cash flows of the consolidated funds on a gross basis, and the interests in the VIEs are included in non-controlling interest in the consolidated financial statements. The Company has provided financial support to certain consolidated VIEs in the form of short-term financing and guarantees of the debts of certain VIEs. In general, our maximum exposure to loss due to involvement with the consolidated VIEs is limited to the amount of capital investment in the VIE, if any, or the potential obligation to perform on the guarantee of debts. On March 7, 2024, L.T.D. Hospitality Group LLC (“L.T.D.”) contributed one hotel from its portfolio to Caliber Hospitality, LP in exchange for $4.9 million in cash, net of closing costs, and $9.6 million in operating partnership units. In conjunction with the L.T.D. contribution, Caliber Hospitality, LP entered into a new $14.1 million loan facility with a third party lender resulting in a consolidation reconsideration event. Upon this reconsideration event, the Company reconsidered its consolidation conclusion, given the change in economics, and concluded that it was no longer the primary beneficiary, as its potential obligation to absorb the losses, through its guarantee of the indebtedness secured by the hospitality assets, was no longer significant to Caliber Hospitality, LP or the Caliber Hospitality Trust. As such, during the three months ended March 31, 2024, the Company deconsolidated Caliber Hospitality, LP, the Caliber Hospitality Trust, and their consolidated subsidiaries. The Company aggregated and reported the results of operations of these VIEs in consolidated fund revenues and consolidated fund expenses within the accompanying condensed consolidated statements of operations through the date of deconsolidation. Additionally, during 2024, the Company deconsolidated Elliot, DT Mesa, and CFIF III. The Company’s investment in these assets, as well as the assets of Caliber Hospitality, LP, are no longer eliminated and are included in investments in unconsolidated entities on the accompanying condensed consolidated balance sheets dated March 31, 2025 and December 31, 2024. See Note 11 – Commitments and Contingencies for information related to the commitments and contingencies of these VIEs.

Notes Payable - Summary of Principal Repayments (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Excluding consolidated VIE
Debt Instrument [Line Items]
April 1, 2025 - December 31, 2025	$ 27,075
2027	4,137
2028	3,619
2029	3,366
2030	14,692
Thereafter	0
Notes payable	52,889	$ 50,922
VIE, primary beneficiary
Debt Instrument [Line Items]
April 1, 2025 - December 31, 2025	7,130
2027	561
2028	17,050
2029	69
2030	69
Thereafter	4,792
Notes payable	$ 29,671	$ 29,408

Fair Value of Financial Instrument - Narrative (Details) - Excluding consolidated VIE - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total notes payable, net	$ 51,555	$ 50,450
Real estate loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total notes payable, net	17,000	15,900
Long-term debt, fair value	$ 14,100	$ 12,600

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Preferred Stock (Details) $ / shares in Units, $ in Thousands		1 Months Ended
	Apr. 21, 2025	Nov. 30, 2024 USD ($) tranche $ / shares	Apr. 20, 2025 $ / shares shares	Mar. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares
Class of Stock [Line Items]
Paid-in capital \| $				$ 45,205	$ 44,017
Warrant exercise price (in dollars per share) \| $ / shares				$ 19.18	$ 16.41
Warrants outstanding \| shares				110,065	52,943
Warrant term (in years)				4 years 9 months 18 days	4 years 8 months 12 days
Subsequent Event
Class of Stock [Line Items]
Number of shares called by warrants (in shares) \| shares			2,201,123
Warrant exercise price (in dollars per share) \| $ / shares			$ 0.96
Stockholders' equity, reverse stock split	0.05
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, authorized amount \| $		$ 15,000
Preferred stock, par value (in dollars per share) \| $ / shares		$ 20		$ 0.001	$ 0.001
Dividend rate, percentage		12.00%
Number of conversion tranches \| tranche		4
Percentage of initial investment convertible per tranche		0.25
Conversion price (in dollars per share) \| $ / shares		$ 10.23
Conversion price increase, percentage per tranche		0.50
Threshold market price increase, percentage		2
Threshold trading days		20 days
Threshold convertible trading days		30 days
Preferred stock, issued (in shares) \| shares				5,875	5,000
Preferred stock, outstanding (in shares) \| shares				5,875	5,000
Preferred Class A
Class of Stock [Line Items]
Paid-in capital \| $				$ 2,400	$ 2,000

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Related Party Transactions

The table below shows the total revenues earned for providing services under Platform as described in the Revenue Recognition section of Note 2 – Summary of Significant Accounting Policies for the three months ended March 31, 2025 and 2024.


	Three Months Ended March 31,
	2025		2024

Fund management fees	$	2,478	$	1,378
Financing fees	52		2
Development and construction fees	470		1,531
Brokerage fees	196		259
Total asset management	3,196		3,170
Performance allocations	1		166
Total related party Platform revenue	$	3,197	$	3,336

Schedule of Notes Receivable

The following table summarizes the notes receivable – related parties as of March 31, 2025 and December 31, 2024 (in thousands):


Notes Receivable - Related Parties	March 31, 2025		December 31, 2024		Interest Rate (1)	Maturity Date (1)
Olathe Behavioral Health	$	5	$	—	12.00%	January 2027
Encore Caliber Holdings, LLC	21		—		12.00%	March 2027
Caliber Hospitality LP	5		—		12.00%	April 2027
DFW Behavioral Health LLC	88		22		12.00%	May 2025
Blue Spruce Ridge MezzCo, LLC	47		13		12.00%	December 2026
West Ridge MezzCo, LLC	219		70		12.00%	December 2026


Ironwood (2)	—		—		12.00%	January 2027
The Ketch (2)	—		—		12.00%	February 2027
SF Alaska (2)	—		—		12.00%	February 2027
	$	385	$	105

__________________________________

(1) As of March 31, 2025.

(2) The Company entered into unsecured promissory notes with related parties which were repaid or impaired during the three months ended March 31, 2025.

Notes Receivable

The consolidated funds entered into unsecured promissory notes with related parties. The notes may be repaid in whole, or in part, without penalty. The notes receivable – related parties consisted of the following as of March 31, 2025 and December 31, 2024 (in thousands):


Notes Receivable - Related Parties	March 31, 2025		December 31, 2024		Interest Rate(1)	Maturity Date(1)
Caliber Hospitality, LP	$	5,450	$	5,650	12.00%	September 2026
Elliot & 51st Street, LLC	1,025		1,198		12.00%	April 2026
Total Notes Receivable - Related Parties	$	6,475	$	6,848

__________________________________

(1) As of March 31, 2025.

Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments, Gain (Loss)


Type of Derivative	Statement of Operations Location	Three Months Ended March 31,
		2025		2024
Interest rate swap (1)	Consolidated funds - hospitality expenses	$	—	$	195
Interest rate cap (2)	Consolidated funds - hospitality expenses	—		(35)
Total		$	—	$	160

__________________________________

(1) The interest rate swap was terminated during the second quarter of 2024.

(2) During the three months ended March 31, 2024, the Company deconsolidated Caliber Hospitality, LP and the Caliber Hospitality Trust, which included activity from six hospitality funds.

Summary of Significant Accounting Policies - Narrative (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2025 USD ($) component	Mar. 31, 2024 USD ($)	Dec. 31, 2024 USD ($)	Feb. 28, 2025
Summary Of Significant Accounting Policies [Line Items]
Lessor, operating lease, number of lease components \| component	2
Interest income	$ 32,000	$ 117,000
Development Segment
Summary Of Significant Accounting Policies [Line Items]
Revenue, percent of expected costs	4.00%
Excluding consolidated VIE
Summary Of Significant Accounting Policies [Line Items]
Investments in unconsolidated entities	$ 15,523,000		$ 15,643,000
Impairment loss, investments	200,000	0
Loss on notes receivable	236,000	0
Depreciation	200,000	100,000
Impairment loss, long-lived assets	0	0
Lease income	$ 289,000	514,000
Excluding consolidated VIE \| Real estate loans
Summary Of Significant Accounting Policies [Line Items]
Interest rate	4.69%
Excluding consolidated VIE \| Saddleback Ranch, LLC \| Real estate loans
Summary Of Significant Accounting Policies [Line Items]
Interest rate				10.00%
Excluding consolidated VIE \| Related party \| Caliber Fixed Income Fund III
Summary Of Significant Accounting Policies [Line Items]
Impairment loss, investments	$ 4,200,000		4,000,000
VIE, primary beneficiary
Summary Of Significant Accounting Policies [Line Items]
Depreciation	1,000,000	2,100,000
Impairment loss, long-lived assets	0	0
Lease income	142,000	422,000
Interest income	0	$ 1,000,000.0
Allowance for doubtful accounts	$ 0		0
VIE, primary beneficiary \| Minimum \| Building and Building Improvements
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	15 years
VIE, primary beneficiary \| Minimum \| Furniture, Fixtures, and Equipment
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	3 years
VIE, primary beneficiary \| Maximum \| Building and Building Improvements
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	40 years
VIE, primary beneficiary \| Maximum \| Furniture, Fixtures, and Equipment
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	7 years
Asset management revenues \| Excluding consolidated VIE \| Related party
Summary Of Significant Accounting Policies [Line Items]
Fund management fees, percentage	0.70%
Allowance for doubtful accounts	$ 3,300,000		$ 3,100,000
Asset management revenues \| Excluding consolidated VIE \| Minimum \| Related party
Summary Of Significant Accounting Policies [Line Items]
Fund management fees, percentage	1.00%
Asset management revenues \| Excluding consolidated VIE \| Maximum \| Related party
Summary Of Significant Accounting Policies [Line Items]
Fund management fees, percentage	1.50%
Performance allocations \| Excluding consolidated VIE \| Related party
Summary Of Significant Accounting Policies [Line Items]
Preferred return, common equity	6.00%
Performance allocations \| Excluding consolidated VIE \| Minimum \| Related party
Summary Of Significant Accounting Policies [Line Items]
Percentage of residual cash flow	15.00%
Preferred return, preferred equity	10.00%
Performance allocations \| Excluding consolidated VIE \| Maximum \| Related party
Summary Of Significant Accounting Policies [Line Items]
Percentage of residual cash flow	35.00%
Preferred return, preferred equity	12.00%

Leases (Tables)

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

Operating Lease, Lease Income

The components of rental revenue for the three months ended March 31, 2025 and 2024, are presented in the table below (in thousands): Variable rental revenue is primarily costs reimbursed related to common area maintenance.


	Three Months Ended March 31,
		2025		2024
Fixed		$	233	$	437
Variable		56		77
Total		$	289	$	514

The components of rental revenue for the three months ended March 31, 2025 and 2024 (in thousands) are presented in the table below. Variable rental revenue are primarily costs reimbursed related to common area maintenance.


	Three Months Ended March 31,
		2025		2024
Fixed		$	177	$	294
Variable		(35)		128
Total		$	142	$	422

Lessor, Operating Lease, Payment to be Received, Maturity

Future minimum lease payments due to the Company under non-cancellable operating leases over the next five years and thereafter as of March 31, 2025, are as follows (in thousands):


Year	Amount
April 1, 2025 - December 31, 2025	$	1,295
2026	1,652
2027	1,031
2028	445
2029	342
Thereafter	1,120
Total	$	5,885

Future minimum lease payments due to the consolidated funds under non-cancellable operating leases over the next five years and thereafter as of March 31, 2025, are as follows (in thousands):


Year	Amount
April 1, 2025 - December 31, 2025	$	258
2026	14
2027	—
2028	—
2029	—
Thereafter	—
Total	$	272

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Series A Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	22,500,000	22,500,000
Preferred stock, outstanding (in shares)	5,875	5,000
Preferred stock, issued (in shares)	5,875	5,000
Class A
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	100,000,000	100,000,000
Common stock, issued (in shares)	795,285	759,370
Common stock, outstanding (in shares)	795,285	759,370
Class B
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	15,000,000	15,000,000
Common stock, issued (in shares)	370,822	370,822
Common stock, outstanding (in shares)	370,822	370,822
Series B Preferred Stock
Preferred stock, outstanding (in shares)		5,000
Preferred stock, issued (in shares)		5,000
Excluding consolidated VIE
Allowance for doubtful accounts	$ 3,985	$ 3,985
Excluding consolidated VIE \| Related party
Allowance for doubtful accounts	236	0
VIE, primary beneficiary
Allowance for doubtful accounts	$ 28	$ 28

Supplemental Cash Flow Disclosures (Details) - USD ($)	3 Months Ended
Supplemental Cash Flow Disclosures (Details) - USD ($)	Mar. 31, 2025	Mar. 31, 2024
Other Significant Noncash Transactions [Line Items]
Capitalized interest	$ 0	$ 0
Excluding consolidated VIE
Other Significant Noncash Transactions [Line Items]
Cash paid for interest, net of capitalized interest	1,464,000	1,254,000
Non-cash bonus settlement via employee accounts receivable offset	33,000	0
Increase in note receivable - related party due to deconsolidation of VIEs	0	6,749,000
Increase in investments in unconsolidated entities due to deconsolidation of VIEs	0	6,238,000
Cost of real estate investments included in accounts payable	0	107,000
Investments in unconsolidated entities for investor buy-out	443,000	0
Issuance of common stock in lieu of cash payment for accounts payable	0	36,000
Corporate note rollover	4,760,000	0
Conversion of corporate note to preferred stock, including warrants	350,000	0
Corporate note increase due to rollovers, net of discounts	215,000	0
Non-cash issuance of convertible note and related common stock	89,000	0
Issuance of warrants related to common stock	75,000	0
VIE, primary beneficiary
Other Significant Noncash Transactions [Line Items]
Cash paid for interest, net of capitalized interest	667,000	3,488,000
Capitalized interest	1,000	2,000
Increase in note receivable - related party due to deconsolidation of VIEs	0	10,341,000
Decrease in notes receivable related party due to payment of accounts payable	(3,000)	0
Cost of real estate investments included in accounts payable	0	45,000
Cost of real estate investments included in due to related parties	0	7,000
Deconsolidation of VIEs
Real estate investments, net	0	83,282,000
Accounts receivable, net	0	2,808,000
Operating lease - right of use assets	0	10,327,000
Prepaid and other assets	0	8,453,000
Due from related parties	0	3,000
Due to related parties	0	101,000
Notes payable, net	0	82,024,000
Notes payable - related parties	0	14,362,000
Accounts payable and accrued expenses	0	10,655,000
Operating lease liabilities	0	13,957,000
Other liabilities	0	1,236,000
Noncontrolling interests	$ 0	$ 40,787,000

Notes Payable

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Notes Payable

Notes Payable of the Company

Notes payable consisted of the following as of March 31, 2025 and December 31, 2024 (in thousands):


Notes Payable	March 31, 2025		December 31, 2024		Weighted Average Interest Rate (1)		Maturity Date (1)
Corporate notes	$	30,636	$	31,763	11.05	%	July 2023 - March 2028
Convertible corporate notes	2,587		1,050		6.16	%	April 2024 - September 2026
Real estate loans	17,020		15,934		4.69	%	February 2027 - November 2029
Other loans	2,646		2,175		54.49	%	December 2024 - September 2025
Total notes payable	52,889		50,922
Deferred financing costs, net	(421)		(243)
Discount on corporate note	(913)		(229)
Total notes payable, net	$	51,555	$	50,450

__________________________________

(1) As of March 31, 2025.

Real Estate Loans

Gateway II HoldCo, LLC

On January 31, 2023, Caliber assumed a loan which is secured by the Company’s headquarters office building. The terms of the note require monthly principal and interest payments, with a balloon payment due at maturity. The loan has a fixed interest rate of 4.30% in effect through the maturity date in November 2029. The terms of the loan do not allow the prepayment of the outstanding balance in part or in whole at any time prior to the maturity date. The terms of the loan agreement include covenant clauses, which require certain key financial ratios and liquidity be met. As of March 31, 2025 and December 31, 2024, the outstanding principal balance of the loan was $15.9 million. As of March 31, 2025, the debt service coverage ratio required by the loan agreement was not satisfied, which per the terms of the agreement required the Company to transfer funds to a cash management account.

Saddleback Ranch, LLC

In February 2025, Caliber entered into a $1.2 million financing agreement which is secured by a deed of trust for the land owned by Saddleback Ranch, LLC. The financing agreement has a fixed interest rate of 10.00% through February 2026, then a fixed rate of 14.00% until maturity in February 2027. The financing agreement requires an interest only payment in February 17, 2026, with all accrued interest added to the outstanding balance monthly. Beginning in February 18, 2026, interest only payments are due quarterly, with the final interest and principal amount due upon maturity. The terms of the financing agreement do not allow the repayment of the outstanding balance in part prior to maturity, but does allow for the entire outstanding balance to be repaid at any time before the maturity date. As of March 31, 2025, the outstanding principal balance of the loan was $1.2 million.

Corporate Notes and Convertible Corporate Notes

The Company has entered into multiple general corporate financing arrangements with third parties. The arrangements are generally evidenced in the form of an unsecured promissory note and require monthly or quarterly interest-only payments until maturity. The loans generally have a 12-month term and may be extended upon the mutual agreement of the lender and the borrower. Management believes it can come to a mutual agreement with each lender to extend the maturities of the notes for an additional 12-month term.

As of March 31, 2025, there were 196 individual corporate notes outstanding, with an average outstanding principal balance of $0.2 million, interest rates ranging from 5.00% to 12.00%, with a weighted average interest rate of 10.67%, and maturity dates ranging from July 2023 to March 2028. During the three months ended March 31, 2025, there were no conversions of debt into common stock. As of May 15, 2025, an aggregate of $26.1 million of corporate and convertible notes mature within the 12-month period subsequent to when these financial statements were issued.

As of December 31, 2024, there were 202 individual corporate notes outstanding, with an average outstanding principal balance of $0.2 million, interest rates ranging from 8.25% to 12.00%, with a weighted average interest rate of 11.30%, and maturity dates ranging from April 2023 to December 2027.

The Company has issued corporate notes with a conversion feature. The conversion price is $151.40 per share of common stock. The holders of the convertible corporate notes can elect to convert all or any portion of the balance at any time. As of March 31, 2025 and December 31, 2024, the value of the conversion feature was zero.

Other Loans

The Company executed short-term operating loan agreements with an aggregate outstanding balance of $2.6 million. The short-term operating loan agreements incur interest rates ranging from 12.00% to 212.94% and mature from December 31, 2024 to September 2025. In addition, the Company executed insurance premium financing agreements pursuant to which the Company financed certain annual insurance premiums with an aggregate outstanding balance of $0.1 million at March 31, 2025, primarily consisting of premiums for directors' and officers' insurance. The insurance premiums financing agreements incur interest rates ranging from 7.96% to 9.15%, and mature in August 2025 and September 2025.

Future Minimum Payments

The following table summarizes the scheduled principal repayments of our indebtedness as of March 31, 2025 (in thousands):


Year	Amount
April 1, 2025 - December 31, 2025	$	27,075
2027	4,137
2028	3,619
2029	3,366
2030	14,692
Thereafter	—
Total	$	52,889

Deferred Financing Costs

Amortization of deferred financing costs during the three months ended March 31, 2025 and 2024, was immaterial. There were no deferred financing cost write-offs during each of the three months ended March 31, 2025 and 2024.

Notes Payable of the Consolidated Funds

Notes payable of the consolidated funds consisted of the following as of March 31, 2025 and December 31, 2024, respectively (in thousands):


Notes Payable	March 31, 2025		December 31, 2024		Interest Rate (1)	Maturity date (1)
Real Estate Loans
DoubleTree by Hilton Tucson Convention Center	17,844		17,962		6.94%	August 2027
Southpointe Fundco, LLC	1,050		1,050		11.99%	September 2025
West Frontier Holdco, LLC	5,100		4,777		6.35%	February 2038
Total Real Estate Loans	23,994		23,789
Member notes	5,600		5,600		10.00%	June 2025
Other loans	77		19		7.96%	September 2025
Total notes payable	29,671		29,408
Deferred financing costs, net	(227)		(236)
Total notes payable, net	$	29,444	$	29,172

__________________________________

(1) As of March 31, 2025.

Real Estate Loans

The terms of the loan agreements described below include, among other things, certain financial covenants, as defined in the respective loan agreements, including key financial ratios and liquidity requirements. Unless otherwise noted below, the consolidated funds were in compliance with the required financial covenants as of March 31, 2025.

DoubleTree by Hilton Tucson Convention Center

In August 2019, the consolidated fund entered into a loan agreement which is secured by a deed of trust and assignment of rents of the DoubleTree by Hilton Tucson Convention Center located in Tucson, Arizona. The loan has a variable interest rate per annum equal to LIBOR plus 2.50%. In connection with the loan, the consolidated fund entered into an interest rate swap agreement, which sets the interest at a fixed rate of 4.22% from September 2022 through August 2027. The loan required interest-only payments until September 2022 and principal and interest payments thereafter until maturity. The terms of the loan allow for the prepayment of the outstanding balance in whole or in part at any time prior to the maturity date. The loan matures in August 2027 and is guaranteed by the Company. In May 2024, the consolidated fund terminated the interest rate swap agreement and received $1.6 million. In May 2025, the consolidated fund paid the loan amount outstanding in full.

In May 2025, the consolidated fund entered into a $22.5 million loan agreement which is secured by a deed of trust and assignment of rents of the DoubleTree by Hilton Tucson Convention Center located in Tucson, Arizona. Per the terms of the loan agreement, the loan has a fixed interest rate of 7.43%, matures in June 2030, and requires interest-only payments until maturity. The terms of the loan do not allow the prepayment of the outstanding balance prior to the maturity date but can be prepaid subject to certain conditions and terms outlined in the loan agreement. The loan is not guaranteed by the Company.

Southpointe Fundco, LLC

In June 2022, the consolidated fund entered into a loan agreement which is secured by a deed of trust and assignment of rents of a residential development property in Phoenix, Arizona. The loan initially had a fixed rate per annum equal to 9.99%. In May 2023, an extension agreement was executed with the lender, extending the maturity date to December 2023. In November 2023, an extension agreement was executed with the lender, extending the maturity date to March 2024 and amending the interest to a fixed rate of 11.99%. In February 2024, August 2024, and March 2025, extension agreements were executed with the lender, extending the maturity date to September 2024, March 2025, and then September 2025, respectively. The terms of the loan allow the prepayment of the outstanding balance in part or in whole at any time prior to the maturity date with no prepayment penalty. The loan is guaranteed by an individual who is an affiliate of the Company.

West Frontier Holdco, LLC

In March 2023, the consolidated fund entered into a construction loan agreement which is secured by a deed of trust and assignment of rents of a multi-family residential property in Payson, Arizona. Upon completion of the construction project, subject to conditions in the agreement, the loan converts to a term loan. The loan requires interest-only payments until March 2025 and principal and interest payments until March 2028, at a fixed interest rate of 6.35%. In April 2028, the loan requires principal and interest payments until maturity in February 2038, at a rate of the five year Treasury Constant Federal Reserve Index plus 2.50%. The terms of the loan allow the prepayment of the outstanding balance in part or in whole at any time prior to the maturity date with no prepayment penalty. The loan is guaranteed by individuals who are affiliates of the Company. In April 2025, the loan was converted into a term loan with the interest rate, repayment schedule and prepayment terms remaining the same.

Member Notes

During 2022 and 2023, the consolidated fund, Southpointe Fundco, LLC (“Southpointe”), entered into 10.0% unsecured promissory notes with individual investors. The notes mature in June 2025 and may be extended up to two additional 12-month periods by the fund manager. The notes require quarterly interest-only payments. The terms of the notes allow the prepayment of the outstanding balance in part or in whole at any time prior to the maturity date with no prepayment penalty.

Other Loans

The Company executed insurance premium financing agreements pursuant to which the Company financed certain annual insurance premiums for $0.1 million, primarily consisting of premiums for directors' and officers' insurance. The insurance premium payable incurs interest at 7.96%, and matures in September 2025.

Future Debt Maturities

As of March 31, 2025, the future aggregate principal repayments due on the Company’s notes payable are as follows (in thousands):


Year	Amount
April 1, 2025 - December 31, 2025	$	7,130
2027	561
2028	17,050
2029	69
2030	69
Thereafter	4,792
Total	$	29,671

Deferred Financing Costs

Amortization of deferred financing costs during the three months ended March 31, 2025 and 2024, was zero and $0.3 million, respectively. There were no deferred financing cost write-offs during each of the three months ended March 31, 2025 and 2024.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Related Party Transactions - Schedule of Related Party Platform Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Related Party Transaction [Line Items]
Platform Revenue	$ 3,500	$ 4,700
Asset management revenues
Related Party Transaction [Line Items]
Platform Revenue	3,196	3,170
Performance allocations
Related Party Transaction [Line Items]
Platform Revenue	1	166
Related party
Related Party Transaction [Line Items]
Platform Revenue	3,197	3,336
Related party \| Asset management revenues
Related Party Transaction [Line Items]
Platform Revenue	3,196	3,170
Related party \| Asset management revenues \| Fund management fees
Related Party Transaction [Line Items]
Platform Revenue	2,478	1,378
Related party \| Asset management revenues \| Financing fees
Related Party Transaction [Line Items]
Platform Revenue	52	2
Related party \| Asset management revenues \| Development and construction fees
Related Party Transaction [Line Items]
Platform Revenue	470	1,531
Related party \| Asset management revenues \| Brokerage fees
Related Party Transaction [Line Items]
Platform Revenue	196	259
Related party \| Performance allocations
Related Party Transaction [Line Items]
Platform Revenue	$ 1	$ 166

- Definition

+ References

+ Details

Leases - Future Minimum Lease Payments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
Lessee, Lease, Description [Line Items]
Future minimum lease payments due, term (in years)	5 years
VIE, primary beneficiary
Lessee, Lease, Description [Line Items]
April 1, 2025 - December 31, 2025	$ 258
2026	14
2027	0
2028	0
2029	0
Thereafter	0
Total	272
Excluding consolidated VIE
Lessee, Lease, Description [Line Items]
April 1, 2025 - December 31, 2025	1,295
2026	1,652
2027	1,031
2028	445
2029	342
Thereafter	1,120
Total	$ 5,885

Segments

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

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 its 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 investment 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 $3.7 million and $4.8 million for the three months ended March 31, 2025 and 2024, respectively. Management concluded that the consolidated investment 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 investment funds for the purposes of allocating resources, assessing performance or determining whether additional investments or advances will be made to these funds. The investment 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 it 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, 2025 and 2024, total revenues were $3.5 million and $4.7 million, respectively, representing a period-over-period decrease of 24.9%. The table below (in thousands) compares the revenues earned for providing services under the Company’s asset management Platform as described in the Revenue Recognition section of Note 2 – Summary of Significant Accounting Policies for the three months ended March 31, 2025, to the revenues earned for the same period in 2024.


	Three Months Ended March 31, 2025
	Platform		Impact of Consolidated Funds		Consolidated
Revenues
Fund management fees	$	2,744	$	(274)	$	2,470
Financing fees	74		(22)		52
Development and construction fees	528		(58)		470
Brokerage fees	196		8		204
Total asset management	3,542		(346)		3,196
Performance allocations	7		(6)		1
Total Platform revenue	$	3,549	$	(352)	$	3,197


	Three Months Ended March 31, 2024
	Platform		Impact of Consolidated Funds		Consolidated
Revenues
Fund management fees	$	2,569	$	(1,191)	$	1,378
Financing fees	73		(71)		2
Development and construction fees	1,654		(123)		1,531
Brokerage fees	259		—		259
Total asset management	4,555		(1,385)		3,170
Performance allocations	171		(5)		166
Total Platform revenue	$	4,726	$	(1,390)	$	3,336

The following tables present a reconciliation of Platform revenues, expenses and net loss to the most comparable GAAP measure for the three months ended March 31, 2025 and 2024 (in thousands):


	Three Months Ended March 31, 2025
	Unconsolidated		Impact of Consolidated Funds		Consolidated
Revenues
Asset management	$	3,542	$	(346)	$	3,196
Performance allocations	7		(6)		1
Consolidated funds – hospitality revenue	—		3,919		3,919
Consolidated funds – other revenue	—		145		145
Total revenues	3,549		3,712		7,261

Expenses
Operating costs	508		(124)		384
Payroll and payroll related costs	3,660		—		3,660
General and administrative	1,592		(11)		1,581
Marketing and advertising	165		—		165
Depreciation and amortization	162		(5)		157
Consolidated funds – hospitality expenses	—		3,465		3,465
Consolidated funds – other expenses	—		458		458
Total expenses	6,087		3,783		9,870



Other income (loss), net	6		(372)		(366)

Interest income	33		(1)		32
Interest expense	(1,611)		—		(1,611)
Net loss before income taxes	(4,110)		(444)		(4,554)
Provision for 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)


	Three Months Ended March 31, 2024
	Platform		Impact of Consolidated Funds		Consolidated
Revenues
Asset management	$	4,555	$	(1,385)	$	3,170
Performance allocations	171		(5)		166
Consolidated funds – hospitality revenue	—		18,145		18,145
Consolidated funds – other revenue	—		1,470		1,470
Total revenues	4,726		18,225		22,951

Expenses
Operating costs	701		(222)		479
Payroll and payroll related costs	4,783		—		4,783
General and administrative	1,949		(9)		1,940
Marketing and advertising	106		—		106
Depreciation and amortization	183		(37)		146
Consolidated funds – hospitality expenses	—		16,782		16,782
Consolidated funds – other expenses	—		3,072		3,072
Total expenses	7,722		19,586		27,308



Other income, net	452		(180)		272

Interest income	285		(168)		117
Interest expense	(1,295)		1		(1,294)
Net loss before income taxes	(3,554)		(1,708)		(5,262)
Provision for income taxes	—		—		—
Net loss	(3,554)		(1,708)		(5,262)
Net loss attributable to noncontrolling interests	—		(1,457)		(1,457)
Net loss attributable to CaliberCos Inc.	$	(3,554)	$	(251)	$	(3,805)

The following tables present a reconciliation of Platform assets to the most comparable GAAP measure for the three months ended March 31, 2025 and 2024 (in thousands):


	March 31, 2025
	Platform		Impact of Consolidated Funds		Consolidated

Cash	$	845	$	—	$	845
Restricted cash	2,518		—		2,518
Real estate investments, net	21,776		(262)		21,514

Notes receivable - related parties	385		—		385
Due from related parties	7,357		9		7,366
Investments in unconsolidated entities	15,941		(418)		15,523
Operating lease - right of use assets	3,937		(3,802)		135

Prepaid and other assets	2,966		(302)		2,664
Total assets	$	55,725	$	(4,775)	$	50,950


	December 31, 2024
	Platform		Impact of Consolidated Funds		Consolidated

Cash	$	1,766	$	—	$	1,766
Restricted cash	2,582		—		2,582
Real estate investments, net	21,782		(210)		21,572

Notes receivable - related parties	230		(125)		105
Due from related parties	11,143		(4,178)		6,965
Investments in unconsolidated entities	16,061		(418)		15,643
Operating lease - right of use assets	4,042		(3,895)		147

Prepaid and other assets	(529)		4,030		3,501
Total assets	$	57,077	$	(4,796)	$	52,281

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Subsequent Events (Details) - Subsequent Event	Apr. 17, 2025 right $ / shares shares	May 08, 2025 hotel
Subsequent Event [Line Items]
Number Of Hotels To Be Developed \| hotel		15
Mast Hill Securities Purchase Agreement
Subsequent Event [Line Items]
Number of shares called by each warrant (in shares)	0.2
Warrants issued as a percentage of units sold	0.08
Unit Offering
Subsequent Event [Line Items]
Number of shares issued in transaction (in shares)	120,000
Sale of stock, share price (in dollars per share) \| $ / shares	$ 7.50
Number of common shares per unit	1
Number of rights per unit \| right	1
Unit Offering \| Class A
Subsequent Event [Line Items]
Number of shares issued in transaction (in shares)	2,000

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Class A	Class B	Series A Preferred Stock	Preferred Stock	Preferred Stock Series A Preferred Stock	Common Stock Class A	Common Stock Class B	Paid in Capital	Paid in Capital Series A Preferred Stock	Accumulated Deficit	Noncontrolling Interests
Balance, beginning of period (in shares) at Dec. 31, 2023							694,000	371,000
Balance, beginning of period at Dec. 31, 2023	$ 66,018						$ 1	$ 0	$ 39,452		$ (36,830)	$ 63,395
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common and preferred stock (in shares)							1,000
Issuance of common and preferred stock	37								37
Equity based compensation expense (in shares)							21,000
Equity based compensation expense	400								400
Contributions from noncontrolling interest holders	6,388											6,388
Redemptions of noncontrolling interest holders	(670)											(670)
Distributions to noncontrolling interest holders	(1,604)											(1,604)
Deconsolidation of VIEs	21,183											21,183
Net (loss) income	(5,262)										(3,805)	(1,457)
Balance, end of period (in shares) at Mar. 31, 2024							716,000	371,000
Balance, end of period at Mar. 31, 2024	86,490						$ 1	$ 0	39,889		(40,635)	87,235
Balance, beginning of period (in shares) at Dec. 31, 2024				5,000	5,000
Balance, beginning of period (in shares) at Dec. 31, 2024		759,370	370,822				759,000	371,000
Balance, beginning of period at Dec. 31, 2024	11,253						$ 1	$ 0	44,017		(56,607)	23,842
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common and preferred stock (in shares)						1,000	10,000
Issuance of common and preferred stock	177			$ 350					177	$ 350
Equity based compensation expense (in shares)							26,000
Equity based compensation expense	661								661
Contributions from noncontrolling interest holders	211											211
Distributions to noncontrolling interest holders	(740)											(740)
Net (loss) income	(4,554)										(4,407)	(147)
Balance, end of period (in shares) at Mar. 31, 2025				5,875	6,000
Balance, end of period (in shares) at Mar. 31, 2025		795,285	370,822				795,000	371,000
Balance, end of period at Mar. 31, 2025	$ 7,358						$ 1	$ 0	$ 45,205		$ (61,014)	$ 23,166

Real Estate Investments - Narrative (Details) - acquisition	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Excluding consolidated VIE
Asset Acquisition [Line Items]
Number of assets acquisitions	0	0

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net loss attributable to CaliberCos Inc.	$ (4,407)	$ (3,805)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Fair Value of Financial Instrument (Details) - VIE, primary beneficiary - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Carrying Value \| Southpointe Fundco, LLC
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Note Payable	$ 1,050	$ 1,050
Carrying Value \| West Frontier, LLC
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Note Payable	5,100	4,796
Fair Value \| Southpointe Fundco, LLC
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Note Payable	997	1,023
Fair Value \| West Frontier, LLC
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Note Payable	$ 2,597	$ 3,701

Commitments and Contingencies (Details) $ in Millions	3 Months Ended		12 Months Ended
Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2025 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2024
Caliber Tax Advantage Opportunity Fund LP
Other Commitments [Line Items]
Internal rate of return, threshold	0.06		0.06
Caliber Tax Advantaged Opportunity Fund II LLC
Other Commitments [Line Items]
Internal rate of return, threshold	0.06		0.06
VIE, primary beneficiary
Other Commitments [Line Items]
Total franchise fees	$ 0.3	$ 2.4

Real Estate Investments	3 Months Ended
Real Estate Investments	Mar. 31, 2025
Real Estate [Abstract]
Real Estate Investments	Real Estate InvestmentsThere were no material asset acquisitions or dispositions by the Company or the consolidated funds during the three months ended March 31, 2025 and 2024.

Prepaid and Other Assets (Tables)

3 Months Ended

Mar. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Assets

Prepaid and other assets consisted of the following as of March 31, 2025 and December 31, 2024 (in thousands):


	March 31, 2025		December 31, 2024
Pursuit costs (1)	$	713	$	1,335
Prepaid expenses	702		800
Accounts receivable, net	408		413
Deposits	45		63
Finance lease - right of use assets	38		42




Other assets	758		848
Total prepaid and other assets	$	2,664	$	3,501

(1)

Prepaid and Other Assets of the Consolidated Funds

Prepaid and other assets of the consolidated funds consisted of the following as of March 31, 2025 and December 31, 2024 (in thousands):


	March 31, 2025		December 31, 2024

Prepaid expenses	$	245	$	114
Deposits	52		57

Deferred franchise fees, net	61		62

Inventory	66		51


Total prepaid and other assets	$	424	$	284

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Related Party Transactions

3 Months Ended

Mar. 31, 2025

Related Party Transactions

Related Party Transactions of the Company

Platform Revenues


	Three Months Ended March 31,
	2025		2024

Fund management fees	$	2,478	$	1,378
Financing fees	52		2
Development and construction fees	470		1,531
Brokerage fees	196		259
Total asset management	3,196		3,170
Performance allocations	1		166
Total related party Platform revenue	$	3,197	$	3,336

As of March 31, 2025 and December 31, 2024, amounts due to the Company from related parties for services performed under the Platform was $6.3 million and $6.2 million, respectively, net of allowance for doubtful accounts of $3.3 million and $3.1 million, respectively, which is included in due from related parties on the accompanying consolidated balance sheets.

Notes Receivable

The Company entered into unsecured promissory notes with related parties. No payments are required prior to the maturity of the notes. The notes may be prepaid in whole, or in part, without penalty.

The following table summarizes the notes receivable – related parties as of March 31, 2025 and December 31, 2024 (in thousands):


Notes Receivable - Related Parties	March 31, 2025		December 31, 2024		Interest Rate (1)	Maturity Date (1)
Olathe Behavioral Health	$	5	$	—	12.00%	January 2027
Encore Caliber Holdings, LLC	21		—		12.00%	March 2027
Caliber Hospitality LP	5		—		12.00%	April 2027
DFW Behavioral Health LLC	88		22		12.00%	May 2025
Blue Spruce Ridge MezzCo, LLC	47		13		12.00%	December 2026
West Ridge MezzCo, LLC	219		70		12.00%	December 2026


Ironwood (2)	—		—		12.00%	January 2027
The Ketch (2)	—		—		12.00%	February 2027
SF Alaska (2)	—		—		12.00%	February 2027
	$	385	$	105

__________________________________

(1) As of March 31, 2025.

(2) The Company entered into unsecured promissory notes with related parties which were repaid or impaired during the three months ended March 31, 2025.

During the three months ended March 31, 2025 and 2024, the Company earned immaterial interest in connection with the notes, which is included in interest income on the accompanying condensed consolidated statements of operations. Interest that accrues on certain related party notes receivable can be added to the principal outstanding balance, due at the respective loan maturity date and incurs interest at the respective interest rate. There was an immaterial amount of interest due to the Company as of March 31, 2025 and December 31, 2024.

The March 31, 2025 note receivable - related parties balance above is net of a $0.2 million an allowance for doubtful accounts. There was no allowance at December 31, 2024.

Other

In the normal course of business, the Company has various amounts due from and/or due to related parties, including affiliate entities and individuals, for various expenses paid for by the Company on their behalf and other charges. These amounts are generally unsecured, interest-free, and due on demand. As of March 31, 2025 and December 31, 2024, other amounts due from related parties was $1.1 million and $0.8 million, respectively, net of allowance for doubtful accounts of $0.7 million and $0.9 million, respectively, and are included in due from related parties on the accompanying condensed consolidated balance sheets. As of March 31, 2025 and December 31, 2024, other amounts due to related parties from the Company were $0.4 million and $0.3 million, respectively, which are included in due to related parties on the accompanying condensed consolidated balance sheets.

Related Party Transactions of the Consolidated Funds

Notes Receivable


Notes Receivable - Related Parties	March 31, 2025		December 31, 2024		Interest Rate(1)	Maturity Date(1)
Caliber Hospitality, LP	$	5,450	$	5,650	12.00%	September 2026
Elliot & 51st Street, LLC	1,025		1,198		12.00%	April 2026
Total Notes Receivable - Related Parties	$	6,475	$	6,848

__________________________________

(1) As of March 31, 2025.

During the three months ended March 31, 2025 and 2024, the consolidated fund earned zero and $1.0 million of interest in connection with the notes, which is included in consolidated funds – other revenues on the accompanying condensed consolidated statements of operations. Interest that accrues on certain related party notes receivable, in which the consolidated fund and respective borrower mutually agreed, is added to the principal outstanding balance, due at the respective loan maturity date and incurs interest at the respective interest rate. Interest due to the Company was $0.4 million and $0.3 million as of March 31, 2025 and December 31, 2024, which is included in prepaid and other assets on the accompanying consolidated balance sheets.

Notes Payable

At March 31, 2025 and December 31, 2024, the consolidated funds had a note payable outstanding of $2.1 million and $2.0 million, respectively, to Caliber Fixed Income Fund III. The note has a fixed interest rate of 13.00% and matures in September 2025.

During the three months ended March 31, 2025 and 2024, the consolidated funds incurred $0.1 million and $0.3 million, respectively, of interest expense in connection with the notes payable – related parties, which is included in consolidated funds - hospitality expenses and consolidated funds - other expenses on the accompanying consolidated statements of operations. As of March 31, 2025, there was an immaterial amount of interest payable which is included in due to related parties on the accompanying consolidated balance sheets. No interest was payable as of December 31, 2024.

Other

In the normal course of business, the consolidated funds have various amounts due from and/or due to related parties, including affiliate entities and individuals, for various expenses paid by the funds on their behalf and other charges. These amounts are

generally unsecured, interest-free, and due on demand. As of March 31, 2025, other amounts due from related parties was $0.1 million and as of December 31, 2024, there were an immaterial amount of other amounts due from related parties, which is included in prepaid and other assets on the accompanying consolidated balance sheets. As of March 31, 2025 and December 31, 2024, there was an immaterial amount and $0.1 million, respectively, of other amounts due to related parties, which is included in due to related parties on the accompanying consolidated balance sheets.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

VIEs - Narrative (Details) - Excluding consolidated VIE - Caliber Hospitality Trust $ in Millions	Mar. 07, 2024 USD ($) entity
L. T. D. Hospitality Group LLC Notes Payable
Variable Interest Entity [Line Items]
Debt instrument, face amount	$ 14.1
L. T. D. Hospitality Group LLC
Variable Interest Entity [Line Items]
Number of real estate properties acquired \| entity	1
Payments in cash net of closing costs	$ 4.9
Business combination, consideration transferred, equity interests issued	$ 9.6

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Leases - Rental Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
Leases - Rental Revenue (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Lessor, Lease, Description [Line Items]
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total	Total
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total	Total
Excluding consolidated VIE
Lessor, Lease, Description [Line Items]
Fixed	$ 233	$ 437
Variable	56	77
Total	289	514
VIE, primary beneficiary
Lessor, Lease, Description [Line Items]
Fixed	177	294
Variable	(35)	128
Total	$ 142	$ 422

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash Flows From Operating Activities
Net loss	$ (4,554,000)	$ (5,262,000)
Changes in operating assets and liabilities:
Net cash used in the Company's operating activities	(1,738,000)	(1,527,000)
Cash Flows From Investing Activities
Net cash used in the Company's investing activities	(107,000)	(16,052,000)
Cash Flows From Financing Activities
Net cash provided by the Company's financing activities	1,308,000	5,273,000
Net Change in Cash and Restricted Cash	(537,000)	(12,306,000)
Cash and Restricted Cash at Beginning of Period	4,897,000	17,640,000
Cash and Restricted Cash at End of Period	4,360,000	5,334,000
Reconciliation of Cash and Restricted Cash
Cash at beginning of period	2,315,000	3,805,000
Restricted cash at beginning of period	2,582,000	13,835,000
Cash and Restricted Cash at Beginning of Period	4,897,000	17,640,000
Cash at end of period	1,568,000	2,095,000
Restricted cash at end of period	2,792,000	3,239,000
Cash and Restricted Cash at End of Period	4,360,000	5,334,000
Excluding consolidated VIE
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation and amortization	157,000	140,000
Non-cash lease expense	5,000	3,000
Equity-based compensation	661,000	400,000
Loss on extinguishment of debt	10,000	0
Loss on investments in unconsolidated entities	311,000	0
Loss on notes receivable - related parties	(236,000)	0
Amortization of above-market/below market leases and straight-line rent, net	(171,000)	77,000
Amortization of deferred financing costs and notes payable discount	89,000	10,000
Amortization of deferred financing costs	0	0
Changes in operating assets and liabilities:
Due from related parties	(368,000)	312,000
Prepaid expenses, right-of-use assets and other assets	799,000	(93,000)
Accounts payable and accrued expenses	(552,000)	810,000
Due to related parties	130,000	(100,000)
Lease liabilities and other liabilities	725,000	104,000
Cash Flows From Investing Activities
Investments in real estate assets	(134,000)	(193,000)
Investments in unconsolidated entities	(98,000)	(150,000)
Return of capital from unconsolidated entities	350,000	0
Funding of notes receivable - related parties	(576,000)	0
Payment received on notes receivable - related parties	60,000	50,000
Cash Flows From Financing Activities
Payment of deferred financing costs	(236,000)	(9,000)
Proceeds from the issuance of common stock, net of issuance costs	13,000	0
Excluding consolidated VIE \| Nonrelated party
Cash Flows From Financing Activities
Proceeds from notes payable	4,427,000	296,000
Repayments of notes payable	(2,620,000)	(1,144,000)
VIE, primary beneficiary
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation and amortization	1,024,000	2,094,000
Non-cash lease expense	0	(12,000)
Non-cash interest income	67,000	0
Loss (gain) on the disposition of real estate	6,000	(9,000)
Gain on derivative instruments	0	(159,000)
Amortization of above-market/below market leases and straight-line rent, net	0	(51,000)
Amortization of deferred financing costs	19,000	285,000
Bad debt expense	3,000	0
Changes in operating assets and liabilities:
Due from related parties	(197,000)	1,000
Prepaid expenses, right-of-use assets and other assets	(140,000)	(624,000)
Accounts payable and accrued expenses	(44,000)	1,648,000
Due to related parties	(63,000)	252,000
Lease liabilities and other liabilities	127,000	(133,000)
Amortization of advanced key money	0	(19,000)
Accounts receivable, net	(18,000)	(1,201,000)
Cash Flows From Investing Activities
Investments in real estate assets	(79,000)	(1,062,000)
Proceeds from the sale of real estate assets	0	293,000
Funding of notes receivable - related parties	0	(2,470,000)
Payment received on notes receivable - related parties	370,000	7,084,000
Deconsolidation of VIEs	0	(19,604,000)
Cash Flows From Financing Activities
Payment of deferred financing costs	(10,000)	(66,000)
Proceeds from notes payable	455,000	3,117,000
Repayments of notes payable	(192,000)	(3,342,000)
Contributions from noncontrolling interest holders	211,000	6,388,000
Redemptions of noncontrolling interests	0	(670,000)
Distributions to noncontrolling interest holders	(740,000)	(1,604,000)
VIE, primary beneficiary \| Related party
Cash Flows From Financing Activities
Proceeds from notes payable	$ 0	$ 2,307,000

Net Income (Loss) Per Share

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

Basic earnings per common share is calculated by dividing net income (loss) attributable to common stockholders by the weighted average common shares outstanding during the period. Diluted earnings per share is calculated by dividing net income attributable to common shareholders by the weighted-average number of shares outstanding plus the dilutive impact of all potential dilutive common shares, consisting of stock options and warrants using the treasury stock method, and convertible debt and preferred stock using the if-converted method.

The Company considered the two-class method in calculating the basic and diluted earnings per share; however, it was determined there was no impact to the calculation of basic and diluted net income (loss) per share attributable to common shareholders as Class A and Class B common stock share in the same earnings and profits; thus, having no impact on the calculation.

All share and per share amounts in the earnings per share calculation and dilutive share calculations below have been effected for the Reverse Stock Split, retroactively, for all periods presented.

The Company has calculated the basic and diluted earnings per share during the three months ended March 31, 2025 and 2024 as follows (in thousands, except per share data):


	Three Months Ended March 31,
	2025		2024
Numerator:
Net loss attributable to CaliberCos Inc.	$	(4,407)	$	(3,805)

Convertible debt interest	22		22

Net loss attributable to common shareholders of CaliberCos Inc.	$	(4,385)	$	(3,783)
Denominator:
Weighted average shares outstanding - basic and diluted	1,146		1,077






Basic and diluted net loss per share attributable to common shareholders	$	(3.85)	$	(3.53)

The number of antidilutive shares consisted of the potential exercise of stock options and potential conversion of convertible debt. The following table summarizes these potential exercises and conversions during the three months ended March 31, 2025 and 2024, which have been excluded from the computation of diluted earnings per share attributable to common shareholders (in thousands):


	Three Months Ended March 31,
	2025	2024
Additional common shares, if stock options were exercised	115	113
Additional common shares, if warrants were exercised	(60)	—
Additional common shares, if preferred shares were converted	145	—
Additional common shares, if convertible debt were converted	17	9
	217	122

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Assets
Accounts receivable, net	$ 8,200
Assets	103,643	$ 105,535
Liabilities and Stockholders’ Equity
Total liabilities	96,285	94,282
Commitments and Contingencies (Note 11)
Paid-in capital	45,205	44,017
Accumulated deficit	(61,014)	(56,607)
Stockholders’ deficit attributable to CaliberCos Inc.	(15,808)	(12,589)
Stockholders’ equity attributable to noncontrolling interests	23,166	23,842
Total stockholders’ equity	7,358	11,253
Total liabilities and stockholders’ equity	103,643	105,535
Series A Preferred Stock
Liabilities and Stockholders’ Equity
Series A non-cumulative convertible preferred stock, $0.001 par value; 22,500,000 shares authorized, 5,875 and five thousand shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively	0	0
Class A
Liabilities and Stockholders’ Equity
Common stock	1	1
Class B
Liabilities and Stockholders’ Equity
Common stock	0	0
Excluding consolidated VIE
Assets
Cash	845	1,766
Restricted cash	2,518	2,582
Real estate investments, net	21,514	21,572
Due from related parties, allowance of $3,985	7,366	6,965
Investments in unconsolidated entities	15,523	15,643
Operating lease - right of use assets	135	147
Prepaid and other assets	2,664	3,501
Accounts receivable, net	408	413
Notes receivable - related parties	385	105
Liabilities and Stockholders’ Equity
Accounts payable and accrued expenses	9,421	9,532
Other liabilities	1,317	750
Operating lease liabilities	86	93
Excluding consolidated VIE \| Nonrelated party
Liabilities and Stockholders’ Equity
Notes payable	51,555	50,450
Other liabilities	1,317	750
Excluding consolidated VIE \| Related party
Assets
Notes receivable - related parties	385	105
Liabilities and Stockholders’ Equity
Other liabilities	443	313
VIE, primary beneficiary
Assets
Cash	723	549
Restricted cash	274	0
Real estate investments, net	44,102	45,090
Due from related parties, allowance of $3,985	514	320
Prepaid and other assets	424	284
Accounts receivable, net	181	163
Notes receivable - related parties	6,475	6,848
Liabilities and Stockholders’ Equity
Accounts payable and accrued expenses	1,123	1,207
Other liabilities	766	639
VIE, primary beneficiary \| Nonrelated party
Liabilities and Stockholders’ Equity
Notes payable	29,444	29,172
Other liabilities	766	639
VIE, primary beneficiary \| Related party
Assets
Notes receivable - related parties	6,475	6,848
Liabilities and Stockholders’ Equity
Notes payable	2,114	2,047
Other liabilities	$ 16	$ 79

Supplemental Cash Flow Disclosures (Tables)

3 Months Ended

Mar. 31, 2025

Supplemental Cash Flow Information [Abstract]

Schedule of Cash Flow, Supplemental Disclosures

Supplemental cash flow information consisted of the following for the three months ended March 31, 2025 and 2024 (in thousands):


	Three Months Ended March 31,
	2025		2024
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, none of which was capitalized for the three months ended March 31, 2025 and 2024, respectively	$	1,464	$	1,254
Non-cash bonus settlement via employee accounts receivable offset	33		—
Supplemental Disclosure of Cash Flow Information of Consolidated Funds
Cash paid for interest, net of capitalized interest of $1 and $2 for the three months ended March 31, 2025 and 2024, respectively	667		3,488

Supplemental Disclosures of Non-Cash Investing and Financing Activities




Increase in note receivable - related party due to deconsolidation of VIEs	—		6,749


Increase in investments in unconsolidated entities due to deconsolidation of VIEs	—		6,238


Cost of real estate investments included in accounts payable	—		107

Investments in unconsolidated entities for investor buy-out	443		—


Issuance of common stock in lieu of cash payment for accounts payable	—		36
Corporate note rollovers	4,760		—
Conversion of corporate note to preferred stock, including warrants	350		—
Corporate note increase due to rollovers, net of discounts	215		—
Non-cash issuance of convertible note and related common stock	89		—

Issuance of warrants related to common stock	75		—
Supplemental Disclosures of Non-Cash Investing and Financing Activities of Consolidated Funds



Increase in note receivable - related party due to deconsolidation of VIEs	—		10,341
Decrease in notes receivable - related party due to payment of accounts payable	3		—
Cost of real estate investments included in accounts payable	—		45
Cost of real estate investments included in due to related parties	—		7
















Deconsolidation of VIEs
Real estate investments, net	—		83,282
Accounts receivable, net	—		2,808

Operating lease - right of use assets	—		10,327
Prepaid and other assets	—		8,453
Due from related parties	—		3
Due to related parties	—		101
Notes payable, net	—		82,024
Notes payable - related parties	—		14,362
Accounts payable and accrued expenses	—		10,655
Operating lease liabilities	—		13,957
Other liabilities	—		1,236

Noncontrolling interests	—		40,787

Related Party Transactions - Schedule of Notes Receivable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Excluding consolidated VIE
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	$ 385	$ 105
Excluding consolidated VIE \| Related party
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	385	105
Excluding consolidated VIE \| Olathe Behavioral Health \| Related party
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	$ 5	0
Related party transaction, rate	12.00%
Excluding consolidated VIE \| Encore Caliber Holdings, LLC \| Related party
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	$ 21	0
Related party transaction, rate	12.00%
Excluding consolidated VIE \| Caliber Hospitality, LP \| Related party
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	$ 5	0
Related party transaction, rate	12.00%
Excluding consolidated VIE \| DFW Behavioral Health LLC \| Related party
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	$ 88	22
Related party transaction, rate	12.00%
Excluding consolidated VIE \| Blue Spruce Ridge MezzCo, LLC \| Related party
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	$ 47	13
Related party transaction, rate	12.00%
Excluding consolidated VIE \| West Ridge MezzCo, LLC \| Related party
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	$ 219	70
Related party transaction, rate	12.00%
Excluding consolidated VIE \| Ironwood, LLC \| Related party
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	$ 0	0
Related party transaction, rate	12.00%
Excluding consolidated VIE \| The Ketch, LLC \| Related party
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	$ 0	0
Related party transaction, rate	12.00%
Excluding consolidated VIE \| SF Alaska, LP \| Related party
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	$ 0	0
Related party transaction, rate	12.00%
VIE, primary beneficiary
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	$ 6,475	6,848
VIE, primary beneficiary \| Related party
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	6,475	6,848
VIE, primary beneficiary \| Caliber Hospitality, LP \| Related party
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	$ 5,450	5,650
Related party transaction, rate	12.00%
VIE, primary beneficiary \| Elliot & 51st Street, LLC \| Related party
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	$ 1,025	$ 1,198
Related party transaction, rate	12.00%

Organization and Liquidity	3 Months Ended
Organization and Liquidity	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Liquidity	Organization and Liquidity Organization CaliberCos Inc., a Delaware corporation, and its wholly-owned subsidiaries (the “Company”, “we”, “our”), is an alternative asset manager of private syndication and direct investment real estate funds and provider of a full suite of traditional real estate services. The Company was formed in November 2014, and originally began as Caliber Companies, LLC, an Arizona limited liability company, which commenced operations in January 2009. The Company provides various support services, under its asset management platform segment (“Platform”) to the investments it manages, including asset management services, fund set-up services, lending support, construction and development management, and real estate brokerage. As of March 31, 2025, the Company has operations in Arizona with a focus on hospitality, multifamily, and multi-tenant industrial real estate. In general, the Company’s private equity real estate funds are organized as operating partnerships, in which multiple unrelated passive investors own partnership interests. In addition, the Company is designated as the manager and/or general partner of the partnership. Depending on the legal structure and arrangements between the Company and the funds, the Company may or may not consolidate the partnerships for financial reporting purposes. For funds in which the Company is determined to be the controlling party or primary beneficiary for financial reporting purposes, the fund is consolidated, and the passive investors’ ownership is presented as noncontrolling interest in the accompanying condensed consolidated financial statements (“Consolidated Funds”, and collectively with the Company, the “Consolidated Company”, “Caliber”, “we”, “our”, and “us”). For funds in which we are not determined to be the controlling party for financial reporting purposes, the fund is not consolidated, and any fees earned from the fund are included in fund management revenue in the accompanying condensed consolidated financial statements. See Note 2 – Summary of Significant Accounting Policies for details. Reverse Stock Split: 1-to-20 On April 21, 2025, the Company held a Special Meeting of Stockholders (the “Special Meeting”). At the Special Meeting, the stockholders approved a proposal authorizing a reverse stock split of the Company’s Class A common stock, par value $0.001 per share (the “Class A Common Stock”) and the Company’s Class B common stock, par value $0.001 per share (the “Class B Common Stock”, together with the Class A Common Stock, the “Common Stock”), at an exchange ratio within the range of 1-for-5 to 1-for-20, inclusive, as determined by the board of directors of the Company (the “Board”). Following the Special Meeting, the Board approved a one-for-twenty (1-for-20) reverse stock split of the Common Stock (the “Reverse Stock Split”) and the Company filed a Certificate of Amendment (the “Amendment”) to its Third Amended and Restated Certificate of Incorporation (as amended to date, the “Certificate of Incorporation”) with the Secretary of State of the State of Delaware to effect the Reverse Stock Split of its Common Stock. The Reverse Stock Split became effective on May 2, 2025 (the “Effective Date”). As a result of the Reverse Stock Split, at the Effective Date, every twenty (20) shares of the Company’s pre-Reverse Stock Split Common Stock combined and automatically become one (1) share of Common Stock. The Company’s Class A Common Stock began trading on a split-adjusted basis when the Nasdaq Stock Market opened for trading on May 2, 2025. As of the Effective Date, the number of outstanding shares of Class A Common Stock of the Company was reduced from 15,127,516 to 931,202 shares and the Class B Common Stock from 7,416,414 to 370,822 shares. The Class A Common Stock continues to trade on the Nasdaq Stock Market under the existing symbol “CWD”. The Reverse Stock Split affected all holders of our Common Stock uniformly and did not affect any stockholder’s percentage ownership interests or proportionate voting power. The other principal effects of the Amendment was that the number of shares of Common Stock issuable upon conversion or exercise of notes, warrants, preferred stock and other convertible securities, as well as any commitments to issue securities, that provide for adjustments in the event of a reverse stock split were appropriately adjusted pursuant to their applicable terms for the Reverse Stock Split. If applicable, the conversion price for each outstanding note and outstanding share of preferred stock and the per share exercise price of all outstanding options and warrants was increased, pursuant to their terms, in inverse proportion to the 1-for-20 split ratio such that upon conversion or exercise, the aggregate conversion price for each note or preferred stock and the aggregate exercise price payable by the option or warrant holder to the Company for shares of Common Stock subject to such option or warrant remains approximately the same as the aggregate conversion or exercise price, as applicable, prior to the Reverse Stock Split. Pursuant to the terms of the Company’s 2024 Equity Incentive Plan, shares of Common Stock available for issuance also are subject to adjustment as a result of the Reverse Stock Split. The Reverse Stock Split did not change the authorized number of shares or the par value of the Common Stock nor modify any voting rights of the Common Stock. No fractional shares were issued in connection with the Reverse Stock Split. All shares of Common Stock held by a stockholder were aggregated subsequent to the Reverse Stock Split and each fractional share resulting from such aggregation held by a stockholder was rounded up to the next whole share. All share and per share amounts in the accompanying condensed consolidated financial statements have been retroactively adjusted to reflect the Reverse Stock Split for all periods presented. Securities Purchase Agreement On March 20, 2025, CaliberCos Inc. (the “Company”) entered into a securities purchase agreement (the “Purchase Agreement”) with Mast Hill Fund, L.P. (the “Investor”) as the purchaser, pursuant to which the Company issued the Investor a senior secured promissory note in the aggregate principal amount of up to $1,666,666.67 (as the principal amount thereof may be increased pursuant to the terms thereof) (the “Note”), a common stock purchase warrant for the purchase of 10,000 shares of Class A common stock, par value $0.001 (“Common Stock”), with an initial exercise price of $15.00 per share, and 10,000 shares of Common Stock (the “Commitment Shares”). Pursuant to the Purchase Agreement, the Company entered into a registration rights agreement (the “RRA”) with the Investor to provide certain registration rights under the Securities Act of 1933, as amended (the “Securities Act”), and the rules and regulations thereunder, or any similar successor statute, and applicable state securities laws. The Company agreed to file with the Securities and Exchange Commission (“SEC”) an initial Registration Statement covering the maximum number of Registrable Securities (as defined in the RRA) within ten (10) business days from the date that the Company filed its Form 10-K with the SEC for the period ended December 31, 2024. Equity Line of Credit Concurrent with the execution of the Purchase Agreement with the Investor above, the Company entered into an equity purchase agreement (the “Equity Purchase Agreement”) with the Investor pursuant to which the Company may sell and issue to the investor, and the investor may purchase from the Company, up to $25.0 million of Common Stock (the “Put Shares”). Under the Equity Purchase Agreement, the Company has the right, but not the obligation, to direct the Investor, by its delivery to the Investor of a put notice from time to time, to purchase Put Shares (i) in a minimum amount not less than $5,000 and (ii) in a maximum amount up to the lesser of (a) $500,000 or (b) 40% of the Average Daily Trading Value (as defined in the Equity Purchase Agreement). In connection with the Equity Purchase Agreement, the Company issued the Investor a five year common stock purchase warrant for the purchase of 10,000 shares of the Common Stock at an initial exercise price of $30.00 per share (the “ELOC Warrant”). The Company shall not effect any sales of the Put Shares under the Equity Purchase Agreement and the Investor shall not have the obligation to purchase Put Shares under the Equity Purchase Agreement to the extent that such issuance would exceed the Exchange Cap (as defined below). Shareholder approval is required to effectuate the transactions contemplated by the Equity Purchase Agreement, including but not limited to the issuance of Common Stock and the ELOC Warrant in excess of 78,441 shares of Common Stock (the “Exchange Cap”). Liquidity and Going Concern The accompanying condensed consolidated financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. At March 31, 2025, the Company had a portfolio of corporate notes, whose composition and characteristics are similar to those reported in prior periods. At March 31, 2025, the portfolio consists of 196 unsecured notes with an aggregate principal balance of $33.2 million, of which $26.1 million of the corporate notes have matured or will mature within the 12-month period subsequent to May 15, 2025. The notes generally have either a 12-month or 36-month term, with the 12-month note holders having the option to extend for an additional 12-month term. Because the Company incurred recurring operating losses and negative cash flow from operations, and could experience additional future operating losses and negative cash flow in the near term, combined with the fact that the Company does not have sufficient cash on hand to satisfy the total of the notes that mature within the next 12 months, these conditions and events raise substantial doubt about the Company’s ability to continue as a going concern. In response to these conditions, management considered the impact of these near-term maturities on the Company. Management evaluated the impact a default of one or many of these notes might have on the Company. As these notes are unsecured, the terms in the agreements do not afford the note holder avenues of recourse in a default that could or would impact the Company adversely in the normal course of business, as the terms lack provisions for rights or claims against the Company’s assets, nor is there a scenario where a default could force liquidation of the Company. Management believes that even in the event of default of one or many of these notes, the Company would be able to negotiate a waiver of the default either through an extension of the maturity or principal repayment schedule. To satisfy the maturity of these corporate notes, the Company intends to raise $20.0 million of preferred stock series AA financing through its Reg A+ offering, which was qualified on March 12, 2024, and has raised $0.2 million as of May 15, 2025. The Company also continues its push to refinance its existing 12-month term notes into its new 36-month term corporate note program. Year to date through May 13, 2025, the Company has successfully refinanced $2.8 million of 12-month term corporate notes into its new 36-month term corporate note program. In addition to the financing actions noted, management continues to execute various plans implemented in the year to address operating losses and near-term maturities or demands for repayment of its notes. Consistent with reported actions taken in prior reporting periods, management plans to continue to i) reduce operating costs, ii) collect all or part of its $8.2 million in receivables, iii) collect all or part of its $15.9 million in investments from its managed funds, iv) increase capital raise through continued expansion of fundraising channels, v) sell or accept investment into its corporate headquarters, vi) place debt on unencumbered assets, and/or vii) generate planned cash from operations. During the three months ended March 31, 2025, as part of the execution of our aforementioned plans, the Company collected $0.2 million in notes receivable and $3.5 million in accounts receivable. In addition, the Company has implemented broad-based costs reductions, most notably being further workforce reductions, which are expected to result in annualized cost savings of $1.9 million in compensation and employee benefit expenses. After consideration of the implemented and planned actions, management concluded these plans are not within the Company’s control and therefore cannot be deemed probable. As a result, the Company has concluded that management’s plans do not alleviate substantial doubt about the Company’s ability to continue as a going concern.

Leases - Narrative (Details)	3 Months Ended
Leases - Narrative (Details)	Mar. 31, 2025 property
Excluding consolidated VIE
Lessor, Lease, Description [Line Items]
Rental revenue, number of revenue-generating properties	1
Excluding consolidated VIE \| Minimum
Lessor, Lease, Description [Line Items]
Lessor, operating lease, remaining lease term	10 months 24 days
Excluding consolidated VIE \| Maximum
Lessor, Lease, Description [Line Items]
Lessor, operating lease, remaining lease term	9 years 3 months 18 days
VIE, primary beneficiary \| Multi-Family Residential Properties
Lessor, Lease, Description [Line Items]
Rental revenue, number of revenue-generating properties	1
VIE, primary beneficiary \| Minimum
Lessor, Lease, Description [Line Items]
Lessor, operating lease, remaining lease term	2 months 12 days
VIE, primary beneficiary \| Maximum
Lessor, Lease, Description [Line Items]
Lessor, operating lease, remaining lease term	10 months 24 days

Organization and Liquidity (Details)		1 Months Ended	3 Months Ended		14 Months Ended
Organization and Liquidity (Details)	Apr. 21, 2025 $ / shares shares	May 13, 2025 USD ($)	Mar. 31, 2025 USD ($) note $ / shares shares	Mar. 31, 2024 USD ($)	May 15, 2025 USD ($)	Apr. 20, 2025 $ / shares shares	Mar. 20, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) note $ / shares shares
Organization And Liquidity [Line Items]
Warrant exercise price (in dollars per share) \| $ / shares			$ 19.18					$ 16.41
Equity purchase agreement, maximum amount							$ 25,000,000.0
Equity purchase agreement, minimum put amount							5,000
Equity purchase agreement, maximum put amount							$ 500,000
Maximum put percentage of average daily trading volume							0.40
Warrant term (in years)			4 years 9 months 18 days					4 years 8 months 12 days
Equity purchase agreement, exchange cap (in shares) \| shares							78,441
Accounts receivable, net			$ 8,200,000
Investments			15,900,000
Workforce Reduction
Organization And Liquidity [Line Items]
Restructuring, expected annual cost savings			1,900,000
Subsequent Event
Organization And Liquidity [Line Items]
Stockholders' equity, reverse stock split	0.05
Warrant exercise price (in dollars per share) \| $ / shares						$ 0.96
Number of shares called by warrants (in shares) \| shares						2,201,123
Excluding consolidated VIE
Organization And Liquidity [Line Items]
Total notes payable, net			51,555,000					$ 50,450,000
Accounts receivable, net			408,000					413,000
Excluding consolidated VIE \| Corporate notes
Organization And Liquidity [Line Items]
Total notes payable, net			33,200,000
Current portion of notes payable			$ 26,100,000
Debt instrument, extended term			12 months
Excluding consolidated VIE \| Corporate notes \| Subsequent Event
Organization And Liquidity [Line Items]
Current portion of notes payable					$ 26,100,000
VIE, primary beneficiary
Organization And Liquidity [Line Items]
Total notes payable, net			$ 29,444,000					29,172,000
Accounts receivable, net			181,000					$ 163,000
Repayments of notes payable			192,000	$ 3,342,000
Increase (decrease) in accounts payable			(3,500,000)
VIE, primary beneficiary \| Corporate notes
Organization And Liquidity [Line Items]
Repayments of notes payable			$ 200,000
Securities Purchase Agreement Warrant
Organization And Liquidity [Line Items]
Number of shares called by each warrant (in shares) \| shares							10,000
Share price (in dollars per share) \| $ / shares							$ 0.001
Warrant exercise price (in dollars per share) \| $ / shares							15.00
Equity Purchase Agreement Warrant
Organization And Liquidity [Line Items]
Share price (in dollars per share) \| $ / shares							$ 30.00
Warrant term (in years)							5 years
Number of shares called by warrants (in shares) \| shares							10,000
Corporate Notes And Convertible Corporate Notes \| Excluding consolidated VIE \| Corporate notes
Organization And Liquidity [Line Items]
Number of corporate notes \| note			196					202
Debt instrument, term			12 months
Debt instrument, extended term			12 months
Corporate Notes Restructuring Program \| Excluding consolidated VIE \| Subsequent Event \| Corporate notes
Organization And Liquidity [Line Items]
Debt instrument, modified, original term		12 months
Debt instrument, modified term		36 months
Short-term debt, refinanced amount		$ 2,800,000
Corporate Notes Restructuring Program \| Excluding consolidated VIE \| Corporate notes
Organization And Liquidity [Line Items]
Debt instrument, modified, original term			12 months
Debt instrument, modified term			36 months
Senior Secured Promissory Note
Organization And Liquidity [Line Items]
Debt instrument, face amount							$ 1,666,666.67
Minimum \| Subsequent Event
Organization And Liquidity [Line Items]
Stockholders' equity, reverse stock split	0.05
Minimum \| Excluding consolidated VIE \| Corporate notes
Organization And Liquidity [Line Items]
Debt instrument, term			12 months
Maximum \| Subsequent Event
Organization And Liquidity [Line Items]
Stockholders' equity, reverse stock split	0.20
Maximum \| Excluding consolidated VIE \| Corporate notes
Organization And Liquidity [Line Items]
Debt instrument, term			36 months
Class A
Organization And Liquidity [Line Items]
Common stock, par value (in dollars per share) \| $ / shares			$ 0.001					$ 0.001
Common stock, outstanding (in shares) \| shares			795,285					759,370
Class A \| Subsequent Event
Organization And Liquidity [Line Items]
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001
Common stock, outstanding (in shares) \| shares	931,202					15,127,516
Class B
Organization And Liquidity [Line Items]
Common stock, par value (in dollars per share) \| $ / shares			$ 0.001					$ 0.001
Common stock, outstanding (in shares) \| shares			370,822					370,822
Class B \| Subsequent Event
Organization And Liquidity [Line Items]
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001
Common stock, outstanding (in shares) \| shares	370,822					7,416,414
Series AA Preferred Stock \| Excluding consolidated VIE
Organization And Liquidity [Line Items]
Expected proceeds from future issuance of preferred stock			$ 20,000,000
Series AA Preferred Stock \| Excluding consolidated VIE \| Subsequent Event
Organization And Liquidity [Line Items]
Proceeds from the issuance of preferred stock					$ 200,000

Notes Payable (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Notes Payable

Notes payable consisted of the following as of March 31, 2025 and December 31, 2024 (in thousands):


Notes Payable	March 31, 2025		December 31, 2024		Weighted Average Interest Rate (1)		Maturity Date (1)
Corporate notes	$	30,636	$	31,763	11.05	%	July 2023 - March 2028
Convertible corporate notes	2,587		1,050		6.16	%	April 2024 - September 2026
Real estate loans	17,020		15,934		4.69	%	February 2027 - November 2029
Other loans	2,646		2,175		54.49	%	December 2024 - September 2025
Total notes payable	52,889		50,922
Deferred financing costs, net	(421)		(243)
Discount on corporate note	(913)		(229)
Total notes payable, net	$	51,555	$	50,450

__________________________________

(1) As of March 31, 2025.

Notes payable of the consolidated funds consisted of the following as of March 31, 2025 and December 31, 2024, respectively (in thousands):


Notes Payable	March 31, 2025		December 31, 2024		Interest Rate (1)	Maturity date (1)
Real Estate Loans
DoubleTree by Hilton Tucson Convention Center	17,844		17,962		6.94%	August 2027
Southpointe Fundco, LLC	1,050		1,050		11.99%	September 2025
West Frontier Holdco, LLC	5,100		4,777		6.35%	February 2038
Total Real Estate Loans	23,994		23,789
Member notes	5,600		5,600		10.00%	June 2025
Other loans	77		19		7.96%	September 2025
Total notes payable	29,671		29,408
Deferred financing costs, net	(227)		(236)
Total notes payable, net	$	29,444	$	29,172

__________________________________

(1) As of March 31, 2025.

Schedule of Maturities of Long-Term Debt

The following table summarizes the scheduled principal repayments of our indebtedness as of March 31, 2025 (in thousands):


Year	Amount
April 1, 2025 - December 31, 2025	$	27,075
2027	4,137
2028	3,619
2029	3,366
2030	14,692
Thereafter	—
Total	$	52,889

As of March 31, 2025, the future aggregate principal repayments due on the Company’s notes payable are as follows (in thousands):


Year	Amount
April 1, 2025 - December 31, 2025	$	7,130
2027	561
2028	17,050
2029	69
2030	69
Thereafter	4,792
Total	$	29,671

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments and Contingencies of the Company Environmental Matters In connection with the ownership and operation of real estate assets, the Company may potentially be liable for costs and damages related to environmental matters. The Company believes it is in material compliance with current laws and regulations and does not know of any existing environmental condition nor has it been notified by any governmental authority of any non-compliance, liability or other claim, in each case, that could result in a material effect on our financial condition or results of operations. Caliber Tax Advantaged Opportunity Fund LP Caliber O-Zone Fund Manager, LLC (the “CTAF Fund Manager”) is a wholly-owned subsidiary of the Company and general partner and manager of Caliber Tax Advantaged Opportunity Fund LP (“CTAF”). In the event of a dissolution, winding-up, or termination, if the aggregate amount received by the CTAF limited partners does not equal or exceed an amount equal to a 6% IRR for the limited partners, the CTAF Fund Manager shall immediately contribute to CTAF funds in order to meet this minimum requirement for payment to the CTAF limited partners. As of March 31, 2025 and December 31, 2024, the Company estimated the fair value of CTAF was less than the 6% IRR for the limited partners. Caliber Tax Advantaged Opportunity Fund II LLC Caliber O-Zone Fund II Manager, LLC (the “CTAF II Fund Manager”) is a wholly-owned subsidiary of the Company and general partner and manager of Caliber Tax Advantaged Opportunity Zone Fund II LLC (“CTAF II”). In the event of a dissolution, winding-up, or termination, if the aggregate amount received by the CTAF II investor members does not equal or exceed an amount equal to a 6% IRR for the investor members, the CTAF II Fund Manager shall immediately contribute to CTAF II funds in order to meet this minimum requirement for payment to the CTAF II investor members. As of March 31, 2025 and December 31, 2024, the Company estimated the fair value of CTAF II was less than the 6% IRR for the investor members. Commitments and Contingencies of the Consolidated Funds Franchise Agreements The consolidated funds consolidated during the three months ended March 31, 2025 and 2024, are parties to franchise agreements where the fund is required to pay monthly fees, generally consisting of royalty, program, and food and beverage fees. At March 31, 2025, the consolidated hospitality fund is a party to a franchise agreement that expires in November 2026. The consolidated funds recognized total franchise fees of $0.3 million and $2.4 million for the three months ended March 31, 2025 and 2024, respectively.

Supplemental Cash Flow Disclosures

3 Months Ended

Mar. 31, 2025

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Disclosures

Supplemental cash flow information consisted of the following for the three months ended March 31, 2025 and 2024 (in thousands):


	Three Months Ended March 31,
	2025		2024
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, none of which was capitalized for the three months ended March 31, 2025 and 2024, respectively	$	1,464	$	1,254
Non-cash bonus settlement via employee accounts receivable offset	33		—
Supplemental Disclosure of Cash Flow Information of Consolidated Funds
Cash paid for interest, net of capitalized interest of $1 and $2 for the three months ended March 31, 2025 and 2024, respectively	667		3,488

Supplemental Disclosures of Non-Cash Investing and Financing Activities




Increase in note receivable - related party due to deconsolidation of VIEs	—		6,749


Increase in investments in unconsolidated entities due to deconsolidation of VIEs	—		6,238


Cost of real estate investments included in accounts payable	—		107

Investments in unconsolidated entities for investor buy-out	443		—


Issuance of common stock in lieu of cash payment for accounts payable	—		36
Corporate note rollovers	4,760		—
Conversion of corporate note to preferred stock, including warrants	350		—
Corporate note increase due to rollovers, net of discounts	215		—
Non-cash issuance of convertible note and related common stock	89		—

Issuance of warrants related to common stock	75		—
Supplemental Disclosures of Non-Cash Investing and Financing Activities of Consolidated Funds



Increase in note receivable - related party due to deconsolidation of VIEs	—		10,341
Decrease in notes receivable - related party due to payment of accounts payable	3		—
Cost of real estate investments included in accounts payable	—		45
Cost of real estate investments included in due to related parties	—		7
















Deconsolidation of VIEs
Real estate investments, net	—		83,282
Accounts receivable, net	—		2,808

Operating lease - right of use assets	—		10,327
Prepaid and other assets	—		8,453
Due from related parties	—		3
Due to related parties	—		101
Notes payable, net	—		82,024
Notes payable - related parties	—		14,362
Accounts payable and accrued expenses	—		10,655
Operating lease liabilities	—		13,957
Other liabilities	—		1,236

Noncontrolling interests	—		40,787

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenues
Revenue	$ 3,500	$ 4,700
Total revenues	7,261	22,951
Expenses
Operating costs	4,044	5,262
General and administrative	1,581	1,940
Marketing and advertising	165	106
Depreciation and amortization	157	146
Consolidated funds – other expenses	458	3,072
Total expenses	9,870	27,308
Other (loss) income, net	(366)	272
Interest income	32	117
Interest expense	(1,611)	(1,294)
Net loss before income taxes	(4,554)	(5,262)
Benefit from income taxes	0	0
Net loss	(4,554)	(5,262)
Net loss attributable to noncontrolling interests	(147)	(1,457)
Net loss attributable to CaliberCos Inc.	$ (4,407)	$ (3,805)
Basic net loss per share attributable to common stockholders (in dollars per share)	$ (3.85)	$ (3.53)
Diluted net loss per share attributable to common stockholders (in dollars per share)	$ (3.85)	$ (3.53)
Weighted average common shares outstanding:
Basic (in shares)	1,146	1,077
Weighted average shares outstanding – diluted (in shares)	1,146	1,077
Asset management revenues
Revenues
Revenue	$ 3,196	$ 3,170
Performance allocations
Revenues
Revenue	1	166
Hospitality revenue
Revenues
Other revenue	3,919	18,145
Expenses
Consolidated funds – hospitality expenses	3,465	16,782
Other revenues
Revenues
Other revenue	$ 145	$ 1,470

Related Party Transactions - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Excluding consolidated VIE
Related Party Transaction [Line Items]
Due from related parties	$ 7,366,000		$ 6,965,000
Allowance for doubtful accounts	3,985,000		3,985,000
Other liabilities	1,317,000		750,000
Excluding consolidated VIE \| Related party
Related Party Transaction [Line Items]
Interest receivable	0		0
Allowance for doubtful accounts	236,000		0
Other liabilities	443,000		313,000
Excluding consolidated VIE \| Related party \| Other
Related Party Transaction [Line Items]
Due from related parties	1,100,000		800,000
Allowance for doubtful accounts	700,000		900,000
Other liabilities	400,000		300,000
Excluding consolidated VIE \| Asset management revenues \| Related party
Related Party Transaction [Line Items]
Due from related parties	6,300,000		6,200,000
Allowance for doubtful accounts	3,300,000		3,100,000
VIE, primary beneficiary
Related Party Transaction [Line Items]
Due from related parties	514,000		320,000
Allowance for doubtful accounts	0		0
Allowance for doubtful accounts	28,000		28,000
Other liabilities	766,000		639,000
VIE, primary beneficiary \| Related party
Related Party Transaction [Line Items]
Interest receivable	400,000		300,000
Other liabilities	16,000		79,000
Notes receivable, interest income	0	$ 1,000,000.0
Notes payable	2,114,000		2,047,000
Interest expense, debt	100,000	$ 300,000
Interest payable	0		0
VIE, primary beneficiary \| Related party \| Other
Related Party Transaction [Line Items]
Due from related parties	100,000		0
Other liabilities	0		100,000
VIE, primary beneficiary \| Related party \| Caliber Fixed Income Fund III
Related Party Transaction [Line Items]
Notes payable	$ 2,100,000		$ 2,000,000.0
Related party transaction, rate	13.00%

Net Income (Loss) Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Numerator:
Net loss attributable to CaliberCos Inc.	$ (4,407)	$ (3,805)
Convertible debt interest	22	22
Net loss attributable to common shareholders of CaliberCos Inc.	$ (4,385)	$ (3,783)
Denominator:
Weighted average shares outstanding – basic (in shares)	1,146	1,077
Weighted average shares outstanding – diluted (in shares)	1,146	1,077
Basic net loss per share attributable to common shareholders (in dollars per share)	$ (3.85)	$ (3.53)
Diluted net loss per share attributable to common shareholders (in dollars per share)	$ (3.85)	$ (3.53)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Derivative Instruments - Gain (Loss) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)	Mar. 31, 2024 USD ($) entity
Derivative [Line Items]
Number of entities deconsolidated, sold \| entity		6
VIE, primary beneficiary
Derivative [Line Items]
Gain (loss) on derivatives	$ 0	$ 160
VIE, primary beneficiary \| Interest rate swap
Derivative [Line Items]
Gain (loss) on derivatives	0	195
VIE, primary beneficiary \| Interest rate cap
Derivative [Line Items]
Gain (loss) on derivatives	$ 0	$ (35)

Net Income (Loss) Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	217	122
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	115	113
Additional common shares, if warrants were exercised
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	(60)	0
Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	145	0
Additional common shares, if convertible debt were converted
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	17	9

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2025
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Accounting Policies of the Company Basis of Presentation and Consolidation The accompanying condensed consolidated financial statements are prepared on the accrual basis of accounting in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The accompanying condensed consolidated financial statements include the Company’s accounts, its consolidated subsidiaries, and legal entities in which the Company is deemed to have a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. The equity and net income or loss attributable to noncontrolling interests in subsidiaries is shown separately in the accompanying condensed consolidated balance sheets, statements of operations, and statements of changes in stockholders’ equity. All intercompany balances and transactions have been eliminated in consolidation. Variable Interest Entities We determine if an entity is a variable interest entity (“VIE”) based on several factors, including whether the equity holders, as a group, lack the characteristics of a controlling financial interest. We analyze any investments in VIEs to determine if we are the primary beneficiary. A reporting entity is determined to be the primary beneficiary if it holds a controlling financial interest in a VIE. Determining which reporting entity, if any, has a controlling financial interest in a VIE is primarily a qualitative analysis focused on identifying which reporting entity has both (i) the power to direct the activities of the entity that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits from such entity that could potentially be significant to such entity. Performance of that analysis requires the exercise of judgment. We consolidate any VIEs for which we are the primary beneficiary, and we disclose our maximum exposure to loss related to the consolidated VIEs. See Note 3 – VIEs for more detail. Voting Interest Entities Entities that do not qualify as VIEs are generally assessed for consolidation as voting interest entities (“VOEs”). For VOEs, we consolidate an entity if we have a controlling financial interest. We have a controlling financial interest in a VOE if (i) for legal entities other than partnerships, we own a majority voting interest in the entity or, for limited partnerships and similar entities, we own a majority of the entity’s kick-out rights through voting limited partnership interests and (ii) non-controlling shareholders or partners do not hold substantive participating rights, and no other conditions exist that would indicate that we do not control the entity. Interim Unaudited Financial Data Our condensed consolidated financial statements reflect all adjustments, which are, in our opinion, of a normal recurring nature and necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods. Interim results of operations are not necessarily indicative of the results to be expected for the full year. These condensed consolidated financial statements, including notes, are unaudited, exclude some of the disclosures required for annual consolidated financial statements, and should be read in conjunction with our audited consolidated financial statements for the year ended December 31, 2024. Use of Accounting Estimates The preparation of our consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. These estimates are made and evaluated on an ongoing basis using information that is currently available as well as various other assumptions believed to be reasonable under the circumstances. Actual results could differ significantly from those estimates. Cash Cash includes cash in bank accounts. The Company deposits cash with several high-quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company (“FDIC”) up to an insurance limit of $250,000. At times, the Company’s cash balances may exceed FDIC limits. Although the Company bears risk on amounts in excess of those insured by the FDIC, it has not experienced and does not anticipate any losses due to the high quality of the institutions where the deposits are held. Restricted Cash Restricted cash consists of cash held in escrow accounts by contractual agreement with lenders as part of financial loan covenant requirements. Investments in Unconsolidated Entities If an entity is not a VIE, our determination of the appropriate accounting method with respect to our investments in limited liability companies and other investments is based on voting control. For our managing member interests in limited liability companies, we are presumed to control (and therefore consolidate) the entity, unless the other limited partners have substantive rights that overcome this presumption of control. These substantive rights allow the limited partners to remove the general partner with or without cause or to participate in significant decisions made in the ordinary course of the entity’s business. We account for our non-controlling investments in these entities under the equity method. Our investments in unconsolidated subsidiaries in which we have the ability to exercise significant influence over operating and financial policies, but do not control, or entities which are VIE in which we are not the primary beneficiary are accounted for under the equity method. The equity method of accounting requires the investment to be initially recorded at cost and subsequently adjusted for the Company’s share of equity in the equity method investment’s earnings and distributions. Our share of the earnings or loss from equity method investments is included in other income (expenses), net on the accompanying consolidated statements of operations. The Company evaluates its investments in unconsolidated entities for impairment when events and circumstances indicate that the fair value of the entities might be less than the carrying value. Our determination of the appropriate accounting treatment for an investment in a subsidiary requires judgment of several factors, including the size and nature of our ownership interest and the other owners’ substantive rights to make decisions for the entity. Different judgments or conclusions as to the level of our control or influence, could result in a different accounting treatment, such as consolidation. While consolidating an investment generally has no impact on the Company’s net income or stockholders’ deficit, consolidation does impact the individual income statement and balance sheet line items on the CaliberCos Inc. consolidated financial statements, by effectively “grossing up” the Company’s consolidated statements of operations and balance sheets. As of March 31, 2025 and December 31, 2024, the carrying amount of our investments in unconsolidated entities was $15.5 million, and $15.6 million, respectively, net of $4.2 million and $4.0 million, respectively, of impairments primarily related to the winding down of Caliber Fixed Income Fund III (“CFIF III”) in 2024. See Note 3 – VIEs. In certain situations, the Company has invested only a nominal amount of cash, or no cash at all, into a venture. As the manager of the venture, we are entitled to 15.0% – 35.0% of the residual cash flow produced by the venture after the payment of any priority returns. Under the equity method, impairment losses are recognized upon evidence of other-than-temporary losses of value. For the three months ended March 31, 2025, the Company had impairment losses of $0.2 million related to its investments in unconsolidated entities. There were no impairment losses during the three months ended March 31, 2024. Depreciation and Amortization Expense Depreciation expense includes costs and costs associated with building and building improvements, which are depreciated over the estimated useful life of the respective asset, generally 15 to 40 years. Depreciation expense also includes costs associated with the purchase of furniture and equipment and office leasehold improvements which are recorded at cost. Furniture and equipment costs are depreciated using the straight-line method over the estimated useful life of the asset, generally three to seven years beginning in the first full month the asset is placed in service. Intangible lease assets are amortized using the straight-line method over the shorter of the respective estimated useful life or the lease term. For the three months ended March 31, 2025 and 2024, depreciation expense for the Company was $0.2 million and $0.1 million, respectively. Impairment of Long-Lived Assets Real estate and other long-lived assets to be held and used are stated at cost, less accumulated depreciation and amortization, unless the carrying amount of the asset is determined not to be recoverable. If events or circumstances indicate that the carrying amount of a long-lived asset may not be recoverable, we make an assessment of its recoverability by comparing the carrying amount to our estimate of the undiscounted net future cash flows resulting from the use of the asset, excluding interest charges. If the carrying amount exceeds the aggregate undiscounted future cash flows, we recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the asset. For the three months ended March 31, 2025 and 2024, the Company had no impairment losses related to its real estate and other long-lived assets. Concentration of Credit Risk Substantially all of the Company’s revenues are generated from activities completed through its Platform, including the management, ownership and/or operations of real estate assets located in Alaska, Arizona, Colorado, Kansas, Texas, and Virginia. The Company mitigates the associated risk by: •diversifying our investments in real estate across hospitality, multi-family, and multi-tenant industrial asset types; •diversifying our investments in real estate assets across multiple geographic locations including different markets and sub-markets in which our real estate assets are located; •diversifying our investments in real estate assets across assets at differing points of stabilization, and in varying states of cash flow optimization; and •maintaining financing relationships with a diversified mix of lenders (differing size and type), including large national banks, local community banks, private equity lenders, and insurance companies. Noncontrolling Interests in Consolidated Real Estate Partnerships We report the unaffiliated partners’ interests in the net assets of our consolidated real estate partnerships as noncontrolling interests within the accompanying consolidated statements of changes in stockholders’ equity. Noncontrolling interests consist of equity interests held by limited partners in consolidated real estate partnerships. We attribute to noncontrolling interests their share of income or loss of the consolidated partnerships based on their proportionate interest in the results of operations of the partnerships, including their share of losses even if such attribution results in a deficit noncontrolling interest balance within our equity and partners’ capital accounts. The terms of the partnership agreements generally require the partnerships to be liquidated following the sale of the underlying real estate assets. As the general partner in these partnerships, we ordinarily control the execution of real estate sales and other events that could lead to the liquidation, redemption or other settlement of noncontrolling interests. The terms of certain partnership agreements outline differing classes of equity ownership, some of which are redeemable by the partnership at the partnership manager’s discretion. Revenue Recognition In accordance with the Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”), management applies the five-step framework in determining the timing and amount of revenue to recognize. This framework requires an entity to: (i) identify the contract(s) with customers, (ii) identify the performance obligations within the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations within the contract, and (v) recognize revenue when or as the entity satisfies a performance obligation. Revenues from contracts with customers includes fixed fee arrangements with related party affiliates to provide certain associated activities which are ancillary to and generally add value to the assets we manage, such as set-up and fund formation services associated with marketing, soliciting, and selling member interests in the affiliated limited partnerships, brokerage services, construction and development management services, loan placement and guarantees. The recognition and measurement of revenue is based on the assessment of individual contract terms. For performance obligations satisfied at a point in time, there are no significant judgments made in evaluating when the customer obtains control of the promised service. For performance obligations satisfied over time, significant judgment is required to determine how to allocate transaction prices where multiple performance obligations are identified; when to recognize revenue based on appropriate measurement of the Company’s progress under the contract; and whether constraints on variable consideration should be applied due to uncertain future events. Transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Variable consideration is included in the estimated transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur or when the uncertainty associated with the variable consideration is resolved. The Company’s estimates of variable consideration and determination of whether to include estimated amounts in transaction price are based largely on an assessment of its anticipated performance and all information that is reasonably available to the Company. Revenues are recognized when control of the promised services is transferred to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. The following describes the Company’s revenue recognition policy related to the fees the Company earns from providing services under its Platform: Fund set-up fees are a one-time fee for the initial formation, administration, and set-up of the private equity real estate fund. These fees are recognized at the point in time when the performance under the contract is complete and are included in asset management revenues in the accompanying consolidated statements of operations. Fund set-up fees replaced fund formation fees that are earned at a point in time at a fixed rate based on the amount of capital raised into certain managed funds. Fund management fees are generally based on 1.0% to 1.5% of the unreturned capital contributions in a particular fund and include reimbursement for costs incurred on behalf of the fund, including an allocation of certain overhead costs. These customer contracts require the Company to provide management services, representing a performance obligation that the Company satisfies over time. With respect to the Caliber Hospitality Trust, the Company earns a fund management fee of 0.7% of the Caliber Hospitality Trust’s enterprise value and is reimbursed for certain costs incurred on behalf of the Caliber Hospitality Trust. These revenues are included in asset management revenues in the accompanying consolidated statements of operations. Financing fees are earned for services the Company performs in securing third-party financing on behalf of our private equity real estate funds. These fees are recognized at the point in time when the performance under the contract is complete, which is essentially upon closing of a loan. In addition, the Company earns fees for guaranteeing certain loans, representing a performance obligation that the Company satisfies over time. These revenues are included in asset management revenues in the accompanying consolidated statements of operations. Development and construction revenues from contracts with customers include fixed fee arrangements with related party affiliates to provide real estate development services as their principal developer, which include managing and supervising third-party developers and general contractors with respect to the development of the properties owned by the funds. Revenues are generally based on 4.0% of the total expected costs of the development or 4.0% of the total expected costs of the construction project. Prior to the commencement of construction, development fee revenue is recognized at a point in time when the related performance obligations are satisfied and the customer obtains control of the promised service, including negotiation, due diligence, entitlements, planning, and design activities. During the construction period, development fee revenue is recognized ratably over time as the performance obligation(s) is satisfied. These revenues are included in asset management revenues in the accompanying consolidated statements of operations. Brokerage fees are earned at a point in time at fixed rates for services performed related to acquisitions, dispositions, leasing, and financing transaction, and are included in asset management revenues in the accompanying consolidated statements of operations. Performance allocations are an arrangement in which we are entitled to an allocation of investment returns, generated within the investment funds which we manage, based on a contractual formula. We typically receive 15.0% to 35.0% of all cash distributions from (i) the operating cash flow of each fund, after payment to the related fund investors of any accumulated and unpaid priority preferred returns and repayment of preferred capital contributions; and (ii) the cash flow resulting from the sale or refinance of any real estate assets held by each fund, after payment to the related fund investors of any accumulated and unpaid priority preferred returns and repayment of initial preferred capital contributions. Our funds’ preferred returns range from 6.0% to 12.0%, typically 6.0% for common equity or 10.0% to 12.0% for preferred equity, which does not participate in profits. Performance allocations are related to services which have been provided and are recognized when it is determined that they are no longer probable of significant reversal, which is generally satisfied when an underlying fund investment is realized or sold. These revenues are included in performance allocations in the accompanying consolidated statements of operations. Leases Lessor At the inception of a new lease arrangement, including new leases that arise from amendments, the Company assesses the terms and conditions to determine the proper lease classification. When the terms of a lease effectively transfer control of the underlying asset, the lease is classified as a sales-type lease. When a lease does not effectively transfer control of the underlying asset to the lessee, but the Company obtains a guarantee for the value of the asset from a third party, the Company classifies the lease as a direct financing lease. All other leases are classified as operating leases. The Company did not have any sales-type or direct financing leases as of March 31, 2025 and December 31, 2024. For operating leases with minimum scheduled rent increases, the consolidated funds recognize rental revenue on a straight-line basis, including the effect of any free rent periods, over the lease term when collectability of lease payments is probable. Variable lease payments are recognized as rental revenue in the period when the changes in facts and circumstances on which the variable lease payments are based occur. The Company identified two separate lease components as follows: i) land lease component, and ii) single property lease component comprised of building, land improvements and tenant improvements. The Company’s leases also contain provisions for tenants to reimburse the consolidated funds for maintenance and other property operating expenses, which are considered to be non-lease components. The Company elected the practical expedient to combine lease and non-lease components and the non-lease components will be included with the single property lease component as the predominant component. Lessee To account for leases for which the Company is the lessee, contracts must be analyzed upon inception to determine if the arrangement is, or contains, a lease. A lease conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Lease classification tests and measurement procedures are performed at the lease commencement date. The lease liability is initially measured as the present value of the lease payments over the lease term, discounted using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, the lessee’s incremental borrowing rate is used. The incremental borrowing rate is determined based on the estimated rate of interest that the lessee would pay to borrow on a collateralized basis over a similar term at an amount equal to the lease payments in a similar economic environment. The lease term is the noncancelable period of the lease and includes any renewal and termination options the Company is reasonably certain to exercise. The lease liability balance is amortized using the effective interest method. The lease liability is remeasured when the contract is modified, upon the resolution of a contingency such that variable payments become fixed or if the assessment of exercising an extension, termination or purchase option changes. The right-of-use (“ROU”) asset balance is initially measured as the lease liability amount, adjusted for any lease payments made prior to the commencement date, initial direct costs, estimated costs to dismantle, remove, or restore the underlying asset and incentives received. The Company’s impairment assessment for ROU assets is consistent with the impairment analysis for the Company's other long-lived assets and is reviewed quarterly. Accounting Policies of Consolidated Funds Accounting for Real Estate Investments Upon the acquisition of real estate properties, a determination is made as to whether the acquisition meets the criteria to be accounted for as an asset acquisition or a business combination. The determination is primarily based on whether the assets acquired, and liabilities assumed meet the definition of a business. The determination of whether the assets acquired, and liabilities assumed meet the definition of a business includes a single or similar asset threshold. In applying the single or similar asset threshold, if substantially all the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the assets acquired, and liabilities assumed are not considered a business. Most of our consolidated fund acquisitions meet the single or similar asset threshold, due to the fact that substantially all the fair value of the gross assets acquired is attributable to the real estate assets acquired. Acquired real estate properties accounted for as asset acquisitions are recorded at cost, including acquisition and closing costs. Our consolidated funds allocate the cost of real estate properties to the tangible and intangible assets and liabilities acquired based on their estimated relative fair values. Our consolidated funds determine the fair value of tangible assets, such as land, building, furniture, fixtures and equipment, using a combination of internal valuation techniques that consider comparable market transactions, replacement costs and other available information and fair value estimates provided by third-party valuation specialists, depending upon the circumstances of the acquisition. Our consolidated funds determine the fair value of identified intangible assets or liabilities, which typically relate to in-place leases, using a combination of internal valuation techniques that consider the terms of the in-place leases, current market data for comparable leases, and fair value estimates provided by third-party valuation specialists, depending upon the circumstances of the acquisition. If a transaction is determined to be a business combination, the assets acquired, liabilities assumed, and any identified intangibles are recorded at their estimated fair values on the transaction date, and transaction costs are expensed in the period incurred. Cost Capitalization and Depreciation Our consolidated funds capitalize costs, including certain indirect costs, incurred in connection with their development and construction activities. Included in these capitalized costs are payroll costs associated with time spent by site employees in connection with capital addition activities at the asset level. Interest, property taxes and insurance are also capitalized during periods in which redevelopment, development and construction projects are in progress. Capitalization of costs, including certain indirect costs, incurred in connection with our capital addition activities, commence at the point in time when activities necessary to get the assets ready for their intended use are in progress. This includes when assets are undergoing physical construction, as well as when apartment homes are held vacant in advance of planned construction, provided that other activities such as permitting, planning and design are in progress. Our consolidated funds cease the capitalization of costs when the assets are substantially complete and ready for their intended use, which is typically when construction has been completed and apartment homes or other properties are available for occupancy. Cost of ordinary repairs, maintenance and resident turnover are charged to operating expense, as incurred. Depreciation for all tangible real estate assets is calculated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives of our building and building improvements are generally 15 to 40 years. The estimated useful lives of our furniture, fixtures and equipment are generally three to seven years beginning in the first full month the asset is placed in service. For the three months ended March 31, 2025 and 2024, depreciation expense was $1.0 million and $2.1 million, respectively. Impairment of Long-Lived Assets Real estate and other long-lived assets to be held and used are stated at cost, less accumulated depreciation and amortization, unless the carrying amount of the asset is determined to not be recoverable. If events or circumstances indicate that the carrying amount of a long-lived asset may not be recoverable, we make an assessment of its recoverability by comparing the carrying amount to our estimate of the undiscounted net future cash flows resulting from the use of the asset, excluding interest charges. If the carrying amount exceeds the aggregate undiscounted future cash flows, our consolidated funds recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the asset. For the three months ended March 31, 2025 and 2024, our consolidated funds did not record an impairment loss related to its real estate and other long-lived assets. Cash Cash includes cash in bank accounts. The consolidated funds deposit cash with several high-quality financial institutions. These deposits are guaranteed by the FDIC up to an insurance limit of $250,000. At times, cash balances may exceed FDIC limits. Although the consolidated funds bear risk on amounts in excess of those insured by the FDIC, they have not experienced and do not anticipate any losses due to the high quality of the institutions where the deposits are held. Restricted Cash Restricted cash consists of tenant security deposits and cash reserves required by certain loan agreements for capital improvements and repairs. As improvements and repairs are completed, related costs incurred by the consolidated funds are funded from the reserve accounts. Restricted cash also includes cash held in escrow accounts by mortgage companies on behalf of the consolidated funds for payment of property taxes, insurance, and interest. Consolidated Fund Revenues In accordance with ASC 606, our consolidated funds apply the five-step framework in determining the timing and amount of revenue to recognize. This framework requires an entity to: (i) identify the contract(s) with customers, (ii) identify the performance obligations within the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations within the contract, and (v) recognize revenue when or as the entity satisfies a performance obligation. Our consolidated funds’ revenues primarily consist of hospitality revenues, rental income and interest income. Consolidated funds – hospitality revenue Hospitality revenues are comprised of charges for room rentals, food and beverage sales, and other hotel operating activities. Revenues are recognized as earned, which is defined as the date upon which a guest occupies a room or utilizes the hotel’s services. Revenues are recorded net of sales tax. Our consolidated funds have performance obligations to provide accommodations and other ancillary services to hotel guests. As compensation for such goods and services, the consolidated funds are typically entitled to a fixed nightly fee for an agreed upon period and additional fixed fees for any ancillary services purchased. These fees are generally payable at the time the hotel guest checks out of the hotel. The consolidated funds generally satisfy the performance obligations over time and recognize the revenue from room sales and from other ancillary guest services on a daily basis, as the rooms are occupied, and the services have been rendered. For food and beverage, revenue is recognized upon transfer of promised products or services to customers in an amount that reflects the consideration the consolidated funds received in exchange for those services, which is generally when payment is tendered at the time of sale. The consolidated funds receive deposits for events and rooms. Such deposits are deferred and included in other liabilities on the accompanying consolidated balance sheets. The deposits are credited to consolidated funds – hospitality revenue when the specific event takes place. Consolidated funds – other revenue Consolidated funds – other revenue includes rental revenue of $0.1 million and $0.4 million for the three months ended March 31, 2025 and 2024, respectively. Rental revenue includes the revenues generated primarily by the rental operations of the residential (multi-family and single-family) and commercial properties of our consolidated funds. In accordance with ASC 842, Leases (“ASC 842”), at the inception of a new lease arrangement, including new leases that arise from amendments, the Company assesses the terms and conditions to determine the proper lease classification. When the terms of a lease effectively transfer control of the underlying asset, the lease is classified as a sales-type lease. When a lease does not effectively transfer control of the underlying asset to the lessee, but the Company obtains a guarantee for the value of the asset from a third party, the Company classifies the lease as a direct financing lease. All other leases are classified as operating leases. The consolidated funds did not have any sales-type or direct financing leases as of March 31, 2025. For operating leases with minimum scheduled rent increases, the consolidated funds recognize rental revenue on a straight-line basis, including the effect of any free rent periods, over the lease term when collectability of lease payments is probable. Variable lease payments are recognized as rental revenue in the period when the changes in facts and circumstances on which the variable lease payments are based occur. The Company identified two separate lease components as follows: i) land lease component, and ii) single property lease component comprised of building, land improvements and tenant improvements. The Company’s leases also contain provisions for tenants to reimburse the consolidated funds for maintenance and other property operating expenses, which are considered to be non-lease components. The Company elected the practical expedient to combine lease and non-lease components and the non-lease components will be included with the single property lease component as the predominant component. In addition, consolidated funds - other revenue includes interest income, which is generated by a consolidated fund’s lending activity. There was no interest income for the three months ended March 31, 2025. For the three months ended March 31, 2024, there was $1.0 million of interest income. Interest income is recognized on the accrual basis of accounting in accordance with the lending agreements over the term of the respective loan agreement. Consolidated Fund Expenses Consolidated fund expenses consist primarily of costs, expenses and fees that are incurred by, or arise out of the operation and activities of or otherwise related to, our consolidated funds, including, without limitation, operating costs, depreciation and amortization, interest expense on debt held by our consolidated funds, insurance expenses, professional fees and other costs associated with administering and supporting those funds. Accounts Receivable Accounts receivable primarily consists of amounts due from guests or groups for hotel rooms and services provided by the hotel properties. Accounts receivable also include due, but unpaid, rental payments. Our consolidated funds continually review receivables and determine collectability by taking into consideration the history of past write-offs, collections, current credit conditions, tenant payment history, the financial condition of the tenants, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. If the collectability of a receivable is uncertain, our consolidated funds will record an increase in the allowance for doubtful accounts. Amounts that are determined to be uncollectible with a high degree of certainty are written-off through bad debt expense, which is included in consolidated funds – hospitality expenses and consolidated funds – other expenses on the accompanying consolidated statements of operations. There were no allowances for doubtful accounts as of March 31, 2025 and December 31, 2024. Derivative Instruments The consolidated funds record all derivative instruments on the consolidated balance sheets at fair value. The accounting for changes in the fair value of the derivative and the effect on the financial statements depends on its hedge designation and whether the hedge is highly effective in achieving offsetting changes in the fair value of cash flows of the asset or liability hedged. If the consolidated fund elects not to apply hedge accounting treatment, any changes in the fair value of the derivative instruments is recognized immediately in consolidated funds - hospitality expenses in the consolidated statements of operations. If the derivative is designated and qualifies for hedge accounting treatment, the change in fair value of the derivative is recorded in other comprehensive income (loss). Fair Value of Financial Instruments The fair value of financial instruments is disclosed in accordance with ASC 825, Financial Instruments. The fair value of our financial instruments is estimated using available market information and established valuation methodologies. The estimates of fair value are not necessarily indicative of the amounts the consolidated funds could realize on disposition of the financial instruments. The use of different market assumptions and/or valuation methodologies may have a material effect on the estimated fair value amounts. Fair Value Measurements Fair value measurements and disclosures consist of a three-level valuation hierarchy. The valuation hierarchy categorizes assets and liabilities measured at fair value into one of three different levels depending on the ability to observe the inputs employed in the measurement using market participant assumptions at the measurement date. An asset’s or liability’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows: •Level 1 – Inputs are quoted prices in active markets for identical assets or liabilities that can be accessed at the measurement date. •Level 2 – Inputs include quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability. •Level 3 – Unobservable inputs for the asset or liability. These unobservable inputs reflect assumptions about what market participants would use to price the asset or liability and are developed based on the best information available in the circumstances (which might include the reporting company’s own data) Recent Accounting Pronouncements The Company adopted ASU 2016-13, Financial Instruments – Credit Losses and subsequent amendments (collectively, “Topic 326”), effective January 1, 2023. Topic 326 was intended to improve financial reporting by requiring more timely recognition of credit losses on loans and other financial instruments that are not accounted for at fair value through net income and required that financial assets measured at amortized cost be presented at the net amount expected to be collected, through an allowance for credit losses that was deducted from the amortized cost basis. The amendments in Topic 326 required the Company to measure all expected credit losses based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the financial assets and eliminated the “incurred loss” methodology under current U.S. GAAP. Loans and receivables between entities under common control are not within the scope of this guidance. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. The Company adopted the Financial Accounting Standards Board (“FASB”) issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40), effective January 1, 2024, which simplifies the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock, removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and also simplifies the diluted earnings per share calculation in certain areas. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which serves to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses on both an annual and interim basis. The guidance does not change the definition of a segment, the method for determining segments, or the criteria for aggregating operating segments into reportable segments and is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted this guidance effective December 31, 2024. The adoption of this standard did not have a material effect on the Company’s balance sheet, statement of operations, or statement of cash flows, but resulted in additional disclosures in the notes to the financial statements, most notably payroll and payroll related costs as a significant segment expense. See Note 16 – Segments for detail. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740, Income Taxes). ASU 2023-09, which serves to enhance income tax disclosures by requiring a tabular rate reconciliation and additional information on income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of the adoption of ASU 2023-09 on our consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) to improve the disclosures about a public business entity’s expenses and provide more detailed information about the types of expenses included in certain expense captions in the consolidated financial statements. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted and the amendments in this update should be applied either prospectively to financial statements issued for reporting periods after the effective date of this update or retrospectively to any or all prior periods presented in the financial statements. We are currently evaluating the impact of the adoption of ASU 2024-03 on our consolidated financial statements.

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Management has evaluated events and transactions that occurred after March 31, 2025 through May 15, 2025, the date these condensed consolidated financial statement were available to be issued. See below material events and transactions in addition to those matters discussed in Note 1 – Organization and Liquidity and Note 6 – Notes Payable. Craft Capital Management Underwriting Agreement On April 17, 2025, the Company entered into an Underwriting Agreement with Craft Capital Management LLC, as representative to the underwriters (the “Representative”), to issue and sell (i) 120,000 units (the “Units”) at a price of $7.50 per Unit. Each Unit consists of one share of Class A common stock of the Company and one right to receive one-fifth of one share of Class A common stock; and (ii) representative warrants to purchase shares of Class A common stock equal to 8% of the aggregate number of Units sold. In connection with this offering, the Company issued Mast Hill 2,000 shares of Class A common stock in connection with Mast Hill’s waiver of certain terms under the Mast Hill Purchase Agreement, the Mast Hill Note and the Mast Hill Warrants. Development Rights Agreement with Hyatt Hotels Corporation Affiliate On May 8, 2025, the Company announced that Caliber Hospitality Development (“CHD”) has entered into a Development Rights Agreement with an affiliate of Hyatt Hotels Corporation (NYSE: H) to exclusively develop 15 new Hyatt Studios hotels in target market areas within Arizona, Colorado, Nevada, Texas and Louisiana.

Leases

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

Leases

Lessor - Company

Rental revenue of the Company includes the revenues generated by the rental operations of one commercial office property, which was acquired in January 2023. As of March 31, 2025, the leases have non-cancelable remaining lease terms from 0.9 years to 9.3 years. Certain leases contain options to extend the term of the lease and impose financial penalties, including paying all future payments required under the remaining term of the lease, if the tenant terminates the lease. The leases do not contain any lessee purchase options. As of March 31, 2025, the Company does not have any material related party leases as a lessor. The components of rental revenue for the three months ended March 31, 2025 and 2024, are presented in the table below (in thousands): Variable rental revenue is primarily costs reimbursed related to common area maintenance.


	Three Months Ended March 31,
		2025		2024
Fixed		$	233	$	437
Variable		56		77
Total		$	289	$	514

Future minimum lease payments due to the Company under non-cancellable operating leases over the next five years and thereafter as of March 31, 2025, are as follows (in thousands):


Year	Amount
April 1, 2025 - December 31, 2025	$	1,295
2026	1,652
2027	1,031
2028	445
2029	342
Thereafter	1,120
Total	$	5,885

Lessor - Consolidated Funds

Rental revenue of the consolidated funds includes the revenues generated primarily by the rental operations of one multi-family residential property. As of March 31, 2025, the leases have non-cancelable remaining lease terms from 0.2 years to 0.9 years. Certain leases contain options to extend the term of the lease and impose financial penalties, including paying all future payments required under the remaining term of the lease, if the tenant terminates the lease. The leases do not contain any lessee purchase options. As of March 31, 2025, the consolidated funds do not have any material related party leases as a lessor. The components of rental revenue for the three months ended March 31, 2025 and 2024 (in thousands) are presented in the table below. Variable rental revenue are primarily costs reimbursed related to common area maintenance.


	Three Months Ended March 31,
		2025		2024
Fixed		$	177	$	294
Variable		(35)		128
Total		$	142	$	422

Future minimum lease payments due to the consolidated funds under non-cancellable operating leases over the next five years and thereafter as of March 31, 2025, are as follows (in thousands):


Year	Amount
April 1, 2025 - December 31, 2025	$	258
2026	14
2027	—
2028	—
2029	—
Thereafter	—
Total	$	272

Preferred Stock	3 Months Ended
Preferred Stock	Mar. 31, 2025
Equity [Abstract]
Preferred Stock	Preferred Stock In November 2024, the Company entered in to an offering agreement to issue up to $15.0 million, of Series A Convertible Preferred Stock (“Series A Preferred”) and warrants to purchase its Class A Common Stock (“Common Stock”), with a stated value of $20 per share and a 12% annual, non-cumulative dividend payable annually in cash or shares of common stock, at the Company’s discretion. The Series A Preferred is convertible anytime at the option of the stockholder, in four sequential tranches. Each tranche allows the stockholder to convert up to 25% of its initial investment, beginning at a conversion price $10.23 per share of Common Stock, and increasing in 50% increments for each successive tranche. Each tranche of Series A Preferred is mandatorily convertible if the market price of Common Stock is 200% higher than any respective tranche’s conversion price for 20 of 30 consecutive Trading Days. As of March 31, 2025 and December 31, 2024, the Company had 5,875 and 5,000 shares, respectively, of its Series A Preferred stock issued and outstanding, representing additional paid-in capital of $2.4 million and $2.0 million, respectively. Warrants Prior to the Reverse Stock Split, the Company had warrants outstanding to purchase a total of 2,201,123 shares of Class A common stock, at weighted average exercise price of $0.96 per share. As a result of the Reverse Stock Split, and pursuant to the terms of the applicable warrant agreement, the number of warrants outstanding to purchase a share of Class A Common Stock was proportionately decreased at a 20:1 ratio consistent with the increase 20:1 increase in the price of a share of Class A Common Stock. There was no change to the value of the warrant as a result of this adjustment. The below warrant disclosure has been effected for the Reverse Stock Split. The Company issues warrants for the purchase of its Class A Common Stock, either as stand-alone transactions or combined with other debt and/or equity instruments. The warrants may be exercised up to the fifth anniversary of their origination date and transferred independently at any time. Using the Black-Scholes model, the Company estimates the relative fair value of warrants on the date of issuance. The relative fair value of warrants is included in Paid-in capital on the condensed consolidated balance sheets dated March 31, 2025. As of March 31, 2025 and December 31, 2024, the Company had warrants outstanding to purchase 110,065 and 52,943 shares of Class A Common Stock, with a weighted average exercise price per share of $19.18 and $16.41, and weighted average remaining exercise periods of 4.8 and 4.7 years, respectively.

Related Party Transactions - Schedule of Notes Payable (Details) - Related party - VIE, primary beneficiary - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Notes payable	$ 2,114	$ 2,047
Caliber Fixed Income Fund III
Debt Instrument [Line Items]
Notes payable	$ 2,100	$ 2,000
Interest Rate	13.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details