0001627282-26-000015 | 10-K | XBRL Viewer

Income Taxes

12 Months Ended

Dec. 31, 2025

The following table shows the components of the income tax provision (benefit) from total operations for the years ended December 31, 2025 and 2024 (in thousands):


	Years Ended December 31,
	2025		2024
Current income tax provision (benefit)
Federal	$	—	$	—
State	—		—
Total	—		—

Deferred income tax provision (benefit)
Federal	(5,207)		(4,023)
State	(949)		(708)
Total	(6,156)		(4,731)

Adjustment to valuation allowance	6,156		4,731
Total income tax provision (benefit)	$	—	$	—

The following table reconciles the U.S. federal statutory tax rate to the effective income tax rate for the years ended December 31, 2025 and 2024:


	Years Ended December 31,
	2025		2024
U.S. federal statutory tax rate	21.0	%	21.0	%
State taxes, net of federal benefit	3.8	%	3.7	%
Income passed through to noncontrolling interest, federal tax	(1.2)	%	(1.7)	%
Income passed through to noncontrolling interest, state tax	(0.2)	%	(0.3)	%
Permanent differences, VIEs	(0.6)	%	(0.1)	%
Prior period return-to-provision adjustments	4.1	%	0.0	%
Nondeductible expenses	(0.2)	%	(0.5)	%
Change in valuation allowance	(26.7)	%	(22.1)	%
Effective income tax rate	0.0	%	0.0	%

The following table summarizes the components of the Company’s deferred tax assets and liabilities as of December 31, 2025 and 2024 (in thousands):


	December 31, 2025		December 31, 2024
Deferred tax assets:
Net operating loss carryforwards	$	20,135	$	17,837
Sec 362 basis Step-up	440		439
Deferred compensation	1,389		1,929
Fixed assets	(438)		17
Employee stock based compensation	1,740		1,299
Allowance for doubtful accounts	1,043		1,018
Realized gain/loss on investments	1,702		1,001
Other	2,466		682
Total deferred tax assets	28,477		24,222
Deferred tax liabilities:
Passthrough income/loss from partnerships	(11,794)		(12,196)

Other	1,176		(323)
Total deferred tax liabilities	(10,618)		(12,519)
Valuation allowance	(17,859)		(11,703)
Net deferred tax assets	$	—	$	—

As of December 31, 2025, the Company had approximately $81.6 million and $80.7 million of federal and state net operating losses (“NOL”), respectively, available to offset future taxable income. As of December 31, 2024, the Company had approximately $72.3 million and $71.3 million of federal and state NOL, respectively, available to offset future taxable income. The federal NOLs arising in 2017 and prior, if not utilized, begin expiring in the year 2035. Federal NOLs arising in tax years ending after December 31, 2017 can be carried forward indefinitely but are subject to an 80% of taxable income limitation. The Arizona state NOLs arising in 2015, if not utilized, begin expiring in the year 2035. In accordance with Section 382 of the Internal Revenue Code, deductibility of the Company’s federal NOL carryovers may be limited in the event of a change in control of ownership.

In assessing the need for a valuation allowance against its net deferred tax assets, the Company considers both positive and negative evidence related to the likelihood of realization of the deferred tax assets to determine, based on the weight of available evidence, whether it is more-likely-than-not that some or all of the deferred tax assets will not be realized. In evaluating the need for a valuation allowance, the Company considered cumulative tax losses as a significant piece of negative evidence and established a full valuation allowance of $17.9 million and $11.7 million against the Company’s net deferred tax assets as of December 31, 2025 and 2024, respectively.

The changes to the Company’s valuation allowance during the years ended December 31, 2025 and 2024 were as follows (in thousands):


	Years Ended December 31,
	2025		2024
Valuation allowance at the beginning of the year	$	11,703	$	6,972
Changes in valuation allowance recorded during the year	6,156		4,731
Valuation allowance at the end of the year	$	17,859	$	11,703

The Company and its subsidiaries are subject to the following significant taxing jurisdictions: U.S., Alaska, Arizona, California, Colorado, Florida, Missouri, New York, Oregon, South Carolina and Utah. The Company is currently not under income tax examination in any tax jurisdiction.

Although we believe our tax returns are correct, the final determination of tax examinations and any related litigation could be different from what was reported on the tax returns. We are currently open to audit under the statute of limitations by the United States Internal Revenue Service as well as state taxing authorities for the past four years (three years in some states). However, due to NOL carryforwards not being utilized, all periods are open to potential examinations. Any penalties and interest related to unrecognized tax benefits would be classified as income tax expense in the accompanying consolidated statements of operations.

We apply U.S. GAAP related to accounting for uncertainty in income taxes, which prescribes a recognition threshold that a tax position is required to meet before recognition in the financial statements and provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition issues. We do not believe that there are any positions taken by the Company which would require recognition or disclosure in these financial statements for the years ended December 31, 2025 and 2024.

- Definition

The entire disclosure for income tax.

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+ Details

Leases - Rental Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Rental Revenue (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Lessor, Lease, Description [Line Items]
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total	Total
Excluding consolidated VIE \| Lessee
Lessor, Lease, Description [Line Items]
Fixed	$ 57	$ 58
Variable	0	1
Total	57	59
Excluding consolidated VIE \| Lessor
Lessor, Lease, Description [Line Items]
Fixed	1,542	1,859
Variable	225	211
Total	1,767	2,070
VIE, primary beneficiary
Lessor, Lease, Description [Line Items]
Fixed	696	870
Variable	(80)	558
Total	$ 616	$ 1,428

Leases - Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2025 USD ($)
VIE, primary beneficiary
Lessee, Lease, Description [Line Items]
2026	$ 1,139
2027	823
2028	819
2029	819
2030	819
Thereafter	7,938
Total	12,357
Excluding consolidated VIE
Lessee, Lease, Description [Line Items]
2026	1,806
2027	1,189
2028	609
2029	510
2030	419
Thereafter	1,983
Total	$ 6,516

Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments, Gain (Loss)

The following table presents the consolidated funds’ gain or loss recognized in consolidated funds – hospitality expenses in the accompanying consolidated statements of operations for years ended December 31, 2025 and 2024 (in thousands):


	Statement of Operations Location	Years Ended December 31,
Type of Derivative		2025		2024
Interest rate swap (1)	Consolidated funds - hospitality expenses	$	—	$	346
Interest rate cap (2)	Consolidated funds - hospitality expenses	—		(35)
Total		$	—	$	311

______________________________

(1) During the year ended December 31, 2024, the interest rate swap was terminated.

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

Derivative Instruments

12 Months Ended

Dec. 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. The consolidated funds do not intend to utilize derivatives for purposes other than interest rate risk management.

Derivatives Designated as Hedging Instruments

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

Derivatives Not Designated as Hedging Instruments

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


	Statement of Operations Location	Years Ended December 31,
Type of Derivative		2025		2024
Interest rate swap (1)	Consolidated funds - hospitality expenses	$	—	$	346
Interest rate cap (2)	Consolidated funds - hospitality expenses	—		(35)
Total		$	—	$	311

______________________________

(1) During the year ended December 31, 2024, the interest rate swap was terminated.

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

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

Fair Value of Financial Instrument (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Carrying Value \| Saddleback Ranch, LLC \| Excluding consolidated VIE
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Note Payable	$ 1,250	$ 0
Carrying Value \| Gateway II, LLC \| Excluding consolidated VIE
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Note Payable	15,643	15,934
Carrying Value \| Southpointe Fundco, LLC \| VIE, primary beneficiary
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Note Payable	1,050	1,050
Carrying Value \| West Frontier, LLC \| VIE, primary beneficiary
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Note Payable	5,055	4,796
Fair Value \| Saddleback Ranch, LLC \| Excluding consolidated VIE
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Note Payable	1,054	0
Fair Value \| Gateway II, LLC \| Excluding consolidated VIE
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Note Payable	13,174	12,604
Fair Value \| Southpointe Fundco, LLC \| VIE, primary beneficiary
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Note Payable	1,069	1,023
Fair Value \| West Frontier, LLC \| VIE, primary beneficiary
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Note Payable	$ 2,335	$ 3,701

Net Income (Loss) Per Share

12 Months Ended

Dec. 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 shareholders 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 that there was no impact to the calculation of basic and diluted net income (loss) per share attributable to common stockholders 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 affected for the Reverse Stock Split, retroactively, for all periods presented.

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


	Years Ended December 31,
	2025		2024
Numerator:
Net loss attributable to CaliberCos Inc.	$	(21,798)	$	(19,777)
Preferred stock dividends	—		—
Convertible debt interest	—		82
Net loss attributable to common shareholders of CaliberCos Inc.	$	(21,798)	$	(19,695)
Denominator:
Weighted average shares outstanding - basic	2,830		1,100
Dilutive shares - options, net	—		—
Dilutive shares - warrants, net	—		—
Dilutive shares - preferred shares	—		—
Dilutive shares - convertible debt, net	—		—
Weighted average shares outstanding - diluted	2,830		1,100

Basic net loss per share attributable to common shareholders	$	(7.70)	$	(17.90)
Diluted net loss per share attributable to common shareholders	$	(7.70)	$	(17.90)

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


	Years Ended December 31,
	2025	2024

Additional common shares, if stock options were exercised	128	127
Additional common shares, if warrants were exercised	129	1
Additional common shares, if preferred shares were converted	490	125
Additional common shares, if convertible debt were converted	15	7
	762	260

VIEs - Narrative (Details) - Excluding consolidated VIE - Caliber Hospitality Trust $ in Millions	12 Months Ended
	Dec. 31, 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

Supplemental Cash Flow Disclosures (Tables)

12 Months Ended

Dec. 31, 2025

Supplemental Cash Flow Information [Abstract]

Schedule of Cash Flow, Supplemental Disclosures

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


	Years Ended December 31,
	2025		2024
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, none of which was capitalized for the years ended December 31, 2025 and 2024, respectively	$	5,696	$	5,277
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 $2 and $3 for the years ended December 31, 2025 and 2024, respectively	$	1,066	$	6,190
Supplemental Disclosures of Non-Cash Investing and Financing Activities




Decrease in notes receivable - related party due to return of capital from investments	$	—	$	500
Decrease in notes receivable - related party due the payment of accounts payable	$	—	$	107
Increase in notes receivable - related party due to deconsolidation of VIEs	$	—	$	7,351
Decrease in due from related party due to non-cash investment rollover	$	—	$	200
Increase in accounts receivable - related party due to deconsolidation of VIEs	$	—	$	3,752
Decrease in accounts receivable - related party due to consolidation of VIEs	$	180	$	—
Increase in investments in unconsolidated entities due to deconsolidation of VIEs	$	333	$	—
Assumption of note payable	$	—	$	15,710


Cost of real estate investments included in accounts payable	$	241	$	2
Cost of real estate investments included in due to related parties	$	—	$	1
Investments in unconsolidated entities for investor buy-out	$	792	$	—
Investments in unconsolidated entities included in due to related parties	$	—	$	66
Investments in unconsolidated entities included in accrued expenses	$	—	$	41

Issuance of common stock in lieu of cash payment for accounts payable	$	289	$	194
Corporate note rollover	$	4,760	$	1,948
Corporate note increase due to rollovers, net of discounts	$	215	$	—
Conversion of corporate notes to preferred stock, including warrants	$	350	$	—
Conversion of corporate notes to common stock	$	1,898	$	—
Non-cash issuance of convertible note and related common stock	$	163	$	—
Non-cash issuance of redeemable preferred stock	$	158	$	—
Issuance of warrants related to common stock	$	150	$	—
Preferred stock Series B - non-cash equity issuance costs	$	140	$	—


	Years Ended December 31,
	2025		2024
Supplemental Disclosures of Non-Cash Investing and Financing Activities of Consolidated Funds



Increase in notes receivable - related party due to transfer of pursuit costs	$	—	$	1,151
Decrease in notes receivable - related party due to return of capital from investments	$	—	$	1,300
Decrease in notes receivable related party due to payment of accounts payable	$	3	$	263

Increase in notes receivable - related party due to deconsolidation of VIEs	$	—	$	22,746
Increase in notes payable - related party due to deconsolidation of VIEs	$	—	$	2,047
Conversion of line of credit to term loan	$	—	$	4,500
Cost of real estate investments included in accounts payable	$	—	$	40

Contributions from noncontrolling interests in connection with settlement of notes payable - related party	$	—	$	2,531
Consolidation of VIEs
Real estate investments, net	$	608	$	—
Intangible assets, net	$	46,330	$	—



Operating lease - right of use assets	$	10,757	$	—
Prepaid and other assets	$	244	$	—
Notes payable, net	$	22,003	$	—

Accounts payable and accrued expenses	$	1,083	$	—
Due to related parties	$	859	$	—
Operating lease liabilities	$	10,757	$	—
Other liabilities	$	1	$	—
Noncontrolling interests	$	22,717	$	—
Deconsolidation of VIEs
Real estate investments, net	$	33,319	$	137,571
Accounts receivable, net	$	159	$	3,071
Notes receivable - related parties	$	5,450	$	54,496
Operating lease - right of use assets	$	—	$	10,324
Prepaid and other assets	$	376	$	9,579
Due from related parties	$	447	$	20
Due to related parties	$	—	$	1,049
Notes payable, net	$	22,033	$	98,639
Notes payable - related parties	$	—	$	12,055
Accounts payable and accrued expenses	$	1,070	$	11,338
Operating lease liabilities	$	—	$	13,957
Other liabilities	$	381	$	1,293

Noncontrolling interests	$	15,805	$	29,041

Income Taxes - Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Realized gain/loss on investments	$ 1,702	$ 1,001
Deferred tax liabilities:
Valuation allowance	(17,900)	(11,700)
VIE, primary beneficiary
Deferred tax assets:
Net operating loss carryforwards	20,135	17,837
Sec 362 basis Step-up	440	439
Deferred compensation	1,389	1,929
Fixed assets	(438)	17
Employee stock based compensation	1,740	1,299
Allowance for doubtful accounts	1,043	1,018
Other	2,466	682
Total deferred tax assets	28,477	24,222
Deferred tax liabilities:
Passthrough income/loss from partnerships	(11,794)	(12,196)
Other	1,176	(323)
Total deferred tax liabilities	(10,618)	(12,519)
Valuation allowance	(17,859)	(11,703)	$ (6,972)
Net deferred tax assets	$ 0	$ 0

Notes Payable - Summary of Principal Repayments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Excluding consolidated VIE
Debt Instrument [Line Items]
2026	$ 25,279
2027	3,610
2028	3,366
2029	14,691
2030	0
Thereafter	0
Total	46,946	$ 50,922
VIE, primary beneficiary
Debt Instrument [Line Items]
2026	19,783
2027	9,066
2028	69
2029	74
2030	79
Thereafter	4,708
Total	$ 33,779	$ 29,408

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Revenues
Revenue	$ 15,200,000	$ 20,900,000
Total revenues	20,097,000	51,119,000
Expenses
Total expenses	27,671,000	64,432,000
Other expense, net	(3,304,000)	(3,093,000)
Change in fair value of digital assets	(5,793,000)	0
Interest income	356,000	360,000
Interest expense	(6,712,000)	(5,424,000)
Net loss before income taxes	(23,027,000)	(21,470,000)
Provision for income taxes	0	0
Net loss	(23,027,000)	(21,470,000)
Net loss attributable to noncontrolling interests	(1,229,000)	(1,693,000)
Net loss attributable to CaliberCos Inc.	$ (21,798,000)	$ (19,777,000)
Basic net loss per share attributable to common stockholders (in dollars per share)	$ (7.70)	$ (17.90)
Diluted net loss per share attributable to common stockholders (in dollars per share)	$ (7.70)	$ (17.90)
Weighted average common shares outstanding:
Basic (in shares)	2,830	1,100
Diluted (in shares)	2,830	1,100
Excluding consolidated VIE
Expenses
Operating costs	$ 13,848,000	$ 23,939,000
General and administrative	5,755,000	6,776,000
Marketing and advertising	796,000	751,000
Depreciation and amortization	664,000	593,000
Change in fair value of digital assets	(5,793,000)	0
VIE, primary beneficiary
Expenses
Consolidated funds – other expenses	1,865,000	5,870,000
Interest income	0	5,900,000
Provision for income taxes	0	0
Asset management revenues \| Excluding consolidated VIE
Revenues
Revenue	14,391,000	16,879,000
Performance allocations \| Excluding consolidated VIE
Revenues
Revenue	27,000	358,000
Hospitality revenue \| VIE, primary beneficiary
Revenues
Other revenue	5,057,000	26,476,000
Expenses
Consolidated funds – hospitality expenses	4,743,000	26,503,000
Other revenues \| VIE, primary beneficiary
Revenues
Other revenue	$ 622,000	$ 7,406,000

Leases - Maturities Of Operating Lease Liabilities (Details) - VIE, primary beneficiary - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Lessee, Lease, Description [Line Items]
2026	$ 1,174
2027	1,174
2028	1,174
2029	1,174
2030	1,174
Thereafter	67,396
Total lease payments	73,266
Less: Imputed interest	(62,509)
Total	$ 10,757	$ 0

Digital Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Digital Assets

The Company accounts for its digital assets, which are comprised solely of LINK, as indefinite-lived intangible assets in accordance with ASC 350, Intangibles—Goodwill and Other and ASU 2023-08. The Company’s digital assets are initially recorded at cost and then subsequently measured at fair value as of the end of each reporting period. The Company determines the fair value of its LINK holdings in accordance with ASC 820, Fair Value Measurement, based on quoted (unadjusted) prices on the Coinbase exchange, the active exchange that the Company has determined is its principal market for LINK (Level 1 inputs). Changes in fair value are recognized as incurred in the Company's consolidated statements of operations, as “Change in fair value of digital assets”, included below operating expenses.

At December 31, 2025, the Company held 562,535, LINK with a cost basis of $12.6 million and a fair value of $6.8 million. All LINK were acquired during the year ended December 31, 2025, and the Company has not sold any of its LINK holdings as of that date. The Company recognized an unrealized loss of $5.8 million or 45.8%, for the year ended December 31, 2025, and the fair value per LINK was $12.18 per token at December 31, 2025.

The following table summarizes the Company’s unrealized losses on digital assets calculated consistently with ASU 2023-08 (in thousands).


	Years Ended December 31,
	2025		2024
Change in fair value of digital assets	$	(5,793)	$	—

A significant amount of the Company’s assets are concentrated in its LINK holdings. LINK is a digital asset, which is a novel asset class subject to significant legal, commercial, regulatory and technical uncertainty. Our LINK holdings do not currently generate any cash flow and involves custodial fees and other costs. Additionally, the price of LINK has historically been highly volatile. A significant decrease in the price of LINK would adversely affect the Company’s financial condition and results of operations.

Preferred Stock	12 Months Ended
Preferred Stock	Dec. 31, 2025
Equity [Abstract]
Preferred Stock	Preferred Stock Series A Convertible 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, with a stated value of $400 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 of $0.51 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 December 31, 2025 and 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. Series AA Cumulative Redeemable Preferred Stock (Reg A+) - Liability Classified The Company qualified its preferred stock series AA financing, registered under regulation A+, with the SEC in March 2025. The Company is authorized to issue up to 800,000 shares of the Series AA Cumulative Redeemable Preferred Stock (“Series AA Preferred”) for gross proceeds of $20.0 million. The Series AA Preferred shares have a stated value of $25 per share and a cumulative monthly cash dividend equal to 9.5% per annum. If the Company does not make an interest payment within 30 days after an unpaid month, it goes into default. In the event of default, the cash dividend rate increases to 18.0% per annum until cured. Holders of the Series AA Preferred may elect to convert all or any portion of their preferred stock to equivalent shares of Class A Common stock, after the third anniversary of the issuance date. The Company can redeem the Series AA Preferred at any time at no cost. The stockholder can redeem at any time as well; however, if redeemed in year one, two, or three, the redemptions would be subject to a 10%, 8%, or 6% redemption fee, respectively. Redemption of the Series AA Preferred at stated value is mandatory on the third anniversary of the issuance date. The Series AA Preferred is classified as a liability on the accompanying consolidated balance sheets, rather than in shareholders’ equity, due to its contractual obligation to redeem the shares for cash. As of December 31, 2025, the Company had 221,434 shares of its Series AA Preferred issued and outstanding, representing funds raised to date of $5.1 million, net of issuance costs. Series B Preferred Stock In September 2025, the Company filed a Certificate of Designation with the Secretary of State of Delaware designating Series B Preferred Stock, par value $0.001 per share. Each share has a stated value of $1,000 and is convertible at the option of the holder into shares of Class A Common Stock at a conversion price of $250 per share, subject to adjustment as defined in the Certificate of Designation. The Series B Preferred Stock does not have voting rights, except as required by law. In the event of liquidation, dissolution, or winding up of the Company, holders are entitled to receive distributions in preference to holders of common stock, but junior to Series A and Series AA Preferred Stock. The Series B ranks pari passu with any preferred stock of substantially similar rights and preferences. As of December 31, 2025, the Company had 15,868 shares of its Series B Preferred Stock issued and outstanding, for total gross proceeds of $15.9 million.

Other Liabilities

12 Months Ended

Dec. 31, 2025

Other Liabilities Disclosure [Abstract]

Other Liabilities

Other Liabilities of the Company

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


	December 31, 2025		December 31, 2024

Deposits (1)	$	205	$	154
Tenant improvement allowance	145		103
Finance lease liability	29		44
Below market leases, net	—		20


Other	391		429
Total other liabilities	$	770	$	750

_________________________________

(1) Includes tenant security deposits.

Other Liabilities of the Consolidated Funds

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


	December 31, 2025		December 31, 2024

Deposits (1)	$	34	$	171
Sales tax payable	1		97






Other	64		371
Total other liabilities	$	99	$	639

_________________________________

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

Related Party Transactions - Schedule of Notes Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Excluding consolidated VIE
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	$ 7,348	$ 105
VIE, primary beneficiary
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	936	6,848
Related party \| Excluding consolidated VIE
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	7,348	105
Related party \| Excluding consolidated VIE \| Olathe Behavioral Health MezzCo LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	$ 0	0
Related party transaction, rate	12.00%
Related party \| Excluding consolidated VIE \| Encore Caliber Holdings, LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	$ 155	0
Related party transaction, rate	12.00%
Related party \| Excluding consolidated VIE \| Caliber Hospitality LP
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	$ 4,375	0
Related party transaction, rate	12.00%
Related party \| Excluding consolidated VIE \| DFW Behavioral Health LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	$ 165	22
Related party transaction, rate	12.00%
Related party \| Excluding consolidated VIE \| Blue Spruce Ridge MezzCo, LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	$ 0	13
Related party transaction, rate	12.00%
Related party \| Excluding consolidated VIE \| West Ridge MezzCo, LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	$ 422	70
Related party transaction, rate	12.00%
Related party \| Excluding consolidated VIE \| Ridge II MezzCo, LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	$ 238	0
Related party transaction, rate	12.00%
Related party \| Excluding consolidated VIE \| Ironwood 92 Partners LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	$ 0	0
Related party transaction, rate	12.00%
Related party \| Excluding consolidated VIE \| The Ketch LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	$ 0	0
Related party transaction, rate	12.00%
Related party \| Excluding consolidated VIE \| SF Alaska, LP
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	$ 0	0
Related party transaction, rate	12.00%
Related party \| Excluding consolidated VIE \| Caliber Fixed Income Fund III, LP
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	$ 532	0
Related party transaction, rate	12.00%
Related party \| Excluding consolidated VIE \| Caliber Hospitality JV, LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	$ 376	0
Related party transaction, rate	12.00%
Related party \| Excluding consolidated VIE \| Caliber Tax Advantaged Opportunity Zone Fund, LP
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	$ 157	0
Related party transaction, rate	12.00%
Related party \| Excluding consolidated VIE \| J-25 Land Holdings, LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	$ 672	0
Related party transaction, rate	12.00%
Related party \| Excluding consolidated VIE \| Elliot 10 MezzCo, LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	$ 219	0
Related party transaction, rate	12.00%
Related party \| Excluding consolidated VIE \| Caliber Core+ Growth & Income Fund REIT, LLC [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	$ 37	0
Related party transaction, rate	12.00%
Related party \| VIE, primary beneficiary
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	$ 936	6,848
Related party \| VIE, primary beneficiary \| Caliber Hospitality LP
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	$ 0	5,650
Related party transaction, rate	12.00%
Related party \| VIE, primary beneficiary \| Elliot & 51st Street, LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable - related parties	$ 936	$ 1,198
Related party transaction, rate	12.00%

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 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 - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Excluding consolidated VIE
Related Party Transaction [Line Items]
Due from related parties	$ 10,086,000	$ 6,965,000
Allowance for doubtful accounts	(4,071,000)	3,985,000
Other liabilities	770,000	750,000
Excluding consolidated VIE \| Related party
Related Party Transaction [Line Items]
Notes receivable, interest income	300,000	200,000
Interest receivable	200,000	0
Allowance for doubtful accounts	909,000	0
Other liabilities	186,000	313,000
Excluding consolidated VIE \| Related party \| Other
Related Party Transaction [Line Items]
Due from related parties	700,000	800,000
Allowance for doubtful accounts	800,000
Excluding consolidated VIE \| Asset management revenues \| Related party
Related Party Transaction [Line Items]
Due from related parties	9,200,000	6,200,000
Allowance for doubtful accounts	3,200,000	3,100,000
VIE, primary beneficiary
Related Party Transaction [Line Items]
Due from related parties	220,000	320,000
Allowance for doubtful accounts	0	28,000
Other liabilities	99,000	639,000
VIE, primary beneficiary \| Related party
Related Party Transaction [Line Items]
Notes receivable, interest income	0	5,900,000
Interest receivable	200,000	300,000
Allowance for doubtful accounts	0	0
Other liabilities	861,000	79,000
Notes payable	2,330,000	2,047,000
Interest expense, debt	300,000	300,000
Interest payable	0
VIE, primary beneficiary \| Related party \| Other
Related Party Transaction [Line Items]
Due from related parties	0	0
Other liabilities	900,000	100,000
VIE, primary beneficiary \| Related party \| Caliber Fixed Income Fund III
Related Party Transaction [Line Items]
Notes payable	$ 2,300,000	$ 2,000,000.0
Related party transaction, rate	13.00%

VIEs (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities

The consolidation of Riverwalk consisted of the following, excluding intercompany eliminations at the time of consolidation (in thousands):


	As of December 31, 2025
Assets
Cash	$	301
Restricted cash	315
Real estate investments, net	607
Intangible assets, net	46,330


Due from related parties	1,993

Operating lease - right of use assets	10,757
Prepaid and other assets	244
Total assets	$	60,547

Liabilities
Notes payable, net	$	22,003

Accounts payable and accrued expenses	1,083
Due to related parties	3,319
Operating lease liabilities	10,757
Other liabilities	51
Total liabilities	37,213

Stockholders’ equity	23,334
Total liabilities and stockholders’ equity	$	60,547

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Digital Assets - Narrative (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) token $ / shares	Dec. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Digital asset, number of units \| token	562,535
Cost basis	$ 12,600
Digital assets	6,800
Change in fair value of digital assets	$ 5,793	$ 0
Digital asset, fair value percentage	(45.80%)
Digital asset price per token (in dollars per share) \| $ / shares	$ 12.18

Income Taxes - Change In Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Valuation Allowance [Roll Forward]
Valuation allowance at the beginning of the year	$ 11,700
Valuation allowance at the end of the year	17,900	$ 11,700
VIE, primary beneficiary
Valuation Allowance [Roll Forward]
Valuation allowance at the beginning of the year	11,703	6,972
Changes in valuation allowance recorded during the year	6,156	4,731
Valuation allowance at the end of the year	$ 17,859	$ 11,703

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cash Flows From Operating Activities
Net loss	$ (23,027)	$ (21,470)
Adjustments to reconcile net loss to net cash from operating activities:
Change in fair value of digital assets	5,793	0
Changes in operating assets and liabilities:
Net cash (used in) provided by the Company's operating activities	(12,065)	555
Cash Flows From Investing Activities
Net cash used in the Company's investing activities	(23,721)	(19,629)
Cash Flows From Financing Activities
Net cash provided by the Company's financing activities	36,905	6,331
Net Change in Cash and Restricted Cash	1,119	(12,743)
Cash and Restricted Cash at Beginning of Period	4,897	17,640
Cash and Restricted Cash at End of Period	6,016	4,897
Reconciliation of Cash and Restricted Cash
Cash at beginning of period	2,315	3,805
Restricted cash at beginning of period	2,582	13,835
Cash and Restricted Cash at Beginning of Period	4,897	17,640
Cash at end of period	2,864	2,315
Restricted cash at end of period	3,152	2,582
Cash and Restricted Cash at End of Period	6,016	4,897
Excluding consolidated VIE
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation and amortization	664	593
Non-cash lease expense and gain on lease extinguishment	21	21
Non-cash interest income	0	(184)
Non-cash interest expense	100	0
Equity-based compensation	1,944	2,378
Change in fair value of digital assets	5,793	0
Loss (gain) on disposal of furniture, fixtures and equipment	0	46
Loss on extinguishment of debt	339	12
Loss on investments in unconsolidated entities	3,420	4,772
Impairment	0	(10)
Accretion of above-market/below market leases and straight-line rent, net	(199)	404
Amortization of deferred financing costs and notes payable discount	635	73
Bad debt expense	86	3,995
Changes in operating assets and liabilities:
Due from related parties	(3,354)	2,301
Prepaid expenses, right-of-use assets and other assets	1,081	(654)
Accounts payable and accrued expenses	(2,495)	1,546
Due to related parties	(126)	(11)
Lease liabilities and other liabilities	177	(131)
Cash Flows From Investing Activities
Investments in real estate assets	(1,030)	(882)
Purchases of digital assets	(12,643)	0
Investments in unconsolidated entities	(290)	(1,260)
Return of capital from unconsolidated entities	2,014	0
Funding of notes receivable - related parties	(10,224)	(1,105)
Payment received on notes receivable - related parties	2,026	8,158
Cash Flows From Financing Activities
Payment of deferred financing costs	(376)	(100)
Payment of loan extinguishment fees	0	(9)
Proceeds from the issuance of preferred stock, net of issuance costs	15,451	1,974
Proceeds from the issuance of common stock, net of issuance costs	15,615	6
Proceeds from the issuance of redeemable preferred stock, net of issuance costs	4,943	0
Excluding consolidated VIE \| Related party
Adjustments to reconcile net loss to net cash from operating activities:
Loss on notes receivable - related parties	955	0
Excluding consolidated VIE \| Nonrelated party
Cash Flows From Financing Activities
Proceeds from notes payable	5,987	3,465
Repayments of notes payable	(8,325)	(6,553)
VIE, primary beneficiary
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation and amortization	1,641	5,580
Non-cash lease expense and gain on lease extinguishment	0	(9)
Non-cash interest expense	283	0
Loss on the disposition of real estate	6	294
Loss (gain) on disposal of furniture, fixtures and equipment	0	(9)
Loss on extinguishment of debt	110	0
Gain on derivative instruments	0	(311)
Amortization of advanced key money	0	(12)
Accretion of above-market/below market leases and straight-line rent, net	0	(164)
Amortization of deferred financing costs and notes payable discount	44	353
Bad debt expense	3	84
Changes in operating assets and liabilities:
Accounts receivable	2	(1,256)
Due from related parties	(350)	(412)
Prepaid expenses, right-of-use assets and other assets	(113)	757
Accounts payable and accrued expenses	532	1,037
Due to related parties	(77)	1,028
Lease liabilities and other liabilities	(160)	(86)
Cash Flows From Investing Activities
Consolidation of VIEs	616	0
Deconsolidation of VIEs	(4,544)	(17,293)
Investments in real estate assets	(105)	(2,857)
Funding of notes receivable - related parties	(1)	(21,161)
Payment received on notes receivable - related parties	460	16,771
Cash Flows From Financing Activities
Payment of deferred financing costs	(553)	(1,352)
Proceeds from notes payable	22,953	16,586
Repayments of notes payable	(18,091)	(17,460)
Contributions from noncontrolling interest holders	211	16,635
Redemptions of noncontrolling interests	0	(751)
Distributions to noncontrolling interest holders	(910)	(6,110)
VIE, primary beneficiary \| Related party
Cash Flows From Financing Activities
Proceeds from notes payable	0	511
Repayments of notes payable	$ 0	$ (511)

Prepaid and Other Assets (Tables)

12 Months Ended

Dec. 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 December 31, 2025 and 2024 (in thousands):


	December 31, 2025		December 31, 2024
Pursuit costs (1)	$	714	$	1,335
Prepaid expenses	771		800
Accounts receivable, net	116		413
Deposits	46		63
Finance lease - right of use assets	26		42




Other assets	695		848
Total prepaid and other assets	$	2,368	$	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 December 31, 2025 and 2024 (in thousands):


	December 31, 2025		December 31, 2024

Prepaid expenses	$	35	$	114
Deposits	5		57
Accounts receivable, net	2		163
Deferred franchise fees, net	—		62
Inventory	—		51



Other assets (2)	225		—
Total prepaid and other assets	$	267	$	447

__________________________________

(2) Other assets primarily consist of accrued straight-line rental receivables related to portions of the Company’s owned headquarters leased to third-party tenants.

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Prepaid and Other Assets - Summary of Prepaid and Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Variable Interest Entity [Line Items]
Accounts receivable, net	$ 10,700
Excluding consolidated VIE
Variable Interest Entity [Line Items]
Pursuit costs	714	$ 1,335
Prepaid expenses	771	800
Accounts receivable, net	116	413
Deposits	46	63
Finance lease - right of use assets	26	42
Other assets	695	848
Total prepaid and other assets	2,368	3,501
VIE, primary beneficiary
Variable Interest Entity [Line Items]
Prepaid expenses	35	114
Accounts receivable, net	2	163
Deferred franchise fees, net	0	62
Deposits	5	57
Inventory	0	51
Other assets	225	0
Total prepaid and other assets	$ 267	$ 447

Income Taxes - Components Of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Deferred income tax provision (benefit)
Provision for income taxes	$ 0	$ 0
VIE, primary beneficiary
Current income tax provision (benefit)
Federal	0	0
State	0	0
Total	0	0
Deferred income tax provision (benefit)
Federal	(5,207)	(4,023)
State	(949)	(708)
Total	(6,156)	(4,731)
Adjustment to valuation allowance	6,156	4,731
Provision for income taxes	$ 0	$ 0

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 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 consolidated financial statements are prepared on the accrual basis of accounting in accordance with U.S. GAAP. The accompanying 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 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 The Company determines 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. The Company analyzes any investments in VIEs to determine if the Company is 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. The Company consolidates any VIEs for which the Company is the primary beneficiary and the Company discloses its 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, the Company consolidates an entity if it has a controlling financial interest. The Company has a controlling financial interest in a VOE if (i) for legal entities other than partnerships, the Company owns a majority voting interest in the entity or, for limited partnerships and similar entities, the Company owns 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 the Company does not control the entity. Use of Accounting Estimates The preparation of our consolidated financial statements in conformity with U.S. GAAP requires the Company 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. Digital Assets In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”). ASU 2023-08 requires in-scope crypto assets (including the Company's LINK holdings) to be measured at fair value in the statement of financial position, with gains and losses from changes in the fair value of such crypto assets recognized in net income each reporting period. ASU 2023-08 also requires certain interim and annual disclosures for crypto assets within the scope of the standard. The Company adopted this guidance effective September 9, 2025, upon the completion of its initial purchase of LINK as part of the inauguration of its digital asset treasury strategy. The Company initially records its LINK purchases at cost, with any subsequent changes in fair value recognized as incurred in the Company's consolidated statements of operations. The fair value of the Company’s LINK is adjusted and disclosed within the Company's consolidated balance sheets at the end of each reporting period. The Company determines the fair value of its LINK holdings in accordance with ASC 820, Fair Value Measurement, based on quoted (unadjusted) prices on the Coinbase exchange, the active exchange that the Company has determined is its principal market for LINK (Level 1 inputs). A deferred tax asset or liability is recorded for subsequent changes in fair value of the Company’s digital assets, representing the temporary difference between the carrying amount and tax basis of the assets. Consistent with the Company’s digital asset treasury strategy, its intent is to make consistent purchases of LINK over time, establishing a material position in LINK holdings within its treasury. In the event of a sale, the Company will calculate the gain or loss to be recognized as the difference between the sales price, net of transaction costs, and carrying value of the LINK sold immediately prior to sale. The Company uses the first-in, first-out cost basis method when calculating the gain or loss on sale. Investments in Unconsolidated Entities If an entity is not a VIE, the Company’s determination of the appropriate accounting method with respect to our investments in limited liability companies and other investments is based on voting control. For the Company’s managing member interests in limited liability companies, the Company is 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. The Company accounts for our non-controlling investments in these entities under the equity method. The Company’s investments in unconsolidated subsidiaries in which we can exercise significant influence over operating and financial policies, but do not control, or entities which are VIEs 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. The Company’s 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. The Company’s 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 the Company’s control or influence, could result in a different accounting treatment, such as consolidation. While consolidating an investment generally would have 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 Company’s consolidated financial statements, by effectively “grossing up” the Company’s consolidated statements of operations and balance sheets. As of December 31, 2025 and 2024, the carrying amount of the Company’s investments in unconsolidated entities was $11.6 million, and $15.6 million, respectively, net of $6.9 million and $4.0 million, respectively, of impairments primarily related to the winding down of Caliber Fixed Income Fund III (“CFIF III”) in 2024. 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, the Company is 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 year ended December 31, 2025, the Company had impairment losses of $3.5 million related to its investments in unconsolidated entities. There were no impairment losses during the year ended December 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 years ended December 31, 2025 and 2024, depreciation expense for the Company was $0.7 million and $0.6 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, the Company assesses its recoverability by comparing the carrying amount to the Company’s 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, the Company recognizes an impairment loss to the extent the carrying amount exceeds the estimated fair value of the asset. For the years ended December 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 the Company’s revenues are generated from the 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 The Company reports the unaffiliated partners’ interests in the net assets of the Company’s 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. The Company attributes to noncontrolling interests their share of income or loss of the consolidated partnerships based on the Company’s proportionate interest in the results of operations of the partnerships, including the Company’s 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, the Company ordinarily controls 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 the Company manages, 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 the Company’s 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 as 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 over time as the performance obligation(s) are 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 the Company is entitled to an allocation of investment returns, generated within the investment funds which we manage, based on a contractual formula. The Company 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 December 31, 2025 and 2024. For operating leases with minimum scheduled rent increases, the Company recognizes 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 Company for maintenance and other property operating expenses, which are 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 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. Accounts Receivable Accounts receivable primarily consist of reimbursable expenses from third-party development projects. The Company continually reviews receivables and determines collectability by taking into consideration the history of past write-offs, collections, current credit conditions, payment history, and the financial condition of the related third-party service providers. If the collectability of a receivable is uncertain, the Company 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 operating costs on the accompanying consolidated statements of operations. Earnings Per Share Basic earnings per share attributable to common stockholders is computed by dividing net income (loss) attributable to the Company by the weighted average number of shares outstanding during each period. The computation of diluted income (loss) per share attributable to common stockholders further assumes the potential dilutive effect of potential common shares, which includes common shares, consisting of (a) stock options and warrants using the treasury stock method, and (b) convertible debt and preferred stock using the if-converted method. To the extent the inclusion of potential common shares is anti-dilutive, the potential common shares are excluded from the computation of diluted income (loss) per share attributable to common stockholders. See Note 13 – Net Income (Loss) Per Share for the calculation of earnings per share. Related Parties In the normal course of business, the Company enters into transactions with related parties. Related parties include affiliates of the entity, entities under common control of the Company, significant stockholders and executive management, and other parties that can significantly influence the management and operating policies of the Company. Income Taxes The Company accounts for income taxes under the asset and liability method in accordance with ASC 740, Accounting for Income Taxes. Deferred tax assets and liabilities are determined based on temporary differences between the financial reporting and tax basis of assets and liabilities, and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured by applying enacted tax rates and laws and are released in the years in which the temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are provided against deferred tax assets when it is more likely than not that some portion or all the deferred tax assets will not be realized. A valuation allowance is required to reduce the balance of a deferred tax asset if it is determined that it is more likely than not that all or some portion of the deferred tax asset will not be realized due to the lack of sufficient taxable income or other limitation on the Company’s ability to utilize the loss carryforward. The Company recognizes the impact of an income tax position, if that position is more likely than not of being sustained on audit, based on the technical merits of the position. Any related interest and penalties would be classified as income taxes in the accompanying consolidated statements of operations. See Note 10 – Income Taxes for more detail. Share-Based Compensation In July 2024, the Board of Directors approved the 2024 Incentive Stock Plan (the “2024 Plan”) which was amended and restated in January 2026 to (i) increase the number of shares available for grant of awards by 1,000,000 shares and (ii) to incorporate provisions for annual increases under the 2024 Plan on the first day of each calendar year, beginning on January 1, 2027 and ending on January 1, 2034, equal to 15% of the total shares of our Class A common stock outstanding on the last day of the immediately preceding calendar year. The Company estimates the fair value of stock options using the Black-Scholes valuation model, which requires certain assumptions that can materially impact the estimation of fair value and related compensation expense. The assumptions used to estimate fair value include the price of our common stock, the expected volatility of our common stock, the risk-free interest rate, and the expected term of stock option awards. Management elected to recognize forfeitures as they occur pursuant to ASU 2016-09, Compensation — Stock Compensation. As a result, no forfeiture rate was assumed. The fair value of restricted stock units is based on the fair value of the Company’s common stock at the date of grant. Segments See Note 18 – Segments for detail of the Company’s segment reporting policy. 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, because 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. The 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. The 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. The 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. There were no asset acquisitions or dispositions by the Company or the consolidated funds during the years ended December 31, 2025 and 2024. Intangible assets, net The consolidated funds intangible assets consist of lease rights to 100 acres of land located within the Salt River Pima Maricopa Indian Community, comprising seven parcels. The lease rights were acquired in October 2022 for $48.7 million and are being amortized on a straight-line basis over the remaining lease term at acquisition of 66 years. As of December 31, 2025, the carrying value of the lease rights was $46.3 million, net of accumulated amortization, and is included in intangible assets, net, on the consolidated balance sheet. Cost Capitalization and Depreciation The 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. The 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 the consolidated funds furniture, fixtures and equipment are generally three to seven years beginning in the first full month the asset is placed in service. For the years ended December 31, 2025 and 2024, depreciation expense of the consolidated funds was $1.6 million and $5.6 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, the consolidated funds assess 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, the consolidated funds recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the asset. For the years ended December 31, 2025 and 2024, the consolidated funds did not record an impairment loss related to 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. Deferred Financing Costs Deferred financing costs represent costs incurred in connection with obtaining long-term debt and are capitalized and amortized over the term of the related debt obligation using the straight-line method. Capitalized deferred financing costs, net of accumulated amortization, are offset against and included in notes payable, net in the accompanying consolidated balance sheets. Consolidated Fund Revenues In accordance with ASC 606, the 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. The 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. The 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 daily, 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 $0.6 million and $1.4 million for the years ended December 31, 2025 and 2024, respectively. Rental revenue includes the revenues generated primarily by the rental operations of the residential and commercial properties of the 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 consolidated funds assess 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 consolidated funds obtain a guarantee for the value of the asset from a third-party, the consolidated funds classify 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 December 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 consolidated funds 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 consolidated funds leases also contain provisions for tenants to reimburse the consolidated funds for maintenance and other property operating expenses, which are non-lease components. The consolidated funds 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 funds lending activity. There was no interest income for the year ended December 31, 2025. For the year ended December 31, 2024, there was $5.9 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, the 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. Fair Value of Financial Instruments The fair value of financial instruments is disclosed in accordance with ASC 825, Financial Instruments. The fair value of the consolidated funds 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 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 sheets, statements of operations, or statements 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 18 – 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 enhances the transparency and decision usefulness of income tax disclosures. Adjustments to the annual disclosure of income taxes include: (1) A tabular rate reconciliation comprised of eight specific categories, (2) Incomes taxes paid, disaggregated between significant national, state, and foreign jurisdictions, (3) Eliminates requirements to disclose the nature and estimate of reasonably possible changes to unrecognized tax benefits in the next 12 months or that an estimated range cannot be made, and (4) Adds a requirement to disclose income (or loss) from continuing operations before income tax expense (or benefit) by national and foreign, and income tax expense (or benefit) from continuing operations disaggregated between national, state and foreign. The ASU is effective for public business entities for fiscal years beginning on or after December 15, 2024. The amendments in ASU 2023-09 were adopted by the Company on a retrospective basis. There was no material impact to the Company's consolidated financial statements as a result of adopting ASU 2023-09. 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. The Company is currently evaluating the impact of the adoption of ASU 2024-03 on its consolidated financial statements and related disclosures. In March 2025, the FASB issued Accounting Standards Update (“ASU”) 2025-05, Financial Instruments—Credit Losses (Topic 326): Clarifications to Expected Credit Losses Guidance. The amendments in ASU 2025-05 are intended to reduce the operational burden associated with applying the current expected credit losses (“CECL”) model to portfolios with large volumes of short-term receivables. The update confirms that entities may apply simple, well-designed loss-rate approaches when estimating expected credit losses and clarifies the interaction between the guidance in Topic 326 and contract assets recognized under Topic 606, Revenue from Contracts with Customers. The amendments are intended to improve consistency and comparability in the application of the CECL model in practice. The amendments in ASU 2025-05 are effective for fiscal years beginning after December 15, 2025, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-05 and does not expect the adoption of this standard to have a material impact on its consolidated financial statements. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The amendments in ASU 2025-11 are intended to enhance the clarity and usability of the interim reporting guidance in Topic 270. Among other changes, the update defines when the guidance in Topic 270 applies, clarifies what constitutes interim financial statements and accompanying notes prepared in accordance with generally accepted accounting principles (“GAAP”), and organizes existing interim disclosure requirements from across the Codification into Topic 270. The amendments also introduce a disclosure principle requiring entities to disclose events occurring after the end of the most recent annual reporting period that have a material impact on the entity. The amendments in ASU 2025-11 are effective for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of ASU 2025-11 will have on its consolidated financial statements and related disclosures.

Digital Assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Unrealized Loss on Crypto Assets

The following table summarizes the Company’s unrealized losses on digital assets calculated consistently with ASU 2023-08 (in thousands).


	Years Ended December 31,
	2025		2024
Change in fair value of digital assets	$	(5,793)	$	—

Digital Assets - Schedule of Digital Asset Purchases and Unrealized Losses on Digital Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Change in fair value of digital assets	$ (5,793)	$ 0

Related Party Transactions - Schedule of Related Party Platform Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Related Party Transaction [Line Items]
Platform Revenue	$ 15,200	$ 20,900
Related party
Related Party Transaction [Line Items]
Platform Revenue	14,418	17,237
Related party \| Fund management fees
Related Party Transaction [Line Items]
Platform Revenue	10,878	9,219
Related party \| Financing fees
Related Party Transaction [Line Items]
Platform Revenue	361	396
Related party \| Development and construction fees
Related Party Transaction [Line Items]
Platform Revenue	2,363	6,420
Related party \| Brokerage fees
Related Party Transaction [Line Items]
Platform Revenue	789	844
Related party \| Asset management revenues
Related Party Transaction [Line Items]
Platform Revenue	14,391	16,879
Related party \| Performance allocations
Related Party Transaction [Line Items]
Platform Revenue	$ 27	$ 358

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- 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/exampleRef
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-Name Accounting Standards Codification
-Section 55
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Supplemental Cash Flow Disclosures

12 Months Ended

Dec. 31, 2025

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Disclosures

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


	Years Ended December 31,
	2025		2024
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, none of which was capitalized for the years ended December 31, 2025 and 2024, respectively	$	5,696	$	5,277
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 $2 and $3 for the years ended December 31, 2025 and 2024, respectively	$	1,066	$	6,190
Supplemental Disclosures of Non-Cash Investing and Financing Activities




Decrease in notes receivable - related party due to return of capital from investments	$	—	$	500
Decrease in notes receivable - related party due the payment of accounts payable	$	—	$	107
Increase in notes receivable - related party due to deconsolidation of VIEs	$	—	$	7,351
Decrease in due from related party due to non-cash investment rollover	$	—	$	200
Increase in accounts receivable - related party due to deconsolidation of VIEs	$	—	$	3,752
Decrease in accounts receivable - related party due to consolidation of VIEs	$	180	$	—
Increase in investments in unconsolidated entities due to deconsolidation of VIEs	$	333	$	—
Assumption of note payable	$	—	$	15,710


Cost of real estate investments included in accounts payable	$	241	$	2
Cost of real estate investments included in due to related parties	$	—	$	1
Investments in unconsolidated entities for investor buy-out	$	792	$	—
Investments in unconsolidated entities included in due to related parties	$	—	$	66
Investments in unconsolidated entities included in accrued expenses	$	—	$	41

Issuance of common stock in lieu of cash payment for accounts payable	$	289	$	194
Corporate note rollover	$	4,760	$	1,948
Corporate note increase due to rollovers, net of discounts	$	215	$	—
Conversion of corporate notes to preferred stock, including warrants	$	350	$	—
Conversion of corporate notes to common stock	$	1,898	$	—
Non-cash issuance of convertible note and related common stock	$	163	$	—
Non-cash issuance of redeemable preferred stock	$	158	$	—
Issuance of warrants related to common stock	$	150	$	—
Preferred stock Series B - non-cash equity issuance costs	$	140	$	—


	Years Ended December 31,
	2025		2024
Supplemental Disclosures of Non-Cash Investing and Financing Activities of Consolidated Funds



Increase in notes receivable - related party due to transfer of pursuit costs	$	—	$	1,151
Decrease in notes receivable - related party due to return of capital from investments	$	—	$	1,300
Decrease in notes receivable related party due to payment of accounts payable	$	3	$	263

Increase in notes receivable - related party due to deconsolidation of VIEs	$	—	$	22,746
Increase in notes payable - related party due to deconsolidation of VIEs	$	—	$	2,047
Conversion of line of credit to term loan	$	—	$	4,500
Cost of real estate investments included in accounts payable	$	—	$	40

Contributions from noncontrolling interests in connection with settlement of notes payable - related party	$	—	$	2,531
Consolidation of VIEs
Real estate investments, net	$	608	$	—
Intangible assets, net	$	46,330	$	—



Operating lease - right of use assets	$	10,757	$	—
Prepaid and other assets	$	244	$	—
Notes payable, net	$	22,003	$	—

Accounts payable and accrued expenses	$	1,083	$	—
Due to related parties	$	859	$	—
Operating lease liabilities	$	10,757	$	—
Other liabilities	$	1	$	—
Noncontrolling interests	$	22,717	$	—
Deconsolidation of VIEs
Real estate investments, net	$	33,319	$	137,571
Accounts receivable, net	$	159	$	3,071
Notes receivable - related parties	$	5,450	$	54,496
Operating lease - right of use assets	$	—	$	10,324
Prepaid and other assets	$	376	$	9,579
Due from related parties	$	447	$	20
Due to related parties	$	—	$	1,049
Notes payable, net	$	22,033	$	98,639
Notes payable - related parties	$	—	$	12,055
Accounts payable and accrued expenses	$	1,070	$	11,338
Operating lease liabilities	$	—	$	13,957
Other liabilities	$	381	$	1,293

Noncontrolling interests	$	15,805	$	29,041

Preferred Stock (Details) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Mar. 31, 2025 USD ($)	Nov. 30, 2024 USD ($) tranche $ / shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Sep. 11, 2025 $ / shares
Class of Stock [Line Items]
Paid-in capital \| $			$ 79,731	$ 44,017
Excluding consolidated VIE
Class of Stock [Line Items]
Proceeds from the issuance of preferred stock, net of issuance costs \| $			$ 15,451	$ 1,974
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, authorized amount \| $		$ 15,000
Preferred stock, par value (in dollars per share) \| $ / shares		$ 400	$ 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		$ 0.51
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, outstanding (in shares)			5,875	5,000
Preferred stock, issued (in shares)			5,875	5,000
Preferred stock, authorized (in shares)			22,500,000	22,500,000
Preferred Class A
Class of Stock [Line Items]
Paid-in capital \| $			$ 2,400	$ 2,000
Series AA Preferred Stock
Class of Stock [Line Items]
Dividend rate, percentage	9.50%
Paid-in capital \| $			$ 5,100
Sale of stock, maximum amount authorized \| $	$ 20,000
Preferred stock, dividend rate, percentage rate increase	0.180
Preferred stock, redemption fee, percentage, year one	10.00%
Preferred stock, redemption fee, percentage, year two	8.00%
Preferred stock, redemption fee, percentage, year three	6.00%
Series AA Preferred Stock \| Excluding consolidated VIE
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share) \| $ / shares			$ 25.00	$ 25.00
Preferred stock, outstanding (in shares)			221,434	0
Preferred stock, issued (in shares)			221,434	0
Preferred stock, authorized (in shares)			800,000	800,000
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share) \| $ / shares			$ 0.001	$ 0.001	$ 0.001
Conversion price (in dollars per share) \| $ / shares					250
Preferred stock, outstanding (in shares)			15,868	0
Preferred stock, issued (in shares)			15,868	0
Preferred stock, authorized (in shares)			50,000	50,000
Preferred stock, stated value per share (in dollars per share) \| $ / shares					$ 1,000
Proceeds from the issuance of preferred stock, net of issuance costs \| $			$ 15,900

Segments - Schedule of Segment Reporting Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Revenue	$ 15,200,000	$ 20,900,000
Total revenues	20,097,000	51,119,000
Payroll and payroll related costs	12,200,000	17,800,000
Total expenses	27,671,000	64,432,000
Other income (loss), net	(3,304,000)	(3,093,000)
Change in fair value of digital assets	(5,793,000)	0
Interest income	356,000	360,000
Interest expense	(6,712,000)	(5,424,000)
Net loss before income taxes	(23,027,000)	(21,470,000)
Provision for income taxes	0	0
Net loss	(23,027,000)	(21,470,000)
Net loss attributable to noncontrolling interests	(1,229,000)	(1,693,000)
Net loss attributable to CaliberCos Inc.	(21,798,000)	(19,777,000)
Reportable Segment
Segment Reporting Information [Line Items]
Revenue	14,418,000	17,237,000
Total revenues	20,097,000	51,119,000
Operating costs	1,667,000	6,174,000
Payroll and payroll related costs	12,181,000	17,765,000
General and administrative	5,755,000	6,776,000
Marketing and advertising	796,000	751,000
Depreciation and amortization	664,000	593,000
Consolidated funds – other expenses	1,865,000	5,870,000
Total expenses	27,671,000	64,432,000
Other income (loss), net	(3,304,000)	(3,093,000)
Change in fair value of digital assets	(5,793,000)
Interest income	356,000	360,000
Interest expense	(6,712,000)	(5,424,000)
Net loss before income taxes	(23,027,000)	(21,470,000)
Provision for income taxes	0	0
Net loss	(23,027,000)	(21,470,000)
Net loss attributable to noncontrolling interests	(1,229,000)	(1,693,000)
Net loss attributable to CaliberCos Inc.	(21,798,000)	(19,777,000)
Asset management revenues \| Reportable Segment
Segment Reporting Information [Line Items]
Revenue	14,391,000	16,879,000
Fund management fees \| Reportable Segment
Segment Reporting Information [Line Items]
Revenue	10,878,000	9,209,000
Financing fees \| Reportable Segment
Segment Reporting Information [Line Items]
Revenue	361,000	396,000
Development and construction fees \| Reportable Segment
Segment Reporting Information [Line Items]
Revenue	2,363,000	6,420,000
Brokerage fees \| Reportable Segment
Segment Reporting Information [Line Items]
Revenue	789,000	854,000
Performance allocations \| Reportable Segment
Segment Reporting Information [Line Items]
Revenue	27,000	358,000
Hospitality revenue \| Reportable Segment
Segment Reporting Information [Line Items]
Other revenue	5,057,000	26,476,000
Consolidated funds – hospitality expenses	4,743,000	26,503,000
Other revenues \| Reportable Segment
Segment Reporting Information [Line Items]
Other revenue	622,000	7,406,000
Excluding consolidated VIE
Segment Reporting Information [Line Items]
Operating costs	13,848,000	23,939,000
General and administrative	5,755,000	6,776,000
Marketing and advertising	796,000	751,000
Depreciation and amortization	664,000	593,000
Change in fair value of digital assets	(5,793,000)	0
Excluding consolidated VIE \| Reportable Segment
Segment Reporting Information [Line Items]
Revenue	15,188,000	20,942,000
Total revenues	15,188,000	20,942,000
Operating costs	2,274,000	7,139,000
Payroll and payroll related costs	12,181,000	17,765,000
General and administrative	5,796,000	6,817,000
Marketing and advertising	795,000	751,000
Depreciation and amortization	691,000	598,000
Consolidated funds – other expenses	0	0
Total expenses	21,737,000	33,070,000
Other income (loss), net	(2,533,000)	(2,654,000)
Change in fair value of digital assets	(5,793,000)
Interest income	357,000	559,000
Interest expense	(6,712,000)	(5,424,000)
Net loss before income taxes	(21,230,000)	(19,647,000)
Provision for income taxes	0	0
Net loss	(21,230,000)	(19,647,000)
Net loss attributable to noncontrolling interests	0	0
Net loss attributable to CaliberCos Inc.	(21,230,000)	(19,647,000)
Excluding consolidated VIE \| Asset management revenues
Segment Reporting Information [Line Items]
Revenue	14,391,000	16,879,000
Excluding consolidated VIE \| Asset management revenues \| Reportable Segment
Segment Reporting Information [Line Items]
Revenue	15,155,000	20,563,000
Excluding consolidated VIE \| Fund management fees \| Reportable Segment
Segment Reporting Information [Line Items]
Revenue	11,281,000	12,318,000
Excluding consolidated VIE \| Financing fees \| Reportable Segment
Segment Reporting Information [Line Items]
Revenue	643,000	650,000
Excluding consolidated VIE \| Development and construction fees \| Reportable Segment
Segment Reporting Information [Line Items]
Revenue	2,442,000	6,751,000
Excluding consolidated VIE \| Brokerage fees \| Reportable Segment
Segment Reporting Information [Line Items]
Revenue	789,000	844,000
Excluding consolidated VIE \| Performance allocations
Segment Reporting Information [Line Items]
Revenue	27,000	358,000
Excluding consolidated VIE \| Performance allocations \| Reportable Segment
Segment Reporting Information [Line Items]
Revenue	33,000	379,000
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]
Consolidated funds – other expenses	1,865,000	5,870,000
Interest income	0	5,900,000
Provision for income taxes	0	0
VIE, primary beneficiary \| Reportable Segment
Segment Reporting Information [Line Items]
Revenue	(770,000)	(3,705,000)
Total revenues	4,909,000	30,177,000
Operating costs	(607,000)	(965,000)
Payroll and payroll related costs	0	0
General and administrative	(41,000)	(41,000)
Marketing and advertising	1,000	0
Depreciation and amortization	(27,000)	(5,000)
Consolidated funds – other expenses	1,865,000	5,870,000
Total expenses	5,934,000	31,362,000
Other income (loss), net	(771,000)	(439,000)
Change in fair value of digital assets	0
Interest income	(1,000)	(199,000)
Interest expense	0	0
Net loss before income taxes	(1,797,000)	(1,823,000)
Provision for income taxes	0	0
Net loss	(1,797,000)	(1,823,000)
Net loss attributable to noncontrolling interests	(1,229,000)	(1,693,000)
Net loss attributable to CaliberCos Inc.	(568,000)	(130,000)
VIE, primary beneficiary \| Asset management revenues \| Reportable Segment
Segment Reporting Information [Line Items]
Revenue	(764,000)	(3,684,000)
VIE, primary beneficiary \| Fund management fees \| Reportable Segment
Segment Reporting Information [Line Items]
Revenue	(403,000)	(3,109,000)
VIE, primary beneficiary \| Financing fees \| Reportable Segment
Segment Reporting Information [Line Items]
Revenue	(282,000)	(254,000)
VIE, primary beneficiary \| Development and construction fees \| Reportable Segment
Segment Reporting Information [Line Items]
Revenue	(79,000)	(331,000)
VIE, primary beneficiary \| Brokerage fees \| Reportable Segment
Segment Reporting Information [Line Items]
Revenue	0	10,000
VIE, primary beneficiary \| Performance allocations \| Reportable Segment
Segment Reporting Information [Line Items]
Revenue	(6,000)	(21,000)
VIE, primary beneficiary \| Hospitality revenue
Segment Reporting Information [Line Items]
Other revenue	5,057,000	26,476,000
Consolidated funds – hospitality expenses	4,743,000	26,503,000
VIE, primary beneficiary \| Hospitality revenue \| Reportable Segment
Segment Reporting Information [Line Items]
Other revenue	5,057,000	26,476,000
Consolidated funds – hospitality expenses	4,743,000	26,503,000
VIE, primary beneficiary \| Other revenues
Segment Reporting Information [Line Items]
Other revenue	622,000	7,406,000
VIE, primary beneficiary \| Other revenues \| Reportable Segment
Segment Reporting Information [Line Items]
Other revenue	$ 622,000	$ 7,406,000

Commitments and Contingencies (Details) $ in Millions	12 Months Ended
Commitments and Contingencies (Details) $ in Millions	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
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	$ 0.4	$ 2.9

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

Lessee - Company

As of December 31, 2025, the Company is the lessee under one corporate office lease which meets the criteria of an operating lease and has a remaining lease term of 1.8 years and a 9.4% discount rate. As of December 31, 2024, the Company was the lessee under one corporate office lease which meets the criteria of an operating lease which had a remaining lease term of 2.8 years and a 9.4% discount rate. As the Company’s lease does not specifically state an implicit rate, the Company uses a discount rate indicative of synthetic credit rate based on a market-specific analysis and applied based on the lease term as of the lease commencement date or upon a remeasurement event when calculating the present value of the remaining lease payments. Therefore, the incremental borrowing rate used reflects the cost to borrow on a securitized basis. The remaining lease term does not reflect all renewal options available to the Company, only those renewal options that the Company has assessed as reasonably certain of being exercised. The operating lease agreement does not contain any material residual value guarantees or material restrictive covenants. As of December 31, 2025, the Company does not have any material operating or financing leases with

related parties or that have not yet commenced, or any sale-leaseback arrangements. Variable lease expense is primarily costs reimbursed related to common area maintenance.


	Year Ended December 31,
	2025		2024
Fixed	$	57	$	58
Variable	—		1
Total	$	57	$	59

During the years ended December 31, 2025 and 2024, cash paid for amounts included in the measurement of operating lease liabilities and future maturities of operating lease liabilities are immaterial.

Lessee - Consolidated Funds

As of December 31, 2025, the consolidated funds are the lessee under seven ground lease arrangements that meet the criteria of an operating lease which have a weighted average remaining lease term of 62.5 years and a weighted average discount rate of 10.9%. As the consolidated funds leases do not specifically state an implicit rate, the consolidated funds use discount rates indicative of synthetic credit rate based on a market-specific analysis and applied based on the lease term as of the lease commencement date or upon a remeasurement event when calculating the present value of the remaining lease payments. Therefore, the incremental borrowing rate used reflects the cost to borrow on a securitized basis. The remaining lease terms do not reflect all renewal options available to the consolidated funds, only those renewal options that the consolidated funds have assessed as reasonably certain of being exercised. The operating lease agreements do not contain any material residual value guarantees or material restrictive covenants.

As of December 31, 2024, the consolidated funds were not a lessee under any lease arrangements that meet the criteria of an operating lease and did not have any material operating or financing leases with related parties or any sale-leaseback arrangements.

During the years ended December 31, 2025 and 2024, there were no fixed or variable lease expenses for the consolidated funds. During the years ended December 31, 2025 and 2024, there was no cash paid for operating lease liabilities or lease liabilities arising from lease modifications.

The following table summarizes the maturity of our undiscounted operating lease liabilities over the next five years and thereafter as of December 31, 2025 (in thousands):


Year	Amount
2026	$	1,174
2027	1,174
2028	1,174
2029	1,174
2030	1,174
Thereafter	67,396
Total lease payments	$	73,266
Less: Imputed interest	(62,509)
Total	$	10,757

Lessor - Company

Rental revenue of the Company includes the revenue generated by the rental operations of one commercial office property. As of December 31, 2025, the leases have non-cancelable remaining lease terms from 0.2 years to 10.6 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 December 31, 2025, the Company does not have any material related party leases as a lessor. The components of rental revenue for the years ended December 31, 2025 and 2024, are presented in the table below (in thousands). Variable rental revenue is primarily costs reimbursed related to common area maintenance.


	Year Ended December 31,
	2025		2024
Fixed	$	1,542	$	1,859
Variable	225		211
Total	$	1,767	$	2,070

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


Year	Amount
2026	$	1,806
2027	1,189
2028	609
2029	510
2030	419
Thereafter	1,983
Total	$	6,516

Lessor - Consolidated Funds

Rental revenue of the consolidated funds includes the revenues generated primarily by the rental operations of one multi-family residential property and two commercial properties. As of December 31, 2025, the leases have non-cancellable remaining lease terms from 0.2 years to 30.9 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 December 31, 2025, the consolidated funds do not have any material related party leases as a lessor. The components of rental revenue for the years ended December 31, 2025 and 2024 (in thousands) are presented in the table below. Variable rental revenue is primarily costs reimbursed related to common area maintenance.


	Years Ended December 31,
	2025		2024
Fixed	$	696	$	870
Variable	(80)		558
Total	$	616	$	1,428

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


Year	Amount
2026	$	1,139
2027	823
2028	819
2029	819
2030	819
Thereafter	7,938
Total	$	12,357

Leases

Lessee - Company

related parties or that have not yet commenced, or any sale-leaseback arrangements. Variable lease expense is primarily costs reimbursed related to common area maintenance.


	Year Ended December 31,
	2025		2024
Fixed	$	57	$	58
Variable	—		1
Total	$	57	$	59

Lessee - Consolidated Funds

The following table summarizes the maturity of our undiscounted operating lease liabilities over the next five years and thereafter as of December 31, 2025 (in thousands):


Year	Amount
2026	$	1,174
2027	1,174
2028	1,174
2029	1,174
2030	1,174
Thereafter	67,396
Total lease payments	$	73,266
Less: Imputed interest	(62,509)
Total	$	10,757

Lessor - Company


	Year Ended December 31,
	2025		2024
Fixed	$	1,542	$	1,859
Variable	225		211
Total	$	1,767	$	2,070

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


Year	Amount
2026	$	1,806
2027	1,189
2028	609
2029	510
2030	419
Thereafter	1,983
Total	$	6,516

Lessor - Consolidated Funds


	Years Ended December 31,
	2025		2024
Fixed	$	696	$	870
Variable	(80)		558
Total	$	616	$	1,428

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


Year	Amount
2026	$	1,139
2027	823
2028	819
2029	819
2030	819
Thereafter	7,938
Total	$	12,357

VIEs - Schedule of Variable Interest Entities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
ASSETS
Total assets	$ 135,396	$ 105,535
Liabilities
Total liabilities	109,165	94,282
Stockholders’ equity	26,231	11,253	$ 66,018
Total liabilities and stockholders’ equity	135,396	105,535
VIE, primary beneficiary
ASSETS
Cash	326	549
Restricted cash	524	0
Real estate investments, net	10,807	45,090
Intangible assets, net	46,330	0
Due from related parties	220	320
Operating lease - right of use assets	10,757	0
Prepaid and other assets	267	447
Liabilities
Accounts payable and accrued expenses	1,719	1,207
Other liabilities	99	639
Operating lease liabilities	10,757	0
VIE, primary beneficiary \| Riverwalk HoldCo, LLC
ASSETS
Cash	301
Restricted cash	315
Real estate investments, net	607
Intangible assets, net	46,330
Due from related parties	1,993
Operating lease - right of use assets	10,757
Prepaid and other assets	244
Total assets	60,547
Liabilities
Notes payable, net	22,003
Accounts payable and accrued expenses	1,083
Operating lease liabilities	10,757
Total liabilities	37,213
Stockholders’ equity	23,334
Total liabilities and stockholders’ equity	60,547
VIE, primary beneficiary \| Related party
Liabilities
Notes payable, net	2,330	2,047
Other liabilities	861	79
VIE, primary beneficiary \| Related party \| Riverwalk HoldCo, LLC
Liabilities
Other liabilities	3,319
VIE, primary beneficiary \| Nonrelated party
Liabilities
Notes payable, net	33,605	29,172
Other liabilities	99	$ 639
VIE, primary beneficiary \| Nonrelated party \| Riverwalk HoldCo, LLC
Liabilities
Other liabilities	$ 51

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The following table shows the components of the income tax provision (benefit) from total operations for the years ended December 31, 2025 and 2024 (in thousands):


	Years Ended December 31,
	2025		2024
Current income tax provision (benefit)
Federal	$	—	$	—
State	—		—
Total	—		—

Deferred income tax provision (benefit)
Federal	(5,207)		(4,023)
State	(949)		(708)
Total	(6,156)		(4,731)

Adjustment to valuation allowance	6,156		4,731
Total income tax provision (benefit)	$	—	$	—

Schedule of Effective Income Tax Rate Reconciliation

The following table reconciles the U.S. federal statutory tax rate to the effective income tax rate for the years ended December 31, 2025 and 2024:


	Years Ended December 31,
	2025		2024
U.S. federal statutory tax rate	21.0	%	21.0	%
State taxes, net of federal benefit	3.8	%	3.7	%
Income passed through to noncontrolling interest, federal tax	(1.2)	%	(1.7)	%
Income passed through to noncontrolling interest, state tax	(0.2)	%	(0.3)	%
Permanent differences, VIEs	(0.6)	%	(0.1)	%
Prior period return-to-provision adjustments	4.1	%	0.0	%
Nondeductible expenses	(0.2)	%	(0.5)	%
Change in valuation allowance	(26.7)	%	(22.1)	%
Effective income tax rate	0.0	%	0.0	%

Schedule of Deferred Tax Assets and Liabilities

The following table summarizes the components of the Company’s deferred tax assets and liabilities as of December 31, 2025 and 2024 (in thousands):


	December 31, 2025		December 31, 2024
Deferred tax assets:
Net operating loss carryforwards	$	20,135	$	17,837
Sec 362 basis Step-up	440		439
Deferred compensation	1,389		1,929
Fixed assets	(438)		17
Employee stock based compensation	1,740		1,299
Allowance for doubtful accounts	1,043		1,018
Realized gain/loss on investments	1,702		1,001
Other	2,466		682
Total deferred tax assets	28,477		24,222
Deferred tax liabilities:
Passthrough income/loss from partnerships	(11,794)		(12,196)

Other	1,176		(323)
Total deferred tax liabilities	(10,618)		(12,519)
Valuation allowance	(17,859)		(11,703)
Net deferred tax assets	$	—	$	—

Summary of Valuation Allowance

The changes to the Company’s valuation allowance during the years ended December 31, 2025 and 2024 were as follows (in thousands):


	Years Ended December 31,
	2025		2024
Valuation allowance at the beginning of the year	$	11,703	$	6,972
Changes in valuation allowance recorded during the year	6,156		4,731
Valuation allowance at the end of the year	$	17,859	$	11,703

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The estimated fair value of the Company’s instruments below was determined by management based on a discounted future cash-flow model (in thousands):


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

Saddleback Ranch, LLC	$	1,250	$	1,054	$	—	$	—
Gateway II, LLC	$	15,643	$	13,174	$	15,934	$	12,604

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


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

Southpointe Fundco, LLC	$	1,050	$	1,069	$	1,050	$	1,023
West Frontier, LLC	$	5,055	$	2,335	$	4,796	$	3,701

Stockholders’ Equity and Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The following inputs and assumptions were used to calculate the weighted average fair values of options granted for the years ended December 31, 2025 and 2024:


	December 31,
	2025			2024
Expected term (in years)	6.13			6.13
Volatility	35% - 36%			35% - 36%
Dividend Yield	0.00		%	0.00		%
Risk-free rate	3.69% - 4.16%			3.63% - 4.52%
Grant date fair value	$	2.55		$	6.33

Share-Based Payment Arrangement, Option, Activity

The following table details option activity of the Company for the years ended December 31, 2025 and 2024:


	Stock Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value (in thousands)
Outstanding December 31, 2023	113,752	$	84.51	4.77	$	535
Granted - Employee	11,896	14.90		—	—
Granted - Nonemployee	30,398	14.76		—	—

Forfeited	(3,613)	107.88		—	—
Expired	(10,031)	100.14		—	—
Outstanding December 31, 2024	142,402	62.11		5.26	52

Granted - Nonemployee	34,920	5.99		—	—

Forfeited	(8,752)	61.46		—	—
Expired	(28,923)	91.73		—	—
Outstanding December 31, 2025	139,647	$	41.99	5.47	$	—

Share-Based Payment Arrangement, Restricted Stock Unit, Activity

The Company grants restricted stock units (“RSUs”) to certain employees and directors under its equity incentive plans. RSUs generally vest over a requisite service period and are settled in shares of the Company’s common stock upon vesting.


	Restricted Stock Units	Weighted Average Fair Value
Unvested restricted stock units at December 31, 2023	154,548	$	31.90
Granted - Employee	252,429	17.28
Vested	(62,370)	30.31
Forfeited	(31,614)	24.15
Unvested restricted stock units at December 31, 2024	312,993	21.21
Granted - Employee	146,858	5.85
Vested	(171,652)	14.18
Forfeited	(89,952)	19.77
Unvested restricted stock units at December 31, 2025	198,247	$	16.57

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy Our approach for assessing, identifying, and managing material risks from cybersecurity threats are integrated into our overall risk management strategy and are based on commonly accepted frameworks established by the International Organization for Standardization, the National Institute of Standards and Technology, and other applicable industry standards. Our cybersecurity program focuses on the following key areas: Collaboration Cybersecurity risks are identified and addressed comprehensively in a cross-functional approach. Key security, risk, and compliance stakeholders meet regularly to develop strategies for preserving the confidentiality, integrity and availability of our and our customer information. We have controls and procedures in place to ensure prompt escalation of certain cybersecurity incidents so that decisions regarding public disclosure and reporting of such incidents can be made by management and the Board in a timely manner. Risk Assessment We monitor and assess cybersecurity risks using the same cross-functional approach and since our cybersecurity program relies on certain third parties, these third parties are included in the assessment of cybersecurity risks. This approach drives alignment on the prioritization of initiatives to maintain our security controls. Technical Safeguards We deploy technical safeguards designed to protect our information systems from cybersecurity threats. Such safeguards are regularly evaluated, adjusted and improved based on vulnerability assessments, cybersecurity threat intelligence and incident response experience. Incident Response and Recovery Planning We maintain appropriate incident response and recovery plans and periodically perform tests to evaluate the effectiveness of these plans. Our incident response and recovery plans include guidance to our employees, management, and our board on response to cybersecurity incidents. Third-Party Risk Management We have appropriate controls designed to identify and mitigate cybersecurity risks associated with the use of third-party service providers. Such providers are subject to security risk assessments at the time of onboarding, contract renewal, and upon detection of an increase in risk profile. We require our providers to meet appropriate security requirements, and we investigate security incidents that have impacted our third-party providers, as appropriate. Education and Awareness Employees are regularly reminded of the importance of handling and protecting customer and our data. Employees receive appropriate policies and annual privacy and security training to enhance awareness and reinforce desired behaviors. External Assessments Our cybersecurity policies, standards, processes and practices are regularly assessed by third-party business partners, consultants and cybersecurity information technology consultants. Vulnerability Assessments We use third-party consultants who specialize in identifying and validating potential cybersecurity vulnerabilities to test our systems, networks, and applications. These may include penetration testing exercises to simulate real-world attack scenarios. Expertise from Business Partners We utilize business partners who possess deep cybersecurity expertise. They contribute to risk assessments, help refine our security architecture, and provide valuable insights into industry best practices.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our approach for assessing, identifying, and managing material risks from cybersecurity threats are integrated into our overall risk management strategy and are based on commonly accepted frameworks established by the International Organization for Standardization, the National Institute of Standards and Technology, and other applicable industry standards.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our board, through the Audit Committee, has oversight of our cybersecurity risk management program.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our board, through the Audit Committee, has oversight of our cybersecurity risk management program. The Audit Committee receives regular updates from management on cybersecurity risks and progress of risk reduction initiatives, and from external auditor feedback and relevant business partners.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee receives regular updates from management on cybersecurity risks and progress of risk reduction initiatives, and from external auditor feedback and relevant business partners.
Cybersecurity Risk Role of Management [Text Block]	Our Chief Operating Officer (“COO”), who serves as our designated Chief Information Security officer (“CISO”), together with our Manager of Technology, has primary responsibility for the ongoing management of our cybersecurity program. The COO
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Chief Operating Officer (“COO”), who serves as our designated Chief Information Security officer (“CISO”), together with our Manager of Technology, has primary responsibility for the ongoing management of our cybersecurity program.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	COO
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our board, through the Audit Committee, has oversight of our cybersecurity risk management program. The Audit Committee receives regular updates from management on cybersecurity risks and progress of risk reduction initiatives, and from external auditor feedback and relevant business partners. Management’s Role Our Chief Operating Officer (“COO”), who serves as our designated Chief Information Security officer (“CISO”), together with our Manager of Technology, has primary responsibility for the ongoing management of our cybersecurity program.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Stockholders’ Equity and Stock-based Compensation - Stock Option Activity (Detail) - VIE, primary beneficiary - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Stock Options
Beginning balance (in shares)	142,402	113,752
Forfeited (in shares)	(8,752)	(3,613)
Expired (in shares)	(28,923)	(10,031)
Ending balance (in shares)	139,647	142,402	113,752
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 62.11	$ 84.51
Forfeited (in dollars per share)	61.46	107.88
Expired (in dollars per share)	91.73	100.14
Ending balance (in dollars per share)	$ 41.99	$ 62.11	$ 84.51
Weighted Average Remaining Contractual Term (in Years) And Aggregate Intrinsic Value
Outstanding, Weighted-average remaining contractual term (in years)	5 years 5 months 19 days	5 years 3 months 3 days	4 years 9 months 7 days
Outstanding, aggregate intrinsic value	$ 0	$ 52	$ 535
Share-Based Payment Arrangement, Employee
Stock Options
Granted (in shares)		11,896
Weighted Average Exercise Price
Granted (in dollars per share)		$ 14.90
Share-Based Payment Arrangement, Nonemployee
Stock Options
Granted (in shares)	34,920	30,398
Weighted Average Exercise Price
Granted (in dollars per share)	$ 5.99	$ 14.76

Stockholders’ Equity and Stock-based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stockholders’ Equity and Stock-based Compensation

Stockholders’ Equity

As of the year ended December 31, 2025, the Company was authorized to issue 137,500,000 shares of its capital stock, consisting of (i) 100,000,000 shares of Class A common stock, par value of $0.001 per share, (ii) 15,000,000 shares of Class B common stock, par value of $0.001 per share, and (b) 22,500,000 shares of preferred stock, par value $0.001 per share.

In January 2026, the Company amended and restated Article 4.01 of its Certificate of Incorporation to increase its authorized capital stock to 537,500,000 shares. The authorized shares consist of (i) 100,000,000 shares of Class A common stock, par value of $0.001 per share, (ii) 15,000,000 shares of Class B common stock, par value of $0.001 per share, and (b) 22,500,000 shares of preferred stock, par value $0.001 per share.

The Class B common stock is identical in all respects to Class A common stock, except it is entitled to 10 votes per share and is convertible at any time on a one-for-one basis into shares of Class A common stock. All other rights, privileges, and rank will be shared equally and be identical in all respects as to all matters. The Class B common stock 10 votes per share entitlement is set to expire on May 15, 2026, at which time both Class A and Class B common stock will be allowed one vote per share.

Common Stock

The holders of common stock shall be entitled to receive dividends when, as, and if declared by the board of directors. The holders of common stock shall at all times vote together as one class on all matters. Class A common stock shall be entitled to one vote for each share of common stock and Class B common stock shall be entitled to 10 votes for each share of common stock through May 15, 2026, at which time both Class A and Class B common stock will be allowed one vote per share. No holder of shares of common stock shall have the right to cumulate votes. In the event of liquidation, subject to the prior rights of holders of preferred stock to share ratably in the Company’s assets, the holders of common stock and holders of any shares of preferred stock which are not entitled to any preference in liquidation shall share equally and ratably in the Company’s assets available for distribution after giving effect to any liquidation preference of shares of preferred stock. The holders of Class A common stock shall not have any conversion, redemption, or other preemptive rights. The holders of Class B common stock are entitled to a conversion upon notice or an automatic conversion upon transfer at which time the Class B Common stockholder will be entitled to one fully paid and nonassessable share of Class A common stock. In addition, Class B common stock shall not have any redemption or other preemptive rights.

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 20:1 increase in the price of a share of Class A Common Stock. There was no change in the value of the warrant because of this adjustment. The warrant disclosure below has been affected by 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 accompanying consolidated balance sheets. At December 31, 2025 and 2024, the Company had warrants outstanding to purchase 129,040 and 52,943 shares of Class A Common Stock, respectively, with a weighted average exercise price per share of $16.49 and $16.41, respectively, and weighted average remaining exercise periods of 4.1 and 4.7 years, respectively.

Stock-based Compensation

Incentive Stock Plans

In July 2024, the Company’s Board of Directors approved the 2024 Incentive Stock Plan (the “2024 Plan”), which is used for share-based compensation awards granted after to its adoption. Consistent with the 2017 Incentive Stock Plan (the “2017 Plan”), which the 2024 Plan superseded, the 2024 Plan allows the Company to: (i) grant stock awards, (ii) grant stock options, and

(iii) offer restricted stock purchases to directors, executives and selected employees, consultants, and advisors. No new share-based compensation awards are granted under the 2017 Plan.

In July 2024, the Board of Directors approved the 2024 Incentive Stock Plan (the “2024 Plan”) which was amended and restated in January 2026 to (i) increase the number of shares available for grant of awards by 1,000,000 shares and (ii) to incorporate provisions for annual increases under the 2024 Plan on the first day of each calendar year, beginning on January 1, 2027 and ending on January 1, 2034, equal to 15% of the total shares of our Class A common stock outstanding on the last day of the immediately preceding calendar year.

Stock Options

The Company grants stock options to certain employees and directors. Stock options may vest upon grant, cliff vest on a specified future date, vest ratably over time, or include a combination of these vesting terms. Options granted to employees generally have a requisite service period of up to four years and vest ratably over that period. Such options become fully vested upon the recipient’s continued service through the end of the requisite service period.

The Company estimates the grant-date fair value of stock options using the Black-Scholes valuation model, which requires the use of certain assumptions. These assumptions include the fair value of the Company’s common stock, expected volatility, the risk-free interest rate, and the expected term of the stock option awards.

The following inputs and assumptions were used to calculate the weighted average fair values of options granted for the years ended December 31, 2025 and 2024:


	December 31,
	2025			2024
Expected term (in years)	6.13			6.13
Volatility	35% - 36%			35% - 36%
Dividend Yield	0.00		%	0.00		%
Risk-free rate	3.69% - 4.16%			3.63% - 4.52%
Grant date fair value	$	2.55		$	6.33

The following table details option activity of the Company for the years ended December 31, 2025 and 2024:


	Stock Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value (in thousands)
Outstanding December 31, 2023	113,752	$	84.51	4.77	$	535
Granted - Employee	11,896	14.90		—	—
Granted - Nonemployee	30,398	14.76		—	—

Forfeited	(3,613)	107.88		—	—
Expired	(10,031)	100.14		—	—
Outstanding December 31, 2024	142,402	62.11		5.26	52

Granted - Nonemployee	34,920	5.99		—	—

Forfeited	(8,752)	61.46		—	—
Expired	(28,923)	91.73		—	—
Outstanding December 31, 2025	139,647	$	41.99	5.47	$	—

As of December 31, 2025, total unrecognized compensation cost related to nonvested stock options was $0.1 million, which is expected to be recognized over a weighted-average period of 2.1 years. As of December 31, 2024, total unrecognized compensation cost related to nonvested stock options was $0.3 million.

Restricted Stock Units


	Restricted Stock Units	Weighted Average Fair Value
Unvested restricted stock units at December 31, 2023	154,548	$	31.90
Granted - Employee	252,429	17.28
Vested	(62,370)	30.31
Forfeited	(31,614)	24.15
Unvested restricted stock units at December 31, 2024	312,993	21.21
Granted - Employee	146,858	5.85
Vested	(171,652)	14.18
Forfeited	(89,952)	19.77
Unvested restricted stock units at December 31, 2025	198,247	$	16.57

The restricted stock units are subject to forfeiture if the participant does not meet certain conditions, such as continued employment and/or the attainment of a specified performance target over the specified service period.

As of December 31, 2025, total unrecognized compensation cost related to nonvested RSUs was $2.1 million, which is expected to be recognized over a weighted-average period of 2.0 years. As of December 31, 2024, total unrecognized compensation cost related to nonvested RSUs was $4.9 million.

Stock-Based Compensation Expense

Stock-based compensation cost is recognized on a straight-line basis over the requisite service period. For the years ended December 31, 2025 and 2024, the Company recognized total stock-based compensation expense of $1.7 million and $2.4 million, respectively, which is included in operating costs in the consolidated statements of operations.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Segments (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The table below 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 year ended December 31, 2025, to the revenues earned for the same period in 2024 (in thousands).


	Year Ended December 31, 2025
	Platform		Impact of Consolidated Funds		Consolidated
Revenues
Fund management fees	$	11,281	$	(403)	$	10,878
Financing fees	643		(282)		361
Development and construction fees	2,442		(79)		2,363
Brokerage fees	789		—		789
Total asset management	15,155		(764)		14,391
Performance allocations	33		(6)		27
Total Platform revenue	$	15,188	$	(770)	$	14,418


	Year Ended December 31, 2024
	Platform		Impact of Consolidated Funds		Consolidated
Revenues
Fund management fees	$	12,318	$	(3,109)	$	9,209
Financing fees	650		(254)		396
Development and construction fees	6,751		(331)		6,420
Brokerage fees	844		10		854
Total asset management	20,563		(3,684)		16,879
Performance allocations	379		(21)		358
Total Platform revenue	$	20,942	$	(3,705)	$	17,237

Reconciliation of Revenue from Segments to Consolidated

The following tables present a reconciliation of Platform revenues, expenses and net loss to the most comparable U.S. GAAP measure for the years ended December 31, 2025 and 2024 (in thousands):


	Year Ended December 31, 2025
	Unconsolidated		Impact of Consolidated Funds		Consolidated
Revenues
Asset management	$	15,155	$	(764)	$	14,391
Performance allocations	33		(6)		27
Consolidated funds – hospitality revenue	—		5,057		5,057
Consolidated funds – other revenue	—		622		622
Total revenues	15,188		4,909		20,097

Expenses
Operating costs	2,274		(607)		1,667
Payroll and payroll related costs	12,181		—		12,181
General and administrative	5,796		(41)		5,755
Marketing and advertising	795		1		796
Depreciation and amortization	691		(27)		664
Consolidated funds – hospitality expenses	—		4,743		4,743
Consolidated funds – other expenses	—		1,865		1,865
Total expenses	21,737		5,934		27,671



Other income (loss), net	(2,533)		(771)		(3,304)
Change in fair value of digital assets	(5,793)		—		(5,793)

Interest income	357		(1)		356
Interest expense	(6,712)		—		(6,712)
Net loss before income taxes	(21,230)		(1,797)		(23,027)
Provision for income taxes	—		—		—
Net loss	(21,230)		(1,797)		(23,027)
Net loss attributable to noncontrolling interests	—		(1,229)		(1,229)
Net loss attributable to CaliberCos Inc.	$	(21,230)	$	(568)	$	(21,798)


	Year Ended December 31, 2024
	Platform		Impact of Consolidated Funds		Consolidated
Revenues
Asset management	$	20,563	$	(3,684)	$	16,879
Performance allocations	379		(21)		358
Consolidated funds – hospitality revenue	—		26,476		26,476
Consolidated funds – other revenue	—		7,406		7,406
Total revenues	20,942		30,177		51,119

Expenses
Operating costs	7,139		(965)		6,174
Payroll and payroll related costs	17,765		—		17,765
General and administrative	6,817		(41)		6,776
Marketing and advertising	751		—		751
Depreciation and amortization	598		(5)		593
Consolidated funds – hospitality expenses	—		26,503		26,503
Consolidated funds – other expenses	—		5,870		5,870
Total expenses	33,070		31,362		64,432




Other expense, net	(2,654)		(439)		(3,093)

Interest income	559		(199)		360
Interest expense	(5,424)		—		(5,424)
Net loss before income taxes	(19,647)		(1,823)		(21,470)
Provision for income taxes	—		—		—
Net loss	(19,647)		(1,823)		(21,470)
Net loss attributable to noncontrolling interests	—		(1,693)		(1,693)
Net loss attributable to CaliberCos Inc.	$	(19,647)	$	(130)	$	(19,777)

The following tables present a reconciliation of Platform assets to the most comparable U.S. GAAP measure for the years ended December 31, 2025 and 2024 (in thousands):


	December 31, 2025
	Platform		Impact of Consolidated Funds		Consolidated
Assets
Cash	$	2,538	$	—	$	2,538
Restricted cash	2,628		—		2,628
Real estate investments, net	21,945		(256)		21,689

Digital assets	6,850		—		6,850
Notes receivable - related parties	7,348		—		7,348
Due from related parties	10,597		(511)		10,086
Investments in unconsolidated entities	11,629		(5)		11,624
Operating lease - right of use assets	3,712		(3,614)		98

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


	December 31, 2024
	Platform		Impact of Consolidated Funds		Consolidated
Assets
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

Derivative Instruments (Details) $ in Thousands	12 Months Ended
Derivative Instruments (Details) $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($) entity
Derivative [Line Items]
Number of entities deconsolidated, sold \| entity		6
VIE, primary beneficiary
Derivative [Line Items]
Gain (loss) on derivatives	$ 0	$ 311
VIE, primary beneficiary \| Interest rate swap
Derivative [Line Items]
Gain (loss) on derivatives	0	346
VIE, primary beneficiary \| Interest rate cap
Derivative [Line Items]
Gain (loss) on derivatives	$ 0	$ (35)

Leases - Narrative (Details)	12 Months Ended
Leases - Narrative (Details)	Dec. 31, 2025 USD ($) property arrangement	Dec. 31, 2024 USD ($) property
Excluding consolidated VIE
Lessor, Lease, Description [Line Items]
Number of lease arrangements \| property	1	1
Lessee, operating lease, remaining lease term	1 year 9 months 18 days	2 years 9 months 18 days
Lessee, operating lease, discount rate	9.40%	9.40%
Operating lease, payments \| $	$ 0	$ 0
Rental revenue, number of revenue-generating properties \| property	1
Excluding consolidated VIE \| Minimum
Lessor, Lease, Description [Line Items]
Lessor, operating lease, remaining lease term	2 months 12 days
Excluding consolidated VIE \| Maximum
Lessor, Lease, Description [Line Items]
Lessor, operating lease, remaining lease term	10 years 7 months 6 days
VIE, primary beneficiary
Lessor, Lease, Description [Line Items]
Number of lease arrangements \| arrangement	7
Lessee, operating lease, remaining lease term	62 years 6 months
Lessee, operating lease, discount rate	10.90%
Operating lease, payments \| $	$ 0	0
Operating lease, cost \| $	0	0
Variable lease, cost \| $	$ 0	$ 0
VIE, primary beneficiary \| Multi-Family Residential Properties
Lessor, Lease, Description [Line Items]
Rental revenue, number of revenue-generating properties \| property	1
VIE, primary beneficiary \| Commercial Properties
Lessor, Lease, Description [Line Items]
Rental revenue, number of revenue-generating properties \| property	2
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	30 years 10 months 24 days

Related Party Transactions

12 Months Ended

Dec. 31, 2025

Related Party Transactions

Related Party Transactions of the Company

Platform Revenues

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


	Years Ended December 31,
	2025		2024

Fund management fees	10,878		9,219
Financing fees	361		396
Development and construction fees	2,363		6,420
Brokerage fees	789		844
Total asset management	14,391		16,879
Performance allocations	27		358
Total related party Platform revenue	$	14,418	$	17,237

As of December 31, 2025 and 2024, amounts due to the Company from related parties for services performed under the Platform were $9.2 million and $6.2 million, respectively, net of allowance for doubtful accounts of $3.2 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 December 31, 2025 and 2024 (in thousands):


Notes Receivable - Related Parties	December 31, 2025		December 31, 2024		Interest Rate (1)	Maturity Date (1)
Olathe Behavioral Health MezzCo LLC (2)	$	—	$	—	12.00%	January 2027
Encore Caliber Holdings, LLC	155		—		12.00%	March 2027
Caliber Hospitality LP	4,375		—		12.00%	April 2027
DFW Behavioral Health LLC (2)	165		22		12.00%	November 2026
Blue Spruce Ridge MezzCo, LLC (2)	—		13		12.00%	December 2026
West Ridge MezzCo, LLC	422		70		12.00%	December 2026
Ridge II MezzCo, LLC	238		—		12.00%	May 2026
Ironwood 92 Partners LLC (2)	—		—		12.00%	January 2027
The Ketch LLC (2)	—		—		12.00%	February 2027
SF Alaska, LP (2)	—		—		12.00%	February 2027
Caliber Fixed Income Fund III, LP	532		—		12.00%	July 2026
Caliber Hospitality JV, LLC	376		—		12.00%	September 2026
Caliber Tax Advantaged Opportunity Zone Fund, LP	157		—		12.00%	September 2027
J-25 Land Holdings, LLC	672		—		12.00%	September 2026
Elliot 10 MezzCo, LLC	219		—		12.00%	July 2026
Caliber Core+ Growth & Income Fund REIT, LLC	37		—		12.00%	December 2027
Total Notes Receivable - Related Parties	$	7,348	$	105

__________________________________

(1) As of December 31, 2025.

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

During the years ended December 31, 2025 and 2024, the Company earned $0.3 million and $0.2 million, respectively, of interest in connection with the notes, which is included in interest income on the accompanying 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 $0.2 million of interest due to the Company as of December 31, 2025. There was an immaterial amount of interest due to the Company as of December 31, 2024.

The December 31, 2025 notes receivable - related parties balance above is net of a $1.0 million 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 by the Company on their behalf and other charges. These amounts are generally unsecured, interest-free, and due on demand. As of December 31, 2025, other amounts due from related parties were $0.7 million, net of allowance for doubtful accounts of $0.8 million, and are included in due from related parties on the accompanying consolidated balance sheets. As of December 31, 2024, other amounts due from related parties were $0.8 million and are included in due from related parties on the accompanying consolidated balance sheets. As of December 31, 2025 and 2024, other amounts due to related parties from the Company were $0.2 million and $0.3 million, respectively, which are included in due to related parties on the accompanying consolidated balance sheets.

Related Party Transactions of the Consolidated Funds

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 December 31, 2025 and 2024 (in thousands):


Notes Receivable - Related Parties	December 31, 2025		December 31, 2024		Interest Rate(1)	Maturity Date(1)
Caliber Hospitality, LP (2)	—		5,650		12.00%	September 2026
Elliot & 51st Street, LLC	936		1,198		12.00%	April 2026
Total Notes Receivable - Related Parties	$	936	$	6,848

__________________________________

(1) As of December 31, 2025.

(2) During the year ended December 31, 2025, the Company deconsolidated TCC (as discussed in Note 3 – VIEs), who is the lender of a promissory note with Caliber Hospitality, L.P.

During the year ended December 31, 2025, the consolidated fund did not earn interest in connection with the notes. During the year ended December 31, 2024, the consolidated funds earned $5.9 million of interest in connection with the notes, which is included in consolidated funds – other revenues on the accompanying 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 consolidated funds was $0.2 million and $0.3 million as of December 31, 2025 and 2024, respectively, which is included in prepaid and other assets on the accompanying consolidated balance sheets.

Notes Payable

At December 31, 2025 and 2024, the consolidated funds had a note payable outstanding of $2.3 million and $2.0 million, respectively, to CFIF III. The note has a fixed interest rate of 13.00% and matured in September 2025.

During the years ended December 31, 2025 and 2024, the consolidated funds incurred $0.3 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. No interest was payable as of December 31, 2025 and 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 December 31, 2025 and 2024, there was 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 December 31, 2025 and 2024, there was $0.9 million 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 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 2: 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 3: 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 4: 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 5: 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 6: 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 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

Net Income (Loss) Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	762	260
Additional common shares, if stock options were exercised
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	128	127
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)	129	1
Additional common shares, if preferred shares were converted
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	490	125
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)	15	7

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Related Party Transactions


	Years Ended December 31,
	2025		2024

Fund management fees	10,878		9,219
Financing fees	361		396
Development and construction fees	2,363		6,420
Brokerage fees	789		844
Total asset management	14,391		16,879
Performance allocations	27		358
Total related party Platform revenue	$	14,418	$	17,237

Schedule of Notes Receivable

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


Notes Receivable - Related Parties	December 31, 2025		December 31, 2024		Interest Rate (1)	Maturity Date (1)
Olathe Behavioral Health MezzCo LLC (2)	$	—	$	—	12.00%	January 2027
Encore Caliber Holdings, LLC	155		—		12.00%	March 2027
Caliber Hospitality LP	4,375		—		12.00%	April 2027
DFW Behavioral Health LLC (2)	165		22		12.00%	November 2026
Blue Spruce Ridge MezzCo, LLC (2)	—		13		12.00%	December 2026
West Ridge MezzCo, LLC	422		70		12.00%	December 2026
Ridge II MezzCo, LLC	238		—		12.00%	May 2026
Ironwood 92 Partners LLC (2)	—		—		12.00%	January 2027
The Ketch LLC (2)	—		—		12.00%	February 2027
SF Alaska, LP (2)	—		—		12.00%	February 2027
Caliber Fixed Income Fund III, LP	532		—		12.00%	July 2026
Caliber Hospitality JV, LLC	376		—		12.00%	September 2026
Caliber Tax Advantaged Opportunity Zone Fund, LP	157		—		12.00%	September 2027
J-25 Land Holdings, LLC	672		—		12.00%	September 2026
Elliot 10 MezzCo, LLC	219		—		12.00%	July 2026
Caliber Core+ Growth & Income Fund REIT, LLC	37		—		12.00%	December 2027
Total Notes Receivable - Related Parties	$	7,348	$	105

__________________________________

(1) As of December 31, 2025.

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


Notes Receivable - Related Parties	December 31, 2025		December 31, 2024		Interest Rate(1)	Maturity Date(1)
Caliber Hospitality, LP (2)	—		5,650		12.00%	September 2026
Elliot & 51st Street, LLC	936		1,198		12.00%	April 2026
Total Notes Receivable - Related Parties	$	936	$	6,848

__________________________________

(1) As of December 31, 2025.

(2) During the year ended December 31, 2025, the Company deconsolidated TCC (as discussed in Note 3 – VIEs), who is the lender of a promissory note with Caliber Hospitality, L.P.

Subsequent Events (Details) - $ / shares		1 Months Ended
Subsequent Events (Details) - $ / shares	Mar. 12, 2026	Jan. 31, 2026	Mar. 25, 2026	Dec. 31, 2025	Sep. 11, 2025	Dec. 31, 2024
Series B Preferred Stock
Subsequent Event [Line Items]
Conversion price (in dollars per share)					$ 250
Preferred stock, par value (in dollars per share)				$ 0.001	$ 0.001	$ 0.001
Subsequent Event \| Series B Preferred Stock
Subsequent Event [Line Items]
Preferred stock, convertible, shares issuable (in shares)	15,868
Conversion price (in dollars per share)	$ 250
Subsequent Event \| Common Stock
Subsequent Event [Line Items]
Conversion of stock, shares converted (in shares)	63,472
Subsequent Event \| Series AAA Preferred Stock
Subsequent Event [Line Items]
Preferred stock, par value (in dollars per share)			$ 1,000
Subsequent Event \| 2024 Equity Incentive Plan
Subsequent Event [Line Items]
Common stock, capital shares reserved for future issuance (in shares)		1,200,000
Common stock, capital shares reserved for future issuance, annual increase, percentage of common stock outstanding		15.00%

Prepaid and Other Assets

12 Months Ended

Dec. 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 December 31, 2025 and 2024 (in thousands):


	December 31, 2025		December 31, 2024
Pursuit costs (1)	$	714	$	1,335
Prepaid expenses	771		800
Accounts receivable, net	116		413
Deposits	46		63
Finance lease - right of use assets	26		42




Other assets	695		848
Total prepaid and other assets	$	2,368	$	3,501

__________________________________

Prepaid and Other Assets of the Consolidated Funds

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


	December 31, 2025		December 31, 2024

Prepaid expenses	$	35	$	114
Deposits	5		57
Accounts receivable, net	2		163
Deferred franchise fees, net	—		62
Inventory	—		51



Other assets (2)	225		—
Total prepaid and other assets	$	267	$	447

__________________________________

(2) Other assets primarily consist of accrued straight-line rental receivables related to portions of the Company’s owned headquarters leased to third-party tenants.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Series A Preferred Stock	Series B Preferred Stock	Common Class A	Common Class B	Preferred Stock Series A Preferred Stock	Preferred Stock Series B Preferred Stock	Common Stock Common Class A	Common Stock Common 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						0
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 preferred and common stock, net of issuance costs (in shares)						5,000		10,000
Issuance of preferred and common stock, net of issuance costs	188	$ 2,000								188	$ 2,000
Equity based compensation expense (in shares)								55,000
Equity based compensation expense	2,377									2,377
Contributions from noncontrolling interest holders	16,635												16,635
Redemptions of noncontrolling interest holders	(2,051)												(2,051)
Distributions to noncontrolling interest holders	(6,110)												(6,110)
Deconsolidation of VIEs	(46,334)												(46,334)
Net income (loss)	(21,470)											(19,777)	(1,693)
Balance, end of period (in shares) at Dec. 31, 2024		5,000	0			5,000	0
Balance, end of period (in shares) at Dec. 31, 2024				759,370	370,822			759,000	371,000
Balance, end 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 preferred and common stock, net of issuance costs (in shares)						1,000	16,000	5,604,000
Issuance of preferred and common stock, net of issuance costs	18,114	$ 15,662						$ 6		18,108	$ 15,662
Equity based compensation expense (in shares)								171,000
Equity based compensation expense	1,944									1,944
Contributions from noncontrolling interest holders	211												211
Distributions to noncontrolling interest holders	(910)												(910)
Consolidation of VIE	23,333												23,333
Deconsolidation of VIEs	(20,349)												(20,349)
Net income (loss)	(23,027)											(21,798)	(1,229)
Balance, end of period (in shares) at Dec. 31, 2025		5,875	15,868			6,000	16,000
Balance, end of period (in shares) at Dec. 31, 2025				6,534,319	370,822			6,534,000	371,000
Balance, end of period at Dec. 31, 2025	$ 26,231							$ 7	$ 0	$ 79,731		$ (78,405)	$ 24,898

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Excluding consolidated VIE
Allowance for doubtful accounts	$ (4,071,000)	$ 3,985,000
Excluding consolidated VIE \| Related party
Allowance for doubtful accounts	909,000	0
VIE, primary beneficiary
Allowance for doubtful accounts	0	28,000
VIE, primary beneficiary \| Related party
Allowance for doubtful accounts	$ 0	$ 0
Series AA Preferred Stock \| Excluding consolidated VIE
Preferred stock, par value (in dollars per share)	$ 25.00	$ 25.00
Preferred stock, authorized (in shares)	800,000	800,000
Preferred stock, issued (in shares)	221,434	0
Preferred stock, outstanding (in shares)	221,434	0
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, issued (in shares)	5,875	5,000
Preferred stock, outstanding (in shares)	5,875	5,000
Series B Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	50,000	50,000
Preferred stock, issued (in shares)	15,868	0
Preferred stock, outstanding (in shares)	15,868	0
Common 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)	6,534,319	759,370
Common stock, outstanding (in shares)	6,534,319	759,370
Common 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

Notes Payable (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Notes Payable

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


Notes Payable	December 31, 2025		December 31, 2024		Interest Rate (1)	Maturity Date (1)
Corporate notes	$	28,698	$	31,763	11.07%	January 2024 - March 2028
Convertible corporate notes	910		1,050		8.25%	April 2024 - May 2025
Real estate loans	16,893		15,934		4.30% - 10.00%	February 2027 - November 2029
Other loans	445		2,175		7.97% - 123.70%	February 2026 - September 2026
Total notes payable	46,946		50,922
Deferred financing costs, net	(185)		(243)
Discount on corporate note	(414)		(229)
Total notes payable, net	$	46,347	$	50,450

__________________________________

(1) As of December 31, 2025.

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


Notes Payable	December 31, 2025		December 31, 2024		Interest Rate (1)	Maturity date (1)
Real Estate Loans
DoubleTree by Hilton Tucson Convention Center (2)	$	—	$	17,962	N/A	N/A
Riverwalk (3)	14,750		—		7.97%	September 2027
Southpointe Fundco, LLC	1,050		1,050		11.99%	March 2026
West Frontier Holdco, LLC	5,055		4,777		6.35%	February 2038
Total Real Estate Loans	20,855		23,789
Member notes	12,924		5,600		10.00%	September 2024 - September 2026
Other loans	—		19		N/A	N/A
Total notes payable	33,779		29,408
Deferred financing costs, net	(174)		(236)
Total notes payable, net	$	33,605	$	29,172

__________________________________

(1) As of December 31, 2025.

(2) During the year ended December 31, 2025, the Company deconsolidated TCC (as discussed in Note 3 – VIEs).

(3) Includes Riverwalk 1 HoldCo, LLC, Riverwalk 2 HoldCo, LLC, Riverwalk 3 HoldCo, LLC, Riverwalk 4 HoldCo, LLC, Riverwalk 5 HoldCo, LLC, Riverwalk 6 HoldCo, LLC, and Riverwalk 7 HoldCo, LLC.

Schedule of Maturities of Long-Term Debt

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


Year	Amount
2026	$	25,279
2027	3,610
2028	3,366
2029	14,691
2030	—
Thereafter	—
Total	$	46,946

As of December 31, 2025, the future aggregate principal repayments due on the consolidated funds notes payable are as follows (in thousands):


Year	Amount
2026	$	19,783
2027	9,066
2028	69
2029	74
2030	79
Thereafter	4,708
Total	$	33,779

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-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 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
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-Section 50
-Paragraph 3
-Publisher FASB
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-Section 50
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-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Stockholders’ Equity and Stock-based Compensation - Restricted Stock Units Activity (Detail) - Restricted Stock Units - VIE, primary beneficiary - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Restricted Stock Units
Unvested restricted stock units, beginning balance (in shares)	312,993	154,548
Granted (in shares)	146,858	252,429
Vested (in shares)	(171,652)	(62,370)
Forfeited (in shares)	(89,952)	(31,614)
Unvested restricted stock units, ending balance (in shares)	198,247	312,993
Weighted Average Fair Value
Unvested restricted stock units, beginning balance (in dollars per share)	$ 21.21	$ 31.90
Granted (in dollars per share)	5.85	17.28
Vested (in dollars per share)	14.18	30.31
Forfeited (in dollars per share)	19.77	24.15
Unvested restricted stock units, ending balance (in dollars per share)	$ 16.57	$ 21.21

Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Other Liabilities Disclosure [Abstract]

Other Liabilities

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


	December 31, 2025		December 31, 2024

Deposits (1)	$	205	$	154
Tenant improvement allowance	145		103
Finance lease liability	29		44
Below market leases, net	—		20


Other	391		429
Total other liabilities	$	770	$	750

_________________________________

(1) Includes tenant security deposits.

Other Liabilities of the Consolidated Funds

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


	December 31, 2025		December 31, 2024

Deposits (1)	$	34	$	171
Sales tax payable	1		97






Other	64		371
Total other liabilities	$	99	$	639

_________________________________

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

Organization and Liquidity (Details) $ / shares in Units, $ in Thousands		3 Months Ended	12 Months Ended
	May 02, 2025	Mar. 25, 2026 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) note tradingDay $ / shares shares	Dec. 31, 2024 USD ($) note $ / shares	Jan. 31, 2026 $ / shares	Oct. 31, 2025 $ / shares	Aug. 22, 2025 USD ($)	Apr. 20, 2025 $ / shares shares	Mar. 20, 2025 USD ($) $ / shares shares
Organization And Liquidity [Line Items]
Stockholders' equity, reverse stock split	0.05
Warrant exercise price (in dollars per share) \| $ / shares			$ 16.49	$ 16.41				$ 0.96
Equity purchase agreement, maximum amount									$ 25,000
Equity purchase agreement, minimum put amount									5
Equity purchase agreement, maximum put amount									$ 500
Maximum put percentage of average daily trading volume									0.40
Warrant term (in years)			4 years 1 month 6 days	4 years 8 months 12 days
Number of shares called by warrants (in shares) \| shares								2,201,123
Equity purchase agreement, exchange cap (in shares) \| shares									78,441
Equity purchase agreement, put notice, required share purchase (in shares) \| shares			3,006,134
Equity purchase agreement, put notice, required share purchase, value			$ 6,400
Issuance of preferred and common stock, net of issuance costs			18,114	$ 188
Cash through the issuance of new equity			33,800
Accounts receivable, net			10,700
Investments			11,600
Cost basis			12,600
Workforce Reduction
Organization And Liquidity [Line Items]
Restructuring, expected annual cost savings			$ 3,900
Common Class A
Organization And Liquidity [Line Items]
Common stock, par value (in dollars per share) \| $ / shares			$ 0.001	$ 0.001		$ 0.001
Subsequent Event
Organization And Liquidity [Line Items]
Debt instrument, convertible, face value		$ 1,900
Cash through the issuance of new equity		$ 37,700
Subsequent Event \| Common Class A
Organization And Liquidity [Line Items]
Conversion of stock, shares converted (in shares) \| shares		564,731
Subsequent Event \| Maximum
Organization And Liquidity [Line Items]
Convertible conversion price (in dollars per share) \| $ / shares		$ 3.72
Subsequent Event \| Minimum
Organization And Liquidity [Line Items]
Convertible conversion price (in dollars per share) \| $ / shares		$ 3.14
Excluding consolidated VIE
Organization And Liquidity [Line Items]
Long-term debt			$ 46,347	$ 50,450
Proceeds from the issuance of preferred stock, net of issuance costs			15,451	1,974
Accounts receivable, net			116	413
Cash			2,538	1,766
Return of capital from unconsolidated entities			2,014	0
Excluding consolidated VIE \| Series AA Preferred Stock
Organization And Liquidity [Line Items]
Expected proceeds from future issuance of preferred stock			20,000
Excluding consolidated VIE \| Subsequent Event \| Series AA Preferred Stock
Organization And Liquidity [Line Items]
Proceeds from the issuance of preferred stock, net of issuance costs		$ 6,400
Excluding consolidated VIE \| Corporate notes
Organization And Liquidity [Line Items]
Long-term debt			$ 29,600
Debt instrument, extended term			12 months
Excluding consolidated VIE \| Corporate notes \| Maximum
Organization And Liquidity [Line Items]
Debt instrument, term			36 months
Excluding consolidated VIE \| Corporate notes \| Minimum
Organization And Liquidity [Line Items]
Debt instrument, term			12 months
Excluding consolidated VIE \| Corporate notes \| Subsequent Event
Organization And Liquidity [Line Items]
Current portion of notes payable		24,500
VIE, primary beneficiary
Organization And Liquidity [Line Items]
Long-term debt			$ 33,605	29,172
Accounts receivable, net			2	163
Cash			326	549
Repayments of notes payable			18,091	$ 17,460
Decrease in accounts payable			(12,500)
VIE, primary beneficiary \| Subsequent Event \| Common Class A
Organization And Liquidity [Line Items]
Common stock, par value (in dollars per share) \| $ / shares					$ 0.001
VIE, primary beneficiary \| Corporate notes
Organization And Liquidity [Line Items]
Repayments of notes payable			$ 2,100
At the Market Program
Organization And Liquidity [Line Items]
Maximum amount equity distribution agreement sale							$ 10,300
Issuance of preferred and common stock, net of issuance costs (in shares) \| shares			1,671,568
Issuance of preferred and common stock, net of issuance costs			$ 8,400
Securities Purchase Agreement Warrant
Organization And Liquidity [Line Items]
Number of shares called by each warrant (in shares) \| shares									10,000
Warrant exercise price (in dollars per share) \| $ / shares									$ 15.00
Equity Purchase Agreement Warrant
Organization And Liquidity [Line Items]
Warrant term (in years)									5 years
Number of shares called by warrants (in shares) \| shares									10,000
Share price (in dollars per share) \| $ / shares									$ 30
Senior Secured Promissory Note
Organization And Liquidity [Line Items]
Debt instrument, face amount									$ 1,700
Corporate Notes And Convertible Corporate Notes \| Excluding consolidated VIE \| Corporate notes
Organization And Liquidity [Line Items]
Number of corporate notes \| note			178	202
Debt instrument, term			12 months
Debt instrument, extended term			12 months
Corporate Notes And Convertible Corporate Notes \| Excluding consolidated VIE \| Corporate notes \| Maximum
Organization And Liquidity [Line Items]
Debt instrument, term			36 months
Corporate Notes Restructuring Program \| Excluding consolidated VIE \| Subsequent Event \| Corporate notes
Organization And Liquidity [Line Items]
Short-term debt, refinanced amount		$ 6,400
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
Corporate Notes Restructuring Program \| Excluding consolidated VIE \| Corporate notes \| Subsequent Event
Organization And Liquidity [Line Items]
Debt instrument, modified, original term		12 months
Debt instrument, modified term		36 months
Note Conversion Program \| Excluding consolidated VIE \| Corporate notes
Organization And Liquidity [Line Items]
Debt instrument, convertible, threshold trading days \| tradingDay			5

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
ASSETS
Digital assets	$ 6,800
Total assets	135,396	$ 105,535
LIABILITIES AND STOCKHOLDERS' EQUITY
Total liabilities	109,165	94,282
Commitments and Contingencies (Note 12)
Paid-in capital	79,731	44,017
Accumulated deficit	(78,405)	(56,607)
Stockholders’ equity (deficit) attributable to CaliberCos Inc.	1,333	(12,589)
Stockholders’ equity attributable to noncontrolling interests	24,898	23,842
Total stockholders’ equity	26,231	11,253
Total liabilities and stockholders’ equity	135,396	105,535
Series AA Preferred Stock
LIABILITIES AND STOCKHOLDERS' EQUITY
Paid-in capital	5,100
Series A Preferred Stock
LIABILITIES AND STOCKHOLDERS' EQUITY
Series AA cumulative redeemable preferred stock, net of issuance costs, $25.00 per share stated value, 800,000 shares authorized, 221,434 and zero shares issued and outstanding as of December 31, 2025 and 2024, respectively	0	0
Series B Preferred Stock
LIABILITIES AND STOCKHOLDERS' EQUITY
Series AA cumulative redeemable preferred stock, net of issuance costs, $25.00 per share stated value, 800,000 shares authorized, 221,434 and zero shares issued and outstanding as of December 31, 2025 and 2024, respectively	0	0
Common Class A
LIABILITIES AND STOCKHOLDERS' EQUITY
Common stock	7	1
Common Class B
LIABILITIES AND STOCKHOLDERS' EQUITY
Common stock	0	0
Excluding consolidated VIE
ASSETS
Cash	2,538	1,766
Restricted cash	2,628	2,582
Real estate investments, net	21,689	21,572
Digital assets	6,850	0
Notes receivable - related parties	7,348	105
Due from related parties	10,086	6,965
Investments in unconsolidated entities	11,624	15,643
Operating lease - right of use assets	98	147
Prepaid and other assets	2,368	3,501
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued expenses	7,325	9,532
Other liabilities	770	750
Operating lease liabilities	64	93
Excluding consolidated VIE \| Series AA Preferred Stock
LIABILITIES AND STOCKHOLDERS' EQUITY
Series AA cumulative redeemable preferred stock, net of issuance costs, $25.00 per share stated value, 800,000 shares authorized, 221,434 and zero shares issued and outstanding as of December 31, 2025 and 2024, respectively	5,101	0
Excluding consolidated VIE \| Related party
ASSETS
Notes receivable - related parties	7,348	105
LIABILITIES AND STOCKHOLDERS' EQUITY
Other liabilities	186	313
Excluding consolidated VIE \| Nonrelated party
LIABILITIES AND STOCKHOLDERS' EQUITY
Notes payable	46,347	50,450
Other liabilities	771	750
VIE, primary beneficiary
ASSETS
Cash	326	549
Restricted cash	524	0
Real estate investments, net	10,807	45,090
Intangible assets, net	46,330	0
Notes receivable - related parties	936	6,848
Due from related parties	220	320
Operating lease - right of use assets	10,757	0
Prepaid and other assets	267	447
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued expenses	1,719	1,207
Other liabilities	99	639
Operating lease liabilities	10,757	0
VIE, primary beneficiary \| Related party
ASSETS
Notes receivable - related parties	936	6,848
LIABILITIES AND STOCKHOLDERS' EQUITY
Notes payable	2,330	2,047
Other liabilities	861	79
VIE, primary beneficiary \| Nonrelated party
LIABILITIES AND STOCKHOLDERS' EQUITY
Notes payable	33,605	29,172
Other liabilities	$ 99	$ 639

Stockholders’ Equity and Stock-based Compensation - Valuation Assumptions (Detail) - VIE, primary beneficiary - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value (in dollars per share)	$ 2.55	$ 6.33
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 years 1 month 17 days	6 years 1 month 17 days
Dividend Yield (in percent)	0.00%	0.00%
Stock Options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility (in percent)	35.00%	35.00%
Risk-free rate (in percent)	3.69%	3.63%
Stock Options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility (in percent)	36.00%	36.00%
Risk-free rate (in percent)	4.16%	4.52%

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2025	Mar. 23, 2026	Jun. 30, 2025
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 2.4
Entity Central Index Key	0001627282
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		6,682,240
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		370,822

Fair Value of Financial Instruments

12 Months Ended

Dec. 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 carrying values of the Company’s variable rate and short-term debt as of December 31, 2025 and 2024, approximated fair value. The fair value of the Company’s fixed rate debt was measured with Level 2 inputs. The estimated fair value of the Company’s instruments below was determined by management based on a discounted future cash-flow model (in thousands):


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

Saddleback Ranch, LLC	$	1,250	$	1,054	$	—	$	—
Gateway II, LLC	$	15,643	$	13,174	$	15,934	$	12,604

Fair Value of Financial Instruments of the Consolidated Funds

Fair values of financial instruments held by the 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.

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


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

Southpointe Fundco, LLC	$	1,050	$	1,069	$	1,050	$	1,023
West Frontier, LLC	$	5,055	$	2,335	$	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/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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+ Details

Notes Payable - Narrative (Details)	1 Months Ended			12 Months Ended
Notes Payable - Narrative (Details)	May 31, 2024 USD ($)	Mar. 31, 2023	Aug. 31, 2019	Dec. 31, 2025 USD ($) note $ / shares	Dec. 31, 2024 USD ($) note	Mar. 25, 2026 USD ($) $ / shares	Mar. 01, 2026	May 15, 2025 USD ($)	Feb. 28, 2025 USD ($)	Dec. 31, 2023	Nov. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Subsequent Event \| Maximum
Debt Instrument [Line Items]
Convertible conversion price (in dollars per share) \| $ / shares						$ 3.72
Subsequent Event \| Minimum
Debt Instrument [Line Items]
Convertible conversion price (in dollars per share) \| $ / shares						$ 3.14
Excluding consolidated VIE
Debt Instrument [Line Items]
Total notes payable				$ 46,946,000	$ 50,922,000
Long-term debt				46,347,000	50,450,000
Amortization of deferred financing costs and notes payable discount				300,000	100,000
Deferred financing cost write-offs				200,000	0
Excluding consolidated VIE \| Real estate loans
Debt Instrument [Line Items]
Total notes payable				16,893,000	15,934,000
Excluding consolidated VIE \| Corporate notes
Debt Instrument [Line Items]
Total notes payable				$ 28,698,000	31,763,000
Debt instrument, extended term				12 months
Long-term debt				$ 29,600,000
Debt conversion, converted instrument, amount				$ 1,900,000
Excluding consolidated VIE \| Corporate notes \| Maximum
Debt Instrument [Line Items]
Debt instrument, term				36 months
Excluding consolidated VIE \| Corporate notes \| Minimum
Debt Instrument [Line Items]
Debt instrument, term				12 months
Excluding consolidated VIE \| Corporate notes \| Subsequent Event
Debt Instrument [Line Items]
Current portion of notes payable						$ 24,500,000
Excluding consolidated VIE \| Notes Payable, Gateway II Holdco, LLC \| Real estate loans
Debt Instrument [Line Items]
Interest rate				4.30%
Total notes payable				$ 15,600,000	$ 15,900,000
Excluding consolidated VIE \| Saddleback Ranch, LLC \| Real estate loans
Debt Instrument [Line Items]
Interest rate									10.00%
Total notes payable				$ 1,300,000
Debt instrument, face amount									$ 1,200,000
Excluding consolidated VIE \| Saddleback Ranch, LLC \| Real estate loans \| Subsequent Event
Debt Instrument [Line Items]
Interest rate							14.00%
Excluding consolidated VIE \| Corporate Notes And Convertible Corporate Notes \| Corporate notes
Debt Instrument [Line Items]
Debt instrument, term				12 months
Debt instrument, extended term				12 months
Number of corporate notes \| note				178	202
Average outstanding principal balance per loan				$ 200,000	$ 200,000
Weighted average interest rate				11.14%	11.30%
Excluding consolidated VIE \| Corporate Notes And Convertible Corporate Notes \| Corporate notes \| Maximum
Debt Instrument [Line Items]
Interest rate				12.00%	12.00%
Debt instrument, term				36 months
Excluding consolidated VIE \| Corporate Notes And Convertible Corporate Notes \| Corporate notes \| Minimum
Debt Instrument [Line Items]
Interest rate				8.25%	8.25%
Excluding consolidated VIE \| Corporate Notes \| Corporate notes
Debt Instrument [Line Items]
Total notes payable				$ 900,000	$ 1,100,000
Convertible conversion price (in dollars per share) \| $ / shares				$ 151.40
Excluding consolidated VIE \| Mast Hill Note \| Corporate notes
Debt Instrument [Line Items]
Convertible conversion price (in dollars per share) \| $ / shares				$ 8.25
Excluding consolidated VIE \| Operating Loan Agreement \| Corporate notes
Debt Instrument [Line Items]
Debt instrument, face amount				$ 300,000
Excluding consolidated VIE \| Operating Loan Agreement \| Minimum \| Corporate notes
Debt Instrument [Line Items]
Interest rate				123.70%
Excluding consolidated VIE \| Insurance Premiums Financing Agreements \| Corporate notes
Debt Instrument [Line Items]
Debt instrument, face amount				$ 200,000
Weighted average interest rate				9.67%
VIE, primary beneficiary
Debt Instrument [Line Items]
Total notes payable				$ 33,779,000	29,408,000
Long-term debt				33,605,000	29,172,000
Amortization of deferred financing costs and notes payable discount					400,000
Deferred financing cost write-offs				0	0
VIE, primary beneficiary \| Real estate loans
Debt Instrument [Line Items]
Total notes payable				$ 20,855,000	23,789,000
VIE, primary beneficiary \| Member notes
Debt Instrument [Line Items]
Interest rate				10.00%						10.00%		10.00%
Total notes payable				$ 12,924,000	5,600,000
Debt instrument, face amount				7,300,000
Long-term debt				4,600,000
Accrued interest				700,000
VIE, primary beneficiary \| DoubleTree by Hilton Tucson Convention Center, Notes Payable \| Real estate loans
Debt Instrument [Line Items]
Interest rate								7.43%
Total notes payable				$ 0	17,962,000
Debt instrument, face amount								$ 22,500,000
VIE, primary beneficiary \| DoubleTree by Hilton Tucson Convention Center, Notes Payable \| Real estate loans \| Interest rate swap
Debt Instrument [Line Items]
Derivative, fixed interest rate			4.22%
Proceeds from termination of derivative	$ 1,600,000
VIE, primary beneficiary \| DoubleTree by Hilton Tucson Convention Center, Notes Payable \| Real estate loans \| One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			2.50%
VIE, primary beneficiary \| Southpointe Fundco, LLC \| Real estate loans
Debt Instrument [Line Items]
Interest rate				10.00%						10.00%	11.99%	10.00%	9.99%
Total notes payable				$ 1,050,000	1,050,000
Long-term debt				5,600,000
Accrued interest				500,000
VIE, primary beneficiary \| West Frontier Holdco, LLC \| Real estate loans
Debt Instrument [Line Items]
Interest rate		6.35%
Total notes payable				5,055,000	4,777,000
VIE, primary beneficiary \| West Frontier Holdco, LLC \| Real estate loans \| Five Year Treasury Constant Federal Reserve Index
Debt Instrument [Line Items]
Basis spread on variable rate		2.50%
VIE, primary beneficiary \| Notes Payable, Riverwalk HoldCo, LLC \| Real estate loans
Debt Instrument [Line Items]
Total notes payable				$ 14,750,000	$ 0
VIE, primary beneficiary \| Notes Payable, Riverwalk HoldCo, LLC \| Real estate loans \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate				4.25%
VIE, primary beneficiary \| Notes Payable, Riverwalk HoldCo, LLC \| Real estate loans \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate				6.50%

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Auditor Information [Abstract]
Auditor Name	Urish Popeck & Co., LLC
Auditor Location	Pittsburgh, Pennsylvania
Auditor Firm ID	1013

Net Income (Loss) Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Numerator:
Net loss attributable to CaliberCos Inc.	$ (21,798)	$ (19,777)
Preferred stock dividends	0	0
Convertible debt interest	0	82
Net loss attributable to common shareholders of CaliberCos Inc.	$ (21,798)	$ (19,695)
Denominator:
Weighted average shares outstanding – basic (in shares)	2,830	1,100
Dilutive shares – options, net (in shares)	0	0
Dilutive shares - warrants, net (in shares)	0	0
Dilutive shares - preferred shares (in shares)	0	0
Dilutive shares – convertible debt, net (in shares)	0	0
Weighted average shares outstanding - diluted (in shares)	2,830	1,100
Basic net loss per share attributable to common shareholders (in dollars per share)	$ (7.70)	$ (17.90)
Diluted net loss per share attributable to common shareholders (in dollars per share)	$ (7.70)	$ (17.90)

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 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 do not know of any existing environmental condition nor has it not 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 the Company’s 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 December 31, 2025 and 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 December 31, 2025 and 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 which were consolidated during the years ended December 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 December 31, 2025, the consolidated hospitality funds were not party to any franchise agreements. During the years ended December 31, 2025 and 2024, the consolidated funds recognized total franchise fees of $0.4 million and $2.9 million, respectively.

Notes Payable - Summary of Notes Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Excluding consolidated VIE
Debt Instrument [Line Items]
Total notes payable	$ 46,946	$ 50,922
Deferred financing costs, net	(185)	(243)
Discount on corporate note	(414)	(229)
Total	46,347	50,450
VIE, primary beneficiary
Debt Instrument [Line Items]
Total notes payable	33,779	29,408
Deferred financing costs, net	(174)	(236)
Total	33,605	29,172
Corporate notes \| Excluding consolidated VIE
Debt Instrument [Line Items]
Total notes payable	28,698	31,763
Total	$ 29,600
Interest Rate	11.07%
Convertible corporate notes \| Excluding consolidated VIE
Debt Instrument [Line Items]
Total notes payable	$ 910	1,050
Interest Rate	8.25%
Real estate loans \| Excluding consolidated VIE
Debt Instrument [Line Items]
Total notes payable	$ 16,893	15,934
Real estate loans \| Excluding consolidated VIE \| Minimum
Debt Instrument [Line Items]
Interest Rate	4.30%
Real estate loans \| Excluding consolidated VIE \| Maximum
Debt Instrument [Line Items]
Interest Rate	10.00%
Real estate loans \| VIE, primary beneficiary
Debt Instrument [Line Items]
Total notes payable	$ 20,855	23,789
Real estate loans \| VIE, primary beneficiary \| DoubleTree by Hilton Tucson Convention Center, Notes Payable
Debt Instrument [Line Items]
Total notes payable	0	17,962
Real estate loans \| VIE, primary beneficiary \| Notes Payable, Riverwalk HoldCo, LLC
Debt Instrument [Line Items]
Total notes payable	$ 14,750	0
Interest Rate	7.97%
Real estate loans \| VIE, primary beneficiary \| Southpointe Fundco, LLC
Debt Instrument [Line Items]
Total notes payable	$ 1,050	1,050
Total	$ 5,600
Interest Rate	11.99%
Real estate loans \| VIE, primary beneficiary \| West Frontier Holdco, LLC
Debt Instrument [Line Items]
Total notes payable	$ 5,055	4,777
Interest Rate	6.35%
Member notes \| VIE, primary beneficiary
Debt Instrument [Line Items]
Total notes payable	$ 12,924	5,600
Total	$ 4,600
Interest Rate	10.00%
Other loans \| Excluding consolidated VIE
Debt Instrument [Line Items]
Total notes payable	$ 445	2,175
Other loans \| Excluding consolidated VIE \| Minimum
Debt Instrument [Line Items]
Interest Rate	7.97%
Other loans \| Excluding consolidated VIE \| Maximum
Debt Instrument [Line Items]
Interest Rate	123.70%
Other loans \| VIE, primary beneficiary
Debt Instrument [Line Items]
Total notes payable	$ 0	$ 19

Organization and Liquidity	12 Months Ended
Organization and Liquidity	Dec. 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 (collectively, the “Company”, “we”, “our”) is an alternative asset manager of private syndication and direct investment real estate funds complemented with being a provider of a full suite of traditional real estate services, and a holder of Digital Asset Treasury (“DAT”) strategy in Chainlink (“LINK”). 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 December 31, 2025, the Company had operations in Arizona with a focus on hospitality, multifamily, and multi-tenant industrial real estate. In general, the Company’s Platform is comprised of investments in digital assets through its corporate treasury and in a family of private equity real estate (“PERE”) funds which 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 consolidated financial statements (“Consolidated Funds”, and collectively with the Company, the “Consolidated Company”, “Caliber”, “we”, “our”, and “us”). For funds in which the Company is 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 consolidated financial statements. See Note 2 – Summary of Significant Accounting Policies for more detail. Reverse Stock Split: 1-for-20 On May 2, 2025, the Company effected a one-for-twenty (1-for-20) reverse stock split of its common stock (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. 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, 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 $1.7 million (as the principal amount thereof may be increased pursuant to the terms thereof), a common stock purchase warrant for the purchase of 10,000 shares of Class A 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 per share (the “ELOC Warrant”). The Company shall not affect 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”). During the year ended December 31, 2025, the Company issued put notices requiring the Investor to purchase a total of 3,006,134 shares of common stock for net proceeds of $6.4 million. No put notices pursuant to the Equity Purchase agreement were issued prior to July 16, 2025. ATM Equity Distribution Agreement On August 22, 2025, the Company entered into an at-the-market (“ATM”) equity distribution agreement providing for the sale of up to $10.3 million of our Class A common stock. During the year ended December 31, 2025, we have issued 1,671,568 shares under the ATM program for net proceeds of $8.4 million. Liquidity and Going Concern The accompanying consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. At December 31, 2025, the Company had a portfolio of corporate notes, whose composition and characteristics are similar to those reported in prior periods. At December 31, 2025, the portfolio consisted of 178 unsecured notes with an aggregate principal balance of $29.6 million. As of March 25, 2026, an aggregate of $24.5 million of the corporate and convertible notes have matured or will mature within the 12-month period subsequent to when these financial statements were issued. 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 continue to implement the following strategies: i.Raise $20 million of preferred stock series AA financing through its Reg A+ offering, which was qualified on March 12, 2025. From program inception through March 25, 2026, the Company has raised $6.4 million of Series AA preferred stock. ii.Refinance its existing 12-month term notes into a new 36-month term corporate note program. From program inception through March 25, 2026, the Company has successfully refinanced $6.4 million of 12-month term corporate notes into its 36-month term corporate note program. iii.Convert corporate notes into shares of Caliber common stock. In October 2025, the Company launched its note conversion program (the “Program”) whereby holders (the “Note Holders”) of outstanding promissory notes (the “Notes”) will convert and cancel all or part of the Note Holders’ Notes in exchange for shares of Class A common stock, par value $0.001 (the “Conversion Agreement”) at a per share conversion price equaling the lower of (i) the average closing price of the Company’s Class A common stock over the five trading days prior to the execution of the respective Conversion Agreement, or the (ii) closing bid price of the Company’s Class A common stock the business day preceding the execution of the respective Conversion Agreement (the “Conversion Prices”). From program inception through March 25, 2026, we have successfully converted $1.9 million of corporate notes into 564,731 shares of Class A common stock. The Conversion Prices ranged from $3.14 to $3.72 per share. iv.Raise equity capital in support of its Chainlink (“LINK”) strategy through its approved ELOC and ATM facilities, with a portion of the proceeds allocated to general corporate purposes. From program inception through March 25, 2026, the Company generated $37.7 million million in net cash from equity issuances across all sources. 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 $10.7 million in accounts receivables, iii) collect all or part of its $11.6 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 year ended December 31, 2025, as part of the execution of our aforementioned plans, we raised $33.8 million net in new equity in support of the Company’s LINK strategy, investing $12.6 million in LINK and maintaining $2.5 million in unrestricted cash on hand. The Company collected $2.1 million in notes receivable, $12.5 million in accounts receivable, and $2.0 million in redemptions of investments from its managed funds. In addition, the Company has implemented broad-based cost reductions, most notably being further workforce reductions, which are expected to result in annualized cost savings of $3.9 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.

VIEs

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

VIEs

Management has determined that the equity holders in the Company’s 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 accompanying 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, the Company’s 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.

During the year ended December 31, 2025, the Company deconsolidated DoubleTree by Hilton Tucson Convention Center (“TCC”), a VIE which refinanced a loan secured by a hotel property it owns. With the refinancing of this loan, the Company no longer guarantees the debt, and it is therefore not obligated to absorb the respective VIE’s income or loss and is no longer

determined to be the primary beneficiary. The Company aggregates and reports on the results of operations of TCC in consolidated fund revenues and consolidated fund expenses within the accompanying consolidated statements of operations through the date of deconsolidation.

In addition, during the year ended December 31, 2025, the Company consolidated Riverwalk 1 HoldCo, LLC, Riverwalk 2 HoldCo, LLC, Riverwalk 3 HoldCo, LLC, Riverwalk 4 HoldCo, LLC, Riverwalk 5 HoldCo, LLC, Riverwalk 6 HoldCo, LLC, and Riverwalk 7 HoldCo, LLC (“Riverwalk”) because the Company was determined to be the primary beneficiary as it had the power to direct the activities and the obligations to absorb their losses through its guarantee of the indebtedness secured by Riverwalk’s assets. The consolidation of Riverwalk consisted of the following, excluding intercompany eliminations at the time of consolidation (in thousands):


	As of December 31, 2025
Assets
Cash	$	301
Restricted cash	315
Real estate investments, net	607
Intangible assets, net	46,330


Due from related parties	1,993

Operating lease - right of use assets	10,757
Prepaid and other assets	244
Total assets	$	60,547

Liabilities
Notes payable, net	$	22,003

Accounts payable and accrued expenses	1,083
Due to related parties	3,319
Operating lease liabilities	10,757
Other liabilities	51
Total liabilities	37,213

Stockholders’ equity	23,334
Total liabilities and stockholders’ equity	$	60,547

During the year ended December 31, 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 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 the Company 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 year ended December 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 year ended December 31, 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 consolidated balance sheets dated December 31, 2025 and 2024.

See Note 12 – Commitments and Contingencies for additional information related to the commitments and contingencies of these VIEs.

Notes Payable

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Notes Payable

Notes Payable of the Company

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


Notes Payable	December 31, 2025		December 31, 2024		Interest Rate (1)	Maturity Date (1)
Corporate notes	$	28,698	$	31,763	11.07%	January 2024 - March 2028
Convertible corporate notes	910		1,050		8.25%	April 2024 - May 2025
Real estate loans	16,893		15,934		4.30% - 10.00%	February 2027 - November 2029
Other loans	445		2,175		7.97% - 123.70%	February 2026 - September 2026
Total notes payable	46,946		50,922
Deferred financing costs, net	(185)		(243)
Discount on corporate note	(414)		(229)
Total notes payable, net	$	46,347	$	50,450

__________________________________

(1) As of December 31, 2025.

Real Estate Loans

Gateway II HoldCo, LLC

In January 2023, the Company 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 to be met. As of December 31, 2025 and 2024, the outstanding principal balance of the loan was $15.6 million and $15.9 million, respectively. Upon assumption of the loan, the Company is required to abide by a clause in the agreement requiring the Company to transfer funds to a cash management account. As of December 31, 2024, 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. As of December 31, 2025, the Company is not aware of any non-compliance matters relating to its debt covenants.

Saddleback Ranch, LLC

In February 2025, the Company 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 2026, with all accrued interest added to the outstanding balance monthly. Beginning in February 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 December 31, 2025, the outstanding principal balance of the loan was $1.3 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 or 36-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 December 31, 2025, there were 178 individual corporate notes outstanding, with an average outstanding principal balance of $0.2 million, interest rates ranging from 8.25% to 12.00%, with weighted average interest rate of 11.14%, and maturity dates ranging from January 2024 to March 2028. At December 31, 2025, the corporate notes outstanding had an aggregate principal balance of $29.6 million, of which $24.5 million of the corporate notes have matured or will mature within the 12-month period subsequent to March 25, 2026.

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, generally convertible at $151.40 per common share, except for a secured promissory note issued to Mast Hill (the “Mast Hill Note”) in March 2025, which was convertible at $8.25 per common share, and was repaid in September 2025. Holders may convert all or part of their note principal balance at any time. As of December 31, 2025 and 2024, convertible corporate notes totaled $0.9 million and $1.1 million, respectively. During the year ended December 31, 2025, $1.9 million of debt was converted into common stock.

Other Loans

The Company has a short-term operating loan agreement with an outstanding balance of $0.3 million at December 31, 2025. The short-term operating loan agreement incurs an interest rate of 123.70% and matures in February 2026. 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 $0.2 million at December 31, 2025, primarily consisting of premiums for directors’ and officers’ insurance. The insurance premium financing agreements have a weighted average interest rate of 9.67% and mature from February 2026 through September 2026.

Future Minimum Payments

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


Year	Amount
2026	$	25,279
2027	3,610
2028	3,366
2029	14,691
2030	—
Thereafter	—
Total	$	46,946

Deferred Financing Costs

Amortization of deferred financing costs for the Company was $0.3 million and $0.1 million during the years ended December 31, 2025 and 2024, respectively. There were $0.2 million deferred financing cost write-offs during the year ended December 31, 2025. There were no deferred financing cost write-offs during the year ended December 31, 2024.

Notes Payable of the Consolidated Funds

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


Notes Payable	December 31, 2025		December 31, 2024		Interest Rate (1)	Maturity date (1)
Real Estate Loans
DoubleTree by Hilton Tucson Convention Center (2)	$	—	$	17,962	N/A	N/A
Riverwalk (3)	14,750		—		7.97%	September 2027
Southpointe Fundco, LLC	1,050		1,050		11.99%	March 2026
West Frontier Holdco, LLC	5,055		4,777		6.35%	February 2038
Total Real Estate Loans	20,855		23,789
Member notes	12,924		5,600		10.00%	September 2024 - September 2026
Other loans	—		19		N/A	N/A
Total notes payable	33,779		29,408
Deferred financing costs, net	(174)		(236)
Total notes payable, net	$	33,605	$	29,172

__________________________________

(1) As of December 31, 2025.

(2) During the year ended December 31, 2025, the Company deconsolidated TCC (as discussed in Note 3 – VIEs).

(3) Includes Riverwalk 1 HoldCo, LLC, Riverwalk 2 HoldCo, LLC, Riverwalk 3 HoldCo, LLC, Riverwalk 4 HoldCo, LLC, Riverwalk 5 HoldCo, LLC, Riverwalk 6 HoldCo, LLC, and Riverwalk 7 HoldCo, LLC.

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 December 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 TCC 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 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 TCC 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. During the year ended December 31, 2025, the Company deconsolidated TCC (as discussed in Note 3 – VIEs).

Riverwalk

In October 2022, the consolidated fund entered into a loan agreement which is secured by a deed of trust and assignment of rents of the Riverwalk properties located Scottsdale, Arizona. Through a forbearance agreement executed in December 2025, the loan has a variable interest rate per annum equal to SOFR plus 4.25%, with a floor rate of 6.50%, and matures in September 2027. The forbearance agreement requires monthly interest-only payments and principal payments at various dates throughout the forbearance agreement term. The terms of the forbearance agreement require an exit fee, which is determined by the date the agreement is terminated. The exit fee will be incrementally accrued based upon the termination periods and recorded as interest expense. The loan is 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, March 2025, and September 2025, extension agreements were executed with the lender, extending the maturity date to September 2024, March 2025, September 2025, and March 2026, 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, Riverwalk, issued unsecured promissory notes to individual investors bearing interest at 10.0%. The notes have maturity dates ranging from September 2024 - September 2026 and require quarterly interest-only payments. The notes may be prepaid, in whole or in part, at any time prior to maturity without penalty. As of December 31, 2025, $4.6 million of the $7.3 million outstanding principal balance had matured and remained unpaid. The Company is actively working with noteholders to satisfy these obligations, and no formal notices of default have been received. The notes continue to accrue interest at the stated rate of 10.0%. Accrued interest related to these notes in aggregate totaled $0.7 million as of December 31, 2025.

During 2022 and 2023, Southpointe Fundco, LLC, issued unsecured promissory notes to individual investors bearing interest at 10.0%. The notes matured in December 2025 and required quarterly interest-only payments. As of December 31, 2025, the outstanding principle balance of $5.6 million had matured and remained unpaid. The Company is actively working with noteholders to satisfy these obligations, and no formal notices of default have been received. The notes continue to accrue interest at the stated rate of 10%. Accrued interest related to these notes in aggregate totaled $0.5 million as of December 31, 2025.

Future Debt Maturities

As of December 31, 2025, the future aggregate principal repayments due on the consolidated funds notes payable are as follows (in thousands):


Year	Amount
2026	$	19,783
2027	9,066
2028	69
2029	74
2030	79
Thereafter	4,708
Total	$	33,779

Deferred Financing Costs

Amortization of deferred financing costs was immaterial during the year ended December 31, 2025. Amortization of deferred financing costs was and $0.4 million during the year ended December 31, 2024. During the years ended December 31, 2025 and 2024, there were no deferred financing cost write-offs.

- 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 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: 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 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: 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 14: 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 15: 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 16: 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 17: 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 18: 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 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

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

Reference 21: 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 22: 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 23: 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

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Contingency [Line Items]
Valuation allowance	$ 17,900	$ 11,700
VIE, primary beneficiary
Income Tax Contingency [Line Items]
Valuation allowance	17,859	11,703	$ 6,972
VIE, primary beneficiary \| Domestic Tax Authority
Income Tax Contingency [Line Items]
Net operating losses ("NOL")	81,600	72,300
VIE, primary beneficiary \| State and Local Jurisdiction
Income Tax Contingency [Line Items]
Net operating losses ("NOL")	$ 80,700	$ 71,300

Income Taxes - Effective Tax Rate Reconciliation (Details) - VIE, primary beneficiary	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Contingency [Line Items]
U.S. federal statutory tax rate	21.00%	21.00%
State taxes, net of federal benefit	3.80%	3.70%
Permanent differences, VIEs	(0.60%)	(0.10%)
Prior period return-to-provision adjustments	4.10%	0.00%
Nondeductible expenses	(0.20%)	(0.50%)
Change in valuation allowance	(26.70%)	(22.10%)
Effective income tax rate	0.00%	0.00%
Domestic Tax Authority
Income Tax Contingency [Line Items]
Income passed through to noncontrolling interest	(1.20%)	(1.70%)
State and Local Jurisdiction
Income Tax Contingency [Line Items]
Income passed through to noncontrolling interest	(0.20%)	(0.30%)

Summary of Significant Accounting Policies (Details)	1 Months Ended		12 Months Ended
Summary of Significant Accounting Policies (Details)	Jan. 31, 2026 shares	Oct. 31, 2022 USD ($)	Dec. 31, 2025 USD ($) component	Dec. 31, 2024 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Lessor, operating lease, number of lease components \| component			2
Interest income			$ 356,000	$ 360,000
2024 Equity Incentive Plan \| Subsequent Event
Summary Of Significant Accounting Policies [Line Items]
Common stock, increase in capital shares reserved for future issuance (in shares) \| shares	1,000,000
Common stock, capital shares reserved for future issuance, annual increase, percentage of common stock outstanding	15.00%
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			$ 11,624,000	15,643,000
Impairment loss, investments			$ 3,500,000	$ 0
Lessee, operating lease, remaining lease term			1 year 9 months 18 days	2 years 9 months 18 days
Depreciation			$ 700,000	$ 600,000
Impairment loss, long-lived assets			0	0
Excluding consolidated VIE \| Related party \| Caliber Fixed Income Fund III
Summary Of Significant Accounting Policies [Line Items]
Impairment loss, investments			$ 6,900,000	4,000,000.0
VIE, primary beneficiary
Summary Of Significant Accounting Policies [Line Items]
Lessee, operating lease, remaining lease term			62 years 6 months
Intangible assets, net			$ 46,330,000	0
Depreciation			1,600,000	5,600,000
Impairment loss, long-lived assets			0	0
Operating lease, lease income			616,000	1,428,000
Interest income			0	$ 5,900,000
VIE, primary beneficiary \| Lease Rights, Salt River Pima Maricopa India Community
Summary Of Significant Accounting Policies [Line Items]
Lease rights acquired		$ 48,700,000
Lessee, operating lease, remaining lease term		66 years
Intangible assets, net			$ 46,300,000
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%
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%

Net Income (Loss) Per Share (Tables)

12 Months Ended

Dec. 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 years ended December 31, 2025 and 2024 as follows (in thousands, except per share data):


	Years Ended December 31,
	2025		2024
Numerator:
Net loss attributable to CaliberCos Inc.	$	(21,798)	$	(19,777)
Preferred stock dividends	—		—
Convertible debt interest	—		82
Net loss attributable to common shareholders of CaliberCos Inc.	$	(21,798)	$	(19,695)
Denominator:
Weighted average shares outstanding - basic	2,830		1,100
Dilutive shares - options, net	—		—
Dilutive shares - warrants, net	—		—
Dilutive shares - preferred shares	—		—
Dilutive shares - convertible debt, net	—		—
Weighted average shares outstanding - diluted	2,830		1,100

Basic net loss per share attributable to common shareholders	$	(7.70)	$	(17.90)
Diluted net loss per share attributable to common shareholders	$	(7.70)	$	(17.90)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	Years Ended December 31,
	2025	2024

Additional common shares, if stock options were exercised	128	127
Additional common shares, if warrants were exercised	129	1
Additional common shares, if preferred shares were converted	490	125
Additional common shares, if convertible debt were converted	15	7
	762	260

Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Excluding consolidated VIE
Schedule Of Other Liabilities [Line Items]
Deposits	$ 205	$ 154
Tenant improvement allowance	145	103
Finance lease liability	29	44
Below market leases, net	0	20
Other	391	429
Other Liabilities, Total	770	750
VIE, primary beneficiary
Schedule Of Other Liabilities [Line Items]
Deposits	34	171
Sales tax payable	1	97
Other	64	371
Other Liabilities, Total	$ 99	$ 639

Segments

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segments

The Company operates through one reportable segment, its asset management platform which it refers to simply as “Platform”. The Company’s chief operating decision maker (“CODM”) is the Company’s 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 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 $12.2 million and $17.8 million for the years ended December 31, 2025 and 2024, respectively. Management concluded that the consolidated 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 consolidated funds for the purposes of allocating resources, assessing performance or determining whether additional investments or advances will be made to these funds. The consolidated 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 the Company 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 years ended December 31, 2025 and 2024, total Platform revenues were $15.2 million and $20.9 million, respectively, representing a period-over-period decrease of 27.5%. The table below 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 year ended December 31, 2025, to the revenues earned for the same period in 2024 (in thousands).


	Year Ended December 31, 2025
	Platform		Impact of Consolidated Funds		Consolidated
Revenues
Fund management fees	$	11,281	$	(403)	$	10,878
Financing fees	643		(282)		361
Development and construction fees	2,442		(79)		2,363
Brokerage fees	789		—		789
Total asset management	15,155		(764)		14,391
Performance allocations	33		(6)		27
Total Platform revenue	$	15,188	$	(770)	$	14,418


	Year Ended December 31, 2024
	Platform		Impact of Consolidated Funds		Consolidated
Revenues
Fund management fees	$	12,318	$	(3,109)	$	9,209
Financing fees	650		(254)		396
Development and construction fees	6,751		(331)		6,420
Brokerage fees	844		10		854
Total asset management	20,563		(3,684)		16,879
Performance allocations	379		(21)		358
Total Platform revenue	$	20,942	$	(3,705)	$	17,237

The following tables present a reconciliation of Platform revenues, expenses and net loss to the most comparable U.S. GAAP measure for the years ended December 31, 2025 and 2024 (in thousands):


	Year Ended December 31, 2025
	Unconsolidated		Impact of Consolidated Funds		Consolidated
Revenues
Asset management	$	15,155	$	(764)	$	14,391
Performance allocations	33		(6)		27
Consolidated funds – hospitality revenue	—		5,057		5,057
Consolidated funds – other revenue	—		622		622
Total revenues	15,188		4,909		20,097

Expenses
Operating costs	2,274		(607)		1,667
Payroll and payroll related costs	12,181		—		12,181
General and administrative	5,796		(41)		5,755
Marketing and advertising	795		1		796
Depreciation and amortization	691		(27)		664
Consolidated funds – hospitality expenses	—		4,743		4,743
Consolidated funds – other expenses	—		1,865		1,865
Total expenses	21,737		5,934		27,671



Other income (loss), net	(2,533)		(771)		(3,304)
Change in fair value of digital assets	(5,793)		—		(5,793)

Interest income	357		(1)		356
Interest expense	(6,712)		—		(6,712)
Net loss before income taxes	(21,230)		(1,797)		(23,027)
Provision for income taxes	—		—		—
Net loss	(21,230)		(1,797)		(23,027)
Net loss attributable to noncontrolling interests	—		(1,229)		(1,229)
Net loss attributable to CaliberCos Inc.	$	(21,230)	$	(568)	$	(21,798)


	Year Ended December 31, 2024
	Platform		Impact of Consolidated Funds		Consolidated
Revenues
Asset management	$	20,563	$	(3,684)	$	16,879
Performance allocations	379		(21)		358
Consolidated funds – hospitality revenue	—		26,476		26,476
Consolidated funds – other revenue	—		7,406		7,406
Total revenues	20,942		30,177		51,119

Expenses
Operating costs	7,139		(965)		6,174
Payroll and payroll related costs	17,765		—		17,765
General and administrative	6,817		(41)		6,776
Marketing and advertising	751		—		751
Depreciation and amortization	598		(5)		593
Consolidated funds – hospitality expenses	—		26,503		26,503
Consolidated funds – other expenses	—		5,870		5,870
Total expenses	33,070		31,362		64,432




Other expense, net	(2,654)		(439)		(3,093)

Interest income	559		(199)		360
Interest expense	(5,424)		—		(5,424)
Net loss before income taxes	(19,647)		(1,823)		(21,470)
Provision for income taxes	—		—		—
Net loss	(19,647)		(1,823)		(21,470)
Net loss attributable to noncontrolling interests	—		(1,693)		(1,693)
Net loss attributable to CaliberCos Inc.	$	(19,647)	$	(130)	$	(19,777)

The following tables present a reconciliation of Platform assets to the most comparable U.S. GAAP measure for the years ended December 31, 2025 and 2024 (in thousands):


	December 31, 2025
	Platform		Impact of Consolidated Funds		Consolidated
Assets
Cash	$	2,538	$	—	$	2,538
Restricted cash	2,628		—		2,628
Real estate investments, net	21,945		(256)		21,689

Digital assets	6,850		—		6,850
Notes receivable - related parties	7,348		—		7,348
Due from related parties	10,597		(511)		10,086
Investments in unconsolidated entities	11,629		(5)		11,624
Operating lease - right of use assets	3,712		(3,614)		98

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


	December 31, 2024
	Platform		Impact of Consolidated Funds		Consolidated
Assets
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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/exampleRef
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Reference 14: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Segments - Reconciliation of Revenue from Segments to Consolidated (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Digital assets	$ 6,800
Excluding consolidated VIE
Segment Reporting Information [Line Items]
Cash	2,538	$ 1,766
Restricted cash	2,628	2,582
Real estate investments, net	21,689	21,572
Digital assets	6,850	0
Notes receivable - related parties	7,348	105
Due from related parties	10,086	6,965
Investments in unconsolidated entities	11,624	15,643
Operating lease - right of use assets	98	147
Prepaid and other assets	2,368	3,501
Total assets	65,229	52,281
Excluding consolidated VIE \| Operating Segments
Segment Reporting Information [Line Items]
Cash	2,538	1,766
Restricted cash	2,628	2,582
Real estate investments, net	21,945	21,782
Digital assets	6,850
Notes receivable - related parties	7,348	230
Due from related parties	10,597	11,143
Investments in unconsolidated entities	11,629	16,061
Operating lease - right of use assets	3,712	4,042
Prepaid and other assets	2,740	(529)
Total assets	69,987	57,077
Excluding consolidated VIE \| Impact of Consolidated Funds
Segment Reporting Information [Line Items]
Cash	0	0
Restricted cash	0	0
Real estate investments, net	(256)	(210)
Digital assets	0
Notes receivable - related parties	0	(125)
Due from related parties	(511)	(4,178)
Investments in unconsolidated entities	(5)	(418)
Operating lease - right of use assets	(3,614)	(3,895)
Prepaid and other assets	(372)	4,030
Total assets	$ (4,758)	$ (4,796)

Stockholders’ Equity and Stock-based Compensation - Narrative (Detail) $ / shares in Units, $ in Millions		1 Months Ended	12 Months Ended
	May 02, 2025	Jan. 31, 2026 $ / shares shares	Dec. 31, 2025 USD ($) vote $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Oct. 31, 2025 $ / shares	Apr. 20, 2025 $ / shares shares	Nov. 30, 2024 $ / shares
Class of Stock [Line Items]
Common and preferred stock, authorized (in shares)			137,500,000
Number of shares called by warrants (in shares)						2,201,123
Warrant exercise price (in dollars per share) \| $ / shares			$ 16.49	$ 16.41		$ 0.96
Stockholders' equity, reverse stock split	0.05
Warrants outstanding (in shares)			129,040,000	52,943,000
Warrant term (in years)			4 years 1 month 6 days	4 years 8 months 12 days
Subsequent Event \| 2024 Equity Incentive Plan
Class of Stock [Line Items]
Common stock, increase in capital shares reserved for future issuance (in shares)		1,000,000
Common stock, capital shares reserved for future issuance, annual increase, percentage of common stock outstanding		15.00%
VIE, primary beneficiary
Class of Stock [Line Items]
Common stock, voting rights per share \| vote			1
Option unrecognized compensation expense \| $			$ 0.1	$ 0.3
Compensation expense \| $			$ 1.7	2.4
VIE, primary beneficiary \| Subsequent Event
Class of Stock [Line Items]
Common and preferred stock, authorized (in shares)		537,500,000
Preferred stock, authorized (in shares)		22,500,000
Preferred stock, par value (in dollars per share) \| $ / shares		$ 0.001
VIE, primary beneficiary \| Stock Options
Class of Stock [Line Items]
Unrecognized share-based compensation cost, period of recognition			2 years 1 month 6 days
VIE, primary beneficiary \| Restricted Stock Units
Class of Stock [Line Items]
Unrecognized share-based compensation cost, period of recognition			2 years
Unrecognized compensation expense \| $			$ 2.1	$ 4.9
Common Class A
Class of Stock [Line Items]
Common stock, authorized (in shares)			100,000,000	100,000,000
Common stock, par value (in dollars per share) \| $ / shares			$ 0.001	$ 0.001	$ 0.001
Common Class A \| VIE, primary beneficiary
Class of Stock [Line Items]
Common stock, voting rights per share \| vote			1
Common stock, conversion ratio			1
Common Class A \| VIE, primary beneficiary \| Subsequent Event
Class of Stock [Line Items]
Common stock, authorized (in shares)		100,000,000
Common stock, par value (in dollars per share) \| $ / shares		$ 0.001
Common Class B
Class of Stock [Line Items]
Common stock, authorized (in shares)			15,000,000	15,000,000
Common stock, par value (in dollars per share) \| $ / shares			$ 0.001	$ 0.001
Common Class B \| VIE, primary beneficiary
Class of Stock [Line Items]
Common stock, voting rights per share \| vote			10
Common Class B \| VIE, primary beneficiary \| Subsequent Event
Class of Stock [Line Items]
Common stock, authorized (in shares)		15,000,000
Common stock, par value (in dollars per share) \| $ / shares		$ 0.001
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, authorized (in shares)			22,500,000	22,500,000
Preferred stock, par value (in dollars per share) \| $ / shares			$ 0.001	$ 0.001			$ 400

Supplemental Cash Flow Disclosures (Details) - USD ($)	12 Months Ended
Supplemental Cash Flow Disclosures (Details) - USD ($)	Dec. 31, 2025	Dec. 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	5,696,000	5,277,000
Non-cash bonus settlement via employee accounts receivable offset	33,000	0
Decrease in notes receivable - related party due to return of capital from investments	0	500,000
Decrease in notes receivable - related party due the payment of accounts payable	0	107,000
Increase in notes receivable - related party due to deconsolidation of VIEs	0	7,351,000
Increase in accounts receivable - related party due to deconsolidation of VIEs	0	3,752,000
Decrease in accounts receivable - related party due to consolidation of VIEs	180,000	0
Increase in investments in unconsolidated entities due to deconsolidation of VIEs	333,000	0
Assumption of note payable	0	15,710,000
Cost of real estate investments included in accounts payable	241,000	2,000
Cost of real estate investments included in due to related parties	0	1,000
Investments in unconsolidated entities for investor buy-out	792,000	0
Investments in unconsolidated entities included in due to related parties	0	66,000
Investments in unconsolidated entities included in accrued expenses	0	41,000
Issuance of common stock in lieu of cash payment for accounts payable	289,000	194,000
Corporate note rollover	4,760,000	1,948,000
Corporate note increase due to rollovers, net of discounts	215,000	0
Conversion of corporate notes to preferred stock, including warrants	350,000	0
Conversion of corporate notes to common stock	1,898,000	0
Non-cash issuance of convertible note and related common stock	163,000	0
Non-cash issuance of redeemable preferred stock	158,000	0
Issuance of warrants related to common stock	150,000	0
Preferred stock Series B - non-cash equity issuance costs	140,000	0
VIE, primary beneficiary
Other Significant Noncash Transactions [Line Items]
Cash paid for interest, net of capitalized interest	1,066,000	6,190,000
Capitalized interest	2,000	3,000
Increase in notes receivable - related party due to transfer of pursuit costs	0	1,151,000
Decrease in notes receivable - related party due to return of capital from investments	0	1,300,000
Decrease in notes receivable related party due to payment of accounts payable	3,000	263,000
Increase in notes receivable - related party due to deconsolidation of VIEs	0	22,746,000
Increase in notes payable - related party due to deconsolidation of VIEs	0	2,047,000
Conversion of line of credit to term loan	0	4,500,000
Decrease in due from related party due to non-cash investment rollover	0	200,000
Cost of real estate investments included in accounts payable	0	40,000
Contributions from noncontrolling interests in connection with settlement of notes payable - related party	0	2,531,000
Consolidation of VIEs
Real estate investments, net	608,000	0
Intangible assets, net	46,330,000	0
Operating lease - right of use assets	10,757,000	0
Prepaid and other assets	244,000	0
Notes payable, net	22,003,000	0
Accounts payable and accrued expenses	1,083,000	0
Due to related parties	859,000	0
Operating lease liabilities	10,757,000	0
Other liabilities	1,000	0
Noncontrolling interests	22,717,000	0
Deconsolidation of VIEs
Real estate investments, net	33,319,000	137,571,000
Accounts receivable, net	159,000	3,071,000
Notes receivable - related parties	5,450,000	54,496,000
Operating lease - right of use assets	0	10,324,000
Prepaid and other assets	376,000	9,579,000
Due from related parties	447,000	20,000
Due to related parties	0	1,049,000
Notes payable, net	22,033,000	98,639,000
Notes payable - related parties	0	12,055,000
Accounts payable and accrued expenses	1,070,000	11,338,000
Operating lease liabilities	0	13,957,000
Other liabilities	381,000	1,293,000
Noncontrolling interests	$ 15,805,000	$ 29,041,000

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Management has evaluated events and transactions that occurred after December 31, 2025 through March 25, 2026, the date these consolidated financial statements were available to be issued. The following events are in addition to those matters discussed in Note 6 – Notes Payable. In January 2026, the Company’s board of directors and stockholders approved an amendment to the CaliberCos Inc. 2024 Equity Incentive Plan. The amendment increased the aggregate number of shares of common stock available for issuance under the Plan to 1,200,000 shares. In addition, the amendment provides for automatic annual increases to the share reserve beginning January 1, 2027 (or the first business day of the calendar year, if applicable), equal to 15% of the Company’s outstanding common stock as of December 31 of the preceding year. All other terms and provisions of the Plan remain unchanged. In March 2026, an institutional investor exercised its right to convert its holdings of the Company’s Series B Preferred Stock into shares of the Company’s Class A common stock. On March 12, 2026, the holder exercised its conversion rights and converted all 15,868 shares of Series B Preferred Stock into 63,472 shares of the Company’s common stock, based on a conversion price of $250 per share. In March 2026, the Company’s Board of Directors approved the creation of a new class of Series AAA Preferred Stock with a stated value of $1,000 per share. The purpose of the issuance is to facilitate the conversion of existing unsecured subordinated promissory notes held by Caliber noteholders into equity through cancellation of such notes in exchange for shares of Series AAA Preferred Stock.

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Operating Lease, Lease Income

As of December 31, 2025, the Company does not have any material operating or financing leases with

related parties or that have not yet commenced, or any sale-leaseback arrangements. Variable lease expense is primarily costs reimbursed related to common area maintenance.


	Year Ended December 31,
	2025		2024
Fixed	$	57	$	58
Variable	—		1
Total	$	57	$	59

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


	Year Ended December 31,
	2025		2024
Fixed	$	1,542	$	1,859
Variable	225		211
Total	$	1,767	$	2,070

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


	Years Ended December 31,
	2025		2024
Fixed	$	696	$	870
Variable	(80)		558
Total	$	616	$	1,428

Lessee, Operating Lease, Liability, to be Paid, Maturity

The following table summarizes the maturity of our undiscounted operating lease liabilities over the next five years and thereafter as of December 31, 2025 (in thousands):


Year	Amount
2026	$	1,174
2027	1,174
2028	1,174
2029	1,174
2030	1,174
Thereafter	67,396
Total lease payments	$	73,266
Less: Imputed interest	(62,509)
Total	$	10,757

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 December 31, 2025 are as follows (in thousands):


Year	Amount
2026	$	1,806
2027	1,189
2028	609
2029	510
2030	419
Thereafter	1,983
Total	$	6,516

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


Year	Amount
2026	$	1,139
2027	823
2028	819
2029	819
2030	819
Thereafter	7,938
Total	$	12,357

Segments - Narrative (Detail) $ in Millions	12 Months Ended
Segments - Narrative (Detail) $ in Millions	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 segment
Segment Reporting Information [Line Items]
Number of operating segments \| segment			1
Number of reportable segments \| segment	1
Payroll and payroll related costs \| $	$ 12.2	$ 17.8
Revenue \| $	$ 15.2	$ 20.9
Excluding consolidated VIE
Segment Reporting Information [Line Items]
Increase (decrease) in revenues, percent	(0.275)

- Definition

+ References

+ Details

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The accompanying consolidated financial statements are prepared on the accrual basis of accounting in accordance with U.S. GAAP. The accompanying 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 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	Variable Interest Entities The Company determines 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. The Company analyzes any investments in VIEs to determine if the Company is 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. The Company consolidates any VIEs for which the Company is the primary beneficiary and the Company discloses its 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, the Company consolidates an entity if it has a controlling financial interest. The Company has a controlling financial interest in a VOE if (i) for legal entities other than partnerships, the Company owns a majority voting interest in the entity or, for limited partnerships and similar entities, the Company owns 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 the Company does 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 the Company 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.
Digital Assets	Digital Assets In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”). ASU 2023-08 requires in-scope crypto assets (including the Company's LINK holdings) to be measured at fair value in the statement of financial position, with gains and losses from changes in the fair value of such crypto assets recognized in net income each reporting period. ASU 2023-08 also requires certain interim and annual disclosures for crypto assets within the scope of the standard. The Company adopted this guidance effective September 9, 2025, upon the completion of its initial purchase of LINK as part of the inauguration of its digital asset treasury strategy. The Company initially records its LINK purchases at cost, with any subsequent changes in fair value recognized as incurred in the Company's consolidated statements of operations. The fair value of the Company’s LINK is adjusted and disclosed within the Company's consolidated balance sheets at the end of each reporting period. The Company determines the fair value of its LINK holdings in accordance with ASC 820, Fair Value Measurement, based on quoted (unadjusted) prices on the Coinbase exchange, the active exchange that the Company has determined is its principal market for LINK (Level 1 inputs). A deferred tax asset or liability is recorded for subsequent changes in fair value of the Company’s digital assets, representing the temporary difference between the carrying amount and tax basis of the assets. Consistent with the Company’s digital asset treasury strategy, its intent is to make consistent purchases of LINK over time, establishing a material position in LINK holdings within its treasury. In the event of a sale, the Company will calculate the gain or loss to be recognized as the difference between the sales price, net of transaction costs, and carrying value of the LINK sold immediately prior to sale. The Company uses the first-in, first-out cost basis method when calculating the gain or loss on sale.
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities If an entity is not a VIE, the Company’s determination of the appropriate accounting method with respect to our investments in limited liability companies and other investments is based on voting control. For the Company’s managing member interests in limited liability companies, the Company is 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. The Company accounts for our non-controlling investments in these entities under the equity method. The Company’s investments in unconsolidated subsidiaries in which we can exercise significant influence over operating and financial policies, but do not control, or entities which are VIEs 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. The Company’s 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. The Company’s 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 the Company’s control or influence, could result in a different accounting treatment, such as consolidation. While consolidating an investment generally would have 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 Company’s 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, the Company assesses its recoverability by comparing the carrying amount to the Company’s 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, the Company recognizes 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, the consolidated funds assess 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, the 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 the Company’s revenues are generated from the 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 The Company reports the unaffiliated partners’ interests in the net assets of the Company’s 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. The Company attributes to noncontrolling interests their share of income or loss of the consolidated partnerships based on the Company’s proportionate interest in the results of operations of the partnerships, including the Company’s 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, the Company ordinarily controls 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 the Company manages, 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 the Company’s 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 as 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 over time as the performance obligation(s) are 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 the Company is entitled to an allocation of investment returns, generated within the investment funds which we manage, based on a contractual formula. The Company 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	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 December 31, 2025 and 2024. For operating leases with minimum scheduled rent increases, the Company recognizes 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 Company for maintenance and other property operating expenses, which are 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 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.
Accounts Receivable	Accounts Receivable Accounts receivable primarily consist of reimbursable expenses from third-party development projects. The Company continually reviews receivables and determines collectability by taking into consideration the history of past write-offs, collections, current credit conditions, payment history, and the financial condition of the related third-party service providers. If the collectability of a receivable is uncertain, the Company 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 operating costs on the accompanying consolidated statements of operations.
Earnings Per Share	Earnings Per Share Basic earnings per share attributable to common stockholders is computed by dividing net income (loss) attributable to the Company by the weighted average number of shares outstanding during each period. The computation of diluted income (loss) per share attributable to common stockholders further assumes the potential dilutive effect of potential common shares, which includes common shares, consisting of (a) stock options and warrants using the treasury stock method, and (b) convertible debt and preferred stock using the if-converted method. To the extent the inclusion of potential common shares is anti-dilutive, the potential common shares are excluded from the computation of diluted income (loss) per share attributable to common stockholders. See Note 13 – Net Income (Loss) Per Share for the calculation of earnings per share.
Related Parties	Related Parties In the normal course of business, the Company enters into transactions with related parties. Related parties include affiliates of the entity, entities under common control of the Company, significant stockholders and executive management, and other parties that can significantly influence the management and operating policies of the Company.
Income Taxes	Income Taxes The Company accounts for income taxes under the asset and liability method in accordance with ASC 740, Accounting for Income Taxes. Deferred tax assets and liabilities are determined based on temporary differences between the financial reporting and tax basis of assets and liabilities, and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured by applying enacted tax rates and laws and are released in the years in which the temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are provided against deferred tax assets when it is more likely than not that some portion or all the deferred tax assets will not be realized. A valuation allowance is required to reduce the balance of a deferred tax asset if it is determined that it is more likely than not that all or some portion of the deferred tax asset will not be realized due to the lack of sufficient taxable income or other limitation on the Company’s ability to utilize the loss carryforward. The Company recognizes the impact of an income tax position, if that position is more likely than not of being sustained on audit, based on the technical merits of the position. Any related interest and penalties would be classified as income taxes in the accompanying consolidated statements of operations.
Share-Based Compensation	Share-Based Compensation In July 2024, the Board of Directors approved the 2024 Incentive Stock Plan (the “2024 Plan”) which was amended and restated in January 2026 to (i) increase the number of shares available for grant of awards by 1,000,000 shares and (ii) to incorporate provisions for annual increases under the 2024 Plan on the first day of each calendar year, beginning on January 1, 2027 and ending on January 1, 2034, equal to 15% of the total shares of our Class A common stock outstanding on the last day of the immediately preceding calendar year. The Company estimates the fair value of stock options using the Black-Scholes valuation model, which requires certain assumptions that can materially impact the estimation of fair value and related compensation expense. The assumptions used to estimate fair value include the price of our common stock, the expected volatility of our common stock, the risk-free interest rate, and the expected term of stock option awards. Management elected to recognize forfeitures as they occur pursuant to ASU 2016-09, Compensation — Stock Compensation. As a result, no forfeiture rate was assumed. The fair value of restricted stock units is based on the fair value of the Company’s common stock at the date of grant.
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, because 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. The 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. The 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. The 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. There were no asset acquisitions or dispositions by the Company or the consolidated funds during the years ended December 31, 2025 and 2024.
Intangible assets, net	Intangible assets, net The consolidated funds intangible assets consist of lease rights to 100 acres of land located within the Salt River Pima Maricopa Indian Community, comprising seven parcels. The lease rights were acquired in October 2022 for $48.7 million and are being amortized on a straight-line basis over the remaining lease term at acquisition of 66 years. As of December 31, 2025, the carrying value of the lease rights was $46.3 million, net of accumulated amortization, and is included in intangible assets, net, on the consolidated balance sheet.
Cost Capitalization and Depreciation	Cost Capitalization and Depreciation The 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. The 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.
Deferred Financing Costs	Deferred Financing Costs Deferred financing costs represent costs incurred in connection with obtaining long-term debt and are capitalized and amortized over the term of the related debt obligation using the straight-line method. Capitalized deferred financing costs, net of accumulated amortization, are offset against and included in notes payable, net in the accompanying consolidated balance sheets.
Consolidated Fund Revenues	Consolidated Fund Revenues In accordance with ASC 606, the 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. The 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. The 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 daily, 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 $0.6 million and $1.4 million for the years ended December 31, 2025 and 2024, respectively. Rental revenue includes the revenues generated primarily by the rental operations of the residential and commercial properties of the 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 consolidated funds assess 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 consolidated funds obtain a guarantee for the value of the asset from a third-party, the consolidated funds classify 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 December 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 consolidated funds 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 consolidated funds leases also contain provisions for tenants to reimburse the consolidated funds for maintenance and other property operating expenses, which are non-lease components. The consolidated funds 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 funds lending activity. There was no interest income for the year ended December 31, 2025. For the year ended December 31, 2024, there was $5.9 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 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, the 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.
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 the consolidated funds 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 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 sheets, statements of operations, or statements 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 18 – 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 enhances the transparency and decision usefulness of income tax disclosures. Adjustments to the annual disclosure of income taxes include: (1) A tabular rate reconciliation comprised of eight specific categories, (2) Incomes taxes paid, disaggregated between significant national, state, and foreign jurisdictions, (3) Eliminates requirements to disclose the nature and estimate of reasonably possible changes to unrecognized tax benefits in the next 12 months or that an estimated range cannot be made, and (4) Adds a requirement to disclose income (or loss) from continuing operations before income tax expense (or benefit) by national and foreign, and income tax expense (or benefit) from continuing operations disaggregated between national, state and foreign. The ASU is effective for public business entities for fiscal years beginning on or after December 15, 2024. The amendments in ASU 2023-09 were adopted by the Company on a retrospective basis. There was no material impact to the Company's consolidated financial statements as a result of adopting ASU 2023-09. 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. The Company is currently evaluating the impact of the adoption of ASU 2024-03 on its consolidated financial statements and related disclosures. In March 2025, the FASB issued Accounting Standards Update (“ASU”) 2025-05, Financial Instruments—Credit Losses (Topic 326): Clarifications to Expected Credit Losses Guidance. The amendments in ASU 2025-05 are intended to reduce the operational burden associated with applying the current expected credit losses (“CECL”) model to portfolios with large volumes of short-term receivables. The update confirms that entities may apply simple, well-designed loss-rate approaches when estimating expected credit losses and clarifies the interaction between the guidance in Topic 326 and contract assets recognized under Topic 606, Revenue from Contracts with Customers. The amendments are intended to improve consistency and comparability in the application of the CECL model in practice. The amendments in ASU 2025-05 are effective for fiscal years beginning after December 15, 2025, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-05 and does not expect the adoption of this standard to have a material impact on its consolidated financial statements. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The amendments in ASU 2025-11 are intended to enhance the clarity and usability of the interim reporting guidance in Topic 270. Among other changes, the update defines when the guidance in Topic 270 applies, clarifies what constitutes interim financial statements and accompanying notes prepared in accordance with generally accepted accounting principles (“GAAP”), and organizes existing interim disclosure requirements from across the Codification into Topic 270. The amendments also introduce a disclosure principle requiring entities to disclose events occurring after the end of the most recent annual reporting period that have a material impact on the entity. The amendments in ASU 2025-11 are effective for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of ASU 2025-11 will have on its consolidated financial statements and related disclosures.