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  <xs:element id="cwd_NoncashOrPartNoncashConsolidationRealEstateInvestmentsNet" abstract="false" name="NoncashOrPartNoncashConsolidationRealEstateInvestmentsNet" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="cwd_NoncashOrPartNoncashDeconsolidationNoncontrollingInterests" abstract="false" name="NoncashOrPartNoncashDeconsolidationNoncontrollingInterests" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="cwd_AssetAcquisitionsNumberOfAcquisitions" abstract="false" name="AssetAcquisitionsNumberOfAcquisitions" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:integerItemType"/>
  <xs:element id="cwd_NonCashLeaseExpenseAndGainLossOnLeaseExtinguishment" abstract="false" name="NonCashLeaseExpenseAndGainLossOnLeaseExtinguishment" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="cwd_AdvanceKeyMoneyNet" abstract="false" name="AdvanceKeyMoneyNet" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="cwd_CapitalExpendituresIncurredDueToRelatedParties" abstract="false" name="CapitalExpendituresIncurredDueToRelatedParties" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="cwd_NoncashOrPartNoncashConsolidationOperatingLeaseLiabilities" abstract="false" name="NoncashOrPartNoncashConsolidationOperatingLeaseLiabilities" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="cwd_NoncontrollingInterestIncreaseFromContributionsFromNoncontrollingInterestHolders" abstract="false" name="NoncontrollingInterestIncreaseFromContributionsFromNoncontrollingInterestHolders" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="cwd_NoncashOrPartNoncashConsolidationDueFromRelatedParties" abstract="false" name="NoncashOrPartNoncashConsolidationDueFromRelatedParties" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="cwd_FundManagementServicesMember" abstract="true" name="FundManagementServicesMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="cwd_FurnitureAndEquipmentMember" abstract="true" name="FurnitureAndEquipmentMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="cwd_PrepaidExpensesAndOtherAssetsDisclosureTextBlock" abstract="false" name="PrepaidExpensesAndOtherAssetsDisclosureTextBlock" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:textBlockItemType"/>
  <xs:element id="cwd_NoncashOrPartNoncashConsolidationAccountsPayableAndAccruedExpenses" abstract="false" name="NoncashOrPartNoncashConsolidationAccountsPayableAndAccruedExpenses" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="cwd_FurnitureFixturesAndEquipmentMember" abstract="true" name="FurnitureFixturesAndEquipmentMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="cwd_NoncashOrPartNoncashDeconsolidationNotesPayableRelatedParties" abstract="false" name="NoncashOrPartNoncashDeconsolidationNotesPayableRelatedParties" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="cwd_NoncashOrPartNoncashDeconsolidationAccountsReceivableNet" abstract="false" name="NoncashOrPartNoncashDeconsolidationAccountsReceivableNet" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="cwd_FederalHomeLoanBankRateMember" abstract="true" name="FederalHomeLoanBankRateMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="cwd_DevelopmentSegmentMember" abstract="true" name="DevelopmentSegmentMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="cwd_DebtInstrumentNumberOfExtensions" abstract="false" name="DebtInstrumentNumberOfExtensions" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="xbrli:integerItemType"/>
  <xs:element id="cwd_CaliberHospitalityLPMember" abstract="true" name="CaliberHospitalityLPMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="cwd_CaliberDiversifiedOpportunityFundIILPMember" abstract="true" name="CaliberDiversifiedOpportunityFundIILPMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="cwd_PursuitCosts" abstract="false" name="PursuitCosts" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="cwd_RealEstateInvestmentsTransferredToHeldForSale" abstract="false" name="RealEstateInvestmentsTransferredToHeldForSale" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="cwd_DebtInstrumentExitFeeMinimumReturnPercentage" abstract="false" name="DebtInstrumentExitFeeMinimumReturnPercentage" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="dtr-types:percentItemType"/>
  <xs:element id="cwd_NoncashOrPartNoncashDeconsolidationDueToRelatedParties" abstract="false" name="NoncashOrPartNoncashDeconsolidationDueToRelatedParties" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="cwd_DebtInstrumentVariableRate" abstract="false" name="DebtInstrumentVariableRate" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:percentItemType"/>
  <xs:element id="cwd_NotesPayableAirportHotelPortfolioMember" abstract="true" name="NotesPayableAirportHotelPortfolioMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="cwd_DebtInstrumentPrepaymentPremiumPercentage" abstract="false" name="DebtInstrumentPrepaymentPremiumPercentage" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="dtr-types:percentItemType"/>
  <xs:element id="cwd_NoncontrollingInterestIncreaseFromDeconsolidation" abstract="false" name="NoncontrollingInterestIncreaseFromDeconsolidation" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="cwd_BuybackObligation" abstract="false" name="BuybackObligation" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="cwd_SecuredOvernightFinancingRateSOFRMember" abstract="true" name="SecuredOvernightFinancingRateSOFRMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="cwd_LessorOperatingLeasePaymentToBeReceivedTerm" abstract="false" name="LessorOperatingLeasePaymentToBeReceivedTerm" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:durationItemType"/>
  <xs:element id="cwd_RealEstateInvestmentResidualCashFlowPercentage" abstract="false" name="RealEstateInvestmentResidualCashFlowPercentage" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:percentItemType"/>
  <xs:element id="cwd_VariableInterestEntityNumberOfEntitiesDeconsolidatedDuringPeriod" abstract="false" name="VariableInterestEntityNumberOfEntitiesDeconsolidatedDuringPeriod" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:integerItemType"/>
  <xs:element id="cwd_TransactionAndAdvisoryFeesMember" abstract="true" name="TransactionAndAdvisoryFeesMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="cwd_NotesPayableHiltonTucsonEastMember" abstract="true" name="NotesPayableHiltonTucsonEastMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="cwd_SixMonthLIBORMember" abstract="true" name="SixMonthLIBORMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="cwd_DevelopmentRelatedManagementServicesMember" abstract="true" name="DevelopmentRelatedManagementServicesMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="cwd_CaliberHospitalityTrustMember" abstract="true" name="CaliberHospitalityTrustMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="cwd_NoncontrollingInterestIncreaseFromConsolidation" abstract="false" name="NoncontrollingInterestIncreaseFromConsolidation" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="cwd_FundManagementSegmentMember" abstract="true" name="FundManagementSegmentMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="cwd_NumberOfRealEstatePropertiesAcquired" abstract="false" name="NumberOfRealEstatePropertiesAcquired" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:integerItemType"/>
  <xs:element id="cwd_CaliberNoteFundIIDueJanuary2024Member" abstract="true" name="CaliberNoteFundIIDueJanuary2024Member" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="cwd_DebtInstrumentExitFeePercentage" abstract="false" name="DebtInstrumentExitFeePercentage" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="dtr-types:percentItemType"/>
  <xs:element id="cwd_LongTermDebtMaturityAfterYearFour" abstract="false" name="LongTermDebtMaturityAfterYearFour" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="cwd_NoncashOrPartNoncashDeconsolidationNotesPayableNet" abstract="false" name="NoncashOrPartNoncashDeconsolidationNotesPayableNet" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="cwd_SummaryOfSignificantAccountingPoliciesLineItems" abstract="true" name="SummaryOfSignificantAccountingPoliciesLineItems" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:stringItemType"/>
  <xs:element id="cwd_AssetAcquisitionAssetsAcquiredAndLiabilitiesAssumedNet" abstract="false" name="AssetAcquisitionAssetsAcquiredAndLiabilitiesAssumedNet" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="cwd_NotesPayableWestFrontierHoldcoLLCMember" abstract="true" name="NotesPayableWestFrontierHoldcoLLCMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="cwd_NotesPayableFourPointsBySheratonHotelMember" abstract="true" name="NotesPayableFourPointsBySheratonHotelMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="cwd_IronwoodLLCMember" abstract="true" name="IronwoodLLCMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="cwd_RidgeIILLCMember" abstract="true" name="RidgeIILLCMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="cwd_NotesPayableHolidayInnOcotilloHotelMember" abstract="true" name="NotesPayableHolidayInnOcotilloHotelMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="cwd_IssuanceOfCommonStockInLieuOfCashPaymentForAccountsPayable" abstract="false" name="IssuanceOfCommonStockInLieuOfCashPaymentForAccountsPayable" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="cwd_IntercompanyNoteReceivableEliminatedInConsolidation" abstract="false" name="IntercompanyNoteReceivableEliminatedInConsolidation" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="cwd_AdvanceKeyMoney" abstract="false" name="AdvanceKeyMoney" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="cwd_OlatheBehavioralHealthMember" abstract="true" name="OlatheBehavioralHealthMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="cwd_BuybackObligationMeasurementInput" abstract="false" name="BuybackObligationMeasurementInput" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="xbrli:decimalItemType"/>
  <xs:element id="cwd_OrganizationAndLiquidityLineItems" abstract="true" name="OrganizationAndLiquidityLineItems" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:stringItemType"/>
  <xs:element id="cwd_NoncashOrPartNoncashConsolidationNotesPayableNet" abstract="false" name="NoncashOrPartNoncashConsolidationNotesPayableNet" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="cwd_RealEstateInvestmentPreferredReturnCommonEquity" abstract="false" name="RealEstateInvestmentPreferredReturnCommonEquity" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:percentItemType"/>
  <xs:element id="cwd_DebtInstrumentNumberOfShortTermLoans" abstract="false" name="DebtInstrumentNumberOfShortTermLoans" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="xbrli:integerItemType"/>
  <xs:element id="cwd_DebtInstrumentNumberOfCorporateNotes" abstract="false" name="DebtInstrumentNumberOfCorporateNotes" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="xbrli:integerItemType"/>
  <xs:element id="cwd_DebtInstrumentAnnualMaximumPrincipalReductionPercentage" abstract="false" name="DebtInstrumentAnnualMaximumPrincipalReductionPercentage" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="dtr-types:percentItemType"/>
  <xs:element id="cwd_NoncashOrPartNoncashDeconsolidationOtherLiabilities" abstract="false" name="NoncashOrPartNoncashDeconsolidationOtherLiabilities" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="cwd_NorthsightCrossingAZLLCMember" abstract="true" name="NorthsightCrossingAZLLCMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="cwd_NoncashOrPartNoncashConslidationAbstract" abstract="true" name="NoncashOrPartNoncashConslidationAbstract" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:stringItemType"/>
  <xs:element id="cwd_FiveYearTreasuryConstantFederalReserveIndexMember" abstract="true" name="FiveYearTreasuryConstantFederalReserveIndexMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="cwd_TheKetchLLCMember" abstract="true" name="TheKetchLLCMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="cwd_FranchiseAgreementTerm" abstract="false" name="FranchiseAgreementTerm" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:durationItemType"/>
  <xs:element id="cwd_ScheduleOfOtherLiabilitiesTable" abstract="true" name="ScheduleOfOtherLiabilitiesTable" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrldt:hypercubeItem" type="xbrli:stringItemType"/>
  <xs:element id="cwd_DeferredFranchiseFeesNet" abstract="false" name="DeferredFranchiseFeesNet" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="cwd_OtherRelatedPartyTransactionsMember" abstract="true" name="OtherRelatedPartyTransactionsMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="cwd_NotesPayableTucsonEastLLCMember" abstract="true" name="NotesPayableTucsonEastLLCMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="cwd_NoncashOrPartNoncashConsolidationOperatingLeaseRightOfUseAssets" abstract="false" name="NoncashOrPartNoncashConsolidationOperatingLeaseRightOfUseAssets" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="cwd_OrganizationAndLiquidityTable" abstract="true" name="OrganizationAndLiquidityTable" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrldt:hypercubeItem" type="xbrli:stringItemType"/>
  <xs:element id="cwd_BuybackProgramMember" abstract="true" name="BuybackProgramMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="cwd_WallStreetJournalPrimeRateMember" abstract="true" name="WallStreetJournalPrimeRateMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="cwd_DebtIssuanceCostsAmortizationAndWriteoffs" abstract="false" name="DebtIssuanceCostsAmortizationAndWriteoffs" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="cwd_LessorOperatingLeaseNumberOfProperties" abstract="false" name="LessorOperatingLeaseNumberOfProperties" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:integerItemType"/>
  <xs:element id="cwd_NotesPayableHamptonInnSuitesHotelMember" abstract="true" name="NotesPayableHamptonInnSuitesHotelMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="cwd_IncreaseDecreaseInPrepaidExpensesRightOfUseAssetsAndOtherAssets" abstract="false" name="IncreaseDecreaseInPrepaidExpensesRightOfUseAssetsAndOtherAssets" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="cwd_NoncashOrPartNoncashConsolidationOtherLiabilities" abstract="false" name="NoncashOrPartNoncashConsolidationOtherLiabilities" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
</xs:schema>
