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CWD on Nasdaq

CaliberCos Inc.

CaliberCos Inc. is an American real estate company that raised $33.7 million in 2025 (SEC Form D).2 It is headquartered in Wilmington, United States.2 Its shares trade on Nasdaq under the symbol CWD.2

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Last updated Oct 21, 2026.

Overview

$15.2MRevenue, fiscal 20253
-$21.8MNet income, fiscal 20253

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  • TickerCWD on Nasdaq2
  • IndustryReal Estate2
  • HeadquartersWilmington, United States2
  • Incorporated inDE4
  • Business address8901 E. Mountain View Rd., Suite 150, Scottsdale, Az 852584
  • Filer category, Emerging growth company4
  • Legal formCorporation2
  • Kind of organizationReal estate vehicle2
  • LEI529900E3YYSEU8QM05982
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressc/o CORPORATION SERVICE COMPANY, 251 LITTLE FALLS DRIVE, 19808 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 69221152

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Over the past 16 years, we have grown into a leading diversified alternative asset management firm, with more than $2.6 billion in Managed Assets, comprised of $0.8 billion of assets under management (“AUM”) and $1.9 billion of assets under development (“AUD”).5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-143.4%Net margin3
-27.3%Revenue growth, 20253
-1635.3%Return on equity3

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs100¢$15.2M

Out of $15.2M in revenue.3 The company lost money this year.

Financial statements

Revenue673$15.2M in 2025−82% since 2022
0$25.0M$50.0M$75.0M$100.0M2022: $84.0M$84.0M20222023: $20.6M$20.6M2023−75%2024: $20.9M$20.9M2024+1%2025: $15.2M$15.2M2025−27%
Net income673-$21.8M in 2025
-$30.0M-$20.0M-$10.0M0$10.0M2022: $2.0M$2.0M20222023: -$12.7M-$12.7M20232024: -$19.8M-$19.8M2024+56%2025: -$21.8M-$21.8M2025+10%

Every line of the income statement as filed: the last 2 fiscal years, latest first.3

Period ending2025-12-312024-12-31
Revenue$15.2M$20.9M
Total revenues$20.1M$51.1M
Total expenses$27.7M$64.4M
Other expense, net-$3.3M-$3.1M
Change in fair value of digital assets-$5.8M$0
Interest income$356.0K$360.0K
Interest expense-$6.7M-$5.4M
Net loss before income taxes-$23.0M-$21.5M
Provision for income taxes$0$0
Net loss-$23.0M-$21.5M
Net loss attributable to noncontrolling interests-$1.2M-$1.7M
Net loss attributable to CaliberCos Inc.-$21.8M-$19.8M
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
Basic (in shares)2.8M shares1.1M shares
Diluted (in shares)2.8M shares1.1M shares

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What it owns

What CaliberCos Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$2.9M3 Dec 31, 2025$2.3M3 Dec 31, 2024+23.7%

Properties, in its own words

Our principal executive offices are located in Scottsdale, Arizona, where we own our headquarters office building. We also lease office space in Bryan, Texas. We consider these facilities to be suitable and adequate for the management and operation of our business.

Item 2 of the 10-K filed Mar 26, 2026.5

Leadership

Who has led CaliberCos Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. John C. Loeffler Ii.2023–2024

President

  1. Jennifer Schrader2024

Chief financial officer

  1. Jade Leung2023–2026
  2. Michael Rosales2026–now

Chief operating officer

  1. Jennifer Schrader2023
  2. Ignacio Martinez2024
  3. Gregory Randolph James2025–now
2025
Board members and other officers (8)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • DirectorDaniel Paul Hansen named Dec 11, 2024 to Nov 4, 202524

Former names

  • CaliberCo Inc.Dec 5, 2014 to Dec 5, 20144

Timeline

  1. Sep 15, 20268-K Entered a material agreement; Unregistered sale of shares; Regulation FD disclosure25
  2. Aug 27, 20268-K Regulation FD disclosure26
  3. Aug 26, 20268-K Listing notice or transfer27
  4. Aug 14, 20268-K Regulation FD disclosure28
  5. Aug 13, 20268-K Results of operations; Regulation FD disclosure29
  6. Aug 4, 20268-K Regulation FD disclosure30
  7. Jul 17, 20268-K Regulation FD disclosure31
  8. Jul 6, 20268-K Regulation FD disclosure32
  9. Jun 5, 20268-K Executive or director change; Regulation FD disclosure33
  10. May 15, 20268-K Shareholder vote34
  11. May 13, 20268-K Results of operations; Regulation FD disclosure35
  12. May 5, 20268-K Regulation FD disclosure36
  13. May 15, 2023New chief executive John C. Loeffler Ii. becomes CEO11
  14. Jun 7, 2018Founded CaliberCos Inc. is founded2

Calendar

Coming up

  1. Nov 12, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($1.70) a share, on Nov 13, 2025.37

When it reported results

  1. Aug 13, 2026Reported quarterly or annual results29
  2. May 13, 2026Reported quarterly or annual results35
  3. Mar 25, 2026Reported quarterly or annual results38
  4. Nov 13, 2025Reported quarterly or annual results39
  5. Oct 14, 2025Reported quarterly or annual results40
  6. Aug 14, 2025Reported quarterly or annual results41
  7. May 15, 2025Reported quarterly or annual results42
  8. Apr 2, 2025Reported quarterly or annual results43

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

292 filings to the SEC since October 2021: 4 annual reports, 11 quarterly reports, 116 major events, 58 insider forms, 4 private raises, 99 other. The latest 20:

  1. Sep 15, 20268-K EDGAR
  2. Aug 27, 20268-K EDGAR
  3. Aug 26, 20268-K EDGAR
  4. Aug 14, 20268-K EDGAR
  5. Aug 14, 202610-Q EDGAR
  6. Aug 13, 20268-K EDGAR
  7. Aug 4, 20268-K EDGAR
  8. Jul 17, 20268-K EDGAR
  9. Jul 6, 20268-K EDGAR
  10. Jul 1, 20264 EDGAR
  11. Jul 1, 20264 EDGAR
  12. Jul 1, 20264 EDGAR
  13. Jun 23, 20263 EDGAR
  14. Jun 23, 20263 EDGAR
  15. Jun 5, 20268-K CURRENT REPORT EDGAR
  16. May 21, 20264 EDGAR
  17. May 21, 20264 EDGAR
  18. May 20, 2026S-8 REGISTRATION STATEMENT EDGAR
  19. May 15, 20268-K EDGAR
  20. May 14, 202610-Q EDGAR

The 292 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

18 open-market trades by officers, directors and large owners since October 2021: 17 buys and 1 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Apr 4, 2025LEUNG JADECFOSale28,500$0.46$13.1KForm 4
Sep 3, 2024LOEFFLER JOHN C IICEOBuy6,001$0.64$3.8KForm 4
Aug 30, 2024LOEFFLER JOHN C IICEOBuy3,999$0.65$2.6KForm 4
Aug 29, 2024Trzupek MichaelDirectorBuy3,859$0.70$2.7KForm 4
Aug 28, 2024Trzupek MichaelDirectorBuy3,629$0.69$2.5KForm 4
Aug 27, 2024Trzupek MichaelDirectorBuy3,572$0.65$2.3KForm 4
Aug 19, 2024Taylor Lawrence X. IIIDirectorBuy1,000$0.61$610Form 4
Aug 16, 2024HANSEN DANIEL PAULDirectorBuy22,581$0.60$13.5KForm 4
Aug 16, 2024Taylor Lawrence X. IIIDirectorBuy1,000$0.70$700Form 4
Aug 15, 2024HANSEN DANIEL PAULDirectorBuy27,419$0.59$16.2KForm 4
May 23, 2024Taylor Lawrence X. IIIDirectorBuy1,000$0.95$950Form 4
May 22, 2024Taylor Lawrence X. IIIDirectorBuy5,000$0.98$4.9KForm 4
May 15, 2024LEUNG JADECFOBuy28,500$0.87$24.7KForm 4
Nov 13, 2023LOEFFLER JOHN C IICEOBuy6,000$1.42$8.5KForm 4
Sep 5, 2023LOEFFLER JOHN C IICEOBuy10,000$1.58$15.8KForm 4
Aug 31, 2023HANSEN DANIEL PAULDirectorBuy25,000$1.50$37.5KForm 4
Aug 29, 2023HANSEN DANIEL PAULDirectorBuy5,436$1.50$8.2KForm 4
Aug 28, 2023HANSEN DANIEL PAULDirectorBuy28,576$1.34$38.3KForm 4

From Forms 4 filed with the SEC.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Roy Bade63$350.0K$894.5K44
2025John C. “Chris” LoefflerII41$490.0K$513.1K44
2025Jade Leung52$375.0K$464.0K44
2025Jennifer Schrader44$450.0K$464.0K44
2025Greg James52$294.6K$397.8K44
2025Ignacio Martinez$182.5K$242.5K44
2024Chief Executive Officer and Chair of the Board$490.0K$889.3K44
2024President and Vice-Chair$450.0K$869.5K44
2024Former Chief Operating Officer$325.0K$776.2K44
2024Chief Development Officer$350.0K$743.3K44
2024Chief Financial Officer$375.0K$662.4K44

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Oct 28, 2025Raised $1.9 million in a private offering of equity Form D: $22 million offered in all Form D
  2. Nov 26, 2024Raised $2 million in a private offering of equity Form D: $15 million offered in all Form D
  3. Jan 18, 2023Raised $19.3 million in a private offering of debt Form D: $25 million offered in all Form D
  4. May 2, 2022Raised $10.5 million in a private offering of debt Form D: $15 million offered in all Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Susquehanna International Group, Llp56,489$37.0K0.0%New
Geode Capital Management, LLC55,390$36.3K0.0%−10,333
Vanguard Capital Management LLC36,497$23.9K0.0%+10,153
Vanguard Fiduciary Trust Co35,759$23.4K0.0%No change
XTX Topco Ltd28,765$18.8K0.0%+6,986
Northern Trust Corp20,604$13.5K0.0%+9,615
UBS Group AG15,869$10.4K0.0%+12,425
Tower Research Capital LLC (TRC)4,610$3.0K0.0%+2,226
Royal Bank Of Canada1,048$1.0K0.0%No change
DecisionPoint Financial, LLC142$920.0%No change
Crewe Advisors LLC121$800.0%No change
Barclays PLC61$400.0%New
Morgan Stanley38$250.0%No change
Hrt Financial LP28,219$180.0%New
Virtu Financial LLC19,306$130.0%New
Northwestern Mutual Wealth Management Co1$10.0%−1,237

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How CaliberCos Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARCaliberCos Inc.1
  • CIK0001627282
  • Employer ID (EIN)47-24269015
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company5
  • Incorporated inDelaware5
  • Fiscal year endsDecember 311
  • Industry code (SIC)6500 Real Estate1
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance1
  • Business address8901 E. Mountain View Rd., Suite 150, Scottsdale, AZ 852581
  • Phone480-295-76001
  • Shares outstanding6,682,240 Common Class A shares; 370,822 Common Class B shares as of Mar 23, 20265
  • Public float$2.4M as of Jun 30, 20255
  • AuditorUrish Popeck & Co., LLC, Pittsburgh, Pennsylvania PCAOB ID 1013; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceDec 5, 20141
  • Filings349 in all: 8-K (115), 4 (43), CORRESP (28), UPLOAD (21), 3 (14), 1-A/A (11), 10-Q (11), S-1/A (10)1
    All 43 form types

    424B5 (7), D (7), 253G2 (6), DEF 14A (6), EFFECT (5), 1-K (4), 424B3 (4), FWP (4), S-3 (4), 1-A (3), 1-A POS (3), 1-SA (3), 1-U (3), 10-K (3), DEFA14A (3), DOS/A (3), DOSLTR (3), QUALIF (3), S-8 (3), D/A (2), PRE 14A (2), S-1 (2), 1-A-W (1), 10-K/A (1), 3/A (1), 424B4 (1), 8-A12B (1), 8-K/A (1), CERT (1), DOS (1), DRS (1), DRS/A (1), DRSLTR (1), NT 10-K (1), S-1MEF (1)

  • Latest filingsAnnual report (10-K) Mar 26, 2026
    Quarterly report (10-Q) Aug 14, 2026
    Proxy statement (DEF 14A) Mar 31, 2026
    Latest 8-K (8-K) Sep 15, 2026

Securities registered for trading

ClassSymbolExchange
Class A common stock, $0.001 par value per shareCWDNasdaq

From the cover page of the 10-K filed Mar 26, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks CaliberCos Inc. names in Item 1A of its 10-K filed Mar 26, 2026: 61 risks under these headings, as written.5

  • Risks Related to Our Business
  • Our business depends in large part on our ability to raise capital for our funds from investors. If we were unable to raise such capital, we may be unable to grow our asset management revenues. The inability to deploy such capital into investments, may materially reduce our revenues and cash flows and adversely affect our financial condition.
  • Changes in prevailing interest rates may reduce our profitability, and we may not be able to adequately anticipate and respond to changes in market interest rates.
  • Inflation can have an adverse impact on our business and on our customers.
  • Changes in trade policies and tariffs imposed by the United States government and the governments of other nations may have a material adverse effect on our business and results of operations.
  • Adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults, or non-performance by financial institutions or transactional counterparties, could adversely affect our current and projected business operations and our financial condition and results of operations.
  • A decline in the pace of growth or size of investment made by our funds may adversely affect our revenues.
  • Our revenue, earnings, net income, and cash flows can all vary materially, which may make it difficult for us to achieve steady earnings growth on a quarterly basis and may cause the price of our Class A common stock to decline.
  • We could lose part or all of our investments, which could have a material adverse effect on our financial condition and results of operations.
  • We have an amount of total liabilities which may be considered significant for a company of our size which could adversely affect our financial condition and our ability to react to changes in our business.
  • We may not be able to generate sufficient cash to service all of our debt or refinance our obligations and may be forced to take other actions to satisfy our obligations under such indebtedness, which may not be successful.
  • The historical returns attributable to our funds should not be considered as indicative of the future results of our funds or of our future results or of any returns expected on an investment in our Class A common stock.
The other 50 risks
  • We may be subject to litigation risks and may face liabilities and damage to our professional reputation as a result of investment decisions on behalf of investors in our funds.
  • Actions of any joint venture partners that we may have could reduce the returns on joint venture investments.
  • Our reliance on third parties to operate and to develop certain of our properties may harm our business.
  • Changes in relevant tax laws, regulations, treaties, or an adverse interpretation of these items by tax authorities could adversely impact our effective tax rate and tax liability.
  • Conflicts of interest exist between us and related parties.
  • Risk management activities may adversely affect the return on our funds’ investments.
  • Our real estate funds are subject to the risks inherent in the ownership, development, and operation of real estate.
  • Investments by our investment funds may rank junior to investments made by others.
  • Rapid growth of our businesses may be difficult to sustain and may place significant demands on our administrative, operational, and financial resources.
  • We depend on our founders, senior professionals, and other key personnel, and our ability to retain them and attract additional qualified personnel is critical to our success and our growth prospects.
  • We may expand into new investment strategies, geographic markets and businesses, each of which may result in additional risks and uncertainties in our businesses.
  • We may not be successful in competing with companies in the asset management industry and alternative investment industries, some of which may have substantially greater resources than we do.
  • If we are unable to maintain and protect our intellectual property, or if third parties assert that we infringe their intellectual property rights, our business could suffer.
  • Security risks and attacks are common, increasing globally, and may result in significant liabilities.
  • Our failure to sufficiently secure our business and services may result in unauthorized access to investor data, a negative impact on our investor attraction and retention, and significant liabilities.
  • We depend on various cloud service providers operated by third parties, and any service outages, delays, or disruptions in these operations could harm our business and operating results.
  • If we are unable to implement and maintain effective internal control over financial reporting in the future, investors may lose confidence in the accuracy and completeness of our financial reports and the market price of our Class A common stock may decline.
  • Risks Related to Our Organizational Structure
  • The consolidation of investment funds or operating businesses of our portfolio companies could make it more difficult to understand our operating performance and could create operational risks for us.
  • Our Bylaws have an exclusive forum for adjudication of disputes provision which limits the forum to the Delaware Court of Chancery for certain stockholder litigation matters actions against us, which may limit an investor’s ability to seek what they regard as a favorable judicial forum for disputes with us or its directors, officers, employees, or stockholders.
  • If we were deemed to be an “investment company” under the Investment Company Act, applicable restrictions could make it impractical for us to continue our businesses as conducted and could have a material adverse effect on our businesses.
  • Extensive regulation of our businesses affects our activities and creates the potential for significant liabilities and penalties. The possibility of increased regulatory focus could result in additional burdens on our business. Changes in tax law and other legislative or regulatory changes could adversely affect us.
  • Risks Related to the Ownership of Our Class A Common Stock
  • The dual class structure of our common stock has the effect of concentrating voting control with our executive officers, which will limit your ability to influence the outcome of important transactions.
  • We may not be able to maintain a listing of our Class A common stock on Nasdaq.
  • Our share price has in the past and may in the future fluctuate substantially.
  • Future sales and issuances of our Class A common stock or rights to purchase Class A common stock, including pursuant to our equity incentive plans, could result in additional dilution of the percentage ownership of our stockholders and could cause the stock price of our Class A common stock to decline.
  • Our disclosure controls and procedures may not prevent or detect all errors or acts of fraud.
  • If we fail to implement and maintain an effective system of internal control, we may be unable to accurately report our operating results, meet our reporting obligations, or prevent fraud.
  • We are an emerging growth company, and we cannot be certain if the reduced reporting requirements applicable to emerging growth companies will make our Class A common stock less attractive to investors.
  • We are a “controlled company” within the meaning of the listing rules of Nasdaq and, as a result, can rely on exemptions from certain corporate governance requirements that provide protection to stockholders of other companies.
  • If securities or industry analysts do not publish research or publish unfavorable research about our business, our stock price and trading volume could decline.
  • We have never paid dividends on our common stock, and we do not intend to pay dividends for the foreseeable future. Consequently, any gains from an investment in our Class A common stock will likely depend on whether the price of our Class A common stock increases.
  • Our charter documents and Delaware law and the voting control exercised by our founders could prevent a takeover that stockholders consider favorable and could also reduce the market price of our stock.
  • Claims for indemnification by our directors and officers may reduce our available funds to satisfy successful third-party claims against us and may reduce the amount of money available to us.
  • Risks Related to Our Business and LINK Strategy
  • Our financial results and the market price of our common stock may be affected by the prices of LINK.
  • Our LINK holdings are less liquid than our existing cash and cash equivalents and may not be able to serve as a source of liquidity for us to the same extent as cash and cash equivalents.
  • Our Treasury Reserve Policy is new and has not been tested over time.
  • If we were deemed to be an “investment company” under Investment Company Act of 1940, as amended (the “Investment Company Act”), the applicable restrictions could make it impractical for us to continue our businesses as conducted and could have a material adverse effect on our businesses.
  • We are not subject to legal and regulatory obligations that apply to investment companies such as mutual funds and exchange-traded funds, or to obligations applicable to investment advisers.
  • We may be subject to additional tax liability if regulation or policy changes adversely affect the tax treatment of rewards from staking LINK.
  • We may face operational, technological, and security risks related to the acquisition and custody of our LINK holdings, including the loss of private keys required to access our LINK holdings and smart contract related losses and vulnerabilities.
  • We may suffer losses due to staking activities
  • The irreversibility of digital asset transactions exposes us to risks of theft, loss and human error, which could negatively impact our business.
  • The change in use of proceeds from our ELOC facility to include digital asset acquisitions may increase risk and reduce liquidity.
  • Our Treasury Reserve Policy exposes us to risk of non-performance by counterparties.
  • Our digital asset treasury strategy could create complications with third party service providers, such as insurance companies, banking entities and auditors, which could have a materially adverse impact on our business.
  • Technological obsolescence and competition could adversely affect the value of LINK.
  • The emergence or growth of other digital assets or other technologies, including those with significant private or public sector backing, could have a negative impact on the price of LINK and, consequently, adversely affect the market price of our Class A common stock.
  • The due diligence procedures conducted by us and our liquidity providers to mitigate transaction risk may fail to prevent transactions with a sanctioned entity.
  • The launch of central bank digital currencies (“CBDCs”) may adversely impact our business.
  • Intellectual property disputes related to the open-source structure of digital asset networks expose us to risks related to software development, security vulnerabilities and potential disruptions to digital asset technology could threaten our ability to operate.

Legal proceedings

We are, from time to time, party to various claims and legal proceedings arising out of our ordinary course of business, but we do not believe that any of these claims or proceedings will have a material effect on our business, consolidated financial condition or results of operations.

The opening of Item 3, Legal Proceedings.5

Sources

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