CaliberCos Inc (NASDAQ: CWD) is an alternative asset management company that sponsors and manages real estate investment funds on behalf of individual and institutional investors. It earns revenue through fund management fees, fund set-up fees, and performance allocations tied to realized gains across its managed funds. As of December 31, 2025, CaliberCos had total assets under management of $517.2 million, spanning hospitality, residential, commercial, and credit strategies. The company has raised $769.3 million in total capital since inception through December 31, 2025. Its managed portfolio as of December 31, 2025 includes 1,796 multifamily units, 697 single-family units, 3.7 million square feet of commercial and industrial space, and 3.5 million square feet of office and retail under active development. CaliberCos estimates up to $104.2 million in potential performance allocations if all assets under development are brought to completion and sold. The company operates as a smaller reporting company and carries $29.6 million in unsecured promissory notes outstanding as of December 31, 2025, with a weighted average interest rate of 11.14%.

Revenue model

CaliberCos earns fund management fees (including a 0.7% fee on Caliber Hospitality Trust enterprise value), one-time fund set-up fees, and performance allocations upon asset realization. It also issues corporate promissory notes, which generated $3.6 million in interest expense for the year ended December 31, 2025, reflecting its use of note proceeds to grow assets under management.

Products and services

CaliberCos operates an alternative asset management platform across four fund strategies: hospitality (including Caliber Hospitality Trust), residential, commercial, and diversified credit. As of December 31, 2025, managed capital totaled $517.2 million, broken down as real estate hospitality $49.3 million, Caliber Hospitality Trust $97.0 million, residential $104.0 million, commercial $180.6 million, credit $82.2 million, and other $4.2 million. The firm also manages assets under development across multifamily, single-family, commercial, industrial, office, and retail property types.

Customers and end markets

CaliberCos raises capital from individual and institutional investors seeking exposure to alternative real estate assets. Investor demand is driven by interest rate conditions, return expectations relative to comparable products, and general economic conditions affecting appetite for alternative assets.

Value-chain role

CaliberCos acts as a fund sponsor and asset manager, originating, structuring, and managing real estate investment funds. It handles fund set-up, capital raising, asset acquisition, development oversight, and fund management on behalf of investors, positioning itself between capital providers and underlying real estate assets.

Geographic exposure

The filing references development assets in Colorado and hospitality assets sold during 2025, but does not specify a comprehensive geographic breakdown of the full portfolio. Operations appear concentrated in the United States.

Source: SEC 10-K, filed 2026-03-26

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