CaliberCos Inc. (Nasdaq: CWD) reported financial results for the third quarter ended September 30, 2026, and updated its 2026 outlook. The real estate-focused alternative asset manager announced a revision to its total Platform revenue guidance while reaffirming its profitability targets.
For the third quarter of 2026, the Company reported Platform revenue of $3.8 million, an increase of $0.3 million compared to the same period in 2025. This growth was driven by a $0.3 million rise in fund management fees and a $0.2 million increase in development and construction fees, partially offset by a $0.1 million decrease in financing fees.
Despite the revenue increase, the Platform reported a net loss of $4.3 million, or $0.43 per diluted share. However, the Company reported Platform Adjusted EBITDA of $0.1 million, marking the second consecutive quarter of positive Adjusted EBITDA. This figure was $0.8 million better than the third quarter of 2025.
Consolidated results for the quarter showed total revenue of $4.3 million and a consolidated net loss attributable to Caliber of $5.0 million, or $0.49 per diluted share. The Company also noted a non-cash provision for income taxes of $3.9 million in the third quarter.
In its 2026 outlook, Caliber revised its total Platform revenue guidance. The Company now expects total Platform revenue in the range of $15.0 million to $17.0 million. This range assumes no improvement in financing conditions through the end of the year. The revision reflects the shift of certain revenue previously expected in the fourth quarter into future periods due to tighter credit conditions extending financing timelines.
The Company reaffirmed its 2026 Platform Adjusted EBITDA profitability guidance. Management stated that the Platform Adjusted EBITDA was positive for the second consecutive quarter even as tighter credit moved several transactions into 2027.
Separately, Caliber highlighted progress in its tokenization strategy. The Company completed the tokenization of three additional real estate projects in November 2026, bringing the total to four tokenized offerings with up to $110 million in offered equity. The Company also holds 229,203 LINK tokens with a fair value of $3.3 million.
On the business development front, Caliber announced the formation of Caliber Tokenization Services, LLC, a new division providing full-service real-world asset tokenization engagements to family offices. Additionally, the Company broke ground on a Hyatt Studios extended stay hotel in Steamboat Springs, Colorado, in July 2026, and completed the refinancing of approximately $3.4 million of corporate promissory notes in September 2026.
