Q3 2025 Caliber Cos Inc Earnings Call

Operator: Thank you. I would now like to turn the call over to Ilya Grozovsky, Vice President of Investor Relations and Corporate Development. Please go ahead.

All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there'll be a question and answer session. If you'd like to ask a question. During this time simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question Press Star. One again. Thank you I would now like to turn the call over to Eddie.

Krasowski, Vice President of Investor Relations and corporate development. Please go ahead.

Good afternoon, everyone.

Welcome to calibers third quarter 2025 financial results Conference call.

Ilya Grozovsky: Good afternoon, everyone. Welcome to Caliber's Q3 2025 Financial Results Conference Call. With me today are Chris Loeffler, Chief Executive Officer and Co-founder, and Jade Leung, Chief Financial Officer of Caliber. Please note that we have a quarterly earnings presentation which will serve as a supplement to today's prepared remarks. You can access the presentation in the investor relations section of our website at www.caliberco.com. After management's commentary, we will open the call for questions. As a reminder, the information discussed today may include forward-looking statements that involve risks and uncertainties. Words like believe, expect, and anticipates refer to our best estimates as of this call, and there can be no assurances that these will actually take place. Our actual future results could differ significantly from these statements.

With me today are Chris Loughlin, Chief Executive Officer, and cofounder and J D O Chief Financial Officer of caliber. Please note that we have a quarterly earnings presentation, which will serve as a supplement to today's prepared remarks, you can access the presentation in the Investor Relations section of.

Our website at Ww <unk>.

<unk> dot caliber co dot com.

After management's commentary, we will open the call for questions.

As a reminder, the information discussed today may include forward looking statements that involve risks and uncertainties words like believe expect anticipates referred to our best estimates as of this call and there can be no assurances that these will actually take place so.

Speaker #1: All lines have been placed on mute to prevent any background noise. After the speakers remarks, there will be a question and answer session. If you'd like to ask a question during this Thank you for time, simply press star followed by standing by.

Our actual future results could differ significantly from these statements.

Further information on the company's risk factors is contained in the company's quarterly and annual reports filed with the Securities and Exchange Commission.

Ilya Grozovsky: Further information on the company's risk factors is contained in the company's quarterly and annual reports filed with the Securities and Exchange Commission. It is now my pleasure to turn the call over to Chris. Please go ahead.

Speaker #1: Thank you. I would now like to turn the CaliberCos Inc. 2025 earnings conference call. All lines have been placed call over to Ilya on mute to prevent any background Grozovsky, Vice President of Investor Relations, and Corporate noise.

It is now my pleasure to turn the call over to Chris.

Please go ahead.

Thank you <unk>. Good afternoon, everyone. The third quarter of 2025 was truly a transformational quarter for caliber.

Speaker #2: Good Good afternoon, everyone. Welcome

Chris Loeffler: Thank you, Ilya. Good afternoon, everyone. The Q3 of 2025 was truly a transformational quarter for Caliber. During the quarter, we expanded our business into digital asset investments, starting with the launch of our digital asset treasury or our DAT strategy. This DAT is anchored in Chainlink's LINK token, which we believe represents the best opportunity to invest in the infrastructure underlying decentralized finance. As the world of decentralized finance, or as it can often be referred to, DeFi, is still new to many, I'll take some time to share our point of view with you and where we see the opportunity. As we discuss DeFi, I'll also use the term digital finance to help you understand the differences between digital finance and traditional finance.

Speaker #2: to Caliber's results conference call.

During the quarter, we expanded our business into digital asset investments, starting with the launch of our digital asset treasury or our debt strategy.

Speaker #2: With me today are Chris Loeffler,

This debt is anchored in chain links linked Hogan, which we believe represents the best opportunity to invest in the infrastructure underlying decentralized finance.

Speaker #2: Financial Officer of Caliber.

As the world of decentralized financed or is it can often be referred to defy is still new to many I'll take some time to share our point of view with you and where we see the opportunity.

As we discussed defy I'll also use the term digital finance to help you understand the differences between digital finance and traditional finance.

Speaker #2: forward-looking statements that involve risks and You can access the presentation in You can access the presentation in uncertainties. Words like believe, the Investor Relations section of expect, and anticipate refer to our website at our best estimates as of this call, and there can be no www.caliberco.com.

One of the most active trends in finance as a whole is the movement of traditional finance or tread Fi unchain or onto blockchain technology. This is also called the merging of <unk> and <unk> <unk>.

Chris Loeffler: One of the most active trends in finance as a whole is the movement of traditional finance or TradFi on-chain or onto blockchain technology. This is also called the merging of TradFi and DeFi. Caliber's strategic decision to expand into digital asset investing positions the company at the forefront of this global trend. It also marks our expansion from a pure-play real estate asset management company to a diversified alternative asset manager, offering exposure to our shareholders across both real and digital assets. In connection with this expansion, we strengthened our balance sheet by raising more than $30 million, which improved our liquidity, reduced debt, and positioned Caliber for continued growth. We began accumulating LINK tokens under our new DAT policy, and to our knowledge, Caliber is now the first and largest LINK-based treasury company among US public companies.

Speaker #2: assurances that these will After management's commentary, we will actually take open the call for place. So our actual future questions. As a reminder, the information discussed today may include forward-looking statements that involve risks and.

Caliber strategic decision to expand into digital asset investing positions the company at the forefront of this global trend.

Speaker #2: results could differ significantly from these statements. Further information on the.

It also marks our expansion from a pure play real estate asset management company to a diversified alternative asset manager offering exposure to our shareholders across both real and digital assets.

In connection with this expansion, we strengthened our balance sheet by raising more than $30 million, which improved our liquidity reduced debt and positioned caliber for continued growth.

We began accumulating linked tokens under our new debt policy and to our knowledge caliber is now the first and largest linked based treasury company among U S public companies.

Operator: To the Caliber Q4, Q2 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you'd like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Thank you. I would now like to turn the call over to Ilya Grozovsky, Vice President of Investor Relations and Corporate Development. Please go ahead.

We also established the caliber crypto advisory board or <unk>.

Chris Loeffler: We also established the Caliber Crypto Advisory Board, or CCAB, bringing in leading experts from across blockchain, capital markets, and digital infrastructure to guide our expansion in this new asset class. Caliber has always sought the best people and advice it can find, and as we expand our business, we will continue to grow our reach in this new category of investment. Speaking to the first of three Caliber advisory board members, Peter Dorrius brings a significant compliance, structure, financial management, and technical expertise to Caliber regarding digital assets and blockchain. Blake Janover executed as the CEO, one of the most successful digital asset treasury transformations in the public markets this year, with his company becoming the first DAT investing in the Solana token.

Bringing in leading experts from across blockchain capital markets and digital infrastructure to guide our expansion in this new asset class.

<unk> always thought the best people and advisory can find and as we expand our business. We will continue to grow our reach in this new category of investment.

during the quarter, we expanded our business into digital asset Investments, starting with the launch of our digital asset treasury or our data strategy.

Speaking to the first of three caliber caliber Advisory Board members, Peter Doris brings a significant compliance structure financial management and technical expertise to caliber regarding digital assets and blockchain.

Ilya Grozovsky: Good afternoon, everyone. Welcome to Caliber's Q4, Q2 2025 financial results conference call. With me today are Chris Loeffler, Chief Executive Officer and Co-founder, and Jade Leong, Chief Financial Officer of Caliber. Please note that we have a quarterly earnings presentation, which will serve as a supplement to today's prepared remarks. You can access the presentation in the Investor Relations section of our website at www.caliberco.com. After management's commentary, we will open the call for questions. As a reminder, the information discussed today may include forward-looking statements that involve risks and uncertainties. Words like believe, expect, and anticipate refer to our best estimates as of this call, and there can be no assurances that these will actually take place. Our actual future results could differ significantly from these statements.

This data is anchored in Chainlink's linked token, which we believe represents the best opportunity to invest in the infrastructure underlying decentralized finance.

Jennifer executed as the CEO one of the most successful digital asset Treasury transformations in the public markets. This year with his company, becoming the first that investing in the Salon a token.

And where we see the opportunity.

And Michael <unk> has been a long standing board member of calibers as well as the financial architect of the public listing of core scientific one of the largest bitcoin mining companies in the United States.

Chris Loeffler: Michael Trzupek has been a long-standing board member of Caliber's, as well as the financial architect of the public listing of Core Scientific, one of the largest Bitcoin mining companies in the United States. Speaking to our DAT strategy, our goal is to continue building Caliber's Link holdings in a disciplined and measured manner. The early stage of this strategy is focused on Link accumulation and staking our tokens. Staking is a process that generates an annual yield to Caliber on its tokens held in Treasury, similar to a cash treasury generating annual interest. Our strategy offers investors who choose to invest in CWD stock rather than Link token directly the ability to obtain an actively managed, leveraged position in the future of Link, as well as the ability to generate a higher annual yield per token than they may otherwise be able to obtain.

Speaking to our debt strategy. Our goal is to continue building calibers Linc holdings in a disciplined and measured manner.

1 of the most active Trends in finance, as a whole is the movement of traditional Finance or tradfi on chain or on to blockchain technology. This is also called the merging of tradfi and defi

Caliber strategic decision to expand into digital asset investing positions, the company at the Forefront of This Global trend.

The early stage of this strategy is focused on link accumulation and staking our tokens.

<unk> is a process that generates an annual yield to caliber on its tokens held in treasury.

Similar to our cash treasury generating annual interest.

It also marks our expansion from a pure play, Real Estate, asset management company, to a diversified alternative asset manager, offering exposure to our shareholders across both real and digital assets.

Our strategy offers investors, who choose to invest and CWT stock rather than link token directly the ability to obtain an actively managed leverage position in the future of link as well as the ability to generate a higher annual yield per token then they may otherwise be able to obtain.

Ilya Grozovsky: Further information on the company's risk factors is contained in the company's quarterly and annual reports filed with the Securities and Exchange Commission. It is now my pleasure to turn the call over to Chris. Please go ahead.

In connection with this expansion, we strengthened our balance sheet by raising more than $30 million, which improved our liquidity to reduce debt and position caliber for continued growth.

Chris Loeffler: Thank you, Ilya. Good afternoon, everyone. Q4 2025 was truly a transformational quarter for Caliber. During the quarter, we expanded our business into digital asset investments, starting with the launch of our Digital Asset Treasury, or our DAT strategy. This DAT is anchored in Chainlink's LINK token, which we believe represents the best opportunity to invest in the infrastructure underlying decentralized finance. As the world of decentralized finance, or as it can often be referred to, DeFi, is still new to many, I'll take some time to share our point of view with you and where we see the opportunity. As we discuss DeFi, I'll also use the term digital finance to help you understand the differences between digital finance and traditional finance. One of the most active trends in finance as a whole is the movement of traditional finance, or TradFi, on-chain or onto blockchain technology.

Beyond the accumulation of link and staking for yield our long term vision is to utilize chain links infrastructure along with elements other elements of <unk> to <unk> calibers real estate funds.

We began accumulating link tokens under our new data policy, and to our knowledge, Caliber is now the first and largest link-based treasury company among U.S. public companies.

Chris Loeffler: Beyond accumulation of LINK and staking for yield, our long-term vision is to utilize Chainlink's infrastructure along with other elements of DeFi to tokenize Caliber's real estate funds, and the underlying real estate in those funds. The tokenization of real-world assets, including private equity real estate funds like those that Caliber creates and manages, is beneficial to improving the operations of those funds, improving the liquidity for investors in each fund, and improving the transparency for fund investors to understand what they own and what it is worth, and ultimately accelerating fundraising for Caliber and its family of funds through tokenized offerings. Caliber joins many of the great financial institutions in the United States in making a serious commitment to DeFi and the tokenization of its assets.

Hi.

And the underlying real estate in those funds.

We also established the caliber crypto Advisory board or ccab bringing in leading experts from across blockchain Capital markets and digital infrastructure to guide our expansion in this new asset class.

<unk> of real world assets, including private equity real estate funds like those that caliber creates and manages is beneficial to improving the operations of those funds.

Caliber has always sought the best people and advise you can find. And as we expand our business, we will continue to grow our reach in this new category of investment.

Proving the liquidity for investors in each funds and improving the transparency for fund investors to understand what they own and what it is worth and ultimately accelerating fundraising for caliber and its family of funds through token EIS offerings.

Speaking to the first of 3 uh Cal caliber Advisory board members. Peter dorius brings a significant compliance structure, financial management and Technical expertise to caliber regarding digital assets and blockchain.

Caliber joins many of the great financial institutions in the United States, and making a serious commitment to <unk> and the <unk> of its assets just in the last few months, we've seen the largest asset managers in the world exchanges and banks in the United States take advantage and take action to token is a wide range of financial instruments.

Blake janover executed as the CEO 1 of the most successful, digital asset treasury transformations in the public markets this year with his company, becoming the first dat investing in the salana token.

Chris Loeffler: This is also called the merging of TradFi and DeFi. Caliber's strategic decision to expand into digital asset investing positions the company at the forefront of this global trend. It also marks our expansion from a pure-play real estate asset management company to a diversified alternative asset manager, offering exposure to our shareholders across both real and digital assets. In connection with this expansion, we strengthened our balance sheet by raising more than $30 million, which improved our liquidity, reduced debt, and positioned Caliber for continued growth. We began accumulating LINK tokens under our new DAT policy, and to our knowledge, Caliber is now the first and largest LINK-based treasury company among US public companies. We also established the Caliber Crypto Advisory Board, or CCAB, bringing in leading experts from across blockchain, capital markets, and digital infrastructure to guide our expansion in this new asset class.

Chris Loeffler: Just in the last few months, we've seen the largest asset managers in the world, exchanges and banks in the United States take advantage and take action to tokenize a wide range of financial instruments, including stocks, bonds, and mutual funds. Commonly in the DeFi community, the discussion turns from tokenizing stocks and bonds to tokenizing private funds in real estate. This is the next frontier for tokenization, and Caliber expects to be an innovator in this space. While our business has expanded, our long-term objective continues to be ensuring that Caliber produces consistent, profitable growth while maintaining an annual EBITDA margin of 25% or greater on a sustainable basis. Touching on the real estate private equity industry that Caliber competes in, the backdrop for commercial real estate continues to improve.

And Michael troupe has been a long-standing board member of calibers as well as the financial architect of the public listing. Of course scientific 1 of the largest Bitcoin mining companies in the United States.

Including stocks bonds and mutual funds.

Commonly in the <unk> community the discussion turns from <unk> stocks bonds to <unk> private funds in real estate. This is the next frontier for <unk>.

Speaking to our debt strategy. Our goal is to continue building caliber's link Holdings in a disciplined and measured manner.

The early stage of this strategy is focused on link accumulation and staking our tokens

And caliber expects to be an innovator in this space.

While our business has expanded our long term objective continues to be ensuring that caliber produces consistent profitable growth, while maintaining an annual EBITDA margin.

staking is a process that generates an annual yield to caliber on its tokens held in Treasury.

Similar to a cash treasury generating annual interest.

25% or greater on a sustainable basis.

Touching on the real estate private equity industry that caliber can beat competes in the backdrop for commercial real estate continues to improve.

Our strategy offers investors who choose to invest in CWD stock rather than link token. Directly the ability to obtain an actively managed leveraged position in the future of link, as well as the ability to generate a higher annual yield per token than they may, otherwise be able to obtain.

We're seeing clear signs of stabilization in asset values.

Which we believe sets the stage for a multiyear opportunity cycled.

Chris Loeffler: We're seeing clear signs of stabilization in asset values, which we believe sets the stage for a multi-year opportunity cycle, one that aligns with Caliber's strengths in complex value add and distressed transactions. The passage of the One Big Beautiful Bill made the Opportunity Zone program permanent in the US tax code and reinstated 100% bonus depreciation. These provisions created strong tailwinds for Caliber's fund strategies and are expected to bolster fundraising and deployment activity across our platform. We remain focused on investing in hospitality, multi-family, and multi-tenant industrial real estate, which we believe offers Caliber's investor clients the best opportunities in the current market environment. Turning to financial visibility, we have updated our platform performance supplement through 30 September 2025.

One that aligns with caliber strengths and complex value add and distressed transactions.

Chris Loeffler: Caliber has always sought the best people and advice it can find, and as we expand our business, we will continue to grow our reach in this new category of investment. Speaking to the first of three Caliber Advisory Board members, Peter Dorius brings a significant compliance structure, financial management, and technical expertise to Caliber regarding digital assets and blockchain. Blake Janover executed as the CEO, one of the most successful digital asset treasury transformations in the public markets this year, with his company becoming the first DAT investing in the Solana token. Michael Trupek has been a longstanding board member of Caliber's, as well as the financial architect of the public listing of Core Scientific, one of the largest Bitcoin mining companies in the United States. Speaking to our DAT strategy, our goal is to continue building Caliber's LINK holdings in a disciplined and measured manner.

Beyond accumulation of link and staking for yield our long-term vision is to utilize chain. Link's infrastructure, along with elements, other elements of defi to tokenize calibers, real estate funds.

uh,

The passage of the one big beautiful Bill maybe opportunities on program permanent in the U S tax code and reinstated 100% bonus depreciation.

and the underlying real estate in those funds.

These provisions created strong tailwind for calibers fund strategies and are expected to bolster fundraising and deployment activity across our platform.

The tokenization of real world assets, including private Equity, Real Estate funds like those that caliber creates and manages is beneficial to improving the operations of those funds. Improving the liquidity for investors in each fund.

We remain focused on investing in hospitality multifamily and multi tenant industrial real estate, which we believe offers calibers investor clients the best opportunities in the current market environment.

And improving the transparency for fund investors to understand what they own and what it is worth.

And ultimately accelerating fundraising for caliber and its family of funds through tokenized offerings.

Turning to financial visibility, we have updated our platform performance supplement through September 32025, as a reminder, this supplement excludes consolidated assets to provide investors with a clearer view of calibers operating business.

Chris Loeffler: As a reminder, this supplement excludes consolidated assets to provide investors with a clear view of Caliber's operating business, the part of our financials that directly drives shareholder value. At quarter end, Caliber's estimated performance allocations or carried interest totaled $90.5 million, up sequentially from $84.8 million. We've continued to report this number each quarter since publishing it in our 2024 10-K to help investors better understand how incorporating carried interest into book value transforms the view of Caliber's underlying net worth. The full supplement is available on our website, and we encourage all shareholders to re-review it for additional insight to our true economic value beyond GAAP results. Continuing with some business updates, fundraising continues to strengthen in Q3, led by growth in our wholesale distribution channel.

Part of our financials that directly drives shareholder value.

Chris Loeffler: The early stage of this strategy is focused on LINK accumulation and staking our tokens. Staking is a process that generates an annual yield to Caliber on its tokens held in treasury, similar to a cash treasury generating annual interest. Our strategy offers investors who choose to invest in CWD stock rather than LINK token directly the ability to obtain an actively managed, leveraged position in the future of LINK, as well as the ability to generate a higher annual yield per token than they may otherwise be able to obtain. Beyond accumulation of LINK and staking for yield, our long-term vision is to utilize Chainlink's infrastructure, along with other elements of DeFi, to tokenize Caliber's real estate funds and the underlying real estate in those funds.

Caliber joins many of the great financial institutions in the United States in making a serious commitment to Defi and the tokenization of its assets, just in the last few months. We've seen the largest asset managers in the world exchanges and banks in the United States. Take advantage and take action to tokenize, a wide range of financial instruments, including stocks bonds and mutual funds.

At quarter end caliber estimated performance allocations for our carried interest totaled $95 million.

Sequentially from $84 8 million.

We've continued to report this number each quarter since publishing it in our 2024 10-K to help investors better understand how incorporating carried interest in the book value transforms the view of calibers underlying network.

And caliber expects to be an innovator in this space.

The full supplement is available on our website and we encourage all shareholders to review it for additional insight to our true economic value beyond GAAP results.

While our business has expanded, our long-term objective continues to be ensuring that Caliber produces consistent profitable growth while maintaining an annual EVA margin of 25% or greater on a sustainable basis.

Continuing to some business updates fund raising continues to strengthen in the third quarter led and led by growth in our wholesale distribution channel.

Touching on the real estate private Equity industry that caliber can be competes in the backdrop for commercial real estate continues to improve.

We're seeing clear signs of stabilization in asset values.

Managed capital reached $506 million up from $498 million in Q2 of 2025 and $485 million in the same quarter last year.

Which we believe sets the stage for a multi-year opportunity cycle.

Chris Loeffler: Managed capital reached $506 million, up from $498 million in Q2 2025, and $485 million in the same quarter last year. Wholesale fundraising production in Q3 exceeded all of 2024 combined. We added three new selling group relationships, and a total of eight firms contributed to revenues during the quarter. This momentum demonstrates that our distribution model is scaling and sets us up well for continued fundraising growth into 2026. Now I'll turn on up to updates on the assets that we manage and the performance of our managed real estate funds. In the interest of your time each quarter, I touch on what I believe are the most important changes that occurred during and after the quarter's end, but will not attempt to comprehensively discuss every movement in every fund.

Chris Loeffler: The tokenization of real-world assets, including private equity real estate funds like those that Caliber creates and manages, is beneficial to improving the operations of those funds, improving the liquidity for investors in each fund, and improving the transparency for fund investors to understand what they own and what it is worth, and ultimately accelerating fundraising for Caliber and its family of funds through tokenized offerings. Caliber joins many of the great financial institutions in the United States in making a serious commitment to DeFi and the tokenization of its assets. Just in the last few months, we've seen the largest asset managers in the world, exchanges, and banks in the United States take advantage and take action to tokenize a wide range of financial instruments, including stocks, bonds, and mutual funds.

1 that aligns with caliber strengths in complex value, add and distressed transactions.

Wholesale fund raising production in Q3 exceeded all of 2024 combined.

We added three new selling group relationships and a total of eight firms contributed to revenues during the quarter.

The passage of the 1, big beautiful, bill made the opportunity Zone Program, permanent in the US tax code and reinstated 100% bonus depreciation.

This momentum demonstrates that our distribution model is scaling and sets us up well for continued fundraising growth into 2026.

These Provisions created strong Tailwind for calibers, fund, strategies, and are expected to bolster fundraising and appointment activity across our platform.

Okay.

Now I'll turn it on up to updates on the assets that we manage in the performance of our managed real estate funds.

In the interest of your time each quarter I touch on what I believe are the most important changes that occurred during and after the quarter's end, but will not attempt to comprehensively discuss every movement in every fund.

we remain focused on investing in Hospitality multi, family and multi-tenant Industrial real estate, which we believe offers calibers, investor clients, the best opportunities in the current market environment,

turning to financial visibility, we have updated our platform performance supplement, through September 30th 2025,

These updates matter because of this caliber shareholders you benefit from the fees and carried interest generated by our managed funds and assets.

Chris Loeffler: These updates matter because as Caliber shareholders, you benefit from the fees and carried interest generated by our managed funds and assets. While you may not directly own those underlying properties, your returns are tied to the success of the investors and the funds that we manage, their performance is our performance. Starting with our Pure Pickleball & Padel project at Riverwalk in Scottsdale, Arizona, this development will deliver a world-class pickleball and padel facility featuring 50 courts, a full-service clubhouse, and a fitness center sponsored by HonorHealth. During Q3, our joint venture signed a 10-year exclusive agreement with Wolfgang Puck Catering, part of Compass Group, the largest food service provider in the country, to provide all food and beverage operations across Pure's restaurants, concessions, and event spaces.

Chris Loeffler: Commonly in the DeFi community, the discussion turns from tokenizing stocks and bonds to tokenizing private funds and real estate. This is the next frontier for tokenization, and Caliber expects to be an innovator in this space. While our business has expanded, our long-term objective continues to be ensuring that Caliber produces consistent, profitable growth while maintaining an annual EBITDA margin of 25% or greater on a sustainable basis. Touching on the real estate private equity industry that Caliber competes in, the backdrop for commercial real estate continues to improve. We're seeing clear signs of stabilization in asset values, which we believe sets the stage for a multi-year opportunity cycle, one that aligns with Caliber's strengths in complex value-add and distressed transactions. The passage of the One Big Beautiful Bill made the Opportunity Zone program permanent in the US tax code and reinstated 100% bonus depreciation.

As a reminder, this supplement excludes Consolidated assets to provide investors with a clear view of caliber's operating business.

While you may not directly on those underlying properties. Your returns are tied to the success of the investors in the funds that we manage so their performance is our performance.

The part of our financials that directly drives shareholder value.

Starting with our pure pickle ball and Padel project at Riverwalk in Scottsdale, Arizona. This development will deliver a world class Pickle ball and Padel facility featuring 50 courts are full service clubhouse and a fitness center sponsored by honor health.

at quarter, end calibers, estimated performance allocations or our carrying interest total 90.5 million up sequentially from 84.8 million,

During the third quarter, our joint venture signed a 10 year exclusive agreement with Wolfgang Puck catering part of Compass group, the largest foodservice provider in the country.

We've continued to report this number each quarter since publishing it in our 2024 10-K, to help investors better understand how incorporating carried interest in the book value transforms the view of Caliber's underlying network.

To provide all food and beverage operations across peers restaurants concessions and event spaces.

The full supplement is available on our website, and we encourage all shareholders to review it for additional insight into our true economic value beyond GAAP results.

As part of this agreement, we believe Compass group will deliver a significant amount of annual corporate event business to pure.

Chris Loeffler: As part of this agreement, we believe Compass Group will deliver a significant amount of annual corporate event business to Pure, and that, combined with Caliber's expert asset management team, will drive the project's profitability. On September 12, we completed and submitted our full construction document set, which has been accepted for review by the Salt River Pima-Maricopa Indian Community. This marks the start of the building permit process, the final step before vertical construction begins on the 186,000 sq ft facility. We expect construction to take up roughly 15 months once the permits are approved. Turning to Canyon Village, our large-scale mixed-use project in North Phoenix, the team has advanced to working drawings, with demolition permits expected immediately. Initial construction activities will proceed in parallel with final design completion.

And that combined with calibers expert asset management team will drive the project's profitability.

Uh, continuing with some business updates fundraising in the third quarter LED and led by growth in our wholesale distribution Channel.

On September 12, we completed and submitted our full construction documents that.

Manage Capital reached 506 million up from 498 million in Q2 of 2025 and 485 million in the same quarter last year.

Which has been accepted for review by the Salt River <unk> Indian community.

Chris Loeffler: These provisions created strong tailwinds for Caliber's fund strategies and are expected to bolster fundraising and deployment activity across our platform. We remain focused on investing in hospitality, multifamily, and multi-tenant industrial real estate, which we believe offers Caliber's investor clients the best opportunities in the current market environment. Turning to financial visibility, we have updated our platform performance supplement through 30 September 2025. As a reminder, this supplement excludes consolidated assets to provide investors with a clear view of Caliber's operating business, the part of our financials that directly drives shareholder value. At quarter end, Caliber's estimated performance allocations, or our carrying interest, totaled $90.5 million, up sequentially from $84.8 million. We've continued to report this number each quarter since publishing it in our 2024 10-K to help investors better understand how incorporating carrying interest in the book value transforms the view of Caliber's underlying net worth.

Wholesale fundraising production in Q3 exceeded all of 2024 combined.

This marks the start of the building permit process. The final step before vertical construction begins on the 186000 square foot facility.

We added 3, new selling group relationships, and a total of 8 firms contributed to revenues during the quarter.

We expect construction to take up roughly 15 months once the permits are approved.

Turning to Canyon village, our large scale mixed use project in North Phoenix. The team has advanced to working drawings with demolition permits expected immediately.

This momentum demonstrates that our distribution model is scaling and sets us up well for continued fundraising growth into 2026.

Now, I'll turn on up to updates on the assets that we manage in the performance of our managed, real estate funds.

Initial construction activities will proceed in parallel with final design completion.

We have secured a $57 million construction.

Construction loan commitment from the U S Department of housing and urban development or HUD to finance phase one of Canyon.

In the interest of your time, each quarter, I touch on what I believe are the most important changes that occurred during and after the quarter's end, but will not attempt to comprehensively discuss every movement in every fund.

Chris Loeffler: We've secured a $57 million construction loan commitment from the U.S. Department of Housing and Urban Development, or HUD, to finance phase 1 of Canyon. The underwriting process is ongoing. We expect to close in Q1 2026, subject to customary closing conditions. This long-term fixed rate financing structure may improve project economics and may have the potential to boost returns beyond those modeled in the current pro forma.

The underwriting process is ongoing and we expect to close in the first quarter of 2026 subject to customary closing conditions.

These updates matter because this caliber shareholders you benefit from the fees and carried interest generated by our managed funds and assets.

This long term fixed rate financing structure and May improve project economics and may have the potential to boost returns beyond those model in the current pro forma.

While you may not directly owned those, underlying properties your returns are tied to the success of the investors and the funds that we manage. So their performance is our performance.

Kenyan is well located to the benefit to benefit from major regional investments, including TSMC or Taiwan semiconductors $165 billion semiconductor plant in Phoenix, and Apple's announced $100 billion U S infrastructure expansion.

Chris Loeffler: Canyon is well-located to benefit from major regional investments, including TSMC or Taiwan Semiconductor's $165 billion semiconductor plant in Phoenix and Apple's announced $100 billion US infrastructure expansion. Adjacent to our project, we are pleased to share the planned $800 million redevelopment of the former Metro Center Mall, now branded The Metropolitan, has moved into active construction, strengthening the area's demand drivers and positioning Canyon for long-term success. At Encore, we made steady progress on financing and development during the quarter. Last week, the project was approved by Town Council in Johnstown for a Special Improvement District, or SID financing, which provides for approximately $14 million in infrastructure financing via the sale of bonds. Engineering and permitting for Highway 34 are complete, and final and civil utility construction plans have been approved.

Starting with our Pure pickle ball and padel project Inn at Riverwalk in Scottsdale Arizona, this development will deliver a world-class pickle ball and Fidel facility featuring 50 quarts. A full service Clubhouse and a fitness center sponsored by Honor health.

Chris Loeffler: The full supplement is available on our website, and we encourage all shareholders to review it for additional insight to our true economic value beyond GAAP results. Continuing with some business updates, fundraising continues to strengthen in Q4, led by growth in our wholesale distribution channel. Managed capital reached $506 million, up from $498 million in Q2 2025 and $485 million in the same quarter last year. Wholesale fundraising production in Q3 exceeded all of 2024 combined. We added three new selling group relationships, and a total of eight firms contributed to revenues during the quarter. This momentum demonstrates that our distribution model is scaling, and sets us up well for continued fundraising growth into 2026. Now I'll turn to updates on the assets that we manage and the performance of our managed real estate funds.

During the third quarter, our joint ventures signed a 10-year exclusive agreement with Wolfgang Puck Catering, part of Compass Group, the largest food service provider in the country.

Adjacent to our project, we are pleased to share that the planned $800 million redevelopment of the former Metro Center Mall now branded the Metropolitan has moved into active construction strengthening the areas demand drivers and positioning <unk> for long term success.

To provide all food and beverage operations across, pure's restaurants, concessions and event spaces.

As part of this agreement, we believe Compass Group will deliver a significant amount of annual corporate event business to Pure.

And that combined with caliber's expert asset management team will drive the Project's profitability.

Okay.

At Encore, we made steady progress on financing and development during the quarter.

On September 12th, we completed and submitted our Full Construction document set.

Last week. The project was approved by town Council and Johnstown for a special improvement district, or Sid financing, which provides for approximately $14 million in infrastructure financing via the sale of bonds.

Which has been accepted for review by the Salt River team of the Maricopa Indian Community.

This marks the start of the building permit process. The final step before vertical construction begins on the 1,866-square-foot facility.

Engineering and permitting for highway 34, our complete and final in civil utility construction plans have been approved the overall onsite infrastructure build out is expected to take approximately 14 months following the start of construction.

We expect construction to take a roughly 15 months once the permits are approved.

Chris Loeffler: In the interest of your time, each quarter I touch on what I believe are the most important changes that occurred during and after the quarter's end, but will not attempt to comprehensively discuss every movement in every fund. These updates matter because, as Caliber shareholders, you benefit from the fees and carried interest generated by our managed funds and assets. While you may not directly own those underlying properties, your returns are tied to the success of the investors and the funds that we manage, so their performance is our performance. Starting with our Pure Pickleball and Padel Project at Riverwalk in Scottsdale, Arizona, this development will deliver a world-class pickleball and padel facility featuring 50 courts, a full-service clubhouse, and a fitness center sponsored by Honor Health.

Chris Loeffler: The overall on-site infrastructure build-out is expected to take approximately 14 months following the start of construction. Caliber continues to advance negotiations with several national retailers for pad sites. Property sales are targeted to begin in late 2026 following substantial completion of the on-site improvements. In terms of Caliber's primary hotel investment vehicle, Caliber Hospitality Trust, we are working on refinancing several of the hotels in the CHT portfolio and using the capital for improvements to the properties in order to grow their net operating income. We continue to advance a strong pipeline of acquisition opportunities for CHT, including both cash transactions and tax-deferred portfolio acquisitions. We look forward to announcing these acquisitions once closing timelines are firmly established. Overall, the Q3 was a turning point for Caliber.

Turning to Canyon Village our large-scale mixed-use project in North Phoenix. The team is Advanced to working drawings with demolition permits expected immediately.

Caliber continues to advanced negotiations with several national retailers for pad sites and property sales are targeted to begin in late 2026, following substantial completion of the onsite improvements.

Initial construction activities will proceed in parallel with final design completion.

In terms of calibers primary hotel investment vehicle caliber hospitality Trust, we are working on refinancing several of the hotels in the CHP portfolio and using the capital for improvements to the properties in order to grow their net operating income.

Department of Housing and Urban Development or HUD to finance Phase 1 of Canyon.

The underwriting process is ongoing and we expect to close in the first quarter of 2026 subject to customary closing conditions.

We continue to advance our strong pipeline of acquisition opportunities for <unk>, including both cash transactions and tax deferred portfolio acquisitions.

This long-term fixed rate financing structure, May improve project economics and may have the potential to boost returns Beyond those models in the current proforma.

Chris Loeffler: During Q4, our joint venture signed a 10-year exclusive agreement with Wolfgang Puck Catering, part of Compass Group, the largest food service provider in the country, to provide all food and beverage operations across Pure's restaurants, concessions, and event spaces. As part of this agreement, we believe Compass Group will deliver a significant amount of annual corporate event business to Pure, and that, combined with Caliber's expert asset management team, will drive the project's profitability. On 12 September 2023, we completed and submitted our full construction document set, which has been accepted for review by the Salt River Pima-Maricopa Indian Community. This marks the start of the building permit process, the final step before vertical construction begins on the 186,000sq ft facility. We expect construction to take roughly 15 months once the permits are approved.

We look forward to announcing these acquisitions once closing timelines are firmly established.

Overall, the third quarter was a turning point for caliber we strengthened our balance sheet with more than $30 million in new capital reduce debt and launched our digital asset treasury expanding caliber into a diversified alternative asset manager with exposure to both real and digital markets.

Canyon is well-located to the benefit to benefit from major regional Investments including tsmc or Taiwan semiconductors 10665 billion dollar semiconductor plant in Phoenix and Apple's announced. 100 billion dollar US infrastructure expansion.

Chris Loeffler: We strengthened our balance sheet with more than $30 million in new capital, reduced debt, and launched our digital asset treasury, expanding Caliber into a diversified alternative asset manager with exposure to both real and digital markets. Operationally, we made meaningful progress across our core projects, advancing financings, permitting, and construction milestones that position our funds and assets for value creation in the quarters ahead. Our fundraising momentum continues to build, supported by the growing reach of our wholesale distribution channel and a favorable legislative environment for Opportunity Zone investing. Taken together, these accomplishments create a stronger and more resilient platform with improved liquidity, expanding uses of fee income, and a clear path towards sustainable profitability in 2026. With that, I'll turn it over to Jade to review our platform financial results and provide more insights into Caliber's business performance.

Operationally, we made meaningful progress across our core projects.

Advancing financings permitting and construction milestones that position our funds in assets for value creation in the quarters ahead.

Adjacent to our project. We are pleased to share the the plan 800 million dollar Redevelopment of the former Metro Center mall. Now branded the Metropolitan has moved into active construction. Strengthening the areas demand drivers and positioning Canyon for long term success.

Our fundraising momentum continues to build supported by the growing reach of our wholesale distribution channel and a favorable legislative environment for opportunities zoned investing.

At Encore, we made steady progress on financing and development during the quarter.

Taken together these accomplishments created stronger and more resilient platform with improved liquidity expand expanding uses of fee income and a clear path towards sustainable profitability in 2026.

Last week, the project was approved by Town Council in Johnstown, for a special improvement district or CID financing, which provides for approximately 14 million dollars in infrastructure, financing via the sale of bonds.

Chris Loeffler: Turning to Canyon Village, our large-scale mixed-use project in North Phoenix, the team has advanced to working drawings, with demolition permits expected immediately. Initial construction activities will proceed in parallel with final design completion. We've secured a $57 million construction loan commitment from the US Department of Housing and Urban Development, or HUD, to finance phase one of Canyon. The underwriting process is ongoing, and we expect to close in the first quarter of 2026, subject to customary closing conditions. This long-term fixed-rate financing structure may improve project economics, and may have the potential to boost returns beyond those modeled in the current pro forma. Canyon is well located to benefit from major regional investments, including TSMC, or Taiwan Semiconductor's $165 billion semiconductor plant in Phoenix, and Apple's announced $100 billion US infrastructure expansion.

With that I'll turn it over to James to review our platform financial results and provide more insights into calibers business performance.

Engineering and permitting for Highway, 34 complete and final and civil utility. Construction, plans have been approved. The overall on-site infrastructure buildout is expected to take, approximately 14 months following, the start of construction.

Thank you Chris good afternoon, everyone.

I wanted to start with an update on the improvement of calibers balance sheet. During the third quarter, we raised about $30 million in gross proceeds via both our series Dunaway and newly issued series B preferred stock. In addition to the common stock we issued through our <unk> and ATM programs.

Jade Leung: Thank you, Chris. Good afternoon, everyone. I wanted to start with an update on the improvement of Caliber's balance sheet. During Q3, we raised about $30 million in gross proceeds via both our Series AA and newly issued Series B preferred stock. In addition to the common stock we issued through our ELOC and ATM programs. Our Series B are a perpetual convertible preferred that converts at $250 per share. At the end of Q3, we held approximately $10 million in cash, $10 million in our LINKed digital treasury, and transformed our nearly -$17 million in shareholders' equity into a +$6 million shareholders' equity.

Caliber continues to advance negotiations with several National retailers for pad sites and property sales are targeted to begin in late 2026, following substantial completion of the Insight improvements.

Our series B.

In terms of calibers, the primary hotel investment vehicle caliber is the Hospitality Trust. We are working on refinancing several of the hotels in the CHT portfolio and using the capital for improvements to the properties in order to grow their net operating income.

Perpetual convertible preferred that converts that $2 $250 per share.

And at the end of Q3, we held approximately $10 million in cash $10 million and our link digital treasury and transformed our nearly $17 million in negative shareholders' equity into a positive $6 million a.

We continue to advance a strong pipeline of acquisition opportunities for CHT, including both cash, transactions, and tax deferred portfolio acquisitions.

We look forward to announcing these Acquisitions. Once closing, timelines are firmly established.

Chris Loeffler: Adjacent to our project, we are pleased to share that the planned $800 million redevelopment of the former Metro Center Mall, now branded The Metropolitan, has moved into active construction, strengthening the area's demand drivers and positioning Canyon for long-term success. At Encore, we made steady progress on financing and development during the quarter. Last week, the project was approved by town council in Johnstown for a special improvement district, or SID, financing, which provides for approximately $14 million in infrastructure financing via the sale of bonds. Engineering and permitting for Highway 34 are complete, and final and civil utility construction plans have been approved. The overall on-site infrastructure build-out is expected to take approximately 14 months following the start of construction.

Shareholders' equity.

A few weeks ago, we announced that we believed we had met the NASDAQ listing requirements of a minimum of $2 5 million in shareholders' equity and our Q3 results will prove and such.

Jade Leung: A few weeks ago, we announced that we believed we had met the Nasdaq listing requirements of a minimum of two and a half million in shareholders' equity. Our Q3 results will prove as such. Our delisting notice came as a result of the application of certain complex technical accounting conclusions around our consolidation model. We believe we have and will continue to take the necessary measures to meet and maintain compliance with this requirement going forward. Turning to an update on our corporate notes, as of the end of Q3, we had 194 individual unsecured notes with an aggregate principal balance of approximately $31.5 million, of which about $24.4 million will mature within the next 12 months. Each note generally has a 12-month term with an option to extend for an additional 12 months.

Overall, the third quarter was a turning point for Caliber. We strengthened our balance sheet, with more than $30 million in new capital, reduced debt, and launched our digital asset treasury, expanding Caliber into a diversified alternative asset manager with exposure to both real and digital markets.

Delisting notice came as a result of the application of certain complex technical accounting conclusions around our consolidation model. When we believe we have and will continue to take the necessary measures to meet and maintain compliance with this requirement going forward.

Operationally we made meaningful progress across our core projects advancing financings permitting, and construction, Milestones, that position, our funds and assets for Value Creation in the quarters ahead.

Turning to an update on our corporate notes as of the end of Q3, we had 194 individual unsecured notes with an aggregate principal balance of approximately $31 5 million.

Our fundraising moment and continues to build supported by the growing reach of our wholesale distribution Channel, and a favorable legislative environment for opportunity and Zone. Investing

Of which about $24 4 million.

While mature within the next 12 months.

Each note generally has a 12 months term with an option to extend for an additional 12 months.

Taken together these accomplishments created stronger and more resilient platform with improved liquidity. Expand expanding uses of fee income and a clear path towards sustainable profitability in 2026.

Chris Loeffler: Caliber continues to advance negotiations with several national retailers for pad sites, and property sales are targeted to begin in late 2026, following substantial completion of the on-site improvements. In terms of Caliber's primary hotel investment vehicle, Caliber Hospitality Trust, we are working on refinancing several of the hotels in the CHT portfolio and using the capital for improvements to the properties in order to grow their net operating income. We continue to advance a strong pipeline of acquisition opportunities for CHT, including both cash transactions and tax-deferred portfolio acquisitions. We look forward to announcing these acquisitions once closing timelines are firmly established. Overall, Q4 was a turning point for Caliber. We strengthened our balance sheet with more than $30 million in new capital, reduced debt, and launched our digital asset treasury, expanding Caliber into a diversified alternative asset manager with exposure to both real and digital markets.

Subsequent to the end of the third quarter, we announced that calibers board of directors approved a note holder conversion program.

Jade Leung: Subsequent to the end of Q3, we announced that Caliber's Board of Directors approved a note holder conversion program authorizing the ability of holders of certain of Caliber's unsecured corporate notes to convert their notes into shares of the company's Class A common stock. The program allows note holders to convert notes in tranches, each tranche allowing up to an aggregate of 3 million to be converted. Participation in the program is entirely voluntary, with conversion prices determined according to Nasdaq's rules for market transactions. The program is expected to significantly reduce leverage, improve stockholders' equity, and increase financial flexibility as Caliber advances towards its goal of profitability in 2026. The first $1.9 million in voluntary conversions has already been filed with the commission.

With that, I'll turn it over to Jade to review our platform Financial results and provide more insights into caliber's business performance.

Authorizing the ability of holders of certain of calibers unsecured corporate notes to convert their notes into shares of the company's class a common stock.

Thank you. Chris, uh, good afternoon everyone.

The program allows noteholders to convert notes in trenches, each tranche, allowing up to an aggregate of $3 million to be converted.

Participation in the program is entirely voluntary with.

With conversion prices determined according to NASDAQ rules for market transactions.

The program is expected to significantly reduce leverage improve stockholders' equity and increase financial flexibility as caliber advances towards its goal of profitability in 2026.

I wanted to start with an update on the Improvement of caliber's balance sheet. During the third quarter, we raised about 30 million in Gross proceeds via both our series double A and newly issued series. B, preferred stock in addition to the common stock, we issued through our ELO and ATM programs, our series. B are a Perpetual convertible preferred that converts that to Dollar $250 per share.

The first $1 $9 million in voluntary conversions has already been filed with the commission.

We also continue to address the debt.

and at the end of Q3, we held approximately $10 million in cash, $10 million in our link digital Treasury, and transformed, our nearly 17 million dollars in negative shareholders Equity into a positive, 6 million dollars, uh, of shareholders equity,

Address our corporate debt via our two preferred stock offerings, a series a and a series Dunaway the series a as our private placement of convertible preferred stock through which we can raise up to $15 million to date, we have raised.

Jade Leung: We also continue to address our corporate debt via our 2 preferred stock offerings, a Series A and a Series AA. The Series A is our private placement convertible preferred stock through which we can raise up to $15 million. To date, we have raised approximately $2.4 million. In Series AA, the Series AA is a Reg A+ offering to raise up to $20 million. Half of the proceeds from the Series AA are expected to be used to repay matured corporate notes. The other half will be used for general corporate purposes, including funding Caliber's plans for growth. To date, we have raised approximately $3.2 million. We believe these measures are a part of a holistic plan of strong corporate finance, and they will help us manage satisfying our commitments as they come due.

Chris Loeffler: Operationally, we made meaningful progress across our core projects, advancing financings, permitting, and construction milestones that position our funds and assets for value creation in the quarters ahead. Our fundraising momentum continues to build, supported by the growing reach of our wholesale distribution channel and a favorable legislative environment for Opportunity Zone investing. Taken together, these accomplishments create a stronger and more resilient platform with improved liquidity, expanding uses of fee income, and a clear path towards sustainable profitability in 2026. With that, I'll turn it over to Jade to review our platform financial results and provide more insights into Caliber's business performance. Thank you, Chris. Good afternoon, everyone. I wanted to start with an update on the improvement of Caliber's balance sheet.

a few weeks ago, we announced that we believed we had met the NASDAQ listing requirements of a minimum of 2 and a half million in shareholders equity and our q33 results will prove as such

Approximately $2 4 million.

And serious double a the series <unk>, the Reg a plus offerings to raise up to $20 million half of the proceeds from the series Dunaway are expected to be used to.

Our D listing, notice came as a result of the application of certain complex, technical accounting, inclusions around our consolidation model and we believe we have and will continue to take the necessary measures to meet and maintain compliance with this requirement going forward.

To repay matured corporate notes the other half will be used for general corporate purposes, including including funding funding calibers plans for growth.

Turning to an update on our corporate notes. As of the end of Q3, we had 194 individual unsecured notes.

We have raised approximately $3 2 million.

We believe these measures are a part of a holistic plan of strong corporate finance.

With an aggregate principal balance of approximately $31.5 million, of which about $24.4 million.

Will mature within the next 12 months?

And they will help us manage satisfying our commitments as they come due.

A 12-month term with an option to extend for an additional 12 months.

Now turning to our results for the third quarter of 2025.

Jade Leung: Now turning to our results for Q3 2025. 2025 Q3 platform revenue was approximately $3.5 million, a decrease of 52.7% from the prior year quarter. While we saw modest expansion in our asset management fees, overall fund management fees declined due to one-time revenues earned in the same quarter of 2024 from opening new funds. We also saw a meaningful slowdown in our construction and development activities of approximately $2.5 million compared to the prior year same quarter. We continue to identify and close on financings for our projects, and while we have seen some improvement in the financing market, closing timelines have elongated.

2025, Q3 platform revenue was.

Approximately $3 $5 million a decrease of $5.

Chris Loeffler: During Q4, we raised about $30 million in gross proceeds via both our Series AA and newly issued Series B preferred stock, in addition to the common stock we issued through our ELOC and ATM programs. Our Series B are a perpetual convertible preferred that converts at $250 per share. At the end of Q3, we held approximately $10 million in cash, $10 million in our LINK digital treasury, and transformed our nearly $17 million in negative shareholders' equity into a positive $6 million of shareholders' equity. A few weeks ago, we announced that we believed we had met the NASDAQ listing requirements of a minimum of $2.5 million in shareholders' equity, and our Q3 results will prove as such.

<unk> 52, 7% from the prior year quarter.

Subsequent to the end of the third quarter, we announced that caliber's board of directors. Approved a note holder conversion program, authorizing, the ability of holders of certain of calibers, unsecured, corporate notes, to convert their notes into shares of the company's class a common stock.

While we saw modest expansion in our asset management fees overall fund management fees declined due to onetime revenues earned in the same quarter of 2024 from opening new funds.

The program allows node holders to convert notes in branches each tanch allowing up to an aggregate of 3 million to be converted.

We also saw a meaningful slowdown in our construction and development activities of approximately $2 $5 million.

Participation in the program is entirely voluntary.

With conversion prices determined according to nasdaq's rules for Market transactions.

Compared to the prior year same quarter.

We continue to identify and close on financing financings for our projects and while we have seen some improvement in the financing market closing timelines have elongated project financing that we expected to be closed and available for Q3 has pushed into Q4 and Q1 of 2020 at which time we.

The program is expected to significantly, reduce leverage, improved stockholders equity and increase Financial flexibility as caliber advances towards its goal of profitability in 2026.

The first 1.9 million in voluntary? Conversions has already been filed with the commission.

Jade Leung: Project financing that we expected to be closed and available for Q3 has pushed into Q4 and Q1 2026, at which time we anticipate our construction and development revenues will rebound. Total platform expenses in Q3 were $five and a half million, a decrease of 47% compared to last year's Q3 expenses of $10.4 million, primarily due to a decrease in operating costs related to payroll and payroll-related expenses. Average employee headcount decreased 44% from Q3 2024 to Q3 2025 as part of our continued comprehensive cost-saving initiatives to return Caliber to profitability. We are now seeing and will continue to see the impact of our cost reduction efforts we began implementing this time a year ago.

We also continue to address the debt.

<unk>, our construction and development revenues will rebound.

Chris Loeffler: Our delisting notice came as a result of the application of certain complex technical accounting conclusions around our consolidation model, and we believe we have and will continue to take the necessary measures to meet and maintain compliance with this requirement going forward. Turning to an update on our corporate notes, as of the end of Q3, we had 194 individual unsecured notes with an aggregate principal balance of approximately $31.5 million, of which about $24.4 million will mature within the next 12 months. Each note generally has a 12-month term with an option to extend for an additional 12 months. Subsequent to the end of Q4, we announced that Caliber's board of directors approved a noteholder conversion program authorizing the ability of holders of certain of Caliber's unsecured corporate notes to convert their notes into shares of the company's Class A common stock.

Total platform expenses in Q3 were $5 5 million a decrease of 47% compared to last year's Q3 expenses of $10 4 million, primarily due to a decrease in operating costs related to payroll and payroll related expenses.

Address our corporate debt via our 2, preferred stock offerings, a series A and A series, double a, the series a is our private placement, convertible, preferred, stock through which we can raise up to 15 million. Today, we have raised

Approximately 2.4 million.

Average employee head count decreased 44% from Q3 2024 to Q3 2025.

In series, double a, the series double A is a reggae plus offering to raise up to 20 million, half of the proceeds from the series. AA are expected to be used.

As part of our continued comprehensive cost savings initiatives to return caliber to profitability.

We are now seeing and we'll continue to see the impact of our cost reduction efforts. We began implementing this time a year ago.

To repay matured corporate notes. The other half will be used for General Corporate purposes including including funding funding, calibers plans for growth.

To date, we have raised approximately $3.2 million.

These impacts on our performance translate the platform adjusted EBITDA loss for the third quarter of 700000 compared to a platform adjusted EBITDA of $2 4 million during the same period a year ago.

We believe these measures are part of our holistic plan for strong corporate finance.

Jade Leung: These impacts on our performance translate to platform-adjusted EBITDA loss for Q3 of $700,000, compared to a platform-adjusted EBITDA of $2.4 million during the same period a year ago. Managed capital was $506 million, a 4% increase compared to the year-ago quarter. I'll now turn it back to Ilya for your questions.

And they will help us manage satisfying or commitments as they come due.

now, turning to our results for the third quarter of 2025

Managed capital was $506 million, a 4% increase compared to the year ago quarter.

Chris Loeffler: The program allows noteholders to convert notes in tranches, each tranche allowing up to an aggregate of $3 million to be converted. Participation in the program is entirely voluntary, with conversion prices determined according to NASDAQ's rules for market transactions. The program is expected to significantly reduce leverage, improve stockholders' equity, and increase financial flexibility as Caliber advances towards its goal of profitability in 2026. The first $1.9 million in voluntary conversions has already been filed with the commission. We also continue to address our corporate debt via our two preferred stock offerings, a Series A and a Series AA. The Series A is our private placement convertible preferred stock through which we can raise up to $15 million. To date, we have raised approximately $2.4 million. In Series AA, the Series AA is a Reg A plus offering to raise up to $20 million.

I'll now turn it back to Julia for your questions.

2025 Q3 platform. Revenue was approximately 3 and a half million dollars, a decrease of

5 52.7% from the prior year quarter.

Operator, we're ready for questions.

Ilya Grozovsky: Operator, we're ready for questions.

Thank you.

As a reminder, if you'd like to ask a question star one on your telephone keypad will just take a moment to compile the Q&A roster.

While we saw modest expansion in our asset management fees overall fund management fees declined due to 1 time revenues earned in the same quarter of 2024 from opening new funds.

Operator: Thank you. As a reminder, if you'd like to ask a question, press star 1 on your telephone keypad. We'll just take a moment to compile the Q&A roster. We have a question from Brendan McCarthy from Sidoti.

We also saw a meaningful slowdown in our construction and development activities of approximately $2.5 million.

Compared to the prior year, same quarter.

We have a question from Brendan Mccarthy from Sidoti Your line is live.

Great Hey, Chris Hey, Jay I appreciate you taking my questions today.

Brendan McCarthy: Great. Hey, Chris. Hey, Jay. Appreciate you taking my questions today. just wanted to start off on the digital asset treasury. Chris, I think you started off by mentioning, you know, there's an opportunity for higher annual yield per token, per staked LINK token, I should say. Can you expand on that and how that would ultimately materialize?

Just wanted to start off on the digital asset Treasury, Chris I think you started off by mentioning you know there is an opportunity for higher annual yield per token.

We continue to identify and close on financing for financing for our projects. And while we have seen some improvement in the financing market closing timelines have elongated project financing that we expected to be closed and available for Q3 has pushed into Q4 and q1 of 2026 at which time we anticipate our con, our construction and development revenues will rebound.

Per stake linked token I should say can you expand on that and how that would ultimately materialize.

Sure I will.

total platform expenses in, Q3 were 5 and a half million, a decrease of 47% compared to last year's Q3 expenses of 10.4 million

Attempt to do that how are you doing brennan, but rings going good.

Chris Loeffler: Half of the proceeds from the Series AA are expected to be used to repay matured corporate notes. The other half will be used for general corporate purposes, including funding Caliber's plans for growth. To date, we have raised approximately $3.2 million. We believe these measures are part of a holistic plan of strong corporate finance, and they will help us manage satisfying our commitments as they come due. Now turning to our results for Q4 2025. 2025 Q3 platform revenue was approximately $3.5 million, a decrease of 52.7% from the prior year quarter. While we saw modest expansion in our asset management fees, overall fund management fees declined due to one-time revenues earned in the same quarter of 2024 from opening new funds. We also saw a meaningful slowdown in our construction and development activities of approximately $2.5 million compared to the prior year same quarter.

Chris Loeffler: Sure. I will attempt to do that. How are you doing, Brendan? Hope everything's going good.

Good.

Good good.

We've discovered as we've entered into that space that.

Chris Loeffler: Good, good.

Chris Loeffler: We, good. We have discovered as we ventured into the space that LINK in particular and, you know, the token underlying Chainlink, has maybe a different staking structure and mechanism than others that you might be familiar with. I'll just cover it with a little bit of granularity if you'll permit me the time. In essence, there's about 45 million tokens that are available to be staked. The majority of them are staked by Chainlink and that the team itself within the company. The purpose of staking is to provide collateral value against the operation of the decentralized Oracle network.

Link in particular, and the token underlying chain link as maybe a different staking structure and mechanism than others that you might be familiar with and so I'll just.

Average employee headcount decreased 44% from Q3 2024 to Q3 2025 as part of our continued comprehensive. Cost-saving initiatives to return caliber to profitability.

I'll cover it with a little bit of granularity if you'll permit me at that time.

We are now seeing and will continue to see the impact of our cost reduction efforts. We began implementing this time of year ago.

So in essence, there is about 45 million tokens that are available to be staked. The majority of them are stake by chain link and that the team itself within the within the company.

These impacts on our performance, translate to platform adjusted EV, but the loss for the third quarter of 700,000 compared to a platform adjusted, ebita of 2.4 million during the same period a year ago.

And the purpose of staking is to provide collateral value against the operation of the decentralized Oracle network and so the magic of what <unk> does is it basically powers.

Manage Capital was 506 million, a 4% increase compared to the year ago quarter.

I'll now turn it back to Ilya for your questions.

Jade Leung: The magic of what Chainlink does is it basically powers the ability for a lot of traditional financial institutions, and I'm talking institutions like JPMorgan Chase, SWIFT, S&P Global, and the United States federal government and many others that are utilizing Chainlink in different ways, to access blockchain and public chains and to do business on-chain. In order to do that, they instead of saying, Okay, we're gonna be the single provider of data to you, and that data is gonna come from one node that could fail or could have a problem, it's a decentralized network of nodes.

Uh, operator, we're ready for questions?

The.

Ability for a lot of traditional financial institutions, and I'm talking institutions like JP Morgan Chase and Swift in S&P global in the United States Federal government and many others that are utilizing chain link in different ways.

Thank you.

Chris Loeffler: We continue to identify and close on financings for our projects. While we have seen some improvement in the financing market, closing timelines have elongated. Project financing that we expected to be closed and available for Q3 has pushed into Q4 and Q1 2026, at which time we anticipate our construction and development revenues will rebound. Total platform expenses in Q3 were $5.5 million, a decrease of 47% compared to last year's Q3 expenses of $10.4 million, primarily due to a decrease in operating costs related to payroll and payroll-related expenses. Average employee headcount decreased 44% from Q3 2024 to Q3 2025 as part of our continued comprehensive cost-saving initiatives to return Caliber to profitability. We are now seeing, and will continue to see, the impact of our cost reduction efforts we began implementing this time a year ago.

As a reminder, if you'd like to ask a question press star 1 on your telephone keypad, we'll just take a moment to compile the Q&A roster.

To access.

Blockchain and public chains and to do business on chain.

In order to do that instead of saying, okay, we're going to be the provider of single provider of data to you and that data is going to come from one.

We have a question from Brandon McCarthy from sidoti. Your line is live.

Great. Hey Chris. Hey Jay appreciate you taking my questions today.

One node that could fail or could have a problem. It's a decentralized network of notes there's lots of different note operators, who validate the data that goes into kind.

I just wanted to, to start off on the digital asset treasury. Uh, Chris, I think you started off by mentioning, you know, there's an opportunity for higher annual yield per token.

Kind of flows through the chain like Oracle network and those decentralized note operators have to have a stake or they essentially.

Jade Leung: There's lots of different node operators who validate the data that goes into that kind of flows through the Chainlink Oracle network, and those decentralized node operators have to have a stake or they essentially an amount of collateral at stake that if they're having failures in their delivery of data or they're delivering bad data that they could be at risk for. The stake is, and the token of LINK is critical to the operation of Chainlink, the Oracle network, and essentially for their ability to deliver the services that they provide to the market. To make a long story short, there are a lot of different ways to get your LINK staked into the pool.

Um, per stake link token, I should say, can you expand on that? And how that would ultimately materialize.

And the amount of collateral at stake that if theyre, having failures in their delivery of data or they're delivering bad data that they could be at risk for us.

Sure. I will, um, attempt to do that. How are you doing? Brendan, hope everything's going good. Um, good. The, uh,

The stake in the token of link is critical to the operation of chain link the Oracle network and essentially for their ability to deliver the services that they provide to the market.

Chris Loeffler: These impacts on our performance translate to platform-adjusted EBITDA loss for Q4 of $700,000 compared to a platform-adjusted EBITDA of $2.4 million during the same period a year ago. Managed capital was $506 million, a 4% increase compared to the year-ago quarter. I'll now turn it back to Ilya for your questions. Operator, we're ready for questions. Thank you. As a reminder, if you'd like to ask a question, press star one on your telephone keypad. We'll just take a moment to compile the Q&A roster. We have a question from Brendan McCarthy from Fidelity. Your line is live. Great. Hey, Chris. Hey, Jay. Appreciate you taking my questions today. I just wanted to start off on the digital asset treasury. Chris, I think you started off by mentioning there's an opportunity for higher annual yield per token, per staked LINK token, I should say.

So to make a long story short there are lot of different ways to get your link staked into the pool.

We have discovered as we've entered into the space that, um, Link in particular and, you know, the token underlying chain link, uh, has maybe a different staking, um, structure and mechanism than, um, others that you might be familiar with. And so, I'll just

I'll cover it with a little bit of granularity, if you'll permit me at times. Um,

But with about 700 million tokens out there and only about $45 million available <unk> stake.

Jade Leung: With about 700 million LINK tokens out there and only about 45 million available to be staked, it's a relatively small pool of access that any investor could get into in the first place. There's something called the community pool that is about 5 million tokens, and it's full, and it's got a waiting list. If you go out and buy some LINK tokens yourself and say, Hey, I'd like to generate some return off of these tokens rather than just hold them for appreciation, you can stake them in the community pool. You have to get in line. You have to go through a waiting period, and at some point in time when someone pulls their tokens out of the community pool, you can put yours in.

It's a relatively small pool.

Full of access that any investor could get into in the first place.

There's something called a community pool that is about 5 million tokens and its fall and it's got a waiting list. So if you go out and buy some link tokens yourself and say, hey, I'd like to generate some return off of these tokens rather than just hold them for appreciation you can stick them in the community pool you have to get in line you have to go through a.

So, in essence, there's about 45 million tokens that are available to be staked. Uh, the majority of them are staked by, uh, chain link and and that the team itself within the within the company, um, and the purpose of staking is to provide collateral value against the operation of the decentralized Oracle Network. And so, the, the magic of what chain link does, is it basically Powers. Um,

Waiting period and at some point in time when someone pulls their tokens out of the community pool, you can put yours in.

In my estimation it will take a quite a while for you to get a sizeable amount of your link stake.

Jade Leung: In my estimation, it will take a quite a while for you to get a sizable amount of your LINK staked. The other option is you can do something called liquid staking, which is kind of a further, I would say a riskier version of staking, for a variety of different reasons that I won't go into on the call. In the community pool, you're earning about 4.3%.

The other option is you can use something called liquid staking, which is kind of a further I.

the uh, ability for a lot of traditional financial institutions and I'm talking institutions, like JP Morgan, Chase and Swift and SNP Global and the United States federal government and many others that are utilizing chain link in different ways, um, to access, um, blockchain in public chains and to do business on chain,

I would say a riskier version of staking for a variety of different reasons that I won't go into on the call in the community pool, you're earning about four 3% what.

Caliber has discovered as is the first institutional sort of public holder in investor and link token we've gotten outreach from many of the best node operators in the chain link system, where we can essentially stake our tokens directly with the note operator themselves and generate a much higher.

Chris Loeffler: Can you expand on that and how that would ultimately materialize? Sure. I will attempt to do that. How are you doing, Brendan? Hope everything's going good. Good. Good, good. We have discovered as we've entered into the space that LINK, in particular, and the token underlying Chainlink has maybe a different staking structure and mechanism than others that you might be familiar with. I'll cover it with a little bit of granularity, if you'll permit me, the time. In essence, there's about 45 million tokens that are available to be staked. The majority of them are staked by Chainlink and the team itself within the company. The purpose of staking is to provide collateral value against the operation of the decentralized oracle network.

Chris Loeffler: What Caliber has discovered as the first institutional sort of public holder and investor in LINK Token, we've gotten outreach from many of the best node operators in the Chainlink system, where we can essentially stake our tokens directly with the node operator themselves and generate a much higher yield on our investment. We estimate that could be around 8% to 10%. That's what we've discovered, is just by holding a large portion, being able to do business directly with a node operator, we could get a better rate of return essentially in our tokens, which I think is pretty attractive for shareholders.

In order to do that they instead of saying okay we're going to be the the provider of single provider of data to you. And that data is going to come from 1 uh 1 node that could fail or could have a problem it's a decentralized network of nodes. There's lots of different node operators who validate the data that goes into uh the kind of flows through the chainlink Oracle Network.

Yield on our investment we estimate that could be around 8% to 10%. So that's that's what we've discovered is just by.

And those decentralized node operators, have to have a stake, or they essentially a a, an amount of collateral at stake that if they're having failures in their, um, delivery of data or they're delivering bad data that they could be at risk for. So,

Holding a large portion being able to do business directly with a note operator, we could get a better rate of return essentially in our tokens, which I think is pretty attractive for shareholders.

The stake is in, in the token of link is critical to the operation of chainlink, the Oracle Network and essentially for their ability to deliver the services that they provide to the market.

Absolutely that's very interesting and I appreciate the detail there, but I know in the press release, you had mentioned that Calvert isn't sticking any link tokens at the moment, but as far as timing or are you able to provide any color as to when you might be.

Brendan McCarthy: Absolutely. That's very interesting, and I appreciate the detail there. I know in the press release it mentioned that Caliber isn't staking any LINK tokens at the moment, but as far as timing, are you able to provide any, you know, color as to when you might be able to, you know, realize some of that income from staking?

So, to make a long story short, there are a lot of different ways to get your LINK staked into the pool. With about 700 million tokens out there and only about 45 million available to be staked, it’s a relatively small amount.

Be able to realize some of that income from staking.

Pool of access that any investor could get into in the first place.

Chris Loeffler: The magic of what Chainlink does is it basically powers the ability for a lot of traditional financial institutions, and I'm talking institutions like JPMorgan Chase, Swift, S&P Global, the United States Federal Government, and many others that are utilizing Chainlink in different ways to access blockchain and public chains and to do business on-chain. In order to do that, instead of saying, okay, we're going to be the single provider of data to you, and that data is going to come from one node that could fail or could have a problem, it's a decentralized network of nodes. There are lots of different node operators who validate the data that goes into, that kind of flows through, the Chainlink oracle network.

Yes.

We are.

Actively pursuing these opportunities and certainly the level of detail I have has come from real discussions with with note operators. So we expect to be able to announce and we will as we as we get some of our linked stake will make public announcements that you can track with us.

Chris Loeffler: Yeah. We're, you know, actively pursuing these opportunities, and certainly the level of detail I have has come from real discussions with node operators. We expect to be able to announce, and we will as we get some of our LINKs staked, we'll make public announcements so you can track with us.

Got it got it and when to talk about your initiative with token rising real estate funds and an interest in the funds.

Brendan McCarthy: Got it. Got it. Wanted to talk about your initiative with, you know, tokenizing, you know, real estate funds and interest in the funds. Just curious as to, you know, how far away, you know, we might be from actual, you know, tokenization of your assets and bringing them onto the blockchain. I know it's really an initiative that we've seen across, you know, many different kinds of securities including equities. Just curious as to whether you are, you know, making any incremental CapEx into, you know, tokenizing assets at this point, or maybe how far away we are from that.

There's something called the community pool that is about 5 million tokens, and it's full. It has a waiting list. So, if you go out and buy some LINK tokens yourself and say, "Hey, I'd like to generate some return off of these tokens rather than just hold them for appreciation," you can stake them in the community pool. You have to get in line and go through a waiting period, and at some point in time, when someone pulls their tokens out of the community pool, you can put yours in. In my estimation, it will take quite a while for you to get a sizable amount of your LINK staked.

Just curious as to how far away, we might be from from actual.

Joe.

<unk> of your assets and bringing them onto the blockchain I know, it's really an initiative that we've seen across many different kinds of securities, including equities, but.

The other option is you can use something called liquid staking, which is kind of a, a further. I would say a riskier version of staking, um, for a variety of different reasons that I won't go into on the call.

Just curious as to whether you are.

Chris Loeffler: Those decentralized node operators have to have a stake, or essentially an amount of collateral at stake, that if they're having failures in their delivery of data or they're delivering bad data, they could be at risk for. The stake and the token of LINK is critical to the operation of Chainlink, the oracle network, and essentially for their ability to deliver the services that they provide to the market. To make a long story short, there are a lot of different ways to get your LINK staked into the pool. With about 700 million tokens out there and only about 45 million available to be staked, it's a relatively small pool of access that any investor could get into in the first place. There's something called the community pool that is about 5 million tokens, and it's full, and it's got a waiting list.

Making any incremental capex into <unk> assets at this point or maybe how far away we are.

Yes I was.

<unk>.

<unk>.

As my Dad taught me, where there's a will there's a way.

Chris Loeffler: Yeah. I was, you know, as my dad taught me, where there's a will, there's a way. The reason why we wanted to build a digital asset treasury in Chainlink was we do believe it's fundamentally the most undervalued opportunity in crypto. By investing in LINK tokens, we're investing in the underlying infrastructure of digital finance. We don't have to bet on who's gonna use Bitcoin more or Solana more or, you know, we're making a bet basically on the fact that more and more of finance will be digital in the future, which we think is a very strong and thoughtful bet, buying essentially the picks and shovels of the change from traditional finance to digital finance with LINK.

And when you when you the reason why we wanted to build a digital asset Treasury and chain link was we do believe it's.

In the community pool, you're earning about 4.3%. What caliber has discovered is is the First Institutional sort of public holder and investor in linked token, we've gotten Outreach from many of the best node operators in the chain link system where we can essentially stake our tokens directly with the node. Operator themselves and generate a much higher yield on our investment. We estimate that could be around 8 to 10%. So that's, uh, that's what we've discovered is. Just by

Fundamentally the most undervalued opportunity in crypto.

And.

By investing in link tokens, we're investing in the underlying infrastructure of digital finance, we don't have to bet on who's going to use bitcoin more our salon and more ore.

Holding a large portion being able to do business directly with a node operator. We could get a better rate of return essentially in our tokens, which I think is pretty attractive for shareholders.

We're making a bet basically on the fact that more and more of finance will be digital in the future, which we think is a very strong and thoughtful debt.

Absolutely, that’s very interesting, and I appreciate the detail there. I know in the press release you mentioned that Caliber isn't staking any LINK tokens at the moment, but as far as timing, are you able to provide any color as to when you might?

Buying essentially the picks and shovels.

The change from from traditional finance to digital finance with link.

Chris Loeffler: If you go out and buy some LINK tokens yourself and say, hey, I'd like to generate some return off of these tokens rather than just hold them for appreciation, you can stake them in the community pool. You have to get in line, you have to go through a waiting period, and at some point in time, when someone pulls their tokens out of the community pool, you can put yours in. In my estimation, it will take quite a while for you to get a sizable amount of your LINK staked. The other option is you can do something called liquid staking, which is kind of a further, I would say, a riskier version of staking for a variety of different reasons that I won't go into on the call. In the community pool, you're earning about 4.3%.

Having said that.

We don't know everything yet.

Chris Loeffler: Having said that, we don't know everything yet. We thought the smartest move to enter into digital finance was to establish a treasury, and that would attract some of the best and brightest to us, and that seems to be what's happening. Since we made the announcement several months ago, we've announced our intentions and what our strategy is, we've started to get connected to, I'd say, a slew of incredibly smart people that are helping us to navigate those decisions. What I've learned is that, you know, what I thought would have been maybe a 6 to 24-month type process because of the complexity of it is probably not nearly as long of a process as you would think.

And we thought the smartest move to enter into digital finance was to establish a treasury and that would attract some of the best and brightest to us and that seems to be what's happening. So since we made the announcement several months ago.

Be able to, you know, realize some of that income from staking. Yeah. We're um we're you know, actively pursuing these opportunities and certainly the level of detail. I have has come from real discussions um with with node operators. So we expect to be able to announce um and we will as we as we get some of our links staked, um, we'll we'll make public announcements so you can track with us.

We've announced our intentions and what our strategy is we've started to get connected to I'd say, a slow are incredibly smart people that are helping us to navigate those decisions.

Got it got it and wanted to talk about your initiative with you know tokenizing you know real estate funds and and interest in the funds.

Just curious as to, you know, how far away, you know, we might be from actual.

And what I've learned is that.

Chris Loeffler: What Caliber has discovered as the first institutional sort of public holder and investor in LINK token, we've gotten outreach from many of the best node operators in the Chainlink system where we can essentially stake our tokens directly with the node operator themselves and generate a much higher yield on our investment. We estimate that could be around 8% to 10%. That's what we've discovered is just by holding a large portion, being able to do business directly with a node operator, we could get a better rate of return essentially in our tokens, which I think is pretty attractive for shareholders. Absolutely. That's very interesting, and I appreciate the detail there. I know in the press release it mentioned that Caliber isn't staking any LINK tokens at the moment.

What I thought would have been maybe a six to 24 month type process because of the complexity of it is probably not nearly as long of a process as you would think.

You know, tokenization of of, of your assets and, and bringing them onto the blockchain. I know it's really an initiative that we've seen across, you know, many different kinds of Securities including equities, but

It's easier to token is a but.

Simple.

Chris Loeffler: It's easier to tokenize a simple public security like a stock versus a private fund. That doesn't mean it's meaningfully more difficult to tokenize a private fund. We're in the process of exploring it. I expect that we will make progress and report our progress out pretty consistently. The benefits to tokenization are really three things. First, better operations. In essence, the ability to run the platform Caliber has already built in a more efficient manner and hopefully in a more profitable manner. 2, secondary liquidity. If an investor owns a fund, the fund's been tokenized, they can maybe make a decision to sell their shares outside of the fund manager's decisions, which could be interesting to many.

Public security like a stock versus a private fund, but that doesn't mean, it's it's meaningfully more difficult to token highs of private funds. So we're in the process of exploring it and I expect that we will make progress and report our progress out pretty consistently.

Is to have whether you are you know making any incremental capex into, you know, tokenizing assets at this point or maybe how far away we are from that.

And the benefits to <unk> are really three things first.

Better operations. So in essence, the ability to run the platform caliber has already built at a more efficient and a more efficient manner and hopefully at a more profitable manner to secondary liquidity. So if an investor owns a fund the fund has been token highest they can maybe make a decision to sell.

yeah, I was um you know um as my dad taught me where where there's a will there's a way um and when you, when you, the reason why we wanted to build a digital asset treasury in chain link, was we, we do believe, it's the fundamentally, the most undervalued opportunity in crypto

um, and

By investing in link tokens. We're investing in the underlying infrastructure of digital Finance.

Chris Loeffler: As far as timing, are you able to provide any color as to when you might be able to realize some of that income from staking? Yeah, we're actively pursuing these opportunities. Certainly, the level of detail I have has come from real discussions with node operators. We expect to be able to announce, and we will, as we get some of our LINK staked. We'll make public announcements so you can track with us. Got it. Got it. I wanted to talk about your initiative with tokenizing real estate funds and interest in the funds. Just curious as to how far away we might be from actual tokenization of your assets and bringing them onto the blockchain. I know it's really an initiative that we've seen across many different kinds of securities, including equities.

Their shares outside of the fund managers decisions, which could be interesting to many and then third is in and been very cogent for calibers growth is primary capital. So to the extent we have a really interesting project like our pickle ball project, where we think that <unk> and <unk>.

Chris Loeffler: Then third is, and very cogent for Caliber's growth is primary capital. If to the extent we have a really interesting project like a, our pickleball project, where we think that tokenizing an offering and distributing it more broadly would be interesting to investors, we can do that and raise more capital, hopefully more quickly and hopefully at a great price. We see a lot of value in tokenization of funds and assets. We're not, we didn't enter the space claiming to be experts, but we seem to be attracting some great experts to the business.

Offering and distributing it more broadly would be interesting to investors, we can do that and raise more capital hopefully more quickly and hopefully at a great price. So.

We don't have to bet on who's going to use Bitcoin more or salana more or you know we're making a bet basically on the fact that more and more finance will be digital in the future which we think is a very strong and thoughtful bet. Um, buying essentially the picks and shovels of the the the uh, the change from from traditional Finance to to digital Finance with link. Um, having said that, um, we don't know everything yet. Um, and we thought the smartest move to enter into digital Finance was to establish a treasury. And that would attract.

We see a lot of value and to organizations of funds and assets.

We're not we didn't enter the space, claiming to be experts, but we seem to be attracting some great experts to the business.

That's great that's really interesting.

Some of the best and brightest to us, and that seems to be what's happening. So, since we made the announcement several months ago, uh, and we've announced our intentions and what our strategy is. We've started to get connected to. I'd say, a slew of incredibly smart people that are helping us to navigate those decisions.

Just looking at the <unk>.

Brendan McCarthy: That's great. That's really interesting. Just looking at the, you know, over in Europe, I think that they've begun to tokenize certain, you know, stocks and equity securities. Do you see any, you know, large or, you know, notable regulatory hurdles to, you know, tokenizing, you know, private real estate funds?

Over in Europe, I think that they've begun to token of certain stocks and equity securities but.

Chris Loeffler: Just curious as to whether you are making any incremental CapEx into tokenizing assets at this point, or maybe how far away we are from that. Yeah. As my dad taught me, where there's a will, there's a way. The reason why we wanted to build a digital asset treasury in Chainlink was we do believe it's fundamentally the most undervalued opportunity in crypto. By investing in LINK tokens, we're investing in the underlying infrastructure of digital finance. We don't have to bet on who's going to use Bitcoin more or Solana more. We're making a bet basically on the fact that more and more finance will be digital in the future, which we think is a very strong and thoughtful bet, buying essentially the picks and shovels of the change from traditional finance to digital finance with LINK.

Do you see any large or notable regulatory hurdles to <unk>.

Token rising.

Private real estate funds.

Yes, that's.

I would say that Theres a couple of things that we're all waiting on we're waiting on the passage of this clarity act, which will be the the.

Chris Loeffler: Yeah. That's, I would say that there's a couple things that we're all waiting on. We're waiting on the passage of this CLARITY Act, which will be the bill that just provides, you know, not surprisingly, clarity to what is a security and what is a utility token. Our point of view is that Chainlink is itself is a LINK itself is a utility token and not a security. It appears from what I'm, what we're seeing from the SEC that if you're gonna tokenize something that is a security itself, then that token itself will also be treated as a security, which makes a lot of sense. You know, kind of common sense, actually. There are some really interesting companies that are tokenizing securities.

The bill that just provides.

Not surprisingly clarity to what is a security and what is the utility token our point of view is that chain link is itself is a link itself as the utility token and non of security, but it appears from what I'm, what we're seeing from the SEC that if youre going to token is a.

And what I've learned is that, you know what I thought would have been maybe a 6 to 24 month type process, because of the complexity of it is probably not nearly as long of a process as you would think. Um, it's easier to tokenize, a, a simple, uh, public security, like a stock versus a private fund, but that doesn't mean it's, it's, it's meaningfully more difficult to, to tokenize, a private fund. So, we're in the process of exploring it, I expect that we will make progress and Report our progress out pretty consistently. Um, and the benefits to tokenization are really 3 things first

Something that is a security itself then that token itself will also be treated as the security, which makes a lot of sense.

Better operations. So in essence, the ability to run the platform caliber has already built at a more efficient in a more efficient manner and and hopefully at a more profitable manner,

Common sense actually.

So there are some really interesting companies that are <unk> securities.

We most recently so I think the big headline was when Tesla Cocainize, that's equity and it was up like 15% in a day or something incredible like that.

Chris Loeffler: We most recently saw, I think the big headline was when Tesla tokenized its equity, and it was up like 15% in a day or something incredible like that. The value of tokenizing these equities is now these stock trades 24 hours a day in any venue across the world instead of only on a single exchange. That can be interesting. If you have an interesting story, like in Caliber's example as being the first digital asset treasury company in LINK Token, that may be interesting to investors around the world. Are there regulatory hurdles to tokenizing public equities and bonds and mutual funds? Those seem to have been overcome.

Chris Loeffler: Having said that, we don't know everything yet. We thought the smartest move to enter into digital finance was to establish a treasury, and that would attract some of the best and brightest to us. That seems to be what's happening. Since we made the announcement several months ago, and we've announced our intentions and what our strategy is, we've started to get connected to, I'd say, a slew of incredibly smart people that are helping us to navigate those decisions. What I've learned is that what I thought would have been maybe a 6 to 24-month type process, because of the complexity of it, is probably not nearly as long of a process as you would think. It's easier to tokenize a simple public security like a stock versus a private fund, but that doesn't mean it's meaningfully more difficult to tokenize a private fund.

And the value of <unk>. These equities is now your stock trades 24 hours a day.

In any venue across the world instead of only on a single exchange.

That can be interesting if you have an interesting story and caliber as an example, as being the first digital asset Treasury company Enlink token that may be interesting to investors around the world.

No.

Are there regulatory hurdles to token rising public equities and bonds and mutual funds.

To um secondary liquidity. So if an investor owns a fund, the fund's been tokenized, they can maybe make a decision to sell their shares outside of the fund managers, um, decisions which could be interesting to to many. And then third is in in in in in very cogent for calibers, growth is primary Capital. So if to the extent we have a really interesting project like a, our pickle ball project, where we think that tokenizing and offering and distributing, it broadly would be interesting to investors. We can do that and raise more Capital, hopefully more quickly and hopefully, at a great price. So, um, we we see a lot of value in in tokenization of funds and assets. Um, we we're not we didn't enter the space claiming to be experts but we seem to be attracting some great experts to the business

Those seem to be.

Those seem to have been overcome as it relates to private funds if youre going to token is a private fund and you don't have the ability to sell or make a market in that private fund securities Thats, where youre going to have.

That's great, that's really interesting. Um, just looking at the...

Chris Loeffler: As it relates to private funds, if you're gonna tokenize a private fund and you don't have the ability to sell or make a market in that private fund securities, that's where you're gonna have, you know, clarity will be helpful from the regulators on how to do that and if you can do that, in what manner you need to do it.

You know, over over in Europe. I think that they've begun to, to tokenize certain, you know, stocks and and Equity Securities, but

Clarity will be helpful from the regulators on how to do that and if you can do that in what manner you need to do it.

Do you see any, you know, large or, you know, notable regulatory hurdles to, you know, tokenizing, you know, private real estate funds.

Chris Loeffler: We're in the process of exploring it. I expect that we will make progress and report our progress out pretty consistently. The benefits to tokenization are really three things. First, better operations. In essence, the ability to run the platform Caliber has already built in a more efficient manner, and hopefully in a more profitable manner. Two, secondary liquidity. If an investor owns a fund, the fund's been tokenized, they can maybe make a decision to sell their shares outside of the fund manager's decisions, which could be interesting to many. Then third, and very cogent for Caliber's growth, is primary capital.

Okay.

Understood I appreciate the detail there just a couple of quick questions on the real estate side.

Brendan McCarthy: Understood. I appreciate the detail there. Just a couple quick questions on the real estate side of the business. It sounds like there's been solid momentum in wholesale fundraising. I think you mentioned so far or just in Q3 it exceeded all of 2024. Do you expect that momentum to continue, and what's really been driving the momentum there?

Yeah, that's, um, I would say that there's a couple things that we're all waiting on. We're waiting on the passage of this, uh, Clarity Act, which will be the the the bill that just provides

The business so it sounds like Theres been solid momentum in wholesale fund raising.

I think you mentioned so far they were just in Q3 and it exceeded all of 2024.

Do you expect that momentum to continue and what's really been driving the momentum there.

Thanks, yes, not surprising to us.

Wholesale is is it channel and you need to dedicate yourself to first you have to prove yourself to advisors over the course of months and years and as you start to do that and start to perform those advisors will adopt in an increasingly adopt our products into their into their practice and so what we expect.

Chris Loeffler: Thanks. Yeah. Not surprising to us, you know, wholesale is a channel you need to dedicate yourself to. First, you have to prove yourself to advisors over the course of months and years. As you start to do that and start to perform, those advisors will adopt and increasingly adopt our products into their practice. What we expected was a slow and somewhat expensive process to get infused into the channel, which is what we've been doing for the last 2 years. Then we expected at some point in time to start to see momentum pick up. I'd say we're still in the very, very early innings of our expectations around what wholesale can do for this business.

You know, not surprisingly Clarity to what is a security and what is a utility token. Our point of view is that chain link is itself, is a, a link itself is a utility token and not a security, but it appears from when I'm what we're seeing from the SEC that if you're going to tokenize a uh, something that is a security itself, then that token itself will also be treated as a security, which makes a lot of sense, I'm, you know, kind of Common Sense actually. Um, so there are some really interesting companies that are tokenizing securities. Um,

Chris Loeffler: To the extent we have a really interesting project like our pickleball project where we think that tokenizing and offering and distributing it more broadly would be interesting to investors, we can do that and raise more capital, hopefully more quickly and hopefully at a great price. We see a lot of value in tokenization of funds and assets. We didn't enter the space claiming to be experts, but we seem to be attracting some great experts to the business. That's great. That's really interesting. Just looking at over in Europe, I think that they've begun to tokenize certain stocks and equity securities. Do you see any large or notable regulatory hurdles to tokenizing private real estate funds? Yeah. I would say that there's a couple of things that we're all waiting on.

It was a.

Slow and somewhat expensive process to get infused into the channel, which is what we've been doing for the last two years and then we expected at some point in time to start to see momentum pick up.

I'd say, we're still in the very very early innings of our expectations around.

We most recently saw, I think the big headline was when Tesla tokenized its equity and it was up like 15% in a day or something incredible like that. And the value of tokenizing these equities is now, the stock trades 24 hours a day in any venue across the world, instead of only on a single exchange.

Wholesale can do for this business.

Okay.

Great Great. That's good to hear and last question here just regarding the outlook for positive adjusted EBITDA in the back half of this year is that still.

Investors around the world.

So,

Brendan McCarthy: Great. Great. That's good to hear. Last question here, just regarding the outlook for positive adjusted EBITDA in the H2 of this year. Is that still really in Q4 at this point? Is that still a realistic expectation?

Are there regulatory hurdles to tokenizing public equities, bonds, and mutual funds?

So maybe in Q4 at this point is that still a.

those seem to be, um,

A realistic expectation.

Yes, I think we said on our last call we expected the fourth quarter could be profitable with positive adjusted EBITDA.

Chris Loeffler: Yeah, I think we, you know, we said on our last call we expected that Q4 could be profitable with +adjusted EBITDA. That was really driven by the some of the event-driven financings that Jade mentioned during his portion of the call. Some of those financings have just been pushed out due to timing and the slowness of the capital markets these days. Some of them into Q4, from Q3 and some potentially into Q1. It's really, you know, that outcome for Q4 is really dependent on those financings closing in the quarter for the quarter or if they get pushed into Q1 of next year. The bad news is they're somewhat delayed. The good news is that they're all still happening.

That was really driven by the.

Those seem to have been overcome as it relates to private funds. If you're going to tokenize a private fund and you don't have the ability to sell or make a market in those private fund securities, that's where you're going to have issues.

Some of the event driven financings that Jay mentioned during his portion of the call.

Chris Loeffler: We're waiting on the passage of this Clarity Act, which will be the bill that just provides, not surprisingly, clarity to what is a security and what is a utility token. Our point of view is that Chainlink itself, LINK itself, is a utility token and not a security. It appears from what we're seeing from the SEC that if you're going to tokenize something that is a security itself, then that token itself will also be treated as a security, which makes a lot of sense, kind of common sense, actually. There are some really interesting companies that are tokenizing securities. We most recently saw, I think the big headline was when Tesla tokenized its equity, and it was up like 15% in a day or something incredible like that.

Some of those financings that have just been pushed out due to timing and the <unk>.

Um, you know, Clarity will be helpful from The Regulators on how to do that and if you can do that in, what manner you need to do it.

Slowness of the capital markets. These days.

Some of them into the fourth quarter from the third quarter and some potentially into the first quarter. So it's really.

That outcome for Q4 is really dependent on those financings closing in the quarter for the quarter or if they get pushed into the first quarter of next year.

That's the bad news is there are somewhat delayed the good news is is that theyre all still happening.

So we're really just talking about timing.

Yeah.

Chris Loeffler: We're really just talking about timing.

Got it I appreciate the detail and congratulations on the balance sheet improvement that's all for me.

Brendan McCarthy: Got it. I appreciate the detail and congratulations on the balance sheet improvement. That's all for me.

Thank you very much.

Yeah.

There are no further questions for Q&A I'd like to turn the call back over to Elliot grows off scoop for closing remarks.

Chris Loeffler: Thank you very much.

Chris Loeffler: The value of tokenizing these equities is now your stock trades 24 hours a day in any venue across the world instead of only on a single exchange. That can be interesting. If you have an interesting story, like in Caliber's example as being the first digital asset treasury company in LINK token, that may be interesting to investors around the world. Are there regulatory hurdles to tokenizing public equities, bonds, and mutual funds? Those seem to have been overcome. As it relates to private funds, if you're going to tokenize a private fund and you don't have the ability to sell or make a market in that private fund securities, that's where clarity will be helpful from the regulators on how to do that, if you can do that, and what manner you need to do it.

Operator: There are no further questions for Q&A. I'd like to turn the call back over to Ilya Grozovsky for closing remarks.

Great.

Thank you for your time today.

<unk> management will be participating in the benchmark Discovery conference in New York on December 4th.

Ilya Grozovsky: Great. Thank you for your time today. Caliber Management will be participating in the Benchmark Discovery Conference in New York on 4 December. Please visit our website at www.caliberco.com and follow the path for public shareholders. There you can download our financial supplement and sign up for the mailing list specifically focused for public investors. If you have any questions, please complete the Contact Us form so we can get engaged with you directly. Thank you for joining today's call, and have a good evening.

Please visit our website at Www dot caliber co dot com and follow the path for public shareholders. There you can download our financial supplement and sign up for the mailing list specifically focused for public investors. If you have any questions. Please complete the contact us form so we can get engaged with you directly.

Thank you for joining today's call and have a good evening.

This concludes the meeting you may now disconnect.

Operator: This concludes the meeting. You may now disconnect.

Chris Loeffler: Understood. I appreciate the detail there. Just a couple of quick questions on the real estate side of the business. It sounds like there's been solid momentum in wholesale fundraising. I think you mentioned so far, or just in Q3, it exceeded all of 2024. Do you expect that momentum to continue? What's really been driving the momentum there? Thanks. Yeah. Not surprising to us. Wholesale is a channel you need to dedicate yourself to. First, you have to prove yourself to advisors over the course of months and years. As you start to do that and start to perform, those advisors will adopt and increasingly adopt our products into their practice. What we expected was a slow and somewhat expensive process to get infused into the channel, which is what we've been doing for the last two years.

Chris Loeffler: We expected at some point in time to start to see momentum pick up. I'd say we're still in the very, very early innings of our expectations around what wholesale can do for this business. Great. Great. That's good to hear. Last question here, just regarding the outlook for positive adjusted EBITDA in the back half of this year. Is that still really in Q4 at this point? Is that still a realistic expectation? Yeah. I think we said in our last call, we expected that the fourth quarter could be profitable with positive adjusted EBITDA. That was really driven by some of the event-driven financings that Jade mentioned during his portion of the call. Some of those financings have just been pushed out due to timing and the slowness of the capital markets these days.

Chris Loeffler: Some of them into the fourth quarter, from the third quarter, and some potentially into the first quarter. That outcome for Q4 is really dependent on those financings closing in the quarter for the quarter or if they get pushed into the first quarter of next year. The bad news is they're somewhat delayed. The good news is that they're all still happening. We're really just talking about timing. Got it. I appreciate the detail, and congratulations on the balance sheet improvement. That's all for me. Thank you very much. There are no further questions for Q&A. I'd like to turn the call back over to Ilya Grozovsky for closing remarks. Great. Thank you for your time today. Caliber management will be participating in the Benchmark Discovery Conference in New York on 4 December 2024.

Chris Loeffler: Please visit our website at www.caliberco.com and follow the path for public shareholders. There you can download our financial supplement, and sign up for the mailing list specifically focused for public investors. If you have any questions, please complete the contact us form so we can get engaged with you directly. Thank you for joining today's call, and have a good evening. This concludes the meeting. You may now disconnect.