CaliberCos Inc. CWD
Over the past 16 years, we have grown into a leading diversified alternative asset management firm, with more than $2.6 billion in Managed Assets, comprised of $0.8 billion of assets under management ("AUM") and $1.9 billion of assets under development ("AUD").
We are an alternative asset manager investing across real and digital assets. We sponsor and manage private real estate investment funds and maintain a digital asset treasury strategy focused on blockchain infrastructure assets. Our primary goal is to drive shareholder value by enhancing the wealth of accredited investor clients seeking to make investments in real and digital assets.
In 2025, we formally adopted a Board-approved digital asset treasury policy (the "Treasury Reserve Policy") under which we accumulate and manage digital infrastructure assets, starting with Chainlink tokens ("LINK"). The digital asset treasury strategy is designed to complement our core real estate investment platform by providing exposure to blockchain-based financial infrastructure and generating yield through staking activities. Digital asset treasury income may consist of staking rewards and other income derived from treasury digital asset holdings. While our real estate platform remains our core business, we believe exposure to digital infrastructure assets positions us for the long-term evolution of tokenized real-world asset markets.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Revenue | $15.2M | $20.9M | $20.6M | $84.0M | — |
| Total operating expenses | $27.7M | $64.4M | $119.5M | $92.4M | — |
| Interest expense | $6.7M | $5.4M | $4.7M | $1.1M | — |
| Pre-tax income | -$23.0M | -$21.5M | -$27.6M | $14.0M | — |
| Income tax | $0 | $0 | $0 | $0 | — |
| Net income | -$21.8M | -$19.8M | -$12.7M | $2.0M | — |
| EPS, basic | -7.70 | -17.90 | -0.63 | 0.11 | — |
| EPS, diluted | -7.70 | -17.90 | -0.63 | 0.11 | — |
| Shares, diluted (wtd. avg.) | $2.8M | $1.1M | $20.1M | $19.8M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Cash and equivalents | $2.9M | $2.3M | $3.8M | $7.7M | $8.4M |
| Total assets | $135.4M | $105.5M | $299.4M | $278.8M | — |
| Total liabilities | $109.2M | $94.3M | $233.4M | $201.6M | — |
| Retained earnings | -$78.4M | -$56.6M | -$36.8M | -$22.7M | — |
| Total equity | $1.3M | -$12.6M | $66.0M | $77.2M | $49.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Operating cash flow | -$12.1M | $555.0K | -$18.7M | -$7.4M | — |
| Investing cash flow | -$23.7M | -$19.6M | -$5.4M | -$31.8M | — |
| Financing cash flow | $36.9M | $6.3M | $25.8M | $38.6M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001627282-26-000015.
Others in SIC 6500
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| CBRE | CBRE GROUP, INC. | $42.81B | 38.4x | 13.4% |
| TRNO | Terreno Realty Corp | $7.15B | 16.8x | 24.5% |
| MRP | Millrose Properties, Inc. | $5.32B | 13.1x | — |
| CIGI | Colliers International Group Inc. | $5.03B | 49.0x | 15.3% |
| CWK | Cushman & Wakefield Ltd. | $3.21B | 35.9x | 8.9% |
| CURB | Curbline Properties Corp. | $3.11B | 79.6x | 51.3% |
| UE | Urban Edge Properties | $2.64B | 28.4x | 6.1% |
| GTY | GETTY REALTY CORP /MD/ | $2.01B | 24.1x | 9.0% |