Segments
The Company operates through one reportable segment, its asset management platform which it refers to simply as “Platform”. The Company’s chief operating decision maker (“CODM”) is the Company’s Chief Executive Officer, John C. Loeffler. The Company’s CODM assesses performance and allocates resources based on the results of Platform operations.
The Company’s CODM assesses revenue, operating costs and key operating statistics to evaluate performance and allocate resources on a basis that eliminates the impact of the consolidated funds (intercompany eliminations required by U.S. GAAP) and noncontrolling interests. Operating costs consist primarily of payroll-related costs that are provided quarterly to the CODM. Platform payroll and payroll related costs were $12.2 million and $17.8 million for the years ended December 31, 2025 and 2024, respectively. Management concluded that the consolidated funds do not meet the requirements in ASC 280, Segment Reporting, of operating segments, as the Company’s CODM does not review, nor is he provided with the operating results of these consolidated funds for the purposes of allocating resources, assessing performance or determining whether additional investments or advances will be made to these funds. The consolidated funds are consolidated based on the requirement in ASC 810, Consolidation, as the Company was determined to be the primary beneficiary of each of these variable interest entities since the Company has the power to direct the activities of the entities and the right to absorb losses, generally in the form of guarantees of indebtedness that are significant to the individual investment funds.
For the years ended December 31, 2025 and 2024, total Platform revenues were $15.2 million and $20.9 million, respectively, representing a period-over-period decrease of 27.5%. The table below compares the revenues earned for providing services under the Company’s asset management Platform as described in the Revenue Recognition section of Note 2 – Summary of Significant Accounting Policies for the year ended December 31, 2025, to the revenues earned for the same period in 2024 (in thousands).
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| Year Ended December 31, 2025 |
| Platform | | Impact of Consolidated Funds | | Consolidated |
| Revenues | | | | | |
| Fund management fees | $ | 11,281 | | | $ | (403) | | | $ | 10,878 | |
| Financing fees | 643 | | | (282) | | | 361 | |
| Development and construction fees | 2,442 | | | (79) | | | 2,363 | |
| Brokerage fees | 789 | | | — | | | 789 | |
| Total asset management | 15,155 | | | (764) | | | 14,391 | |
| Performance allocations | 33 | | | (6) | | | 27 | |
| Total Platform revenue | $ | 15,188 | | | $ | (770) | | | $ | 14,418 | |
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| Year Ended December 31, 2024 |
| Platform | | Impact of Consolidated Funds | | Consolidated |
| Revenues | | | | | |
| Fund management fees | $ | 12,318 | | | $ | (3,109) | | | $ | 9,209 | |
| Financing fees | 650 | | | (254) | | | 396 | |
| Development and construction fees | 6,751 | | | (331) | | | 6,420 | |
| Brokerage fees | 844 | | | 10 | | | 854 | |
| Total asset management | 20,563 | | | (3,684) | | | 16,879 | |
| Performance allocations | 379 | | | (21) | | | 358 | |
| Total Platform revenue | $ | 20,942 | | | $ | (3,705) | | | $ | 17,237 | |
The following tables present a reconciliation of Platform revenues, expenses and net loss to the most comparable U.S. GAAP measure for the years ended December 31, 2025 and 2024 (in thousands):
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| Year Ended December 31, 2025 |
| Unconsolidated | | Impact of Consolidated Funds | | Consolidated |
| Revenues | | | | | |
| Asset management | $ | 15,155 | | | $ | (764) | | | $ | 14,391 | |
| Performance allocations | 33 | | | (6) | | | 27 | |
| Consolidated funds – hospitality revenue | — | | | 5,057 | | | 5,057 | |
| Consolidated funds – other revenue | — | | | 622 | | | 622 | |
| Total revenues | 15,188 | | | 4,909 | | | 20,097 | |
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| Expenses | | | | | |
| Operating costs | 2,274 | | | (607) | | | 1,667 | |
| Payroll and payroll related costs | 12,181 | | | — | | | 12,181 | |
| General and administrative | 5,796 | | | (41) | | | 5,755 | |
| Marketing and advertising | 795 | | | 1 | | | 796 | |
| Depreciation and amortization | 691 | | | (27) | | | 664 | |
| Consolidated funds – hospitality expenses | — | | | 4,743 | | | 4,743 | |
| Consolidated funds – other expenses | — | | | 1,865 | | | 1,865 | |
| Total expenses | 21,737 | | | 5,934 | | | 27,671 | |
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| Other income (loss), net | (2,533) | | | (771) | | | (3,304) | |
| Change in fair value of digital assets | (5,793) | | | — | | | (5,793) | |
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| Interest income | 357 | | | (1) | | | 356 | |
| Interest expense | (6,712) | | | — | | | (6,712) | |
| Net loss before income taxes | (21,230) | | | (1,797) | | | (23,027) | |
| Provision for income taxes | — | | | — | | | — | |
| Net loss | (21,230) | | | (1,797) | | | (23,027) | |
| Net loss attributable to noncontrolling interests | — | | | (1,229) | | | (1,229) | |
| Net loss attributable to CaliberCos Inc. | $ | (21,230) | | | $ | (568) | | | $ | (21,798) | |
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| Year Ended December 31, 2024 |
| Platform | | Impact of Consolidated Funds | | Consolidated |
| Revenues | | | | | |
| Asset management | $ | 20,563 | | | $ | (3,684) | | | $ | 16,879 | |
| Performance allocations | 379 | | | (21) | | | 358 | |
| Consolidated funds – hospitality revenue | — | | | 26,476 | | | 26,476 | |
| Consolidated funds – other revenue | — | | | 7,406 | | | 7,406 | |
| Total revenues | 20,942 | | | 30,177 | | | 51,119 | |
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| Expenses | | | | | |
| Operating costs | 7,139 | | | (965) | | | 6,174 | |
| Payroll and payroll related costs | 17,765 | | | — | | | 17,765 | |
| General and administrative | 6,817 | | | (41) | | | 6,776 | |
| Marketing and advertising | 751 | | | — | | | 751 | |
| Depreciation and amortization | 598 | | | (5) | | | 593 | |
| Consolidated funds – hospitality expenses | — | | | 26,503 | | | 26,503 | |
| Consolidated funds – other expenses | — | | | 5,870 | | | 5,870 | |
| Total expenses | 33,070 | | | 31,362 | | | 64,432 | |
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| Other expense, net | (2,654) | | | (439) | | | (3,093) | |
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| Interest income | 559 | | | (199) | | | 360 | |
| Interest expense | (5,424) | | | — | | | (5,424) | |
| Net loss before income taxes | (19,647) | | | (1,823) | | | (21,470) | |
| Provision for income taxes | — | | | — | | | — | |
| Net loss | (19,647) | | | (1,823) | | | (21,470) | |
| Net loss attributable to noncontrolling interests | — | | | (1,693) | | | (1,693) | |
| Net loss attributable to CaliberCos Inc. | $ | (19,647) | | | $ | (130) | | | $ | (19,777) | |
The following tables present a reconciliation of Platform assets to the most comparable U.S. GAAP measure for the years ended December 31, 2025 and 2024 (in thousands):
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| December 31, 2025 |
| Platform | | Impact of Consolidated Funds | | Consolidated |
| Assets | | | | | |
| Cash | $ | 2,538 | | | $ | — | | | $ | 2,538 | |
| Restricted cash | 2,628 | | | — | | | 2,628 | |
| Real estate investments, net | 21,945 | | | (256) | | | 21,689 | |
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| Digital assets | 6,850 | | | — | | | 6,850 | |
| Notes receivable - related parties | 7,348 | | | — | | | 7,348 | |
| Due from related parties | 10,597 | | | (511) | | | 10,086 | |
| Investments in unconsolidated entities | 11,629 | | | (5) | | | 11,624 | |
| Operating lease - right of use assets | 3,712 | | | (3,614) | | | 98 | |
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| Prepaid and other assets | 2,740 | | | (372) | | | 2,368 | |
| Total assets | $ | 69,987 | | | $ | (4,758) | | | $ | 65,229 | |
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| December 31, 2024 |
| Platform | | Impact of Consolidated Funds | | Consolidated |
| Assets | | | | | |
| Cash | $ | 1,766 | | | $ | — | | | $ | 1,766 | |
| Restricted cash | 2,582 | | | — | | | 2,582 | |
| Real estate investments, net | 21,782 | | | (210) | | | 21,572 | |
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| Notes receivable - related parties | 230 | | | (125) | | | 105 | |
| Due from related parties | 11,143 | | | (4,178) | | | 6,965 | |
| Investments in unconsolidated entities | 16,061 | | | (418) | | | 15,643 | |
| Operating lease - right of use assets | 4,042 | | | (3,895) | | | 147 | |
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| Prepaid and other assets | (529) | | | 4,030 | | | 3,501 | |
| Total assets | $ | 57,077 | | | $ | (4,796) | | | $ | 52,281 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.