CaliberCos Inc (CWD) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. At this time, I would like to welcome everyone to the Caliber fourth-quarter 2025 earnings conference call. (Operator Instructions)

各位女士、先生，感謝您稍候。此刻，我謹代表公司歡迎各位參加 Caliber 2025 年第四季財報電話會議。（接線員指示）

I would now like to turn the conference over to Ilya Grozovsky, Vice President, Investor Relations and Corporate Development. You may begin.

現在我想將會議交給 Caliber 投資人關係與企業發展副總裁 Ilya Grozovsky。您可以開始了。

Thank you. Good afternoon, everyone. Welcome to Caliber's fourth-quarter and year-end 2025 financial results conference call.

謝謝。各位下午好。歡迎參加 Caliber 2025 年第四季及全年財務結果電話會議。

With me today are Chris Loeffler, Chief Executive Officer and Co-Founder; and Jade Leung, Chief Financial Officer of Caliber.

今天與我一同出席的有 Caliber 執行長暨共同創辦人 Chris Loeffler，以及財務長 Jade Leung。

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.

請注意，我們備有季度財報簡報，將作為今日預先準備發言的補充。您可至我們網站 www.caliberco.com 的投資人關係專區取得該簡報。

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. So our actual future results could differ significantly from these statements.

在管理層評論之後，我們將開放提問。提醒各位，今日討論的資訊可能包含前瞻性陳述，涉及風險與不確定性。「相信」、「預期」與「預估」等字眼係指截至本次電話會議時我們的最佳估計，且無法保證一定會發生。因此，我們未來的實際結果可能與這些陳述有重大差異。

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

有關公司風險因素的進一步資訊，載於公司提交美國證券交易委員會（SEC）的季度與年度報告中。

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

現在很高興把電話交給 Chris。請開始。

Thank you, Ilya. Good afternoon, everyone. I've structured my commentary today, starting with an update on our strategic expansion into digital assets and blockchain, and then moving to some comments on Caliber's financial position, then on to our private equity and real estate platform and the related project activity, and finally ending with our outlook for 2026.

謝謝你，Ilya。各位下午好。我今天的評論架構如下：先更新我們在數位資產與區塊鏈方面的策略性擴張，接著談 Caliber 的財務狀況，再談我們的私募股權與不動產平台及相關專案進展，最後以我們對 2026 年的展望作結。

In the third quarter, Caliber expanded our business into digital assets, starting with the launch of our digital asset treasury or DT based on ChainL's LINK token.

在第三季，Caliber 將業務擴展至數位資產，首先推出我們的數位資產庫存（digital asset treasury，簡稱 DT），以 ChainL 的 LINK 代幣為基礎。

The DT offered an attractive starting point to enter this broader line of business, and I'm happy to share that Cliver sees follow-on opportunity to apply chain links technology and participate in the rapidly maturing industry of private asset tokenization, specifically real estate fund tokenization.

DT 提供了一個具吸引力的切入點，讓我們進入更廣泛的業務領域。我也很高興分享，Cliver 看到了後續機會，可運用 chain links 的技術並參與快速成熟的私募資產代幣化產業，特別是不動產基金代幣化。

Taken together, I will refer to this in the future as digital asset technologies.

綜合而言，未來我將把這些稱為「數位資產技術」。

During the fourth quarter, we made progress on this expansion by advancing projects to tokenize two specific real estate funds, our investment in the largest Pickleball facility in North America, PURE Pickleball and Padel, and our investments in the development of 15 Hyatt Studios hotels.

在第四季，我們透過推進兩個特定不動產基金的代幣化專案，持續在此擴張上取得進展：其一是我們投資北美最大匹克球（Pickleball）設施 PURE Pickleball and Padel；其二是我們投資開發 15 間 Hyatt Studios 飯店。

We believe that tokenization of real estate is a very natural step in the evolution of real estate investing with the potential to improve liquidity, enhance transparency in investor reporting, and expand the speed and efficiency of capital formation for projects.

我們相信，不動產代幣化是不動產投資演進中非常自然的一步，具備改善流動性、提升投資人報告透明度，以及加快並提高專案募資速度與效率的潛力。

For example, Caliber operates opportunity zone funds. These investments require a minimum of 10 to 13 years of illiquidity. If tokenized, investors in the funds may gain greater visibility to their asset values and the performance of those assets, and may gain the ability to either borrow against their fund investment for enhanced personal liquidity or sell their fund investment to a new party for exit liquidity.

例如，Caliber 經營機會區（opportunity zone）基金。這類投資通常需要至少 10 至 13 年的非流動性期間。若進行代幣化，基金投資人可能更能掌握其資產價值與資產表現，並可能具備以基金投資作為擔保借款以提升個人流動性，或將其基金投資出售予新買方以取得退出流動性的能力。

This is an exciting evolution in a private real estate investment industry.

這是私募不動產投資產業令人振奮的一項演進。

While digital asset technologies remain an emerging area, we are encouraged by the early progress we have made in this space and believe it can become an important extension of our platform over the long-term.

儘管數位資產技術仍屬新興領域，我們對於在此領域取得的早期進展感到鼓舞，並相信長期而言，它可成為我們平台的重要延伸。

Turning to financial visibility. As we discussed in our earnings release in 2025, was impacted by delays in capital markets activities which affected the timing of project financings and the recognition of related fees. In simple terms, Caliber has built a pipeline of projects that include contractual rights to revenue, which are realized when key capital markets activities, primarily construction financing and fundraising milestones, are completed.

接著談財務能見度。如同我們在 2025 年財報新聞稿中所提到的，資本市場活動的延遲影響了專案融資的時點以及相關費用的認列。簡而言之，Caliber 已建立一條專案管線，包含對收入的合約性權利；當關鍵資本市場活動（主要為建築融資與募資里程碑）完成時，即可實現該等收入。

While we expected several closings in the fourth quarter, many shifted into 2026. Importantly, these delays did not reduce the underlying value of our revenue pipeline. Instead, they shifted the timing of revenue realization. As we move into 2026, our focus on executing these financings and converting our existing pipeline into realized revenue.

雖然我們原先預期第四季會完成數筆交割，但其中許多已延後至 2026 年。重要的是，這些延遲並未降低我們收入管線的內在價值，而是改變了收入實現的時點。進入 2026 年後，我們將聚焦於執行這些融資，並將既有管線轉化為已實現收入。

We have updated our platform performance supplement through December 30, 2025, which provides investors with a clear view of our operating business. This supplement excludes consolidated assets and focuses on the portion of our platform that directly drives shareholder value.

我們已更新截至 2025 年 12 月 30 日的平台績效補充資料，為投資人提供對我們營運業務的清晰視角。該補充資料排除合併資產，並聚焦於我們平台中直接驅動股東價值的部分。

At year end, our estimated performance allocations totaled $104 million, up from $90.5 million in the prior quarter, reflecting continued progress across the portfolio.

截至年末，我們估計的績效分配（performance allocations）總額為 1.04 億美元，高於前一季的 9,050 萬美元，反映投資組合持續取得進展。

I would like to point out that some alternative asset managers which may have a business model similar to calibers may utilize investment company accounting or fair value based rules, while Caliber follows operating company or historical cost-based accounting rules.

我想指出，部分可能與 Caliber 商業模式相近的另類資產管理公司，可能採用投資公司會計或以公允價值為基礎的規則；而 Caliber 採用的是營運公司或以歷史成本為基礎的會計規則。

Our team has begun analyzing the difference in these methodologies as a way to enhance investor visibility to Calibre's business and included some of that analysis in our 10-K filing. The results show that if Caliber had been utilizing investment company accounting rules in 2025, we estimate we would have recorded an unrealized gain in the range of $10 million to $15 million. The full supplement is available on our website, and we encourage all shareholders to review it.

我們團隊已開始分析這些方法論之間的差異，以提升投資人對 Calibre 業務的能見度，並在我們的 10-K 申報中納入部分分析。結果顯示，若 Caliber 在 2025 年採用投資公司會計規則，我們估計將會認列約 1,000 萬至 1,500 萬美元的未實現收益。完整補充資料可於我們網站取得，我們鼓勵所有股東加以審閱。

Turning to fundraising, managed capital reached $517 million at year end, up from $506 million in the third quarter and $492.5 million a year ago. Our wholesale distribution channel expanded in 2025, and we believe it positions us well for continued growth in 2026. We added a total of 19 new selling group relationships in 2025, many of which have made their first investments. We hope to expand these key relationships in 2026.

接著談募資。截至年末，受管理資本（managed capital）達 5.17 億美元，高於第三季的 5.06 億美元，也高於一年前的 4.925 億美元。我們的批發通路（wholesale distribution channel）在 2025 年有所擴張，我們相信這使我們在 2026 年具備持續成長的良好定位。2025 年我們新增合計 19 個新的銷售團體合作關係，其中許多已完成首次投資。我們希望在 2026 年擴大這些關鍵合作關係。

Caliber's wholesale focus for '26 is to reach 50 high-quality producing relationships which we believe allows the company to more than meet its objectives. We have heard from advisors who are engaging that we are engaging with that Calibre's focus on quality, not quantity, is a refreshing change as compared to similar issuers.

Caliber 在 2026 年的批發通路重點，是達成 50 個高品質且具產出能力的合作關係；我們相信這將使公司不僅能達成其目標，甚至可超額完成。我們也從正在與我們接洽的顧問那裡聽到，相較於同類發行人，Calibre 強調品質而非數量的策略，是一種令人耳目一新的改變。

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.

我們仍專注於投資飯店業、多戶住宅（multi-family）以及多承租戶工業不動產（multi-tenant industrial real estate）；我們相信在目前的市場環境下，這些領域能為 Caliber 的投資人客戶提供最佳機會。

Now I will turn to updates on assets we manage and the performance of our managed real estate funds. These updates are important because our revenues is directly tied to the progress of these projects, specifically as they reach financing and development milestones.

接下來我將更新我們所管理的資產，以及我們所管理不動產基金的表現。這些更新很重要，因為我們的收入與這些專案的進度直接相關，特別是當它們達到融資與開發里程碑時。

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 (inaudible).

為了節省各位時間，每一季我會著重於我認為在本季期間及季末之後發生的最重要變化，但不會嘗試全面討論每一個（聽不清楚）。

Starting with Hyatt Studios, our Hyatt Studios developments continued to progress as planned, with multiple projects advancing through pre-development. These assets are designed to transition into long-term ownership within Caliber Hospitality Trust, which we expect would exercise an option agreement to acquire the assets once built and stabilized, offering Hyatt Studios investors a defined exit and CHT Investors a proprietary pipeline of new income producing hotels.

先從 Hyatt Studios 開始。我們的 Hyatt Studios 開發案持續依計畫推進，多個專案正進入開發前期（pre-development）階段。這些資產的設計目標，是在 Caliber Hospitality Trust（CHT）中轉為長期持有；我們預期 CHT 將在資產建成並穩定後，依選擇權協議收購該等資產，為 Hyatt Studios 投資人提供明確的退出機制，同時為 CHT 投資人提供一條專有的新收益型飯店管線。

Our first four projects are well underway, and we will share significant milestones as they are completed. Our PURE Pickleball and paddle project in River at Riverwalk in Scottsdale, Arizona will deliver a world-class pickleball and paddle facility featuring 50 courts, a full-service clubhouse, and a fitness center sponsored by Honor Health.

我們的前四個專案進展順利，並將在完成重要里程碑時對外分享。我們位於亞利桑那州斯科茨代爾（Scottsdale）River at Riverwalk 的 PURE Pickleball and paddle 專案，將交付一座世界級的匹克球與板式網球（padel）設施，包含 50 座球場、全方位服務會館，以及由 Honor Health 贊助的健身中心。

Following the approval of PURE's building permits in late February 2026, PURE continues to advance towards shovel-ready status.

在 2026 年 2 月下旬 PURE 的建築許可獲核准後，PURE 持續朝向可動工（shovel-ready）狀態推進。

The focus now is on finalizing construction financing and rounding out the overall capital structure, which is actively in progress. As part of the process of obtaining financing. The project recently completed a third-party market study which reaffirmed the business case to proceed to construction.

目前重點在於完成建築融資並完善整體資本結構，相關工作正積極進行中。作為取得融資流程的一部分，該專案近期完成第三方市場研究，再次確認了推進至施工階段的商業可行性。

Turning to Canyon, our large-scale mixed-use project in North Phoenix in the TSMC and Apple Fab development corridor. During the fourth quarter, we made meaningful progress on design and site readiness, including the completion of interior demolition and advancement of construction plans.

接著談 Canyon。我們位於北鳳凰城（North Phoenix）的大型複合式開發專案，座落於 TSMC 與 Apple Fab 開發走廊。第四季期間，我們在設計與基地就緒方面取得實質進展，包括完成室內拆除並推進施工計畫。

The HUD financing process continues, and we are working towards closing construction financing and breaking ground later in 2026.

HUD 融資流程仍在進行中，我們正朝著於 2026 年稍晚完成建築融資交割並動工的目標努力。

At Encore, we continue to advance construction site development and planning and commercial activity, including the ongoing discussions with national retailers for sales or leasing. Project progress remains tied to financing and infrastructure milestones.

在 Encore，我們持續推進施工現場開發與規劃以及商業活動，包括與全國性零售商就銷售或租賃進行的持續洽談。專案進度仍與融資及基礎設施里程碑相連動。

In terms of Caliber's primary hotel investment vehicle, the Caliber Hospitality Trust, we continue to work on refinancing several of the hotels in the CHT portfolio, and using the capital for improvements to the properties to grow their NOI.

就 Caliber 的主要飯店投資載體 Caliber Hospitality Trust（CHT）而言，我們持續推動對 CHT 投資組合中數家飯店的再融資，並運用資金進行資產改善，以提升其 NOI（淨營運收入）。

Also in February 2026, we announced the sale of the Holiday Inn Castillo in the Phoenix Chandler submarket for $13 million as part of our repositioning strategy with the goal to utilize the resulting capital to assist CHT's growth plans.

此外，在 2026 年 2 月，我們宣布以 1,300 萬美元出售位於鳳凰城 Chandler 次級市場的 Holiday Inn Castillo，作為我們資產重整策略的一部分，目標是運用出售所得資金協助推進 CHT 的成長計畫。

We acquired the Holiday Inn Castillo prior to COVID, navigated through one of the most disruptive periods in the history of the hospitality industry, and exited the investment at a time we are seeing better uses of capital.

我們在 COVID 之前收購 Holiday Inn Castillo，度過了飯店業史上最具破壞性的時期之一，並在我們看到資金有更佳用途之際退出該投資。

We are continuing to advance a strong pipeline of acquisition opportunities for CHD including both cash transactions and tax-deferred portfolio acquisitions, and we look forward to announcing these acquisitions once closing timelines are firmly established.

我們持續為 CHD 推進強勁的收購機會管線，涵蓋現金交易與遞延納稅的投資組合收購；一旦交割時程明確確立，我們也期待宣布這些收購案。

Overall, 2025 was a year of repositioning for caliber. While capital markets delays impacted the timing of revenue, our underlying platform continued to advance across our projects, our fundraising capabilities, and our expansion into digital assets. As we enter into 2026, our focus is on execution of the business plan we have made all shareholders aware of.

整體而言，2025 年是 Caliber 進行資產重整的一年。儘管資本市場延宕影響了營收認列時點，我們的底層平台仍在各項專案、募資能力以及數位資產擴張方面持續推進。進入 2026 年，我們的重點是落實我們已讓所有股東知悉的商業計畫之執行。

We expect growth to be driven by three primary factors. The first, the closing of project level financings across our existing portfolio. The second, continued capital formation through fundraising. And the third, opportunities for new lines of revenue and cost savings with the linked data, the tokenization of our real estate assets, and Calibre's overarching digital asset strategy.

我們預期成長將由三項主要因素驅動。第一，是我們既有投資組合中各專案層級融資的完成交割。第二，是透過募資持續進行資本形成。第三，是透過連結資料、我們不動產資產的代幣化，以及 Calibre 整體數位資產策略，帶來新的營收線與成本節省機會。

Taken together, these activities are expected to convert our existing pipeline into realized revenue and to deliver through caliber a unique dual-sided platform for investors to gain exposure to both the ongoing recovery in commercial real estate and the exploding growth of digital asset technologies.

綜合而言，這些活動預期將把我們既有的管線轉化為已實現的營收，並透過 Caliber 為投資人提供一個獨特的雙邊平台，使其同時得以參與商用不動產持續復甦，以及數位資產技術爆發式成長所帶來的機會。

I'm pleased to share with today's earnings release that Caliber has issued its first forward-looking guidance as a public company, offering an expected range of revenues in 2026 of $18 million to $22 million. And the guidance that management believes that we are positioned to achieve adjusted EBITDA profitability and positive net operating income in 2026.

我很高興在今日的財報新聞稿中分享，Caliber 作為上市公司首次發布前瞻性指引，提供 2026 年預期營收區間為 1,800 萬至 2,200 萬美元。此外，管理層指引認為，我們具備在 2026 年達成調整後 EBITDA 獲利以及正向淨營運收入的條件。

With that, I'll turn it over to Jay to review our financial results.

接下來，我把時間交給 Jay 來回顧我們的財務結果。

Thank you, Chris. Good afternoon, everyone. I'll start with an update on our corporate notes and liquidity position.

謝謝你，Chris。各位下午好。我先從公司票據與流動性狀況的更新開始。

As of the end of the fourth quarter, we had 178 individual unsecured notes with an aggregate principal balance of approximately $29.6 million, of which $24.5 million is scheduled to mature within the next 12 months. Each note generally has a 12-month term with an option to extend.

截至第四季末，我們共有 178 筆個別無擔保票據，合計本金餘額約 2,960 萬美元，其中 2,450 萬美元預計將於未來 12 個月內到期。每筆票據通常為 12 個月期，並附有展期選項。

In addition to our broader plans and efforts to address the near-term liquidity of the business, we have added an additional initiative.

除我們更廣泛的計畫與努力以因應公司短期流動性之外，我們也新增了一項措施。

Subsequent to the end of the fourth quarter, Caliber's Board of Directors approved a note holder conversion program authorizing the ability of holders of Caliber's unsecured corporate notes to convert their notes into Series AAA convertible preferred perpetual preferred stock. Management believes the perpetual preferred stock structure is favorable to all shareholders, as converted notes would be reclassified from debt to equity.

在第四季結束後，Caliber 董事會核准一項票據持有人轉換計畫，授權 Caliber 無擔保公司票據持有人可將其票據轉換為 Series AAA 可轉換優先股之永久優先股。管理層認為，永久優先股的結構對所有股東皆有利，因為轉換後的票據將由負債重新分類為權益。

This program supplements our previously announced Caliber Commontock Conversion Program. Participation is voluntary in the Series AAA preferred stock program, and the preferred stock is convertible to common stock in three tranches.

此計畫補充了我們先前宣布的 Caliber 普通股轉換計畫。Series AAA 優先股計畫採自願參與，且該優先股可分三個批次轉換為普通股。

Third of the preferred stock is convertible at $2.50 per share of common stock. Third is convertible at $3.50 per share of common stock. And third is convertible at $4.50 per share of common stock.

其中三分之一的優先股可按每股普通股 2.50 美元轉換；三分之一可按每股普通股 3.50 美元轉換；另三分之一可按每股普通股 4.50 美元轉換。

Participation in the common stock conversion program is also voluntary with terms structured in accordance with Nasdaq rules for at the market transactions. We believe these dual programs can reduce leverage, improve stockholders' equity, and increase financial flexibility as we execute our plan towards profitability in 2026.

普通股轉換計畫同樣採自願參與，其條款依據 Nasdaq 對市價交易（at-the-market transactions）的規則進行設計。我們相信這兩項計畫可降低槓桿、改善股東權益，並在我們朝 2026 年獲利的計畫執行過程中提升財務彈性。

Over the past 12 months, we have made meaningful progress addressing our near term liquidity, and we expect to continue making progress through a combination of capital initiatives and operational execution.

過去 12 個月，我們在處理短期流動性方面取得了實質進展，並預期將透過資本措施與營運執行的組合持續推進。

Turning to our results for the fourth quarter of 2025. Platform revenue for the fourth quarter was $4 million compared to $4.6 million in the prior year quarter. Asset management fees increased 6% year over year, while construction and development revenues declined primarily due to the timing of project financings. Several financings that were expected to close in the fourth quarter ultimately closed in the first quarter of 2026.

接著看 2025 年第四季的業績。我們第四季平台營收為 400 萬美元，較去年同期的 460 萬美元下降。資產管理費年增 6%，而施工與開發營收下滑主要是因專案融資時點所致。原預期於第四季完成交割的數筆融資，最終於 2026 年第一季完成交割。

As Chris mentioned, this reflects a shift in timing rather than a reduction in underlying activity, and we expect these financings to contribute to revenue in 2026.

如 Chris 所提，這反映的是時點移轉而非底層活動減少，我們預期這些融資將在 2026 年對營收做出貢獻。

Total platform expenses for the fourth quarter were $5.1 million, a decrease of 52% compared to the prior year, primarily driven by reductions in payroll and related expenses. Average employee headcount decreased 42.2% from Q4 2024 to Q4 2025 as part of our continued comprehensive cost saving initiatives to return caliber to profitability. This moved our total employees from 83 to 48 as of year end.

第四季平台總費用為 510 萬美元，較去年同期下降 52%，主要由薪資及相關費用的降低所帶動。作為我們持續推動的全面性成本節省措施之一，以使 Caliber 回到獲利軌道，平均員工人數自 2024 年第四季至 2025 年第四季下降 42.2%。截至年末，員工總數由 83 人降至 48 人。

Platform adjusted EBITDA for the quarter was a loss of approximately $400,000 compared to a loss of over $ 1million in the prior year quarter, reflecting improved cost discipline.

本季平台調整後 EBITDA 約虧損 40 萬美元，較去年同期超過 100 萬美元的虧損改善，反映成本控管更為嚴謹。

Managed capital total of $517 million at year end, an increase of 5% compared to the prior year. For 2026, we expect total revenue in the range of $18 million to $22 million.

截至年末，受管理資本總額為 5.17 億美元，較去年增加 5%。展望 2026 年，我們預期總營收介於 1,800 萬至 2,200 萬美元。

As outlined in our earnings release, we expect approximately 60% of revenue growth to be driven by project-level financings across our existing portfolio, with the remaining 40% driven by capital formation and asset management activities.

如我們在財報新聞稿中所述，我們預期約 60% 的營收成長將由既有投資組合中各專案層級融資所驅動，其餘 40% 則由資本形成與資產管理活動所帶動。

Based on our current visibility into the pipeline and and financing activity, we believe we are positioned to achieve adjusted EBITA profitability and positive net operating income in 2026.

基於我們目前對管線以及融資活動的可視性，我們相信我們具備在 2026 年達成調整後 EBITA 獲利以及正向淨營運收入的條件。

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

接下來我把時間交回給主持人，進行提問。

(Operator Instructions) Michael Diana, Maxim Group.

（主持人指示）Michael Diana，Maxim Group。

Okay, thank you. So on your digital strategy, do you have any timing window you can give us on the digitization of the two projects?

好的，謝謝。關於你們的數位策略，兩個專案的數位化大概有沒有可以提供的時間窗口？

Sure, yeah, happy to share. Thanks for the question. We've initiated, picked our partners that we're working with, and we're actively in the process of working with those partners as well as the team at Chain Link, to start the process. As I understand it, it's actually a relatively painless process, but I will reserve the right to hedge my timing because, it's our first time going through it.

當然，可以，很樂意分享。謝謝你的提問。我們已經啟動、選定合作夥伴，並正積極與這些夥伴以及 Chain Link 團隊合作，開始推進流程。就我理解，這其實是一個相對不痛苦的流程，但我仍保留在時程上保守一些的權利，因為這是我們第一次走這個流程。

We think that they will both projects will be tokenized in the coming months, whether we then list those tokens on an exchange is a different conversation, but tokenizing the offerings and utilizing that tokenized structure to improve our investor experience as well as a fundraising tool is expected to occur in the coming months.

我們認為這兩個專案都會在未來幾個月內完成代幣化；至於之後是否把這些代幣上架到交易所，那是另一個議題。不過，將募資方案代幣化並運用該代幣化結構來改善投資人體驗，同時作為募資工具，預期會在未來幾個月內發生。

Okay. And does the Pickleball funding -- is that eligible for opportunities on --

好的。那 Pickleball 的募資——是否符合在——的機會？

Yeah, that's located in an opportunity zone, which is part of the attraction to the project and also part of the attraction to tokenizing the equity for liquidity purposes.

是的，它位於機會區（opportunity zone），這也是該專案吸引力的一部分，同時也使得為流動性目的將股權代幣化更具吸引力。

Right. And it seems that, I mean, I'm familiar with a number of other companies that have digital debt strategies. It seems as though yours is very different, that you're really interested in the chain link digitization expertise as much as the treasury.

了解。而且看起來，我的意思是，我熟悉一些採用數位債務策略的其他公司。你們的做法似乎非常不同，你們對 Chain Link 的數位化專業能力的重視程度，似乎不亞於對資金庫存（treasury）的重視。

Yeah, our strategy was sort of a multi-part strategy. We love the token, and we think it's an undervalued opportunity. We're looking at all kinds of ways to take advantage of that and we also like the feature of LINK where we can stake it and generate a nice rate of return.

是的，我們的策略算是多部分的策略。我們喜歡這個代幣，並認為它是一個被低估的機會。我們在尋找各種方式來加以利用，同時我們也喜歡 LINK 的一項特性：我們可以進行質押（stake）並產生不錯的報酬率。

But having said that, we're investing in what is a utility token for a new system that is critical infrastructure to the process of tokenizing assets, one of the largest and most, I think, sort of well regarded trends in finance today is the tokenization of public equities, stocks, bonds, et cetera.

但話說回來，我們投資的是一種效用型代幣（utility token），它用於一個新系統，而該系統是資產代幣化流程中的關鍵基礎設施。我認為當今金融領域最大、且最受推崇的趨勢之一，就是將公開股權（public equities）、股票、債券等進行代幣化。

And we think that there's a significant amount of opportunity in the token tokenization of private equities, primarily in our case, private real estate funds. So chain links a critical component to that infrastructure and the process of that tokenization and delivering data into the smart contract.

我們認為，將代幣用於私募股權的代幣化方面存在相當大的機會；就我們的情況而言，主要是私募不動產基金。因此，Chainlink 是該基礎設施以及代幣化流程中的關鍵組成部分，並負責將資料輸入到智慧合約中。

And so starting with a position in their token was really a starting point for us, unlike, like you mentioned, other digital asset treasuries that are really just purely accumulating the token.

因此，先建立他們代幣的部位對我們而言只是起點；不像你提到的其他數位資產金庫，那些基本上就是純粹在累積該代幣。

Right. And you mentioned you started staking. What sort of return are you getting on the staking?

了解。你提到你們開始質押了。你們質押大概拿到什麼樣的報酬率？

Sure. So the public pool will pay around 4%, 5% or 4%, I think it's about 4.3% at this point in time. The node operators directly can earn approximately 13% on their stake link. Caliber is seeking to stake our link directly with node operators to earn a portion of that 13%, and it's really driven by what we can negotiate on a profit-sharing arrangement between us and them.

當然。公開池大約會支付 4%、5% 或 4%；我想目前大概是 4.3%。節點營運商則可以直接在其質押的 LINK 上賺取約 13%。Caliber 正在尋求把我們的 LINK 直接與節點營運商進行質押，以賺取那 13% 的一部分；而這主要取決於我們與對方在利潤分成安排上能談到什麼條件。

So we believe that it's reasonable to expect that we'll be able to achieve a yield in the 6 to, kind of 10% range depending on a whole variety of factors and how we compile the different partners that we're staking our link with, but a significantly better rate of return than what you can get in the public pool, if you can get your link staked into that pool.

因此，我們認為合理的預期是，我們能達到約 6% 到大概 10% 的收益率區間，取決於各種因素，以及我們如何組合與哪些不同夥伴一起質押我們的 LINK；但這會是顯著優於公開池能拿到的報酬率——前提是你能把你的 LINK 質押進那個池子。

Right. And if you can get returns like 10%, does it make sense for you to become an operator?

了解。如果你們能拿到像 10% 這樣的報酬率，你們自己成為營運商是否有意義？

Ourselves?

我們自己嗎？

Yes.

是的。

I think it's an interesting opportunity with the chain link. One of the things that's attractive about chain link's Oracle network is it is a decentralized network, so there's node operators all over the world that are often processing the same data and financial feeds at the same time to ensure that any one node operator that has a failure doesn't cause a failure in the actual information.

我認為這是 Chainlink 上一個有趣的機會。Chainlink 的預言機網路之所以吸引人，其中一點在於它是去中心化網路，因此全球各地都有節點營運商，往往會在同一時間處理相同的資料與金融資訊來源，以確保任何單一節點營運商發生故障時，不會導致實際資訊本身出現失效。

And so there's quite a few companies around the world that do this and support the chain link system ecosystem and make chain link function. So we see that as an opportunity for us to start with staking with those node operators and then find opportunities to continue to, integrate our business with them.

因此，全球有相當多公司在做這件事，支援 Chainlink 的系統生態並讓 Chainlink 得以運作。我們把這視為一個機會：先從與這些節點營運商一起質押開始，然後再尋找機會，持續把我們的業務與他們做更深度的整合。

Okay, great. So moving away from digital, so I think Jade mentioned that some of your finances that you hope to achieve in the fourth quarter or pushed in the first quarter. Can you share with us what amounts those were or any sort of color there?

好的，很好。那我們先離開數位資產話題。我想 Jade 提到，你們原本希望在第四季完成的一些融資，延後到第一季。你能跟我們分享那些金額是多少，或提供一些背景嗎？

I'll let Jade address that directly, but it's a process. It's going to be a combination of things. One is going to be financings we've actually closed at this point in time, and two is going to be financings that we expect to close. So I'll kick it over to him.

我讓 Jade 直接回答，不過這是一個過程，會是多種因素的組合：第一是我們目前已經完成交割的融資；第二是我們預期會完成交割的融資。我把問題交給他。

Thanks, Chris. Yeah, our pipeline actually extends out almost nine months, and is constantly evolving. The pipeline itself is about $200 million of financings that are available to be closed, in, some, in some portion throughout the following year. We had about $20 million or so that was oscillating between the end of Q4 and the beginning of of Q1, that will start to materialize here towards the end of the quarter.

謝謝，Chris。是的，我們的案源管線其實延伸將近九個月，而且持續在變動。管線本身大約有 2 億美元的融資可供完成交割，會在接下來一年中的某些時間、以某種比例逐步完成。我們大約有 2,000 萬美元左右的案子在第四季末與第一季初之間來回擺動，將在本季接近尾聲時開始逐步落地。

Okay. And the environment for the funding, do you think that's improved, about the same, gotten worse?

好的。那融資環境方面，你覺得是改善了、差不多，還是變差了？

I think the marketplace itself is certainly improving. There's definitely still different levels of appetite depending on the type of asset that you're talking about, but the speed of execution and the, the appetite to deploy capital certainly is materially different than what it was, even three to four months ago.

我認為市場本身確實正在改善。不同資產類型的偏好程度仍然有差異，但執行速度以及部署資本的意願，確實與即便三到四個月前相比都有實質性的不同。

Okay, that's encouraging. You mentioned that you're narrowing your focus, mainly in hospitality, multi-family. Does that have any implications for what you might dispose of, or are you sort of doing that anyway?

好的，這很令人鼓舞。你提到你們正在收斂焦點，主要放在飯店旅宿、多戶住宅。這對你們可能要處分的資產有任何影響嗎？還是你們本來就會這麼做？

Sure. Yes, the company has previously disclosed that we intend to limit our land development component of our business to about 20% of the portfolio. Right now, it's still around 35%-plus, so we're trying to kind of shrink that, and we're not doing that by disposing of projects. We're actually just naturally letting it, there's some natural attrition as we complete the projects and start to sell them off without committing to new ones.

當然。有的。公司先前已揭露，我們打算把業務中的土地開發部分限制在投資組合約 20%。目前仍在 35% 以上，所以我們正試著把它縮小；而我們不是透過處分專案來做到這點，而是讓它自然下降——隨著我們完成專案並開始出售，而不再承諾新的專案，會有一些自然的消退。

The main focus being on multi-family and hospitality is just helping us to, accommodate the fact that we have a smaller staff, that we can focus that staff on two very specific asset classes. And in that case, those two specific asset classes happen to be the two best looking opportunities that we can find. Really, and I think there's an actual, if you look at some of our projects, there's an interesting combination between hospitality and multi-family.

把主要焦點放在多戶住宅與旅宿，主要是為了配合我們人力較精簡的現況，讓團隊能聚焦在兩個非常明確的資產類別。而在這個情況下，這兩個資產類別剛好也是我們能找到、看起來最好的兩個機會。其實，如果你看我們的一些專案，旅宿與多戶住宅之間還有一個有趣的組合。

As an example, the multi, the hospitality assets that we're developing are right now extended stay hotels, which is basically a hotel room with a kitchen inside, and that allows you to stay for 3 to 5 days or a longer period of time and and still feel comfortable to be able to cook breakfast in your hotel room as an example.

例如，我們正在開發的旅宿資產目前是長住型飯店（extended stay hotels），基本上就是房間內有廚房的飯店房型，讓你可以住 3 到 5 天或更長時間，並且仍然覺得舒適——例如你可以在房間裡自己煮早餐。

So we think there's a lot of opportunity there. There's a big kind of a double black swan event that happened in hotels that has created that opportunity for us between COVID and interest rates, and on the multi-family side, there's a sizable amount of multi-family assets that are quality performing assets with capital stacks that are distressed, and that's where we're focused.

所以我們認為那裡有很多機會。飯店業發生了一個很大的、某種「雙重黑天鵝事件」，在 COVID 與利率的共同作用下，為我們創造了這個機會；而在多戶住宅方面，有相當多多戶住宅資產本身營運表現良好、品質不錯，但其資本結構（capital stack）處於困境，這就是我們聚焦的地方。

Okay, great. And Jade, you talked about your conversion program to perpetual preferred. Do you have any takers yet or people sort of wait and see?

好的，很好。Jade，你談到把你們的轉換計畫轉為永久型特別股（perpetual preferred）。目前有任何人接受了嗎？還是大家在觀望？

We do have a lot of interest since launching the program, and we're going to see how the registration for that, unfolds here in the next six days or so.

自從推出該計畫以來，我們確實收到很多興趣；接下來大概六天左右，我們會看看相關的註冊流程會如何進展。

Okay. And also in the release, you mentioned new fundraising initiatives. Can you talk about that at all?

好的。另外在新聞稿中，你提到新的募資倡議。你能談談那部分嗎？

Yeah, Caliber has been very focused on the opportunity set that comes from serving financial advisors directly. Caliber has a history of raising a lot of its capital from high net worth and ultra high net worth investors directly, which we still do, but the financial advisory community has become more and more in a position to embrace alternative investments, especially real estate investments, and there's a lot of interest around the digital asset side.

可以。Caliber 一直非常聚焦於直接服務理財顧問所帶來的機會集合。Caliber 過去有很長一段時間，資金主要直接來自高淨值與超高淨值投資人；我們現在仍然這麼做，但理財顧問社群越來越能接受另類投資，尤其是不動產投資，而且對數位資產這一側也有很高的興趣。

We spent most of last year building a lot of infrastructure which we had started in 2024 so that Caliber can distribute its funds through financial advisors in more of a B2B model where we sign selling agreements.

我們去年大部分時間都在建置大量基礎設施——這項工作其實在 2024 年就已開始——讓 Caliber 能以更偏 B2B 的模式，透過理財顧問來分銷我們的基金，也就是我們會簽訂銷售協議。

The advisors groups are then able to sell the funds to their clients, and we're working with the advisor who may manage money for hundreds of clients versus the individual investors directly, so. That seems to be the growing -- the big -- the largest and fastest growing sector for us for fundraising and what we think will drive a nice return to our historic fundraising average in the past.

接著，顧問團隊就能把基金賣給他們的客戶；我們合作的對象是可能替數百位客戶管理資金的顧問，而不是直接面對單一投資人。因此，這看起來是我們募資方面成長——最大、也是成長最快的板塊；我們也認為這將帶動我們回到過去歷史平均的募資水準，並帶來不錯的回報。

All right. And then you mentioned your 2026 growth, about 40% coming from capital capital formation and asset management activities. Could you just explain what you mean by that?

好的。然後你提到你們 2026 年的成長中，大約 40% 會來自資本募集（capital formation）與資產管理活動。你能解釋一下你的意思嗎？

Sure. Yes, capital formation, I think is a kinder way to say fundraising. But that would be essentially equity fundraising, and just to give you a little look underneath the hood of our business, when we raise capital, we don't make money necessarily raising the capital, but we do make some income off of, funding the initial investments and some setup fees for the funds.

當然可以。是的，我認為「資本募集」算是「募資」比較委婉的說法。那基本上就是股權募資；再讓你稍微看看我們業務的內部運作：當我們募集資金時，我們不一定會在「募集資金」這件事本身賺到錢，但我們會從初始投資的資金到位，以及基金的一些設立費用中取得部分收入。

But importantly, once we've done that and it's, it becomes clear that the investment is going to be able to proceed forward. It gives us the right to start recognizing some contractual revenue for us around things like acquisition fees, development fees that we're going to earn from developing the asset and delivering, zoning entitlements, et cetera.

但更重要的是，一旦完成這些，且投資能夠繼續推進變得明確，我們就有權開始就一些項目確認合約性收入，例如收購費（acquisition fees）、開發費（development fees）——也就是我們在開發資產、取得分區與開發許可（zoning entitlements）等過程中將賺取的費用，等等。

On the construction financing side, we need to close construction financing in order to recognize the revenues associated with construction management fees. And ultimately in order for us to get the projects built so that we can realize carried interest and other forms of profit sharing, so there's sort of a two part revenue recognition opportunity for Caliber.

在建築融資方面，我們需要完成建築融資的交割，才能確認與施工管理費（construction management fees）相關的收入。最終也需要把專案蓋好，才能實現附帶收益（carried interest）以及其他形式的利潤分成；因此，對 Caliber 來說，收入認列的機會大致上可分為兩個部分。

One is raise the equity, which drives a certain portion of our revenue, and then the other is to close the construction financing which drives the other piece.

一個是提高股權資本，這會帶動我們收入中的某一部分；另一個是完成建築融資的結案，這會帶動另一部分。

Okay, great. All right, that's all the questions I have. Thank you very much.

好的，很棒。好，這就是我所有的問題了。非常感謝。

Thank you.

謝謝。

Mark Palmer, Benchmark StoneX.

Mark Palmer，Benchmark StoneX。

Yes, thank you. It's an impressive showing from a transparency standpoint this quarter, both in terms of providing guidance, financial guidance, and at the same time, I think giving investors more insight with regard to carried interest, which is an almost hidden aspect of the company's value.

是的，謝謝。從透明度的角度來看，本季表現令人印象深刻，無論是在提供指引、財務指引方面，同時我也認為你們讓投資人對附帶權益（carried interest）有了更多洞見，而這幾乎是公司價值中一個隱而不顯的面向。

Can you talk a little bit about transparency writ large and what you are doing -- what you are intending to do with regard to shining more light on the actual value of the company?

你能否談談更廣義的透明度，以及你們正在做什麼——或打算做什麼——以便更清楚地揭示公司的實際價值？

I think, great question. Thank you, Mark. I'll answer and then I'll let Jade add his take because I think he'll have his own point of view.

我覺得這是個很好的問題。謝謝你，Mark。我先回答，然後我會讓Jade補充他的看法，因為我想他會有自己的觀點。

But generally speaking, Caliber was born with the concept of transparency at the heart of the business, partly because we were, kids and our 20-year-olds when we founded this company 17 years ago, and we didn't know, if anyone would trust us with their capital, so we would show them everything, that we're doing, and it worked pretty well, and that's how the business grew.

但總體而言，Caliber在創立之初就把透明度作為業務的核心理念之一，部分原因是我們在17年前創辦這家公司時還很年輕，二十出頭，我們不知道是否有人會信任我們、把資金交給我們，所以我們會把我們正在做的一切都展示給他們看。結果效果相當不錯，業務也就這樣成長起來。

And we learned over the course of our growth that that transparency needs to evolve because you have to constantly create business systems behind it to be able to produce it and not only give information but make sure that information is consistently able to be produced, repeatable. The estimates are backed by quality workmanship and that we're not putting out a carried interest estimate as an example that is.

而且在成長過程中我們也學到，這種透明度需要演進，因為你必須在背後持續建立商業系統，才能產出這些資訊；不只是提供資訊，還要確保資訊能夠一致地被產出、可重複。估算必須有高品質的作業作為支撐；例如，我們不能發布一個附帶權益的估算，卻不符合我們在業務中所期待的那種高品質估算標準。

That doesn't have the the the type of quality estimating that we expect in our business. So having said all that, we have learned since we became public that our business is not nearly as easy to understand as we thought it was, and to your point, there's a $100 million-plus -- a potential asset in our estimated carried interest that doesn't sit on our balance sheet, and I don't think investors understand it.

話雖如此，自從我們成為上市公司以來，我們也了解到，我們的業務並不像我們原先以為的那麼容易理解。正如你所說，在我們估算的附帶權益中，存在一項超過1億美元——的潛在資產，但它並不會出現在我們的資產負債表上，我不認為投資人理解這一點。

And each quarter as we engage with the market, we're starting to realize that we can add more and more visibility to that so that they can start to calculate well what does that mean for Caliber's book value as an example.

而且每一季當我們與市場互動時，我們開始意識到，我們可以為此提供越來越多的可視性，讓他們能開始計算，例如，這對Caliber的帳面價值意味著什麼。

What does it mean for our future revenues and what's it comprised of so we're continuing to try to put the systems in place to deliver transparency around that this last with the with the [10-K] filing adding in an estimate for people to understand if we were operating under the accounting principles around investment company accounting we might be showing an entirely different revenue number than the revenue we show on our operating company accounting is is one example of that.

這對我們未來收入意味著什麼、其組成是什麼，因此我們持續嘗試建立系統，以便就此提供透明度。最近一次在提交[10-K]文件時加入了一個估算，讓大家理解：如果我們採用投資公司會計的會計原則，我們可能會呈現一個與目前以營運公司會計所呈現的收入數字完全不同的收入數字——這就是其中一個例子。

But I will turn it over to Jade because I know that he has his own point of view.

不過我會把問題交給Jade，因為我知道他有自己的觀點。

Yeah, one of the big distinctions I think, that's important, even though a lot of times, Caliber is compared, as we sort of self-proclaim, we're also an asset manager. But the big distinction there is that a lot of the asset managers that follow this version of accounting, are doing so because they have acknowledged, that they take a very passive role in the stewardship of the assets that they manage.

是的，我認為有一個很重要的重大差異需要說明。雖然很多時候，Caliber會被拿來比較——我們也算是自我宣稱——我們同時也是一家資產管理公司。但其中最大的差異在於，許多採用這種會計處理方式的資產管理公司之所以這麼做，是因為他們已經承認，他們在所管理資產的管理與監督（stewardship）上扮演的是非常被動的角色。

And that gives them the permission and the ability to use this sort of fair value basis to measure the value of the investments that they manage, and then they pick up that earnings in the period that they pick it up in. That's really the largest difference is that we're not a passive manager of the assets.

這讓他們有權限、也有能力用這種以公允價值為基礎的方法來衡量其所管理投資的價值，然後在其認列的期間把該收益計入。這其實是最大的差別：我們不是資產的被動管理者。

We are very much integrated in how the success of the asset is being repositioned, and, because of that, we get to try to ensure that in a much more hands-on way that the assets outcomes are successful, but the sort of the flip side to that coin is that we have to take this somewhat more conservative approach to how we, recognize the performance on our financials.

我們非常深度地參與資產如何透過重新定位而取得成功；也因為如此，我們能以更「親力親為」的方式，盡力確保資產結果是成功的。但硬幣的另一面是：在財務報表上認列績效時，我們必須採取相對更保守的做法。

So I do think that the ability to be transparent, is not just a --not only a requirement, but it is a necessity for people looking at our performance.

因此我確實認為，透明化的能力不只是——不僅是一項要求，更是讓人們評估我們績效時的必要條件。

Thank you. And another question, those who might be looking at Caliber for the first time, it may strike them as odd or certainly different that the company is combining a real estate asset management platform with a digital asset treasury strategy focused on chain link.

謝謝。還有一個問題：對於可能第一次關注Caliber的人來說，他們可能會覺得很奇怪，或至少很不同的是，公司把不動產資產管理平台與一個聚焦於Chainlink的數位資產庫藏策略結合在一起。

I mean, we've seen other companies go into digital asset treasury strategies, but typically the operating business is kind of left behind rather than being a driver of value. Can you shed some light on how you see these two parts of your business complementing each other and ultimately reinforcing the value proposition of the firm?

我的意思是，我們看過其他公司採行數位資產庫藏策略，但通常其本業會被擱置一旁，而不是成為價值的驅動因素。你能否說明一下，你如何看待你們業務的這兩個部分彼此互補，並最終相互強化公司的價值主張？

Thanks, Mark. Happy to. So I'll take it in two parts. On the treasury side, I think as an asset manager, that is particularly good at building interesting Alternative investment structures, fundraising, and deploying capital, we bring a lot to the table as compared to a lot of the management teams that are otherwise managing DTs and just sort of doing whatever the capital markets will drive.

謝謝，Mark。很樂意。那我分兩部分來談。先談庫藏（treasury）這一端：我認為作為一個資產管理人，我們特別擅長設計有趣的另類投資架構、募資以及資本部署；相較於許多其他管理團隊——他們只是管理數位資產庫藏（DTs），基本上就是跟著資本市場怎麼走就怎麼做——我們能帶來更多價值。

We think that our ability, skill set, and distribution and fundraising capabilities provide sort of another avenue to grow the link treasury in an appropriate time. And we're excited to do that. In addition, we get -- as we start to build and deepen our relationships in the entire blockchain space, we find opportunities to launch other types of investment vehicles around the digital asset ecosystem.

我們認為，我們的能力、技能組合，以及通路與募資能力，能在適當的時機為LINK庫藏提供另一條成長路徑，我們也很期待這件事。此外，隨著我們開始在整個區塊鏈領域建立並深化關係，我們也看到機會能圍繞數位資產生態系推出其他類型的投資工具。

So we're -- as an asset manager, you're essentially a manufacturer of investments, and that's that knowledge and skill set has been built over 17 years in this management team. So I think we bring a lot to the table, with the core business actually applying itself to a treasury strategy.

所以我們——作為資產管理人，本質上就是投資產品的「製造商」，而這些知識與技能是這個管理團隊在17年中建立起來的。因此我認為，我們能帶來很多價值，讓核心業務本身實際運用到庫藏策略上。

Separate and apart from that, we invested into chain link because we felt that it was the best bet to invest into the overall trend of more and more traditional finance, including real estate finance, going digital. We think chain link is essential infrastructure for any company that wants to do more business on chain and interact between their traditional financial system and the on-chain environment.

另外，撇開這點不談，我們投資Chainlink，是因為我們認為它是押注於「越來越多傳統金融（包括不動產金融）走向數位化」這個大趨勢的最佳選擇。我們認為，對任何想要在鏈上（on-chain）做更多業務、並在其傳統金融系統與鏈上環境之間互動的公司而言，Chainlink都是關鍵的基礎設施。

So because of that, we could invest in LINK, we could own a piece of the entire trend, and as we did that, we started to see the application of LINK's actual technology to our business and saw that that was going to be sort of the deeper opportunity in what we're doing because accumulating the tokens is good.

因此，我們可以投資LINK，等於持有整個趨勢的一部分；而在這麼做的過程中，我們開始看到LINK的實際技術在我們業務中的應用，並且發現這將會是我們所做事情中更深層的機會，因為累積代幣本身是好的。

And we certainly hope the token value goes up as we do that, but the application of chain links technology combined with other technologies is are -- will fundamentally transform the investor experience for any investor in a real estate fund and for Caliber's investors in particular who have investments in hotels and land developments and long-term investments that are relatively illiquid, we think that applying this technology to their existing investments will improve those existing investments.

而且我們當然希望在累積的同時，代幣價值也會上升；但Chainlink技術的應用，結合其他技術，將——會從根本上改變任何不動產基金投資人的投資體驗。尤其對Caliber的投資人而言，他們投資於飯店、土地開發，以及相對缺乏流動性的長期投資；我們認為，把這項技術應用到他們既有的投資上，將能改善那些既有投資。

And we'll also improve our ability to fundraise worldwide, so we're excited not only about the token and the opportunity that's in the token itself, but also the underlying technology that the token drives.

同時也會提升我們在全球募資的能力，所以我們不僅對代幣本身及其機會感到興奮，也對代幣所驅動的底層技術感到興奮。

Thank you. And nice job with the portfolio.

謝謝。而且投資組合做得很好。

Appreciate it. Thank you, Mark.

感謝。謝謝你，Mark。

There are no further questions at this time. I would now like to turn the call over to Ilya Grozovsky for closing remarks.

目前沒有其他問題。我現在想把電話會議交回給Ilya Grozovsky作結語。

Thank you for your time today. Caliber management will be participating in the Planet Microcap conference on June 16 to 18 in Las Vegas. 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.

感謝各位今天撥冗參與。Caliber管理團隊將於6月16日至18日在拉斯維加斯參加Planet Microcap大會。請造訪我們的網站www.caliberco.com，並依照公開股東（public shareholders）的路徑操作。在那裡，您可以下載我們的財務補充資料，並訂閱專為公開市場投資人設計的郵寄名單。

If you have any questions, please complete the contact us form so we can get engaged with you directly.

如果您有任何問題，請填寫「聯絡我們」表單，以便我們能直接與您聯繫互動。

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

感謝您參加今天的電話會議，祝各位晚安。

This concludes today's conference call. Thank you for joining. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以掛線。