CaliberCos Inc (CWD) 2026 Q1 法說會逐字稿

Hello, and thank you for standing by. My name is Glyza, and I will be your conference operator today. At this time, I would like to welcome everyone to the CaliberCos first-quarter 2026 earnings conference call. (Operator Instructions)

您好，感謝您耐心等候。我叫 Glyza，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加 CaliberCo 2026 年第一季財報電話會議。（接線員指示）

Thank you. I would now like to turn the call over to Ilya Grozovsky. Please go ahead.

謝謝。現在我想把電話交給 Ilya Grozovsky。請開始。

Good afternoon, everyone. Welcome to Caliber's first quarter 2026 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.

各位下午好。歡迎參加 Caliber 2026 年第一季財務業績電話會議。今天與我一同出席的有執行長暨共同創辦人 Chris Loeffler，以及 Caliber 財務長 Jade Leung。請注意，我們備有季度財報簡報，將作為今天事先準備講稿的補充。您可至我們網站 www.caliberco.com 的投資人關係（Investor Relations）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 assurance that these will actually take place. So 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 and filed with the Securities and Exchange Commission.

在管理團隊評論之後，我們將開放提問。提醒各位，今天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」等用語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。關於公司風險因素的更多資訊，載於公司提交予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.

現在我很榮幸把電話交給 Chris。請開始。

Thank you, Ilya, and good afternoon, everyone. My comments today will address a few things. The first, an update on our strategic expansion into digital assets and blockchain. Second, some comments on Caliber's financial position; third, our private equity real estate platform and related project activity; and fourth, ending with an update to our revenue and profitability outlook for 2026.

謝謝你，Ilya，各位下午好。我今天的評論將涵蓋幾個重點：第一，更新我們在數位資產與區塊鏈方面的策略性擴張進展；第二，對 Caliber 財務狀況的一些說明；第三，我們的私募股權不動產平台及相關專案活動；第四，最後更新我們對 2026 年營收與獲利能力展望。

Before walking through these topics, I'll briefly frame the quarter. Our first quarter results were in line with the internal plan we built for 2026. Platform revenue grew nearly 16% year-over-year, and our platform adjusted EBITDA loss narrowed by approximately $1 million. We also executed across both sides of the revenue plan we laid out at year-end, driving capital formation and project-level financings. We are reaffirming our full year 2026 guidance today, and Jade will walk through the financial details later in the call.

在逐一說明這些主題之前，我先簡要概述本季表現。我們第一季的結果符合我們為 2026 年制定的內部計畫。平台營收年增近 16%，平台調整後 EBITDA 虧損縮小約 100 萬美元。我們也在年末提出的營收計畫兩端同步推進，推動資本募集與專案層級融資。我們今天重申 2026 全年指引，Jade 將在稍後的電話會議中說明財務細節。

I'll start with our digital asset strategy because I think there's more for the market to understand about what we have been building over the past nine months than is currently reflected in our share price. Before walking through Caliber's approach, it's worth establishing the scale of the opportunity we are positioning into.

我將先從數位資產策略談起，因為我認為市場對我們過去九個月所打造的內容，仍有更多需要理解之處，而這些尚未充分反映在我們的股價上。在說明 Caliber 的作法之前，有必要先建立我們所切入機會的規模背景。

According to a recent report from Pantera Capital, the global tokenization market today represents approximately $320 billion in tracked value across 593 tokenized assets, up from roughly $200 billion in 2024. Tokenized US treasuries alone have grown from nearly zero in 2021 to approximately $12 billion today. Institutional participants now include BlackRock, Franklin Templeton, JPMorgan, Apollo, WisdomTree, Fidelity and every other major bank, which now has a tokenization strategy. This is the market that Caliber's digital asset strategy and real estate tokenization work are being built to participate in over the coming years.

根據 Pantera Capital 最近的一份報告，目前全球代幣化市場在 593 項代幣化資產中，追蹤到的價值約為 3,200 億美元，高於 2024 年約 2,000 億美元。僅代幣化美國國債就已從 2021 年幾乎為零成長至目前約 120 億美元。機構參與者如今包括 BlackRock、Franklin Templeton、JPMorgan、Apollo、WisdomTree、Fidelity 以及其他所有主要銀行，且各家皆已制定代幣化策略。這正是 Caliber 的數位資產策略與不動產代幣化工作在未來數年所要參與的市場。

When we announced our digital asset treasury or DAT strategy in August of last year, we laid out three priorities: First, building a treasury position in digital assets, specifically Link tokens to give Caliber and our shareholders exposure to the upside potential of the infrastructure technology we believe is core to the future of tokenized finance.

當我們在去年 8 月宣布數位資產庫存（digital asset treasury，DAT）策略時，我們提出三項優先事項：第一，建立數位資產的庫存部位，特別是 Link 代幣，讓 Caliber 與股東能參與我們認為將成為代幣化金融未來核心之基礎設施技術的上行潛力。

Second, expanding Caliber's asset management platform in the digital asset-related products and investment vehicles, growing our fee-generating AUM in this category as well as digital asset-centric businesses, growing our earnings potential through accretive transaction.

第二，擴展 Caliber 的資產管理平台，推出與數位資產相關的產品與投資工具，在此類別中擴大我們可收取費用的資產管理規模（AUM），並透過具增益性的交易擴張以數位資產為核心的業務，提升我們的獲利潛力。

And third, applying tokenization technology to our existing real estate funds platform to enhance capital formation, add liquidity features for investors in our funds and reduce operating costs through a more efficient investment administration.

第三，將代幣化技術應用於我們既有的不動產基金平台，以強化資本募集、為基金投資人增加流動性功能，並透過更有效率的投資管理流程降低營運成本。

Turning back to the DAT. Over the nine-month period since we announced the strategy, the capital markets environment for digital asset treasury strategies has become significantly more difficult. The price of Link declined materially and the broader access to capital for companies pursuing this kind of strategy contracted across the marketplace. In that environment, we made a deliberate decision to slow the pace of treasury accumulation rather than continue deploying capital into a falling market. We believe that decision protected our stake our shareholders.

回到 DAT。自我們宣布該策略以來的九個月期間，數位資產庫存策略的資本市場環境顯著轉趨艱難。Link 價格大幅下跌，而市場上對採行此類策略公司的整體資金可得性也普遍收縮。在此環境下，我們審慎決定放慢庫存累積速度，而非在下跌市場中持續投入資本。我們相信這項決策保護了我們與股東的權益。

At the same time, we accelerated execution on the other two pillars of the strategy to ensure that no time was wasted waiting for market conditions to come our way. Over the past nine months, we have built the internal team and external relationships required to tokenize our real estate offerings and are now actively working to tokenize our Steamboat Springs Hyatt Studios offering and our PURE Pickleball & Padel project, two of the first real estate projects in our portfolio to be tokenized.

同時，我們加速推進策略的另外兩大支柱，確保不會因等待市場條件改善而浪費時間。過去九個月，我們已建立將不動產產品代幣化所需的內部團隊與外部合作關係，並正積極推動將我們的 Steamboat Springs Hyatt Studios 產品，以及 PURE Pickleball & Padel 專案進行代幣化；這兩個專案將成為我們投資組合中最早被代幣化的不動產專案之一。

We deepened our relationship with Chainlink, the protocol underlying Link and announced the first component of that relationship coming to fruition, the implementation we are currently executing of Chainlink ACE, an automated compliance engine on our tokenized funds. We completed the build-out of a master staking agreement that gives us the ability to execute direct staking relationships with node operators as we grow the treasury. This gives us a source of yield on our treasury assets.

我們也深化了與 Chainlink（Link 所依據的協議）的合作關係，並宣布該合作的第一個成果已開始落地：我們目前正在代幣化基金上導入 Chainlink ACE（自動化合規引擎）。我們完成了一份主質押協議（master staking agreement）的建置，使我們能在庫存規模成長時，與節點營運商建立直接質押關係，為庫存資產帶來收益來源。

And we continue to build an active pipeline of potentially accretive strategic opportunities, including potential acquisitions and joint venture partnerships that could accelerate our position and goals for the growth in the digital asset and tokenization space.

此外，我們持續建立一條具潛在增益性的策略機會管線，包括可能的併購與合資夥伴關係，以加速我們在數位資產與代幣化領域的布局與成長目標。

Turning to the treasury itself. At the end of the first quarter, we held 507,560 Link tokens with a fair value of approximately $4.5 million. During the quarter, we sold approximately 55,000 Link tokens for proceeds of $0.5 million and redeployed that capital into our real estate platform to support the closing of project-level financings, including our Hyatt Studios development in Steamboat Springs. This is exactly how we believe a corporate treasury should function in a diversified asset management business. It provides flexibility to allocate capital where it generates the highest return for shareholders. Our real estate platform is where we're seeing the most immediate revenue growth opportunity in 2026 and the treasury supported that execution.

接著談庫存本身。截至第一季末，我們持有 507,560 枚 Link 代幣，公允價值約 450 萬美元。本季期間，我們出售約 55,000 枚 Link 代幣，取得 50 萬美元收入，並將該資本重新投入我們的不動產平台，以支持專案層級融資的完成，包括我們在 Steamboat Springs 的 Hyatt Studios 開發案。這正是我們認為多元化資產管理業務中的公司庫存應有的運作方式：提供彈性，將資本配置到能為股東創造最高報酬之處。我們在 2026 年看到最即時的營收成長機會來自不動產平台，而庫存也支持了這項執行。

Looking forward, we believe the recent stabilization in Links price reflects market conditions that support our long-term thesis. To that end, we are evaluating multiple ways to harvest capital from our real estate platform, including from the short-term cash positions Caliber holds in its growing pipeline of new projects and developments to again grow our Link treasury position. We remain long-term investors in Link and long-term believers in the technology and the broader Chainlink ecosystem. We continue to see digital assets and tokenizations as a meaningful long-term growth vector for Caliber, and we are positioning the platform now to capture that opportunity over the coming years.

展望未來，我們認為 Link 價格近期的穩定反映了支持我們長期論點的市場條件。基於此，我們正在評估多種方式，從不動產平台中取得資本，包括 Caliber 在日益擴大的新專案與開發案管線中所持有的短期現金部位，以再次擴大我們的 Link 庫存部位。我們仍是 Link 的長期投資人，也長期看好其技術與更廣泛的 Chainlink 生態系。我們持續將數位資產與代幣化視為 Caliber 重要的長期成長動能，並正於此刻布局平台，以在未來數年把握該機會。

Turning to financial visibility. Our focus in 2026 is on executing financings and converting our existing pipeline into realized revenue. We've updated our platform performance supplement through March 31, 2026, 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. At the end of the first quarter, our estimated performance allocations totaled $99 million, down from $104 million in the prior quarter and up from $88 million in the year ago quarter.

接著談財務能見度。我們 2026 年的重點在於執行融資，並將既有管線轉化為已實現的營收。我們已更新截至 2026 年 3 月 31 日的平台績效補充資料，讓投資人能清楚掌握我們的營運業務。該補充資料排除合併資產，聚焦於直接驅動股東價值的平台部分。截至第一季末，我們的估計績效分配（performance allocations）合計為 9,900 萬美元，較前一季的 1.04 億美元下降，但高於去年同期的 8,800 萬美元。

Turning to fundraising. Managed capital at the end of the first quarter was $490 million compared to $517 million in the previous quarter and $495 million in the year ago quarter. The decrease relative to the prior quarter was primarily driven by the disposition of assets, partially offset by new fundraising. Our underlying capital formation activity in the first quarter remained consistent with our plan, and we expect managed capital to grow over the balance of 2026 as new fund offerings come into the market.

接著談募資。截至第一季末，受管理資本（managed capital）為 4.90 億美元，較前一季的 5.17 億美元下降，與去年同期的 4.95 億美元相比亦略低。相較前一季的下降主要由資產處分所致，部分被新增募資所抵銷。我們第一季的資本募集活動基本符合計畫，且我們預期隨著新基金產品於 2026 年其餘期間陸續進入市場，受管理資本將在 2026 年剩餘期間成長。

In the first quarter, our wholesale distribution channel deepened its penetration with existing selling member firms by adding four new producing advisory relationships, bringing our total to 25 producing advisers. Subsequent to the end of the quarter, in April, we signed two additional selling agreements with new firms that together represent 218 advisers who are now approved to distribute Caliber's offerings, meaningfully expanding the pool of advisers who can begin producing for us over the coming quarters. We continue to build momentum in the wholesale channel and believe these efforts will bear fruit in the second half of 2026.

在第一季，我們的批發分銷通路透過新增四個新的生產型顧問合作關係，進一步加深與既有銷售會員公司之間的滲透率，使我們的生產型顧問總數達到 25 位。於季度結束後的四月，我們與兩家新公司簽署了額外兩份銷售協議，這兩家公司合計代表 218 位顧問，現已獲准分銷 Caliber 的產品，顯著擴大了未來幾季可開始為我們帶來業績的顧問池。我們持續在批發通路累積動能，並相信這些努力將在 2026 年下半年開花結果。

Moving on to a review of our real estate 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.

接下來回顧我們的不動產平台。我們仍專注於投資飯店、集合住宅（多戶）以及多租戶工業不動產，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'll turn to updates on assets we manage and the performance of our managed real estate funds. These updates are important because our revenue is directly tied to the progress of these projects, primarily as they reach financing and development milestones. In the interest of your time, each quarter, I touch on what I think 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.

現在我將說明我們所管理的資產以及我們管理之不動產基金的績效更新。這些更新很重要，因為我們的營收與這些專案的進展直接相關，主要是在它們達成融資與開發里程碑時。為了節省各位時間，我每季會聚焦於我認為在季度期間及季度結束後發生的最重要變化，但不會嘗試全面討論每一檔基金中的每一項變動。

Starting with Hyatt Studios, our Hyatt Studios developments continue to progress as planned. We have launched 3 of the 4 investor offerings supporting our Hyatt Studios developments with the fourth launching imminently. The Hyatt Studios Steamboat Springs Colorado transaction closed on acquisition and construction financing in April of 2026 and is expected to break ground during the second quarter of 2026. Steamboat is the first of 15 planned and 4 identified Hyatt Studios developments under our agreement with Hyatt.

先從 Hyatt Studios 開始，我們的 Hyatt Studios 開發案持續按計畫推進。我們已推出支援 Hyatt Studios 開發案的 4 個投資人產品中的 3 個，第四個也即將推出。Hyatt Studios 科羅拉多州 Steamboat Springs 交易已於 2026 年 4 月完成收購與建築融資交割，預計將於 2026 年第二季動工。Steamboat 是我們與 Hyatt 協議下，15 個規劃中且已辨識 4 個的 Hyatt Studios 開發案中的第一個。

Our next 2 projects that are named Scottsdale and Georgetown are in earlier stages of development, and we were highlighted recently in our April 22 announcement on the platform. We expect to share details on additional locations as projects advance through the site selection and entitlement phase. 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 they are built and stabilized, offering Hyatt Studios investors a defined exit and CHT investors a proprietary pipeline of new income-producing hotels. I will also note that we're working to tokenize our Steamboat offering as one of the first offerings we will tokenize.

接下來兩個名為 Scottsdale 與 Georgetown 的專案仍處於較早期的開發階段，並已在我們 4 月 22 日於平台發布的公告中重點介紹。隨著專案在選址與取得開發許可（entitlement）階段持續推進，我們預期將分享更多地點的細節。這些資產的設計目標是最終轉入 Caliber Hospitality Trust 的長期持有，我們預期 CHT 將行使選擇權協議，在資產建成並穩定營運後收購該等資產，為 Hyatt Studios 投資人提供明確的退出機制，同時為 CHT 投資人提供專屬的新收益型飯店管線。我也要補充，我們正著手將 Steamboat 產品代幣化，作為我們首批代幣化的產品之一。

Turning to Caliber Hospitality Trust, or CHT, our private REIT vehicle for acquiring and holding cash flowing hotel assets. CHT is currently focused on acquiring high-quality hotel properties at an attractive entry price, taking advantage of a meaningful price dislocation in the hotel space, where we're seeing opportunities to buy high-quality cash flowing assets at a discount to both their inherent construction cost and to longer-term market values. We are pursuing these acquisitions through both direct cash transactions and through tax deferred contributions using CHT's UPREIT structure, which gives existing hotel owners a tax-efficient path to roll their assets into a diversified portfolio.

接著談 Caliber Hospitality Trust（CHT），也就是我們用於收購並持有具現金流飯店資產的私募 REIT 工具。CHT 目前聚焦於以具吸引力的進場價格收購高品質飯店資產，利用飯店市場中顯著的價格錯位；我們看到以低於其內含建造成本以及長期市場價值的折價，買入高品質且具現金流資產的機會。我們透過直接現金交易，以及運用 CHT 的 UPREIT 架構進行遞延課稅的資產投入（contribution）來推進這些收購，為既有飯店業主提供一條具稅務效率的途徑，將其資產轉入多元化投資組合。

A few notable developments in CHT this quarter. In February, we announced the sale of the Holiday Inn Ocotillo in the Phoenix Chandler submarket for $13 million. Proceeds from that sale are being redeployed for debt reduction and to support CHT's growth initiatives. We've also made a significant change in CHT's hotel management approach. A new hotel management company has been engaged to operate 5 of the 6 assets currently in the trust.

本季 CHT 有幾項值得注意的進展。2 月，我們宣布以 1,300 萬美元出售位於鳳凰城 Chandler 次市場的 Holiday Inn Ocotillo。該出售所得正被重新配置，用於降低負債並支持 CHT 的成長計畫。我們也對 CHT 的飯店管理方式做出重大調整：已聘請一家新的飯店管理公司，負責營運信託目前 6 項資產中的 5 項。

The management transition began with the Hampton Inn & Suites several months ago and has already produced results. Gross operating profit margins improved significantly from 46% to 54% while maintaining similar top line revenue levels against a relatively soft hotel revenue environment. The remaining four assets transitioned to new management on June 9, and we expect similar profitability improvements across the portfolio as the new operators playbook is implemented.

管理交接在數月前先從 Hampton Inn & Suites 開始，且已產生效果。在相對疲弱的飯店營收環境下，於維持相近營收規模的同時，毛營業利益率（Gross Operating Profit margin）顯著由 46% 提升至 54%。其餘四項資產已於 6 月 9 日轉由新管理團隊接手，隨著新營運方的作業手冊（playbook）落地，我們預期整體投資組合的獲利能力將出現類似改善。

Finally, our pipeline of CHT acquisition opportunities has grown over the past quarter. We are actively working on refinancings across several existing CHT assets, which we expect to fund property level improvements and contribute to our financing related revenue in the second and third quarters of 2026. We look forward to announcing additional CHT acquisitions and refinancings as closing time lines firm.

最後，過去一季我們的 CHT 收購機會管線有所擴大。我們正積極推動數項既有 CHT 資產的再融資，預期可為物業層級改善提供資金，並在 2026 年第二與第三季貢獻我們與融資相關的營收。隨著交割時程更趨明確，我們期待宣布更多 CHT 收購與再融資案。

Moving on, our PURE Pickleball and Paddle project at Riverwalk in Scottsdale, Arizona will deliver a world-class facility featuring 50 courts, a full-service clubhouse, a fitness center sponsored by Honor Health and catering by Wolfgang Puck. PURE continues to advance towards shovel-ready status after the approval of PURE's building permits during the first quarter. The focus now is on finalizing construction financing and rounding out the overall capital structure, which is actively in progress. We are also working on tokenization of this offering and are excited about the possibilities it will open up when complete.

接下來，我們位於亞利桑那州斯科茨代爾 Riverwalk 的 PURE Pickleball and Paddle 專案，將打造世界級設施，包含 50 座球場、全方位服務會所、由 Honor Health 贊助的健身中心，以及由 Wolfgang Puck 提供的餐飲服務。PURE 在第一季取得建築許可核准後，持續朝可動工（shovel-ready）狀態推進。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。我們也正在推動此產品的代幣化，並對其完成後將開啟的可能性充滿期待。

Turning to Canyon, our large-scale mixed-use project in North Phoenix in the TSMC and Apple Fab development quarter. During the quarter, the HUD construction loan application was approved, and we are filing our firm application shortly. Phase 1 demolition is now completed. Also, all drawings for the first building are being resubmitted and the garage is close to filing its drawings as well.

再來談 Canyon，我們位於北鳳凰城、鄰近 TSMC 與 Apple Fab 開發區域的大型複合式開發專案。本季 HUD 建築貸款申請已獲核准，我們將於近期提交正式（firm）申請。第一期拆除工程現已完成。此外，第一棟建築的所有圖說正在重新送審，停車樓也接近提交其圖說。

Moving on to Encore. We continue to advance site development and planning on the commercial leasing activity going on. We have an active LOI with 7-Eleven, an LOI on the apartment site. United Properties remains in escrow on the industrial side, and we're seeing activity from 2 major big box users for the retail site.

接著是 Encore。我們持續推進基地開發與規劃，同時商業租賃活動也在進行中。我們與 7-Eleven 有一份進行中的意向書（LOI），在公寓用地方面也有一份 LOI。United Properties 在工業用地部分仍處於託管（escrow）階段，而零售用地方面，我們也看到兩家主要大型賣場（big box）使用者的洽談動能。

On project financing, we're making continued progress with our selected financing partner and expect to close on the financing in the near term. Project execution remains tied to financing and infrastructure milestones, which we expect to advance over the coming quarters. Caliber continues to advance its differentiated 1031 exchange offering, which provides investors seeking to place $1 million or more in 1031 exchange capital, a direct path to invest alongside Caliber in the same real estate acquisitions we are pursuing through our funds.

在專案融資方面，我們與選定的融資合作夥伴持續取得進展，並預期在近期完成融資交割。專案執行仍與融資及基礎設施里程碑緊密相連，我們預期未來幾季將持續推進。Caliber 也持續推動其差異化的 1031 交換產品，為尋求投入 100 萬美元或以上 1031 交換資金的投資人，提供一條直接途徑，得以與 Caliber 一同投資於我們透過基金所追求的相同不動產收購案。

The program is new, and it uses a tenant in common or TIC structure that partners one investor with Caliber and in some cases, with a small number of other Caliber aligned investors. Caliber serves as the administrator of the assets and related TIC interest and investors who enter through a TIC can ultimately complete a 721 exchange into our Core+ real estate fund, converting their interest into a diversified professionally managed fund on a tax-deferred basis.

該計畫為新推出，採用共有租戶（tenant in common，TIC）架構，使一位投資人與 Caliber 合作，並在某些情況下與少數其他與 Caliber 對齊的投資人共同參與。Caliber 擔任資產及相關 TIC 權益的管理人；透過 TIC 進入的投資人，最終可完成 721 交換進入我們的 Core+ 不動產基金，將其權益以遞延課稅方式轉換為一檔多元化、專業管理的基金。

The program is distinctive in the 1031 marketplace for several reasons. First, investors come in at Caliber's cost basis on the underlying acquisition rather than at the marked-up basis typical of larger DST sponsors. Second, the program's cost structure compares favorably to other 1031 offerings in the market. And third, the eventual 721 exchange path into our core real estate fund provides a long-term liquidity solution that very few 1031 sponsors can offer.

該計畫在 1031 市場中具備多項差異化特點。第一，投資人以 Caliber 在標的收購上的成本基礎（cost basis）進場，而非如大型 DST 發起人常見的加價後基礎（marked-up basis）。第二，該計畫的成本結構相較市場上其他 1031 產品更具競爭力。第三，最終可透過 721 交換進入我們核心不動產基金的路徑，提供長期流動性解決方案，而能提供此方案的 1031 發起人非常少。

We are now pursuing our second asset in the program, the Tonto offering. Tonto is a 46-unit value-add multifamily project in Payson, Arizona, where we plan to complete a light renovation while maintaining occupancy at 90% or greater throughout the renovation cycle. The strategy is to improve the assets value and continue generating cash flow during the whole period.

我們目前正推進該計畫的第二項資產——Tonto 產品。Tonto 是位於亞利桑那州 Payson 的 46 戶增值型（value-add）集合住宅專案；我們計畫在整個整修週期中維持 90% 或以上的入住率，同時完成輕度翻新。該策略是在整個期間提升資產價值並持續產生現金流。

Value-add multifamily is a category Caliber has historically executed against well, and we are seeing opportunities to acquire multifamily assets at more attractive entry points today than we have seen in years. The Tonto opportunity is indicative of these types of acquisitions, and we expect to pursue going forward more through this type of program. We expect to announce additional 1031 exchange investments as they come into the pipeline.

增值型集合住宅一直是 Caliber 歷來執行成效良好的類別，而我們目前看到以更具吸引力的進場點收購集合住宅資產的機會，這是多年來少見的。Tonto 的機會正反映了此類收購，我們預期未來將透過此類計畫持續推進更多交易。隨著更多案源進入管線，我們也預期將宣布更多 1031 交換投資。

In summary, the first quarter was executed according to our plan, and we expect the remaining of 2026 to be driven by the closing of project level financings across our existing portfolio, continued capital formation through fundraising and opportunities for new lines of revenue and cost savings through the tokenization of our real estate assets and Caliber's overarching digital asset strategy.

總結而言，第一季的執行符合我們的計畫；我們預期 2026 年剩餘期間的動能將來自於既有投資組合中各專案層級融資的完成交割、透過募資持續進行資本形成，以及透過不動產資產代幣化與 Caliber 整體數位資產策略所帶來的新營收來源與成本節省機會。

Last quarter, we issued 2026 revenue and profitability guidance for the first time. Today, we are reaffirming those metrics. We continue to believe that our 2026 revenues should deliver in the range of $18 million to $22 million as both our adjusted EBITDA and net operating income will be positive.

上一季，我們首次發布了 2026 年營收與獲利能力指引。今天，我們重申這些指標。我們仍然相信，2026 年營收應可落在 1,800 萬至 2,200 萬美元區間，且調整後 EBITDA 與淨營運收入都將為正。

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

接下來，我把時間交給 Jade 來回顧我們的財務結果。

Thank you, Chris. Good afternoon, everyone. I'll start with an update on our efforts to address our corporate note maturities to improve our corporate liquidity position. As of the end of the first quarter, we had 148 individual unsecured notes with an aggregate principal balance of approximately $26.2 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. In addition to our broader plans and efforts to address the near-term liquidity of the business, we have added an additional initiative.

謝謝你，Chris。各位下午好。我先更新我們為處理公司票據到期、以改善公司流動性狀況所做的努力。截至第一季末，我們共有 148 筆個別無擔保票據，合計本金餘額約 2,620 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 個月期限，並附有可延展的選項。除了我們更廣泛的計畫與努力以因應公司短期流動性之外，我們也新增了一項額外的倡議。

During the first 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 perpetual preferred stock. A third of the Series AAA convertible perpetual preferred stock is convertible at $2.50 per share of common stock one third is convertible at $3.50 per share of common stock and one third is convertible at $4.50 per share of common stock. Management believes the perpetual preferred stock structure is favorable to all shareholders as converted notes would be reclassified from debt to equity. This program supplements our previously announced Caliber Common Stock Conversion Program.

在第一季期間，Caliber 董事會核准了「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 AAA 系列可轉換永續特別股。AAA 系列可轉換永續特別股中，三分之一可按每股普通股 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。管理層認為，永續特別股的結構對所有股東皆有利，因為已轉換的票據將由負債重新分類為權益。本計畫補充了我們先前宣布的 Caliber 普通股轉換計畫。

Approximately $1.5 million of notes were converted into Series AAA convertible preferred stock since the program began. Additionally, approximately $1.9 million of unsecured corporate notes were converted into shares of Caliber's Class A common stock in a voluntary conversion program elected by the individual note holders during the first quarter. Together, these actions have reduced Caliber's corporate debt by approximately $3.4 million in this round of the program and approximately $5.3 million in total since the program's launch in October of 2025.

自該計畫開始以來，約 150 萬美元的票據已轉換為 AAA 系列可轉換特別股。此外，在第一季期間，個別票據持有人於自願轉換計畫中選擇將約 190 萬美元的無擔保公司票據轉換為 Caliber A 類普通股股份。合計而言，這些行動在本輪計畫中使 Caliber 的公司債務減少約 340 萬美元，自 2025 年 10 月計畫啟動以來累計減少約 530 萬美元。

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

普通股轉換計畫的參與同樣為自願，且條款係依 NASDAQ 對按市價交易（at-the-market transactions）的規定所設計。我們仍然相信，這兩項計畫可降低 Caliber 的槓桿、改善股東權益並提升財務彈性，以支持我們朝 2026 年獲利的計畫執行。過去 12 個月，我們在處理短期流動性方面已取得顯著進展，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 first quarter of 2026. Platform revenue for the first quarter was $4.1 million compared to $3.5 million in the prior year quarter. Fund management fees increased 3.7% year-over-year, while construction and development revenue declined, primarily due to the timing of project financings. Several financings that were expected to close in the first quarter have been pushed out, reflecting a shift in timing rather than a reduction in underlying activity, and we expect these financings to contribute to revenue in 2026.

接著看 2026 年第一季的業績。第一季平台營收為 410 萬美元，較去年同期的 350 萬美元增加。基金管理費年增 3.7%，而建設與開發收入下滑，主要由於專案融資時點的影響。原預期於第一季完成的數筆融資已延後，反映的是時程移轉而非基本活動減少；我們預期這些融資將於 2026 年對營收做出貢獻。

Total platform expenses for the first quarter were $5.4 million compared to $6.1 million in the year ago quarter, a decrease of 11% compared to the prior year, primarily driven by reductions in payroll and related expenses. Average employee headcount decreased 31% from the first quarter of 2025 to the first quarter of 2026 as part of our continued comprehensive cost savings initiatives to return Caliber to profitability. This moved our total employees from 74 to 51 as of the end of the first quarter.

第一季平台總費用為 540 萬美元，較去年同期的 610 萬美元下降 11%，主要由薪資及相關費用降低所帶動。作為我們持續推動全面性成本節省措施、使 Caliber 重返獲利的一部分，平均員工人數自 2025 年第一季至 2026 年第一季下降 31%。截至第一季末，我們員工總數由 74 人降至 51 人。

Platform adjusted EBITDA for the first quarter was a loss of less than $0.5 million compared to a loss of $1.4 million in the prior year quarter, a 75.9% improvement. As revenues continue to strengthen, matched against an improved cost discipline across the business, we are on a predetermined yet steady path to return to profitability in 2026.

第一季平台調整後 EBITDA 虧損低於 50 萬美元，較去年同期虧損 140 萬美元改善 75.9%。隨著營收持續走強，並搭配全公司更佳的成本紀律，我們正沿著既定且穩健的路徑於 2026 年重返獲利。

In terms of our outlook for 2026, we continue to expect total revenue in the range of $18 million to $22 million. 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. Based on our current visibility into the pipeline and financing activity, we believe we are positioned to achieve adjusted EBITDA profitability and positive net operating income in 2026.

就 2026 年展望而言，我們仍預期總營收將落在 1,800 萬至 2,200 萬美元區間。我們預期約 60% 的營收成長將由既有投資組合中的專案層級融資所驅動，其餘 40% 則由募資（資本形成）與資產管理活動所帶動。基於我們目前對管線與融資活動的可見度，我們相信公司具備在 2026 年達成調整後 EBITDA 獲利並實現正向淨營運收入的條件。

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

我現在把時間交回給接線員，進行提問。

(Operator Instructions)

（接線員指示）

Michael Diana, Maxim Group.

Michael Diana，Maxim Group。

Thank you. So Chris, you talked about -- a lot about what you're doing here depends on financing and refinancing. Could you just give us a sense for the environment for that right now, given where the Fed is, given the Iran war, given everything? What's -- you obviously -- you're reaffirming your guidance. So you're obviously at confidence that all those financings and refinancings are going to happen. But could you give us a little more color?

謝謝。所以 Chris，你談到——你們在這裡做的很多事情都取決於融資與再融資。考量聯準會目前的狀況、伊朗戰爭以及各種因素，你能否讓我們了解一下目前的環境？你們顯然——你們正在重申指引，所以你們顯然有信心所有那些融資與再融資都會發生。但你能否提供更多細節說明？

Yes. I wouldn't say it's back to the easy days of the kind of the pre-COVID pre-interest rate rise timing. But I would say that real estate finance tends to go in cycles. We went through a very tough cycle between 2023 and kind of the end of 2025 when real estate financing volumes were down significantly. And while there's still a lot of challenges in loan portfolios in private credit, there's still a lot of kind of financings that are past maturity and issues across the board in commercial real estate, the ability to get new financing on existing assets and developments has never been -- has not been better for us than it has been at least in the last couple of months than it certainly has been in the last two years.

是的。我不會說已回到 COVID 之前、利率上升之前那種相對容易的時期。但我會說，不動產融資往往是循環性的。我們在 2023 年到大約 2025 年底之間經歷了一個非常艱難的週期，當時不動產融資量大幅下滑。雖然私人信貸的貸款組合仍有許多挑戰，商用不動產整體也仍存在不少到期或逾期的融資與各種問題，但就我們而言，為既有資產與開發案取得新融資的能力，至少在過去幾個月，已經比過去兩年任何時候都要好。

So it is better. It's getting better. And I would be pretty surprised if it reversed course because that's typically not how it works in real estate. We typically go through kind of multiyear cycles that resolve over time. And on the other side, because there are still quite a few assets that are at maturity or past maturity and quite a few projects that are struggling from lack of ability to refinance, that's what's driving the opportunity for us to buy discounted properties.

所以情況確實更好，而且正在改善。我會相當意外它會反轉，因為不動產通常不是這樣運作的。我們一般會經歷為期數年的循環，並隨時間逐步化解。另一方面，由於仍有相當多資產已到期或逾期，且不少專案因缺乏再融資能力而陷入困境，這正是推動我們能以折價收購資產的機會來源。

So we have suffered through the financing environment, but it seems to be getting much better, and we're closing financings like we just did on Construction Loan and Steamboat at a really attractive kind of mid-7s rate. And we're seeing that, that financing environment is driving our acquisition opportunities.

我們確實熬過了那段融資環境，但看起來正在大幅改善；我們也正在完成融資，就像我們剛完成的建築貸款與 Steamboat 融資，利率在非常具吸引力的 7% 中段左右。我們也看到，這樣的融資環境正在推動我們的收購機會。

All right. That's -- well, thank you very much, and that's really good to hear.

好的。那——非常感謝，這真的很高興聽到。

(Operator Instructions)

（接線員指示）

Great. It doesn't seem like there's any more questions. So thank you for your time today. Caliber Management will be participating in the Planet Microcap Conference on June 16 through 18 in Las Vegas. If you are attending the conference and interested in arranging a one-on-one meeting with Caliber management, please let us know or use the conference portal.

很好。看起來沒有更多問題了，謝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 Conference。若您將出席會議並有興趣安排與 Caliber 管理團隊的一對一會議，請告知我們或使用會議入口網站。

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 the call today. Have a good evening. You may now disconnect.

請造訪我們的網站 www.caliberco.com，並依「公開股東」路徑操作。在那裡，您可以下載我們的財務補充資料，並訂閱專為公開投資人設計的郵寄名單。如有任何問題，請填寫「聯絡我們」表單，以便我們能直接與您聯繫。感謝您今天參與電話會議。祝各位晚安。您現在可以掛線。

Ladies and gentlemen, that concludes today's call. Thank you for joining. You may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝您的參與。您現在可以掛線。