Caliber is a small, publicly listed alternative asset manager focused on real estate private equity. Caliber raises capital into private funds from accredited investors — primarily high-net-worth individuals, RIAs, and broker-dealers — and deploys that capital into middle-market real estate deals ($5M–$50M per asset) across multifamily, hospitality, and industrial properties. Caliber concentrates geographically on Sun Belt and Mountain West markets, primarily Arizona, Colorado, and Texas. Total managed assets were approximately $2.6B at year-end 2025, with managed equity commitments of approximately $506M. Caliber makes money through fund management fees (1.0%–1.5% of unreturned capital), development and construction management fees (up to 4% each of project costs), transaction fees, and carried interest of 15%–35% of fund profits above preferred returns. Because carried interest is realized only upon asset sales or refinancings, revenue can be lumpy. Caliber estimates approximately $87–90M in unrecognized performance allocations across its portfolio. Key growth initiatives include building wholesale distribution through RIAs, growing its Caliber Hospitality Trust hotel vehicle toward a potential public listing, and developing 15 Hyatt Studios hotels under an exclusive agreement with Hyatt — an estimated $400M program. Caliber also launched a digital asset treasury strategy in 2025, accumulating LINK tokens with the dual goal of generating staking yield and eventually tokenizing its real estate fund interests.