CaliberCos Inc. completed the first tranche of its noteholder debt‑to‑equity conversion program on October 31, 2025, converting $1.9 million of unsecured corporate notes into 561,850 shares at an average conversion price of $3.43 per share.
The conversion eliminated approximately $211,090 of annual interest expense, reducing the company’s debt load and improving its stockholders’ equity. The program allows holders to convert up to $3 million of principal per tranche, and the board approved the program on the same day.
The move comes as CaliberCos seeks to address liquidity challenges and regain compliance with Nasdaq’s minimum stockholders’ equity requirement. The company has previously raised equity and refinanced debt to strengthen its balance sheet.
CaliberCos reported a net loss of $21.5 million for the year ended December 31, 2024, a decline from $27.6 million in 2023. In Q3 2025, management forecast revenue of $4.479 million and an EPS of –$0.32, reflecting ongoing investment in its real‑estate platform and digital‑asset treasury.
The company’s dual strategy focuses on expanding its real‑estate platform and building a large Chainlink (LINK) token treasury. The LINK treasury is intended to generate yield through staking and long‑term appreciation, positioning CaliberCos as a first‑mover among U.S. public real‑estate platforms adopting blockchain‑based treasury management.
Management said the debt‑to‑equity conversion is a key step toward achieving profitability in 2026 by reducing leverage, improving cash flow, and providing financial flexibility to pursue growth opportunities.
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