Caliber Completes Major Refinancing and Note Retirement

SCOTTSDALE, Ariz., Sept. 14, 2026 /CourierPR/ -- Caliber, a real estate-focused alternative asset manager, has completed a significant refinancing of its corporate promissory notes, addressing approximately $12.5 million of its unsecured corporate and convertible notes. The company has successfully refinanced $3.4 million of its existing notes and secured the right to retire an additional $9.1 million in notes at a substantial discount, reducing annual interest expenses by about $1.3 million.

According to Chris Loeffler, Chief Executive Officer of Caliber, the refinancing and conversion of notes are part of a broader strategy to strengthen the company's financial position and align its obligations with the horizon of the assets it has invested in.

The refinancing includes the exchange of approximately $2.9 million of note principal for new five-year notes bearing an interest rate of 6.0% per annum, with monthly amortization. This exchange reduces the associated note interest rate by about 48%, lowering interest expense by approximately $0.16 million in the first year. The new amortizing notes will be repaid in full over five years, raising the scheduled cash debt service to approximately $0.5 million annually.

Additionally, approximately $0.6 million of note principal was converted into shares of the company's Series AAA Convertible Preferred Stock. This conversion reduces the company's debt by the same amount, increases equity by the same amount, and removes about $71,000 of annual interest expense. The Series AAA is a perpetual preferred stock instrument with a 12% annual, non-cumulative dividend, payable quarterly at the company's option, in cash or in shares of Class A common stock.

Holders of approximately $9.1 million of note principal have executed payoff option and standstill agreements, granting Caliber the right, but not the obligation, to retire those notes in full satisfaction for 80% of unreturned capital, or approximately $7.3 million in cash, during the next six months. If Caliber exercises this right, it would reduce corporate note obligations by approximately $9.1 million and eliminate about $1.0 million of additional annual interest expense.

Caliber has not yet raised all of the cash required to exercise the payoff option. The company expects to fund any exercise from a combination of sources, including capital invested alongside its investors in real estate assets, sales of real estate held directly by the company, realization of a portion of the company's estimated carried interest, and new financings and existing capital facilities. The carried interest is not a receivable and is subject to the performance and disposition of the underlying assets.

The company's Chief Financial Officer, Jane Smith, explained, "The refinancing and conversion of notes are part of our ongoing efforts to optimize our capital structure and reduce interest expenses. We are confident that we will be able to secure the necessary funding within the six-month period, but we understand the risks involved."

Caliber continues to manage a significant portfolio of real estate assets and funds, with approximately $495.6 million of Managed Capital and $737.2 million of fair value assets under management as of June 30, 2026. The company's Managed Assets are valued at over $2.6 billion, and it has a 17-year track record of investing in middle-market hospitality and multifamily real estate.