<SEC-DOCUMENT>0001627282-25-000007.txt : 20250311
<SEC-HEADER>0001627282-25-000007.hdr.sgml : 20250311
<ACCEPTANCE-DATETIME>20250310181531
ACCESSION NUMBER:		0001627282-25-000007
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		14
CONFORMED PERIOD OF REPORT:	20250305
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20250311
DATE AS OF CHANGE:		20250310

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CaliberCos Inc.
		CENTRAL INDEX KEY:			0001627282
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE [6500]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-41703
		FILM NUMBER:		25725230

	BUSINESS ADDRESS:	
		STREET 1:		8901 E. MOUNTAIN VIEW RD.
		STREET 2:		SUITE 150
		CITY:			SCOTTSDALE
		STATE:			AZ
		ZIP:			85258
		BUSINESS PHONE:		480-295-7600

	MAIL ADDRESS:	
		STREET 1:		8901 E. MOUNTAIN VIEW RD.
		STREET 2:		SUITE 150
		CITY:			SCOTTSDALE
		STATE:			AZ
		ZIP:			85258

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CaliberCo Inc.
		DATE OF NAME CHANGE:	20141205
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>cwd-20250305.htm
<DESCRIPTION>8-K
<TEXT>
<XBRL>
<?xml version='1.0' encoding='ASCII'?>
<!--XBRL Document Created with the Workiva Platform-->
<!--Copyright 2025 Workiva-->
<!--r:5d4ce5b4-c85e-49f7-a309-db7ef5d36a7f,g:c0b8ae53-be81-431d-b485-1383aad10482,d:8636db476a964764837e6322b782c3df-->
<html xmlns="http://www.w3.org/1999/xhtml" xmlns:ixt="http://www.xbrl.org/inlineXBRL/transformation/2020-02-12" xmlns:ixt-sec="http://www.sec.gov/inlineXBRL/transformation/2015-08-31" xmlns:dei="http://xbrl.sec.gov/dei/2024" xmlns:ix="http://www.xbrl.org/2013/inlineXBRL" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xbrli="http://www.xbrl.org/2003/instance" xml:lang="en-US"><head><meta http-equiv="Content-Type" content="text/html"/>


<title>cwd-20250305</title></head><body><div style="display:none"><ix:header><ix:hidden><ix:nonNumeric contextRef="c-1" name="dei:AmendmentFlag" format="ixt:fixed-false" id="f-23">FALSE</ix:nonNumeric><ix:nonNumeric contextRef="c-1" name="dei:EntityCentralIndexKey" id="f-24">0001627282</ix:nonNumeric><ix:nonNumeric contextRef="c-1" name="dei:CurrentFiscalYearEndDate" format="ixt:date-month-day" id="f-25">12-31</ix:nonNumeric></ix:hidden><ix:references xml:lang="en-US"><link:schemaRef xlink:type="simple" xlink:href="cwd-20250305.xsd"/></ix:references><ix:resources><xbrli:context id="c-1"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0001627282</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2025-03-05</xbrli:startDate><xbrli:endDate>2025-03-05</xbrli:endDate></xbrli:period></xbrli:context></ix:resources></ix:header></div><div id="i8636db476a964764837e6322b782c3df_1"></div><div style="min-height:45pt;width:100%"><div><span><br/></span></div></div><div style="margin-top:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr style="height:3pt"><td colspan="3" style="border-bottom:3pt double #000;padding:0 1pt"/></tr></table></div><div style="margin-top:10pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:18pt;font-weight:700;line-height:120%">UNITED STATES</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:18pt;font-weight:700;line-height:120%">SECURITIES AND EXCHANGE COMMISSION</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Washington, D.C. 20549</span></div><div style="margin-top:10pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:18pt;font-weight:700;line-height:120%">FORM&#160;<ix:nonNumeric contextRef="c-1" name="dei:DocumentType" id="f-1">8-K</ix:nonNumeric></span></div><div style="margin-top:10pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">CURRENT REPORT</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">PURSUANT TO SECTION&#160;13 OR 15(d)&#160;OF THE SECURITIES EXCHANGE ACT OF 1934</span></div><div style="margin-top:10pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Date of report (Date of earliest event reported):</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:DocumentPeriodEndDate" format="ixt:date-monthname-day-year-en" id="f-2">March 5, 2025</ix:nonNumeric></span></div><div style="margin-top:10pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:18pt;font-weight:700;line-height:120%;text-decoration:underline"><ix:nonNumeric contextRef="c-1" name="dei:EntityRegistrantName" id="f-3">CALIBERCOS INC.</ix:nonNumeric></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(Exact Name of Registrant as Specified in Its Charter)</span></div><div style="margin-top:10pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:EntityIncorporationStateCountryCode" format="ixt-sec:stateprovnameen" id="f-4">Delaware</ix:nonNumeric></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(State or Other Jurisdiction of Incorporation)</span></div><div style="margin-top:10pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:48.596%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.406%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:48.598%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:EntityFileNumber" id="f-5">001-41703</ix:nonNumeric></span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:EntityTaxIdentificationNumber" id="f-6">47-2426901</ix:nonNumeric></span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(Commission File Number)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(IRS Employer Identification No.)</span></td></tr></table></div><div style="margin-top:10pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:48.596%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.406%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:48.598%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:EntityAddressAddressLine1" id="f-7">8901 E. Mountain View Rd.</ix:nonNumeric> <ix:nonNumeric contextRef="c-1" name="dei:EntityAddressAddressLine2" id="f-8">Ste. 150</ix:nonNumeric>, <ix:nonNumeric contextRef="c-1" name="dei:EntityAddressCityOrTown" id="f-9">Scottsdale</ix:nonNumeric>, <ix:nonNumeric contextRef="c-1" name="dei:EntityAddressStateOrProvince" id="f-10">AZ</ix:nonNumeric></span></div></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">85258</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(Address of Principal Executive Offices)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:EntityAddressPostalZipCode" id="f-11">(Zip Code)</ix:nonNumeric></span></td></tr></table></div><div style="margin-top:10pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(<ix:nonNumeric contextRef="c-1" name="dei:CityAreaCode" id="f-12">480</ix:nonNumeric>) <ix:nonNumeric contextRef="c-1" name="dei:LocalPhoneNumber" id="f-13">295-7600</ix:nonNumeric></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(Registrant&#8217;s Telephone Number,&#160;Including Area Code)</span></div><div style="margin-top:10pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">N/A</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(Former Name or Former Address, if Changed Since Last Report)</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Check the appropriate box below if the Form&#160;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">see </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">General Instruction A.2. below):</span></div><div style="margin-top:6pt;padding-left:18pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.363%"><tr><td style="width:1.0%"/><td style="width:3.145%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:94.655%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><span style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:WrittenCommunications" format="ixt:fixed-false" id="f-14">o</ix:nonNumeric></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Written communications pursuant to Rule&#160;425 under the Securities Act (17 CFR 230.425)</span></td></tr><tr style="height:3pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><span style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:SolicitingMaterial" format="ixt:fixed-false" id="f-15">o</ix:nonNumeric></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Soliciting material pursuant to Rule&#160;14a-12 under the Exchange Act (17 CFR 240.14a-12)</span></td></tr><tr style="height:3pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><span style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:PreCommencementTenderOffer" format="ixt:fixed-false" id="f-16">o</ix:nonNumeric></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pre-commencement communications pursuant to Rule&#160;14d-2(b)&#160;under the Exchange Act (17 CFR 240.14d-2(b))</span></td></tr><tr style="height:3pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><span style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:PreCommencementIssuerTenderOffer" format="ixt:fixed-false" id="f-17">o</ix:nonNumeric></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pre-commencement communications pursuant to Rule&#160;13e-4(c)&#160;under the Exchange Act (17 CFR 240.13e-4(c))</span></td></tr></table></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Securities registered pursuant to Section 12(b) of the Act:</span></div><div style="margin-top:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:32.233%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:32.233%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:32.234%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-left:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Title of each class</span></td><td colspan="3" style="border-left:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Trading Symbols</span></td><td colspan="3" style="border-left:1pt solid #000;border-right:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Name of each exchange on which registered</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;border-left:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:Security12bTitle" id="f-18">Class A Common Stock, par value $0.001</ix:nonNumeric></span></td><td colspan="3" style="border-bottom:1pt solid #000;border-left:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:TradingSymbol" id="f-19">CWD</ix:nonNumeric></span></td><td colspan="3" style="border-bottom:1pt solid #000;border-left:1pt solid #000;border-right:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The <ix:nonNumeric contextRef="c-1" name="dei:SecurityExchangeName" format="ixt-sec:exchnameen" id="f-20">Nasdaq</ix:nonNumeric> Stock Market LLC</span></div></td></tr></table></div><div style="margin-top:6pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &#167;230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR &#167;240.12b-2).</span></div><div style="margin-top:6pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Emerging growth company </span><span style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:EntityEmergingGrowthCompany" format="ixt:fixed-true" id="f-21">x</ix:nonNumeric></span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. </span><span style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:EntityExTransitionPeriod" format="ixt:fixed-false" id="f-22">o</ix:nonNumeric></span></div><div style="margin-top:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr style="height:3pt"><td colspan="3" style="border-bottom:3pt double #000;padding:0 1pt"/></tr></table></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><span><br/></span></div></div></div><div id="i8636db476a964764837e6322b782c3df_7"></div><hr style="page-break-after:always"/><div style="min-height:45pt;width:100%"><div><span><br/></span></div></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">On March 5, 2025, CaliberCos Inc. (the &#8220;Company&#8221;) filed a Certificate of Designations, Preferences and Rights (the &#8220;Certificate of Designation&#8221;) with the Secretary of State of the State of Delaware to establish the preferences, voting powers, limitations as to dividends or other distributions, qualifications, terms and conditions of redemption and other terms and conditions of the Company&#8217;s Series AA Cumulative Redeemable Preferred Stock, par value $0.001 (the &#8220;Series AA Preferred Stock&#8221;). The Series AA Preferred Stock is subject to certain rights, preferences, privileges, and obligations, including voluntary and mandatory conversion provisions, as well as beneficial ownership restrictions as set forth in the Certificate of Designation. The following is a summary description of the terms and the general effect of the issuance of the shares of Series AA Preferred Stock on the Company&#8217;s other classes of registered securities. There are eight hundred thousand (800,000) shares of the Series AA Preferred Stock designated.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Ranking. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Series AA Preferred Stock ranks, as to dividend rights and rights upon our liquidation, dissolution, or winding up, senior to our Class A common stock, par value $0.001 per share (the &#8220;Class A Common Stock&#8221;) and Class B common stock, par value $0.001 per share (the &#8220;Class B Common Stock&#8221;, together with the Class A Common Stock, the &#8220;Common Stock&#8221;), and </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:112%">pari passu</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> with our Series A Convertible Preferred Stock, par value $0.001 per share (the &#8220;Series A Preferred Stock&#8221;). The terms of the Series AA Preferred Stock do not limit our ability to (i) incur indebtedness or (ii) issue additional equity securities that are equal or junior in rank to the shares of our Series AA Preferred Stock as to distribution rights and rights upon our liquidation, dissolution or winding up.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Stated Value. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Each share of Series AA Preferred Stock has an initial stated value of $25.00, subject to appropriate adjustment in relation to certain events, such as recapitalizations, stock dividends, stock splits, stock combinations, reclassifications or similar events affecting our Series AA Preferred Stock.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Dividend Rate and Payment Dates. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Dividends on the Series AA Preferred Stock are cumulative and payable monthly in arrears to all holders of record on the applicable record date. Holders of our Series AA Preferred Stock are entitled to receive cumulative monthly cash dividends at a per annum rate of 9.5% of the stated value (or $0.198 per share each month based on the initial stated value). Dividends on each share begin accruing on, and are cumulative from, the date of issuance and regardless of whether our board of directors declares and pays such dividends. Our board of directors will not authorize, pay or set apart for payment by us any dividend on the Series AA Preferred Stock at any time that:</span></div><div><span><br/></span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Courier New',monospace;font-size:12pt;font-weight:400;line-height:112%">&#9702;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:10.8pt">there are funds legally available for the payment of the dividends; and the terms and provisions of any of our agreements, including any agreement relating to our indebtedness, prohibits such authorization, payment or setting apart for payment;</span></div><div><span><br/></span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Courier New',monospace;font-size:12pt;font-weight:400;line-height:112%">&#9702;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:10.8pt">there are funds legally available for the payment of the dividends; and the terms and provisions of any of our agreements, including any agreement relating to our indebtedness, provides that such authorization, payment or setting apart for payment thereof would constitute a breach of, or a default under, such agreement; or</span></div><div><span><br/></span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Courier New',monospace;font-size:12pt;font-weight:400;line-height:112%">&#9702;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:10.8pt">there are funds legally available for the payment of the dividends; and the law restricts or prohibits the authorization or payment.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Notwithstanding the foregoing, dividends on the Series AA Preferred Stock will accumulate whether or not:</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Dividends on shares of our Series AA Preferred Stock will continue to accrue even if</span></div><div style="text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Courier New',monospace;font-size:12pt;font-weight:400;line-height:112%">&#9702;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:10.8pt">the terms and provisions of any of our agreements relating to our indebtedness prohibit such authorization, payment or setting apart for payment;</span></div><div style="text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Courier New',monospace;font-size:12pt;font-weight:400;line-height:112%">&#9702;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:10.8pt">we have earnings;</span></div><div style="text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Courier New',monospace;font-size:12pt;font-weight:400;line-height:112%">&#9702;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:10.8pt">there are funds legally available for the payment of the dividends; and</span></div><div style="text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Courier New',monospace;font-size:12pt;font-weight:400;line-height:112%">&#9702;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:10.8pt">the dividends are authorized. </span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">In the event the monthly payment of dividends is not made within 30 days of the due date, dividends will accrue from the due date of such monthly payment at the rate of 18% until such default is cured.</span></div><div style="text-align:justify"><span><br/></span></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:45pt;width:100%"><div><span><br/></span></div></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Liquidation Preference</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">. Upon a liquidation, dissolution or winding up of our company, holders of shares of our Series AA Preferred Stock are entitled to receive, before any payment or distribution is made to the holders of our Common Stock and on a </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:112%">pari passu</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> basis with holders of our Series A Preferred Stock, a liquidation preference equal to the stated value per share, plus accrued but unpaid dividends thereon.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Redemption Request at the Option of a Holder</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">. Once per calendar quarter, a holder will have the opportunity to request that we redeem that holder&#8217;s Series AA Preferred Stock. Our board of directors may, however, suspend cash redemptions at any time in its discretion if it determines that it would not be in the best interests of our company to effectuate cash redemptions at a given time because we do not have sufficient cash, including because our board believes that our cash on hand should be utilized for other business purposes. Redemptions will be limited to four percent (4%) of the total outstanding Series AA Preferred Stock per quarter and any redemptions in excess of such limit or to the extent suspended, shall be redeemed in subsequent quarters on a first come, first served, basis. We will redeem shares at a redemption price equal to the stated value of such redeemed shares, plus any accrued but unpaid dividends thereon, less the applicable redemption fee (if any). As a percentage of the aggregate redemption price of a holder&#8217;s shares to be redeemed, the redemption fee shall be:</span></div><div style="text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Courier New',monospace;font-size:12pt;font-weight:400;line-height:112%">&#9702;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:10.8pt">10% if the redemption is requested on or before the first anniversary of the original issuance of such shares;</span></div><div style="text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Courier New',monospace;font-size:12pt;font-weight:400;line-height:112%">&#9702;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:10.8pt">8% if the redemption is requested after the first anniversary and on or before the second anniversary of the original issuance of such shares; and</span></div><div style="text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Courier New',monospace;font-size:12pt;font-weight:400;line-height:112%">&#9702;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:10.8pt">6% if the redemption is requested after the second anniversary and on or before the third anniversary of the original issuance of such shares.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Optional Redemption by our company</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">. We have the right (but not the obligation) to redeem shares of Series AA Preferred Stock at a redemption price equal to the stated value of such redeemed shares, plus any accrued but unpaid dividends thereon.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Mandatory Redemption by our company</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">. We are required to redeem the outstanding shares of Series AA Preferred Stock on the third (3</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.47pt;font-weight:400;line-height:112%;position:relative;top:-3.48pt;vertical-align:baseline">rd</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">) anniversary of their issuance at a redemption price equal to the stated value of such redeemed shares, plus any accrued but unpaid dividends thereon.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Optional Repurchase Upon Death, Disability or Bankruptcy of a Holder</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">. Subject to certain restrictions and conditions, we will also repurchase shares of Series AA Preferred Stock of a holder who is a natural person (including an individual beneficial holder who holds shares through a custodian or nominee, such as a broker-dealer) upon his or her death, total disability or bankruptcy, within sixty (60) days of our receipt of a written request from the holder or the holder&#8217;s estate at a repurchase price equal to the stated value, plus accrued and unpaid dividends thereon. A &#8220;total disability&#8221; means a determination by a physician approved by us that a holder, who was gainfully employed and working at least forty (40) hours per week as of the date on which his or her shares were purchased, has been unable to work forty (40) or more hours per week for at least twenty-four (24) consecutive months. </span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Restrictions on Redemption and Repurchase</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">. We are not obligated to redeem or repurchase shares of Series AA Preferred Stock if we are restricted by applicable law or our certificate of incorporation from making such redemption or repurchase or to the extent any such redemption or repurchase would cause or constitute a default under any borrowing agreements to which we or any of our subsidiaries are a party or otherwise bound. In addition, we have no obligation to redeem shares in connection with a redemption request made by a holder if we determine, as of the redemption date, that we do not have sufficient funds available to fund that redemption. In this regard, we will have complete discretion under the certificate of designation for the Series AA Preferred Stock to determine whether we are in possession of &#8220;sufficient funds&#8221; to fund a redemption request. To the extent we are unable to complete redemptions we may have earlier agreed to make, we will complete those redemptions promptly after we become able to do so, with all such deferred redemptions being satisfied on a first come, first served, basis.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Voting Rights</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">. The Series AA Preferred Stock has no voting rights relative to matters submitted to a vote of our stockholders (other than as required by law). However, we may not, without the affirmative vote or written consent of the holders of a majority of the then issued and outstanding Series AA Preferred Stock: (i) amend or waive any provision of the certificate of designation or otherwise take any action that modifies any powers, rights, preferences, privileges or restrictions of the Series AA Preferred Stock (other than an amendment solely for the purpose of changing the number of shares of Series AA Preferred Stock designated for issuance as provided in the certificate of designation); (ii) authorize, create or issue shares of any class of stock having rights, preferences or privileges as to dividends or distributions upon a liquidation that are superior to the Series AA Preferred Stock; or (iii) amend our articles of incorporation in a manner that adversely and materially affects the rights of the Series AA Preferred Stock.</span></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:45pt;width:100%"><div><span><br/></span></div></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Conversion Right</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">. At the third anniversary of the issuance date of a share of Series AA Preferred Stock, a holder may elect, with the prior written consent of the Company, which consent may be unreasonably withheld, to convert all or any portion of such then outstanding shares of Series AA Preferred Stock held by it into that number of shares of our Class A Common Stock determined by dividing the then Stated Value of such shares by the closing price of our Class A Common Stock as quoted on the Nasdaq Capital Market (the &#8220;NCM&#8221;) on the day prior to such date but in no event less than the closing price of our Class A Common Stock as quoted on the NCM on the day prior to the initial Closing Date.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The foregoing description of the Series AA Preferred Stock does not purport to be complete and is qualified in its entirety by reference to the Certificate of Designation, a copy of which is filed as Exhibit 3.1 to this Current Report on Form 8-K and is incorporated herein by reference.</span></div><div><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div id="i8636db476a964764837e6322b782c3df_10"></div><div style="-sec-extract:summary;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 9.01. Financial Statements and Exhibits.</span></div><div style="margin-top:12pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(d)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:6.34pt">Exhibits</span></div><div style="margin-top:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:9.051%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.406%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:88.143%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Exhibit</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">No.</span></div></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Exhibit</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3.1</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline" href="calibercertificateofdesign.htm">Certificate of Designation, Preferences and Rights relating to the Series AA Cumulative Redeemable Preferred Stock, dated March 5, 2025</a></span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">104</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cover Page Interactive Data File (embedded within the Inline XBRL document)</span></td></tr></table></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><span><br/></span></div></div></div><div id="i8636db476a964764837e6322b782c3df_13"></div><hr style="page-break-after:always"/><div style="min-height:45pt;width:100%"><div><span><br/></span></div></div><div style="margin-top:12pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">SIGNATURES</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</span></div><div style="margin-top:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.848%"><tr><td style="width:1.0%"/><td style="width:45.637%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.425%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:45.638%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">CaliberCos Inc.</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Date: March 10, 2025</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">By:</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">/s/ John C. Loeffler, II</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Name:</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">John C. Loeffler, II</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Title:</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Chairman and Chief Executive Officer</span></td></tr></table></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><span><br/></span></div></div></div></body></html>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>calibercertificateofdesign.htm
<DESCRIPTION>EX-3.1
<TEXT>
<html><head>
<!-- Document created using Wdesk -->
<!-- Copyright 2025 Workiva -->
<title>Document</title></head><body><div id="i4b06ef8f511441f2b95cbd67d86ccebe_1"></div><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">CERTIFICATE OF DESIGNATIONS, PREFERENCES AND RIGHTS</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">OF SERIES AA CUMULATIVE REDEEMABLE PREFERRED STOCK OF  </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">CALIBERCOS INC.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">CALIBERCOS&#8239;INC. (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;), a corporation organized and existing under the General Corporation Law of the State of Delaware, does hereby certify that, pursuant to authority conferred upon the Board of Directors of the Company (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Board</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;) by the Third Amended and Restated Certificate of Incorporation of the Company, and pursuant to Section 151 of the General Corporation Law of the State of Delaware, the Board of Directors of the Company duly adopted resolutions (i) authorizing a series of the Company&#8217;s previously authorized preferred stock, and (ii) providing for the designations, preferences and relative, participating, optional or other rights, and the qualifications, limitations or restrictions thereof, of eight hundred thousand (800,000) shares of &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Series AA Cumulative Redeemable Preferred Stock</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221; of the Company, as follows&#58;</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">RESOLVED, that pursuant to the authority vested in the Board this Company, in accordance with the provisions of the Third Amended and Restated Certificate of Incorporation, a series of preferred stock, par value $0.001 per share, of the Company be and hereby is created, and that the designation and number of shares thereof and the voting and other powers, preferences and relative, participating, optional or other rights of the shares of such series and the qualifications, limitations and restrictions thereof are as follows&#58; </font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Section 1. </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Designation and Amount</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">. The series of preferred stock shall be designated as Series AA Cumulative Redeemable Preferred Stock, par value $0.001 per share (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Series AA Preferred Stock</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;), and the number of shares so designated shall be Eight Hundred Thousand (800,000).</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Section 2. </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Stated Value</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">. </font></div><div><font><br></font></div><div style="text-align:justify;text-indent:81pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(a) Each share of Series AA Preferred Stock shall have an initial stated value equal to $25.00 (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Stated Value</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;).</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:81pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(b) If at any time after the date that this Certificate of Designation was initially filed with the Delaware Secretary of State the Company effects (i) a stock dividend payable in shares of Series AA Preferred Stock, (ii) a subdivision of the outstanding Series AA Preferred Stock into a greater number of shares of Series AA Preferred Stock, or (iii) a combination of the outstanding shares of Series AA Preferred Stock, by reclassification or otherwise, into a lesser number of shares of Series AA Preferred Stock, then, in any such case, the Stated Value in effect immediately prior to such event shall, concurrently with the effectiveness of such event, be proportionately decreased or increased, as appropriate.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:81pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(c) Upon any adjustment of the Stated Value of the Series AA Preferred Stock, then and in each such case the Company shall give written notice thereof to the registered holders of shares of Series AA Preferred Stock (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Holders</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;), which notice shall state the new Stated Value resulting from such adjustment and set forth in reasonable detail the method of calculation and the facts upon which such calculation is based.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Section 3. </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Ranking</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">. As to the payment of dividends and the distribution of assets of the Company upon its liquidation, dissolution or winding up, the Series AA Preferred Stock shall rank as follows&#58; (a) senior to the Company&#8217;s Class A common stock, par value $0.001 per share (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Class A Common Stock</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;), Class B common stock, par value $0.001 per share (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Class B Common Stock</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;, together with the Class A Common Stock, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Common Stock</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;), and any other class of securities hereafter authorized that is specifically designated as junior to the Series AA Preferred Stock as to dividend rights and rights upon liquidation, dissolution or winding up of the Company (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Junior Securities</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;)&#59; and (b) </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">pari passu </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">with the Company&#8217;s Series A Convertible Preferred Stock, par value $0.001 per share (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Series A Preferred Stock</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;) and any class or series of capital stock of the Company expressly designated as ranking on parity with the Series AA Preferred Stock as to dividend rights and rights upon liquidation, dissolution or winding up of the Company, other than the capital stock referred to in clause (a) (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Parity Securities</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;).</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Section 4. </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Dividends</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify;text-indent:81pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(a) Holders shall be entitled to receive for each share of Series AA Preferred Stock, and the Company shall pay in cash, subject to the provisions of the General Corporation Law of the State of Delaware (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">DGCL</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;) and legally available funds therefor, preferential cumulative dividends at the </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">per annum</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> rate of 9.5% on the Stated Value, payable in arrears in monthly installments on the 15th day of the next following month (or if such date is not a business day, then the next following business day), when and as declared by the Board (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Preferred Dividends</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;). Preferred Dividends on shares of Series AA Preferred Stock shall also be payable upon any redemption and upon the final distribution date relating to a Liquidation Event (as defined below). The Board will not authorize, pay or set apart for payment any dividend on the Series AA Preferred Stock at any time that&#58; the terms and provisions of any of the Company&#8217;s agreements, including any agreement relating to the Company&#8217;s indebtedness, prohibits such authorization, payment or setting apart for payment&#59; the terms and provisions of any of the Company&#8217;s agreements, including any agreement relating to our indebtedness, provides that such authorization, payment or setting apart for payment thereof would constitute a breach of, or a default under, such agreement&#59; or the law restricts or prohibits the authorization or payment. </font></div><div><font><br></font></div><div style="text-align:justify;text-indent:81pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(b) Preferred Dividends shall cease to accrue on shares of Series AA Preferred Stock on the day immediately prior to any redemption and on the final distribution date relating to a Liquidation Event.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:81pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(c) Regular dividends shall be payable to the Holders, in accordance with the DGCL, as of each regular record date that is the final business day of a calendar month that is also a day on which the Class A Common Stock trades or is eligible for trading on the primary market for such stock. Notwithstanding the foregoing, Holders as of a regular record date must have held their Series AA Preferred Stock for more than two business days (each of which must also have been a trading day on which the Common Stock traded or was eligible for trading on the primary market for such stock) in order to be eligible to receive a dividend payment on the next payment date. If the Class A Common Stock no longer trades or is eligible for trading on a trading market, then the requirement in the prior two sentences that a business day shall be a &#8220;trading day&#8221; shall not apply.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:81pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(d) Preferred Dividends shall be calculated on the basis of a calendar year consisting of twelve 30-day months (or 360 days) and shall begin to accrue on outstanding shares of Series AA Preferred Stock from the date of each share&#8217;s original issuance until paid, whether or not declared. Preferred Dividends shall accrue whether or not the terms and provisions of any of the Company&#8217;s agreements relating to its indebtedness prohibit such authorization, payment or setting apart for payment, the Company has earnings, there are funds of the Company legally available for the payment of dividends at the time such Preferred Dividends become payable or at any other time or the dividends are authorized. Preferred Dividends shall be cumulative from the date of issue, whether or not declared for any reason, including if such declaration is prohibited under applicable law or any outstanding indebtedness or borrowings of the Company or any of its subsidiaries, or any other contractual provision binding on the Company or any of its subsidiaries. In the event the monthly payment of Preferred Dividends is not made within thirty (30) days of the due date, Preferred Dividends will accrue from the due date of such monthly payment at the rate of eighteen percent (18%) until such default is cured.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:81pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(e) No dividend shall be declared on any Junior Securities or Parity Securities in respect of any period, nor shall any Junior Securities or Parity Securities be redeemed, purchased or otherwise acquired for any consideration (or any money to be paid into any sinking fund or otherwise set apart for the purchase of any such Junior Securities or Parity Securities), unless all accrued and unpaid Preferred Dividends through the most recent payment date have been or contemporaneously are declared and paid on all then-outstanding shares of the Series AA Preferred Stock&#59; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">provided, however</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">, that this restriction shall not apply to the repurchase by the Company of (i) shares of Common Stock from employees, officers, directors, consultants or other persons performing services for the Company or any of its subsidiaries pursuant to agreements under which the Company has the right or option to repurchase such shares upon the occurrence of certain events or otherwise, or (ii) shares of Series A Preferred Stock pursuant to the terms of the Certificate of Designation for the Series A Preferred Stock, or terms superior to those contained within such Certificate of Designation from the Company&#8217;s perspective.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Section 5. </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Conversion of Series AA Preferred Stock</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">. </font></div><div><font><br></font></div><div style="text-align:justify;text-indent:81pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">(a) Optional Conversion</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">. At the third anniversary of the issuance date of a share of Series AA Preferred Stock, a holder may elect, with the prior written consent of the Company, which consent may be unreasonably withheld, to convert all or any portion of such then outstanding shares of Series AA Preferred Stock held by it into that number of shares of Class A Common Stock determined by dividing the then Stated Value of </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">such shares by the closing price of Class A Common Stock as quoted on the Nasdaq Capital Market (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline">NCM</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;) on the day prior to such date but in no event less than the closing price of Class A Common Stock as quoted on the NCM on the day prior to the initial issuance date of the Series AA Preferred Stock.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:81pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">(b) Adjustment to the Conversion Price</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">. In order to prevent dilution of the rights granted under this Certificate of Designations, the Conversion Price will be subject to adjustment from time to time as provided in this </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Section (5)(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">. The &#8220;Conversion Price&#8221; means the Stated Value. </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> </font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:35.23pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">i.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:31.5pt"> </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Stock Dividends and Stock Splits</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">. If the Company, at any time after the Issuance Date&#58; (i) pays a stock dividend or otherwise makes a distribution or distributions on shares of its Class A Common Stock or any other equity or equity equivalent securities payable in shares of Class A Common Stock (which, for avoidance of doubt, shall not include any Conversion Shares issued by the Company upon conversion of Series AA Preferred Stock), (ii) subdivides outstanding shares of Class A Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Class A Common Stock into a smaller number of shares, or (iv) issues by reclassification of shares of the Class A Common Stock any shares of capital stock of the Company, then in each case the Initial Conversion Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Class A Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Class A Common Stock outstanding immediately after such event, and the number of shares issuable upon the conversion of the Series AA Preferred Stock shall be proportionately adjusted such that the aggregate Initial Conversion Price of the Series AA Preferred Stock shall remain unchanged. Any adjustment made pursuant to this </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Section (5)(b)(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date of the applicable event in the case of a subdivision, combination or re&#8209;classification.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:32.46pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">ii.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:31.5pt;text-decoration:underline">Subsequent Rights Offerings</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">. In addition to any adjustments pursuant to </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Section (5)(b)(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> above, if at any time the Company grants, issues or sells any Options, Convertible Securities or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of Class A Common Stock (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Purchase Rights</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;), then the holders of Series AA Preferred Stock will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which each such holder could have acquired if such holder had held the number of shares of Class A Common Stock acquirable upon complete conversion of such holder&#8217;s Series AA Preferred Stock (without regard to any limitations on exercise thereof) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of Class A Common Stock are to be determined for the grant, issue or sale of such Purchase Rights.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:29.69pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">iii.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:31.5pt;text-decoration:underline">Notices.</font></div><div><font><br></font></div><div style="padding-left:90pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(A) Whenever the Initial Conversion Price is adjusted pursuant to any provision of this </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Section (5)(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">, the Company shall promptly deliver to each holder of Preferred Stock by email a notice setting forth the Initial Conversion Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment.</font></div><div><font><br></font></div><div style="padding-left:90pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(B) If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Class A Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Class A Common Stock, (C) the Company shall authorize the granting to all holders of the Class A Common Stock of rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification of the Class A Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Class A Common Stock is converted into other securities, cash or property or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="padding-left:90pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">cause to be filed at each office or agency maintained for the purpose of conversion of the Series AA Preferred Stock, and shall cause to be delivered by email to each Holder at its last email address as it shall appear upon the stock books of the Company, at least ten (10) Trading Days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Class A Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Class A Common Stock of record shall be entitled to exchange their shares of the Class A Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange, provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. The Holder shall remain entitled to convert the Conversion Amount of the Series AA Preferred Stock (or any part hereof) during the 10-Trading Day period commencing on the date of such notice through the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.</font></div><div><font><br></font></div><div style="padding-left:90pt;text-align:justify;text-indent:-9pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(c) </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Mechanics of Conversion</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:35.23pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">i.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:31.5pt;text-decoration:underline">Delivery of Conversion Shares Upon Conversion</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">. The date on which a conversion shall be deemed effective (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Conversion Date</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;) shall be the Trading Day that the conversion notice, attached hereto as Exhibit I (the &#8220;Conversion Notice&#8221;), completed and executed, is sent via email to, and received during regular business hours prior to 5&#58;00 pm Eastern Time by, the Company, provided, that the original certificate(s) (if any) representing the Series AA Preferred Stock being converted, duly endorsed, and the accompanying Notice of Conversion, are received by the Company by the Share Delivery Date (as defined below). Not later than two (2) Trading Days after each Conversion Date (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Share Delivery Date</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;), the Company shall deliver, or cause to be delivered, to the converting holder (A) the number of Conversion Shares being acquired upon the conversion of the Series AA Preferred Stock, and (B) a bank check in the amount of declared and unpaid dividends, if any. The Company shall deliver the Conversion Shares electronically through The Depository Trust Company through its Deposit or Withdrawal at Custodian system (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">DWAC</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;) if the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Conversion Shares to or resale of the Conversion Shares by the Holder or (B) the Conversion Shares are eligible for resale by the holder without volume or manner-of-sale limitations pursuant to Rule 144, and otherwise by either delivery of a book-entry statement or physical delivery of a certificate, registered in the Company&#8217;s share register in the name of the holder or its designee. </font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:32.46pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">ii.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:31.5pt;text-decoration:underline">Obligation Absolute</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">. The Company&#8217;s obligation to issue and deliver the Conversion Shares upon conversion of Series AA Preferred Stock in accordance with the terms hereof are absolute and unconditional, irrespective of any action or inaction by a holder to enforce the same, any waiver or consent with respect to any provision hereof, the recovery of any judgment against any Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged breach by such holder or any other Person of any obligation to the Company or any violation or alleged violation of law by such holder or any other Person, and irrespective of any other circumstance which might otherwise limit such obligation of the Company to such holder in connection with the issuance of such Conversion Shares&#59; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">provided</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">however</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">, that such delivery shall not operate as a waiver by the Company of any such action that the Company may have against such holder. </font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:29.69pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">iii.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:31.5pt;text-decoration:underline">Reservation of Shares Issuable Upon Conversion</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">. The Company covenants that it will at all times reserve and keep available out of its authorized and unissued shares of Common Stock for the sole purpose of issuance upon conversion of the Series AA Preferred Stock as herein provided, not less than such aggregate number of shares of the Common Stock as shall (subject to the terms and conditions set forth in the Subscription Agreement) be issuable (taking into account the adjustments and restrictions as provided for herein) upon the conversion of the then outstanding Series AA Preferred Stock. The Company </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">4</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">covenants that all shares of Common Stock that shall be so issuable shall, upon issue, be duly authorized, validly issued, fully paid and nonassessable.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:30.23pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">iv.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:31.5pt;text-decoration:underline">Fractional Shares</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">. No fractional shares or scrip representing fractional shares shall be issued upon the conversion of the Series AA Preferred Stock. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such conversion, the Company shall at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Initial Conversion Price or round up to the next whole share.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:33pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">v.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:31.5pt;text-decoration:underline">Transfer Taxes and Expenses</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">. The issuance of Conversion Shares on conversion of the Series AA Preferred Stock shall be made without charge to any holder for any documentary stamp or similar taxes that may be payable in respect of the issue or delivery of such Conversion Shares, provided that the Company shall not be required to pay any tax that may be payable in respect of any transfer involved in the issuance and delivery of any such Conversion Shares upon conversion in a name other than that of the holders of such Series AA Preferred Stock and the Company shall not be required to issue or deliver such Conversion Shares unless or until the Person or Persons requesting the issuance thereof shall have paid to the Company the amount of such tax or shall have established to the satisfaction of the Company that such tax has been paid. The Company shall pay all transfer agent fees required for same-day processing of any Conversion Notice and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Conversion Shares.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:81pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(d) </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Limitation on Beneficial Ownership</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">. The Company shall not effect the conversion of any of the Series AA Preferred Stock held by a Holder, and such Holder shall not have the right to convert any of the Series AA Preferred Stock held by such Holder pursuant to the terms and conditions of this Certificate of Designations and any such conversion shall be null and void and treated as if never made, to the extent that after giving effect to such conversion, such Holder together with the other Attribution Parties collectively would beneficially own in excess of 4.99% (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Maximum Percentage</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;) of the shares of Common Stock outstanding immediately after giving effect to such conversion.  For purposes of the foregoing sentence, the aggregate number of shares of Common Stock beneficially owned by such Holder and the other Attribution Parties shall include the number of shares of Common Stock held by such Holder and all other Attribution Parties plus the number of shares of Common Stock issuable upon conversion of the Series AA Preferred Stock with respect to which the determination of such sentence is being made, but shall exclude shares of Common Stock which would be issuable upon (A) conversion of the remaining, nonconverted Series AA Preferred Stock beneficially owned by such Holder or any of the other Attribution Parties and (B) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any convertible notes, convertible preferred stock or warrants, including the Series AA Preferred Stock and the Warrants) beneficially owned by such Holder or any other Attribution Party subject to a limitation on conversion or exercise analogous to the limitation contained in this Section 3(e).  For purposes of this Section 3(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">1934 Act</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;).  For purposes of determining the number of outstanding shares of Common Stock a Holder may acquire upon the conversion of such Series AA Preferred Stock without exceeding the Maximum Percentage, such Holder may rely on the number of outstanding shares of Common Stock as reflected in (x) the Company&#8217;s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K or other public filing with the SEC, as the case may be, (y) a more recent public announcement by the Company or (z) any other written notice by the Company or the Transfer Agent, if any, setting forth the number of shares of Common Stock outstanding (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Reported Outstanding Share Number</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;).  If the Company receives a Conversion Notice from a Holder at a time when the actual number of outstanding shares of Common Stock is less than the Reported Outstanding Share Number, the Company shall notify such Holder in writing of the number of shares of Common Stock then outstanding and, to the extent that such Conversion Notice would otherwise cause such Holder&#8217;s beneficial ownership, as determined pursuant to this Section 3(e), to exceed the Maximum Percentage, such Holder must notify the Company of a reduced number of shares of Common Stock to be purchased pursuant to such Conversion Notice.  For any reason at any time, upon the written or oral request of any Holder, the Company shall within one (1) Business Day confirm orally and in writing or by electronic mail to such Holder the number of shares of Common Stock then outstanding.  In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including such Series AA Preferred Stock, by such Holder and any other Attribution Party since the date as of which the Reported Outstanding Share Number was reported.  In the event that the issuance of shares of Common Stock to a </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Holder upon conversion of such Series AA Preferred Stock results in such Holder and the other Attribution Parties being deemed to beneficially own, in the aggregate, more than the Maximum Percentage of the number of outstanding shares of Common Stock (as determined under Section 13(d) of the 1934 Act), the number of shares so issued by which such Holder&#8217;s and the other Attribution Parties&#8217; aggregate beneficial ownership exceeds the Maximum Percentage (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Excess Shares</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;) shall be deemed null and void and shall be cancelled ab initio, and such Holder shall not have the power to vote or to transfer the Excess Shares.  Upon delivery of a written notice to the Company, any Holder may from time to time increase (with such increase not effective until the sixty-first (61</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:112%;position:relative;top:-3.5pt;vertical-align:baseline">st</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">) day after delivery of such notice) or decrease the Maximum Percentage of such Holder to any other percentage not in excess of 9.99% as specified in such notice&#59; provided that (i) any such increase in the Maximum Percentage will not be effective until the sixty-first (61</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:112%;position:relative;top:-3.5pt;vertical-align:baseline">st</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">) day after such notice is delivered to the Company and (ii) any such increase or decrease will apply only to such Holder and the other Attribution Parties and not to any other Holder that is not an Attribution Party of such Holder.  For purposes of clarity, the shares of Common Stock issuable to a Holder pursuant to the terms of this Certificate of Designations in excess of the Maximum Percentage shall not be deemed to be beneficially owned by such Holder for any purpose including for purposes of Section 13(d) or Rule 16a-1(a)(1) of the 1934 Act.  No prior inability to convert such Series AA Preferred Stock pursuant to this paragraph shall have any effect on the applicability of the provisions of this paragraph with respect to any subsequent determination of convertibility. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 3(e) to the extent necessary to correct this paragraph (or any portion of this paragraph) which may be defective or inconsistent with the intended beneficial ownership limitation contained in this Section 3(e) or to make changes or supplements necessary or desirable to properly give effect to such limitation.  The limitation contained in this paragraph may not be waived and shall apply to a successor holder of such Series AA Preferred Stock. &#8220;Attribution Parties&#8221; means, collectively, the following Persons and entities&#58; (i) any investment vehicle, including, any funds, feeder funds or managed accounts, currently, or from time to time after the Initial Issuance Date, directly or indirectly managed or advised by a Holder&#8217;s investment manager or any of its Affiliates or principals, (ii) any direct or indirect Affiliates of such Holder or any of the foregoing, (iii) any Person acting or who could be deemed to be acting as a Group together with such Holder or any of the foregoing and (iv) any other Persons whose beneficial ownership of the Company&#8217;s Common Stock would or could be aggregated with such Holder&#8217;s and the other Attribution Parties for purposes of Section 13(d) of the 1934 Act.  For clarity, the purpose of the foregoing is to subject collectively such Holder and all other Attribution Parties to the Maximum Percentage.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">  </font></div><div style="text-align:justify;text-indent:81pt"><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Section 6. </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Liquidation Preference</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:81pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(a) In the event of (i) the sale, conveyance, exchange or other disposition of all or substantially all of the assets of the Company, (ii) any acquisition of the Company by means of a consolidation, stock exchange, stock sale, merger or other form of corporate reorganization with any other entity in which the Company&#8217;s stockholders prior to any such transaction own less than a majority of the voting securities of the surviving entity (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Change-in-Control Transaction</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;), or (iii) the winding up or dissolution of the Company, whether voluntary or involuntary (each such event described in clause (i), (ii) and (iii), a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Liquidation Event</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;), the Board shall determine in good faith the amount legally available for distribution to stockholders after taking into account the distribution of assets among, or payment thereof over to, creditors of the Company in the manner required by the DGCL (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Net Assets Available for Distribution</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;). Subject to the provisions of Section 6(d) below, each Holder shall be entitled to be paid out of the Net Assets Available for Distribution, before any payment or distribution is made to the holders of any Junior Securities, and on a </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">pari passu</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> basis with holders of any Parity Securities (if the Liquidation Event triggers a payment obligation on such classes), for each then-outstanding share of Series AA Preferred Stock held by such Holder, an amount equal to the Stated Value, as adjusted, plus all accrued and unpaid Preferred Dividends thereon (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Liquidation Amount</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;). Notwithstanding the foregoing, a transaction shall not constitute a Liquidation Event if the Board shall have approved such transaction and the sole purpose of the transaction is to change the jurisdiction in which the Company is incorporated or create a holding company with substantially similar series and classes of capital shares, each having substantially the same terms as those that existed immediately prior to the transaction and owned in the same proportions by the persons or entities who held the Company&#8217;s securities immediately prior to such transaction. The Holders of a majority of the then issued and outstanding shares of Series AA Preferred Stock (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Requisite Holders</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;) may vote to determine whether a transaction which otherwise constitutes a Liquidation Event shall be deemed not to be a Liquidation Event for purposes of this Section 6(a).</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">6</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify;text-indent:81pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(b) If the amount of the Net Assets Available for Distribution is insufficient to pay the full Liquidation Amount, then such Net Assets Available for Distribution shall be distributed ratably to the Holders in proportion to the respective amounts to which such Holders would otherwise be entitled.</font></div><div style="text-align:justify;text-indent:81pt"><font><br></font></div><div style="text-align:justify;text-indent:81pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(c) If any distribution contemplated in this Section 6 is payable in securities or property other than cash, then the value of such distribution shall be the fair market value of such distribution as determined in good faith by the Board.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:81pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(d) In connection with the occurrence of a Change-in-Control Transaction, the Requisite Holders may vote to receive, in lieu of cash in an amount per share equal to the Liquidation Amount, securities of the successor or purchasing corporation having the same or substantially identical rights, preferences and privileges as the Series AA Preferred Stock held immediately prior to such Change-in-Control Transaction.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Section 7. </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Voting Rights</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">. Except as otherwise provided herein or as otherwise required by the DGCL, the Holders shall have no voting rights.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Section 8. </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Certain Notices</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">. The Company will provide the Holders with prior written notice of any meeting of the stockholders of the Company and written notice of any action taken by the stockholders of the Company without a meeting. The Company will also provide the Holders with at least 20 days&#8217; written notice prior to the consummation of any transaction described in Section 6(a), clauses (i) or (ii), constituting a Liquidation Event.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Section 9. </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Protective Provisions</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">. In addition to any other vote or consent required herein or by law, the affirmative vote or written consent of Requisite Holders, voting together as a single class, given in writing or by a vote at a meeting, shall be required for the Company to&#58;</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:81pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(a) amend or waive any provision of this Certificate of Designation or otherwise take any action that modifies any powers, rights, preferences, privileges or restrictions of the Series AA Preferred Stock (other than an amendment solely for the purpose of changing the number of shares of Series AA Preferred Stock designated for issuance hereunder)&#59;</font></div><div style="text-align:justify;text-indent:81pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(b) authorize, create or issue shares of any class of stock having rights, preferences or privileges as to dividends or distributions upon a liquidation of the Company that are superior to the Series AA Preferred Stock&#59; or</font></div><div style="text-align:justify;text-indent:81pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(c) amend the articles of incorporation of the Company in a manner that adversely and materially affects the rights of the Series AA Preferred Stock.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Section 10. </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Redemption and Repurchase</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:81pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(a) </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Redemption Request by a Holder</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:40.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(i) Once per calendar quarter, a Holder may request that the Company redeem that holder&#8217;s Series AA Preferred Stock. The Board may, however, suspend cash redemptions at any time in its discretion if it determines that it would not be in the best interests of the Company to effectuate cash redemptions at a given time because the Company does not have sufficient cash, including because the Board believes that cash on hand should be utilized for other business purposes. Redemptions will be limited to four percent (4%) of the total outstanding shares of Series AA Preferred Stock per quarter and any redemptions in excess of such limit or to the extent suspended, shall be redeemed in subsequent quarters on a first come, first served, basis.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:40.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(ii) Upon receipt of a written notice from a Holder requesting that the Company redeem such Holder&#8217;s share(s) (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Holder Redemption Notice</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;), the Company may choose to (but shall not be obligated to) redeem the applicable Series AA Preferred Stock at a price per share equal to the Stated Value plus an amount equal to all accrued and unpaid Preferred Dividends thereon (whether or not declared), up to but not including the redemption date (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Redemption Price</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;), subject, however, to the applicable redemption fee specified below&#58;</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">7</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="padding-left:72pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(A) if the Holder Redemption Notice is given prior to or on the first (1</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8.12pt;font-weight:400;line-height:112%;position:relative;top:-4.37pt;vertical-align:baseline">st</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">) anniversary of the issuance of such Series AA Preferred Stock to such Holder, then a 10% redemption fee shall apply&#59;</font></div><div><font><br></font></div><div style="padding-left:72pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(B) if the Holder Redemption Notice is given after the first (1</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8.12pt;font-weight:400;line-height:112%;position:relative;top:-4.37pt;vertical-align:baseline">st</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">) anniversary of the issuance of such Series AA Preferred Stock to such Holder and prior to or on the second (2</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8.12pt;font-weight:400;line-height:112%;position:relative;top:-4.37pt;vertical-align:baseline">nd</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">) anniversary of the issuance of such Series AA Preferred Stock to such Holder, then an 8% redemption fee shall apply&#59; and</font></div><div><font><br></font></div><div style="padding-left:72pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(C) if the Holder Redemption Notice is given after the second (2</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8.12pt;font-weight:400;line-height:112%;position:relative;top:-4.37pt;vertical-align:baseline">nd</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">) anniversary of the issuance of such Series AA Preferred Stock to such Holder and prior to or on the third (3</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8.12pt;font-weight:400;line-height:112%;position:relative;top:-4.37pt;vertical-align:baseline">rd</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">) anniversary of the issuance of such Series AA Preferred Stock to such Holder, then a 6% redemption fee shall apply.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:40.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(iii) Within thirty (30) days after the Company&#8217;s receipt of the Holder Redemption Notice, the Company shall provide written notice to such requesting Holder specifying whether all or a portion of the Series AA Preferred Stock sought to be redeemed pursuant to the Holder Redemption Notice will be repurchased by the Company (which the Company shall determine in its discretion) (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Company Redemption Response</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;). If all or any portion of such Series AA Preferred Stock is to be repurchased by the Company, then the Company Redemption Response shall specify the date on which such repurchase and redemption shall occur (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Redemption Date</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;), which date shall be no more than sixty (60) days after the giving of the Holder Redemption Notice, and the Company Redemption Response shall include the stock power, if required, described in paragraph (iv) below.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:40.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(iv) On any Redemption Date and in accordance with this Section 10(a), the Company will, to the extent that it has sufficient funds to consummate a redemption, as determined by the Company in its discretion, and to the extent that it may then lawfully do so under the DGCL and such payment is further permitted under the Company&#8217;s Third Amended and Restated Certificate of Incorporation (including all related certificates of designation), and any borrowing agreements to which it or its subsidiaries are bound (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Borrowing Agreements</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;), in connection with the delivery by such Holder of the applicable items described in paragraph (v) below, redeem the shares specified in the Company Redemption Response by paying in cash, via wire transfer of immediately available funds to an account designated in writing by the Holder, an amount per share equal to the applicable Redemption Price.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:40.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(v) On or before a Redemption Date, the applicable Holder shall deliver to the Company a stock power duly executed (in the form provided by the Company together with the Company Redemption Response).</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:40.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(vi) From and after the Redemption Date, (A) the shares identified in the Company Redemption Response shall be cancelled on the books and records of the Company, (B) the right to receive Preferred Dividends thereon shall cease to accrue, and (C) all rights of the Holder of the shares to be redeemed shall cease and terminate, excepting only the right to receive the Redemption Price (which right shall be contingent upon the Holder delivering the stock power required under paragraph (v) above)&#59; provided, however, that if as of the close of business on the Redemption Date the Company has not paid the Redemption Price with respect to such Holder (other than any case in which the Redemption Price has not been paid due to a failure by the Holder to deliver the stock power required under paragraph (v) above), then the shares to be redeemed shall remain issued and outstanding, and all rights of such Holder with respect to such shares shall continue.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:40.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(vii) If, on any Redemption Date, the Company (A) is unable, by virtue of applicable law or provisions in its articles of incorporation (including all related certificates of designation), to redeem shares of Series AA Preferred Stock, or (B) cannot redeem shares of Series AA Preferred Stock without constituting a default under any Borrowing Agreements, then such redemption obligation shall be discharged promptly after the Company becomes able to discharge such redemption obligation under applicable law and without causing or constituting a default under Borrowing Agreements, with all such </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">8</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">deferred redemption obligations being satisfied based on the order in which any Holder Redemption Notices shall have been received by the Company (i.e., first come, first served).</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:81pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(b) </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Redemption at the Option of the Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:40.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(i) The Company shall have the right (but not the obligation) to redeem shares of Series AA Preferred Stock at a price per share equal to Redemption Price. To exercise this redemption right, the Company shall deliver written notice to each Holder that all or part of the Series AA Preferred Stock will be redeemed (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Company Redemption Notice</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;) on a date that is no earlier than twenty (20) and no later than sixty (60) days after the date of the Company Redemption Notice (such date, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Company Redemption Date</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;)&#59; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">provided, however</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">, that if the Company elects to redeem less than all of the Series AA Preferred Stock, it shall do so ratably among all Holders.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:40.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(ii) On the Company Redemption Date and in accordance with this Section 10(b), the Company will, at its option (to the extent it may then lawfully do so under the DGCL, and for so long as (A) a redemption is permitted under the Company&#8217;s Third Amended and Restated Certificate of Incorporation (including all related certificates of designation), and (B) such redemption does not constitute a default under any Borrowing Agreements), redeem the shares specified in the Company Redemption Notice by paying in cash, via wire transfer of immediately available funds to the respective accounts designated in writing by the applicable Holders, an amount per share equal to the Redemption Price.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:40.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(iii) On or before the Company Redemption Date, each Holder whose shares are being redeemed under this Section 10(b) shall deliver to the Company a stock power, duly executed (in the form provided by the Company together with the Company Redemption Notice).</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:40.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(iv) From and after the Company Redemption Date, (A) the shares identified in the Company Redemption Notice shall be cancelled on the books and records of the Company, (B) the right to receive Preferred Dividends thereon shall cease to accrue, and (C) all rights of Holders with respect to the shares to be redeemed shall cease and terminate, excepting only the right to receive the Redemption Price with respect to such shares (which right shall be contingent upon the Holder delivering the stock power required under paragraph (iii) above)&#59; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">provided, however</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">, that if as of the close of business on the Redemption Date the Company has not paid the Redemption Price with respect to such Holder (other than any case in which the Redemption Price has not been paid due to a failure by the Holder to deliver the stock power required under paragraph (iii) above), then the shares to be redeemed shall remain issued and outstanding, and all rights of such Holder with respect to such shares shall continue.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:81pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(c) </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Repurchase in the Event of Death, Disability or Bankruptcy</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:40.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(i) Subject to the terms of this Section 10(c), within sixty (60) days of the death, Total Permanent Disability or Bankruptcy (as each such term is defined in paragraph (iv) below) of a Holder or Beneficial Holder (as defined below) (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Holder Repurchase Event</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;), the estate of such Holder or Beneficial Holder (in the event of death) or such Holder or Beneficial Holder or his or her legal representative (in the event of Total Permanent Disability or Bankruptcy) may request that the Company repurchase, in whole but not in part, without penalty, the Series AA Preferred Stock held by such Holder (including Series AA Preferred Stock of the Holder held in his or her individual retirement accounts) or Beneficial Holder by delivering to the Company a written request for repurchase (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Repurchase Request</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;). Any such Repurchase Request shall identify the applicable Holder Repurchase Event. If Series AA Preferred Stock is held jointly by natural persons who are legally married, then a Repurchase Request may be made by (A) the surviving Holder (or Beneficial Holder) upon the occurrence of a Holder Repurchase Event arising by virtue of a death, or (B) the disabled or bankrupt Holder or Beneficial Holder (or his or her legal representative) upon the occurrence of a Holder Repurchase Event arising by virtue of a Total Permanent Disability or Bankruptcy. If Series AA Preferred Stock is held together by two or more natural persons that are not legally married (regardless of whether held as joint tenants, co-tenants or otherwise), then none of such co-Holders shall have the right to make a Repurchase Request unless a Holder Repurchase Event has occurred for each such co-Holder. A Holder that is not an individual natural person does not have the right to make a Repurchase Request.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">9</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:40.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(ii) Upon receipt of a Repurchase Request, the Company shall designate a date for the repurchase of Series AA Preferred Stock (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Repurchase Date</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;), which date shall not be later than the sixtieth (60</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:112%;position:relative;top:-3.5pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">) day after the Company is provided with facts or certifications establishing, to the reasonable satisfaction of the Company, the occurrence of the Holder Repurchase Event. On the Repurchase Date, the Company shall, to the extent that it may then lawfully do so under the DGCL and such payment is further permitted under its Third Amended and Restated Certificate of Incorporation (including related certificates of designation) and any Borrowing Agreements, pay the Holder or Beneficial Holder, or the estate of the Holder or Beneficial Holder, an amount per share equal to the Stated Value plus all accrued and unpaid Preferred Dividends thereon (whether or not declared), up to but not including the Repurchase Date (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Repurchase Price</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;).</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:40.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(iii) From and after the Repurchase Date, (A) the shares being repurchased pursuant to the Repurchase Request shall be cancelled on the books and records of the Company, (B) the right to receive Preferred Dividends thereon shall cease to accrue, and (C) all rights of the Holder with respect to the shares being repurchased shall cease and terminate, excepting only the right to receive the Repurchase Price with respect to such shares (which right shall be contingent upon the Holder delivering a stock power relating to the shares to be repurchased)&#59; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">provided, however</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">, that if as of the close of business on the Repurchase Date the Company has not paid the Repurchase Price (other than any case in which the Repurchase Price has not been paid due to a failure by the Holder to deliver a required stock power), then the shares to be repurchased shall remain issued and outstanding, and all rights of such Holder with respect to such shares shall continue.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:40.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(iv) For purposes of this Section 10(c)&#58;</font></div><div><font><br></font></div><div style="padding-left:67.5pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(A) &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Bankruptcy</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221; means, with respect to a Beneficial Holder or Holder who is an individual natural person, the (1) commencement of a voluntary bankruptcy case by that Beneficial Holder or Holder&#59; (2) consent to the entry of an order for relief against such Beneficial Holder or Holder in an involuntary bankruptcy case&#59; or (3) consent to the appointment of a custodian of such Beneficial Holder or Holder or for all or substantially all of such person&#8217;s property&#59;</font></div><div><font><br></font></div><div style="padding-left:67.5pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(B) &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Beneficial Holder</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221; means an individual natural person that holds a beneficial interest in Series AA Preferred Stock through a custodian or nominee, including a broker-dealer&#59; and</font></div><div><font><br></font></div><div style="padding-left:67.5pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(C) &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Total Permanent Disability</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221; means, with respect to a Beneficial Holder or Holder who is an individual natural person, a determination by a physician approved by the Company that such person, who was gainfully employed and working at least forty (40) hours per week as of the date on which Series AA Preferred Stock was purchased, has been unable to work forty (40) or more hours per week for at least twenty-four (24) consecutive months.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:81pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(d) </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Mandatory Redemption by the Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:40.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(i) Each outstanding share of Series AA Preferred Stock shall be redeemed by the Company at a price per share equal to Redemption Price on the third (3</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:112%;position:relative;top:-3.5pt;vertical-align:baseline">rd</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">) anniversary of the date that such share of Series AA Preferred Stock was originally issued (each such date, a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Mandatory Redemption Date</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;). The Company shall deliver written notice to each Holder who holds shares of Series AA Preferred Stock that will be redeemed on an upcoming Mandatory Redemption Date (such shares of Series AA Preferred Stock being redeemed on the next Mandatory Redemption Date being the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Scheduled Redemption Shares</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;) within sixty (60) days of such Mandatory Redemption Date indicating that all of the Scheduled Redemption Shares held by such holder will be redeemed (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Company Mandatory Redemption Notice</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;) on the next Mandatory Redemption Date.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:40.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(ii) On a Mandatory Redemption Date and in accordance with this Section 10(d), the Company will (to the extent it may then lawfully do so under the DGCL, and for so long as (A) a redemption is permitted under the Company&#8217;s Third Amended and Restated Certificate of Incorporation (including all related certificates of designation), and (B) such redemption does not constitute a default under any </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">10</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Borrowing Agreements), redeem all of the then outstanding Scheduled Redemption Shares by paying in cash, via wire transfer of immediately available funds to the respective accounts designated in writing by the applicable Holders, an amount per share equal to the Redemption Price.</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:40.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(iii) On or before a Mandatory Redemption Date, each Holder whose Scheduled Redemption Shares are being redeemed shall deliver to the Company a stock power, duly executed (in the form provided by the Company together with the Mandatory Redemption Notice).</font></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:40.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">(iv) From and after a Mandatory Redemption Date, (A) all Scheduled Redemption Shares shall be cancelled on the books and records of the Company, (B) the right to receive Preferred Dividends on such Scheduled Redemption Shares shall cease to accrue, and (C) all rights of Holders with respect to the Scheduled Redemption Shares shall cease and terminate, excepting only the right to receive the Redemption Price with respect to the Scheduled Redemption Shares (which right shall be contingent upon the Holder delivering the stock power required under paragraph (iii) above)&#59; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">provided, however</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">, that if as of the close of business on a Mandatory Redemption Date the Company has not paid the Redemption Price with respect to such Holder (other than any case in which the Redemption Price has not been paid due to a failure by the Holder to deliver the stock power required under paragraph (iii) above), then the Scheduled Redemption Shares shall remain issued and outstanding, and all rights of such Holder with respect to the Scheduled Redemption Shares shall continue.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Section 11. </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">No Sinking Fund</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">. The Company shall not be required to establish any sinking or retirement fund with respect to the shares of Series AA Preferred Stock.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Section 12. </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Loss, Theft or Destruction</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">. Upon receipt of evidence satisfactory to the Company of the loss, theft, destruction, or mutilation of certificates, if any, representing shares of Series AA Preferred Stock, and receipt of indemnity or security reasonably satisfactory to the Company (or in the case of mutilation, upon surrender and cancellation of the mutilated certificate), the Company shall cause to be made, issued and delivered, in lieu of such lost, stolen, destroyed or mutilated certificate, a new certificate of like tenor.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Section 13. </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Holder of Record Deemed Absolute Owner</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">. The Company may deem the Holder in whose name shares of Series AA Preferred Stock is registered upon the books and records of the Company to be, and may treat such Holder as, the absolute owner of the Series AA Preferred Stock for the purpose of paying Preferred Dividends, paying the Redemption Price, paying the Repurchase Price, and for all other purposes, and the Company shall not be affected by any notice to the contrary. All such payments shall be valid and effectual to satisfy and discharge the liability of the Company in respect of the Series AA Preferred Stock to the extent of the sum or sums so paid.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Section 14. </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Notices</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">. Unless otherwise provided herein, all notices or other communications or deliveries to be provided shall be given in writing and delivered in person, by overnight courier, by first-class mail (registered or certified, return-receipt requested), by facsimile or by email, in each case to the other&#8217;s address as provided below&#58;</font></div><div style="text-align:justify;text-indent:36pt"><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:3.377%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.467%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:40.877%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:40.879%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">If to the Company&#58;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">CaliberCos, Inc.<br>8901 E. Mountain View Rd. Ste 150<br>Scottsdale, Arizona 85258<br>Attention&#58; Jade Leung, Chief Financial Officer<br>email&#58; Jade.Leung&#64;caliberco.com</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">If to a Holder&#58;</font></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">such Holder&#8217;s address as shown on the books and records of the Company or a more recent address that such Holder may have provided in writing to the Company.</font></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">If given in person, notice shall be treated as given when personally received or, if sent as provided above, the effective date of the notice shall, as applicable, be (a) the date of the written receipt if delivered via overnight courier, (b) three days after the date on which the notice is mailed by first-class mail (registered or return-receipt requested), (c) the date on which the notice is transmitted by confirmed facsimile, or (d) the day after the notice is sent electronically to the email address on record (without receipt of any failure notice).</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">11</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Section 15. </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Reacquired Shares</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">. If any Series AA Preferred Stock is exchanged, redeemed, purchased or otherwise acquired by the Company in any manner, then those shares shall be cancelled, and upon such cancellation shall be returned to the pool of authorized but undesignated and unissued shares of preferred stock of the Company, and thereafter may be reissued as part of a new series of preferred stock of the Company to be created by resolution of the Board as permitted by the DGCL and the Company&#8217;s Third Amended and Restated Certificate of Incorporation.</font></div><div><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Section 16. </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">Severability</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">. If any provision of this Certificate of Designation, or the application thereof to any person or entity or any circumstance, is invalid or unenforceable, then (a) a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision, and (b) the remainder of this Certificate of Designation and the application of such provision to other persons, entities or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application thereof, in any other jurisdiction.</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">* * * * *</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">12</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">IN WITNESS WHEREOF, the Company has caused this Certificate of Designations of Series AA Cumulative Redeemable Preferred Stock of CALIBERCOS&#8239;INC. to be signed by its Chief Executive Officer on this 5</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:112%;position:relative;top:-3.5pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> day of March, 2025.</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8239;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8239;</font></div><div style="text-indent:297pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">CALIBERCOS&#8239;INC.</font></div><div style="text-indent:297pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8239;           &#8239;</font></div><div style="text-indent:297pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">By</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">&#58; &#47;s&#47; John C. Loeffler, II </font></div><div style="text-indent:297pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Name&#58; John C. Loeffler, II</font></div><div style="text-indent:297pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Title&#58; Chief Executive Officer </font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">13</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">EXHIBIT I</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">CALIBERCOS&#8239;INC.</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">CONVERSION NOTICE</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8239;</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Reference is made to the Certificate of Designations, Preferences and Rights of the Series AA Cumulative Redeemable Preferred Stock of CALIBERCOS&#8239;INC. (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Certificate of Designations</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;).</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%"> </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">In accordance with and pursuant to the Certificate of Designations, the undersigned hereby elects to convert the number of shares of Series AA Cumulative Redeemable Preferred Stock, with a stated value of $25 per share (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Preferred Shares</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;), of CALIBERCOS&#8239;INC., a Delaware corporation (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;),</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%"> </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">indicated below into shares of Class A common stock, $0.001 value per share (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Common Stock</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8221;), of the Company, as of the date specified below.</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8239;</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;text-indent:45pt;vertical-align:top">&#8239;Date of Conversion&#58;_________________________________________________________________</td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;text-indent:45pt;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Aggregate number of</font><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Preferred Shares to be converted _______________________________________________________</font></div><div></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;text-indent:45pt;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8239;Aggregate Stated Value of such</font><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Preferred Shares to be converted&#58; ______________________________________________________</font></div><div></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;text-indent:45pt;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">AGGREGATE CONVERSION</font><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">AMOUNT TO BE CONVERTED&#58; _____________________________________________________</font></div><div></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;text-indent:45pt;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Please confirm the following information&#58;</font><div></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;text-indent:45pt;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Initial Conversion Price&#58; ______________________________________________________________</font><div></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;text-indent:45pt;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Number of shares of Common Stock to be issued&#58; __________________________________________</font><div></div></td></tr></table></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8239;</font><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#168;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If this Conversion Notice is being delivered with respect to an Triggering Event Conversion, check here if Holder is electing to use the following Alternate Conversion Price&#58;&#8239;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8239;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Please issue the Common Stock into which the applicable Preferred Shares are being converted to Holder, or for its benefit, as follows&#58;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8239;</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#168;  </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Check here if requesting delivery as a certificate to the following name and to the following address&#58;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8239;</font></div><div style="text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8239; Issue to&#58; _______________________________________________________ </font></div><div><font><br></font></div><div style="text-indent:108pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">    ________________________________________________________</font></div><div><font><br></font></div><div style="text-indent:108pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">    ________________________________________________________</font></div><div><font><br></font></div><div><font><br></font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#168;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;   Check here if requesting delivery by Deposit&#47;Withdrawal at Custodian as follows&#58;</font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:97.596%"><tr><td style="width:1.0%"></td><td style="width:21.231%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:76.569%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8239;<br>DTC Participant&#58;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">&#8239;</font></div><div style="text-indent:-5.7pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">&#8239;</font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8239;<br>DTC Number&#58;</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">&#8239;<br>&#8239;</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8239;<br>Account Number&#58;</font></td><td colspan="3" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">&#8239;<br>&#8239;</font></td></tr></table></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8239;</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">14</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Date&#58; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8239; &#8239;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8239;, &#8239;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8239;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8239;</font></div><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:62.820%"><tr><td style="width:1.0%"></td><td style="width:75.175%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.625%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">&#8239;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">&#8239;</font></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Name of Registered Holder</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">&#8239;</font></td></tr></table></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8239;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8239;</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:93.910%"><tr><td style="width:1.0%"></td><td style="width:4.872%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:25.521%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:39.684%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:25.523%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top">By&#58;</td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8239;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8239;</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8239;</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Name&#58;</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8239;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8239;</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8239;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Title&#58;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8239;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8239;</font></td></tr></table></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:74.839%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;text-indent:18pt;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8239;</font><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Tax ID&#58;_______________________________</font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;text-indent:18pt;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8239;</font><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">E-mail Address&#58;</font></div></td></tr></table></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">15</font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">ACKNOWLEDGMENT</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8239;</font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Company hereby (a)&#8239;acknowledges this Conversion Notice, (b)&#8239;certifies that the above indicated number of shares of Common Stock &#91;are&#93;&#91;are not&#93; eligible to be resold by the applicable Holder either (i)&#8239;pursuant to Rule&#8239;144 (subject to such Holder&#8217;s execution and delivery to the Company of a customary 144 representation letter) or (ii)&#8239;an effective and available registration statement and (c)&#8239;hereby directs ______________________ to issue the above indicated number of shares of Common Stock in accordance with the Transfer Agent Instructions dated </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">, 20</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8239;from the Company and acknowledged and agreed to by&#8239;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%;text-decoration:underline">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">.</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8239;</font></div><div><font><br></font></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8239;</font><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:43.910%"><tr><td style="width:1.0%"></td><td style="width:9.483%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.754%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:78.463%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top">&#8239;</td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">CALIBERCOS&#8239;INC.</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8239;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8239;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8239;</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8239;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">By&#58;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8239;</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8239;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8239;</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Name&#58;</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8239;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8239;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Title&#58;</font></td></tr></table></div><div><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">16</font></div><div><font><br></font></div></div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>3
<FILENAME>cwd-20250305.xsd
<DESCRIPTION>XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8"?>

<!--XBRL Document Created with the Workiva Platform-->
<!--Copyright 2025 Workiva-->
<!--r:5d4ce5b4-c85e-49f7-a309-db7ef5d36a7f,g:c0b8ae53-be81-431d-b485-1383aad10482-->
<xs:schema xmlns:xs="http://www.w3.org/2001/XMLSchema" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:cwd="http://caliberco.com/20250305" attributeFormDefault="unqualified" elementFormDefault="qualified" targetNamespace="http://caliberco.com/20250305">
  <xs:import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd"/>
  <xs:import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd"/>
  <xs:import namespace="http://xbrl.sec.gov/dei/2024" schemaLocation="https://xbrl.sec.gov/dei/2024/dei-2024.xsd"/>
  <xs:annotation>
    <xs:appinfo>
      <link:linkbaseRef xmlns:xlink="http://www.w3.org/1999/xlink" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="cwd-20250305_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:type="simple"/>
      <link:linkbaseRef xmlns:xlink="http://www.w3.org/1999/xlink" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="cwd-20250305_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:type="simple"/>
      <link:roleType id="Cover" roleURI="http://caliberco.com/role/Cover">
        <link:definition>0000001 - Document - Cover</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
    </xs:appinfo>
  </xs:annotation>
</xs:schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>4
<FILENAME>cwd-20250305_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8"?>

<!--XBRL Document Created with the Workiva Platform-->
<!--Copyright 2025 Workiva-->
<!--r:5d4ce5b4-c85e-49f7-a309-db7ef5d36a7f,g:c0b8ae53-be81-431d-b485-1383aad10482-->
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel"/>
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/netLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel"/>
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel"/>
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel"/>
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel"/>
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel"/>
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel"/>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:label id="lab_dei_EntityIncorporationStateCountryCode_ef79da73-fbc2-4faf-bc34-dcd6d478a489_terseLabel_en-US" xlink:label="lab_dei_EntityIncorporationStateCountryCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
    <link:label id="lab_dei_EntityIncorporationStateCountryCode_label_en-US" xlink:label="lab_dei_EntityIncorporationStateCountryCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityIncorporationStateCountryCode" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityIncorporationStateCountryCode"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityIncorporationStateCountryCode" xlink:to="lab_dei_EntityIncorporationStateCountryCode" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_SecurityExchangeName_f94ea381-90af-4f1c-9273-e722f1b46cd5_terseLabel_en-US" xlink:label="lab_dei_SecurityExchangeName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Security Exchange Name</link:label>
    <link:label id="lab_dei_SecurityExchangeName_label_en-US" xlink:label="lab_dei_SecurityExchangeName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Security Exchange Name</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_SecurityExchangeName" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_SecurityExchangeName"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_SecurityExchangeName" xlink:to="lab_dei_SecurityExchangeName" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityExTransitionPeriod_7ca24139-1662-42f4-ab9a-7fdb3f9f5ed1_terseLabel_en-US" xlink:label="lab_dei_EntityExTransitionPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Ex Transition Period</link:label>
    <link:label id="lab_dei_EntityExTransitionPeriod_label_en-US" xlink:label="lab_dei_EntityExTransitionPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Ex Transition Period</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityExTransitionPeriod" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityExTransitionPeriod"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityExTransitionPeriod" xlink:to="lab_dei_EntityExTransitionPeriod" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressCityOrTown_d038eab7-37a2-4164-a5ed-ac44939ebfc8_terseLabel_en-US" xlink:label="lab_dei_EntityAddressCityOrTown" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Address, City or Town</link:label>
    <link:label id="lab_dei_EntityAddressCityOrTown_label_en-US" xlink:label="lab_dei_EntityAddressCityOrTown" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, City or Town</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressCityOrTown" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressCityOrTown"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressCityOrTown" xlink:to="lab_dei_EntityAddressCityOrTown" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_SolicitingMaterial_551e4a72-54dd-4aca-9a3c-23208759e3e0_terseLabel_en-US" xlink:label="lab_dei_SolicitingMaterial" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Soliciting Material</link:label>
    <link:label id="lab_dei_SolicitingMaterial_label_en-US" xlink:label="lab_dei_SolicitingMaterial" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Soliciting Material</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_SolicitingMaterial" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_SolicitingMaterial"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_SolicitingMaterial" xlink:to="lab_dei_SolicitingMaterial" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_CoverAbstract_label_en-US" xlink:label="lab_dei_CoverAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cover [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_CoverAbstract" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_CoverAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CoverAbstract" xlink:to="lab_dei_CoverAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_CityAreaCode_3aaa2945-9ea8-4bac-9609-f6a48b48303b_terseLabel_en-US" xlink:label="lab_dei_CityAreaCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">City Area Code</link:label>
    <link:label id="lab_dei_CityAreaCode_label_en-US" xlink:label="lab_dei_CityAreaCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">City Area Code</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_CityAreaCode" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_CityAreaCode"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CityAreaCode" xlink:to="lab_dei_CityAreaCode" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_AmendmentFlag_14606170-9ee9-45ed-a2d3-7655ecf7a18f_terseLabel_en-US" xlink:label="lab_dei_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Amendment Flag</link:label>
    <link:label id="lab_dei_AmendmentFlag_label_en-US" xlink:label="lab_dei_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Amendment Flag</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_AmendmentFlag" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_AmendmentFlag"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_AmendmentFlag" xlink:to="lab_dei_AmendmentFlag" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityTaxIdentificationNumber_b81c4599-35aa-4079-990d-45dd08b54ea4_terseLabel_en-US" xlink:label="lab_dei_EntityTaxIdentificationNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Tax Identification Number</link:label>
    <link:label id="lab_dei_EntityTaxIdentificationNumber_label_en-US" xlink:label="lab_dei_EntityTaxIdentificationNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Tax Identification Number</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityTaxIdentificationNumber" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityTaxIdentificationNumber"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityTaxIdentificationNumber" xlink:to="lab_dei_EntityTaxIdentificationNumber" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_TradingSymbol_32f543b2-c2b4-4936-8c68-d377d2ec5be9_terseLabel_en-US" xlink:label="lab_dei_TradingSymbol" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Trading Symbol</link:label>
    <link:label id="lab_dei_TradingSymbol_label_en-US" xlink:label="lab_dei_TradingSymbol" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trading Symbol</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_TradingSymbol" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_TradingSymbol"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_TradingSymbol" xlink:to="lab_dei_TradingSymbol" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityRegistrantName_4cb7db82-b59d-4bd5-a851-65731186d3cb_terseLabel_en-US" xlink:label="lab_dei_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Registrant Name</link:label>
    <link:label id="lab_dei_EntityRegistrantName_label_en-US" xlink:label="lab_dei_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Registrant Name</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityRegistrantName" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityRegistrantName"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityRegistrantName" xlink:to="lab_dei_EntityRegistrantName" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_PreCommencementTenderOffer_972552b5-00b6-48ab-b65e-149bb48b2985_terseLabel_en-US" xlink:label="lab_dei_PreCommencementTenderOffer" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
    <link:label id="lab_dei_PreCommencementTenderOffer_label_en-US" xlink:label="lab_dei_PreCommencementTenderOffer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_PreCommencementTenderOffer" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_PreCommencementTenderOffer"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_PreCommencementTenderOffer" xlink:to="lab_dei_PreCommencementTenderOffer" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityEmergingGrowthCompany_ac4e59e8-fb61-4007-b7f6-6f2a22f6f2df_terseLabel_en-US" xlink:label="lab_dei_EntityEmergingGrowthCompany" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Emerging Growth Company</link:label>
    <link:label id="lab_dei_EntityEmergingGrowthCompany_label_en-US" xlink:label="lab_dei_EntityEmergingGrowthCompany" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Emerging Growth Company</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityEmergingGrowthCompany" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityEmergingGrowthCompany"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityEmergingGrowthCompany" xlink:to="lab_dei_EntityEmergingGrowthCompany" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_CurrentFiscalYearEndDate_8834da0a-dae4-4340-b4ac-574d2473263b_terseLabel_en-US" xlink:label="lab_dei_CurrentFiscalYearEndDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Current Fiscal Year End Date</link:label>
    <link:label id="lab_dei_CurrentFiscalYearEndDate_label_en-US" xlink:label="lab_dei_CurrentFiscalYearEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current Fiscal Year End Date</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_CurrentFiscalYearEndDate" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_CurrentFiscalYearEndDate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CurrentFiscalYearEndDate" xlink:to="lab_dei_CurrentFiscalYearEndDate" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityCentralIndexKey_2c14f187-7afa-4440-9891-ff9d098f71f0_terseLabel_en-US" xlink:label="lab_dei_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Central Index Key</link:label>
    <link:label id="lab_dei_EntityCentralIndexKey_label_en-US" xlink:label="lab_dei_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Central Index Key</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityCentralIndexKey" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityCentralIndexKey"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCentralIndexKey" xlink:to="lab_dei_EntityCentralIndexKey" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityFileNumber_a75ff0cd-58bc-4589-8197-bff5215b7fe9_terseLabel_en-US" xlink:label="lab_dei_EntityFileNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity File Number</link:label>
    <link:label id="lab_dei_EntityFileNumber_label_en-US" xlink:label="lab_dei_EntityFileNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity File Number</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityFileNumber" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityFileNumber"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityFileNumber" xlink:to="lab_dei_EntityFileNumber" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressStateOrProvince_51b2a915-ee5e-48d3-86bc-e1c66417e586_terseLabel_en-US" xlink:label="lab_dei_EntityAddressStateOrProvince" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Address, State or Province</link:label>
    <link:label id="lab_dei_EntityAddressStateOrProvince_label_en-US" xlink:label="lab_dei_EntityAddressStateOrProvince" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, State or Province</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressStateOrProvince" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressStateOrProvince"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressStateOrProvince" xlink:to="lab_dei_EntityAddressStateOrProvince" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_PreCommencementIssuerTenderOffer_eb5c0391-926f-4cf2-83f8-c5e9721812ed_terseLabel_en-US" xlink:label="lab_dei_PreCommencementIssuerTenderOffer" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
    <link:label id="lab_dei_PreCommencementIssuerTenderOffer_label_en-US" xlink:label="lab_dei_PreCommencementIssuerTenderOffer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_PreCommencementIssuerTenderOffer" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_PreCommencementIssuerTenderOffer"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_PreCommencementIssuerTenderOffer" xlink:to="lab_dei_PreCommencementIssuerTenderOffer" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressAddressLine1_0405bb32-d197-4ddf-8b71-4f465f9147f5_terseLabel_en-US" xlink:label="lab_dei_EntityAddressAddressLine1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Address, Address Line One</link:label>
    <link:label id="lab_dei_EntityAddressAddressLine1_label_en-US" xlink:label="lab_dei_EntityAddressAddressLine1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, Address Line One</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressAddressLine1" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressAddressLine1"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressAddressLine1" xlink:to="lab_dei_EntityAddressAddressLine1" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressPostalZipCode_cb62d43b-e2e0-42dc-9d57-191e998f9088_terseLabel_en-US" xlink:label="lab_dei_EntityAddressPostalZipCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
    <link:label id="lab_dei_EntityAddressPostalZipCode_label_en-US" xlink:label="lab_dei_EntityAddressPostalZipCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressPostalZipCode" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressPostalZipCode"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressPostalZipCode" xlink:to="lab_dei_EntityAddressPostalZipCode" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_WrittenCommunications_72d04e14-3f82-46ce-859e-371bb6ceca5b_terseLabel_en-US" xlink:label="lab_dei_WrittenCommunications" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Written Communications</link:label>
    <link:label id="lab_dei_WrittenCommunications_label_en-US" xlink:label="lab_dei_WrittenCommunications" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Written Communications</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_WrittenCommunications" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_WrittenCommunications"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_WrittenCommunications" xlink:to="lab_dei_WrittenCommunications" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressAddressLine2_8f31fbbf-490c-4d53-9273-d8e6b1b9a8ce_terseLabel_en-US" xlink:label="lab_dei_EntityAddressAddressLine2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Address, Address Line Two</link:label>
    <link:label id="lab_dei_EntityAddressAddressLine2_label_en-US" xlink:label="lab_dei_EntityAddressAddressLine2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, Address Line Two</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressAddressLine2" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressAddressLine2"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressAddressLine2" xlink:to="lab_dei_EntityAddressAddressLine2" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_LocalPhoneNumber_bb048059-03b1-4794-bb4f-f73a06681963_terseLabel_en-US" xlink:label="lab_dei_LocalPhoneNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Local Phone Number</link:label>
    <link:label id="lab_dei_LocalPhoneNumber_label_en-US" xlink:label="lab_dei_LocalPhoneNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Local Phone Number</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_LocalPhoneNumber" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_LocalPhoneNumber"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_LocalPhoneNumber" xlink:to="lab_dei_LocalPhoneNumber" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_Security12bTitle_234308a9-0fe3-4b26-8897-7478e1ff705c_terseLabel_en-US" xlink:label="lab_dei_Security12bTitle" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Title of 12(b) Security</link:label>
    <link:label id="lab_dei_Security12bTitle_label_en-US" xlink:label="lab_dei_Security12bTitle" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Title of 12(b) Security</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_Security12bTitle" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_Security12bTitle"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_Security12bTitle" xlink:to="lab_dei_Security12bTitle" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_DocumentPeriodEndDate_a814d4f0-c479-4278-8f60-2ff91d935802_terseLabel_en-US" xlink:label="lab_dei_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Document Period End Date</link:label>
    <link:label id="lab_dei_DocumentPeriodEndDate_label_en-US" xlink:label="lab_dei_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Period End Date</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentPeriodEndDate" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentPeriodEndDate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentPeriodEndDate" xlink:to="lab_dei_DocumentPeriodEndDate" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_DocumentType_36d7e7db-fe61-476d-8557-46ac563921f0_terseLabel_en-US" xlink:label="lab_dei_DocumentType" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Document Type</link:label>
    <link:label id="lab_dei_DocumentType_label_en-US" xlink:label="lab_dei_DocumentType" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Type</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentType" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentType"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentType" xlink:to="lab_dei_DocumentType" xlink:type="arc" order="1"/>
  </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>5
<FILENAME>cwd-20250305_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8"?>

<!--XBRL Document Created with the Workiva Platform-->
<!--Copyright 2025 Workiva-->
<!--r:5d4ce5b4-c85e-49f7-a309-db7ef5d36a7f,g:c0b8ae53-be81-431d-b485-1383aad10482-->
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:roleRef roleURI="http://caliberco.com/role/Cover" xlink:type="simple" xlink:href="cwd-20250305.xsd#Cover"/>
  <link:presentationLink xlink:role="http://caliberco.com/role/Cover" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_dei_CoverAbstract_3aefffd4-1773-4a7c-88c5-fdf3c4f39c75" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_CoverAbstract"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentType_a7015da9-f1f1-41d1-a817-80ea72a4b385" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentType"/>
    <link:presentationArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_3aefffd4-1773-4a7c-88c5-fdf3c4f39c75" xlink:to="loc_dei_DocumentType_a7015da9-f1f1-41d1-a817-80ea72a4b385" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentPeriodEndDate_cb5db2f4-2141-42b9-8bdf-e33800083fbf" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentPeriodEndDate"/>
    <link:presentationArc order="2" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_3aefffd4-1773-4a7c-88c5-fdf3c4f39c75" xlink:to="loc_dei_DocumentPeriodEndDate_cb5db2f4-2141-42b9-8bdf-e33800083fbf" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityRegistrantName_e1fe85db-9c56-4c32-ab68-c4cdeba898c0" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityRegistrantName"/>
    <link:presentationArc order="3" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_3aefffd4-1773-4a7c-88c5-fdf3c4f39c75" xlink:to="loc_dei_EntityRegistrantName_e1fe85db-9c56-4c32-ab68-c4cdeba898c0" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityIncorporationStateCountryCode_baf45529-e62b-49cd-b2a6-c78ad26a4b43" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityIncorporationStateCountryCode"/>
    <link:presentationArc order="4" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_3aefffd4-1773-4a7c-88c5-fdf3c4f39c75" xlink:to="loc_dei_EntityIncorporationStateCountryCode_baf45529-e62b-49cd-b2a6-c78ad26a4b43" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityFileNumber_36433cc1-6fbb-44c0-8cbe-e270db9b2f3f" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityFileNumber"/>
    <link:presentationArc order="5" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_3aefffd4-1773-4a7c-88c5-fdf3c4f39c75" xlink:to="loc_dei_EntityFileNumber_36433cc1-6fbb-44c0-8cbe-e270db9b2f3f" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityTaxIdentificationNumber_39ecd633-a51d-469a-b531-4272891a082d" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityTaxIdentificationNumber"/>
    <link:presentationArc order="6" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_3aefffd4-1773-4a7c-88c5-fdf3c4f39c75" xlink:to="loc_dei_EntityTaxIdentificationNumber_39ecd633-a51d-469a-b531-4272891a082d" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressAddressLine1_6dd22e74-8984-4231-b784-52ae7f8eb91d" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressAddressLine1"/>
    <link:presentationArc order="7" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_3aefffd4-1773-4a7c-88c5-fdf3c4f39c75" xlink:to="loc_dei_EntityAddressAddressLine1_6dd22e74-8984-4231-b784-52ae7f8eb91d" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressAddressLine2_0fb80876-9c0d-4f8b-bb0c-811c27b0d6b7" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressAddressLine2"/>
    <link:presentationArc order="8" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_3aefffd4-1773-4a7c-88c5-fdf3c4f39c75" xlink:to="loc_dei_EntityAddressAddressLine2_0fb80876-9c0d-4f8b-bb0c-811c27b0d6b7" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressCityOrTown_270f7034-a8a4-4a50-acca-ccd5a800f59b" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressCityOrTown"/>
    <link:presentationArc order="9" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_3aefffd4-1773-4a7c-88c5-fdf3c4f39c75" xlink:to="loc_dei_EntityAddressCityOrTown_270f7034-a8a4-4a50-acca-ccd5a800f59b" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressStateOrProvince_a4bf71e7-85ec-4f88-b9a8-18ba1a5041e8" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressStateOrProvince"/>
    <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_3aefffd4-1773-4a7c-88c5-fdf3c4f39c75" xlink:to="loc_dei_EntityAddressStateOrProvince_a4bf71e7-85ec-4f88-b9a8-18ba1a5041e8" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressPostalZipCode_907d59b1-bceb-46e0-a1f8-f544f752d5b2" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressPostalZipCode"/>
    <link:presentationArc order="11" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_3aefffd4-1773-4a7c-88c5-fdf3c4f39c75" xlink:to="loc_dei_EntityAddressPostalZipCode_907d59b1-bceb-46e0-a1f8-f544f752d5b2" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_CityAreaCode_721c9eac-7178-47e6-80dc-cb73fc3794ed" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_CityAreaCode"/>
    <link:presentationArc order="12" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_3aefffd4-1773-4a7c-88c5-fdf3c4f39c75" xlink:to="loc_dei_CityAreaCode_721c9eac-7178-47e6-80dc-cb73fc3794ed" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_LocalPhoneNumber_8417695c-f33e-421f-ae24-ea893f4880f5" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_LocalPhoneNumber"/>
    <link:presentationArc order="13" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_3aefffd4-1773-4a7c-88c5-fdf3c4f39c75" xlink:to="loc_dei_LocalPhoneNumber_8417695c-f33e-421f-ae24-ea893f4880f5" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_WrittenCommunications_4fadd8eb-f027-4115-af48-408043212ca0" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_WrittenCommunications"/>
    <link:presentationArc order="14" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_3aefffd4-1773-4a7c-88c5-fdf3c4f39c75" xlink:to="loc_dei_WrittenCommunications_4fadd8eb-f027-4115-af48-408043212ca0" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_SolicitingMaterial_3728a972-b2a9-455a-ad8c-0c82480506ae" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_SolicitingMaterial"/>
    <link:presentationArc order="15" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_3aefffd4-1773-4a7c-88c5-fdf3c4f39c75" xlink:to="loc_dei_SolicitingMaterial_3728a972-b2a9-455a-ad8c-0c82480506ae" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_PreCommencementTenderOffer_1f6cce2b-8517-4348-b555-67f10f899dca" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_PreCommencementTenderOffer"/>
    <link:presentationArc order="16" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_3aefffd4-1773-4a7c-88c5-fdf3c4f39c75" xlink:to="loc_dei_PreCommencementTenderOffer_1f6cce2b-8517-4348-b555-67f10f899dca" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_PreCommencementIssuerTenderOffer_8c1cc491-64e6-4fcd-8a59-b031ecf16137" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_PreCommencementIssuerTenderOffer"/>
    <link:presentationArc order="17" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_3aefffd4-1773-4a7c-88c5-fdf3c4f39c75" xlink:to="loc_dei_PreCommencementIssuerTenderOffer_8c1cc491-64e6-4fcd-8a59-b031ecf16137" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_Security12bTitle_e9faef76-dcfc-4647-af64-4a79f3c1aaa6" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_Security12bTitle"/>
    <link:presentationArc order="18" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_3aefffd4-1773-4a7c-88c5-fdf3c4f39c75" xlink:to="loc_dei_Security12bTitle_e9faef76-dcfc-4647-af64-4a79f3c1aaa6" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_TradingSymbol_c7b0a6c2-9aff-4cc2-b2c6-5fb08e2dd8ba" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_TradingSymbol"/>
    <link:presentationArc order="19" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_3aefffd4-1773-4a7c-88c5-fdf3c4f39c75" xlink:to="loc_dei_TradingSymbol_c7b0a6c2-9aff-4cc2-b2c6-5fb08e2dd8ba" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_SecurityExchangeName_7321fe4a-a69a-4213-86f2-1be85de04684" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_SecurityExchangeName"/>
    <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_3aefffd4-1773-4a7c-88c5-fdf3c4f39c75" xlink:to="loc_dei_SecurityExchangeName_7321fe4a-a69a-4213-86f2-1be85de04684" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityEmergingGrowthCompany_f0392e81-4a09-4b4e-a681-b78c8b4fcaf7" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityEmergingGrowthCompany"/>
    <link:presentationArc order="21" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_3aefffd4-1773-4a7c-88c5-fdf3c4f39c75" xlink:to="loc_dei_EntityEmergingGrowthCompany_f0392e81-4a09-4b4e-a681-b78c8b4fcaf7" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityExTransitionPeriod_e4ee115b-b411-4604-ad70-fcec3c8ebc1f" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityExTransitionPeriod"/>
    <link:presentationArc order="22" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_3aefffd4-1773-4a7c-88c5-fdf3c4f39c75" xlink:to="loc_dei_EntityExTransitionPeriod_e4ee115b-b411-4604-ad70-fcec3c8ebc1f" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_AmendmentFlag_3af5b8ed-d800-47b5-a8db-72d9d4744e6c" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_AmendmentFlag"/>
    <link:presentationArc order="23" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_3aefffd4-1773-4a7c-88c5-fdf3c4f39c75" xlink:to="loc_dei_AmendmentFlag_3af5b8ed-d800-47b5-a8db-72d9d4744e6c" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityCentralIndexKey_2a439923-fe75-4ac0-a8be-9f7d463315c6" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityCentralIndexKey"/>
    <link:presentationArc order="24" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_3aefffd4-1773-4a7c-88c5-fdf3c4f39c75" xlink:to="loc_dei_EntityCentralIndexKey_2a439923-fe75-4ac0-a8be-9f7d463315c6" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_CurrentFiscalYearEndDate_08ee6e8f-3bef-46c4-8773-86e59b550d4a" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_CurrentFiscalYearEndDate"/>
    <link:presentationArc order="25" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_3aefffd4-1773-4a7c-88c5-fdf3c4f39c75" xlink:to="loc_dei_CurrentFiscalYearEndDate_08ee6e8f-3bef-46c4-8773-86e59b550d4a" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </link:presentationLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>7
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm46011667412736">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Mar. 05, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Mar.  05,  2025<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">CALIBERCOS INC.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-41703<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">47-2426901<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">8901 E. Mountain View Rd.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">Ste. 150<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Scottsdale<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">AZ<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">(Zip Code)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">480<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">295-7600<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Class A Common Stock, par value $0.001<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">CWD<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityExTransitionPeriod', window );">Entity Ex Transition Period</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001627282<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gMonthDayItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityExTransitionPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if an emerging growth company has elected not to use the extended transition period for complying with any new or revised financial accounting standards.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 7A<br> -Section B<br> -Subsection 2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityExTransitionPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14a<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EXCEL
<SEQUENCE>8
<FILENAME>Financial_Report.xlsx
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 Financial_Report.xlsx
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MW XLQSJ=>!.KM38G&L-^S%9\QO6O\53!42-7\47(HT3(B"B^'%@CY^Z>=DU
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MVJ5QD L9>3T\$MP>:4#M.*2VBZD8_1!2:5K5N %(MB6/:<Z10J[4+!XUA])
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M-^2!8ECFS_A[QA?_&\[Q$<+NOS^QO-9.&G_FB^$_7G\!4$L! A0#%     @
M[Y%J6@=!36*!    L0   !               ( !     &1O8U!R;W!S+V%P
M<"YX;6Q02P$"% ,4    " #OD6I:L <K&>X    K @  $0
M@ &O    9&]C4')O<',O8V]R92YX;6Q02P$"% ,4    " #OD6I:F5R<(Q &
M  "<)P  $P              @ ', 0  >&PO=&AE;64O=&AE;64Q+GAM;%!+
M 0(4 Q0    ( .^1:EK63ZSYE 0  %02   8              " @0T(  !X
M;"]W;W)K<VAE971S+W-H965T,2YX;6Q02P$"% ,4    " #OD6I:GZ ;\+$"
M  #B#   #0              @ '7#   >&PO<W1Y;&5S+GAM;%!+ 0(4 Q0
M   ( .^1:EJ7BKL<P    !,"   +              "  ;,/  !?<F5L<R\N
M<F5L<U!+ 0(4 Q0    ( .^1:EJJQ"(6,P$  "("   /              "
M 9P0  !X;"]W;W)K8F]O:RYX;6Q02P$"% ,4    " #OD6I:)!Z;HJT   #X
M 0  &@              @ '\$0  >&PO7W)E;',O=V]R:V)O;VLN>&UL+G)E
M;'-02P$"% ,4    " #OD6I:99!YDAD!  #/ P  $P              @ 'A
L$@  6T-O;G1E;G1?5'EP97-=+GAM;%!+!08     "0 ) #X"   K%      !

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>9
<FILENAME>Show.js
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
// Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission.  Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105.
var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0);
e.removeAttribute('id');a.parentNode.appendChild(e)}}
if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'}
e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>10
<FILENAME>report.css
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/* Updated 2009-11-04 */
/* v2.2.0.24 */

/* DefRef Styles */
.report table.authRefData{
	background-color: #def;
	border: 2px solid #2F4497;
	font-size: 1em;
	position: absolute;
}

.report table.authRefData a {
	display: block;
	font-weight: bold;
}

.report table.authRefData p {
	margin-top: 0px;
}

.report table.authRefData .hide {
	background-color: #2F4497;
	padding: 1px 3px 0px 0px;
	text-align: right;
}

.report table.authRefData .hide a:hover {
	background-color: #2F4497;
}

.report table.authRefData .body {
	height: 150px;
	overflow: auto;
	width: 400px;
}

.report table.authRefData table{
	font-size: 1em;
}

/* Report Styles */
.pl a, .pl a:visited {
	color: black;
	text-decoration: none;
}

/* table */
.report {
	background-color: white;
	border: 2px solid #acf;
	clear: both;
	color: black;
	font: normal 8pt Helvetica, Arial, san-serif;
	margin-bottom: 2em;
}

.report hr {
	border: 1px solid #acf;
}

/* Top labels */
.report th {
	background-color: #acf;
	color: black;
	font-weight: bold;
	text-align: center;
}

.report th.void	{
	background-color: transparent;
	color: #000000;
	font: bold 10pt Helvetica, Arial, san-serif;
	text-align: left;
}

.report .pl {
	text-align: left;
	vertical-align: top;
	white-space: normal;
	width: 200px;
	white-space: normal; /* word-wrap: break-word; */
}

.report td.pl a.a {
	cursor: pointer;
	display: block;
	width: 200px;
	overflow: hidden;
}

.report td.pl div.a {
	width: 200px;
}

.report td.pl a:hover {
	background-color: #ffc;
}

/* Header rows... */
.report tr.rh {
	background-color: #acf;
	color: black;
	font-weight: bold;
}

/* Calendars... */
.report .rc {
	background-color: #f0f0f0;
}

/* Even rows... */
.report .re, .report .reu {
	background-color: #def;
}

.report .reu td {
	border-bottom: 1px solid black;
}

/* Odd rows... */
.report .ro, .report .rou {
	background-color: white;
}

.report .rou td {
	border-bottom: 1px solid black;
}

.report .rou table td, .report .reu table td {
	border-bottom: 0px solid black;
}

/* styles for footnote marker */
.report .fn {
	white-space: nowrap;
}

/* styles for numeric types */
.report .num, .report .nump {
	text-align: right;
	white-space: nowrap;
}

.report .nump {
	padding-left: 2em;
}

.report .nump {
	padding: 0px 0.4em 0px 2em;
}

/* styles for text types */
.report .text {
	text-align: left;
	white-space: normal;
}

.report .text .big {
	margin-bottom: 1em;
	width: 17em;
}

.report .text .more {
	display: none;
}

.report .text .note {
	font-style: italic;
	font-weight: bold;
}

.report .text .small {
	width: 10em;
}

.report sup {
	font-style: italic;
}

.report .outerFootnotes {
	font-size: 1em;
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>12
<FILENAME>FilingSummary.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version='1.0' encoding='utf-8'?>
<FilingSummary>
  <Version>3.25.0.1</Version>
  <ProcessingTime/>
  <ReportFormat>html</ReportFormat>
  <ContextCount>1</ContextCount>
  <ElementCount>25</ElementCount>
  <EntityCount>1</EntityCount>
  <FootnotesReported>false</FootnotesReported>
  <SegmentCount>0</SegmentCount>
  <ScenarioCount>0</ScenarioCount>
  <TuplesReported>false</TuplesReported>
  <UnitCount>0</UnitCount>
  <MyReports>
    <Report instance="cwd-20250305.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R1.htm</HtmlFileName>
      <LongName>0000001 - Document - Cover</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://caliberco.com/role/Cover</Role>
      <ShortName>Cover</ShortName>
      <MenuCategory>Cover</MenuCategory>
      <Position>1</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <LongName>All Reports</LongName>
      <ReportType>Book</ReportType>
      <ShortName>All Reports</ShortName>
    </Report>
  </MyReports>
  <InputFiles>
    <File doctype="8-K" isOnlyDei="true" original="cwd-20250305.htm">cwd-20250305.htm</File>
    <File>cwd-20250305.xsd</File>
    <File>cwd-20250305_lab.xml</File>
    <File>cwd-20250305_pre.xml</File>
  </InputFiles>
  <SupplementalFiles/>
  <BaseTaxonomies>
    <BaseTaxonomy items="25">http://xbrl.sec.gov/dei/2024</BaseTaxonomy>
  </BaseTaxonomies>
  <HasPresentationLinkbase>true</HasPresentationLinkbase>
  <HasCalculationLinkbase>false</HasCalculationLinkbase>
</FilingSummary>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>JSON
<SEQUENCE>14
<FILENAME>MetaLinks.json
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
{
 "version": "2.2",
 "instance": {
  "cwd-20250305.htm": {
   "nsprefix": "cwd",
   "nsuri": "http://caliberco.com/20250305",
   "dts": {
    "inline": {
     "local": [
      "cwd-20250305.htm"
     ]
    },
    "schema": {
     "local": [
      "cwd-20250305.xsd"
     ],
     "remote": [
      "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xl-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xlink-2003-12-31.xsd",
      "http://www.xbrl.org/2005/xbrldt-2005.xsd",
      "http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd",
      "http://www.xbrl.org/lrr/role/net-2009-12-16.xsd",
      "https://www.xbrl.org/dtr/type/2022-03-31/types.xsd",
      "https://xbrl.sec.gov/dei/2024/dei-2024.xsd"
     ]
    },
    "labelLink": {
     "local": [
      "cwd-20250305_lab.xml"
     ]
    },
    "presentationLink": {
     "local": [
      "cwd-20250305_pre.xml"
     ]
    }
   },
   "keyStandard": 25,
   "keyCustom": 0,
   "axisStandard": 0,
   "axisCustom": 0,
   "memberStandard": 0,
   "memberCustom": 0,
   "hidden": {
    "total": 3,
    "http://xbrl.sec.gov/dei/2024": 3
   },
   "contextCount": 1,
   "entityCount": 1,
   "segmentCount": 0,
   "elementCount": 26,
   "unitCount": 0,
   "baseTaxonomies": {
    "http://xbrl.sec.gov/dei/2024": 25
   },
   "report": {
    "R1": {
     "role": "http://caliberco.com/role/Cover",
     "longName": "0000001 - Document - Cover",
     "shortName": "Cover",
     "isDefault": "true",
     "groupType": "document",
     "subGroupType": "",
     "menuCat": "Cover",
     "order": "1",
     "firstAnchor": {
      "contextRef": "c-1",
      "name": "dei:DocumentType",
      "unitRef": null,
      "xsiNil": "false",
      "lang": "en-US",
      "decimals": null,
      "ancestors": [
       "span",
       "div",
       "body",
       "html"
      ],
      "reportCount": 1,
      "baseRef": "cwd-20250305.htm",
      "first": true,
      "unique": true
     },
     "uniqueAnchor": {
      "contextRef": "c-1",
      "name": "dei:DocumentType",
      "unitRef": null,
      "xsiNil": "false",
      "lang": "en-US",
      "decimals": null,
      "ancestors": [
       "span",
       "div",
       "body",
       "html"
      ],
      "reportCount": 1,
      "baseRef": "cwd-20250305.htm",
      "first": true,
      "unique": true
     }
    }
   },
   "tag": {
    "dei_AmendmentFlag": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "AmendmentFlag",
     "presentation": [
      "http://caliberco.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Amendment Flag",
        "label": "Amendment Flag",
        "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission."
       }
      }
     },
     "auth_ref": []
    },
    "dei_CityAreaCode": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "CityAreaCode",
     "presentation": [
      "http://caliberco.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "City Area Code",
        "label": "City Area Code",
        "documentation": "Area code of city"
       }
      }
     },
     "auth_ref": []
    },
    "dei_CoverAbstract": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "CoverAbstract",
     "lang": {
      "en-us": {
       "role": {
        "label": "Cover [Abstract]",
        "documentation": "Cover page."
       }
      }
     },
     "auth_ref": []
    },
    "dei_CurrentFiscalYearEndDate": {
     "xbrltype": "gMonthDayItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "CurrentFiscalYearEndDate",
     "presentation": [
      "http://caliberco.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Current Fiscal Year End Date",
        "label": "Current Fiscal Year End Date",
        "documentation": "End date of current fiscal year in the format --MM-DD."
       }
      }
     },
     "auth_ref": []
    },
    "dei_DocumentPeriodEndDate": {
     "xbrltype": "dateItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "DocumentPeriodEndDate",
     "presentation": [
      "http://caliberco.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Document Period End Date",
        "label": "Document Period End Date",
        "documentation": "For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD."
       }
      }
     },
     "auth_ref": []
    },
    "dei_DocumentType": {
     "xbrltype": "submissionTypeItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "DocumentType",
     "presentation": [
      "http://caliberco.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Document Type",
        "label": "Document Type",
        "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'."
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityAddressAddressLine1": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "EntityAddressAddressLine1",
     "presentation": [
      "http://caliberco.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Address, Address Line One",
        "label": "Entity Address, Address Line One",
        "documentation": "Address Line 1 such as Attn, Building Name, Street Name"
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityAddressAddressLine2": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "EntityAddressAddressLine2",
     "presentation": [
      "http://caliberco.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Address, Address Line Two",
        "label": "Entity Address, Address Line Two",
        "documentation": "Address Line 2 such as Street or Suite number"
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityAddressCityOrTown": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "EntityAddressCityOrTown",
     "presentation": [
      "http://caliberco.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Address, City or Town",
        "label": "Entity Address, City or Town",
        "documentation": "Name of the City or Town"
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityAddressPostalZipCode": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "EntityAddressPostalZipCode",
     "presentation": [
      "http://caliberco.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Address, Postal Zip Code",
        "label": "Entity Address, Postal Zip Code",
        "documentation": "Code for the postal or zip code"
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityAddressStateOrProvince": {
     "xbrltype": "stateOrProvinceItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "EntityAddressStateOrProvince",
     "presentation": [
      "http://caliberco.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Address, State or Province",
        "label": "Entity Address, State or Province",
        "documentation": "Name of the state or province."
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityCentralIndexKey": {
     "xbrltype": "centralIndexKeyItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "EntityCentralIndexKey",
     "presentation": [
      "http://caliberco.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Central Index Key",
        "label": "Entity Central Index Key",
        "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "dei_EntityEmergingGrowthCompany": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "EntityEmergingGrowthCompany",
     "presentation": [
      "http://caliberco.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Emerging Growth Company",
        "label": "Entity Emerging Growth Company",
        "documentation": "Indicate if registrant meets the emerging growth company criteria."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "dei_EntityExTransitionPeriod": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "EntityExTransitionPeriod",
     "presentation": [
      "http://caliberco.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Ex Transition Period",
        "label": "Entity Ex Transition Period",
        "documentation": "Indicate if an emerging growth company has elected not to use the extended transition period for complying with any new or revised financial accounting standards."
       }
      }
     },
     "auth_ref": [
      "r7"
     ]
    },
    "dei_EntityFileNumber": {
     "xbrltype": "fileNumberItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "EntityFileNumber",
     "presentation": [
      "http://caliberco.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity File Number",
        "label": "Entity File Number",
        "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen."
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityIncorporationStateCountryCode": {
     "xbrltype": "edgarStateCountryItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "EntityIncorporationStateCountryCode",
     "presentation": [
      "http://caliberco.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Incorporation, State or Country Code",
        "label": "Entity Incorporation, State or Country Code",
        "documentation": "Two-character EDGAR code representing the state or country of incorporation."
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityRegistrantName": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "EntityRegistrantName",
     "presentation": [
      "http://caliberco.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Registrant Name",
        "label": "Entity Registrant Name",
        "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "dei_EntityTaxIdentificationNumber": {
     "xbrltype": "employerIdItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "EntityTaxIdentificationNumber",
     "presentation": [
      "http://caliberco.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Tax Identification Number",
        "label": "Entity Tax Identification Number",
        "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "dei_LocalPhoneNumber": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "LocalPhoneNumber",
     "presentation": [
      "http://caliberco.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Local Phone Number",
        "label": "Local Phone Number",
        "documentation": "Local phone number for entity."
       }
      }
     },
     "auth_ref": []
    },
    "dei_PreCommencementIssuerTenderOffer": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "PreCommencementIssuerTenderOffer",
     "presentation": [
      "http://caliberco.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Pre-commencement Issuer Tender Offer",
        "label": "Pre-commencement Issuer Tender Offer",
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act."
       }
      }
     },
     "auth_ref": [
      "r3"
     ]
    },
    "dei_PreCommencementTenderOffer": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "PreCommencementTenderOffer",
     "presentation": [
      "http://caliberco.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Pre-commencement Tender Offer",
        "label": "Pre-commencement Tender Offer",
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act."
       }
      }
     },
     "auth_ref": [
      "r5"
     ]
    },
    "dei_Security12bTitle": {
     "xbrltype": "securityTitleItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "Security12bTitle",
     "presentation": [
      "http://caliberco.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Title of 12(b) Security",
        "label": "Title of 12(b) Security",
        "documentation": "Title of a 12(b) registered security."
       }
      }
     },
     "auth_ref": [
      "r0"
     ]
    },
    "dei_SecurityExchangeName": {
     "xbrltype": "edgarExchangeCodeItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "SecurityExchangeName",
     "presentation": [
      "http://caliberco.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Security Exchange Name",
        "label": "Security Exchange Name",
        "documentation": "Name of the Exchange on which a security is registered."
       }
      }
     },
     "auth_ref": [
      "r2"
     ]
    },
    "dei_SolicitingMaterial": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "SolicitingMaterial",
     "presentation": [
      "http://caliberco.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Soliciting Material",
        "label": "Soliciting Material",
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act."
       }
      }
     },
     "auth_ref": [
      "r4"
     ]
    },
    "dei_TradingSymbol": {
     "xbrltype": "tradingSymbolItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "TradingSymbol",
     "presentation": [
      "http://caliberco.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Trading Symbol",
        "label": "Trading Symbol",
        "documentation": "Trading symbol of an instrument as listed on an exchange."
       }
      }
     },
     "auth_ref": []
    },
    "dei_WrittenCommunications": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "WrittenCommunications",
     "presentation": [
      "http://caliberco.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Written Communications",
        "label": "Written Communications",
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act."
       }
      }
     },
     "auth_ref": [
      "r6"
     ]
    }
   }
  }
 },
 "std_ref": {
  "r0": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "12",
   "Subsection": "b"
  },
  "r1": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "12",
   "Subsection": "b-2"
  },
  "r2": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "12",
   "Subsection": "d1-1"
  },
  "r3": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "13e",
   "Subsection": "4c"
  },
  "r4": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "14a",
   "Subsection": "12"
  },
  "r5": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "14d",
   "Subsection": "2b"
  },
  "r6": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "425"
  },
  "r7": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "7A",
   "Section": "B",
   "Subsection": "2"
  }
 }
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ZIP
<SEQUENCE>15
<FILENAME>0001627282-25-000007-xbrl.zip
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 0001627282-25-000007-xbrl.zip
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M3WO!":;U_6#'QS=:4%;ES07@413L7KOO(DPH]":KDB'&N$'3*4&=1-:3D^Y
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M6/%IA*T#D6$G=&8/K[('2(=0GY5</.T"(9:'4G6J\@$9DSNO_]H3ZI=39',
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M_Q_'C!1-QN%+GWA\"D -Z\Y <H8-EO,[] 1412!5*)[>:IVUKD,#E$3Y50M
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M-WDG>@+)X#=L6+AS;2YZO(0C7R0BB D*!.E&N\P5:\2+HW38:E+5_5RR0?7
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ML+\@#Q.5RCY3P-YNLO]Q#.>D<#\&OI<IB3\C;D6:Y4^6^O>Z2OVVS<@%&2]
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M G@DP @8S#;1TP 6421!4H!L0-; >N)I\::FG:V44X8#/\R^0C)52<[35/E
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M43A25=GL3%4/@(L%5($*7Y4!"T)HYXB%NMQ*\OO[C\='M<;)]CC S$F>6I7
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ML]]#1=JB#8=YF)N,QZR-NK-68*Q+Y[;YB$Z7P;C<G$V<9DFT2?<KN$J!04=
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MDCP?._M@$+I3^,>+1O[I_P-02P,$%     @ [Y%J6G/37$-@ @  [08  !
M  !C=V0M,C R-3 S,#4N>'-DS53);MLP$+W[*UB=2RV6U,A&[ !-$*" NR!-
MT-P*BAK91"12):G8^?N0M%C'<9W"/54G:N:]V?B&YQ>;MD&/(!43?!8D81P@
MX%14C"]GP=WM-2Z"B_EH=/X.X_N/-PMT)6C? M?H4@+14*$UTRND5X!^"/G
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M#0<O[G9T?[K_ISIX\3]02P$"% ,4    " #OD6I:4:%8G6%%   J'P( '@
M            @ $     8V%L:6)E<F-E<G1I9FEC871E;V9D97-I9VXN:'1M
M4$L! A0#%     @ [Y%J6CW2 400'0  /;<  !               ( !G44
M &-W9"TR,#(U,#,P-2YH=&U02P$"% ,4    " #OD6I:<]-<0V "  #M!@
M$               @ ';8@  8W=D+3(P,C4P,S U+GAS9%!+ 0(4 Q0    (
M .^1:EKG5RPO$0L  "!?   4              "  6EE  !C=V0M,C R-3 S
M,#5?;&%B+GAM;%!+ 0(4 Q0    ( .^1:EHK4?BR/P<  !\W   4
M      "  :QP  !C=V0M,C R-3 S,#5?<')E+GAM;%!+!08     !0 % $P!
(   =>      !

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>16
<FILENAME>cwd-20250305_htm.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version="1.0" encoding="utf-8"?>
<xbrl
  xml:lang="en-US"
  xmlns="http://www.xbrl.org/2003/instance"
  xmlns:dei="http://xbrl.sec.gov/dei/2024"
  xmlns:link="http://www.xbrl.org/2003/linkbase"
  xmlns:xlink="http://www.w3.org/1999/xlink">
    <link:schemaRef xlink:href="cwd-20250305.xsd" xlink:type="simple"/>
    <context id="c-1">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001627282</identifier>
        </entity>
        <period>
            <startDate>2025-03-05</startDate>
            <endDate>2025-03-05</endDate>
        </period>
    </context>
    <dei:AmendmentFlag contextRef="c-1" id="f-23">false</dei:AmendmentFlag>
    <dei:EntityCentralIndexKey contextRef="c-1" id="f-24">0001627282</dei:EntityCentralIndexKey>
    <dei:CurrentFiscalYearEndDate contextRef="c-1" id="f-25">--12-31</dei:CurrentFiscalYearEndDate>
    <dei:DocumentType contextRef="c-1" id="f-1">8-K</dei:DocumentType>
    <dei:DocumentPeriodEndDate contextRef="c-1" id="f-2">2025-03-05</dei:DocumentPeriodEndDate>
    <dei:EntityRegistrantName contextRef="c-1" id="f-3">CALIBERCOS INC.</dei:EntityRegistrantName>
    <dei:EntityIncorporationStateCountryCode contextRef="c-1" id="f-4">DE</dei:EntityIncorporationStateCountryCode>
    <dei:EntityFileNumber contextRef="c-1" id="f-5">001-41703</dei:EntityFileNumber>
    <dei:EntityTaxIdentificationNumber contextRef="c-1" id="f-6">47-2426901</dei:EntityTaxIdentificationNumber>
    <dei:EntityAddressAddressLine1 contextRef="c-1" id="f-7">8901 E. Mountain View Rd.</dei:EntityAddressAddressLine1>
    <dei:EntityAddressAddressLine2 contextRef="c-1" id="f-8">Ste. 150</dei:EntityAddressAddressLine2>
    <dei:EntityAddressCityOrTown contextRef="c-1" id="f-9">Scottsdale</dei:EntityAddressCityOrTown>
    <dei:EntityAddressStateOrProvince contextRef="c-1" id="f-10">AZ</dei:EntityAddressStateOrProvince>
    <dei:EntityAddressPostalZipCode contextRef="c-1" id="f-11">(Zip Code)</dei:EntityAddressPostalZipCode>
    <dei:CityAreaCode contextRef="c-1" id="f-12">480</dei:CityAreaCode>
    <dei:LocalPhoneNumber contextRef="c-1" id="f-13">295-7600</dei:LocalPhoneNumber>
    <dei:WrittenCommunications contextRef="c-1" id="f-14">false</dei:WrittenCommunications>
    <dei:SolicitingMaterial contextRef="c-1" id="f-15">false</dei:SolicitingMaterial>
    <dei:PreCommencementTenderOffer contextRef="c-1" id="f-16">false</dei:PreCommencementTenderOffer>
    <dei:PreCommencementIssuerTenderOffer contextRef="c-1" id="f-17">false</dei:PreCommencementIssuerTenderOffer>
    <dei:Security12bTitle contextRef="c-1" id="f-18">Class A Common Stock, par value $0.001</dei:Security12bTitle>
    <dei:TradingSymbol contextRef="c-1" id="f-19">CWD</dei:TradingSymbol>
    <dei:SecurityExchangeName contextRef="c-1" id="f-20">NASDAQ</dei:SecurityExchangeName>
    <dei:EntityEmergingGrowthCompany contextRef="c-1" id="f-21">true</dei:EntityEmergingGrowthCompany>
    <dei:EntityExTransitionPeriod contextRef="c-1" id="f-22">false</dei:EntityExTransitionPeriod>
</xbrl>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
