Caliber CFO Jade Leung Steps Down, Appoints Michael Rosales as Acting CFO
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 05 2026
0mins
Caliber announced that Jade Leung will step down as CFO to pursue a new opportunity, capping an eleven-year tenure during which he built Caliber's finance organization and helped lead the company through its initial public offering. Leung will support an orderly transition. The change is not the result of any disagreement with the company on any matter relating to its operations, accounting policies, practices, or financial reporting. Caliber reaffirms the FY26 guidance issued on itsQ1 earnings call, and the transition does not affect the company's strategy or financial outlook. Caliber also announced the appointment of Michael Rosales as acting CFO effective June 14. Rosales joined Caliber in October 2020 and has advanced through a series of leadership roles of increasing responsibility, including Director of Financial Reporting & Technical Accounting, Corporate Controller, and most recently Senior Vice President of Accounting, Financial Reporting & Tax, a position he has held since April 2025.
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About CWD
CaliberCos Inc. is a diversified alternative asset management firm. The Company is engaged in building wealth for its clients by creating, managing, and servicing middle-market investment funds, private syndications, and direct investments. Through its funds, the Company invests primarily in real estate, private equity, and debt facilities. The Company markets and fundraises to direct channels and to wholesale channels. Its asset management activities are complemented with transaction and advisory services, including development and construction management, acquisition and disposition expertise, and fund formation. The Company provides various support services to the investments it manages, including asset management services, fund set-up services, lending support, construction and development management, and real estate brokerage.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Financial Guidance Update: CEO Chris Loeffler will discuss Q1 2026 results and profitability guidance during the presentation, showcasing the company's path back to consistent profitability after right-sizing, thereby enhancing market confidence.
- Capital Structure Optimization: Caliber is advancing its capital structure improvements, including corporate debt reduction and converting unsecured investor debt into equity, ensuring a healthy capital structure without toxic financing.
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- Search for Permanent CFO: The Board has initiated a search for a permanent CFO focused on capital and digital asset strategy, indicating that the company will maintain its business outlook and strategy during this executive transition.
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- Transition Plan: Michael Rosales will assume the role of Acting CFO effective June 14, 2026, bringing extensive financial management experience from various key positions within Caliber, ensuring continuity and stability during this transition period.
- Strategic Search: The Caliber Board has initiated a search for a permanent CFO, aiming to find a finance leader with expertise in capital formation, real estate fund financing, and digital asset strategy execution to support the company's next growth phase.
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- Investor Participation Details: Investors can join the call by dialing (800) 715-9871 for domestic or (646) 307-1963 for international access, using conference ID 5168652, ensuring convenient access to financial information and discussions for all stakeholders.
- Online Access Options: The investor relations page will provide a live webcast for listening, with a replay available shortly after the call concludes, further enhancing information accessibility and investor engagement opportunities.
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- Financial Guidance Update: CEO Chris Loeffler will discuss Q1 2026 results and profitability guidance during the presentation, showcasing the company's path back to consistent profitability after right-sizing, thereby enhancing market confidence.
- Capital Structure Optimization: Caliber is advancing its capital structure improvements, including corporate debt reduction and converting unsecured investor debt into equity, ensuring a healthy capital structure without toxic financing.
- Tokenization Technology Application: Caliber is applying tokenization technology across its real estate investment platform to enhance capital raising efficiency and investment management capabilities, which is expected to improve transparency and reporting quality, further boosting the company's competitive edge.
See More
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- CFO Departure: Caliber's CFO Jade Leung is stepping down after an 11-year tenure, with no reported disagreements, indicating stability in the company's executive leadership.
- Interim CFO Appointment: Michael Rosales will serve as acting CFO starting June 14, 2026, having been with Caliber since 2020 and previously overseeing accounting, reporting, and tax functions, ensuring continuity during the transition.
- Search for Permanent CFO: The Board has initiated a search for a permanent CFO focused on capital and digital asset strategy, indicating that the company will maintain its business outlook and strategy during this executive transition.
- Revenue Guidance Reaffirmed: Caliber reaffirms its revenue guidance for FY2026 at $18 million to $22 million while positioning tokenization and note conversions to support liquidity, demonstrating a proactive approach in the market.
See More
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- Transition Plan: Michael Rosales will assume the role of Acting CFO effective June 14, 2026, bringing extensive financial management experience from various key positions within Caliber, ensuring continuity and stability during this transition period.
- Strategic Search: The Caliber Board has initiated a search for a permanent CFO, aiming to find a finance leader with expertise in capital formation, real estate fund financing, and digital asset strategy execution to support the company's next growth phase.
- Market Positioning: Caliber currently manages over $2.6 billion in assets and is actively expanding in the real estate and digital asset sectors, particularly in the tokenization of real estate funds, aiming to enhance asset financing and access methods to strengthen its market competitiveness.
See More
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- Revenue Growth: CaliberCos reported Q1 2026 revenue of $4.1 million, reflecting a nearly 16% year-over-year increase, indicating strong execution against internal plans and providing a positive foundation for the full year.
- Digital Asset Strategy Shift: In response to deteriorating market conditions, management decided to slow the pace of treasury accumulation while accelerating execution on other strategic pillars, including tokenization offerings and compliance tooling, to navigate market challenges.
- Real Estate Investment Restructuring: At the end of Q1, the company held 507,560 Link tokens valued at approximately $4.5 million, having sold 55,000 tokens to redeploy capital into its real estate platform, supporting financing for the Hyatt Studios project.
- Profitability Improvement: Despite a narrowed adjusted EBITDA loss of $0.5 million compared to $1.4 million in the prior year, the company is demonstrating efforts in cost control and operational optimization, with expectations for positive net operating income in 2026.
See More
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- Disappointing Earnings: CaliberCos reported a GAAP EPS of -$3.59 for Q1 2025, indicating significant challenges in profitability that could undermine investor confidence.
- Flat Revenue: The company's revenue remained flat at $7.26 million year-over-year, suggesting that CaliberCos has failed to achieve growth in a highly competitive market, necessitating a reassessment of its market strategy.
- Uncertain Future Outlook: With ongoing losses and stagnant revenue, CaliberCos's future growth prospects are in question, leading investors to worry about the company's long-term sustainability, which may negatively impact stock performance.
- Cautious Market Reaction: Following the earnings report, the market's reaction to CaliberCos has been cautious, as investors may await further strategic adjustments or improvement measures to restore confidence in the company.
See More
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- Earnings Release Schedule: Caliber plans to announce its Q1 2026 financial results after market close on May 13, 2026, inviting all interested parties to a webcast and conference call at 5:00 PM ET the same day, aimed at enhancing transparency and engaging with investors regarding performance.
- Investor Participation Details: Investors can join the call by dialing (800) 715-9871 for domestic or (646) 307-1963 for international access, using conference ID 5168652, ensuring convenient access to financial information and discussions for all stakeholders.
- Online Access Options: The investor relations page will provide a live webcast for listening, with a replay available shortly after the call concludes, further enhancing information accessibility and investor engagement opportunities.
- Company Background Information: Caliber is an alternative asset manager focused on real estate, managing over $2.6 billion in assets, and is integrating digital asset infrastructure to enhance its investment platform's financing and asset access methods, showcasing its innovative capabilities and competitive edge in the market.
See More
