Two Caliber-Hyatt Studios hotel developments and the Caliber-HS Feeder Fund added to Caliber’s tokenized offerings as the Company develops valuation tools for future borrowing against investment interests SCOTTSDALE, Ariz. , Nov. 04, 2026 (GLOBE NEWSWIRE) -- Caliber (Nasdaq: CWD), a diversified real estate and digital asset management platform, today announced that it has gone live with three additional tokenized real estate investment offerings: Caliber-Hyatt Studios Steamboat, Caliber-Hyatt Studios Phoenix/TSMC and the Caliber-HS Feeder Fund . Combined, the three offerings represent up to $85 million in offered equity. Tokenization is designed to give investors a clearer digital record of what they own and, through Caliber’s Automated NAV (CNAV), a clearer view of its value. Together with lender rights, Caliber believes this will enable investors to borrow against their tokenized investment interests while retaining ownership. The launch follows the Company’s first tokenization, PURE Pickleball & Padel, and extends the same ownership infrastructure to both individual developments and a fund structure. Caliber-Hyatt Studios Steamboat is a Hyatt Studios hotel development in Steamboat Springs, Colorado , which broke ground in July 2026 . Caliber-Hyatt Studios Phoenix/TSMC is a Hyatt Studios hotel development in North Phoenix, Arizona , located near Taiwan Semiconductor Manufacturing Company’s Arizona campus. The Caliber-HS Feeder Fund is a fund-level investment vehicle rather than a single asset or project, designed to provide diversified exposure to Caliber’s extended-stay hotel developments. As of today, investors in the three offerings can choose to receive a tokenized digital ownership certificate (the “Token”) or opt for the existing method of a paper certificate. Investors who choose the tokenized option receive a digital representation of their investment interest and hold the Token in a digital wallet. The underlying investment remains an interest in the applicable Caliber offering, governed by its offering documents. Tokenization is designed to create a tangible economic benefit for real estate investors by first reducing the costs of investment management borne by both the investor and the fund they invested in. Once the token is established, the automation of the investor’s value calculation and the addition of transparent, verified financial metrics transform the investor’s minority share of a private fund from a piece of paper in their desk to a digital security. “With our unique hotel developments now offering a way to own shares digitally, we anticipate that the ecosystem of prospective investors will broaden and that their satisfaction with the ownership experience will deepen,” said Chris Loeffler , Chief Executive Officer of Caliber. “When investors and their advisors realize our funds are easier to understand, track, manage within their broader portfolio, gift through their estate, and secure, we think the benefits will speak for themselves. If venues for liquidity emerge, either by giving our clients the ability to borrow against their shares or to resell them through an exchange, Caliber will have solved for the two most challenging aspects of private real estate investing: lack of a clear view of the value of shares and lack of liquidity.” A transparent, reliable net asset value (NAV) for shares in a private real estate investment fund is the industry’s opportunity through tokenization. Through the CNAV product Caliber is developing, Caliber believes it will be able to automate valuation calculations over time, giving investors greater transparency into the value of their investment interests. This includes shifting valuation strategies through asset lifecycles and utilizing internal and external data that can be validated in the CNAV calculation to ensure accuracy. CNAV reflects Caliber’s own proprietary valuation standards for private real estate funds. Clients of Caliber Tokenization Services can choose to adopt CNAV or apply their own valuation methodology. The Company believes this process is critical to ascribe on-chain collateral value to real estate fund interests. If automated valuation is the private real estate industry’s first significant challenge, lack of liquidity is its second. Caliber’s tokenization projects are seeking to address liquidity as well by developing a set of lender rights to open the possibility of borrowing against tokenized Caliber equities and implementing automated compliance to allow for secondary share sales on one or more exchanges. While tokenization does not guarantee liquidity, and any transfer remains subject to the applicable offering documents and transfer restrictions, the process of making the security digital via a token is an important first step toward liquidity. The Token is designed to serve as a digital ownership record that improves visibility into ownership positions, automates portions of fund administration and compliance, supports