Below are selected risk factors associated with an investment in Caliber Diversified Opportunity Fund II, LP.

• Investments in Caliber private placements can lose entire value, are illiquid and are speculative.
• Investment involves high degree of risk; limited liquidity; no public market; suitable only for sophisticated investors;
• Investment strategy is speculative; returns are not guaranteed and no assurance objectives will be achieved;
• May pay distributions and fund redemptions from borrowings, Offering proceeds, or asset sales with no limits on amounts it may pay from such sources;
• May invest in securities that involve a higher degree of risk or have valuations that fluctuate dramatically;
• Access to debt financing may be limited and subject to rate increases, restrictive covenants, or untimely repayment obligations;
• Involves unique risks associated with real estate investment, including competition for tenants, interest rate risk, occupancy issues, insurance risks, inflation risk, among others.;
• Offering is not contingent on a minimum capital raise;
  
• Multiple conflicts of interest, including compensation arrangements, incentive fee structures, positions held with affiliated entities, co-ownership arrangements, and the purchase of and allocation of investment opportunities;
  
• COVID-19 could have a material impact on the Fund’s investments and operations.