Caliber Reports Third Quarter 2024 Results

Business Wire11-13

Platform revenue increased 98.9% compared to prior year same quarter, resulting in positive platform earnings SCOTTSDALE, Ariz., November 12, 2024--(BUSINESS WIRE)--Caliber (NASDAQ: CWD; "CaliberCos ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2483806309?lang=en_US&edition=fundamental","thumbnail":"https://s.yimg.com/uu/api/res/1.2/W0fGvqmD_mX6mrdQxF9hyw--~B/aD00MDA7dz00MDA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/business-wire.com/57964c115d57c0ca26056f70c7b9e980","is_english":true,"pubTime":"2024-11-13 05:55","share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","id":"2483806309","market":"us","top_or_hot":-1,"title":"Caliber Reports Third Quarter 2024 Results","media":"Business Wire","content":"<div>\n<p>Platform revenue increased 98.9% compared to prior year same quarter, resulting in positive platform earnings\nSCOTTSDALE, Ariz., November 12, 2024--(BUSINESS WIRE)--Caliber (NASDAQ: CWD; \"CaliberCos ...</p>\n\n<a href=\"https://finance.yahoo.com/news/caliber-reports-third-quarter-2024-215500745.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Caliber Reports Third Quarter 2024 Results</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCaliber Reports Third Quarter 2024 Results\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-13 05:55 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/caliber-reports-third-quarter-2024-215500745.html><strong>Business Wire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Platform revenue increased 98.9% compared to prior year same quarter, resulting in positive platform earnings\nSCOTTSDALE, Ariz., November 12, 2024--(BUSINESS WIRE)--Caliber (NASDAQ: CWD; \"CaliberCos ...</p>\n\n<a href=\"https://finance.yahoo.com/news/caliber-reports-third-quarter-2024-215500745.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4135","symbol_name":"资产管理与托管银行","start_time":0,"source_url":"https://finance.yahoo.com/news/caliber-reports-third-quarter-2024-215500745.html","article_id":"2483806309","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/W0fGvqmD_mX6mrdQxF9hyw--~B/aD00MDA7dz00MDA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/business-wire.com/57964c115d57c0ca26056f70c7b9e980"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2483806309","pubTimestamp":1731448500,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Platform revenue increased 98.9% compared to prior year same quarter, resulting in positive platform earnings. SCOTTSDALE, Ariz., November 12, 2024----Caliber , a real estate investor, developer, and asset manager, today reported results for the third quarter ended on September 30, 2024.Within this earnings release, we refer to performance results of the ‘Platform’. Platform refers to the performance of CWD itself, excluding the performance of certain assets & funds that are included in our consolidated results, as required by the United States generally accepted accounting standards . Management believes that Platform performance offers the most meaningful information needed to understand the value of CWD. The assets and funds that are consolidated into our GAAP presentation are included because Caliber is a guarantor of debt held by these assets and funds.","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4135":"资产管理与托管银行","BK4590":"PTP","ET":"Energy Transfer LP","CWD":"CaliberCos Inc.","BK4585":"ETF&股票定投概念","BK4561":"索罗斯持仓","BK4144":"石油与天然气的储存和运输","BK4588":"碎股","BK4581":"高盛持仓","BK4532":"文艺复兴科技持仓","BK4115":"综合电信业务","CHT":"中华电信"},"translate_title":"Calibre报告2024年第三季度业绩","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CHT":1,"ET":1,"CWD":0.9},"content_text":"Platform revenue increased 98.9% compared to prior year same quarter, resulting in positive platform earnings\nSCOTTSDALE, Ariz., November 12, 2024--(BUSINESS WIRE)--Caliber (NASDAQ: CWD; \"CaliberCos Inc.\"), a real estate investor, developer, and asset manager, today reported results for the third quarter ended on September 30, 2024.\nWithin this earnings release, we refer to performance results of the ‘Platform’. Platform refers to the performance of CWD itself, excluding the performance of certain assets & funds that are included in our consolidated results, as required by the United States generally accepted accounting standards (\"GAAP\"). Management believes that Platform performance offers the most meaningful information needed to understand the value of CWD. The assets and funds that are consolidated into our GAAP presentation are included because Caliber is a guarantor of debt held by these assets and funds.\nWhile GAAP consolidation rules require CWD to include the performance and cash flows of these assets & funds in our consolidated financial information, CWD does not benefit from the performance of those assets & funds, except to the extent that CWD earns fees from managing the assets and funds (which are included in the Platform results). Management believes presenting Platform results, which exclude consolidated assets, directly shows the business performance that CWD stockholders benefit from.\nThird Quarter 2024 Platform Financial Highlights (compared to third quarter 2023)\n\nPlatform revenue of $7.4 million, a 98.9% increase\n  \nAsset management revenue of $7.2 million drove the stated results\nPerformance allocations of $0.2 million\n\nPlatform earnings of $0.2 million, or $0.01 per diluted share, compared to Platform loss of $3.4 million, or $0.16 per diluted share\nPlatform Adjusted EBITDA of $2.4 million, a 259.6% increase compared to Platform Adjusted EBITDA loss of $1.5 million\nFair value assets under management (\"FV AUM\") of $807.0 million, an 8.9% increase compared to December 31, 2023, primarily due to the acquisitions of our West Ridge property in Colorado and Canyon Corporate Plaza property in Arizona, net market appreciation, and construction activity; partially offset by land parcel sales at Johnstown, the sale of a school property, and the sale of a self-storage property\nManaged capital of $485.3 million, a 10.9% increase compared to December 31, 2023, with originations of $61.4 million, offset by redemptions of $13.8 million\n\nManagement Commentary\n\"We delivered strong third quarter results with a 98.9% increase nearly doubling Platform revenue, primarily driven by higher fee income from loan placements and offerings,\" said Chris Loeffler, CEO of Caliber. \"This top-line growth, paired with the impact of our recent cost-reduction initiatives, has boosted our performance, resulting in positive Platform adjusted EBITDA and Platform earnings during the third quarter, ahead of our fourth-quarter 2024 target.\"\n\"While fundraising and commercial real estate remain volatile, for reasons I look forward to discussing on today’s call, our strategic and tactical progress towards consistent, profitable growth is clear.\"\nBusiness Update\nThe following are key milestones completed both during and subsequent to the third quarter ended September 30, 2024.\n\nOn July 2, 2024, Caliber announced the sale of 24-7 Automated Storage, a 348-unit self-storage facility in Casa Grande, Ariz., for $4.6 million.\nOn October 1, 2024, Caliber announced the launch of its innovative new Qualified Opportunity Zone Fund Roll-Up program and completed its first merger with a third-party fund resulting in a $14 million increase in managed capital in Caliber’s existing qualified opportunity zone fund (\"QOF\"), the Caliber Tax Advantaged Opportunity Zone Fund, LP (CTAF I).\nOn October 8, 2024, Caliber announced that it reached a definitive agreement with Satori Collective where Satori will contribute seven hotel properties to Caliber subsidiary Caliber Hospitality Trust (CHT), an externally advised private hospitality corporation. The contribution, when closed, is expected to increase assets under management (\"AUM\") by approximately $120 million.\n\nThird Quarter 2024 Consolidated Financial Results (compared to third quarter 2023)\nCaliber’s GAAP consolidated financial statements have been impacted by the deconsolidation of certain variable interest entities’ assets, liabilities, revenues, and expenses. These entities were deconsolidated because Caliber was no longer a guarantor on the respective entities’ third party debt. Caliber’s GAAP financial metrics are impacted by the timing of deconsolidation. As such, prior periods presented may not be comparable due to the deconsolidation of certain entities in the current period.\n\nTotal consolidated revenue of $11.3 million, a 33.6% decrease reflecting the deconsolidation of Caliber Hospitality, LP and CHT, in March 2024. Caliber estimates total revenue would have increased had the deconsolidated asset results not been included in the Q3 2023 comparison period.\nConsolidated net income attributable to Caliber of $0.1 million, or $0.01 per diluted share, compared to net loss attributable to Caliber of $3.4 million or $0.16 per diluted share\nConsolidated Adjusted EBITDA of $4.2 million, compared to Consolidated Adjusted EBITDA loss of $3.2 million.\n\nConference Call Information\nCaliber will host a conference call today, Tuesday, November 12, 2024, at 5:00 p.m. Eastern Time (ET) to discuss its third quarter 2024 financial results and business outlook. To access this call, dial 1-800-717-1738 (domestic) or 1-646-307-1865 (international). A live webcast of the conference call will be available via the investor relations section of Caliber’s website under \"Financial Results.\" The webcast replay of the conference call will be available on Caliber’s website shortly after the call concludes.\nAbout Caliber (CaliberCos Inc.) (NASDAQ: CWD)\nWith more than $2.9 billion of managed assets, including estimated costs to complete assets under development, Caliber’s 15-year track record of managing and developing real estate is built on a singular goal: make money in all market conditions. Our growth is fueled by our performance and our competitive advantage: we invest in projects, strategies, and geographies that global real estate institutions do not. Integral to our competitive advantage is our in-house shared services group, which offers Caliber greater control over our real estate and visibility to future investment opportunities. There are multiple ways to participate in Caliber’s success: invest in Nasdaq-listed CaliberCos Inc. and/or invest directly in our Private Funds.\nForward Looking Statements\nThis press release contains \"forward-looking statements\" that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as \"anticipate,\" \"believe,\" \"contemplate,\" \"could,\" \"estimate,\" \"expect,\" \"intend,\" \"seek,\" \"may,\" \"might,\" \"plan,\" \"potential,\" \"predict,\" \"project,\" \"target,\" \"aim,\" \"should,\" \"will\" \"would,\" or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on the Company’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate including, but not limited to, the Company’s ability to adequately grow cumulative fundraising, AUM and annualized platform revenue to meet 2026 targeted goals, the closing of the transaction with L.T.D. Hospitality Group LLC and the viability of and ability of the Company to adequately access the real estate and capital markets. These and other risks and uncertainties are described more fully in the section titled \"Risk Factors\" in the final prospectus related to the Company’s public offering filed with the SEC and other reports filed with the SEC thereafter. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.\nNON-GAAP RECONCILIATIONS(AMOUNTS IN THOUSANDS) (UNAUDITED)\nThe following information reconciles the performance of the Platform to the consolidated GAAP presentation. Management believes that the Platform view of Caliber’s performance is more meaningful to a CWD shareholder since it includes all revenues and expenses generated by Caliber and its wholly owned subsidiaries.\n\n\n\nASSET MANAGEMENT PLATFORM SEGMENT(1)(AMOUNTS IN THOUSANDS) (UNAUDITED)\n\n\n\n\n \n\n\n\n\nThree Months Ended September 30, 2024\n\n\n\n\nPlatform\n\nImpact ofConsolidatedFund andEliminations\n\nConsolidated\n\n\nRevenues\n\n\n\n\n\n\n\n\nAsset management\n\n$\n7,242\n\n\n$\n(712\n)\n\n$\n6,530\n\n\n\nPerformance allocations\n\n\n174\n\n\n\n1\n\n\n\n175\n\n\n\nConsolidated funds – hospitality revenue\n\n\n—\n\n\n\n2,494\n\n\n\n2,494\n\n\n\nConsolidated funds – other revenue\n\n\n—\n\n\n\n2,103\n\n\n\n2,103\n\n\n\nTotal revenues\n\n\n7,416\n\n\n\n3,886\n\n\n\n11,302\n\n\n\nExpenses\n\n\n\n\n\n\n\n\nOperating costs\n\n\n4,727\n\n\n\n(135\n)\n\n\n4,592\n\n\n\nGeneral and administrative\n\n\n1,450\n\n\n\n(9\n)\n\n\n1,441\n\n\n\nMarketing and advertising\n\n\n175\n\n\n\n(1\n)\n\n\n174\n\n\n\nDepreciation and amortization\n\n\n145\n\n\n\n4\n\n\n\n149\n\n\n\nConsolidated funds – hospitality expenses\n\n\n—\n\n\n\n3,097\n\n\n\n3,097\n\n\n\nConsolidated funds – other expenses\n\n\n—\n\n\n\n975\n\n\n\n975\n\n\n\nTotal expenses\n\n\n6,497\n\n\n\n3,931\n\n\n\n10,428\n\n\n\n\n\n\n\n\n\n\n\n\nOther income (expenses), net\n\n\n526\n\n\n\n(101\n)\n\n\n425\n\n\n\nInterest income\n\n\n59\n\n\n\n(8\n)\n\n\n51\n\n\n\nInterest expense\n\n\n(1,348\n)\n\n\n(1\n)\n\n\n(1,349\n)\n\n\nNet income (loss) before income taxes\n\n$\n156\n\n\n$\n(155\n)\n\n$\n1\n\n\n\nProvision for income taxes\n\n\n—\n\n\n\n—\n\n\n\n—\n\n\n\nNet income (loss)\n\n\n156\n\n\n\n(155\n)\n\n\n1\n\n\n\nNet loss attributable to noncontrolling interests\n\n\n—\n\n\n\n(145\n) \n\n\n(145\n)\n\n\nNet income (loss) attributable to CaliberCos Inc.\n\n$\n156\n\n\n$\n(10\n)\n\n$\n146\n\n\n\nBasic Platform income per share\n\n$\n0.01\n\n\n\n\n$\n0.01\n\n\n\nDiluted Platform income per share\n\n$\n0.01\n\n\n\n\n$\n0.01\n\n\n\nWeighted average common shares outstanding:\n\n\n\n\n\n\n\n\nBasic\n\n\n22,128\n\n\n\n\n\n22,128\n\n\n\nDiluted\n\n\n24,867\n\n\n\n\n\n24,867\n\n\n\n\n\n\n\n___________________________________________\n\n\n(1) Represents the results of our asset management platform segment, which are presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminate noncontrolling interest.\n\n\n\n\n\n\n\n\nThree Months Ended September 30, 2023\n\n\n\n\nPlatform\n\nImpact ofConsolidatedFund andEliminations\n\nConsolidated\n\n\nRevenues\n\n\n\n\n\n\n\n\nAsset management\n\n$\n3,704\n\n\n$\n(1,388\n)\n\n$\n2,316\n\n\n\nPerformance allocations\n\n\n24\n\n\n\n12\n\n\n\n36\n\n\n\nConsolidated funds – hospitality revenue\n\n\n—\n\n\n\n12,526\n\n\n\n12,526\n\n\n\nConsolidated funds – other revenue\n\n\n—\n\n\n\n2,147\n\n\n\n2,147\n\n\n\nTotal revenues\n\n\n3,728\n\n\n\n13,297\n\n\n\n17,025\n\n\n\nExpenses\n\n\n\n\n\n\n\n\nOperating costs\n\n\n4,724\n\n\n\n157\n\n\n\n4,881\n\n\n\nGeneral and administrative\n\n\n1,651\n\n\n\n21\n\n\n\n1,672\n\n\n\nMarketing and advertising\n\n\n208\n\n\n\n2\n\n\n\n210\n\n\n\nDepreciation and amortization\n\n\n73\n\n\n\n67\n\n\n\n140\n\n\n\nConsolidated funds – hospitality expenses\n\n\n—\n\n\n\n18,644\n\n\n\n18,644\n\n\n\nConsolidated funds – other expenses\n\n\n—\n\n\n\n2,883\n\n\n\n2,883\n\n\n\nTotal expenses\n\n\n6,656\n\n\n\n21,774\n\n\n\n28,430\n\n\n\n\n\n\n\n\n\n\n\n\nOther income (expenses), net\n\n\n149\n\n\n\n265\n\n\n\n414\n\n\n\nInterest income\n\n\n730\n\n\n\n(645\n)\n\n\n85\n\n\n\nInterest expense\n\n\n(1,317\n)\n\n\n1\n\n\n\n(1,316\n)\n\n\nNet loss before income taxes\n\n$\n(3,366\n)\n\n$\n(8,856\n)\n\n$\n(12,222\n)\n\n\nProvision for income taxes\n\n\n—\n\n\n\n—\n\n\n\n—\n\n\n\nNet loss\n\n\n(3,366\n)\n\n\n(8,856\n)\n\n\n(12,222\n)\n\n\nNet loss attributable to noncontrolling interests\n\n\n—\n\n\n\n(8,813\n)\n\n\n(8,813\n)\n\n\nNet loss attributable to CaliberCos Inc.\n\n$\n(3,366\n)\n\n$\n(43\n)\n\n$\n(3,409\n)\n\n\nBasic and Diluted Platform loss per share\n\n$\n(0.16\n)\n\n\n\n$\n(0.16\n)\n\n\nWeighted average common shares outstanding:\n\n\n\n\n\n\n\n\nBasic and diluted\n\n\n21,238\n\n\n\n\n\n21,238\n\n\n\n\n\n\n\nPLATFORM REVENUE(1)(AMOUNTS IN THOUSANDS) (UNAUDITED)\n\n\n\n \n\n\n\nThree Months Ended September 30, 2024\n\n\n\n2024\n\n2023\n\n\nFund set-up fees\n$\n831\n\n$\n398\n\n\nFund management fees\n\n2,744\n\n\n2,457\n\n\nFinancing fees\n\n464\n\n\n154\n\n\nDevelopment and construction fees\n\n3,084\n\n\n516\n\n\nBrokerage fees\n\n119\n\n\n179\n\n\nTotal asset management\n\n7,242\n\n\n3,704\n\n\nPerformance allocations\n\n174\n\n\n24\n\n\nTotal revenue\n$\n7,416\n\n$\n3,728\n\n\n\n\n\n\n___________________________________________\n\n\n(1) Represents the results of our asset management platform segment, which are presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminate noncontrolling interest.\n\n\n\nFVAUM and Managed Capital (UNAUDITED)\nThe following information summarizes management’s estimates of fair value related to the entire portfolio of investments that Caliber manages and the total amount of capital that is being managed across the portfolio. The fair value of our AUM conveys an indication of the overall health of our investments and potentially how much performance allocation Caliber would earn if those assets were sold. Managed Capital is used to evaluate, among other things, the amount of asset management fees we generate from the portfolio.\n\n\n\nFV AUM(AMOUNTS IN THOUSANDS) (UNAUDITED)\n\n\n\n \n\n\nBalances as of December 31, 2023\n$\n741,190\n\n\n\nCHT contribution\n\n29,900\n\n\n\nConstruction and net market appreciation\n\n10,971\n\n\n\nAssets sold(3)\n\n(12,771\n)\n\n\nCredit(1)\n\n(781\n)\n\n\nOther(2)\n\n(1,771\n)\n\n\nBalances as of March 31, 2024\n\n766,738\n\n\n\nAssets acquired(4)\n\n14,000\n\n\n\nConstruction and net market appreciation\n\n27,994\n\n\n\nAssets sold or disposed(3)\n\n(22,994\n)\n\n\nCredit(1)\n\n(12,835\n)\n\n\nOther(2)\n\n310\n\n\n\nBalances as of June 30, 2024\n\n773,213\n\n\n\nAssets acquired(4)\n\n20,590\n\n\n\nConstruction and net market appreciation\n\n11,910\n\n\n\nCredit(1)\n\n(431\n)\n\n\nOther(2)\n\n1,679\n\n\n\nBalances as of September 30, 2024\n$\n806,961\n\n\n\n\n\n\n\nFV AUM, by asset class(AMOUNTS IN THOUSANDS) (UNAUDITED)\n\n\n\n\n\n \n\n\n\nSeptember 30, 2024\n\nDecember 31, 2023\n\n\nReal Estate\n\n\n\n\n\nHospitality\n$\n68,800\n\n$\n67,200\n\n\nCaliber Hospitality Trust\n\n240,300\n\n\n201,600\n\n\nResidential\n\n162,100\n\n\n138,000\n\n\nCommercial\n\n255,600\n\n\n240,400\n\n\nTotal Real Estate\n\n726,800\n\n\n647,200\n\n\nCredit(1)\n\n70,541\n\n\n84,588\n\n\nOther(2)\n\n9,620\n\n\n9,402\n\n\nTotal\n$\n806,961\n\n$\n741,190\n\n\n\n\n\n\n___________________________________________\n\n\n(1) Other FV AUM represents undeployed capital held in our diversified funds.\n\n\n(2) Credit FV AUM represents loans made to Caliber’s investment funds by our diversified credit fund.\n\n\n(3) Assets sold during the nine months ended September 30, 2024 include a commercial asset, lot sales related to two development assets in Colorado, and one home from our residential fund.\n\n\n(4) Assets acquired during the nine months ended September 30, 2024, include West Ridge, a 133 acre mixed-use land development in Colorado and Canyon, an office building conversion to multi-family residential..\n\n\n\n\n\n\nMANAGED CAPITAL(AMOUNTS IN THOUSANDS) (UNAUDITED)\n\n\n\n\n\n\n \n\n\n\n\n\n\nManaged Capital\n\n\nBalances as of December 31, 2023\n\n\n\n$\n437,625\n\n\n\nOriginations\n\n\n\n\n19,099\n\n\n\nRedemptions\n\n\n\n\n(2,819\n)\n\n\nBalances as of March 31, 2024\n\n\n\n\n453,905\n\n\n\nOriginations\n\n\n\n\n18,936\n\n\n\nRedemptions\n\n\n\n\n(3,041\n)\n\n\nBalances as of June 30, 2024\n\n\n\n\n469,800\n\n\n\nOriginations\n\n\n\n\n23,372\n\n\n\nRedemptions\n\n\n\n\n(7,900\n)\n\n\nBalances as of September 30, 2024\n\n\n\n$\n485,272\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSeptember 30, 2024\n\nDecember 31, 2023\n\n\nReal Estate\n\n\n\n\n\n\nHospitality\n\n$\n47,560\n\n$\n43,660\n\n\n\nCaliber Hospitality Trust(1)\n\n\n96,879\n\n\n70,747\n\n\n\nResidential\n\n\n92,683\n\n\n74,224\n\n\n\nCommercial\n\n\n167,989\n\n\n155,004\n\n\n\nTotal Real Estate(2)\n\n\n405,111\n\n\n343,635\n\n\n\nCredit(3)\n\n\n70,541\n\n\n84,588\n\n\n\nOther(4)\n\n\n9,620\n\n\n9,402\n\n\n\nTotal\n\n$\n485,272\n\n$\n437,625\n\n\n\n\n\n\n\n_________________________________________\n\n\n(1) The Company earns a fund management fee of 0.70% of the Caliber Hospitality Trust’s enterprise value and is reimbursed for certain costs incurred on behalf of the Caliber Hospitality Trust.\n\n\n(2) Beginning during the year ended December 31, 2023, the Company includes capital raised from investors in CaliberCos Inc. through corporate note issuances that was further invested in our funds in Managed Capital. As of September 30, 2024 and December 31, 2023, the Company had invested $19.7 million and $18.3 million, respectively, in our funds.\n\n\n(3) Credit managed capital represents loans made to Caliber’s investment funds by the Company and our diversified funds. As of September 30, 2024 and December 31, 2023, the Company had loaned $0.3 million and $8.5 million to our funds.\n\n\n(4) Other managed capital represents undeployed capital held in our diversified funds.\n\n\n\nConsolidated GAAP Results\nThe following information presents our consolidated GAAP results which includes the performance of certain entities we manage where Caliber is the guarantor of debt owed by those entities, despite not having significant equity at risk. As a result of these guarantor commitments, Caliber is required under GAAP to include the assets, liabilities, revenues and expenses of those entities even though a shareholder of CWD stock is neither entitled to nor exposed by those entities’ benefits or obligations. This accounting outcome also removes revenues that we earn from those entities, which a shareholder of CWD stock would be entitled to. See discussion elsewhere related to CWD’s Platform performance.\n\n\n\nCALIBERCOS INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)\n\n\n\n\n \n\n\n\n\nThree Months EndedSeptember 30,\n\n\n\n\n2024\n\n2023\n\n\n\n\n(unaudited)\n\n\nRevenues\n\n\n\n\n\n\nAsset management revenues\n\n$\n6,530\n\n\n$\n2,316\n\n\n\nPerformance allocations\n\n\n175\n\n\n\n36\n\n\n\nConsolidated funds – hospitality revenues\n\n\n2,494\n\n\n\n12,526\n\n\n\nConsolidated funds – other revenues\n\n\n2,103\n\n\n\n2,147\n\n\n\nTotal revenues\n\n\n11,302\n\n\n\n17,025\n\n\n\n\n\n\n\n\n\n\nExpenses\n\n\n\n\n\n\nOperating costs\n\n\n4,592\n\n\n\n4,881\n\n\n\nGeneral and administrative\n\n\n1,441\n\n\n\n1,672\n\n\n\nMarketing and advertising\n\n\n174\n\n\n\n210\n\n\n\nDepreciation and amortization\n\n\n149\n\n\n\n140\n\n\n\nConsolidated funds – hospitality expenses\n\n\n3,097\n\n\n\n18,644\n\n\n\nConsolidated funds – other expenses\n\n\n975\n\n\n\n2,883\n\n\n\nTotal expenses\n\n\n10,428\n\n\n\n28,430\n\n\n\n\n\n\n\n\n\n\nOther income, net\n\n\n425\n\n\n\n414\n\n\n\nInterest income\n\n\n51\n\n\n\n85\n\n\n\nInterest expense\n\n\n(1,349\n)\n\n\n(1,316\n)\n\n\nNet income (loss) before income taxes\n\n\n1\n\n\n\n(12,222\n)\n\n\nBenefit from income taxes\n\n\n—\n\n\n\n—\n\n\n\nNet income (loss)\n\n\n1\n\n\n\n(12,222\n)\n\n\nNet loss attributable to noncontrolling interests\n\n\n(145\n) \n\n\n(8,813\n)\n\n\nNet income (loss) attributable to CaliberCos Inc.\n\n\n146\n\n\n\n(3,409\n)\n\n\nBasic net income (loss) per share attributable to common stockholders\n\n$\n0.01\n\n\n$\n(0.16\n)\n\n\nDiluted net income (loss) per share attributable to common stockholders\n\n$\n0.01\n\n\n$\n(0.16\n)\n\n\nWeighted average common shares outstanding:\n\n\n\n\n\n\nBasic\n\n\n22,128\n\n\n\n21,238\n\n\n\nDiluted\n\n\n24,867\n\n\n\n21,238\n \n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nCALIBERCOS INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA)\n\n\n\n\n\n\n \n\n\n\n\nSeptember 30, 2024\n\nDecember 31, 2023\n\n\n\n\n(unaudited)\n\n\n\n\nAssets\n\n\n\n\n\n\nCash\n\n$\n516\n\n$\n940\n\n\nRestricted cash\n\n\n2,534\n\n\n2,569\n\n\nReal estate investments, net\n\n\n21,515\n\n\n21,492\n\n\nNotes receivable - related parties\n\n\n—\n\n\n50\n\n\nDue from related parties\n\n\n12,305\n\n\n9,709\n\n\nInvestments in unconsolidated entities\n\n\n12,723\n\n\n3,338\n\n\nOperating lease - right of use assets\n\n\n159\n\n\n193\n\n\nPrepaid and other assets\n\n\n2,808\n\n\n2,781\n\n\nAssets of consolidated funds\n\n\n\n\n\n\nCash\n\n\n1,053\n\n\n2,865\n\n\nRestricted cash\n\n\n—\n\n\n11,266\n\n\nReal estate investments, net\n\n\n46,084\n\n\n185,636\n\n\nAccounts receivable, net\n\n\n184\n\n\n1,978\n\n\nNotes receivable - related parties\n\n\n58,233\n\n\n34,620\n\n\nOperating lease - right of use assets\n\n\n—\n\n\n10,318\n\n\nPrepaid and other assets\n\n\n469\n\n\n11,677\n\n\nTotal assets\n\n$\n158,583\n\n$\n299,432\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nCALIBERCOS INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA)\n\n\n\n\n\n\n \n\n\n\n\nSeptember 30, 2024\n\nDecember 31, 2023\n\n\nLiabilities and Stockholders’ Equity\n\n\n\n\n\n\nNotes payable\n\n$\n49,673\n\n\n$\n53,799\n\n\n\nAccounts payable and accrued expenses\n\n\n8,638\n\n\n\n8,886\n\n\n\nDue to related parties\n\n\n210\n\n\n\n257\n\n\n\nOperating lease liabilities\n\n\n100\n\n\n\n119\n\n\n\nOther liabilities\n\n\n763\n\n\n\n420\n\n\n\nLiabilities of consolidated funds\n\n\n\n\n\n\nNotes payable, net\n\n\n33,752\n\n\n\n129,684\n\n\n\nNotes payable - related parties\n\n\n—\n\n\n\n12,055\n\n\n\nAccounts payable and accrued expenses\n\n\n1,444\n\n\n\n11,736\n\n\n\nDue to related parties\n\n\n35\n\n\n\n101\n\n\n\nOperating lease liabilities\n\n\n—\n\n\n\n13,957\n\n\n\nOther liabilities\n\n\n687\n\n\n\n2,400\n\n\n\nTotal liabilities\n\n\n95,302\n\n\n\n233,414\n\n\n\n\n\n\n\n\n\n\nCommitments and Contingencies\n\n\n\n\n\n\n\n\n\n\n\n\n\nCommon stock Class A, $0.001 par value; 100,000,000 shares authorized, 14,967,702 and 13,872,671 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively\n\n\n15\n\n\n\n14\n\n\n\nCommon stock Class B, $0.001 par value; 15,000,000 shares authorized, 7,416,414 shares issued and outstanding as September 30, 2024 and December 31, 2023\n\n\n7\n\n\n\n7\n\n\n\nPaid-in capital\n\n\n41,348\n\n\n\n39,432\n\n\n\nAccumulated deficit\n\n\n(46,784\n)\n\n\n(36,830\n)\n\n\nStockholders’ equity (deficit) attributable to CaliberCos Inc.\n\n\n(5,414\n)\n\n\n2,623\n\n\n\nStockholders’ equity attributable to noncontrolling interests\n\n\n68,695\n\n\n\n63,395\n\n\n\nTotal stockholders’ equity\n\n\n63,281\n\n\n\n66,018\n\n\n\nTotal liabilities and stockholders’ equity\n\n$\n158,583\n\n\n$\n299,432\n\n\n\n\nDefinitions\nAssets Under Management\nAUM refers to the assets we manage or sponsor. We monitor two types of information with regard to our AUM:\n\nManaged Capital – we define this as the total capital we fundraise from our customers as investments in our funds. It also includes fundraising into our corporate note program, the proceeds of which were used, in part, to invest in or loan to our funds. We use this information to monitor, among other things, the amount of ‘preferred return’ that would be paid at the time of a distribution and the potential to earn a performance fee over and above the preferred return at the time of the distribution. Our fund management fees are based on a percentage of managed capital or a percentage of assets under management, and monitoring the change and composition of managed capital provides relevant data points for Caliber management to further calculate and predict future earnings.\nFair Value (\"FV\") AUM – we define this as the aggregate fair value of the real estate assets we manage and from which we derive management fees, performance revenues and other fees and expense reimbursements. We estimate the value of these assets quarterly to help make sale and hold decisions and to evaluate whether an existing asset would benefit from refinancing or recapitalization. This also gives us insight into the value of our carried interest at any point in time. We also utilize FV AUM to predict the percentage of our portfolio which may need development services in a given year, fund management services (such as refinance), and brokerage services. As we control the decision to hire for these services, our service income is generally predictable based upon our current portfolio AUM and our expectations for AUM growth in the year forecasted.\n\nNon-GAAP Measures\nWe use non-GAAP financial measures to evaluate operating performance, identify trends, formulate financial projections, make strategic decisions, and for other discretionary purposes. We believe that these measures enhance the understanding of ongoing operations and comparability of current results to prior periods and may be useful for investors to analyze our financial performance because they provide investors a view of the performance attributable to CaliberCos Inc. When analyzing our operating performance, investors should use these measures in addition to, and not as an alternative for, their most directly comparable financial measure calculated and presented in accordance with U.S. GAAP. Our presentation of non-GAAP measures may not be comparable to similarly identified measures of other companies because not all companies use the same calculations. These measures may also differ from the amounts calculated under similarly titled definitions in our debt instruments, which amounts are further adjusted to reflect certain other cash and non-cash charges and are used by us to determine compliance with financial covenants therein and our ability to engage in certain activities, such as incurring additional debt and making certain restricted payments.\nAsset Management Platform or Platform\nPlatform refers to the performance of the Caliber asset management platform segment, which generates revenues and expenses from managing our investment portfolio, which does not include any consolidated assets or funds. These activities include asset management, transaction services, and performance allocations. Management believes that this is an important view of the Company because it communicates performance of the Company that would be most useful for understanding the value of CWD.\nFee-Related Earnings and Related Components\nFee-Related Earnings is a supplemental non-GAAP performance measure used to assess our ability to generate profits from fee-based revenues, focusing on whether our core revenue streams are sufficient to cover our core operating expenses. Fee- Related Earnings represents the Company’s net income (loss) before income taxes adjusted to exclude depreciation and amortization, stock-based compensation, interest expense and extraordinary or non-recurring revenue and expenses, including performance allocation revenue and gain (loss) on extinguishment of debt, public registration direct costs related to aborted or delayed offerings and our Reg A+ offering, the share repurchase costs related to the Company’s Buyback Program, litigation settlements, and expenses recorded to earnings relating to investment deals which were abandoned or closed. Fee-Related Earnings is presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminates noncontrolling interest. Eliminating the impact of consolidated funds and noncontrolling interest provides investors a view of the performance attributable to CaliberCos Inc. and is consistent with performance models and analysis used by management.\nDistributable Earnings\nDistributable Earnings is a supplemental non-GAAP performance measure equal to Fee-Related Earnings plus performance allocation revenue and less interest expenses and provision for income taxes. We believe that Distributable Earnings can be useful as a supplemental performance measure to our GAAP results assessing the amount of earnings available for distribution.\nPlatform Earnings\nPlatform Earnings represents the performance of the Caliber asset management platform segment, which generates revenues and expenses from managing our investment portfolio, excluding any consolidated assets or funds.\nPlatform Earnings per Share\nPlatform Earnings per Share is calculated as Platform Earnings divided by weighted average CWD common shares outstanding.\nPlatform Adjusted EBITDA\nPlatform Adjusted EBITDA represents the Company’s Distributable Earnings adjusted for interest expense, the share repurchase costs related to the Company’s Buyback Program, other income (expense), and provision for income taxes on a basis that deconsolidates our consolidated funds (intercompany eliminations), Loss on CRAF Investment Redemption, Gain on extinguishment of Payroll Protection Program loans, and eliminates noncontrolling interest. Eliminating the impact of consolidated funds and noncontrolling interest provides investors a view of the performance attributable to the CaliberCos Inc. Platform and is consistent with performance models and analysis used by management.\nConsolidated Adjusted EBITDA\nConsolidated Adjusted EBITDA represents the Company’s and the consolidated funds’ earnings before net interest expense, income taxes, depreciation and amortization, further adjusted to exclude stock-based compensation, transaction fees, expenses and other public registration direct costs related to aborted or delayed offerings and our Reg A+ offering, the share repurchase costs related to the Company’s Buyback Program, litigation settlements, expenses recorded to earnings relating to investment deals which were abandoned or closed, any other non-cash expenses or losses, as further adjusted for extraordinary or non-recurring items.\n\n\n\nNON-GAAP ADJUSTED EBITDA(AMOUNTS IN THOUSANDS) (UNAUDITED)\n\n\n\n\n \n\n\n\n\nThree Months Ended September 30,\n\n\n\n2024\n\n2023\n\n\nNet income (loss) attributable to CaliberCos Inc.\n\n$\n146\n\n\n$\n(3,409\n)\n\n\nNet loss attributable to noncontrolling interests\n\n\n(145\n) \n\n\n(8,813\n)\n\n\nNet income (loss)\n\n\n1\n\n\n\n(12,222\n)\n\n\nProvision for income taxes\n\n\n—\n\n\n\n—\n\n\n\nNet income (loss) before income taxes\n\n\n1\n\n\n\n(12,222\n)\n\n\nDepreciation and amortization\n\n\n145\n\n\n\n140\n\n\n\nConsolidated funds' impact on fee-related earnings\n\n\n45\n\n\n\n8,477\n\n\n\nStock-based compensation\n\n\n738\n\n\n\n393\n\n\n\nSeverance\n\n\n25\n\n\n\n6\n\n\n\nPerformance allocations\n\n\n(175\n)\n\n\n(36\n)\n\n\nOther expenses (income), net\n\n\n(425\n)\n\n\n(414\n)\n\n\nInterest expense, net\n\n\n1,289\n\n\n\n587\n\n\n\nFee-related earnings\n\n\n1,643\n\n\n\n(3,069\n)\n\n\nPerformance allocations\n\n\n175\n\n\n\n36\n\n\n\nInterest expense, net\n\n\n(1,289\n)\n\n\n(587\n)\n\n\nProvision for income taxes\n\n\n—\n\n\n\n—\n\n\n\nDistributable earnings\n\n\n529\n\n\n\n(3,620\n)\n\n\nInterest expense\n\n\n1,349\n\n\n\n1,316\n\n\n\nOther expenses (income), net\n\n\n425\n\n\n\n414\n\n\n\nProvision for income taxes\n\n\n—\n\n\n\n—\n\n\n\nConsolidated funds' impact on Caliber adjusted EBITDA\n\n\n109\n\n\n\n379\n\n\n\nPlatform adjusted EBITDA\n\n\n2,412\n\n\n\n(1,511\n)\n\n\nConsolidated funds' EBITDA adjustments\n\n\n1,836\n\n\n\n(1,646\n)\n\n\nConsolidated adjusted EBITDA\n\n$\n4,248\n\n\n$\n(3,157\n)\n\n\n\nView source version on businesswire.com: https://www.businesswire.com/news/home/20241112815135/en/\nContacts\nCaliber:Victoria Rotondo+1 480-295-7600Victoria.Rotondo@caliberco.com\nInvestor Relations:Lisa Fortuna, Financial Profiles+1 310-622-8251ir@caliberco.com\nMedia Relations:Kelly McAndrew, Financial Profiles+1 310-622-8239KMcAndrew@finprofiles.com","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2483806309"}