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Caliber Reports Fourth Quarter and Full Year 2023 Results

Caliber (NASDAQ: CWD; “CaliberCos Inc.”), a real estate investor, developer, and asset manager, today reported results for the fourth quarter and full year ended on December 31, 2023.

Fourth Quarter 2023 Financial Highlights (compared to fourth quarter 2022)

  • Total revenue of $23.9 million, an 11.5% increase
  • Platform revenue(1) of $7.2 million, a 32.6% increase
    • Asset management revenue(2) of $6.0 million, an 11.5% increase
    • Performance allocations(3) of $1.2 million, driven by the sale of Northsight Crossing and South Ridge
  • Net loss attributable to Caliber of $2.4 million, or $0.11 per diluted share, compared to net loss attributable to Caliber of $2.5 million or $0.14 per diluted share
  • Caliber Adjusted EBITDA(4) of $1.6 million, compared to Caliber Adjusted EBITDA loss of $1.8 million

Full Year 2023 Financial Highlights (compared to full year 2022)

  • Total revenue of $90.9 million, an 8.3% increase
  • Platform revenue(1) of $20.6 million, a 14.4% decrease
    • Asset management revenue(2) of $17.0 million, a 21.3% decrease
    • Fund management fees(5) of $9.6 million, a 15.0% increase
    • Performance allocations(3) of $3.7 million, a 43.8% increase
  • Net loss attributable to Caliber of $12.7 million, or $0.63 per diluted share, compared to net income of $2.0 million or $0.11 per diluted share due to lower platform revenue, an increase in payroll and non-cash equity compensation, and higher interest expense
  • Caliber Adjusted EBITDA(4) loss of $1.3 million, compared to Caliber Adjusted EBITDA of $5.5 million
  • Fair value assets under management(6) (“FV AUM”) of $741.2 million, a 0.6% decrease, primarily due to asset sales, partially offset by asset purchases
  • Managed capital(7) of $437.6 million, a 14.2% year-over-year increase, with originations of $74.9 million, partially offset by redemptions of $23.0 million

Management Commentary

“2023 was a pivotal year for Caliber as we completed our initial public offering, launched new funds, and entered a new wholesale distribution channel, which we believe will be a catalyst for accelerated growth in the future,” said Chris Loeffler, CEO of Caliber. “The ongoing regional banking challenges have created unique investment opportunities for Caliber to acquire discounted assets through the three new funds we launched in 2023. Additionally, our hotel roll-up strategy, the Caliber Hospitality Trust (“CHT”), offers Caliber an attractive vehicle to grow AUM with income-producing hotels.”

Loeffler continued, “The strategic investments we made to scale our business last year coincided with macroeconomic headwinds and a challenging fundraising environment. While we remain confident in Caliber’s growth prospects, we are committed to ensuring we grow profitably. To that end, we have initiated a review of our current cost structure and will be evaluating potential measures that reflect current market dynamics.

“We remain focused on meeting the three-year financial targets we announced in November 2023, which include achieving cumulative fundraising of $750 million from 2024 to 2026, increasing our AUM to $3 billion by year-end 2026, and generating annualized Platform Revenue of $50 million by year-end 2026. These ambitious targets underscore our commitment to deliver consistent growth and returns to our shareholders over the long term.”

Business Update

The following are key milestones completed during and subsequent to the fourth quarter ended December 31, 2023.

  • On October 13, 2023, Northsight Crossing AZ, LLC, a Caliber co-sponsored single asset syndication, sold Northsight Crossing Retail Center in Scottsdale, Ariz., for $27.4 million, resulting in cash proceeds, net of loan repayment, closing costs and fees, of approximately $12.2 million, a gain on the sale of real estate of approximately $5.0 million, and a loss on the extinguishment of debt of approximately $0.2 million. The property was purchased in January 2022 for $21.1 million.
  • On December 28, 2023, the company sold South Ridge, an 80-acre parcel of land in Johnstown, Colo., to Journey Homes for $7.6 million. Caliber purchased the land in September 2021 for $5.38 million as part of its Johnstown Development, an approximately 750-acre master-planned, mixed-use development project.
  • As of December 31, 2023, Caliber was actively developing 2,986 multifamily units, 2,386 single family units, 2.8 million square feet of commercial and industrial, and 1.3 million square feet of office and retail.
  • On March 7, 2024, CHT acquired the Holiday Inn Newport News located in Newport News, Virginia. This is the first of nine hotel assets included in the previously announced contribution agreement with L.T.D. Hospitality. In total, the portfolio of nine assets represents a contribution value of $224 million, which will bolster Caliber’s AUM, upon transaction closing.
  • As of March 27, 2024, Caliber’s new wholesale fundraising team had signed 26 selling agreements with regional broker dealers and registered investment advisors for investments in company-sponsored products. In total, these partners have approximately 381 representatives with $3.4 billion of accessible AUM.

(1) With the evolution and growth of the Company, the Company’s Chief Operating Decision Maker (CODM) assesses performance and resource allocation on an aggregate basis under the Company’s asset management platform, and no longer reviews operating results for development or brokerage activity separately. As such, management concluded that the Company operates through one operating segment, presented as “Platform Results” or “Unconsolidated Results”.

(2) Asset management revenue includes fund set-up fees, fund management fees, financing fees, development and construction fees, and brokerage fees.

(3) Performance allocations are defined as an arrangement in which we are entitled to an allocation of investment returns, generated within the investment funds which we manage, based on a contractual formula.

(4) Caliber Adjusted EBITDA is a non-GAAP financial measure. See “Non-GAAP Financial Measures” below.

(5) Fund management fees are generally based on 1.0% to 1.5% of the unreturned capital contributions in a particular fund and include reimbursement for costs incurred on behalf of the fund, including an allocation of certain overhead costs. The Company earns a fund management fee of 0.70% of CHT’s enterprise value and is reimbursed for certain costs incurred on behalf of CHT. Fund management fees are included in asset management revenue.

(6) Fair value assets under management is defined as the aggregate fair value of the real estate assets the Company manages from which it derives management fees, performance revenues and other fees and expense reimbursements as of December 31, 2023.

(7) Managed capital is defined as the total capital raised from investors and invested in our funds, including capital raised from investors in CaliberCos Inc. through corporate note issuances that was further invested in or loaned 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.

Conference Call Information

Caliber will host a conference call today, Monday, April 15, 2024, at 5:00 p.m. Eastern Time (ET) to discuss its fourth quarter and full year 2023 financial results and business outlook. To access this call, dial 1-888-886-7786 (domestic) or 1-416-764-8658 (international) or by clicking on this Call me™ link to request a return call. 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.

About Caliber (CaliberCos Inc.) (NASDAQ: CWD)

With more than $3.1 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.

Forward Looking Statements

This 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.

CALIBERCOS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)

 

 

Three Months Ended December 31,

 

Year Ended December 31,

2023

 

2022

 

2023

 

2022

 

(unaudited)

 

 

Revenues

 

 

 

 

 

 

 

Asset management revenues

$

4,325

 

 

$

4,035

 

 

$

10,571

 

 

$

15,344

 

Performance allocations

 

1,165

 

 

 

35

 

 

 

3,639

 

 

 

2,543

 

Consolidated funds – hospitality revenues

 

16,897

 

 

 

15,763

 

 

 

68,905

 

 

 

59,564

 

Consolidated funds – other revenues

 

1,558

 

 

 

1,634

 

 

 

7,822

 

 

 

6,505

 

Total revenues

 

23,945

 

 

 

21,467

 

 

 

90,937

 

 

 

83,956

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

Operating costs

 

5,106

 

 

 

6,188

 

 

 

21,311

 

 

 

14,609

 

General and administrative

 

1,856

 

 

 

1,290

 

 

 

6,770

 

 

 

6,679

 

Marketing and advertising

 

164

 

 

 

(114

)

 

 

1,052

 

 

 

1,179

 

Depreciation and amortization

 

141

 

 

 

35

 

 

 

550

 

 

 

58

 

Consolidated funds – hospitality expenses

 

20,993

 

 

 

15,881

 

 

 

80,669

 

 

 

60,667

 

Consolidated funds – other expenses

 

2,405

 

 

 

3,067

 

 

 

9,162

 

 

 

9,213

 

Total expenses

 

30,665

 

 

 

26,347

 

 

 

119,514

 

 

 

92,405

 

 

 

 

 

 

 

 

 

Consolidated funds - gain on sale of real estate investments

 

4,976

 

 

 

 

 

 

4,976

 

 

 

21,530

 

 

 

 

 

 

 

 

 

Other (loss) income, net

 

(1,105

)

 

 

85

 

 

 

374

 

 

 

326

 

Gain on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

1,421

 

Interest income

 

71

 

 

 

66

 

 

 

350

 

 

 

178

 

Interest expense

 

(1,309

)

 

 

(370

)

 

 

(4,717

)

 

 

(1,055

)

Net (loss) income before income taxes

 

(4,087

)

 

 

(5,099

)

 

 

(27,594

)

 

 

13,951

 

Benefit from income taxes

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income

 

(4,087

)

 

 

(5,099

)

 

 

(27,594

)

 

 

13,951

 

Net (loss) income attributable to noncontrolling interests

 

(1,726

)

 

 

(2,630

)

 

 

(14,891

)

 

 

11,931

 

Net (loss) income attributable to CaliberCos Inc.

 

(2,361

)

 

 

(2,469

)

 

 

(12,703

)

 

 

2,020

 

Basic net (loss) income per share attributable to common stockholders

$

(0.11

)

 

$

(0.14

)

 

$

(0.63

)

 

$

0.11

 

Diluted net (loss) income per share attributable to common stockholders

$

(0.11

)

 

$

(0.14

)

 

$

(0.63

)

 

$

0.11

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

Basic

 

21,270

 

 

 

18,213

 

 

 

20,087

 

 

 

18,003

 

Diluted

 

21,270

 

 

 

18,213

 

 

 

20,087

 

 

 

19,822

 

CALIBERCOS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA)

 

 

December 31, 2023

 

December 31, 2022

Assets

 

 

 

Cash

$

940

 

$

1,921

Restricted cash

 

2,569

 

 

23

Real estate investments, net

 

21,492

 

 

2,065

Due from related parties

 

9,759

 

 

9,646

Investments in unconsolidated entities

 

3,338

 

 

3,156

Operating lease - right of use assets

 

193

 

 

1,411

Prepaid and other assets

 

2,781

 

 

5,861

Assets of consolidated funds

 

 

 

Cash

 

2,865

 

 

5,736

Restricted cash

 

11,266

 

 

8,254

Real estate investments, net

 

185,636

 

 

196,177

Accounts receivable, net

 

1,978

 

 

2,228

Notes receivable - related parties

 

34,620

 

 

28,229

Operating lease - right of use assets

 

10,318

 

 

8,769

Prepaid and other assets

 

11,677

 

 

5,358

Total assets

$

299,432

 

$

278,834

CALIBERCOS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA)

 

December 31, 2023

 

December 31, 2022

Liabilities and Stockholders’ Equity

 

 

 

Notes payable

$

53,799

 

 

$

14,653

 

Notes payable - related parties

 

 

 

 

365

 

Accounts payable and accrued expenses

 

8,886

 

 

 

6,374

 

Buyback obligation

 

 

 

 

12,391

 

Due to related parties

 

257

 

 

 

171

 

Operating lease liabilities

 

119

 

 

 

1,587

 

Other liabilities

 

420

 

 

 

64

 

Liabilities of consolidated funds

 

 

 

Notes payable, net

 

129,684

 

 

 

134,256

 

Notes payable - related parties

 

12,055

 

 

 

6,973

 

Accounts payable and accrued expenses

 

11,736

 

 

 

9,252

 

Due to related parties

 

101

 

 

 

68

 

Operating lease liabilities

 

13,957

 

 

 

12,461

 

Other liabilities

 

2,400

 

 

 

3,030

 

Total liabilities

 

233,414

 

 

 

201,645

 

 

 

 

 

Commitments and Contingencies

 

 

 

 

 

 

 

Preferred stock, $0.001 par value; 22,500,000 authorized and no shares issued and outstanding as of December 31, 2023 and 12,500,000 shares authorized and 1,651,302 shares of Series B Preferred Stock issued and outstanding as of December 31, 2022

 

 

 

 

 

Common stock Class A, $0.001 par value; 100,000,000 shares authorized, 13,872,671 and 10,790,787 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively

 

14

 

 

 

11

 

Common stock Class B, $0.001 par value; 15,000,000 shares authorized, 7,416,414 shares issued and outstanding as December 31, 2023 and December 31, 2022

 

7

 

 

 

7

 

Paid-in capital

 

39,432

 

 

 

33,108

 

Less treasury stock, at cost, 277,342 shares repurchased and 3,432,351 forward repurchase shares as of December 31, 2022. As of December 31, 2023, there was no treasury stock or forward repurchase shares

 

 

 

 

(13,626

)

Accumulated deficit

 

(36,830

)

 

 

(22,709

)

Stockholders’ equity (deficit) attributable to CaliberCos Inc.

 

2,623

 

 

 

(3,209

)

Stockholders’ equity attributable to noncontrolling interests

 

63,395

 

 

 

80,398

 

Total stockholders’ equity

 

66,018

 

 

 

77,189

 

Total liabilities and stockholders’ equity

$

299,432

 

 

$

278,834

 

Non-GAAP Measures

We 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.

Fee-Related Earnings and Related Components

Fee-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.

Distributable Earnings

Distributable 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.

Caliber Adjusted EBITDA

Caliber 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 CaliberCos Inc. and is consistent with performance models and analysis used by management.

Consolidated Adjusted EBITDA

Consolidated 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.

NON-GAAP RECONCILIATIONS

(AMOUNTS IN THOUSANDS) (UNAUDITED)

 

 

Three Months Ended December 31,

 

Years Ended December 31,

2023

 

2022

 

2023

 

2022

Net income (loss) attributable to CaliberCos Inc.

$

(2,361

)

 

$

(2,469

)

 

$

(12,703

)

 

$

2,020

 

Net income (loss) attributable to noncontrolling interests

 

(1,726

)

 

 

(2,630

)

 

 

(14,891

)

 

 

11,931

 

Net income (loss)

 

(4,087

)

 

 

(5,099

)

 

 

(27,594

)

 

 

13,951

 

Provision for income taxes

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) before income taxes

 

(4,087

)

 

 

(5,099

)

 

 

(27,594

)

 

 

13,951

 

Depreciation and amortization

 

142

 

 

 

21

 

 

 

551

 

 

 

58

 

Consolidated funds' impact on fee-related earnings

 

1,552

 

 

 

2,865

 

 

 

14,020

 

 

 

(11,551

)

Stock-based compensation

 

709

 

 

 

89

 

 

 

3,726

 

 

 

460

 

Severance

 

 

 

 

 

 

 

19

 

 

 

 

Legal costs

 

 

 

 

 

 

 

 

 

 

525

 

Public registration costs

 

 

 

 

 

 

 

 

 

 

779

 

Performance allocations

 

(1,165

)

 

 

(35

)

 

 

(3,639

)

 

 

(2,543

)

Other expenses (income), net

 

1,105

 

 

 

(85

)

 

 

(374

)

 

 

(326

)

Gain on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

(1,421

)

Interest expense, net

 

1,238

 

 

 

304

 

 

 

4,367

 

 

 

877

 

Fee-related earnings

 

(506

)

 

 

(1,940

)

 

 

(8,924

)

 

 

809

 

Performance allocations

 

1,165

 

 

 

35

 

 

 

3,639

 

 

 

2,543

 

Interest expense, net

 

(1,238

)

 

 

(304

)

 

 

(4,367

)

 

 

(877

)

Provision for income taxes

 

 

 

 

 

 

 

 

 

 

 

Distributable earnings

 

(579

)

 

 

(2,209

)

 

 

(9,652

)

 

 

2,475

 

Interest expense

 

1,309

 

 

 

370

 

 

 

4,717

 

 

 

1,055

 

Share buy-back

 

 

 

 

78

 

 

 

183

 

 

 

313

 

Other expenses (income), net

 

(1,105

)

 

 

85

 

 

 

374

 

 

 

326

 

Provision for income taxes

 

 

 

 

 

 

 

 

 

 

 

Loss on CRAF Investment Redemption

 

1,339

 

 

 

 

 

 

1,339

 

 

 

 

Gain on extinguishment of PPP loans

 

 

 

 

 

 

 

 

 

 

1,421

 

Consolidated funds' impact on Caliber adjusted EBITDA

 

589

 

 

 

(90

)

 

 

1,788

 

 

 

(71

)

Caliber adjusted EBITDA

 

1,553

 

 

 

(1,766

)

 

 

(1,251

)

 

 

5,519

 

Consolidated funds' EBITDA adjustments

 

4,944

 

 

 

2,382

 

 

 

11,419

 

 

 

31,220

 

Consolidated adjusted EBITDA

$

6,497

 

 

$

616

 

 

$

10,168

 

 

$

36,739

 

ASSET MANAGEMENT PLATFORM SEGMENT(1)

(AMOUNTS IN THOUSANDS) (UNAUDITED)

 

 

Year Ended December 31, 2023

 

Year Ended December 31, 2022

 

Unconsolidated (Wholly - Owned)

 

Impact of Consolidated Fund and Eliminations

 

Consolidated

 

Unconsolidated (Wholly - Owned)

 

Impact of Consolidated Fund and Eliminations

 

Consolidated

Revenues

 

 

 

 

 

 

 

 

 

 

 

Asset management

$

16,982

 

 

$

(6,411

)

 

$

10,571

 

 

$

21,575

 

 

$

(6,231

)

 

$

15,344

 

Performance allocations

 

3,656

 

 

 

(17

)

 

 

3,639

 

 

 

2,543

 

 

 

 

 

 

2,543

 

Consolidated funds – hospitality revenue

 

 

 

 

68,905

 

 

 

68,905

 

 

 

 

 

 

59,564

 

 

 

59,564

 

Consolidated funds – other revenue

 

 

 

 

7,822

 

 

 

7,822

 

 

 

 

 

 

6,505

 

 

 

6,505

 

Total revenues

 

20,638

 

 

 

70,299

 

 

 

90,937

 

 

 

24,118

 

 

 

59,838

 

 

 

83,956

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

Operating costs

 

21,808

 

 

 

(497

)

 

 

21,311

 

 

 

14,609

 

 

 

 

 

 

14,609

 

General and administrative

 

6,807

 

 

 

(37

)

 

 

6,770

 

 

 

6,742

 

 

 

(63

)

 

 

6,679

 

Marketing and advertising

 

1,053

 

 

 

(1

)

 

 

1,052

 

 

 

1,179

 

 

 

 

 

 

1,179

 

Depreciation and amortization

 

551

 

 

 

(1

)

 

 

550

 

 

 

44

 

 

 

14

 

 

 

58

 

Consolidated funds – hospitality expenses

 

 

 

 

80,669

 

 

 

80,669

 

 

 

 

 

 

60,667

 

 

 

60,667

 

Consolidated funds – other expenses

 

 

 

 

9,162

 

 

 

9,162

 

 

 

 

 

 

9,213

 

 

 

9,213

 

Total expenses

 

30,219

 

 

 

89,295

 

 

 

119,514

 

 

 

22,574

 

 

 

69,831

 

 

 

92,405

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated funds - other - gain on sale of real estate investments

 

 

 

 

4,976

 

 

 

4,976

 

 

 

 

 

 

21,530

 

 

 

21,530

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expenses), net

 

649

 

 

 

(275

)

 

 

374

 

 

 

256

 

 

 

70

 

 

 

326

 

Interest income

 

1,863

 

 

 

(1,513

)

 

 

350

 

 

 

177

 

 

 

1

 

 

 

178

 

Interest expense

 

(4,716

)

 

 

(1

)

 

 

(4,717

)

 

 

(1,056

)

 

 

1

 

 

 

(1,055

)

Gain on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

1,421

 

 

 

 

 

 

1,421

 

Net (loss) income

$

(11,785

)

 

$

(15,809

)

 

$

(27,594

)

 

$

2,342

 

 

$

11,609

 

 

$

13,951

 

___________________________________________

(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.

ASSET MANAGEMENT PLATFORM SEGMENT(1)

(AMOUNTS IN THOUSANDS) (UNAUDITED)

 

 

Three Months Ended December 31,

 

2023

 

2022

Revenues

 

 

 

Asset management fees

$

6,005

 

 

$

5,387

 

Performance allocations

 

1,182

 

 

 

35

 

Consolidated funds – hospitality revenue

 

 

 

 

 

Consolidated funds – other revenue

 

 

 

 

 

Total revenues

 

7,187

 

 

 

5,422

 

Expenses

 

 

 

Operating costs

 

5,314

 

 

 

6,168

 

General and administrative

 

1,865

 

 

 

1,362

 

Marketing and advertising

 

165

 

 

 

(114

)

Depreciation and amortization

 

34

 

 

 

21

 

Consolidated funds – hospitality expenses

 

 

 

 

 

Consolidated funds – other expenses

 

 

 

 

 

Total expenses

 

7,378

 

 

 

7,437

 

 

 

 

 

Consolidated funds - gain on sale of real estate investments

 

 

 

 

 

 

 

 

 

Other income (expenses), net

 

(830

)

 

 

4

 

Interest income

 

383

 

 

 

65

 

Interest expense

 

(1,307

)

 

 

(370

)

Gain on extinguishment of debt

 

 

 

 

 

Net income

$

(1,945

)

 

$

(2,316

)

___________________________________________

(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.

REVENUE(1)

(AMOUNTS IN THOUSANDS) (UNAUDITED)

 

 

Years Ended December 31,

 

2023

 

2022

Fund set-up fees

$

523

 

$

6,160

Fund management fees

 

9,597

 

 

8,347

Financing fees

 

629

 

 

1,128

Development and construction fees

 

4,984

 

 

3,492

Brokerage fees

 

1,249

 

 

2,448

Total asset management

 

16,982

 

 

21,575

Performance allocations

 

3,656

 

 

2,543

Total revenue

$

20,638

 

$

24,118

___________________________________________

(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.

FV AUM

(AMOUNTS IN THOUSANDS) (UNAUDITED)

 

Balances as of December 31, 2022

$

745,514

 

 

 

Assets acquired(1)

 

29,384

 

 

 

Construction and net market depreciation

 

9,129

 

 

 

Asset sold or disposed(2)

 

(52,710

)

 

 

Credit(3)

 

9,822

 

 

 

Other(4)

 

51

 

 

 

Balances as of December 31, 2023

$

741,190

 

 

 

 

 

 

 

 

December 31,

 

2023

 

2022

Real Estate

 

 

 

Hospitality

$

268,800

 

 

$

319,300

Residential

$

138,000

 

 

$

86,900

Commercial

$

240,400

 

 

$

255,197

Total Real Estate

$

647,200

 

 

$

661,397

Credit(1)

$

84,588

 

 

$

74,766

Other(2)

$

9,402

 

 

$

9,351

Total

$

741,190

 

 

$

745,514

___________________________________________

(1) Assets acquired during the year ended December 31, 2023 include one development asset in Colorado, our headquarters office building, and two multi-family residential assets in Arizona

(2) Assets sold during the year ended December 31, 2023 include lot sales related to a development asset in Colorado, nine homes from our residential fund, and one commercial asset in Arizona

(3) Credit FV AUM represents loans made to Caliber’s investment funds by our diversified credit fund

(4) Other FV AUM represents undeployed capital held in our diversified funds

MANAGED CAPITAL

(AMOUNTS IN THOUSANDS) (UNAUDITED)

 

 

 

Managed Capital

Balances as of December 31, 2022

 

 

$

383,189

 

Originations

 

 

 

74,857

 

Redemptions

 

 

 

(22,962

)

Other(1)

 

 

 

2,541

 

Balances as of December 31, 2023

 

 

$

437,625

 

 

 

 

 

 

 

 

 

 

December 31, 2023

 

December 31, 2022

Real Estate

 

 

 

Hospitality

$

114,407

 

$

102,071

 

Residential

 

74,224

 

 

62,819

 

Commercial

 

155,004

 

 

128,210

 

Total Real Estate(2)

 

343,635

 

 

293,100

 

Credit(3)

 

84,588

 

 

74,766

 

Other(4)

 

9,402

 

 

15,323

 

Total

$

437,625

 

$

383,189

 

_________________________________________

(1) Other represents the inclusion of an investment of one of our funds upon the completion of an equity swap during the year ended December 31, 2023.

(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 December 31, 2023 and December 31, 2022, the Company had invested $18.3 million and $5.4 million, respectively, in our funds.

(3) Credit managed capital represents loans made to Caliber’s investment funds by the Company and our diversified credit fund. As of December 31, 2023, the Company had loaned $8.5 million to our funds. As of December 31, 2022, no amounts had been loaned to our funds from the Company.

(4) Other managed capital represents undeployed capital held in our diversified funds.

 

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