Caliber Reports Fourth Quarter and Full Year 2024 Results
Caliber (NASDAQ: CWD) reported its Q4 and full-year 2024 results, showing mixed performance. Platform revenue increased 1.9% to $21.0 million for full-year 2024, driven by asset management revenue of $20.6 million. However, the company posted a Platform net loss of $19.6 million ($0.89 per share), significantly wider than 2023's loss of $11.8 million.
Q4 2024 saw Platform revenue decline to $4.6 million from $7.2 million year-over-year, with a net loss of $11.6 million ($0.52 per share). The losses were largely impacted by $8.6 million in one-time non-cash allowances and write-downs.
Notable achievements include a 7.2% increase in fair value assets under management to $794.9 million and a 12.5% rise in managed capital to $492.5 million. The company implemented $6 million in annualized cost reductions and refined its strategy to focus on hospitality, multi-family, and multi-tenant industrial assets, aiming for positive net operating income in 2025.
Caliber (NASDAQ: CWD) ha riportato i risultati del quarto trimestre e dell'intero anno 2024, mostrando una performance mista. Il fatturato della piattaforma è aumentato dell'1,9% a $21,0 milioni per l'intero anno 2024, sostenuto dai ricavi della gestione patrimoniale di $20,6 milioni. Tuttavia, l'azienda ha registrato una perdita netta della piattaforma di $19,6 milioni ($0,89 per azione), significativamente più ampia rispetto alla perdita del 2023 di $11,8 milioni.
Nel quarto trimestre del 2024, il fatturato della piattaforma è diminuito a $4,6 milioni dai $7,2 milioni dell'anno precedente, con una perdita netta di $11,6 milioni ($0,52 per azione). Le perdite sono state in gran parte influenzate da $8,6 milioni in accantonamenti non monetari e svalutazioni una tantum.
Tra i risultati notevoli vi è un aumento del 7,2% del valore equo degli attivi in gestione a $794,9 milioni e un
Caliber (NASDAQ: CWD) reportó sus resultados del cuarto trimestre y del año completo 2024, mostrando un desempeño mixto. Los ingresos de la plataforma aumentaron un 1.9% a $21.0 millones para el año completo 2024, impulsados por ingresos de gestión de activos de $20.6 millones. Sin embargo, la compañía reportó una pérdida neta de la plataforma de $19.6 millones ($0.89 por acción), significativamente más amplia que la pérdida de $11.8 millones de 2023.
El cuarto trimestre de 2024 vio una disminución en los ingresos de la plataforma a $4.6 millones desde $7.2 millones interanuales, con una pérdida neta de $11.6 millones ($0.52 por acción). Las pérdidas se vieron en gran medida afectadas por $8.6 millones en provisiones no monetarias y depreciaciones extraordinarias.
Los logros notables incluyen un aumento del 7.2% en el valor razonable de los activos bajo gestión a $794.9 millones y un aumento del 12.5% en el capital gestionado a $492.5 millones. La compañía implementó reducciones de costos anualizadas de $6 millones y refinó su estrategia para centrarse en activos de hospitalidad, multifamiliares y de industria multi-tenant, con el objetivo de lograr un ingreso operativo neto positivo en 2025.
Caliber (NASDAQ: CWD)는 2024년 4분기 및 연간 실적을 발표하며 혼합된 성과를 보였습니다. 플랫폼 수익은 2024년 전체 연도에 대해 1.9% 증가한 $21.0 million을 기록했으며, 이는 자산 관리 수익 $20.6 million에 의해 주도되었습니다. 그러나 회사는 플랫폼에서 $19.6 million ($0.89 per share)의 순손실을 기록했으며, 이는 2023년의 $11.8 million 손실보다 상당히 확대된 수치입니다.
2024년 4분기에는 플랫폼 수익이 전년 대비 $7.2 million에서 $4.6 million으로 감소했으며, 순손실은 $11.6 million ($0.52 per share)에 달했습니다. 손실은 주로 $8.6 million의 일회성 비현금 수당 및 감가상각에 의해 영향을 받았습니다.
주목할 만한 성과로는 관리 자산의 공정 가치가 7.2% 증가하여 $794.9 million에 도달하고, 관리 자본이 12.5% 증가하여 $492.5 million에 이르렀습니다. 회사는 연간 $6 million의 비용 절감을 시행하고, 2025년 긍정적인 순 운영 소득을 목표로 하여 호스피탈리티, 다가구 및 다세대 산업 자산에 집중하는 전략을 세웠습니다.
Caliber (NASDAQ: CWD) a annoncé ses résultats du quatrième trimestre et de l'année complète 2024, montrant une performance mitigée. Les revenus de la plateforme ont augmenté de 1,9 % pour atteindre 21,0 millions de dollars pour l'année complète 2024, soutenus par des revenus de gestion d'actifs de 20,6 millions de dollars. Cependant, la société a enregistré une perte nette de la plateforme de 19,6 millions de dollars (0,89 $ par action), considérablement plus large que la perte de 11,8 millions de dollars de 2023.
Le quatrième trimestre 2024 a vu les revenus de la plateforme diminuer à 4,6 millions de dollars contre 7,2 millions de dollars d'une année sur l'autre, avec une perte nette de 11,6 millions de dollars (0,52 $ par action). Les pertes ont été largement impactées par 8,6 millions de dollars en provisions non monétaires et en amortissements exceptionnels.
Les réalisations notables incluent une augmentation de 7,2 % de la valeur des actifs sous gestion à 794,9 millions de dollars et une augmentation de 12,5 % du capital géré à 492,5 millions de dollars. L'entreprise a mis en œuvre des réductions de coûts annualisées de 6 millions de dollars et a affiné sa stratégie pour se concentrer sur l'hospitalité, les biens multifamiliaux et industriels multi-locataires, visant un revenu net d'exploitation positif en 2025.
Caliber (NASDAQ: CWD) hat seine Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht, die eine gemischte Leistung zeigen. Der Plattformumsatz stieg um 1,9% auf 21,0 Millionen USD für das gesamte Jahr 2024, angetrieben durch Einnahmen aus dem Asset Management von 20,6 Millionen USD. Das Unternehmen verzeichnete jedoch einen Nettoverlust der Plattform von 19,6 Millionen USD (0,89 USD pro Aktie), was deutlich höher ist als der Verlust von 11,8 Millionen USD im Jahr 2023.
Im vierten Quartal 2024 sank der Plattformumsatz auf 4,6 Millionen USD von 7,2 Millionen USD im Vorjahr, mit einem Nettoverlust von 11,6 Millionen USD (0,52 USD pro Aktie). Die Verluste wurden größtenteils durch einmalige nicht monetäre Rückstellungen und Abschreibungen in Höhe von 8,6 Millionen USD beeinflusst.
Bemerkenswerte Erfolge umfassen einen 7,2% Anstieg des fairen Wertes der verwalteten Vermögenswerte auf 794,9 Millionen USD und einen 12,5% Anstieg des verwalteten Kapitals auf 492,5 Millionen USD. Das Unternehmen hat jährliche Kostensenkungen von 6 Millionen USD umgesetzt und seine Strategie verfeinert, um sich auf Hospitality-, Mehrfamilien- und Mehrmieter-Industrieanlagen zu konzentrieren, mit dem Ziel, im Jahr 2025 ein positives Netto-Betriebsergebnis zu erzielen.
- Platform revenue increased 1.9% year-over-year to $21.0M
- Fair value assets under management grew 7.2% to $794.9M
- Managed capital increased 12.5% to $492.5M
- $6M annualized cost reductions implemented
- Secured new funding through preferred stock and promissory note arrangements
- Q4 platform revenue declined 36.1% to $4.6M year-over-year
- Platform net loss widened to $19.6M in 2024 from $11.8M in 2023
- $8.6M one-time non-cash allowances and write-downs in Q4
- Platform Adjusted EBITDA loss increased to $2.7M from $1.3M in 2023
Insights
Caliber's Q4 and FY 2024 results reveal significant financial challenges despite modest top-line growth. The 1.9% annual platform revenue increase to
The fourth quarter results are particularly concerning, with platform revenue declining
On the positive side, the company has grown its assets under management by
The strategic pivot to focus on hospitality, multi-family, and multi-tenant industrial assets—while emphasizing income-producing properties over development projects—represents a tacit acknowledgment that the previous approach wasn't delivering results. The implemented
The company's multiple capital-raising initiatives in early 2025—including
2024 Platform revenue increased
2024 cost reductions position Caliber for improved 2025
Fourth Quarter 2024 (compared to fourth quarter 2023)
-
Platform revenue of
$4.6 million $7.2 million -
Asset management revenue of
$4.6 million - No significant performance allocations were earned, compared to prior period
-
Asset management revenue of
-
Platform net loss of
$11.6 million $0.52 $1.9 million $0.09 -
Losses largely impacted by
$8.6 million
-
Losses largely impacted by
-
Platform Adjusted EBITDA loss of
$1.0 million $1.6 million
Full Year 2024 Platform Financial Highlights (compared to full year 2023)
-
Platform revenue of
$21.0 million $20.6 million -
Asset management revenue of
$20.6 million -
Performance allocations of
$0.4 million
-
Asset management revenue of
-
Platform net loss of
$19.6 million $0.89 $11.8 million $0.59 -
Losses largely impacted by
$8.6 million
-
Losses largely impacted by
-
Platform Adjusted EBITDA loss of
$2.7 million $1.3 million -
Fair value assets under management (“FV AUM”) of
$794.9 million 7.2% increase compared to December 31, 2023, primarily due to the acquisitions of the West Ridge property inColorado and Canyon Corporate Plaza property inArizona , net market appreciation, and construction activity; partially offset by land parcel sales atJohnstown and the sale of a self-storage property -
Managed capital of
$492.5 million 12.5% increase compared to December 31, 2023, with originations of$69.0 million $14.0 million
Management Commentary
“In 2024, we took decisive steps to position Caliber for long-term, sustainable profitability,” said Chris Loeffler, CEO of Caliber. “In May, we began implementing operating cost reductions to realign our expense structure with current market dynamics. These efforts began delivering measurable benefits in the second half of the year, with the full
“Looking ahead, we have refined our strategy to focus on three specific asset classes – hospitality, multi-family and multi-tenant industrial – each of which is well positioned for growth. Additionally, we intend to increase our portfolio of income-producing assets and decrease the number of development projects. We believe this sharper focus will accelerate our path to consistent profitability. In addition, we are seeing early traction in our 1031 exchange program, which offers investors a compelling opportunity to access high-quality, income-generating assets, and we recently closed our first transaction.”
“As we exit a challenging period for commercial real estate investment, we believe we are well-positioned to capitalize on emerging opportunities with a leaner expense structure and more narrowly defined objectives that will help us achieve positive net operating income for the full year 2025.”
Business Update
The following are key milestones completed both during and subsequent to the fourth quarter ended December 31, 2024.
-
On November 26, 2024, Caliber raised capital of
$2.0 million -
On March 17, 2025, Caliber announced it had been qualified by the
U.S. Securities and Exchange Commission to offer Series AA Cumulative Preferred Stock to raise up to$20.0 million $25.00 -
On March 20, 2025, Caliber entered into a securities purchase agreement with Mast Hill Fund L.P. (“Mast”), issuing a senior secured promissory note worth up to
$1,666,666.67 $0.75 $25 million $1.50 - On March 27, 2025, Caliber announced the launch of the Caliber 1031 Exchange, a full-service program that offers accredited investors access to highly curated real estate investment opportunities, enabling them to defer capital gains while diversifying their portfolios.
Fourth Quarter 2024 Consolidated Financial Results (compared to fourth quarter 2023)
-
Total consolidated revenue of
$8.7 million $23.9 million -
Consolidated net loss attributable to Caliber of
$11.4 million $0.51 $2.4 million $0.11 -
Consolidated Adjusted EBITDA of
$1.5 million $6.5 million
Full Year 2024 Consolidated Financial Results (compared to full year 2023)
-
Total consolidated revenue of
$51.1 million $90.9 million -
Consolidated net loss attributable to Caliber of
$19.8 million $0.90 $12.7 million $0.63 -
Consolidated Adjusted EBITDA of
$7.0 million $10.2 million
Conference Call Information
Caliber will host a conference call today, Monday, March 31, 2025, at 5:00 p.m. Eastern Time (ET) to discuss its fourth quarter and full year 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.
Platform Financial Highlights
Within this earnings release, we refer to performance results of the ‘Platform’. Platform refers to the performance of CWD itself, excluding the performance of any assets and funds that are included in our consolidated results, as required by the Generally Accepted Accounting Principles (“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.
While GAAP consolidation rules require CWD to include the performance and cash flows of these assets and funds in our consolidated financial information, CWD does not benefit from the performance of those assets and 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.
Consolidated Financial Results
Caliber’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.
About Caliber (CaliberCos Inc.) (NASDAQ: CWD)
With more than
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, 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.
NON-GAAP RECONCILIATIONS
(AMOUNTS IN THOUSANDS) (UNAUDITED)
The 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 as it includes all revenues and expenses generated by Caliber and its wholly-owned subsidiaries.
ASSET MANAGEMENT PLATFORM(1) (AMOUNTS IN THOUSANDS) (UNAUDITED) |
|||||||||||||||||||||||
|
Year Ended December 31, 2024 |
|
Year Ended December 31, 2023 |
||||||||||||||||||||
|
Unconsolidated
|
|
Impact of
|
|
Consolidated |
|
Unconsolidated
|
|
Impact of
|
|
Consolidated |
||||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Asset management |
$ |
20,563 |
|
|
$ |
(3,684 |
) |
|
$ |
16,879 |
|
|
$ |
16,982 |
|
|
$ |
(6,411 |
) |
|
$ |
10,571 |
|
Performance allocations |
|
379 |
|
|
|
(21 |
) |
|
|
358 |
|
|
|
3,656 |
|
|
|
(17 |
) |
|
|
3,639 |
|
Consolidated funds – hospitality revenue |
|
— |
|
|
|
26,476 |
|
|
|
26,476 |
|
|
|
— |
|
|
|
68,905 |
|
|
|
68,905 |
|
Consolidated funds – other revenue |
|
— |
|
|
|
7,406 |
|
|
|
7,406 |
|
|
|
— |
|
|
|
7,822 |
|
|
|
7,822 |
|
Total revenues |
|
20,942 |
|
|
|
30,177 |
|
|
|
51,119 |
|
|
|
20,638 |
|
|
|
70,299 |
|
|
|
90,937 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating costs |
|
24,904 |
|
|
|
(965 |
) |
|
|
23,939 |
|
|
|
21,808 |
|
|
|
(497 |
) |
|
|
21,311 |
|
General and administrative |
|
6,817 |
|
|
|
(41 |
) |
|
|
6,776 |
|
|
|
6,807 |
|
|
|
(37 |
) |
|
|
6,770 |
|
Marketing and advertising |
|
751 |
|
|
|
— |
|
|
|
751 |
|
|
|
1,053 |
|
|
|
(1 |
) |
|
|
1,052 |
|
Depreciation and amortization |
|
598 |
|
|
|
(5 |
) |
|
|
593 |
|
|
|
551 |
|
|
|
(1 |
) |
|
|
550 |
|
Consolidated funds – hospitality expenses |
|
— |
|
|
|
26,503 |
|
|
|
26,503 |
|
|
|
— |
|
|
|
80,669 |
|
|
|
80,669 |
|
Consolidated funds – other expenses |
|
— |
|
|
|
5,870 |
|
|
|
5,870 |
|
|
|
— |
|
|
|
9,162 |
|
|
|
9,162 |
|
Total expenses |
|
33,070 |
|
|
|
31,362 |
|
|
|
64,432 |
|
|
|
30,219 |
|
|
|
89,295 |
|
|
|
119,514 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Consolidated funds - other - gain on sale of real estate investments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,976 |
|
|
|
4,976 |
|
Other income (expenses), net |
|
(2,654 |
) |
|
|
(439 |
) |
|
|
(3,093 |
) |
|
|
649 |
|
|
|
(275 |
) |
|
|
374 |
|
Interest income |
|
559 |
|
|
|
(199 |
) |
|
|
360 |
|
|
|
1,863 |
|
|
|
(1,513 |
) |
|
|
350 |
|
Interest expense |
|
(5,424 |
) |
|
|
— |
|
|
|
(5,424 |
) |
|
|
(4,716 |
) |
|
|
(1 |
) |
|
|
(4,717 |
) |
Net (loss) before income taxes |
$ |
(19,647 |
) |
|
$ |
(1,823 |
) |
|
$ |
(21,470 |
) |
|
$ |
(11,785 |
) |
|
$ |
(15,809 |
) |
|
$ |
(27,594 |
) |
Provision for income taxes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net income (loss) |
|
(19,647 |
) |
|
|
(1,823 |
) |
|
|
(21,470 |
) |
|
|
(11,785 |
) |
|
|
(15,809 |
) |
|
|
(27,594 |
) |
Net income attributable to noncontrolling interests |
|
— |
|
|
|
(1,693 |
) |
|
|
(1,693 |
) |
|
|
— |
|
|
|
(14,891 |
) |
|
|
(14,891 |
) |
Net income (loss) attributable to CaliberCos Inc. |
$ |
(19,647 |
) |
|
$ |
(130 |
) |
|
$ |
(19,777 |
) |
|
$ |
(11,785 |
) |
|
$ |
(918 |
) |
|
$ |
(12,703 |
) |
Basic Platform income per share |
$ |
(0.89 |
) |
|
|
|
$ |
(0.90 |
) |
|
$ |
(0.59 |
) |
|
|
|
$ |
(0.63 |
) |
||||
Diluted Platform income per share |
$ |
(0.89 |
) |
|
|
|
$ |
(0.90 |
) |
|
$ |
(0.59 |
) |
|
|
|
$ |
(0.63 |
) |
||||
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Basic |
|
21,986 |
|
|
|
|
|
21,986 |
|
|
|
20,087 |
|
|
|
|
|
20,087 |
|
||||
Diluted |
|
21,986 |
|
|
|
|
|
21,986 |
|
|
|
20,087 |
|
|
|
|
|
20,087 |
|
||||
__________________________________________ |
|||||||||||||||||||||||
(1) Represents the results of our asset management platform, which are presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminates noncontrolling interest. |
|||||||||||||||||||||||
ASSET MANAGEMENT PLATFORM(1) (AMOUNTS IN THOUSANDS) (UNAUDITED) |
|||||||||||
|
Three Months Ended December 31, 2024 |
||||||||||
|
Platform |
|
Impact of Consolidated Fund and Eliminations |
|
Consolidated |
||||||
Revenues |
|
|
|
|
|
||||||
Asset management |
$ |
4,587 |
|
|
$ |
(634 |
) |
|
$ |
3,953 |
|
Performance allocations |
|
1 |
|
|
|
— |
|
|
|
1 |
|
Consolidated funds – hospitality revenue |
|
— |
|
|
|
2,943 |
|
|
|
2,943 |
|
Consolidated funds – other revenue |
|
— |
|
|
|
1,790 |
|
|
|
1,790 |
|
Total revenues |
|
4,588 |
|
|
|
4,099 |
|
|
|
8,687 |
|
Expenses |
|
|
|
|
|
||||||
Operating costs |
|
8,933 |
|
|
|
(383 |
) |
|
|
8,550 |
|
General and administrative |
|
1,327 |
|
|
|
(11 |
) |
|
|
1,316 |
|
Marketing and advertising |
|
243 |
|
|
|
1 |
|
|
|
244 |
|
Depreciation and amortization |
|
151 |
|
|
|
3 |
|
|
|
154 |
|
Consolidated funds – hospitality expenses |
|
— |
|
|
|
3,312 |
|
|
|
3,312 |
|
Consolidated funds – other expenses |
|
— |
|
|
|
465 |
|
|
|
465 |
|
Total expenses |
|
10,654 |
|
|
|
3,387 |
|
|
|
14,041 |
|
|
|
|
|
|
|
||||||
Other income (expenses), net |
|
(4,122 |
) |
|
|
14 |
|
|
|
(4,108 |
) |
Interest income |
|
45 |
|
|
|
(10 |
) |
|
|
35 |
|
Interest expense |
|
(1,466 |
) |
|
|
— |
|
|
|
(1,466 |
) |
Net income (loss) before income taxes |
$ |
(11,609 |
) |
|
$ |
716 |
|
|
$ |
(10,893 |
) |
Provision for income taxes |
|
— |
|
|
|
— |
|
|
|
— |
|
Net income (loss) |
|
(11,609 |
) |
|
|
716 |
|
|
|
(10,893 |
) |
Net income attributable to noncontrolling interests |
|
— |
|
|
|
495 |
|
|
|
495 |
|
Net income (loss) attributable to CaliberCos Inc. |
$ |
(11,609 |
) |
|
$ |
221 |
|
|
$ |
(11,388 |
) |
Basic Platform income per share |
$ |
(0.52 |
) |
|
|
|
$ |
(0.51 |
) |
||
Diluted Platform income per share |
$ |
(0.52 |
) |
|
|
|
$ |
(0.51 |
) |
||
Weighted average common shares outstanding: |
|
|
|
|
|
||||||
Basic |
|
22,456 |
|
|
|
|
|
22,456 |
|
||
Diluted |
|
22,456 |
|
|
|
|
|
22,456 |
|
||
___________________________________________ |
|||||||||||
(1) Represents the results of our asset management platform, which are presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminate noncontrolling interest. |
|||||||||||
|
Three Months Ended December 31, 2023 |
||||||||
|
Platform |
Impact of Consolidated Fund and Eliminations |
Consolidated |
||||||
Revenues |
|
|
|
||||||
Asset management |
$ |
6,005 |
|
$ |
(1,680 |
) |
$ |
4,325 |
|
Performance allocations |
|
1,182 |
|
|
(17 |
) |
|
1,165 |
|
Consolidated funds – hospitality revenue |
|
— |
|
|
16,897 |
|
|
16,897 |
|
Consolidated funds – other revenue |
|
— |
|
|
1,558 |
|
|
1,558 |
|
Total revenues |
|
7,187 |
|
|
16,758 |
|
|
23,945 |
|
Expenses |
|
|
|
||||||
Operating costs |
|
5,896 |
|
|
(790 |
) |
|
5,106 |
|
General and administrative |
|
2,148 |
|
|
(292 |
) |
|
1,856 |
|
Marketing and advertising |
|
166 |
|
|
(2 |
) |
|
164 |
|
Depreciation and amortization |
|
354 |
|
|
(213 |
) |
|
141 |
|
Consolidated funds – hospitality expenses |
|
— |
|
|
20,993 |
|
|
20,993 |
|
Consolidated funds – other expenses |
|
— |
|
|
2,405 |
|
|
2,405 |
|
Total expenses |
|
8,564 |
|
|
22,101 |
|
|
30,665 |
|
|
|
|
|
||||||
| Consolidated funds – Other - gain on sale of real estate investments | 4,976 |
4,976 |
|||||||
Other income (expenses), net |
|
355 |
|
|
(1,460 |
) |
|
(1,105 |
) |
Interest income |
|
384 |
|
|
(313 |
) |
|
71 |
|
Interest expense |
|
(1,307 |
) |
|
(2 |
) |
|
(1,309 |
) |
Net loss before income taxes |
$ |
(1,945 |
) |
$ |
(2,142 |
) |
$ |
(4,087 |
) |
Provision for income taxes |
|
— |
|
|
— |
|
|
— |
|
Net loss |
|
(1,945 |
) |
|
(2,142 |
) |
|
(4,087 |
) |
Net loss attributable to noncontrolling interests |
|
— |
|
|
(1,726 |
) |
|
(1,726 |
) |
Net loss attributable to CaliberCos Inc. |
$ |
(1,945 |
) |
$ |
(416 |
) |
$ |
(2,361 |
) |
Basic and Diluted Platform loss per share |
$ |
(0.09 |
) |
|
$ |
(0.11 |
) |
||
Weighted average common shares outstanding: |
|
|
|
||||||
Basic and diluted |
|
21,270 |
|
|
|
21,270 |
|
||
| PLATFORM REVENUE(1)
(AMOUNTS IN THOUSANDS) (UNAUDITED) |
||||||
|
Three Months Ended December 31, |
|||||
|
|
2024 |
|
|
2023 |
|
Fund set-up fees |
$ |
— |
|
$ |
53 |
|
Fund management fees |
|
2,844 |
|
|
2,461 |
|
Financing fees |
|
34 |
|
|
(2 |
) |
Development and construction fees |
|
1,685 |
|
|
2,856 |
|
Brokerage fees |
|
24 |
|
|
637 |
|
Total asset management |
|
4,587 |
|
|
6,005 |
|
Performance allocations |
|
1 |
|
|
1,182 |
|
Total revenue |
$ |
4,588 |
|
$ |
7,187 |
|
___________________________________________ |
||||||
(1) Represents the results of our asset management platform, which are presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminates noncontrolling interest. |
||||||
FVAUM and Managed Capital (UNAUDITED)
The 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.
| FV AUM
(AMOUNTS IN THOUSANDS) (UNAUDITED) |
|||
Balances as of December 31, 2023 |
$ |
741,190 |
|
CHT contribution |
|
29,900 |
|
Construction and net market appreciation |
|
10,971 |
|
Assets sold(3) |
|
(12,771 |
) |
Credit(1) |
|
(781 |
) |
Other(2) |
|
(1,771 |
) |
Balances as of March 31, 2024 |
|
766,738 |
|
Assets acquired(4) |
|
14,000 |
|
Construction and net market appreciation |
|
27,994 |
|
Assets sold or disposed(3) |
|
(22,994 |
) |
Credit(1) |
|
(12,835 |
) |
Other(2) |
|
310 |
|
Balances as of June 30, 2024 |
|
773,213 |
|
Assets acquired(4) |
|
20,590 |
|
Construction and net market appreciation |
|
11,910 |
|
Credit(1) |
|
(431 |
) |
Other(2) |
|
1,679 |
|
Balances as of September 30, 2024 |
$ |
806,961 |
|
Construction and net market appreciation |
|
(10,200 |
) |
Credit(1) |
|
1,810 |
|
Other(2) |
|
(3,648 |
) |
Balances as of December 31, 2024 |
$ |
794,923 |
|
|
|
||
FV AUM, by asset class (AMOUNTS IN THOUSANDS) (UNAUDITED) |
|||||
|
December 31, 2024 |
|
December 31, 2023 |
||
Real Estate |
|
|
|
||
Hospitality |
$ |
68,500 |
|
$ |
67,200 |
Caliber Hospitality Trust |
|
236,800 |
|
|
201,600 |
Residential |
|
161,700 |
|
|
138,000 |
Commercial |
|
249,600 |
|
|
240,400 |
Total Real Estate |
|
716,600 |
|
|
647,200 |
Credit(1) |
|
72,351 |
|
|
84,588 |
Other(2) |
|
5,972 |
|
|
9,402 |
Total |
$ |
794,923 |
|
$ |
741,190 |
___________________________________________ |
|||||
(1) Other FV AUM represents undeployed capital held in our diversified funds. |
|||||
(2) Credit FV AUM represents loans made to Caliber’s investment funds by our diversified credit fund. |
|||||
(3) Assets sold during the year ended December 31, 2024, include a commercial asset, lot sales related to two development assets in |
|||||
(4) Assets acquired during the year ended December 31, 2024, include West Ridge, a 133 acre mixed-use land development in |
|||||
MANAGED CAPITAL (AMOUNTS IN THOUSANDS) (UNAUDITED) |
|||||||
|
|
|
|
Managed Capital |
|||
Balances as of December 31, 2023 |
|
|
|
$ |
437,625 |
|
|
Originations |
|
|
|
|
19,099 |
|
|
Return of capital |
|
|
|
|
(2,819 |
) |
|
Balances as of March 31, 2024 |
|
|
|
|
453,905 |
|
|
Originations |
|
|
|
|
18,936 |
|
|
Return of capital |
|
|
|
|
(3,041 |
) |
|
Balances as of June 30, 2024 |
|
|
|
|
469,800 |
|
|
Originations |
|
|
|
|
23,372 |
|
|
Return of capital |
|
|
|
|
(7,900 |
) |
|
Balances as of September 30, 2024 |
|
|
|
$ |
485,272 |
|
|
Originations |
|
|
|
|
7,552 |
|
|
Return of capital |
|
|
|
|
(282 |
) |
|
Balances as of December 31, 2024 |
|
|
|
$ |
492,542 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|||
|
|
December 31, 2024 |
|
December 31, 2023 |
|||
Real Estate |
|
|
|
|
|||
Hospitality |
|
$ |
49,260 |
|
$ |
43,660 |
|
Caliber Hospitality Trust(1) |
|
|
97,414 |
|
|
70,747 |
|
Residential |
|
|
96,687 |
|
|
74,224 |
|
Commercial |
|
|
170,858 |
|
|
155,004 |
|
Total Real Estate(2) |
|
|
414,219 |
|
|
343,635 |
|
Credit(3) |
|
|
72,351 |
|
|
84,588 |
|
Other(4) |
|
|
5,972 |
|
|
9,402 |
|
Total |
|
$ |
492,542 |
|
$ |
437,625 |
|
_________________________________________ |
|||||||
(1) The Company earns a fund management fee of |
|||||||
(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, 2024, and December 31, 2023, the Company had invested |
|||||||
(3) Credit managed capital represents loans made to Caliber’s investment funds by the Company and our diversified funds. As of December 31, 2024, and December 31, 2023, the Company had loaned |
|||||||
(4) Other managed capital represents undeployed capital held in our diversified funds. |
|||||||
Consolidated GAAP Results
The 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.
CALIBERCOS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA) |
|||||||||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
(unaudited) |
|
|
||||||||||||
Revenues |
|
|
|
|
|
|
|
||||||||
Asset management revenues |
$ |
3,953 |
|
|
$ |
4,325 |
|
|
$ |
16,879 |
|
|
$ |
10,571 |
|
Performance allocations |
|
1 |
|
|
|
1,165 |
|
|
|
358 |
|
|
|
3,639 |
|
Consolidated funds – hospitality revenues |
|
2,943 |
|
|
|
16,897 |
|
|
|
26,476 |
|
|
|
68,905 |
|
Consolidated funds – other revenues |
|
1,790 |
|
|
|
1,558 |
|
|
|
7,406 |
|
|
|
7,822 |
|
Total revenues |
|
8,687 |
|
|
|
23,945 |
|
|
|
51,119 |
|
|
|
90,937 |
|
|
|
|
|
|
|
|
|
||||||||
Expenses |
|
|
|
|
|
|
|
||||||||
Operating costs |
|
8,550 |
|
|
|
5,106 |
|
|
|
23,939 |
|
|
|
21,311 |
|
General and administrative |
|
1,316 |
|
|
|
1,856 |
|
|
|
6,776 |
|
|
|
6,770 |
|
Marketing and advertising |
|
244 |
|
|
|
164 |
|
|
|
751 |
|
|
|
1,052 |
|
Depreciation and amortization |
|
154 |
|
|
|
141 |
|
|
|
593 |
|
|
|
550 |
|
Consolidated funds – hospitality expenses |
|
3,312 |
|
|
|
20,993 |
|
|
|
26,503 |
|
|
|
80,669 |
|
Consolidated funds – other expenses |
|
465 |
|
|
|
2,405 |
|
|
|
5,870 |
|
|
|
9,162 |
|
Total expenses |
|
14,041 |
|
|
|
30,665 |
|
|
|
64,432 |
|
|
|
119,514 |
|
|
|
|
|
|
|
|
|
||||||||
Consolidated funds - gain on sale of real estate investments |
|
— |
|
|
|
4,976 |
|
|
|
— |
|
|
|
4,976 |
|
|
|
|
|
|
|
|
|
||||||||
Other (loss) income, net |
|
(4,108 |
) |
|
|
(1,105 |
) |
|
|
(3,093 |
) |
|
|
374 |
|
Gain on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Interest income |
|
35 |
|
|
|
71 |
|
|
|
360 |
|
|
|
350 |
|
Interest expense |
|
(1,466 |
) |
|
|
(1,309 |
) |
|
|
(5,424 |
) |
|
|
(4,717 |
) |
Net (loss) income before income taxes |
|
(10,893 |
) |
|
|
(4,087 |
) |
|
|
(21,470 |
) |
|
|
(27,594 |
) |
Benefit from income taxes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net (loss) income |
|
(10,893 |
) |
|
|
(4,087 |
) |
|
|
(21,470 |
) |
|
|
(27,594 |
) |
Net (loss) income attributable to noncontrolling interests |
|
495 |
|
|
|
(1,726 |
) |
|
|
(1,693 |
) |
|
|
(14,891 |
) |
Net (loss) income attributable to CaliberCos Inc. |
|
(11,388 |
) |
|
|
(2,361 |
) |
|
|
(19,777 |
) |
|
|
(12,703 |
) |
Basic net (loss) income per share attributable to common stockholders |
$ |
(0.51 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.90 |
) |
|
$ |
(0.63 |
) |
Diluted net (loss) income per share attributable to common stockholders |
$ |
(0.51 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.90 |
) |
|
$ |
(0.63 |
) |
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
22,456 |
|
|
|
21,270 |
|
|
|
21,986 |
|
|
|
20,087 |
|
Diluted |
|
22,456 |
|
|
|
21,270 |
|
|
|
21,986 |
|
|
|
20,087 |
|
CALIBERCOS INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA) |
|||||
|
December 31, 2024 |
|
December 31, 2023 |
||
|
(unaudited) |
|
|
||
Assets |
|
|
|
||
Cash |
$ |
1,766 |
|
$ |
940 |
Restricted cash |
|
2,582 |
|
|
2,569 |
Real estate investments, net |
|
21,572 |
|
|
21,492 |
Notes receivable - related parties |
|
— |
|
|
— |
Due from related parties |
|
7,070 |
|
|
9,759 |
Investments in unconsolidated entities |
|
15,643 |
|
|
3,338 |
Operating lease - right of use assets |
|
147 |
|
|
193 |
Prepaid and other assets |
|
3,501 |
|
|
2,781 |
Assets of consolidated funds |
|
|
|
||
Cash |
|
549 |
|
|
2,865 |
Restricted cash |
|
— |
|
|
11,266 |
Real estate investments, net |
|
45,090 |
|
|
185,636 |
Accounts receivable, net |
|
163 |
|
|
1,978 |
Notes receivable - related parties |
|
6,848 |
|
|
34,620 |
Due from related parties |
|
320 |
|
|
12 |
Operating lease - right of use assets |
|
— |
|
|
10,318 |
Prepaid and other assets |
|
284 |
|
|
11,665 |
Total assets |
$ |
105,535 |
|
$ |
299,432 |
CALIBERCOS INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA) |
|||||||
|
December 31, 2024 |
|
December 31, 2023 |
||||
Liabilities and Stockholders’ Equity |
|
|
|
||||
Notes payable |
$ |
50,450 |
|
|
$ |
53,799 |
|
Accounts payable and accrued expenses |
|
9,532 |
|
|
|
8,886 |
|
Due to related parties |
|
313 |
|
|
|
257 |
|
Operating lease liabilities |
|
93 |
|
|
|
119 |
|
Other liabilities |
|
750 |
|
|
|
420 |
|
Liabilities of consolidated funds |
|
|
|
||||
Notes payable, net |
|
29,172 |
|
|
|
129,684 |
|
Notes payable - related parties |
|
2,047 |
|
|
|
12,055 |
|
Accounts payable and accrued expenses |
|
1,207 |
|
|
|
11,736 |
|
Due to related parties |
|
79 |
|
|
|
101 |
|
Operating lease liabilities |
|
— |
|
|
|
13,957 |
|
Other liabilities |
|
639 |
|
|
|
2,400 |
|
Total liabilities |
|
94,282 |
|
|
|
233,414 |
|
|
|
|
|
||||
Commitments and Contingencies (Note 12) |
|
|
|
||||
|
|
|
|
||||
Common stock Class A, |
|
15 |
|
|
|
14 |
|
Common stock Class B, |
|
7 |
|
|
|
7 |
|
Paid-in capital |
|
43,996 |
|
|
|
39,432 |
|
Accumulated deficit |
|
(56,607 |
) |
|
|
(36,830 |
) |
Stockholders’ (deficit) equity attributable to CaliberCos Inc. |
|
(12,589 |
) |
|
|
2,623 |
|
Stockholders’ equity attributable to noncontrolling interests |
|
23,842 |
|
|
|
63,395 |
|
Total stockholders’ equity |
|
11,253 |
|
|
|
66,018 |
|
Total liabilities and stockholders’ equity |
$ |
105,535 |
|
|
$ |
299,432 |
|
Definitions
Assets Under Management
AUM refers to the assets we manage or sponsor. We monitor two types of information with regard to our AUM:
- Managed 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.
- Fair Value (“FV”) AUM – we define this is 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.
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
Asset Management Platform or Platform
Platform refers to the performance of the Caliber asset management platform, 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.
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.
Platform Earnings
Platform Earnings represents the performance of the Caliber asset management platform, which generates revenues and expenses from managing our investment portfolio, excluding any consolidated assets or funds.
Platform Earnings per Share
Platform Earnings per Share is calculated as Platform Earnings divided by weighted average CWD common shares outstanding.
Platform Adjusted EBITDA
Platform 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.
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 ADJUSTED EBITDA (AMOUNTS IN THOUSANDS) (UNAUDITED) |
|||||||||||||||
|
Three Months Ended
|
|
Year Ended December 31, |
||||||||||||
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
Net income (loss) attributable to CaliberCos Inc. |
$ |
(11,388 |
) |
|
$ |
(2,361 |
) |
|
$ |
(19,777 |
) |
|
$ |
(12,703 |
) |
Net income (loss) attributable to noncontrolling interests |
|
495 |
|
|
|
(1,726 |
) |
|
|
(1,693 |
) |
|
|
(14,891 |
) |
Net income (loss) |
|
(10,893 |
) |
|
|
(4,087 |
) |
|
|
(21,470 |
) |
|
|
(27,594 |
) |
Provision for income taxes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net income (loss) before income taxes |
|
(10,893 |
) |
|
|
(4,087 |
) |
|
|
(21,470 |
) |
|
|
(27,594 |
) |
Depreciation and amortization |
|
151 |
|
|
|
142 |
|
|
|
598 |
|
|
|
551 |
|
Consolidated funds' impact on fee-related earnings |
|
(712 |
) |
|
|
1,552 |
|
|
|
1,185 |
|
|
|
14,020 |
|
Stock-based compensation |
|
656 |
|
|
|
709 |
|
|
|
2,378 |
|
|
|
3,726 |
|
Severance |
|
41 |
|
|
|
— |
|
|
|
244 |
|
|
|
19 |
|
Performance allocations |
|
(1 |
) |
|
|
(1,165 |
) |
|
|
(358 |
) |
|
|
(3,639 |
) |
Other (income) expenses, net |
|
(196 |
) |
|
|
1,105 |
|
|
|
(1,211 |
) |
|
|
(374 |
) |
Investments impairment |
|
4,304 |
|
|
|
— |
|
|
|
4,304 |
|
|
|
— |
|
Bad debt expense |
|
4,079 |
|
|
|
— |
|
|
|
4,079 |
|
|
|
— |
|
Interest expense, net |
|
1,421 |
|
|
|
1,238 |
|
|
|
4,865 |
|
|
|
4,367 |
|
Fee-related earnings |
|
(1,150 |
) |
|
|
(506 |
) |
|
|
(5,386 |
) |
|
|
(8,924 |
) |
Performance allocations |
|
1 |
|
|
|
1,165 |
|
|
|
358 |
|
|
|
3,639 |
|
Interest expense, net |
|
(1,421 |
) |
|
|
(1,238 |
) |
|
|
(4,865 |
) |
|
|
(4,367 |
) |
Provision for income taxes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Distributable earnings |
|
(2,570 |
) |
|
|
(579 |
) |
|
|
(9,893 |
) |
|
|
(9,652 |
) |
Interest expense |
|
1,466 |
|
|
|
1,309 |
|
|
|
5,424 |
|
|
|
4,717 |
|
Share buy-back |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
183 |
|
Other expenses (income), net |
|
196 |
|
|
|
(1,105 |
) |
|
|
1,211 |
|
|
|
374 |
|
Provision for income taxes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Loss on CRAF Investment |
|
— |
|
|
|
1,339 |
|
|
|
— |
|
|
|
1,339 |
|
Consolidated funds' impact on Caliber adjusted EBITDA |
|
(94 |
) |
|
|
589 |
|
|
|
548 |
|
|
|
1,788 |
|
Platform adjusted EBITDA |
|
(1,002 |
) |
|
|
1,553 |
|
|
|
(2,710 |
) |
|
|
(1,251 |
) |
Consolidated funds' EBITDA adjustments |
|
2,517 |
|
|
|
4,944 |
|
|
|
9,694 |
|
|
|
11,419 |
|
Consolidated adjusted EBITDA |
$ |
1,515 |
|
|
$ |
6,497 |
|
|
$ |
6,984 |
|
|
$ |
10,168 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250331437772/en/
Caliber:
Victoria Rotondo
+1 480-295-7600
Victoria.Rotondo@caliberco.com
Investor Relations:
Lisa Fortuna, Financial Profiles
+1 310-622-8251
ir@caliberco.com
Media Relations:
Kelly McAndrew, Financial Profiles
+1 310-622-8239
KMcAndrew@finprofiles.com
Source: Caliber
FAQ
What caused Caliber (CWD) to report increased losses in Q4 2024?
How much did Caliber's (CWD) assets under management grow in 2024?
What strategic changes is Caliber (CWD) implementing for 2025?
What was Caliber's (CWD) platform revenue performance in 2024?
