Caliber Reports Second Quarter 2023 Results
- FV AUM grows by 29.4% YoY to $825.3M
- AM revenue up 9.8%
- AM revenue run rate increases $1.3M
- Net loss of $5.7M
Grows FV AUM by
Grows AM Revenue by
Second Quarter 2023 Financial Results, Compared to Second Quarter 2022
-
Total revenues of
$20.4 million 9.4% increase -
Asset management (“AM”) revenue(1) of
$2.4 million 9.8% increase; asset management revenue run rate(1) increases to$9.6 million 15.3% increase as compared to the full year results in 2022 -
Net loss attributable to Caliber of
$5.7 million $0.29 $0.5 million $0.03 -
Caliber Adjusted EBITDA(2) loss of
$2.3 million $0.5 million -
Fair value assets under management(3) (“FV AUM”) of
$825.3 million 29.4% year-over-year increase -
Managed capital(4) of
$401.8 million 24.1% year-over-year increase
Management Commentary
“In the second quarter, our team executed well on our strategic plan. We successfully completed our IPO in May, delivered year-over-year consolidated revenue growth of
“During the quarter, we continued to make strategic investments in our business to position Caliber for sustained growth. We expanded our overall sales force and built out our wholesale team to significantly expand the distribution of our funds in the Registered Investment Advisor (RIA) and independent broker-dealer channels. Simultaneously, we developed new funds and investment products for both the private and wholesale channels that will enhance our ability to capitalize on the growing number of attractive real estate investment opportunities created by this elevated interest rate environment, where access to attractively priced capital is a challenge for many property owners. While these investments increased the current period expenses, we believe they are critical to supporting our strategic plan to accelerate AUM, increase our annualized asset management revenue run rate and capture distressed real estate investment opportunities.”
“We continue to make great strides in building out Caliber Hospitality Trust (“CHT”), our externally advised private hospitality company. We signed our first third-party contribution agreement with L.T.D. Hospitality Group through which it will contribute nine hotel properties to CHT. Upon closing, this addition will more than double the value of CHT’s current portfolio to
Business Update
The following are key milestones completed both during and subsequent to the second quarter ended June 30, 2023.
-
On May 19, 2023, as previously disclosed, Caliber successfully completed its initial public offering raising
$4.8 million $4.00 - On June 30, 2023, Caliber reached an agreement with L.T.D. Hospitality Group LLC (“L.T.D.”) in which L.T.D. will contribute nine hotel properties to its subsidiary, Caliber Hospitality Trust. The transaction is subject to customary closing conditions and is expected to close before the end of the year.
- As of June 30, 2023, Caliber is actively developing 2,460 multifamily units, 2,300 single family units, 2.5 million square feet of commercial and industrial, and 1.3 million square feet of office and retail.
-
On July 19, 2023, Caliber sold 38 lots in its Ridge at
Johnstown, CO project for$3.8 million
Summary of Consolidated Results
Second Quarter 2023 Consolidated Financial Review
Total revenues for the second quarter of 2023 increased
Asset management fees were
Total expenses for the second quarter of 2023 were
Net loss for the second quarter of 2023 was
After adjusting for net income attributable to noncontrolling interests, net loss attributable to the Company for the second quarter of 2023 was
Caliber’s business is organized into three reportable segments: Fund Management, Development, and Brokerage. The following highlights results from each of those segments. For segment reporting purposes, revenues, expenses, and Caliber Adjusted EBITDA are presented on a basis that deconsolidates the consolidated funds. As a result, segment amounts are different than those presented on a consolidated basis in accordance with
Second Quarter Segment Performance
Total segment revenues for the second quarter of 2023 decreased
Fund Management Segment
Total fund management segment revenues for the second quarter of 2023 were
Total fund management segment expenses for the second quarter of 2023 were
Fund management segment net loss for the second quarter of 2023 was
Development Segment
Development segment revenues for the second quarter of 2023 were
Development segment expenses for the second quarter of 2023 were
Development segment net income for the second quarter of 2023 was
Brokerage Segment
Brokerage segment revenues for the second quarter of 2023 were
Brokerage segment expenses for the second quarter of 2023 were
Brokerage segment net income for the second quarter of 2023 was
Managed Capital
Managed capital as of June 30, 2023 was
FV AUM
Fair value assets under management as of June 30, 2023 were
Balance Sheet and Liquidity
The Company, excluding consolidated funds, ended the quarter with
(1) |
Asset management revenue run rate is an estimate that annualizes asset management revenue, which are on a basis that deconsolidates the consolidated funds, for the month ended June 30, 2023. |
|
(2) |
Caliber Adjusted EBITDA is a non-GAAP financial measure. See “Non-GAAP Financial Measures” below. |
|
(3) |
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 June 30, 2023. |
|
(4) |
Managed capital is defined as the total equity capital raised by the Company from investors for its investment funds as of June 30, 2023. |
About CaliberCos Inc.
Caliber (NASDAQ: CWD) is an alternative asset management firm whose purpose is to build generational wealth for investors seeking to access opportunities in real estate. Caliber differentiates itself by creating, managing, and servicing proprietary products, including middle-market investment funds, private syndications, and direct investments, which are managed by our in-house asset services group. The Company leverages access to both the public and private markets to maximize value for its customers and funds. Our funds include investment vehicles focused primarily on real estate, private equity, and debt facilities. Additional information can be found at Caliberco.com and CaliberFunds.co.
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 closing of the transaction with L.T.D. Hospitality Group LLC. 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 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA) |
|||||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Revenues |
|
|
|
|
|
|
|
||||||||
Asset management fees |
$ |
1,229 |
|
|
$ |
1,135 |
|
|
$ |
2,511 |
|
|
$ |
2,066 |
|
Performance allocations |
|
12 |
|
|
|
103 |
|
|
|
2,438 |
|
|
|
2,405 |
|
Transaction and advisory fees |
|
665 |
|
|
|
1,750 |
|
|
|
1,419 |
|
|
|
2,371 |
|
Consolidated funds – hospitality revenue |
|
16,273 |
|
|
|
14,242 |
|
|
|
39,482 |
|
|
|
32,813 |
|
Consolidated funds – other revenue |
|
2,266 |
|
|
|
1,451 |
|
|
|
4,117 |
|
|
|
3,328 |
|
Total revenues |
|
20,445 |
|
|
|
18,681 |
|
|
|
49,967 |
|
|
|
42,983 |
|
|
|
|
|
|
|
|
|
||||||||
Expenses |
|
|
|
|
|
|
|
||||||||
Operating costs |
|
6,820 |
|
|
|
2,829 |
|
|
|
11,324 |
|
|
|
5,218 |
|
General and administrative |
|
1,426 |
|
|
|
2,149 |
|
|
|
3,242 |
|
|
|
4,137 |
|
Marketing and advertising |
|
325 |
|
|
|
765 |
|
|
|
678 |
|
|
|
1,005 |
|
Depreciation and amortization |
|
137 |
|
|
|
7 |
|
|
|
269 |
|
|
|
16 |
|
Consolidated funds – hospitality expenses |
|
20,749 |
|
|
|
12,685 |
|
|
|
41,032 |
|
|
|
29,826 |
|
Consolidated funds – other expenses |
|
1,949 |
|
|
|
2,030 |
|
|
|
3,874 |
|
|
|
4,469 |
|
Total expenses |
|
31,406 |
|
|
|
20,465 |
|
|
|
60,419 |
|
|
|
44,671 |
|
|
|
|
|
|
|
|
|
||||||||
Consolidated funds - gain on sale of real estate investments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
21,530 |
|
|
|
|
|
|
|
|
|
||||||||
Other income (loss), net |
|
546 |
|
|
|
(3 |
) |
|
|
1,065 |
|
|
|
216 |
|
Interest income |
|
96 |
|
|
|
3 |
|
|
|
194 |
|
|
|
3 |
|
Interest expense |
|
(1,261 |
) |
|
|
(175 |
) |
|
|
(2,092 |
) |
|
|
(344 |
) |
Net (loss) income before income taxes |
|
(11,580 |
) |
|
|
(1,959 |
) |
|
|
(11,285 |
) |
|
|
19,717 |
|
Provision for income taxes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net (loss) income |
|
(11,580 |
) |
|
|
(1,959 |
) |
|
|
(11,285 |
) |
|
|
19,717 |
|
Net (loss) income attributable to noncontrolling interests |
|
(5,854 |
) |
|
|
(1,499 |
) |
|
|
(4,352 |
) |
|
|
19,628 |
|
Net (loss) income attributable to CaliberCos Inc. |
|
(5,726 |
) |
|
|
(460 |
) |
|
|
(6,933 |
) |
|
|
89 |
|
Basic net (loss) income per share attributable to common stockholders |
$ |
(0.29 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.37 |
) |
|
$ |
0.01 |
|
Diluted net (loss) income per share attributable to common stockholders |
$ |
(0.29 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.37 |
) |
|
$ |
0.01 |
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
19,612 |
|
|
|
17,791 |
|
|
|
18,901 |
|
|
|
17,873 |
|
Diluted |
|
19,612 |
|
|
|
17,791 |
|
|
|
18,901 |
|
|
|
19,750 |
|
CALIBERCOS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA) |
|||||||
|
June 30, 2023 |
|
December 31, 2022 |
||||
Assets |
|
|
|
||||
Cash |
$ |
1,335 |
|
$ |
1,921 |
||
Restricted cash |
|
2,330 |
|
|
|
23 |
|
Real estate investments, net |
|
21,411 |
|
|
|
2,065 |
|
Due from related parties |
|
7,675 |
|
|
|
9,646 |
|
Investments in unconsolidated entities |
|
3,246 |
|
|
|
3,156 |
|
Operating lease - right of use assets |
|
215 |
|
|
|
1,411 |
|
Prepaid and other assets |
|
2,722 |
|
|
|
5,861 |
|
Assets of consolidated funds |
|
|
|
||||
Cash |
|
7,220 |
|
|
|
5,736 |
|
Restricted cash |
|
10,527 |
|
|
|
8,254 |
|
Real estate investments, net |
|
219,834 |
|
|
|
196,177 |
|
Accounts receivable, net |
|
1,700 |
|
|
|
2,228 |
|
Notes receivable - related parties |
|
31,657 |
|
|
|
28,229 |
|
Due from related parties |
|
4 |
|
|
|
15 |
|
Operating lease - right of use assets |
|
8,780 |
|
|
|
8,769 |
|
Prepaid and other assets |
|
10,356 |
|
|
|
5,343 |
|
Total assets |
$ |
329,012 |
|
|
$ |
278,834 |
|
CALIBERCOS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA) |
|||||||
|
June 30, 2023 |
|
December 31, 2022 |
||||
Liabilities and Stockholders’ Equity |
|
|
|
||||
Notes payable |
$ |
54,964 |
|
|
$ |
14,653 |
|
Notes payable - related parties |
|
— |
|
|
|
365 |
|
Accounts payable and accrued expenses |
|
7,784 |
|
|
|
6,374 |
|
Buyback obligation |
|
— |
|
|
|
12,391 |
|
Due to related parties |
|
101 |
|
|
|
171 |
|
Operating lease liabilities |
|
131 |
|
|
|
1,587 |
|
Other liabilities |
|
560 |
|
|
|
64 |
|
Liabilities of consolidated funds |
|
|
|
||||
Notes payable, net |
|
147,277 |
|
|
|
134,256 |
|
Notes payable - related parties |
|
10,391 |
|
|
|
6,973 |
|
Accounts payable and accrued expenses |
|
9,792 |
|
|
|
9,252 |
|
Due to related parties |
|
129 |
|
|
|
68 |
|
Operating lease liabilities |
|
12,419 |
|
|
|
12,461 |
|
Other liabilities |
|
2,852 |
|
|
|
3,030 |
|
Total liabilities |
|
246,400 |
|
|
|
201,645 |
|
|
|
|
|
||||
Commitments and Contingencies |
|
|
|
||||
|
|
|
|
||||
Preferred stock Series B, |
|
— |
|
|
|
— |
|
Common stock Class A, |
|
14 |
|
|
|
11 |
|
Common stock Class B, |
|
7 |
|
|
|
7 |
|
Paid-in capital |
|
38,979 |
|
|
|
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 June 30, 2023, there was no treasury stock or forward repurchase shares |
|
— |
|
|
|
(13,626 |
) |
Accumulated deficit |
|
(31,060 |
) |
|
|
(22,709 |
) |
Stockholders’ equity (deficit) attributable to CaliberCos Inc. |
|
7,940 |
|
|
|
(3,209 |
) |
Stockholders’ equity attributable to noncontrolling interests |
|
74,672 |
|
|
|
80,398 |
|
Total stockholders’ equity |
|
82,612 |
|
|
|
77,189 |
|
Total liabilities and stockholders’ equity |
$ |
329,012 |
|
|
$ |
278,834 |
|
Non-GAAP Measures
We present Consolidated EBITDA, Consolidated Adjusted EBITDA, and Caliber Adjusted EBITDA, which are not recognized financial measures under
Consolidated EBITDA represents the Company’s and the consolidated funds’ earnings before net interest expense, income taxes, depreciation and amortization. Consolidated Adjusted EBITDA represents Consolidated EBITDA as 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.
Caliber Adjusted EBITDA represents Consolidated Adjusted EBITDA 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.
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
Consolidated EBITDA, Consolidated Adjusted EBITDA, and Caliber Adjusted EBITDA are not intended to be measures of free cash flow for our discretionary use because they do not consider certain cash requirements such as tax and debt service payments. 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.
The following table presents a reconciliation of net loss to Consolidated EBITDA, Consolidated Adjusted EBITDA, and Caliber Adjusted EBITDA for the three months ended June 30, 2023 and 2022 (in thousands):
NON-GAAP RECONCILIATIONS (AMOUNTS IN THOUSANDS) |
|||||||
|
Three Months Ended June 30, |
||||||
2023 |
|
2022 |
|||||
Net loss |
$ |
(11,580 |
) |
|
$ |
(1,959 |
) |
Interest expense |
|
1,261 |
|
|
|
175 |
|
Depreciation expense |
|
137 |
|
|
|
7 |
|
Consolidated funds’ EBITDA adjustments |
|
7,003 |
|
|
|
4,906 |
|
Consolidated EBITDA |
|
(3,179 |
) |
|
|
3,129 |
|
Share buy-back |
|
— |
|
|
|
79 |
|
Stock-based compensation |
|
1,922 |
|
|
|
75 |
|
Public registration costs |
|
— |
|
|
|
779 |
|
Consolidated Adjusted EBITDA |
|
(1,257 |
) |
|
|
4,062 |
|
Intercompany eliminations |
|
1,781 |
|
|
|
1,293 |
|
Non-controlling interest Adjusted EBITDA eliminations |
|
(2,851 |
) |
|
|
(5,884 |
) |
Caliber Adjusted EBITDA |
$ |
(2,327 |
) |
|
$ |
(529 |
) |
FUND MANAGEMENT SEGMENT (AMOUNTS IN THOUSANDS) |
||||||||||||||
|
Three Months Ended June 30, |
|
|
|
|
|||||||||
|
2023 |
|
2022 |
|
$ Change |
|
% Change |
|||||||
Revenues |
|
|
|
|
|
|
|
|||||||
Asset management fees |
$ |
2,366 |
|
|
$ |
2,154 |
|
|
$ |
212 |
|
|
9.8 |
% |
Performance allocations |
|
23 |
|
|
|
103 |
|
|
|
(80 |
) |
|
(77.7 |
)% |
Transaction and advisory fees |
|
167 |
|
|
|
955 |
|
|
|
(788 |
) |
|
(82.5 |
)% |
Total revenues |
|
2,556 |
|
|
|
3,212 |
|
|
|
(656 |
) |
|
(20.4 |
)% |
Expenses |
|
|
|
|
|
|
|
|||||||
Operating costs |
|
6,049 |
|
|
|
2,318 |
|
|
|
3,731 |
|
|
161.0 |
% |
General and administrative |
|
1,296 |
|
|
|
2,074 |
|
|
|
(778 |
) |
|
(37.5 |
)% |
Marketing and advertising |
|
326 |
|
|
|
764 |
|
|
|
(438 |
) |
|
(57.3 |
)% |
Depreciation and amortization |
|
30 |
|
|
|
8 |
|
|
|
22 |
|
|
275.0 |
% |
Total expenses |
|
7,701 |
|
|
|
5,164 |
|
|
|
2,537 |
|
|
49.1 |
% |
|
|
|
|
|
|
|
|
|||||||
Other expense, net |
|
(48 |
) |
|
|
(1 |
) |
|
|
(47 |
) |
|
4700.0 |
% |
Interest expense |
|
(1,070 |
) |
|
|
(160 |
) |
|
|
(910 |
) |
|
568.8 |
% |
Interest income |
|
497 |
|
|
|
2 |
|
|
|
495 |
|
|
24750.0 |
% |
Net loss |
$ |
(5,766 |
) |
|
$ |
(2,111 |
) |
|
$ |
(3,655 |
) |
|
173.1 |
% |
DEVELOPMENT SEGMENT (AMOUNTS IN THOUSANDS) |
||||||||||||||
|
Three Months Ended March 31, |
|
|
|
|
|||||||||
|
2023 |
|
2022 |
|
$ Change |
|
% Change |
|||||||
Revenues |
|
|
|
|
|
|
|
|||||||
Transaction and advisory fees |
$ |
656 |
|
$ |
898 |
|
|
$ |
(242 |
) |
|
(26.9 |
)% |
|
Total revenues |
|
656 |
|
|
|
898 |
|
|
|
(242 |
) |
|
(26.9 |
)% |
Expenses |
|
|
|
|
|
|
|
|||||||
Operating costs |
|
501 |
|
|
|
416 |
|
|
|
85 |
|
|
20.4 |
% |
General and administrative |
|
81 |
|
|
|
58 |
|
|
|
23 |
|
|
39.7 |
% |
Depreciation and amortization |
|
— |
|
|
|
(8 |
) |
|
|
8 |
|
|
(100.0 |
)% |
Total expenses |
|
582 |
|
|
|
466 |
|
|
|
116 |
|
|
24.9 |
% |
|
|
|
|
|
|
|
|
|||||||
Other expense, net |
|
— |
|
|
|
(10 |
) |
|
|
10 |
|
|
(100.0 |
)% |
Net income |
$ |
74 |
|
|
$ |
422 |
|
|
$ |
(348 |
) |
|
(82.5 |
)% |
BROKERAGE SEGMENT (AMOUNTS IN THOUSANDS) |
||||||||||||||
|
Three Months Ended March 31, |
|
|
|
|
|||||||||
|
2023 |
|
2022 |
|
$ Change |
|
% Change |
|||||||
Revenues |
|
|
|
|
|
|
|
|||||||
Transaction and advisory fees |
$ |
161 |
|
|
$ |
272 |
|
|
$ |
(111 |
) |
|
(40.8 |
)% |
Total revenues |
|
161 |
|
|
|
272 |
|
|
|
(111 |
) |
|
(40.8 |
)% |
Expenses |
|
|
|
|
|
|
|
|||||||
Operating costs |
|
180 |
|
|
|
194 |
|
|
|
(14 |
) |
|
(7.2 |
)% |
General and administrative |
|
22 |
|
|
|
17 |
|
|
|
5 |
|
|
29.4 |
% |
Depreciation and amortization |
|
62 |
|
|
|
— |
|
|
|
62 |
|
|
100.0 |
% |
Total expenses |
|
264 |
|
|
|
211 |
|
|
|
53 |
|
|
25.1 |
% |
|
|
|
|
|
|
|
|
|||||||
Other income, net |
|
346 |
|
|
|
— |
|
|
|
346 |
|
|
100.0 |
% |
Interest expense |
|
(191 |
) |
|
|
(16 |
) |
|
|
(175 |
) |
|
1093.8 |
% |
Net income |
$ |
52 |
|
|
$ |
45 |
|
|
$ |
7 |
|
|
15.6 |
% |
MANAGED CAPITAL (AMOUNTS IN THOUSANDS) |
|||||||
|
|
Managed Capital |
|||||
Balances as of December 31, 2022 |
|
$ |
383,189 |
|
|||
Originations |
|
|
12,050 |
|
|||
Redemptions |
|
|
(2,742 |
) |
|||
Balances as of March 31, 2023 |
|
|
392,497 |
|
|||
Originations |
|
|
11,227 |
|
|||
Redemptions |
|
|
(1,968 |
) |
|||
Balances as of June 30, 2023 |
|
$ |
401,756 |
|
|||
|
June 30, 2023 |
|
December 31, 2022 |
||||
Real Estate |
|
|
|
||||
Hospitality |
$ |
96,112 |
|
$ |
102,071 |
|
|
Residential |
|
71,915 |
|
|
|
62,819 |
|
Commercial |
|
144,123 |
|
|
|
128,210 |
|
Total Real Estate |
|
312,150 |
|
|
|
293,100 |
|
Credit(1) |
|
79,598 |
|
|
|
74,766 |
|
Other(2) |
|
10,008 |
|
|
|
15,323 |
|
Total |
$ |
401,756 |
|
|
$ |
383,189 |
|
___________________________________________ |
||
(1) |
Credit managed capital represents loans made to Caliber’s investment funds by our diversified credit fund. |
|
(2) |
Other managed capital represents undeployed capital held in our diversified funds. |
|
FV AUM (AMOUNTS IN THOUSANDS) |
|||||||
|
|
FV AUM |
|||||
Balances as of December 31, 2022 |
|
$ |
745,514 |
|
|||
Assets acquired(1) |
|
|
28,604 |
|
|||
Construction and net market appreciation |
|
|
33,019 |
|
|||
Assets sold or disposed |
|
|
(5,820 |
) |
|||
Credit(2) |
|
|
4,242 |
|
|||
Other(3) |
|
|
1,360 |
|
|||
Balances as of March 31, 2023 |
|
|
806,919 |
|
|||
Assets acquired(1) |
|
|
— |
|
|||
Construction and net market appreciation |
|
|
19,095 |
|
|||
Assets sold or disposed |
|
|
(595 |
) |
|||
Credit(2) |
|
|
590 |
|
|||
Other(3) |
|
|
(703 |
) |
|||
Balances as of June 30, 2023 |
|
$ |
825,306 |
|
|||
|
June 30, 2023 |
|
December 31, 2022 |
||||
Real Estate |
|
|
|
||||
Hospitality |
$ |
312,600 |
|
$ |
319,300 |
|
|
Residential |
|
143,300 |
|
|
|
86,900 |
|
Commercial |
|
279,800 |
|
|
|
255,197 |
|
Total Real Estate |
|
735,700 |
|
|
|
661,397 |
|
Credit(2) |
|
79,598 |
|
|
|
74,766 |
|
Other(3) |
|
10,008 |
|
|
|
9,351 |
|
Total |
$ |
825,306 |
|
|
$ |
745,514 |
|
___________________________________________ |
||
(1) |
Assets acquired during the six months ended June 30, 2023 include one development asset in |
|
(2) |
Credit FV AUM represents loans made to Caliber’s investment funds by our diversified credit fund. |
|
(3) |
Other FV AUM represents undeployed capital held in our diversified funds. |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20230810998583/en/
Caliber:
Samantha Vrcic
+1 480-295-7600
Samantha.vrcic@caliberco.com
Investor Relations:
Tamara Gonzalez, Financial Profiles
+1 310-622-8234
ir@caliberco.com
Media Relations:
Kelly McAndrew, Financial Profiles
+1 203-613-1552
KMcAndrew@finprofiles.com
Source: CaliberCos Inc.
