Caliber Reports Second Quarter 2024 Results
Caliber (NASDAQ: CWD) reported Q2 2024 results, showing a 60% decrease in total revenue to $8.2 million, primarily due to deconsolidation of certain entities. However, platform revenue increased by 24.9% to $4.2 million, driven by asset management revenue. The company reported a net loss of $4.7 million, or $0.22 per diluted share, an improvement from the $5.7 million loss in Q2 2023. Caliber's Fair Value Assets Under Management grew 4.3% to $773.2 million, while managed capital increased 7.4% to $469.8 million. CEO Chris Loeffler expects to achieve $6.5 million in annualized cost savings and projects positive adjusted EBITDA by Q4 2024 and positive net profit for full-year 2025.
Caliber (NASDAQ: CWD) ha riportato i risultati del secondo trimestre del 2024, mostrando un calo del 60% del fatturato totale, pari a 8,2 milioni di dollari, principalmente a causa della deconsolidazione di alcune entità. Tuttavia, il fatturato della piattaforma è aumentato del 24,9% a 4,2 milioni di dollari, sostenuto dai ricavi della gestione patrimoniale. L'azienda ha registrato una perdita netta di 4,7 milioni di dollari, ovvero 0,22 dollari per azione diluita, un miglioramento rispetto alla perdita di 5,7 milioni di dollari del secondo trimestre del 2023. Il valore equo degli attivi in gestione di Caliber è cresciuto del 4,3% raggiungendo 773,2 milioni di dollari, mentre il capitale gestito è aumentato del 7,4% a 469,8 milioni di dollari. Il CEO Chris Loeffler prevede di ottenere risparmi annualizzati sui costi per 6,5 milioni di dollari e prevede un EBITDA rettificato positivo entro il quarto trimestre del 2024, con un profitto netto positivo per l'intero anno 2025.
Caliber (NASDAQ: CWD) informó los resultados del segundo trimestre de 2024, mostrando una disminución del 60% en los ingresos totales a $8.2 millones, principalmente debido a la deconsolidación de ciertas entidades. Sin embargo, los ingresos de la plataforma aumentaron un 24.9% a $4.2 millones, impulsados por los ingresos de gestión de activos. La empresa reportó una pérdida neta de $4.7 millones, o $0.22 por acción diluida, una mejora frente a la pérdida de $5.7 millones en el segundo trimestre de 2023. Los activos en gestión de Caliber crecieron un 4.3% a $773.2 millones, mientras que el capital gestionado aumentó un 7.4% a $469.8 millones. El CEO Chris Loeffler espera lograr ahorros anuales de costos de $6.5 millones y proyecta un EBITDA ajustado positivo para el cuarto trimestre de 2024, además de un beneficio neto positivo para el año completo 2025.
칼리버(NASDAQ: CWD)는 2024년 2분기 결과를 발표하며 총 수익이 60% 감소한 820만 달러를 기록했다고 전했습니다. 이는 주로 일부 기업의 비 통합 때문입니다. 그러나 플랫폼 수익은 자산 관리 수익에 힘입어 24.9% 증가하여 420만 달러에 도달했습니다. 이 회사는 470만 달러의 순손실을 보고했으며, 이는 희석 주당 0.22달러에 해당하며, 2023년 2분기의 570만 달러 손실에서 개선된 수치입니다. 칼리버의 공정 가치 관리 자산은 4.3% 증가하여 7억 7320만 달러에 이르렀고, 관리 자본은 7.4% 증가하여 4억 6980만 달러에 달했습니다. CEO 크리스 레플러는 연간 비용 절감액 650만 달러를 달성할 것으로 예상하며, 2024년 4분기에는 긍정적인 조정 EBITDA를, 2025년 전체 회계연도에는 긍정적인 순이익을 예상하고 있습니다.
Caliber (NASDAQ: CWD) a publié les résultats du deuxième trimestre 2024, affichant une diminution de 60 % des revenus totaux à 8,2 millions de dollars, principalement en raison de la déconsidération de certaines entités. Cependant, les revenus de la plateforme ont augmenté de 24,9 % pour atteindre 4,2 millions de dollars, soutenus par les revenus de la gestion d'actifs. L'entreprise a enregistré une perte nette de 4,7 millions de dollars, soit 0,22 dollar par action diluée, une amélioration par rapport à la perte de 5,7 millions de dollars au deuxième trimestre 2023. Les actifs équitables sous gestion de Caliber ont augmenté de 4,3 % pour atteindre 773,2 millions de dollars, tandis que le capital géré a augmenté de 7,4 % pour s'établir à 469,8 millions de dollars. Le PDG Chris Loeffler s'attend à réaliser des économies de coûts annualisées de 6,5 millions de dollars et prévoit un EBITDA ajusté positif d'ici le quatrième trimestre 2024 et un bénéfice net positif pour l'année complète 2025.
Caliber (NASDAQ: CWD) hat die Ergebnisse des zweiten Quartals 2024 veröffentlicht und einen Rückgang der Gesamterträge um 60% auf 8,2 Millionen Dollar verzeichnet, hauptsächlich aufgrund der Deconsolidierung bestimmter Einheiten. Allerdings
- Platform revenue increased by 24.9% to $4.2 million
- Fair Value Assets Under Management grew 4.3% to $773.2 million
- Managed capital increased 7.4% to $469.8 million
- Net loss improved from $5.7 million in Q2 2023 to $4.7 million in Q2 2024
- Projected $6.5 million in annualized cost savings
- Expecting positive adjusted EBITDA by Q4 2024 and positive net profit for full-year 2025
- Total revenue decreased by 60% to $8.2 million
- Reported net loss of $4.7 million or $0.22 per diluted share
- Caliber Adjusted EBITDA loss of $2.5 million, slightly worse than $2.3 million loss in Q2 2023
Insights
Caliber's Q2 2024 results show a mixed picture. The 60% decrease in total revenue to
Positively, FV AUM grew
Caliber's strategic moves in Q2 2024 demonstrate a focus on value creation and portfolio optimization. The sale of land parcels in Johnstown for a total of
The
As previously communicated, Caliber has simplified the presentation of its financial statements through the deconsolidation of certain entities’ assets, liabilities, revenues, and expenses from the Company’s financials. Caliber’s GAAP financial metrics are impacted by the timing of deconsolidation. As such, periods presented may not be comparable due to the deconsolidation of certain entities.
Second Quarter 2024 Financial Highlights (compared to second quarter 2023)
-
Total revenue of
$8.2 million 60.0% decrease, reflecting the deconsolidation of Caliber Hospitality, LP and the Caliber Hospitality Trust (“CHT”) in March 2024. Caliber estimates total revenue would have increased had the deconsolidated asset results not been included in the Q2 2023 comparison period. -
Platform revenue of
$4.2 million 24.9% increase-
Asset management revenue of
$4.2 million - No significant performance allocations were earned
-
Asset management revenue of
-
Net loss attributable to Caliber of
$4.7 million $0.22 $5.7 million $0.29 -
Caliber Adjusted EBITDA loss of
$2.5 million $2.3 million -
Fair value assets under management (“FV AUM”) of
$773.2 million 4.3% increase compared to December 31, 2023, primarily due to the acquisition of our West Ridge property inColorado , net market appreciation, and construction activity, partially offset by land parcel sales atJohnstown and the sale of a self-storage property -
Managed capital of
$469.8 million 7.4% increase compared to December 31, 2023, with originations of$38.0 million $5.9 million
Management Commentary
“Our second quarter performance was in line with our expectations, with asset management revenue up nearly
“As we continue to sharpen our focus on increasing revenue, Caliber has set three priorities for top-line growth. Our first priority is to acquire more income-producing real estate investments with a target to close on the first
“Our second priority to accelerate revenue growth is to provide more single-asset investment offerings and our third priority is to develop projects in our pipeline related to existing Caliber properties, which we expect will drive the best results for our stakeholders.”
Business Update
The following are key milestones completed both during and subsequent to the second quarter ended June 30, 2024.
-
On April 29, 2024, Caliber announced the sale of Areas B and C of The Ridge development, each approximately 20-acre parcels of land in
Johnstown, Colo. , for an aggregate$12.3 million - On May 1, 2024, Caliber closed on the capitalization of Phase 1 of the Company’s SP10 project, which includes the conversion of an existing hotel to apartments along with the development of new town homes surrounding the site, producing 188 units in total. Demolition is nearly complete, and construction is expected to begin in the third quarter 2024.
-
On May 7, 2024, Caliber announced the sale of an approximately 50-acre parcel of land in
Johnstown, Colo. , to the Archdiocese ofDenver for$7.7 million -
In May 2024, CHT received a
$10 million -
On June 25, 2024, Caliber completed construction on Jordan’s Lofts, a 48-unit Class A multifamily property in
Downtown Bryan, Texas .96% of the residential units are leased and the building also features 6,500 square feet of retail space on the ground floor, which is seeking tenants. - As of June 30, 2024, Caliber was actively developing 1,940 multifamily units, 1,942 single family units, 2.6 million square feet of commercial and industrial, and 0.8 million square feet of office and retail.
Conference Call Information
Caliber will host a conference call today, Monday, August 12, 2024, at 5:00 p.m. Eastern Time (ET) to discuss its second quarter 2024 financial results and business outlook. To access this call, dial 1-800-717-1738 (domestic) or 1-646-307-1865 (international). A live webcast of the conference call will be available via the investor relations section of Caliber’s website under “Financial Results.” The webcast replay of the conference call will be available on Caliber’s website shortly after the call concludes.
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, 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 June 30, |
|
||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
(unaudited) |
|
||||||
Revenues |
|
|
|
|
||||
Asset management revenues |
$ |
3,226 |
|
|
$ |
1,894 |
|
|
Performance allocations |
|
16 |
|
|
|
12 |
|
|
Consolidated funds – hospitality revenues |
|
2,894 |
|
|
|
16,273 |
|
|
Consolidated funds – other revenues |
|
2,043 |
|
|
|
2,266 |
|
|
Total revenues |
|
8,179 |
|
|
|
20,445 |
|
|
|
|
|
|
|
||||
Expenses |
|
|
|
|
||||
Operating costs |
|
5,535 |
|
|
|
6,820 |
|
|
General and administrative |
|
2,079 |
|
|
|
1,426 |
|
|
Marketing and advertising |
|
227 |
|
|
|
325 |
|
|
Depreciation and amortization |
|
144 |
|
|
|
137 |
|
|
Consolidated funds – hospitality expenses |
|
3,312 |
|
|
|
20,749 |
|
|
Consolidated funds – other expenses |
|
1,358 |
|
|
|
1,949 |
|
|
Total expenses |
|
12,655 |
|
|
|
31,406 |
|
|
|
|
|
|
|
||||
Other income, net |
|
318 |
|
|
|
546 |
|
|
Interest income |
|
157 |
|
|
|
96 |
|
|
Interest expense |
|
(1,315 |
) |
|
|
(1,261 |
) |
|
Net loss before income taxes |
|
(5,316 |
) |
|
|
(11,580 |
) |
|
Benefit from income taxes |
|
— |
|
|
|
— |
|
|
Net loss |
|
(5,316 |
) |
|
|
(11,580 |
) |
|
Net loss attributable to noncontrolling interests |
|
(586 |
) |
|
|
(5,854 |
) |
|
Net loss attributable to CaliberCos Inc. |
|
(4,730 |
) |
|
|
(5,726 |
) |
|
Basic and diluted net loss per share attributable to common stockholders |
$ |
(0.22 |
) |
|
$ |
(0.29 |
) |
|
Weighted average common shares outstanding: |
|
|
|
|
||||
Basic and diluted |
|
21,811 |
|
|
|
19,612 |
|
|
CALIBERCOS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA) |
||||||
|
June 30, 2024 |
|
December 31, 2023 |
|
||
|
(unaudited) |
|
|
|
||
Assets |
|
|
|
|
||
Cash |
$ |
638 |
|
$ |
940 |
|
Restricted cash |
|
2,455 |
|
|
2,569 |
|
Real estate investments, net |
|
21,621 |
|
|
21,492 |
|
Notes receivable - related parties |
|
778 |
|
|
50 |
|
Due from related parties |
|
11,118 |
|
|
9,709 |
|
Investments in unconsolidated entities |
|
12,475 |
|
|
3,338 |
|
Operating lease - right of use assets |
|
170 |
|
|
193 |
|
Prepaid and other assets |
|
2,661 |
|
|
2,781 |
|
Assets of consolidated funds |
|
|
|
|
||
Cash |
|
1,146 |
|
|
2,865 |
|
Restricted cash |
|
316 |
|
|
11,266 |
|
Real estate investments, net |
|
83,251 |
|
|
185,636 |
|
Accounts receivable, net |
|
168 |
|
|
1,978 |
|
Notes receivable - related parties |
|
57,194 |
|
|
34,620 |
|
Operating lease - right of use assets |
|
— |
|
|
10,318 |
|
Prepaid and other assets |
|
1,248 |
|
|
11,677 |
|
Total assets |
$ |
195,239 |
|
$ |
299,432 |
|
CALIBERCOS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA) |
||||||||
|
June 30, 2024 |
|
December 31, 2023 |
|
||||
Liabilities and Stockholders’ Equity |
|
|
|
|
||||
Notes payable |
$ |
50,169 |
|
|
$ |
53,799 |
|
|
Accounts payable and accrued expenses |
|
9,707 |
|
|
|
8,886 |
|
|
Due to related parties |
|
86 |
|
|
|
257 |
|
|
Operating lease liabilities |
|
106 |
|
|
|
119 |
|
|
Other liabilities |
|
813 |
|
|
|
420 |
|
|
Liabilities of consolidated funds |
|
|
|
|
||||
Notes payable, net |
|
36,553 |
|
|
|
129,684 |
|
|
Notes payable - related parties |
|
— |
|
|
|
12,055 |
|
|
Accounts payable and accrued expenses |
|
1,792 |
|
|
|
11,736 |
|
|
Due to related parties |
|
168 |
|
|
|
101 |
|
|
Operating lease liabilities |
|
— |
|
|
|
13,957 |
|
|
Other liabilities |
|
641 |
|
|
|
2,400 |
|
|
Total liabilities |
|
100,035 |
|
|
|
233,414 |
|
|
|
|
|
|
|
||||
Commitments and Contingencies |
|
|
|
|
||||
|
|
|
|
|
||||
Common stock Class A, |
|
15 |
|
|
|
14 |
|
|
Common stock Class B, |
|
7 |
|
|
|
7 |
|
|
Paid-in capital |
|
40,599 |
|
|
|
39,432 |
|
|
Accumulated deficit |
|
(45,365 |
) |
|
|
(36,830 |
) |
|
Stockholders’ equity (deficit) attributable to CaliberCos Inc. |
|
(4,744 |
) |
|
|
2,623 |
|
|
Stockholders’ equity attributable to noncontrolling interests |
|
99,948 |
|
|
|
63,395 |
|
|
Total stockholders’ equity |
|
95,204 |
|
|
|
66,018 |
|
|
Total liabilities and stockholders’ equity |
$ |
195,239 |
|
|
$ |
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 provides 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
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 June 30, |
|
||||||
|
2024 |
|
|
|
2023 |
|
|
|
Net loss attributable to CaliberCos Inc. |
$ |
(4,730 |
) |
|
$ |
(5,726 |
) |
|
Net income (loss) attributable to noncontrolling interests |
|
(586 |
) |
|
|
(5,854 |
) |
|
Net loss |
|
(5,316 |
) |
|
|
(11,580 |
) |
|
Provision for income taxes |
|
— |
|
|
|
— |
|
|
Net loss before income taxes |
|
(5,316 |
) |
|
|
(11,580 |
) |
|
Depreciation and amortization |
|
119 |
|
|
|
137 |
|
|
Consolidated funds' impact on fee-related earnings |
|
491 |
|
|
|
5,781 |
|
|
Stock-based compensation |
|
584 |
|
|
|
1,922 |
|
|
Severance |
|
171 |
|
|
|
— |
|
|
Performance allocations |
|
(16 |
) |
|
|
(12 |
) |
|
Other expenses (income), net |
|
(318 |
) |
|
|
(546 |
) |
|
Interest expense, net |
|
1,145 |
|
|
|
763 |
|
|
Fee-related earnings |
|
(3,140 |
) |
|
|
(3,535 |
) |
|
Performance allocations |
|
16 |
|
|
|
12 |
|
|
Interest expense, net |
|
(1,145 |
) |
|
|
(763 |
) |
|
Provision for income taxes |
|
— |
|
|
|
— |
|
|
Distributable earnings |
|
(4,269 |
) |
|
|
(4,286 |
) |
|
Interest expense |
|
1,315 |
|
|
|
1,261 |
|
|
Other expenses (income), net |
|
318 |
|
|
|
546 |
|
|
Provision for income taxes |
|
— |
|
|
|
— |
|
|
Consolidated funds' impact on Caliber adjusted EBITDA |
|
185 |
|
|
|
152 |
|
|
Caliber adjusted EBITDA |
|
(2,451 |
) |
|
|
(2,327 |
) |
|
Consolidated funds' EBITDA adjustments |
|
1,485 |
|
|
|
1,070 |
|
|
Consolidated adjusted EBITDA |
$ |
(966 |
) |
|
$ |
(1,257 |
) |
|
ASSET MANAGEMENT PLATFORM SEGMENT(1) (AMOUNTS IN THOUSANDS) (UNAUDITED) |
||||||||||||
|
Three Months Ended June 30, 2024 |
|
||||||||||
|
Unconsolidated |
|
Impact of Consolidated Fund and Eliminations |
|
Consolidated |
|
||||||
Revenues |
|
|
|
|
|
|
||||||
Asset management |
$ |
4,179 |
|
|
$ |
(953 |
) |
|
$ |
3,226 |
|
|
Performance allocations |
|
33 |
|
|
|
(17 |
) |
|
|
16 |
|
|
Consolidated funds – hospitality revenue |
|
— |
|
|
|
2,894 |
|
|
|
2,894 |
|
|
Consolidated funds – other revenue |
|
— |
|
|
|
2,043 |
|
|
|
2,043 |
|
|
Total revenues |
|
4,212 |
|
|
|
3,967 |
|
|
|
8,179 |
|
|
Expenses |
|
|
|
|
|
|
||||||
Operating costs |
|
5,760 |
|
|
|
(225 |
) |
|
|
5,535 |
|
|
General and administrative |
|
2,091 |
|
|
|
(12 |
) |
|
|
2,079 |
|
|
Marketing and advertising |
|
227 |
|
|
|
— |
|
|
|
227 |
|
|
Depreciation and amortization |
|
119 |
|
|
|
25 |
|
|
|
144 |
|
|
Consolidated funds – hospitality expenses |
|
— |
|
|
|
3,312 |
|
|
|
3,312 |
|
|
Consolidated funds – other expenses |
|
— |
|
|
|
1,358 |
|
|
|
1,358 |
|
|
Total expenses |
|
8,197 |
|
|
|
4,458 |
|
|
|
12,655 |
|
|
|
|
|
|
|
|
|
||||||
Other income (expenses), net |
|
490 |
|
|
|
(172 |
) |
|
|
318 |
|
|
Interest income |
|
170 |
|
|
|
(13 |
) |
|
|
157 |
|
|
Interest expense |
|
(1,315 |
) |
|
|
— |
|
|
|
(1,315 |
) |
|
Net loss before income taxes |
$ |
(4,640 |
) |
|
$ |
(676 |
) |
|
$ |
(5,316 |
) |
|
Provision for income taxes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
Net loss |
|
(4,640 |
) |
|
|
(676 |
) |
|
|
(5,316 |
) |
|
Net loss attributable to noncontrolling interests |
|
— |
|
|
|
(586 |
) |
|
|
(586 |
) |
|
Net loss attributable to CaliberCos Inc. |
$ |
(4,640 |
) |
|
$ |
(90 |
) |
|
$ |
(4,730 |
) |
|
___________________________________________ |
||||||||||||
(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. |
||||||||||||
|
Three Months Ended June 30, 2023 |
|
||||||||||
|
Unconsolidated |
|
Impact of Consolidated Fund and Eliminations |
|
Consolidated |
|
||||||
Revenues |
|
|
|
|
|
|
||||||
Asset management |
$ |
3,348 |
|
|
$ |
(1,454 |
) |
|
$ |
1,894 |
|
|
Performance allocations |
|
24 |
|
|
|
(12 |
) |
|
|
12 |
|
|
Consolidated funds – hospitality revenue |
|
— |
|
|
|
16,273 |
|
|
|
16,273 |
|
|
Consolidated funds – other revenue |
|
— |
|
|
|
2,266 |
|
|
|
2,266 |
|
|
Total revenues |
|
3,372 |
|
|
|
17,073 |
|
|
|
20,445 |
|
|
Expenses |
|
|
|
|
|
|
||||||
Operating costs |
|
6,731 |
|
|
|
89 |
|
|
|
6,820 |
|
|
General and administrative |
|
1,398 |
|
|
|
28 |
|
|
|
1,426 |
|
|
Marketing and advertising |
|
326 |
|
|
|
(1 |
) |
|
|
325 |
|
|
Depreciation and amortization |
|
92 |
|
|
|
45 |
|
|
|
137 |
|
|
Consolidated funds – hospitality expenses |
|
— |
|
|
|
20,749 |
|
|
|
20,749 |
|
|
Consolidated funds – other expenses |
|
— |
|
|
|
1,949 |
|
|
|
1,949 |
|
|
Total expenses |
|
8,547 |
|
|
|
22,859 |
|
|
|
31,406 |
|
|
|
|
|
|
|
|
|
||||||
Other income (expenses), net |
|
297 |
|
|
|
249 |
|
|
|
546 |
|
|
Interest income |
|
497 |
|
|
|
(401 |
) |
|
|
96 |
|
|
Interest expense |
|
(1,260 |
) |
|
|
(1 |
) |
|
|
(1,261 |
) |
|
Net loss before income taxes |
$ |
(5,641 |
) |
|
$ |
(5,939 |
) |
|
$ |
(11,580 |
) |
|
Provision for income taxes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
Net loss |
|
(5,641 |
) |
|
|
(5,939 |
) |
|
|
(11,580 |
) |
|
Net loss attributable to noncontrolling interests |
|
— |
|
|
|
(5,854 |
) |
|
|
(5,854 |
) |
|
Net loss attributable to CaliberCos Inc. |
$ |
(5,641 |
) |
|
$ |
(85 |
) |
|
$ |
(5,726 |
) |
|
REVENUE(1) (AMOUNTS IN THOUSANDS) (UNAUDITED) |
|||||
|
Three Months Ended June 30, 2024 |
||||
|
|
2024 |
|
|
2023 |
Fund set-up fees |
$ |
665 |
|
$ |
9 |
Fund management fees |
|
2,665 |
|
|
2,369 |
Financing fees |
|
80 |
|
|
150 |
Development and construction fees |
|
328 |
|
|
657 |
Brokerage fees |
|
441 |
|
|
163 |
Total asset management |
|
4,179 |
|
|
3,348 |
Performance allocations |
|
33 |
|
|
24 |
Total revenue |
$ |
4,212 |
|
$ |
3,372 |
___________________________________________ |
|||||
(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, 2023 |
$ |
741,190 |
|
CHT contribution |
|
29,900 |
|
Construction and net market appreciation |
|
10,971 |
|
Assets sold(1) |
|
(12,771 |
) |
Credit(2) |
|
(781 |
) |
Other(3) |
|
(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(1) |
|
(22,994 |
) |
Credit(2) |
|
(12,835 |
) |
Other(3) |
|
310 |
|
Balances as of June 30, 2023 |
$ |
773,213 |
|
|
June 30, |
||||
|
|
2024 |
|
|
2023 |
Real Estate |
|
|
|
||
Hospitality |
$ |
68,000 |
|
$ |
67,200 |
Caliber Hospitality Trust |
|
234,300 |
|
|
201,600 |
Residential |
|
140,700 |
|
|
138,000 |
Commercial |
|
251,300 |
|
|
240,400 |
Total Real Estate |
|
694,300 |
|
|
647,200 |
Credit(1) |
|
70,972 |
|
|
84,588 |
Other(2) |
|
7,941 |
|
|
9,402 |
Total |
$ |
773,213 |
|
$ |
741,190 |
___________________________________________ |
||
(1) |
Assets sold during the six months ended June 30, 2024 include a commercial asset, lot sales related to two development assets 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. |
|
(4) |
Assets acquired during the six months ended June 30, 2024 include land for one commercial asset in |
|
MANAGED CAPITAL (AMOUNTS IN THOUSANDS) (UNAUDITED) |
||||||||
|
|
|
|
Managed Capital |
|
|||
Balances as of December 31, 2023 |
|
|
|
$ |
437,625 |
|
|
|
Originations |
|
|
|
|
19,099 |
|
|
|
Redemptions |
|
|
|
|
(2,819 |
) |
|
|
Balances as of March 31, 2024 |
|
|
|
|
453,905 |
|
|
|
Originations |
|
|
|
|
18,936 |
|
|
|
Redemptions |
|
|
|
|
(3,041 |
) |
|
|
Balances as of June 30, 2024 |
|
|
|
$ |
469,800 |
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
|
|
June 30, 2024 |
|
December 31, 2023 |
|
|||
Real Estate |
|
|
|
|
|
|||
Hospitality |
|
$ |
43,660 |
|
$ |
43,660 |
|
|
Caliber Hospitality Trust(1) |
|
|
95,817 |
|
|
70,747 |
|
|
Residential |
|
|
89,713 |
|
|
74,224 |
|
|
Commercial |
|
|
161,697 |
|
|
155,004 |
|
|
Total Real Estate(2) |
|
|
390,887 |
|
|
343,635 |
|
|
Credit(3) |
|
|
70,972 |
|
|
84,588 |
|
|
Other(4) |
|
|
7,941 |
|
|
9,402 |
|
|
Total |
|
$ |
469,800 |
|
$ |
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 June 30, 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 June 30, 2024 and December 31, 2023, the Company had loaned |
|
(4) |
Other managed capital represents undeployed capital held in our diversified funds. |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240812163924/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
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