Caliber Reports Third Quarter 2023 Results
- 19.9% year-over-year increase in Fair Value Assets Under Management to $822.5 million
- 26.0% increase in Asset Management Revenue to $2.4 million
- Long-term financial targets include a cumulative fundraising of $750 million by 2026 and an AUM target of $3 billion by the end of 2026
- None.
Grows Assets Under Management by
Grows Asset Management Revenue by
Third Quarter 2023 Financial Results, Compared to Third Quarter 2022
-
Total revenue of
$17.0 million 12.7% decrease -
Segment revenue of
$3.7 million 55.6% decrease -
Asset management (“AM”) revenue(1) of
$2.4 million 26.0% increase; asset management revenue run rate(1) increases to$9.8 million 18.2% increase as compared to the full year results in 2022 -
Net loss attributable to Caliber of
$3.4 million $0.16 $4.4 million $0.22 -
Caliber Adjusted EBITDA(2) loss of
$1.5 million $5.7 million -
Fair value assets under management(3) (“FV AUM”) of
$822.5 million 19.9% year-over-year increase -
Managed capital(4) of
$412.4 million 18.2% year-over-year increase, reflective of$68.2 million
Management Commentary
“Our third quarter results reflect investments in our strategic growth initiatives, which we expect will drive revenue growth going forward,” said Chris Loeffler, CEO of Caliber. “The investments we made in the first nine months of the year to grow our fundraising teams, develop and launch three new funds, and to launch our hotel roll-up, Caliber Hospitality Trust (CHT), are now complete, positioning us well to capitalize on market opportunities we see, following a rapid rise in interest rates. Despite market conditions, Caliber has maintained a similar fundraising pace to 2022 and we expect to accelerate our pace going forward.
“We believe the real estate market is currently at an inflection point, where the number of distressed real estate opportunities will grow. We took several important steps during the quarter to ensure our organization has the requisite expertise and capacity to capitalize this environment, including increasing our bench strength in our wholesale sales channel, investment management, and financial analysis teams.”
Long-term Financial Targets
In a separate release, Caliber today announced long-term financial targets:
-
Cumulative fundraising of
$750 million -
AUM target of
$3 billion -
Annualized segment revenue of
$50 million
Business Update
The following are key milestones completed both during and subsequent to the third quarter ended September 30, 2023.
-
In August, Caliber announced a contribution agreement with L.T.D. Hospitality Group LLC (“L.T.D.”) in which L.T.D. agreed to contribute nine hotel properties to its subsidiary, Caliber Hospitality Trust (CHT). Upon closing, this will expand CHT’s portfolio to 15 hotel properties and more than double its valuation to
$405.0 million -
On September 13, 2023, Caliber received the first
$5.0 million $50.0 million -
On October 13, 2023, Northsight Crossing AZ, LLC, a Caliber co-sponsored single asset syndication, sold Northsight Crossing Retail Center for
$27.4 million $12.2 million $5.0 million $0.2 million $21.1 million - After the quarter closed, Caliber signed its first selling agreement with a regional broker dealer for investments in Caliber-sponsored products. This regional partner has approximately 65 representatives and is expected to increase Caliber fundraising.
- As of September 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.
Summary of Consolidated Results
Third Quarter 2023 Consolidated Financial Review
Total revenues decreased
Asset management fees were
Total expenses for the third quarter of 2023 were
Net loss for the third quarter of 2023 was
After adjusting for net loss attributable to noncontrolling interests, net loss attributable to the Company for the third 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
Third Quarter Segment Performance
Total segment revenues decreased
Fund Management Segment
Total fund management segment revenues for the third quarter of 2023 were
Total fund management segment expenses for the third quarter of 2023 were
The increase in interest expense was primarily due to the increase in corporate notes outstanding, including the mortgage assumed in the acquisition of the Company’s corporate headquarters.
Fund management segment net loss for the third quarter of 2023 was
Development Segment
Development segment revenues for the third quarter of 2023 were
Development segment expenses for the third quarter of 2023 were
Development segment net income for the third quarter of 2023 was
Brokerage Segment
Brokerage segment revenues for the third quarter of 2023 were
Brokerage segment expenses for the third quarter of 2023 were
Brokerage segment net loss for the third quarter of 2023 was
Managed Capital
Managed capital as of September 30, 2023 was
FV AUM
Fair value assets under management as of September 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 September 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 September 30, 2023. |
|
(4) |
Managed capital is defined as the total equity capital raised by the Company from investors for its investment funds as of September 30, 2023. |
|
(5) |
Organizational & offering fees are referred to as O&O fees and are generally non-recurring fees paid at the launch of a new fund. |
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 segment 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 (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA) |
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Revenues |
|
|
|
|
|
|
|
||||||||
Asset management fees |
$ |
1,273 |
|
|
$ |
982 |
|
|
$ |
3,784 |
|
|
$ |
3,048 |
|
Performance allocations |
|
36 |
|
|
|
103 |
|
|
|
2,474 |
|
|
|
2,508 |
|
Transaction and advisory fees |
|
1,043 |
|
|
|
5,890 |
|
|
|
2,462 |
|
|
|
8,261 |
|
Consolidated funds – hospitality revenue |
|
12,526 |
|
|
|
10,988 |
|
|
|
52,008 |
|
|
|
43,801 |
|
Consolidated funds – other revenue |
|
2,147 |
|
|
|
1,543 |
|
|
|
6,264 |
|
|
|
4,871 |
|
Total revenues |
|
17,025 |
|
|
|
19,506 |
|
|
|
66,992 |
|
|
|
62,489 |
|
|
|
|
|
|
|
|
|
||||||||
Expenses |
|
|
|
|
|
|
|
||||||||
Operating costs |
|
4,881 |
|
|
|
3,203 |
|
|
|
16,205 |
|
|
|
8,421 |
|
General and administrative |
|
1,672 |
|
|
|
1,252 |
|
|
|
4,914 |
|
|
|
5,389 |
|
Marketing and advertising |
|
210 |
|
|
|
288 |
|
|
|
888 |
|
|
|
1,293 |
|
Depreciation and amortization |
|
140 |
|
|
|
7 |
|
|
|
409 |
|
|
|
23 |
|
Consolidated funds – hospitality expenses |
|
18,644 |
|
|
|
14,960 |
|
|
|
59,676 |
|
|
|
44,786 |
|
Consolidated funds – other expenses |
|
2,883 |
|
|
|
1,677 |
|
|
|
6,757 |
|
|
|
6,146 |
|
Total expenses |
|
28,430 |
|
|
|
21,387 |
|
|
|
88,849 |
|
|
|
66,058 |
|
|
|
|
|
|
|
|
|
||||||||
Consolidated funds - gain on sale of real estate investments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
21,530 |
|
|
|
|
|
|
|
|
|
||||||||
Other income (loss), net |
|
414 |
|
|
|
25 |
|
|
|
1,479 |
|
|
|
241 |
|
Gain on extinguishment of debt |
|
— |
|
|
|
1,421 |
|
|
|
— |
|
|
|
1,421 |
|
Interest income |
|
85 |
|
|
|
109 |
|
|
|
279 |
|
|
|
112 |
|
Interest expense |
|
(1,316 |
) |
|
|
(341 |
) |
|
|
(3,408 |
) |
|
|
(685 |
) |
Net (loss) income before income taxes |
|
(12,222 |
) |
|
|
(667 |
) |
|
|
(23,507 |
) |
|
|
19,050 |
|
Provision for income taxes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net (loss) income |
|
(12,222 |
) |
|
|
(667 |
) |
|
|
(23,507 |
) |
|
|
19,050 |
|
Net (loss) income attributable to noncontrolling interests |
|
(8,813 |
) |
|
|
(5,067 |
) |
|
|
(13,165 |
) |
|
|
14,561 |
|
Net (loss) income attributable to CaliberCos Inc. |
|
(3,409 |
) |
|
|
4,400 |
|
|
|
(10,342 |
) |
|
|
4,489 |
|
Basic net (loss) income per share attributable to common stockholders |
$ |
(0.16 |
) |
|
$ |
0.24 |
|
|
$ |
(0.53 |
) |
|
$ |
0.25 |
|
Diluted net (loss) income per share attributable to common stockholders |
$ |
(0.16 |
) |
|
$ |
0.22 |
|
|
$ |
(0.53 |
) |
|
$ |
0.23 |
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
21,238 |
|
|
|
18,229 |
|
|
|
19,688 |
|
|
|
18,033 |
|
Diluted |
|
21,238 |
|
|
|
20,074 |
|
|
|
19,688 |
|
|
|
19,878 |
|
CALIBERCOS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA) |
|||||||
|
September 30, 2023 |
|
December 31, 2022 |
||||
Assets |
|
|
|
||||
Cash |
$ |
995 |
|
$ |
1,921 |
||
Restricted cash |
|
2,479 |
|
|
|
23 |
|
Real estate investments, net |
|
21,383 |
|
|
|
2,065 |
|
Due from related parties |
|
6,498 |
|
|
|
9,646 |
|
Investments in unconsolidated entities |
|
3,290 |
|
|
|
3,156 |
|
Operating lease - right of use assets |
|
204 |
|
|
|
1,411 |
|
Prepaid and other assets |
|
2,629 |
|
|
|
5,861 |
|
Assets of consolidated funds |
|
|
|
||||
Cash |
|
4,536 |
|
|
|
5,736 |
|
Restricted cash |
|
10,407 |
|
|
|
8,254 |
|
Real estate investments, net |
|
219,140 |
|
|
|
196,177 |
|
Accounts receivable, net |
|
2,434 |
|
|
|
2,228 |
|
Notes receivable - related parties |
|
31,184 |
|
|
|
28,229 |
|
Due from related parties |
|
27 |
|
|
|
15 |
|
Operating lease - right of use assets |
|
8,785 |
|
|
|
8,769 |
|
Prepaid and other assets |
|
10,739 |
|
|
|
5,343 |
|
Total assets |
$ |
324,730 |
|
|
$ |
278,834 |
|
CALIBERCOS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA) |
|||||||
|
September 30, 2023 |
|
December 31, 2022 |
||||
Liabilities and Stockholders’ Equity |
|
|
|
||||
Notes payable |
$ |
54,254 |
|
|
$ |
14,653 |
|
Notes payable - related parties |
|
— |
|
|
|
365 |
|
Accounts payable and accrued expenses |
|
6,852 |
|
|
|
6,374 |
|
Buyback obligation |
|
— |
|
|
|
12,391 |
|
Due to related parties |
|
87 |
|
|
|
171 |
|
Operating lease liabilities |
|
125 |
|
|
|
1,587 |
|
Other liabilities |
|
535 |
|
|
|
64 |
|
Liabilities of consolidated funds |
|
|
|
||||
Notes payable, net |
|
147,779 |
|
|
|
134,256 |
|
Notes payable - related parties |
|
12,799 |
|
|
|
6,973 |
|
Accounts payable and accrued expenses |
|
11,949 |
|
|
|
9,252 |
|
Due to related parties |
|
210 |
|
|
|
68 |
|
Operating lease liabilities |
|
12,397 |
|
|
|
12,461 |
|
Other liabilities |
|
2,987 |
|
|
|
3,030 |
|
Total liabilities |
|
249,974 |
|
|
|
201,645 |
|
|
|
|
|
||||
Commitments and Contingencies |
|
|
|
||||
|
|
|
|
||||
Preferred stock Series B, |
|
— |
|
|
|
— |
|
Common stock Class A, |
|
14 |
|
|
|
11 |
|
Common stock Class B, |
|
7 |
|
|
|
7 |
|
Paid-in capital |
|
38,723 |
|
|
|
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 September 30, 2023, there was no treasury stock or forward repurchase shares |
|
— |
|
|
|
(13,626 |
) |
Accumulated deficit |
|
(34,469 |
) |
|
|
(22,709 |
) |
Stockholders’ equity (deficit) attributable to CaliberCos Inc. |
|
4,275 |
|
|
|
(3,209 |
) |
Stockholders’ equity attributable to noncontrolling interests |
|
70,481 |
|
|
|
80,398 |
|
Total stockholders’ equity |
|
74,756 |
|
|
|
77,189 |
|
Total liabilities and stockholders’ equity |
$ |
324,730 |
|
|
$ |
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 September 30, 2023 and 2022 (in thousands):
NON-GAAP RECONCILIATIONS (AMOUNTS IN THOUSANDS) |
|||||||
|
Three Months Ended September 30, |
||||||
2023 |
|
2022 |
|||||
Net loss |
$ |
(12,222 |
) |
|
$ |
(667 |
) |
Interest expense |
|
1,316 |
|
|
|
342 |
|
Depreciation expense |
|
140 |
|
|
|
15 |
|
Consolidated funds’ EBITDA adjustments |
|
7,210 |
|
|
|
4,810 |
|
Consolidated EBITDA |
|
(3,556 |
) |
|
|
4,500 |
|
Share buy-back |
|
— |
|
|
|
78 |
|
Stock-based compensation |
|
393 |
|
|
|
170 |
|
Severance payments |
|
6 |
|
|
|
— |
|
Consolidated Adjusted EBITDA |
|
(3,157 |
) |
|
|
4,748 |
|
Intercompany eliminations |
|
2,002 |
|
|
|
1,615 |
|
Non-controlling interest Adjusted EBITDA eliminations |
|
(356 |
) |
|
|
(704 |
) |
Caliber Adjusted EBITDA |
$ |
(1,511 |
) |
|
$ |
5,659 |
|
FUND MANAGEMENT SEGMENT (AMOUNTS IN THOUSANDS) |
||||||||||||||
|
Three Months Ended September 30, |
|
|
|
|
|||||||||
|
2023 |
|
2022 |
|
$ Change |
|
% Change |
|||||||
Revenues |
|
|
|
|
|
|
|
|||||||
Asset management fees |
$ |
2,428 |
|
|
$ |
1,927 |
|
|
$ |
501 |
|
|
26.0 |
% |
Performance allocations |
|
24 |
|
|
|
103 |
|
|
|
(79 |
) |
|
(76.7 |
)% |
Transaction and advisory fees |
|
560 |
|
|
|
5,008 |
|
|
|
(4,448 |
) |
|
(88.8 |
)% |
Total revenues |
|
3,012 |
|
|
|
7,038 |
|
|
|
(4,026 |
) |
|
(57.2 |
)% |
Expenses |
|
|
|
|
|
|
|
|||||||
Operating costs |
|
4,228 |
|
|
|
2,661 |
|
|
|
1,567 |
|
|
58.9 |
% |
General and administrative |
|
1,549 |
|
|
|
1,184 |
|
|
|
365 |
|
|
30.8 |
% |
Marketing and advertising |
|
208 |
|
|
|
287 |
|
|
|
(79 |
) |
|
(27.5 |
)% |
Depreciation and amortization |
|
34 |
|
|
|
7 |
|
|
|
27 |
|
|
385.7 |
% |
Total expenses |
|
6,019 |
|
|
|
4,139 |
|
|
|
1,880 |
|
|
45.4 |
% |
|
|
|
|
|
|
|
|
|||||||
Other expense, net |
|
11 |
|
|
|
(3 |
) |
|
|
14 |
|
|
(466.7 |
)% |
Gain on extinguishment of debt |
|
— |
|
|
|
1,421 |
|
|
|
(1,421 |
) |
|
(100.0 |
)% |
Interest expense |
|
(1,128 |
) |
|
|
(326 |
) |
|
|
(802 |
) |
|
246.0 |
% |
Interest income |
|
729 |
|
|
|
108 |
|
|
|
621 |
|
|
575.0 |
% |
Net loss |
$ |
(3,395 |
) |
|
$ |
4,099 |
|
|
$ |
(7,494 |
) |
|
(182.8 |
)% |
DEVELOPMENT SEGMENT (AMOUNTS IN THOUSANDS) |
||||||||||||||
|
Three Months Ended September 30, |
|
|
|
|
|||||||||
|
2023 |
|
2022 |
|
$ Change |
|
% Change |
|||||||
Revenues |
|
|
|
|
|
|
|
|||||||
Transaction and advisory fees |
$ |
516 |
|
$ |
1,182 |
|
$ |
(666 |
) |
|
(56.3 |
)% |
||
Total revenues |
|
516 |
|
|
|
1,182 |
|
|
|
(666 |
) |
|
(56.3 |
)% |
Expenses |
|
|
|
|
|
|
|
|||||||
Operating costs |
|
394 |
|
|
|
321 |
|
|
|
73 |
|
|
22.7 |
% |
General and administrative |
|
78 |
|
|
|
45 |
|
|
|
33 |
|
|
73.3 |
% |
Depreciation and amortization |
|
— |
|
|
|
8 |
|
|
|
(8 |
) |
|
(100.0 |
)% |
Total expenses |
|
472 |
|
|
|
374 |
|
|
|
98 |
|
|
26.2 |
% |
|
|
|
|
|
|
|
|
|||||||
Other expense, net |
|
— |
|
|
|
9 |
|
|
|
(9 |
) |
|
(100.0 |
)% |
Net income |
$ |
44 |
|
|
$ |
817 |
|
|
$ |
(773 |
) |
|
(94.6 |
)% |
BROKERAGE SEGMENT (AMOUNTS IN THOUSANDS) |
||||||||||||||
|
Three Months Ended September 30, |
|
|
|
|
|||||||||
|
2023 |
|
2022 |
|
$ Change |
|
% Change |
|||||||
Revenues |
|
|
|
|
|
|
|
|||||||
Transaction and advisory fees |
$ |
200 |
|
|
$ |
179 |
|
|
$ |
21 |
|
|
11.7 |
% |
Total revenues |
|
200 |
|
|
|
179 |
|
|
|
21 |
|
|
11.7 |
% |
Expenses |
|
|
|
|
|
|
|
|||||||
Operating costs |
|
102 |
|
|
|
31 |
|
|
|
71 |
|
|
229.0 |
% |
General and administrative |
|
24 |
|
|
|
23 |
|
|
|
1 |
|
|
4.3 |
% |
Marketing and advertising |
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
% |
Depreciation and amortization |
|
39 |
|
|
|
— |
|
|
|
39 |
|
|
100.0 |
% |
Total expenses |
|
165 |
|
|
|
54 |
|
|
|
111 |
|
|
205.6 |
% |
|
|
|
|
|
|
|
|
|||||||
Other income, net |
|
138 |
|
|
|
28 |
|
|
|
110 |
|
|
392.9 |
% |
Interest income |
|
1 |
|
|
|
— |
|
|
|
1 |
|
|
100.0 |
% |
Interest expense |
|
(189 |
) |
|
|
(15 |
) |
|
|
(174 |
) |
|
1160.0 |
% |
Net (loss) income |
$ |
(15 |
) |
|
$ |
138 |
|
|
$ |
(153 |
) |
|
(110.9 |
)% |
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 |
|
|||
Originations |
|
|
12,958 |
|
|||
Redemptions |
|
|
(2,268 |
) |
|||
Balances as of September 30, 2023 |
|
$ |
412,446 |
|
|||
|
|
|
|||||
|
September 30, 2023 |
|
December 31, 2022 |
||||
Real Estate |
|
|
|
||||
Hospitality |
$ |
101,118 |
|
$ |
102,071 |
|
|
Residential |
|
72,501 |
|
|
|
62,819 |
|
Commercial |
|
147,857 |
|
|
|
128,210 |
|
Total Real Estate |
|
321,476 |
|
|
|
293,100 |
|
Credit(1) |
|
79,758 |
|
|
|
74,766 |
|
Other(2) |
|
11,212 |
|
|
|
15,323 |
|
Total |
$ |
412,446 |
|
|
$ |
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 |
|
|||
Assets acquired(1) |
|
|
780 |
|
|||
Construction and net market appreciation |
|
|
1,045 |
|
|||
Assets sold or disposed |
|
|
(6,025 |
) |
|||
Credit(2) |
|
|
160 |
|
|||
Other(3) |
|
|
1,204 |
|
|||
Balances as of September 30, 2023 |
|
$ |
822,470 |
|
|||
|
September 30, 2023 |
|
December 31, 2022 |
||||
Real Estate |
|
|
|
||||
Hospitality |
$ |
316,000 |
|
$ |
319,300 |
|
|
Residential |
|
148,600 |
|
|
|
86,900 |
|
Commercial |
|
266,900 |
|
|
|
255,197 |
|
Total Real Estate |
|
731,500 |
|
|
|
661,397 |
|
Credit(2) |
|
79,758 |
|
|
|
74,766 |
|
Other(3) |
|
11,212 |
|
|
|
9,351 |
|
Total |
$ |
822,470 |
|
|
$ |
745,514 |
|
___________________________________________ |
||
(1) |
Assets acquired during the nine months ended September 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/20231109375593/en/
Caliber:
Victoria Rotondo
+1 480-295-7600
Victoria.Rotondo@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.
FAQ
What are Caliber's long-term financial targets?
What was the year-over-year increase in Fair Value Assets Under Management?
What was the increase in Asset Management Revenue?
