Platform revenue increased 98.9% compared to
prior year same quarter, resulting in positive platform
earnings
Caliber (NASDAQ: CWD; “CaliberCos Inc.”), a real estate
investor, developer, and asset manager, today reported results for
the third quarter ended on September 30, 2024.
Within this earnings release, we refer to performance results of
the ‘Platform’. Platform refers to the performance of CWD
itself, excluding the performance of certain assets & funds
that are included in our consolidated results, as required by the
United States generally accepted accounting standards (“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 & funds in our
consolidated financial information, CWD does not benefit from the
performance of those assets & 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.
Third Quarter 2024 Platform Financial Highlights (compared to
third quarter 2023)
- Platform revenue of $7.4 million, a 98.9% increase
- Asset management revenue of $7.2 million drove the stated
results
- Performance allocations of $0.2 million
- Platform earnings of $0.2 million, or $0.01 per diluted share,
compared to Platform loss of $3.4 million, or $0.16 per diluted
share
- Platform Adjusted EBITDA of $2.4 million, a 259.6% increase
compared to Platform Adjusted EBITDA loss of $1.5 million
- Fair value assets under management (“FV AUM”) of $807.0
million, an 8.9% increase compared to December 31, 2023, primarily
due to the acquisitions of our West Ridge property in Colorado and
Canyon Corporate Plaza property in Arizona, net market
appreciation, and construction activity; partially offset by land
parcel sales at Johnstown, the sale of a school property, and the
sale of a self-storage property
- Managed capital of $485.3 million, a 10.9% increase compared to
December 31, 2023, with originations of $61.4 million, offset by
redemptions of $13.8 million
Management Commentary
"We delivered strong third quarter results with a 98.9% increase
nearly doubling Platform revenue, primarily driven by higher fee
income from loan placements and offerings,” said Chris Loeffler,
CEO of Caliber. “This top-line growth, paired with the impact of
our recent cost-reduction initiatives, has boosted our performance,
resulting in positive Platform adjusted EBITDA and Platform
earnings during the third quarter, ahead of our fourth-quarter 2024
target.”
“While fundraising and commercial real estate remain volatile,
for reasons I look forward to discussing on today’s call, our
strategic and tactical progress towards consistent, profitable
growth is clear.”
Business Update
The following are key milestones completed both during and
subsequent to the third quarter ended September 30, 2024.
- On July 2, 2024, Caliber announced the sale of 24-7 Automated
Storage, a 348-unit self-storage facility in Casa Grande, Ariz.,
for $4.6 million.
- On October 1, 2024, Caliber announced the launch of its
innovative new Qualified Opportunity Zone Fund Roll-Up program and
completed its first merger with a third-party fund resulting in a
$14 million increase in managed capital in Caliber’s existing
qualified opportunity zone fund (“QOF”), the Caliber Tax Advantaged
Opportunity Zone Fund, LP (CTAF I).
- On October 8, 2024, Caliber announced that it reached a
definitive agreement with Satori Collective where Satori will
contribute seven hotel properties to Caliber subsidiary Caliber
Hospitality Trust (CHT), an externally advised private hospitality
corporation. The contribution, when closed, is expected to increase
assets under management (“AUM”) by approximately $120 million.
Third Quarter 2024 Consolidated Financial Results (compared
to third quarter 2023)
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.
- Total consolidated revenue of $11.3 million, a 33.6% decrease
reflecting the deconsolidation of Caliber Hospitality, LP and CHT,
in March 2024. Caliber estimates total revenue would have increased
had the deconsolidated asset results not been included in the Q3
2023 comparison period.
- Consolidated net income attributable to Caliber of $0.1
million, or $0.01 per diluted share, compared to net loss
attributable to Caliber of $3.4 million or $0.16 per diluted
share
- Consolidated Adjusted EBITDA of $4.2 million, compared to
Consolidated Adjusted EBITDA loss of $3.2 million.
Conference Call Information
Caliber will host a conference call today, Tuesday, November 12,
2024, at 5:00 p.m. Eastern Time (ET) to discuss its third 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 $2.9 billion of managed assets, including
estimated costs to complete assets under development, Caliber’s
15-year track record of managing and developing real estate is
built on a singular goal: make money in all market conditions. Our
growth is fueled by our performance and our competitive advantage:
we invest in projects, strategies, and geographies that global real
estate institutions do not. Integral to our competitive advantage
is our in-house shared services group, which offers Caliber greater
control over our real estate and visibility to future investment
opportunities. There are multiple ways to participate in Caliber’s
success: invest in Nasdaq-listed CaliberCos Inc. and/or invest
directly in our Private Funds.
Forward Looking Statements
This press release contains “forward-looking statements” that
are subject to substantial risks and uncertainties. All statements,
other than statements of historical fact, contained in this press
release are forward-looking statements. Forward-looking statements
contained in this press release may be identified by the use of
words such as “anticipate,” “believe,” “contemplate,” “could,”
“estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,”
“potential,” “predict,” “project,” “target,” “aim,” “should,”
"will” “would,” or the negative of these words or other similar
expressions, although not all forward-looking statements contain
these words. Forward-looking statements are based on the Company’s
current expectations and are subject to inherent uncertainties,
risks and assumptions that are difficult to predict. Further,
certain forward-looking statements are based on assumptions as to
future events that may not prove to be accurate including, but not
limited to, the Company’s ability to adequately grow cumulative
fundraising, AUM and annualized platform revenue to meet 2026
targeted goals, the closing of the transaction with L.T.D.
Hospitality Group LLC and the viability of and ability of the
Company to adequately access the real estate and capital markets.
These and other risks and uncertainties are described more fully in
the section titled “Risk Factors” in the final prospectus related
to the Company’s public offering filed with the SEC and other
reports filed with the SEC thereafter. Forward-looking statements
contained in this announcement are made as of this date, and the
Company undertakes no duty to update such information except as
required under applicable law.
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 since it includes all revenues and expenses
generated by Caliber and its wholly owned subsidiaries.
ASSET MANAGEMENT PLATFORM
SEGMENT(1)
(AMOUNTS IN THOUSANDS)
(UNAUDITED)
Three Months Ended September
30, 2024
Platform
Impact of Consolidated Fund
and Eliminations
Consolidated
Revenues
Asset management
$
7,242
$
(712
)
$
6,530
Performance allocations
174
1
175
Consolidated funds – hospitality
revenue
—
2,494
2,494
Consolidated funds – other revenue
—
2,103
2,103
Total revenues
7,416
3,886
11,302
Expenses
Operating costs
4,727
(135
)
4,592
General and administrative
1,450
(9
)
1,441
Marketing and advertising
175
(1
)
174
Depreciation and amortization
145
4
149
Consolidated funds – hospitality
expenses
—
3,097
3,097
Consolidated funds – other expenses
—
975
975
Total expenses
6,497
3,931
10,428
Other income (expenses), net
526
(101
)
425
Interest income
59
(8
)
51
Interest expense
(1,348
)
(1
)
(1,349
)
Net income (loss) before income
taxes
$
156
$
(155
)
$
1
Provision for income taxes
—
—
—
Net income (loss)
156
(155
)
1
Net loss attributable to noncontrolling
interests
—
(145
)
(145
)
Net income (loss) attributable to
CaliberCos Inc.
$
156
$
(10
)
$
146
Basic Platform income per share
$
0.01
$
0.01
Diluted Platform income per share
$
0.01
$
0.01
Weighted average common shares
outstanding:
Basic
22,128
22,128
Diluted
24,867
24,867
___________________________________________
(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 September
30, 2023
Platform
Impact of Consolidated Fund
and Eliminations
Consolidated
Revenues
Asset management
$
3,704
$
(1,388
)
$
2,316
Performance allocations
24
12
36
Consolidated funds – hospitality
revenue
—
12,526
12,526
Consolidated funds – other revenue
—
2,147
2,147
Total revenues
3,728
13,297
17,025
Expenses
Operating costs
4,724
157
4,881
General and administrative
1,651
21
1,672
Marketing and advertising
208
2
210
Depreciation and amortization
73
67
140
Consolidated funds – hospitality
expenses
—
18,644
18,644
Consolidated funds – other expenses
—
2,883
2,883
Total expenses
6,656
21,774
28,430
Other income (expenses), net
149
265
414
Interest income
730
(645
)
85
Interest expense
(1,317
)
1
(1,316
)
Net loss before income taxes
$
(3,366
)
$
(8,856
)
$
(12,222
)
Provision for income taxes
—
—
—
Net loss
(3,366
)
(8,856
)
(12,222
)
Net loss attributable to noncontrolling
interests
—
(8,813
)
(8,813
)
Net loss attributable to CaliberCos
Inc.
$
(3,366
)
$
(43
)
$
(3,409
)
Basic and Diluted Platform loss per
share
$
(0.16
)
$
(0.16
)
Weighted average common shares
outstanding:
Basic and diluted
21,238
21,238
PLATFORM REVENUE(1)
(AMOUNTS IN THOUSANDS)
(UNAUDITED)
Three Months Ended September
30, 2024
2024
2023
Fund set-up fees
$
831
$
398
Fund management fees
2,744
2,457
Financing fees
464
154
Development and construction fees
3,084
516
Brokerage fees
119
179
Total asset management
7,242
3,704
Performance allocations
174
24
Total revenue
$
7,416
$
3,728
___________________________________________
(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.
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
FV AUM, by asset class
(AMOUNTS IN THOUSANDS)
(UNAUDITED)
September 30, 2024
December 31, 2023
Real Estate
Hospitality
$
68,800
$
67,200
Caliber Hospitality Trust
240,300
201,600
Residential
162,100
138,000
Commercial
255,600
240,400
Total Real Estate
726,800
647,200
Credit(1)
70,541
84,588
Other(2)
9,620
9,402
Total
$
806,961
$
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 nine months
ended September 30, 2024 include a commercial asset, lot sales
related to two development assets in Colorado, and one home from
our residential fund.
(4) Assets acquired during the nine months
ended September 30, 2024, include West Ridge, a 133 acre mixed-use
land development in Colorado and Canyon, an office building
conversion to multi-family residential..
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
Originations
23,372
Redemptions
(7,900
)
Balances as of September 30, 2024
$
485,272
September 30, 2024
December 31, 2023
Real Estate
Hospitality
$
47,560
$
43,660
Caliber Hospitality Trust(1)
96,879
70,747
Residential
92,683
74,224
Commercial
167,989
155,004
Total Real Estate(2)
405,111
343,635
Credit(3)
70,541
84,588
Other(4)
9,620
9,402
Total
$
485,272
$
437,625
_________________________________________
(1) The Company earns a fund management
fee of 0.70% of the Caliber Hospitality Trust’s enterprise value
and is reimbursed for certain costs incurred on behalf of the
Caliber Hospitality Trust.
(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 September 30, 2024 and December 31, 2023,
the Company had invested $19.7 million and $18.3 million,
respectively, in our funds.
(3) Credit managed capital represents
loans made to Caliber’s investment funds by the Company and our
diversified funds. As of September 30, 2024 and December 31, 2023,
the Company had loaned $0.3 million and $8.5 million to our
funds.
(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
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(AMOUNTS IN THOUSANDS, EXCEPT
PER SHARE DATA)
Three Months Ended September
30,
2024
2023
(unaudited)
Revenues
Asset management revenues
$
6,530
$
2,316
Performance allocations
175
36
Consolidated funds – hospitality
revenues
2,494
12,526
Consolidated funds – other revenues
2,103
2,147
Total revenues
11,302
17,025
Expenses
Operating costs
4,592
4,881
General and administrative
1,441
1,672
Marketing and advertising
174
210
Depreciation and amortization
149
140
Consolidated funds – hospitality
expenses
3,097
18,644
Consolidated funds – other expenses
975
2,883
Total expenses
10,428
28,430
Other income, net
425
414
Interest income
51
85
Interest expense
(1,349
)
(1,316
)
Net income (loss) before income
taxes
1
(12,222
)
Benefit from income taxes
—
—
Net income (loss)
1
(12,222
)
Net loss attributable to noncontrolling
interests
(145
)
(8,813
)
Net income (loss) attributable to
CaliberCos Inc.
146
(3,409
)
Basic net income (loss) per share
attributable to common stockholders
$
0.01
$
(0.16
)
Diluted net income (loss) per share attributable to common
stockholders
$
0.01
$
(0.16
)
Weighted average common shares
outstanding:
Basic
22,128
21,238
Diluted
24,867
21,238
CALIBERCOS INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
(AMOUNTS IN THOUSANDS, EXCEPT
FOR SHARE AND PER SHARE DATA)
September 30, 2024
December 31, 2023
(unaudited)
Assets
Cash
$
516
$
940
Restricted cash
2,534
2,569
Real estate investments, net
21,515
21,492
Notes receivable - related parties
—
50
Due from related parties
12,305
9,709
Investments in unconsolidated entities
12,723
3,338
Operating lease - right of use assets
159
193
Prepaid and other assets
2,808
2,781
Assets of consolidated funds
Cash
1,053
2,865
Restricted cash
—
11,266
Real estate investments, net
46,084
185,636
Accounts receivable, net
184
1,978
Notes receivable - related parties
58,233
34,620
Operating lease - right of use assets
—
10,318
Prepaid and other assets
469
11,677
Total assets
$
158,583
$
299,432
CALIBERCOS INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
(AMOUNTS IN THOUSANDS, EXCEPT
FOR SHARE AND PER SHARE DATA)
September 30, 2024
December 31, 2023
Liabilities and Stockholders’
Equity
Notes payable
$
49,673
$
53,799
Accounts payable and accrued expenses
8,638
8,886
Due to related parties
210
257
Operating lease liabilities
100
119
Other liabilities
763
420
Liabilities of consolidated funds
Notes payable, net
33,752
129,684
Notes payable - related parties
—
12,055
Accounts payable and accrued expenses
1,444
11,736
Due to related parties
35
101
Operating lease liabilities
—
13,957
Other liabilities
687
2,400
Total liabilities
95,302
233,414
Commitments and Contingencies
Common stock Class A, $0.001 par value;
100,000,000 shares authorized, 14,967,702 and 13,872,671 shares
issued and outstanding as of September 30, 2024 and December 31,
2023, respectively
15
14
Common stock Class B, $0.001 par value;
15,000,000 shares authorized, 7,416,414 shares issued and
outstanding as September 30, 2024 and December 31, 2023
7
7
Paid-in capital
41,348
39,432
Accumulated deficit
(46,784
)
(36,830
)
Stockholders’ equity (deficit)
attributable to CaliberCos Inc.
(5,414
)
2,623
Stockholders’ equity attributable to
noncontrolling interests
68,695
63,395
Total stockholders’ equity
63,281
66,018
Total liabilities and stockholders’
equity
$
158,583
$
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 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 U.S. GAAP. Our presentation of non-GAAP measures may not be
comparable to similarly identified measures of other companies
because not all companies use the same calculations. These measures
may also differ from the amounts calculated under similarly titled
definitions in our debt instruments, which amounts are further
adjusted to reflect certain other cash and non-cash charges and are
used by us to determine compliance with financial covenants therein
and our ability to engage in certain activities, such as incurring
additional debt and making certain restricted payments.
Asset Management Platform or Platform
Platform refers to the performance of the Caliber asset
management platform segment, 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 segment, 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 September
30,
2024
2023
Net income (loss)
attributable to CaliberCos Inc.
$
146
$
(3,409
)
Net loss attributable to noncontrolling
interests
(145
)
(8,813
)
Net income (loss)
1
(12,222
)
Provision for income taxes
—
—
Net income (loss) before income
taxes
1
(12,222
)
Depreciation and amortization
145
140
Consolidated funds' impact on fee-related
earnings
45
8,477
Stock-based compensation
738
393
Severance
25
6
Performance allocations
(175
)
(36
)
Other expenses (income), net
(425
)
(414
)
Interest expense, net
1,289
587
Fee-related earnings
1,643
(3,069
)
Performance allocations
175
36
Interest expense, net
(1,289
)
(587
)
Provision for income taxes
—
—
Distributable earnings
529
(3,620
)
Interest expense
1,349
1,316
Other expenses (income), net
425
414
Provision for income taxes
—
—
Consolidated funds' impact on Caliber
adjusted EBITDA
109
379
Platform adjusted EBITDA
2,412
(1,511
)
Consolidated funds' EBITDA adjustments
1,836
(1,646
)
Consolidated adjusted EBITDA
$
4,248
$
(3,157
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241112815135/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
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