Caliber Reports Fourth Quarter and Full Year 2024 Results
2024 Platform revenue increased 1.9% compared to prior year
2024 cost reductions position Caliber for improved 2025
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--March 31, 2025--
Caliber (NASDAQ: CWD; "CaliberCos Inc."), a real estate investor, developer, and asset manager, today reported results for the fourth quarter and full year ended December 31, 2024.
Fourth Quarter 2024 (compared to fourth quarter 2023)
-- Platform revenue of $4.6 million, compared to $7.2 million
-- Asset management revenue of $4.6 million drove the stated results
-- No significant performance allocations were earned, compared to
prior period
-- Platform net loss of $11.6 million, or $0.52 per diluted share, compared
to Platform net loss of $1.9 million, or $0.09 per diluted share
-- Losses largely impacted by $8.6 million of one-time non-cash
allowances and write-downs in accounts receivable and investments,
respectively, in the fourth quarter
-- Platform Adjusted EBITDA loss of $1.0 million, compared to Platform
Adjusted EBITDA of $1.6 million
Full Year 2024 Platform Financial Highlights (compared to full year 2023)
-- Platform revenue of $21.0 million, compared to $20.6 million
-- Asset management revenue of $20.6 million drove the stated results
-- Performance allocations of $0.4 million
-- Platform net loss of $19.6 million, or $0.89 per diluted share, compared
to Platform net loss of $11.8 million, or $0.59 per diluted share
-- Losses largely impacted by $8.6 million of one-time non-cash
allowances and write-downs in accounts receivable and investments,
respectively, in the fourth quarter
-- Platform Adjusted EBITDA loss of $2.7 million, compared to Platform
Adjusted EBITDA loss of $1.3 million
-- Fair value assets under management ("FV AUM") of $794.9 million, a 7.2%
increase compared to December 31, 2023, primarily due to the acquisitions
of the 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 and the sale of a
self-storage property
-- Managed capital of $492.5 million, a 12.5% increase compared to December
31, 2023, with originations of $69.0 million, partially offset by return
of capital of $14.0 million
Management Commentary
"In 2024, we took decisive steps to position Caliber for long-term, sustainable profitability," said Chris Loeffler, CEO of Caliber. "In May, we began implementing operating cost reductions to realign our expense structure with current market dynamics. These efforts began delivering measurable benefits in the second half of the year, with the full $6 million annualized impact expected in 2025."
"Looking ahead, we have refined our strategy to focus on three specific asset classes -- hospitality, multi-family and multi-tenant industrial -- each of which is well positioned for growth. Additionally, we intend to increase our portfolio of income-producing assets and decrease the number of development projects. We believe this sharper focus will accelerate our path to consistent profitability. In addition, we are seeing early traction in our 1031 exchange program, which offers investors a compelling opportunity to access high-quality, income-generating assets, and we recently closed our first transaction."
"As we exit a challenging period for commercial real estate investment, we believe we are well-positioned to capitalize on emerging opportunities with a leaner expense structure and more narrowly defined objectives that will help us achieve positive net operating income for the full year 2025."
Business Update
The following are key milestones completed both during and subsequent to the fourth quarter ended December 31, 2024.
-- On November 26, 2024, Caliber raised capital of $2.0 million from the
sale of its series A non-cumulative preferred stock and warrants to one
investor.
-- On March 17, 2025, Caliber announced it had been qualified by the U.S.
Securities and Exchange Commission to offer Series AA Cumulative
Preferred Stock to raise up to $20.0 million through the offering of
800,000 shares with an initial stated value of $25.00 per share.
-- On March 20, 2025, Caliber entered into a securities purchase agreement
with Mast Hill Fund L.P. ("Mast"), issuing a senior secured promissory
note worth up to $1,666,666.67, a warrant for 200,000 shares of Class A
common stock at $0.75 per share, and 200,000 shares of common stock.
Simultaneously, the Company also entered into an equity purchase
agreement with Mast to sell up to $25 million of common stock. This
agreement also includes a common stock purchase warrant for an additional
200,000 shares at $1.50 per share.
-- On March 27, 2025, Caliber announced the launch of the Caliber 1031
Exchange, a full-service program that offers accredited investors access
to highly curated real estate investment opportunities, enabling them to
defer capital gains while diversifying their portfolios.
Fourth Quarter 2024 Consolidated Financial Results (compared to fourth quarter 2023)
-- Total consolidated revenue of $8.7 million, compared to $23.9 million
reflecting the deconsolidation of Caliber Hospitality, LP and CHT, in
March 2024, and DT Mesa in September 2024
-- Consolidated net loss attributable to Caliber of $11.4 million, or $0.51
per diluted share, compared to net loss attributable to Caliber of $2.4
million or $0.11 per diluted share
-- Consolidated Adjusted EBITDA of $1.5 million, compared to Consolidated
Adjusted EBITDA of $6.5 million
Full Year 2024 Consolidated Financial Results (compared to full year 2023)
-- Total consolidated revenue of $51.1 million, compared to $90.9 million
reflecting the deconsolidation of Caliber Hospitality, LP and CHT, in
March 2024, and DT Mesa in September 2024
-- Consolidated net loss attributable to Caliber of $19.8 million, or $0.90
per diluted share, compared to net loss attributable to Caliber of $12.7
million or $0.63 per diluted share
-- Consolidated Adjusted EBITDA of $7.0 million, compared to Consolidated
Adjusted EBITDA of $10.2 million
Conference Call Information
Caliber will host a conference call today, Monday, March 31, 2025, at 5:00 p.m. Eastern Time $(ET)$ to discuss its fourth quarter and full year 2024 financial results and business outlook. To access this call, dial 1-800-717-1738 (domestic) or 1-646-307-1865 (international). A live webcast of the conference call will be available via the investor relations section of Caliber's website under "Financial Results." The webcast replay of the conference call will be available on Caliber's website shortly after the call concludes.
Platform Financial Highlights
Within this earnings release, we refer to performance results of the 'Platform'. Platform refers to the performance of CWD itself, excluding the performance of any assets and funds that are included in our consolidated results, as required by the Generally Accepted Accounting Principles ("GAAP"). Management believes that Platform performance offers the most meaningful information needed to understand the value of CWD. The assets and funds that are consolidated into our GAAP presentation are included because Caliber is a guarantor of debt held by these assets and funds.
While GAAP consolidation rules require CWD to include the performance and cash flows of these assets and funds in our consolidated financial information, CWD does not benefit from the performance of those assets and funds, except to the extent that CWD earns fees from managing the assets and funds (which are included in the Platform results). Management believes presenting Platform results, which exclude consolidated assets, directly shows the business performance that CWD stockholders benefit from.
Consolidated Financial Results
Caliber's GAAP consolidated financial statements have been impacted by the deconsolidation of certain variable interest entities' assets, liabilities, revenues, and expenses. These entities were deconsolidated because Caliber was no longer a guarantor on the respective entities' third-party debt. Caliber's GAAP financial metrics are impacted by the timing of deconsolidation. As such, prior periods presented may not be comparable due to the deconsolidation of certain entities in the current period.
About Caliber (CaliberCos Inc.) (NASDAQ: CWD)
With more than $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, and the viability of and ability of the Company to adequately access the real estate and capital markets. These and other risks and uncertainties are described more fully in the section titled "Risk Factors" in the final prospectus related to the Company's public offering filed with the SEC and other reports filed with the SEC thereafter. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.
NON-GAAP RECONCILIATIONS
(AMOUNTS IN THOUSANDS) (UNAUDITED)
The following information reconciles the performance of the Platform to the consolidated GAAP presentation. Management believes that the Platform view of Caliber's performance is more meaningful to a CWD shareholder as it includes all revenues and expenses generated by Caliber and its wholly-owned subsidiaries.
ASSET MANAGEMENT PLATFORM(1)
(AMOUNTS IN THOUSANDS) (UNAUDITED)
Year Ended December 31, 2024 Year Ended December 31, 2023
------------------------------------------------------ ------------------------------------------------------
Impact of Impact of
Unconsolidated Consolidated Unconsolidated Consolidated
(Wholly - Fund and (Wholly - Fund and
Owned) Eliminations Consolidated Owned) Eliminations Consolidated
------------------ ---------------- ---------------- ------------------ ---------------- ----------------
Revenues
Asset management $ 20,563 $ (3,684) $ 16,879 $ 16,982 $ (6,411) $ 10,571
Performance
allocations 379 (21) 358 3,656 (17) 3,639
Consolidated funds --
hospitality revenue -- 26,476 26,476 -- 68,905 68,905
Consolidated funds --
other revenue -- 7,406 7,406 -- 7,822 7,822
-------- ---- ------- --- -------- -------- ---- -------- --------
Total revenues 20,942 30,177 51,119 20,638 70,299 90,937
-------- ---- ------- --- -------- -------- ---- -------- --------
Expenses
Operating costs 24,904 (965) 23,939 21,808 (497) 21,311
General and
administrative 6,817 (41) 6,776 6,807 (37) 6,770
Marketing and
advertising 751 -- 751 1,053 (1) 1,052
Depreciation and
amortization 598 (5) 593 551 (1) 550
Consolidated funds --
hospitality expenses -- 26,503 26,503 -- 80,669 80,669
Consolidated funds --
other expenses -- 5,870 5,870 -- 9,162 9,162
-------- ---- ------- --- -------- -------- ---- -------- --------
Total expenses 33,070 31,362 64,432 30,219 89,295 119,514
-------- ---- ------- --- -------- -------- ---- -------- --------
Consolidated funds -
other - gain on sale
of real estate
investments -- -- -- -- 4,976 4,976
Other income
(expenses), net (2,654) (439) (3,093) 649 (275) 374
Interest income 559 (199) 360 1,863 (1,513) 350
Interest expense (5,424) -- (5,424) (4,716) (1) (4,717)
-------- --- ------- --- -------- -------- --- -------- --------
Net (loss) before income
taxes $ (19,647) $ (1,823) $ (21,470) $ (11,785) $ (15,809) $ (27,594)
======== === ======= ======== ======== === ======== ========
Provision for income
taxes -- -- -- -- -- --
-------- ---- ------- --- -------- -------- ---- -------- --------
Net income (loss) (19,647) (1,823) (21,470) (11,785) (15,809) (27,594)
Net income
attributable to
noncontrolling
interests -- (1,693) (1,693) -- (14,891) (14,891)
-------- ---- ------- -------- -------- ---- -------- --------
Net income
(loss)
attributable
to
CaliberCos
Inc. $ (19,647) $ (130) $ (19,777) $ (11,785) $ (918) $ (12,703)
======== === ======= ======== ======== === ======== ========
Basic Platform income per
share $ (0.89) $ (0.90) $ (0.59) $ (0.63)
======== === ======== ======== === ========
Diluted Platform income
per share $ (0.89) $ (0.90) $ (0.59) $ (0.63)
======== === ======== ======== === ========
Weighted average common
shares outstanding:
Basic 21,986 21,986 20,087 20,087
======== ==== ======== ======== ==== ========
Diluted 21,986 21,986 20,087 20,087
======== ==== ======== ======== ==== ========
__________________________________________
(1) Represents the results of our asset management platform, which are presented on a basis that deconsolidates our consolidated funds
(intercompany eliminations) and eliminates noncontrolling interest.
ASSET MANAGEMENT
PLATFORM(1) (AMOUNTS
IN THOUSANDS)
(UNAUDITED)
Three Months Ended December 31, 2024
----------------------------------------------------
Impact of
Consolidated Fund
Platform and Eliminations Consolidated
--------------- ----------------- ----------------
Revenues
Asset management $ 4,587 $ (634) $ 3,953
Performance
allocations 1 -- 1
Consolidated funds
-- hospitality
revenue -- 2,943 2,943
Consolidated funds
-- other revenue -- 1,790 1,790
------- ---- ----- ---- --------
Total revenues 4,588 4,099 8,687
------- ---- ----- ---- --------
Expenses
Operating costs 8,933 (383) 8,550
General and
administrative 1,327 (11) 1,316
Marketing and
advertising 243 1 244
Depreciation and
amortization 151 3 154
Consolidated funds
-- hospitality
expenses -- 3,312 3,312
Consolidated funds
-- other expenses -- 465 465
------- ---- ----- ---- --------
Total expenses 10,654 3,387 14,041
------- ---- ----- ---- --------
Other income
(expenses), net (4,122) 14 (4,108)
Interest income 45 (10) 35
Interest expense (1,466) -- (1,466)
------- ---- ----- ---- --------
Net income (loss)
before income taxes $ (11,609) $ 716 $ (10,893)
======= ==== ===== ==== ========
Provision for income
taxes -- -- --
------- ---- ----- ---- --------
Net income (loss) (11,609) 716 (10,893)
Net income
attributable to
noncontrolling
interests -- 495 495
------- ---- ----- ---- --------
Net income (loss)
attributable to
CaliberCos Inc. $ (11,609) $ 221 $ (11,388)
======= ==== ===== ==== ========
Basic Platform income
per share $ (0.52) $ (0.51)
======= ========
Diluted Platform income
per share $ (0.52) $ (0.51)
======= ========
Weighted average common
shares outstanding:
Basic 22,456 22,456
======= ========
Diluted 22,456 22,456
======= ========
___________________________________________
(1) Represents the results of our asset management platform, which are
presented on a basis that deconsolidates our consolidated funds (intercompany
eliminations) and eliminate noncontrolling interest.
Three Months Ended December 31, 2023
---------------------------------------------------------
Impact of
Consolidated Fund
Platform and Eliminations Consolidated
----------------- -------------------- ----------------
Revenues
Asset management $ 6,005 $ (1,680) $ 4,325
Performance
allocations 1,182 (17) 1,165
Consolidated
funds --
hospitality
revenue -- 16,897 16,897
Consolidated
funds -- other
revenue -- 1,558 1,558
--------- ---- -------- ---- ---------
Total revenues 7,187 16,758 23,945
--------- ---- -------- ---- ---------
Expenses
Operating costs 5,896 (790) 5,106
General and
administrative 2,148 (292) 1,856
Marketing and
advertising 166 (2) 164
Depreciation and
amortization 354 (213) 141
Consolidated
funds --
hospitality
expenses -- 20,993 20,993
Consolidated
funds -- other
expenses -- 2,405 2,405
--------- ---- -------- ---- ---------
Total expenses 8,564 22,101 30,665
--------- ---- -------- ---- ---------
Consolidated
funds -- Other -
gain on sale of
real estate
investments 4,976 4,976
Other income
(expenses), net 355 (1,460) (1,105)
Interest income 384 (313) 71
Interest expense (1,307) (2) (1,309)
--------- ---- -------- --- ---------
Net loss before
income taxes $ (1,945) $ (2,142) $ (4,087)
========= ==== ======== === =========
Provision for
income taxes -- -- --
--------- ---- -------- ---- ---------
Net loss (1,945) (2,142) (4,087)
Net loss
attributable
to
noncontrolling
interests -- (1,726) (1,726)
--------- ---- -------- --- ---------
Net loss
attributable
to CaliberCos
Inc. $ (1,945) $ (416) $ (2,361)
========= ==== ======== === =========
Basic and Diluted
Platform loss per
share $ (0.09) $ (0.11)
========= =========
Weighted average
common shares
outstanding:
Basic and diluted 21,270 21,270
========= =========
PLATFORM REVENUE(1)
(AMOUNTS IN THOUSANDS) (UNAUDITED)
Three Months Ended December 31,
---------------------------------------
2024 2023
--- ------------- --- -----------
Fund set-up fees $ -- $ 53
Fund management fees 2,844 2,461
Financing fees 34 (2)
Development and construction fees 1,685 2,856
Brokerage fees 24 637
--- ------------- --- -----------
Total asset management 4,587 6,005
Performance allocations 1 1,182
--- ------------- --- -----------
Total revenue $ 4,588 $ 7,187
=== ============= === ===========
___________________________________________
(1) Represents the results of our asset management platform, which are
presented on a basis that deconsolidates our consolidated funds
(intercompany eliminations) and eliminates noncontrolling interest.
FVAUM and Managed Capital (UNAUDITED)
The following information summarizes management's estimates of fair value related to the entire portfolio of investments that Caliber manages and the total amount of capital that is being managed across the portfolio. The fair value of our AUM conveys an indication of the overall health of our investments and potentially how much performance allocation Caliber would earn if those assets were sold. Managed Capital is used to evaluate, among other things, the amount of asset management fees we generate from the portfolio.
FV AUM
(AMOUNTS IN THOUSANDS) (UNAUDITED)
Balances as of December 31, 2023 $741,190
CHT contribution 29,900
Construction and net market appreciation 10,971
Assets sold(3) (12,771)
Credit(1) (781)
Other(2) (1,771)
-------
Balances as of March 31, 2024 766,738
Assets acquired(4) 14,000
Construction and net market appreciation 27,994
Assets sold or disposed(3) (22,994)
Credit(1) (12,835)
Other(2) 310
-------
Balances as of June 30, 2024 773,213
Assets acquired(4) 20,590
Construction and net market appreciation 11,910
Credit(1) (431)
Other(2) 1,679
-------
Balances as of September 30, 2024 $806,961
Construction and net market appreciation (10,200)
Credit(1) 1,810
Other(2) (3,648)
-------
Balances as of December 31, 2024 $794,923
=======
FV AUM, by asset class
(AMOUNTS IN THOUSANDS) (UNAUDITED)
December 31, 2024 December 31, 2023
------------------- -------------------
Real Estate
Hospitality $ 68,500 $ 67,200
Caliber Hospitality Trust 236,800 201,600
Residential 161,700 138,000
Commercial 249,600 240,400
--- -------------- --- --------------
Total Real Estate 716,600 647,200
Credit(1) 72,351 84,588
Other(2) 5,972 9,402
--- -------------- --- --------------
Total $ 794,923 $ 741,190
=== ============== === ==============
___________________________________________
(1) Other FV AUM represents undeployed capital held in our diversified
funds.
(2) Credit FV AUM represents loans made to Caliber's investment funds by our
diversified credit fund.
(3) Assets sold during the year ended December 31, 2024, include a
commercial asset, lot sales related to two development assets in Colorado,
and one home from our residential fund.
(4) Assets acquired during the year ended December 31, 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
Return of capital (2,819)
--------------
Balances as of March 31, 2024 453,905
Originations 18,936
Return of capital (3,041)
--------------
Balances as of June 30, 2024 469,800
Originations 23,372
Return of capital (7,900)
--------------
Balances as of September 30,
2024 $ 485,272
Originations 7,552
Return of capital (282)
--------------
Balances as of December 31,
2024 $ 492,542
==============
December 31, 2024 December 31, 2023
------------------- ---------------------
Real Estate
Hospitality $ 49,260 $ 43,660
Caliber Hospitality
Trust(1) 97,414 70,747
Residential 96,687 74,224
Commercial 170,858 155,004
--- -------------- --------------
Total Real
Estate(2) 414,219 343,635
Credit(3) 72,351 84,588
Other(4) 5,972 9,402
--- -------------- --------------
Total $ 492,542 $ 437,625
=== ============== ==============
_________________________________________
(1) The Company earns a fund management fee of 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 December 31, 2024, and December 31, 2023, the Company had
invested $16.1 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 December 31, 2024,
and December 31, 2023, the Company had loaned $0.4 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
CONSOLIDATED STATEMENTS OF OPERATIONS
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)
Three Months Ended Year Ended December
December 31, 31,
------------------- ----------------------
2024 2023 2024 2023
------- ------ ------- -------
(unaudited)
Revenues
Asset
management
revenues $ 3,953 $ 4,325 $ 16,879 $ 10,571
Performance
allocations 1 1,165 358 3,639
Consolidated
funds --
hospitality
revenues 2,943 16,897 26,476 68,905
Consolidated
funds -- other
revenues 1,790 1,558 7,406 7,822
------- ------ ------- -------
Total
revenues 8,687 23,945 51,119 90,937
------- ------ ------- -------
Expenses
Operating costs 8,550 5,106 23,939 21,311
General and
administrative 1,316 1,856 6,776 6,770
Marketing and
advertising 244 164 751 1,052
Depreciation
and
amortization 154 141 593 550
Consolidated funds
-- hospitality
expenses 3,312 20,993 26,503 80,669
Consolidated funds
-- other
expenses 465 2,405 5,870 9,162
------- ------ ------- -------
Total
expenses 14,041 30,665 64,432 119,514
------- ------ ------- -------
Consolidated funds
- gain on sale of
real estate
investments -- 4,976 -- 4,976
Other (loss)
income, net (4,108) (1,105) (3,093) 374
Gain on
extinguishment of
debt -- -- -- --
Interest income 35 71 360 350
Interest expense (1,466) (1,309) (5,424) (4,717)
------- ------ ------- -------
Net (loss) income
before income
taxes (10,893) (4,087) (21,470) (27,594)
Benefit from
income taxes -- -- -- --
------- ------ ------- -------
Net (loss) income (10,893) (4,087) (21,470) (27,594)
Net (loss) income
attributable to
noncontrolling
interests 495 (1,726) (1,693) (14,891)
------- ------ ------- -------
Net (loss) income
attributable to
CaliberCos Inc. (11,388) (2,361) (19,777) (12,703)
======= ====== ======= =======
Basic net (loss)
income per share
attributable to
common
stockholders $ (0.51) $ (0.11) $ (0.90) $ (0.63)
======= ====== ======= =======
Diluted net (loss)
income per share
attributable to
common
stockholders $ (0.51) $ (0.11) $ (0.90) $ (0.63)
======= ====== ======= =======
Weighted average
common shares
outstanding:
Basic 22,456 21,270 21,986 20,087
======= ====== ======= =======
Diluted 22,456 21,270 21,986 20,087
======= ====== ======= =======
CALIBERCOS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA)
December 31, 2024 December 31, 2023
------------------- -------------------
(unaudited)
Assets
Cash $ 1,766 $ 940
Restricted cash 2,582 2,569
Real estate investments, net 21,572 21,492
Notes receivable - related parties -- --
Due from related parties 7,070 9,759
Investments in unconsolidated
entities 15,643 3,338
Operating lease - right of use
assets 147 193
Prepaid and other assets 3,501 2,781
Assets of consolidated funds
Cash 549 2,865
Restricted cash -- 11,266
Real estate investments, net 45,090 185,636
Accounts receivable, net 163 1,978
Notes receivable - related parties 6,848 34,620
Due from related parties 320 12
Operating lease - right of use
assets -- 10,318
Prepaid and other assets 284 11,665
---- ------------- --- --------------
Total assets $ 105,535 $ 299,432
==== ============= === ==============
CALIBERCOS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA)
December 31, 2024 December 31, 2023
------------------- ---------------------
Liabilities and Stockholders'
Equity
Notes payable $ 50,450 $ 53,799
Accounts payable and accrued
expenses 9,532 8,886
Due to related parties 313 257
Operating lease liabilities 93 119
Other liabilities 750 420
Liabilities of
consolidated funds
Notes payable, net 29,172 129,684
Notes payable - related
parties 2,047 12,055
Accounts payable and accrued
expenses 1,207 11,736
Due to related parties 79 101
Operating lease liabilities -- 13,957
Other liabilities 639 2,400
-------------- --------------
Total liabilities 94,282 233,414
-------------- --------------
Commitments and Contingencies
(Note 12)
Common stock Class A, $0.001
par value; 100,000,000 shares
authorized, 15,177,583 and
13,872,671 shares issued and
outstanding as of December
31, 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
December 31, 2024 and
December 31, 2023 7 7
Paid-in capital 43,996 39,432
Accumulated deficit (56,607) (36,830)
-------------- --------------
Stockholders' (deficit) equity
attributable to CaliberCos
Inc. (12,589) 2,623
Stockholders' equity
attributable to
noncontrolling interests 23,842 63,395
-------------- --------------
Total stockholders'
equity 11,253 66,018
-------------- --------------
Total liabilities and
stockholders'
equity $ 105,535 $ 299,432
============== ==============
Definitions
Assets Under Management
AUM refers to the assets we manage or sponsor. We monitor two types of information with regard to our AUM:
1. 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.
2. Fair Value ("FV") AUM -- we define this is as the aggregate fair value of
the real estate assets we manage and from which we derive management fees,
performance revenues and other fees and expense reimbursements. We
estimate the value of these assets quarterly to help make sale and hold
decisions and to evaluate whether an existing asset would benefit from
refinancing or recapitalization. This also gives us insight into the
value of our carried interest at any point in time. We also utilize FV
AUM to predict the percentage of our portfolio which may need development
services in a given year, fund management services (such as refinance),
and brokerage services. As we control the decision to hire for these
services, our service income is generally predictable based upon our
current portfolio AUM and our expectations for AUM growth in the year
forecasted.
Non-GAAP Measures
We use non-GAAP financial measures to evaluate operating performance, identify trends, formulate financial projections, make strategic decisions, and for other discretionary purposes. We believe that these measures enhance the understanding of ongoing operations and comparability of current results to prior periods and may be useful for investors to analyze our financial performance because they provide investors a view of the performance attributable to CaliberCos Inc. When analyzing our operating performance, investors should use these measures in addition to, and not as an alternative for, their most directly comparable financial measure calculated and presented in accordance with 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, which generates revenues and expenses from managing our investment portfolio, which does not include any consolidated assets or funds. These activities include asset management, transaction services, and performance allocations. Management believes that this is an important view of the Company because it communicates performance of the Company that would be most useful for understanding the value of CWD.
Fee-Related Earnings and Related Components
Fee-Related Earnings is a supplemental non-GAAP performance measure used to assess our ability to generate profits from fee-based revenues, focusing on whether our core revenue streams are sufficient to cover our core operating expenses. Fee-Related Earnings represents the Company's net income (loss) before income taxes adjusted to exclude depreciation and amortization, stock-based compensation, interest expense and extraordinary or non-recurring revenue and expenses, including performance allocation revenue and gain (loss) on extinguishment of debt, public registration direct costs related to aborted or delayed offerings and our Reg A+ offering, the share repurchase costs related to the Company's Buyback Program, litigation settlements, and expenses recorded to earnings relating to investment deals which were abandoned or closed. Fee-Related Earnings is presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminates noncontrolling interest. Eliminating the impact of consolidated funds and noncontrolling interest provides investors a view of the performance attributable to CaliberCos Inc. and is consistent with performance models and analysis used by management.
Distributable Earnings
Distributable Earnings is a supplemental non-GAAP performance measure equal to Fee-Related Earnings plus performance allocation revenue and less interest expenses and provision for income taxes. We believe that Distributable Earnings can be useful as a supplemental performance measure to our GAAP results assessing the amount of earnings available for distribution.
Platform Earnings
Platform Earnings represents the performance of the Caliber asset management platform, which generates revenues and expenses from managing our investment portfolio, excluding any consolidated assets or funds.
Platform Earnings per Share
Platform Earnings per Share is calculated as Platform Earnings divided by weighted average CWD common shares outstanding.
Platform Adjusted EBITDA
Platform Adjusted EBITDA represents the Company's Distributable Earnings adjusted for interest expense, the share repurchase costs related to the Company's Buyback Program, other income (expense), and provision for income taxes on a basis that deconsolidates our consolidated funds (intercompany eliminations), Loss on CRAF Investment Redemption, Gain on extinguishment of Payroll Protection Program loans, and eliminates noncontrolling interest. Eliminating the impact of consolidated funds and noncontrolling interest provides investors a view of the performance attributable to the CaliberCos Inc. Platform and is consistent with performance models and analysis used by management.
Consolidated Adjusted EBITDA
Consolidated Adjusted EBITDA represents the Company's and the consolidated funds' earnings before net interest expense, income taxes, depreciation and amortization, further adjusted to exclude stock-based compensation, transaction fees, expenses and other public registration direct costs related to aborted or delayed offerings and our Reg A+ offering, the share repurchase costs related to the Company's Buyback Program, litigation settlements, expenses recorded to earnings relating to investment deals which were abandoned or closed, any other non-cash expenses or losses, as further adjusted for extraordinary or non-recurring items.
NON-GAAP ADJUSTED EBITDA
(AMOUNTS IN THOUSANDS) (UNAUDITED)
Three Months Ended Year Ended December
December 31, 31,
------------------- ----------------------
2024 2023 2024 2023
------- ------ ------- -------
Net income (loss)
attributable to
CaliberCos Inc. $(11,388) $(2,361) $(19,777) $(12,703)
Net income
(loss)
attributable
to
noncontrolling
interests 495 (1,726) (1,693) (14,891)
------- ------ ------- -------
Net income (loss) (10,893) (4,087) (21,470) (27,594)
Provision for
income taxes -- -- -- --
------- ------ ------- -------
Net income (loss)
before income
taxes (10,893) (4,087) (21,470) (27,594)
Depreciation
and
amortization 151 142 598 551
Consolidated
funds' impact
on fee-related
earnings (712) 1,552 1,185 14,020
Stock-based
compensation 656 709 2,378 3,726
Severance 41 -- 244 19
Performance
allocations (1) (1,165) (358) (3,639)
Other (income)
expenses, net (196) 1,105 (1,211) (374)
Investments
impairment 4,304 -- 4,304 --
Bad debt
expense 4,079 -- 4,079 --
Interest
expense, net 1,421 1,238 4,865 4,367
------- ------ ------- -------
Fee-related
earnings (1,150) (506) (5,386) (8,924)
Performance
allocations 1 1,165 358 3,639
Interest
expense, net (1,421) (1,238) (4,865) (4,367)
Provision for
income taxes -- -- -- --
------- ------ ------- -------
Distributable
earnings (2,570) $(579.SI)$ (9,893) (9,652)
Interest
expense 1,466 1,309 5,424 4,717
Share buy-back -- -- -- 183
Other expenses
(income), net 196 (1,105) 1,211 374
Provision for
income taxes -- -- -- --
Loss on CRAF
Investment -- 1,339 -- 1,339
Consolidated
funds' impact
on Caliber
adjusted
EBITDA (94) 589 548 1,788
------- ------ ------- -------
Platform adjusted
EBITDA (1,002) 1,553 (2,710) (1,251)
Consolidated
funds' EBITDA
adjustments 2,517 4,944 9,694 11,419
------- ------ ------- -------
Consolidated
adjusted EBITDA $ 1,515 $ 6,497 $ 6,984 $ 10,168
======= ====== ======= =======
View source version on businesswire.com: https://www.businesswire.com/news/home/20250331437772/en/
CONTACT: 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
(END) Dow Jones Newswires
March 31, 2025 17:15 ET (21:15 GMT)
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