Grows Assets Under Management by 19.9%
Year-over-Year to $822.5 Million
Grows Asset Management Revenue by 26.0%, AM
Revenue Run Rate by $1.5 Million
Caliber (NASDAQ: CWD) (“CaliberCos Inc.”), a real estate
investor, developer, and manager, today reported results for the
third quarter ended on September 30, 2023.
Third Quarter 2023 Financial Results,
Compared to Third Quarter 2022
- Total revenue of $17.0 million, a 12.7% decrease
- Segment revenue of $3.7 million, a 55.6% decrease
- Asset management (“AM”) revenue(1) of $2.4 million, a 26.0%
increase; asset management revenue run rate(1) increases to $9.8
million, an 18.2% increase as compared to the full year results in
2022
- Net loss attributable to Caliber of $3.4 million, or $0.16 per
diluted share, compared to net income of $4.4 million or $0.22 per
diluted share
- Caliber Adjusted EBITDA(2) loss of $1.5 million, compared to
$5.7 million gain
- Fair value assets under management(3) (“FV AUM”) of $822.5
million, a 19.9% year-over-year increase
- Managed capital(4) of $412.4 million, an 18.2% year-over-year
increase, reflective of $68.2 million in Fundraising from October
1, 2022 through September 30, 2023.
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 for the period,
2024-2026
- AUM target of $3 billion by year-end, 2026
- Annualized segment revenue of $50 million by year-end,
2026
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
tranche of a planned investment into CHT of up to $50.0 million
from a family office group.
- On October 13, 2023, Northsight Crossing AZ, LLC, a Caliber
co-sponsored single asset syndication, sold Northsight Crossing
Retail Center for $27.4 million, resulting in cash proceeds, net of
loan repayment, closing costs and fees, of approximately $12.2
million, a gain on the sale of real estate of approximately $5.0
million, and a loss on the extinguishment of debt of approximately
$0.2 million. The property was purchased in January 2022 for $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 12.7% to $17.0 million, compared to
$19.5 million for the third quarter 2022, primarily due to lower
year-over-year consolidated transaction and advisory fees
associated with the organization and offering fees(5) earned for
services performed in conjunction with the formation of Caliber Tax
Advantaged Opportunity Zone Fund II, LLC in the third quarter,
2022. This was partially offset by an increase in consolidated fund
revenues, primarily from Hilton Tucson East, which was consolidated
during the three months ended March 31, 2023.
Asset management fees were $1.3 million, a year-over-year
increase of 29.6%; performance allocations were $0.04 million,
remaining relatively constant; and transaction and advisory fees
were $1.0 million, a decrease of 82.3%. Hospitality revenue from
consolidated funds was $12.5 million, an increase of 14.0% and
other revenue from consolidated funds was $2.1 million, a 39.1%
increase from the prior year period.
Total expenses for the third quarter of 2023 were $28.4 million,
up 32.9% from the third quarter of 2022, primarily due to an
increase in consolidated fund related expenses from Hilton Tucson
East, which was consolidated during the three months ended March
31, 2023, and rising labor costs and variable costs associated with
increased revenue, such as management and franchise fees and
loyalty program costs. In addition, operating costs were $4.9
million, up 52.4%, primarily due to additional payroll costs
associated with increased headcount and cost of human capital
driven by the Company’s growth initiatives, as the Company looks to
enhance its capabilities across all lines of service.
Net loss for the third quarter of 2023 was $12.2 million,
compared to $0.7 million in the third quarter of 2022 and
Consolidated Adjusted EBITDA for the third quarter of 2023 was a
loss of $3.2 million, compared to income of $4.7 million in the
prior year period. The decreases compared to the prior year period
were due to lower net income attributed to increased expenses from
consolidated funds and higher expenses related to investment in the
Company’s strategic growth initiatives.
After adjusting for net loss attributable to noncontrolling
interests, net loss attributable to the Company for the third
quarter of 2023 was $3.4 million, or $0.16 per diluted share, as
compared to net income attributable to the Company of $4.4 million,
or $0.22 per diluted share, in the prior year period.
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 U.S. GAAP
basis because certain amounts are eliminated in consolidation when
they are derived from a consolidated fund. Eliminating the impact
of consolidated funds and noncontrolling interest provides
investors with a view of the performance attributable to CaliberCos
Inc. and is consistent with performance models and analysis used by
management.
Third Quarter Segment Performance
Total segment revenues decreased 55.6% to $3.7 million, compared
to $8.4 million for the third quarter 2022, primarily due to lower
transaction and advisory fees in the fund management segment.
Fund Management Segment
Total fund management segment revenues for the third quarter of
2023 were $3.0 million, a decrease of $4.0 million, or 57.2%. Asset
management fees were $2.4 million, an increase of 26.0%, while the
asset management revenue run rate was $9.8 million, an increase of
18.2%, as compared to the full year results in 2022. The higher
asset management fees were driven by a higher year-over-year
average balance of managed assets. Performance allocations were
less than $0.1 million, remaining relatively constant and
transaction and advisory fees decreased $4.4 million or 88.8%. The
decrease in the transaction and advisory fees was primarily related
to lower year-over-year O&O fees earned for services performed
in conjunction with the formation of the Caliber Tax Advantaged
Opportunity Zone Fund II, LLC during the third quarter 2022,
partially offset by increased fund administration fees.
Total fund management segment expenses for the third quarter of
2023 were $6.0 million, an increase of $1.9 million, or 45.4% from
the third quarter 2022. The increase was primarily due to an
increase in operating costs from additional payroll associated with
increased headcount and cost of human capital driven by the
Company’s growth initiatives, as the Company looks to enhance its
capabilities across all lines of service.
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 $3.4 million, compared to segment net income of $4.1 million in
the third quarter of 2022.
Development Segment
Development segment revenues for the third quarter of 2023 were
$0.5 million, a decrease of $0.7 million, or 56.3%. The decrease
was primarily due to a decrease in development fees related to one
commercial development project in Arizona.
Development segment expenses for the third quarter of 2023 were
$0.5 million, an increase of $0.1 million, or 26.2% from the third
quarter 2022. The increase was primarily due to additional payroll
associated with increased headcount driven by the Company’s growth
initiatives resulting in higher operating costs.
Development segment net income for the third quarter of 2023 was
$0.04 million, a decrease of $0.8 million, or 94.6%, from the third
quarter of 2022.
Brokerage Segment
Brokerage segment revenues for the third quarter of 2023 were
$0.2 million, an increase of $0.02 million, or 11.7%. The increase
was primarily due to a $3.8 million increase in brokerage
transactions between periods.
Brokerage segment expenses for the third quarter of 2023 were
$0.2 million, an increase of $0.1 million, compared with the third
quarter of 2022. The increase is related to higher operating costs,
primarily related to repairs and maintenance and depreciation
expense, due to the acquisition of the Company’s headquarters
office building in 2023. Interest expense increased due to the note
assumed in conjunction with the headquarters office building
acquisition.
Brokerage segment net loss for the third quarter of 2023 was
$0.02 million, compared with net income of $0.1 million in the
third quarter of 2022.
Managed Capital
Managed capital as of September 30, 2023 was $412.4 million, an
increase of $63.5 million, or 18.2%, from September 30, 2022, and
an increase of $29.3 million, or 7.6%, from December 31, 2022. The
sequential $10.7 million increase from June 30, 2023 was due to
$13.0 million of originations and was partially offset by $2.3
million of redemptions. Originations during the quarter were
primarily driven by the $5.0 million investment in CHT and a $3.7
million increase in the Company’s commercial investment funds as a
result of capital raised and funds contributed to support
commercial development and acquisition activity in the quarter.
FV AUM
Fair value assets under management as of September 30, 2023 were
$822.5 million, an increase of $77.0 million, or 10.3%, from
December 31, 2022, and a decrease of $2.8 million, or 0.3%, from
June 30, 2023. The decrease in the third quarter of 2023 was
primarily due to the sale of $6.0 million of lots in Colorado and
Caliber Residential Advantage Fund, LP single-family homes, offset
by $1.0 million of construction and net market appreciation, as the
value of Caliber’s hospitality and residential assets continued to
recover in an improving economy and an increase in undeployed
capital of $1.2 million.
Balance Sheet and Liquidity
The Company, excluding consolidated funds, ended the quarter
with $54.3 million of total debt and unrestricted cash and cash
equivalents of $1.0 million.
(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 $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: you can invest in Nasdaq-listed CaliberCos Inc. and/or you
can 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 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, $0.001 par
value; 12,500,000 shares authorized, no shares issued and
outstanding as of September 30, 2023 and 1,651,302 shares issued
and outstanding as of December 31, 2022
—
—
Common stock Class A, $0.001 par value;
100,000,000 shares authorized, 13,848,800 and 10,790,787 shares
issued and outstanding as of September 30, 2023 and December 31,
2022, respectively
14
11
Common stock Class B, $0.001 par value;
15,000,000 shares authorized, 7,416,414 shares issued and
outstanding as September 30, 2023 and December 31, 2022
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 U.S. GAAP, as supplemental disclosures because we
regularly review these measures to evaluate our funds, measure our
performance, identify trends, formulate financial projections and
make strategic decisions.
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 U.S. GAAP. We generally use these non-U.S. GAAP
financial measures to evaluate operating performance 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 eliminate the impact of
selected charges that may obscure trends in the underlying
performance of our business. Because not all companies use
identical calculations, our presentation of Consolidated EBITDA,
Consolidated Adjusted EBITDA, and Caliber Adjusted EBITDA may not
be comparable to similarly identified measures of other
companies.
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 Colorado,
our headquarters office building, and one multi-family residential
asset in Arizona.
(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
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