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Caliber(CWD) - 2025 Q1 - Quarterly Results
CWDCaliber(CWD)2025-04-02 21:24

Financial Performance - Platform revenue for FY 2024 was 21.0million,primarilydrivenbyassetmanagementrevenue[54].−TheplatformnetlossattributableforFY2024was21.0 million, primarily driven by asset management revenue[54]. - The platform net loss attributable for FY 2024 was 19.6 million, or 0.89perdilutedshare,largelyduetoone−timenon−cashallowancesandwrite−downs[54].−TotalrevenuesforQ42024were0.89 per diluted share, largely due to one-time non-cash allowances and write-downs[54]. - Total revenues for Q4 2024 were 8,687,000, a decrease of 63.7% compared to 23,945,000inQ42023[68].−AssetmanagementrevenuesforQ42024were23,945,000 in Q4 2023[68]. - Asset management revenues for Q4 2024 were 3,953,000, down from 4,325,000inQ42023,representingadeclineof8.64,325,000 in Q4 2023, representing a decline of 8.6%[68]. - Total revenues for the year ended December 31, 2024, were 51,119,000, a decrease from 90,937,000in2023,representingadeclineofapproximately4390,937,000 in 2023, representing a decline of approximately 43%[89]. - Net loss attributable to CaliberCos Inc. for the year ended December 31, 2024, was 21,470,000 compared to a net loss of 27,594,000in2023,showinganimprovementofabout2227,594,000 in 2023, showing an improvement of about 22%[89]. - Basic platform income per share for the year ended December 31, 2024, was (0.89), compared to (0.63)in2023,indicatingaworseningperformance[91].−Netincome(loss)attributabletoCaliberCosInc.forthethreemonthsendedDecember31,2024,was(0.63) in 2023, indicating a worsening performance[91]. - Net income (loss) attributable to CaliberCos Inc. for the three months ended December 31, 2024, was (11,388,000), compared to (2,361,000)in2023,reflectingasignificantincreaseinlosses[95].−TotalrevenueforthethreemonthsendedDecember31,2024,was(2,361,000) in 2023, reflecting a significant increase in losses[95]. - Total revenue for the three months ended December 31, 2024, was 4,588 thousand, down 36.4% from 7,187thousandinthesameperiodof2023[99].−ThecompanyreportedalossonCRAFInvestmentof7,187 thousand in the same period of 2023[99]. - The company reported a loss on CRAF Investment of 1,339 thousand for the three months ended December 31, 2024[97]. Assets and Liabilities - Fair value assets under management reached 794.9million,withmanagedcapitalat794.9 million, with managed capital at 492.5 million[54]. - Total assets as of December 31, 2024, were 105,535,000,asignificantdecreasefrom105,535,000, a significant decrease from 299,432,000 as of December 31, 2023[71]. - Total liabilities as of December 31, 2024, were 94,282,000,downfrom94,282,000, down from 119,514,000 in 2023[73]. - Managed Capital increased from 437,625thousandasofDecember31,2023,to437,625 thousand as of December 31, 2023, to 492,542 thousand as of December 31, 2024, representing an increase of 12.5%[101]. - The fair value of total assets under management (AUM) as of December 31, 2024, was 794,923thousand,up7.2794,923 thousand, up 7.2% from 741,190 thousand as of December 31, 2023[106]. Expenses - Total expenses for Q4 2024 were 14,041,000,adecreaseof54.314,041,000, a decrease of 54.3% from 30,665,000 in Q4 2023[68]. - Total expenses for the year ended December 31, 2024, were 64,432,000,downfrom64,432,000, down from 119,514,000 in 2023, a reduction of approximately 46%[89]. - Operating costs for the three months ended December 31, 2024, were 8,550,000,comparedto8,550,000, compared to 5,106,000 in 2023, an increase of approximately 67%[93]. - Interest expense for the year ended December 31, 2024, was (5,424,000),upfrom(5,424,000), up from (4,717,000) in 2023, indicating an increase of about 15%[89]. - Interest expense for the year ended December 31, 2024, was 5,424thousand,comparedto5,424 thousand, compared to 4,717 thousand in 2023, reflecting an increase of 15%[101]. Revenue Streams - Caliber announced the launch of the Caliber 1031 Exchange, providing accredited investors access to curated real estate investments[54]. - The company demonstrated an unlevered annualized gross internal rate of return (IRR) of 19% on investments sold[13]. - The company reported a performance allocation revenue of 1,165,000inQ42024,comparedto1,165,000 in Q4 2024, compared to 328,000 in Q4 2023[68]. - Fund management fees for the three months ended December 31, 2024, were 2,844thousand,anincreaseof15.52,844 thousand, an increase of 15.5% from 2,461 thousand in the same period of 2023[99]. - Total asset management revenue decreased to 4,587thousandforthethreemonthsendedDecember31,2024,down23.54,587 thousand for the three months ended December 31, 2024, down 23.5% from 6,005 thousand in 2023[99]. Capital Raising and Ownership - On November 26, 2024, Caliber raised 2.0millionfromthesaleofpreferredstockandwarrantstooneinvestor[54].−Caliberhasraisedover2.0 million from the sale of preferred stock and warrants to one investor[54]. - Caliber has raised over 743 million since inception, indicating a sizable and loyal customer base with an estimated net worth of $13 billion[13]. - The management team has significant insider ownership, with insiders owning approximately 50% of the company[45].