Caliber(US:CWD)2024-11-13 02:23Revenue Performance - Platform revenue increased by 98.9% to $7.4 million compared to the same quarter last year[4] - Total consolidated revenue decreased by 33.6% to $11.3 million due to the deconsolidation of certain entities[9] - Total revenues for the three months ended September 30, 2023, were $17,025 million, a decrease from $3,728 million in the same period last year[18] - Asset management revenues increased to $6,530 million for the three months ended September 30, 2024, compared to $2,316 million in the previous year[30] - The company achieved total asset management fees of $7,242 million for the three months ended September 30, 2024, compared to $3,704 million in the previous year[21] Earnings and Profitability - Platform earnings reached $0.2 million, or $0.01 per diluted share, a significant improvement from a loss of $3.4 million, or $0.16 per diluted share, in the prior year[4] - Consolidated net income attributable to Caliber was $0.1 million, or $0.01 per diluted share, compared to a net loss of $3.4 million, or $0.16 per diluted share, in the previous year[10] - The company reported a net loss of $12,222 million for the three months ended September 30, 2023, compared to a net loss of $3,366 million in the same period last year[18] - Basic net income per share attributable to common stockholders was $0.01 for the three months ended September 30, 2024, compared to a loss of $0.16 in the same period last year[30] - Fee-related earnings improved to $1,643,000 for the quarter ended September 30, 2024, compared to a loss of $3,069,000 in the same quarter of the previous year[48] - Consolidated adjusted EBITDA turned positive at $4,248,000 for the quarter ended September 30, 2024, compared to a loss of $3,157,000 in the prior year[48] Assets and Liabilities - Fair value assets under management (FV AUM) rose to $807.0 million, an 8.9% increase from December 31, 2023, driven by acquisitions and market appreciation[4] - Managed capital increased by 10.9% to $485.3 million, with originations of $61.4 million offset by redemptions of $13.8 million[4] - Managed capital as of September 30, 2024, was $485,272 million, up from $437,625 million as of December 31, 2023[27] - The fair value of assets under management (AUM) increased to $806,961 million as of September 30, 2024, compared to $741,190 million as of December 31, 2023[25] - Total assets decreased from $299,432,000 as of December 31, 2023, to $158,583,000 as of September 30, 2024, representing a decline of approximately 47%[32] - Total liabilities decreased from $233,414,000 to $95,302,000, a reduction of approximately 59%[35] - Stockholders' equity attributable to CaliberCos Inc. decreased from $66,018,000 to $63,281,000, a decline of about 4%[34] Strategic Initiatives - The company launched a new Qualified Opportunity Zone Fund Roll-Up program, resulting in a $14 million increase in managed capital[7] - A definitive agreement was reached to acquire seven hotel properties, expected to increase assets under management by approximately $120 million[7] - The company anticipates continued strategic progress towards consistent, profitable growth despite market volatility[5] Expenses and Financial Metrics - Total expenses for the three months ended September 30, 2023, were $28,430 million, a significant increase from $10,428 million in the same period this year[30] - Performance allocations for the three months ended September 30, 2024, were $175 million, compared to $36 million in the same period last year[30] - The company reported interest income of $51 million and interest expense of $1,349 million for the three months ended September 30, 2024[30] Shareholder Information - The number of shares issued and outstanding for Class A common stock increased from 13,872,671 to 14,967,702[34]