Caliber(CWD) - 2024 Q4 - Annual Results

Financial Performance - Platform revenue for Q4 2024 was $4.6 million, a decrease from $7.2 million in Q4 2023[4] - Full year 2024 platform net loss was $19.6 million, or $0.89 per diluted share, compared to a net loss of $11.8 million, or $0.59 per diluted share in 2023[4] - Total consolidated revenue for Q4 2024 was $8.7 million, down from $23.9 million in Q4 2023[12] - Consolidated net loss attributable to Caliber for Q4 2024 was $11.4 million, or $0.51 per diluted share, compared to a net loss of $2.4 million, or $0.11 per diluted share in Q4 2023[12] - Consolidated Adjusted EBITDA for Q4 2024 was $1.5 million, down from $6.5 million in Q4 2023[12] - For the year ended December 31, 2024, the net loss attributable to CaliberCos Inc. was $19,777, compared to a net loss of $12,703 for the year ended December 31, 2023[21] - Total revenues for the year ended December 31, 2024, were $51,119,000, a decrease of 43.6% compared to $90,937,000 for the year ended December 31, 2023[41] - Net loss attributable to CaliberCos Inc. for the year ended December 31, 2024, was $19,777,000, compared to a net loss of $12,703,000 for the year ended December 31, 2023, reflecting a 55.5% increase in losses[41] Asset Management - Fair value assets under management (FV AUM) increased by 7.2% to $794.9 million compared to December 31, 2023[7] - Managed capital rose by 12.5% to $492.5 million, with originations of $69.0 million[7] - The fair value of assets under management (FV AUM) as of December 31, 2024, was $794,923, an increase from $741,190 as of December 31, 2023, indicating a growth of approximately 7.2%[32] - The total real estate FV AUM as of December 31, 2024, was $716,600, an increase from $647,200 as of December 31, 2023, representing a growth of approximately 10.7%[32] - Asset management revenues for the three months ended December 31, 2024, were $3,953,000, down from $4,325,000 for the same period in 2023, a decline of 8.6%[41] Cost Management - The company plans to implement $6 million in annualized cost reductions starting in 2025[5] - The total expenses for the three months ended December 31, 2024, were $14,041, compared to $30,665 for the same period in 2023, showing a decrease of approximately 54.3%[24] - Operating costs for the year ended December 31, 2024, totaled $23,939,000, an increase of 12.3% from $21,311,000 in 2023[41] Shareholder Metrics - The weighted average common shares outstanding for the three months ended December 31, 2024, were 22,456, compared to 21,270 for the same period in 2023, reflecting an increase of about 5.6%[25] - The weighted average common shares outstanding increased from 21,270,000 in 2023 to 22,456,000 in 2024, reflecting a 5.6% increase[41] Earnings and Losses - Fee-Related Earnings for Q4 2024 was $(11,388) thousand, compared to $(2,361) thousand in Q4 2023, indicating a decline[53] - Distributable Earnings for Q4 2024 was $(2,570) thousand, a decrease from $(579) thousand in Q4 2023[53] - Platform Adjusted EBITDA for Q4 2024 was $(1,002) thousand, compared to $1,553 thousand in Q4 2023, showing a significant drop[53] - The net income attributable to CaliberCos Inc. for the year ended December 31, 2024, was $(19,777) thousand, compared to $(12,703) thousand in 2023[53] Investment and Impairment - The company had invested $16.1 million in its funds as of December 31, 2024, down from $18.3 million as of December 31, 2023[36] - The company recorded an investment impairment of $4,304 thousand for the year ended December 31, 2024[53] Interest and Liabilities - The interest expense for the three months ended December 31, 2024, was $(1,466), compared to $(1,309) for the same period in 2023, indicating an increase of about 12%[25] - Interest expense for the year ended December 31, 2024, was $4,865 thousand, an increase from $4,367 thousand in 2023[53] - Total liabilities decreased from $233,414,000 as of December 31, 2023, to $94,282,000 as of December 31, 2024, a reduction of 59.7%[43] Cash and Liquidity - Cash and restricted cash increased from $3,509,000 as of December 31, 2023, to $4,348,000 as of December 31, 2024, indicating improved liquidity[42] New Initiatives - Caliber has launched the Caliber 1031 Exchange program to provide investors access to curated real estate investment opportunities[12] - The company aims to achieve positive net operating income for the full year 2025 with a refined focus on hospitality, multi-family, and multi-tenant industrial asset classes[5]