Caliber(US:CWD)2025-05-15 21:26Financial Performance - Platform revenue for FY 2024 was $21.0 million, primarily driven by asset management revenue[54]. - The platform net loss attributable for FY 2024 was $19.6 million, or $0.89 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 $23,945,000 in Q4 2023[68]. - Asset management revenues for Q4 2024 were $3,953,000, down from $4,325,000 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 $90,937,000 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 $27,594,000 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) 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) 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 $7,187 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 $794.9 million, with managed capital at $492.5 million[54]. - Total assets as of December 31, 2024, were $105,535,000, a significant decrease from $299,432,000 as of December 31, 2023[71]. - Total liabilities as of December 31, 2024, were $94,282,000, down from $119,514,000 in 2023[73]. - Managed Capital increased from $437,625 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 $794,923 thousand, up 7.2% from $741,190 thousand as of December 31, 2023[106]. Expenses - Total expenses for Q4 2024 were $14,041,000, 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, 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, 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), up from $(4,717,000) in 2023, indicating an increase of about 15%[89]. - Interest expense for the year ended December 31, 2024, was $5,424 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 $1,165,000 in Q4 2024, compared to $328,000 in Q4 2023[68]. - Fund management fees for the three months ended December 31, 2024, were $2,844 thousand, an increase of 15.5% from $2,461 thousand in the same period of 2023[99]. - Total asset management revenue decreased to $4,587 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 $2.0 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].