Grows FV AUM by 30% Year-over-Year to $807
Million
Increases Fee & Performance-Based Revenues
by 15.8%
CaliberCos Inc. (the “Company” or “Caliber”) (NASDAQ: CWD), a
leading vertically integrated alternative asset manager, today
reported results for the first quarter ended on March 31, 2023.
First Quarter 2023 Financial Highlights, Compared to Q1
2022
- Total revenues of $29.5 million, a 21.5% increase
- Fee and performance-based revenues of $4.5 million, a 15.8%
increase
- Net loss attributable to the Company of $1.2 million, or $0.07
per diluted share, compared to net income of $0.5 million or $0.03
per diluted share
- Caliber Adjusted EBITDA (1) of $1.0 million, compared to $2.2
million
- Fair value assets under management (2) (“FV AUM”) of $806.9
million as of March 31, 2023, a 30.3% year-over-year increase
- Managed capital (3) of $392.5 million as of March 31, 2023, a
23.0% year-over-year increase
Management Commentary
“Our growth trajectory continued in the first quarter, with
consolidated revenue growth of 21.5% and FV AUM growth of over 30%.
We continued to deploy capital into attractively priced real estate
assets as well as expand our reach with RIAs and broker-dealers
through our new wholesaling initiative. We also took the first step
in building a middle-market hospitality company with the creation
of the Caliber Hospitality Trust which offers a unique value
proposition to independent owners/operators of hotel properties
while forming a platform for Caliber to drive AUM growth over time.
Looking ahead, we will remain focused on executing our strategic
plan and continue to invest in top talent to deliver sustained
growth and returns to our shareholders,” said Chris Loeffler, CEO
of CaliberCos Inc.
“We are grateful for the support we received from both new and
existing shareholders who participated in our initial public
offering. Over the past 15 years, we have built a successful
alternative asset management firm by focusing on unique and often
overlooked investments in the middle market and by making
alternative assets broadly available to investors who have had
limited access to this attractive and growing asset class. Caliber
is well-positioned for continued growth as a public company with a
demonstrated track record of success in real estate and credit
investing, an attractive business model, and a strong and loyal
investor base.”
Business Update
The following are key milestones completed both during and
subsequent to the first quarter ended March 31, 2023.
- On January 31, 2023, Caliber acquired its corporate
headquarters, a 108,000 square foot office building in Scottsdale,
AZ for an aggregate purchase price of $19.5 million to support the
growth of the business. The Company negotiated an option in its
lease to purchase the property at an attractive discount to fair
market value and assumed the seller’s existing mortgage of $16.5
million, at an attractive 4.3% fixed annual interest rate. Caliber
plans to expand its current footprint within the building and
attract new tenants to fill the remaining leasable square
footage.
- On March 15, 2023, Caliber expanded its development footprint
in Colorado with the acquisition of over 40 acres outside of the
Denver area for a purchase price of $2.7 million. The acquisition
adds to Caliber’s existing footprint of land holdings, making it
the largest developer and owner in Johnstown, CO. Caliber owns over
600 acres of land through various funds it has sponsored and
currently manages.
- On March 31, 2023, Caliber contributed six hospitality assets
valued at $186 million to the Caliber Hospitality Trust, Inc., a
newly formed, externally advised private hospitality company. This
transaction represents the first in a series of planned hospitality
asset contributions and acquisitions as Caliber expects to build a
middle market public hospitality company that offers third-party
contributors a viable alternative to asset sales.
- During the quarter, Caliber introduced The Caliber Core+ Growth
& Income Fund, LLC, which aims to create passive income for
investors by targeting investments in a diversified portfolio of
income-producing properties located in high-growth markets,
purchased at potentially discounted prices, leveraging Caliber’s
vertically integrated business model to continue delivering
attractive risk-adjusted returns.
- During the quarter, Caliber engaged Skyway Capital Markets to
serve as the managing broker-dealer for the primary investment
products in Caliber’s funds, which are marketed by its internal
wholesale team to Registered Investment Advisors (“RIAs”) and
independent broker-dealers. Caliber is leveraging its robust
platform to expand into this fast-growing network to serve and grow
its institutional investor base.
- May 19, 2023 – Caliber completed its initial public offering of
1.2 million shares of Class A common stock at an offering price of
$4.00 per share for aggregate gross proceeds of approximately $4.8
million before underwriting discounts, commissions, and other
offering expenses.
Summary of Consolidated Results
First Quarter 2023 Consolidated Financial Review
Total revenues for the first quarter of 2023 increased 21.5% to
$29.5 million, compared to $24.3 million for the first quarter
2022, primarily due to higher revenues in the Company’s
consolidated fund hotel assets, which experienced strong
performance following the pandemic. Caliber also sustained growth
in its asset management fees and performance-based revenues
year-over-year with higher average managed capital under management
as well as an increased level of performance allocation fees.
Asset management fees were $1.3 million, a year-over-year
increase of 37.7%; performance allocations were $2.4 million, an
increase of 5.4%; and transaction and advisory fees were $0.8
million, an increase of 21.4%. Consolidated funds from hospitality
revenue were $23.2 million, an increase of 25.0%, while
consolidated funds other revenue was $1.9 million, a slight decline
from the prior year period.
Total expenses for the first quarter of 2023 were $29.0 million,
up 19.9% from the first quarter of 2022, primarily due to an
increase in consolidated fund-related hospitality expenses as that
segment continued to recover, resulting in the hotel properties
hiring additional employees to cater to serve increasing
occupancies. The Company also invested in additional headcount to
support its expansion efforts to market its funds to RIAs and
independent broker-dealers.
Consolidated Adjusted EBITDA for the first quarter of 2023 was
$8.1 million, compared to $27.3 million in the prior year period.
The decrease was due to $21.5 million gain on sale of real estate
that was recorded in the first quarter of 2022 and not repeated in
the current year’s first quarter.
Net income for the first quarter of 2023 was $0.3 million,
compared to $21.7 million in the first quarter of 2022. The
decrease was primarily due to a $21.5 million gain on sale of real
estate that was recorded in the first quarter of 2022 and not
repeated in the current year’s first quarter.
After adjusting for net income attributable to noncontrolling
interests, net loss attributable to the Company for the first
quarter of 2023 was $1.2 million, or $0.07 per diluted share, as
compared to net income attributable to the Company of $0.5 million,
or $0.03 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 these 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.
First Quarter Segment Performance
Total segment revenues for the first quarter of 2023 increased
7.4% to $6.4 million, compared to $5.9 million for the first
quarter 2022, primarily due to higher asset management and
performance allocations revenues in the fund management segment and
construction management fees in the development segment.
Fund Management Segment
Total fund management segment revenues for the first quarter of
2023 were $5.1 million, an increase of $0.5 million, or 10.7%.
Asset management fees were $2.3 million, an increase of 14.2%,
performance allocations increased 5.4% and transaction and advisory
fees increased 26.5%. The higher asset management fees were driven
by a higher year-over-year average balance of managed assets. The
increase in performance allocations was due to higher
year-over-year performance fees, primarily related to the
contribution of six of the Company’s hospitality assets to Caliber
Hospitality, LP.
Total fund management segment expenses for the first quarter of
2023 were $5.9 million, an increase of $1.6 million, or 38.6% from
the first quarter 2022. The increase was primarily due to an
increase in operating costs, driven by higher employee salary and
benefit expenses associated with increased headcount.
Fund management segment net loss for the first quarter of 2023
was $1.1 million, compared to segment net income of $0.3 million in
the first quarter of 2022.
Development Segment
Development segment revenues for the first quarter of 2023 were
$1.0 million, an increase of $0.4 million, or 85.3%. The increase
was primarily due to an increase in construction activity resulting
in higher management fees related to project construction activity
during the quarter relative to the prior year’s first quarter.
Development segment expenses for the first quarter of 2023 were
$0.5 million, an increase of $0.1 million, or 16.2% from the first
quarter 2022. The increase was primarily due to increased
construction management activity during the quarter resulting in
higher operating costs.
Development segment net income for the first quarter of 2023 was
$0.5 million, an increase of $0.2 million, or 47.2%, from the first
quarter of 2022.
Brokerage Segment
Brokerage segment revenues for the first quarter of 2023 were
$0.3 million, a decrease of $0.5 million, or 64.7%. The decrease
was primarily due to a $42.8 million decrease in brokerage
transactions between periods.
Brokerage segment expenses for the first quarter of 2023 were
$0.1 million, comparable with the first quarter of 2022.
Brokerage segment net loss for the first quarter of 2023 was
$0.2 million, compared to net income of $0.7 million in the first
quarter of 2022. The year-over-year variance was due to the lower
revenues in the current year’s first quarter, as well as higher
interest and other expenses.
Managed Capital
Managed capital as of March 31, 2023 was $392.5 million, an
increase of $9.3 million, or 2.4%, from December 31, 2022, and an
increase of $73.5 million, or 23.0%, from March 31, 2022. The
sequential increase in the first quarter of 2023 was due to $12.1
million of originations and was partially offset by $2.7 million of
redemptions. Originations during the quarter were primarily driven
by a $10.7 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 March 31, 2023 were
$806.9 million, an increase of $61.4 million, or 8.2%, from
December 31, 2022, and an increase of $187.6 million, or 30.3%,
from March 31, 2022. The sequential increase in the first quarter
of 2023 was primarily due to $28.6 million of assets acquired and
$33.0 million of construction and net market appreciation, as the
value of Caliber’s hospitality assets continued to recover in an
improving economy.
Balance Sheet and Liquidity
The Company, excluding consolidated funds, ended the quarter
with $51.3 million of total debt and unrestricted cash and cash
equivalents of $2.3 million. As a result of the IPO completed on
May 19, 2023, pro forma unrestricted cash as of March 31, 2023 was
$2.3 million.
(1)
Caliber Adjusted EBITDA is a non-GAAP
financial measure. See “Non-GAAP Financial Measures” below.
(2)
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.
(3)
Managed capital is defined as the total
equity capital raised by the Company from investors for its
investment funds.
About CaliberCos Inc.
Caliber (NASDAQ: CWD) is a leading vertically integrated
alternative asset management firm whose purpose is to build
generational wealth for investors seeking to access opportunities
in middle-market assets. Caliber differentiates itself by creating,
managing, and servicing proprietary products, including
middle-market investment funds, private syndications, and direct
investments which are managed by our in-house asset services group.
Our funds include investment vehicles focused primarily on real
estate, private equity, and debt facilities. Additional information
can be found at Caliberco.com and CaliberFunds.co.
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. 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 March
31,
2023
2022
Revenues
Asset management fees
$
1,282
$
931
Performance allocations
2,426
2,302
Transaction and advisory fees
754
621
Consolidated funds – hospitality
revenue
23,209
18,571
Consolidated funds – other revenue
1,851
1,877
Total revenues
29,522
24,302
Expenses
Operating costs
4,504
2,389
General and administrative
1,816
1,988
Marketing and advertising
353
240
Depreciation and amortization
132
9
Consolidated funds - hospitality
expenses
20,283
17,141
Consolidated funds - other expenses
1,925
2,439
Total expenses
29,013
24,206
Consolidated funds - gain on sale of real
estate investments
—
21,530
Other income, net
519
219
Interest income
98
—
Interest expense
(831
)
(169
)
Net income before income taxes
295
21,676
Provision for income taxes
—
—
Net income
295
21,676
Net income attributable to noncontrolling
interests
1,502
21,127
Net (loss) income attributable to
CaliberCos Inc.
(1,207
)
549
Basic net (loss) income per share
attributable to common stockholders
$
(0.07
)
$
0.04
Diluted net (loss) income per share
attributable to common stockholders
$
(0.07
)
$
0.03
Weighted average common shares
outstanding:
Basic
18,182
17,854
Diluted
18,182
19,757
CALIBERCOS INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS (UNAUDITED)
(AMOUNTS IN THOUSANDS, EXCEPT
FOR SHARE AND PER SHARE DATA)
March 31, 2023
December 31, 2022
Assets
Cash
$
2,280
$
1,921
Restricted cash
2,178
23
Real estate investments, net
21,451
2,065
Due from related parties
8,041
9,646
Investments in unconsolidated entities
3,166
3,156
Operating lease - right of use assets
226
1,411
Prepaid and other assets
3,630
5,861
Assets of consolidated funds
Cash
8,393
5,736
Restricted cash
10,874
8,254
Real estate investments, net
219,829
196,177
Accounts receivable, net
4,827
2,228
Notes receivable - related parties
28,250
28,229
Due from related parties
2
15
Operating lease - right of use assets
8,775
8,769
Prepaid and other assets
9,183
5,343
Total assets
$
331,105
$
278,834
CALIBERCOS INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS (UNAUDITED)
(AMOUNTS IN THOUSANDS, EXCEPT
FOR SHARE AND PER SHARE DATA)
March 31, 2023
December 31, 2022
Liabilities and Stockholders’
Equity
Notes payable
$
50,956
$
14,653
Notes payable - related parties
365
365
Accounts payable and accrued expenses
6,989
6,374
Buyback obligation
12,208
12,391
Due to related parties
270
171
Operating lease liabilities
136
1,587
Other liabilities
742
64
Liabilities of consolidated funds
Notes payable, net
147,361
134,256
Notes payable - related parties
11,980
6,973
Accounts payable and accrued expenses
11,385
9,252
Due to related parties
107
68
Operating lease liabilities
12,441
12,461
Other liabilities
3,663
3,030
Total liabilities
258,603
201,645
Commitments and Contingencies
Preferred stock Series B, $0.001 par
value; 12,500,000 shares authorized, 1,651,302 shares issued and
outstanding as of March 31, 2023 and December 31, 2022
—
—
Common stock Class A, $0.001 par value;
100,000,000 shares authorized, 10,749,171 and 10,790,787 shares
issued and outstanding as of March 31, 2023 and December 31, 2022,
respectively
11
11
Common stock Class B, $0.001 par value;
15,000,000 shares authorized, 7,416,414 shares issued and
outstanding as March 31, 2023 and December 31, 2022
7
7
Paid-in capital
33,810
33,108
Less treasury stock, at cost, 318,957 and
277,342 shares repurchased and 3,390,736 and 3,432,351 forward
repurchase shares as of March 31, 2023 and December 31, 2022,
respectively
(12,208
)
(13,626
)
Accumulated deficit
(25,334
)
(22,709
)
Stockholders’ deficit attributable to
CaliberCos Inc.
(3,714
)
(3,209
)
Stockholders’ equity attributable to
noncontrolling interests
76,216
80,398
Total stockholders’ equity
72,502
77,189
Total liabilities and stockholders’
equity
$
331,105
$
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) income to
Consolidated EBITDA, Consolidated Adjusted EBITDA, and Caliber
Adjusted EBITDA for the three months ended March 31, 2023 and 2022
(in thousands):
NON-GAAP RECONCILIATIONS
(AMOUNTS IN THOUSANDS)
Three Months Ended March
31,
2023
2022
Net income
$
295
$
21,676
Interest expense
831
169
Depreciation expense
132
9
Consolidated funds’ EBITDA adjustments
5,929
4,730
Consolidated EBITDA
7,187
26,584
Share buy-back
183
78
Stock-based compensation
702
126
Severance payments
13
—
Legal costs
—
525
Consolidated Adjusted EBITDA
8,085
27,313
Intercompany eliminations
1,723
1,970
Non-controlling interest Adjusted EBITDA
eliminations
(8,774
)
(27,128
)
Caliber Adjusted EBITDA
$
1,034
$
2,155
FUND MANAGEMENT SEGMENT
(AMOUNTS IN THOUSANDS)
Three Months Ended March
31,
2023
2022
$ Change
% Change
Revenues
Asset management fees
$
2,299
$
2,014
$
285
14.2
%
Performance allocations
2,427
2,302
125
5.4
%
Transaction and advisory fees
396
313
83
26.5
%
Total revenues
5,122
4,629
493
10.7
%
Expenses
Operating costs
3,958
2,066
1,892
91.6
%
General and administrative
1,517
1,908
(391
)
(20.5
) %
Marketing and advertising
353
241
112
46.5
%
Depreciation and amortization
26
8
18
225.0
%
Total expenses
5,854
4,223
1,631
38.6
%
Other income, net
49
1
48
4800.0
%
Interest expense
(700
)
(154
)
(546
)
354.5
%
Interest income
252
1
251
25100.0
%
Net (loss) income
$
(1,131
)
$
254
$
(1,385
)
(545.3
) %
DEVELOPMENT SEGMENT
(AMOUNTS IN THOUSANDS)
Three Months Ended March
31,
2023
2022
$ Change
% Change
Revenues
Transaction and advisory fees
$
956
$
516
$
440
85.3
%
Total revenues
956
516
440
85.3
%
Expenses
Operating costs
387
334
53
15.9
%
General and administrative
73
54
19
35.2
%
Depreciation and amortization
—
8
(8
)
(100.0
) %
Total expenses
460
396
64
16.2
%
Other income, net
—
217
(217
)
(100.0
) %
Net income
$
496
$
337
$
159
47.2
%
BROKERAGE SEGMENT
(AMOUNTS IN THOUSANDS)
Three Months Ended March
31,
2023
2022
$ Change
% Change
Revenues
Transaction and advisory fees
$
272
$
770
$
(498
)
(64.7
) %
Total revenues
272
770
(498
)
(64.7
) %
Expenses
Operating costs
113
80
33
41.3
%
General and administrative
19
18
1
5.6
%
Depreciation and amortization
6
—
6
100.0
%
Total expenses
138
98
40
40.8
%
Other (expense), net
(202
)
—
(202
)
100.0
%
Interest expense
(131
)
(15
)
(116
)
773.3
%
Net (loss) income
$
(199
)
$
657
$
(856
)
(130.3
) %
MANAGED CAPITAL
(AMOUNTS IN THOUSANDS)
Three Months Ended
March 31, 2023
March 31, 2022
Beginning of period
$
383,189
$
301,019
Originations
12,050
24,322
Redemptions
(2,742
)
(6,300
)
End of period
$
392,497
$
319,041
March 31, 2023
December 31, 2022
Real Estate
Hospitality
$
102,071
$
102,071
Residential
61,759
62,819
Commercial
138,948
128,210
Total Real Estate
302,778
293,100
Credit(1)
79,008
74,766
Other(2)
10,711
15,323
Total
$
392,497
$
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)
Three Months Ended
March 31, 2023
March 31, 2022
Beginning of period
$
745,514
$
614,588
Assets acquired(1)
28,604
21,300
Construction and net market
appreciation
33,019
5,031
Assets sold or disposed
(5,820
)
(32,000
)
Credit(2)
4,242
17,287
Other(3)
1,360
(6,875
)
End of period
$
806,919
$
619,331
March 31, 2023
December 31, 2022
Real Estate
Hospitality
$
325,200
$
319,300
Residential
118,600
86,900
Commercial
273,400
255,197
Total Real Estate
717,200
661,397
Credit(2)
79,008
74,766
Other(3)
10,711
9,351
Total
$
806,919
$
745,514
___________________________________________
(1)
Assets acquired three months ended March
31, 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/20230622018166/en/
Caliber: Samantha Vrcic +1 480-295-7600
Samantha.vrcic@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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