Grows FV AUM by 29.4% Year-over-Year to $825.3
Million
Grows AM Revenue by 9.8%, AM Revenue Run Rate
by $1.3 Million
CaliberCos Inc. (the “Company” or “Caliber”) (NASDAQ: CWD), a
leading vertically integrated alternative asset manager, today
reported results for the second quarter ended on June 30, 2023.
Second Quarter 2023 Financial Results, Compared to Second
Quarter 2022
- Total revenues of $20.4 million, a 9.4% increase
- Asset management (“AM”) revenue(1) of $2.4 million, a 9.8%
increase; asset management revenue run rate(1) increases to $9.6
million, a 15.3% increase as compared to the full year results in
2022
- Net loss attributable to Caliber of $5.7 million, or $0.29 per
diluted share, compared to a net loss of $0.5 million or $0.03 per
diluted share
- Caliber Adjusted EBITDA(2) loss of $2.3 million, compared to
$0.5 million
- Fair value assets under management(3) (“FV AUM”) of $825.3
million, a 29.4% year-over-year increase
- Managed capital(4) of $401.8 million, a 24.1% year-over-year
increase
Management Commentary
“In the second quarter, our team executed well on our strategic
plan. We successfully completed our IPO in May, delivered
year-over-year consolidated revenue growth of 9.4%, and increased
our FV AUM as of June 30, 2023 to $825.3 million,” said Chris
Loeffler, CEO of Caliber.
“During the quarter, we continued to make strategic investments
in our business to position Caliber for sustained growth. We
expanded our overall sales force and built out our wholesale team
to significantly expand the distribution of our funds in the
Registered Investment Advisor (RIA) and independent broker-dealer
channels. Simultaneously, we developed new funds and investment
products for both the private and wholesale channels that will
enhance our ability to capitalize on the growing number of
attractive real estate investment opportunities created by this
elevated interest rate environment, where access to attractively
priced capital is a challenge for many property owners. While these
investments increased the current period expenses, we believe they
are critical to supporting our strategic plan to accelerate AUM,
increase our annualized asset management revenue run rate and
capture distressed real estate investment opportunities.”
“We continue to make great strides in building out Caliber
Hospitality Trust (“CHT”), our externally advised private
hospitality company. We signed our first third-party contribution
agreement with L.T.D. Hospitality Group through which it will
contribute nine hotel properties to CHT. Upon closing, this
addition will more than double the value of CHT’s current portfolio
to $405 million and increase Caliber’s FV AUM(3) by approximately
25%. In addition, Caliber’s asset management revenue run rate will
further increase by approximately $2 million, or 20%(1),
considering the value of the portfolio contributed and the terms of
the contribution and management agreements. We are in active
discussions with other potential third parties and expect to make
additional announcements in the second half of 2023.”
Business Update
The following are key milestones completed both during and
subsequent to the second quarter ended June 30, 2023.
- On May 19, 2023, as previously disclosed, Caliber successfully
completed its initial public offering raising $4.8 million through
the issuance of 1,200,000 Class A common shares at an offering
price of $4.00 per share.
- On June 30, 2023, Caliber reached an agreement with L.T.D.
Hospitality Group LLC (“L.T.D.”) in which L.T.D. will contribute
nine hotel properties to its subsidiary, Caliber Hospitality Trust.
The transaction is subject to customary closing conditions and is
expected to close before the end of the year.
- As of June 30, 2023, Caliber is actively developing 2,460
multifamily units, 2,300 single family units, 2.5 million square
feet of commercial and industrial, and 1.3 million square feet of
office and retail.
- On July 19, 2023, Caliber sold 38 lots in its Ridge at
Johnstown, CO project for $3.8 million. The lots were part of
Caliber’s holdings where it owns over 600 acres of land through
various funds.
Summary of Consolidated Results
Second Quarter 2023 Consolidated Financial Review
Total revenues for the second quarter of 2023 increased 9.4% to
$20.4 million, compared to $18.7 million for the second quarter
2022, primarily due to higher revenues in the Company’s
consolidated fund hotel assets with the addition of the Hilton
Tucson East property. This was offset by lower transaction and
advisory fees. Consolidated asset and performance-based fees
decreased during the quarter due to lower transaction and advisory
fees, primarily due to decreased capital raise and loan service
fees.
Asset management fees were $1.2 million, a year-over-year
increase of 8.3%; performance allocations were $0.01 million, a
decrease of 88.3%; and transaction and advisory fees were $0.7
million, a decrease of 62.0%. Consolidated funds from hospitality
revenues were $16.3 million, an increase of 14.3%, while
consolidated funds other revenues were $2.3 million, a 56.2%
increase from the prior year period.
Total expenses for the second quarter of 2023 were $31.4
million, up 53.5% from the second quarter of 2022, primarily due to
an increase in consolidated fund-related hospitality expenses
related to one property, the Hilton Tucson East, which was
consolidated beginning March 31, 2023. As this segment continued to
recover, it has been hiring additional employees to serve
increasing occupancies. In addition, operating costs were $6.8
million, up 141.1%, primarily due to additional payroll costs
associated with increased headcount and cost of human capital
driven by the Company’s growth initiatives, as the Company looks to
enhance its capabilities across all lines of service.
Net loss for the second quarter of 2023 was $11.6 million,
compared to $2.0 million in the second quarter of 2022 and
Consolidated Adjusted EBITDA for the second quarter of 2023 was a
loss of $1.3 million, compared to $4.1 million in the prior year
period. The decreases compared to the prior year period were due to
lower net income attributed to higher expenses related to
investment in the Company’s strategic growth initiatives.
After adjusting for net income attributable to noncontrolling
interests, net loss attributable to the Company for the second
quarter of 2023 was $5.7 million, or $0.29 per diluted share, as
compared to net loss 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 certain 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.
Second Quarter Segment Performance
Total segment revenues for the second quarter of 2023 decreased
23.0% to $3.4 million, compared to $4.4 million for the second
quarter 2022, primarily due to lower transaction and advisory fees
in the fund management segment.
Fund Management Segment
Total fund management segment revenues for the second quarter of
2023 were $2.6 million, a decrease of $0.7 million, or 20.4%. Asset
management fees were $2.4 million, an increase of 9.8%, while the
asset management revenue run rate was $9.6 million, an increase of
15.3%, as compared to the full year results in 2022. The higher
asset management fees were driven by a higher year-over-year
average balance of managed assets. Performance allocations
decreased $0.1 million or 77.7% and transaction and advisory fees
decreased $0.8 million or 82.5%. The decrease in the transaction
and advisory fees was primarily related to a decrease in capital
raise and loan service fees, partially offset by increased fund
administration fees.
Total fund management segment expenses for the second quarter of
2023 were $7.7 million, an increase of $2.5 million, or 49.1% from
the second quarter 2022. The increase was primarily due to an
increase in operating costs from additional payroll associated with
increased headcount and cost of human capital driven by the
Company’s growth initiatives, as the Company looks to enhance its
capabilities across all lines of service.
Fund management segment net loss for the second quarter of 2023
was $5.8 million, compared to segment net loss of $2.1 million in
the second quarter of 2022.
Development Segment
Development segment revenues for the second quarter of 2023 were
$0.7 million, a decrease of $0.2 million, or 26.9%. The decrease
was primarily due to a decrease in development fees related to two
commercial development projects in Colorado and one commercial
development project in Arizona.
Development segment expenses for the second quarter of 2023 were
$0.6 million, an increase of $0.1 million, or 24.9% from the second
quarter 2022. The increase was primarily due to additional payroll
associated with increased headcount and cost of human capital
driven by the Company’s growth initiatives resulting in higher
operating costs.
Development segment net income for the second quarter of 2023
was $0.1 million, a decrease of $0.3 million, or 82.5%, from the
second quarter of 2022.
Brokerage Segment
Brokerage segment revenues for the second quarter of 2023 were
$0.2 million, a decrease of $0.1 million, or 40.8%. The decrease
was primarily due to a $7.3 million decrease in brokerage
transactions between periods.
Brokerage segment expenses for the second quarter of 2023 were
$0.3 million, comparable with the second quarter of 2022.
Brokerage segment net income for the second quarter of 2023 was
$0.1 million, in line with the second quarter of 2022.
Managed Capital
Managed capital as of June 30, 2023 was $401.8 million, an
increase of $78.0 million, or 24.1%, from June 30, 2022, and an
increase of $18.6 million, or 4.8%, from December 31, 2022. The
sequential $9.3 million increase from March 31, 2023 was due to
$11.2 million of originations and was partially offset by $2.0
million of redemptions. Originations during the quarter were
primarily driven by a $15.9 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 June 30, 2023 were
$825.3 million, an increase of $79.8 million, or 10.7%, from
December 31, 2022, and an increase of $18.4 million, or 2.3%, from
March 31, 2023. The increase in the second quarter of 2023 was
primarily due to $19.1 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 $55.0 million of total debt and unrestricted cash and cash
equivalents of $1.3 million.
(1)
Asset management revenue run rate is an
estimate that annualizes asset management revenue, which are on a
basis that deconsolidates the consolidated funds, for the month
ended June 30, 2023.
(2)
Caliber Adjusted EBITDA is a non-GAAP
financial measure. See “Non-GAAP Financial Measures” below.
(3)
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 as of June 30,
2023.
(4)
Managed capital is defined as the total
equity capital raised by the Company from investors for its
investment funds as of June 30, 2023.
About CaliberCos Inc.
Caliber (NASDAQ: CWD) is an alternative asset management firm
whose purpose is to build generational wealth for investors seeking
to access opportunities in real estate. 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. The Company leverages access to both the public and
private markets to maximize value for its customers and funds. 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 including, but not
limited to, the closing of the transaction with L.T.D. Hospitality
Group LLC. 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 June
30,
Six Months Ended June
30,
2023
2022
2023
2022
Revenues
Asset management fees
$
1,229
$
1,135
$
2,511
$
2,066
Performance allocations
12
103
2,438
2,405
Transaction and advisory fees
665
1,750
1,419
2,371
Consolidated funds – hospitality
revenue
16,273
14,242
39,482
32,813
Consolidated funds – other revenue
2,266
1,451
4,117
3,328
Total revenues
20,445
18,681
49,967
42,983
Expenses
Operating costs
6,820
2,829
11,324
5,218
General and administrative
1,426
2,149
3,242
4,137
Marketing and advertising
325
765
678
1,005
Depreciation and amortization
137
7
269
16
Consolidated funds – hospitality
expenses
20,749
12,685
41,032
29,826
Consolidated funds – other expenses
1,949
2,030
3,874
4,469
Total expenses
31,406
20,465
60,419
44,671
Consolidated funds - gain on sale of real
estate investments
—
—
—
21,530
Other income (loss), net
546
(3
)
1,065
216
Interest income
96
3
194
3
Interest expense
(1,261
)
(175
)
(2,092
)
(344
)
Net (loss) income before income
taxes
(11,580
)
(1,959
)
(11,285
)
19,717
Provision for income taxes
—
—
—
—
Net (loss) income
(11,580
)
(1,959
)
(11,285
)
19,717
Net (loss) income attributable to
noncontrolling interests
(5,854
)
(1,499
)
(4,352
)
19,628
Net (loss) income attributable to
CaliberCos Inc.
(5,726
)
(460
)
(6,933
)
89
Basic net (loss) income per share
attributable to common stockholders
$
(0.29
)
$
(0.03
)
$
(0.37
)
$
0.01
Diluted net (loss) income per share
attributable to common stockholders
$
(0.29
)
$
(0.03
)
$
(0.37
)
$
0.01
Weighted average common shares
outstanding:
Basic
19,612
17,791
18,901
17,873
Diluted
19,612
17,791
18,901
19,750
CALIBERCOS INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS (UNAUDITED)
(AMOUNTS IN THOUSANDS, EXCEPT
FOR SHARE AND PER SHARE DATA)
June 30, 2023
December 31, 2022
Assets
Cash
$
1,335
$
1,921
Restricted cash
2,330
23
Real estate investments, net
21,411
2,065
Due from related parties
7,675
9,646
Investments in unconsolidated entities
3,246
3,156
Operating lease - right of use assets
215
1,411
Prepaid and other assets
2,722
5,861
Assets of consolidated funds
Cash
7,220
5,736
Restricted cash
10,527
8,254
Real estate investments, net
219,834
196,177
Accounts receivable, net
1,700
2,228
Notes receivable - related parties
31,657
28,229
Due from related parties
4
15
Operating lease - right of use assets
8,780
8,769
Prepaid and other assets
10,356
5,343
Total assets
$
329,012
$
278,834
CALIBERCOS INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS (UNAUDITED)
(AMOUNTS IN THOUSANDS, EXCEPT
FOR SHARE AND PER SHARE DATA)
June 30, 2023
December 31, 2022
Liabilities and Stockholders’
Equity
Notes payable
$
54,964
$
14,653
Notes payable - related parties
—
365
Accounts payable and accrued expenses
7,784
6,374
Buyback obligation
—
12,391
Due to related parties
101
171
Operating lease liabilities
131
1,587
Other liabilities
560
64
Liabilities of consolidated funds
Notes payable, net
147,277
134,256
Notes payable - related parties
10,391
6,973
Accounts payable and accrued expenses
9,792
9,252
Due to related parties
129
68
Operating lease liabilities
12,419
12,461
Other liabilities
2,852
3,030
Total liabilities
246,400
201,645
Commitments and Contingencies
Preferred stock Series B, $0.001 par
value; 12,500,000 shares authorized, no shares issued and
outstanding as of June 30, 2023 and 1,651,302 shares issued and
outstanding as of December 31, 2022
—
—
Common stock Class A, $0.001 par value;
100,000,000 shares authorized, 13,820,978 and 10,790,787 shares
issued and outstanding as of June 30, 2023 and December 31, 2022,
respectively
14
11
Common stock Class B, $0.001 par value;
15,000,000 shares authorized, 7,416,414 shares issued and
outstanding as June 30, 2023 and December 31, 2022
7
7
Paid-in capital
38,979
33,108
Less treasury stock, at cost, 277,342
shares repurchased and 3,432,351 forward repurchase shares as of
December 31, 2022. As of June 30, 2023, there was no treasury stock
or forward repurchase shares
—
(13,626
)
Accumulated deficit
(31,060
)
(22,709
)
Stockholders’ equity (deficit)
attributable to CaliberCos Inc.
7,940
(3,209
)
Stockholders’ equity attributable to
noncontrolling interests
74,672
80,398
Total stockholders’ equity
82,612
77,189
Total liabilities and stockholders’
equity
$
329,012
$
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 to
Consolidated EBITDA, Consolidated Adjusted EBITDA, and Caliber
Adjusted EBITDA for the three months ended June 30, 2023 and 2022
(in thousands):
NON-GAAP RECONCILIATIONS
(AMOUNTS IN THOUSANDS)
Three Months Ended June
30,
2023
2022
Net loss
$
(11,580
)
$
(1,959
)
Interest expense
1,261
175
Depreciation expense
137
7
Consolidated funds’ EBITDA adjustments
7,003
4,906
Consolidated EBITDA
(3,179
)
3,129
Share buy-back
—
79
Stock-based compensation
1,922
75
Public registration costs
—
779
Consolidated Adjusted EBITDA
(1,257
)
4,062
Intercompany eliminations
1,781
1,293
Non-controlling interest Adjusted EBITDA
eliminations
(2,851
)
(5,884
)
Caliber Adjusted EBITDA
$
(2,327
)
$
(529
)
FUND MANAGEMENT SEGMENT
(AMOUNTS IN THOUSANDS)
Three Months Ended June
30,
2023
2022
$ Change
% Change
Revenues
Asset management fees
$
2,366
$
2,154
$
212
9.8
%
Performance allocations
23
103
(80
)
(77.7
)%
Transaction and advisory fees
167
955
(788
)
(82.5
)%
Total revenues
2,556
3,212
(656
)
(20.4
)%
Expenses
Operating costs
6,049
2,318
3,731
161.0
%
General and administrative
1,296
2,074
(778
)
(37.5
)%
Marketing and advertising
326
764
(438
)
(57.3
)%
Depreciation and amortization
30
8
22
275.0
%
Total expenses
7,701
5,164
2,537
49.1
%
Other expense, net
(48
)
(1
)
(47
)
4700.0
%
Interest expense
(1,070
)
(160
)
(910
)
568.8
%
Interest income
497
2
495
24750.0
%
Net loss
$
(5,766
)
$
(2,111
)
$
(3,655
)
173.1
%
DEVELOPMENT SEGMENT
(AMOUNTS IN THOUSANDS)
Three Months Ended March
31,
2023
2022
$ Change
% Change
Revenues
Transaction and advisory fees
$
656
$
898
$
(242
)
(26.9
)%
Total revenues
656
898
(242
)
(26.9
)%
Expenses
Operating costs
501
416
85
20.4
%
General and administrative
81
58
23
39.7
%
Depreciation and amortization
—
(8
)
8
(100.0
)%
Total expenses
582
466
116
24.9
%
Other expense, net
—
(10
)
10
(100.0
)%
Net income
$
74
$
422
$
(348
)
(82.5
)%
BROKERAGE SEGMENT
(AMOUNTS IN THOUSANDS)
Three Months Ended March
31,
2023
2022
$ Change
% Change
Revenues
Transaction and advisory fees
$
161
$
272
$
(111
)
(40.8
)%
Total revenues
161
272
(111
)
(40.8
)%
Expenses
Operating costs
180
194
(14
)
(7.2
)%
General and administrative
22
17
5
29.4
%
Depreciation and amortization
62
—
62
100.0
%
Total expenses
264
211
53
25.1
%
Other income, net
346
—
346
100.0
%
Interest expense
(191
)
(16
)
(175
)
1093.8
%
Net income
$
52
$
45
$
7
15.6
%
MANAGED CAPITAL
(AMOUNTS IN THOUSANDS)
Managed Capital
Balances as of December 31, 2022
$
383,189
Originations
12,050
Redemptions
(2,742
)
Balances as of March 31, 2023
392,497
Originations
11,227
Redemptions
(1,968
)
Balances as of June 30, 2023
$
401,756
June 30, 2023
December 31, 2022
Real Estate
Hospitality
$
96,112
$
102,071
Residential
71,915
62,819
Commercial
144,123
128,210
Total Real Estate
312,150
293,100
Credit(1)
79,598
74,766
Other(2)
10,008
15,323
Total
$
401,756
$
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)
FV AUM
Balances as of December 31, 2022
$
745,514
Assets acquired(1)
28,604
Construction and net market
appreciation
33,019
Assets sold or disposed
(5,820
)
Credit(2)
4,242
Other(3)
1,360
Balances as of March 31, 2023
806,919
Assets acquired(1)
—
Construction and net market
appreciation
19,095
Assets sold or disposed
(595
)
Credit(2)
590
Other(3)
(703
)
Balances as of June 30, 2023
$
825,306
June 30, 2023
December 31, 2022
Real Estate
Hospitality
$
312,600
$
319,300
Residential
143,300
86,900
Commercial
279,800
255,197
Total Real Estate
735,700
661,397
Credit(2)
79,598
74,766
Other(3)
10,008
9,351
Total
$
825,306
$
745,514
___________________________________________
(1)
Assets acquired during the six months
ended June 30, 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/20230810998583/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
CaliberCos (NASDAQ:CWD)
Historical Stock Chart
From Jun 2024 to Jul 2024
CaliberCos (NASDAQ:CWD)
Historical Stock Chart
From Jul 2023 to Jul 2024