CaliberCos (CWD) Q3 2024 earnings summary

Executive summary

• Reported total assets of $158.6 million and total liabilities of $95.3 million as of September 30, 2024, following significant deconsolidation of hospitality-related entities during the period.

• Managed capital increased to $485.3 million and fair value assets under management (FV AUM) rose to $807.0 million, driven by new fund offerings and asset contributions.

• The company operates as a single asset management platform segment, focusing on real estate, private equity, and debt investments.

Financial highlights

• For Q3 2024, consolidated revenues were $11.3 million, down 33.6% year-over-year, mainly due to deconsolidation of hospitality funds.

• Net income attributable to the company was $146,000 for Q3 2024, compared to a net loss of $3.4 million in Q3 2023.

• For the nine months ended September 30, 2024, consolidated revenues were $42.4 million (down 36.7% year-over-year), with a net loss attributable to the company of $8.4 million (improved from a $10.3 million loss in the prior year period).

• Unconsolidated platform revenues nearly doubled year-over-year in Q3 2024 to $7.4 million, with platform net income of $156,000.

Outlook and guidance

• Management remains confident in sourcing new investment opportunities despite market headwinds and expects continued growth in managed capital and AUM.

• The company is actively developing a pipeline of multifamily, single-family, commercial, and office/retail projects with an estimated $2.1 billion in total development costs.

• No formal forward-looking financial guidance was provided.