2024 Platform revenue increased 1.9% compared to prior year

2024 cost reductions position Caliber for improved 2025

SCOTTSDALE, Ariz.–(BUSINESS WIRE)–#alternativeassets–Caliber (NASDAQ: CWD; “CaliberCos Inc.”), a real estate investor, developer, and asset manager, today reported results for the fourth quarter and full year ended December 31, 2024.

Fourth Quarter 2024 (compared to fourth quarter 2023)

Platform revenue of $4.6 million, compared to $7.2 million
- Asset management revenue of $4.6 million drove the stated results
- No significant performance allocations were earned, compared to prior period
Platform net loss of $11.6 million, or $0.52 per diluted share, compared to Platform net loss of $1.9 million, or $0.09 per diluted share
- Losses largely impacted by $8.6 million of one-time non-cash allowances and write-downs in accounts receivable and investments, respectively, in the fourth quarter
Platform Adjusted EBITDA loss of $1.0 million, compared to Platform Adjusted EBITDA of $1.6 million

Full Year 2024 Platform Financial Highlights (compared to full year 2023)

Platform revenue of $21.0 million, compared to $20.6 million
- Asset management revenue of $20.6 million drove the stated results
- Performance allocations of $0.4 million
Platform net loss of $19.6 million, or $0.89 per diluted share, compared to Platform net loss of $11.8 million, or $0.59 per diluted share
- Losses largely impacted by $8.6 million of one-time non-cash allowances and write-downs in accounts receivable and investments, respectively, in the fourth quarter
Platform Adjusted EBITDA loss of $2.7 million, compared to Platform Adjusted EBITDA loss of $1.3 million
Fair value assets under management (“FV AUM”) of $794.9 million, a 7.2% increase compared to December 31, 2023, primarily due to the acquisitions of the West Ridge property in Colorado and Canyon Corporate Plaza property in Arizona, net market appreciation, and construction activity; partially offset by land parcel sales at Johnstown and the sale of a self-storage property
Managed capital of $492.5 million, a 12.5% increase compared to December 31, 2023, with originations of $69.0 million, partially offset by return of capital of $14.0 million

Management Commentary

“In 2024, we took decisive steps to position Caliber for long-term, sustainable profitability,” said Chris Loeffler, CEO of Caliber. “In May, we began implementing operating cost reductions to realign our expense structure with current market dynamics. These efforts began delivering measurable benefits in the second half of the year, with the full $6 million annualized impact expected in 2025.”

“Looking ahead, we have refined our strategy to focus on three specific asset classes – hospitality, multi-family and multi-tenant industrial – each of which is well positioned for growth. Additionally, we intend to increase our portfolio of income-producing assets and decrease the number of development projects. We believe this sharper focus will accelerate our path to consistent profitability. In addition, we are seeing early traction in our 1031 exchange program, which offers investors a compelling opportunity to access high-quality, income-generating assets, and we recently closed our first transaction.”

“As we exit a challenging period for commercial real estate investment, we believe we are well-positioned to capitalize on emerging opportunities with a leaner expense structure and more narrowly defined objectives that will help us achieve positive net operating income for the full year 2025.”

Business Update

The following are key milestones completed both during and subsequent to the fourth quarter ended December 31, 2024.

On November 26, 2024, Caliber raised capital of $2.0 million from the sale of its series A non-cumulative preferred stock and warrants to one investor.
On March 17, 2025, Caliber announced it had been qualified by the U.S. Securities and Exchange Commission to offer Series AA Cumulative Preferred Stock to raise up to $20.0 million through the offering of 800,000 shares with an initial stated value of $25.00 per share.
On March 20, 2025, Caliber entered into a securities purchase agreement with Mast Hill Fund L.P. (“Mast”), issuing a senior secured promissory note worth up to $1,666,666.67, a warrant for 200,000 shares of Class A common stock at $0.75 per share, and 200,000 shares of common stock. Simultaneously, the Company also entered into an equity purchase agreement with Mast to sell up to $25 million of common stock. This agreement also includes a common stock purchase warrant for an additional 200,000 shares at $1.50 per share.
On March 27, 2025, Caliber announced the launch of the Caliber 1031 Exchange, a full-service program that offers accredited investors access to highly curated real estate investment opportunities, enabling them to defer capital gains while diversifying their portfolios.

Fourth Quarter 2024 Consolidated Financial Results (compared to fourth quarter 2023)

Total consolidated revenue of $8.7 million, compared to $23.9 million reflecting the deconsolidation of Caliber Hospitality, LP and CHT, in March 2024, and DT Mesa in September 2024
Consolidated net loss attributable to Caliber of $11.4 million, or $0.51 per diluted share, compared to net loss attributable to Caliber of $2.4 million or $0.11 per diluted share
Consolidated Adjusted EBITDA of $1.5 million, compared to Consolidated Adjusted EBITDA of $6.5 million

Full Year 2024 Consolidated Financial Results (compared to full year 2023)

Total consolidated revenue of $51.1 million, compared to $90.9 million reflecting the deconsolidation of Caliber Hospitality, LP and CHT, in March 2024, and DT Mesa in September 2024
Consolidated net loss attributable to Caliber of $19.8 million, or $0.90 per diluted share, compared to net loss attributable to Caliber of $12.7 million or $0.63 per diluted share
Consolidated Adjusted EBITDA of $7.0 million, compared to Consolidated Adjusted EBITDA of $10.2 million

Conference Call Information

Caliber will host a conference call today, Monday, March 31, 2025, at 5:00 p.m. Eastern Time (ET) to discuss its fourth quarter and full year 2024 financial results and business outlook. To access this call, dial 1-800-717-1738 (domestic) or 1-646-307-1865 (international). A live webcast of the conference call will be available via the investor relations section of Caliber’s website under “Financial Results.” The webcast replay of the conference call will be available on Caliber’s website shortly after the call concludes.

Platform Financial Highlights

Within this earnings release, we refer to performance results of the ‘Platform’. Platform refers to the performance of CWD itself, excluding the performance of any assets and funds that are included in our consolidated results, as required by the Generally Accepted Accounting Principles (“GAAP”). Management believes that Platform performance offers the most meaningful information needed to understand the value of CWD. The assets and funds that are consolidated into our GAAP presentation are included because Caliber is a guarantor of debt held by these assets and funds.

While GAAP consolidation rules require CWD to include the performance and cash flows of these assets and funds in our consolidated financial information, CWD does not benefit from the performance of those assets and funds, except to the extent that CWD earns fees from managing the assets and funds (which are included in the Platform results). Management believes presenting Platform results, which exclude consolidated assets, directly shows the business performance that CWD stockholders benefit from.

Consolidated Financial Results

Caliber’s GAAP consolidated financial statements have been impacted by the deconsolidation of certain variable interest entities’ assets, liabilities, revenues, and expenses. These entities were deconsolidated because Caliber was no longer a guarantor on the respective entities’ third-party debt. Caliber’s GAAP financial metrics are impacted by the timing of deconsolidation. As such, prior periods presented may not be comparable due to the deconsolidation of certain entities in the current period.

About Caliber (CaliberCos Inc.) (NASDAQ: CWD)

With more than $2.9 billion of managed assets, including estimated costs to complete assets under development, Caliber’s 15-year track record of managing and developing real estate is built on a singular goal: make money in all market conditions. Our growth is fueled by our performance and our competitive advantage: we invest in projects, strategies, and geographies that global real estate institutions do not. Integral to our competitive advantage is our in-house shared services group, which offers Caliber greater control over our real estate and visibility to future investment opportunities. There are multiple ways to participate in Caliber’s success: invest in Nasdaq-listed CaliberCos Inc. and/or invest directly in our Private Funds.

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 Company’s ability to adequately grow cumulative fundraising, AUM and annualized platform revenue to meet 2026 targeted goals, and the viability of and ability of the Company to adequately access the real estate and capital markets. 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.

NON-GAAP RECONCILIATIONS

(AMOUNTS IN THOUSANDS) (UNAUDITED)

The following information reconciles the performance of the Platform to the consolidated GAAP presentation. Management believes that the Platform view of Caliber’s performance is more meaningful to a CWD shareholder as it includes all revenues and expenses generated by Caliber and its wholly-owned subsidiaries.

ASSET MANAGEMENT PLATFORM⁽¹⁾ (AMOUNTS IN THOUSANDS) (UNAUDITED)

	Year Ended December 31, 2024									Year Ended December 31, 2023
	Unconsolidated (Wholly – Owned)			Impact of Consolidated Fund and Eliminations			Consolidated			Unconsolidated (Wholly – Owned)			Impact of Consolidated Fund and Eliminations			Consolidated
Revenues
Asset management	$	20,563		$	(3,684	)	$	16,879		$	16,982		$	(6,411	)	$	10,571
Performance allocations		379			(21	)		358			3,656			(17	)		3,639
Consolidated funds – hospitality revenue		—			26,476			26,476			—			68,905			68,905
Consolidated funds – other revenue		—			7,406			7,406			—			7,822			7,822
Total revenues		20,942			30,177			51,119			20,638			70,299			90,937
Expenses
Operating costs		24,904			(965	)		23,939			21,808			(497	)		21,311
General and administrative		6,817			(41	)		6,776			6,807			(37	)		6,770
Marketing and advertising		751			—			751			1,053			(1	)		1,052
Depreciation and amortization		598			(5	)		593			551			(1	)		550
Consolidated funds – hospitality expenses		—			26,503			26,503			—			80,669			80,669
Consolidated funds – other expenses		—			5,870			5,870			—			9,162			9,162
Total expenses		33,070			31,362			64,432			30,219			89,295			119,514

Consolidated funds – other – gain on sale of real estate investments		—			—			—			—			4,976			4,976
Other income (expenses), net		(2,654	)		(439	)		(3,093	)		649			(275	)		374
Interest income		559			(199	)		360			1,863			(1,513	)		350
Interest expense		(5,424	)		—			(5,424	)		(4,716	)		(1	)		(4,717	)
Net (loss) before income taxes	$	(19,647	)	$	(1,823	)	$	(21,470	)	$	(11,785	)	$	(15,809	)	$	(27,594	)
Provision for income taxes		—			—			—			—			—			—
Net income (loss)		(19,647	)		(1,823	)		(21,470	)		(11,785	)		(15,809	)		(27,594	)
Net income attributable to noncontrolling interests		—			(1,693	)		(1,693	)		—			(14,891	)		(14,891	)
Net income (loss) attributable to CaliberCos Inc.	$	(19,647	)	$	(130	)	$	(19,777	)	$	(11,785	)	$	(918	)	$	(12,703	)
Basic Platform income per share	$	(0.89	)				$	(0.90	)	$	(0.59	)				$	(0.63	)
Diluted Platform income per share	$	(0.89	)				$	(0.90	)	$	(0.59	)				$	(0.63	)
Weighted average common shares outstanding:
Basic		21,986						21,986			20,087						20,087
Diluted		21,986						21,986			20,087						20,087
__________________________________________
(1) Represents the results of our asset management platform, which are presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminates noncontrolling interest.

ASSET MANAGEMENT PLATFORM⁽¹⁾ (AMOUNTS IN THOUSANDS) (UNAUDITED)
	Three Months Ended December 31, 2024
	Platform			Impact of Consolidated Fund and Eliminations			Consolidated
Revenues
Asset management	$	4,587		$	(634	)	$	3,953
Performance allocations		1			—			1
Consolidated funds – hospitality revenue		—			2,943			2,943
Consolidated funds – other revenue		—			1,790			1,790
Total revenues		4,588			4,099			8,687
Expenses
Operating costs		8,933			(383	)		8,550
General and administrative		1,327			(11	)		1,316
Marketing and advertising		243			1			244
Depreciation and amortization		151			3			154
Consolidated funds – hospitality expenses		—			3,312			3,312
Consolidated funds – other expenses		—			465			465
Total expenses		10,654			3,387			14,041

Other income (expenses), net		(4,122	)		14			(4,108	)
Interest income		45			(10	)		35
Interest expense		(1,466	)		—			(1,466	)
Net income (loss) before income taxes	$	(11,609	)	$	716		$	(10,893	)
Provision for income taxes		—			—			—
Net income (loss)		(11,609	)		716			(10,893	)
Net income attributable to noncontrolling interests		—			495			495
Net income (loss) attributable to CaliberCos Inc.	$	(11,609	)	$	221		$	(11,388	)
Basic Platform income per share	$	(0.52	)				$	(0.51	)
Diluted Platform income per share	$	(0.52	)				$	(0.51	)
Weighted average common shares outstanding:
Basic		22,456						22,456
Diluted		22,456						22,456
___________________________________________
(1) Represents the results of our asset management platform, which are presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminate noncontrolling interest.

	Three Months Ended December 31, 2023
	Platform			Impact of Consolidated Fund and Eliminations			Consolidated
Revenues
Asset management	$	6,005		$	(1,680	)	$	4,325
Performance allocations		1,182			(17	)		1,165
Consolidated funds – hospitality revenue		—			16,897			16,897
Consolidated funds – other revenue		—			1,558			1,558
Total revenues		7,187			16,758			23,945
Expenses
Operating costs		5,896			(790	)		5,106
General and administrative		2,148			(292	)		1,856
Marketing and advertising		166			(2	)		164
Depreciation and amortization		354			(213	)		141
Consolidated funds – hospitality expenses		—			20,993			20,993
Consolidated funds – other expenses		—			2,405			2,405
Total expenses		8,564			22,101			30,665

Consolidated funds – Other – gain on sale of real estate investments					4,976			4,976

Other income (expenses), net		355			(1,460	)		(1,105	)
Interest income		384			(313	)		71
Interest expense		(1,307	)		(2	)		(1,309	)
Net loss before income taxes	$	(1,945	)	$	(2,142	)	$	(4,087	)
Provision for income taxes		—			—			—
Net loss		(1,945	)		(2,142	)		(4,087	)
Net loss attributable to noncontrolling interests		—			(1,726	)		(1,726	)
Net loss attributable to CaliberCos Inc.	$	(1,945	)	$	(416	)	$	(2,361	)
Basic and Diluted Platform loss per share	$	(0.09	)				$	(0.11	)
Weighted average common shares outstanding:
Basic and diluted		21,270						21,270

PLATFORM REVENUE⁽¹⁾ (AMOUNTS IN THOUSANDS) (UNAUDITED)

	Three Months Ended December 31,
		2024		2023
Fund set-up fees	$	—	$	53
Fund management fees		2,844		2,461
Financing fees		34		(2	)
Development and construction fees		1,685		2,856
Brokerage fees		24		637
Total asset management		4,587		6,005
Performance allocations		1		1,182
Total revenue	$	4,588	$	7,187
___________________________________________
(1) Represents the results of our asset management platform, which are presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminates noncontrolling interest.

FVAUM and Managed Capital (UNAUDITED)

The following information summarizes management’s estimates of fair value related to the entire portfolio of investments that Caliber manages and the total amount of capital that is being managed across the portfolio. The fair value of our AUM conveys an indication of the overall health of our investments and potentially how much performance allocation Caliber would earn if those assets were sold. Managed Capital is used to evaluate, among other things, the amount of asset management fees we generate from the portfolio.

FV AUM (AMOUNTS IN THOUSANDS) (UNAUDITED)

Balances as of December 31, 2023	$	741,190
CHT contribution		29,900
Construction and net market appreciation		10,971
Assets sold⁽³⁾		(12,771	)
Credit⁽¹⁾		(781	)
Other⁽²⁾		(1,771	)
Balances as of March 31, 2024		766,738
Assets acquired⁽⁴⁾		14,000
Construction and net market appreciation		27,994
Assets sold or disposed⁽³⁾		(22,994	)
Credit⁽¹⁾		(12,835	)
Other⁽²⁾		310
Balances as of June 30, 2024		773,213
Assets acquired⁽⁴⁾		20,590
Construction and net market appreciation		11,910
Credit⁽¹⁾		(431	)
Other⁽²⁾		1,679
Balances as of September 30, 2024	$	806,961
Construction and net market appreciation		(10,200	)
Credit⁽¹⁾		1,810
Other⁽²⁾		(3,648	)
Balances as of December 31, 2024	$	794,923

FV AUM, by asset class (AMOUNTS IN THOUSANDS) (UNAUDITED)

	December 31, 2024		December 31, 2023
Real Estate
Hospitality	$	68,500	$	67,200
Caliber Hospitality Trust		236,800		201,600
Residential		161,700		138,000
Commercial		249,600		240,400
Total Real Estate		716,600		647,200
Credit⁽¹⁾		72,351		84,588
Other⁽²⁾		5,972		9,402
Total	$	794,923	$	741,190
___________________________________________
(1) Other FV AUM represents undeployed capital held in our diversified funds.
(2) Credit FV AUM represents loans made to Caliber’s investment funds by our diversified credit fund.
(3) Assets sold during the year ended December 31, 2024, include a commercial asset, lot sales related to two development assets in Colorado, and one home from our residential fund.
(4) Assets acquired during the year ended December 31, 2024, include West Ridge, a 133 acre mixed-use land development in Colorado and Canyon, an office building conversion to multi-family residential.

MANAGED CAPITAL (AMOUNTS IN THOUSANDS) (UNAUDITED)

			Managed Capital
Balances as of December 31, 2023			$	437,625
Originations				19,099
Return of capital				(2,819	)
Balances as of March 31, 2024				453,905
Originations				18,936
Return of capital				(3,041	)
Balances as of June 30, 2024				469,800
Originations				23,372
Return of capital				(7,900	)
Balances as of September 30, 2024			$	485,272
Originations				7,552
Return of capital				(282	)
Balances as of December 31, 2024			$	492,542


	December 31, 2024		December 31, 2023
Real Estate
Hospitality	$	49,260	$	43,660
Caliber Hospitality Trust⁽¹⁾		97,414		70,747
Residential		96,687		74,224
Commercial		170,858		155,004
Total Real Estate⁽²⁾		414,219		343,635
Credit⁽³⁾		72,351		84,588
Other⁽⁴⁾		5,972		9,402
Total	$	492,542	$	437,625
_________________________________________
(1) The Company earns a fund management fee of 0.70% of the Caliber Hospitality Trust’s enterprise value and is reimbursed for certain costs incurred on behalf of the Caliber Hospitality Trust.
(2) Beginning during the year ended December 31, 2023, the Company includes capital raised from investors in CaliberCos Inc. through corporate note issuances that was further invested in our funds in Managed Capital. As of December 31, 2024, and December 31, 2023, the Company had invested $16.1 million and $18.3 million, respectively, in our funds.
(3) Credit managed capital represents loans made to Caliber’s investment funds by the Company and our diversified funds. As of December 31, 2024, and December 31, 2023, the Company had loaned $0.4 million and $8.5 million to our funds.
(4) Other managed capital represents undeployed capital held in our diversified funds.

Consolidated GAAP Results

The following information presents our consolidated GAAP results which includes the performance of certain entities we manage where Caliber is the guarantor of debt owed by those entities, despite not having significant equity at risk. As a result of these guarantor commitments, Caliber is required under GAAP to include the assets, liabilities, revenues and expenses of those entities even though a shareholder of CWD stock is neither entitled to nor exposed by those entities’ benefits or obligations. This accounting outcome also removes revenues that we earn from those entities, which a shareholder of CWD stock would be entitled to. See discussion elsewhere related to CWD’s Platform performance.


CALIBERCOS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)

	Three Months Ended December 31,						Year Ended December 31,
		2024			2023			2024			2023
	(unaudited)
Revenues
Asset management revenues	$	3,953		$	4,325		$	16,879		$	10,571
Performance allocations		1			1,165			358			3,639
Consolidated funds – hospitality revenues		2,943			16,897			26,476			68,905
Consolidated funds – other revenues		1,790			1,558			7,406			7,822
Total revenues		8,687			23,945			51,119			90,937

Expenses
Operating costs		8,550			5,106			23,939			21,311
General and administrative		1,316			1,856			6,776			6,770
Marketing and advertising		244			164			751			1,052
Depreciation and amortization		154			141			593			550
Consolidated funds – hospitality expenses		3,312			20,993			26,503			80,669
Consolidated funds – other expenses		465			2,405			5,870			9,162
Total expenses		14,041			30,665			64,432			119,514

Consolidated funds – gain on sale of real estate investments		—			4,976			—			4,976

Other (loss) income, net		(4,108	)		(1,105	)		(3,093	)		374
Gain on extinguishment of debt		—			—			—			—
Interest income		35			71			360			350
Interest expense		(1,466	)		(1,309	)		(5,424	)		(4,717	)
Net (loss) income before income taxes		(10,893	)		(4,087	)		(21,470	)		(27,594	)
Benefit from income taxes		—			—			—			—
Net (loss) income		(10,893	)		(4,087	)		(21,470	)		(27,594	)
Net (loss) income attributable to noncontrolling interests		495			(1,726	)		(1,693	)		(14,891	)
Net (loss) income attributable to CaliberCos Inc.		(11,388	)		(2,361	)		(19,777	)		(12,703	)
Basic net (loss) income per share attributable to common stockholders	$	(0.51	)	$	(0.11	)	$	(0.90	)	$	(0.63	)
Diluted net (loss) income per share attributable to common stockholders	$	(0.51	)	$	(0.11	)	$	(0.90	)	$	(0.63	)
Weighted average common shares outstanding:
Basic		22,456			21,270			21,986			20,087
Diluted		22,456			21,270			21,986			20,087

Contacts

Caliber:

Victoria Rotondo

+1 480-295-7600

[email protected]

Investor Relations:

Lisa Fortuna, Financial Profiles

+1 310-622-8251

[email protected]

Media Relations:

Kelly McAndrew, Financial Profiles

+1 310-622-8239

[email protected]

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