Business
Caliber Reports Second Quarter 2023 Results
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 SCOTTSDALE, Ariz.--(BUSINESS WIRE)--
About this update from Calibercos Inc.
[{"type":"text","content":"\nGrows FV AUM by 29.4% Year-over-Year to $825.3 Million\n\n\nGrows AM Revenue by 9.8%, AM Revenue Run Rate by $1.3 Million\n\n\n SCOTTSDALE, Ariz.--(BUSINESS WIRE)--\nCaliberCos 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.\n\n\nSecond Quarter 2023 Financial Results, Compared to Second Quarter 2022\n\n\n\nTotal revenues of $20.4 million, a 9.4% increase\n\n\n\nAsset 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\n\n\n\nNet 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\n\n\n\nCaliber Adjusted EBITDA(2) loss of $2.3 million, compared to $0.5 million\n\n\n\nFair value assets under management(3) (“FV AUM”) of $825.3 million, a 29.4% year-over-year increase\n\n\n\nManaged capital(4) of $401.8 million, a 24.1% year-over-year increase\n\n\n\nManagement Commentary\n\n\n“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.\n\n\n“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 opportuniti...