Slide 1: Caliber Reports Fourth Quarter and Fiscal Year 2023 Results
Caliber (Nasdaq: CWD) Reports Fourth Quarter and Fiscal Year 2023 Results Date: April 15, 2024 Conference Call Information: The conference call will be broadcast live on the Investor Relations section of Caliber’s website at https://ir.caliberco.com/ or at https://viavid.webcasts.com/starthere.jsp?e
Slide 2: 4Q and FY23 Earnings Supplemental
4Q and FY23 Earnings Supplemental ©2024 Caliber Building on a 15-year track record of profitable growth and success
Slide 3: Forward-Looking Statements
Forward-Looking Statements This presentation includes statements concerning CaliberCos Inc.’s (the “Company,” or “Caliber”) expectations, beliefs, plans, objectives, goals, strategies, assumptions of future events, future financial performance, or growth and other statements that are not historical
Slide 4: Today's Speakers
Today’s Speakers 4T H E W E A L T H D E V E L O P M E N T C O M P A N Y Chris Loeffler CHIEF EXECUTIVE OFFICER Jade Leung CHIEF FINANCIAL OFFICER Chris Loeffler has served as the CEO and Chairman of Caliber’s Board of Directors since its inception. As CEO, Chris directs and executes global strategy,
Slide 5: CEO Commentary
CEO Commentary 5T H E W E A L T H D E V E L O P M E N T C O M P A N Y
Slide 6: Why Invest in Caliber
1. 15-year history of growth across market cycles with $3.1 billion pool of assets under management and under development 2. Demonstrated track record of delivering unlevered annualized gross internal rate of return (IRR) of 19% on investments sold 3. Large and growing market opportunity with invest
Slide 7: Caliber… In Three Numbers
Caliber… In Three Numbers 7T H E W E A L T H D E V E L O P M E N T C O M P A N Y 15yrs 19% IRR $3.1 Billion
Slide 8: Publicly Traded Parent Operates Investment Funds
Publicly Traded Parent Operates Investment Funds 8T H E W E A L T H D E V E L O P M E N T C O M P A N Y Caliber Nasdaq: CWD RE Fund 1 RE Fund 2 Hotel UPREIT
Slide 9: We Invest in Real Estate Where Most Others Don't
9 BEHAVIORAL HEALTH HOSPITAL HOSPITALITY/HOTEL MULTI-FAMILY HOUSING OPPORTUNITY ZONE ASSETS We Invest in Real Estate Where Most Others… Don’t
Slide 10: The Best Opportunities are in the Middle-Market
10T H E W E A L T H D E V E L O P M E N T C O M P A N Y The Best Opportunities are in the Middle-Market Middle-Market Assets • $5 to $50 million per project • Large opportunity set • Highly-fragmented market • Less competition • Caliber’s in-house services model enables access Middle Market Geograph
Slide 11: We Solve Our Clients' Financial Needs
11T H E W E A L T H D E V E L O P M E N T C O M P A N Y Income Lending, CORE Plus, Value Add Growth Distressed and Special Situations, Adaptive Re-Use & Development Tax Planning/Reduction Opportunity Zone Funds, 1031 Investments We Solve Our Clients’ Financial Needs Desired Outcome Caliber Product O
Slide 12: Our Market Is Growing Dramatically
Our Market Is Growing Dramatically 12T H E W E A L T H D E V E L O P M E N T C O M P A N Y Source: Preqin Future of Alternatives 2028 report, October 2023 *Forecast 10.1 16.3 24.5 0 5 10 15 20 25 30 2019 2023* 2028* A ss et s U n d er M an ag em en t ($ tr ill io n ) $24.5 Trillion in Global Alterna
Slide 13: We Have Multiple Revenue Streams
Performance Allocations Asset Management Revenue We Have Multiple Revenue Streams 13T H E W E A L T H D E V E L O P M E N T C O M P A N Y Note: asset services performed in-house at market rates.
Slide 14: Increasing The Money We Manage/Invest Is A Core Growth Driver
Increasing The Money We Manage/Invest Is A Core Growth Driver 14T H E W E A L T H D E V E L O P M E N T C O M P A N Y High Net-Worth Investors Registered Investment Advisors & Independent Broker-Dealers Family Offices Boutique Institutions Caliber Private Client Sales Caliber Wholesale Caliber Insti
Slide 15: Caliber Hospitality Trust – Another Path To Revenue Growth
Caliber Hospitality Trust – Another Path To Revenue Growth 15T H E W E A L T H D E V E L O P M E N T C O M P A N Y Using the Caliber infrastructure to launch public investment products
Slide 16: Consistent Growth – A Model We've Succeeded With For Years
Consistent Growth – A Model We’ve Succeeded With For 15 Years 16T H E W E A L T H D E V E L O P M E N T C O M P A N Y Raise Capital Grow Assets Under Management Grow Revenue
Slide 17: Caliber Earns More Per Dollar in AUM
Source: Caliber’s estimates and internal research reviewing comparable business models Caliber Earns More Per Dollar in AUM 17T H E W E A L T H D E V E L O P M E N T C O M P A N Y Caliber’s In-House Services Model: Increased Control & Multiple Revenue Streams Traditional Asset Managers: Lower Contro
Slide 18: 2026 Financial Targets
2026 Financial Targets* 18T H E W E A L T H D E V E L O P M E N T C O M P A N Y Cumulative Fundraising of $750M Annualized Platform Revenue of $50M Assets Under Management (AUM) of $3B * End of 2026
Slide 19: Path Forward for Enterprise Value Growth
Path Forward for Enterprise Value Growth 19T H E W E A L T H D E V E L O P M E N T C O M P A N Y Fundraising Product Innovation Acquisitions
Slide 20: Our Interests Are Aligned – Insiders Own ~50% Of Our Stock
Our Interests Are Aligned – Insiders Own ~50% Of Our Stock 20T H E W E A L T H D E V E L O P M E N T C O M P A N Y The people who built Caliber, still manage Caliber Chris Loeffler CHIEF EXECUTIVE OFFICER Jennifer Schrader PRESIDENT Jade Leung CHIEF FINANCIAL OFFICER Roy Bade CHIEF DEVELOPMENT OFFIC
Slide 21: Independent Board Committed to Strong Corporate Governance
Independent Board Committed to Strong Corporate Governance 21T H E W E A L T H D E V E L O P M E N T C O M P A N Y • Chris Loeffler – Chief Executive Officer & Co-Founder • Jennifer Schrader – President & Co-Founder • Dan Hansen – Lead Independent Director • William J. Gerber – Director • Michael Tr
Slide 22: 4Q and FY 2023 Financial Highlights
4Q and FY 2023 Financial Highlights 22T H E W E A L T H D E V E L O P M E N T C O M P A N Y
Slide 23: 4th Quarter – Summary Highlights
4th Quarter – Summary Highlights 23T H E W E A L T H D E V E L O P M E N T C O M P A N Y • Fair value assets under management of $741.2 million • Managed capital of $437.6 million • Total revenues of $23.9 million • Platform revenue of $7.2 million • Platform asset management revenue of $6.0 million
Slide 24: 4th Quarter Summary Results
$21,467 $23,945 $- $5,000 $10,000 $15,000 $20,000 $25,000 Q4'22 Q4'23 (0 0 0 s) Total Consolidated Revenue 4th Quarter Summary Results 24T H E W E A L T H D E V E L O P M E N T C O M P A N Y Source: Caliber reports Net Income (Loss) (per common share) $(0.14) Q4’22 $(0.11) Q4’23 $5,422 $7,187 $- $2,
Slide 25: 4th Quarter – Historical Summary Results
4th Quarter – Historical Summary Results 25T H E W E A L T H D E V E L O P M E N T C O M P A N Y $24,302 $18,681 $19,506 $21,467 $29,522 $20,445 $17,025 $23,945 $- $10,000 $20,000 $30,000 $40,000 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 (0 0 0 s) Total Consolidated Revenue $2,155 $(529) $5,659 $(1,76
Slide 26: FY 2023 Summary Results
$83,956 $90,937 $- $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 FY'22 FY'23 (0 0 0 s) Total Consolidated Revenue FY 2023 Summary Results 26T H E W E A L T H D E V E L O P M E N T C O M P A N Y Source: Caliber reports Net Income (Loss) (per common share) $0.11 FY’22 $(0.63) FY’23 $24,118 $20,638
Slide 27: 4Q and FY 2023 Financial Review
4Q and FY 2023 Financial Review 27T H E W E A L T H D E V E L O P M E N T C O M P A N Y
Slide 28: GAAP Income Statement
GAAP Income Statement 28T H E W E A L T H D E V E L O P M E N T C O M P A N Y CALIBERCOS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA) Three Months Ended December 31, Year Ended December 31, 2023 2022 2023 2022 Revenues Asset mana
Slide 29: GAAP Income Statement (cont.)
GAAP Income Statement (cont.) 29T H E W E A L T H D E V E L O P M E N T C O M P A N Y CALIBERCOS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA) Consolidated funds - gain on sale of real estate investments 4,976 — 4,976 21,530 Other
Slide 30: GAAP Balance Sheet
GAAP Balance Sheet 30T H E W E A L T H D E V E L O P M E N T C O M P A N Y CALIBERCOS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA) December 31, 2023 December 31, 2022 Assets Cash $ 940 $ 1,921 Restricted cash 2,569 23 Real es
Slide 31: GAAP Balance Sheet (cont.)
GAAP Balance Sheet (cont.) 31T H E W E A L T H D E V E L O P M E N T C O M P A N Y CALIBERCOS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA) December 31, 2023 December 31, 2022 Liabilities and Stockholders’ Equity Notes payable
Slide 32: GAAP Balance Sheet (cont.)
GAAP Balance Sheet (cont.) 32T H E W E A L T H D E V E L O P M E N T C O M P A N Y CALIBERCOS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA) Commitments and Contingencies Preferred stock, $0.001 par value; 22,500,000 authorized
Slide 33: CaliberCos Contacts
https://www.caliberco.com/ CaliberCos NASDAQ: CWD Contacts: Chris Loeffler, CEO Chris.Loeffler@CaliberCo.com Lisa Fortuna, Investor Relations, Financial Profiles lfortuna@finprofiles.com
Slide 34: Appendix
Appendix 34T H E W E A L T H D E V E L O P M E N T C O M P A N Y
Slide 35: Non-GAAP Measures
35T H E W E A L T H D E V E L O P M E N T C O M P A N Y Non-GAAP Measures We use non-GAAP financial measures to evaluate operating performance, identify trends, formulate financial projections, make strategic decisions, and for other discretionary purposes. We believe that these measures enhance the
Slide 36: Consolidated Adjusted EBITDA
36T H E W E A L T H D E V E L O P M E N T C O M P A N Y Consolidated Adjusted EBITDA Consolidated Adjusted EBITDA represents the Company’s and the consolidated funds’ earnings before net interest expense, income taxes, depreciation and amortization, further adjusted to exclude stock-based compensati
Slide 37: NON-GAAP Reconciliation
NON-GAAP Reconciliation 37T H E W E A L T H D E V E L O P M E N T C O M P A N Y NON-GAAP RECONCILIATION (AMOUNTS IN THOUSANDS) (UNAUDITED)
Slide 38: NON-GAAP Reconciliation – Asset Management Platform Segment
NON-GAAP Reconciliation 38T H E W E A L T H D E V E L O P M E N T C O M P A N Y ASSET MANAGEMENT PLATFORM SEGMENT(1) (AMOUNTS IN THOUSANDS) (UNAUDITED)
Slide 39: NON-GAAP Reconciliation – Asset Management Platform Segment
NON-GAAP Reconciliation 39T H E W E A L T H D E V E L O P M E N T C O M P A N Y ASSET MANAGEMENT PLATFORM SEGMENT(1) (AMOUNTS IN THOUSANDS) (UNAUDITED)
Slide 40: NON-GAAP Reconciliation – Asset Management Platform Segment
NON-GAAP Reconciliation 40T H E W E A L T H D E V E L O P M E N T C O M P A N Y ASSET MANAGEMENT PLATFORM SEGMENT(1) (AMOUNTS IN THOUSANDS) (UNAUDITED)
Slide 41: NON-GAAP Reconciliation – Managed Capital
NON-GAAP Reconciliation 41T H E W E A L T H D E V E L O P M E N T C O M P A N Y MANAGED CAPITAL (AMOUNTS IN THOUSANDS) (UNAUDITED) Managed Capital Balances as of December 31, 2022 $ 383,189 Originations 74,857 Redemptions (22,962) Other(1) 2,541 Balances as of December 31, 2023 $ 437,625 December 31
Slide 42: NON-GAAP Reconciliation – FV AUM
NON-GAAP Reconciliation 42T H E W E A L T H D E V E L O P M E N T C O M P A N Y FV AUM (AMOUNTS IN THOUSANDS) (UNAUDITED) Balances as of December 31, 2022 $ 745,514 Assets acquired(1) 29,384 Construction and net market depreciation 9,129 Asset sold or disposed(2) (52,710) Credit(3) 9,822 Other(4) 51