Calibercos Inc. · NASDAQ:CWD
Calibercos — Sidoti Small Cap Conference March 2024
35 slides from Calibercos's conference presentation, Mar 11, 2024
Slide 1: Sidoti Small Cap Conference March 2024
Sidoti Small Cap Conference March 2024 NASDAQ: CWD
Slide 2: 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 3: Why Invest in Caliber?
Why Invest in Caliber? 3T 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 (Nasdaq: CWD)
Slide 4: 2026 Financial Targets
In November 2023, Caliber set the following financial targets: 2026 Financial Targets 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 Cumulative Fundraising of $750M Annualized Platform Revenue of $50M Assets Under Management (AUM) of $3B
Slide 5: Caliber Organizational Structure
Caliber Organizational Structure 5T H E W E A L T H D E V E L O P M E N T C O M P A N Y Caliber Fund 1 Fund 2 Fund 3
Slide 6: We Invest in Diverse Real Estate Asset Classes in the Middle Market
6 BEHAVIORAL HEALTH HOSPITAL HOSPITALITY/HOTEL MULTI-FAMILY HOUSING OPPORTUNITY ZONE ASSETS We Invest in Diverse Real Estate Asset Classes in the Middle Market
Slide 7: Our Products Solve Customer Needs
7T H E W E A L T H D E V E L O P M E N T C O M P A N Y Income Lending, CORE Plus, Value Add Growth Distressed and Special Situations, Adaptive Re-Use & Development Tax Planning/Reduction Opportunity Zone Funds, 1031 Investments Our Products Solve Customer Needs Investment Strategy Caliber Product
Slide 8: Caliber Serves a Large and Growing Market for Alternative Investments
Caliber Serves a Large and Growing Market for Alternative Investments 8T H E W E A L T H D E V E L O P M E N T C O M P A N Y Source: Preqin Future of Altneratives 2028 report, October 2023 *Forecast 10.1 16.3 24.5 0 5 10 15 20 25 30 2019 2023* 2028* A ss e ts U n d e r M a n a g e m e n t ($ tr il l
Slide 9: Caliber Has Multiple Fundraising Channels
Caliber Has Multiple Fundraising Channels 9T 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 Institutional
Slide 10: Caliber is Designed to Deliver Sustained Growth
Caliber is Designed to Deliver Sustained Growth 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 Raise Capital Grow Assets Under Management Grow Revenue Caliber’s model utilizes fundraising in its products to grow the tangible value of Caliber without dilutive corporate financings
Slide 11: 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 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 Caliber’s Vertical Integration: Increased Control & Multiple Revenue Streams Traditional Asset Managers: Lower Control &
Slide 12: Caliber Hospitality Trust – Asset Management Fee Growth
Caliber Hospitality Trust – Asset Management Fee Growth 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 Using the Caliber infrastructure to launch public investment products
Slide 13: Caliber BD/RIA Expansion – Recent Announcement
Caliber BD/RIA Expansion – Recent Announcement 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 Caliber formally expands its national wholesaling team National Wholesaling Team
Slide 14: Caliber Executive Leadership
Caliber Executive Leadership A cohesive, established team with a history of successful execution Chris Loeffler CHIEF EXECUTIVE OFFICER Jennifer Schrader PRESIDENT + CHIEF OPERATING OFFICER Jade Leung CHIEF FINANCIAL OFFICER Roy Bade CHIEF DEVELOPMENT OFFICER John Hartman CHIEF INVESTMENT OFFICER 14
Slide 15: Independent Board Committed to Strong Corporate Governance
Independent Board Committed to Strong Corporate Governance 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 • Chris Loeffler – Chief Executive Officer & Co-Founder • Jennifer Schrader – President, Chief Operating Officer & Co-Founder • Dan Hansen – Lead Independent Director • William J. Gerbe
Slide 16: Path Forward for Enterprise Value Growth
Path Forward for Enterprise Value Growth 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 Fundraising Product Innovation Acquisitions
Slide 17: CaliberCos Contacts
https://www.caliberco.com/ CaliberCos NASDAQ: CWD Contacts: Jade Leung, CFO Jade.Leung@CaliberCo.com Lisa Fortuna, Investor Relations, Financial Profiles lfortuna@finprofiles.com
Slide 18: Appendix
Appendix 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
Slide 19: Scaling Topline Growth (Fiscal 2022)
$56,033 $83,956 $- $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 $100,000 2021 2022 (0 0 0 s) 50% YoY Consolidated Revenue Growth Scaling Topline Growth (Fiscal 2022) 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 Source: Caliber reports $3,642 $5,519 $- $1,000 $2,
Slide 20: 3rd Quarter Summary Results
$19,506 $17,025 $- $5,000 $10,000 $15,000 $20,000 $25,000 Q3'22 Q3'23 (0 0 0 s) Total Consolidated Revenue 3rd Quarter Summary Results 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 Source: Caliber reports Net Income (Loss) (per common share) $0.22 Q3’22 $(0.16) Q3’23 $8,399 $3,728 $- $2,00
Slide 21: 3rd Quarter – Summary Highlights
3rd Quarter – Summary Highlights 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 • Fair value assets under management of $822.5 million • Asset management fees of $1.3 million • Managed capital of $412.4 million • Total revenues of $17.0 million • Asset management revenue of $2.4 million • A
Slide 22: GAAP Income Statement
GAAP Income Statement 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 Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Revenues Asset management fees $ 1,273 $ 982 $ 3,784 $ 3,048 Performance allocations 36 103 2,474 2,508 Transaction and advisory fees 1,0
Slide 23: GAAP Income Statement (cont.)
GAAP Income Statement (cont.) 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 CALIBERCOS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA) Consolidated funds - gain on sale of real estate investments — — — 21,530 O
Slide 24: GAAP Balance Sheet
GAAP Balance Sheet 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 September 30, 2023 December 31, 2022 Assets Cash $ 995 $ 1,921 Restricted cash 2,479 23 Real estate investments, net 21,383 2,065 Due from related parties 6,498 9,646 Investments in unconsolidated entities 3,290 3,156 Operati
Slide 25: GAAP Balance Sheet (cont.)
GAAP Balance Sheet (cont.) 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 CALIBERCOS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA) September 30, 2023 December 31, 2022 Liabilities and Stockholders’ Equity
Slide 26: GAAP Balance Sheet (cont.)
GAAP Balance Sheet (cont.) 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 CALIBERCOS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA) Commitments and Contingencies Preferred stock Series B, $0.001 par value;
Slide 27: EBITDA and Adjusted EBITDA Reconciliation
EBITDA and Adjusted EBITDA Reconciliation 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 NON-GAAP INCOME STATEMENT (AMOUNTS IN THOUSANDS) Three Months Ended September 30, 2023 2022 Net loss $ (12,222) $ (667) Interest expense 1,316 342 Depreciation expense 140 15 Consolidated funds’ EBITDA
Slide 28: NON-GAAP Reconciliation – Fund Management Segment
NON-GAAP Reconciliation 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 FUND MANAGEMENT SEGMENT (AMOUNTS IN THOUSANDS) Three Months Ended September 30, 2023 2022 $ Change % Change Revenues Asset management fees $ 2,428 $ 1,927 $ 501 26.0 % Performance allocations 24 103 (79) (76.7)% Transact
Slide 29: NON-GAAP Reconciliation – Development Segment
NON-GAAP Reconciliation 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 DEVELOPMENT SEGMENT (AMOUNTS IN THOUSANDS) Three Months Ended September 30, 2023 2022 $ Change % Change Revenues Transaction and advisory fees $ 516 $ 1,182 $ (666) (56.3)% Total revenues 516 1,182 (666) (56.3)% Expenses
Slide 30: NON-GAAP Reconciliation – Brokerage Segment
NON-GAAP Reconciliation 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 BROKERAGE SEGMENT (AMOUNTS IN THOUSANDS) Three Months Ended September 30, 2023 2022 $ Change % Change Revenues Transaction and advisory fees $ 200 $ 179 $ 21 11.7% Total revenues 200 179 21 11.7% Expenses Operating costs
Slide 31: NON-GAAP Reconciliation – Managed Capital
NON-GAAP Reconciliation 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 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) Bala
Slide 32: NON-GAAP Reconciliation – FV AUM
NON-GAAP Reconciliation 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 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 Bal
Slide 33: NON-GAAP Reconciliation – FV AUM
NON-GAAP Reconciliation 33T 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) September 30, 2023 December 31, 2022 Real Estate Hospitality $ 316,000 $ 319,300 Residential 148,600 86,900 Commercial 266,900 255,197 Total Real Estate 731,500 661,397 Credit(2) 79,758 74,7
Slide 34: Asset Management Revenue Run Rate and Assets Under Development definitions
Asset Management Revenue Run Rate. This is an estimate that annualizes asset management revenue, which are on a basis that deconsolidates the consolidated funds . Assets Under Development. We define development, redevelopment, construction, and entitlement projects that are underway or are in the pl
Slide 35: Fair Value Assets Under Management definition
Fair Value Assets Under Management (“FV AUM”). FV AUM 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. We estimate the value of these assets quarterly to help ma