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CaliberCos Inc. (CWD-3.38%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports total revenues of $42.4 million for the nine months ended September 30, 2024, a decrease from $67.0 million in the same period the previous year. This decline is primarily attributed to the deconsolidation of certain funds.
Total expenses for the nine months ended September 30, 2024, were $50.4 million, down from $88.8 million in the previous year, reflecting the impact of deconsolidation.
Net loss attributable to CaliberCos Inc. for the nine months ended September 30, 2024, was $8.4 million, compared to a net loss of $10.3 million in the prior year.
Asset management revenues increased to $12.9 million from $6.2 million, driven by higher fund management fees and new fund offerings.
Performance allocations decreased to $0.4 million from $2.5 million, reflecting lower carried interest earnings.
Caliber reported a decrease in consolidated funds' hospitality revenues to $23.5 million from $52.0 million, primarily due to the deconsolidation of Caliber Hospitality, LP.
Operating cash flow was negative $0.2 million, an improvement from negative $11.1 million in the previous year, due to cost reductions and improved cash collections.
Caliber's managed capital increased to $485.3 million from $437.6 million as of December 31, 2023, with notable contributions to the Caliber Hospitality Trust.
The company highlighted ongoing efforts to manage liquidity, including refinancing discussions and cost-saving measures, amid concerns about its ability to continue as a going concern.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the CaliberCos Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.