Executive Summary

Platform revenue grew 98.9% year over year to $7.4M, driving a return to positive Platform earnings ($0.01 diluted per share) and Platform Adjusted EBITDA of $2.4M; consolidated GAAP diluted EPS was $0.01 as deconsolidation of hospitality entities reshaped reported revenue mix .
Consolidated revenue was $11.3M, down 33.6% YoY due to deconsolidation effects; however, underlying asset management and fee income accelerated materially on the Platform .
KPIs strengthened: FV AUM rose to $806.96M and Managed Capital to $485.27M, reflecting acquisitions, construction activity and Opportunity Zone fund roll-up initiatives .
Strategic catalysts: Qualified Opportunity Zone Fund Roll-Up (+$14M managed capital) and the definitive agreement to contribute seven hotels to Caliber Hospitality Trust (expected +$120M AUM), positioning incremental fee streams and potential performance allocations .
Estimates context: Wall Street consensus via S&P Global was unavailable at the time of query; we cannot assess beats/misses versus consensus for Q3 2024.

What Went Well and What Went Wrong

What Went Well

Rapid fee-income growth: “We delivered strong third quarter results with a 98.9% increase nearly doubling Platform revenue, primarily driven by higher fee income from loan placements and offerings” .
Cost actions gaining traction: Management highlighted “impact of our recent cost-reduction initiatives” enabling positive Platform Adjusted EBITDA and Platform earnings ahead of the Q4 target .
Asset base expansion: FV AUM increased to $806.96M (+8.9% vs 12/31/23) and Managed Capital to $485.27M (+10.9%), supported by acquisitions (West Ridge, Canyon Corporate Plaza) and development progress .

What Went Wrong

Reported GAAP revenue declined YoY due to deconsolidation of hospitality entities; Q3 consolidated revenue fell to $11.3M from $17.0M YoY, complicating comparability .
Fundraising and CRE environment remained volatile, with management explicitly citing macro challenges as a headwind they are navigating .
Prior quarters reflected losses: Q2 consolidated net loss was $(4.73)M with diluted EPS of $(0.22), and Q1 consolidated net loss was $(3.81)M with diluted EPS of $(0.18), highlighting the transition phase through the deconsolidation and cost reset .

Financial Results

Consolidated Revenue and EPS vs prior year and prior quarters

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Total Revenues ($USD Thousands)	$17,025	$22,951	$8,179	$11,302
Diluted EPS ($USD)	$(0.16)	$(0.18)	$(0.22)	$0.01

Consolidated profitability and margins

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Net Income attributable to Caliber ($USD Thousands)	$(3,409)	$(3,805)	$(4,730)	$146
Net Income Margin (%)	(20.0%)	(16.6%)	(57.8%)	1.3%
Consolidated Adjusted EBITDA ($USD Thousands)	$(3,157)	$2,187	$(966)	$4,248
Adjusted EBITDA Margin (%)	(18.6%)	9.5%	(11.8%)	37.6%

Note: Margins are derived from cited revenue and earnings metrics.

Platform revenue detail by quarter (unconsolidated Platform view)

Metric ($USD Thousands)	Q1 2024	Q2 2024	Q3 2024
Fund set-up fees	$7	$665	$831
Fund management fees	$2,562	$2,665	$2,744
Financing fees	$73	$80	$464
Development & construction fees	$1,654	$328	$3,084
Brokerage fees	$259	$441	$119
Total Asset Management	$4,555	$4,179	$7,242
Performance allocations	$171	$33	$174
Total Platform Revenue	$4,726	$4,212	$7,416

Consolidated revenue mix by quarter

Metric ($USD Thousands)	Q1 2024	Q2 2024	Q3 2024
Asset management revenues	$3,170	$3,226	$6,530
Performance allocations	$166	$16	$175
Consolidated funds – hospitality revenues	$18,145	$2,894	$2,494
Consolidated funds – other revenues	$1,470	$2,043	$2,103
Total revenues	$22,951	$8,179	$11,302

KPIs

KPI	Q1 2024	Q2 2024	Q3 2024
FV AUM ($USD Thousands)	$766,738	$773,213	$806,961
Managed Capital ($USD Thousands)	$453,905	$469,800	$485,272

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Adjusted EBITDA (Platform/Caliber)	Q4 2024 target	“Expect to generate positive adjusted EBITDA by the fourth quarter of 2024”	Achieved positive Platform Adjusted EBITDA in Q3 2024, “ahead of our fourth-quarter 2024 target”	Timing accelerated (achieved earlier)
Net Profit	FY 2025	“Expect… positive net profit for the full year 2025”	Reiterated trajectory via Q3 profitability on Platform; no change to FY 2025 net profit expectation	Maintained
Annualized Cost Savings	FY 2024–2025	“Identified more than $6 million in annualized savings… reduce annual operating costs to approximately $15 million”	“On track to achieve the $6.5 million in annualized cost savings”	Raised to $6.5M
Capital Formation Initiatives	Ongoing	N/A (no numeric guidance)	QOZ Fund Roll-Up completed first merger (+$14M managed capital); Satori contribution to CHT definitive agreement (expected +$120M AUM)	New initiatives disclosed

No explicit guidance provided on tax rate, OpEx run-rate beyond cost-savings commentary, OI&E, or dividends in these documents.

Earnings Call Themes & Trends

Topic	Previous Mentions (Q1 2024)	Previous Mentions (Q2 2024)	Current Period (Q3 2024)	Trend
Fundraising environment	Building wholesale channels; 26 selling agreements, $3.4B accessible AUM	Continued fundraising; originations $38.0M, redemptions $5.9M	“Fundraising… remain volatile,” but progress clear	Mixed; still volatile but improving execution
Cost structure/efficiency	>$6M annualized savings identified; operating costs to ~$15M	On track for $6.5M annualized savings	Cost actions helped deliver positive Platform earnings	Improving operating leverage
Hospitality platform (CHT)	L.T.D. hotel contribution boosted FV AUM	Targeting first $1B of assets in planned roll-up	Satori Collective definitive agreement to contribute 7 hotels (+~$120M AUM expected)	Scaling via roll-up strategy
Development pipeline	Active pipeline: 2,240 MF units; 2,386 SF units; 2.6M sqft commercial; 1.0M sqft office/retail	Jordan’s Lofts completed; 96% leased	1,796 MF; 697 SF; 3.7M sqft commercial/industrial; 3.5M sqft office/retail	Broadening scope; active execution
Opportunity Zone strategy	Not highlighted as roll-up	No roll-up mention	Launched QOZ Fund Roll-Up; first merger (+$14M managed capital)	New growth vector
Macro/CRE markets	Not emphasized	Focus on profitability despite environment	CRE volatility acknowledged; strategy progressing	Cautious tone; operational focus

Note: No Q3 transcript was available in our document catalog; trend assessment reflects press releases and supplemental data .

Management Commentary

“We delivered strong third quarter results with a 98.9% increase… primarily driven by higher fee income from loan placements and offerings… this top-line growth, paired with the impact of our recent cost-reduction initiatives… resulting in positive Platform adjusted EBITDA and Platform earnings during the third quarter, ahead of our fourth-quarter 2024 target.” — Chris Loeffler, CEO .
“While fundraising and commercial real estate remain volatile… our strategic and tactical progress towards consistent, profitable growth is clear.” — Chris Loeffler, CEO .
Q2 framing of near-term priorities: “Provide more single-asset investment offerings” and “develop projects in our pipeline related to existing Caliber properties” alongside the CHT roll-up objective .

Q&A Highlights

The company hosted a Q3 conference call on November 12, 2024 at 5:00 p.m. ET; however, a transcript was not available in our document set. A webcast replay is accessible via the investor relations section of the company’s website .
Without a transcript, Q&A themes and any guidance clarifications cannot be validated.

Estimates Context

Wall Street consensus (S&P Global) for Q3 2024 EPS/revenue/EBITDA was unavailable at the time of query; as a result, we cannot quantify beats/misses versus consensus. This limits cross-sectional comparison and estimate revision analysis for this quarter.

Key Takeaways for Investors

Platform momentum: Fee-based revenues nearly doubled YoY, delivering positive Platform earnings and Adjusted EBITDA ahead of schedule; this validates cost actions and the fee-centric strategy .
GAAP comparability is noisy: Deconsolidation masks underlying improvements; focus on Platform metrics and KPIs (FV AUM, Managed Capital) for economic value to shareholders .
Hospitality roll-up is a near-term catalyst: The Satori contribution and broader CHT strategy can expand AUM and fee streams; execution risk remains but trajectory is positive .
Opportunity Zone roll-up accelerates capital formation: First merger added $14M managed capital; expect incremental fund management fees and potential performance allocations over time .
Development engine remains active: Expanded pipeline breadth across residential and commercial/industrial supports forward fee and performance opportunities as projects progress .
Trading view: With consensus unavailable, trade the narrative—early achievement of profitability milestones and visible catalysts (CHT, QOZ roll-up) could drive sentiment; monitor subsequent disclosures for numeric guidance and sell-side estimates.
Medium-term thesis: Continued scaling of Platform revenues, disciplined costs, and asset monetizations/performance allocations are key to delivering sustainable profitability through FY 2025 amid CRE volatility .

CaliberCos Inc. (CWD)·Q3 2024 Earnings Summary