(Note: Caliber was originally founded as Caliber Companies, LLC, an Arizona limited liability company, organized under the laws of Arizona, and commenced operations in January 2009. In 2014, the Company was reorganized as a Nevada corporation and in June 2018, we reincorporated in the state of Delaware.)
Caliber is a leading vertically integrated asset management firm whose primary goal is to enhance the wealth of investors seeking to make investments in middle-market assets. We strive to build wealth for our investor clients by creating, managing, and servicing proprietary products including middle-market investment funds, private syndications, and direct investments. Our funds include investment vehicles focused primarily on real estate, private equity and debt facilities. We earn asset management fees calculated as a percentage of managed capital in our Funds and Offerings. We market our services through direct sales to private investors, wholesaling to investment advisers, direct sales to family offices and institutions, and through in-house client services.
We believe that we provide investors attractive risk-adjusted returns by offering a balance of (i) structured offerings and ease of ownership, (ii) a pipeline of investment opportunities, primarily projects that range in value between $5 million and $50 million, and (iii) an integrated execution and processing platform. Our investment strategy leverages the local market intelligence and real-time data we gain from our operations to evaluate current investments, generate proprietary transaction flow, and implement various asset management strategies.
While we primarily act as an alternative asset manager, we also offer a full suite of support services and employ a vertically integrated approach to investment management. Our asset management activities are complemented with transaction and advisory services including development and construction management, acquisition and disposition expertise, and fund formation, which we believe differentiate us from other asset management firms. We believe our model allows us to acquire attractive projects, reduce operating costs, and deliver services to our funds that bolster net returns to investors.
Our operations are organized into three reportable segments for management and financial reporting purposes: Fund Management, Development and Brokerage.
We have a number of development, redevelopment, construction and entitlement projects underway or in the planning stages, which we define as AUD. This category includes projects we are planning to build on undeveloped land and projects to be built and constructed on undeveloped lands which are not yet owned by our funds but are under contract to purchase. Completing these development activities may ultimately result in income-producing assets, assets we can sell to third parties, or both. As of June 30, 2022, we are actively developing 2,460 multifamily units, 2,300 single-family units, 2.5 million square feet of commercial and industrial, and 1.3 million square feet of office and retail. If all of these projects are brought to completion, the total cost capitalized to these projects, which represents total current estimated costs to complete the development and construction of such projects, is $2.2 billion, which we expect would be funded through a combination of undeployed fund cash, third-party equity, project sales, tax credit financing and similar incentives, and secured debt financing. We are under no obligation to complete these projects and may dispose of any such assets at any time. There can be no assurance that assets under development will ultimately be developed or constructed because of the nature of the cost of the approval and development process and market demand for a particular use. In addition, the mix of residential and commercial assets under development may change prior to final development. The development of these assets will require significant additional financing or other sources of funding, which may not be available.
**Note: Consolidated revenue and net loss figures are for the 12 months that ended June 30, 2022.
(Note: CaliberCosInc. cut the size of its IPO by 25 percent in an S-1/A filing dated March 22, 2023: The IPO’s size was cut to 1.2 million shares – down from 1.6 million shares – and the IPO’s price was kept at $5.00 – to raise $6.0 million. CaliberCos also removed Revere Securities as the lead left book-runner in that March 22, 2023, SEC filing. Spartan Capital is the sole book-runner, according to the March 22, 2023, S-1/A filing.)
(Two months earlier: CaliberCos filed an S-1/A dated Jan. 19, 2023, in which it changed the IPO’s price to $5.00 – the low end of its previous range of $5.00 to $6.00 – and kept the number of shares at 1.6 million to raise $8.0 million. In the Jan. 19, 2023, filing with the SEC, CaliberCosInc. also added Spartan Capital as a joint book-runner with Revere Securities. CaliberCosInc. filed an S-1/A on Oct. 28, 2022. Original terms: CaliberCosInc. filed its S-1 on Sept. 29, 2022, with IPO terms disclosed – 1.6 million shares at $5.00 to $6.00 to raise $8.8 million. In the S-1 filed on Sept. 29, 2022, CaliberCosInc. changed the sole book-runner to Revere Securities from B. Riley Securities. Its confidential IPO filing was made on Dec. 28, 2021, with B. Riley Securities as the sole book-runner.)
|Industry:||Investment Advice (Real Estate)|
|Address||8901 E. Mountain View Rd. Ste. 150 Scottsdale, AZ, 85258|
|Phone Number||(480) 295-7600|
|View Prospectus:||CaliberCos Inc.|
|Revenues||$75.84 mil (last 12 months)|
|Net Income||$-0.50 mil (last 12 months)|
|Price range||$5.00 - $5.00|
|Est. $ Volume||$6.0 mil|
|Manager / Joint Managers||Spartan Capital|
|Expected To Trade:|
|Quiet Period Expiration Date:||Available only to Subscribers|
|Lock-Up Period Expiration Date:||Available only to Subscribers|
|SCOOP Rating||Available only to Subscribers|
|Rating Change||Available only to Subscribers|