The following is a summary of the CaliberCos Inc. (CWD) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Caliber's Q1 2024 total consolidated revenue decreased by 22.3% to $23 million, primarily due to a decrease in fund revenues and the deconsolidation of Caliber Hospitality.

• Platform revenue dropped by 25.6% to $4.7 million due to lower performance allocations.

• A net loss of $3.8 million or $0.18 per diluted share was reported, marking a greater net loss than $1.2 million or $0.07 per share reported in Q1 2023.

• Caliber made cost savings of $6 million, with a goal to return to its regular annual operating costs of $15 million.

Business Progress:

• Significant reduction in assets and liabilities was achieved through the deconsolidation of six hotel assets and the sale of development areas and land.

• Caliber secured 26 selling agreements with regional broker-dealers and investment advisers for company-sponsored products.

• The company aims to grow AUM to $3 billion and achieve $50 million annual total platform revenues by 2026 through expanded product offerings and an increase in assets under Caliber Hospitality Trust.

• Strategies to return to profitability include cost structure and debt management review and the ongoing exploration of distressed underwriting opportunities.

• The company's corporate debt stands at approximately $50-55 million due to acquisitions and investments in managed assets and funds.

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