CaliberCos Inc (CWD) 2025 Q1 法說會逐字稿

Good day everyone and thank you for standing by. My name is RG and I will be your conference operator today. At this time I would like to welcome everyone to the CaliberCos Q1 2025 earnings conference call. All lines have been placed on mute to prevent any background. Noise after the speaker's remarks there will be a question and answer session.

大家好，感謝你們的支持。我叫 RG，今天我將擔任您的會議接線生。現在，我歡迎大家參加 CaliberCos 2025 年第一季財報電話會議。所有線路均已靜音以防止任何背景噪音。演講者發言結束後將有問答環節。

If you would like to ask questions during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press one again thank you.

如果您想在此期間提問，只需在電話鍵盤上按下星號，然後按數字 1 即可。如果您想撤回您的問題，請再按一次，謝謝。

I would now like to turn the call over to Ilya Grozovsky, Vice President of Investor Relations and Corporate Development. Please go ahead.

現在我想將電話轉給投資者關係和企業發展副總裁 Ilya Grozovsky。請繼續。

Thank you.

謝謝。

Good afternoon, everyone. Welcome to CaliberCos's first quarter 2025 financial results conference call. With me today are Chris Loeffler, Chief Executive Officer and co-founder, and Jade Leung, Chief Financial Officer of CaliberCos.

大家下午好。歡迎參加 CaliberCos 2025 年第一季財務業績電話會議。今天與我一起出席的是 CaliberCos 執行長兼聯合創始人 Chris Loeffler 和財務長 Jade Leung。

Please note that we have a quarterly earnings presentation which will serve as a supplement to today's prepared remarks. You can access the presentation on the investor relations section of our website at www.caliberco.com. After management's commentary, we will open the call for questions.

請注意，我們有一份季度收益報告，它將作為今天準備好的演講的補充。您可以在我們網站 www.caliberco.com 的投資者關係版塊存取本簡報。管理層評論結束後，我們將開始問答環節。

As a reminder, the information discussed today may include forward-looking statements that involve the risks and uncertainties.

提醒一下，今天討論的資訊可能包括涉及風險和不確定性的前瞻性陳述。

Words like believe, expect, and anticipates refer to our best estimates of this call, and there can be no assurances that these will actually take place. So, our actual future results could differ significantly from these statements.

相信、期望和預期等詞語指的是我們對這一預測的最佳估計，並且不能保證這些估計會真正發生。因此，我們未來的實際結果可能與這些聲明有很大差異。

Further information on the company's risk factors is contained in the company's quarterly and annual reports and filed with the Securities and Exchange Commission. It is now my pleasure to turn the call over to Chris.

有關公司風險因素的更多資​​訊包含在公司的季度和年度報告中，並提交給美國證券交易委員會。現在我很高興將電話轉給克里斯。

Go ahead.

前進。

Thank you, Ilya, and thank you to our investors, employees, and participating call attendees.

謝謝你，伊利亞，也感謝我們的投資者、員工和參與電話會議的人員。

The first quarter of 2025 reflected a continuation of the strategic repositioning we began in late 2024. As expected, this was a transitional period, but we remain focused on achieving profitability in 2025, a goal that we believe is within reach, particularly in the second half of the year.

2025 年第一季體現了我們自 2024 年底開始的策略重新定位的延續。正如預期的那樣，這是一個過渡時期，但我們仍然專注於在 2025 年實現盈利，我們相信這個目標是可以實現的，尤其是在今年下半年。

Through the first quarter of 2025, we continued to execute a series of cost savings initiatives and expect their full impact to materialize starting in Q3.

到 2025 年第一季度，我們將繼續執行一系列成本節約舉措，並預計其全面影響將從第三季度開始顯現。

Our objective is to obtain an annual even margin of 25% or greater on a sustainable basis.

我們的目標是持續實現 25% 或更高的年均利潤率。

Despite ongoing market headwinds, we are encouraged by signs of stability across commercial real estate values, and we believe we are entering a window of long-term opportunity, especially for groups like Caliber with experience in complex and distressed transactions.

儘管市場持續面臨逆風，但商業房地產價值的穩定跡象令我們感到鼓舞，我們相信我們正在進入一個長期機會之窗，特別是對於像 Caliber 這樣在複雜和不良交易方面擁有豐富經驗的集團而言。

We are now a more focused company centering around three core verticals hospitality, multi-family, and multi-tenant industrial investing.

我們現在是一家更專注的公司，專注於三大核心垂直領域：旅館業、多戶型住宅和多租戶工業投資。

These asset classes offer the greatest opportunity for scalable and fee-based growth.

這些資產類別為可擴展和基於費用的成長提供了最大的機會。

As a result of this narrowed focus, we are reducing exposure to long-term development activities that do not generate current rents to a targeted maximum of 30% of our portfolio.

由於關注範圍縮小，我們將對無法產生當前租金的長期開發活動的投資減少到投資組合中最高 30% 的目標值。

We are executing this change through the orderly completion and sale of our existing developments which we believe will generate cash for new investments and revenue growth in Caliber's asset management fees.

我們透過有序完成和出售現有開發項目來實施這項變革，我們相信這將為新投資和 Caliber 資產管理費收入成長帶來現金。

To continue to grow our AUM, Caliber has sought new asset level financing moving forward with key construction and development projects, and we are pleased to report the financing environment for commercial real estate has begun to improve.

為了繼續擴大我們的資產管理規模，Caliber 一直在尋求新的資產級融資來推進關鍵的建設和開發項目，我們很高興地報告商業房地產的融資環境已經開始改善。

More muted access to certain core real estate financing strategies has impacted our prior results.

對某些核心房地產融資策略的更謹慎的訪問影響了我們之前的業績。

And an improving environment gives us confidence that our strategies to increase AUM will yield a more attractive growth path going forward.

環境的改善讓我們有信心，我們增加 AUM 的策略將在未來帶來更具吸引力的成長路徑。

In Q1, we updated and published our platform performance financial supplement, which excludes consolidated fund financials and offers a more simple and transparent view of our operating business. This document, now covering the period between 2019 to Q1 of 2025, is available on our website, and we encourage you to review it.

在第一季度，我們更新並發布了平台業績財務補充報告，其中不包括合併基金財務數據，並提供了更簡單、更透明的營運業務視圖。該文件目前涵蓋 2019 年至 2025 年第一季期間，可在我們的網站上查閱，我們鼓勵您查看。

We believe you will find valuable insights to Caliber's past and current financial performance through reviewing this document and following the KPIs included in each quarter.

我們相信，透過查看本文檔並關注每個季度的 KPI，您將對 Caliber 過去和當前的財務業績有寶貴的見解。

We also introduced a new performance allocation estimate in our 10K, which is a significant milestone in investor transparency.

我們還在 10K 中引入了新的績效分配估算，這是投資者透明度的一個重要里程碑。

As of March 31, 2025, Caliber's estimated performance allocations, or carried interest as it's sometimes referred to in our industry, totalled $87.7 million.

截至 2025 年 3 月 31 日，Caliber 的預期績效分配（或業內有時稱為附帶權益）總額為 8,770 萬美元。

This amount is not included in our GAAP financials.

此金額未包含在我們的 GAAP 財務報表中。

And we consider it pertinent to the estimated net worth or book value of our business.

我們認為這與我們業務的估計淨值或帳面價值有關。

We intend to update this estimate regularly as we grow AUM and progress towards monetization events to capture these performance allocations.

隨著 AUM 的成長和貨幣化事件的進展，我們打算定期更新此估計值以獲取這些績效分配。

Continuing to sum of Caliber's business updates in March, Caliber announced our offering of Series AA cumulative redeemable preferred stock had been qualified by the SEC, and the company is seeking to raise up to $20 million through the offering.

延續 Caliber 3 月業務更新，Caliber 宣布其 AA 系列累積可贖回優先股的發行已獲得美國證券交易委員會 (SEC) 的批准，公司正在尋求透過此次發行籌集高達 2000 萬美元的資金。

Since that announcement, we have been building a syndicate of broker dealers to distribute the offering and are pleased to report we have made significant progress to that end.

自從宣布這一消息以來，我們一直在組建經紀交易商集團來分銷該產品，並很高興地報告我們在這方面取得了重大進展。

The offering has brought in its first investments, and our team expects to raise the full $20 million in the near term.

此次發行已獲得首批投資，我們的團隊預計近期將籌集全部 2,000 萬美元。

Also in March, Caliber announced the launch of its 1,031 exchange program, a tax deferral strategy that allows real estate investors to sell a property and reinvest all of the proceeds into one or more new properties while deferring capital gains taxes.

同樣在三月份，Caliber 宣布推出 1,031 交換計劃，這是一項延稅策略，允許房地產投資者出售房產並將所有收益再投資於一處或多處新房產，同時延繳資本利得稅。

We believe this program offers an attractive combination of a new and growing channel for capital matched to a channel for Caliber to acquire and manage more stable income producing assets.

我們相信，該計劃提供了一個極具吸引力的組合，即一條新的、不斷增長的資本管道，與 Caliber 獲取和管理更穩定的創收資產的管道相匹配。

Finally, before I move on to discuss our funds and our assets, I will touch on fundraising.

最後，在我繼續討論我們的資金和資產之前，我將談談籌款問題。

Fundraising in Q1 remained challenging through though wholesale distribution continued to gain traction during the period.

儘管批發分銷在這一時期繼續獲得關注，但第一季的融資仍然充滿挑戰。

We are happy to report that in the first quarter of 2025 we matched in wholesale fundraising the same total capital we raised in all of 2024 from that same channel.

我們很高興地報告，2025 年第一季度，我們透過批發融資籌集的資金與 2024 年全年透過同一管道籌集的資金總額相同。

We continue to make progress with new selling agreements and deepening relationships with high quality investment professionals.

我們繼續在新的銷售協議和深化與高品質投資專業人士的關係方面取得進展。

Caliber's strategy in this arena is relationship based. We're seeking to build real relationships with real people and seeking to offer financial professionals we work with a key differentiator in their offering of investments to their clients.

Caliber 在這一領域的策略是基於關係的。我們尋求與真實的人建立真實的關係，並尋求為我們合作的金融專業人士提供向客戶提供投資的關鍵差異化因素。

We have been through over 2 years of muted fundraising as compared to our expectations and to our efforts. We do believe it's important to note that investors seem to be rotating back to commercial real estate as they perceive the opportunity to invest now to be well timed.

與我們的預期和努力相比，我們已經經歷了兩年多的低迷的籌款過程。我們確實認為，值得注意的是，投資者似乎正在轉向商業房地產，因為他們認為現在是投資的好時機。

As we have done in the past and planned to continue to do, I will turn to some of the material updates on assets we manage and the performance of our managed real estate funds.

正如我們過去所做的併計劃繼續做的那樣，我將介紹一些有關我們管理的資產和我們管理的房地產基金的表現的重要更新。

In the interest of your time each quarter, I will touch on what I believe is the most important changes that occurred during the subsequent and subsequent to the quarter's end.

為了節省您每個季度的時間，我將談論我認為在隨後的季度和季度末之後發生的最重要的變化。

But will not attempt to comprehensively discuss every movement in every fund.

但不會試圖全面討論每個基金的每個動向。

I believe these updates are critical to our shareholders.

我相信這些更新對我們的股東至關重要。

Even though as a shareholder of Caliber, you are not an owner in a specific fund or asset. Other than to the extent that Calibre has a cash invested in those assets, you are an owner in the fees that those assets generate and the potential profit of the funds and the assets we manage.

即使是 Caliber 的股東，您也不是特定基金或資產的所有者。除了 Calibre 在這些資產上投資的現金之外，您還是這些資產產生的費用以及我們管理的基金和資產的潛在利潤的所有者。

Starting with Canyon, Caliber's first distressed real estate acquisition since 2012, I'm happy to share that the project has recently received the Phoenix City Council's unanimous approval to proceed with our plan to convert the 300,000 square foot office building to 392 units of multi-family residential.

從 Canyon 開始，這是 Caliber 自 2012 年以來首次收購不良房地產，我很高興地告訴大家，該項目最近獲得了鳳凰城市議會的一致批准，繼續推進我們的計劃，將 300,000 平方英尺的辦公大樓改建為 392 個多戶住宅單元。

Investors in Canyon also benefit from opportunities zone tax incentives, and Calibre will now be raising the project's next round of equity to commence construction in 2025.

Canyon 的投資者也受益於機會區稅收優惠，Calibre 現在將籌集該專案的下一輪股權，以便於 2025 年開始建造。

On SP 10, the conversion of a hotel in a multi-family development, we had paused construction after receiving our building permits in favor of re refinancing our construction debt.

在 SP 10 項目中，我們將飯店改建為多戶型開發項目，在獲得建築許可證後，我們暫停了施工，以便為建築債務進行再融資。

We are reviewing several new construction loans that offer more favorable terms than the existing debt.

我們正在審查幾筆新的建築貸款，這些貸款的條款比現有債務更優惠。

And that allow us to move to a single phase project instead of a 3 phase project. We expect to finalize this soon and restart construction.

這使得我們可以轉向單階段專案而不是三階段專案。我們希望盡快完成這項工作並重新開始施工。

Moving to Caliber's pure pickleball and [P Padell] project, in River Walk in Scottsdale, Arizona, we are happy to report the project has gained design review board approval from the Salt River Pima Maricopa Indian Community Planning Department.

談到 Caliber 位於亞利桑那州斯科茨代爾河畔步道的純匹克球和 [P Padell] 項目，我們很高興地報告，該項目已獲得鹽河皮馬馬里科帕印第安社區規劃部的設計審查委員會批准。

This approval positions the project to seek a building permit once final construction documents are complete, with a plan groundbreaking shortly after we receive the permit.

此項批准使該項目能夠在最終施工文件完成後申請建築許可證，並在我們收到許可證後不久破土動工。

As a reminder, the project entails building a state of the art pickleball and Padell facility, including 50 courts, with some available for daily open play as well as large tournaments, a clubhouse, a fitness center sponsored by Honor Health, Pro Shop, teen room, office space, restaurant, cafe, and locker rooms.

提醒一下，該項目需要建造一個最先進的匹克球和 Padell 設施，包括 50 個球場，其中一些可用於日常公開比賽以及大型錦標賽、俱樂部會所、由 Honor Health 贊助的健身中心、Pro Shop、青少年室、辦公空間、餐廳、咖啡廳和更衣室。

Caliber's opportune zone funds are an investor in both the real estate and the operating business of Pure Pickleball.

Caliber 的機會區基金是 Pure Pickleball 房地產和營運業務的投資者。

Speaking of opportunities on investing, we recently closed on the refinance of the DoubleTree by Hilton Hotel in Tucson, Arizona at the convention center.

說到投資機會，我們最近完成了位於亞利桑那州圖森會議中心的希爾頓逸林酒店的再融資。

This financing on an award winning asset that Caliber had developed offers Caliber's first opp opportunity zone fund, attractive terms, and cash to reinvest in other assets within its portfolio. It was also Caliber's first transaction with the team at Citibank, and we hope to continue to build the relationship with future financing opportunities.

此次 Caliber 開發的獲獎資產的融資為 Caliber 提供了首個機會區基金、優惠條款以及可用於再投資其投資組合中其他資產的現金。這也是 Caliber 與花旗銀行團隊的首次交易，我們希望透過未來的融資機會繼續建立這種關係。

Moving on to the Caliber Hospitality Development, or CHD, Caliber announced that CHD had entered into a development rights agreement with an affiliate of Hyatt Hotels Corporation to exclusively develop 15 new Hyatt Studios hotels in target market areas within Arizona, Colorado, Nevada, Texas, and Louisiana, an estimated $400 million in projects.

談到 Caliber Hospitality Development（CHD），Caliber 宣布 CHD 已與凱悅酒店集團的一家附屬公司達成開發權協議，將在亞利桑那州、科羅拉多州、內華達州、德克薩斯州和路易斯安那州的目標市場區域獨家開發 15 家新的凱悅工作室酒店，項目總價值估計為 4 億美元。

This agreement is the result of over a year of work together and marks a major milestone in Caliber's growth as a hotel investor and developer.

該協議是雙方一年多合作的成果，標誌著 Caliber 作為酒店投資者和開發商成長過程中的一個重要里程碑。

CHD, a new joint venture for Caliber, brought in $2 million in new operating capital to bolster Caliber's ability to pursue distressed hotel acquisitions along with a narrow lane of new development new development in Hyatt Studios. This capital, along with commitments from Caliber's funds and investors, will be utilized to aggressively pursue opportunities through the second half of 2025.

CHD 是 Caliber 的新合資企業，它引入了 200 萬美元的新營運資本，以增強 Caliber 進行不良酒店收購的能力，同時在 Hyatt Studios 進行新開發。這筆資金以及 Caliber 的基金和投資者的承諾將用於在 2025 年下半年積極尋求機會。

Turning to the Caliber Hospitality Trust, or CHT, which is Caliber's strategy to acquire performing cash flow positive hotel assets, we disclosed last quarter that the previously expected LTD hotel contributions did not move forward due to the declining performance at those properties.

談到 Caliber Hospitality Trust（CHT），這是 Caliber 收購現金流為正的酒店資產的策略，我們上個季度披露，由於這些酒店的業績下滑，之前預期的 LTD 酒店貢獻並未取得進展。

While this has caused a shift in our AUM trajectory for CHT, we've already onboarded 3 new contributor groups into the CHT pipeline and continue to see strong interest from operators seeking to roll assets into a tax-defered upread structure.

雖然這導致了 CHT 的 AUM 軌跡發生變化，但我們已經將 3 個新的貢獻者團體納入 CHT 管道，並繼續看到營運商對將資產轉入延稅上行結構的強烈興趣。

We are still assessing the precise impact of this transaction, not closing on our AUM target of $3 billion by the end of 2026, but we believe the actions taken by Caliber to streamline costs will help keep us on track to our profitability goals this year.

我們仍在評估此交易的具體影響，到 2026 年底，我們的 AUM 目標仍未實現，但我們相信，Caliber 為精簡成本而採取的措施將有助於我們實現今年的獲利目標。

Finally, Caliber is making progress in closing prior funds and seeking liquidity for its investors in those funds. We recently listed for sale our two Alaska fishing properties hoping to execute a sale through the summer season.

最後，Caliber 在關閉先前的基金和為這些基金的投資者尋求流動性方面取得了進展。我們最近掛牌出售我們在阿拉斯加的兩個漁場，希望在夏季完成銷售。

In addition, we expect to finalize the sale of our Eclipse townhomes project soon.

此外，我們預計很快就會完成 Eclipse 聯排別墅專案的銷售。

Finally, we are making progress on our developments in Johnstown, Colorado, expecting another sale at the ridge to close in the next month and moving forward with many letters of intent and contracts for additional land sales in the 5 projects we managed there.

最後，我們在科羅拉多州約翰斯敦的開發項目正在取得進展，預計下個月將在山脊完成另一筆銷售，並正在推進我們在那裡管理的 5 個項目中的許多意向書和額外土地銷售合約。

I'll now turn the call over to Jade who will cover our platform financial results and provide more insights into Caliber's business performance. Jade.

現在我將電話轉給 Jade，她將介紹我們平台的財務表現並提供更多 Caliber 業務表現的見解。玉。

Thank you, Chris. Good afternoon, everyone. As Chris just mentioned, we are continuing to increase the transparency in our financial reports.

謝謝你，克里斯。大家下午好。正如克里斯剛才提到的，我們正在繼續提高財務報告的透明度。

With the goal of helping investors understand, analyze, and value Caliber's performance.

目的是幫助投資者了解、分析和評估 Caliber 的表現。

That includes transparency into the value of the assets we hold and manage in our portfolio.

這包括我們投資組合中持有和管理的資產價值的透明度。

To give investors a better understanding of Caliber's assets beginning in the last quarter 2024, we began reporting managed assets, which includes both AUM, Fair Value AUM, and Assets Under Development, or AUD.

為了讓投資者更了解 Caliber 的資產，從 2024 年最後一個季度開始，我們開始報告管理資產，其中包括 AUM、公允價值 AUM 和開發中資產（AUD）。

AudD includes the value at estimated cost of development or improvement work we expect to complete on land we own or assets we own which are not yet improved.

AudD 包括我們預計將在我們所擁有的土地或我們所擁有的尚未改善的資產上完成的開發或改進工作的估計成本價值。

In addition, we also disclosed the value of the estimated performance allocations we expect to earn on total managed assets, which we had not previously reported.

此外，我們也揭露了我們預計將從總管理資產中獲得的預期績效分配的價值，這是我們之前從未報告過的。

For those of you who are not familiar, performance allocations, which may also be called carried interest or promote in our industry, is the portion of the profits of each project or fund we earn and expect to receive when we sell or an asset or liquidate a fund.

對於那些不熟悉的人來說，績效分配（在我們的行業中也可能被稱為附帶權益或促銷）是我們在出售資產或清算基金時賺取並期望收到的每個項目或基金的利潤的一部分。

The anticipated performance allocations are forecasted in the detailed life cycle plans we develop for each asset prior to investing. These plans are updated every quarter and are rigorously tested and reviewed by external specialists and auditors each year.

我們在投資前為每項資產制定的詳細生命週期計畫中預測了預期的績效分配。這些計劃每季更新一次，並且每年都經過外部專家和審計師的嚴格測試和審查。

Because these performance allocations are all estimates, there is no guarantee that they will be achieved, and a material change to an asset plan will likely cause the amount of an expected performance allocation to change as well.

由於這些績效分配都是估計值，因此無法保證能夠實現，且資產計畫的重大變化可能會導致預期績效分配的金額也發生變化。

Investors should understand that many of the assets driving these performance allocations may be following a multi-year business plan or strategy, and the allocations are expected to be harvested over time.

投資者應該明白，推動這些績效分配的許多資產可能遵循多年的商業計劃或策略，並且預計這些分配將隨著時間的推移而獲得收穫。

Adding in the value of our performance allocations currently estimated to be $87.7 million, has the effect of increasing Caliber's net worth or book value substantially and providing an important picture for investors to understand a component of Caliber's value as a business.

加上我們目前估計為 8,770 萬美元的績效分配價值，可以大幅增加 Caliber 的淨值或帳面價值，並為投資者提供了解 Caliber 作為一家企業的價值組成部分的重要圖景。

Moving on, I also want to highlight developments related to the company's liquidity and going concern disclosures. Beginning in December 2023 and throughout 2024, we addressed how we were managing the cost structure of the business in light of our reoccurring losses. We also disclosed the progress we were making with regards to our efforts.

接下來，我還想強調與公司流動性和持續經營揭露相關的發展。從 2023 年 12 月開始直至整個 2024 年，我們一直在研究如何根據經常性的虧損來管理業務的成本結構。我們也揭露了我們所努力的進展。

To refinance one year unsecured term loans that had various maturities throughout the following 12 month period without having a corresponding amount of cash on the on hand to meet those obligations as they became due.

對未來 12 個月內到期的一年期無擔保定期貸款進行再融資，但手頭上沒有相應數額的現金來償還到期債務。

We have two primary programs available to help us manage these obligations. The first is refinancing existing notes into a 36 month unsecured node program.

我們有兩個主要程序可以幫助我們管理這些義務。第一是將現有票據再融資為 36 個月無擔保節點計畫。

We have approximately 5 million of notes that have completed this refinance or are in the process of completing this refinance.

我們有大約 500 萬張票據已完成此再融資或正在完成此再融資。

We expect or we anticipate continued success in this program going forward as the investors in our corporate notes learn about the merits of the offering.

隨著我們公司票據的投資者逐漸了解此次發行的優點，我們期望或預計該計劃將繼續取得成功。

The second is raising newly issued preferred stock.

二是募集新發行優先股。

We have two offerings, a Series A and a Series AA. The Series A is our private placement convertible preferred stock through which we can raise up to $15 million. The Series AA was approved on March 12, 2025, through Reggae Plus to raise up to $20 million.

我們有兩種融資方式：A輪融資和AA輪融資。 A輪融資是我們的私募可轉換優先股，最高融資額可達1,500萬美元。AA 系列融資於 2025 年 3 月 12 日透過 Reggae Plus 獲得批准，融資金額高達 2,000 萬美元。

Half of the proceeds from the series AA are expected to be used to repay matured corporate notes. The other half will be used for general corporate purposes, including Caliber's plans to grow.

AA系列債券的一半收益預計將用於償還到期的公司債。另一半將用於一般公司用途，包括 Caliber 的成長計劃。

Our raise under each program has been gaining traction, and we expect both programs to be successful.

我們在每個項目下的加薪都在增加，我們預計這兩個項目都會成功。

We have also backstopped our cash position by executing an equity purchase agreement for up to $25 million of common stock.

我們也透過簽署價值高達 2500 萬美元的普通股股權購買協議來鞏固我們的現金狀況。

We believe these measures are part of a holistic plan of strong corporate finance, and they will help us manage satisfying our commitments as they come due.

我們相信這些措施是強大企業財務整體計畫的一部分，它們將幫助我們履行到期的承諾。

We also expect these programs will offer Caliber the access to capital it needs to take advantage of the numerous revenue generating opportunities Chris mentioned previously.

我們也希望這些項目將為 Caliber 提供所需的資金，以利用 Chris 先前提到的眾多創收機會。

Turning now to our results for the 1st quarter of 2025.

現在來看看我們 2025 年第一季的業績。

Total Q1 platform revenue of $3.5 million was driven by asset management revenues.

第一季平台總收入 350 萬美元，主要來自資產管理收入。

This was a 25% decrease compared to the prior period, primarily driven by a decrease in active development projects, which were 8 in Q1 2024 and 4 in the current year quarter.

與上一季相比，這一數字下降了 25%，主要原因是活躍開發項目數量減少，2024 年第一季為 8 個，今年同期為 4 個。

The decrease is partially offset by a 7% increase in asset management and administrative fees earned from the contribution of Holiday in Newport News.

紐波特紐斯假日酒店 (Holiday) 的貢獻帶來的資產管理和行政費用增長 7%，部分抵消了這一下降。

Total platform expenses were $6.1 million in the first quarter of 2025, a decrease of 21% compared to Q1 of the prior year, primarily due to a decrease in operating costs related to payroll and payroll related expenses.

2025 年第一季平台總費用為 610 萬美元，與去年同期相比下降 21%，主要原因是與工資和工資相關費用相關的營運成本減少。

Average employee headcount decreased by about 25% from Q1 2024 to Q1 of 2025 as part of our comprehensive cost saving initiatives to return caliber to profitability.

作為我們全面節省成本以恢復獲利能力的措施的一部分，從 2024 年第一季度到 2025 年第一季度，平均員工人數減少了約 25%。

These impacts on our performance translate to platform adjusted EBITDA loss for the first quarter of $1.4 million compared to platform adjusted EBITDA loss of $1.7 million during the same period a year ago.

這些對我們業績的影響導致第一季平台調整後 EBITDA 虧損 140 萬美元，而去年同期平台調整後 EBITDA 虧損 170 萬美元。

Managed capital was $495.2 million a 9.1% increase compared to the [EUR] quarter.

管理資本為 4.952 億美元，與 [EUR] 季度相比增長 9.1%。

And now turning to an update on our balance sheet.

現在來看看我們的資產負債表的更新情況。

As of the end of Q1, we had 196 individual unsecured notes with an aggregate principal balance of approximately $33.2 million of which $26.1 million have matured or will mature within the next 12 months. Each note generally has a 12 month term with an option to extend for an additional 12 months. Although we have historically been able to extend a significant number of these notes.

截至第一季末，我們擁有 196 張個人無擔保票據，本金餘額總計約為 3,320 萬美元，其中 2,610 萬美元已經到期或將在未來 12 個月內到期。每張票據的期限通常為 12 個月，並可選擇延長 12 個月。儘管從歷史上看，我們已經能夠延長相當數量的此類票據。

We have moved forward with the steps I mentioned earlier to either refinance these notes on a longer term basis or repay them.

我們已經按照我之前提到的步驟繼續推進，要么以長期方式對這些票據進行再融資，要么償還這些票據。

We continue to focus on collecting our outstanding accounts and notes receivable. Over the past year, we have collected over $9.7 million in investments and notes receivable.

我們持續致力於收取未償付的應收帳款和應收票據。在過去的一年裡，我們收回了超過 970 萬美元的投資和應收票據。

And our overall accounts receivable decreased by approximately $2 million.

我們的整體應收帳款減少了約 200 萬美元。

We're excited to already start seeing the impact of these efforts and what their contribution can be to strengthen the performance, the platform's performance throughout 2025.

我們很高興已經開始看到這些努力的影響以及它們對增強平台在 2025 年的表現所做的貢獻。

We continue to look for opportunities to refinance and recapitalize our balance sheet and our confidence in our ability to achieve our goals.

我們將繼續尋找機會對我們的資產負債表進行再融資和資本重組，並對我們實現目標的能力充滿信心。

We have noted an increase in lender activities following a slowdown that began in April 2023 and continued through the November 2024 election and hope to capitalize on a more normal environment going forward.

我們注意到，在經歷了 2023 年 4 月開始的經濟放緩並持續到 2024 年 11 月大選之後，貸款活動有所增加，並希望未來能夠利用更正常的環境。

I'll now turn it back to the operator for your questions.

現在我將把問題轉回給接線員，以便回答您的​​問題。

At this time I would like to remind everyone that in order to ask a question, press start and the number one on your telephone keypad.

此時我想提醒大家，要提問，請按電話鍵盤上的開始鍵和數字 1。

We will pause for just a moment to compile the Q&A roster.

我們將暫停一會兒來整理問答名單。

Your first question comes from the line of Brendan McCarthy of Sidoti and Company. Please go ahead.

您的第一個問題來自 Sidoti and Company 的 Brendan McCarthy。請繼續。

Great. Good morning, Chris. Good morning, Jade. I'm sorry, good afternoon. That is, just wanted to talk about the Hyatt deal. Can you go into detail on how that ultimately developed, maybe kind of walk us through the near-term and long-term financial impact of that deal?

偉大的。早上好，克里斯。早安，傑德。抱歉，下午好。也就是說，我只是想談談凱悅的交易。您能否詳細說明最終情況如何，或向我們介紹該交易的近期和長期財務影響？

Yeah, absolutely, and good afternoon, Brendan. It, it's morning somewhere I guess. The, we just had some investors in town from another part of the world, and it's amazing how connected we all are these days. The Hyatt deal is something that we've been working on actually for many years.

是的，當然，下午好，布倫丹。我想，某個地方已經是早晨了。我們剛剛迎來了一些來自世界其他地方的投資者，如今我們之間的聯繫非常緊密，真是令人驚奇。事實上，我們為凱悅的交易已經努力了很多年。

Hyatt announced the studio's brand, almost as a surprise at one of their owners' conferences, and in that announcement, Caliber was one of 5 developers nationwide identified as expected to be a preferred developer for this particular product.

凱悅在一次業主會議上幾乎出人意料地宣布了該工作室的品牌，並且在那次公告中，Caliber 是全國範圍內被確定為該特定產品首選開發商的 5 家開發商之一。

So it's been something we've been working closely with the Hyatt team on.

因此，我們一直與凱悅團隊密切合作。

At this point in time, I believe we're one of the faster moving developers in the country, putting the other sites and opportunities for this. And I guess probably I should start with what makes it attractive to us.

此時此刻，我相信我們是國內行動最快的開發商之一，正在為此投入其他場地和機會。我想我應該先從它對我們有吸引力的地方說起。

Hotels today, there's about the same amount of supply in hotels today as there was in January of 2020.

目前飯店的供應量與 2020 年 1 月大致相同。

And the shift in where people travel to, where populations are growing, where jobs are happening, has changed fundamentally in the last 5 years. And so the demand is the same or higher, supply is muted.

過去五年來，人們的出行地點、人口成長地點、就業機會都發生了根本性的變化。因此，需求保持不變或更高，供應則保持低迷。

And where people are traveling to has changed, so it really creates an interesting opportunity to build the right kind of hotel in the right kind of market, and that's what Caliber's targeting to do. And then we looked across the ecosystem.

人們的旅行目的地已經發生了變化，因此這確實創造了一個有趣的機會，可以在合適的市場中建立合適的酒店，而這正是 Caliber 的目標。然後我們觀察了整個生態系統。

Hyatt was one of the first brands to introduce this new extended stay model that's much less costly to operate, requires less full-time employees, generates a better profit margin, and ultimately generates a nice outcome for our investors. And so. We kind of combined those two concepts. We worked with Hyatt for many years to put this together, and then the announcement is something that we're quite proud of.

凱悅是首批推出這種新型長住模式的品牌之一，這種模式的營運成本更低，需要的全職員工更少，利潤率更高，最終為我們的投資者帶來良好的收益。所以。我們將這兩個概念結合起來。我們與凱悅合作多年才實現這一目標，這次宣布的消息讓我們感到非常自豪。

As far as an impact on Caliber, $400 million worth of assets under management if we build these, that's probably based on cost.

至於對 Caliber 的影響，如果我們建立這些，管理的資產價值將達到 4 億美元，這可能取決於成本。

And each time we construct one of these assets we're looking at about $2 million worth of fees to the company, maybe a bit more, and then annual recurring fees from managing the assets.

每次我們建造這樣的資產時，我們都會向公司支付約 200 萬美元的費用，甚至更多，然後還要支付管理資產的年度經常性費用。

Got it, that's helpful.

明白了，很有幫助。

Thank you. I wanted to pivot to fundraising, Chris. I know you mentioned it's obviously been a challenging environment for two years or so.

謝謝。我想轉向募款，克里斯。我知道您提到過，這顯然是兩年左右以來的一個充滿挑戰的環境。

And yeah, I know you mentioned the impact of the LTD termination and that has led you to kind of reassess some of those financial targets you talked about. Are you able to provide any kind of insight to Yeah, I guess on those 2026 financial targets, I know the fundraising goal there had been $750 million. Just curious. I know a big part of that was for CHT but really just curious as to. You know how investors can kind of think about those targets going forward.

是的，我知道您提到了 LTD 終止的影響，這導致您重新評估您談到的一些財務目標。您能否提供任何見解？是的，關於 2026 年的財務目標，我知道那裡的募款目標是 7.5 億美元。只是好奇。我知道其中很大一部分是為了 CHT，但真的只是好奇。您知道投資者如何思考未來的目標。

Sure, yeah, we're still working through, the timing of those targets because obviously the not closing on that transaction was not expected and not something we had planned for, and what we see, as we look into our crystal ball is that we are still going to achieve the goal we're seeking to achieve with CHT. We're just trying to determine based on the time it takes to find source and negotiate these types of larger contracts.

當然，是的，我們仍在努力實現這些目標的時間，因為顯然未能完成該交易是意料之外的，也不是我們計劃的事情，而當我們透過水晶球看到，我們仍然會實現我們希望透過 CHT 實現的目標。我們只是想根據尋找來源和談判這些類型的較大合約所需的時間來確定。

Whether that'll all occur by the end of 2026, or whether we would be pushing that date out in 2027.

這一切是否會在 2026 年底實現，或者我們是否會將該日期推遲到 2027 年。

So, I think that's the bogey we're still analyzing, and I think it's fair to say that, We're feeling better and more bullish about our prospects considering the fact that investors seem to be turning back to real estate as an opportunity and considering the fact that we are picking up new potential portfolio contributors in the CHT that we had not been talking to before.

所以，我認為這是我們仍在分析的恐懼，而且我認為可以公平地說，考慮到投資者似乎正在重新將房地產視為一個機會，並考慮到我們正在 CHT 中挑選我們之前從未談過的新的潛在投資組合貢獻者，我們對我們的前景感到更加樂觀和樂觀。

So, we feel good about those elements, I guess you would call them sort of green shoots of momentum, but we're having, we still need some more time to quantify that and really produce. I'd say more concrete guidance on timing.

所以，我們對這些因素感到滿意，我想你會稱它們為勢頭的綠芽，但我們仍然需要更多時間來量化並真正實現這些因素。我想說的是有關時間安排的更具體的指導。

Yeah, that makes sense and on the wholesale, distribution channel front.

是的，從批發和分銷管道方面來說，這是有道理的。

It sounds like the first quarter of 2025 was pretty strong relative to 2024.

聽起來 2025 年第一季相對於 2024 年來說相當強勁。

What's the progress like there? What are your expectations, for wholesale heading into the last three quarters of the year?

那邊進展怎麼樣？您對今年最後三個季度的批發業務有何預期？

I feel really good about the channel.

我對這個頻道感覺非常好。

Driven by the fact that not only are we seeing an increase in selling agreements, but we're seeing an increase in order flow coming from those selling agreements like we mentioned, having the same order flow in the first quarter of 2025 that we saw in all of last year.

因為我們不僅看到銷售協議在增加，而且我們看到來自這些銷售協議的訂單流也在增加，正如我們所提到的那樣，2025 年第一季的訂單流與去年全年的訂單流相同。

That's pretty impressive and that that's really showing us that the selling agreements that we've been signing and the relationships we've been working on have been activated.

這非常令人印象深刻，這確實向我們表明，我們簽署的銷售協議和我們一直在努力建立的關係已經啟動。

Having said that, I think that the hardest part is that first selling agreement, that first order.

話雖如此，我認為最困難的部分是第一份銷售協議、第一筆訂單。

So as we start to see more and more momentum, I do expect it to get easier to continue to build that momentum and to see that momentum start to accelerate.

因此，隨著我們開始看到越來越多的勢頭，我確實預計繼續建立這種勢頭並看到這種勢頭開始加速會變得更容易。

The other thing I'll mention to you is what we have found in our conversations with these advisors is there's a really strong fit between what they're looking for, which is what I would call an institutional quality investment management platform.

我要向您提及的另一件事是，我們在與這些顧問的交談中發現，他們所尋求的東西與我所說的機構品質投資管理平台非常契合。

Aligned to a more boutique and focused real estate investment strategy like Caliber offers. So there's not a lot of companies like ourselves that are doing that and providing that type of a combination of that institutional quality investment management with the boutique nature of our investment platform.

與 Caliber 提供的更精品、更專注的房地產投資策略保持一致。因此，像我們這樣做到這一點並將機構品質投資管理與我們的投資平台的精品性質相結合的公司並不多。

And as we talk to these advisors and as we start to on board with them, we're finding more and more are pleasantly surprised with what we have to offer.

當我們與這些顧問交談並開始與他們合作時，我們發現越來越多的人對我們提供的服務感到驚訝。

Got it. One more question for me, just on the assets under development and really on the refocus of your kind of business strategy here, as you kind of move forward and maybe monetize some of those non-core development projects, do you expect there to be a, material impact on performance allocations?

知道了。我還有一個問題，僅關於正在開發的資產以及您在此重新調整的業務策略，隨著您向前發展並可能將一些非核心開發項目貨幣化，您是否預計這會對績效分配產生重大影響？

I think we'll, you can expect to see, the typical fees of us generating from, sales of brokerage fees and things like that because we're making the decision to sell some of those assets and not.

我想，您可以看到，我們從經紀費銷售等產生的典型費用，因為我們決定出售其中一些資產，而不是。

And not continue to develop them, you probably will not see sizable performance allocations associated with those sales, but those estimates are already included in the $87.7 million of estimated performance allocations we provided.

如果不繼續開發它們，您可能不會看到與這些銷售相關的大量績效分配，但這些估計值已經包含在我們提供的 8770 萬美元的預期績效分配中。

So if we're expecting to sell something and not generate a performance allocation, that's already included in that in that figure.

因此，如果我們預計銷售某種產品但不產生績效分配，那麼這已經包含在該數字中了。

Yeah, that makes sense. And yeah, one last question just on the, outlook for profitability, you mentioned the back half of this year is a little bit more favorable for profitability. It's what factors can really, drive maybe an outperformance or underperformance relative to your expectations.

是的，這很有道理。是的，最後一個問題是關於獲利前景，您提到今年下半年的獲利情況會更加有利。這些因素確實能夠推動業績超出或低於你的預期。

I would say an outperformance is going to be driven primarily by, an improving financing environment and an improving fundraising. Both of those seem to be improving, but we hope that that momentum continues and an underperformance would be sort of a continued.

我認為優異表現主要受融資環境改善和融資管道改善的推動。這兩方面似乎都在改善，但我們希望這種勢頭能持續下去，並且表現不佳的情況能夠持續下去。

Remaining what do we have 7 months or 6.5 months of just lack of decision making from investors in any one direction. That's what we've experienced quite a bit of in the last 2 years, but we think that that is starting to change.

剩下的 7 個月或 6.5 個月是投資者在任何一個方向上都無法做出決策的時間。這是我們在過去兩年中經歷的相當多的事情，但我們認為這種情況正在開始改變。

Got it. Thanks, Chris. That's all for me.

知道了。謝謝，克里斯。對我來說就這些了。

Again, if you would like to ask a question, press star one on your telephone keypad.

再次強調，如果您想提問，請按電話鍵盤上的星號 1。

That's all for our Q&A session, and we appreciate your participation. I will now turn the call over to Ilya Grozovsky, Vice President of Investor Relations and Corporate Development. Please go ahead.

我們的問答環節就到這裡，感謝您的參與。現在我將電話轉給投資人關係和企業發展副總裁 Ilya Grozovsky。請繼續。

Thank you for your time today. We look forward to speaking and meeting with many of you in the near future. If you have any additional questions, please visit our website at www.caliberco.com and follow the path for public shareholders.

感謝您今天抽出時間。我們期待在不久的將來與你們中的許多人進行交談和會面。如果您有任何其他問題，請造訪我們的網站 www.caliberco.com 並遵循公眾股東的路徑。

There you can download. Financial supplement and sign up on the mailing list specifically focused for public investors. If you have any questions, please complete the Contact Us form so we can get engaged with you directly.

您可以在那裡下載。財務補充並註冊專門針對公眾投資者的郵件清單。如果您有任何疑問，請填寫聯絡我們表格，以便我們直接與您聯絡。

Thank you and have a good evening. You may now disconnect.

謝謝您，祝您晚上愉快。您現在可以斷開連線。

Ladies and gentlemen, that concludes today's call.

女士們、先生們，今天的電話會議到此結束。

Thank you all for joining. You may not disconnect.

感謝大家的加入。您不能斷開連線。