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New words:
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acting, Agent, allocable, amendment, Assumption, back, Bade, bolster, BP, Bryn, buy, buying, cancelled, CHPH, combat, commission, commonly, communication, compensate, condensed, constitute, contractor, DE, dealer, declare, deducting, deliver, distinguish, drove, effected, effort, element, eliminate, Employment, Encore, expire, external, Fargo, finance, flat, format, founder, franchisor, Gateway, GC, generating, guarantor, Guaranty, Guila, higher, Holding, Hurdle, important, Incentive, Indemnification, intention, involved, IPO, issuer, length, licensed, margin, Mawr, McDowell, NASDAQ, obscure, Opportunistic, origination, Piazza, Pollock, preliminary, published, recalculated, reclassify, reconcile, recover, registering, regular, regularly, reimbursable, relieved, repair, repurchased, retain, reverse, Roy, satisfactory, schedule, selected, senior, shareholder, SI, sigma, specifically, split, standard, sum, Trimont, Trustee, underwriting, updated, vested, Vita
Financial report summary
?Risks
- Risks Related to Our Business
- Our business depends in large part on our ability to raise capital for our funds from investors. If we were unable to raise such capital, we may be unable to grow our asset management revenues. The inability to deploy such capital into investments, may materially reduce our revenues and cash flows and adversely affect our financial condition.
- Changes in prevailing interest rates may reduce our profitability, and we may not be able to adequately anticipate and respond to changes in market interest rates.
- Inflation can have an adverse impact on our business and on our customers.
- Adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults, or non-performance by financial institutions or transactional counterparties, could adversely affect our current and projected business operations and our financial condition and results of operations.
- A decline in the pace of growth or size of investment made by our funds may adversely affect our revenues.
- Our revenue, earnings, net income, and cash flows can all vary materially, which may make it difficult for us to achieve steady earnings growth on a quarterly basis and may cause the price of our Class A common stock to decline.
- We could lose part or all of our investments, which could have a material adverse effect on our financial condition and results of operations.
- The historical returns attributable to our funds should not be considered as indicative of the future results of our funds or of our future results or of any returns expected on an investment in our Class A common stock.
- Actions of any joint venture partners that we may have could reduce the returns on joint venture investments.
- Risk management activities may adversely affect the return on our funds’ investments.
- Our real estate funds are subject to the risks inherent in the ownership, development, and operation of real estate.
- Investments by our investment funds may rank junior to investments made by others.
- Rapid growth of our businesses may be difficult to sustain and may place significant demands on our administrative, operational, and financial resources.
- We depend on our founders, senior professionals, and other key personnel, and our ability to retain them and attract additional qualified personnel is critical to our success and our growth prospects.
- We may expand into new investment strategies, geographic markets and businesses, each of which may result in additional risks and uncertainties in our businesses.
- We may not be successful in competing with companies in the asset management industry and alternative investment industries, some of which may have substantially greater resources than we do.
- If we are unable to maintain and protect our intellectual property, or if third parties assert that we infringe their intellectual property rights, our business could suffer.
- The consolidation of investment funds or operating businesses of our portfolio companies could make it more difficult to understand the operating performance of the Company and could create operational risks for the Company.
- Our Bylaws have an exclusive forum for adjudication of disputes provision which limits the forum to the Delaware Court of Chancery for certain stockholder litigation matters actions against the Company, which may limit an investor’s ability to seek what they regard as a favorable judicial forum for disputes with the Company or its directors, officers, employees, or stockholders.
- If we were deemed to be an “investment company” under the Investment Company Act, applicable restrictions could make it impractical for us to continue our businesses as conducted and could have a material adverse effect on our businesses.
- Extensive regulation of our businesses affects our activities and creates the potential for significant liabilities and penalties. The possibility of increased regulatory focus could result in additional burdens on our business. Changes in tax law and other legislative or regulatory changes could adversely affect us.
- The dual class structure of our common stock has the effect of concentrating voting control with our executive officers, which will limit your ability to influence the outcome of important transactions.
- We may not be able to maintain a listing of our Class A common stock on Nasdaq.
- Our share price has in the past and may in the future fluctuate substantially.
- Future sales and issuances of our Class A common stock or rights to purchase Class A common stock, including pursuant to our equity incentive plans, could result in additional dilution of the percentage ownership of our stockholders and could cause the stock price of our Class A common stock to decline.
- Our disclosure controls and procedures may not prevent or detect all errors or acts of fraud.
- If we fail to implement and maintain an effective system of internal control, we may be unable to accurately report our operating results, meet our reporting obligations, or prevent fraud.
- We are an emerging growth company, and we cannot be certain if the reduced reporting requirements applicable to emerging growth companies will make our Class A common stock less attractive to investors.
- We are a “controlled company” within the meaning of the listing rules of Nasdaq and, as a result, can rely on exemptions from certain corporate governance requirements that provide protection to stockholders of other companies.
- If securities or industry analysts do not publish research or publish unfavorable research about our business, our stock price and trading volume could decline.
- We have never paid dividends on our common stock, and we do not intend to pay dividends for the foreseeable future. Consequently, any gains from an investment in our Class A common stock will likely depend on whether the price of our Class A common stock increases.
- Our charter documents and Delaware law and the voting control exercised by our founders could prevent a takeover that stockholders consider favorable and could also reduce the market price of our stock.
- Claims for indemnification by our directors and officers may reduce our available funds to satisfy successful third-party claims against us and may reduce the amount of money available to us.
Management Discussion
- Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
- Over the past 15 years, Caliber has grown into a leading diversified alternative asset management firm, managing more than $2.9 billion in assets under management (“AUM”) and assets under development (“AUD”). Caliber’s primary goal is to enhance the wealth of accredited investors seeking to make investments in middle-market assets. We strive to build wealth for our clients by creating, managing, and servicing middle-market investment funds, private syndications, and direct investments. Through our funds, we invest primarily in real estate, private equity, and debt facilities. We market and fundraise to direct channels and to wholesale channels.
- 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 $5.0 million and $50.0 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.